UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-21852

Columbia Funds Series Trust II

(Exact name of registrant as specified in charter)

50606 Ameriprise Financial Center, Minneapolis, Minnesota 55474

(Address of principal executive offices) (Zip code)

Scott R. Plummer

5228 Ameriprise Financial Center

Minneapolis, MN 55474

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-612-671-1947

Date of fiscal year end: October 31

Date of reporting period: October 31, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Annual Report October 31, 2012

Columbia Absolute Return Currency and Income Fund

Columbia Absolute Return Currency and Income Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Table of Contents

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	15
Notes to Financial Statements	21
Report of Independent Registered Public Accounting Firm	28
Supplemental Information	29
Federal Income Tax Information	30
Trustees and Officers	31
Important Information About This Report	37

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Performance Overview

Performance Summary

> Columbia Absolute Return Currency and Income Fund (the Fund) Class A shares returned 2.61% excluding sales charges for the 12-month period that ended October 31, 2012.

> The Fund outperformed its benchmark, the Citigroup 3-month U.S. Treasury Bill Index, which returned 0.06% for the same period.

> Positive total returns were generated from both investment in short-term fixed income securities and our proprietary quantitative currency model.

Average Annual Total Returns (%) (for period ended October 31, 2012)
	Inception	1 Year		5 Years		Since Inception 06/15/06*
Class A	06/15/06
Excluding sales charges			2.61		0.47		2.25
Including sales charges			-0.49		-0.14		1.76
Class B	06/15/06
Excluding sales charges			1.85		-0.28		1.53
Including sales charges			-3.15		-0.66		1.53
Class C	06/15/06
Excluding sales charges			1.85		-0.28		1.53
Including sales charges			0.85		-0.28		1.53
Class I	06/15/06		3.07		0.93		2.72
Class W**	12/01/06		2.52		0.41		2.21
Class Z**	09/27/10		2.97		0.64		2.37
Citigroup 3-month U.S. Treasury Bill Index			0.06		0.57		1.48

* Fund data is from June 15, 2006. Citigroup 3-month U.S. Treasury Bill Index is from June 30, 2006.

Returns for Class A are shown with and without the maximum initial sales charge of 3.00%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

** The returns shown for periods prior to the share class inception date (including returns since inception if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The Citigroup 3-month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (June 15, 2006 — October 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Absolute Return Currency and Income Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares. A $10,000 investment in the fund (including sales charges) since 06/15/06 was equal to $9,637 on 06/30/06. For comparison with the index, the chart shows the index at the same value as of 06/30/06.

Annual Report 2012 3

Columbia Absolute Return Currency and Income Fund

Manager Discussion of Fund Performance

Portfolio Management

Nicholas Pifer, CFA

Portfolio Breakdown (%) (at October 31, 2012)
Bonds	4.6
Asset-Backed Securities — Non-Agency	1.7
Commercial Mortgage-Backed Securities — Non-Agency	2.9
Short-Term Investments Segregated in Connection with Open Derivatives Contracts (a)	95.4

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

(a) Includes investments in Money Market Funds (amounting to $96.8 million) which have been segregated to cover obligations related to the Fund’s investment in derivatives which provides exposure to multiple markets. For a description of the Fund’s investments in derivatives, see Investments in Derivatives following the Portfolio of Investments, and Note 2 to the financial statements.

Quality Breakdown (%) (at October 31, 2012)
AAA rating	99.0
BBB rating	1.0
Total	100.0

Percentages indicated are based upon total fixed income securities (excluding Money Market Funds).

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from AAA (highest) to D (lowest), and are subject to change. The ratings shown are determined by using the middle rating of Moody’s, S&P, and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used. When a bond is not rated by any of these agencies, it is designated as Not rated. Credit ratings are subjective opinions and not statements of fact.

At October 31, 2012, approximately 46% of the Fund’s shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers (Columbia). As a result of asset allocation decisions by Columbia, it is possible that Columbia Absolute Return Currency and Income Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. Columbia seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. Columbia Absolute Return Currency and Income Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.

For the 12-month period that ended October 31, 2012, the Fund’s Class A shares returned 2.61% excluding sales charges. The Fund outperformed its benchmark, the Citigroup 3-month U.S. Treasury Bill Index (Citigroup Index), which returned 0.06% for the same period. Positive total returns were generated from both investment in short-term fixed income securities and our proprietary quantitative currency model.

Fund’s Currency Positioning Proved Effective

We use a two-part investment process to seek to achieve the Fund’s investment objective. The first component consists of investments in primarily high quality, short-term fixed income securities with minimal interest rate risk. This component seeks to build a base of consistent income, at least in normal interest rate environments. These short-term investments are also designated, as necessary, to cover obligations invested in through the second component of our process, which is based on a proprietary quantitative currency model. The model uses various fundamental and technical factors, including current and historical data, to rank the anticipated value of nine different currencies from developed countries, relative to the U.S. dollar. Based on these rankings, we enter into long forward currency contracts for the three most attractive currencies and enter into short forward currency contracts for the three least attractive currencies, all relative to the U.S. dollar. The Fund experiences profits or losses to the extent the values of the currencies appreciate or depreciate relative to the U.S. dollar.

During the annual period, we were able to generate positive return from both the Fund’s investment in short-term fixed income securities and our proprietary quantitative currency model. The Fund’s positioning in the euro, New Zealand dollar, Japanese yen, Swiss franc, British pound, Swedish krona and Norwegian krone contributed positively to its results for the 12 months ended October 31, 2012. On the other hand, positioning in the Australian dollar and Canadian dollar detracted from Fund performance.

Quantitative Model Drove Currency Position Changes

We run our quantitative model weekly and reset currency positions as needed, applying the output of this model on a systematic basis. We generally seek neutral exposure to the U.S. dollar, the base currency. In our view, remaining neutral to the U.S. dollar as part of our strategy helps control overall volatility. We also use an externally developed, but fully integrated, risk management system to help us monitor and mitigate market risk. We believe the Fund is designed to do well in either rising or falling U.S. dollar environments.

4 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Manager Discussion of Fund Performance (continued)

Looking Ahead

We intend to stay disciplined to our systematic investment strategy. Through the use of our proprietary quantitative model, which determines the Fund’s positions in forward foreign currency contracts relative to the U.S. dollar, we will continue to seek an absolute return that is unrelated to general movements in the U.S. dollar and other types of financial assets. Overall, we will continue to seek to generate positive total returns from the income produced by the Fund’s investments in short-term debt obligations, plus the gains or minus the losses resulting from the fluctuations in the values of various foreign currencies relative to the U.S. dollar.

The Fund does not actually take ownership of foreign currencies or sell actual foreign currencies. Rather, forward currency contracts are used to gain comparable currency exposure. Because the establishment of the Fund’s forward foreign currency contracts requires little cash outlay, we expect that the Fund’s assets will consist primarily of shares of an affiliated money market mutual fund. At the end of the annual period, a majority of the underlying portfolio was invested in Columbia Short-Term Cash Fund in an effort to reduce volatility.

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
JPY	Japanese Yen
NOK	Norwegian Krone

Annual Report 2012 5

Columbia Absolute Return Currency and Income Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

May 1, 2012 – October 31, 2012

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,000.00	1,017.95		7.19	7.25		1.43
Class B		1,000.00	1,000.00		997.00	1,014.18		10.94	11.04		2.18
Class C		1,000.00	1,000.00		997.00	1,014.18		10.94	11.04		2.18
Class I		1,000.00	1,000.00		1,002.90	1,020.76		4.38	4.42		0.87
Class W		1,000.00	1,000.00		1,000.00	1,018.00		7.14	7.20		1.42
Class Z		1,000.00	1,000.00		1,001.90	1,019.20		5.94	5.99		1.18

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds).

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until February 28, 2013, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds) will not exceed 1.32% for Class A, 2.07% for Class B, 2.07% for Class C, 1.32% for Class W and 1.07% for Class Z. Any amounts waived will not be reimbursed by the Fund. Under the agreement, the actual expenses paid would have been $6.64 for Class A, $10.39 for Class B, $10.39 for Class C, $6.64 for Class W and $5.38 for Class Z; the hypothetical expenses paid would have been $6.70 for Class A, $10.48 for Class B, $10.48 for Class C, $6.70 for Class W and $5.43 for Class Z.

6 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Portfolio of Investments

October 31, 2012

(Percentages represent value of investments compared to net assets)

Commercial Mortgage-Backed Securities — Non-Agency 2.9%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
GS Mortgage Securities Corp. II(a)(b)(c) Series 2007-EOP Class A2
03/06/20		1.260%		1,200,000		1,199,537
Series 2007-EOP Class A3
03/06/20		1.456%		1,770,000		1,769,718
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $2,926,030)						2,969,255
Asset-Backed Securities — Non-Agency 1.7%
Countrywide Home Equity Loan Trust Series 2005-H Class 2A (FGIC)(a)
12/15/35		0.454%		101,316		45,399
Northstar Education Finance, Inc. Series 2007-1 Class A2(a)
01/29/46		0.961%		750,000		693,574
SLM Student Loan Trust(a) Series 2005-5 Class A2
10/25/21		0.395%		243,353		243,113
Series 2005-8 Class A2
07/25/22		0.405%		266,553		266,489

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Series 2006-C Class A2
09/15/20		0.439%		60,748		60,703
Series 2007-2 Class A2
07/25/17		0.315%		439,851		438,740
Total Asset-Backed Securities — Non-Agency
(Cost: $1,851,382)						1,748,018
Money Market Funds 95.2%
			Shares		Value ($)
Columbia Short-Term Cash Fund, 0.149%(d)(e)				96,812,305		96,812,305
Total Money Market Funds
(Cost: $96,812,305)						96,812,305
Total Investments
(Cost: $101,589,717)						101,529,578
Other Assets & Liabilities, Net						225,005
Net Assets						101,754,583

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at October 31, 2012

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
HSBC Securities (USA), Inc.		Dec. 12, 2012		13,722,000 (CHF	)		14,652,664 (USD	)		—		(91,078	)
Goldman, Sachs & Co.		Dec. 12, 2012		18,922,000 (EUR	)		24,416,476 (USD	)		—		(118,932	)
State Street Bank & Trust Company		Dec. 12, 2012		777,266,000 (JPY	)		9,765,262 (USD	)		24,923		—
Morgan Stanley		Dec. 12, 2012		9,728,659 (USD	)		9,428,000 (AUD	)		25,955		—
Credit Suisse Securities (USA) L.L.C.		Dec. 12, 2012		24,395,972 (USD	)		24,410,000 (CAD	)		23,472		—
UBS Securities, LLC		Dec. 12, 2012		14,637,320 (USD	)		84,598,000 (NOK	)		179,216		—
Total										253,566		(210,010	)

Notes to Portfolio of Investments

(a) Variable rate security. The interest rate shown reflects the rate as of October 31, 2012.

(b) The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2012, the value of these securities amounted to $2,969,255 or 2.92% of net assets.

(d) The rate shown is the seven-day current annualized yield at October 31, 2012.

(e) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended October 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Sales Cost/ Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		132,263,114		22,053,714		(57,504,523	)		96,812,305		160,340		96,812,305

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 7

Columbia Absolute Return Currency and Income Fund

Portfolio of Investments (continued)

October 31, 2012

Abbreviation Legend

FGIC Financial Guaranty Insurance Company

Currency Legend

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
JPY	Japanese Yen
NOK	Norwegian Krone
USD	US Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available,

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2012:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Commercial Mortgage-Backed Securities — Non-Agency		—		2,969,255			—		2,969,255
Asset-Backed Securities —Non-Agency		—		1,748,018			—		1,748,018
Total Bonds		—		4,717,273			—		4,717,273
Other
Money Market Funds		96,812,305		—			—		96,812,305
Total Other		96,812,305		—			—		96,812,305
Investments in Securities		96,812,305		4,717,273			—		101,529,578
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—		253,566			—		253,566
Liabilities
Forward Foreign Currency Exchange Contracts		—		(210,010	)		—		(210,010	)
Total		96,812,305		4,760,829			—		101,573,134

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

There were no transfers of financial assets between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 9

Columbia Absolute Return Currency and Income Fund

Statement of Assets and Liabilities

October 31, 2012

Assets
Investments, at value
Unaffiliated issuers (identified cost $4,777,412)	$4,717,273
Affiliated issuers (identified cost $96,812,305)	96,812,305
Total investments (identified cost $101,589,717)	101,529,578
Unrealized appreciation on forward foreign currency exchange contracts	253,566
Receivable for:
Capital shares sold	404,445
Dividends	12,218
Interest	3,143
Expense reimbursement due from Investment Manager	3,275
Prepaid expenses	2,771
Total assets	102,208,996
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	210,010
Payable for:
Capital shares purchased	137,652
Investment management fees	12,298
Distribution fees	1,882
Transfer agent fees	19,475
Administration fees	1,105
Compensation of board members	11,396
Other expenses	60,595
Total liabilities	454,413
Net assets applicable to outstanding capital stock	$101,754,583
Represented by
Paid-in capital	$100,288,460
Undistributed net investment loss	(793,187	)
Accumulated net realized gain	2,275,893
Unrealized appreciation (depreciation) on:
Investments	(60,139	)
Forward foreign currency exchange contracts	43,556
Total — representing net assets applicable to outstanding capital stock	$101,754,583

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Statement of Assets and Liabilities (continued)

October 31, 2012

Class A
Net assets	$30,758,153
Shares outstanding	3,012,331
Net asset value per share	$10.21
Maximum offering price per share(a)	$10.53
Class B
Net assets	$456,362
Shares outstanding	46,101
Net asset value per share	$9.90
Class C
Net assets	$2,886,876
Shares outstanding	291,963
Net asset value per share	$9.89
Class I
Net assets	$47,585,079
Shares outstanding	4,566,303
Net asset value per share	$10.42
Class W
Net assets	$10,921,672
Shares outstanding	1,071,700
Net asset value per share	$10.19
Class Z
Net assets	$9,146,441
Shares outstanding	878,840
Net asset value per share	$10.41

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 3.00%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 11

Columbia Absolute Return Currency and Income Fund

Statement of Operations

Year Ended October 31, 2012

Net investment income
Income:
Dividends — affiliated issuers	160,340
Interest	104,863
Total income	265,203
Expenses:
Investment management fees	989,546
Distribution fees
Class A	87,856
Class B	5,850
Class C	30,000
Class W	33,850
Transfer agent fees
Class A	89,448
Class B	1,479
Class C	7,556
Class W	60,006
Class Z	15,594
Administration fees	88,948
Compensation of board members	10,466
Custodian fees	4,686
Printing and postage fees	50,946
Registration fees	73,920
Professional fees	37,204
Other	12,402
Total expenses	1,599,757
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(253,058	)
Total net expenses	1,346,699
Net investment loss	(1,081,496	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	26,216
Forward foreign currency exchange contracts	4,202,650
Net realized gain	4,228,866
Net change in unrealized appreciation (depreciation) on:
Investments	27,202
Forward foreign currency exchange contracts	65,787
Net change in unrealized appreciation (depreciation)	92,989
Net realized and unrealized gain	4,321,855
Net increase in net assets resulting from operations	$3,240,359

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Statement of Changes in Net Assets

	Year Ended October 31, 2012			Year Ended October 31, 2011
Operations
Net investment loss		$(1,081,496	)		$(2,286,684	)
Net realized gain (loss)		4,228,866			(1,650,824	)
Net change in unrealized appreciation (depreciation)		92,989			1,981,432
Net increase (decrease) in net assets resulting from operations		3,240,359			(1,956,076	)
Increase (decrease) in net assets from capital stock activity		(44,181,803	)		(25,367,036	)
Total decrease in net assets		(40,941,444	)		(27,323,112	)
Net assets at beginning of year		142,696,027			170,019,139
Net assets at end of year		$101,754,583			$142,696,027
Undistributed net investment loss		$(793,187	)		$(7,179	)

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 13

Columbia Absolute Return Currency and Income Fund

Statement of Changes in Net Assets (continued)

	Year Ended October 31, 2012						Year Ended October 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		550,895			5,590,192			1,251,491			12,532,928
Redemptions		(1,633,832	)		(16,525,902	)		(3,375,910	)		(33,903,777	)
Net decrease		(1,082,937	)		(10,935,710	)		(2,124,419	)		(21,370,849	)
Class B shares
Subscriptions		3,529			34,759			31,072			305,161
Redemptions(a)		(29,184	)		(287,546	)		(61,533	)		(603,991	)
Net decrease		(25,655	)		(252,787	)		(30,461	)		(298,830	)
Class C shares
Subscriptions		76,222			752,965			81,907			804,381
Redemptions		(127,454	)		(1,254,559	)		(216,896	)		(2,133,457	)
Net decrease		(51,232	)		(501,594	)		(134,989	)		(1,329,076	)
Class I shares
Subscriptions		733,082			7,588,187			12,643,001			128,114,306
Redemptions		(2,860,955	)		(29,236,950	)		(9,785,869	)		(98,320,174	)
Net increase (decrease)		(2,127,873	)		(21,648,763	)		2,857,132			29,794,132
Class W shares
Subscriptions		416,090			4,199,212			1,817,360			18,226,039
Redemptions		(1,774,990	)		(17,908,514	)		(5,728,728	)		(56,478,697	)
Net decrease		(1,358,900	)		(13,709,302	)		(3,911,368	)		(38,252,658	)
Class Z shares
Subscriptions		509,624			5,255,433			703,290			7,134,897
Redemptions		(231,954	)		(2,389,080	)		(103,525	)		(1,044,652	)
Net increase		277,670			2,866,353			599,765			6,090,245
Total net decrease		(4,368,927	)		(44,181,803	)		(2,744,340	)		(25,367,036	)

(a) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended October 31,
Class  A	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$9.95		$10.00		$9.93		$9.97		$10.58
Income from investment operations:
Net investment income (loss)	(0.12	)	(0.15	)	(0.12	)	(0.08	)	0.15
Net realized and unrealized gain (loss)	0.38		0.10		0.19		0.09		(0.22	)
Total from investment operations	0.26		(0.05	)	0.07		0.01		(0.07	)
Less distributions to shareholders from:
Net investment income	—		—		—		(0.00	)(a)	(0.18	)
Net realized gains	—		—		—		(0.05	)	(0.36	)
Total distributions to shareholders	—		—		—		(0.05	)	(0.54	)
Net asset value, end of period	$10.21		$9.95		$10.00		$9.93		$9.97
Total return	2.61	%	(0.50	%)	0.71	%	0.15	%	(0.57	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	1.65	%	1.73	%	1.47	%	1.38	%	1.39	%
Net expenses after fees waived or expenses reimbursed(c)	1.42	%	1.73	%	1.47	%	1.38	%	1.39	%
Net investment income (loss)	(1.18	%)	(1.48	%)	(1.19	%)	(0.83	%)	1.50	%
Supplemental data
Net assets, end of period (in thousands)	$30,758		$40,755		$62,209		$114,238		$175,659
Portfolio turnover	0	%	0	%	0	%	16	%	39	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 15

Columbia Absolute Return Currency and Income Fund

Financial Highlights (continued)

	Year Ended October 31,
Class B	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$9.72		$9.85		$9.85		$9.96		$10.58
Income from investment operations:
Net investment income (loss)	(0.19	)	(0.22	)	(0.19	)	(0.16	)	0.04
Net realized and unrealized gain (loss)	0.37		0.09		0.19		0.10		(0.18	)
Total from investment operations	0.18		(0.13	)	—		(0.06	)	(0.14	)
Less distributions to shareholders from:
Net investment income	—		—		—		—		(0.12	)
Net realized gains	—		—		—		(0.05	)	(0.36	)
Total distributions to shareholders	—		—		—		(0.05	)	(0.48	)
Net asset value, end of period	$9.90		$9.72		$9.85		$9.85		$9.96
Total return	1.85	%	(1.32	%)	0.00	%(a)	(0.56	%)	(1.35	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	2.39	%	2.47	%	2.23	%	2.14	%	2.16	%
Net expenses after fees waived or expenses reimbursed(c)	2.17	%	2.47	%	2.23	%	2.14	%	2.16	%
Net investment income (loss)	(1.93	%)	(2.21	%)	(1.95	%)	(1.59	%)	0.38	%
Supplemental data
Net assets, end of period (in thousands)	$456		$698		$1,006		$2,026		$3,269
Portfolio turnover	0	%	0	%	0	%	16	%	39	%

Notes to Financial Highlights

(a) Rounds to less than 0.01%.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Financial Highlights (continued)

	Year Ended October 31,
Class C	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$9.71		$9.83		$9.84		$9.95		$10.57
Income from investment operations:
Net investment income (loss)	(0.19	)	(0.22	)	(0.19	)	(0.16	)	0.06
Net realized and unrealized gain (loss)	0.37		0.10		0.18		0.10		(0.20	)
Total from investment operations	0.18		(0.12	)	(0.01	)	(0.06	)	(0.14	)
Less distributions to shareholders from:
Net investment income	—		—		—		—		(0.12	)
Net realized gains	—		—		—		(0.05	)	(0.36	)
Total distributions to shareholders	—		—		—		(0.05	)	(0.48	)
Net asset value, end of period	$9.89		$9.71		$9.83		$9.84		$9.95
Total return	1.85	%	(1.22	%)	(0.10	%)	(0.56	%)	(1.31	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	2.39	%	2.48	%	2.22	%	2.14	%	2.15	%
Net expenses after fees waived or expenses reimbursed(b)	2.16	%	2.48	%	2.22	%	2.14	%	2.15	%
Net investment income (loss)	(1.92	%)	(2.23	%)	(1.94	%)	(1.60	%)	0.66	%
Supplemental data
Net assets, end of period (in thousands)	$2,887		$3,333		$4,703		$7,609		$9,463
Portfolio turnover	0	%	0	%	0	%	16	%	39	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 17

Columbia Absolute Return Currency and Income Fund

Financial Highlights (continued)

	Year Ended October 31,
Class I	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$10.11		$10.09		$9.98		$9.98		$10.59
Income from investment operations:
Net investment income (loss)	(0.07	)	(0.08	)	(0.08	)	(0.04	)	0.21
Net realized and unrealized gain (loss)	0.38		0.10		0.19		0.10		(0.24	)
Total from investment operations	0.31		0.02		0.11		0.06		(0.03	)
Less distributions to shareholders from:
Net investment income	—		—		—		(0.01	)	(0.22	)
Net realized gains	—		—		—		(0.05	)	(0.36	)
Total distributions to shareholders	—		—		—		(0.06	)	(0.58	)
Net asset value, end of period	$10.42		$10.11		$10.09		$9.98		$9.98
Total return	3.07	%	0.20	%	1.10	%	0.56	%	(0.25	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	1.14	%	1.05	%	1.07	%	1.01	%	1.03	%
Net expenses after fees waived or expenses reimbursed(b)	0.91	%	1.05	%	1.07	%	1.01	%	1.03	%
Net investment income (loss)	(0.68	%)	(0.84	%)	(0.79	%)	(0.40	%)	2.10	%
Supplemental data
Net assets, end of period (in thousands)	$47,585		$67,660		$38,718		$28,926		$202,106
Portfolio turnover	0	%	0	%	0	%	16	%	39	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Financial Highlights (continued)

	Year Ended October 31,
Class W	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$9.94		$9.99		$9.92		$9.97		$10.58
Income from investment operations:
Net investment income (loss)	(0.14	)	(0.15	)	(0.12	)	(0.08	)	0.11
Net realized and unrealized gain (loss)	0.39		0.10		0.19		0.08		(0.19	)
Total from investment operations	0.25		(0.05	)	0.07		—		(0.08	)
Less distributions to shareholders from:
Net investment income	—		—		—		—		(0.17	)
Net realized gains	—		—		—		(0.05	)	(0.36	)
Total distributions to shareholders	—		—		—		(0.05	)	(0.53	)
Net asset value, end of period	$10.19		$9.94		$9.99		$9.92		$9.97
Total return	2.52	%	(0.50	%)	0.71	%	0.04	%	(0.66	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	1.83	%	1.71	%	1.51	%	1.46	%	1.50	%
Net expenses after fees waived or expenses reimbursed(b)	1.62	%	1.71	%	1.51	%	1.46	%	1.50	%
Net investment income (loss)	(1.38	%)	(1.46	%)	(1.23	%)	(0.86	%)	1.09	%
Supplemental data
Net assets, end of period (in thousands)	$10,922		$24,171		$63,369		$87,000		$303,933
Portfolio turnover	0	%	0	%	0	%	16	%	39	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 19

Columbia Absolute Return Currency and Income Fund

Financial Highlights (continued)

	Year Ended October 31,
Class Z	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$10.11		$10.09		$10.18
Income from investment operations:
Net investment income (loss)	(0.09	)	(0.10	)	(0.01	)
Net realized and unrealized gain (loss)	0.39		0.12		(0.08	)
Total from investment operations	0.30		0.02		(0.09	)
Net asset value, end of period	$10.41		$10.11		$10.09
Total return	2.97	%	0.20	%	(0.88	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	1.34	%	1.15	%	1.54	%(c)
Net expenses after fees waived or expenses reimbursed(d)	1.09	%	1.15	%	1.54	%(c)
Net investment income (loss)	(0.85	%)	(0.95	%)	(1.20	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$9,146		$6,079		$14
Portfolio turnover	0	%	0	%	0	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements

October 31, 2012

Note 1. Organization

Columbia Absolute Return Currency and Income Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class W and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 3.00% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Fund no longer accepts investments by new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

Class W shares are not subject to sales charges and are only available to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP)

requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Asset and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Investments for which market quotations are not readily available, or that have quotations which management believes

Annual Report 2012 21

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

October 31, 2012

are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to

monitor (on a daily basis) the net fair value of all derivatives entered into pursuant to the agreement between the Fund and such counterparty. If the net fair value of such derivatives between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund utilized forward foreign currency exchange contracts to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, and to take long and short positions with the goal of generating gains for the Fund.

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The Fund will record a realized gain or loss when the forward foreign currency exchange contract expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; the impact of derivative transactions on the Fund’s operations over the period including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

22 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

October 31, 2012

The following table is a summary of the fair value of derivative instruments at October 31, 2012:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	253,566
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	210,010

The effect of derivative instruments in the Statement of Operations for the year ended October 31, 2012:

Amount of Realized Gain (Loss) on Derivatives
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)
Foreign exchange contracts		4,202,650
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)
Foreign exchange contracts		65,787

The following table is a summary of the volume of derivative instruments for the year ended October 31, 2012:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		228

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

Dividend income is recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other

expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the

Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its tax exempt or taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of

Annual Report 2012 23

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

October 31, 2012

their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.89% to 0.70% as the Fund’s net assets increase. The effective investment management fee rate for the year ended October 31, 2012 was 0.89% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s

average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The effective administration fee rate for the year ended October 31, 2012 was 0.08% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Fund or the Board, including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the year ended October 31, 2012, other expenses paid to this company were $1,829.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not “interested persons” of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Fund for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Fund that is a percentage of the average aggregate value of the Fund’s shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

24 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

October 31, 2012

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees.

For the year ended October 31, 2012, the Fund’s effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.25	%
Class B	0.25
Class C	0.25
Class W	0.44
Class Z	0.19

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the year ended October 31, 2012, no minimum account balance fees were charged by the Fund.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A and Class W shares and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $57,000 and $24,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of June 30, 2012, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $8,791 for Class A, $277 for Class B and $185 for Class C shares for the year ended October 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective January 1, 2012, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through February 28, 2013, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.32	%
Class B	2.07
Class C	2.07
Class I	0.87
Class W	1.32
Class Z	1.07

Prior to January 1, 2012, there was no contractual agreement to waive fees and/or reimburse expenses.

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At October 31, 2012, these differences are primarily due to differing treatment for capital loss carryforwards, Trustees’ deferred compensation, late-year ordinary losses and derivative investments. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the

Annual Report 2012 25

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

October 31, 2012

following reclassifications were made among the components of the Fund’s net assets for permanent differences:

Undistributed net investment loss	$295,488
Paid-in capital	(295,488	)

Net investment income and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The Fund did not have any permanent differences; therefore, no reclassifications were made to the Statement of Assets and Liabilities.

For the years ended October 31, 2012 and 2011, there were no distributions.

At October 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$—
Undistributed accumulated long-term gain	2,319,449
Accumulated realized loss	(782,430	)
Unrealized depreciation	(60,139	)

At October 31, 2012, the cost of investments for federal income tax purposes was $101,589,717 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	49,380
Unrealized depreciation		(109,519	)
Net unrealized depreciation	$	(60,139	)

For the year ended October 31, 2012, $1,814,567 of capital loss carryforward was utilized.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of October 31, 2012, the Fund will elect to treat late year ordinary losses of $782,430 as arising on November 1, 2012.

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $0 and $5,163,743, respectively, for the year ended October 31, 2012.

Note 6. Affiliated Money Market Fund

The Fund significantly invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as “Dividends — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At October 31, 2012, one unaffiliated shareholder account owned 26.9% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 46.1% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. (JPMorgan) whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended October 31, 2012.

26 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

October 31, 2012

Note 9. Significant Risks

Foreign Currency Risk

The Fund’s exposure to foreign currencies subjects the Fund to constantly changing exchange rates and the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currency being sold forward. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and economic or political developments in U.S. or abroad. As a result, the Fund’s exposure to foreign currencies may reduce the returns of the Fund. Trading of foreign currencies also includes the risk of clearing and settling trades which, if prices are volatile, may be difficult.

Geographic Concentration Risk

The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. Currency devaluation could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund may be more volatile than a more geographically diversified fund.

Counterparty Risk

Counterparty risk is the risk that a counterparty to a financial instrument entered into by the Fund or held by a special purpose or structured vehicle becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund will typically enter into financial instrument transactions with counterparties whose credit rating is investment grade, or, if unrated, determined to be of comparable quality by the Investment Manager.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC,

which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Annual Report 2012 27

Columbia Absolute Return Currency and Income Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust II and the Shareholders of

Columbia Absolute Return Currency and Income Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Absolute Return Currency and Income Fund (the “Fund”) (a series of Columbia Funds Series Trust II) at October 31, 2012, the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2012 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion. The statements of changes in net assets and the financial highlights of the Fund for the periods ended October 31, 2011 and prior were audited by another independent registered public accounting firm whose report dated December 22, 2011 expressed an unqualified opinion on those statements and highlights.

PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 21, 2012

28 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal years ended October 31, 2011 and 2010 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal years ended October 31, 2011 and 2010 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Annual Report 2012 29

Columbia Absolute Return Currency and Income Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for distributions paid in the fiscal year ended October 31, 2012. Shareholders will be notified in early 2013 of amounts for use in preparing 2012 income tax returns.

Tax Designations:

Qualified Dividend Income	0.00	%
Dividends Received Deduction	0.00	%
Capital Gain Dividend	$2,435,421
U.S. Government Income, may be exempt from state taxation	0.00	%
Foreign Taxes Paid	$—
Foreign Source Income	$—

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividend Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividend received deduction.

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period. The Fund also designates as capital gain dividends, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

30 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Trustees and Officers

Shareholders elect the Board that oversees the funds’ operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the funds’ Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations funds’ Board (“Nations Funds”), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource funds (“RiverSource Funds”) effective June 1, 2011.

Independent Trustees
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006	152	None
Edward J. Boudreau, Jr. 225 Franklin Street Boston, MA 02110 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000	145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard — Partners in Cross Cultural Leadership (consulting company)	152	None
William P. Carmichael 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired	145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University; former Dean, McCallum Graduate School of Business, Bentley University	152	None

Annual Report 2012 31

Columbia Absolute Return Currency and Income Fund

Trustees and Officers (continued)

Independent Trustees (continued)
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William A. Hawkins 225 Franklin Street Boston, MA 02110 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010	145	Trustee, BofA Funds Series Trust (11 funds)
R. Glenn Hilliard 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011	145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College	152	Director, Valmont Industries, Inc. (manufactures irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)	152	None
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation	152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Infinity, Inc. (oil and gas exploration and production); OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 225 Franklin Street Boston, MA 02110 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments)	145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003-2010 (biotechnology); former President, Aquila Biopharmaceuticals	152	Director, Healthways, Inc. (health management programs) since 2005; Director, ICI Mutual Insurance Company, RRG; Director, Abt Associates (government contractor)

32 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Anthony M. Santomero 225 Franklin Street Boston, MA 02110 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008	145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

* Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the funds to be an “interested person” (as defined in the 1940 Act) of the funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Director, Ameriprise Certificate Company since 2006 (previously President and Chief Executive Officer, 2006-August 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.	204	None

* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2012 33

Columbia Absolute Return Currency and Income Fund

Trustees and Officers (continued)

The SAI has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the funds’ other officers are:

Officers
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004-April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010

34 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Trustees and Officers (continued)

Officers (continued)
Name, Address, Year of Birth	Position Held with Funds and Length of Service	Principal Occupation During Past Five Years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel, November 2008-January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel Bank of America, June 2005-April 2010

Annual Report 2012 35

Columbia Absolute Return Currency and Income Fund

[THIS PAGE INTENTIONALLY LEFT BLANK]

36 Annual Report 2012

Columbia Absolute Return Currency and Income Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2012 37

Columbia Absolute Return Currency and Income Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6502 L (12/12)

Annual Report October 31, 2012

Columbia Asia Pacific ex-Japan Fund

Columbia Asia Pacific ex-Japan Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Table of Contents

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	32
Supplemental Information	33
Federal Income Tax Information	34
Trustees and Officers	35
Important Information About This Report	41

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Performance Overview

Performance Summary

> Columbia Asia Pacific ex-Japan Fund (the Fund) Class R5 shares returned 5.44% for the 12 months ended October 31, 2012.

> The Fund underperformed its benchmark, the MSCI All Country (AC) Asia Pacific ex Japan Index (Net), which returned 6.84% for the period.

> Overweights in the consumer discretionary sector and in China hampered Fund results, while positioning in the financials, technology and telecommunications sectors had a favorable impact.

Average Annual Total Returns (%) (for period ended October 31, 2012)
	Inception	1 Year		Life
Class A*	09/27/10
Excluding sales charges			5.23		8.79
Including sales charges			-0.81		6.85
Class C*	09/27/10
Excluding sales charges			4.33		7.91
Including sales charges			3.34		7.91
Class I*	09/27/10		5.48		9.18
Class R*	09/27/10		4.78		8.43
Class R5	07/15/09		5.44		9.16
Class Z*	09/27/10		5.33		9.00
MSCI AC Asia Pacific ex Japan Index (Net)			6.84		12.96

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C are shown with and without the applicable contingent deferred sales charge (CDSC) of 1.00% for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns since inception if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The MSCI All Country (AC) Asia Pacific ex Japan Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (July 15, 2009 — October 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class R5 shares of Columbia Asia Pacific ex-Japan Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Annual Report 2012 3

Columbia Asia Pacific ex-Japan Fund

Manager Discussion of Fund Performance

Portfolio Management

Threadneedle International Limited

Vanessa Donegan

Rafael Polatinsky, CFA

Morningstar Style Box™

The Morningstar Style Box™ is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

©2012 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Columbia Asia Pacific ex-Japan Fund (the Fund) Class R5 shares returned 5.44% for the 12 months ended October 31, 2012. The Fund underperformed its benchmark, the MSCI All Country (AC) Asia Pacific ex Japan Index (Net), which returned 6.84% for the period. Overweights in the consumer discretionary sector and in China hampered Fund results, while positioning in the financials, technology and telecommunications sectors had a favorable impact.

Domestically Driven Markets Lead Regional Performance.

The past year was a volatile period as Asia Pacific equities seemingly reacted to oscillating investor sentiment. Factors likely affecting performance included the European fiscal situation, the deceleration in global economic growth and worldwide liquidity. A slower pace of economic growth, particularly in China, and an export slowdown seemed to negatively affect corporate profit growth across the region. However, an equity rally that began at the end of August enabled the Asia Pacific region to deliver a positive return for the year.

The best performing Asia Pacific markets were Thailand, the Philippines, Malaysia and Singapore, all markets largely driven by domestic activity. South Korea and Taiwan, which are closely linked to global economic activity, lagged. India was the region’s weakest performer. Structural problems related to India’s fiscal deficit and high level of inflation forced the government to tighten monetary policy during a global slowdown, which severely restricted its domestic economic growth.

Overweights in Consumer Discretionary and China Hampered Results

The Fund’s relative performance was negatively affected by an overweight in the consumer discretionary, a sector that suffered from mounting concerns about spending in the wake of slowing regional growth. Stock selection in the industrial sector also had a negative impact. The Fund held several South Korean heavy engineering companies that stand to benefit from capital spending in the global energy area, but suffered from investors’ declining risk appetite during this fiscal year.

Stock selection in Chinese financials was strong, but the Fund was adversely affected by an overweight in China and exposure to Chinese cyclical stocks, which performed poorly on fears that the government might not be able to prevent a recession.

On the positive side, positioning in the financials, technology and telecommunications sectors added to the Fund’s relative results. Within financials, holdings in South East Asian banks contributed to relative return. These banks are positioned to benefit from growing domestic demand in the region. As noted above, holdings of Chinese financial stocks, including property stocks, also had a positive effect. In the technology sector, the two best performing holdings were Taiwan Semiconductor and Samsung Electronics.

Despite the Taiwan market’s weak performance, the Fund’s stock selection was strong, driven by outperformance of technology holdings. The Fund also benefited from selection in Indonesia where we focused on infrastructure-related stocks. An Indonesian cement holding benefited from exposure to its domestic economy and, unlike the overall materials sector, performed well for the year.

Similar to Taiwan, stock selection in India was favorable despite overall poor performance from that market. Holdings in India’s banking and consumer areas added to the relative results.

4 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Manager Discussion of Fund Performance (continued)

Positioned to Capitalize on Domestic Demand and Global Liquidity

We have been focusing on multiple themes within the portfolio: companies that we believe can capitalize on growing domestic demand in the Asia Pacific region, companies we believe are poised to benefit from increased global liquidity related to quantitative easing and quality growth companies whose share prices have been de-rated on macro-economic concerns.

In keeping with these themes, we increased the Fund’s technology weighting during the year. This gives the Fund exposure to attractively priced global cyclical stocks that are benefiting from new product cycles and increasing smartphone use in emerging markets, but are not closely tied to China’s economy. We reduced exposure to energy and materials due to global economic concerns.

We increased the Fund’s financials weighting because these companies stand to benefit from regional domestic demand growth. We added to real estate stocks in Hong Kong and Singapore because they are beneficiaries of abundant global liquidity. We added to the Fund’s Australian bank holdings, though this position remains underweight compared to the benchmark, because we believe their dividend yields are attractive relative to falling interest rates domestically.

We increased telecommunications exposure because we believe these stocks stand to benefit from increasing use of mobile data services in the emerging markets and because we view these stocks as attractively priced based on their dividend yields.

The changes described above led to some shifts in country positioning. Australian exposure increased due to banking sector additions, Hong Kong and Singapore increased mainly due to real estate additions and Taiwan exposure decreased due to technology selectivity and reduced energy and materials weighting. The Fund remained overweight in China, but less so than at the start of the fiscal year.

To summarize current positioning, the Fund is overweight Hong Kong, China, Thailand, Singapore, Indonesia and South Korea. The Fund is underweight in Australia and Taiwan where we believe the domestic demand dynamic is inferior to the rest of the region and in Malaysia where we are concerned about upcoming elections.

The Fund is overweight in financials with a focus on real estate and underleveraged banks, in consumer discretionary where low interest rates and wage inflation are likely to drive good results, and in telecommunications due to a yield advantage. The Fund is also overweight technology for its cyclical exposure. Conversely, the Fund is underweight energy, materials and industrials due to doubts about global economic strength and consumer staples where we think valuations are relatively stretched.

Structural Factors and Global Issues Likely to Drive Future Results

We believe investors’ risk appetite will continue to drive equity performance in the Asia Pacific region. That appetite, in turn, will hinge on developments in Europe’s fiscal crisis, U.S. deficit issues and the leadership transition and growth outlook in China. However, we believe many factors currently bode well for Asia Pacific equities. In our opinion, valuations are cheap, liquidity is abundant, raw material prices are favorable and China appears to be past the worst of its economic slowdown. Regional banks have good capital ratios and are willing to lend. Clearly,

Top Ten Holdings (%) (at October 31, 2012)
Samsung Electronics Co., Ltd. (South Korea)	6.0
Commonwealth Bank of Australia (Australia)	3.0
Cheung Kong Holdings Ltd. (Hong Kong)	2.8
Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	2.7
Australia and New Zealand Banking Group Ltd. (Australia)	2.7
BHP Billiton Ltd. (Australia)	2.3
AIA Group Ltd. (Hong Kong)	2.2
China Construction Bank Corp., Class H (China)	2.1
CNOOC Ltd. (China)	2.0
Wharf Holdings Ltd. (Hong Kong)	2.0

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Country Breakdown (%) (at October 31, 2012)
Australia	17.3
China	22.0
Hong Kong	10.3
India	6.9
Indonesia	4.1
Macau	1.2
Malaysia	1.6
Philippines	1.1
Singapore	7.5
South Korea	15.7
Taiwan	8.8
Thailand	2.8
United States (a)	0.7
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

Annual Report 2012 5

Columbia Asia Pacific ex-Japan Fund

Manager Discussion of Fund Performance (continued)

Summary of Investments in Securities by Industry (%) (at October 31, 2012)
Auto Components	1.1
Automobiles	4.0
Capital Markets	1.0
Chemicals	1.2
Commercial Banks	21.9
Communications Equipment	0.8
Computers & Peripherals	1.4
Construction & Engineering	1.3
Construction Materials	1.3
Distributors	0.7
Diversified Consumer Services	0.4
Diversified Financial Services	1.0
Diversified Telecommunication Services	4.6
Electrical Equipment	0.8
Electronic Equipment, Instruments & Components	1.8
Energy Equipment & Services	0.6
Food & Staples Retailing	2.2
Gas Utilities	1.7
Hotels, Restaurants & Leisure	1.2
Household Products	1.2
Industrial Conglomerates	2.7
Insurance	3.4
Internet Software & Services	3.0
IT Services	0.5
Machinery	1.1
Media	0.8
Metals & Mining	4.0
Multiline Retail	0.6
Oil, Gas & Consumable Fuels	4.3
Personal Products	0.5
Real Estate Investment Trusts (REITs)	1.1
Real Estate Management & Development	9.1
Semiconductors & Semiconductor Equipment	9.9
Specialty Retail	0.4
Textiles, Apparel & Luxury Goods	0.5
Tobacco	1.4
Transportation Infrastructure	0.6
Water Utilities	1.0
Wireless Telecommunication Services	3.7
Money Market Funds	0.7
Total	99.5

Percentages indicated are based upon net assets. The Fund’s portfolio composition is subject to change.

there are risks to be watched, but valuations already reflect a degree of pessimism, so expectations appear fairly realistic. If some existing uncertainty dissipates and investor risk appetite stabilizes, we believe Asia Pacific markets could perform well next year.

6 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

May 1, 2012 – October 31, 2012

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,000.80	1,018.25		6.89	6.95		1.37
Class C		1,000.00	1,000.00		997.50	1,014.48		10.64	10.74		2.12
Class I		1,000.00	1,000.00		1,002.40	1,020.51		4.63	4.67		0.92
Class R		1,000.00	1,000.00		999.20	1,017.04		8.09	8.16		1.61
Class R5		1,000.00	1,000.00		1,002.40	1,020.06		5.08	5.13		1.01
Class Z		1,000.00	1,000.00		1,002.40	1,019.56		5.59	5.63		1.11

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds).

Annual Report 2012 7

Columbia Asia Pacific ex-Japan Fund

Portfolio of Investments

October 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 98.8%
Issuer	Shares		Value ($)
Australia 17.2%
Australia and New Zealand Banking Group Ltd.		392,656		10,358,757
BHP Billiton Ltd.		251,703		8,911,654
Commonwealth Bank of Australia		193,235		11,571,984
Iluka Resources Ltd.(a)		203,342		2,085,733
Macquarie Group Ltd.		119,109		3,934,358
National Australia Bank Ltd.		247,414		6,612,076
Rio Tinto Ltd.(a)		80,670		4,755,952
Santos Ltd.		254,614		3,035,804
Telstra Corp., Ltd.		1,359,412		5,842,071
Wesfarmers Ltd.		155,099		5,591,217
Westfield Retail Trust		593,755		1,906,591
WorleyParsons Ltd.		97,932		2,504,303
Total				67,110,500
China 21.9%
AAC Technologies Holdings, Inc.		866,500		3,085,162
Agile Property Holdings Ltd.		1,790,000		2,020,140
Agricultural Bank of China Ltd., Class H(a)		5,437,000		2,342,593
Baidu, Inc., ADR(b)		26,533		2,828,948
Belle International Holdings Ltd.		781,000		1,448,306
China BlueChemical Ltd.		3,212,000		2,028,080
China Construction Bank Corp., Class H		10,815,380		8,107,924
China Mobile Ltd.		198,500		2,201,712
China Overseas Land & Investment Ltd.		1,980,000		5,155,619
China Shenhua Energy Co., Ltd., Class H		778,500		3,298,659
China Unicom Hong Kong Ltd.		1,772,000		2,856,688
CNOOC Ltd.		3,808,000		7,836,776
Dongfeng Motor Group Co., Ltd., Class H		1,790,000		2,213,872
ENN Energy Holdings Ltd.		1,062,000		4,410,244
Focus Media Holding Ltd., ADR		115,597		2,725,777
Guangdong Investment Ltd.		4,966,000		4,053,743
Industrial & Commercial Bank of China Ltd., Class H		10,491,000		6,908,315
Lenovo Group Ltd.(a)		3,996,000		3,199,510
New Oriental Education & Technology Group, ADR		86,073		1,451,191
PetroChina Co., Ltd., Class H		1,990,000		2,700,267
Ping An Insurance Group Co. of China Ltd., Class H		600,500		4,725,657

Common Stocks (continued)
Issuer	Shares		Value ($)
Sany Heavy Equipment International Holdings Co., Ltd.		1,871,500		978,645
Tencent Holdings Ltd.		166,900		5,870,619
Zhuzhou CSR Times Electric Co., Ltd., Class H(a)		1,066,000		3,116,917
Total				85,565,364
Hong Kong 10.2%
AIA Group Ltd.		2,185,000		8,616,476
BOC Hong Kong Holdings Ltd.		689,500		2,114,046
Cheung Kong Holdings Ltd.		721,000		10,627,223
Li & Fung Ltd.		1,574,000		2,625,690
Samsonite International SA		939,600		1,945,035
Sun Hung Kai Properties Ltd.		316,974		4,381,830
Swire Properties Ltd.		685,300		2,117,371
Wharf Holdings Ltd.		1,112,900		7,588,089
Total				40,015,760
India 6.9%
Bajaj Auto Ltd.		106,597		3,591,422
HDFC Bank Ltd.		431,920		5,072,539
ICICI Bank Ltd., ADR		64,799		2,543,361
Infosys Ltd., ADR		41,385		1,796,937
ITC Ltd.		1,078,137		5,651,371
Larsen & Toubro Ltd.		88,413		2,662,475
Mahindra & Mahindra Ltd.		166,297		2,722,106
Yes Bank Ltd.		393,225		3,001,946
Total				27,042,157
Indonesia 4.1%
PT Bank Mandiri Persero Tbk		4,528,316		3,868,452
PT Jasa Marga Persero Tbk		3,703,000		2,229,983
PT Perusahaan Gas Negara Persero Tbk		4,929,500		2,377,528
PT Semen Gresik Persero Tbk		3,168,500		4,898,582
PT XL Axiata Tbk		3,744,000		2,663,422
Total				16,037,967
Macau 1.2%
Sands China Ltd.		1,258,800		4,705,530
Malaysia 1.6%
Astro Malaysia Holdings Bhd(b)(c)		492,300		437,995
Malayan Banking Bhd		679,100		2,008,943
Telekom Malaysia Bhd		2,001,700		3,924,384
Total				6,371,322

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Portfolio of Investments (continued)

October 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Philippines 1.1%
Ayala Corp.		345,462		3,708,370
SM Prime Holdings, Inc.		1,187,200		417,252
Total				4,125,622
Singapore 7.4%
CapitaCommercial Trust		1,710,000		2,194,018
CapitaLand Ltd.		1,243,000		3,310,294
DBS Group Holdings Ltd.		475,000		5,394,304
Keppel Corp., Ltd.		736,000		6,403,549
Oversea-Chinese Banking Corp., Ltd.		388,196		2,885,215
SembCorp Industries Ltd.		972,000		4,313,794
Singapore Telecommunications Ltd.		993,000		2,615,577
United Overseas Bank Ltd.		127,801		1,905,868
Total				29,022,619
South Korea 15.6%
Amorepacific Corp.		1,635		1,857,933
Hana Financial Group, Inc.		77,480		2,253,979
Hyundai Department Store Co., Ltd.		18,961		2,352,637
Hyundai Heavy Industries Co., Ltd.		7,275		1,524,557
Hyundai Mobis		17,109		4,348,168
Hyundai Motor Co.		34,809		7,153,901
LG Chem Ltd.		9,416		2,641,373
LG Household & Health Care Ltd.		8,235		4,836,364
NHN Corp.		13,574		3,139,805
Samsung Electronics Co., Ltd.		19,223		23,068,323
Samsung Engineering Co., Ltd.		18,739		2,446,057
Samsung Heavy Industries Co., Ltd.		61,690		1,882,690
Shinhan Financial Group Co., Ltd.		52,740		1,810,166
SK Hynix, Inc.(b)		73,560		1,674,579
Total				60,990,532
Taiwan 8.7%
Catcher Technology Co., Ltd.		490,000		2,126,753
Chinatrust Financial Holding Co., Ltd.		3,527,019		1,941,437
Delta Electronics, Inc.		1,078,000		3,677,164
Far EasTone Telecommunications Co., Ltd.		2,708,000		6,251,018
Fubon Financial Holding Co., Ltd.		915		937
Hon Hai Precision Industry Co., Ltd.		1,090,966		3,307,850
President Chain Store Corp.		570,000		2,817,030
Taiwan Semiconductor Manufacturing Co., Ltd.		1,180,000		3,595,531

Common Stocks (continued)
Issuer	Shares		Value ($)
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		655,748		10,426,393
Total				34,144,113
Thailand 2.9%
Advanced Information Service PCL, Foreign Registered Shares		597,800		3,840,489
Siam Commercial Bank PCL, Foreign Registered Shares		946,300		4,947,057
Total Access Communication PCL, NVDR		816,200		2,303,494
Total				11,091,040
Total Common Stocks
(Cost: $341,080,199)				386,222,526
Money Market Funds 0.7%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.149%(d)(e)		2,543,371		2,543,371
Total Money Market Funds
(Cost: $2,543,371)				2,543,371

Investments of Cash Collateral Received for Securities on Loan 1.3%
Issuer	Effective Yield		Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements 1.3%
Mizuho Securities USA, Inc. dated 10/31/12, matures 11/01/12, repurchase price
$4,000,044(f)		0.400%		4,000,000		4,000,000
Royal Bank of Canada dated 10/31/12, matures 11/01/12, repurchase price
$1,189,150(f)		0.310%		1,189,140		1,189,140
Total						5,189,140
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $5,189,140)						5,189,140
Total Investments
(Cost: $348,812,710)						393,955,037
Other Assets & Liabilities, Net						(3,034,156	)
Net Assets						390,920,881

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 9

Columbia Asia Pacific ex-Japan Fund

Portfolio of Investments (continued)

October 31, 2012

Notes to Portfolio of Investments

(a) At October 31, 2012, security was partially or fully on loan.

(b) Non-income producing.

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2012, the value of these securities amounted to $437,995 or 0.11% of net assets.

(d) The rate shown is the seven-day current annualized yield at October 31, 2012.

(e) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended October 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		891,067		164,555,053		(162,902,749	)		—		2,543,371		—		14,661		2,543,371

(f) The following table represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
Mizuho Securities USA, Inc. (0.400%)
Fannie Mae Pool		2,621,264
Fannie Mae REMICS		427,249
Freddie Mac Gold Pool		171,564
Freddie Mac Non Gold Pool		159,526
Freddie Mac REMICS		442,592
Government National Mortgage Association		257,805
Total market value of collateral securities		4,080,000

Security Description	Value ($)
Royal Bank of Canada (0.310%)
Fannie Mae Pool		1,212,923
Total market value of collateral securities		1,212,923

Abbreviation Legend

ADR	American Depositary Receipt
NVDR	Non-voting Depository Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2012:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets  ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		4,176,968		33,544,663		—		37,721,631
Consumer Staples		—		20,753,916		—		20,753,916
Energy		—		19,375,808		—		19,375,808
Financials		2,543,361		143,809,828		—		146,353,189
Industrials		—		25,558,668		—		25,558,668
Information Technology		15,052,278		52,745,294		—		67,797,572
Materials		—		25,321,374		—		25,321,374
Telecommunication Services		—		32,498,854		—		32,498,854
Utilities		—		10,841,514		—		10,841,514
Total Equity Securities		21,772,607		364,449,919		—		386,222,526

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 11

Columbia Asia Pacific ex-Japan Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

Description	Level 1 Quoted Prices in Active Markets for Identical Assets  ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Other
Money Market Funds		2,543,371		—		—		2,543,371
Investments of Cash Collateral Received for Securities on Loan		—		5,189,140		—		5,189,140
Total Other		2,543,371		5,189,140		—		7,732,511
Total		24,315,978		369,639,059		—		393,955,037

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The models utilized by the third party statistical pricing service take into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

There were no transfers of financial assets between Levels 1 and 2 during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Statement of Assets and Liabilities

October 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $341,080,199)	$386,222,526
Affiliated issuers (identified cost $2,543,371)	2,543,371
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $5,189,140)	5,189,140
Total investments (identified cost $348,812,710)	393,955,037
Foreign currency (identified cost $2,980,137)	2,984,782
Receivable for:
Capital shares sold	1,546,234
Dividends	27,505
Interest	2,129
Prepaid expenses	4,310
Total assets	398,519,997
Liabilities
Due upon return of securities on loan	5,189,140
Payable for:
Investments purchased	673,966
Capital shares purchased	1,491,191
Investment management fees	42,309
Distribution fees	37
Foreign capital gains taxes deferred	19,484
Transfer agent fees	24,189
Administration fees	4,279
Compensation of board members	11,302
Other expenses	143,219
Total liabilities	7,599,116
Net assets applicable to outstanding capital stock	$390,920,881
Represented by
Paid-in capital	$385,072,746
Undistributed net investment income	7,038,311
Accumulated net realized loss	(46,317,495	)
Unrealized appreciation (depreciation) on:
Investments	45,142,327
Foreign currency translations	4,476
Foreign capital gains tax	(19,484	)
Total — representing net assets applicable to outstanding capital stock	$390,920,881
* Value of securities on loan	$4,867,283

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 13

Columbia Asia Pacific ex-Japan Fund

Statement of Assets and Liabilities (continued)

October 31, 2012

Class A
Net assets	$451,947
Shares outstanding	36,603
Net asset value per share	$12.35
Maximum offering price per share(a)	$13.10
Class C
Net assets	$69,999
Shares outstanding	5,737
Net asset value per share	$12.20
Class I
Net assets	$2,324
Shares outstanding	188
Net asset value per share(b)	$12.38
Class R
Net assets	$175,432
Shares outstanding	14,299
Net asset value per share	$12.27
Class R5
Net assets	$389,978,116
Shares outstanding	31,488,733
Net asset value per share	$12.38
Class Z
Net assets	$243,063
Shares outstanding	19,668
Net asset value per share	$12.36

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

(b) Net asset value per share rounds to this amount due to fractional shares outstanding.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Statement of Operations

Year Ended October 31, 2012

Net investment income
Income:
Dividends — unaffiliated issuers	$12,516,997
Dividends — affiliated issuers	14,661
Interest	706
Income from securities lending — net	120,813
Foreign taxes withheld	(930,295	)
Total income	11,722,882
Expenses:
Investment management fees	3,339,296
Distribution fees
Class A	1,384
Class C	481
Class R	350
Transfer agent fees
Class A	1,076
Class C	92
Class R	121
Class R5	207,975
Class Z	286
Administration fees	338,241
Compensation of board members	17,419
Custodian fees	158,970
Printing and postage fees	73,063
Registration fees	57,154
Professional fees	66,272
Line of credit interest expense	17,448
Other	28,621
Total expenses	4,308,249
Net investment income	7,414,633
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(46,061,014	)
Foreign currency translations	196,060
Net realized loss	(45,864,954	)
Net change in unrealized appreciation (depreciation) on:
Investments	57,122,115
Foreign currency translations	(25,852	)
Foreign capital gains tax	71,958
Net change in unrealized appreciation (depreciation)	57,168,221
Net realized and unrealized gain	11,303,267
Net increase in net assets resulting from operations	$18,717,900

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 15

Columbia Asia Pacific ex-Japan Fund

Statement of Changes in Net Assets

	Year Ended October 31, 2012			Year Ended October 31, 2011
Operations
Net investment income		$7,414,633			$6,768,875
Net realized gain (loss)		(45,864,954	)		18,864,574
Net change in unrealized appreciation (depreciation)		57,168,221			(79,163,982	)
Net increase (decrease) in net assets resulting from operations		18,717,900			(53,530,533	)
Distributions to shareholders:
Net investment income
Class A		(6,071	)		(1,210	)
Class C		(317	)		(78	)
Class I		(35	)		(16	)
Class R		(355	)		(11	)
Class R5		(5,950,962	)		(3,273,747	)
Class Z		(1,257	)		(136	)
Net realized gains
Class A		(27,634	)		(247	)
Class C		(2,240	)		(18	)
Class I		(104	)		(3	)
Class R		(1,429	)		(3	)
Class R5		(17,996,325	)		(633,212	)
Class Z		(4,325	)		(25	)
Total distributions to shareholders		(23,991,054	)		(3,908,706	)
Increase (decrease) in net assets from capital stock activity		(108,994,364	)		49,818,055
Total decrease in net assets		(114,267,518	)		(7,621,184	)
Net assets at beginning of year		505,188,399			512,809,583
Net assets at end of year		$390,920,881			$505,188,399
Undistributed net investment income		$7,038,311			$5,381,763

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Statement of Changes in Net Assets (continued)

	Year Ended October 31, 2012						Year Ended October 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		9,605			116,970			55,497			764,739
Distributions reinvested		2,779			30,151			105			1,439
Redemptions		(27,152	)		(314,574	)		(9,887	)		(125,939	)
Net increase (decrease)		(14,768	)		(167,453	)		45,715			640,239
Class C shares
Subscriptions		3,809			44,664			3,454			48,032
Distributions reinvested		224			2,425			6			81
Redemptions		(1,942	)		(22,639	)		(2	)		(20	)
Net increase		2,091			24,450			3,458			48,093
Class R shares
Subscriptions		11,692			132,294			2,901			41,379
Distributions reinvested		153			1,654			—			—
Redemptions		(79	)		(970	)		(556	)		(7,980	)
Net increase		11,766			132,978			2,345			33,399
Class R5 shares
Subscriptions		17,913,488			208,351,513			25,759,112			358,782,668
Distributions reinvested		709,038			7,707,242			75,140			1,033,922
Redemptions		(27,346,705	)		(325,179,464	)		(22,803,465	)		(310,843,511	)
Net increase (decrease)		(8,724,179	)		(109,120,709	)		3,030,787			48,973,079
Class Z shares
Subscriptions		11,915			137,290			70,961			1,038,250
Distributions reinvested		502			5,448			10			143
Redemptions		(531	)		(6,368	)		(63,377	)		(915,148	)
Net increase		11,886			136,370			7,594			123,245
Total net increase (decrease)		(8,713,204	)		(108,994,364	)		3,089,899			49,818,055

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 17

Columbia Asia Pacific ex-Japan Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended October 31,
Class  A	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$12.49		$13.79		$13.32
Income from investment operations:
Net investment income (loss)	0.15		0.15		(0.01	)
Net realized and unrealized gain (loss)	0.41		(1.36	)	0.48
Total from investment operations	0.56		(1.21	)	0.47
Less distributions to shareholders:
Net investment income	(0.14	)	(0.07	)	—
Net realized gains	(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.70	)	(0.09	)	—
Net asset value, end of period	$12.35		$12.49		$13.79
Total return	5.23	%	(8.82	%)	3.53	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	1.42	%(c)	1.45	%(c)	1.50	%(d)
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)	1.42	%(c)	1.45	%(c)(f)	1.50	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	1.42	%	1.45	%	1.50	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)	1.42	%	1.45	%(f)	1.50	%(d)
Net investment income (loss)	1.25	%	1.12	%(f)	(0.95	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$452		$642		$78
Portfolio turnover	50	%	63	%	21	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Includes interest expense which rounds to less than 0.01%.

(d) Annualized.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Financial Highlights (continued)

	Year Ended October 31,
Class C	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$12.38		$13.78		$13.32
Income from investment operations:
Net investment income (loss)	0.03		0.06		(0.02	)
Net realized and unrealized gain (loss)	0.42		(1.38	)	0.48
Total from investment operations	0.45		(1.32	)	0.46
Less distributions to shareholders:
Net investment income	(0.07	)	(0.06	)	—
Net realized gains	(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.63	)	(0.08	)	—
Net asset value, end of period	$12.20		$12.38		$13.78
Total return	4.33	%	(9.62	%)	3.45	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	2.16	%(c)	2.19	%(c)	2.22	%(d)
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)	2.16	%(c)	2.19	%(c)(f)	2.22	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	2.16	%	2.19	%	2.22	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)	2.16	%	2.19	%(f)	2.22	%(d)
Net investment income (loss)	0.25	%	0.44	%(f)	(1.93	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$70		$45		$3
Portfolio turnover	50	%	63	%	21	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Includes interest expense which rounds to less than 0.01%.

(d) Annualized.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 19

Columbia Asia Pacific ex-Japan Fund

Financial Highlights (continued)

	Year Ended October 31,
Class I	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$12.54		$13.79		$13.32
Income from investment operations:
Net investment income (loss)	0.20		0.18		(0.01	)
Net realized and unrealized gain (loss)	0.38		(1.33	)	0.48
Total from investment operations	0.58		(1.15	)	0.47
Less distributions to shareholders:
Net investment income	(0.18	)	(0.08	)	—
Net realized gains	(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.74	)	(0.10	)	—
Net asset value, end of period	$12.38		$12.54		$13.79
Total return	5.48	%	(8.40	%)	3.53	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	0.97	%(c)	0.99	%(c)	1.08	%(d)
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)	0.97	%(c)	0.99	%(c)	1.08	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	0.97	%	0.99	%	1.08	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)	0.97	%	0.99	%	1.08	%(d)
Net investment income (loss)	1.70	%	1.31	%	(0.78	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$2		$2		$3
Portfolio turnover	50	%	63	%	21	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Includes interest expense which rounds to less than 0.01%.

(d) Annualized.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Financial Highlights (continued)

	Year Ended October 31,
Class R	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$12.46		$13.79		$13.32
Income from investment operations:
Net investment income (loss)	0.13		0.16		(0.02	)
Net realized and unrealized gain (loss)	0.37		(1.41	)	0.49
Total from investment operations	0.50		(1.25	)	0.47
Less distributions to shareholders:
Net investment income	(0.13	)	(0.06	)	—
Net realized gains	(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.69	)	(0.08	)	—
Net asset value, end of period	$12.27		$12.46		$13.79
Total return	4.78	%	(9.15	%)	3.53	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	1.63	%(c)	1.70	%(c)	1.73	%(d)
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)	1.63	%(c)	1.68	%(c)(f)	1.73	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	1.63	%	1.70	%	1.73	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)	1.63	%	1.68	%(f)	1.73	%(d)
Net investment income (loss)	1.08	%	1.26	%(f)	(1.43	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$175		$32		$3
Portfolio turnover	50	%	63	%	21	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Includes interest expense which rounds to less than 0.01%.

(d) Annualized.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 21

Columbia Asia Pacific ex-Japan Fund

Financial Highlights (continued)

	Year Ended October 31,
Class R5	2012		2011		2010		2009(a)
Per share data
Net asset value, beginning of period	$12.54		$13.79		$11.42		$10.00
Income from investment operations:
Net investment income	0.21		0.18		0.13		0.02
Net realized and unrealized gain (loss)	0.37		(1.33	)	2.27		1.40
Total from investment operations	0.58		(1.15	)	2.40		1.42
Less distributions to shareholders:
Net investment income	(0.18	)	(0.08	)	(0.02	)	—
Net realized gains	(0.56	)	(0.02	)	(0.01	)	—
Total distributions to shareholders	(0.74	)	(0.10	)	(0.03	)	—
Net asset value, end of period	$12.38		$12.54		$13.79		$11.42
Total return	5.44	%	(8.42	%)	21.06	%	14.20	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	1.01	%(c)	0.98	%(c)	1.09	%	1.67	%(d)
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)	1.01	%(c)	0.98	%(c)	1.09	%	1.15	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	1.01	%	0.98	%	1.09	%	1.67	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)	1.01	%	0.98	%	1.09	%	1.15	%(d)
Net investment income	1.76	%	1.31	%	1.09	%	0.47	%(d)
Supplemental data
Net assets, end of period (in thousands)	$389,978		$504,370		$512,721		$53,643
Portfolio turnover	50	%	63	%	21	%	4	%

Notes to Financial Highlights

(a) For the period from July 15, 2009 (commencement of operations) to October 31, 2009.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Includes interest expense which rounds to less than 0.01%.

(d) Annualized.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Financial Highlights (continued)

	Year Ended October 31,
Class Z	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$12.51		$13.79		$13.32
Income from investment operations:
Net investment income (loss)	0.17		0.19		(0.01	)
Net realized and unrealized gain (loss)	0.40		(1.37	)	0.48
Total from investment operations	0.57		(1.18	)	0.47
Less distributions to shareholders:
Net investment income	(0.16	)	(0.08	)	—
Net realized gains	(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.72	)	(0.10	)	—
Net asset value, end of period	$12.36		$12.51		$13.79
Total return	5.33	%	(8.63	%)	3.53	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	1.15	%(c)	1.24	%(c)	1.23	%(d)
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)	1.15	%(c)	1.24	%(c)(f)	1.23	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	1.15	%	1.24	%	1.23	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)	1.15	%	1.24	%(f)	1.23	%(d)
Net investment income (loss)	1.41	%	1.35	%(f)	(0.93	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$243		$97		$3
Portfolio turnover	50	%	63	%	21	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Includes interest expense which rounds to less than 0.01%.

(d) Annualized.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 23

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements

October 31, 2012

Note 1. Organization

Columbia Asia Pacific ex-Japan Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class C, Class I, Class R, Class R5 and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class R5 shares are not subject to sales charges; however, this share class is closed to new investors.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board, including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

24 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements (continued)

October 31, 2012

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund’s ability

to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Corporate actions and dividend income are recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

Interest income is recorded on an accrual basis.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Annual Report 2012 25

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements (continued)

October 31, 2012

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed along with the income distribution. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date

of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory Agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.80% to 0.57% as the Fund’s net assets increase. The effective investment management fee rate for the year ended October 31, 2012 was 0.79% of the Fund’s average daily net assets.

Subadvisory Agreement

The Investment Manager has entered into a Subadvisory Agreement with Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and wholly-owned subsidiary of Ameriprise Financial, the subadviser of the Fund. The Investment Manager compensates Threadneedle to manage the investments of the Fund’s assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The effective administration fee rate for the year ended October 31, 2012 was 0.08% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Fund or the Board, including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the year ended October 31, 2012, other expenses paid to this company were $2,778.

26 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements (continued)

October 31, 2012

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not “interested persons” of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Fund for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Fund that is a percentage of the average aggregate value of the Fund’s shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 shares.

For the year ended October 31, 2012, the Fund’s effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.19	%
Class C	0.19
Class R	0.17
Class R5	0.05
Class Z	0.19

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the year ended October 31, 2012, no minimum account balance fees were charged by the Fund.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A, shares, a fee at an annual rate of up to 0.50% of the Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class C shares. For Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $1,000 for Class C shares. These amounts are based on the most recent information available as of June 30, 2012, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $516 for Class A, and $2 for Class C shares for the year ended October 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective January 1, 2012, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through February 28, 2013, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed

Annual Report 2012 27

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements (continued)

October 31, 2012

the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.50	%
Class C	2.25
Class I	1.08
Class R	1.75
Class R5	1.13
Class Z	1.25

Prior to January 1, 2012, the Investment Manager and certain of its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, did not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.50	%
Class C	2.25
Class I	1.10
Class R	1.75
Class R5	1.15
Class Z	1.25

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At October 31, 2012, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees’ deferred compensation, distribution reclassifications, foreign currency transactions and passive foreign investment company (PFIC)

holdings. To the extent these differences are permanent, reclassifications are made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$200,912
Accumulated net realized loss	(1,800,912	)
Paid-in capital	1,600,000

Net investment income and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

Year Ended October 31,	2012 ($)		2011 ($)
Ordinary income		$8,266,513		3,534,251
Long-term capital gains		15,724,541		374,455
Total		23,991,054		3,908,706

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At October 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$7,273,403
Undistributed accumulated long-term gain	—
Accumulated realized loss	(44,721,458	)
Unrealized appreciation	43,306,695

At October 31, 2012, the cost of investments for federal income tax purposes was $350,633,334 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$55,288,379
Unrealized depreciation	(11,966,676	)
Net unrealized appreciation	$43,321,703

The following capital loss carryforward, determined at October 31, 2012, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
Unlimited short-term		24,279,438
Unlimited long-term		20,442,020
Total		44,721,458

28 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements (continued)

October 31, 2012

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $208,353,471 and $331,240,970, respectively, for the year ended October 31, 2012.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the year ended October 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At October 31, 2012, securities valued at $4,867,283 were on loan, secured by cash collateral of $5,189,140 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 7. Affiliated Money Market Fund

The Fund invests its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as “Dividends — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 8. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment

Annual Report 2012 29

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements (continued)

October 31, 2012

fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

For the year ended October 31, 2012, the average daily loan balance outstanding on days when borrowing existed was $16,012,903 at a weighted average interest rate of 1.30%.

Note 9. Significant Risks

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Asian Pacific Region Risk

Many of the countries in the Asian Pacific Region are developing both politically and economically, and may have relatively unstable governments and economies based on a limited number of commodities or industries. Securities markets in the Asian Pacific Region are smaller and have a lower trading volume than those in the United States, which may result in the securities of some companies in the Asian Pacific Region being less liquid than similar U.S. or other foreign securities. Some currencies in the Asian Pacific Region are more volatile than the U.S. dollar and some countries in the Asian Pacific Region have restricted the flow of money in and out of the country.

Geographic Concentration Risk

Because the Fund concentrates its investments in the Asian Pacific Region, the Fund may be particularly susceptible to economic, political or regulatory events affecting companies and countries within the Asian Pacific Region. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund may be more volatile than a more geographically diversified fund. If securities of companies in the Asian Pacific Region fall out of favor, it may cause the Fund to underperform funds that do not concentrate in a single region of the world.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe

30 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements (continued)

October 31, 2012

proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Annual Report 2012 31

Columbia Asia Pacific ex-Japan Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust II and the Shareholders of Columbia Asia Pacific ex-Japan Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Asia Pacific ex-Japan Fund (the “Fund”) (a series of Columbia Funds Series Trust II) at October 31, 2012, the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2012 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion. The statements of changes in net assets and the financial highlights of the Fund for the periods ended October 31, 2011 and prior were audited by another independent registered public accounting firm whose report dated December 22, 2011 expressed an unqualified opinion on those statements and highlights.

PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 21, 2012

32 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal years ended October 31, 2011 and 2010 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal years ended October 31, 2011 and 2010 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Annual Report 2012 33

Columbia Asia Pacific ex-Japan Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for distributions paid in the fiscal year ended October 31, 2012. Shareholders will be notified in early 2013 of amounts for use in preparing 2012 income tax returns.

Tax Designations:

Qualified Dividend Income	63.12	%
Dividends Received Deduction	0.00	%
Capital Gain Dividend	$15,724,542
U.S. Government Income, may be exempt from state taxation	0.00	%
Foreign Taxes Paid	$733,137
Foreign Source Income	$8,666,363

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividend Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividend received deduction.

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period. The Fund also designates as capital gain dividends, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

34 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Trustees and Officers

Shareholders elect the Board that oversees the funds’ operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the funds’ Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations funds’ Board (“Nations Funds”), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource funds (“RiverSource Funds”) effective June 1, 2011.

Independent Trustees
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006	152	None
Edward J. Boudreau, Jr. 225 Franklin Street Boston, MA 02110 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000	145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard - Partners in Cross Cultural Leadership (consulting company)	152	None
William P. Carmichael 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired	145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University; former Dean, McCallum Graduate School of Business, Bentley University	152	None

Annual Report 2012 35

Columbia Asia Pacific ex-Japan Fund

Trustees and Officers (continued)

Independent Trustees (continued)
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William A. Hawkins 225 Franklin Street Boston, MA 02110 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010	145	Trustee, BofA Funds Series Trust (11 funds)
R. Glenn Hilliard 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011	145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College	152	Director, Valmont Industries, Inc. (manufactures irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)	152	None
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation	152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Infinity, Inc. (oil and gas exploration and production); OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 225 Franklin Street Boston, MA 02110 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments)	145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003-2010 (biotechnology); former President, Aquila Biopharmaceuticals	152	Director, Healthways, Inc. (health management programs) since 2005; Director, ICI Mutual Insurance Company, RRG; Director, Abt Associates (government contractor)

36 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Anthony M. Santomero 225 Franklin Street Boston, MA 02110 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008	145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

* Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the funds to be an “interested person” (as defined in the 1940 Act) of the funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Director, Ameriprise Certificate Company since 2006 (previously President and Chief Executive Officer, 2006-August 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.	204	None

* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2012 37

Columbia Asia Pacific ex-Japan Fund

Trustees and Officers (continued)

The SAI has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the funds’ other officers are:

Officers
Name, address, year of birth	Position held with funds and length of service	Principal occupation during past five years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007- April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President-Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004-April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010

38 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Trustees and Officers (continued)

Officers (continued)
Name, address, year of birth	Position held with funds and length of service	Principal occupation during past five years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel, November 2008-January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel Bank of America, June 2005-April 2010

Annual Report 2012 39

Columbia Asia Pacific ex-Japan Fund

[THIS PAGE INTENTIONALLY LEFT BLANK]

40 Annual Report 2012

Columbia Asia Pacific ex-Japan Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2012 41

Columbia Asia Pacific ex-Japan Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6532 F (12/12)

Annual Report October 31, 2012

Columbia Emerging Markets Bond Fund

Columbia Emerging Markets Bond Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Emerging Markets Bond Fund

Table of Contents

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	16
Statement of Operations	18
Statement of Changes in Net Assets	19
Financial Highlights	21
Notes to Financial Statements	29
Report of Independent Registered Public Accounting Firm	39
Supplemental Information	40
Federal Income Tax Information	41
Trustees and Officers	42
Important Information About This Report	49

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Annual Report 2012

Columbia Emerging Markets Bond Fund

Performance Overview

Performance Summary

> Columbia Emerging Markets Bond Fund (the Fund) Class A shares returned 16.51% excluding sales charges for the 12-month period that ended October 31, 2012.

> The Fund outperformed its benchmark, the JPMorgan Emerging Markets Bond Index (EMBI) — Global, which returned 16.33% for the same period.

> Country positioning, sector selection and currency exposures overall contributed positively to the Fund’s relative results, while duration positioning was a modest detractor.

Average Annual Total Returns (%) (for period ended October 31, 2012)
	Inception	1 Year		5 Years		Life
Class A	02/16/06
Excluding sales charges			16.51		10.06		9.78
Including sales charges			10.93		8.99		8.98
Class B	02/16/06
Excluding sales charges			15.73		9.23		8.95
Including sales charges			10.73		8.94		8.95
Class C	02/16/06
Excluding sales charges			15.55		9.27		8.96
Including sales charges			14.55		9.27		8.96
Class I	02/16/06		16.96		10.55		10.23
Class K (formerly Class R4)	02/16/06		16.87		10.32		9.99
Class R*	11/16/11		16.25		9.88		9.60
Class W*	12/01/06		16.53		10.05		9.74
Class Z*	09/27/10		16.64		10.21		9.89
JPMorgan EMBI — Global			16.33		9.98		9.44

Returns for Class A are shown with and without the maximum initial sales charge of 4.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns since inception if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The JPMorgan Emerging Markets Bond Index (EMBI) — Global is based on U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, such as Brady bonds, Eurobonds and loans, and reflects reinvestment of all distributions and changes in market prices.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Annual Report 2012

Columbia Emerging Markets Bond Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (February 16, 2006 — October 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Emerging Markets Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Annual Report 2012 3

Columbia Emerging Markets Bond Fund

Manager Discussion of Fund Performance

Portfolio Management

Nicholas Pifer, CFA

James Carlen, CFA

Country Breakdown (%) (at October 31, 2012)
Argentina	2.3
Bolivia	0.4
Brazil	7.4
Colombia	6.9
Dominican Republic	2.0
El Salvador	0.5
Georgia	0.2
Guatemala	0.4
Hungary	0.6
Indonesia	8.9
Kazakhstan	1.2
Latvia	0.2
Lithuania	1.5
Mexico	9.1
Netherlands	0.5
Panama	0.4
Peru	3.7
Philippines	1.3
Poland	1.4
Qatar	0.9
Republic of Namibia	1.2
Republic of the Congo	0.3
Romania	1.2
Russian Federation	14.6
South Africa	0.7
South Korea	0.6
Supra-National	0.2
Trinidad and Tobago	1.1
Turkey	6.2
Ukraine	1.4
United Arab Emirates	1.4
United States (a)	5.4
Uruguay	6.4
Venezuela	8.9
Zambia	0.6
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

At October 31, 2012, approximately 22% of the Fund’s shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Adviser, LLC (Columbia). As a result of asset allocation decisions by Columbia, it is possible that Columbia Emerging Markets Bond Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. Columbia seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. Columbia Emerging Markets Bond Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.

For the 12-month period that ended October 31, 2012, the Fund’s Class A shares returned 16.51% excluding sales charges. The Fund outperformed its benchmark, the JPMorgan Emerging Markets Bond Index (EMBI) — Global, which returned 16.33% for the same period. Country positioning, sector selection and currency exposures overall contributed positively to the Fund’s relative results, while duration positioning was a modest detractor.

Significant Performance Factors

Overall, emerging market bonds had a strong, yet volatile, annual period as a series of exogenous factors buffeted the emerging markets. Early in the annual period, emerging markets benefited from positive structural growth trends but data suggested most were not completely immune from the economic slowdown in the developed world and from the ripple effects of the European sovereign debt crisis. As the new year began, emerging market bonds continued to perform well, likely due to better data outside of the U.S. Also, European Central Bank (ECB) Long-Term Refinancing Operation auctions in late December and late February of nearly €1 trillion reduced Spanish and Italian yields significantly and improved global risk appetite. However, emerging market bonds experienced a volatile second calendar quarter, as the markets moved from one source of European Union (EU) worry to another, from Greek and French elections, to forming a government in Greece and reaffirming its adjustment program, to renewed concerns about Spanish banks and how the EU will aid in its recapitalization. This renewed volatility detracted from already fragile global economic growth trends.

The last four months of the annual period were generally strong for emerging market bonds. The EU made some important progress in reducing the risk of reigniting a global panic with its moves to provide resources for the Spanish banking sector, releasing another tranche of Greek assistance and starting to move toward a centralized banking authority. Of most significance perhaps was the ECB’s decision to use its Outright Monetary Transaction (OMT) program to purchase unlimited amounts of peripheral country debt conditioned on performance under an economic adjustment program. The U.S. Federal Reserve’s launch of its third round of quantitative easing was another liquidity enhancing move that supported risk markets. Still, while liquidity in the market was abundant and some important financial tail risks were reduced, global economic growth and trade decelerated.

4 Annual Report 2012

Columbia Emerging Markets Bond Fund

Manager Discussion of Fund Performance (continued)

Country, Sector and Currency Positioning Boosted Fund Performance

Country positioning overall boosted the Fund’s performance relative to the JPMorgan EMBI — Global during the annual period. Overweighted positions in the sovereign bonds of the Dominican Republic, Uruguay, Peru and Venezuela in Latin America, Lithuania in Eastern Europe and Namibia in Africa contributed positively to the Fund’s results. Also supporting Fund performance were underweighted allocations to the sovereign bonds of Brazil and Mexico, as, in general, those markets widely considered higher quality and lower risk lagged during the annual period. Of course, there were disappointments as well. Overweighted positions in Russian sovereign bonds and Indonesian sovereign bonds detracted from Fund performance.

Sector selection contributed positively to the Fund’s results during the annual period, especially an overweighted allocation to agency securities compared to the JPMorgan EMBI — Global. Positions in the agency securities of Colombia, Russia and Indonesia were particularly strong performers for the Fund during the reporting period.

Exposures to local emerging market currencies added value, as several emerging market currencies appreciated overall against the U.S. dollar. Fund positions in bonds denominated in the Uruguayan peso, the Colombian peso and the Mexican peso contributed positively to performance. Local interest rate exposure and greater local carry contributed to performance as well. Detracting from the Fund’s results were positions in bonds denominated in the Indonesian rupiah and in the Brazilian real.

Duration Positioning Modestly Hampered Returns

The Fund’s duration positioning modestly detracted from results during the annual period. The Fund had a shorter U.S. duration than the JPMorgan EMBI — Global, which hurt as U.S. Treasury yields declined.

Relative Valuation Analysis Drove Fund Changes

During the annual period, we reduced the Fund’s exposure to the local currency bonds of Brazil and Indonesia, while still maintaining an overweighted position, and broadened the country diversification of the Fund’s local currency exposures.

From a regional perspective, we increased exposure to Eastern Europe, while still maintaining an underweighted position, and decreased exposure to Latin America, while still maintaining an overweighted position. Such changes were made based on our analysis of relative valuations.

At the end of the annual period, the Fund remained overweight Latin America and select oil-producing countries relative to the JPMorgan EMBI — Global and underweight Eastern Europe. The Fund was neutrally positioned in the emerging bond markets of Asia compared to the benchmark index. The Fund remained invested primarily in the U.S. dollar, allocating to local currency bonds selectively but in an increasingly diversified way. The Fund’s duration of 7.0 years was shorter than the benchmark and a material portion of this duration was comprised of non-U.S. dollar exposure. Relative to the JPMorgan EMBI — Global, the Fund had its most significant overweight allocations to the bond markets of Uruguay, Colombia, Russia, Indonesia and the Dominican Republic. Significant currency and local rates positions included Uruguay, Mexico, Indonesia and Brazil.

Quality Breakdown (%) (at October 31, 2012)
AA rating	1.7
A rating	3.9
BBB rating	61.2
BB rating	16.7
B rating	15.7
CCC rating	0.5
Not rated	0.3
Total	100.0

Percentages indicated are based upon total fixed income securities (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from AAA (highest) to D (lowest), and are subject to change. The ratings shown are determined by using the middle rating of Moody’s, S&P, and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used. When a bond is not rated by any of these agencies, it is designated as Not rated. Credit ratings are subjective opinions and not statements of fact.

Annual Report 2012 5

Columbia Emerging Markets Bond Fund

Manager Discussion of Fund Performance (continued)

Looking Ahead

The themes at the end of the annual period were abundant liquidity and some EU policy progress in the midst of global economic deceleration and continued uncertainty about important adjustment challenges — such as EU peripheral debt and the U.S. fiscal cliff — in the midst of a rather anemic economic environment. We expect liquidity to remain abundant in the near term and for growth to accelerate modestly in 2013, but policy mistakes remain a clear and present threat, and volatility persists. We expect emerging market economic growth to be challenged by external factors — including global economic growth and commodity price and capital market volatility — as well by some important country-specific risks, including structural reforms that, if left unfinished, could hinder medium-term prospects.

The EU peripheral debt crisis is far from over, and austerity and structural reform at a time of weak economic growth are proving most challenging. With Europe in a recession that at best appears to be bottoming and U.S. growth slipping between first and second gear, Chinese economic deceleration is especially worrisome to the rest of the emerging market world. In our view, signs of recovery in the Chinese property sector may herald some modest reacceleration going into 2013 and the Asia Development Bank forecasts emerging Asia gross domestic product growth to accelerate from 6.1% in 2012 to 6.7% in 2013. All that said, we believe if developed market growth muddles along at an adequate pace, the underlying fundamental strength of Latin American and emerging Asian economies can support positive performance. We thus remain constructive on the sector and intend to look for periods of weakness to add to our favored investments with a view to benefiting from their longer-term solid fundamentals.

As always, using our top-down investment approach, we intend to continually re-evaluate the creditworthiness of each country, the strength of its economic policies and the soundness of its fundamentals as we seek to identify individual securities that present attractive value opportunities.

6 Annual Report 2012

Columbia Emerging Markets Bond Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

May 1, 2012 – October 31, 2012

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,083.60	1,019.25		6.13	5.94		1.17
Class B		1,000.00	1,000.00		1,079.80	1,015.84		9.67	9.37		1.85
Class C		1,000.00	1,000.00		1,079.10	1,015.38		10.14	9.83		1.94
Class I		1,000.00	1,000.00		1,085.50	1,021.77		3.51	3.40		0.67
Class K (formerly Class R4)		1,000.00	1,000.00		1,084.40	1,020.26		5.08	4.93		0.97
Class R		1,000.00	1,000.00		1,081.30	1,017.90		7.53	7.30		1.44
Class W		1,000.00	1,000.00		1,082.90	1,019.41		5.97	5.79		1.14
Class Z		1,000.00	1,000.00		1,084.00	1,020.41		4.92	4.77		0.94

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds).

Annual Report 2012 7

Columbia Emerging Markets Bond Fund

Portfolio of Investments

October 31, 2012

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes(a) 7.7%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Brazil 1.7%
Banco BMG SA Senior Notes(b)
04/15/18		8.000%		1,500,000		1,421,691
Banco Santander Brasil SA Senior Unsecured(b)
02/13/17		4.625%		2,000,000		2,110,000
Companhia de Eletricidade do Estad
04/27/16		11.750%	BRL	6,000,000		3,183,082
Samarco Mineracao SA Senior Unsecured(b)
11/01/22		4.125%		2,000,000		1,997,960
Vale Overseas Ltd.
01/11/22		4.375%		1,000,000		1,064,450
Vale SA Senior Unsecured
09/11/42		5.625%		2,000,000		2,142,606
Total						11,919,789
Colombia 0.9%
BanColombia SA Senior Unsecured
06/03/21		5.950%		2,100,000		2,425,500
Banco de Bogota SA Senior Unsecured(b)
01/15/17		5.000%		1,000,000		1,073,923
Grupo Aval Ltd.(b)
09/26/22		4.750%		3,000,000		3,000,000
Total						6,499,423
Mexico 0.3%
Mexichem Sab de CV(b)
09/19/42		6.750%		1,000,000		1,080,000
Senior Unsecured
09/19/22		4.875%		1,000,000		1,057,500
Total						2,137,500
Peru 1.1%
Banco de Credito del Peru Subordinated Notes(b)(c)
10/15/22		7.170%	PEN	6,000,000		2,641,714
Corp. Azucarera del Peru SA(b)
08/02/22		6.375%		4,700,000		5,000,410
Total						7,642,124
Russian Federation 2.7%
Lukoil International Finance BV(b)
11/05/19		7.250%		2,400,000		2,887,344
11/09/20		6.125%		2,900,000		3,296,354
06/07/22		6.656%		1,000,000		1,207,900
Metalloinvest Finance Ltd.(b)
07/21/16		6.500%		2,000,000		2,086,560

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Novatek Finance Ltd. Senior Unsecured(b)
02/03/21		6.604%		4,000,000		4,683,467
Severstal OAO Via Steel Capital SA Senior Unsecured(b)
07/26/16		6.250%		1,500,000		1,577,509
TNK-BP Finance SA(b)
03/13/18		7.875%		1,000,000		1,186,112
VimpelCom Holdings BV(b)
03/01/22		7.504%		2,500,000		2,700,000
Total						19,625,246
Ukraine 1.0%
Ferrexpo Finance PLC(b)
04/07/16		7.875%		800,000		769,391
MHP SA(b)
04/29/15		10.250%		4,542,000		4,666,905
Metinvest BV(b)
02/14/18		8.750%		1,500,000		1,439,625
Total						6,875,921
Total Corporate Bonds & Notes (Cost: $51,006,705)						54,700,003
Inflation-Indexed Bonds(a) 5.9%
Uruguay 5.9%
Uruguay Government International Bond
04/05/27		4.250%	UYU	362,876,864		21,365,103
Senior Unsecured
12/15/28		4.375%	UYU	336,797,762		20,171,239
Total						41,536,342
Total Inflation-Indexed Bonds (Cost: $36,981,023)						41,536,342
Foreign Government Obligations(a) 79.0%
Argentina 2.2%
Argentina Boden Bonds Senior Unsecured
10/03/15		7.000%		5,335,000		4,428,050
Argentina Bonar Bonds Senior Unsecured
04/17/17		7.000%		8,838,000		6,540,120
City of Buenos Aires Senior Unsecured(b)
03/01/17		9.950%		2,000,000		1,600,000
Provincia de Buenos Aires Senior Unsecured(b)
01/26/21		10.875%		2,780,000		1,737,500
Provincia de Cordoba Senior Unsecured(b)
08/17/17		12.375%		2,050,000		1,527,250
Total						15,832,920

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Annual Report 2012

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Foreign Government Obligations(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Bolivia 0.4%
Bolivian Government International Bond(b)
10/29/22		4.875%		3,100,000		3,104,269
Brazil 5.6%
Banco do Brasil SA
10/10/22		3.875%		2,000,000		1,994,000
Brazil Notas do Tesouro Nacional
01/01/17		10.000%	BRL	18,693,000		9,978,733
Centrais Eletricas Brasileiras SA Senior Unsecured(b)
10/27/21		5.750%		9,500,000		10,640,000
Cia de Saneamento Basico do Estado de Sao Paulo Senior Unsecured(b)
12/16/20		6.250%		500,000		542,500
Morgan Stanley Senior Unsecured
10/22/20		11.500%	BRL	3,300,000		1,895,906
Petrobras International Finance Co.
03/15/19		7.875%		4,900,000		6,203,547
01/20/20		5.750%		1,000,000		1,153,481
01/27/21		5.375%		3,424,000		3,871,939
01/20/40		6.875%		2,600,000		3,360,370
Total						39,640,476
Colombia 5.8%
Bogota Distrito Capital Senior Unsecured(b)
07/26/28		9.750%	COP	1,377,000,000		1,123,842
Colombia Government International Bond Senior Unsecured
10/22/15		12.000%	COP	2,093,000,000		1,412,271
06/28/27		9.850%	COP	1,000,000,000		850,273
01/18/41		6.125%		6,600,000		9,023,426
Corp. Andina De Fomento
06/15/22		4.375%		4,715,000		5,126,983
Empresa de Energia de Bogota SA Senior Unsecured(b)
11/10/21		6.125%		6,645,000		7,515,031
Empresas Publicas de Medellin ESP Senior Unsecured(b)
02/01/21		8.375%	COP	15,188,000,000		9,365,200
Transportadora de Gas Internacional SA ESP Senior Unsecured(b)
03/20/22		5.700%		6,100,000		6,825,663
Total						41,242,689
Dominican Republic 1.9%
Dominican Republic International Bond(b) Senior Unsecured
05/06/21		7.500%		7,500,000		8,784,292
04/20/27		8.625%		3,984,000		4,780,800
Total						13,565,092

Foreign Government Obligations(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
El Salvador 0.5%
El Salvador Government International Bond(b) Senior Unsecured
04/10/32		8.250%		1,000,000		1,225,000
06/15/35		7.650%		1,810,000		2,104,125
Total						3,329,125
Georgia 0.2%
Georgian Railway JSC Senior Unsecured(b)
07/11/22		7.750%		1,480,000		1,675,404
Guatemala 0.4%
Guatemala Government Bond Senior Unsecured(b)
06/06/22		5.750%		2,700,000		3,078,000
Hungary 0.6%
Hungary Government International Bond Senior Unsecured
03/29/21		6.375%		2,400,000		2,681,109
03/29/41		7.625%		1,500,000		1,782,000
Total						4,463,109
Indonesia 8.7%
Indonesia Government International Bond(b)
01/17/42		5.250%		1,000,000		1,152,500
Senior Unsecured
05/05/21		4.875%		8,000,000		9,116,811
01/17/38		7.750%		3,700,000		5,600,875
Indonesia Treasury Bond Senior Unsecured
10/15/14		11.000%	IDR	6,000,000,000		690,557
07/15/17		10.000%	IDR	30,762,000,000		3,800,937
09/15/19		11.500%	IDR	29,400,000,000		4,084,858
11/15/20		11.000%	IDR	9,000,000,000		1,254,623
06/15/21		12.800%	IDR	6,800,000,000		1,047,301
07/15/22		10.250%	IDR	13,210,000,000		1,814,767
Majapahit Holding BV(b)
10/17/16		7.750%		1,830,000		2,177,700
06/28/17		7.250%		1,150,000		1,378,810
08/07/19		8.000%		3,600,000		4,572,000
01/20/20		7.750%		5,900,000		7,481,415
PT Pertamina Persero(b)
05/23/21		5.250%		2,000,000		2,217,310
Senior Unsecured
05/03/22		4.875%		1,000,000		1,087,500
05/27/41		6.500%		1,000,000		1,193,662
05/03/42		6.000%		3,000,000		3,390,000
PT Perusahaan Listrik Negara(b)
Senior Unsecured
11/22/21		5.500%		6,500,000		7,333,983
10/24/42		5.250%		2,000,000		2,042,400
Total						61,438,009

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 9

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Foreign Government Obligations(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Kazakhstan 1.2%
KazMunayGas National Co.(b)
05/05/20		7.000%		2,650,000		3,260,144
Senior Unsecured
07/02/18		9.125%		4,095,000		5,337,423
Total						8,597,567
Latvia 0.3%
Republic of Latvia Senior Unsecured(b)
06/16/21		5.250%		1,500,000		1,714,755
Lithuania 1.5%
Lithuania Government International Bond(b)
Senior Unsecured
09/14/17		5.125%		1,150,000		1,294,418
03/09/21		6.125%		4,850,000		5,825,841
02/01/22		6.625%		2,830,000		3,505,735
Total						10,625,994
Mexico 8.6%
Comision Federal De Electricidad Senior Unsecured(b)
02/14/42		5.750%		3,200,000		3,632,000
Mexican Bonos
12/17/15		8.000%	MXN	740,000		612,582
12/15/16		7.250%	MXN	6,901,000		5,685,193
12/14/17		7.750%	MXN	3,910,000		3,330,550
06/10/21		6.500%	MXN	1,500,000		1,221,495
06/09/22		6.500%	MXN	11,100,000		9,245,196
06/03/27		7.500%	MXN	15,188,000		13,273,110
Pemex Project Funding Master Trust
01/21/21		5.500%		1,500,000		1,751,250
06/15/35		6.625%		4,304,000		5,369,240
06/15/38		6.625%		2,000,000		2,500,000
Petroleos Mexicanos
11/24/21		7.650%	MXN	33,500,000		2,790,473
01/24/22		4.875%		800,000		896,000
06/02/41		6.500%		6,000,000		7,447,500
06/27/44		5.500%		2,900,000		3,161,000
Total						60,915,589
Netherlands 0.5%
Kazakhstan Temir Zholy Finance BV(b)
07/10/42		6.950%		3,000,000		3,661,620
Panama 0.4%
Ena Norte Trust Pass-Thru Certificates(b)
04/25/23		4.950%		2,500,000		2,584,952
Peru 2.6%
Corporacion Financiera de Desarrollo SA Senior Unsecured(b)
02/08/22		4.750%		5,000,000		5,641,584

Foreign Government Obligations(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Peru Enhanced Pass-Through Finance Ltd. Pass-Thru Certificates(b)(d)
05/31/18		0.000%		5,605,595		5,045,034
Peruvian Government International Bond
Senior Unsecured
07/21/25		7.350%		1,500,000		2,182,500
03/14/37		6.550%		1,500,000		2,197,500
11/18/50		5.625%		1,800,000		2,331,000
Peruvian Government International Bond(b)
Senior Unsecured
08/12/20		7.840%	PEN	1,400,000		668,532
Total						18,066,150
Philippines 1.3%
Philippine Government International Bond
Senior Unsecured
03/30/26		5.500%		1,500,000		1,897,500
01/14/36		6.250%	PHP	106,000,000		3,009,273
Power Sector Assets & Liabilities Management Corp. Government Guaranteed(b)
12/02/24		7.390%		3,000,000		4,159,409
Total						9,066,182
Poland 1.3%
Poland Government International Bond Senior Unsecured
04/21/21		5.125%		8,000,000		9,367,200
Qatar 0.9%
Qatar Government International Bond(b)
Senior Unsecured
01/20/22		4.500%		4,500,000		5,152,500
01/20/40		6.400%		1,000,000		1,393,500
Total						6,546,000
Republic of Namibia 1.2%
Namibia International Bonds Senior Unsecured(b)
11/03/21		5.500%		7,300,000		8,176,000
Republic of the Congo 0.3%
Republic of Congo Senior Unsecured(c)
06/30/29		3.000%		2,232,500		1,864,138
Romania 1.1%
Romanian Government International Bond Senior Unsecured(b)
02/07/22		6.750%		7,000,000		8,071,545
Russian Federation 11.5%
AK Transneft OJSC Via TransCapitalInvest Ltd.(b)
08/07/18		8.700%		1,180,000		1,523,285
Gazprom Neft OAO Via GPN Capital SA Senior Unsecured(b)
09/19/22		4.375%		5,000,000		5,075,666

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Annual Report 2012

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Foreign Government Obligations(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Gazprom OAO Via Gaz Capital SA(b) Senior Unsecured
11/22/16		6.212%		3,350,000		3,714,480
01/23/21		5.999%		2,000,000		2,258,000
03/07/22		6.510%		9,800,000		11,539,500
08/16/37		7.288%		2,950,000		3,820,250
RZD Capital Ltd. Senior Unsecured
04/02/19		8.300%	RUB	155,000,000		5,028,216
Russian Agricultural Bank OJSC Via RSHB Capital SA Senior Unsecured(b)
12/27/17		5.298%		6,450,000		6,911,051
Russian Foreign Bond — Eurobond(b) Senior Unsecured
03/10/18		7.850%	RUB	100,000,000		3,413,782
04/29/20		5.000%		6,000,000		6,969,000
04/04/42		5.625%		3,000,000		3,597,000
03/31/30		7.500%		5,433,525		6,880,473
Sberbank of Russia Via SB Capital SA Senior Unsecured
06/16/21		5.717%		1,500,000		1,636,950
Sberbank of Russia Via SB Capital SA(b) Senior Unsecured
02/07/22		6.125%		6,700,000		7,510,393
VTB Bank OJSC Via VTB Capital SA Senior Unsecured(b)
04/12/17		6.000%		4,500,000		4,696,875
Vnesheconombank Via VEB Finance PLC(b) Senior Unsecured
07/05/22		6.025%		1,200,000		1,344,000
11/22/25		6.800%		4,500,000		5,388,750
Total						81,307,671
South Africa 0.6%
South Africa Government International Bond Senior Unsecured
01/17/24		4.665%		1,200,000		1,326,000
Transnet SOC Ltd. Senior Unsecured(b)
07/26/22		4.000%		3,200,000		3,216,949
Total						4,542,949
South Korea 0.6%
Export-Import Bank of Korea Senior Unsecured
09/15/21		4.375%		4,000,000		4,495,916
Supra-National 0.2%
African Export-Import Bank Senior Unsecured
07/27/16		5.750%		1,000,000		1,075,000

Foreign Government Obligations(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Trinidad and Tobago 1.1%
Petroleum Co. of Trinidad & Tobago Ltd. Senior Unsecured(b)
08/14/19		9.750%		5,800,000		7,670,295
Turkey 6.1%
Export Credit Bank of Turkey(b)
11/04/16		5.375%		3,000,000		3,215,676
Senior Unsecured
04/24/19		5.875%		6,000,000		6,587,312
Turkey Government International Bond
03/25/22		5.125%		6,250,000		7,015,625
01/14/41		6.000%		2,100,000		2,467,500
Senior Unsecured
11/07/19		7.500%		1,625,000		2,057,656
06/05/20		7.000%		1,300,000		1,623,050
03/30/21		5.625%		4,550,000		5,289,375
09/26/22		6.250%		5,000,000		6,057,500
03/17/36		6.875%		3,800,000		4,889,840
05/30/40		6.750%		3,100,000		3,994,350
Total						43,197,884
Ukraine 0.4%
City of Kyiv Via Kyiv Finance PLC Senior Unsecured(b)
07/11/16		9.375%		1,100,000		1,012,645
Ukraine Government International Bond Senior Unsecured(b)
02/23/21		7.950%		1,655,000		1,742,611
Total						2,755,256
United Arab Emirates 1.3%
Abu Dhabi National Energy Co. Senior Unsecured(b)
12/13/21		5.875%		4,500,000		5,361,339
Dolphin Energy Ltd. Senior Secured(b)
12/15/21		5.500%		3,550,000		4,088,974
Total						9,450,313
Uruguay 0.4%
Uruguay Government International Bond Senior Unsecured
03/21/36		7.625%		1,783,939		2,769,565
Venezuela 8.7%
Petroleos de Venezuela SA
04/12/17		5.250%		11,647,000		9,201,130
11/02/17		8.500%		19,520,000		17,519,200
02/17/22		12.750%		507,800		521,765
Senior Unsecured
10/28/15		5.000%		11,700,500		10,237,937

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 11

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Foreign Government Obligations(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Petroleos de Venezuela SA(e)
11/17/21		9.000%		1,200,000		993,000
Venezuela Government International Bond Senior Unsecured
02/26/16		5.750%		1,289,500		1,189,564
05/07/23		9.000%		23,750,000		20,840,625
10/13/24		8.250%		1,000,000		825,000
03/31/38		7.000%		800,000		572,000
Total						61,900,221
Zambia 0.6%
Zambia Government International Bond(b)
09/20/22		5.375%		3,800,000		3,838,670
Total Foreign Government Obligations
(Cost: $498,345,375)						559,630,525
Money Market Funds 5.3%
			Shares		Value ($)
Columbia Short-Term Cash Fund, 0.149%(f)(g)				37,572,908		37,572,908
Total Money Market Funds
(Cost: $37,572,908)						37,572,908

Investments of Cash Collateral Received for Securities on Loan —%
Issuer	Effective Yield		Par/ Principal/ Shares		Value ($)
Repurchase Agreements —%
BNP Paribas Securities Corp. dated 10/31/12, matures 11/01/12, repurchase price $314,128(h)
		0.340%		314,125		314,125
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $314,125)						314,125
Total Investments
(Cost: $624,220,136)						693,753,903
Other Assets & Liabilities, Net						14,802,922
Net Assets						708,556,825

Futures Contracts Outstanding at October 31, 2012

At October 31, 2012, $195,500 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
U.S. Treasury Ultra Bond, 30-year		46		7,594,313		December 2012		—		(89,194	)

Credit Default Swap Contracts Outstanding at October 31, 2012

Buy Protection

Counterparty	Reference Entity		Expiration Date		Pay Fixed Rate (%)		Notional Amount ($)		Market Value ($)			Unamortized Premium (Paid) Received ($)			Periodic Payments Receivable (Payable) ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
JPMorgan Chase Bank		CDX Emerging Markets Index		June 20, 2013		2.650		2,000,000		(937	)		(52,181	)		(19,728	)		—		(72,846	)

Credit Default Swap Contracts Outstanding at October 31, 2012

Sell Protection

Counterparty

Reference Entity

Expiration Date

Receive Fixed Rate (%)

Implied Credit Spread (%)*

Notional Amount ($)

Market Value ($)

Unamortized Premium (Paid) Received ($)

Periodic Payments Receivable (Payable) ($)

Unrealized Appreciation ($)

Unrealized Depreciation ($)

Merril Lynch Intl

CDX Emerging Markets Index

June 20, 2013

2.650

2.576

2,000,000

937

—

19,728

20,665

—

* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Annual Report 2012

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

October 31, 2012

buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Forward Foreign Currency Exchange Contracts Open at October 31, 2012

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citigroup Global Markets Inc.		November 9, 2012		5,543,533 (USD	)		229,724,000 (PHP	)		32,464		—
Citigroup Global Markets Inc.		November 29, 2012		2,828,127 (USD	)		89,267,000 (RUB	)		4,494		—
Deutsche Bank		December 3, 2012		9,401,360 (USD	)		28,755,000 (MYR	)		15,976		—
Total										52,934		—

Notes to Portfolio of Investments

(a) Principal amounts are denominated in United States Dollars unless otherwise noted.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2012, the value of these securities amounted to $340,760,175 or 48.09% of net assets.

(c) Variable rate security. The interest rate shown reflects the rate as of October 31, 2012.

(d) Zero coupon bond.

(e) At October 31, 2012, security was partially or fully on loan.

(f) The rate shown is the seven-day current annualized yield at October 31, 2012.

(g) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended October 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		43,207,633		222,085,826		(227,720,551	)		—		37,572,908		53,853		37,572,908

(h) The following table represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
BNP Paribas Securities Corp. (0.340%)
Ginnie Mae II Pool		320,408
Total Market Value of Collateral Securities		320,408

Currency Legend

BRL	Brazilian Real
COP	Colombian Peso
IDR	Indonesian Rupiah
MXN	Mexican Peso
MYR	Malaysia Ringgits
PEN	Peru Nuevos Soles
PHP	Philippine Peso
RUB	Russian Rouble
USD	US Dollar
UYU	Uruguay Pesos

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 13

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third- party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2012:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Corporate Bonds & Notes
Banking		—		10,031,113		2,641,714		12,672,827
All Other Industries		—		42,027,176		—		42,027,176
Inflation-Indexed Bonds		—		41,536,342		—		41,536,342
Foreign Government Obligations		—		554,585,491		5,045,034		559,630,525
Total Bonds		—		648,180,122		7,686,748		655,866,870
Other
Money Market Funds		37,572,908		—		—		37,572,908
Investments of Cash Collateral Received for Securities on Loan		—		314,125		—		314,125
Total Other		37,572,908		314,125		—		37,887,033

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Annual Report 2012

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments in Securities		37,572,908			648,494,247			7,686,748		693,753,903
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			52,934			—		52,934
Swap Contracts		—			20,665			—		20,665
Liabilities
Futures Contracts		(89,194	)		—			—		(89,194	)
Swap Contracts		—			(72,846	)		—		(72,846	)
Total		37,483,714			648,495,000			7,686,748		693,665,462

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

There were no transfers of financial assets between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and/or unobservable inputs were used to determine fair value.

	Corporate Bonds & Notes ($)			Foreign Government Obligations ($)			Total ($)
Balance as of October 31, 2011		5,323,255			5,106,152			10,429,407
Accrued discounts/premiums		672			299,785			300,457
Realized gain (loss)		—			138,027			138,027
Change in unrealized appreciation (depreciation)(a)		302,487			(101,404	)		201,083
Sales		—			(891,232	)		(891,232	)
Purchases		—			493,706			493,706
Issuances		—			—			—
Settlements		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		(2,984,700	)		—			(2,984,700	)
Balance as of October 31, 2012		2,641,714			5,045,034			7,686,748

(a) Change in unrealized appreciation (depreciation) relating to securities held at October 31, 2012 was $201,083, which is comprised of Corporate Bonds & Notes of $302,487 and Foreign Government Obligations of $(101,404).

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain Corporate and Foreign Government Bonds classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but not limited to, the distressed nature of the security and observable transactions for similar assets in the market. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management’s determination that there was sufficient, reliable and observable market data to value these assets as of period end, October 31, 2012.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 15

Columbia Emerging Markets Bond Fund

Statement of Assets and Liabilities

October 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $586,333,103)	$655,866,870
Affiliated issuers (identified cost $37,572,908)	37,572,908
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $314,125)	314,125
Total investments (identified cost $624,220,136)	693,753,903
Foreign currency (identified cost $1,763,905)	1,734,005
Margin deposits on futures contracts	195,500
Unrealized appreciation on forward foreign currency exchange contracts	52,934
Unrealized appreciation on swap contracts	20,665
Premiums paid on outstanding swap contracts	52,181
Receivable for:
Capital shares sold	4,895,420
Dividends	6,046
Interest	9,764,100
Reclaims	122,891
Variation margin on futures contracts	53,188
Prepaid expenses	5,059
Total assets	710,655,892
Liabilities
Due upon return of securities on loan	314,125
Unrealized depreciation on swap contracts	72,846
Payable for:
Capital shares purchased	1,144,242
Investment management fees	50,934
Distribution fees	18,749
Foreign capital gains taxes deferred	299,922
Transfer agent fees	98,265
Administration fees	6,605
Plan administration fees	2
Compensation of board members	14,747
Other expenses	78,630
Total liabilities	2,099,067
Net assets applicable to outstanding capital stock	$708,556,825
Represented by
Paid-in capital	$634,687,882
Undistributed net investment income	253,430
Accumulated net realized gain	4,493,838
Unrealized appreciation (depreciation) on:
Investments	69,533,767
Foreign currency translations	(23,729	)
Forward foreign currency exchange contracts	52,934
Futures contracts	(89,194	)
Swap contracts	(52,181	)
Foreign capital gains tax	(299,922	)
Total — representing net assets applicable to outstanding capital stock	$708,556,825
* Value of securities on loan	$303,975

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Annual Report 2012

Columbia Emerging Markets Bond Fund

Statement of Assets and Liabilities (continued)

October 31, 2012

Class A
Net assets	$284,817,527
Shares outstanding	22,770,076
Net asset value per share	$12.51
Maximum offering price per share(a)	$13.13
Class B
Net assets	$2,907,958
Shares outstanding	232,531
Net asset value per share	$12.51
Class C
Net assets	$45,979,054
Shares outstanding	3,691,051
Net asset value per share	$12.46
Class I
Net assets	$163,508,128
Shares outstanding	13,069,990
Net asset value per share	$12.51
Class K(b)
Net assets	$72,383
Shares outstanding	5,792
Net asset value per share	$12.50
Class R
Net assets	$2,877,460
Shares outstanding	230,111
Net asset value per share	$12.50
Class W
Net assets	$63,707,484
Shares outstanding	5,099,276
Net asset value per share	$12.49
Class Z
Net assets	$144,686,831
Shares outstanding	11,565,538
Net asset value per share	$12.51

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 4.75%.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 17

Columbia Emerging Markets Bond Fund

Statement of Operations

Year Ended October 31, 2012

Net investment income
Income:
Dividends — affiliated issuers	$53,853
Interest	37,097,438
Income from securities lending — net	34,051
Foreign taxes withheld	(273,277	)
Total income	36,912,065
Expenses:
Investment management fees	2,907,586
Distribution fees
Class A	513,995
Class B	29,087
Class C	331,847
Class R	10,629
Class W	161,960
Transfer agent fees
Class A	472,487
Class B	6,686
Class C	76,267
Class K(a)	33
Class R	5,117
Class W	148,904
Class Z	174,342
Administration fees	381,281
Plan administration fees
Class K	167
Compensation of board members	18,000
Custodian fees	40,375
Printing and postage fees	114,927
Registration fees	187,962
Professional fees	42,701
Other	19,232
Total expenses	5,643,585
Net investment income	31,268,480
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	6,196,696
Foreign currency translations	51,181
Forward foreign currency exchange contracts	275,334
Futures contracts	206,682
Swap contracts	(82,676	)
Net realized gain	6,647,217
Net change in unrealized appreciation (depreciation) on:
Investments	47,461,124
Foreign currency translations	30,496
Forward foreign currency exchange contracts	52,934
Futures contracts	(89,194	)
Swap contracts	82,675
Foreign capital gains tax	403,450
Net change in unrealized appreciation (depreciation)	47,941,485
Net realized and unrealized gain	54,588,702
Net increase in net assets resulting from operations	$85,857,182

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Annual Report 2012

Columbia Emerging Markets Bond Fund

Statement of Changes in Net Assets

	Year Ended October 31, 2012(a)			Year Ended October 31, 2011
Operations
Net investment income		$31,268,480			$17,711,105
Net realized gain		6,647,217			3,212,656
Net change in unrealized appreciation (depreciation)		47,941,485			(7,872,951	)
Net increase in net assets resulting from operations		85,857,182			13,050,810
Distributions to shareholders:
Net investment income
Class A		(10,973,703	)		(7,750,174	)
Class B		(133,350	)		(196,832	)
Class C		(1,527,054	)		(630,862	)
Class I		(9,599,340	)		(5,953,682	)
Class K(b)		(3,693	)		(6,037	)
Class R		(103,674	)		—
Class W		(3,463,410	)		(4,620,928	)
Class Z		(4,222,442	)		(639,172	)
Total distributions to shareholders		(30,026,666	)		(19,797,687	)
Increase (decrease) in net assets from capital stock activity		217,536,796			205,552,705
Total increase in net assets		273,367,312			198,805,828
Net assets at beginning of year		435,189,513			236,383,685
Net assets at end of year		$708,556,825			$435,189,513
Undistributed net investment income		$253,430			$32,096

(a) Class R shares are for the period from November 16, 2011 (commencement of operations) to October 31, 2012.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 19

Columbia Emerging Markets Bond Fund

Statement of Changes in Net Assets (continued)

	Year Ended October 31, 2012(a)						Year Ended October 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		16,034,941			189,932,122			13,938,745			159,706,661
Distributions reinvested		834,942			9,819,371			571,149			6,453,743
Redemptions		(8,397,743	)		(97,519,115	)		(6,775,696	)		(76,877,295	)
Net increase		8,472,140			102,232,378			7,734,198			89,283,109
Class B shares
Subscriptions		66,815			785,730			92,140			1,049,749
Distributions reinvested		10,982			128,128			16,350			184,551
Redemptions(b)		(96,697	)		(1,134,968	)		(162,774	)		(1,867,927	)
Net decrease		(18,900	)		(221,110	)		(54,284	)		(633,627	)
Class C shares
Subscriptions		2,479,112			29,021,492			1,570,385			17,929,446
Distributions reinvested		96,440			1,130,335			40,128			451,517
Redemptions		(643,797	)		(7,558,321	)		(162,089	)		(1,812,992	)
Net increase		1,931,755			22,593,506			1,448,424			16,567,971
Class I shares
Subscriptions		2,001,642			22,727,425			10,033,486			111,973,959
Distributions reinvested		822,017			9,598,391			527,831			5,952,874
Redemptions		(2,678,367	)		(31,536,595	)		(4,320,641	)		(49,447,808	)
Net increase		145,292			789,221			6,240,676			68,479,025
Class K shares(c)
Subscriptions		99			1,139			59			692
Distributions reinvested		260			3,040			468			5,267
Redemptions		(50	)		(591	)		(5,676	)		(63,898	)
Net increase (decrease)		309			3,588			(5,149	)		(57,939	)
Class R shares
Subscriptions		289,127			3,322,322			—			—
Distributions reinvested		2,072			24,509			—			—
Redemptions		(61,088	)		(728,542	)		—			—
Net increase		230,111			2,618,289			—			—
Class W shares
Subscriptions		1,531,707			17,974,519			1,785,831			20,130,576
Distributions reinvested		297,185			3,463,103			409,579			4,620,561
Redemptions		(2,730,250	)		(32,261,417	)		(2,537,796	)		(28,817,552	)
Net decrease		(901,358	)		(10,823,795	)		(342,386	)		(4,066,415	)
Class Z shares
Subscriptions		11,411,803			135,278,924			3,410,088			38,870,785
Distributions reinvested		246,170			2,902,633			45,123			506,557
Redemptions		(3,255,736	)		(37,836,838	)		(302,416	)		(3,396,761	)
Net increase		8,402,237			100,344,719			3,152,795			35,980,581
Total net increase		18,261,586			217,536,796			18,174,274			205,552,705

(a) Class R shares are for the period from November 16, 2011 (commencement of operations) to October 31, 2012.

(b) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

(c) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Annual Report 2012

Columbia Emerging Markets Bond Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

	Year Ended October 31,
Class  A	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$11.33		$11.69		$10.35		$7.05		$10.57
Income from investment operations:
Net investment income	0.65		0.68		0.76		0.53		0.61
Net realized and unrealized gain (loss)	1.16		(0.29	)	1.32		3.22		(3.43	)
Total from investment operations	1.81		0.39		2.08		3.75		(2.82	)
Less distributions to shareholders:
Net investment income	(0.63	)	(0.75	)	(0.74	)	(0.45	)	(0.61	)
Net realized gains	—		—		—		—		(0.09	)
Total distributions to shareholders	(0.63	)	(0.75	)	(0.74	)	(0.45	)	(0.70	)
Net asset value, end of period	$12.51		$11.33		$11.69		$10.35		$7.05
Total return	16.51	%	3.58	%	20.75	%	54.87	%	(28.44	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	1.16	%	1.35	%	1.37	%	1.37	%	1.41	%
Net expenses after fees waived or expenses reimbursed(b)	1.16	%	1.28	%(c)	1.31	%	1.27	%	1.40	%
Net investment income	5.54	%	5.91	%(c)	6.93	%	5.85	%	6.31	%
Supplemental data
Net assets, end of period (in thousands)	$284,818		$162,047		$76,725		$32,726		$9,671
Portfolio turnover	21	%	24	%	38	%	62	%	82	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(c) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 21

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class B	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$11.32		$11.67		$10.34		$7.05		$10.55
Income from investment operations:
Net investment income	0.57		0.60		0.67		0.46		0.55
Net realized and unrealized gain (loss)	1.16		(0.30	)	1.31		3.22		(3.42	)
Total from investment operations	1.73		0.30		1.98		3.68		(2.87	)
Less distributions to shareholders:
Net investment income	(0.54	)	(0.65	)	(0.65	)	(0.39	)	(0.54	)
Net realized gains	—		—		—		—		(0.09	)
Total distributions to shareholders	(0.54	)	(0.65	)	(0.65	)	(0.39	)	(0.63	)
Net asset value, end of period	$12.51		$11.32		$11.67		$10.34		$7.05
Total return	15.73	%	2.77	%	19.76	%	53.60	%	(28.85	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	1.90	%	2.22	%	2.13	%	2.15	%	2.19	%
Net expenses after fees waived or expenses reimbursed(b)	1.90	%	2.04	%(c)	2.08	%	2.04	%	2.17	%
Net investment income	4.87	%	5.27	%(c)	6.20	%	5.28	%	5.61	%
Supplemental data
Net assets, end of period (in thousands)	$2,908		$2,846		$3,569		$2,420		$1,178
Portfolio turnover	21	%	24	%	38	%	62	%	82	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(c) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Annual Report 2012

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class C	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$11.30		$11.65		$10.32		$7.04		$10.54
Income from investment operations:
Net investment income	0.56		0.58		0.67		0.45		0.55
Net realized and unrealized gain (loss)	1.15		(0.26	)	1.32		3.22		(3.42	)
Total from investment operations	1.71		0.32		1.99		3.67		(2.87	)
Less distributions to shareholders:
Net investment income	(0.55	)	(0.67	)	(0.66	)	(0.39	)	(0.54	)
Net realized gains	—		—		—		—		(0.09	)
Total distributions to shareholders	(0.55	)	(0.67	)	(0.66	)	(0.39	)	(0.63	)
Net asset value, end of period	$12.46		$11.30		$11.65		$10.32		$7.04
Total return	15.55	%	2.96	%	19.87	%	53.57	%	(28.88	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	1.91	%	2.03	%	2.14	%	2.13	%	2.18	%
Net expenses after fees waived or expenses reimbursed(b)	1.91	%	2.02	%(c)	2.06	%	2.03	%	2.16	%
Net investment income	4.78	%	5.11	%(c)	6.14	%	5.06	%	5.64	%
Supplemental data
Net assets, end of period (in thousands)	$45,979		$19,877		$3,622		$722		$191
Portfolio turnover	21	%	24	%	38	%	62	%	82	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(c) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 23

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class I	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$11.34		$11.69		$10.35		$7.05		$10.57
Income from investment operations:
Net investment income	0.72		0.73		0.77		0.57		0.69
Net realized and unrealized gain (loss)	1.14		(0.27	)	1.35		3.22		(3.46	)
Total from investment operations	1.86		0.46		2.12		3.79		(2.77	)
Less distributions to shareholders:
Net investment income	(0.69	)	(0.81	)	(0.78	)	(0.49	)	(0.66	)
Net realized gains	—		—		—		—		(0.09	)
Total distributions to shareholders	(0.69	)	(0.81	)	(0.78	)	(0.49	)	(0.75	)
Net asset value, end of period	$12.51		$11.34		$11.69		$10.35		$7.05
Total return	16.96	%	4.18	%	21.19	%	55.52	%	(28.08	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	0.68	%	0.83	%	0.92	%	0.88	%	0.91	%
Net expenses after fees waived or expenses reimbursed(b)	0.68	%	0.83	%	0.92	%	0.85	%	0.91	%
Net investment income	6.11	%	6.43	%	7.13	%	6.59	%	6.89	%
Supplemental data
Net assets, end of period (in thousands)	$163,508		$146,569		$78,154		$106,359		$65,282
Portfolio turnover	21	%	24	%	38	%	62	%	82	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Annual Report 2012

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class K(a)	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$11.31		$11.68		$10.35		$7.05		$10.56
Income from investment operations:
Net investment income	0.68		0.71		0.72		0.54		0.67
Net realized and unrealized gain (loss)	1.16		(0.31	)	1.35		3.23		(3.43	)
Total from investment operations	1.84		0.40		2.07		3.77		(2.76	)
Less distributions to shareholders:
Net investment income	(0.65	)	(0.77	)	(0.74	)	(0.47	)	(0.66	)
Net realized gains	—		—		—		—		(0.09	)
Total distributions to shareholders	(0.65	)	(0.77	)	(0.74	)	(0.47	)	(0.75	)
Net asset value, end of period	$12.50		$11.31		$11.68		$10.35		$7.05
Total return	16.87	%	3.65	%	20.75	%	55.14	%	(27.98	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	0.98	%	1.17	%	1.27	%	1.18	%	1.22	%
Net expenses after fees waived or expenses reimbursed(c)	0.98	%	1.13	%	1.22	%	1.11	%	0.97	%
Net investment income	5.78	%	6.18	%	6.52	%	6.31	%	6.82	%
Supplemental data
Net assets, end of period (in thousands)	$72		$62		$124		$23		$15
Portfolio turnover	21	%	24	%	38	%	62	%	82	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 25

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

Class R	Year  Ended October 31,  2012(a)
Per share data
Net asset value, beginning of period	$11.30
Income from investment operations:
Net investment income	0.58
Net realized and unrealized gain	1.23
Total from investment operations	1.81
Less distributions to shareholders:
Net investment income	(0.61	)
Total distributions to shareholders	(0.61	)
Net asset value, end of period	$12.50
Total return	16.57	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	1.42	%(c)
Net expenses after fees waived or expenses reimbursed(d)	1.42	%(c)
Net investment income	5.15	%(c)
Supplemental data
Net assets, end of period (in thousands)	$2,877
Portfolio turnover	21	%

Notes to Financial Highlights

(a) For the period from November 16, 2011 (commencement of operations) to October 31, 2012.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Annual Report 2012

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class W	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$11.31		$11.68		$10.34		$7.05		$10.55
Income from investment operations:
Net investment income	0.66		0.68		0.75		0.53		0.56
Net realized and unrealized gain (loss)	1.15		(0.30	)	1.32		3.21		(3.36	)
Total from investment operations	1.81		0.38		2.07		3.74		(2.80	)
Less distributions to shareholders:
Net investment income	(0.63	)	(0.75	)	(0.73	)	(0.45	)	(0.61	)
Net realized gains	—		—		—		—		(0.09	)
Total distributions to shareholders	(0.63	)	(0.75	)	(0.73	)	(0.45	)	(0.70	)
Net asset value, end of period	$12.49		$11.31		$11.68		$10.34		$7.05
Total return	16.53	%	3.47	%	20.68	%	54.69	%	(28.29	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	1.15	%	1.45	%	1.37	%	1.33	%	1.35	%
Net expenses after fees waived or expenses reimbursed(b)	1.15	%	1.30	%(c)	1.37	%	1.30	%	1.35	%
Net investment income	5.63	%	5.96	%(c)	6.93	%	6.18	%	6.08	%
Supplemental data
Net assets, end of period (in thousands)	$63,707		$67,886		$74,067		$117,037		$104,386
Portfolio turnover	21	%	24	%	38	%	62	%	82	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(c) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 27

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class Z	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$11.35		$11.69		$11.47
Income from investment operations:
Net investment income	0.68		0.68		0.07
Net realized and unrealized gain (loss)	1.14		(0.22	)	0.24
Total from investment operations	1.82		0.46		0.31
Less distributions to shareholders:
Net investment income	(0.66	)	(0.80	)	(0.09	)
Total distributions to shareholders	(0.66	)	(0.80	)	(0.09	)
Net asset value, end of period	$12.51		$11.35		$11.69
Total return	16.64	%	4.16	%	2.68	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	0.91	%	0.84	%	1.32	%(c)
Net expenses after fees waived or expenses reimbursed(d)	0.91	%	0.84	%(e)	0.97	%(c)
Net investment income	5.72	%	6.03	%(e)	7.36	%(c)
Supplemental data
Net assets, end of period (in thousands)	$144,687		$35,902		$123
Portfolio turnover	21	%	24	%	38	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Annual Report 2012

Columbia Emerging Markets Bond Fund

Notes to Financial Statements

October 31, 2012

Note 1. Organization

Columbia Emerging Markets Bond Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class W and Class Z shares. Effective November 8, 2012, the Fund also offers Class R5 and Class Y shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 4.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Fund no longer accepts investments by new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

Class K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

Class R shares are not subject to sales charges and are only available to qualifying institutional investors. Class R shares commenced operations on November 16, 2011.

Class R5 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R5 shares commenced operations on November 8, 2012.

Class W shares are not subject to sales charges and are only available to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs.

Class Y shares are not subject to sales charges and are only available to certain categories of investors which are subject to minimum initial investment requirements. Class Y shares commenced operations on November 8, 2012.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close

Annual Report 2012 29

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board, including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s

exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net fair value of all derivatives entered into pursuant to the agreement between the Fund and such counterparty. If the net fair value of such derivatives between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on

30 Annual Report 2012

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

a future date. These contracts are intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund utilized forward foreign currency exchange contracts to shift investment exposure from one currency to another.

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The Fund will record a realized gain or loss when the forward foreign currency exchange contract expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and manage exposure to movements in interest rates. Upon entering into futures contracts, the Fund bears risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Credit Default Swap Contracts

Credit default swap contracts are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a specified negative credit event(s) take place. The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on the notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. Notional amounts of all credit default swap contracts outstanding for which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments. These potential amounts may be partially offset by any recovery values of the respective reference obligations or premiums received upon entering into the agreement.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

Annual Report 2012 31

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. Market values for credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

The notional amounts and market values of credit default swap contracts are not recorded in the financial statements. Any premium paid or received by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Fund will enter into credit default swap transactions only with counterparties that meet certain standards of creditworthiness.

At October 31, 2012, no collateral had been posted by either the fund or the counterparty.

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; the impact of derivative transactions on the Fund’s operations over the period including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments at October 31, 2012:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit contracts	Unrealized appreciation on swap contracts	20,665
Credit contracts	Premiums paid on outstanding credit default swap contracts	52,181
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	52,934
Total		125,780
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit contracts	Unrealized depreciation on swap contracts	72,846
Interest rate contracts	Net assets — unrealized depreciation on futures contracts	89,194	*
Total		162,040

* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The effect of derivative instruments in the Statement of Operations for the year ended October 31, 2012:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)		Swap Contracts ($)			Total ($)
Credit contracts		—		—		(82,676	)		(82,676	)
Foreign exchange contracts		275,334		—		—			275,334
Interest rate contracts		—		206,682		—			206,682
Total		275,334		206,682		(82,676	)		399,340

32 Annual Report 2012

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Swap Contracts ($)		Total ($)
Credit contracts		—		—			82,675		82,675
Foreign exchange contracts		52,934		—			—		52,934
Interest rate contracts		—		(89,194	)		—		(89,194	)
Total		52,934		(89,194	)		82,675		46,415

The following table is a summary of the volume of derivative instruments for the year ended October 31, 2012:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		15
Futures contracts		92
Derivative Instrument	Aggregate Notional Opened ($)
Credit default swap contracts — buy protection		—
Credit default swap contracts — sell protection		—

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Delayed Delivery Securities and Forward Sale Commitments

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” basis. This may increase the risk if the other party to the transaction fails to deliver and causes the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

The Fund may enter into forward sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of forward sale commitments are not received until the contractual settlement date. While a forward sale commitment is outstanding, equivalent deliverable securities or an offsetting forward purchase commitment deliverable on or before the sale commitment date, are used to satisfy the commitment.

Unsettled forward sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Security Valuation” above. The forward sale commitment is “marked-to-market” daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the market price established at the date the commitment was entered into.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

Dividend income is recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Annual Report 2012 33

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about

Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.530% to 0.353% as the Fund’s net assets increase. The effective investment management fee rate for the year ended October 31, 2012 was 0.53% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.07% to 0.04% as the Fund’s net assets increase. The effective administration fee rate for the year ended October 31, 2012 was 0.07% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Fund or the Board, including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the year ended October 31, 2012, other expenses paid to this company were $3,024.

34 Annual Report 2012

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not “interested persons” of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Fund for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Fund that is a percentage of the average aggregate value of the Fund’s shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class K shares.

For the year ended October 31, 2012, the Fund’s effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.23	%
Class B	0.23
Class C	0.23
Class K	0.05

Class R	0.24	%
Class W	0.23
Class Z	0.23

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the year ended October 31, 2012, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A and Class W shares, a fee at an annual rate of up to 0.50% of the Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $122,000 and $279,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of June 30, 2012, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $606,562 for Class A, $966 for Class B and $6,737 for Class C shares for the year ended October 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses

Annual Report 2012 35

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

(excluding certain fees and expenses described below), through February 28, 2013, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.28	%
Class B	2.03
Class C	2.03
Class I	0.83
Class R	1.53
Class K	1.13
Class W	1.28
Class Z	1.03

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At October 31, 2012, these differences are primarily due to differing treatment for capital loss carryforwards, principal and/or interest of fixed income securities, deferral/reversal of wash sales losses, Trustees’ deferred compensation, foreign capital gains tax, foreign currency transactions, and derivative investments. To the extent these differences are permanent, reclassifications are made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$	(1,020,480	)
Accumulated net realized gain/loss		1,020,480

Net investment income and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

Year Ended October 31,	2012 ($)		2011 ($)
Ordinary income		30,026,666		19,797,687

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At October 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$714,463
Undistributed accumulated long-term gain	4,992,106
Unrealized appreciation	68,176,277

At October 31, 2012, the cost of investments for federal income tax purposes was $624,807,268 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$76,626,799
Unrealized depreciation	(7,680,164	)
Net unrealized app/depreciation	$68,946,635

For the year ended October 31, 2012, $2,547,316 of capital loss carryforward was utilized.

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $310,907,895 and $106,725,728, respectively, for the year ended October 31, 2012.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or

36 Annual Report 2012

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the year ended October 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At October 31, 2012, securities valued at $303,975 were on loan, secured by cash collateral of $314,125 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 7. Affiliated Money Market Fund

The Fund invests its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as “Dividends — affiliated issuers” in the Statement

of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 8. Shareholder Concentration

At October 31, 2012, one unaffiliated shareholder account owned 25.6% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 22.1% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended October 31, 2012.

Note 10. Significant Risks

Non-Diversification Risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Annual Report 2012 37

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Note 11. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 12. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities.

Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

38 Annual Report 2012

Columbia Emerging Markets Bond Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust II and the Shareholders of

Columbia Emerging Markets Bond Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Emerging Markets Bond Fund (the “Fund”) (a series of Columbia Funds Series Trust II) at October 31, 2012, the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2012 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion. The statements of changes in net assets and the financial highlights of the Fund for the periods ended October 31, 2011 and prior were audited by another independent registered public accounting firm whose report dated December 22, 2011 expressed an unqualified opinion on those statements and highlights.

PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 21, 2012

Annual Report 2012 39

Columbia Emerging Markets Bond Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal years ended October 31, 2011 and 2010 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal years ended October 31, 2011 and 2010 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

40 Annual Report 2012

Columbia Emerging Markets Bond Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for distributions paid in the fiscal year ended October 31, 2012. Shareholders will be notified in early 2013 of amounts for use in preparing 2012 income tax returns.

Tax Designations:

Qualified Dividend Income	0.00	%
Dividends Received Deduction	0.00	%
Capital Gain Dividend	$5,241,711
U.S. Government Income, may be exempt from state taxation	0.00	%
Foreign Taxes Paid	$488,888
Foreign Source Income	$33,058,212

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividend Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividend received deduction.

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period. The Fund also designates as capital gain dividends, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

Annual Report 2012 41

Columbia Emerging Markets Bond Fund

Trustees and Officers

Shareholders elect the Board that oversees the funds’ operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the funds’ Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations funds’ Board (“Nations Funds”), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource funds (“RiverSource Funds”) effective June 1, 2011.

Independent Trustees
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006	152	None
Edward J. Boudreau, Jr. 225 Franklin Street Boston, MA 02110 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000	145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard — Partners in Cross Cultural Leadership (consulting company)	152	None
William P. Carmichael 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired	145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University; former Dean, McCallum Graduate School of Business, Bentley University	152	None

42 Annual Report 2012

Columbia Emerging Markets Bond Fund

Trustees and Officers (continued)

Independent Trustees (continued)
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William A. Hawkins 225 Franklin Street Boston, MA 02110 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010	145	Trustee, BofA Funds Series Trust (11 funds)
R. Glenn Hilliard 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011	145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College	152	Director, Valmont Industries, Inc. (manufactures irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)	152	None
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation	152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Infinity, Inc. (oil and gas exploration and production); OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 225 Franklin Street Boston, MA 02110 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments)	145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003-2010 (biotechnology); former President, Aquila Biopharmaceuticals	152	Director, Healthways, Inc. (health management programs) since 2005; Director, ICI Mutual Insurance Company, RRG; Director, Abt Associates (government contractor)

Annual Report 2012 43

Columbia Emerging Markets Bond Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Anthony M. Santomero 225 Franklin Street Boston, MA 02110 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008	145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

* Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the funds to be an “interested person” (as defined in the 1940 Act) of the funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Director, Ameriprise Certificate Company since 2006 (previously President and Chief Executive Officer, 2006-August 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.	204	None

* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

44 Annual Report 2012

Columbia Emerging Markets Bond Fund

Trustees and Officers (continued)

The SAI has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the funds’ other officers are:

Officers
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004-April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010

Annual Report 2012 45

Columbia Emerging Markets Bond Fund

Trustees and Officers (continued)

Officers (continued)
Name, Address, Year of Birth	Position Held with Funds and Length of Service	Principal Occupation During Past Five Years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel, November 2008-January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel Bank of America, June 2005-April 2010

46 Annual Report 2012

Columbia Emerging Markets Bond Fund

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Annual Report 2012 47

Columbia Emerging Markets Bond Fund

[THIS PAGE INTENTIONALLY LEFT BLANK]

48 Annual Report 2012

Columbia Emerging Markets Bond Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2012 49

Columbia Emerging Markets Bond Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6398 J (12/12)

Annual Report October 31, 2012

Columbia Emerging Markets Opportunity Fund

Columbia Emerging Markets Opportunity Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Table of Contents

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	19
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	36
Supplemental Information	37
Federal Income Tax Information	38
Trustees and Officers	39
Important Information About This Report	45

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Performance Overview

Performance Summary

> Columbia Emerging Markets Opportunity Fund (the Fund) Class A shares gained 5.77% excluding sales charges for the 12 months ended October 31, 2012.

> The Fund outperformed its benchmark, the MSCI Emerging Markets Index (Net), which gained 2.63% during the same 12-month period.

> Stock selection and allocation decisions in multiple sectors and countries supported the Fund’s strong performance.

Average Annual Total Returns (%) (for period ended October 31, 2012)
	Inception	1 Year		5 Years		10 Years
Class A	11/13/96
Excluding sales charges			5.77		-5.26		13.97
Including sales charges			-0.28		-6.37		13.31
Class B	11/13/96
Excluding sales charges			4.96		-5.99		13.09
Including sales charges			0.20		-6.25		13.09
Class C	06/26/00
Excluding sales charges			4.99		-5.97		13.11
Including sales charges			4.04		-5.97		13.11
Class I*	03/04/04		6.27		-4.78		14.46
Class K (formerly Class R4)	11/13/96		6.02		-4.97		14.23
Class R*	08/03/09		5.41		-5.50		13.67
Class R5*	08/01/08		6.13		-4.88		14.20
Class W*	09/27/10		5.66		-5.31		13.92
Class Z*	09/27/10		6.03		-5.15		14.03
MSCI Emerging Markets Index (Net)			2.63		-3.47		16.20

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns since inception if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The MSCI Emerging Markets (EM) Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (November 1, 2002 — October 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Emerging Markets Opportunity Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Annual Report 2012 3

Columbia Emerging Markets Opportunity Fund

Manager Discussion of Fund Performance

Portfolio Management

Threadneedle International Limited

Irina Miklavich, CFA

Vanessa Donegan

Rafael Polatinsky, CFA

Morningstar Style Box™

The Morningstar Style Box™ is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

© 2012 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The Board of Trustees of the Fund has approved a proposal to merge the Fund into Columbia Emerging Markets Fund. The merger is subject to certain conditions, including approval by shareholders of the Fund. Proxy materials regarding the merger will be first mailed to shareholders of the Fund in December 2012, and it is currently anticipated that a meeting of shareholders to consider the merger will be held in the first half of 2013.

Columbia Emerging Markets Opportunity Fund (the Fund) Class A shares gained 5.77% excluding sales charges for the 12 months ended October 31, 2012. The Fund outperformed its benchmark, the MSCI Emerging Markets Index (Net), which gained 2.63% during the same 12-month period. Stock selection and allocation decisions in multiple sectors, including consumer staples, materials and financials, supported the Fund’s strong performance.

Global Economic Expectations Curtail Emerging Market Gains

For the full fiscal year, emerging market equities delivered a modest gain. However, performance varied significantly throughout the period. Two months of negative results at the start of the year were followed by stronger performance in January and February 2012 as the U.S. economy improved and investors anticipated China’s reacceleration. Performance reversed again as Spain’s economic and fiscal difficulties deepened, adding complexity to the European situation and Chinese officials delayed policy decisions due to a November 2012 government transition. Emerging market equities ultimately ended the fiscal year with a rally in September and October, spurred by U.S. economic data and evidence that China’s growth would be in the 7-8% range.

This performance roller coaster led to significant return differences among emerging market countries and sectors. Equities in Thailand, Turkey, the Philippines and Mexico had the strongest results among large emerging markets, while Brazil and Russia declined for the fiscal year. China underperformed until September before delivering a robust two-month rally.

Materials was the worst performing sector within the index, due to concerns about slowing economic growth, particularly in China. Consumer-related sectors, especially consumer staples, delivered stellar performance, supported by underlying earnings growth.

The Fund Benefited from Positioning Across Multiple Sectors and Countries

Effective stock selection and allocation decisions in the consumer staples, materials and financials sectors contributed to the Fund’s outperformance of its benchmark. The Fund’s overweight in consumer staples was advantageous as investors favored this sector. Within consumer staples, the Fund had substantial exposure to food retailers, which performed well during the year. Russian retailer Magnit was a notable contributor.

In the materials sector, the Fund benefited from more defensive positioning compared to its benchmark. This included having a smaller overall weighting in the sector and being underweight steel companies and the mining segment, particularly coal and iron ore stocks.

4 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Manager Discussion of Fund Performance (continued)

In financials, stock selection was primarily responsible for the Fund’s good performance. Holdings of Siam Commercial Bank in Thailand, Turkiye Garanti Bankasi in Turkey and Grupo Financiero Banorte in Mexico helped generate positive results in this sector.

Geographically, the Fund benefited from holdings in South Africa, Mexico, Russia and Brazil. Long-term South African holding Life Healthcare Group, a private hospital operator, continued to deliver strong returns. Holdings of food retailer Shoprite and media company Naspers also contributed to the Fund’s performance for the year. Exposure to Mexican beverage and retail sectors through Modelo and Femsa generated strong returns for the Fund. In Russia, holdings of previously mentioned food retailer Magnit added to the Fund’s relative results. In Brazil, the Fund had a smaller financials weighting than the benchmark due to our negative view of the sector. Brazilian financials underperformed due to government intervention, including pressure to reduce interest margins. Exposure to Brazilian consumer stocks and an underweight in iron ore company Vale also worked in the Fund’s favor.

Stock selection in the industrials and consumer discretionary sectors had a negative effect on relative performance. Specifically, Samsung Engineering performed poorly due to doubts about its ability to grow its order backlog. In consumer discretionary, performance of Korean high-end retailer Hyundai Department Store was disappointing, however we continue to hold this position because we think the stock’s performance should recover going forward.

Positioning in China and South Korea detracted, mainly due to stock selection. At the beginning of the year, the Fund held China Unicom, a telecommunications company that underperformed due to disappointing earnings and competitive pressures. We replaced this position with China Mobile, which we believe has a more sustainable earnings growth profile. In South Korea, Samsung Engineering, Hyundai Department Store and Hana Financial Group were key detractors. We sold Hana Financial because our investment thesis changed.

Weighting in Industrial Sector Increases; South African Exposure Decreases

We increased the Fund’s weighting in the industrial sector, moving the Fund from an underweight into an overweight position as we saw attractive opportunities — in particular among industrial holdings in Mexico and Turkey, which benefit from improved competitive positions of those countries. We reduced further the Fund’s exposure to the financial sector, as we saw better opportunities to capture domestically driven growth in emerging markets through consumer and industrial stocks.

We further reduced the Fund’s below-benchmark materials weighting and increased holdings in the technology sector. We believe continued excess capacity in a number of industries within the materials sector will hamper earnings growth for those companies.

The Fund is underweight in South Africa, China, South Korea and Taiwan, relative to the benchmark. South Africa went from an overweight to an underweight because, in our view, macro risks there are rising due to deterioration of the terms of trade, which is not fully reflected in stock prices. We increased the underweight in China because the country’s stock market has rebounded and valuations do not look as cheap as they did last summer. The Fund is overweight Russia, Thailand, Turkey, Mexico and the Philippines.

The Fund’s portfolio turnover rate for the fiscal year was 117%.

Country Breakdown (%) (at October 31, 2012)
Australia	1.4
Brazil	12.3
Cambodia	0.5
Chile	0.6
China	12.6
Czech Republic	1.1
Hong Kong	2.1
India	6.3
Indonesia	3.1
Israel	1.1
Malaysia	2.6
Mexico	6.0
Netherlands	0.8
Panama	1.0
Peru	1.6
Philippines	2.0
Russian Federation	7.9
Singapore	2.3
South Africa	3.2
South Korea	13.2
Taiwan	8.2
Thailand	5.1
Turkey	3.1
United States (a)	1.9
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

Top Ten Holdings (%) (at October 31, 2012)
Samsung Electronics Co., Ltd. (South Korea)	6.3
Sberbank of Russia (Russian Federation)	3.3
China Mobile Ltd. (China)	2.3
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)	2.2
Itaú Unibanco Holding SA, ADR (Brazil)	2.1
ICICI Bank Ltd. (India)	2.1
CNOOC Ltd. (China)	2.1
Hyundai Motor Co. (South Korea)	1.9
Naspers Ltd., Class N (South Africa)	1.9
Turkiye Garanti Bankasi AS (Turkey)	1.7

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Annual Report 2012 5

Columbia Emerging Markets Opportunity Fund

Manager Discussion of Fund Performance (continued)

Summary of Investments in Securities by Industry (%) (at October 31, 2012)
Industry	Percentage of Net Assets (%)
Airlines	1.9
Auto Components	1.5
Automobiles	4.4
Beverages	3.8
Capital Markets	0.5
Chemicals	1.5
Commercial Banks	15.1
Communications Equipment	0.7
Construction & Engineering	0.4
Construction Materials	2.1
Diversified Financial Services	1.7
Diversified Telecommunication Services	1.5
Electrical Equipment	0.9
Electronic Equipment, Instruments & Components	2.2
Energy Equipment & Services	0.5
Food & Staples Retailing	7.7
Gas Utilities	0.9
Health Care Equipment & Supplies	0.9
Health Care Providers & Services	0.5
Hotels, Restaurants & Leisure	0.5
Household Products	0.7
Industrial Conglomerates	3.3
Insurance	0.9
Internet Software & Services	1.4
IT Services	1.2
Machinery	0.6
Media	1.9
Metals & Mining	0.3
Multiline Retail	0.6
Oil, Gas & Consumable Fuels	9.2
Personal Products	0.7
Pharmaceuticals	1.1
Real Estate Management & Development	1.8
Semiconductors & Semiconductor Equipment	9.4
Software	1.1
Specialty Retail	2.3
Textiles, Apparel & Luxury Goods	2.0
Tobacco	1.2
Transportation Infrastructure	1.9
Wireless Telecommunication Services	7.1
Money Market Funds	1.9
Total	99.8

Percentages indicated are based upon net assets. The Fund’s portfolio composition is subject to change.

Consumer Sectors Expected to Drive Emerging Market Growth

We currently believe that equity valuations in emerging market countries are attractive and have a positive view on emerging markets equity performance for next year. In particular, we see good opportunities in such markets as Mexico, Turkey, the Philippines and Thailand where structural growth trends are in place. We are currently focused on companies benefiting from strong domestic demand across emerging markets. However, we are aware of potential risks stemming from the developed markets economies as well as from the transition to a different growth model in China, which could be associated with some volatility in the interim.

6 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

May 1, 2012 – October 31, 2012

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,001.20	1,015.84		9.31	9.37		1.85
Class B		1,000.00	1,000.00		997.10	1,012.12		13.00	13.10		2.59
Class C		1,000.00	1,000.00		998.60	1,012.07		13.06	13.15		2.60
Class I		1,000.00	1,000.00		1,004.80	1,018.60		6.55	6.60		1.30
Class K (formerly Class R4)		1,000.00	1,000.00		1,003.60	1,017.04		8.11	8.16		1.61
Class R		1,000.00	1,000.00		1,000.00	1,014.63		10.51	10.58		2.09
Class R5		1,000.00	1,000.00		1,003.60	1,018.40		6.75	6.80		1.34
Class W		1,000.00	1,000.00		1,001.30	1,015.89		9.26	9.32		1.84
Class Z		1,000.00	1,000.00		1,003.60	1,017.09		8.06	8.11		1.60

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds).

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2012 7

Columbia Emerging Markets Opportunity Fund

Portfolio of Investments

October 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 94.2%
Issuer	Shares		Value ($)
Australia 1.4%
Ansell Ltd.		223,183		3,616,191
WorleyParsons Ltd.		74,304		1,900,091
Total				5,516,282
Brazil 9.8%
BR Malls Participacoes SA		310,800		4,085,749
CCR SA		346,000		3,042,545
CETIP SA — Mercados Organizados		152,934		1,761,973
Cia Hering		227,400		5,224,137
Companhia de Bebidas Americas, ADR		155,347		6,336,604
Itaú Unibanco Holding SA, ADR		562,235		8,197,386
Petroleo Brasileiro SA, ADR		253,821		5,383,543
Totvs SA		202,200		4,111,598
Total				38,143,535
Cambodia 0.5%
NagaCorp Ltd.		3,830,000		2,125,809
Chile 0.6%
Inversiones La Construccion SA		136,695		2,416,418
China 12.5%
AAC Technologies Holdings, Inc.		762,000		2,713,091
Belle International Holdings Ltd.		2,033,000		3,770,047
China Mobile Ltd.		785,500		8,712,567
China Mobile Ltd., ADR		10,707		593,061
China Shenhua Energy Co., Ltd., Class H		901,000		3,817,716
CNOOC Ltd.		3,815,000		7,851,181
ENN Energy Holdings Ltd.		838,000		3,480,023
Hengan International Group Co., Ltd.		301,000		2,733,067
PetroChina Co., Ltd., Class H		2,438,000		3,308,167
Sun Art Retail Group Ltd.		3,446,500		4,677,207
Tencent Holdings Ltd.		115,700		4,069,686
Zhuzhou CSR Times Electric Co., Ltd., Class H		1,136,000		3,321,592
Total				49,047,405
Czech Republic 1.1%
Komercni Banka AS		9,851		2,010,408
Telefonica Czech Republic AS		120,820		2,406,412
Total				4,416,820

Common Stocks (continued)
Issuer	Shares		Value ($)
Hong Kong 2.1%
AIA Group Ltd.		924,000		3,643,764
Samsonite International SA		2,199,300		4,552,697
Total				8,196,461
India 6.3%
Bajaj Auto Ltd.		126,315		4,255,752
ICICI Bank Ltd.		403,795		7,858,358
Infosys Ltd.		101,552		4,445,941
Infosys Ltd., ADR		9,188		398,943
ITC Ltd.		916,487		4,804,036
Mahindra & Mahindra Ltd.		168,225		2,753,666
Total				24,516,696
Indonesia 3.1%
PT Astra International Tbk		3,394,500		2,833,443
PT Jasa Marga Persero Tbk		6,951,500		4,186,262
PT Semen Gresik Persero Tbk		3,239,000		5,007,576
Total				12,027,281
Israel 1.1%
Israel Chemicals Ltd.		348,858		4,365,609
Malaysia 2.6%
AirAsia Bhd		3,434,800		3,409,139
Astro Malaysia Holdings Bhd(a)(b)		484,200		430,789
Axiata Group Bhd		1,379,600		2,952,761
Telekom Malaysia Bhd		1,759,500		3,449,544
Total				10,242,233
Mexico 6.0%
Alfa SAB de CV, Class A		2,662,000		4,891,379
Cemex SAB de CV(b)		3,728,600		3,380,058
Embotelladoras Arca SAB de CV		442,900		3,213,342
Fomento Economico Mexicano SAB de CV, ADR		46,233		4,189,172
Genomma Lab Internacional SA de CV, Class B(b)(c)		2,149,300		4,300,570
Grupo Financiero Santander Mexico SAB de CV, ADR(b)		83,582		1,142,566
Wal-Mart de Mexico SAB de CV, Class V		760,700		2,238,413
Total				23,355,500
Netherlands 0.8%
X5 Retail Group NV, GDR(a)(b)		155,870		2,953,736

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Portfolio of Investments (continued)

October 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Panama 1.0%
Copa Holdings SA, Class A		43,455		4,033,493
Peru 1.6%
Credicorp Ltd.		48,447		6,266,135
Philippines 2.0%
Ayala Corp.		405,202		4,349,651
BDO Unibank, Inc.(b)		2,153,963		3,342,241
Total				7,691,892
Russian Federation 6.7%
Magnit OJSC, GDR(a)		163,350		5,798,925
MD Medical Group Investments PLC, GDR(a)(b)		158,954		1,959,903
Mobile Telesystems OJSC, ADR		165,241		2,832,231
NovaTek OAO		172,250		1,868,716
Polymetal International PLC		65,902		1,184,731
Sberbank of Russia		4,290,287		12,570,541
Total				26,215,047
Singapore 2.3%
CapitaLand Ltd.		1,129,000		3,006,695
Keppel Corp., Ltd.		469,000		4,080,522
SembCorp Industries Ltd.		433,000		1,921,680
Total				9,008,897
South Africa 3.2%
Naspers Ltd., Class N		110,487		7,172,961
Shoprite Holdings Ltd.		257,584		5,296,861
Total				12,469,822
South Korea 13.2%
Hyundai Department Store Co., Ltd.		17,764		2,204,116
Hyundai Mobis		23,257		5,910,653
Hyundai Motor Co.		36,051		7,409,155
LG Chem Ltd.		5,165		1,448,884
LG Household & Health Care Ltd.		4,521		2,655,155
NHN Corp.		5,423		1,254,395
Samsung Electronics Co., Ltd.		20,169		24,203,558
Samsung Engineering Co., Ltd.		10,884		1,420,721
Samsung Heavy Industries Co., Ltd.		80,720		2,463,459
SK Telecom Co., Ltd., ADR		158,498		2,477,324
Total				51,447,420

Common Stocks (continued)
Issuer	Shares		Value ($)
Taiwan 8.1%
Advanced Semiconductor Engineering, Inc.		392,509		296,199
Chinatrust Financial Holding Co., Ltd.		4,895,320		2,694,614
Delta Electronics, Inc.		947,000		3,230,310
Far EasTone Telecommunications Co., Ltd.		2,537,000		5,856,289
Hon Hai Precision Industry Co., Ltd.		1,726,906		5,236,044
President Chain Store Corp.		441,000		2,179,492
Taiwan Semiconductor Manufacturing Co., Ltd.		2,706,858		8,247,958
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		259,785		4,130,582
Total				31,871,488
Thailand 5.1%
Bangkok Bank PCL, NVDR		653,575		3,757,996
CP ALL PCL, Foreign Registered Shares		2,656,900		3,435,357
PTT PCL, Foreign Registered Shares		383,100		3,960,863
Siam Commercial Bank PCL, Foreign Registered Shares		856,200		4,476,034
Total Access Communication PCL, Foreign Registered Shares		577,417		1,629,596
Total Access Communication PCL, NVDR		898,383		2,535,432
Total				19,795,278
Turkey 3.1%
Enka Insaat ve Sanayi AS,		766,419		2,035,233
Migros Ticaret AS(b)		316,987		3,368,816
Turkiye Garanti Bankasi AS		1,388,996		6,633,085
Total				12,037,134
Total Common Stocks
(Cost: $313,534,216)				368,160,391
Preferred Stocks 3.7%
Brazil 2.5%
Alpargatas SA, 1.570%		449,460		3,403,508
Companhia de Bebidas das Americas, 2.760%		27,667		1,130,627
Petroleo Brasileiro SA, 3.420%		513,300		5,256,710
Total				9,790,845

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 9

Columbia Emerging Markets Opportunity Fund

Portfolio of Investments (continued)

October 31, 2012

Preferred Stocks (continued)
Issuer	Shares		Value ($)
Russian Federation 1.2%
Surgutneftegas OAO, 10.490%		7,535,090		4,661,041
Total Preferred Stocks
(Cost: $15,628,406)				14,451,886
Money Market Funds 1.9%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.149%(d)(e)		7,471,015		7,471,015
Total Money Market Funds
(Cost: $7,471,015)				7,471,015

Investments of Cash Collateral Received for Securities on Loan 0.8%
Issuer	Effective Yield		Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements 0.8%
Natixis Financial Products, Inc. dated 10/31/12, matures 11/01/12,
repurchase price $2,000,021(f)
		0.380%		2,000,000		2,000,000
UBS Securities LLC dated 10/31/12, matures 11/01/12,
repurchase price $1,259,901(f)
		0.300%		1,259,891		1,259,891
Total						3,259,891
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $3,259,891)						3,259,891
Total Investments
(Cost: $339,893,528)						393,343,183
Other Assets & Liabilities, Net						(2,302,194	)
Net Assets						391,040,989

Notes to Portfolio of Investments

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2012, the value of these securities amounted to $11,143,353 or 2.85% of net assets.

(b) Non-income producing.

(c) At October 31, 2012, security was partially or fully on loan.

(d) The rate shown is the seven-day current annualized yield at October 31, 2012.

(e) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended October 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Sales Cost/ Proceeds from Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		6,910,442		209,146,030		(208,585,457	)		7,471,015		7,858		7,471,015

(f) The following table represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
Natixis Financial Products, Inc. (0.380%)
Fannie Mae Pool		323,463
Fannie Mae REMICS		345,402
Fannie Mae-Aces		5,742
Freddie Mac Gold Pool		2,279
Freddie Mac Non Gold Pool		71,151
Freddie Mac REMICS		177,198
Ginnie Mae I Pool		54,652
Ginnie Mae II Pool		174,917
Government National Mortgage Association		885,217
Total market value of collateral securities		2,040,021

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Portfolio of Investments (continued)

October 31, 2012

Security Description	Value ($)
UBS Securities LLC (0.300%)
Fannie Mae REMICS		672,714
Freddie Mac REMICS		612,375
Total market value of collateral securities		1,285,089

Abbreviation Legend

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-votingDepository Receipt
REMIC(S)	RealEstate Mortgage Investment Conduit(s)

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 11

Columbia Emerging Markets Opportunity Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2012:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		5,224,137		43,419,087		—		48,643,224
Consumer Staples		15,977,531		37,902,652		—		53,880,183
Energy		5,383,543		22,706,734		—		28,090,277
Financials		23,870,227		54,343,387		—		78,213,614
Health Care		4,300,570		5,576,094		—		9,876,664
Industrials		11,967,417		22,838,608		—		34,806,025
Information Technology		8,641,122		53,697,182		—		62,338,304
Materials		3,380,058		12,006,801		—		15,386,859
Telecommunication Services		5,902,615		27,542,603		—		33,445,218
Utilities		—		3,480,023		—		3,480,023
Preferred Stocks
Consumer Discretionary		3,403,508		—		—		3,403,508
Consumer Staples		1,130,627		—		—		1,130,627
Energy		5,256,710		4,661,041		—		9,917,751
Total Equity Securities		94,438,065		288,174,212		—		382,612,277
Other
Money Market Funds		7,471,015		—		—		7,471,015
Investments of Cash Collateral Received for Securities on Loan		—		3,259,891		—		3,259,891
Total Other		7,471,015		3,259,891		—		10,730,906
Total		101,909,080		291,434,103		—		393,343,183

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The models utilized by the third party statistical pricing service take into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

There were no transfers of financial assets between Levels 1 and 2 during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Statement of Assets and Liabilities

October 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $329,162,622)	$382,612,277
Affiliated issuers (identified cost $7,471,015)	7,471,015
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $3,259,891)	3,259,891
Total investments (identified cost $339,893,528)	393,343,183
Cash	1,081
Foreign currency (identified cost $2,676,516)	2,693,261
Receivable for:
Capital shares sold	264,867
Dividends	114,921
Interest	2,062
Reclaims	29,573
Prepaid expenses	4,151
Total assets	396,453,099
Liabilities
Due upon return of securities on loan	3,259,891
Payable for:
Investments purchased	692,617
Capital shares purchased	1,065,539
Investment management fees	58,328
Distribution fees	17,291
Transfer agent fees	66,715
Administration fees	4,270
Plan administration fees	20
Compensation of board members	25,979
Other expenses	221,460
Total liabilities	5,412,110
Net assets applicable to outstanding capital stock	$391,040,989
Represented by
Paid-in capital	$372,688,559
Undistributed net investment income	664,376
Accumulated net realized loss	(35,778,526	)
Unrealized appreciation (depreciation) on:
Investments	53,449,655
Foreign currency translations	16,925
Total — representing net assets applicable to outstanding capital stock	$391,040,989
* Value of securities on loan	$3,107,307

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 13

Columbia Emerging Markets Opportunity Fund

Statement of Assets and Liabilities (continued)

October 31, 2012

Class A
Net assets	$345,313,773
Shares outstanding	43,161,588
Net asset value per share	$8.00
Maximum offering price per share(a)	$8.49
Class B
Net assets	$13,689,529
Shares outstanding	1,975,249
Net asset value per share	$6.93
Class C
Net assets	$23,279,797
Shares outstanding	3,376,062
Net asset value per share	$6.90
Class I
Net assets	$13,101
Shares outstanding	1,558
Net asset value per share	$8.41
Class K(b)
Net assets	$583,192
Shares outstanding	69,552
Net asset value per share(c)	$8.39
Class R
Net assets	$6,820,590
Shares outstanding	859,057
Net asset value per share	$7.94
Class R5
Net assets	$99,067
Shares outstanding	11,759
Net asset value per share	$8.42
Class W
Net assets	$20,125
Shares outstanding	2,527
Net asset value per share	$7.96
Class Z
Net assets	$1,221,815
Shares outstanding	146,026
Net asset value per share	$8.37

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Net asset value per share rounds to this amount due to fractional shares outstanding.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Statement of Operations

Year Ended October 31, 2012

Net investment income
Income:
Dividends — unaffiliated issuers	$9,761,830
Dividends — affiliated issuers	7,858
Interest	673
Income from securities lending — net	64,678
Foreign taxes withheld	(1,048,829	)
Total income	8,786,210
Expenses:
Investment management fees	4,500,786
Distribution fees
Class A	899,618
Class B	177,500
Class C	243,879
Class R	39,309
Class W	59
Transfer agent fees
Class A	1,029,451
Class B	52,072
Class C	70,364
Class K(a)	300
Class R	22,914
Class R5	272
Class W	65
Class Z	2,944
Administration fees	329,686
Plan administration fees
Class K(a)	1,497
Compensation of board members	13,534
Custodian fees	220,652
Printing and postage fees	123,403
Registration fees	122,682
Professional fees	34,479
Other	72,619
Total expenses	7,958,085
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(48,967	)
Expense reductions	(1,730	)
Total net expenses	7,907,388
Net investment income	878,822
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(29,153,019	)
Foreign currency translations	(207,007	)
Increase from payment by affiliate (see Note 7)	329,806
Net realized loss	(29,030,220	)
Net change in unrealized appreciation (depreciation) on:
Investments	48,693,703
Foreign currency translations	(99,384	)
Forward foreign currency exchange contracts	1,342
Foreign capital gains tax	139,969
Net change in unrealized appreciation (depreciation)	48,735,630
Net realized and unrealized gain	19,705,410
Net increase in net assets resulting from operations	$20,584,232

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 15

Columbia Emerging Markets Opportunity Fund

Statement of Changes in Net Assets

	Year Ended October 31, 2012			Year Ended October 31, 2011
Operations
Net investment income		$878,822			$1,811,762
Net realized gain (loss)		(29,030,220	)		36,135,034
Net change in unrealized appreciation (depreciation)		48,735,630			(114,134,618	)
Net increase (decrease) in net assets resulting from operations		20,584,232			(76,187,822	)
Distributions to shareholders:
Net investment income
Class A		—			(5,232,400	)
Class B		—			(129,969	)
Class C		—			(204,839	)
Class I		—			(1,187,025	)
Class K(a)		—			(15,517	)
Class R		—			(124,581	)
Class R5		—			(9,648	)
Class W		—			(36	)
Class Z		—			(373	)
Net realized gains
Class A		(29,003,625	)		(6,285,005	)
Class B		(1,752,283	)		(519,528	)
Class C		(2,365,984	)		(535,291	)
Class I		(982	)		(989,436	)
Class K(a)		(45,547	)		(16,172	)
Class R		(767,669	)		(190,513	)
Class R5		(45,363	)		(8,371	)
Class W		(171	)		(32	)
Class Z		(71,297	)		(316	)
Total distributions to shareholders		(34,052,921	)		(15,449,052	)
Increase (decrease) in net assets from capital stock activity		(55,081,612	)		(149,713,034	)
Proceeds from regulatory settlements (Note 6)		12,908			—
Total decrease in net assets		(68,537,393	)		(241,349,908	)
Net assets at beginning of year		459,578,382			700,928,290
Net assets at end of year		$391,040,989			$459,578,382
Undistributed (excess of distributions over) net investment income		$664,376			$(20,155	)

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Statement of Changes in Net Assets (continued)

	Year Ended October 31, 2012						Year Ended October 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		14,643,309			118,265,785			6,888,977			66,082,356
Distributions reinvested		3,902,840			27,515,025			1,146,557			10,915,221
Redemptions		(23,635,691	)		(187,801,736	)		(13,437,427	)		(125,504,490	)
Net decrease		(5,089,542	)		(42,020,926	)		(5,401,893	)		(48,506,913	)
Class B shares
Subscriptions		114,294			777,849			319,885			2,738,539
Distributions reinvested		276,204			1,695,893			74,591			631,036
Redemptions(a)		(1,291,174	)		(8,441,694	)		(1,838,207	)		(15,596,940	)
Net decrease		(900,676	)		(5,967,952	)		(1,443,731	)		(12,227,365	)
Class C shares
Subscriptions		675,509			4,473,873			861,785			7,189,413
Distributions reinvested		258,638			1,580,279			57,204			481,660
Redemptions		(1,407,797	)		(9,444,168	)		(1,570,450	)		(12,861,777	)
Net decrease		(473,650	)		(3,390,016	)		(651,461	)		(5,190,704	)
Class I shares
Subscriptions		—			—			135,792			1,378,107
Distributions reinvested		—			—			220,471			2,176,053
Redemptions		—			—			(8,661,081	)		(85,525,974	)
Net decrease		—			—			(8,304,818	)		(81,971,814	)
Class K shares(b)
Subscriptions		5,474			45,271			4,826			44,838
Distributions reinvested		6,180			45,547			3,161			31,300
Redemptions		(15,102	)		(122,452	)		(73,175	)		(659,816	)
Net decrease		(3,448	)		(31,634	)		(65,188	)		(583,678	)
Class R shares
Subscriptions		421,808			3,146,937			644,424			6,108,623
Distributions reinvested		17,559			123,088			6,431			61,030
Redemptions		(878,253	)		(6,683,030	)		(914,311	)		(8,666,950	)
Net decrease		(438,886	)		(3,413,005	)		(263,456	)		(2,497,297	)
Class R5 shares
Subscriptions		2,089			16,863			3,757			38,462
Distributions reinvested		6,093			45,026			992			9,824
Redemptions		(68,658	)		(554,670	)		(121	)		(1,126	)
Net increase (decrease)		(60,476	)		(492,781	)		4,628			47,160
Class W shares
Subscriptions		4,348			35,000			—			—
Redemptions		(2,092	)		(15,999	)		—			—
Net increase		2,256			19,001			—			—

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 17

Columbia Emerging Markets Opportunity Fund

Statement of Changes in Net Assets (continued)

	Year Ended October 31, 2012						Year Ended October 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Class Z shares
Subscriptions		89,441			714,458			145,020			1,486,962
Distributions reinvested		6,711			49,395			63			621
Redemptions		(67,395	)		(548,152	)		(29,928	)		(270,006	)
Net increase		28,757			215,701			115,155			1,217,577
Total net decrease		(6,935,665	)		(55,081,612	)		(16,010,764	)		(149,713,034	)

(a) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended October 31,
Class  A	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$8.24		$9.75		$7.74		$4.96		$14.99
Income from investment operations:
Net investment income	0.02		0.04		0.03		0.02		0.08
Net realized and unrealized gain (loss)	0.36		(1.33	)	2.03		2.75		(7.24	)
Increase from payments by affiliate	0.01		—		—		—		—
Total from investment operations	0.39		(1.29	)	2.06		2.77		(7.16	)
Less distributions to shareholders:
Net investment income	—		(0.10	)	(0.05	)	—		(0.18	)
Net realized gains	(0.63	)	(0.12	)	—		—		(2.69	)
Total distributions to shareholders	(0.63	)	(0.22	)	(0.05	)	—		(2.87	)
Proceeds from regulatory settlements	0.00	(a)	—		0.00	(a)	0.01		—
Net asset value, end of period	$8.00		$8.24		$9.75		$7.74		$4.96
Total return	5.77	%(b)(c)	(13.55	%)	26.70	%(d)	56.05	%(e)	(57.79	%)
Ratios to average net assets(f)
Expenses prior to fees waived or expenses reimbursed	1.85	%	1.79	%	1.85	%	1.90	%	1.87	%
Net expenses after fees waived or expenses reimbursed(g)	1.84	%(h)	1.79	%(h)	1.85	%	1.90	%	1.87	%
Net investment income	0.30	%(h)	0.38	%(h)	0.34	%	0.38	%	0.78	%
Supplemental data
Net assets, end of period (in thousands)	$345,314		$397,803		$523,288		$416,297		$250,088
Portfolio turnover	117	%	84	%	96	%	149	%	133	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by less than 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.03%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(f) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(g) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 19

Columbia Emerging Markets Opportunity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class B	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$7.28		$8.64		$6.87		$4.43		$13.73
Income from investment operations:
Net investment income (loss)	(0.03	)	(0.04	)	(0.03	)	(0.02	)	0.00	(a)
Net realized and unrealized gain (loss)	0.30		(1.17	)	1.80		2.45		(6.53	)
Increase from payments by affiliate	0.01		—		—		—		—
Total from investment operations	0.28		(1.21	)	1.77		2.43		(6.53	)
Less distributions to shareholders:
Net investment income	—		(0.03	)	(0.00	)(a)	—		(0.08	)
Net realized gains	(0.63	)	(0.12	)	—		—		(2.69	)
Total distributions to shareholders	(0.63	)	(0.15	)	(0.00	)(a)	—		(2.77	)
Proceeds from regulatory settlements	0.00	(a)	—		0.00	(a)	0.01		—
Net asset value, end of period	$6.93		$7.28		$8.64		$6.87		$4.43
Total return	4.96	%(b)(c)	(14.26	%)	25.82	%(d)	55.08	%(e)	(58.08	%)
Ratios to average net assets(f)
Expenses prior to fees waived or expenses reimbursed	2.61	%	2.54	%	2.60	%	2.68	%	2.62	%
Net expenses after fees waived or expenses reimbursed(g)	2.59	%(h)	2.54	%(h)	2.60	%	2.68	%	2.62	%
Net investment income (loss)	(0.48	%)(h)	(0.43	%)(h)	(0.42	%)	(0.36	%)	0.02	%
Supplemental data
Net assets, end of period (in thousands)	$13,690		$20,944		$37,312		$38,489		$28,179
Portfolio turnover	117	%	84	%	96	%	149	%	133	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by less than 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.04%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(f) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(g) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class C	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$7.25		$8.61		$6.89		$4.44		$13.78
Income from investment operations:
Net investment income (loss)	(0.03	)	(0.03	)	(0.03	)	(0.04	)	0.00	(a)
Net realized and unrealized gain (loss)	0.30		(1.17	)	1.79		2.48		(6.54	)
Increase from payments by affiliate	0.01		—		—		—		—
Total from investment operations	0.28		(1.20	)	1.76		2.44		(6.54	)
Less distributions to shareholders:
Net investment income	—		(0.04	)	(0.04	)	—		(0.11	)
Net realized gains	(0.63	)	(0.12	)	—		—		(2.69	)
Total distributions to shareholders	(0.63	)	(0.16	)	(0.04	)	—		(2.80	)
Proceeds from regulatory settlements	0.00	(a)	—		0.00	(a)	0.01		—
Net asset value, end of period	$6.90		$7.25		$8.61		$6.89		$4.44
Total return	4.99	%(b)(c)	(14.15	%)	25.67	%(d)	55.18	%(e)	(58.15	%)
Ratios to average net assets(f)
Expenses prior to fees waived or expenses reimbursed	2.61	%	2.54	%	2.60	%	2.60	%	2.63	%
Net expenses after fees waived or expenses reimbursed(g)	2.59	%(h)	2.54	%(h)	2.60	%	2.60	%	2.63	%
Net investment income (loss)	(0.47	%)(h)	(0.39	%)(h)	(0.43	%)	(0.65	%)	0.03	%
Supplemental data
Net assets, end of period (in thousands)	$23,280		$27,910		$38,770		$32,757		$3,163
Portfolio turnover	117	%	84	%	96	%	149	%	133	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by less than 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.04%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(f) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(g) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 21

Columbia Emerging Markets Opportunity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class I	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$8.59		$10.15		$8.04		$5.12		$15.38
Income from investment operations:
Net investment income	0.07		0.04		0.07		0.06		0.11
Net realized and unrealized gain (loss)	0.37		(1.34	)	2.12		2.85		(7.45	)
Increase from payments by affiliate	0.01		—		—		—		—
Total from investment operations	0.45		(1.30	)	2.19		2.91		(7.34	)
Less distributions to shareholders:
Net investment income	—		(0.14	)	(0.08	)	—		(0.23	)
Net realized gains	(0.63	)	(0.12	)	—		—		(2.69	)
Total distributions to shareholders	(0.63	)	(0.26	)	(0.08	)	—		(2.92	)
Proceeds from regulatory settlements	0.00	(a)	—		0.00	(a)	0.01		—
Net asset value, end of period	$8.41		$8.59		$10.15		$8.04		$5.12
Total return	6.27	%(b)(c)	(13.12	%)	27.45	%(d)	57.03	%(e)	(57.63	%)
Ratios to average net assets(f)
Expenses prior to fees waived or expenses reimbursed	1.32	%	1.27	%	1.35	%	1.26	%	1.42	%
Net expenses after fees waived or expenses reimbursed(g)	1.32	%	1.27	%	1.35	%	1.26	%	1.42	%
Net investment income	0.84	%	0.41	%	0.84	%	0.77	%	0.97	%
Supplemental data
Net assets, end of period (in thousands)	$13		$13		$84,279		$68,978		$8
Portfolio turnover	117	%	84	%	96	%	149	%	133	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by less than 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.03%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(f) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(g) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class K(a)	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$8.59		$10.15		$8.05		$5.14		$15.32
Income from investment operations:
Net investment income	0.04		0.05		0.05		0.04		0.11
Net realized and unrealized gain (loss)	0.38		(1.38	)	2.11		2.86		(7.45	)
Increase from payments by affiliate	0.01		—		—		—		—
Total from investment operations	0.43		(1.33	)	2.16		2.90		(7.34	)
Less distributions to shareholders:
Net investment income	—		(0.11	)	(0.06	)	—		(0.15	)
Net realized gains	(0.63	)	(0.12	)	—		—		(2.69	)
Total distributions to shareholders	(0.63	)	(0.23	)	(0.06	)	—		(2.84	)
Proceeds from regulatory settlements	0.00	(b)	—		0.00	(b)	0.01		—
Net asset value, end of period	$8.39		$8.59		$10.15		$8.05		$5.14
Total return	6.02	%(c)(d)	(13.37	%)	26.99	%(e)	56.62	%(f)	(57.58	%)
Ratios to average net assets(g)
Expenses prior to fees waived or expenses reimbursed	1.62	%	1.59	%	1.65	%	1.62	%	1.73	%
Net expenses after fees waived or expenses reimbursed(h)	1.62	%	1.59	%	1.65	%	1.56	%	1.47	%
Net investment income	0.53	%	0.49	%	0.51	%	0.72	%	1.12	%
Supplemental data
Net assets, end of period (in thousands)	$583		$627		$1,402		$1,187		$782
Portfolio turnover	117	%	84	%	96	%	149	%	133	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) Rounds to less than $0.01.

(c) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.08%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by less than 0.01%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.03%.

(f) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(g) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(h) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 23

Columbia Emerging Markets Opportunity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class R	2012		2011		2010		2009(a)
Per share data
Net asset value, beginning of period	$8.21		$9.71		$7.74		$7.42
Income from investment operations:
Net investment income (loss)	(0.00	)(b)	0.01		0.00	(b)	(0.01	)
Net realized and unrealized gain (loss)	0.35		(1.31	)	2.03		0.33
Increase from payments by affiliate	0.01		—		—		—
Total from investment operations	0.36		(1.30	)	2.03		0.32
Less distributions to shareholders:
Net investment income	—		(0.08	)	(0.06	)	—
Net realized gains	(0.63	)	(0.12	)	—		—
Total distributions to shareholders	(0.63	)	(0.20	)	(0.06	)	—
Proceeds from regulatory settlements	0.00	(b)	—		0.00	(b)	—
Net asset value, end of period	$7.94		$8.21		$9.71		$7.74
Total return	5.41	%(c)(d)	(13.69	%)	26.36	%(e)	4.31	%
Ratios to average net assets(f)
Expenses prior to fees waived or expenses reimbursed	2.11	%	2.04	%	2.13	%	2.06	%(g)
Net expenses after fees waived or expenses reimbursed(h)	2.09	%(i)	2.04	%(i)	2.13	%	2.06	%(g)
Net investment income (loss)	(0.02	%)(i)	0.11	%(i)	0.04	%	(0.36	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$6,821		$10,652		$15,165		$12,236
Portfolio turnover	117	%	84	%	96	%	149	%

Notes to Financial Highlights

(a) For the period from August 3, 2009 (commencement of operations) to October 31, 2009.

(b) Rounds to less than $0.01.

(c) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.08%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by less than 0.01%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.03%.

(f) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(g) Annualized.

(h) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(i) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class R5	2012		2011		2010		2009		2008(a)
Per share data
Net asset value, beginning of period	$8.61		$10.17		$8.06		$5.13		$9.32
Income from investment operations:
Net investment income	0.06		0.08		0.07		0.05		0.03
Net realized and unrealized gain (loss)	0.37		(1.38	)	2.12		2.87		(4.22	)
Increase from payments by affiliate	0.01		—		—		—		—
Total from investment operations	0.44		(1.30	)	2.19		2.92		(4.19	)
Less distributions to shareholders:
Net investment income	—		(0.14	)	(0.08	)	—		—
Net realized gains	(0.63	)	(0.12	)	—		—		—
Total distributions to shareholders	(0.63	)	(0.26	)	(0.08	)	—		—
Proceeds from regulatory settlements	0.00	(b)	—		0.00	(b)	0.01		—
Net asset value, end of period	$8.42		$8.61		$10.17		$8.06		$5.13
Total return	6.13	%(c)(d)	(13.14	%)	27.36	%(e)	57.12	%(f)	(44.96	%)
Ratios to average net assets(g)
Expenses prior to fees waived or expenses reimbursed	1.36	%	1.35	%	1.41	%	1.31	%	1.47	%(h)
Net expenses after fees waived or expenses reimbursed(i)	1.36	%	1.35	%	1.41	%	1.31	%	1.47	%(h)
Net investment income	0.80	%	0.86	%	0.78	%	0.68	%	1.57	%(h)
Supplemental data
Net assets, end of period (in thousands)	$99		$622		$687		$538		$3
Portfolio turnover	117	%	84	%	96	%	149	%	133	%

Notes to Financial Highlights

(a) For the period from August 1, 2008 (commencement of operations) to October 31, 2008.

(b) Rounds to less than $0.01.

(c) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.08%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by less than 0.01%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.03%.

(f) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(g) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(h) Annualized.

(i) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 25

Columbia Emerging Markets Opportunity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class W	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$8.21		$9.75		$9.23
Income from investment operations:
Net investment income (loss)	0.06		0.03		(0.01	)
Net realized and unrealized gain (loss)	0.31		(1.32	)	0.53
Increase from payments by affiliate	0.01		—		—
Total from investment operations	0.38		(1.29	)	0.52
Less distributions to shareholders:
Net investment income	—		(0.13	)	—
Net realized gains	(0.63	)	(0.12	)	—
Total distributions to shareholders	(0.63	)	(0.25	)	—
Proceeds from regulatory settlements	0.00	(b)	—		—
Net asset value, end of period	$7.96		$8.21		$9.75
Total return	5.66	%(c)(d)	(13.56	%)	5.63	%
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed	1.83	%	1.82	%	1.89	%(f)
Net expenses after fees waived or expenses reimbursed(g)	1.83	%(h)	1.82	%(h)	1.89	%(f)
Net investment income (loss)	0.73	%(h)	0.37	%(h)	(0.71	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$20		$2		$3
Portfolio turnover	117	%	84	%	96	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) Rounds to less than $0.01.

(c) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.08%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by less than 0.01%.

(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(f) Annualized.

(g) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class Z	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$8.57		$10.14		$9.60
Income from investment operations:
Net investment income	0.05		0.13		0.00	(b)
Net realized and unrealized gain (loss)	0.37		(1.44	)	0.54
Increase from payments by affiliate	0.01		—		—
Total from investment operations	0.43		(1.31	)	0.54
Less distributions to shareholders:
Net investment income	—		(0.14	)	—
Net realized gains	(0.63	)	(0.12	)	—
Total distributions to shareholders	(0.63	)	(0.26	)	—
Proceeds from regulatory settlements	0.00	(b)	—		—
Net asset value, end of period	$8.37		$8.57		$10.14
Total return	6.03	%(c)(d)	(13.25	%)	5.63	%
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed	1.59	%	1.59	%	1.56	%(f)
Net expenses after fees waived or expenses reimbursed(g)	1.59	%(h)	1.59	%(h)	1.56	%(f)
Net investment income (loss)	0.60	%(h)	1.36	%(h)	(0.46	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$1,222		$1,005		$21
Portfolio turnover	117	%	84	%	96	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) Rounds to less than $0.01.

(c) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.08%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by less than 0.01%.

(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(f) Annualized.

(g) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 27

Columbia Emerging Markets Opportunity Fund

Notes to Financial Statements

October 31, 2012

Note 1. Organization

Columbia Emerging Markets Opportunity Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R5, Class W and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Fund no longer accepts investments by new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

Class K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

Class R shares are not subject to sales charges. Effective November 8, 2012, Class R5 shares are only available to investors purchasing through authorized investment professionals. Prior to November 8, 2012, Class R5 shares were closed to new investors.

Class R5 shares are not subject to sales charges; however, this share class is closed to new investors.

Class W shares are not subject to sales charges and are only available to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior

28 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Notes to Financial Statements (continued)

October 31, 2012

to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board, including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Corporate actions and dividend income are recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

Interest income is recorded on an accrual basis.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the

Annual Report 2012 29

Columbia Emerging Markets Opportunity Fund

Notes to Financial Statements (continued)

October 31, 2012

Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed along with the income distribution. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory Agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 1.10% to 0.90% as the Fund’s net assets increase. The effective investment management fee rate for the year ended October 31, 2012 was 1.09% of the Fund’s average daily net assets.

Subadvisory Agreement

The Investment Manager has entered into a Subadvisory Agreement with Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and wholly-owned subsidiary of Ameriprise Financial, the subadviser of the Fund. The Investment Manager compensates Threadneedle to manage the investments of the Fund’s assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration

30 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Notes to Financial Statements (continued)

October 31, 2012

and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The effective administration fee rate for the year ended October 31, 2012 was 0.08% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Fund or the Board, including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the year ended October 31, 2012, other expenses paid to this company were $2,759.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not “interested persons” of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Fund for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Fund that is a percentage of the average aggregate value of the Fund’s shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class.

For the year ended October 31, 2012, the Fund’s effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.29	%
Class B	0.29
Class C	0.29
Class K	0.05
Class R	0.29
Class R5	0.05
Class W	0.27
Class Z	0.27

The Fund and certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At October 31, 2012, the Fund’s total potential future obligation over the life of the Guaranty is $87,393. The liability remaining at October 31, 2012 for non-recurring charges associated with the lease amounted to $45,615 and is recorded as a part of payable for other expenses in the Statement of Assets and Liabilities.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the year ended October 31, 2012, these minimum account balance fees reduced total expenses by $1,730.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of

Annual Report 2012 31

Columbia Emerging Markets Opportunity Fund

Notes to Financial Statements (continued)

October 31, 2012

Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A and Class W shares, a fee at an annual rate of up to 0.50% of the Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $651,000 and $1,362,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of June 30, 2012, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $309,463 for Class A, $8,743 for Class B and $1,370 for Class C shares for the year ended October 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective January 1, 2012, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through February 28, 2013, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.85	%
Class B	2.60
Class C	2.60
Class I	1.42
Class K	1.72
Class R	2.10
Class R5	1.47
Class W	1.85
Class Z	1.60

Prior to January 1, 2012, the Investment Manager and certain of its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses

described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, did not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.85	%
Class B	2.60
Class C	2.60
Class I	1.41
Class K	1.71
Class R	2.10
Class R5	1.46
Class W	1.85
Class Z	1.60

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At October 31, 2012, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees’ deferred compensation, distribution reclassifications, foreign currency transactions and proceeds from regulatory settlements. To the extent these differences are permanent, reclassifications are made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$(194,291)
Accumulated net realized loss	(4,491,778	)
Paid-in capital	4,686,069

32 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Notes to Financial Statements (continued)

October 31, 2012

Net investment income and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

Year Ended October 31,	2012		2011
Ordinary income		$192		$6,562,302
Long-term capital gains		34,052,729		8,886,750
Total		34,052,921		15,449,052

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At October 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$689,409
Accumulated realized loss	(32,846,119	)
Unrealized appreciation	50,534,173

At October 31, 2012, the cost of investments for federal income tax purposes was $342,825,935 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$56,009,807
Unrealized depreciation	5,492,559
Net unrealized appreciation	50,517,248

The following capital loss carryforward, determined at October 31, 2012, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
Unlimited short-term		18,236,033
Unlimited long-term		14,610,086
Total		32,846,119

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $474,755,219

and $562,586,745, respectively, for the year ended October 31, 2012.

Note 6. Regulatory Settlements

During the year ended October 31, 2012, the Fund received $12,908 as a result of a regulatory settlement proceeding brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund’s portion of the proceeds from the settlement (the Fund was not a party to the proceeding). The payments have been included in “Proceeds from regulatory settlements” in the Statement of Changes in Net Assets.

Note 7. Payments by Affiliates

During the year ended October 31, 2012, the Investment Manager reimbursed the Fund $329,806 for a loss on a trading error.

Note 8. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to

Annual Report 2012 33

Columbia Emerging Markets Opportunity Fund

Notes to Financial Statements (continued)

October 31, 2012

termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the year ended October 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At October 31, 2012, securities valued at $3,107,307 were on loan, secured by cash collateral of $3,259,891 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 9. Affiliated Money Market Fund

The Fund invests its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as “Dividends — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 10. Shareholder Concentration

At October 31, 2012, one unaffiliated shareholder account owned 21.1% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 11. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the

overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended October 31, 2012.

Note 12. Significant Risks

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Note 13. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted below, there were no items requiring adjustment of the financial statements or additional disclosure.

In September 2012, the Board approved a proposal to merge the Fund into Columbia Emerging Markets Fund, a series of Columbia Funds Series Trust I. Shareholders of the Fund will vote on the proposed merger at a special meeting of shareholders to be held during the first half of 2013.

34 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Notes to Financial Statements (continued)

October 31, 2012

Note 14. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements

with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Annual Report 2012 35

Columbia Emerging Markets Opportunity Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust II and the Shareholders of

Columbia Emerging Markets Opportunity Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Emerging Markets Opportunity Fund (the “Fund”) (a series of Columbia Funds Series Trust II) at October 31, 2012, the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2012 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion. The statements of changes in net assets and the financial highlights of the Fund for the periods ended October 31, 2011 and prior were audited by another independent registered public accounting firm whose report dated December 22, 2011 expressed an unqualified opinion on those statements and highlights.

PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 21, 2012

36 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal years ended October 31, 2011 and 2010 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal years ended October 31, 2011 and 2010 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Annual Report 2012 37

Columbia Emerging Markets Opportunity Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for distributions paid in the fiscal year ended October 31, 2012. Shareholders will be notified in early 2013 of amounts for use in preparing 2012 income tax returns.

Tax Designations:

Qualified Dividend Income	100.00	%
Dividends Received Deduction	3.25	%
Capital Gain Dividend	$34,052,729
U.S. Government Income, may be exempt from state taxation	0.00	%
Foreign Taxes Paid	$1,045,206
Foreign Source Income	$8,881,986

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividend Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividend received deduction.

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period. The Fund also designates as capital gain dividends, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

38 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Trustees and Officers

Shareholders elect the Board that oversees the funds’ operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the funds’ Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations funds’ Board (“Nations Funds”), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource funds (“RiverSource Funds”) effective June 1, 2011.

Independent Trustees
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006	152	None
Edward J. Boudreau, Jr. 225 Franklin Street Boston, MA 02110 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000	145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard — Partners in Cross Cultural Leadership (consulting company)	152	None
William P. Carmichael 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired	145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University; former Dean, McCallum Graduate School of Business, Bentley University	152	None

Annual Report 2012 39

Columbia Emerging Markets Opportunity Fund

Trustees and Officers (continued)

Independent Trustees (continued)
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William A. Hawkins 225 Franklin Street Boston, MA 02110 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010	145	Trustee, BofA Funds Series Trust (11 funds)
R. Glenn Hilliard 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011	145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College	152	Director, Valmont Industries, Inc. (manufactures irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)	152	None
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation	152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Infinity, Inc. (oil and gas exploration and production); OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 225 Franklin Street Boston, MA 02110 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments)	145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003-2010 (biotechnology); former President, Aquila Biopharmaceuticals	152	Director, Healthways, Inc. (health management programs) since 2005; Director, ICI Mutual Insurance Company, RRG; Director, Abt Associates (government contractor)

40 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Anthony M. Santomero 225 Franklin Street Boston, MA 02110 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008	145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

* Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the funds to be an “interested person” (as defined in the 1940 Act) of the funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family overseen by Board Member	Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Director, Ameriprise Certificate Company since 2006 (previously President and Chief Executive Officer, 2006-August 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.	204	None

* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2012 41

Columbia Emerging Markets Opportunity Fund

Trustees and Officers (continued)

The SAI has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the funds’ other officers are:

Officers
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004-April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010

42 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Trustees and Officers (continued)

Officers (continued)
Name, Address, Year of Birth	Position Held with Funds and Length of Service	Principal Occupation During Past Five Years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel, November 2008-January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel Bank of America, June 2005-April 2010

Annual Report 2012 43

Columbia Emerging Markets Opportunity Fund

[THIS PAGE INTENTIONALLY LEFT BLANK]

44 Annual Report 2012

Columbia Emerging Markets Opportunity Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2012 45

Columbia Emerging Markets Opportunity Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6354 AG (12/12)

Annual Report October 31, 2012

Columbia European Equity Fund

Columbia European Equity Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia European Equity Fund

Table of Contents

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	17
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	32
Supplemental Information	33
Federal Income Tax Information	34
Trustees and Officers	35
Important Information About This Report	41

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Annual Report 2012

Columbia European Equity Fund

Performance Overview

Performance Summary

> Columbia European Equity Fund (the Fund) Class A shares gained 8.88% excluding sales charges for the 12 months ended October 31, 2012.

> The Fund outperformed its benchmark, the MSCI Europe Index (Net), which gained 6.17% during the same 12-month period.

> The Fund benefited from its focus on quality growth stocks, particularly companies whose earnings come mainly from overseas rather than European markets.

Average Annual Total Returns (%) (for period ended October 31, 2012)
	Inception	1 Year		5 Years		10 Years
Class A	06/26/00
Excluding sales charges			8.88		-1.86		8.79
Including sales charges			2.69		-3.03		8.15
Class B	06/26/00
Excluding sales charges			7.90		-2.60		7.96
Including sales charges			2.90		-2.99		7.96
Class C	06/26/00
Excluding sales charges			7.98		-2.57		7.97
Including sales charges			6.98		-2.57		7.97
Class I*	07/15/04		9.36		-1.31		9.28
Class K (formerly Class R4)	06/26/00		9.08		-1.56		9.04
Class W*	06/18/12		8.88		-1.86		8.79
Class Z*	09/27/10		9.09		-1.69		8.89
MSCI Europe Index (Net)			6.17		-6.30		7.91

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns since inception if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The MSCI Europe Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Annual Report 2012

Columbia European Equity Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (November 1, 2002 — October 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia European Equity Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Annual Report 2012 3

Columbia European Equity Fund

Manager Discussion of Fund Performance

Portfolio Management

Threadneedle International Limited

Daniel Ison, IMC

Morningstar Style Box™

The Morningstar Style Box™ is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

©2012 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Top Ten Holdings (%) (at October 31, 2012)
Nestlé SA, Registered Shares (Switzerland)	4.2
Rio Tinto PLC (United Kingdom)	4.0
Unilever PLC (United Kingdom)	3.1
Allianz SE, Registered Shares (Germany)	3.1
BNP Paribas SA (France)	3.0
Novo Nordisk A/S, Class B (Denmark)	2.9
Diageo PLC (United Kingdom)	2.9
SAP AG (Germany)	2.6
Fresenius Medical Care AG & Co. KGaA (Germany)	2.5
Anheuser-Busch InBev NV (Belgium)	2.4

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

At October 31, 2012, approximately 84% of the Fund’s shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Adviser, LLC (Columbia). As a result of asset allocation decisions by Columbia, it is possible that Columbia European Equity Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. Columbia seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. Columbia European Equity Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.

Columbia European Equity Fund (the Fund) Class A shares gained 8.88% excluding sales charges for the 12 months ended October 31, 2012. The Fund outperformed its benchmark, the MSCI Europe Index (Net), which gained 6.17% during the same 12-month period. The Fund benefited from its focus on quality growth stocks, particularly companies whose earnings come mainly from overseas rather than European markets.

An Uncertain Year for Europe

Europe endured a full year of severe uncertainty, but still managed to deliver strong equity performance for the 12-month period. Prominent questions during the period included whether Greece and Spain would be able to remain within the euro block, what role Germany would accept in bailing out its European neighbors and what policy actions the European Central Bank (ECB) and the International Monetary Fund would take. This big picture uncertainty seemingly did not affect equities and individual companies the way many expected it would. Surprisingly, financial stocks did well and Spain was one of the best performing countries as actions by the ECB and other entities added liquidity and bolstered investor confidence.

Emphasis on Quality Growth and Overseas Earnings Drove Fund Performance

A key advantage for the Fund during this period was our emphasis on quality growth stocks, which performed very well during this period. We have focused primarily on companies that achieve the bulk of their earnings from overseas markets rather than from European domestic markets. Given Europe’s economic weakness, companies with significant international earnings were highly favored by investors.

Overall, the Fund benefited from positive contributions from most sectors. Consumer staples and consumer discretionary were the best performing sectors within the Fund. Positioning in the industrials, materials and telecommunications sectors also added to relative results.

Within the consumer staples sector, the Fund enjoyed very strong performance from Belgium beverage company InBev, which owns Budweiser in the U.S., U.K. spirits company Diageo, Swiss food maker Nestle and U.K. consumer goods company Unilever. All are very large, relatively defensive, high quality international stocks. In the consumer discretionary sector, automobile stocks, including BMW (position eliminated) and Volkswagen, were key contributors. Luxury goods maker Hugo Boss (position eliminated), advertising agency Publicis Groupe and U.K. house builder Persimmon also added to relative return.

The Fund’s positioning in the technology sector had a favorable impact on relative results, spurred by notable contributions from German enterprise software

4 Annual Report 2012

Columbia European Equity Fund

Manager Discussion of Fund Performance (continued)

developer SAP and Spain-based international firm Amadeus IT Holding, which provides information technology services to airlines.

Being underweight in financials was a disadvantage for the Fund. Despite Europe’s fiscal and economic difficulties, financial stocks were a significant contributor to the index’s results for the year. Though the Fund’s financial holdings performed well, relative results were hampered by strong performing stocks that were in the index, but not in the Fund. Similarly, the Fund’s relative results in the health care and energy sectors were negatively affected by better performing stocks that were in the index, but not in the Fund.

Geographically, positioning in the U.K. was the largest detractor from relative results, almost entirely due to stock selection. Individual detractors within the U.K. included financial services firm HSBC (position eliminated), energy company BG Group, industrial firm Weir Group (position eliminated), pharmaceutical firm Shire and telecommunications company Vodafone (position eliminated).

On the positive side, a substantial overweight and strong stock selection in Germany added to relative return. An underweight and stock selection in Spain also had a positive impact.

Focus on Quality Growth Continues

We made no significant changes to overall sector or country positioning during the fiscal year as we maintained our focus on quality growth companies. Compared to its benchmark, the Fund was most overweight in the materials sector, followed by consumer discretionary, information technology and industrials. The Fund was most underweight in utilities, followed by telecommunications, energy and financials. We kept the consumer staples and health care weightings similar to those of the benchmark.

The Fund’s most notable country positions were a substantial underweight in the U.K. and a substantial overweight in Germany. The Fund was also underweight Spain, France, Sweden and Italy, while overweight in the Netherlands, Denmark and Switzerland.

The Fund’s turnover rate for the past fiscal year was 126%.

European Equities Remain Attractively Valued

Surprisingly, Europe has been one of best performing global equity markets. Nevertheless, European equities are still trading at a pretty big discount to other developed markets, particularly the U.S.

Though we expect continued low economic growth within Europe, we see some positive economic signals in North America and Asia and we believe the Fund holds stocks that can benefit from improving economic activity in these areas. We continue to avoid companies that depend on earnings from within Europe, such as those in the utilities and telecommunications sectors.

We believe European equities offer attractive investment opportunities, especially as an alternative to cash and European bonds. The valuation difference between European and other global equities may not be quite as stark as it was a year ago, but we still consider it attractive. We believe the quality of European companies remains very high, but we also think stock selection is absolutely critical in this uncertain environment as return differentials between strong performers and weak performers are likely to be more significant than ever. We continue to seek out high quality companies with healthy balance sheets, substantial cash flows and the

Country Breakdown (%) (at October 31, 2012)
Belgium	2.4
Denmark	2.9
Finland	0.8
France	12.5
Germany	20.4
Italy	2.4
Netherlands	6.1
Norway	1.9
Portugal	1.0
Spain	2.4
Sweden	2.6
Switzerland	15.0
United Kingdom	28.4
United States (a)	1.2
Total	100.0

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

Annual Report 2012 5

Columbia European Equity Fund

Manager Discussion of Fund Performance (continued)

Summary of Investments in Securities by Industry (%) (at October 31, 2012)
Aerospace & Defense	1.3
Auto Components	2.6
Automobiles	1.7
Beverages	5.3
Capital Markets	2.3
Chemicals	10.0
Commercial Banks	5.3
Commercial Services & Supplies	2.9
Diversified Financial Services	2.1
Diversified Telecommunication Services	2.1
Energy Equipment & Services	3.3
Food Products	7.2
Health Care Equipment & Supplies	2.9
Health Care Providers & Services	2.5
Household Durables	1.7
Household Products	1.1
Insurance	8.3
IT Services	2.4
Machinery	2.9
Media	3.5
Metals & Mining	3.9
Oil, Gas & Consumable Fuels	4.1
Pharmaceuticals	7.2
Professional Services	2.3
Semiconductors & Semiconductor Equipment	1.5
Software	2.6
Specialty Retail	1.0
Textiles, Apparel & Luxury Goods	2.0
Trading Companies & Distributors	3.3
Money Market Funds	1.2
Total	100.5

Percentages indicated are based upon net assets. The Fund’s portfolio composition is subject to change.

ability to deliver strong earnings and good returns to their shareholders. We are convinced these characteristics are key to outperformance in this challenging environment.

6 Annual Report 2012

Columbia European Equity Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

May 1, 2012 – October 31, 2012

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00	1,000.00		1,024.10		1,017.34		7.89		7.86		1.55
Class B		1,000.00	1,000.00		1,019.10		1,013.57		11.67		11.64		2.30
Class C		1,000.00	1,000.00		1,021.10		1,013.62		11.63		11.59		2.29
Class I		1,000.00	1,000.00		1,025.80		1,019.96		5.24		5.23		1.03
Class K (formerly Class R4)		1,000.00	1,000.00		1,024.20		1,018.50		6.72		6.70		1.32
Class W		1,000.00	1,000.00		1,140.10	*	1,017.50		5.95	*	7.71		1.52	*
Class Z		1,000.00	1,000.00		1,025.90		1,018.75		6.47		6.44		1.27

* For the period June 18, 2012 through October 31, 2012. Class W shares commenced operations on June 18, 2012.

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds).

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2012 7

Columbia European Equity Fund

Portfolio of Investments

October 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 96.5%
Issuer	Shares		Value ($)
Belgium 2.4%
Anheuser-Busch InBev NV		102,116		8,538,388
Denmark 2.9%
Novo Nordisk A/S, Class B		64,177		10,342,406
Finland 0.8%
KONE OYJ, Class B		40,882		2,927,652
France 12.6%
Air Liquide SA		44,689		5,271,049
AtoS		54,594		3,666,178
BNP Paribas SA		209,450		10,536,080
Edenred		236,155		6,833,507
European Aeronautic Defence and Space Co. NV		130,934		4,651,752
Iliad SA		24,132		3,717,471
Publicis Groupe SA		98,737		5,319,402
Societe Generale SA(a)		141,658		4,503,034
Total				44,498,473
Germany 17.7%
Allianz SE, Registered Shares		87,147		10,805,326
BASF SE		75,307		6,240,151
Brenntag AG		50,125		6,317,633
Continental AG		51,666		5,178,547
Fresenius Medical Care AG & Co. KGaA		124,274		8,728,799
Kabel Deutschland Holding AG		97,068		6,994,035
Lanxess AG		66,912		5,527,172
Merck KGaA		29,156		3,726,147
SAP AG		126,037		9,180,988
Total				62,698,798
Italy 2.4%
Intesa Sanpaolo SpA		2,237,984		3,594,044
Saipem SpA		109,186		4,905,130
Total				8,499,174
Netherlands 6.2%
Aegon NV		977,423		5,457,746
ASML Holding NV		97,058		5,340,281
ING Groep NV-CVA(a)		820,965		7,252,860
Ziggo NV		116,780		3,782,594
Total				21,833,481

Common Stocks (continued)
Issuer	Shares		Value ($)
Norway 1.9%
Subsea 7 SA		157,456		3,454,957
TGS Nopec Geophysical Co., ASA		92,389		3,143,751
Total				6,598,708
Portugal 1.0%
Galp Energia SGPS SA		211,380		3,383,654
Spain 2.4%
Amadeus IT Holding SA, Class A		192,166		4,757,349
Inditex SA		28,753		3,668,680
Total				8,426,029
Sweden 2.6%
Elekta AB, Class B		193,353		2,754,732
Getinge AB, Series CPO		113,650		3,495,394
Skf Ab-b Shares		131,219		2,957,566
Total				9,207,692
Switzerland 15.1%
Nestlé SA, Registered Shares		229,753		14,580,052
Novartis AG, Registered Shares		140,985		8,485,138
SGS SA, Registered Shares		1,742		3,688,633
Sika AG		1,913		3,991,151
Swatch Group AG (The), Registered Shares		95,077		6,906,431
Syngenta AG		19,173		7,489,678
UBS AG, Registered Shares		552,070		8,275,419
Total				53,416,502
United Kingdom 28.5%
Aggreko PLC		98,208		3,407,386
BG Group PLC		333,598		6,177,491
Diageo PLC		352,326		10,069,300
Experian PLC		261,544		4,516,111
GKN PLC		1,189,290		3,984,292
IMI PLC		283,661		4,369,297
Johnson Matthey PLC		191,027		6,932,985
Legal & General Group PLC		2,611,463		5,647,090
Persimmon PLC		476,739		6,116,230
Prudential PLC		533,537		7,305,541
Rio Tinto PLC		278,021		13,928,530
Shire PLC		107,168		3,014,384
Smith & Nephew PLC		363,691		3,844,235
Tullow Oil PLC		220,483		4,995,492

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Annual Report 2012

Columbia European Equity Fund

Portfolio of Investments (continued)

October 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Unilever PLC		295,564		11,022,688
Wolseley PLC		125,666		5,493,673
Total				100,824,725
Total Common Stocks
(Cost: $314,074,073)				341,195,682
Preferred Stocks 2.8%
Germany 2.8%
Henkel AG & Co. KGaA		48,131		3,843,538
Volkswagen AG		29,329		6,067,157
Total				9,910,695
Total Preferred Stocks
(Cost: $8,244,973)				9,910,695

Money Market Funds 1.2%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.149%(b)(c)		4,230,027		4,230,027
Total Money Market Funds
(Cost: $4,230,027)				4,230,027
Total Investments
(Cost: $326,549,073)				355,336,404
Other Assets & Liabilities, Net				(1,752,221	)
Net Assets				353,584,183

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at October 31, 2012.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended October 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		12,138,122		276,206,160		(284,114,255	)		—		4,230,027		—		7,339		4,230,027

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 9

Columbia European Equity Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund's investments at October 31, 2012:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		—		38,167,617		—		38,167,617
Consumer Staples		—		44,210,428		—		44,210,428
Energy		—		26,060,475		—		26,060,475
Financials		—		63,377,139		—		63,377,139
Health Care		—		44,391,234		—		44,391,234
Industrials		—		45,163,211		—		45,163,211
Information Technology		—		22,944,796		—		22,944,796
Materials		—		49,380,717		—		49,380,717
Telecommunication Services		—		7,500,065		—		7,500,065
Preferred Stocks
Consumer Discretionary		—		6,067,157		—		6,067,157
Consumer Staples		—		3,843,538		—		3,843,538
Total Equity Securities		—		351,106,377		—		351,106,377
Other
Money Market Funds		4,230,027		—		—		4,230,027
Total Other		4,230,027		—		—		4,230,027
Total		4,230,027		351,106,377		—		355,336,404

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Annual Report 2012

Columbia European Equity Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The models utilized by the third party statistical pricing service take into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

There were no transfers of financial assets between Levels 1 and 2 during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 11

Columbia European Equity Fund

Statement of Assets and Liabilities

October 31, 2012

Assets
Investments, at value
Unaffiliated issuers (identified cost $322,319,046)	$351,106,377
Affiliated issuers (identified cost $4,230,027)	4,230,027
Total investments (identified cost $326,549,073)	355,336,404
Cash	1,304
Foreign currency (identified cost $37,766)	37,904
Receivable for:
Capital shares sold	45,168
Dividends	183,951
Interest	24
Reclaims	410,172
Expense reimbursement due from Investment Manager	19
Prepaid expenses	3,613
Total assets	356,018,559
Liabilities
Payable for:
Investments purchased	1,832,684
Capital shares purchased	438,420
Investment management fees	38,185
Distribution fees	2,288
Transfer agent fees	15,418
Administration fees	3,854
Plan administration fees	1
Compensation of board members	8,726
Other expenses	94,800
Total liabilities	2,434,376
Net assets applicable to outstanding capital stock	$353,584,183
Represented by
Paid-in capital	$349,111,808
Undistributed net investment income	5,324,427
Accumulated net realized loss	(29,642,687	)
Unrealized appreciation (depreciation) on:
Investments	28,787,331
Foreign currency translations	3,304
Total — representing net assets applicable to outstanding capital stock	$353,584,183

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Annual Report 2012

Columbia European Equity Fund

Statement of Assets and Liabilities (continued)

October 31, 2012

Class A
Net assets	$52,850,472
Shares outstanding	8,897,548
Net asset value per share	$5.94
Maximum offering price per share(a)	$6.30
Class B
Net assets	$1,491,891
Shares outstanding	254,109
Net asset value per share	$5.87
Class C
Net assets	$2,106,202
Shares outstanding	362,079
Net asset value per share	$5.82
Class I
Net assets	$236,735,477
Shares outstanding	39,695,005
Net asset value per share	$5.96
Class K(b)
Net assets	$17,284
Shares outstanding	2,913
Net asset value per share	$5.93
Class W
Net assets	$2,848
Shares outstanding	480
Net asset value per share(c)	$5.94
Class Z
Net assets	$60,380,009
Shares outstanding	10,165,578
Net asset value per share	$5.94

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Net asset value per share rounds to this amount due to fractional shares outstanding.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 13

Columbia European Equity Fund

Statement of Operations

Year Ended October 31, 2012

Net investment income
Income:
Dividends — unaffiliated issuers	$10,581,665
Dividends — affiliated issuers	7,339
Income from securities lending — net	328,867
Foreign taxes withheld	(1,213,359	)
Total income	9,704,512
Expenses:
Investment management fees	2,713,806
Distribution fees
Class A	133,417
Class B	19,670
Class C	15,294
Class W	2
Transfer agent fees
Class A	167,388
Class B	6,120
Class C	4,802
Class K(a)	9
Class W	3
Class Z	11,402
Administration fees	273,680
Plan administration fees
Class K(a)	47
Compensation of board members	14,786
Custodian fees	56,331
Printing and postage fees	71,042
Registration fees	148,410
Professional fees	43,100
Line of credit interest expense	928
Other	20,771
Total expenses	3,701,008
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(25,194	)
Expense reductions	(20	)
Total net expenses	3,675,794
Net investment income	6,028,718
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(96,017	)
Foreign currency translations	(135,114	)
Forward foreign currency exchange contracts	30,939
Net realized loss	(200,192	)
Net change in unrealized appreciation (depreciation) on:
Investments	26,032,014
Foreign currency translations	(20,500	)
Net change in unrealized appreciation (depreciation)	26,011,514
Net realized and unrealized gain	25,811,322
Net increase in net assets resulting from operations	$31,840,040

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Annual Report 2012

Columbia European Equity Fund

Statement of Changes in Net Assets

	2012			2011
Operations
Net investment income		$6,028,718			$3,110,943
Net realized loss		(200,192	)		(2,746,431	)
Net change in unrealized appreciation (depreciation)		26,011,514			(12,392,498	)
Net increase (decrease) in net assets resulting from operations		31,840,040			(12,027,986	)
Distributions to shareholders:
Net investment income
Class A		(146,906	)		(329,400	)
Class I		(2,750,865	)		(109,439	)
Class K(a)		(156	)		(165	)
Class Z		(2,120	)		(22	)
Total distributions to shareholders		(2,900,047	)		(439,026	)
Increase (decrease) in net assets from capital stock activity		(58,640,140	)		320,427,314
Total increase (decrease) in net assets		(29,700,147	)		307,960,302
Net assets at beginning of year		383,284,330			75,324,028
Net assets at end of year		$353,584,183			$383,284,330
Undistributed net investment income		$5,324,427			$1,964,643

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 15

Columbia European Equity Fund

Statement of Changes in Net Assets (continued)

	Year Ended October 31, 2012(a)						Year Ended October 31, 2011
	Shares			Dollars($)			Shares			Dollars($)
Capital stock activity
Class A shares
Subscriptions(b)		1,015,395			5,676,650			2,426,130			14,509,749
Distributions reinvested		27,218			140,171			52,959			312,457
Redemptions		(3,163,855	)		(17,365,536	)		(3,504,557	)		(20,676,576	)
Net decrease		(2,121,242	)		(11,548,715	)		(1,025,468	)		(5,854,370	)
Class B shares
Subscriptions		12,156			68,779			68,874			415,718
Redemptions(b)		(196,270	)		(1,054,046	)		(331,724	)		(1,996,474	)
Net decrease		(184,114	)		(985,267	)		(262,850	)		(1,580,756	)
Class C shares
Subscriptions		198,639			1,125,618			85,052			507,312
Redemptions		(73,195	)		(401,509	)		(94,134	)		(554,194	)
Net increase (decrease)		125,444			724,109			(9,082	)		(46,882	)
Class I shares
Subscriptions		18,070,680			101,625,088			69,008,099			393,119,293
Distributions reinvested		534,136			2,750,802			18,601			109,372
Redemptions		(36,955,761	)		(211,614,642	)		(10,982,086	)		(65,424,857	)
Net increase (decrease)		(18,350,945	)		(107,238,752	)		58,044,614			327,803,808
Class K shares(c)
Subscriptions		106			594			476			2,721
Distributions reinvested		27			136			24			142
Redemptions		(2,082	)		(11,825	)		(23	)		(139	)
Net increase (decrease)		(1,949	)		(11,095	)		477			2,724
Class W shares
Subscriptions		480			2,500			—			—
Net increase		480			2,500			—			—
Class Z shares
Subscriptions		10,229,369			60,852,542			52,314			329,729
Distributions reinvested		402			2,066			—			—
Redemptions		(76,973	)		(437,528	)		(39,987	)		(226,939	)
Net increase		10,152,798			60,417,080			12,327			102,790
Total net increase (decrease)		(10,379,528	)		(58,640,140	)		56,760,018			320,427,314

(a) Class W shares are for the period from June 18, 2012 (commencement of operations) to October 31, 2012.

(b) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

(c) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Annual Report 2012

Columbia European Equity Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended October 31,
Class  A	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.47		$5.80		$4.86		$3.88		$6.83
Income from investment operations:
Net investment income	0.08		0.05		0.03		0.07		0.06
Net realized and unrealized gain (loss)	0.40		(0.35	)	0.98		0.96		(2.96	)
Total from investment operations	0.48		(0.30	)	1.01		1.03		(2.90	)
Less distributions to shareholders:
Net investment income	(0.01	)	(0.03	)	(0.07	)	(0.06	)	(0.05	)
Total distributions to shareholders	(0.01	)	(0.03	)	(0.07	)	(0.06	)	(0.05	)
Proceeds from regulatory settlements	—		—		—		0.01		—
Net asset value, end of period	$5.94		$5.47		$5.80		$4.86		$3.88
Total return	8.88	%	(5.25	%)	21.14	%	27.11	%(a)	(42.70	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	1.54	%(c)	1.55	%	1.67	%	1.93	%	1.58	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)	1.52	%(c)(e)	1.51	%(e)	1.41	%	1.61	%	1.58	%
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	1.54	%	1.55	%	1.67	%	1.93	%	1.58	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)	1.52	%(e)	1.51	%(e)	1.41	%	1.61	%	1.58	%
Net investment income	1.42	%(e)	0.84	%(e)	0.63	%	1.79	%	0.95	%
Supplemental data
Net assets, end of period (in thousands)	$52,850		$60,295		$69,831		$64,717		$57,916
Portfolio turnover	126	%	121	%	115	%	154	%	180	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Includes interest expense which rounds to less than 0.01%.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 17

Columbia European Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class B	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.44		$5.78		$4.83		$3.82		$6.73
Income from investment operations:
Net investment income (loss)	0.04		0.01		(0.00	)(a)	0.05		0.02
Net realized and unrealized gain (loss)	0.39		(0.35	)	0.97		0.95		(2.93	)
Total from investment operations	0.43		(0.34	)	0.97		1.00		(2.91	)
Less distributions to shareholders:
Net investment income	—		—		(0.02	)	—		—
Total distributions to shareholders	—		—		(0.02	)	—		—
Proceeds from regulatory settlements	—		—		—		0.01		—
Net asset value, end of period	$5.87		$5.44		$5.78		$4.83		$3.82
Total return	7.90	%	(5.88	%)	20.10	%	26.44	%(b)	(43.24	%)
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	2.28	%(d)	2.30	%	2.41	%	2.74	%	2.32	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)	2.27	%(d)(f)	2.26	%(f)	2.16	%	2.40	%	2.32	%
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	2.28	%	2.30	%	2.41	%	2.74	%	2.32	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)	2.27	%(f)	2.26	%(f)	2.16	%	2.40	%	2.32	%
Net investment income (loss)	0.78	%(f)	0.15	%(f)	(0.06	%)	1.22	%	0.28	%
Supplemental data
Net assets, end of period (in thousands)	$1,492		$2,382		$4,051		$6,124		$10,080
Portfolio turnover	126	%	121	%	115	%	154	%	180	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(c) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d) Includes interest expense which rounds to less than 0.01%.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Annual Report 2012

Columbia European Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class C	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.39		$5.72		$4.81		$3.81		$6.71
Income from investment operations:
Net investment income (loss)	0.04		0.01		(0.01	)	0.04		0.01
Net realized and unrealized gain (loss)	0.39		(0.34	)	0.96		0.95		(2.90	)
Total from investment operations	0.43		(0.33	)	0.95		0.99		(2.89	)
Less distributions to shareholders:
Net investment income	—		—		(0.04	)	(0.00	)(a)	(0.01	)
Total distributions to shareholders	—		—		(0.04	)	(0.00	)(a)	(0.01	)
Proceeds from regulatory settlements	—		—		—		0.01		—
Net asset value, end of period	$5.82		$5.39		$5.72		$4.81		$3.81
Total return	7.98	%	(5.77	%)	19.96	%	26.39	%(b)	(43.10	%)
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	2.31	%(d)	2.29	%	2.43	%	2.69	%	2.33	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)	2.27	%(d)(f)	2.26	%(f)	2.17	%	2.37	%	2.33	%
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	2.31	%	2.29	%	2.43	%	2.69	%	2.33	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)	2.27	%(f)	2.26	%(f)	2.17	%	2.37	%	2.33	%
Net investment income (loss)	0.72	%(f)	0.11	%(f)	(0.10	%)	1.07	%	0.25	%
Supplemental data
Net assets, end of period (in thousands)	$2,106		$1,274		$1,406		$1,157		$954
Portfolio turnover	126	%	121	%	115	%	154	%	180	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(c) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d) Includes interest expense which rounds to less than 0.01%.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 19

Columbia European Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class I	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.50		$5.80		$4.86		$3.89		$6.84
Income from investment operations:
Net investment income	0.10		0.11		0.05		0.09		0.09
Net realized and unrealized gain (loss)	0.41		(0.36	)	0.98		0.95		(2.96	)
Total from investment operations	0.51		(0.25	)	1.03		1.04		(2.87	)
Less distributions to shareholders:
Net investment income	(0.05	)	(0.05	)	(0.09	)	(0.08	)	(0.08	)
Total distributions to shareholders	(0.05	)	(0.05	)	(0.09	)	(0.08	)	(0.08	)
Proceeds from regulatory settlements	—		—		—		0.01		—
Net asset value, end of period	$5.96		$5.50		$5.80		$4.86		$3.89
Total return	9.36	%	(4.36	%)	21.61	%	27.78	%(a)	(42.38	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	0.97	%(c)	1.00	%	1.14	%	1.31	%	1.08	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)	0.97	%(c)	1.00	%	0.96	%	1.16	%	1.08	%
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	0.97	%	1.00	%	1.14	%	1.31	%	1.08	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)	0.97	%	1.00	%	0.96	%	1.16	%	1.08	%
Net investment income	1.86	%	1.83	%	1.07	%	2.27	%	1.50	%
Supplemental data
Net assets, end of period (in thousands)	$236,735		$319,236		$8		$6		$5
Portfolio turnover	126	%	121	%	115	%	154	%	180	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Includes interest expense which rounds to less than 0.01%.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Annual Report 2012

Columbia European Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class K(a)	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.47		$5.79		$4.86		$3.90		$6.84
Income from investment operations:
Net investment income	0.08		0.06		0.04		0.07		0.08
Net realized and unrealized gain (loss)	0.41		(0.34	)	0.97		0.97		(2.94	)
Total from investment operations	0.49		(0.28	)	1.01		1.04		(2.86	)
Less distributions to shareholders:
Net investment income	(0.03	)	(0.04	)	(0.08	)	(0.09	)	(0.08	)
Total distributions to shareholders	(0.03	)	(0.04	)	(0.08	)	(0.09	)	(0.08	)
Proceeds from regulatory settlements	—		—		—		0.01		—
Net asset value, end of period	$5.93		$5.47		$5.79		$4.86		$3.90
Total return	9.08	%	(4.93	%)	21.08	%	27.57	%(b)	(42.29	%)
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	1.27	%(d)	1.32	%	1.49	%	1.58	%	1.36	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)	1.27	%(d)	1.26	%	1.27	%	1.39	%	1.11	%
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	1.27	%	1.32	%	1.49	%	1.58	%	1.36	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)	1.27	%	1.26	%	1.27	%	1.39	%	1.11	%
Net investment income	1.43	%	1.08	%	0.79	%	1.79	%	1.35	%
Supplemental data
Net assets, end of period (in thousands)	$17		$27		$25		$18		$13
Portfolio turnover	126	%	121	%	115	%	154	%	180	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(c) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d) Includes interest expense which rounds to less than 0.01%.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 21

Columbia European Equity Fund

Financial Highlights (continued)

Class W	Year  Ended October 31,  2012(a)
Per share data
Net asset value, beginning of period	$5.21
Income from investment operations:
Net investment income	0.00	(b)
Net realized and unrealized gain	0.73
Total from investment operations	0.73
Net asset value, end of period	$5.94
Total return	14.01	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	1.64	%(d)
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)	1.52	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	1.64	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)	1.52	%(d)
Net investment income	0.11	%
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	126	%

Notes to Financial Highlights

(a) For the period from June 18, 2012 (commencement of operations) to October 31, 2012.

(b) Rounds to less than $0.01.

(c) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d) Annualized.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Annual Report 2012

Columbia European Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class Z	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$5.49		$5.80		$5.52
Income from investment operations:
Net investment income	0.02		0.10		0.00	(b)
Net realized and unrealized gain (loss)	0.47		(0.36	)	0.28
Total from investment operations	0.49		(0.26	)	0.28
Less distributions to shareholders:
Net investment income	(0.04	)	(0.05	)	—
Total distributions to shareholders	(0.04	)	(0.05	)	—
Net asset value, end of period	$5.94		$5.49		$5.80
Total return	9.09	%	(4.57	%)	5.07	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)	1.49	%(d)	1.24	%	1.96	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)	1.27	%(d)(f)	1.24	%(f)	1.27	%
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)	1.49	%	1.24	%	1.96	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)	1.27	%(f)	1.24	%(f)	1.27	%
Net investment income	0.34	%(f)	1.72	%(f)	0.12	%
Supplemental data
Net assets, end of period (in thousands)	$60,380		$70		$3
Portfolio turnover	126	%	121	%	115	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) Rounds to less than $0.01.

(c) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d) Includes interest expense which rounds to less than 0.01%.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 23

Columbia European Equity Fund

Notes to Financial Statements

October 31, 2012

Note 1. Organization

Columbia European Equity Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class W and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Fund no longer accepts investments by new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

Class K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

Class W shares are not subject to sales charges and are only available to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs. Class W shares commenced operations on June 18, 2012.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board of Trustees (the Board), including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

24 Annual Report 2012

Columbia European Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A

repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Corporate actions and dividend income are recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Interest income is recorded on an accrual basis.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its tax exempt or taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other

Annual Report 2012 25

Columbia European Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed along with the income distribution. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting

arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory Agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.80% to 0.57% as the Fund’s net assets increase. The effective investment management fee rate for the year ended October 31, 2012 was 0.79% of the Fund’s average daily net assets.

Subadvisory Agreement

The Investment Manager has entered into a Subadvisory Agreement with Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and wholly-owned subsidiary of Ameriprise Financial, the subadviser of the Fund. The Investment Manager compensates Threadneedle to manage the investments of the Fund’s assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The effective administration fee rate for the year ended October 31, 2012 was 0.08% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Fund or the Board, including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of

26 Annual Report 2012

Columbia European Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the year ended October 31, 2012, other expenses paid to this company were $2,471.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not “interested persons” of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Fund for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Fund that is a percentage of the average aggregate value of the Fund’s shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class K shares.

For the year ended October 31, 2012, the Fund’s effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.31	%
Class B	0.31
Class C	0.31
Class K	0.05
Class W	0.34
Class Z	0.27

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the year ended October 31, 2012, these minimum account balance fees reduced total expenses by $20.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A and Class W shares and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $114,000 and $27,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of June 30, 2012 and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Annual Report 2012 27

Columbia European Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $52,203 for Class A, $1,300 for Class B and $550 for Class C shares for the year ended October 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective January 1, 2012, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through February 28, 2013, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.52	%
Class B	2.27
Class C	2.27
Class I	1.07
Class K	1.37
Class W	1.52
Class Z	1.27

Prior to January 1, 2012, the Investment Manager and certain of its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, did not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.53	%
Class B	2.28
Class C	2.28
Class I	1.08
Class K	1.38
Class Z	1.28

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds),

transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At October 31, 2012, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees’ deferred compensation, foreign currency transactions and passive foreign investment company (PFIC) holdings. To the extent these differences are permanent, reclassifications are made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$231,113
Accumulated net realized loss	(231,113	)
Paid-in capital	—

Net investment income and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

	Year Ended October 31, 2012 ($)		Year Ended October 31, 2011 ($)
Ordinary income		2,900,047		439,026
Long-term capital gains		—		—
Total		2,900,047		439,026

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At October 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$6,016,285
Undistributed accumulated long-term gain	1,471,907
Accumulated realized loss	(26,922,729	)
Unrealized appreciation	$23,914,768

28 Annual Report 2012

Columbia European Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

At October 31, 2012, the cost of investments for federal income tax purposes was $331,424,940 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$26,901,612
Unrealized depreciation	(2,990,148	)
Net unrealized appreciation	$23,911,464

The following capital loss carryforward, determined at October 31, 2012, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
2016		4,272,956
2017		18,724,480
Unlimited short-term		3,925,293
Total		26,922,729

Unlimited capital loss carryforwards are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $423,594,878 and $471,027,061, respectively, for the year ended October 31, 2012.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral

required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the year ended October 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At October 31, 2012, the Fund did not have any securities on loan.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 7. Affiliated Money Market Fund

The Fund invests its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as “Dividends — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 8. Shareholder Concentration

At October 31, 2012, affiliated shareholder accounts owned 83.8% of the outstanding shares of the Fund. Subscription and

Annual Report 2012 29

Columbia European Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

For the year ended October 31, 2012, the average daily loan balance outstanding on days when borrowing existed was $8,966,667 at a weighted average interest rate of 1.24%.

Note 10. Significant Risks

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Geographic Concentration Risk

Because the Fund concentrates its investments in Europe, the Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in Europe. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. In addition, the private and public sectors’ debt problems of a single EU country can pose significant risks to the EU as a whole. As a result, the Fund may be more volatile than a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not concentrate in this region of the world.

Note 11. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 12. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any

30 Annual Report 2012

Columbia European Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Annual Report 2012 31

Columbia European Equity Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust II and the Shareholders of

Columbia European Equity Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia European Equity Fund (the “Fund”) (a series of Columbia Funds Series Trust II) at October 31, 2012, the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2012 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion. The statements of changes in net assets and the financial highlights of the Fund for the periods ended October 31, 2011 and prior were audited by another independent registered public accounting firm whose report dated December 22, 2011 expressed an unqualified opinion on those statements and highlights.

PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 21, 2012

32 Annual Report 2012

Columbia European Equity Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal years ended October 31, 2011 and 2010 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal years ended October 31, 2011 and 2010 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Annual Report 2012 33

Columbia European Equity Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for distributions paid in the fiscal year ended October 31, 2012. Shareholders will be notified in early 2013 of amounts for use in preparing 2012 income tax returns.

Tax Designations:

Qualified Dividend Income	96.35	%
Dividends Received Deduction	0.16	%
Capital Gain Dividend	$1,545,502
U.S. Government Income, may be exempt from state taxation	0.00	%
Foreign Taxes Paid	$289,943
Foreign Source Income	$2,786,722

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividend Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividend received deduction.

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period. The Fund also designates as capital gain dividends, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

34 Annual Report 2012

Columbia European Equity Fund

Trustees and Officers

Shareholders elect the Board that oversees the funds’ operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the funds’ Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations funds’ Board (“Nations Funds”), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource funds (“RiverSource Funds”) effective June 1, 2011.

Independent Trustees
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006	152	None
Edward J. Boudreau, Jr. 225 Franklin Street Boston, MA 02110 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000	145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard-Partners in Cross Cultural Leadership (consulting company)	152	None
William P. Carmichael 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired	145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University; former Dean, McCallum Graduate School of Business, Bentley University	152	None

Annual Report 2012 35

Columbia European Equity Fund

Trustees and Officers (continued)

Independent Trustees (continued)
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William A. Hawkins 225 Franklin Street Boston, MA 02110 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010	145	Trustee, BofA Funds Series Trust (11 funds)
R. Glenn Hilliard 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011	145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College	152	Director, Valmont Industries, Inc. (manufactures irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)	152	None
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation	152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Infinity, Inc. (oil and gas exploration and production); OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 225 Franklin Street Boston, MA 02110 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments)	145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003-2010 (biotechnology); former President, Aquila Biopharmaceuticals	152	Director, Healthways, Inc. (health management programs) since 2005; Director, ICI Mutual Insurance Company, RRG; Director, Abt Associates (government contractor)

36 Annual Report 2012

Columbia European Equity Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Anthony M. Santomero 225 Franklin Street Boston, MA 02110 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008	145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

* Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the funds to be an “interested person” (as defined in the 1940 Act) of the funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Director, Ameriprise Certificate Company since 2006 (previously President and Chief Executive Officer, 2006-August 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.	204	None

* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2012 37

Columbia European Equity Fund

Trustees and Officers (continued)

The SAI has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the funds’ other officers are:

Officers
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President-Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004-April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

38 Annual Report 2012

Columbia European Equity Fund

Trustees and Officers (continued)

Officers (continued)
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel, November 2008-January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel Bank of America, June 2005-April 2010

Annual Report 2012 39

Columbia European Equity Fund

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40 Annual Report 2012

Columbia European Equity Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2012 41

Columbia European Equity Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6006 V (12/12)

Annual Report October 31, 2012

Columbia Global Bond Fund

Columbia Global Bond Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

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> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Global Bond Fund

Table of Contents

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	23
Statement of Operations	25
Statement of Changes in Net Assets	26
Financial Highlights	28
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	46
Supplemental Information	47
Federal Income Tax Information	48
Trustees and Officers	49
Important Information About This Report	57

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Annual Report 2012

Columbia Global Bond Fund

Performance Overview

Performance Summary

> Columbia Global Bond Fund (the Fund) Class A shares returned 5.20% excluding sales charges for the 12-month period that ended October 31, 2012.

> The Fund outperformed its benchmark, the Barclays Global Aggregate Bond Index, which returned 3.54% for the same period.

> Currency, sector allocation, country selection and interest rate management decisions boosted the Fund’s relative results during the annual period.

Average Annual Total Returns (%) (for period ended October 31, 2012)
	Inception	1 Year		5 Years		10 Years
Class A	03/20/89
Excluding sales charges			5.20		5.54		6.36
Including sales charges			0.16		4.52		5.84
Class B	03/20/95
Excluding sales charges			4.50		4.77		5.56
Including sales charges			-0.42		4.44		5.56
Class C	06/26/00
Excluding sales charges			4.42		4.77		5.55
Including sales charges			3.44		4.77		5.55
Class I*	03/04/04		5.63		6.02		6.77
Class K (formerly Class R4)	03/20/95		5.39		5.79		6.58
Class R*	03/15/10		4.83		5.20		6.01
Class W*	12/01/06		5.18		5.55		6.35
Class Z*	09/27/10		5.34		5.67		6.43
Barclays Global Aggregate Bond Index			3.54		5.85		6.46

Returns for Class A are shown with and without the maximum initial sales charge of 4.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns since inception if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

Barclays Global Aggregate Bond Index is a broad-based benchmark that measures the global investment grade fixed-rate debt markets.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Annual Report 2012

Columbia Global Bond Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (November 1, 2002 — October 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Global Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Annual Report 2012 3

Columbia Global Bond Fund

Manager Discussion of Fund Performance

Portfolio Management

Nicholas Pifer, CFA

Country Breakdown (%) (at October 31, 2012)
Argentina	0.2
Australia	1.6
Belgium	0.4
Bermuda	0.1
Brazil	2.5
Canada	6.9
Colombia	0.5
Czech Republic	0.1
Denmark	0.3
Finland	0.8
France	5.4
Germany	7.3
Greece	0.0	(a)
Indonesia	1.8
Italy	0.0	(a)
Japan	10.7
Kazakhstan	0.1
Lithuania	0.1
Luxembourg	0.2
Malaysia	0.8
Mexico	1.9
Netherlands	6.1
New Zealand	1.0
Norway	1.2
Peru	0.1
Philippines	0.2
Poland	1.6
Russian Federation	0.8
South Africa	0.5
South Korea	0.6
Supra-National	0.2
Sweden	1.3
Turkey	0.3
United Kingdom	5.1
United States (b)	38.2
Uruguay	0.2
Venezuela	0.9

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

(a) Rounds to less than 0.1%.

(b) Includes investments in Money Market Funds.

For the 12-month period that ended October 31, 2012, the Fund’s Class A shares returned 5.20% excluding sales charges. The Fund outperformed its benchmark, the Barclays Global Aggregate Bond Index (Barclays Index), which returned 3.54% for the same period. Currency, sector allocation, country selection and interest rate management decisions boosted the Fund’s relative results during the annual period.

Active Management Decisions Overall Boosted Fund Returns

On an absolute basis, the Fund benefited during the annual period from a modest decline in government bond yields and from a more pronounced drop in non-government bond yields. In contrast, a modestly stronger U.S. dollar acted as a drag on absolute returns. The U.S. dollar rose 1.59% on a trade-weighted basis during the annual period. As the value of the U.S. dollar decreases, the dollar value of foreign investments typically rises and vice versa. The Fund had approximately 54% of its net assets exposed to foreign currencies, on average, during the annual period, down from approximately 60%, on average, in the prior 12-month period.

Relative to the Barclays Index, most of our active management decisions aided performance during the annual period. Our active currency management and sector allocation decisions contributed most positively to the Fund’s relative results, followed by our country selection and interest rate, or duration management, decisions. Within currencies, the Fund benefited most from underweight positions in the euro, Japanese yen and Swiss franc and from an overweight position in the New Zealand dollar. Within sector allocation, the Fund benefited most from overweight positions in investment grade and high yield corporate bonds and in emerging market debt and from an underweight position in government bonds. Issue selection detracted most from the Fund’s performance during the annual period, largely reflecting a significant underweight position in the euro-denominated government bonds of southern European countries, especially Italy.

Shifting Market Conditions Drove Portfolio Changes

We made a number of tactical changes to portfolio positioning during the annual period in reaction to shifting market conditions. For example, we reduced the interest rate exposure, or duration, of the portfolio during the first half of the annual period when global economic growth was looking better, but added that exposure back, or lengthened the Fund’s duration, when the global economy started to decelerate. We also substantially decreased the Fund’s exposure to foreign currencies at the very beginning of the annual period, when the euro in particular was under stress. However, we then brought this foreign currency exposure back closer to neutral relative to the Barclays Index after a few months. We then decreased the Fund’s exposure to foreign currencies once again at the very end of the annual period.

We increased the Fund’s active risk in late May and early June 2012 after a broad market correction, increasing its exposure to investment grade corporate bonds, U.S. agency mortgage securities and to more cyclically-sensitive currencies, mostly at the expense of the Japanese yen.

Finally, we made a strategic decision early in the annual period to sell the Fund’s remaining positions in Italian and Spanish bonds, where the Fund had already been underweight, due to the escalating sovereign debt crisis in the Eurozone.

4 Annual Report 2012

Columbia Global Bond Fund

Manager Discussion of Fund Performance (continued)

Looking Ahead

In many ways, one can summarize the annual period ended October 31, 2012 as a tug-of-war between shaky economic fundamentals and bouts of event risk on the one hand and the power of central bank liquidity on the other. During the annual period, we saw two major flare-ups in the European sovereign debt crisis, a third consecutive mid-year slowdown in the global economy, with the Eurozone falling back into recession, and growing attention to the so-called fiscal cliff in the U.S. during the run-up to the U.S. presidential election. At first blush, this should have been a rocky 12-month period for risk assets, such as global equities, corporate bonds and emerging market debt. Yet these assets overall performed remarkably well during the annual period as a whole, generating total returns in the 10% to 17% range.

In part, the strong performance of risk assets reflected attractive valuations at the start of the annual period. But we also believe it reflected the impact of extremely accommodative monetary policy in the major developed economies, including historically low policy rates and myriad unconventional policy measures, such as quantitative easing, from the U.S. Federal Reserve, the European Central Bank (ECB), the Bank of Japan and the Bank of England. With global economic growth and the demand for credit still weak due to lingering structural problems and the need for further deleveraging in the major developed economies, much of this liquidity appears to have flowed into financial assets. Indeed, the fact that yields on low-risk government bonds declined modestly during the annual period, while risk assets increased significantly, gives proof, in our view, to the importance of central bank liquidity in driving recent returns. Rising asset prices can certainly help the recovery process by making household balance sheets healthier, but asset prices ultimately need to reflect fundamentals, and a growing disconnect on this front is starting to worry us.

Our global economic outlook for the year ahead is basically more of the same — a muddled story with gradual improvement over time. We currently expect global economic growth of 3.0% to 3.5% for 2013, below the trend estimate of roughly 4.0%. Our view at present reflects an expectation of below-trend growth in the developed economies and more trend-like growth in the emerging economies. At this time, we expect inflationary pressures to remain muted in the year ahead, and as a result, we see major central banks keeping monetary policy highly accommodative. High quality government bonds offer little value in our view, but we do not expect yields to increase much in 2013 given our economic growth, inflation and monetary policy outlook. Also, with short-term interest rate differentials across the major economies compressed, and unlikely to change much in the near term, we expect the U.S. dollar to move broadly sideways in the year ahead.

Sticking with the continuity theme, we currently see plenty of opportunity for event risk to roil markets again in 2013, starting with the U.S. fiscal cliff and the challenge of reaching a bipartisan political compromise that puts U.S. fiscal policy on a more sustainable medium-term trajectory. We also think the European sovereign debt crisis — while pushed to the back burner for the time being thanks to more aggressive policy action from the ECB — is far from over. From our perspective, the risk of sudden swings in investor sentiment currently remains high, even if market volatility in the last few months of the annual period was unusually muted. The main difference we see is that valuations across risk assets were less favorable at the end of the annual period than they were at the start of the annual period, leaving investors less of a cushion if things go wrong and volatility reappears suddenly.

Quality Breakdown (%) (at October 31, 2012)
AAA rating	45.6
AA rating	15.9
A rating	9.0
BBB rating	22.7
Non-investment grade	6.8
Not rated	0.0	(a)
Total	100.0

Percentages indicated are based upon total fixed income securities (excluding Money Market Funds and Short-term Securities).

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from AAA (highest) to D (lowest), and are subject to change. The ratings shown are determined by using the middle rating of Moody’s, S&P, and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used. When a bond is not rated by any of these agencies, it is designated as Not rated. Credit ratings are subjective opinions and not statements of fact.

^(a) Rounds to less than 0.1%.

Annual Report 2012 5

Columbia Global Bond Fund

Manager Discussion of Fund Performance (continued)

Our approach to managing the Fund in these conditions is two-fold. First, we want to be patient investors, taking advantage of the to-and-fro in market sentiment that we think is inevitable in an environment of muddled economic growth and lingering event risk. Second, we want to strike a balance in constructing the Fund’s portfolio, making sure we have enough “risk” in the portfolio to do well if central bank liquidity wins the tug-of-war yet again but managing the downside potential of that risk by keeping the portfolio well diversified across the countries, currencies, sectors and issuers with stronger fundamentals.

As always, we continue to monitor the market for changing conditions and to adjust the Fund’s duration, country, sector, yield curve and currency positioning as we seek an attractive balance between risk and potential return. Our sector teams remain focused on careful individual security selection, as we continue to seek opportunities to capitalize on attractively valued bonds.

6 Annual Report 2012

Columbia Global Bond Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

May 1, 2012 – October 31, 2012

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,028.60	1,019.41		5.81	5.79		1.14
Class B		1,000.00	1,000.00		1,025.40	1,015.63		9.62	9.58		1.89
Class C		1,000.00	1,000.00		1,024.20	1,015.63		9.62	9.58		1.89
Class I		1,000.00	1,000.00		1,031.90	1,021.67		3.52	3.51		0.69
Class K (formerly Class R4)		1,000.00	1,000.00		1,030.80	1,020.16		5.05	5.03		0.99
Class R		1,000.00	1,000.00		1,027.30	1,018.15		7.08	7.05		1.39
Class W		1,000.00	1,000.00		1,030.10	1,019.41		5.82	5.79		1.14
Class Z		1,000.00	1,000.00		1,030.00	1,020.66		4.54	4.52		0.89

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds).

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2012 7

Columbia Global Bond Fund

Portfolio of Investments

October 31, 2012

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes(a) 21.4%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Australia 0.5%
FMG Resources August 2006 Proprietary Ltd.(b)
11/01/15		7.000%		29,000		29,217
11/01/19		8.250%		25,000		24,938
Nufarm Australia Ltd.(b)
10/15/19		6.375%		9,000		9,225
Woodside Finance Ltd.(b)
05/10/21		4.600%		1,105,000		1,233,800
Total						1,297,180
Belgium —%
Calcipar SA Senior Secured(b)
05/01/18		6.875%		75,000		75,188
Bermuda 0.1%
Bacardi Ltd.(b)
04/01/14		7.450%		245,000		267,125
Canada 0.8%
Inmet Mining Corp.(b)
06/01/20		8.750%		36,000		37,350
MEG Energy Corp.(b)
01/30/23		6.375%		35,000		37,450
Petro-Canada Senior Unsecured
05/15/18		6.050%		805,000		988,286
Quebecor Media, Inc. Senior Unsecured(b)
01/15/23		5.750%		18,000		18,360
Royal Bank of Canada Senior Unsecured
01/18/13		3.250%	EUR	480,000		625,885
Toronto-Dominion Bank (The) Senior Unsecured
05/14/15		5.375%	EUR	350,000		505,402
Videotron Ltd.
07/15/22		5.000%		16,000		16,560
Total						2,229,293
France 0.2%
France Telecom SA Senior Unsecured
02/21/17		4.750%	EUR	205,000		304,484
Veolia Environnement SA Senior Unsecured
01/16/17		4.375%	EUR	110,000		159,225
Total						463,709
Germany 0.2%
E.ON International Finance BV
10/02/17		5.500%	EUR	275,000		428,209

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Italy —%
Wind Acquisition Finance SA Senior Secured(b)
02/15/18		7.250%		9,000		8,775
Luxembourg 0.1%
ArcelorMittal Senior Unsecured
03/01/41		7.000%		465,000		425,943
Netherlands 1.0%
Allianz Finance II BV
11/23/16		4.000%	EUR	400,000		579,086
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Senior Unsecured
07/03/14		6.750%	AUD	300,000		326,479
Deutsche Telekom International Finance BV
01/19/15		4.000%	EUR	275,000		380,172
ING Groep NV Senior Unsecured
05/31/17		4.750%	EUR	505,000		740,839
LyondellBasell Industries NV Senior Unsecured
11/15/21		6.000%		277,000		320,281
NXP BV/Funding LLC Senior Secured(b)
08/01/18		9.750%		26,000		29,770
Schaeffler Finance BV Senior Secured(b)
02/15/19		8.500%		115,000		129,663
Total						2,506,290
Supra-National 0.2%
Council of Europe Development Bank Senior Unsecured
09/16/14		5.750%	AUD	425,000		458,659
United Kingdom 0.2%
Intelsat Jackson Holdings SA(b)
10/15/20		7.250%		212,000		224,720
SABMiller PLC Senior Unsecured(b)
07/15/18		6.500%		225,000		282,369
Total						507,089
United States 18.1%
ADS Tactical, Inc. Senior Secured(b)
04/01/18		11.000%		70,000		69,300
AES Corp. Senior Unsecured
07/01/21		7.375%		56,000		62,580

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Annual Report 2012

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
AMC Entertainment, Inc.
06/01/19		8.750%		28,000		30,940
AMC Networks, Inc.
07/15/21		7.750%		60,000		68,100
AMERIGROUP Corp. Senior Unsecured
11/15/19		7.500%		59,000		68,882
Actuant Corp.
06/15/22		5.625%		36,000		37,170
Alliance Data Systems Corp.(b)
04/01/20		6.375%		33,000		35,475
Ally Financial, Inc.
02/15/17		5.500%		27,000		28,571
03/15/20		8.000%		39,000		46,511
09/15/20		7.500%		111,000		130,841
Alpha Natural Resources, Inc.
04/15/18		9.750%		46,000		46,575
06/01/19		6.000%		19,000		16,625
06/01/21		6.250%		1,000		870
Amkor Technology, Inc. Senior Unsecured
06/01/21		6.625%		164,000		156,210
Anixter, Inc.
05/01/19		5.625%		18,000		18,900
Antero Resources Finance Corp.
12/01/17		9.375%		5,000		5,513
08/01/19		7.250%		19,000		20,520
Appalachian Power Co. Senior Unsecured
03/30/21		4.600%		370,000		432,031
Arch Coal, Inc.
06/15/21		7.250%		26,000		22,945
Ashland, Inc. Senior Unsecured(b)
08/15/22		4.750%		22,000		22,440
Ashtead Capital, Inc. Secured(b)
07/15/22		6.500%		9,000		9,540
Atwood Oceanics, Inc. Senior Unsecured
02/01/20		6.500%		162,000		174,150
AutoNation, Inc.
02/01/20		5.500%		19,000		20,235
Avis Budget Car Rental LLC/Finance, Inc.
03/15/20		9.750%		97,000		110,459
B/E Aerospace, Inc. Senior Unsecured
04/01/22		5.250%		64,000		66,880
Ball Corp.
09/15/20		6.750%		94,000		103,165
Bank of America Corp. Senior Unsecured
05/13/21		5.000%		715,000		806,576

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Biomet, Inc.(b)
08/01/20		6.500%		46,000		47,495
Bristow Group, Inc.
10/15/22		6.250%		17,000		17,786
Brocade Communications Systems, Inc. Senior Secured
01/15/18		6.625%		94,000		97,525
Building Materials Corp. of America Senior Notes(b)
05/01/21		6.750%		46,000		50,140
Burlington Northern Santa Fe LLC Senior Unsecured
09/01/42		4.375%		465,000		504,728
CC Holdings GS V LLC/Crown Castle GS III Corp. Senior Secured(b)
05/01/17		7.750%		65,000		69,225
CCO Holdings LLC/Capital Corp.
01/31/22		6.625%		41,000		44,485
09/30/22		5.250%		70,000		70,350
CHS/Community Health Systems, Inc.
11/15/19		8.000%		30,000		32,363
07/15/20		7.125%		15,000		15,863
Senior Secured
08/15/18		5.125%		43,000		44,613
CIT Group, Inc. Senior Unsecured
05/15/20		5.375%		65,000		69,387
CIT Group, Inc.(b) Senior Secured
04/01/18		6.625%		115,000		129,087
Senior Unsecured
02/15/19		5.500%		43,000		46,010
CMS Energy Corp. Senior Unsecured
12/15/15		6.875%		320,000		364,427
CNH Capital LLC(b)
11/01/16		6.250%		109,000		117,720
CONSOL Energy, Inc.
03/01/21		6.375%		25,000		24,875
CSC Holdings LLC Senior Unsecured(b)
11/15/21		6.750%		89,000		99,012
CSX Corp. Senior Unsecured
03/15/18		6.250%		1,400,000		1,723,837
03/15/44		4.100%		30,000		30,401
Calpine Corp. Senior Secured(b)
02/15/21		7.500%		86,000		93,955
Cardtronics, Inc.
09/01/18		8.250%		190,000		212,800
Carolina Power & Light Co. 1st Mortgage
05/15/42		4.100%		100,000		107,448

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 9

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Carrizo Oil & Gas, Inc.
10/15/18		8.625%		40,000		43,100
Case New Holland, Inc.
12/01/17		7.875%		65,000		76,375
Celanese U.S. Holdings LLC
06/15/21		5.875%		69,000		76,849
Cequel Communications Escrow 1 LLC/Capital Corp. Senior Unsecured(b)
09/15/20		6.375%		24,000		24,300
Chaparral Energy, Inc.(b)
11/15/22		7.625%		22,000		23,375
Chesapeake Energy Corp.
08/15/20		6.625%		97,000		101,365
Choice Hotels International, Inc.
07/01/22		5.750%		14,000		15,330
Chrysler Group LLC/Co-Issuer, Inc. Secured
06/15/21		8.250%		26,000		27,788
Cimarex Energy Co.
05/01/22		5.875%		74,000		78,625
Citigroup, Inc. Senior Unsecured
08/02/19		5.000%	EUR	195,000		288,801
Clean Harbors, Inc.(b)
08/01/20		5.250%		33,000		33,825
Cleveland Electric Illuminating Co. (The) 1st Mortgage
11/15/18		8.875%		750,000		1,005,286
Clorox Co. (The) Senior Unsecured
09/15/22		3.050%		265,000		274,261
Colorado Interstate Gas Co. LLC Senior Unsecured
11/15/15		6.800%		1,920,000		2,227,542
Columbus McKinnon Corp.
02/01/19		7.875%		55,000		58,987
Comcast Corp.
08/15/37		6.950%		370,000		513,988
Comstock Resources, Inc.
06/15/20		9.500%		67,000		71,690
ConAgra Foods, Inc. Senior Unsecured
09/15/22		3.250%		250,000		255,595
Concho Resources, Inc.
01/15/21		7.000%		109,000		120,990
Continental Resources, Inc.
10/01/20		7.375%		10,000		11,250
04/01/21		7.125%		29,000		32,625
09/15/22		5.000%		82,000		86,305
Continental Resources, Inc.(b)
09/15/22		5.000%		57,000		60,135
Cott Beverages, Inc.
09/01/18		8.125%		34,000		37,740

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Crown Americas LLC/Capital Corp. III
02/01/21		6.250%		100,000		110,375
Crown Castle International Corp. Senior Unsecured(b)
01/15/23		5.250%		9,000		9,315
DISH DBS Corp.
06/01/21		6.750%		93,000		103,579
07/15/22		5.875%		22,000		23,100
DaVita HealthCare Partners, Inc.
08/15/22		5.750%		31,000		32,395
Delphi Corp.
05/15/19		5.875%		44,000		47,025
05/15/21		6.125%		43,000		47,515
Dollar General Corp.
07/15/17		4.125%		85,000		88,825
Duke Energy Corp. Senior Unsecured
06/15/18		6.250%		455,000		559,452
EP Energy LLC/Everest Acquisition Finance, Inc.(b)
09/01/22		7.750%		6,000		6,210
EP Energy LLC/Finance, Inc.(b)
Senior Secured
05/01/19		6.875%		44,000		47,520
Senior Unsecured
05/01/20		9.375%		28,000		30,940
ERAC U.S.A. Finance LLC(b)
03/15/42		5.625%		880,000		1,003,640
El Paso LLC Senior Unsecured
09/15/20		6.500%		168,000		187,824
01/15/32		7.750%		10,000		11,934
Embarq Corp. Senior Unsecured
06/01/36		7.995%		1,200,000		1,295,338
Enterprise Products Operating LLC
02/15/42		5.700%		385,000		465,175
Equinix, Inc. Senior Unsecured
07/15/21		7.000%		120,000		133,200
First Data Corp. Senior Secured(b)
06/15/19		7.375%		93,000		95,557
Fresenius Medical Care U.S. Finance II, Inc.(b)
01/31/22		5.875%		20,000		21,275
Fresenius Medical Care U.S. Finance, Inc.(b)
09/15/18		6.500%		16,000		17,920
Frontier Communications Corp. Senior Unsecured
04/15/20		8.500%		10,000		11,550
04/15/22		8.750%		27,000		31,118
01/15/23		7.125%		37,000		39,405
General Electric Capital Corp. Senior Unsecured
10/17/21		4.650%		1,100,000		1,244,658

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Annual Report 2012

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
General Electric Co. Senior Unsecured
10/09/42		4.125%		355,000		371,990
Goldman Sachs Group, Inc. (The) Senior Unsecured
05/02/18		6.375%	EUR	350,000		539,429
06/15/20		6.000%		680,000		798,356
01/24/22		5.750%		205,000		237,980
Graphic Packaging International, Inc.
10/01/18		7.875%		38,000		42,275
Greif, Inc. Senior Unsecured
02/01/17		6.750%		127,000		140,017
Grifols, Inc.
02/01/18		8.250%		41,000		45,510
H&E Equipment Services, Inc.(b)
09/01/22		7.000%		13,000		13,520
HCA, Inc. Senior Secured
09/15/20		7.250%		50,000		55,312
05/01/23		4.750%		15,000		15,000
HealthSouth Corp.
09/15/22		7.750%		57,000		62,415
Hertz Corp. (The)(b)
10/15/20		5.875%		7,000		7,070
10/15/22		6.250%		20,000		20,275
Hexion US Finance Corp. Senior Secured
04/15/20		6.625%		16,000		15,960
Hiland Partners LP/Finance Corp.(b)
10/01/20		7.250%		49,000		50,960
Hologic, Inc.(b)
08/01/20		6.250%		13,000		13,780
Huntington Ingalls Industries, Inc.
03/15/21		7.125%		77,000		82,775
Huntsman International LLC
03/15/21		8.625%		23,000		26,163
IMS Health, Inc. Senior Unsecured(b)
11/01/20		6.000%		20,000		20,350
Indiana Michigan Power Co. Senior Unsecured
03/15/37		6.050%		935,000		1,168,344
Interface, Inc.
12/01/18		7.625%		43,000		46,494
Interline Brands, Inc.
11/15/18		7.500%		129,000		139,320
International Lease Finance Corp. Senior Unsecured
04/01/19		5.875%		23,000		24,367
12/15/20		8.250%		65,000		76,619
Ipalco Enterprises, Inc. Senior Secured
05/01/18		5.000%		60,000		63,300

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
JM Huber Corp. Senior Notes(b)
11/01/19		9.875%		80,000		88,800
JMC Steel Group, Inc. Senior Notes(b)
03/15/18		8.250%		42,000		42,630
KB Home
03/15/20		8.000%		13,000		14,528
09/15/22		7.500%		11,000		11,908
Kinder Morgan Energy Partners LP Senior Unsecured
09/01/41		5.625%		975,000		1,144,621
Kraft Foods Group, Inc. Senior Unsecured(b)
06/04/42		5.000%		245,000		286,128
Kratos Defense & Security Solutions, Inc. Senior Secured
06/01/17		10.000%		55,000		59,400
Lamar Media Corp.
02/01/22		5.875%		63,000		66,780
Laredo Petroleum, Inc.
05/01/22		7.375%		20,000		21,800
Lear Corp.
03/15/18		7.875%		89,000		97,010
Lender Processing Services, Inc.
04/15/23		5.750%		23,000		24,323
Level 3 Financing, Inc.
04/01/19		9.375%		52,000		57,980
Libbey Glass, Inc. Senior Secured(b)
05/15/20		6.875%		27,000		29,025
Liberty Mutual Group, Inc.(b)
05/01/22		4.950%		355,000		387,682
Limited Brands, Inc.
04/01/21		6.625%		65,000		74,344
MGM Resorts International Senior Secured
03/15/20		9.000%		21,000		23,468
MGM Resorts International(b)
10/01/20		6.750%		5,000		4,963
Manitowoc Co., Inc. (The)
11/01/20		8.500%		30,000		33,675
Marathon Petroleum Corp. Senior Unsecured
03/01/41		6.500%		395,000		511,043
MarkWest Energy Partners LP/Finance Corp.
06/15/22		6.250%		113,000		122,605
02/15/23		5.500%		39,000		40,950
Meritage Homes Corp.
04/01/22		7.000%		22,000		23,760
Morgan Stanley Senior Unsecured
10/02/17		5.500%	EUR	395,000		573,456

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 11

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Mylan, Inc.(b)
11/15/18		6.000%		80,000		85,200
NBCUniversal Media, Inc. Senior Unsecured
01/15/23		2.875%		225,000		226,769
National CineMedia LLC Senior Unsecured
07/15/21		7.875%		97,000		105,972
National CineMedia LLC(b) Senior Secured
04/15/22		6.000%		68,000		71,740
Neuberger Berman Group LLC/Finance Corp. Senior Unsecured(b)
03/15/22		5.875%		25,000		26,688
Nevada Power Co.
05/15/18		6.500%		365,000		460,027
Newfield Exploration Co. Senior Unsecured
07/01/24		5.625%		40,000		42,700
News America, Inc.
02/15/41		6.150%		840,000		1,087,204
NiSource Finance Corp.
09/15/17		5.250%		2,000,000		2,321,809
09/15/20		5.450%		270,000		320,666
Nielsen Finance LLC/Co.(b)
10/01/20		4.500%		51,000		50,617
Northwest Pipeline GP Senior Unsecured
04/15/17		5.950%		460,000		536,480
Nuance Communications, Inc.(b)
08/15/20		5.375%		54,000		55,080
Oasis Petroleum, Inc.
01/15/23		6.875%		51,000		54,060
Omnicare, Inc.
06/01/20		7.750%		99,000		108,900
Oshkosh Corp.
03/01/17		8.250%		146,000		158,957
Pacific Gas & Electric Co. Senior Unsecured
10/01/20		3.500%		305,000		339,808
Peabody Energy Corp.
11/15/18		6.000%		120,000		124,500
Penn National Gaming, Inc. Senior Subordinated Notes
08/15/19		8.750%		43,000		48,052
Penske Automotive Group, Inc.(b)
10/01/22		5.750%		11,000		11,206
Phillips 66(b)
05/01/17		2.950%		85,000		90,655
Physio-Control International, Inc. Senior Secured(b)
01/15/19		9.875%		62,000		67,890

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Plains Exploration & Production Co.
11/15/20		6.500%		61,000		61,000
02/15/23		6.875%		116,000		115,855
Polypore International, Inc.
11/15/17		7.500%		70,000		75,600
Prudential Financial, Inc. Senior Unsecured
05/12/41		5.625%		115,000		136,000
QEP Resources, Inc. Senior Unsecured
10/01/22		5.375%		57,000		59,636
05/01/23		5.250%		40,000		41,700
QVC, Inc. Senior Secured(b)
07/02/22		5.125%		7,000		7,319
Rain CII Carbon LLC/Corp. Senior Secured(b)
12/01/18		8.000%		69,000		71,587
Range Resources Corp.
05/15/19		8.000%		45,000		49,725
Reed Elsevier Capital, Inc.(b)
10/15/22		3.125%		570,000		576,780
Regency Energy Partners LP/Corp.
04/15/23		5.500%		17,000		17,680
Regency Energy Partners LP/Finance Corp.
07/15/21		6.500%		94,000		101,990
Reynolds Group Issuer, Inc./LLC Senior Secured
08/15/19		7.875%		83,000		90,055
Reynolds Group Issuer, Inc./LLC(b) Senior Secured
10/15/20		5.750%		30,000		30,300
Rockwood Specialties Group, Inc.
10/15/20		4.625%		59,000		60,770
SBA Telecommunications, Inc.
08/15/19		8.250%		20,000		22,350
SBA Telecommunications, Inc.(b)
07/15/20		5.750%		23,000		23,920
SM Energy Co. Senior Unsecured
11/15/21		6.500%		68,000		71,570
SPL Logistics Escrow LLC/Finance Corp. Senior Secured(b)
08/01/20		8.875%		73,000		77,562
STHI Holding Corp. Secured(b)
03/15/18		8.000%		51,000		54,570
Sally Holdings LLC/Capital, Inc.
11/15/19		6.875%		21,000		23,284
06/01/22		5.750%		3,000		3,206
Sealed Air Corp.(b)
09/15/21		8.375%		9,000		9,900

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Annual Report 2012

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Shearer’s Escrow Corp. Senior Secured(b)
11/01/19		9.000%		24,000		24,630
Sonic Automotive, Inc.(b)
07/15/22		7.000%		10,000		10,713
Southern Natural Gas Co. LLC Senior Unsecured(b)
04/01/17		5.900%		2,131,000		2,497,937
Southern Star Central Corp. Senior Unsecured
03/01/16		6.750%		138,000		140,587
Spectrum Brands, Inc. Senior Secured
06/15/18		9.500%		41,000		46,022
Spectrum Brands, Inc.(b)
03/15/20		6.750%		18,000		18,383
Sprint Nextel Corp. Senior Unsecured
08/15/20		7.000%		26,000		28,535
Sprint Nextel Corp.(b)
11/15/18		9.000%		115,000		142,025
03/01/20		7.000%		35,000		40,600
Starz LLC/Finance Corp. Senior Notes(b)
09/15/19		5.000%		18,000		18,405
Synovus Financial Corp. Senior Unsecured
02/15/19		7.875%		53,000		59,890
Tampa Electric Co. Senior Unsecured
06/15/42		4.100%		100,000		110,728
Taylor Morrison Communities, Inc./Monarch, Inc.(b)
04/15/20		7.750%		93,000		99,045
Tenet Healthcare Corp. Senior Secured(b)
06/01/20		4.750%		31,000		30,729
Terex Corp.
04/01/20		6.500%		38,000		39,900
Tesoro Logistics LP/Finance Corp. Senior Notes(b)
10/01/20		5.875%		25,000		25,875
Time Warner Cable, Inc.
07/01/18		6.750%		445,000		563,340
02/01/20		5.000%		465,000		547,731
Time Warner, Inc.
03/29/41		6.250%		250,000		323,880
Toledo Edison Co. (The) Senior Secured
05/15/37		6.150%		1,600,000		2,079,507
Tomkins LLC/Inc. Secured
10/01/18		9.000%		52,000		58,240

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
TransDigm, Inc. Senior Subordinated Notes(b)
10/15/20		5.500%		26,000		26,325
Transcontinental Gas Pipe Line Co. LLC Senior Unsecured
04/15/16		6.400%		3,255,000		3,798,588
UR Merger Sub Corp.(b)
05/15/20		7.375%		41,000		44,280
04/15/22		7.625%		103,000		112,785
Secured
07/15/18		5.750%		49,000		52,552
Union Pacific Corp. Senior Unsecured
06/15/42		4.300%		220,000		242,813
United Rentals, Inc.
06/15/23		6.125%		4,000		4,050
United States Cellular Corp. Senior Unsecured
12/15/33		6.700%		165,000		172,950
UnitedHealth Group, Inc. Senior Unsecured
10/15/42		3.950%		85,000		86,128
Universal Hospital Services, Inc. Secured(b)
08/15/20		7.625%		11,000		11,413
Univision Communications, Inc.(b) Senior Secured
05/15/19		6.875%		37,000		37,833
09/15/22		6.750%		18,000		18,000
VPI Escrow Corp.(b)
10/15/20		6.375%		29,000		30,523
Vail Resorts, Inc.
05/01/19		6.500%		86,000		93,310
Valeant Pharmaceuticals International Senior Notes(b)
10/15/20		6.375%		6,000		6,315
Verizon New York, Inc. Senior Unsecured
04/01/32		7.375%		165,000		222,467
Visteon Corp.
04/15/19		6.750%		93,000		95,674
Wells Fargo & Co. Senior Unsecured
11/03/16		4.125%	EUR	330,000		478,470
Whiting Petroleum Corp.
10/01/18		6.500%		5,000		5,394
Windstream Corp.
03/15/19		7.000%		40,000		40,950
10/15/20		7.750%		45,000		48,487
Zayo Group LLC/Capital, Inc. Senior Secured
01/01/20		8.125%		119,000		130,305
tw telecom Holdings, Inc.(b)
10/01/22		5.375%		14,000		14,385

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 13

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Corporate Bonds & Notes(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
tw telecom holdings, inc.
03/01/18		8.000%		106,000		116,600
Total						46,629,606
Total Corporate Bonds & Notes
(Cost: $49,773,915)						55,297,066
Residential Mortgage-Backed Securities — Agency 6.5%
United States 6.5%
Federal Home Loan Mortgage Corp.(c)
04/01/42 - 05/01/42		3.500%		5,280,666		5,669,515
10/01/18		5.000%		203,063		223,218
09/01/17 - 08/01/33		6.500%		160,706		180,292
Federal National Mortgage Association(c)
06/01/27		2.500%		2,539,448		2,666,413
08/01/18 - 09/01/40		4.500%		783,153		856,306
12/01/18 - 06/01/33		5.000%		1,758,768		1,961,087
11/01/18 - 06/01/33		5.500%		1,072,164		1,204,261
03/01/17 - 04/01/33		6.000%		437,624		489,264
04/01/17 - 09/01/32		6.500%		672,139		769,401
05/01/32 - 06/01/32		7.000%		551,310		655,708
05/01/32 - 11/01/32		7.500%		363,210		445,776
Federal National Mortgage Association(c)(d)
01/01/37		5.500%		696,942		790,772
11/01/33		6.500%		201,601		231,714
Government National Mortgage Association(c)
10/15/33		5.500%		491,077		559,513
Total						16,703,240
Total Residential Mortgage-Backed Securities — Agency
(Cost: $15,673,618)						16,703,240
Residential Mortgage-Backed Securities — Non-Agency 0.2%
United States 0.2%
Harborview Mortgage Loan Trust CMO Series 2004-1 Class 4A(c)(e)
04/19/34		4.663%		505,558		480,106
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $454,986)						480,106
Commercial Mortgage-Backed Securities — Agency 0.1%
United States 0.1%
Federal National Mortgage Association(c)
09/01/13		5.720%		272,316		279,501
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $273,393)						279,501

Commercial Mortgage-Backed Securities — Non-Agency 2.0%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
United States 2.0%
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4 Class A4(c)
12/11/49		5.322%		250,000		287,623
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-C2 Class A1(c)
05/15/36		3.819%		243,317		248,403
General Electric Capital Assurance Co. Series 2003-1 Class A4(b)(c)(e)
05/12/35		5.254%		179,332		189,777
Greenwich Capital Commercial Funding Corp. Series 2007-GG9 Class A4(c)
03/10/39		5.444%		800,000		921,554
JPMorgan Chase Commercial Mortgage Securities Corp.(c) Series 2003-LN1 Class A1
10/15/37		4.134%		25,441		25,671
JPMorgan Chase Commercial Mortgage Securities Corp.(c)(e) Series 2005-LDP3 Class ASB
08/15/42		4.893%		599,716		629,706
LB-UBS Commercial Mortgage Trust(c) Series 2004-C2 Class A3
03/15/29		3.973%		247,398		250,462
LB-UBS Commercial Mortgage Trust(c)(e) Series 2007-C7 Class A3
09/15/45		5.866%		835,000		1,004,785
Morgan Stanley Capital I, Inc. Series 2011-C1 Class A4(b)(c)(e)
09/15/47		5.033%		750,000		891,403
S2 Hospitality LLC Series 2012-LV1 Class A(b)(c)
04/15/25		4.500%		322,464		323,953
Wachovia Bank Commercial Mortgage Trust Series 2006-C27 Class APB(c)
07/15/45		5.727%		359,301		361,063
Total						5,134,400
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $4,623,907)						5,134,400
Asset-Backed Securities — Non-Agency(a) 0.3%
Denmark 0.1%
Nykredit Realkredit A/S Mortgage
04/01/28		5.000%	DKK	1,973,488		365,802
United States 0.2%
GTP Towers Issuer LLC(b)
02/15/15		4.436%		450,000		466,832
Total Asset-Backed Securities — Non-Agency
(Cost: $819,712)						832,634

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Annual Report 2012

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Inflation-Indexed Bonds(a) 0.9%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Japan 0.9%
Japanese Government CPI-Linked Bond Senior Unsecured
03/10/18		1.400%	JPY	167,620,000		2,317,032
Total Inflation-Indexed Bonds
(Cost: $1,551,640)						2,317,032
U.S. Treasury Obligations 4.5%
United States 4.5%
U.S. Treasury
03/15/14		1.250%		235,000		238,195
03/31/17		1.000%		4,785,000		4,863,129
02/15/22		2.000%		1,250,000		1,294,434
08/15/22		1.625%		415,000		412,730
11/15/41		3.125%		3,295,000		3,496,819
02/15/42		3.125%		325,000		344,500
05/15/42		3.000%		795,000		821,210
Total						11,471,017
Total U.S. Treasury Obligations
(Cost: $11,153,573)						11,471,017
Foreign Government Obligations(a) 54.3%
Argentina 0.2%
Argentina Bonar Bonds Senior Unsecured
09/12/13		7.000%		383,000		356,190
04/17/17		7.000%		194,000		143,560
Total						499,750
Belgium 0.4%
Belgium Government Bond
03/28/14		4.000%	EUR	750,000		1,023,712
Brazil 2.4%
Banco Nacional de Desenvolvimento Economico e Social Senior Unsecured(b)
06/10/19		6.500%		210,000		260,521
Brazil Notas do Tesouro Nacional
01/01/13		10.000%	BRL	5,870,000		2,998,083
01/01/17		10.000%	BRL	3,908,000		2,086,176
Brazilian Government International Bond Senior Unsecured
01/07/41		5.625%		270,000		346,275
Petrobras International Finance Co.
01/27/21		5.375%		420,000		474,946
Total						6,166,001
Canada 5.9%
Bank of Montreal(b)
10/31/14		1.300%		830,000		843,904
01/30/17		1.950%		810,000		847,098

Foreign Government Obligations(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Bank of Nova Scotia(b)
01/30/17		1.950%		3,000,000		3,137,400
Canadian Government Bond
06/01/18		4.250%	CAD	180,000		207,623
06/01/19		3.750%	CAD	1,195,000		1,363,108
National Bank of Canada(b)
10/19/16		2.200%		1,000,000		1,054,700
Province of British Columbia
06/18/14		5.300%	CAD	1,070,000		1,141,715
Province of Ontario
03/08/14		5.000%	CAD	1,490,000		1,567,398
Senior Unsecured
05/26/15		0.950%		1,160,000		1,171,486
Province of Quebec
12/01/17		4.500%	CAD	1,628,000		1,828,576
Toronto-Dominion Bank (The)(b)
09/14/16		1.625%		1,878,000		1,939,411
Total						15,102,419
Colombia 0.5%
Colombia Government International Bond Senior Unsecured
01/18/41		6.125%		235,000		321,289
Corp. Andina De Fomento
06/15/22		4.375%		932,000		1,013,435
Total						1,334,724
Czech Republic 0.1%
Czech Republic Government Bond
06/16/13		3.700%	CZK	7,230,000		381,317
Denmark 0.2%
Nordea Kredit Realkreditaktieselsk
01/01/13		2.000%	DKK	3,000,000		523,107
Finland 0.8%
Finland Government Bond Senior Unsecured
04/15/21		3.500%	EUR	1,380,000		2,063,786
France 5.0%
Cie de Financement Foncier SA(b)
09/16/15		2.500%		600,000		623,214
Electricite de France SA Senior Unsecured
02/05/18		5.000%	EUR	350,000		533,492
France Government Bond OAT
04/25/13		4.000%	EUR	3,620,000		4,779,108
10/25/16		5.000%	EUR	1,305,000		1,976,116
10/25/17		4.250%	EUR	1,500,000		2,248,106
10/25/19		3.750%	EUR	975,000		1,444,082
10/25/21		3.250%	EUR	630,000		897,366

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 15

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Foreign Government Obligations(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
French Treasury Note BTAN
01/12/14		2.500%	EUR	300,000		399,955
Total						12,901,439
Germany 6.9%
Bayerische Landesbank Senior Unsecured
04/22/13		1.400%	JPY	82,000,000		1,031,315
Bundesrepublik Deutschland
07/04/14		4.250%	EUR	1,615,000		2,240,020
01/04/15		3.750%	EUR	900,000		1,260,149
07/04/19		3.500%	EUR	1,390,000		2,109,099
07/04/27		6.500%	EUR	2,045,000		4,198,645
07/04/28		4.750%	EUR	1,035,000		1,829,357
07/04/34		4.750%	EUR	2,090,000		3,883,012
07/04/44		2.500%	EUR	840,000		1,131,924
Total						17,683,521
Greece —%
Hellenic Republic Government Bond Senior Unsecured(e)
10/15/42		0.000%	EUR	488,200		3,955
Indonesia 1.8%
Indonesia Government International Bond(b) Senior Unsecured
01/17/18		6.875%		500,000		610,000
10/12/35		8.500%		190,000		304,475
01/17/38		7.750%		140,000		211,925
Indonesia Treasury Bond Senior Unsecured
05/15/16		10.750%	IDR	3,620,000,000		440,911
11/15/20		11.000%	IDR	10,840,000,000		1,511,124
07/15/22		10.250%	IDR	10,594,000,000		1,455,385
Total						4,533,820
Italy —%
Italy Buoni Poliennali Del Tesoro
11/01/26		7.250%	EUR	283		439
Japan 9.5%
Japan Government 10-Year Bond Senior Unsecured
12/20/12		1.000%	JPY	130,000,000		1,630,293
09/20/17		1.700%	JPY	392,000,000		5,268,872
Japan Government 20-Year Bond Senior Unsecured
03/20/20		2.400%	JPY	111,000,000		1,584,516
12/20/22		1.400%	JPY	424,000,000		5,629,433
12/20/26		2.100%	JPY	390,500,000		5,440,908
09/20/29		2.100%	JPY	146,000,000		1,990,882
Japan Government 30-Year Bond Senior Unsecured
12/20/34		2.400%	JPY	144,000,000		2,007,518

Foreign Government Obligations(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
03/20/39		2.300%	JPY	64,500,000		878,973
Total						24,431,395
Kazakhstan 0.1%
KazMunayGas National Co. Senior Unsecured(b)
07/02/18		9.125%		250,000		325,850
Lithuania 0.1%
Lithuania Government International Bond Senior Unsecured(b)
09/14/17		5.125%		210,000		236,372
Malaysia 0.7%
Petronas Capital Ltd.(b)
08/12/19		5.250%		1,620,000		1,934,988
Mexico 1.8%
Mexican Bonos
12/19/13		8.000%	MXN	2,007,600		1,586,797
12/17/15		8.000%	MXN	2,668,260		2,208,819
Mexican Government International Bond Senior Unsecured
09/27/34		6.750%		270,000		382,050
Petroleos Mexicanos
01/24/22		4.875%		500,000		560,000
Total						4,737,666
Netherlands 5.0%
Bank Nederlandse Gemeenten Senior Unsecured(b)
03/23/15		1.375%		960,000		975,456
Netherlands Government Bond(b)
07/15/13		4.250%	EUR	1,505,000		2,007,952
07/15/16		4.000%	EUR	2,030,000		2,970,606
07/15/20		3.500%	EUR	4,585,000		6,849,248
Total						12,803,262
New Zealand 0.9%
New Zealand Government Bond Senior Unsecured
04/15/13		6.500%	NZD	2,900,000		2,427,985
Norway 1.1%
Norway Government Bond
05/15/13		6.500%	NOK	12,230,000		2,197,766
05/19/17		4.250%	NOK	3,900,000		764,349
Total						2,962,115
Peru 0.1%
Peruvian Government International Bond Senior Unsecured
07/21/25		7.350%		150,000		218,250

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Annual Report 2012

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Foreign Government Obligations(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Philippines 0.1%
Power Sector Assets & Liabilities Management Corp. Government Guaranteed(b)
05/27/19		7.250%		290,000		376,275
Poland 1.5%
Poland Government Bond
04/25/13		5.250%	PLN	3,590,000		1,130,080
10/25/17		5.250%	PLN	8,585,000		2,823,707
Total						3,953,787
Russian Federation 0.7%
AK Transneft OJSC Via TransCapitalInvest Ltd.(b)
08/07/18		8.700%		100,000		129,092
Gazprom OAO Via Gaz Capital SA(b) Senior Unsecured
11/22/16		6.212%		100,000		110,880
08/16/37		7.288%		230,000		297,850
Russian Foreign Bond — Eurobond Senior Unsecured(b)
03/31/30		7.500%		1,081,125		1,369,029
Total						1,906,851
South Africa 0.5%
South Africa Government Bond Senior Unsecured
12/21/14		8.750%	ZAR	9,575,000		1,187,468
South Korea 0.6%
Export-Import Bank of Korea Senior Unsecured
01/21/14		8.125%		360,000		389,459
01/14/15		5.875%		450,000		494,143
04/11/22		5.000%		500,000		588,997
Total						1,472,599
Sweden 1.3%
Nordea Hypotek AB
06/19/13		4.250%	SEK	7,300,000		1,123,435
Sweden Government Bond
08/12/17		3.750%	SEK	6,330,000		1,074,484
06/01/22		3.500%	SEK	5,800,000		1,026,877
Total						3,224,796
Turkey 0.3%
Turkey Government International Bond Senior Unsecured
03/17/36		6.875%		540,000		694,872
United Kingdom 4.7%
United Kingdom Gilt
09/07/16		4.000%	GBP	1,070,000		1,955,984

Foreign Government Obligations(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
03/07/19		4.500%	GBP	820,000		1,599,521
09/07/21		3.750%	GBP	190,000		360,349
03/07/25		5.000%	GBP	500,000		1,064,445
12/07/27		4.250%	GBP	940,000		1,876,587
03/07/36		4.250%	GBP	665,000		1,314,514
12/07/38		4.750%	GBP	795,000		1,694,315
12/07/40		4.250%	GBP	630,000		1,242,601
12/07/49		4.250%	GBP	555,000		1,097,542
Total						12,205,858
Uruguay 0.2%
Uruguay Government International Bond Senior Unsecured
03/21/36		7.625%		275,000		426,938
Venezuela 0.9%
Petroleos de Venezuela SA
04/12/17		5.250%		1,190,000		940,100
Venezuela Government International Bond Senior Unsecured
02/26/16		5.750%		620,000		571,950
05/07/23		9.000%		931,000		816,952
Total						2,329,002
Total Foreign Government Obligations
(Cost: $127,551,800)						140,074,319
Senior Loans 0.2%
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
Australia —%
FMG Resources August 2006 Proprietary Ltd. Term Loan(e)(f)(g)
10/18/17		5.750%		68,000		67,626
Germany —%
Schaeffler AG Tranche C2 Term Loan(e)(f)
01/27/17		6.000%		29,000		29,285
United States 0.2%
Asurion LLC 1st Lien Term Loan(e)(f)
05/24/18		5.500%		5,000		5,031
Blue Coat Systems 1st Lien Term Loan(e)(f)(g)
02/15/18		5.750%		15,000		15,038
Candy Intermediate Holdings, Inc. Term Loan(e)(f)
06/18/18		7.509%		16,957		17,074
ConvaTec, Inc. Term Loan(e)(f)(g)
12/22/16		5.000%		6,000		6,023

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 17

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Senior Loans (continued)
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
Cumulus Media Holdings, Inc. 2nd Lien Term Loan(e)(f)
09/16/19		7.500%		24,704		24,982
Lonestar Intermediate Super Holdings LLC Term Loan(e)(f)
09/02/19		11.000%		95,000		100,937
New Breed Logistics, Inc. Term Loan(e)(f)
10/01/19		6.000%		86,000		85,355
Serta Simmons Holdings LLC Tranche B Term Loan(e)(f)(g)
10/01/19		5.000%		65,000		64,930
West Corp. Tranche B6 Term Loan(e)(f)
06/30/18		5.750%		35,910		36,404
WideOpenWest Finance LLC Term Loan(e)(f)
07/17/18		6.250%		12,968		13,073
Total						368,847
Total Senior Loans
(Cost: $452,035)						465,758

Treasury Bills(a) 1.0%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Australia 1.0%
Australia Treasury Bills
02/08/13		2.960%	AUD	2,605,000		2,682,391
Total Treasury Bills
(Cost: $2,676,857)						2,682,391
Money Market Funds 5.3%
			Shares		Value ($)
Columbia Short-Term Cash Fund,
0.149%(h)(i)				13,776,932		13,776,932
Total Money Market Funds
(Cost: $13,776,932)						13,776,932
Total Investments
(Cost: $228,782,368)						249,514,396
Other Assets & Liabilities, Net						8,394,027
Net Assets						257,908,423

At October 31, 2012, $847,494 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Futures Contracts Outstanding at October 31, 2012

Contract Description	Number of Contracts Long (Short)			Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Australian Government Bond, 10-year		(148	)		(14,895,328	)		December 2012		—		(135,915	)
Euro-Bund, 10-year		101			18,547,483			December 2012		159,365		—
Japanese Government Bond, 10-year		3			5,420,894			December 2012		11,880		—
U.S. Treasury Note, 5-year		(78	)		(9,691,500	)		December 2012		—		(17,133	)
U.S. Treasury Note, 10-year		(136	)		(18,092,250	)		December 2012		28,898		—
U.S. Treasury Ultra Bond, 30-year		(2	)		(330,187	)		December 2012		4,012		—
Total										204,155		(153,048	)

Forward Foreign Currency Exchange Contracts Open at October 31, 2012

Counterparty	Exchange Date		Currency to be Delivered				Currency to be Received				Unrealized Appreciation ($)		Unrealized Depreciation ($)
HSBC Securities (USA), Inc.		November 13, 2012		1,951,319	(USD	)		1,916,000	(CAD	)		—		(33,371	)
J.P. Morgan Securities, Inc.		November 19, 2012		12,449,291	(USD	)		976,317,000	(JPY	)		—		(217,646	)
J.P. Morgan Securities, Inc.		November 19, 2012		1,507,190	(USD	)		1,850,000	(SGD	)		9,424		—
UBS Securities		November 27, 2012		450,677	(USD	)		279,000	(GBP	)		—		(480	)
UBS Securities		November 29, 2012		2,776,000	(NZD	)		2,264,522	(USD	)		—		(14,414	)
Deutsche Bank		December 3, 2012		2,092,461	(USD	)		6,400,000	(MYR	)		3,556		—
Citigroup Global Markets, Inc.		December 4, 2012		7,101,000	(BRL	)		3,481,394	(USD	)		661		—
State Street Bank & Trust Co.		December 4, 2012		2,153,000	(EUR	)		2,783,506	(USD	)		—		(7,929	)

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Annual Report 2012

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Counterparty	Exchange Date		Currency to be Delivered				Currency to be Received				Unrealized Appreciation ($)		Unrealized Depreciation ($)
J.P. Morgan Securities, Inc.		December 5, 2012		4,540,000	(PLN	)		1,405,051	(USD	)		—		(11,324	)
HSBC Securities (USA), Inc.		December 5, 2012		1,342,493	(USD	)		1,300,000	(AUD	)		3,332		—
UBS Securities		December 6, 2012		17,000,000	(MXN	)		1,298,082	(USD	)		4,281		—
Deutsche Bank		December 7, 2012		20,095,000	(ILS	)		5,156,928	(USD	)		—		(9,403	)
Standard Chartered Bank		December 7, 2012		6,294,000	(SGD	)		5,161,767	(USD	)		2,073		—
Morgan Stanley		December 7, 2012		75,426,000	(TWD	)		2,583,967	(USD	)		2,086		—
Citigroup Global Markets, Inc.		December 7, 2012		5,091,427	(USD	)		276,159,000	(INR	)		5,854		—
Citigroup Global Markets, Inc.		December 7, 2012		2,607,264	(USD	)		2,850,000,000	(KRW	)		777		—
J.P. Morgan Securities, Inc.		December 7, 2012		2,574,632	(USD	)		8,218,000	(PLN	)		—		(11,402	)
Barclays Bank PLC		December 7, 2012		5,124,173	(USD	)		161,806,000	(RUB	)		2,442		—
Standard Chartered Bank		December 12, 2012		692,000	(AUD	)		714,075	(USD	)		—		(1,898	)
Standard Chartered Bank		December 12, 2012		430,000	(CAD	)		429,699	(USD	)		—		(467	)
HSBC Securities (USA), Inc.		December 12, 2012		16,320,000	(CHF	)		17,426,867	(USD	)		—		(108,322	)
Standard Chartered Bank		December 12, 2012		3,358,000	(CHF	)		3,586,553	(USD	)		—		(21,484	)
Goldman, Sachs & Co.		December 12, 2012		22,503,000	(EUR	)		29,037,309	(USD	)		—		(141,439	)
Standard Chartered Bank		December 12, 2012		2,000,000	(EUR	)		2,581,460	(USD	)		—		(11,861	)
Standard Chartered Bank		December 12, 2012		805,000	(GBP	)		1,291,051	(USD	)		—		(7,846	)
Standard Chartered Bank		December 12, 2012		285,030,000	(JPY	)		3,581,228	(USD	)		9,365		—
State Street Bank & Trust Co.		December 12, 2012		924,400,000	(JPY	)		11,613,795	(USD	)		29,641		—
Standard Chartered Bank		December 12, 2012		4,140,000	(NOK	)		716,351	(USD	)		—		(8,731	)
Standard Chartered Bank		December 12, 2012		874,000	(NZD	)		715,369	(USD	)		—		(1,489	)
Standard Chartered Bank		December 12, 2012		4,788,000	(SEK	)		716,283	(USD	)		—		(4,704	)
Morgan Stanley		December 12, 2012		11,570,583	(USD	)		11,213,000	(AUD	)		30,869		—
Credit Suisse		December 12, 2012		29,013,317	(USD	)		29,030,000	(CAD	)		27,915		—
UBS Securities		December 12, 2012		17,408,268	(USD	)		100,613,000	(NOK	)		213,143		—
Total												345,419		(614,210	)

Notes to Portfolio of Investments

(a) Principal amounts are denominated in United States Dollars unless otherwise noted.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2012, the value of these securities amounted to $39,398,522 or 15.28% of net assets.

(c) The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

(d) At October 31, 2012, investments in securities included securities valued at $248,926 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.

(e) Variable rate security. The interest rate shown reflects the rate as of October 31, 2012.

(f) Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. The interest rate shown reflects the weighted average coupon as of October 31, 2012. The interest rate shown for senior loans purchased on a when-issued or delayed delivery basis, if any, reflects an estimated average coupon. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(g) Represents a security purchased on a when-issued or delayed delivery basis.

(h) The rate shown is the seven-day current annualized yield at October 31, 2012.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 19

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Notes to Portfolio of Investments (continued)

(i) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended October 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Sales Cost/ Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		14,432,698		85,716,320		(86,372,086	)		13,776,932		25,344		13,776,932

Abbreviation Legend

CMO Collateralized Mortgage Obligation

Currency Legend

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysia Ringgits
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
RUB	Russian Rouble
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	Taiwan Dollar
USD	US Dollar
ZAR	South African Rand

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Annual Report 2012

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third- party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2012:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Corporate Bonds & Notes		—		55,297,066		—		55,297,066
Residential Mortgage-Backed Securities — Agency		—		16,703,240		—		16,703,240
Residential Mortgage-Backed Securities — Non-Agency		—		480,106		—		480,106
Commercial Mortgage-Backed Securities — Agency		—		279,501		—		279,501
Commercial Mortgage-Backed Securities — Non-Agency		—		5,134,400		—		5,134,400
Asset-Backed Securities — Non-Agency		—		832,634		—		832,634
Inflation-Indexed Bonds		—		2,317,032		—		2,317,032
U.S. Treasury Obligations		11,471,017		—		—		11,471,017
Foreign Government Obligations		—		140,074,319		—		140,074,319
Total Bonds		11,471,017		221,118,298		—		232,589,315

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 21

Columbia Global Bond Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Short-Term Securities
Treasury Bills		—			2,682,391			—		2,682,391
Total Short-Term Securities		—			2,682,391			—		2,682,391
Other
Senior Loans		—			465,758			—		465,758
Money Market Funds		13,776,932			—			—		13,776,932
Total Other		13,776,932			465,758			—		14,242,690
Investments in Securities		25,247,949			224,266,447			—		249,514,396
Derivatives
Assets
Futures Contracts		204,155			—			—		204,155
Forward Foreign Currency Exchange Contracts		—			345,419			—		345,419
Liabilities
Futures Contracts		(153,048	)		—			—		(153,048	)
Forward Foreign Currency Exchange Contracts		—			(614,210	)		—		(614,210	)
Total		25,299,056			223,997,656			—		249,296,712

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

There were no transfers of financial assets between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and/or unobservable inputs were used to determine fair value.

	Corporate Bonds & Notes ($)
Balance as of October 31, 2011		1,368,098
Accrued discounts/premiums		19,434
Realized gain (loss)		120,661
Change in unrealized appreciation (depreciation)(a)		(158,544	)
Sales		(1,349,649	)
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of October 31, 2012		—

(a) Change in unrealized appreciation (depreciation) relating to securities held at October 31, 2012 was $0.

The Fund does not hold any significant investments with unobservable inputs which are categorized as Level 3.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Annual Report 2012

Columbia Global Bond Fund

Statement of Assets and Liabilities

October 31, 2012

Assets
Investments, at value
Unaffiliated issuers (identified cost $215,005,436)	$235,737,464
Affiliated issuers (identified cost $13,776,932)	13,776,932
Total investments (identified cost $228,782,368)	249,514,396
Cash	744
Foreign currency (identified cost $5,933,822)	6,062,972
Margin deposits on futures contracts	847,494
Unrealized appreciation on forward foreign currency exchange contracts	345,419
Receivable for:
Investments sold	174,247
Capital shares sold	667,341
Dividends	1,628
Interest	2,381,986
Reclaims	125,861
Expense reimbursement due from Investment Manager	7,992
Prepaid expenses	3,544
Total assets	260,133,624
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	614,210
Payable for:
Investments purchased	325,700
Investments purchased on a delayed delivery basis	152,580
Capital shares purchased	729,227
Variation margin on futures contracts	73,270
Investment management fees	20,053
Distribution fees	10,172
Foreign capital gains taxes deferred	128,051
Transfer agent fees	51,015
Administration fees	2,814
Plan administration fees	14
Compensation of board members	22,125
Other expenses	95,970
Total liabilities	2,225,201
Net assets applicable to outstanding capital stock	$257,908,423
Represented by
Paid-in capital	$232,810,641
Undistributed net investment income	5,390,605
Accumulated net realized loss	(829,807	)
Unrealized appreciation (depreciation) on:
Investments	20,732,028
Foreign currency translations	150,691
Forward foreign currency exchange contracts	(268,791	)
Futures contracts	51,107
Foreign capital gains tax	(128,051	)
Total — representing net assets applicable to outstanding capital stock	$257,908,423

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 23

Columbia Global Bond Fund

Statement of Assets and Liabilities (continued)

October 31, 2012

Class A
Net assets	$209,872,740
Shares outstanding	29,059,537
Net asset value per share	$7.22
Maximum offering price per share(a)	$7.58
Class B
Net assets	$5,819,358
Shares outstanding	799,748
Net asset value per share	$7.28
Class C
Net assets	$8,481,266
Shares outstanding	1,179,047
Net asset value per share	$7.19
Class I
Net assets	$10,399
Shares outstanding	1,447
Net asset value per share	$7.19
Class K(b)
Net assets	$410,292
Shares outstanding	56,762
Net asset value per share	$7.23
Class R
Net assets	$5,161
Shares outstanding	716
Net asset value per share(c)	$7.20
Class W
Net assets	$31,186,650
Shares outstanding	4,320,916
Net asset value per share	$7.22
Class Z
Net assets	$2,122,557
Shares outstanding	293,832
Net asset value per share	$7.22

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 4.75%.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Net asset value per share rounds to this amount due to fractional shares outstanding.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Annual Report 2012

Columbia Global Bond Fund

Statement of Operations

Year Ended October 31, 2012

Net investment income
Income:
Dividends — affiliated issuers	$25,344
Interest	9,769,497
Income from securities lending — net	13,767
Foreign taxes withheld	(48,226	)
Total income	9,760,382
Expenses:
Investment management fees	1,518,028
Distribution fees
Class A	530,233
Class B	80,226
Class C	67,122
Class R	25
Class W	89,390
Transfer agent fees
Class A	653,592
Class B	26,052
Class C	20,718
Class K(a)	193
Class R	16
Class W	111,888
Class Z	3,784
Administration fees	213,057
Plan administration fees
Class K(a)	964
Compensation of board members	9,877
Custodian fees	30,084
Printing and postage fees	121,574
Registration fees	109,053
Professional fees	41,946
Other	20,344
Total expenses	3,648,166
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(483,448	)
Expense reductions	(20	)
Total net expenses	3,164,698
Net investment income	6,595,684
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	2,900,884
Foreign currency translations	(492,235	)
Forward foreign currency exchange contracts	4,518,772
Futures contracts	(347,658	)
Net realized gain	6,579,763
Net change in unrealized appreciation (depreciation) on:
Investments	(246,115	)
Foreign currency translations	176,317
Forward foreign currency exchange contracts	(66,896	)
Futures contracts	38,470
Foreign capital gains tax	67,421
Net change in unrealized appreciation (depreciation)	(30,803	)
Net realized and unrealized gain	6,548,960
Net increase in net assets resulting from operations	$13,144,644

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 25

Columbia Global Bond Fund

Statement of Changes in Net Assets

	2012			2011
Operations
Net investment income		$6,595,684			$14,739,711
Net realized gain		6,579,763			22,973,994
Net change in unrealized appreciation (depreciation)		(30,803	)		(27,446,893	)
Net increase in net assets resulting from operations		13,144,644			10,266,812
Distributions to shareholders
Net investment income
Class A		(13,525,752	)		(9,200,711	)
Class B		(525,693	)		(495,637	)
Class C		(333,562	)		(190,844	)
Class I		(205,049	)		(7,489,753	)
Class K(a)		(24,475	)		(14,475	)
Class R		(314	)		(195	)
Class W		(2,978,760	)		(2,561,714	)
Class Z		(57,642	)		(8,628	)
Net realized gains
Class A		(905,617	)		—
Class B		(39,090	)		—
Class C		(24,734	)		—
Class I		(13,695	)		—
Class K(a)		(1,586	)		—
Class R		(22	)		—
Class W		(205,051	)		—
Class Z		(3,453	)		—
Total distributions to shareholders		(18,844,495	)		(19,961,957	)
Increase (decrease) in net assets from capital stock activity		(32,579,444	)		(231,596,485	)
Total decrease in net assets		(38,279,295	)		(241,291,630	)
Net assets at beginning of year		296,187,718			537,479,348
Net assets at end of year		$257,908,423			$296,187,718
Undistributed net investment income		$5,390,605			$10,781,489

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Annual Report 2012

Columbia Global Bond Fund

Statement of Changes in Net Assets (continued)

	Year Ended October 31, 2012						Year Ended October 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		3,431,960			24,203,233			4,164,423			30,474,856
Distributions reinvested		1,875,892			12,870,895			1,150,249			8,161,033
Redemptions		(6,634,315	)		(46,770,836	)		(7,976,676	)		(58,041,360	)
Net decrease		(1,326,463	)		(9,696,708	)		(2,662,004	)		(19,405,471	)
Class B shares
Subscriptions		42,599			301,284			240,686			1,778,975
Distributions reinvested		75,354			520,694			64,521			459,127
Redemptions(a)		(644,810	)		(4,565,242	)		(1,439,224	)		(10,634,013	)
Net decrease		(526,857	)		(3,743,264	)		(1,134,017	)		(8,395,911	)
Class C shares
Subscriptions		534,165			3,767,227			227,138			1,657,291
Distributions reinvested		47,828			326,664			24,725			174,532
Redemptions		(210,878	)		(1,479,741	)		(270,945	)		(1,959,893	)
Net increase (decrease)		371,115			2,614,150			(19,082	)		(128,070	)
Class I shares
Subscriptions		99,977			701,945			1,650,156			11,953,911
Distributions reinvested		31,795			217,943			1,054,721			7,489,284
Redemptions		(588,039	)		(4,093,918	)		(28,404,814	)		(207,731,335	)
Net decrease		(456,267	)		(3,174,030	)		(25,699,937	)		(188,288,140	)
Class K shares(b)
Subscriptions		15,229			111,009			2,016			14,637
Distributions reinvested		3,797			26,061			2,042			14,475
Redemptions		(1,782	)		(12,945	)		(19,006	)		(136,927	)
Net increase (decrease)		17,244			124,125			(14,948	)		(107,815	)
Class W shares
Subscriptions		1,856,591			13,263,151			2,179,782			15,803,657
Distributions reinvested		464,964			3,183,456			361,929			2,561,501
Redemptions		(5,150,963	)		(36,493,728	)		(4,749,298	)		(34,407,634	)
Net decrease		(2,829,408	)		(20,047,121	)		(2,207,587	)		(16,042,476	)
Class Z shares
Subscriptions		268,955			1,910,003			117,047			871,715
Distributions reinvested		8,786			60,408			1,165			8,433
Redemptions		(88,272	)		(627,007	)		(14,855	)		(108,750	)
Net increase		189,469			1,343,404			103,357			771,398
Total net decrease		(4,561,167	)		(32,579,444	)		(31,634,218	)		(231,596,485	)

(a) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 27

Columbia Global Bond Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended October 31,
Class A	2012		2011		2010		2009			2008
Per share data
Net asset value, beginning of period	$7.35		$7.47		$7.10		$6.16		$6.89
Income from investment operations:
Net investment income	0.18		0.22		0.23		0.17		0.22
Net realized and unrealized gain (loss)	0.17		(0.05	)	0.31		1.15		(0.73)
Total from investment operations	0.35		0.17		0.54		1.32		(0.51)
Less distributions to shareholders:
Net investment income	(0.45	)	(0.29	)	(0.17	)	(0.38	)	(0.22)
Net realized gains	(0.03	)	—		—		—		—
Total distributions to shareholders	(0.48	)	(0.29	)	(0.17	)	(0.38	)	(0.22)
Net asset value, end of period	$7.22		$7.35		$7.47		$7.10		$6.16
Total return	5.20	%	2.46	%	7.70	%	22.12	%	(7.66%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	1.33	%	1.35	%	1.34	%	1.36	%	1.32%
Net expenses after fees waived or expenses reimbursed(b)	1.15	%(c)	1.21	%(c)	1.25	%	1.25	%	1.25%
Net investment income	2.51	%(c)	2.95	%(c)	3.31	%	2.72	%	3.26%
Supplemental data
Net assets, end of period (in thousands)	$209,873		$223,462		$246,929		$252,773		$248,748
Portfolio turnover	34	%	57	%	62	%	69	%	75%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(c) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Annual Report 2012

Columbia Global Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class B	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$7.41		$7.52		$7.14		$6.23		$6.96
Income from investment operations:
Net investment income	0.13		0.16		0.18		0.13		0.17
Net realized and unrealized gain (loss)	0.18		(0.04	)	0.31		1.15		(0.73	)
Total from investment operations	0.31		0.12		0.49		1.28		(0.56	)
Less distributions to shareholders:
Net investment income	(0.41	)	(0.23	)	(0.11	)	(0.37	)	(0.17	)
Net realized gains	(0.03	)	—		—		—		—
Total distributions to shareholders	(0.44	)	(0.23	)	(0.11	)	(0.37	)	(0.17	)
Net asset value, end of period	$7.28		$7.41		$7.52		$7.14		$6.23
Total return	4.50	%	1.72	%	6.89	%	21.14	%	(8.28	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	2.10	%	2.12	%	2.10	%	2.13	%	2.09	%
Net expenses after fees waived or expenses reimbursed(b)	1.90	%(c)	1.96	%(c)	2.02	%	2.01	%	2.01	%
Net investment income	1.79	%(c)	2.22	%(c)	2.58	%	2.00	%	2.49	%
Supplemental data
Net assets, end of period (in thousands)	$5,819		$9,836		$18,513		$29,977		$42,400
Portfolio turnover	34	%	57	%	62	%	69	%	75	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(c) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 29

Columbia Global Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class C	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$7.33		$7.45		$7.08		$6.18		$6.91
Income from investment operations:
Net investment income	0.12		0.16		0.18		0.13		0.17
Net realized and unrealized gain (loss)	0.18		(0.04	)	0.31		1.14		(0.73	)
Total from investment operations	0.30		0.12		0.49		1.27		(0.56	)
Less distributions to shareholders:
Net investment income	(0.41	)	(0.24	)	(0.12	)	(0.37	)	(0.17	)
Net realized gains	(0.03	)	—		—		—		—
Total distributions to shareholders	(0.44	)	(0.24	)	(0.12	)	(0.37	)	(0.17	)
Net asset value, end of period	$7.19		$7.33		$7.45		$7.08		$6.18
Total return	4.42	%	1.70	%	6.95	%	21.15	%	(8.27	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	2.09	%	2.10	%	2.10	%	2.12	%	2.08	%
Net expenses after fees waived or expenses reimbursed(b)	1.90	%(c)	1.95	%(c)	2.01	%	2.01	%	2.01	%
Net investment income	1.73	%(c)	2.21	%(c)	2.58	%	1.94	%	2.51	%
Supplemental data
Net assets, end of period (in thousands)	$8,481		$5,926		$6,162		$5,557		$4,295
Portfolio turnover	34	%	57	%	62	%	69	%	75	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(c) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

30 Annual Report 2012

Columbia Global Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class I	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$7.36		$7.48		$7.11		$6.14		$6.87
Income from investment operations:
Net investment income	0.21		0.25		0.26		0.20		0.25
Net realized and unrealized gain (loss)	0.17		(0.05	)	0.31		1.15		(0.73	)
Total from investment operations	0.38		0.20		0.57		1.35		(0.48	)
Less distributions to shareholders:
Net investment income	(0.52	)	(0.32	)	(0.20	)	(0.38	)	(0.25	)
Net realized gains	(0.03	)	—		—		—		—
Total distributions to shareholders	(0.55	)	(0.32	)	(0.20	)	(0.38	)	(0.25	)
Net asset value, end of period	$7.19		$7.36		$7.48		$7.11		$6.14
Total return	5.63	%	2.94	%	8.16	%	22.83	%	(7.30	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	0.77	%	0.82	%	0.86	%	0.86	%	0.85	%
Net expenses after fees waived or expenses reimbursed(b)	0.71	%	0.76	%	0.82	%	0.82	%	0.82	%
Net investment income	3.02	%	3.40	%	3.70	%	3.16	%	3.68	%
Supplemental data
Net assets, end of period (in thousands)	$10		$3,369		$195,613		$169,717		$205,798
Portfolio turnover	34	%	57	%	62	%	69	%	75	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 31

Columbia Global Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class K(a)	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$7.36		$7.48		$7.11		$6.16		$6.89
Income from investment operations:
Net investment income	0.19		0.23		0.24		0.18		0.25
Net realized and unrealized gain (loss)	0.18		(0.05	)	0.31		1.15		(0.72	)
Total from investment operations	0.37		0.18		0.55		1.33		(0.47	)
Less distributions to shareholders:
Net investment income	(0.47	)	(0.30	)	(0.18	)	(0.38	)	(0.26	)
Net realized gains	(0.03	)	—		—		—		—
Total distributions to shareholders	(0.50	)	(0.30	)	(0.18	)	(0.38	)	(0.26	)
Net asset value, end of period	$7.23		$7.36		$7.48		$7.11		$6.16
Total return	5.39	%	2.60	%	7.85	%	22.42	%	(7.19	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	1.08	%	1.12	%	1.18	%	1.16	%	1.14	%
Net expenses after fees waived or expenses reimbursed(c)	1.00	%	1.06	%	1.12	%	1.06	%	0.87	%
Net investment income	2.65	%	3.10	%	3.35	%	2.86	%	3.64	%
Supplemental data
Net assets, end of period (in thousands)	$410		$291		$407		$169		$118
Portfolio turnover	34	%	57	%	62	%	69	%	75	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

32 Annual Report 2012

Columbia Global Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class R	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$7.34		$7.46		$6.98
Income from investment operations:
Net investment income	0.16		0.20		0.16
Net realized and unrealized gain (loss)	0.17		(0.05	)	0.40
Total from investment operations	0.33		0.15		0.56
Less distributions to shareholders:
Net investment income	(0.44	)	(0.27	)	(0.08	)
Net realized gains	(0.03	)	—		—
Total distributions to shareholders	(0.47	)	(0.27	)	(0.08	)
Net asset value, end of period	$7.20		$7.34		$7.46
Total return	4.83	%	2.21	%	8.15	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	1.60	%	1.59	%	1.66	%(c)
Net expenses after fees waived or expenses reimbursed(d)	1.40	%	1.46	%	1.59	%(c)
Net investment income	2.26	%	2.69	%	3.58	%(c)
Supplemental data
Net assets, end of period (in thousands)	$5		$5		$5
Portfolio turnover	34	%	57	%	62	%

Notes to Financial Highlights

(a) For the period from March 15, 2010 (commencement of operations) to October 31, 2010.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 33

Columbia Global Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class W	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$7.35		$7.46		$7.09		$6.15		$6.88
Income from investment operations:
Net investment income	0.18		0.22		0.22		0.17		0.22
Net realized and unrealized gain (loss)	0.17		(0.04	)	0.31		1.14		(0.73	)
Total from investment operations	0.35		0.18		0.53		1.31		(0.51	)
Less distributions to shareholders:
Net investment income	(0.45	)	(0.29	)	(0.16	)	(0.37	)	(0.22	)
Net realized gains	(0.03	)	—		—		—		—
Total distributions to shareholders	(0.48	)	(0.29	)	(0.16	)	(0.37	)	(0.22	)
Net asset value, end of period	$7.22		$7.35		$7.46		$7.09		$6.15
Total return	5.18	%	2.59	%	7.66	%	22.04	%	(7.62	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed	1.34	%	1.36	%	1.31	%	1.30	%	1.30	%
Net expenses after fees waived or expenses reimbursed(b)	1.16	%(c)	1.21	%(c)	1.27	%	1.27	%	1.27	%
Net investment income	2.56	%(c)	2.95	%(c)	3.15	%	2.70	%	3.27	%
Supplemental data
Net assets, end of period (in thousands)	$31,187		$52,531		$69,842		$60,278		$135,157
Portfolio turnover	34	%	57	%	62	%	69	%	75	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(c) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

34 Annual Report 2012

Columbia Global Bond Fund

Financial Highlights (continued)

	Year Ended October 31,
Class Z	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$7.36		$7.48		$7.33
Income from investment operations:
Net investment income	0.19		0.23		0.01
Net realized and unrealized gain (loss)	0.17		(0.03	)	0.14
Total from investment operations	0.36		0.20		0.15
Less distributions to shareholders:
Net investment income	(0.47	)	(0.32	)	—
Net realized gains	(0.03	)	—		—
Total distributions to shareholders	(0.50	)	(0.32	)	—
Net asset value, end of period	$7.22		$7.36		$7.48
Total return	5.34	%	2.83	%	2.05	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	1.08	%	0.96	%	1.13	%(c)
Net expenses after fees waived or expenses reimbursed(d)	0.89	%(e)	0.94	%(e)	0.95	%(c)
Net investment income	2.70	%(e)	3.19	%(e)	2.31	%(c)
Supplemental data
Net assets, end of period (in thousands)	$2,123		$768		$8
Portfolio turnover	34	%	57	%	62	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 35

Columbia Global Bond Fund

Notes to Financial Statements

October 31, 2012

Note 1. Organization

Columbia Global Bond Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class W and Class Z shares. Effective November 8, 2012, the Fund also offers Class Y shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 4.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Fund no longer accepts investments by new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

Class K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class W shares are not subject to sales charges and are only available to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs.

Class Y shares are not subject to sales charges and are only available to certain categories of investors which are subject to minimum initial investment requirements. Class Y shares commenced operations on November 8, 2012.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Asset and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean

36 Annual Report 2012

Columbia Global Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board, including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net fair value of all derivatives entered into pursuant to the agreement between the Fund and such counterparty. If the net fair value of such derivatives between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

Annual Report 2012 37

Columbia Global Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, and/or to recover an underweight country exposure in its portfolio, and to take long and short positions with the goal of generating gains for the Fund.

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The Fund will record a realized gain or loss when the forward foreign currency exchange contract expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, manage the duration and yield curve exposure of the Fund versus the benchmark, manage exposure to movements in interest rates, and to take long and short positions with the goal of generating gains for the Fund. Upon entering into futures contracts, the Fund bears risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments (variation margin) are made or received by the Fund each day.

The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; the impact of derivative transactions on the Fund’s operations over the period including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments at October 31, 2012:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	345,419
Interest rate contracts	Net assets — unrealized appreciation on futures contracts	204,155	*
Total		549,574
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	614,210
Interest rate contracts	Net assets — unrealized depreciation on futures contracts	153,048	*
Total		767,258

* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

38 Annual Report 2012

Columbia Global Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

The effect of derivative instruments in the Statement of Operations for the year ended October 31, 2012:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Total ($)
Foreign exchange contracts		4,518,772			—			4,518,772
Interest rate contracts		—			(347,658	)		(347,658	)
Total		4,518,772			(347,658	)		4,171,114
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Total ($)
Foreign exchange contracts		(66,896	)		—			(66,896	)
Interest rate contracts		—			38,470			38,470
Total		(66,896	)		38,470			(28,426	)

The following table is a summary of the volume of derivative instruments for the year ended October 31, 2012:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		817
Futures contracts		4,057

Delayed Delivery Securities and Forward Sale Commitments

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” basis. This may increase the risk if the other party to the transaction fails to deliver and causes the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

The Fund may enter into forward sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of forward sale commitments are not received until the contractual settlement date. While a forward sale commitment is outstanding, equivalent deliverable securities or an offsetting forward purchase commitment deliverable on or before the sale commitment date, are used to satisfy the commitment.

Unsettled forward sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Security Valuation” above.

The forward sale commitment is “marked-to-market” daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the market price established at the date the commitment was entered into.

Treasury Inflation Protected Securities

The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. Interest payments are based on the adjusted principal at the time the interest is paid. These adjustments are recorded as interest income in the Statement of Operations.

Loan Participations and Commitments

The Fund may invest in loan participations. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participation (Selling Participant), but not the borrower. However, the Fund assumes the credit risk of the borrower, Selling Participant and any other persons interpositioned between the Fund and the borrower. The Fund may not directly benefit from the collateral supporting the senior loan which it has purchased from the Selling Participant.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

Inflation adjustments to the principal amount and cost basis of inflation-indexed securities are included in interest income.

Dividend income is recorded on the ex-dividend date.

The value of additional securities received as an income payment is recorded as income and increases the cost basis of such securities.

Annual Report 2012 39

Columbia Global Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.57% to 0.47% as the Fund’s net assets increase. The effective investment management fee rate for the year ended October 31, 2012 was 0.57% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund

40 Annual Report 2012

Columbia Global Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The effective administration fee rate for the year ended October 31, 2012 was 0.08% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Fund or the Board, including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the year ended October 31, 2012, other expenses paid to this company were $2,329.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not “interested persons” of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Fund for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Fund that is a percentage of the average aggregate value of the Fund’s shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class K shares.

For the year ended October 31, 2012, the Fund’s effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.31	%
Class B	0.32
Class C	0.31
Class K	0.05
Class R	0.32
Class W	0.31
Class Z	0.30

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the year ended October 31, 2012, these minimum account balance fees reduced total expenses by $20.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A and Class W shares, a fee at an annual rate of up to 0.50% of the Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense)

Annual Report 2012 41

Columbia Global Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

was approximately $845,000 and $90,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of June 30, 2012, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $174,112 for Class A, $2,975 for Class B and $1,332 for Class C shares for the year ended October 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective January 1, 2012, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through February 28, 2013, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.14	%
Class B	1.89
Class C	1.89
Class I	0.69
Class K	0.99
Class R	1.39
Class W	1.14
Class Z	0.89

Prior to January 1, 2012, the Investment Manager and certain of its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, did not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.21	%
Class B	1.96
Class C	1.96
Class I	0.76
Class K	1.06
Class R	1.46
Class W	1.21
Class Z	0.96

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At October 31, 2012, these differences are primarily due to differing treatment for principal and/or interest of fixed income securities, deferral/reversal of wash sales losses, Trustees’ deferred compensation, foreign capital gains tax, foreign currency transactions, and derivative investments. To the extent these differences are permanent, reclassifications are made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$5,664,679
Accumulated net realized loss	(5,664,679	)

Net investment income and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

Year Ended October 31,	2012 ($)		2011 ($)
Ordinary income		17,651,247		19,961,957
Long-term capital gains		1,193,248		—
Total		18,844,495		19,961,957

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

42 Annual Report 2012

Columbia Global Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

At October 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$14,487,892
Undistributed accumulated long-term gain	209,703
Unrealized appreciation	10,421,507

At October 31, 2012, the cost of investments for federal income tax purposes was $238,764,154 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$12,661,590
Unrealized depreciation	(1,911,348	)
Net unrealized appreciation	$10,750,242

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $82,008,669 and $127,149,192, respectively, for the year ended October 31, 2012, of which $28,958,882 and $16,372,725, respectively, were U.S. government securities.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any

uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the year ended October 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At October 31, 2012, the Fund did not have any securities on loan.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 7. Affiliated Money Market Fund

The Fund invests its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as “Dividends — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 8. Shareholder Concentration

At October 31, 2012, one unaffiliated shareholder account owned 34.3% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Annual Report 2012 43

Columbia Global Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

Note 9. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended October 31, 2012.

Note 10. Significant Risks

Non-Diversification Risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also

more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Geographic Concentration Risk

The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. Currency devaluation could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund may be more volatile than a more geographically diversified fund.

Note 11. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 12. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any

44 Annual Report 2012

Columbia Global Bond Fund

Notes to Financial Statements (continued)

October 31, 2012

of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Annual Report 2012 45

Columbia Global Bond Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust II and the Shareholders of

Columbia Global Bond Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Global Bond Fund (the “Fund”) (a series of Columbia Funds Series Trust II) at October 31, 2012, the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2012 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion. The statements of changes in net assets and the financial highlights of the Fund for the periods ended October 31, 2011 and prior were audited by another independent registered public accounting firm whose report dated December 22, 2011 expressed an unqualified opinion on those statements and highlights.

PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 21, 2012

46 Annual Report 2012

Columbia Global Bond Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal years ended October 31, 2011 and 2010 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal years ended October 31, 2011 and 2010 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Annual Report 2012 47

Columbia Global Bond Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for distributions paid in the fiscal year ended October 31, 2012. Shareholders will be notified in early 2013 of amounts for use in preparing 2012 income tax returns.

Tax Designations:

Qualified Dividend Income	0.00	%
Dividends Received Deduction	0.00	%
Capital Gain Dividend	$1,413,456
U.S. Government Income, may be exempt from state taxation	0.89	%
Foreign Taxes Paid	$60,640
Foreign Source Income	$6,082,366

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividend Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividend received deduction.

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period. The Fund also designates as capital gain dividends, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

48 Annual Report 2012

Columbia Global Bond Fund

Trustees and Officers

Shareholders elect the Board that oversees the funds’ operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the funds’ Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations funds’ Board (“Nations Funds”), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource funds (“RiverSource Funds”) effective June 1, 2011.

Independent Trustees
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006	152	None
Edward J. Boudreau, Jr. 225 Franklin Street Boston, MA 02110 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000	145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard — Partners in Cross Cultural Leadership (consulting company)	152	None
William P. Carmichael 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired	145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University; former Dean, McCallum Graduate School of Business, Bentley University	152	None

Annual Report 2012 49

Columbia Global Bond Fund

Trustees and Officers (continued)

Independent Trustees (continued)
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William A. Hawkins 225 Franklin Street Boston, MA 02110 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010	145	Trustee, BofA Funds Series Trust (11 funds)
R. Glenn Hilliard 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011	145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College	152	Director, Valmont Industries, Inc. (manufactures irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)	152	None
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation	152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Infinity, Inc. (oil and gas exploration and production); OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 225 Franklin Street Boston, MA 02110 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments)	145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003-2010 (biotechnology); former President, Aquila Biopharmaceuticals	152	Director, Healthways, Inc. (health management programs) since 2005; Director, ICI Mutual Insurance Company, RRG; Director, Abt Associates (government contractor)

50 Annual Report 2012

Columbia Global Bond Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Anthony M. Santomero 225 Franklin Street Boston, MA 02110 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008	145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

* Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the funds to be an “interested person” (as defined in the 1940 Act) of the funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family overseen by Board Member	Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Director, Ameriprise Certificate Company since 2006 (previously President and Chief Executive Officer, 2006-August 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.	204	None

* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2012 51

Columbia Global Bond Fund

Trustees and Officers (continued)

The SAI has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the funds’ other officers are:

Officers
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004-April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010

52 Annual Report 2012

Columbia Global Bond Fund

Trustees and Officers (continued)

Officers (continued)
Name, Address, Year of Birth	Position Held with Funds and Length of Service	Principal Occupation During Past Five Years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel, November 2008-January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel Bank of America, June 2005-April 2010

Annual Report 2012 53

Columbia Global Bond Fund

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54 Annual Report 2012

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Annual Report 2012 55

Columbia Global Bond Fund

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56 Annual Report 2012

Columbia Global Bond Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2012 57

Columbia Global Bond Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6309 AJ (12/12)

Annual Report October 31, 2012

Columbia Global Equity Fund

Columbia Global Equity Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Global Equity Fund

Table of Contents

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	35
Supplemental Information	36
Federal Income Tax Information	37
Trustees and Officers	38
Important Information About This Report	45

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Annual Report 2012

Columbia Global Equity Fund

Performance Overview

Performance Summary

> Columbia Global Equity Fund (the Fund) Class A shares gained 6.62% excluding sales charges for the 12 months ended October 31, 2012.

> The Fund underperformed its benchmark, the MSCI All Country World Index (Net), which gained 8.55% during the same 12-month period.

> The Fund’s positioning in the consumer discretionary sector and an underweight in consumer staples were key detractors from relative return.

Average Annual Total Returns (%) (for period ended October 31, 2012)
	Inception	1 Year		5 Years		10 Years
Class A	05/29/90
Excluding sales charges			6.62		-4.57		7.03
Including sales charges			0.54		-5.70		6.40
Class B	03/20/95
Excluding sales charges			5.87		-5.31		6.21
Including sales charges			0.87		-5.69		6.21
Class C	06/26/00
Excluding sales charges			5.94		-5.28		6.22
Including sales charges			4.94		-5.28		6.22
Class I*	08/01/08		7.15		-4.16		7.26
Class K (formerly Class R4)	03/20/95		6.87		-4.39		7.22
Class R*	12/11/06		6.37		-4.61		6.86
Class R5*	12/11/06		7.15		-4.14		7.32
Class W*	12/01/06		6.76		-4.55		7.05
Class Z*	09/27/10		7.03		-4.46		7.10
MSCI All Country World Index (Net)			8.55		-2.95		7.77

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns since inception if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The MSCI All Country World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 45 country indices comprising 24 developed and 21 emerging market country indices.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Annual Report 2012

Columbia Global Equity Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (November 1, 2002 — October 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Global Equity Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Annual Report 2012 3

Columbia Global Equity Fund

Manager Discussion of Fund Performance

Portfolio Management

Threadneedle International Limited

Stephen Thornber

Esther Perkins, CFA

Morningstar Style Box™

The Morningstar Style Box™ is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

©2012 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Top Ten Holdings (%) (at October 31, 2012)
Vodafone Group PLC (United Kingdom)	2.2
Samsung Electronics Co., Ltd. (South Korea)	2.2
Aetna, Inc. (United States)	2.1
PepsiCo, Inc. (United States)	2.1
Novartis AG, Registered Shares (Switzerland)	2.0
Apple, Inc. (United States)	2.0
Pfizer, Inc. (United States)	2.0
Unilever PLC (United Kingdom)	2.0
HSBC Holdings PLC (United Kingdom)	1.9
Walt Disney Co. (The) (United States)	1.9

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Columbia Global Equity Fund (the Fund) Class A shares gained 6.62% excluding sales charges for the 12 months ended October 31, 2012. The Fund underperformed its benchmark, the MSCI All Country World Index (Net), which gained 8.55% during the same 12-month period.

Global Factors Created Challenges for Individual Stock Performance

Global equity markets have been volatile over the past year, seemingly due to big picture issues rather than individual stock factors. Three key issues driving volatility were the Eurozone crisis, questions about China’s economic slowdown and the U.S. election and fiscal challenges. Markets and investor sentiment seemed to vacillate from optimism to pessimism depending on the latest news surrounding these issues. Investing in individual stocks was quite difficult as companies moved in and out of favor as investors’ risk appetites rose and fell.

Positioning in Consumer Sectors Hampers Fund Results

The biggest negative influence on relative results was positioning the Fund in the consumer discretionary and consumer staples sectors. In the past, the Fund’s consumer discretionary holdings have done well, but that was not the case this year. Cyclical sectors, including consumer discretionary stocks, were hampered by declining consumer demand in Asia — specifically China. Though we sold Fund holdings in stocks such as Burberry, Tiffany and BMW during the year, they still affected performance. Conversely, investors’ preference for defensive companies with strong balance sheets led to outperformance in the consumer staples sector where the Fund had a smaller weighting than its benchmark.

An underweight in banks was also disadvantageous. We have long been wary of banks due to toxic assets and stretched balance sheets. The Fund does hold some Asian and emerging market banks, which in our view are less distressed, but we have generally avoided most western banks. As central banks around the globe poured liquidity into the financial system, highly leveraged, low quality banks performed very well.

Technology, the Fund’s largest industry position, had a positive effect on fiscal year results. The Fund was overweight relative to its benchmark and we focused on industry “champions,” that is innovators and companies with large and expanding market shares. An underweight in personal computer companies was beneficial as the shift away from PCs to smartphones and tablets continued.

In the utilities sector, an underweight and good stock selection added to relative return as we preferred utilities with a growth aspect and avoided those that we felt might be targets of increased regulation or taxation.

Looking at country positioning, we began the year with emphasis on Asia and emerging markets because we wanted exposure to faster growing economies. Asia and emerging markets did deliver better economic growth, but investors came to believe that they involved too much risk and performance lagged. We also had zero exposure in the most troubled European countries, including Greece, Spain, Italy, Portugal and Ireland, areas that performed well due partly to the European Central Bank’s rescue policies and partly to increased global liquidity.

4 Annual Report 2012

Columbia Global Equity Fund

Manager Discussion of Fund Performance (continued)

The Fund began the period with a smaller North American weighting than its benchmark, but ended the period overweight. The shift to the U.S. had a positive effect on relative return. Stock selection in the U.K. also added to relative results.

Uncertain Outlook Calls for Reduced Portfolio Risk

We generally reduced the Fund’s risk exposure during the period because we believe the outlook has become less clear. We increased holdings in the U.S. and U.K. because we are more confident about their economic performance. We reduced weightings in Asia, emerging markets and Europe.

We increased exposure to large-cap companies and reduced exposure to smaller companies. Health care moved from an underweight to an overweight with an emphasis on large-cap companies in the U.S. and U.K. We added to the industrials and materials sectors. In particular, we see potential in U.S. companies that can benefit from cheap natural gas prices that have resulted from technology advances in production and exploration.

We reduced the Fund’s technology weighting, but it is still larger than that of the benchmark. We also reduced the consumer discretionary weighting.

To summarize the current positioning, the Fund is overweight in the U.S. and U.K., with underweights in Europe, the Asian and emerging markets. Within Europe, holdings are skewed toward Scandinavia and northern European countries where we see stronger finances and tighter fiscal controls. We continue to avoid the troubled peripheral countries.

The Fund remains overweight in technology and consumer discretionary, but in both cases less so than 12 months ago. The Fund is also overweight in health care. The Fund is underweight in financials, particularly banks due to our avoidance of European and most U.S. banks. Within financials, the Fund’s insurance and real estate weightings are more similar to its benchmark. The Fund is also underweight utilities and telecommunications.

A Cautiously Optimistic Outlook

The Fund is cautiously positioned given headwinds in Europe, the U.S. and China. We do anticipate greater clarity in the U.S. now that the election is over and a resolution to the fiscal crisis, we believe, appears likely. With the completion of China’s leadership transition, we may gain greater confidence in the country’s economic profile. That leaves Eurozone issues hanging over global markets. There has been some good news recently, with Greek voters approving austerity measures and thus increasing the likelihood that the European bailout Fund will continue to support the country. However, a resolution is not yet assured and other global issues remain. Consumers and governments still carry too much debt and an eventual end to the easy money policies of the world’s central banks could threaten global growth.

Against this backdrop, we consider it appropriate to focus on larger markets and companies, while keeping an eye on when it might be time to move into emerging markets. We do think equity markets already reflect many of the major global concerns and given that corporate balance sheets have been rebuilt, equities seem attractively priced. With a little more stability on the economic outlook and a return of consumer confidence, global equities could deliver a good return next year.

Country Breakdown (%) (at October 31, 2012)
Brazil	2.1
Canada	1.4
China	0.7
France	0.9
Germany	4.7
Hong Kong	2.1
Indonesia	0.9
Ireland	1.7
Japan	6.2
Netherlands	1.1
Norway	0.8
Panama	0.9
Russian Federation	0.7
Singapore	0.7
South Korea	2.9
Switzerland	5.9
United Kingdom	13.6
United States (a)	52.7
Total	100.0

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

Annual Report 2012 5

Columbia Global Equity Fund

Manager Discussion of Fund Performance (continued)

Summary of Investments in Securities by Industry (%) (at October 31, 2012)
Aerospace & Defense	1.4
Airlines	0.9
Automobiles	2.1
Beverages	3.8
Chemicals	5.9
Commercial Banks	4.6
Commercial Services & Supplies	1.5
Communications Equipment	2.3
Computers & Peripherals	3.2
Consumer Finance	2.4
Diversified Financial Services	1.8
Electronic Equipment, Instruments & Components	2.0
Energy Equipment & Services	3.7
Food Products	3.7
Health Care Equipment & Supplies	3.7
Health Care Providers & Services	3.6
Hotels, Restaurants & Leisure	2.3
Insurance	3.4
Internet & Catalog Retail	0.9
Internet Software & Services	4.6
Leisure Equipment & Products	0.6
Machinery	2.9
Media	4.7
Metals & Mining	1.8
Oil, Gas & Consumable Fuels	6.4
Pharmaceuticals	5.4
Professional Services	0.8
Real Estate Investment Trusts (REITs)	0.7
Real Estate Management & Development	3.1
Road & Rail	1.4
Semiconductors & Semiconductor Equipment	3.2
Software	2.0
Textiles, Apparel & Luxury Goods	1.3
Tobacco	1.3
Trading Companies & Distributors	3.6
Wireless Telecommunication Services	2.2
Money Market Funds	0.8
Total	100.0

Percentages indicated are based upon net assets. The Fund’s portfolio composition is subject to change.

6 Annual Report 2012

Columbia Global Equity Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

May 1, 2012 – October 31, 2012

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		978.80	1,018.30		6.76	6.90		1.36
Class B		1,000.00	1,000.00		975.80	1,014.53		10.48	10.68		2.11
Class C		1,000.00	1,000.00		975.50	1,014.53		10.48	10.68		2.11
Class I		1,000.00	1,000.00		980.30	1,020.56		4.53	4.62		0.91
Class K (formerly Class R4)		1,000.00	1,000.00		980.30	1,019.05		6.02	6.14		1.21
Class R		1,000.00	1,000.00		977.70	1,017.04		8.00	8.16		1.61
Class R5		1,000.00	1,000.00		981.60	1,020.31		4.78	4.88		0.96
Class W		1,000.00	1,000.00		978.90	1,018.30		6.77	6.90		1.36
Class Z		1,000.00	1,000.00		981.60	1,019.56		5.53	5.63		1.11

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds).

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2012 7

Columbia Global Equity Fund

Portfolio of Investments

October 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 98.0%
Issuer	Shares		Value ($)
Brazil 2.1%
Itaú Unibanco Holding SA, ADR		278,217		4,056,404
Multiplan Empreendimentos Imobiliarios SA		122,500		3,588,661
Total				7,645,065
Canada 1.4%
First Quantum Minerals Ltd.		106,500		2,393,917
Methanex Corp.		95,000		2,847,860
Total				5,241,777
China 0.7%
Baidu, Inc., ADR(a)		25,580		2,727,340
France 0.9%
Renault SA		70,719		3,163,269
Germany 4.7%
Brenntag AG		25,258		3,183,457
Kabel Deutschland Holding AG		83,254		5,998,696
Linde AG		31,437		5,286,930
MTU Aero Engines Holding AG		35,596		2,988,802
Total				17,457,885
Hong Kong 2.1%
Great Eagle Holdings Ltd.		683,377		2,021,483
Sun Hung Kai Properties Ltd.		409,000		5,653,992
Total				7,675,475
Indonesia 0.9%
PT Bank Rakyat Indonesia Persero Tbk		4,272,000		3,273,670
Ireland 1.7%
Covidien PLC		110,751		6,085,768
Japan 6.2%
Asahi Group Holdings Ltd.		289,600		6,609,593
Hoya Corp.		197,700		4,003,925
Makita Corp.		136,200		5,392,267
Nikon Corp.		85,300		2,175,943
Toyota Motor Corp.		123,200		4,750,242
Total				22,931,970
Netherlands 1.1%
Fugro NV-CVA		57,159		3,864,357

Common Stocks (continued)
Issuer	Shares		Value ($)
Norway 0.8%
ProSafe SE		353,139		2,940,915
Panama 0.9%
Copa Holdings SA, Class A		37,299		3,462,093
Russian Federation 0.7%
Sberbank of Russia ADR		231,076		2,692,035
Singapore 0.7%
Mapletree Industrial Trust		2,182,000		2,501,009
South Korea 2.9%
Kangwon Land, Inc.		120,900		2,813,874
Samsung Electronics Co., Ltd.		6,648		7,977,850
Total				10,791,724
Switzerland 5.9%
Nestlé SA, Registered Shares		103,483		6,566,998
Novartis AG, Registered Shares		124,226		7,476,503
Swatch Group AG (The)		11,272		4,664,693
TE Connectivity Ltd.		100,856		3,245,546
Total				21,953,740
United Kingdom 13.6%
Aggreko PLC		69,714		2,418,769
BG Group PLC		328,912		6,090,717
GlaxoSmithKline PLC		230,794		5,163,931
HSBC Holdings PLC		721,656		7,089,913
Rio Tinto PLC		82,268		4,121,531
Tullow Oil PLC		230,516		5,222,810
Ultra Electronics Holdings PLC		74,560		2,037,037
Unilever PLC		191,616		7,146,078
Vodafone Group PLC		2,947,080		8,001,714
Weir Group PLC (The)		102,780		2,889,301
Total				50,181,801
United States 50.7%
Aetna, Inc.		176,374		7,707,544
Airgas, Inc.		64,422		5,731,625
American Express Co.		82,223		4,602,021
American International Group, Inc.(a)		151,274		5,284,001
Aon PLC		67,300		3,630,835
Apple, Inc.		12,394		7,375,669
CF Industries Holdings, Inc.		17,088		3,506,287
Comcast Corp., Class A		119,313		4,475,431

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Annual Report 2012

Columbia Global Equity Fund

Portfolio of Investments (continued)

October 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Cummins, Inc.		27,229		2,548,090
Discover Financial Services		101,435		4,158,835
Dresser-Rand Group, Inc.(a)		64,637		3,330,745
eBay, Inc.(a)		119,103		5,751,484
EMC Corp.(a)		181,668		4,436,332
Equifax, Inc.		61,296		3,067,252
Facebook, Inc., Class A(a)		95,624		2,019,101
Fidelity National Financial, Inc., Class A		175,024		3,747,264
Google, Inc., Class A(a)		9,460		6,430,624
Henry Schein, Inc.(a)		74,101		5,467,172
JPMorgan Chase & Co.		158,250		6,595,860
Lam Research Corp.(a)		105,125		3,721,425
LyondellBasell Industries NV, Class A		83,319		4,448,401
Marathon Petroleum Corp.		80,620		4,428,457
McDonald’s Corp.		65,663		5,699,548
Microsoft Corp.		167,395		4,776,616
National Oilwell Varco, Inc.		47,712		3,516,374
PepsiCo, Inc.		108,917		7,541,413
Pfizer, Inc.		292,180		7,266,517
Philip Morris International, Inc.		54,483		4,825,014
priceline.com, Inc.(a)		5,840		3,350,817
QUALCOMM, Inc.		91,807		5,377,595
Riverbed Technology, Inc.(a)		173,013		3,195,550
Sirona Dental Systems, Inc.(a)		71,346		4,085,272
Solera Holdings, Inc.		53,338		2,496,752
Tyco International Ltd.		109,183		2,933,747
Union Pacific Corp.		43,423		5,342,332

Common Stocks (continued)
Issuer	Shares		Value ($)
United Rentals, Inc.(a)		145,995		5,936,157
Walt Disney Co. (The)		139,645		6,852,380
WESCO International, Inc.(a)		65,327		4,238,416
World Fuel Services Corp.		105,494		3,660,642
Zimmer Holdings, Inc.		57,016		3,660,997
Total				187,220,594
Total Common Stocks
(Cost: $327,666,964)				361,810,487
Limited Partnerships 1.2%
United States 1.2%
Enterprise Products Partners LP(b)		77,915		4,106,900
Total Limited Partnerships
(Cost: $3,526,842)				4,106,900
Money Market Funds 0.8%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.149%(c)(d)		3,088,083		3,088,083
Total Money Market Funds
(Cost: $3,088,083)				3,088,083
Total Investments
(Cost: $334,281,889)				369,005,470
Other Assets & Liabilities, Net				174,266
Net Assets				369,179,736

Notes to Portfolio of Investments

(a) Non-income producing.

(b) At October 31, 2012, there was no capital committed to the LLC or LP for future investment.

(c) The rate shown is the seven-day current annualized yield at October 31, 2012.

(d) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended October 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		3,487,463		116,089,202		(116,488,582	)		3,088,083		7,435		3,088,083

Abbreviation Legend

ADR American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 9

Columbia Global Equity Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Annual Report 2012

Columbia Global Equity Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2012:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		20,378,176		23,566,718		—		43,944,894
Consumer Staples		12,366,427		20,322,669		—		32,689,096
Energy		14,936,217		18,118,799		—		33,055,016
Financials		35,663,881		23,232,102		—		58,895,983
Health Care		34,273,269		12,640,434		—		46,913,703
Industrials		27,528,086		18,909,634		—		46,437,720
Information Technology		51,554,035		11,981,774		—		63,535,809
Materials		18,928,091		9,408,461		—		28,336,552
Telecommunication Services		—		8,001,714		—		8,001,714
Total Equity Securities		215,628,182		146,182,305		—		361,810,487
Other
Limited Partnerships		4,106,900		—		—		4,106,900
Money Market Funds		3,088,083		—		—		3,088,083
Total Other		7,194,983		—		—		7,194,983
Total		222,823,165		146,182,305		—		369,005,470

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The models utilized by the third party statistical pricing service take into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

There were no transfers of financial assets between Levels 1 and 2 during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 11

Columbia Global Equity Fund

Statement of Assets and Liabilities

October 31, 2012

Assets
Investments, at value
Unaffiliated issuers (identified cost $331,193,806)	$365,917,387
Affiliated issuers (identified cost $3,088,083)	3,088,083
Total investments (identified cost $334,281,889)	369,005,470
Foreign currency (identified cost $151,638)	153,767
Receivable for:
Capital shares sold	117,233
Dividends	434,668
Interest	41
Reclaims	540,001
Expense reimbursement due from Investment Manager	10,786
Prepaid expenses	4,123
Trustees’ deferred compensation plan	30,199
Total assets	370,296,288
Liabilities
Payable for:
Capital shares purchased	769,568
Investment management fees	40,224
Distribution fees	15,391
Transfer agent fees	58,704
Administration fees	4,064
Plan administration fees	172
Compensation of board members	69,953
Other expenses	124,503
Trustees’ deferred compensation plan	30,199
Other liabilities	3,774
Total liabilities	1,116,552
Net assets applicable to outstanding capital stock	$369,179,736
Represented by
Paid-in capital	$515,643,953
Undistributed net investment income	2,539,776
Accumulated net realized loss	(183,775,032	)
Unrealized appreciation (depreciation) on:
Investments	34,723,581
Foreign currency translations	47,458
Total — representing net assets applicable to outstanding capital stock	$369,179,736

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Annual Report 2012

Columbia Global Equity Fund

Statement of Assets and Liabilities (continued)

October 31, 2012

Class A
Net assets	$333,195,784
Shares outstanding	45,069,539
Net asset value per share	$7.39
Maximum offering price per share(a)	$7.84
Class B
Net assets	$10,978,678
Shares outstanding	1,602,391
Net asset value per share	$6.85
Class C
Net assets	$17,515,548
Shares outstanding	2,585,111
Net asset value per share	$6.78
Class I
Net assets	$2,748
Shares outstanding	368
Net asset value per share(b)	$7.46
Class K(c)
Net assets	$5,031,668
Shares outstanding	674,281
Net asset value per share	$7.46
Class R
Net assets	$63,125
Shares outstanding	8,486
Net asset value per share	$7.44
Class R5
Net assets	$2,746
Shares outstanding	368
Net asset value per share	$7.46
Class W
Net assets	$2,755
Shares outstanding	370
Net asset value per share(b)	$7.44
Class Z
Net assets	$2,386,684
Shares outstanding	320,525
Net asset value per share	$7.45

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

(b) Net asset value per share rounds to this amount due to fractional shares outstanding.

(c) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 13

Columbia Global Equity Fund

Statement of Operations

Year Ended October 31, 2012

Net investment income
Income:
Dividends — unaffiliated issuers	$8,827,244
Dividends — affiliated issuers	7,435
Interest	7,828
Income from securities lending — net	103,807
Foreign taxes withheld	(532,816	)
Total income	8,413,498
Expenses:
Investment management fees	3,158,337
Distribution fees
Class A	894,993
Class B	143,954
Class C	194,640
Class R	321
Class W	7
Transfer agent fees
Class A	1,017,069
Class B	41,504
Class C	54,385
Class K(a)	2,402
Class R	180
Class R5	1
Class W	8
Class Z	7,581
Administration fees	319,567
Plan administration fees
Class K(a)	12,001
Compensation of board members	23,332
Custodian fees	40,722
Printing and postage fees	150,192
Registration fees	100,831
Professional fees	57,751
Other	38,068
Total expenses	6,257,846
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(578,988	)
Expense reductions	(8,770	)
Total net expenses	5,670,088
Net investment income	2,743,410
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	5,135,162
Foreign currency translations	(26,487	)
Net realized gain	5,108,675
Net change in unrealized appreciation (depreciation) on:
Investments	17,232,713
Foreign currency translations	29,815
Net change in unrealized appreciation (depreciation)	17,262,528
Net realized and unrealized gain	22,371,203
Net increase in net assets resulting from operations	$25,114,613

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Annual Report 2012

Columbia Global Equity Fund

Statement of Changes in Net Assets

	2012			2011
Operations
Net investment income		$2,743,410			$542,477
Net realized gain		5,108,675			50,843,347
Net change in unrealized appreciation (depreciation)		17,262,528			(63,696,559	)
Net increase (decrease) in net assets resulting from operations		25,114,613			(12,310,735	)
Distributions to shareholders
Net investment income
Class A		(967,038	)		(1,144,928	)
Class B		—			(36,159	)
Class C		—			(15,924	)
Class I		(17	)		(136,477	)
Class K(a)		(18,326	)		(26,416	)
Class R		(53	)		(128	)
Class R5		(17	)		(83	)
Class W		—			(15	)
Class Z		(15,014	)		(26	)
Total distributions to shareholders		(1,000,465	)		(1,360,156	)
Increase (decrease) in net assets from capital stock activity		(89,704,617	)		688,960
Proceeds from regulatory settlements (Note 6)		444,107			—
Total decrease in net assets		(65,146,362	)		(12,981,931	)
Net assets at beginning of year		434,326,098			447,308,029
Net assets at end of year		$369,179,736			$434,326,098
Undistributed (excess of distributions over) net investment income		$2,539,776			$(405,275	)

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 15

Columbia Global Equity Fund

Statement of Changes in Net Assets (continued)

	Year Ended October 31, 2012						Year Ended October 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		2,280,396			16,181,626			3,180,320			23,659,606
Fund merger		—			—			13,727,671			106,143,396
Distributions reinvested		137,922			911,662			150,334			1,088,415
Redemptions		(13,137,573	)		(93,897,107	)		(14,311,973	)		(104,903,280	)
Net increase (decrease)		(10,719,255	)		(76,803,819	)		2,746,352			25,988,137
Class B shares
Subscriptions		38,926			258,507			86,680			600,968
Fund merger		—			—			644,004			4,649,364
Distributions reinvested		—			—			5,216			35,418
Redemptions(a)		(1,117,326	)		(7,315,461	)		(1,660,310	)		(11,683,070	)
Net decrease		(1,078,400	)		(7,056,954	)		(924,410	)		(6,397,320	)
Class C shares
Subscriptions		124,579			820,073			173,489			1,169,523
Fund merger		—			—			2,275,909			16,267,451
Distributions reinvested		—			—			2,135			14,328
Redemptions		(908,300	)		(5,969,340	)		(630,939	)		(4,243,010	)
Net increase (decrease)		(783,721	)		(5,149,267	)		1,820,594			13,208,292
Class I shares
Subscriptions		—			—			63,165			477,162
Fund merger		—			—			656,911			5,116,331
Distributions reinvested		—			—			18,744			136,456
Redemptions		—			—			(5,097,889	)		(38,789,914	)
Net increase (decrease)		—			—			(4,359,069	)		(33,059,965	)
Class K shares(b)
Subscriptions		133,607			950,181			156,187			1,162,237
Fund merger		—			—			4,271			33,313
Distributions reinvested		2,750			18,316			3,619			26,416
Redemptions		(121,743	)		(864,349	)		(488,373	)		(3,676,363	)
Net increase (decrease)		14,614			104,148			(324,296	)		(2,454,397	)
Class R shares
Subscriptions		1,140			8,153			6,124			46,251
Fund merger		—			—			1,403			10,933
Distributions reinvested		7			47			16			116
Redemptions		(2,715	)		(20,039	)		(3,235	)		(23,457	)
Net increase (decrease)		(1,568	)		(11,839	)		4,308			33,843
Class R5 shares
Distributions reinvested		—			—			9			65
Redemptions		—			—			(2,368	)		(17,653	)
Net increase (decrease)		—			—			(2,359	)		(17,588	)
Class W shares
Redemptions		(1	)		(1	)		(268	)		(1,810	)
Net decrease		(1	)		(1	)		(268	)		(1,810	)

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Annual Report 2012

Columbia Global Equity Fund

Statement of Changes in Net Assets (continued)

	Year Ended October 31, 2012						Year Ended October 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Class Z shares
Subscriptions		82,107			593,927			62,601			472,730
Fund merger		—			—			527,305			4,102,117
Distributions reinvested		1,443			9,583			2			15
Redemptions		(192,042	)		(1,390,395	)		(161,256	)		(1,185,094	)
Net increase (decrease)		(108,492	)		(786,885	)		428,652			3,389,768
Total net increase (decrease)		(12,676,823	)		(89,704,617	)		(610,496	)		688,960

(a) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 17

Columbia Global Equity Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended October 31,
Class  A	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$6.95		$7.07		$6.13		$5.21		$9.61
Income from investment operations:
Net investment income	0.05		0.01		0.00	(a)	0.05		0.05
Net realized and unrealized gain (loss)	0.40		(0.11	)	0.96		0.95		(4.41	)
Total from investment operations	0.45		(0.10	)	0.96		1.00		(4.36	)
Less distributions to shareholders:
Net investment income	(0.02	)	(0.02	)	(0.03	)	(0.08	)	(0.04	)
Total distributions to shareholders	(0.02	)	(0.02	)	(0.03	)	(0.08	)	(0.04	)
Proceeds from regulatory settlements	0.01		—		0.01		0.00	(a)	—
Net asset value, end of period	$7.39		$6.95		$7.07		$6.13		$5.21
Total return	6.62	%(b)	(1.40	%)	15.78	%(c)	19.39	%(d)	(45.55	%)
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed	1.51	%	1.46	%	1.45	%	1.44	%	1.46	%
Net expenses after fees waived or expenses reimbursed(f)	1.36	%(g)	1.36	%(g)	1.45	%	1.44	%	1.46	%
Net investment income	0.75	%(g)	0.18	%(g)	0.03	%	0.92	%	0.65	%
Supplemental data
Net assets, end of period (in thousands)	$333,196		$387,709		$375,169		$394,511		$380,430
Portfolio turnover	50	%	44	%	54	%	81	%	97	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(f) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Annual Report 2012

Columbia Global Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class B	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$6.47		$6.63		$5.77		$4.87		$9.02
Income from investment operations:
Net investment income (loss)	0.00	(a)	(0.04	)	(0.04	)	0.01		(0.01	)
Net realized and unrealized gain (loss)	0.37		(0.11	)	0.90		0.89		(4.14	)
Total from investment operations	0.37		(0.15	)	0.86		0.90		(4.15	)
Less distributions to shareholders:
Net investment income	—		(0.01	)	(0.01	)	—		—
Total distributions to shareholders	—		(0.01	)	(0.01	)	—		—
Proceeds from regulatory settlements	0.01		—		0.01		0.00	(a)	—
Net asset value, end of period	$6.85		$6.47		$6.63		$5.77		$4.87
Total return	5.87	%(b)	(2.26	%)	15.03	%(c)	18.48	%(d)	(46.01	%)
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed	2.26	%	2.22	%	2.21	%	2.21	%	2.23	%
Net expenses after fees waived or expenses reimbursed(f)	2.11	%(g)	2.12	%(g)	2.21	%	2.21	%	2.23	%
Net investment income (loss)	0.02	%(g)	(0.56	%)(g)	(0.69	%)	0.22	%	(0.11	%)
Supplemental data
Net assets, end of period (in thousands)	$10,979		$17,347		$23,894		$33,009		$42,166
Portfolio turnover	50	%	44	%	54	%	81	%	97	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(f) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 19

Columbia Global Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class C	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$6.40		$6.55		$5.71		$4.83		$8.93
Income from investment operations:
Net investment income (loss)	(0.00	)(a)	(0.04	)	(0.04	)	(0.00	)(a)	(0.01	)
Net realized and unrealized gain (loss)	0.37		(0.10	)	0.88		0.89		(4.09	)
Total from investment operations	0.37		(0.14	)	0.84		0.89		(4.10	)
Less distributions to shareholders:
Net investment income	—		(0.01	)	(0.01	)	(0.01	)	—
Total distributions to shareholders	—		(0.01	)	(0.01	)	(0.01	)	—
Proceeds from regulatory settlements	0.01		—		0.01		0.00	(a)	—
Net asset value, end of period	$6.78		$6.40		$6.55		$5.71		$4.83
Total return	5.94	%(b)	(2.14	%)	14.86	%(c)	18.39	%(d)	(45.91	%)
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed	2.25	%	2.22	%	2.21	%	2.20	%	2.22	%
Net expenses after fees waived or expenses reimbursed(f)	2.11	%(g)	2.11	%(g)	2.21	%	2.20	%	2.22	%
Net investment income (loss)	(0.00	%)(g)(h)	(0.62	%)(g)	(0.72	%)	(0.08	%)	(0.09	%)
Supplemental data
Net assets, end of period (in thousands)	$17,516		$21,560		$10,147		$10,570		$4,755
Portfolio turnover	50	%	44	%	54	%	81	%	97	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(f) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

(h) Rounds to less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Annual Report 2012

Columbia Global Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class I	2012		2011		2010		2009		2008(a)
Per share data
Net asset value, beginning of period	$7.01		$7.11		$6.16		$5.25		$7.47
Income from investment operations:
Net investment income	0.09		0.01		0.04		0.09		0.03
Net realized and unrealized gain (loss)	0.40		(0.08	)	0.95		0.95		(2.25	)
Total from investment operations	0.49		(0.07	)	0.99		1.04		(2.22	)
Less distributions to shareholders:
Net investment income	(0.05	)	(0.03	)	(0.05	)	(0.13	)	—
Total distributions to shareholders	(0.05	)	(0.03	)	(0.05	)	(0.13	)	—
Proceeds from regulatory settlements	0.01		—		0.01		0.00	(b)	—
Net asset value, end of period	$7.46		$7.01		$7.11		$6.16		$5.25
Total return	7.15	%(c)	(0.98	%)	16.32	%(d)	20.21	%(e)	(29.72	%)
Ratios to average net assets(f)
Expenses prior to fees waived or expenses reimbursed	1.02	%	0.93	%	0.91	%	0.84	%	0.85	%(g)
Net expenses after fees waived or expenses reimbursed(h)	0.91	%	0.92	%	0.91	%	0.84	%	0.85	%(g)
Net investment income	1.20	%	0.15	%	0.55	%	1.56	%	1.55	%(g)
Supplemental data
Net assets, end of period (in thousands)	$3		$3		$31,015		$32,596		$3
Portfolio turnover	50	%	44	%	54	%	81	%	97	%

Notes to Financial Highlights

(a) For the period from August 1, 2008 (commencement of operations) to October 31, 2008.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(f) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(g) Annualized.

(h) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 21

Columbia Global Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class K(a)	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$7.01		$7.13		$6.18		$5.26		$9.70
Income from investment operations:
Net investment income	0.07		0.02		0.02		0.06		0.07
Net realized and unrealized gain (loss)	0.40		(0.11	)	0.96		0.96		(4.46	)
Total from investment operations	0.47		(0.09	)	0.98		1.02		(4.39	)
Less distributions to shareholders:
Net investment income	(0.03	)	(0.03	)	(0.04	)	(0.10	)	(0.05	)
Total distributions to shareholders	(0.03	)	(0.03	)	(0.04	)	(0.10	)	(0.05	)
Proceeds from regulatory settlements	0.01		—		0.01		0.00	(b)	—
Net asset value, end of period	$7.46		$7.01		$7.13		$6.18		$5.26
Total return	6.87	%(c)	(1.33	%)	16.03	%(d)	19.72	%(e)	(45.47	%)
Ratios to average net assets(f)
Expenses prior to fees waived or expenses reimbursed	1.28	%	1.24	%	1.21	%	1.15	%	1.29	%
Net expenses after fees waived or expenses reimbursed(g)	1.21	%	1.17	%	1.21	%	1.15	%	1.28	%
Net investment income	0.90	%	0.32	%	0.27	%	1.22	%	0.83	%
Supplemental data
Net assets, end of period (in thousands)	$5,032		$4,627		$7,016		$6,059		$5,067
Portfolio turnover	50	%	44	%	54	%	81	%	97	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(f) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(g) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Annual Report 2012

Columbia Global Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class R	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$7.00		$7.14		$6.14		$5.23		$9.62
Income from investment operations:
Net investment income (loss)	0.03		(0.00	)(a)	(0.02	)	(0.01	)	0.05
Net realized and unrealized gain (loss)	0.41		(0.12	)	1.01		1.00		(4.42	)
Total from investment operations	0.44		(0.12	)	0.99		0.99		(4.37	)
Less distributions to shareholders:
Net investment income	(0.01	)	(0.02	)	—		(0.08	)	(0.02	)
Total distributions to shareholders	(0.01	)	(0.02	)	—		(0.08	)	(0.02	)
Proceeds from regulatory settlements	0.01		—		0.01		0.00	(a)	—
Net asset value, end of period	$7.44		$7.00		$7.14		$6.14		$5.23
Total return	6.37	%(b)	(1.70	%)	16.29	%(c)	19.13	%(d)	(45.48	%)
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed	1.76	%	1.72	%	1.71	%	1.69	%	1.79	%
Net expenses after fees waived or expenses reimbursed(f)	1.61	%(g)	1.61	%(g)	1.71	%	1.69	%	1.54	%
Net investment income (loss)	0.48	%(g)	(0.01	%)(g)	(0.24	%)	(0.16	%)	0.57	%
Supplemental data
Net assets, end of period (in thousands)	$63		$70		$41		$46		$3
Portfolio turnover	50	%	44	%	54	%	81	%	97	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(f) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 23

Columbia Global Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class R5	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$7.01		$7.12		$6.16		$5.25		$9.69
Income from investment operations:
Net investment income	0.08		0.02		0.03		0.08		0.08
Net realized and unrealized gain (loss)	0.41		(0.10	)	0.97		0.96		(4.45	)
Total from investment operations	0.49		(0.08	)	1.00		1.04		(4.37	)
Less distributions to shareholders:
Net investment income	(0.05	)	(0.03	)	(0.05	)	(0.13	)	(0.07	)
Total distributions to shareholders	(0.05	)	(0.03	)	(0.05	)	(0.13	)	(0.07	)
Proceeds from regulatory settlements	0.01		—		0.01		0.00	(a)	—
Net asset value, end of period	$7.46		$7.01		$7.12		$6.16		$5.25
Total return	7.15	%(b)	(1.13	%)	16.44	%(c)	20.20	%(d)	(45.40	%)
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed	1.07	%	0.94	%	0.96	%	0.90	%	1.04	%
Net expenses after fees waived or expenses reimbursed(f)	0.96	%	0.92	%	0.96	%	0.90	%	1.04	%
Net investment income	1.15	%	0.32	%	0.50	%	1.39	%	1.07	%
Supplemental data
Net assets, end of period (in thousands)	$3		$3		$19		$18		$3
Portfolio turnover	50	%	44	%	54	%	81	%	97	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(f) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Annual Report 2012

Columbia Global Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class W	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$6.97		$7.10		$6.16		$5.23		$9.66
Income from investment operations:
Net investment income	0.05		0.02		0.01		0.06		0.05
Net realized and unrealized gain (loss)	0.41		(0.13	)	0.95		0.96		(4.44	)
Total from investment operations	0.46		(0.11	)	0.96		1.02		(4.39	)
Less distributions to shareholders:
Net investment income	(0.00	)(a)	(0.02	)	(0.03	)	(0.09	)	(0.04	)
Total distributions to shareholders	(0.00	)(a)	(0.02	)	(0.03	)	(0.09	)	(0.04	)
Proceeds from regulatory settlements	0.01		—		0.01		0.00	(a)	—
Net asset value, end of period	$7.44		$6.97		$7.10		$6.16		$5.23
Total return	6.76	%(b)	(1.52	%)	15.80	%(c)	19.70	%(d)	(45.62	%)
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed	1.59	%	1.48	%	1.38	%	1.30	%	1.43	%
Net expenses after fees waived or expenses reimbursed(f)	1.36	%(g)	1.37	%(g)	1.38	%	1.30	%	1.43	%
Net investment income	0.75	%(g)	0.21	%(g)	0.08	%	1.05	%	0.68	%
Supplemental data
Net assets, end of period (in thousands)	$3		$3		$5		$4		$3
Portfolio turnover	50	%	44	%	54	%	81	%	97	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(f) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 25

Columbia Global Equity Fund

Financial Highlights (continued)

	Year Ended October 31,
Class Z	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$7.00		$7.12		$6.85
Income from investment operations:
Net investment income (loss)	0.07		0.02		(0.01	)
Net realized and unrealized gain (loss)	0.41		(0.11	)	0.28
Total from investment operations	0.48		(0.09	)	0.27
Less distributions to shareholders:
Net investment income	(0.04	)	(0.03	)	—
Total distributions to shareholders	(0.04	)	(0.03	)	—
Proceeds from regulatory settlements	0.01		—		—
Net asset value, end of period	$7.45		$7.00		$7.12
Total return	7.03	%(b)	(1.29	%)	3.94	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed	1.25	%	1.23	%	1.37	%(d)
Net expenses after fees waived or expenses reimbursed(e)	1.11	%(f)	1.11	%(g)	1.37	%(d)
Net investment income (loss)	1.00	%(f)	0.24	%(g)	(1.52	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$2,387		$3,004		$3
Portfolio turnover	50	%	44	%	54	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d) Annualized.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

(g) The benefits derived from expense reductions had an impact of 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Annual Report 2012

Columbia Global Equity Fund

Notes to Financial Statements

October 31, 2012

Note 1. Organization

Columbia Global Equity Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R5, Class W and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Fund no longer accepts investments by new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

Class K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class R5 shares are not subject to sales charges. Effective November 8, 2012, Class R5 shares are only available to investors purchasing through authorized investment professionals. Prior to November 8, 2012, Class R5 shares were closed to new investors.

Class W shares are not subject to sales charges and are only available to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board of Trustees (the Board), including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain

Annual Report 2012 27

Columbia Global Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Corporate actions and dividend income are recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

Interest income is recorded on an accrual basis.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange traded funds (ETFs) and real estate investment trusts (REITs), which report information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund’s management if actual information has not yet been reported. Return of capital is recorded as a reduction of the cost basis of securities held. Management’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if

28 Annual Report 2012

Columbia Global Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed along with the income distribution. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting

arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory Agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.80% to 0.57% as the Fund’s net assets increase. The effective investment management fee rate for the year ended October 31, 2012 was 0.79% of the Fund’s average daily net assets.

Subadvisory Agreement

The Investment Manager has entered into a Subadvisory Agreement with Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and wholly-owned subsidiary of Ameriprise Financial, the subadviser of the Fund. The Investment Manager compensates Threadneedle to manage the investments of the Fund’s assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The effective administration fee rate for the year ended October 31, 2012 was 0.08% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Fund or the Board, including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of

Annual Report 2012 29

Columbia Global Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the year ended October 31, 2012, other expenses paid to this company were $2,713.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not “interested persons” of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Fund for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Fund that is a percentage of the average aggregate value of the Fund’s shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class.

For the year ended October 31, 2012, the Fund’s effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.28	%
Class B	0.29
Class C	0.28
Class K	0.05
Class R	0.28
Class R5	0.05
Class W	0.31
Class Z	0.28

The Fund and certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At October 31, 2012, the Fund’s total potential future obligation over the life of the Guaranty is $18,157. The liability remaining at October 31, 2012 for non-recurring charges associated with the lease amounted to $9,491 and is recorded as a part of payable for other expenses in the Statement of Assets and Liabilities.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the year ended October 31, 2012, these minimum account balance fees reduced total expenses by $8,770.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A and Class W shares, a fee at an annual

30 Annual Report 2012

Columbia Global Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

rate of up to 0.50% of the Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $900,000 and $1,441,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of June 30, 2012, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $162,707 for Class A, $6,105 for Class B and $738 for Class C shares for the year ended October 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through February 28, 2013, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.36	%
Class B	2.11
Class C	2.11
Class I	0.91
Class K	1.21
Class R	1.61
Class R5	0.96
Class W	1.36
Class Z	1.11

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment

vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At October 31, 2012, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees’ deferred compensation, foreign currency transactions, investments in partnerships, passive foreign investment company (PFIC) holdings, and re-characterization of distributions from investments. To the extent these differences are permanent, reclassifications are made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$1,202,106
Accumulated net realized loss	(740,220	)
Paid-in capital	(461,886	)

Net investment income and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

Year ended October 31,	2012		2011
Ordinary income		$1,000,465		$1,360,156

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At October 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$3,549,777
Accumulated realized loss	(183,427,484	)
Unrealized appreciation	33,482,511

Annual Report 2012 31

Columbia Global Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

At October 31, 2012, the cost of investments for federal income tax purposes was $335,570,417 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$43,327,488
Unrealized depreciation	(9,892,435	)
Net unrealized appreciation	$33,435,053

The following capital loss carryforward, determined at October 31, 2012, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
2015		939,646
2016		39,197,208
2017		125,704,676
2018		1,645,663
2019		13,445,692
Unlimited short-term		1,351,530
Unlimited long-term		1,143,069
Total		183,427,484

Unlimited capital loss carryforwards are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $195,617,881 and $281,380,059, respectively, for the year ended October 31, 2012.

Note 6. Regulatory Settlements

During the year ended October 31, 2012, the Fund received $444,107 as a result of a regulatory settlement proceeding brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund’s portion of the proceeds from the settlement (the Fund was not

a party to the proceeding). The payments have been included in “Proceeds from regulatory settlements” in the Statement of Changes in Net Assets.

Note 7. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the year ended October 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At October 31, 2012, the Fund did not have any securities on loan.

32 Annual Report 2012

Columbia Global Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 8. Affiliated Money Market Fund

The Fund invests its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as “Dividends — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 9. Shareholder Concentration

At October 31, 2012, one unaffiliated shareholder account owned 12.7% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account.

Note 10. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended October 31, 2012.

Note 11. Fund Merger

At the close of business on June 3, 2011, the Fund acquired the assets and assumed the identified liabilities of

Threadneedle Global Equity Income Fund, a series of RiverSource Global Series, Inc., Columbia Global Value Fund, a series of Columbia Funds Series Trust, and Columbia World Equity Fund, a series of Columbia Funds Series Trust I. The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine four funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $407,776,097 and the combined net assets immediately after the acquisition were $544,099,002.

The merger was accomplished by a tax-free exchange of 4,853,643 shares of Threadneedle Global Equity Income Fund valued at $50,294,044 (including $10,101,864 of unrealized appreciation), 5,219,514 shares of Columbia Global Value Fund valued at $32,759,335 (including $9,178,884 of unrealized depreciation) and 4,157,724 shares of Columbia World Equity Fund valued at $53,269,526 (including $11,443,207 of unrealized appreciation).

In exchange for shares of Threadneedle Global Equity Income Fund, Columbia Global Value Fund and Columbia World Equity Fund, the Fund issued the following number of shares:

	Threadneedle Global Equity Income Fund		Columbia Global Value Fund		Columbia World Equity Fund
Class A		5,366,091		1,655,671		6,705,909
Class B		308,970		261,837		73,197
Class C		197,899		1,954,100		123,910
Class I		656,911		NA		NA
Class R		1,403		NA		NA
Class R4		4,271		NA		NA
Class Z		NA		527,305		NA

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, Threadneedle Global Equity Income Fund, Columbia Global Value Fund and Columbia World Equity Fund’s cost of investments was carried forward.

The financial statements reflect the operations of the Fund for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Threadneedle Global Equity Income Fund, Columbia Global Value Fund and Columbia World Equity Fund that have been included in the combined Fund’s Statement of Operations

Annual Report 2012 33

Columbia Global Equity Fund

Notes to Financial Statements (continued)

October 31, 2012

since the merger was completed.

Assuming the merger had been completed on November 1, 2010 the Fund’s pro-forma net investment income, net gain on investments, net change in unrealized depreciation and net increase in net assets from operations for the year ended October 31, 2011 would have been approximately $2.5 million, $55.5 million, $(57.0) million and $1.0 million, respectively.

Note 12. Significant Risks

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Note 13. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 14. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with

various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

34 Annual Report 2012

Columbia Global Equity Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust II and the Shareholders of

Columbia Global Equity Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Global Equity Fund (the “Fund”) (a series of Columbia Funds Series Trust II) at October 31, 2012, the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2012 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion. The statements of changes in net assets and the financial highlights of the Fund for the periods ended October 31, 2011 and prior were audited by another independent registered public accounting firm whose report dated December 22, 2011 expressed an unqualified opinion on those statements and highlights.

PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 21, 2012

Annual Report 2012 35

Columbia Global Equity Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal years ended October 31, 2011 and 2010 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal years ended October 31, 2011 and 2010 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

36 Annual Report 2012

Columbia Global Equity Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for distributions paid in the fiscal year ended October 31, 2012. Shareholders will be notified in early 2013 of amounts for use in preparing 2012 income tax returns.

Tax Designations:

Qualified Dividend Income	100.00	%
Dividends Received Deduction	85.88	%

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividend Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividend received deduction.

The Fund also designates as distribution of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

Annual Report 2012 37

Columbia Global Equity Fund

Trustees and Officers

Shareholders elect the Board that oversees the funds’ operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the funds’ Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations funds’ Board (“Nations Funds”), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource funds (“RiverSource Funds”) effective June 1, 2011.

Independent Trustees
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006	152	None
Edward J. Boudreau, Jr. 225 Franklin Street Boston, MA 02110 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000	145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard — Partners in Cross Cultural Leadership (consulting company)	152	None
William P. Carmichael 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired	145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University; former Dean, McCallum Graduate School of Business, Bentley University	152	None

38 Annual Report 2012

Columbia Global Equity Fund

Trustees and Officers (continued)

Independent Trustees (continued)
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William A. Hawkins 225 Franklin Street Boston, MA 02110 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010	145	Trustee, BofA Funds Series Trust (11 funds)
R. Glenn Hilliard 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011	145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College	152	Director, Valmont Industries, Inc. (manufactures irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)	152	None
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation	152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Infinity, Inc. (oil and gas exploration and production); OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 225 Franklin Street Boston, MA 02110 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments)	145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003 - 2010 (biotechnology); former President, Aquila Biopharmaceuticals	152	Director, Healthways, Inc. (health management programs) since 2005; Director, ICI Mutual Insurance Company, RRG; Director, Abt Associates (government contractor)

Annual Report 2012 39

Columbia Global Equity Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
Anthony M. Santomero 225 Franklin Street Boston, MA 02110 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008	145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

* Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the funds to be an “interested person” (as defined in the 1940 Act) of the funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Director, Ameriprise Certificate Company since 2006 (previously President and Chief Executive Officer, 2006-August 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.	204	None

* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

40 Annual Report 2012

Columbia Global Equity Fund

Trustees and Officers (continued)

The SAI has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the funds’ other officers are:

Officers
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President-Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004-April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010

Annual Report 2012 41

Columbia Global Equity Fund

Trustees and Officers (continued)

Officers (continued)
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel, November 2008-January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel Bank of America, June 2005-April 2010

42 Annual Report 2012

Columbia Global Equity Fund

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Annual Report 2012 43

Columbia Global Equity Fund

[THIS PAGE INTENTIONALLY LEFT BLANK]

44 Annual Report 2012

Columbia Global Equity Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2012 45

Columbia Global Equity Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6334 AL (12/12)

Annual Report October 31, 2012

Columbia Multi-Advisor International Value Fund

Columbia Multi-Advisor International Value Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Multi-Advisor International Value Fund

Table of Contents

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	11
Portfolio of Investments	12
Statement of Assets and Liabilities	23
Statement of Operations	25
Statement of Changes in Net Assets	26
Financial Highlights	28
Notes to Financial Statements	34
Report of Independent Registered Public Accounting Firm	44
Supplemental Information	45
Federal Income Tax Information	46
Trustees and Officers	47
Important Information About This Report	53

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Annual Report 2012

Columbia Multi-Advisor International Value Fund

Performance Overview

Performance Summary

> Columbia Multi-Advisor International Value Fund (the Fund) Class A shares returned 1.50% excluding sales charges for the 12-month period that ended October 31, 2012.

> The Fund underperformed its benchmark, the MSCI EAFE Value Index (Net), which returned 4.44% for the same period.

> Underperformance was the result of various strategies implemented by the Fund’s three independent management teams during the annual period, though relative performance of the three portions of the Fund was mixed.

Average Annual Total Returns (%) (for period ended October 31, 2012)
	Inception	1 Year		5 Years		10 Years
Class A	09/28/01
Excluding sales charges			1.50		-10.01		6.31
Including sales charges			-4.34		-11.06		5.68
Class B	09/28/01
Excluding sales charges			0.67		-10.71		5.49
Including sales charges			-4.25		-10.98		5.49
Class C	09/28/01
Excluding sales charges			0.60		-10.70		5.49
Including sales charges			-0.38		-10.70		5.49
Class I*	03/04/04		1.93		-9.51		6.77
Class K (formerly Class R4)	09/28/01		1.68		-9.65		6.59
Class Z*	09/27/10		1.70		-9.96		6.34
MSCI EAFE Value Index (Net)			4.44		-6.79		8.09

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns since inception if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

MSCI EAFE (Europe, Australasia and the Far East) Value Index (Net) is a subset of the MSCI EAFE Index (Net), and constituents of the index include securities from Europe, Australasia and the Far East. The index generally represents approximately 50% of the free float-adjusted market capitalization of the underlying MSCI EAFE Index (Net), and consists of those securities classified by Morgan Stanley Capital International, Inc. (MSCI) as most representing the value style, such as higher book value-to-price ratios, higher forward earnings-to-price ratios, higher dividend yields and lower forecasted growth rates than securities representing the growth style.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (November 1, 2002 — October 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Multi-Advisor International Value Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Annual Report 2012 3

Columbia Multi-Advisor International Value Fund

Manager Discussion of Fund Performance

Portfolio Management

Columbia Management Investment Advisers, LLC*

Colin Moore, AIIMR

Fred Copper, CFA

Dimensional Fund Advisors, L.P. (DFA)**

Karen Umland, CFA

Jed Fogdall

Joseph Chi, CFA

Henry Gray

Mondrian Investment Partners Limited

Dr. Ormala Krishnan

Frances Cuthbert, CFA

Aidan Nicholson, CFA

* Effective April 20, 2012, Columbia Management assumed portfolio management responsibility for the portfolio of the Fund previously subadvised by Tradewinds Global Investors, LLC.

** Effective November 16, 2011, DFA assumed portfolio management responsibility for the portion of the Fund previously subadvised by AllianceBernstein L.P.

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Columbia Multi-Advisor International Value Fund (the Fund) is managed by two independent money management firms pursuant to subadvisory agreements with the Fund’s Investment Manager, Columbia Management Investment Advisors, LLC (Columbia Management or the Investment Manager) and each invests a portion of the portfolio’s assets as allocated by the Investment Manager. Effective November 16, 2011, AllianceBernstein L.P. was terminated as one of the Fund’s sub-advisors, and Dimensional Fund Advisors, L.P. (DFA) assumed responsibility for that portion of the portfolio’s assets. Effective April 20, 2012, Tradewinds Global Investors LLC was terminated as one of the Fund’s sub-advisors, and Columbia Management assumed responsibility for that portion of the portfolio’s assets. As of October 31, 2012, DFA, Mondrian Investment Partners Limited (Mondrian), and Fred Copper, CFA and Colin Moore, AIIMR of Columbia Management managed approximately 46%, 23% and 31% of the portfolio, respectively.

The Board of Trustees of the Fund has approved a proposal to merge the Fund into Columbia Overseas Value Fund. The merger is subject to certain conditions, including approval by shareholders of the Fund. Proxy materials regarding the merger will be first mailed to shareholders of the Fund in December 2012, and, it is currently anticipated that a meeting of shareholders to consider the merger will be held in the first half of 2013.

For the 12-month period that ended October 31, 2012, the Fund’s Class A shares returned 1.50% excluding sales charges. The Fund underperformed its benchmark, the MSCI EAFE Value Index (Net) (MSCI Index), which returned 4.44% for the same period. Underperformance was the result of various strategies implemented by the Fund’s three independent management teams during the annual period, though relative performance of the three portions of the Fund was mixed.

Volatility Dominated International Equity Markets

During an annual period characterized by conventional and non-conventional global central bank action and a resurfacing of Eurozone sovereign debt and banking sector fears, international equity markets displayed elevated volatility. Eurozone policy makers outlined new measures to support countries undergoing budgetary adjustment and to help strengthen economic governance but did not yet produce a roadmap to fiscal integration necessary to stabilize the monetary union. Global economic growth was weak. Toward the end of the annual period, market attention additionally turned to uncertainty surrounding the U.S.’ looming fiscal cliff. (The U.S. fiscal cliff refers to tax increases and spending cuts totaling approximately $576 billion scheduled to take effect on January 1, 2013.) There was little divergence in performance between larger companies and smaller-cap companies during the annual period. However, there was significant dispersion in performance across countries, with Greece (-30.4%) and Hong Kong (30.2%) highlighting the difference in various developed equity markets. Further, the performance of value-oriented stocks in Japan, which underperformed growth-oriented stocks in Japan by as much as 20% during the annual period, contributed to headwinds in international developed equity markets.

Various Team Strategies Produced Mixed Results

DFA: For the period from April 20, 2012, when we assumed portfolio management responsibility for a portion of the Fund’s portfolio, through October 31, 2012, our portion of the Fund underperformed the MSCI Index. Our portion of the Fund’s portfolio underperformed the benchmark index during the annual period. Such

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Columbia Multi-Advisor International Value Fund

Manager Discussion of Fund Performance (continued)

underperformance can be primarily attributed to three factors. First, our portion of the Fund targeted deep value companies in non-financial sectors, which underperformed the MSCI Index, as well as deep value companies in the financials sector, which outperformed the MSCI Index but to which our portion of the Fund’s exposure was limited in order to provide diversification across sectors. Second, the underperformance of deep value companies was especially notable within the consumer discretionary and industrial sectors and in Japan, where our portion of the Fund had exposure. Third, the MSCI Index does not include Canada, which underperformed developed ex-U.S. markets overall and where our portion of the Fund had a sizable weighting.

Our portion of the Fund’s sector allocations and selection of securities are a consequence of our portfolio construction process and value definition rather than any tactical bets on the economic prospects of either the overall sectors or individual companies within those sectors. That said, materials, consumer discretionary and industrials detracted most from our portion of the Fund’s relative results during the annual period, in each case due primarily to weak security selection. Having an overweight allocation to materials also hurt. On the other hand, telecommunication services, financials and information technology buoyed our portion of the Fund’s results. Security selection proved effective in telecommunication services and financials as did having underweight positions in telecommunication services and information technology.

The individual holdings that detracted most from our portion of the Fund’s relative performance were Japanese consumer discretionary companies Sharp and Sony and Australian financials company Commonwealth Bank of Australia. Our portion of the Fund had overweighted positions in Sharp and Sony, which each performed poorly, and an underweighted positioned position in Commonwealth Bank of Australia, which performed well. The individual holdings that contributed most positively to our portion of the Fund’s relative results were Finnish information technology company Nokia, U.K. financials company Lloyds Banking Group and Spanish telecommunication services company Telefonica. Having underweighted positions in Nokia and Telefonica added value, as each of these companies performed poorly. An overweighted exposure to Lloyds Banking Group boosted results, as the bank outperformed the MSCI Index during the annual period.

From a country perspective, our portion of the Fund seeks to provide broad diversification across all developed equity markets, excluding the U.S., roughly in proportion to their market weightings. A country’s relative performance will compel portfolio action only to the extent the performance impacts the composition of the target universe within that country. That said, positioning in Australia, Japan and Canada, the last of which is not a component of the benchmark index, detracted most from our portion of the Fund’s results during the annual period. Positioning in Spain, Sweden and the Netherlands contributed most positively.

Mondrian: Our portion of the Fund’s portfolio outperformed the benchmark index during the annual period. The primary contributor to such results was effective asset allocation, which in turn is a residual of our individual stock selection decisions. Individual stock selection and currency effects also added value. Of the larger European markets, positive contributions came from the U.K. and Germany. In the U.K., the portfolio’s overweighted exposure and stock selection helped. In Germany, stock selection was particularly strong, supported by asset allocation. Negative contribution arose from France due to stock selection and currency effect. An underweight exposure to Norway also detracted as did stock selection in its market. Within Asia Pacific, Singapore contributed most positively due to the portfolio’s overweight position and to currency effect. Further positive contribution came from Japan due to the portfolio’s underweight exposure to the market and

Top Ten Holdings (%) (at October 31, 2012)
BP PLC (United Kingdom)	2.8
Vodafone Group PLC (United Kingdom)	1.9
Banco Santander SA (Spain)	1.7
HSBC Holdings PLC, ADR (United Kingdom)	1.5
Royal Dutch Shell PLC, Class B (United Kingdom)	1.3
Sanofi (France)	1.2
Mitsubishi UFJ Financial Group, Inc. (Japan)	1.2
BNP Paribas SA (France)	1.2
Royal Dutch Shell PLC, Class A (United Kingdom)	1.1
Novartis AG, Registered Shares (Switzerland)	1.1

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

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Columbia Multi-Advisor International Value Fund

Manager Discussion of Fund Performance (continued)

Country Breakdown (%) (at October 31, 2012)
Australia	6.2
Belgium	0.7
Brazil	0.2
Canada	7.1
China	0.7
Denmark	1.3
Finland	0.2
France	11.0
Germany	9.2
Greece	0.0	(a)
Hong Kong	2.2
Ireland	1.3
Israel	0.2
Italy	1.2
Japan	15.7
Netherlands	2.9
New Zealand	0.5
Norway	1.1
Philippines	0.2
Poland	0.2
Portugal	0.2
Russian Federation	0.1
Singapore	3.7
South Korea	0.9
Spain	2.2
Sweden	2.5
Switzerland	3.7
Taiwan	0.1
Thailand	0.4
United Arab Emirates	0.2
United Kingdom	22.2
United States(b)	1.7
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s portfolio composition is subject to change.

(a) Rounds to less than 0.1%.

(b) Includes investments in Money Market Funds.

from Australia due to positive stock selection. Exposure to Hong Kong/China detracted due to poor stock selection. Elsewhere, Canada contributed positively due to stock selection and the portfolio’s underweight position.

Among our portion of the Fund’s outstanding contributors were U.K. machinery company Rotork, German chemicals company Symrise and U.K. containers and packaging company Rexam. Each generated positive returns during the annual period. By the end of the annual period, we had trimmed our portion of the Fund’s positions in Rotork and Rexam and added to its position in Symrise.

Individual disappointments within our portion of the Fund included French office electronics company Neopost, U.K. commercial services and supplies company CPP Group and Australian commercial services and supplies company Transfield Services. Each saw its shares decline during the annual period. By the end of the annual period, we had trimmed our portion of the Fund’s positions in Neopost and Transfield Services and sold its position in CPP Group.

Columbia Management: For the period from April 20, 2012, when we assumed portfolio management responsibility for a portion of the Fund’s portfolio, through October 31, 2012, our portion of the Fund underperformed the MSCI Index. Most of this underperformance can be attributed to June 2012, the month European equity markets began a rally from deeply oversold levels. Our portion of the Fund was defensively positioned at that time, and such positioning hurt the Fund’s results once the equity markets began to recover. Our portion of the Fund was especially defensively positioned within financials, where both country selection and stock selection detracted. Also hindering relative results during this timeframe was stock selection within the energy sector and having an overweight exposure to South Korea, which lagged the MSCI Index from late April through the end of October.

On the positive side, our portion of the Fund’s performance was helped during this timeframe by stock selection within Japan. Further buoying results were overweighted exposures to stocks selected by the momentum and value factors of our proprietary stock-selection quantitative model.

Among the individual stocks that detracted most from our portion of the Fund’s return were Australian civil engineering and contract mining company Macmahon Holdings, Canadian platinum mining company Eastern Platinum and Norwegian seismic data collection services company Electromagnetic GeoServices. Shares of Macmahon Holdings declined due to a significant earnings miss caused by project cost overruns, which, in turn, damaged its management’s credibility. Eastern Platinum detracted because we purchased the stock too early, as cost increases and worker unrest in South Africa along with waning platinum demand were lingering overhangs on the company’s stock. We added to the Fund’s position in Eastern Platinum on weakness. Electromagnetic GeoServices performed poorly as concerns about contract renewals put near-term earnings at risk despite strong underlying demand for the company’s services.

Individual holdings that contributed most positively to our portion of the Fund’s performance included Japanese real estate company Arnest One, Chinese semiconductor device manufacturer Spreadtrum Communications and Japanese karaoke equipment manufacturer Daiichikosho. Arnest One performed well as it appeared the market began recognizing the cash flow potential of the company’s high turnover strategy in single-family housing construction. Spreadtrum Communications rebounded from oversold levels based on improved earnings expectations. Shares of Daiichikosho rose on the company’s strong earnings trajectory, which is based on share buybacks and solid underlying demand for karaoke equipment. We trimmed the Fund’s position in Daiichikosho, taking some profits.

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Columbia Multi-Advisor International Value Fund

Manager Discussion of Fund Performance (continued)

The countries that detracted most from our portion of the Fund’s performance were Australia, the U.K. and Norway. Our portion of the Fund’s overall positioning in Japan, Ireland and Denmark contributed most positively to its relative returns.

Active Management Strategies Drove Fund Portfolio Changes

DFA: Our portion of the Fund rebalances toward a dynamic target universe, generally defined as the highest book-to-market companies in each country in which it invests. Subject to cash flows, the portfolio buys securities within the target universe and sells securities that no longer sufficiently represent the target universe. During the annual period, we initiated Fund positions in Spanish bank Banco Santander and U.K. bank HSBC Holdings and sold its holdings in U.K. diversified mining company Rio Tinto and U.S. pharmaceuticals company AstraZeneca.

Any shifts in sector and country weights result from both continuous convergence toward target weight, which is based on our value definition, and market movements. Shifts are not a result of any tactical bet on the economic prospects of a given sector or country. That said, during the annual period, our portion of the Fund’s exposure to telecommunication services and health care increased relative to the MSCI Index and its relative weightings to industrials and financials decreased. Our portion of the Fund’s exposure to Canada increased. Additionally, its relative exposure to Sweden increased, and its weightings relative to the MSCI Index in Australia and the U.K. decreased.

At October 31, 2012, our portion of the Fund was overweighted relative to its benchmark index in materials, energy, consumer discretionary and consumer staples. On the same date, our portion of the Fund was underweighted relative to its benchmark index in health care, financials and utilities and was relatively neutrally weighted to the MSCI Index in industrials, information technology and telecommunication services.

Of the countries in which our portion of the Fund had exposure, the U.K. was its largest allocation. Relative to the MSCI Index, our portion of the Fund was most overweighted at the end of October 2012 to Canada, France, the Netherlands and Denmark. Our portion of the Fund was most underweighted relative to the MSCI Index in Switzerland, Australia, Italy, Spain, Japan and Hong Kong at the end of the annual period.

Mondrian: During the annual period, we initiated positions in several companies. To highlight just a few, we established a position in our portion of the Fund in Ingenico, a France-based designer and marketer of electronic payment terminals. Its equipment and software enable secure transactions at point of sale, over the Internet and via mobile phone. In our view, the company stands to benefit from the trend to dematerialize payments with bank cards replacing checks. We believe Ingenico may also be poised to benefit from penetration growth further increasing its exposure to emerging markets and regulations deterring new entrants from this consolidated market. We further believe recurring revenues from terminal maintenance and management, transaction processing and value-added services provides defensiveness, and what we consider to be its well-capitalized balance sheet and strong cash flow support future dividend growth.

Another new purchase for our portion of the Fund during the annual period was Emperor Watch & Jewellery, a leading retailer of fine jewelry and luxury Swiss and German-made watches in Hong Kong, Macau and the People’s Republic of China. In our view, the company has well-established, long-term supplier relationships maintained through its strong sales growth and adherence to supplier agreement terms. We also liked the company’s prime retail locations and strong brand name that, we believe, deters new entrants. We believe the company stands to benefit form the region’s growth in consumer demand for luxury items.

Summary of Investments in Securities by Industry (%) (at October 31, 2012)
Aerospace & Defense	1.3
Air Freight & Logistics	0.1
Airlines	0.3
Auto Components	1.9
Automobiles	2.3
Beverages	0.4
Biotechnology	0.3
Building Products	0.6
Capital Markets	2.4
Chemicals	4.6
Commercial Banks	14.7
Commercial Services & Supplies	2.0
Communications Equipment	0.4
Computers & Peripherals	0.1
Construction & Engineering	2.3
Construction Materials	0.9
Consumer Finance	0.0	(a)
Containers & Packaging	0.8
Distributors	0.0	(a)
Diversified Financial Services	1.8
Diversified Telecommunication Services	2.3
Electric Utilities	0.5
Electrical Equipment	0.8
Electronic Equipment, Instruments & Components	2.6
Energy Equipment & Services	1.5
Food & Staples Retailing	1.7
Food Products	1.1
Gas Utilities	0.3
Health Care Equipment & Supplies	0.3
Health Care Providers & Services	0.6
Hotels, Restaurants & Leisure	0.7
Household Durables	1.1
Household Products	0.4
Independent Power Producers & Energy Traders	0.2
Industrial Conglomerates	0.9
Insurance	5.7
Internet & Catalog Retail	0.5
IT Services	0.3
Leisure Equipment & Products	0.0	(a)
Life Sciences Tools & Services	0.2
Machinery	2.8
Marine	0.6

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Columbia Multi-Advisor International Value Fund

Manager Discussion of Fund Performance (continued)

Summary of Investments in Securities by Industry (%) (at October 31, 2012) (continued)
Media	1.5
Metals & Mining	4.4
Multiline Retail	0.4
Multi-Utilities	1.5
Office Electronics	0.8
Oil, Gas & Consumable Fuels	10.6
Paper & Forest Products	0.2
Personal Products	0.2
Pharmaceuticals	4.0
Professional Services	0.4
Real Estate Investment Trusts (REITs)	2.1
Real Estate Management & Development	1.7
Road & Rail	0.4
Semiconductors & Semiconductor Equipment	0.5
Specialty Retail	1.2
Textiles, Apparel & Luxury Goods	0.5
Trading Companies & Distributors	1.4
Transportation Infrastructure	1.2
Water Utilities	0.3
Wireless Telecommunication Services	3.3
Money Market Funds	0.8
Total	99.7

Percentages indicated are based upon net assets. The Fund’s portfolio composition is subject to change.

(a) Rounds to less than 0.1%.

We also purchased Euler Hermes, a French credit insurer, which provides insurance for a company’s accounts receivables in case of default by a customer in return for a premium. In our view, the company is the global leader in this concentrated market and is well positioned with a strong track record of risk management and expansion through economic growth, increased penetration and new market entry. We further believe the company enjoys a strong balance sheet and excess reserves, which should facilitate future growth.

In addition to the sales already mentioned, our portion of the Fund sold its positions in German banking machine and cash register manufacturer Wincor Nixdorf, Hong Kong optical supplies company Arts Optical International and New Zealand respiratory products manufacturer Fisher & Paykel Healthcare. In each case, we sold the position due to what we believed were more attractive alternatives found elsewhere.

At October 31, 2012, our portion of the Fund was most overweighted relative to its benchmark index in the U.K., Singapore, Germany, France, the Netherlands and New Zealand and most underweighted relative to its benchmark index in Japan, Switzerland, Italy, Australia, Sweden, Norway, Finland and Belgium. Our country, sector and industry allocations are a residual of stock selection decisions that include assessment of underlying top-down macro, industry and currency factors as well as bottom-up company-related factors. In order to ensure prudent diversification, we seek to ensure that the portfolio does not exceed 25% exposure to any single industry.

Columbia Management: During the period from April 20, 2012 through October 31, 2012, we decreased our portion of the Fund’s weights relative to the MSCI Index in utilities, telecommunication services, consumer staples, information technology and industrials. Over the same timeframe, we increased our portion of the Fund’s relative weights in materials, consumer discretionary, health care and financials.

From a country perspective, the largest increase in relative weightings during this timeframe was to France, and the largest decreases in relative country weightings were to Norway, the U.K. and Australia.

At October 31, 2012, our portion of the Fund was overweighted relative to the MSCI Index in the consumer staples, consumer discretionary, health care and energy sectors. On the same date, our portion of the Fund was underweighted relative to the MSCI Index in the utilities, telecommunication services, industrials and financials sectors and was relatively neutrally weighted to its benchmark index in the materials and information technology sectors.

From a country perspective, our portion of the Fund was most overweighted relative to its benchmark index in Ireland, the U.S., China, Canada, South Korea and Thailand and was most underweighted relative to its benchmark index in Spain, Hong Kong, Switzerland, Germany, the U.K. and Australia as of October 31, 2012.

Looking Ahead

DFA: Our investment approach for the Fund is to seek, through consistent exposure to deep value securities in developed non-U.S. markets, to capture the returns and diversification benefits of large-cap value stocks. Our belief is that market participants have a low probability of consistently anticipating market movements, and therefore, we maintain consistent, long-term exposure to the value premium and other factors that we believe provide higher than expected returns

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Columbia Multi-Advisor International Value Fund

Manager Discussion of Fund Performance (continued)

regardless of market conditions. As a firm, we do not attempt to forecast markets or exploit anomalies, and therefore we do not forecast a traditional market outlook.

Mondrian: Our outlook remains cautious for global economies in the months ahead. Based on this view, our strategy going forward in our portion of the Fund’s portfolio is to remain overweight the U.K. The U.K. central bank has embarked on a further quantitative easing exercise, and its government is making efforts to spur growth through private sector-led investment growth in a number of initiatives, such as energy, transport and manufacturing, in an effort to offset cuts in public spending. Our portion of the Fund’s U.K. investments were, at the end of the annual period, primarily focused on the industrial and services segments, in particular high-end engineering companies that manufacture customized finished products or provide services critical within supply chains. In our view, these companies have defensive revenue streams that are dependent on non-discretionary spending and are less exposed to the cyclicality of the capital expenditure cycle. Their businesses, we believe, are driven by preventive maintenance and replacement-related demand, generating sustainable cash flow to support their long-term progressive dividend payouts.

As for the Eurozone, we believe the continent is likely to face a prolonged period of slow economic growth. Such lackluster growth will be based, in our view, on the ongoing effects of budget discipline by governments in both the periphery and the core, on tightening credit conditions as the banking sector bolsters its balance sheets to meet stricter capital requirements, and on weak confidence held by both households and corporations. Despite the backdrop of sluggish economic growth and macro-economic risks posed by the banking sector due to its exposure to sovereign debt of the PIIGS countries (Portugal, Italy, Ireland, Greece and Spain), we believe we have identified some attractive stocks in these nations’ equity markets from a bottom-up perspective. We also currently expect to maintain our portion of the Fund’s overweight positions in France and Germany. Like the U.K., the French and German segments of the portfolio are focused on high-end engineering companies that are dominant in their respective niches and have a globally-diversified revenue base.

We currently intend to maintain our portion of the Fund’s overweight in Asia ex-Japan overall, with overweight positions in Hong Kong and Singapore in particular. The two economies, in our view, are beneficiaries of intra-Asian trade as well as cyclical and structural growth in their respective domestic economies. This segment of the portfolio is primarily invested in the industrial and service segments that are beneficiaries of the outsourcing trend to Asia as well as of cyclical and structural changes taking place in Asia that support domestic demand in order to be less reliant on exports.

Finally, we intend to maintain our portion of the Fund’s underweight to Japan. While Japan, at the end of the annual period, may offer what some consider a safe haven status relative to its developed peers, the country does face longer-term structural issues. The aging and declining population, resulting in a slowly shrinking tax base and disposable savings pool, may pose problems in funding Japan’s fiscal burden in the future unless government spending normalizes in line with the nation’s declining growth trend. At the stock level, we find that Japanese companies that are focused on enhancing shareholder value tend to be the exporters exposed to movements in the yen. In much of the domestic sector, which tends to be shielded from yen movements, corporate governance remains weak and management is generally not aligned to shareholder interests. Nonetheless, we

Annual Report 2012 9

Columbia Multi-Advisor International Value Fund

Manager Discussion of Fund Performance (continued)

continue to monitor opportunities in the Japanese equity market as we seek to exploit oversold conditions on the back of both equity and yen volatility. At the end of the annual period, our portion of the Fund’s Japanese investments were focused on companies with progressive dividend policies, geographical diversification, and a cost-efficient production model that may be globally diversified, utilizing outsourced production to low-cost countries or procuring components from low-cost countries for domestic assembly.

Columbia Management: Despite what we perceive to be significant improvement in the macro risk in Europe at the end of October 2012, debt levels were still precariously high, and therefore, we believe economic growth is still likely to be muted in the months ahead and event risk may be higher than usual. This view leads us to stay somewhat conservatively positioned within our portion of the Fund even though we believe central bank actions have been providing significant liquidity to fuel the financial markets.

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Columbia Multi-Advisor International Value Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

May 1, 2012 – October 31, 2012

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,019.30	1,017.80		7.41	7.41		1.46
Class B		1,000.00	1,000.00		1,014.20	1,014.03		11.19	11.19		2.21
Class C		1,000.00	1,000.00		1,014.40	1,014.03		11.19	11.19		2.21
Class I		1,000.00	1,000.00		1,020.70	1,020.06		5.13	5.13		1.01
Class K (formerly Class R4)		1,000.00	1,000.00		1,018.90	1,018.55		6.65	6.65		1.31
Class Z		1,000.00	1,000.00		1,018.90	1,019.05		6.14	6.14		1.21

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds).

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2012 11

Columbia Multi-Advisor International Value Fund

Portfolio of Investments

October 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 98.4%
Issuer	Shares		Value ($)
Australia 6.2%
Alumina Ltd.		88,251		88,094
Asciano Ltd.		44,461		210,434
Australia and New Zealand Banking Group Ltd.		60,061		1,584,484
Bank of Queensland Ltd.		11,350		89,130
Bendigo and Adelaide Bank Ltd.(a)		19,244		161,180
Boral Ltd.		34,337		127,890
Caltex Australia Ltd.		5,317		93,950
Commonwealth Bank of Australia		20,005		1,198,010
Commonwealth Property Office Fund		1,217,545		1,363,110
David Jones Ltd.(a)		98,341		272,178
Echo Entertainment Group Ltd.		34,955		127,040
Fairfax Media Ltd.(a)		190,781		78,108
Harvey Norman Holdings Ltd.(a)		19,263		38,050
Iluka Resources Ltd.		32,531		333,679
Incitec Pivot Ltd.		47,295		154,905
Lend Lease Group(a)		20,682		185,678
Macmahon Holdings Ltd.		581,876		192,466
Macquarie Group Ltd.		24,900		822,486
Monadelphous Group Ltd.(a)		51,415		1,124,170
National Australia Bank Ltd.		43,576		1,164,557
Newcrest Mining Ltd.		3,566		98,350
Origin Energy Ltd.		47,379		557,704
OZ Minerals Ltd.		14,764		125,273
Qantas Airways Ltd.(b)		43,725		60,282
Santos Ltd.		40,615		484,259
Seven Group Holdings Ltd.		4,854		34,759
Sims Metal Management Ltd.		7,154		69,906
Suncorp Ltd.		60,837		592,585
Tatts Group Ltd.		47,987		139,370
Telstra Corp., Ltd.		68,233		293,231
Toll Holdings Ltd.		31,055		143,065
Transfield Services Ltd.		325,031		535,362
Treasury Wine Estates Ltd.		25,449		130,393
Wesfarmers Ltd.		27,636		996,260
Westpac Banking Corp.		12,428		328,571
Total				13,998,969
Belgium 0.7%
Ageas		8,109		206,373
D’ieteren SA/NV		1		48
Delhaize Group SA		8,721		333,403
KBC Groep NV		14,331		336,395

Common Stocks (continued)
Issuer	Shares		Value ($)
Solvay SA		3,286		395,079
UCB SA		3,984		232,374
Total				1,503,672
Brazil 0.2%
Cia de Saneamento Basico do Estado de Sao Paulo		7,800		330,196
Telefonica Brasil SA, ADR		9,277		204,279
Total				534,475
Canada 7.1%
Aimia, Inc.		140		2,097
Bell Aliant, Inc.		765		20,773
Cameco Corp.		22,200		430,552
Canadian Natural Resources Ltd.		3,564		107,633
Canadian Tire Corp., Ltd., Class A		3,622		259,152
Centerra Gold, Inc.		10,933		124,026
Cott Corp.(b)		33,435		255,778
Eastern Platinum Ltd.(b)		1,701,683		281,129
Empire Co., Ltd., Class A		1,369		79,762
EnCana Corp.(a)		5,139		115,772
Enerplus Corp.		10,348		166,293
Ensign Energy Services, Inc.		4,423		66,118
First Quantum Minerals Ltd.		8,266		185,804
Goldcorp, Inc.		8,323		376,449
Husky Energy, Inc.		14,937		404,552
Inmet Mining Corp.		1,751		90,289
Katanga Mining Ltd.(b)		82		39
Kinross Gold Corp.		68,400		679,377
Loblaw Companies Ltd.		5,500		190,648
Magna International, Inc.		16,749		744,586
Manulife Financial Corp.		95,216		1,176,436
Methanex Corp.		4,138		124,047
Morguard Real Estate Investment Trust(a)		16,800		302,779
Nexen, Inc.		45,325		1,082,354
Northern Property Real Estate Investment Trust		16,900		530,309
Pason Systems Corp.		52,900		861,760
Pengrowth Energy Corp.		16,112		96,632
Penn West Petroleum Ltd.(a)		19,277		250,336
Precision Drilling Corp.(b)		13,100		93,782
Progress Energy Resources Corp.		6,250		125,907
Progressive Waste Solutions Ltd.		4,534		87,752
Quebecor, Inc., Class B		302		10,535
Research In Motion Ltd.(b)		16,600		130,972

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Portfolio of Investments (continued)

October 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Sun Life Financial, Inc.		30,982		768,385
Suncor Energy, Inc.		58,470		1,962,367
Talisman Energy, Inc.		52,300		592,777
Teck Resources Ltd., Class B		35,000		1,110,889
Thomson Reuters Corp.		19,961		562,006
TransAlta Corp.		10,034		159,941
Uranium One, Inc.(b)		16,678		36,237
Viterra, Inc.		100		1,576
Yamana Gold, Inc.		44,900		906,766
Yamana Gold, Inc.		31,653		639,707
Total				16,195,081
China 0.7%
AMVIG Holdings Ltd.		777,000		230,137
Asian Citrus Holdings Ltd.		727,000		406,134
China Communications Construction Co., Ltd., Class H		466,000		434,961
Spreadtrum Communications, Inc., ADR		18,170		418,819
Total				1,490,051
Denmark 1.3%
AP Moller — Maersk A/S, Class A		12		79,481
AP Moller — Maersk A/S, Class B		80		558,228
Carlsberg A/S, Class B		6,070		523,644
Christian Hansen Holding A/S		34,455		1,079,983
Danske Bank AS(b)		10,286		160,849
H Lundbeck A/S		3,022		52,613
Pandora A/S		22,949		364,450
TDC A/S		14,834		102,195
Total				2,921,443
Finland 0.2%
Kesko OYJ, Class A		199		6,371
Kesko OYJ, Class B		1,633		51,116
Neste Oil OYJ		3,598		44,980
Stora Enso OYJ, Class R		21,785		137,456
UPM-Kymmene OYJ		24,152		258,576
Total				498,499
France 11.0%
ArcelorMittal		28,793		426,568
Arkema SA		1,451		132,289
AXA SA		55,602		883,920
BNP Paribas SA		51,957		2,613,622
Boiron SA		9,335		298,859
Bollore SA(a)		379		112,322
Bouygues SA		17,685		425,325

Common Stocks (continued)
Issuer	Shares		Value ($)
Cap Gemini SA		7,538		316,853
Casino Guichard Perrachon SA		2,225		194,319
Cie de St. Gobain		28,290		997,005
Cie Generale de Geophysique-Veritas(b)		7,299		238,502
Cie Generale des Etablissements Michelin		8,129		698,142
Credit Agricole SA(b)		29,668		223,342
Electricite de France SA		12,008		254,085
Euler Hermes SA		3,335		229,879
France Telecom SA		98,084		1,093,585
GDF Suez		54,442		1,249,353
Ingenico		11,770		623,042
IPSOS		14,558		511,548
Lafarge SA		10,100		591,456
Lagardere SCA		4,736		129,432
Medica SA		25,490		455,606
Mersen		14,619		369,589
Metropole Television SA		34,525		481,281
Natixis		36,184		118,563
Neopost SA(a)		16,847		922,253
Nexans SA		14,559		619,617
Peugeot SA(a)(b)		5,014		32,079
Renault SA		16,915		756,610
Rexel SA		3,940		71,317
Rubis SCA		12,703		774,842
Sanofi		31,816		2,796,781
Societe Generale SA(b)		37,012		1,176,540
STMicroelectronics NV		32,466		190,920
Thales SA		834		29,333
Total SA		43,724		2,200,039
Vivendi SA		82,986		1,697,870
Total				24,936,688
Germany 9.1%
Allianz SE, Registered Shares		18,959		2,350,720
Aurubis AG		7,830		495,061
BASF SE		6,562		543,746
Bayerische Motoren Werke AG		5,778		460,208
Bilfinger SE		8,693		850,578
Celesio AG		44		852
Commerzbank AG(b)		75,790		145,191
Daimler AG, Registered Shares		31,315		1,462,216
Deutsche Bank AG, Registered Shares		44,140		2,000,705
Deutsche Lufthansa AG, Registered Shares		17,199		262,828

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 13

Columbia Multi-Advisor International Value Fund

Portfolio of Investments (continued)

October 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Deutsche Telekom AG, Registered Shares		6,826		77,938
E.ON AG		69,931		1,588,937
ElringKlinger AG		16,894		469,037
Fielmann AG(a)		8,113		789,726
Freenet AG		27,487		454,426
GFK SE		10,390		473,095
Gildemeister AG		27,333		506,084
HeidelbergCement AG		4,307		228,269
KHD Humboldt Wedag International AG		99,807		601,934
MTU Aero Engines Holding AG		10,750		902,619
Muenchener Rueckversicherungs AG, Registered Shares		5,344		858,901
Norma Group AG		24,447		675,566
QIAGEN NV(b)		21,292		369,946
Rational AG		1,471		371,985
RWE AG		12,595		575,538
Salzgitter AG		551		23,843
Siemens AG, Registered Shares		4,396		441,813
Symrise AG		54,669		1,965,280
ThyssenKrupp AG		27,186		618,588
Volkswagen AG		982		191,432
Total				20,757,062
Greece —%
Coca Cola Hellenic Bottling Co. SA		3,335		71,324
Hong Kong 2.2%
AAC Technologies Holdings, Inc.		126,000		448,621
ASM Pacific Technology Ltd.(a)		30,600		340,400
Cheung Kong Holdings Ltd.		22,000		324,270
Dah Sing Banking Group Ltd.		3,200		3,189
Emperor Watch & Jewellery, Ltd.(a)		3,600,000		341,562
Henderson Land Development Co., Ltd.		46,066		317,686
Hongkong & Shanghai Hotels (The)		6,250		8,242
Hongkong Land Holdings Ltd.		82,000		518,468
Hopewell Holdings Ltd.		20,000		71,897
Hutchison Whampoa Ltd.		103,000		1,009,037
New World Development Co., Ltd.		302,388		465,249
Orient Overseas International Ltd.		10,000		62,961
Pacific Basin Shipping Ltd.		882,000		470,743
Wharf Holdings Ltd.		81,000		552,282
Wheelock & Co., Ltd.		30,000		130,858
Total				5,065,465

Common Stocks (continued)
Issuer	Shares		Value ($)
Ireland 1.3%
DCC PLC		10,315		294,737
Dragon Oil PLC		59,871		536,223
Glanbia PLC		70,615		669,982
Governor & Co. of the Bank of Ireland (The)(b)		963,136		113,602
Jazz Pharmaceuticals PLC(b)		11,319		608,170
Smurfit Kappa Group PLC		56,639		624,007
Total				2,846,721
Israel 0.2%
Bank Hapoalim BM(b)		60,386		237,274
Israel Discount Bank Ltd., Class A(b)		108,982		153,779
Total				391,053
Italy 1.2%
Enel SpA		60,653		227,984
ENI SpA		38,306		879,307
Fiat SpA(b)		13,409		65,349
Parmalat SpA		209		473
Recordati SpA		69,803		558,684
Telecom Italia SpA		801,956		738,533
UniCredit SpA(b)		66,443		293,325
Unione di Banche Italiane SCPA		6,692		26,299
Total				2,789,954
Japan 15.6%
77 Bank Ltd. (The)		12,000		45,698
Aeon Co., Ltd.(a)		3,500		38,173
Aeon Delight Co., Ltd.		22,400		460,896
Aisin Seiki Co., Ltd.		16,200		473,110
Alfresa Holdings Corp.		1,500		67,812
Amada Co., Ltd.		15,000		76,165
Ariake Japan Co., Ltd.		18,700		398,746
Arnest One Corp.		53,200		789,267
Asahi Glass Co., Ltd.		47,000		319,498
Asahi Kasei Corp.		10,000		55,013
Autobacs Seven Co., Ltd.		800		32,829
Canon Marketing Japan, Inc.		1,500		21,862
Canon, Inc.		13,200		428,996
Casio Computer Co., Ltd.		3,600		27,549
Citizen Holdings Co., Ltd.		9,700		49,230
Coca-Cola West Co., Ltd.		2,100		32,193
Cosmo Oil Company Ltd.		26,000		46,244

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Portfolio of Investments (continued)

October 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
CyberAgent, Inc.		120		239,816
Dai Nippon Printing Co., Ltd.		22,000		155,893
Daicel Corp.		13,000		78,051
Daiichikosho Co., Ltd.		25,300		625,960
FCC Co., Ltd.(a)		39,600		711,202
Fuji Heavy Industries Ltd.		63,000		607,327
Fuji Machine Manufacturing Co., Ltd.		26,900		381,053
Fuji Media Holdings, Inc.		14		20,734
FUJIFILM Holdings Corp.		21,800		367,992
Fukuoka Financial Group, Inc.		27,000		105,586
Fukuyama Transporting Co., Ltd.		6,000		31,495
Fuyo General Lease Co., Ltd.		22,100		618,409
H2O Retailing Corp.		4,000		41,146
Hachijuni Bank Ltd. (The)		14,000		72,321
Hakuhodo DY Holdings, Inc.		770		46,145
Hankyu Hanshin Holdings, Inc.		7,000		38,751
Hitachi Capital Corp.		1,600		30,727
Hitachi Ltd.		111,000		588,652
Hogy Medical Co., Ltd.		15,300		782,802
Honda Motor Co., Ltd.		14,600		438,923
Horiba Ltd.		15,600		425,655
House Foods Corp.		2,800		45,190
Idemitsu Kosan Co., Ltd.		1,000		86,067
Inpex Corp.		26		148,119
Isetan Mitsukoshi Holdings Ltd.		14,600		142,913
ITOCHU Corp.		64,000		640,612
J Front Retailing Co., Ltd.		16,000		83,203
Japan Petroleum Exploration Co.		10,300		387,693
JFE Holdings, Inc.		35,100		495,399
JTEKT Corp.		9,600		72,092
JX Holdings, Inc.		175,900		936,855
K’s Holdings Corp.		12,700		339,621
Kamigumi Co., Ltd.		10,000		80,650
Kaneka Corp.		9,000		43,905
Kato Sangyo Co., Ltd.		27,000		488,350
Kinden Corp.		5,000		31,305
Kinki Sharyo Co., Ltd.		127,000		409,230
Kobe Steel Ltd.(b)		68,000		59,694
Konica Minolta Holdings, Inc.		39,000		259,462
Kyocera Corp.		1,900		167,121
LIXIL Group Corp.		2,200		48,638
Mandom Corp.		14,500		382,663
Marui Group Co., Ltd.		8,400		60,425
Mazda Motor Corp.(b)		118,000		140,741

Common Stocks (continued)
Issuer	Shares		Value ($)
Medipal Holdings Corp.		4,800		61,130
Miraca Holdings, Inc.		14,400		608,126
Mitsubishi Chemical Holdings Corp.		50,000		198,028
Mitsubishi Corp.		65,200		1,164,012
Mitsubishi Gas Chemical Co., Inc.		31,000		153,165
Mitsubishi Heavy Industries Ltd.		25,000		105,302
Mitsubishi Logistics Corp.		4,000		51,586
Mitsubishi Materials Corp.		38,000		110,485
Mitsubishi UFJ Financial Group, Inc.		599,800		2,713,476
Mitsui & Co., Ltd.		26,400		372,114
Mitsui Chemicals, Inc.		31,000		64,084
Mitsui OSK Lines Ltd.(a)		47,000		112,656
Miura Co., Ltd.		11,000		251,390
Nagase & Co., Ltd.		2,000		21,335
NEC Corp.(a)(b)		97,000		186,051
NGK Spark Plug Co., Ltd.		5,000		55,993
Nifco, Inc.(a)		40,400		918,085
Nippon Electric Glass Co., Ltd.		17,000		86,524
Nippon Express Co., Ltd.		90,000		329,353
Nippon Meat Packers, Inc.		8,000		99,281
Nippon Paper Group, Inc.(a)		4,200		48,033
Nippon Sheet Glass Co., Ltd.		28,000		23,191
Nippon Steel & Sumitomo Metal Corp.		209,000		461,330
Nippon Telegraph & Telephone Corp.		11,400		521,301
Nippon Television Holdings, Inc.		1,500		19,401
Nippon Yusen KK		59,000		112,462
Nissan Shatai Co., Ltd.		3,000		32,828
Nisshin Seifun Group, Inc.		7,000		87,475
Nisshinbo Holdings, Inc.		4,000		26,168
Nomura Holdings, Inc.		133,500		482,583
NTN Corp.(a)		17,000		30,498
Obayashi Corp.		26,000		116,315
Otsuka Holdings Co., Ltd.		16,200		499,407
Panasonic Corp.		94,600		573,802
Ricoh Co., Ltd.(a)		24,000		200,853
Rohm Co., Ltd.		3,600		116,267
SBI Holdings, Inc.(a)		8,480		59,385
Seiko Epson Corp.(a)		4,800		26,694
Seino Holdings Corp.		4,000		23,063
Sekisui House Ltd.		22,000		224,949
Sharp Corp.(a)		70,000		151,010
Shinko Plantech Co., Ltd.		72,400		594,807
Shinsei Bank Ltd.		49,000		71,839
Showa Shell Sekiyu KK		8,000		44,538

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 15

Columbia Multi-Advisor International Value Fund

Portfolio of Investments (continued)

October 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
SKY Perfect JSAT Holdings, Inc.		55		25,131
Sojitz Corp.		44,200		54,870
Sony Corp.		60,900		721,080
Sumitomo Chemical Co., Ltd.		7,000		19,672
Sumitomo Corp.		52,900		721,175
Sumitomo Electric Industries Ltd.		57,700		620,719
Sumitomo Forestry Co., Ltd.		3,500		31,322
Sumitomo Metal Mining Co., Ltd.		2,000		26,340
Sumitomo Mitsui Financial Group, Inc.		71,800		2,193,993
Sumitomo Mitsui Trust Holdings, Inc.		26,000		78,905
Suzuken Co., Ltd.		3,000		94,700
Taisei Corp.		41,000		113,044
Taiyo Holdings Co., Ltd.		10,500		295,440
Takashimaya Co., Ltd.		10,000		65,773
Teijin Ltd.		32,000		73,386
Tokyo Broadcasting System Holdings, Inc.		1,900		18,475
Toppan Printing Co Ltd		22,000		127,153
Tosoh Corp.(a)		20,000		39,152
Toyo Seikan Kaisha Ltd.		5,800		61,662
Toyoda Gosei Co., Ltd.		1,700		33,478
Toyota Motor Corp.		27,900		1,075,745
Toyota Tsusho Corp.		8,400		183,479
Tsuruha Holdings, Inc.		6,600		500,283
UNY Co., Ltd.		5,400		38,427
Ushio, Inc.		27,500		290,156
Wacoal Holdings Corp.		3,000		33,753
Xebio Co., Ltd.		18,100		354,175
Yamaguchi Financial Group, Inc.		4,000		33,142
Yamaha Corp.		5,300		47,628
Yamato Kogyo Co., Ltd.		1,300		36,516
Total				35,541,018
Netherlands 2.9%
Aegon NV		151,856		847,935
Akzo Nobel NV		9,136		496,993
ING Groep NV-CVA(b)		243,890		2,154,660
Koninklijke Ahold NV		57,359		730,299
Koninklijke Boskalis Westminster NV		44,594		1,698,756
Koninklijke DSM NV		10,903		559,836
Randstad Holding NV		3,806		124,241
Total				6,612,720

Common Stocks (continued)
Issuer	Shares		Value ($)
New Zealand 0.5%
Auckland International Airport Ltd.		233,472		515,005
Fletcher Building Ltd.		19,366		112,012
SKYCITY Entertainment Group Ltd.		159,156		507,625
Total				1,134,642
Norway 1.1%
Atea ASA		42,111		448,712
BW Offshore Ltd.		5,315		3,123
DNB ASA		15,401		192,334
Electromagnetic GeoServices AS(b)		276,493		601,356
Farstad Shipping ASA		11,081		236,146
Kongsberg Automotive Holding ASA(b)		761,674		229,786
Marine Harvest ASA(b)		101,658		79,881
Norsk Hydro ASA		40,880		184,062
Orkla ASA		30,627		242,274
Petroleum Geo-Services ASA		7,574		130,589
Stolt-Nielsen Ltd.		474		8,688
Subsea 7 SA		1,834		40,242
Telenor ASA		631		12,407
Veripos, Inc.(b)		172		498
Total				2,410,098
Philippines 0.2%
Energy Development Corp.		2,402,000		388,910
Poland 0.2%
PGE SA		97,639		529,076
Portugal 0.2%
Banco Espirito Santo SA, Registered Shares(b)		390,127		379,247
EDP Renovaveis SA(b)		2,909		13,830
Portugal Telecom SGPS SA, Registered Shares		16,238		81,683
Total				474,760
Russian Federation 0.1%
Sberbank of Russia, ADR		26,141		307,418
Singapore 3.7%
Ascendas Real Estate Investment Trust		474,000		914,558
CapitaLand Ltd.		168,000		447,409
CapitaMall Trust		886,099		1,524,621
DBS Group Holdings Ltd.		70,600		801,764
Ezra Holdings Ltd.(b)		676,000		615,030

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Portfolio of Investments (continued)

October 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Golden Agri-Resources Ltd.		287,000		146,581
Hyflux Ltd.(a)		385,000		424,427
Indofood Agri Resources Ltd.		21,000		21,608
Neptune Orient Lines Ltd.(a)(b)		45,000		42,590
Overseas Union Enterprise Ltd.(a)		8,000		17,345
SATS Ltd.		426,000		971,289
SIA Engineering Co., Ltd.		331,000		1,138,741
Singapore Airlines Ltd.		36,000		311,997
SMRT Corp., Ltd.(a)		188,000		267,112
StarHub Ltd.		281,000		845,419
Total				8,490,491
South Korea 0.9%
Capro Corp.		17,340		205,161
GS Home Shopping, Inc.		3,491		445,094
Hyundai Home Shopping Network Corp.		5,270		625,509
LG Fashon Corp.		8,840		246,389
Youngone Holdings Co., Ltd.		10,010		556,712
Total				2,078,865
Spain 2.2%
Acciona SA		786		48,229
Banco de Sabadell SA(a)(b)		36,337		88,450
Banco Popular Espanol SA(a)		34,444		53,708
Banco Santander SA		515,865		3,870,746
CaixaBank SA		13,397		50,704
Prosegur Cia de Seguridad SA, Registered Shares		94,259		513,130
Telefonica SA		26,002		342,417
Total				4,967,384
Sweden 2.5%
AF AB, Class B		24,411		541,923
Boliden AB		29,332		512,533
Meda AB, Class A		3,656		37,398
MQ Holding AB		129,939		368,293
Nordea Bank AB		146,551		1,331,197
Saab AB, Class B		36,981		702,499
Skandinaviska Enskilda Banken AB, Class A		119,856		993,846
SSAB AB, Class A		5,139		36,771
SSAB AB, Class B		2,115		13,073
Svenska Cellulosa AB, Class A		2,420		47,467
Svenska Cellulosa AB, Class B		38,561		751,117

Common Stocks (continued)
Issuer	Shares		Value ($)
Telefonaktiebolaget LM Ericsson, Class B		33,652		295,785
Total				5,631,902
Switzerland 3.7%
Adecco SA, Registered Shares		6,601		319,241
Alpiq Holding AG, Registered Shares(b)		90		14,708
Aryzta AG(b)		2,775		138,556
Baloise Holding AG, Registered Shares		7,487		625,458
Clariant AG, Registered Shares		988		10,577
Credit Suisse Group AG, Registered Shares(b)		3,722		86,286
Holcim Ltd., Registered Shares		12,968		884,910
Lonza Group AG, Registered Shares		18		912
Nestlé SA, Registered Shares		6,528		414,265
Novartis AG, Registered Shares		41,463		2,495,438
Roche Holding AG, Genusschein Shares		2,436		468,472
Sulzer AG, Registered Shares		577		83,517
Swiss Re AG		3,470		239,766
UBS AG, Registered Shares		90,910		1,362,723
Zurich Insurance Group AG(b)		4,633		1,141,709
Total				8,286,538
Taiwan 0.2%
Huaku Development Co., Ltd.		153,680		312,628
Thailand 0.4%
Bangkok Bank PCL, Foreign Registered Shares		83,100		488,436
PTT PCL, Foreign Registered Shares		41,100		424,932
Total				913,368
United Arab Emirates 0.2%
Emaar Properties PJSC		533,253		521,934
United Kingdom 22.1%
Amarin Corp. PLC, ADR(b)		10,857		127,895
Anglo American PLC		783		24,046
AstraZeneca PLC		20,657		959,221
Aviva PLC		359,326		1,921,663
AZ Electronic Materials SA		148,084		847,150
Barclays PLC		630,739		2,315,619
Bodycote PLC		73,211		445,758
BP PLC		890,454		6,370,085
Carnival PLC, ADR(a)		7,128		281,770
Cobham PLC		130,035		451,164
Croda International PLC		51,052		1,813,297

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 17

Columbia Multi-Advisor International Value Fund

Portfolio of Investments (continued)

October 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
De La Rue PLC		67,235		1,149,020
Diploma PLC		82,390		595,115
Domino Printing Sciences PLC		79,149		692,278
Eurasian Natural Resources Corp., PLC		8,331		44,056
Evraz PLC		163		621
Fenner PLC		83,802		488,065
Greene King PLC		51,554		494,180
Halma PLC		71,276		474,349
HSBC Holdings PLC		243,848		2,395,686
HSBC Holdings PLC, ADR(a)		69,317		3,421,487
Intermediate Capital Group PLC		101,836		501,559
International Consolidated Airlines Group SA(b)		26,992		70,260
Interserve PLC		82,652		520,180
Investec PLC		17,542		103,156
J Sainsbury PLC		46,796		267,783
Kazakhmys PLC		6,808		77,894
Kingfisher PLC		87,679		409,619
Laird PLC		202,104		685,557
Lancashire Holdings Ltd.		25,285		352,136
Lloyds Banking Group PLC(b)		1,793,163		1,174,125
Mondi PLC		1,923		21,164
Old Mutual PLC		174,727		484,981
Resolution Ltd.		53,429		188,220
Rexam PLC		124,352		896,406
Rotork PLC		52,209		1,919,266
Royal Bank of Scotland Group PLC, ADR(b)		16,770		149,924
Royal Dutch Shell PLC, Class A(a)		73,776		2,529,752
Royal Dutch Shell PLC, Class B		85,351		3,017,087
Serco Group PLC		69,990		639,841
Spectris PLC		31,277		872,177
Spirax-Sarco Engineering PLC		19,258		601,351
TT electronics PLC		125,339		252,832
Ultra Electronics Holdings PLC		33,508		915,464
Victrex PLC		39,558		909,673
Vodafone Group PLC		1,587,009		4,308,940
Vodafone Group PLC, ADR		71,816		1,954,832
WPP PLC, ADR		1,938		125,272
Xstrata PLC		73,278		1,157,808
Total				50,419,784
United States 0.3%
CF Industries Holdings, Inc.		993		203,754
Onyx Pharmaceuticals, Inc.(b)		3,580		280,529

Common Stocks (continued)
Issuer	Shares		Value ($)
Regeneron Pharmaceuticals, Inc.(b)		1,948		277,200
Total				761,483
Total Common Stocks (Cost: $217,805,794)				223,783,476
Exchange-Traded Funds 0.5%
	Shares		Value ($)
iShares MSCI EAFE Index Fund		22,828		1,222,896
Total Exchange-Traded Funds (Cost: $1,224,102)				1,222,896
Money Market Funds 0.8%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.149%(c)(d)		1,747,054		1,747,054
Total Money Market Funds (Cost: $1,747,054)				1,747,054

Investments of Cash Collateral Received for Securities on Loan 2.3%
Issuer	Effective Yield		Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements 2.3%
BNP Paribas Securities Corp. dated 10/31/12, matures 11/01/12, repurchase price
$72,607(e)		0.280%		72,606		72,606
Mizuho Securities USA, Inc. dated 10/31/12, matures 11/01/12, repurchase price
$55,464(e)		0.350%		55,464		55,464
Nomura Securities dated 10/31/12, matures 11/01/12, repurchase price
$5,000,050(e)		0.360%		5,000,000		5,000,000
Total						5,128,070
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $5,128,070)						5,128,070
Total Investments (Cost: $225,905,020)						231,881,496
Other Assets & Liabilities, Net						(4,453,767	)
Net Assets						227,427,729

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Portfolio of Investments (continued)

October 31, 2012

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at October 31, 2012

Counterparty	Exchange Date		Currency to be Delivered				Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citigroup Global Markets, Inc.	December 4, 2012	(CAD)		1,365,000	(USD	)		1,394,213		28,441		—
Citigroup Global Markets, Inc.	December 4, 2012	(KRW)		2,563,571,000	(USD	)		2,297,560		—		(48,723	)
Citigroup Global Markets, Inc.	December 4, 2012	(NOK)		5,594,000	(USD	)		977,436		—		(2,584	)
Citigroup Global Markets, Inc.	December 4, 2012	(PHP)		14,422,000	(USD	)		347,217		—		(2,735	)
Citigroup Global Markets, Inc.	December 4, 2012	(THB)		30,000,000	(USD	)		974,216		—		(2,511	)
Citigroup Global Markets, Inc.	December 4, 2012	(TWD)		10,177,000	(USD	)		348,072		—		(283	)
Citigroup Global Markets, Inc.	December 4, 2012	(USD)		1,257,883	(AUD	)		1,229,000		14,546		—
Citigroup Global Markets, Inc.	December 4, 2012	(USD)		907,261	(CHF	)		848,000		3,748		—
Citigroup Global Markets, Inc.	December 4, 2012	(USD)		2,438,447	(EUR	)		1,886,000		6,813		—
Citigroup Global Markets, Inc.	December 4, 2012	(USD)		143,549	(EUR	)		110,000		—		(931	)
Citigroup Global Markets, Inc.	December 4, 2012	(USD)		3,628,237	(GBP	)		2,262,000		21,661		—
Citigroup Global Markets, Inc.	December 4, 2012	(USD)		216,552	(ILS	)		829,000		—		(3,396	)
Citigroup Global Markets, Inc.	December 4, 2012	(USD)		138,936	(JPY	)		11,133,000		561		—
Citigroup Global Markets, Inc.	December 4, 2012	(USD)		696,577	(SGD	)		855,000		4,334		—
J.P. Morgan Securities, Inc.	January 31, 2013	(AUD)		1,246,500	(USD	)		1,280,953		—		(3,490	)
J.P. Morgan Securities, Inc.	January 31, 2013	(NZD)		800,500	(USD	)		653,370		—		(991	)
Total										80,104		(65,644	)

Notes to Portfolio of Investments

(a) At October 31, 2012, security was partially or fully on loan.

(b) Non-income producing.

(c) The rate shown is the seven-day current annualized yield at October 31, 2012.

(d) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended October 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		4,331,412		90,009,467		(92,593,825	)		1,747,054		3,242		1,747,054

(e) The following table represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
BNP Paribas Securities Corp. (0.280%)
United States Treasury Bill		5
United States Treasury Note/Bond		74,053
Total market value of collateral securities		74,058

Security Description	Value ($)
Mizuho Securities USA, Inc. (0.350%)
Cash Collateral in Lieu of Securities		1,704
United States Treasury Bill		17,141
United States Treasury Inflation Indexed Bonds		307
United States Treasury Note/Bond		36,801
United States Treasury Strip Coupon		586
Total market value of collateral securities		56,539

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 19

Columbia Multi-Advisor International Value Fund

Portfolio of Investments (continued)

October 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Nomura Securities (0.360%)
Fannie Mae Pool		315,153
Freddie Mac Gold Pool		744,912
Ginnie Mae I Pool		1,294,133
Ginnie Mae II Pool		2,745,802
Total market value of collateral securities		5,100,000

Abbreviation Legend

ADR American Depositary Receipt

Currency Legend

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	Korean Won
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
SGD	Singapore Dollar
THB	Thailand Baht
TWD	Taiwan Dollar
USD	US Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board

at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2012:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		1,985,418		21,015,156		—		23,000,574
Consumer Staples		527,764		8,091,758		—		8,619,522
Energy		6,393,072		21,247,629		—		27,640,701
Financials		6,349,319		56,611,816		—		62,961,135
Health Care		1,293,795		10,841,131		—		12,134,926
Industrials		87,752		34,798,689		—		34,886,441
Information Technology		549,790		10,062,393		—		10,612,183
Materials		4,722,277		19,875,831		—		24,598,108
Telecommunication Services		2,179,884		10,569,945		—		12,749,829
Utilities		490,137		6,089,920		—		6,580,057
Exchange-Traded Funds		1,222,896		—		—		1,222,896
Total Equity Securities		25,802,104		199,204,268		—		225,006,372
Other
Money Market Funds		1,747,054		—		—		1,747,054
Investments of Cash Collateral Received for Securities on Loan		—		5,128,070		—		5,128,070
Total Other		1,747,054		5,128,070		—		6,875,124

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 21

Columbia Multi-Advisor International Value Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments in Securities		27,549,158		204,332,338			—		231,881,496
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—		80,104			—		80,104
Liabilities
Forward Foreign Currency Exchange Contracts		—		(65,644	)		—		(65,644	)
Total		27,549,158		204,346,798			—		231,895,956

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined

through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities

for which a third party statistical pricing service may be employed for purposes of fair market valuation. The models utilized by the third party statistical pricing service take into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

There were no transfers of financial assets between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Statement of Assets and Liabilities

October 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $219,029,896)	$225,006,372
Affiliated issuers (identified cost $1,747,054)	1,747,054
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $5,128,070)	5,128,070
Total investments (identified cost $225,905,020)	231,881,496
Foreign currency (identified cost $26,078)	26,236
Unrealized appreciation on forward foreign currency exchange contracts	80,104
Receivable for:
Investments sold	672,463
Capital shares sold	43,836
Dividends	639,340
Interest	6,208
Reclaims	365,640
Expense reimbursement due from Investment Manager	14,408
Prepaid expenses	3,412
Other assets	646
Total assets	233,733,789
Liabilities
Due upon return of securities on loan	5,128,070
Unrealized depreciation on forward foreign currency exchange contracts	65,644
Payable for:
Investments purchased	157,115
Capital shares purchased	680,182
Investment management fees	27,980
Distribution fees	9,564
Transfer agent fees	55,831
Administration fees	2,487
Plan administration fees	7
Compensation of board members	29,485
Other expenses	144,531
Other liabilities	5,164
Total liabilities	6,306,060
Net assets applicable to outstanding capital stock	$227,427,729
Represented by
Paid-in capital	$565,002,507
Undistributed net investment income	3,890,490
Accumulated net realized loss	(347,443,647	)
Unrealized appreciation (depreciation) on:
Investments	5,976,476
Foreign currency translations	(12,557	)
Forward foreign currency exchange contracts	14,460
Total — representing net assets applicable to outstanding capital stock	$227,427,729
* Value of securities on loan	$4,785,325

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 23

Columbia Multi-Advisor International Value Fund

Statement of Assets and Liabilities (continued)

October 31, 2012

Class A
Net assets	$209,595,814
Shares outstanding	39,658,132
Net asset value per share	$5.29
Maximum offering price per share(a)	$5.61
Class B
Net assets	$13,109,488
Shares outstanding	2,626,009
Net asset value per share	$4.99
Class C
Net assets	$4,443,272
Shares outstanding	902,568
Net asset value per share	$4.92
Class I
Net assets	$7,519
Shares outstanding	1,387
Net asset value per share	$5.42
Class K(b)
Net assets	$214,128
Shares outstanding	39,723
Net asset value per share	$5.39
Class Z
Net assets	$57,508
Shares outstanding	10,648
Net asset value per share	$5.40

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Statement of Operations

Year Ended October 31, 2012

Net investment income
Income:
Dividends — unaffiliated issuers	$9,779,078
Dividends — affiliated issuers	3,242
Interest	27
Income from securities lending — net	322,354
Foreign taxes withheld	(958,619	)
Total income	9,146,082
Expenses:
Investment management fees	2,334,515
Distribution fees
Class A	591,087
Class B	181,471
Class C	50,234
Transfer agent fees
Class A	1,065,571
Class B	80,828
Class C	22,592
Class K(a)	105
Class Z	306
Administration fees	207,913
Plan administration fees
Class K(a)	524
Compensation of board members	14,038
Custodian fees	110,227
Printing and postage fees	129,706
Registration fees	82,761
Professional fees	48,483
Other	31,475
Total expenses	4,951,836
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(893,307	)
Expense reductions	(40	)
Total net expenses	4,058,489
Net investment income	5,087,593
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(18,091,437	)
Foreign currency translations	(404,220	)
Forward foreign currency exchange contracts	(158,511	)
Futures contracts	143,667
Options contracts written	139
Net realized loss	(18,510,362	)
Net change in unrealized appreciation (depreciation) on:
Investments	14,259,504
Foreign currency translations	(43,352	)
Forward foreign currency exchange contracts	102,331
Futures contracts	(181,128	)
Foreign capital gains tax	4,356
Net change in unrealized appreciation (depreciation)	14,141,711
Net realized and unrealized loss	(4,368,651	)
Net increase in net assets resulting from operations	$718,942

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 25

Columbia Multi-Advisor International Value Fund

Statement of Changes in Net Assets

	Year Ended October 31, 2012			Year Ended October 31, 2011
Operations
Net investment income		$5,087,593			$8,743,336
Net realized gain (loss)		(18,510,362	)		26,337,674
Net change in unrealized appreciation (depreciation)		14,141,711			(57,378,899	)
Net increase (decrease) in net assets resulting from operations		718,942			(22,297,889	)
Distributions to shareholders:
Net investment income
Class A		(8,809,024	)		(12,527,546	)
Class B		(458,582	)		(998,877	)
Class C		(145,101	)		(220,987	)
Class I		(299	)		(6,811,007	)
Class K(a)		(7,634	)		(12,836	)
Class Z		(2,110	)		(93	)
Total distributions to shareholders		(9,422,750	)		(20,571,346	)
Increase (decrease) in net assets from capital stock activity		(80,528,250	)		(311,771,877	)
Total decrease in net assets		(89,232,058	)		(354,641,112	)
Net assets at beginning of year		316,659,787			671,300,899
Net assets at end of year		$227,427,729			$316,659,787
Undistributed net investment income		$3,890,490			$7,336,060

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Statement of Changes in Net Assets (continued)

	Year Ended October 31, 2012						Year Ended October 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		2,200,683			10,969,583			3,857,091			23,411,578
Distributions reinvested		1,755,690			8,462,426			2,000,699			11,984,187
Redemptions		(17,547,736	)		(89,646,398	)		(22,281,486	)		(134,506,798	)
Net decrease		(13,591,363	)		(70,214,389	)		(16,423,696	)		(99,111,033	)
Class B shares
Subscriptions		30,158			143,430			63,365			358,914
Distributions reinvested		97,261			445,457			171,626			973,120
Redemptions(a)		(2,045,056	)		(9,610,700	)		(4,090,774	)		(23,486,889	)
Net decrease		(1,917,637	)		(9,021,813	)		(3,855,783	)		(22,154,855	)
Class C shares
Subscriptions		63,725			301,385			88,817			499,657
Distributions reinvested		30,557			138,119			37,292			209,578
Redemptions		(364,136	)		(1,737,861	)		(563,600	)		(3,190,086	)
Net decrease		(269,854	)		(1,298,357	)		(437,491	)		(2,480,851	)
Class I shares
Subscriptions		—			—			856,013			5,431,784
Distributions reinvested		—			—			1,111,042			6,810,686
Redemptions		—			—			(31,445,200	)		(200,189,095	)
Net increase (decrease)		—			—			(29,478,145	)		(187,946,625	)
Class K shares(b)
Subscriptions		—			—			569			3,539
Distributions reinvested		1,518			7,452			2,072			12,640
Redemptions		(1,182	)		(6,256	)		(24,714	)		(157,566	)
Net increase (decrease)		336			1,196			(22,073	)		(141,387	)
Class Z shares
Subscriptions		20,517			109,191			12,144			78,648
Distributions reinvested		340			1,673			—			—
Redemptions		(20,301	)		(105,751	)		(2,463	)		(15,774	)
Net increase		556			5,113			9,681			62,874
Total net decrease		(15,777,962	)		(80,528,250	)		(50,207,507	)		(311,771,877	)

(a) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 27

Columbia Multi-Advisor International Value Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended October 31,
Class A	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.40		$6.13		$5.67		$5.02		$12.14
Income from investment operations:
Net investment income	0.10		0.09		0.08		0.08		0.22
Net realized and unrealized gain (loss)	(0.04	)	(0.63	)	0.50		1.04		(6.16	)
Total from investment operations	0.06		(0.54	)	0.58		1.12		(5.94	)
Less distributions to shareholders:
Net investment income	(0.17	)	(0.19	)	(0.12	)	—		—
Net realized gains	—		—		—		(0.47	)	(1.18	)
Total distributions to shareholders	(0.17	)	(0.19	)	(0.12	)	(0.47	)	(1.18	)
Net asset value, end of period	$5.29		$5.40		$6.13		$5.67		$5.02
Total return	1.50	%	(9.12	%)	10.36	%	24.97	%(a)	(53.60	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	1.84	%	1.63	%	1.57	%	1.48	%	1.29	%
Net expenses after fees waived or expenses reimbursed(c)	1.50	%(d)	1.63	%(d)	1.57	%	1.48	%	1.29	%
Net investment income	2.02	%(d)	1.50	%(d)	1.37	%	1.73	%	2.42	%
Supplemental data
Net assets, end of period (in thousands)	$209,596		$287,441		$427,389		$710,323		$659,381
Portfolio turnover	79	%	21	%	34	%	63	%	40	%

Notes to Financial Highlights

(a) The Investment Manager reimbursed the Fund for a loss on a trading error. Had the Fund not received this reimbursement, total return would have been lower by 0.08%.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Financial Highlights (continued)

	Year Ended October 31,
Class B	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.07		$5.75		$5.32		$4.78		$11.69
Income from investment operations:
Net investment income	0.06		0.05		0.03		0.05		0.15
Net realized and unrealized gain (loss)	(0.04	)	(0.61	)	0.48		0.96		(5.88	)
Total from investment operations	0.02		(0.56	)	0.51		1.01		(5.73	)
Less distributions to shareholders:
Net investment income	(0.10	)	(0.12	)	(0.08	)	—		—
Net realized gains	—		—		—		(0.47	)	(1.18	)
Total distributions to shareholders	(0.10	)	(0.12	)	(0.08	)	(0.47	)	(1.18	)
Net asset value, end of period	$4.99		$5.07		$5.75		$5.32		$4.78
Total return	0.67	%	(9.90	%)	9.63	%	23.82	%(a)	(53.90	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	2.58	%	2.38	%	2.35	%	2.25	%	2.05	%
Net expenses after fees waived or expenses reimbursed(c)	2.25	%(d)	2.38	%(d)	2.35	%	2.25	%	2.05	%
Net investment income	1.31	%(d)	0.84	%(d)	0.62	%	1.03	%	1.69	%
Supplemental data
Net assets, end of period (in thousands)	$13,109		$23,042		$48,327		$80,458		$112,548
Portfolio turnover	79	%	21	%	34	%	63	%	40	%

Notes to Financial Highlights

(a) The Investment Manager reimbursed the Fund for a loss on a trading error. Had the Fund not received this reimbursement, total return would have been lower by 0.08%.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 29

Columbia Multi-Advisor International Value Fund

Financial Highlights (continued)

	Year Ended October 31,
Class C	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.03		$5.73		$5.31		$4.76		$11.66
Income from investment operations:
Net investment income	0.06		0.04		0.03		0.04		0.14
Net realized and unrealized gain (loss)	(0.04	)	(0.59	)	0.48		0.98		(5.86	)
Total from investment operations	0.02		(0.55	)	0.51		1.02		(5.72	)
Less distributions to shareholders:
Net investment income	(0.13	)	(0.15	)	(0.09	)	—		—
Net realized gains	—		—		—		(0.47	)	(1.18	)
Total distributions to shareholders	(0.13	)	(0.15	)	(0.09	)	(0.47	)	(1.18	)
Net asset value, end of period	$4.92		$5.03		$5.73		$5.31		$4.76
Total return	0.60	%	(9.94	%)	9.66	%	24.14	%(a)	(53.96	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	2.59	%	2.38	%	2.33	%	2.24	%	2.04	%
Net expenses after fees waived or expenses reimbursed(c)	2.24	%(d)	2.38	%(d)	2.33	%	2.24	%	2.04	%
Net investment income	1.29	%(d)	0.76	%(d)	0.60	%	1.01	%	1.68	%
Supplemental data
Net assets, end of period (in thousands)	$4,443		$5,896		$9,218		$10,917		$12,610
Portfolio turnover	79	%	21	%	34	%	63	%	40	%

Notes to Financial Highlights

(a) The Investment Manager reimbursed the Fund for a loss on a trading error. Had the Fund not received this reimbursement, total return would have been lower by 0.08%.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

30 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Financial Highlights (continued)

	Year Ended October 31,
Class I	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.55		$6.31		$5.83		$5.12		$12.30
Income from investment operations:
Net investment income	0.13		0.15		0.11		0.12		0.27
Net realized and unrealized gain (loss)	(0.04	)	(0.68	)	0.53		1.06		(6.27	)
Total from investment operations	0.09		(0.53	)	0.64		1.18		(6.00	)
Less distributions to shareholders:
Net investment income	(0.22	)	(0.23	)	(0.16	)	—		—
Net realized gains	—		—		—		(0.47	)	(1.18	)
Total distributions to shareholders	(0.22	)	(0.23	)	(0.16	)	(0.47	)	(1.18	)
Net asset value, end of period	$5.42		$5.55		$6.31		$5.83		$5.12
Total return	1.93	%	(8.72	%)	11.25	%	25.72	%(a)	(53.37	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	1.15	%	1.00	%	0.95	%	0.83	%	0.84	%
Net expenses after fees waived or expenses reimbursed(c)	1.03	%	1.00	%	0.95	%	0.83	%	0.84	%
Net investment income	2.53	%	2.31	%	1.96	%	2.49	%	3.02	%
Supplemental data
Net assets, end of period (in thousands)	$8		$8		$185,979		$182,889		$95,736
Portfolio turnover	79	%	21	%	34	%	63	%	40	%

Notes to Financial Highlights

(a) The Investment Manager reimbursed the Fund for a loss on a trading error. Had the Fund not received this reimbursement, total return would have been lower by 0.08%.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 31

Columbia Multi-Advisor International Value Fund

Financial Highlights (continued)

	Year Ended October 31,
Class K(a)	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.51		$6.26		$5.80		$5.10		$12.23
Income from investment operations:
Net investment income	0.12		0.12		0.10		0.10		0.25
Net realized and unrealized gain (loss)	(0.05	)	(0.66	)	0.51		1.07		(6.20	)
Total from investment operations	0.07		(0.54	)	0.61		1.17		(5.95	)
Less distributions to shareholders:
Net investment income	(0.19	)	(0.21	)	(0.15	)	—		—
Net realized gains	—		—		—		(0.47	)	(1.18	)
Total distributions to shareholders	(0.19	)	(0.21	)	(0.15	)	(0.47	)	(1.18	)
Net asset value, end of period	$5.39		$5.51		$6.26		$5.80		$5.10
Total return	1.68	%	(8.97	%)	10.77	%	25.61	%(b)	(53.27	%)
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed	1.44	%	1.31	%	1.27	%	1.14	%	1.13	%
Net expenses after fees waived or expenses reimbursed(d)	1.32	%	1.31	%	1.27	%	1.00	%	0.87	%
Net investment income	2.24	%	1.85	%	1.67	%	2.14	%	2.75	%
Supplemental data
Net assets, end of period (in thousands)	$214		$217		$385		$493		$558
Portfolio turnover	79	%	21	%	34	%	63	%	40	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) The Investment Manager reimbursed the Fund for a loss on a trading error. Had the Fund not received this reimbursement, total return would have been lower by 0.08%.

(c) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

32 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Financial Highlights (continued)

	Year Ended October 31,
Class Z	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$5.53		$6.31		$6.09
Income from investment operations:
Net investment income	0.13		0.13		0.01
Net realized and unrealized gain (loss)	(0.06	)	(0.68	)	0.21
Total from investment operations	0.07		(0.55	)	0.22
Less distributions to shareholders:
Net investment income	(0.20	)	(0.23	)	—
Total distributions to shareholders	(0.20	)	(0.23	)	—
Net asset value, end of period	$5.40		$5.53		$6.31
Total return	1.70	%	(9.11	%)	3.61	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed	1.58	%	1.44	%	1.21	%(c)
Net expenses after fees waived or expenses reimbursed(d)	1.23	%(e)	1.42	%(e)	1.21	%(c)
Net investment income	2.55	%(e)	2.21	%(e)	1.70	%(c)
Supplemental data
Net assets, end of period (in thousands)	$58		$56		$3
Portfolio turnover	79	%	21	%	34	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 33

Columbia Multi-Advisor International Value Fund

Notes to Financial Statements

October 31, 2012

Note 1. Organization

Columbia Multi-Advisor International Value Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Fund no longer accepts investments by new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

Class K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP)

requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board, including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the

34 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Notes to Financial Statements (continued)

October 31, 2012

current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

Option contracts are valued at the mean of the latest quoted bid and asked prices on their primary exchanges. Option contracts, including over-the-counter (OTC) option contracts, with no readily available market value are valued using quotations obtained from independent brokers as of the close of the NYSE.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net fair value of all derivatives entered into pursuant to the agreement between the Fund and such counterparty. If the net fair value of such derivatives between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, and to shift U.S. dollar exposure

Annual Report 2012 35

Columbia Multi-Advisor International Value Fund

Notes to Financial Statements (continued)

October 31, 2012

to achieve a representative weighted mix of major currencies in its benchmark, and/or to recover an underweight country exposure in its portfolio.

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The Fund will record a realized gain or loss when the forward foreign currency exchange contract expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. Upon entering into futures contracts, the Fund bears risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Options Contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. The Fund purchased and wrote option contracts to decrease the Fund’s exposure to equity risk and to

increase return on investments, protect gains, and facilitate buying and selling of securities for investments. Completion of transactions for option contracts traded in the OTC market depends upon the performance of the other party. Cash collateral may be collected or posted by the Fund to secure certain OTC option contract trades. Cash collateral held or posted by the Fund for such option contract trades must be returned to the counterparty or the Fund upon closure, exercise or expiration of the contract.

Option contracts purchased are recorded as investments and options contracts written are recorded as liabilities of the Fund. The Fund will realize a gain or loss when the option contract expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

The risk in buying an option contract is that the Fund pays a premium whether or not the option contract is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction if a liquid secondary market does not exist. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases and the option contract is exercised. The Fund’s maximum payout in the case of written put option contracts represents the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under the contract. For OTC options contracts, the transaction is also subject to counterparty credit risk. The maximum payout amount may be offset by the subsequent sale, if any, of assets obtained upon the exercise of the put option contracts by holders of the option contracts or proceeds received upon entering into the contracts.

Contracts and premiums associated with options contracts written for the year ended October 31, 2012 are as follows:

	Calls
	Contracts			Premiums ($)
Balance at October 31, 2011		—			—
Opened		35			139
Closed
Expired		(35	)		(139	)
Balance at October 31, 2012		—			—

36 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Notes to Financial Statements (continued)

October 31, 2012

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; the impact of derivative transactions on the Fund’s operations over the period including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments at October 31, 2012:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	80,104
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	65,644

The effect of derivative instruments in the Statement of Operations for the year ended October 31, 2012:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)		Options Contracts Written and Purchased ($)			Total ($)
Equity contracts		—			—		(18,477	)		(18,477	)
Foreign exchange contracts		(158,511	)		—		—			(158,511	)
Interest rate contracts		—			143,667		—			143,667
Total		(158,511	)		143,667		(18,477	)		(33,321	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Options Contracts Written and Purchased ($)		Total ($)
Foreign exchange contracts		102,331		—			—		102,331
Interest rate contracts		—		(181,128	)		—		(181,128	)
Total		102,331		(181,128	)		—		(78,797	)

The following table is a summary of the volume of derivative instruments for the year ended October 31, 2012:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		92
Options contracts		290

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Corporate actions and dividend income are recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

Interest income is recorded on an accrual basis.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Annual Report 2012 37

Columbia Multi-Advisor International Value Fund

Notes to Financial Statements (continued)

October 31, 2012

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed along with the income distribution. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

The Fund is a “multi-manager” fund. Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager or Columbia), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investments made by the Fund. The primary responsibility for the day-to-day portfolio management of the Fund is provided by the Fund’s subadvisers (see Subadvisory Agreement below) and by Columbia, for the portion of the Fund which it manages. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.900% to 0.775% as the Fund’s net assets increase. The

38 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Notes to Financial Statements (continued)

October 31, 2012

effective investment management fee rate for the year ended October 31, 2012 was 0.90% of the Fund’s average daily net assets.

Subadvisory Agreement

The Investment Manager has entered into Subadvisory Agreements with Mondrian Investment Partners Limited and Dimensional Fund Advisors, L.P., each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s determination, subject to the oversight of the Fund’s Board. Each subadviser’s proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund’s assets.

Prior to April 20, 2012, the Investment Manager had a Subadvisory Agreement with Tradewinds Global Investors, LLC to manage a portion of the assets of the Fund. This agreement was terminated April 20, 2012.

Prior to November 16, 2011, the Investment Manager had a Subadvisory Agreement with AllianceBernstein L.P. to manage a portion of the assets of the Fund. This agreement was terminated November 16, 2011. Effective November 16, 2011, the Investment Manager entered into the Subadvisory Agreement with Dimensional Fund Advisors, L.P.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The effective administration fee rate for the year ended October 31, 2012 was 0.08% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Fund or the Board, including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the year ended October 31, 2012, other expenses paid to this company were $2,283.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are

not “interested persons” of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Fund for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Fund that is a percentage of the average aggregate value of the Fund’s shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class K shares.

For the year ended October 31, 2012, the Fund’s effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.45	%
Class B	0.45
Class C	0.45
Class K	0.05
Class Z	0.44

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of

Annual Report 2012 39

Columbia Multi-Advisor International Value Fund

Notes to Financial Statements (continued)

October 31, 2012

small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the year ended October 31, 2012, these minimum account balance fees reduced total expenses by $40.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A shares and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $2,521,000 and $144,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of June 30, 2012, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $142,516 for Class A, $9,313 for Class B and $274 for Class C shares for the year ended October 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective January 1, 2012, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through February 28, 2013, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed

the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.46	%
Class B	2.21
Class C	2.21
Class I	1.01
Class K	1.31
Class Z	1.21

Prior to January 1, 2012, the Investment Manager and certain of its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, did not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.65	%
Class B	2.40
Class C	2.40
Class I	1.20
Class K	1.50
Class Z	1.40

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At October 31, 2012, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees’ deferred compensation, foreign currency transactions, passive foreign investment company (PFIC) holdings and derivative investments. To the

40 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Notes to Financial Statements (continued)

October 31, 2012

extent these differences are permanent, reclassifications are made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$889,587
Accumulated net realized loss	(889,587	)
Paid-in capital	—

Net investment income and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

Year ended October 31,	2012 ($)		2011 ($)
Ordinary income		9,422,750		20,571,346
Total		9,422,750		20,571,346

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At October 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$5,223,385
Undistributed accumulated long-term gain	—
Accumulated realized loss	(344,010,630	)
Unrealized appreciation	1,241,156

At October 31, 2012, the cost of investments for federal income tax purposes was $230,626,589 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$22,844,720
Unrealized depreciation	(21,589,813	)
Net unrealized appreciation	$1,254,907

The following capital loss carryforward, determined at October 31, 2012, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
2017		320,913,280
2018		2,168,950
Unlimited short-term		8,322,535
Unlimited long-term		12,605,865
Total		344,010,630

Unlimited capital loss carryforwards are required to be utilized prior to any capital losses which carry an expiration

date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $204,498,007 and $286,018,130, respectively, for the year ended October 31, 2012.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection

Annual Report 2012 41

Columbia Multi-Advisor International Value Fund

Notes to Financial Statements (continued)

October 31, 2012

with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the year ended October 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At October 31, 2012, securities valued at $4,785,325 were on loan, secured by cash collateral of $5,128,070 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 7. Affiliated Money Market Fund

The Fund invests its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as “Dividends — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 8. Shareholder Concentration

At October 31, 2012, one unaffiliated shareholder account owned 22.6% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight

federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended October 31, 2012.

Note 10. Significant Risks

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Geographic Concentration Risk

The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. Currency devaluation could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund may be more volatile than a more geographically diversified fund.

Note 11. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted below, there were no items requiring adjustment of the financial statements or additional disclosure.

42 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Notes to Financial Statements (continued)

October 31, 2012

In September 2012, the Board approved a proposal to merge the Fund into Columbia Overseas Value Fund, a series of Columbia Funds Series Trust. Shareholders of the Fund will vote on the proposed merger at a special meeting of shareholders to be held during the first half of 2013.

Note 12. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on

the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Annual Report 2012 43

Columbia Multi-Advisor International Value Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust II and the Shareholders of

Columbia Multi-Advisor International Value Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Multi-Advisor International Value Fund (the “Fund”) (a series of Columbia Funds Series Trust II) at October 31, 2012, the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2012 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion. The statements of changes in net assets and the financial highlights of the Fund for the periods ended October 31, 2011 and prior were audited by another independent registered public accounting firm whose report dated December 22, 2011 expressed an unqualified opinion on those statements and highlights.

PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 21, 2012

44 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal years ended October 31, 2011 and 2010 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal years ended October 31, 2011 and 2010 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Annual Report 2012 45

Columbia Multi-Advisor International Value Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for distributions paid in the fiscal year ended October 31, 2012. Shareholders will be notified in early 2013 of amounts for use in preparing 2012 income tax returns.

Tax Designations:

Qualified Dividend Income	100	%
Dividends Received Deduction	0.00	%
Capital Gain Dividend	$0
U.S. Government Income, may be exempt from state taxation	0.00	%
Foreign Taxes Paid	$396,262
Foreign Source Income	$4,287,536

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividend Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividend received deduction.

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period. The Fund also designates as capital gain dividends, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

46 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Trustees and Officers

Shareholders elect the Board that oversees the funds’ operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the funds’ Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations funds’ Board (“Nations Funds”), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource funds (“RiverSource Funds”) effective June 1, 2011.

Independent Trustees
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006	152	None
Edward J. Boudreau, Jr. 225 Franklin Street Boston, MA 02110 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000	145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard — Partners in Cross Cultural Leadership (consulting company)	152	None
William P. Carmichael 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired	145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University; former Dean, McCallum Graduate School of Business, Bentley University	152	None

Annual Report 2012 47

Columbia Multi-Advisor International Value Fund

Trustees and Officers (continued)

Independent Trustees (continued)
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William A. Hawkins 225 Franklin Street Boston, MA 02110 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010	145	Trustee, BofA Funds Series Trust (11 funds)
R. Glenn Hilliard 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011	145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College	152	Director, Valmont Industries, Inc. (manufactures irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)	152	None
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation	152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Infinity, Inc. (oil and gas exploration and production); OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 225 Franklin Street Boston, MA 02110 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments)	145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003-2010 (biotechnology); former President, Aquila Biopharmaceuticals	152	Director, Healthways, Inc. (health management programs) since 2005; Director, ICI Mutual Insurance Company, RRG; Director, Abt Associates (government contractor)

48 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Anthony M. Santomero 225 Franklin Street Boston, MA 02110 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008	145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

* Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the funds to be an “interested person” (as defined in the 1940 Act) of the funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family overseen by Board Member	Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Director, Ameriprise Certificate Company since 2006 (previously President and Chief Executive Officer, 2006-August 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.	204	None

* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2012 49

Columbia Multi-Advisor International Value Fund

Trustees and Officers (continued)

The SAI has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the funds’ other officers are:

Officers
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004-April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010

50 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Trustees and Officers (continued)

Officers (continued)
Name, Address, Year of Birth	Position Held with Funds and Length of Service	Principal Occupation During Past Five Years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel, November 2008-January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel Bank of America, June 2005-April 2010

Annual Report 2012 51

Columbia Multi-Advisor International Value Fund

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52 Annual Report 2012

Columbia Multi-Advisor International Value Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2012 53

Columbia Multi-Advisor International Value Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6242 T (12/12)

Annual Report October 31, 2012

Columbia Seligman Global Technology Fund

Columbia Seligman Global Technology Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Seligman Global Technology Fund

Table of Contents

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	17
Notes to Financial Statements	25
Report of Independent Registered Public Accounting Firm	33
Supplemental Information	34
Federal Income Tax Information	35
Trustees and Officers	36
Important Information About This Report	41

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Annual Report 2012

Columbia Seligman Global Technology Fund

Performance Overview

Performance Summary

> Columbia Seligman Global Technology Fund (the Fund) Class A shares returned -0.45% excluding sales charges for the 12-month period that ended October 31, 2012.

> The Fund underperformed its benchmark, the MSCI World Information Technology (IT) Index (Net), which returned 6.48% for the same 12-month period.

> Positioning in the semiconductors & semiconductor equipment, computers & peripherals, Internet software & services and software industries detracted, more than offsetting the positive contributions made by positioning in the communications equipments and electronic equipment instruments industries.

Average Annual Total Returns (%) (for period ended October 31, 2012)
	Inception	1 Year		5 Years		10 Years
Class A	05/23/94
Excluding sales charges			-0.45		0.38		9.20
Including sales charges			-6.17		-0.80		8.56
Class B	04/22/96
Excluding sales charges			-1.22		-0.37		8.36
Including sales charges			-6.15		-0.77		8.36
Class C	05/27/99
Excluding sales charges			-1.16		-0.36		8.38
Including sales charges			-2.15		-0.36		8.38
Class I*	08/03/09		-0.05		0.69		9.37
Class K (formerly Class R4)*	08/03/09		-0.20		0.53		9.28
Class R*	04/30/03		-0.66		0.12		8.93
Class R5*	08/03/09		-0.10		0.64		9.34
Class Z*	09/27/10		-0.15		0.50		9.26
MSCI World IT Index (Net)			6.48		-0.92		7.36

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns since inception if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The MSCI World IT Index (Net) is a free float-adjusted market capitalization index designed to measure information technology stock performance in the global developed equity market.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Annual Report 2012

Columbia Seligman Global Technology Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (November 1, 2002 — October 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Seligman Global Technology Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Annual Report 2012 3

Columbia Seligman Global Technology Fund

Manager Discussion of Fund Performance

Portfolio Management

Richard Parower, CFA

Paul Wick

Ajay Diwan

Benjamin Lu

Morningstar Style Box™

The Morningstar Style Box™ is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

©2012 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Top Ten Holdings (%) (at October 31, 2012)
Synopsys, Inc.	7.9
Apple, Inc.	7.3
Symantec Corp.	7.0
Nuance Communications, Inc.	4.8
Parametric Technology Corp.	4.3
KLA-Tencor Corp.	4.2
Lam Research Corp.	4.0
QUALCOMM, Inc.	3.8
EMC Corp.	3.8
Check Point Software Technologies Ltd.	3.8

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For the 12-month period that ended October 31, 2012, the Fund’s Class A shares returned -0.45% excluding sales charges. The Fund underperformed its benchmark, the MSCI World Information Technology (IT) Index (Net), which returned 6.48%. The Fund’s positioning in the semiconductors & semiconductor equipment, computers & peripherals, Internet software & services and software industries detracted, more than offsetting the positive contributions made by positioning in the communications equipment and electronic equipment instruments industries.

IT Sector Decline Attributable to Second-Half Concerns

The information technology sector lagged the broad international equity market during the annual period overall. However, this performance actually masks what was an annual period characterized by two seemingly distinct timeframes, as investor sentiment shifted dramatically. During the first half of the annual period, we believe that news regarding the European Union’s efforts to address its sovereign debt crisis, improving or stabilizing economic readings out of the U.S, and continued Gross Domestic Product (GDP) growth in India and China supported a “risk on” view by most investors and, in turn, a rally in U.S. and international equities. The information technology sector posted solid gains. However, during the second half of the annual period, the equity markets experienced a pull-back, likely led by disappointing economic data and rising concerns that this economic cycle may never hit full stride. Europe’s reluctance to craft a meaningful long-term solution to its lingering debt problems weighed on investors, as did a slowdown in emerging market growth, new tensions in the Middle East, uncertainty preceding the November U.S. elections and the looming U.S. fiscal cliff. (The U.S. fiscal cliff refers to tax increases and spending cuts totaling approximately $576 billion scheduled to take effect on January 1, 2013.) While a fresh round of monetary stimulus from central banks around the world brought some short-lived relief to the equity markets in September 2012, persistent worries led investors to book some of their profits and move to the sidelines in October. In turn, the information technology sector suffered significant losses during the second half of the annual period that more than offset earlier gains.

From an industry perspective within the benchmark index, the weakest performing segments of the information technology sector during the annual period were office electronics, electronic equipment instruments, communications equipment and semiconductors & semiconductor equipment. The best performing segments of the information technology sector within the benchmark index were computers & peripherals, Internet software & services and information technology services.

Stock Selection Overall Hampered Results

The Fund underperformed the MSCI World IT Index (Net) primarily because of stock selection in the semiconductors & semiconductor equipment, computers & peripherals, Internet software & services and software industries. Having overweighted allocations to semiconductors & semiconductor equipment and software also hurt, as each of these industries lagged the MSCI World IT Index (Net) during the annual period. Similarly, having underweighted exposure to computers & peripherals and Internet software & services hampered results, as each of these industries outpaced the MSCI World IT Index (Net).

Within semiconductors & semiconductor equipment, positions in Advanced Micro Devices and Marvell Technology Group detracted from Fund results most. Advanced Micro Devices saw its shares decline on lack of execution of its product delivery plan. Marvell Technology Group, which has significant exposure to the

4 Annual Report 2012

Columbia Seligman Global Technology Fund

Manager Discussion of Fund Performance (continued)

hard disc drive market, performed poorly as consumers and businesses held off from purchasing personal computers. On the positive side, not owning a position in Intel proved effective, as the industry bellwether performed poorly. Also contributing positively to the Fund’s results was a position in Novellus, whose shares rose on the announcement of its acquisition by Lam Research.

In computers & peripherals, industry giant Apple was a strong absolute performer but the Fund was underweighted its stock. Apple comprises nearly 18% of the MSCI World IT Index (Net) and posted double-digit gains during the annual period. However, portfolio risk management mandates prevent holding a position of this size; the Fund held an average weight of 6.6% of its net assets in Apple. Network Appliance, which manufactures storage arrays, detracted from the Fund’s results, as its product transition took longer than anticipated. Partially offsetting these detractors was the positive contribution made by not owning a position in Hewlett-Packard, which performed poorly. The Fund also benefited from taking gains early in the annual period from Seagate Technology. Our timing proved prudent, as the company’s shares declined subsequent to our sale.

Positions in Baidu and GREE disappointed most within the Internet software & services industry. China’s Baidu suffered from slowing advertising revenue. Japan’s GREE saw its shares decline on poor execution in introducing its new games for mobile phones. Not owning eBay and Google also hurt. In the software industry, a position in Rovi significantly detracted. On the positive side, positions in software companies Synopsis, Oracle and Symantec each added value, rebounding solidly from earlier weakness.

Positioning in Communications Equipment Buoyed Results

Effective stock selection and having an underweight position relative to the MSCI World IT Index (Net) in the communications equipment industry benefitted the Fund’s relative results most. Not owning positions in benchmark names like Nokia, Research in Motion and Ericcson particularly helped, as each of these companies lost market share to Apple’s iPhone during the annual period. Also, an underweighted exposure to networking stocks, which were pressured by a slowdown in carrier spending, and to infrastructure stocks, helped.

Underweighted allocations to the electronic equipment instruments and office electronics industries, which each lagged the MSCI World IT Index (Net), contributed positively to the Fund’s results. So, too, did effective stock selection overall within the electronic equipment instruments industry.

Stock-Specific News Flow Drove Portfolio Changes

Driven primarily by our bottom-up stock selection strategy and our strict sell discipline, the Fund’s exposure to the semiconductors and communication equipment industries increased during the annual period, while its allocations to the information technology services and Internet software and services industries decreased.

At the end of the annual period, the Fund was overweight relative to the MSCI World IT Index (Net) in the software and semiconductors & semiconductor equipment industries. The Fund was underweight compared to the MSCI World IT Index (Net) in the communications equipment, computers & peripherals, electronic equipment instruments, Internet software & services and information technology services industries and was relatively neutral to the Index in office electronics.

Portfolio Breakdown (%) (at October 31, 2012)
Common Stocks	93.0
Consumer Discretionary	0.6
Health Care	0.9
Industrials	0.2
Information Technology	89.8
Telecommunication Services	1.5
Money Market Funds	7.0
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s portfolio composition is subject to change.

Annual Report 2012 5

Columbia Seligman Global Technology Fund

Manager Discussion of Fund Performance (continued)

Looking Ahead

Looking ahead, we are most mindful perhaps of the potential impact the looming fiscal cliff may have on corporate and personal tax rates as well as the approach to government spending and entitlement reform. While we certainly hope for compromise both within Congress and between Congress and the newly re-elected U.S. President, lingering uncertainty until such compromise is ultimately reached will likely, in our view, hold back capital spending, including information technology expenditures.

At the end of the annual period, U.S. economic fundamentals remained subdued, but had seen some gradual improvement, unlike in other global economies. We feel the policy approach going forward will play a meaningful role in determining whether the fragile economic recovery blossoms or delivers uninspiring growth. We intend to adjust the Fund portfolio’s exposure accordingly. We are optimistic that the personal computer supply chain has seemingly worked through its excess inventory and are hopeful that the worst is over for personal computer-related companies. We are still of the opinion that demand for computing is growing globally, and traditional personal computers will remain a part of that landscape along with the fast-growing tablet and smart-phone categories. The fourth quarter of a calendar year usually marks a seasonally stronger period for semiconductors, which, combined with attractive valuations, investor apathy and positive semiconductor capital equipment trends, leave us optimistic that the chip-related holdings in the Fund’s portfolio may also be poised to perform better. Finally, we are constructive in our view toward an uptick in enterprise spending, as corporations invest in information technology in an effort to improve productivity. The key question that remains is the timing of such an upward turn.

As always, we intend to seek long-term capital appreciation by constructing a conviction-weighted portfolio of technology and technology-related companies, as driven by rigorous bottom-up fundamental and valuation analysis.

6 Annual Report 2012

Columbia Seligman Global Technology Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

May 1, 2012 – October 31, 2012

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		885.70	1,018.20		6.54	7.00		1.38
Class B		1,000.00	1,000.00		882.60	1,014.43		10.08	10.79		2.13
Class C		1,000.00	1,000.00		883.00	1,014.43		10.08	10.79		2.13
Class I		1,000.00	1,000.00		887.60	1,020.26		4.60	4.93		0.97
Class K (formerly Class R4)		1,000.00	1,000.00		886.60	1,018.70		6.07	6.50		1.28
Class R		1,000.00	1,000.00		884.70	1,016.94		7.72	8.26		1.63
Class R5		1,000.00	1,000.00		887.80	1,020.01		4.84	5.18		1.02
Class Z		1,000.00	1,000.00		886.90	1,019.46		5.36	5.74		1.13

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds).

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2012 7

Columbia Seligman Global Technology Fund

Portfolio of Investments

October 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 93.2%
Issuer	Shares		Value ($)
Consumer Discretionary 0.6%
Diversified Consumer Services 0.2%
Lifelock, Inc.(a)		90,709		657,640
Household Durables 0.4%
Panasonic Corp.		286,000		1,734,751
Total Consumer Discretionary				2,392,391
Health Care 0.9%
Health Care Equipment & Supplies 0.5%
Stryker Corp.		35,000		1,841,000
Life Sciences Tools & Services 0.4%
Agilent Technologies, Inc.		47,600		1,713,124
Total Health Care				3,554,124
Industrials 0.2%
Commercial Services & Supplies 0.2%
Performant Financial Corp.(a)		77,045		760,434
Total Industrials				760,434
Information Technology 90.0%
Communications Equipment 6.6%
Cisco Systems, Inc.		610,700		10,467,398
QUALCOMM, Inc.		253,271		14,835,349
Radware, Ltd.(a)		60,057		1,969,870
Total				27,272,617
Computers & Peripherals 16.1%
Apple, Inc.		47,155		28,061,941
Dell, Inc.		140,100		1,293,123
Electronics for Imaging, Inc.(a)		275,303		4,779,260
EMC Corp.(a)		606,400		14,808,288
NCR Corp.(a)		324,900		6,913,872
NetApp, Inc.(a)		299,000		8,043,100
SanDisk Corp.(a)		71,200		2,973,312
Total				66,872,896
Electronic Equipment, Instruments & Components 4.5%
Arrow Electronics, Inc.(a)		133,300		4,696,159
Avnet, Inc.(a)		85,700		2,455,305
Flextronics International Ltd.(a)		673,600		3,886,672
Kyocera Corp.		41,400		3,641,488
Murata Manufacturing Co., Ltd.		64,900		3,157,105
Tripod Technology Corp.		80		154
Vishay Intertechnology, Inc.(a)(b)		113,600		940,608
Total				18,777,491

Common Stocks (continued)
Issuer	Shares		Value ($)
Internet Software & Services 1.0%
Dena Co., Ltd.		33,600		1,048,685
GREE, Inc.(b)		184,600		3,217,892
Total				4,266,577
IT Services 4.8%
Global Payments, Inc.		50,200		2,146,050
International Business Machines Corp.		21,700		4,221,301
VeriFone Systems, Inc.(a)		165,700		4,911,348
Visa, Inc., Class A		34,400		4,773,344
WNS Holdings Ltd., ADR(a)		381,244		4,003,062
Total				20,055,105
Office Electronics 1.0%
Canon, Inc.		58,300		1,894,731
Xerox Corp.		342,777		2,207,484
Total				4,102,215
Semiconductors & Semiconductor Equipment 20.6%
Advanced Micro Devices, Inc.(a)(b)		1,113,963		2,283,624
Advanced Semiconductor Engineering, Inc.		2,973,012		2,243,525
Avago Technologies Ltd.		161,600		5,337,648
Broadcom Corp., Class A		241,600		7,618,856
Dialog Semiconductor PLC(a)		65,800		1,308,297
KLA-Tencor Corp.		345,400		16,068,008
Lam Research Corp.(a)		437,837		15,499,430
LSI Corp.(a)		241,400		1,653,590
Marvell Technology Group Ltd.		564,885		4,456,943
Microsemi Corp.(a)		310,700		5,965,440
NXP Semiconductor NV(a)		305,700		7,416,282
Samsung Electronics Co., Ltd.		2,200		2,640,083
Semtech Corp.(a)		113,300		2,829,101
Shinko Electric Industries Co., Ltd.(b)		447,100		2,783,778
Teradyne, Inc.(a)(b)		348,400		5,093,608
United Microelectronics Corp.		5,513,000		2,044,190
Total				85,242,403
Software 35.4%
Application Software 18.9%
Cadence Design Systems, Inc.(a)(b)		294,100		3,723,306
Citrix Systems, Inc.(a)		63,700		3,937,297
NICE Systems Ltd., ADR(a)		114,328		3,807,122
Nuance Communications, Inc.(a)(b)		835,199		18,591,530
Parametric Technology Corp.(a)		817,236		16,491,822
Synopsys, Inc.(a)		946,749		30,485,318
TIBCO Software, Inc.(a)		47,300		1,192,433
Total				78,228,828

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Annual Report 2012

Columbia Seligman Global Technology Fund

Portfolio of Investments (continued)

October 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Systems Software 16.5%
Check Point Software Technologies Ltd.(a)		325,705		14,503,644
Microsoft Corp.		292,816		8,355,504
Oracle Corp.		411,000		12,761,550
Symantec Corp.(a)		1,491,862		27,136,970
VMware, Inc., Class A(a)		64,400		5,459,188
Total				68,216,856
Total Software				146,445,684
Total Information Technology				373,034,988
Telecommunication Services 1.5%
Diversified Telecommunication Services 0.5%
AT&T, Inc.		62,200		2,151,498
Wireless Telecommunication Services 1.0%
Vodafone Group PLC		1,539,500		4,179,947
Total Telecommunication Services				6,331,445
Total Common Stocks
(Cost: $368,070,026)				386,073,382
Money Market Funds 7.0%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.149%(c)(d)		29,174,963		29,174,963
Total Money Market Funds
(Cost: $29,174,963)				29,174,963

Investments of Cash Collateral Received for Securities on Loan 5.6%
Issuer	Effective Yield		Par ($)/ Principal ($)/ Shares		Value ($)
Other Short-Term Obligations 0.2%
Natixis Financial Products LLC
11/01/12		0.520%		1,000,000		1,000,000
Repurchase Agreements 5.4%
BNP Paribas Securities Corp. dated 10/31/12, matures 11/01/12, repurchase price
$2,207,837(e)		0.280%		2,207,820		2,207,820
Natixis Financial Products, Inc. dated 10/31/12, matures 11/01/12, repurchase price
$20,000,211(e)		0.380%		20,000,000		20,000,000
Total						22,207,820
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $23,207,820)						23,207,820
Total Investments
(Cost: $420,452,809)						438,456,165
Other Assets & Liabilities, Net						(24,069,008	)
Net Assets						414,387,157

Notes to Portfolio of Investments

(a) Non-income producing.

(b) At October 31, 2012, security was partially or fully on loan.

(c) The rate shown is the seven-day current annualized yield at October 31, 2012.

(d) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended October 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		6,222,343		241,255,294		(218,302,674	)		29,174,963		44,966		29,174,963

(e) The following table represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
BNP Paribas Securities Corp. (0.280%)
United States Treasury Note/Bond		2,251,977
Total market value of collateral securities		2,251,977

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 9

Columbia Seligman Global Technology Fund

Portfolio of Investments (continued)

October 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Natixis Financial Products, Inc. (0.380%)
Fannie Mae Pool		3,234,636
Fannie Mae REMICS		3,454,016
Fannie Mae-Aces		57,419
Freddie Mac Gold Pool		22,787
Freddie Mac Non Gold Pool		711,511
Freddie Mac REMICS		1,771,985
Ginnie Mae I Pool		546,522
Ginnie Mae II Pool		1,749,168
Government National Mortgage Association		8,852,172
Total market value of collateral securities		20,400,216

Abbreviation Legend

ADR	American Depositary Receipt
REMIC(S)	Real Estate Mortgage Investment Conduit(s)

Fair Value Measurements

Measurements Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Annual Report 2012

Columbia Seligman Global Technology Fund

Portfolio of Investments (continued)

October 31, 2012

Fair Value Measurements (continued)

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2012:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		657,640		1,734,751		—		2,392,391
Health Care		3,554,124		—		—		3,554,124
Industrials		760,434		—		—		760,434
Information Technology		349,055,059		23,979,929		—		373,034,988
Telecommunication Services		2,151,498		4,179,947		—		6,331,445
Total Equity Securities		356,178,755		29,894,627		—		386,073,382
Other
Money Market Funds		29,174,963		—		—		29,174,963
Investments of Cash Collateral Received for Securities on Loan		—		23,207,820		—		23,207,820
Total Other		29,174,963		23,207,820		—		52,382,783
Total		385,353,718		53,102,447		—		438,456,165

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The models utilized by the third party statistical pricing service take into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

There were no transfers of financial assets between Levels 1 and 2 during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 11

Columbia Seligman Global Technology Fund

Statement of Assets and Liabilities

October 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $368,070,026)	$386,073,382
Affiliated issuers (identified cost $29,174,963)	29,174,963
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $1,000,000)	1,000,000
Repurchase agreements (identified cost $22,207,820)	22,207,820
Total investments (identified cost $420,452,809)	438,456,165
Foreign currency (identified cost $62)	63
Receivable for:
Capital shares sold	283,142
Dividends	191,785
Interest	14,447
Reclaims	3,934
Expense reimbursement due from Investment Manager	13,161
Prepaid expenses	4,470
Total assets	438,967,167
Liabilities
Due upon return of securities on loan	23,207,820
Payable for:
Capital shares purchased	958,735
Investment management fees	48,643
Distribution fees	21,169
Transfer agent fees	100,534
Administration fees	3,414
Plan administration fees	8
Compensation of board members	24,592
Other expenses	215,095
Total liabilities	24,580,010
Net assets applicable to outstanding capital stock	$414,387,157
Represented by
Paid-in capital	$415,564,052
Excess of distributions over net investment income	(2,656,611	)
Accumulated net realized loss	(16,520,819	)
Unrealized appreciation (depreciation) on:
Investments	18,003,356
Foreign currency translations	(2,821	)
Total — representing net assets applicable to outstanding capital stock	$414,387,157
* Value of securities on loan	$22,243,076

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Annual Report 2012

Columbia Seligman Global Technology Fund

Statement of Assets and Liabilities (continued)

October 31, 2012

Class A
Net assets	$311,522,717
Shares outstanding	15,518,230
Net asset value per share	$20.07
Maximum offering price per share(a)	$21.29
Class B
Net assets	$7,857,830
Shares outstanding	460,555
Net asset value per share	$17.06
Class C
Net assets	$64,359,787
Shares outstanding	3,773,482
Net asset value per share	$17.06
Class I
Net assets	$11,049
Shares outstanding	544
Net asset value per share(b)	$20.30
Class K(c)
Net assets	$231,018
Shares outstanding	11,448
Net asset value per share	$20.18
Class R
Net assets	$8,124,295
Shares outstanding	413,444
Net asset value per share	$19.65
Class R5
Net assets	$165,147
Shares outstanding	8,156
Net asset value per share	$20.25
Class Z
Net assets	$22,115,314
Shares outstanding	1,092,995
Net asset value per share	$20.23

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

(b) Net asset value per share rounds to this amount due to fractional shares outstanding.

(c) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 13

Columbia Seligman Global Technology Fund

Statement of Operations

Year Ended October 31, 2012

Net investment income
Income:
Dividends — unaffiliated issuers	$3,188,749
Dividends — affiliated issuers	44,966
Income from securities lending — net	141,464
Foreign taxes withheld	(55,810	)
Total income	3,319,369
Expenses:
Investment management fees	4,028,897
Distribution fees
Class A	883,784
Class B	110,911
Class C	721,088
Class R	47,020
Transfer agent fees
Class A	885,195
Class B	29,078
Class C	179,772
Class K(a)	191
Class R	23,199
Class R5	58
Class Z	56,347
Administration fees	282,500
Plan administration fees
Class K(a)	948
Compensation of board members	19,053
Custodian fees	16,523
Printing and postage fees	146,914
Registration fees	102,163
Professional fees	50,260
Other	55,793
Total expenses	7,639,694
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(442,372	)
Expense reductions	(11,735	)
Total net expenses	7,185,587
Net investment loss	(3,866,218	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	24,175,710
Foreign currency translations	96,181
Forward foreign currency exchange contracts	(138,526	)
Net realized gain	24,133,365
Net change in unrealized appreciation (depreciation) on:
Investments	(21,142,024	)
Foreign currency translations	34,884
Forward foreign currency exchange contracts	(33,231	)
Net change in unrealized appreciation (depreciation)	(21,140,371	)
Net realized and unrealized gain	2,992,994
Net decrease in net assets from operations	$(873,224	)

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Annual Report 2012

Columbia Seligman Global Technology Fund

Statement of Changes in Net Assets

	2012			2011
Operations
Net investment loss		$(3,866,218	)		$(4,472,602	)
Net realized gain		24,133,365			49,740,622
Net change in unrealized appreciation (depreciation)		(21,140,371	)		(45,215,225	)
Net increase (decrease) in net assets resulting from operations		(873,224	)		52,795
Distributions to shareholders:
Net investment income
Class A		—			(2,822,547	)
Class C		—			(100,505	)
Class I		—			(310,825	)
Class K(a)		—			(4,568	)
Class R		—			(45,820	)
Class R5		—			(389,846	)
Class Z		—			(200	)
Total distributions to shareholders		—			(3,674,311	)
Increase (decrease) in net assets from capital stock activity		(64,598,440	)		(99,544,763	)
Proceeds from regulatory settlements (Note 6)		549,229			—
Total decrease in net assets		(64,922,435	)		(103,166,279	)
Net assets at beginning of year		479,309,592			582,475,871
Net assets at end of year		$414,387,157			$479,309,592
Excess of distributions over net investment income		$(2,656,611	)		$(17,261	)

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 15

Columbia Seligman Global Technology Fund

Statement of Changes in Net Assets (continued)

	Year ended October 31, 2012						Year ended October 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		1,481,336			31,709,659			3,111,145			65,652,650
Distributions reinvested		—			—			116,237			2,420,055
Redemptions		(4,037,141	)		(84,857,521	)		(5,833,406	)		(120,999,563	)
Net decrease		(2,555,805	)		(53,147,862	)		(2,606,024	)		(52,926,858	)
Class B shares
Subscriptions		18,371			335,241			52,341			977,629
Redemptions(a)		(281,766	)		(4,989,133	)		(455,534	)		(8,153,908	)
Net decrease		(263,395	)		(4,653,892	)		(403,193	)		(7,176,279	)
Class C shares
Subscriptions		207,136			3,786,171			358,859			6,487,199
Distributions reinvested		—			—			4,260			76,431
Redemptions		(615,194	)		(10,998,545	)		(795,812	)		(14,084,206	)
Net decrease		(408,058	)		(7,212,374	)		(432,693	)		(7,520,576	)
Class I shares
Subscriptions		—			—			13,858			310,495
Distributions reinvested		—			—			14,880			310,704
Redemptions		—			—			(1,430,698	)		(31,266,877	)
Net decrease		—			—			(1,401,960	)		(30,645,678	)
Class K shares(b)
Subscriptions		138			3,012			379			7,987
Distributions reinvested		—			—			217			4,535
Redemptions		(10,079	)		(205,692	)		(5,501	)		(115,862	)
Net decrease		(9,941	)		(202,680	)		(4,905	)		(103,340	)
Class R shares
Subscriptions		194,558			4,130,511			222,666			4,500,421
Distributions reinvested		—			—			1,949			39,924
Redemptions		(275,814	)		(5,663,081	)		(190,688	)		(3,851,316	)
Net increase (decrease)		(81,256	)		(1,532,570	)		33,927			689,029
Class R5 shares
Subscriptions		6,708			156,195			936,760			20,037,728
Distributions reinvested		—			—			18,676			389,775
Redemptions		(162	)		(3,317	)		(2,227,954	)		(43,719,338	)
Net increase (decrease)		6,546			152,878			(1,272,518	)		(23,291,835	)
Class Z shares
Subscriptions		697,655			14,609,408			1,398,010			29,793,167
Distributions reinvested		—			—			8			172
Redemptions		(592,650	)		(12,611,348	)		(410,158	)		(8,362,565	)
Net increase		105,005			1,998,060			987,860			21,430,774
Total net decrease		(3,206,904	)		(64,598,440	)		(5,099,506	)		(99,544,763	)

(a) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Annual Report 2012

Columbia Seligman Global Technology Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended October 31,
Class  A	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$20.16		$20.24		$16.50		$11.77		$19.82
Income from investment operations:
Net investment loss	(0.15	)	(0.15	)	(0.16	)	(0.20	)	(0.21	)
Net realized and unrealized gain (loss)	0.04		0.21		3.87		4.74		(7.84	)
Total from investment operations	(0.11	)	0.06		3.71		4.54		(8.05	)
Less distributions to shareholders:
Net investment income	—		(0.14	)	—		—		—
Total distributions to shareholders	—		(0.14	)	—		—		—
Proceeds from regulatory settlements	0.02		—		0.03		0.19		—
Net asset value, end of period	$20.07		$20.16		$20.24		$16.50		$11.77
Total return	(0.45	%)(a)	0.26	%	22.67	%(b)	40.19	%(c)	(40.62	%)
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed	1.50	%	1.49	%	1.67	%	1.92	%	1.76	%
Net expenses after fees waived or expenses reimbursed(e)	1.40	%(f)	1.49	%(f)	1.57	%	1.91	%	1.76	%
Net investment loss	(0.70	%)(f)	(0.70	%)(f)	(0.89	%)	(1.46	%)	(1.23	%)
Supplemental data
Net assets, end of period (in thousands)	$311,523		$364,366		$418,600		$325,790		$165,249
Portfolio turnover	88	%	95	%	111	%	150	%	171	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.16%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 1.61%.

(d) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 17

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Year Ended October 31,
Class B	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$17.27		$17.35		$14.25		$10.24		$17.38
Income from investment operations:
Net investment loss	(0.27	)	(0.26	)	(0.26	)	(0.26	)	(0.29	)
Net realized and unrealized gain (loss)	0.04		0.18		3.33		4.11		(6.85	)
Total from investment operations	(0.23	)	(0.08	)	3.07		3.85		(7.14	)
Proceeds from regulatory settlements	0.02		—		0.03		0.16		—
Net asset value, end of period	$17.06		$17.27		$17.35		$14.25		$10.24
Total return	(1.22	%)(a)	(0.46	%)	21.75	%(b)	39.16	%(c)	(41.08	%)
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed	2.26	%	2.25	%	2.44	%	2.64	%	2.51	%
Net expenses after fees waived or expenses reimbursed(e)	2.17	%(f)	2.25	%(f)	2.34	%	2.63	%	2.51	%
Net investment loss	(1.47	%)(f)	(1.47	%)(f)	(1.66	%)	(2.21	%)	(1.98	%)
Supplemental data
Net assets, end of period (in thousands)	$7,858		$12,499		$19,558		$21,966		$7,086
Portfolio turnover	88	%	95	%	111	%	150	%	171	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.18%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 1.61%.

(d) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Annual Report 2012

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Year ended October 31,
Class C	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$17.26		$17.37		$14.25		$10.25		$17.39
Income from investment operations:
Net investment loss	(0.26	)	(0.26	)	(0.26	)	(0.26	)	(0.28	)
Net realized and unrealized gain (loss)	0.04		0.17		3.35		4.10		(6.86	)
Total from investment operations	(0.22	)	(0.09	)	3.09		3.84		(7.14	)
Less distributions to shareholders:
Net investment income	—		(0.02	)	—		—		—
Total distributions to shareholders	—		(0.02	)	—		—		—
Proceeds from regulatory settlements	0.02		—		0.03		0.16		—
Net asset value, end of period	$17.06		$17.26		$17.37		$14.25		$10.25
Total return	(1.16	%)(a)	(0.51	%)	21.89	%(b)	39.02	%(c)	(41.06	%)
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed	2.25	%	2.25	%	2.43	%	2.70	%	2.51	%
Net expenses after fees waived or expenses reimbursed(e)	2.15	%(f)	2.25	%(f)	2.33	%	2.69	%	2.51	%
Net investment loss	(1.45	%)(f)	(1.45	%)(f)	(1.65	%)	(2.24	%)	(1.98	%)
Supplemental data
Net assets, end of period (in thousands)	$64,360		$72,162		$80,128		$69,849		$53,538
Portfolio turnover	88	%	95	%	111	%	150	%	171	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.18%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 1.61%.

(d) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 19

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Year Ended October 31,
Class I	2012		2011		2010		2009(a)
Per share data
Net asset value, beginning of period	$20.31		$20.37		$16.52		$15.56
Income from investment operations:
Net investment loss	(0.06	)	(0.06	)	(0.08	)	(0.03	)
Net realized and unrealized gain	0.03		0.22		3.90		0.99
Total from investment operations	(0.03	)	0.16		3.82		0.96
Less distributions to shareholders:
Net investment income	—		(0.22	)	—		—
Total distributions to shareholders	—		(0.22	)	—		—
Proceeds from regulatory settlements	0.02		—		0.03		—
Net asset value, end of period	$20.30		$20.31		$20.37		$16.52
Total return	(0.05	%)(b)	0.77	%	23.31	%(c)	6.17	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed	1.00	%	1.09	%	1.17	%	1.07	%(e)
Net expenses after fees waived or expenses reimbursed(f)	0.97	%	1.09	%	1.12	%	1.07	%(e)
Net investment loss	(0.26	%)	(0.28	%)	(0.45	%)	(0.76	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$11		$11		$28,563		$23,827
Portfolio turnover	88	%	95	%	111	%	150	%

Notes to Financial Highlights

(a) For the period from August 3, 2009 (commencement of operations) to October 31, 2009.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.16%.

(d) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(e) Annualized.

(f) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Annual Report 2012

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Year Ended October 31,
Class K(a)	2012		2011		2010		2009(b)
Per share data
Net asset value, beginning of period	$20.22		$20.29		$16.51		$15.56
Income from investment operations:
Net investment loss	(0.10	)	(0.10	)	(0.14	)	(0.04	)
Net realized and unrealized gain	0.04		0.20		3.89		0.99
Total from investment operations	(0.06	)	0.10		3.75		0.95
Less distributions to shareholders:
Net investment income	—		(0.17	)	—		—
Total distributions to shareholders	—		(0.17	)	—		—
Proceeds from regulatory settlements	0.02		—		0.03		—
Net asset value, end of period	$20.18		$20.22		$20.29		$16.51
Total return	(0.20	%)(c)	0.48	%	22.89	%(d)	6.10	%
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed	1.30	%	1.29	%	1.48	%	1.38	%(f)
Net expenses after fees waived or expenses reimbursed(g)	1.16	%	1.29	%	1.42	%	1.38	%(f)
Net investment loss	(0.45	%)	(0.50	%)	(0.75	%)	(1.07	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$231		$432		$534		$289
Portfolio turnover	88	%	95	%	111	%	150	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) For the period from August 3, 2009 (commencement of operations) to October 31, 2009.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.16%.

(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(f) Annualized.

(g) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 21

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Year ended October 31,
Class R	2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$19.78		$19.88		$16.25		$11.62		$19.62
Income from investment operations:
Net investment loss	(0.19	)	(0.19	)	(0.22	)	(0.23	)	(0.24	)
Net realized and unrealized gain (loss)	0.04		0.19		3.82		4.68		(7.76	)
Total from investment operations	(0.15	)	—		3.60		4.45		(8.00	)
Less distributions to shareholders:
Net investment income	—		(0.10	)	—		—		—
Total distributions to shareholders	—		(0.10	)	—		—		—
Proceeds from regulatory settlements	0.02		—		0.03		0.18		—
Net asset value, end of period	$19.65		$19.78		$19.88		$16.25		$11.62
Total return	(0.66	%)(a)	(0.04	%)	22.34	%(b)	39.85	%(c)	(40.77	%)
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed	1.75	%	1.74	%	1.95	%	2.17	%	2.01	%
Net expenses after fees waived or expenses reimbursed(e)	1.65	%(f)	1.74	%(f)	1.90	%	2.17	%	2.01	%
Net investment loss	(0.94	%)(f)	(0.95	%)(f)	(1.22	%)	(1.70	%)	(1.48	%)
Supplemental data
Net assets, end of period (in thousands)	$8,124		$9,787		$9,158		$5,131		$2,067
Portfolio turnover	88	%	95	%	111	%	150	%	171	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.16%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 1.61%.

(d) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Annual Report 2012

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Year Ended October 31,
Class R5	2012		2011		2010		2009(a)
Per share data
Net asset value, beginning of period	$20.27		$20.35		$16.52		$15.56
Income from investment operations:
Net investment loss	(0.05	)	(0.05	)	(0.42	)	(0.02	)
Net realized and unrealized gain	0.01		0.19		4.22		0.98
Total from investment operations	(0.04	)	0.14		3.80		0.96
Less distributions to shareholders:
Net investment income	—		(0.22	)	—		—
Total distributions to shareholders	—		(0.22	)	—		—
Proceeds from regulatory settlements	0.02		—		0.03		—
Net asset value, end of period	$20.25		$20.27		$20.35		$16.52
Total return	(0.10	%)(b)	0.66	%	23.18	%(c)	6.17	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed	1.06	%	1.03	%	1.28	%	1.18	%(e)
Net expenses after fees waived or expenses reimbursed(f)	0.99	%	1.03	%	1.13	%	1.18	%(e)
Net investment loss	(0.23	%)	(0.21	%)	(2.23	%)	(0.56	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$165		$33		$25,932		$5
Portfolio turnover	88	%	95	%	111	%	150	%

Notes to Financial Highlights

(a) For the period from August 3, 2009 (commencement of operations) to October 31, 2009.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.16%.

(d) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(e) Annualized.

(f) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012 23

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Year ended October 31,
Class Z	2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$20.26		$20.36		$19.28
Income from investment operations:
Net investment loss	(0.09	)	(0.06	)	(0.03	)
Net realized and unrealized gain	0.04		0.18		1.11
Total from investment operations	(0.05	)	0.12		1.08
Less distributions to shareholders:
Net investment income	—		(0.22	)	—
Total distributions to shareholders	—		(0.22	)	—
Proceeds from regulatory settlements	0.02		—		—
Net asset value, end of period	$20.23		$20.26		$20.36
Total return	(0.15	%)(b)	0.55	%	5.60	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed	1.23	%	1.14	%	1.31	%(d)
Net expenses after fees waived or expenses reimbursed(e)	1.13	%(f)	1.14	%(f)	1.28	%(d)
Net investment loss	(0.42	%)(f)	(0.30	%)(f)	(1.57	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$22,115		$20,020		$3
Portfolio turnover	88	%	95	%	111	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d) Annualized.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Annual Report 2012

Columbia Seligman Global Technology Fund

Notes to Financial Statements

October 31, 2012

Note 1. Organization

Columbia Seligman Global Technology Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R5 and Class Z shares. Effective November 8, 2012, the Fund also offers Class R4 shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Fund no longer accepts investments by new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

Class K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class R4 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R4 shares commenced operations on November 8, 2012.

Class R5 shares are not subject to sales charges. Effective November 8, 2012, Class R5 shares are only available to investors purchasing through authorized investment professionals. Prior to November 8, 2012, Class R5 shares were closed to new investors.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board of Trustees (the Board), including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited

Annual Report 2012 25

Columbia Seligman Global Technology Fund

Notes to Financial Statements (continued)

October 31, 2012

to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Corporate actions and dividend income are recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

Interest income is recorded on an accrual basis.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

26 Annual Report 2012

Columbia Seligman Global Technology Fund

Notes to Financial Statements (continued)

October 31, 2012

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its tax exempt or taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed along with the income distribution. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about

Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.855% to 0.725% as the Fund’s net assets increase. The effective investment management fee rate for the year ended October 31, 2012 was 0.855% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.06% to 0.03% as the Fund’s net assets increase. The effective administration fee rate for the year ended October 31, 2012 was 0.06% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Fund or the Board, including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the year ended October 31, 2012, other expenses paid to this company were $2,932.

Annual Report 2012 27

Columbia Seligman Global Technology Fund

Notes to Financial Statements (continued)

October 31, 2012

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not “interested persons” of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Fund for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Fund that is a percentage of the average aggregate value of the Fund’s shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class.

For the year ended October 31, 2012, the Fund’s effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.25	%
Class B	0.26
Class C	0.25
Class K	0.05
Class R	0.25
Class R5	0.05
Class Z	0.23

The Fund and certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At October 31, 2012, the Fund’s total potential future obligation over the life of the Guaranty is $259,917. The liability remaining at October 31, 2012 for non-recurring charges associated with the lease amounted to $135,581 and is recorded as a part of payable for other expenses in the Statement of Assets and Liabilities.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the year ended October 31, 2012, these minimum account balance fees reduced total expenses by $11,735.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A shares, a fee at an annual rate of up to 0.50% of the Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $277,000 and $4,555,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of June 30, 2012, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

28 Annual Report 2012

Columbia Seligman Global Technology Fund

Notes to Financial Statements (continued)

October 31, 2012

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $260,548 for Class A, $7,670 for Class B and $2,793 for Class C shares for the year ended October 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective January 1, 2012, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through February 28, 2013, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.38	%
Class B	2.13
Class C	2.13
Class I	0.97
Class K	1.27
Class R	1.63
Class R5	1.02
Class Z	1.13

Prior to January 1, 2012, the Investment Manager and certain of its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, did not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.77	%
Class B	2.52
Class C	2.52
Class I	1.34
Class K	1.64
Class R	2.02
Class R5	1.39
Class Z	1.52

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with

investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At October 31, 2012, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees’ deferred compensation, foreign currency transactions, late-year ordinary losses and proceeds from regulatory settlements. To the extent these differences are permanent, reclassifications are made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Excess of distributions over net investment income	$1,226,868
Accumulated net realized loss	42,345
Paid-in capital	(1,269,213	)

Net investment income and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

Year ended October 31,	2012 ($)		2011 ($)
Ordinary income		—		3,674,311

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At October 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$—
Undistributed accumulated long-term gain	—
Accumulated realized loss	(17,014,470	)
Unrealized appreciation	15,861,159

Annual Report 2012 29

Columbia Seligman Global Technology Fund

Notes to Financial Statements (continued)

October 31, 2012

At October 31, 2012, the cost of investments for federal income tax purposes was $422,592,185 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$43,766,696
Unrealized depreciation	(27,902,716	)
Net unrealized appreciation	$15,863,980

The following capital loss carryforward, determined at October 31, 2012, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
2016	9,154,318
2017	5,227,123
Total	14,381,441

For the year ended October 31, 2012, $23,768,952 of capital loss carryforward was utilized.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of October 31, 2012, the Fund will elect to treat late year ordinary losses of $2,633,029 as arising on November 1, 2012.

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $388,301,197 and $464,510,709, respectively, for the year ended October 31, 2012.

Note 6. Regulatory Settlements

During the year ended October 31, 2012, the Fund received $549,229 as a result of a regulatory settlement of an administrative proceeding brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund’s portion of the proceeds

from the settlement (the Fund was not a party to the proceeding). The payments have been included in “Proceeds from regulatory settlements” in the Statement of Changes in Net Assets.

Note 7. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the year ended October 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At October 31, 2012, securities valued at $22,243,076 were on loan, secured by cash collateral of $23,207,820 (which does

30 Annual Report 2012

Columbia Seligman Global Technology Fund

Notes to Financial Statements (continued)

October 31, 2012

not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 8. Affiliated Money Market Fund

The Fund invests its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as “Dividends — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 9. Shareholder Concentration

At October 31, 2012, one unaffiliated shareholder account owned 12.7% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 10. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended October 31, 2012.

Note 11. Significant Risks

Technology and Technology-related Investment Risk

The market prices of technology and technology-related stocks tend to exhibit a greater degree of market risk and price volatility than other types of investments.

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities.

Note 12. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 13. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and

Annual Report 2012 31

Columbia Seligman Global Technology Fund

Notes to Financial Statements (continued)

October 31, 2012

regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

32 Annual Report 2012

Columbia Seligman Global Technology Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust II and the Shareholders of Columbia Seligman Global Technology Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Seligman Global Technology Fund (the “Fund”) (a series of Columbia Funds Series Trust II) at October 31, 2012, the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2012 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion. The statements of changes in net assets and the financial highlights of the Fund for the periods ended October 31, 2011 and prior were audited by another independent registered public accounting firm whose report dated December 22, 2011 expressed an unqualified opinion on those statements and highlights.

PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 21, 2012

Annual Report 2012 33

Columbia Seligman Global Technology Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal years ended October 31, 2011 and 2010 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal years ended October 31, 2011 and 2010 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

34 Annual Report 2012

Columbia Seligman Global Technology Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for distributions paid in the fiscal year ended October 31, 2012. Shareholders will be notified in early 2013 of amounts for use in preparing 2012 income tax returns.

Tax Designations:

Qualified Dividend Income	0.00	%
Dividends Received Deduction	0.00	%
Capital Gain Dividend	$—
U.S. Government Income, may be exempt from state taxation	0.00	%
Foreign Taxes Paid	$—
Foreign Source Income	$—

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividend Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividend received deduction.

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period. The Fund also designates as capital gain dividends, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

Annual Report 2012 35

Columbia Seligman Global Technology Fund

Trustees and Officers

Shareholders elect the Board that oversees the funds’ operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the funds’ Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations funds’ Board (“Nations Funds”), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource funds (“RiverSource Funds”) effective June 1, 2011.

Independent Trustees
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006	152	None
Edward J. Boudreau, Jr. 225 Franklin Street Boston, MA 02110 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000	145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard — Partners in Cross Cultural Leadership (consulting company)	152	None
William P. Carmichael 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired	145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University; former Dean, McCallum Graduate School of Business, Bentley University	152	None

36 Annual Report 2012

Columbia Seligman Global Technology Fund

Trustees and Officers (continued)

Independent Trustees (continued)
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
William A. Hawkins 225 Franklin Street Boston, MA 02110 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010	145	Trustee, BofA Funds Series Trust (11 funds)
R. Glenn Hilliard 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011	145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College	152	Director, Valmont Industries, Inc. (manufactures irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)	152	None
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation	152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Infinity, Inc. (oil and gas exploration and production); OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 225 Franklin Street Boston, MA 02110 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments)	145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003-2010 (biotechnology); former President, Aquila Biopharmaceuticals	152	Director, Healthways, Inc. (health management programs) since 2005; Director, ICI Mutual Insurance Company, RRG; Director, Abt Associates (government contractor)

Annual Report 2012 37

Columbia Seligman Global Technology Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family overseen by Board Member	Other Present or Past Directorships/ Trusteeships (Within Past 5 Years)
Anthony M. Santomero 225 Franklin Street Boston, MA 02110 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008	145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

* Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the funds to be an “interested person” (as defined in the 1940 Act) of the funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family overseen by Board Member	Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Director, Ameriprise Certificate Company since 2006 (previously President and Chief Executive Officer, 2006-August 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.	204	None

* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

38 Annual Report 2012

Columbia Seligman Global Technology Fund

Trustees and Officers (continued)

The SAI has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the funds’ other officers are:

Officers
Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004-April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010

Annual Report 2012 39

Columbia Seligman Global Technology Fund

Trustees and Officers (continued)

Officers (continued)
Name, Address, Year of Birth	Position Held with Funds and Length of Service	Principal Occupation During Past Five Years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel, November 2008-January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel Bank of America, June 2005-April 2010

40 Annual Report 2012

Columbia Seligman Global Technology Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2012 41

Columbia Seligman Global Technology Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

SL-9903 E (12/12)

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Edward J. Boudreau, Pamela G. Carlton, William P. Carmichael, William A. Hawkins and Alison Taunton-Rigby, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Boudreau, Ms. Carlton, Mr. Carmichael, Mr. Hawkins and Ms. Taunton-Rigby are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the nine series of the registrant whose report to stockholders is included in this annual filing. Fee information for fiscal year ended October 31, 2011 also includes fees for one series that liquidated during the period and one series that changed its fiscal year end during the period. Also, during the period, the registrant had a change in independent accountant.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended October 31, 2012 and October 31, 2011 are approximately as follows:

2012	2011
$231,600	$330,600

Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended October 31, 2012 and October 31, 2011 are approximately as follows:

2012	2011
$5,100	$16,700

Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above. In both fiscal years 2012 and 2011, Audit-Related Fees consist of agreed-upon procedures performed for semi-annual shareholder reports. The 2011 fiscal year also includes Audit-Related Fees for the transfer agent 17Ad-13 review and consents for new share classes.

The fees for the fiscal years ended October 31, 2012 and October 31, 2011 shown below for audit-related services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were required to be pre-approved by the registrant’s Audit Committee related to an internal controls review in 2012 and 2011 and review of yield calculations in 2012 were as follows:

2012	2011
$171,000	$185,800

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal year ended October 31, 2012 and October 31, 2011 are approximately as follows:

2012	2011
$62,900	$89,200

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. Fiscal years 2012 and 2011 Tax Fees also include fees for foreign tax filings.

The fees for the fiscal year ended October 31, 2012 and October 31, 2011 shown below, for tax services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were required to be pre-approved by the registrant’s Audit Committee related to a subscription to a tax database in 2012 and 2011 and tax consulting services in 2011 were as follows:

2012	2011
$121,500	$94,600

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal year ended October 31, 2012 and October 31, 2011 are approximately as follows:

2012	2011
$0	$0

All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal year ended October 31, 2012 and October 31, 2011 are approximately as follows:

2012	2011
$0	$0

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent accountants to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by or under common control with such investment adviser that provides ongoing services to the registrant (“Adviser Affiliates”), if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Accountants for Audit and Non-Audit Services (“Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (collectively “Fund Services”); (ii) non-audit services to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Adviser Affiliates, if the engagement relates directly to the operations or financial reporting of a Fund (collectively “Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Adviser Affiliates. As set forth in this Fund Policy, a service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are Independent Trustees/Directors. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee’s responsibilities with respect to the pre-approval of services performed by the independent accountants may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund Officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval.

This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the types of services that the independent accountants will be permitted to perform.

The Fund’s Treasurer or other Fund Officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services initiated since the last such report was rendered, including a general description of the services with forecasted fees for the annual period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor with actual fees during the current reporting period.

*****

(e)(2) The percentage of services described in paragraphs (b) through (d) of this Item approved pursuant to the “de minimis” exception under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the fiscal year ended October 31, 2012 and October 31, 2011 was zero.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal year ended October 31, 2012 and October 31,2011 are approximately as follows:

2012	2011
$5,813,800	$2,562,000

(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a) The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)                            Columbia Funds Series Trust II                                                     

By (Signature and Title)	/s/ J. Kevin Connaughton
	J. Kevin Connaughton, President and Principal Executive  Officer

Date                                    December 21, 2012                                                                            

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ J. Kevin Connaughton
	J. Kevin Connaughton, President and Principal Executive  Officer

Date                                    December 21, 2012                                                                            

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Treasurer and Chief Financial Officer

Date                                    December 21, 2012