N-CSR 1 f23484d1.htm COLUMBIA FUND SERIES TRUST II Columbia Fund Series Trust II

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) 

  

290 Congress Street 

Boston, MA 02210
(Address of principal executive offices) (Zip code) 

  

Daniel J. Beckman 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 

  

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 


(Name and address of agent for service) 

  

Registrant's telephone number, including area code: (800) 345-6611 

  

Date of fiscal year end:  August 31 

  

Date of reporting period:  August 31, 2022 

  

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, 100  F Street, NE, Washington, DC 20549. 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
August 31, 2022 
Columbia Emerging Markets Bond Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Emerging Markets Bond Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the 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 columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Emerging Markets Bond Fund  |  Annual Report 2022

Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks to provide shareholders with high total return through current income and, secondarily, through capital appreciation.
Portfolio management
Adrian Hilton
Lead Portfolio Manager
Managed Fund since 2020
Christopher Cooke
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended August 31, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 02/16/06 -19.53 -2.05 0.97
  Including sales charges   -23.36 -2.99 0.48
Advisor Class* 03/19/13 -19.38 -1.82 1.21
Class C Excluding sales charges 02/16/06 -20.19 -2.78 0.21
  Including sales charges   -20.97 -2.78 0.21
Institutional Class 09/27/10 -19.31 -1.80 1.23
Institutional 2 Class* 11/08/12 -19.29 -1.69 1.37
Institutional 3 Class* 11/08/12 -19.16 -1.62 1.43
Class R 11/16/11 -19.75 -2.30 0.71
JPMorgan Emerging Markets Bond Index-Global   -18.82 -1.08 1.74
Returns for Class A shares are shown with and without the maximum initial sales charge of 4.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share 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 columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, 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 columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The JPMorgan Emerging Markets Bond Index-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.
Columbia Emerging Markets Bond Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
(Unaudited)
Performance of a hypothetical $10,000 investment (August 31, 2012 — August 31, 2022)
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.
4 Columbia Emerging Markets Bond Fund  | Annual Report 2022

Fund at a Glance   (continued)
(Unaudited)
Quality breakdown (%) (at August 31, 2022)
AA rating 8.6
A rating 7.8
BBB rating 28.0
BB rating 27.3
B rating 17.6
CCC rating 4.5
C rating 0.3
Not rated 5.9
Total 100.0
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other country-specific factors as the direction and stance of fiscal policy, balance of payment trends and commodity prices, the level and structure of public debt as well as political stability and commitment to strong macroeconomic policies.
Country breakdown (%) (at August 31, 2022)
Angola 1.3
Argentina 1.5
Azerbaijan 0.6
Bahrain 1.7
Belarus 0.1
Brazil 2.5
Canada 0.4
Chile 0.4
China 0.4
Colombia 5.6
Croatia 0.7
Dominican Republic 3.4
Ecuador 1.3
Egypt 2.6
Ghana 0.4
Guatemala 1.3
Hong Kong 2.6
India 2.2
Indonesia 6.0
Ireland 0.3
Isle of Man 0.2
Ivory Coast 1.6
Jersey 1.2
Kazakhstan 2.1
Malaysia 0.6
Mexico 11.0
Netherlands 0.2
Oman 1.2
Pakistan 0.5
Panama 2.0
Paraguay 1.4
Peru 0.3
Philippines 1.5
Qatar 5.8
Romania 2.1
Russian Federation 0.9
Saudi Arabia 4.5
South Africa 2.7
Turkey 3.8
Ukraine 0.7
United Arab Emirates 3.3
United Kingdom 0.6
United States 12.9(a)
Venezuela 0.4
Virgin Islands 3.2
Total 100.0
    
(a) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Columbia Emerging Markets Bond Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance
(Unaudited)
For the 12-month period that ended August 31, 2022, Class A shares of Columbia Emerging Markets Bond Fund returned -19.53% excluding sales charges. The Fund modestly underperformed its benchmark, the JPMorgan Emerging Markets Bond Index-Global, which returned -18.82% for the same period. 
Market overview 
The period proved challenging for emerging market bonds. Following several months of positive performance, yields on core government bonds rose sharply as the annual period began in September 2021. U.S. Federal Reserve (Fed) Chair Powell gave a clear steer that monetary stimulus would soon be reduced and updated forecasts showed a larger number of Fed officials expected rate increases in 2022. While the ongoing hunt for yield drove demand for emerging market bonds, risk sentiment faltered in the face of growing risks on several fronts, including concerns about supply-chain bottlenecks, China’s regulatory crackdown on a variety of industries and a debt crisis at Chinese property developer Evergrande, which, in turn, sparked fears of contagion to global property markets and beyond. At the same time, worries that the spread of COVID-19 Delta variant could derail the global economic recovery became more prevalent as economic data releases grew increasingly mixed. The U.S. dollar strengthened in September 2021, posing an additional headwind for emerging market bonds. 
At the start of the fourth quarter of 2021, emerging market bonds were supported by rising commodity prices and improving COVID-19 vaccine rollouts in many emerging market countries. However, as inflationary pressures showed little sign of abating, concerns grew around how aggressively central banks might act in response, while fears of stagflation arose as labor shortages and supply-chain problems began to weigh on global economic growth forecasts. (Stagflation is the simultaneous appearance in the economy of slow growth, high unemployment and rising prices.)  Added to this were signs of a slowdown in Chinese economic activity and a resurfacing of U.S.-China tensions. As the quarter progressed, risk sentiment was undermined by rising COVID-19 case numbers in Europe, increasingly hawkish commentary (suggesting higher interest rates) from Fed officials and the outbreak of the Omicron variant of COVID-19, which triggered a flight to safety and a sharp fall in oil prices. However, ongoing strength in economic data and indications that the new COVID-19 virus strain was less severe than feared helped emerging market bonds recover toward the end of the quarter. 
During the first quarter of 2022, risk appetite was weak as inflation marched higher, prompting concerns the Fed might tighten its monetary policy more aggressively than previously suggested. These worries were soon overshadowed by rising geopolitical tensions as Russia amassed troops on its border with Ukraine and subsequently launched a military invasion in late February. Financial markets endured heightened volatility and emerging market bonds weakened further amid the ensuing flight to safety with investors contemplating the impact of sanctions and supply disruptions on global commodity prices. Indeed, oil prices surged, supporting the markets of emerging markets oil producers. But uncertainty around the inflationary impacts of the Russia/Ukraine war, central bank policy and economic growth dominated sentiment, and emerging market bonds trended lower, with asset prices in Russia, Belarus and Ukraine suffering the greatest falls. Following the onset of the war, many Western economies imposed highly restrictive and coordinated sanctions, isolating Russia from the global economy and financial markets. These included prohibiting European credit rating agencies from rating Russia’s sovereign debt and banning investments in its energy sector and military-industrial complex. J.P. Morgan also made the decision to remove Russian and Belarussian debt from all its fixed-income indices, including the Fund’s benchmark, effective March 31, 2022.
Through the remaining months of the annual period, sentiment was dominated by concerns about accelerating global inflation and related expectations of tighter monetary policy, along with ongoing uncertainty about the course of the war in Ukraine. The economic impact of COVID-19-related lockdowns in China and a strengthening U.S. dollar were further headwinds to the emerging market bond sector. The month of July 2022 proved a brief respite for emerging market bonds, recording a positive return as core government debt rallied and yield spreads, or the differential in yields to U.S. Treasuries, narrowed. Optimism that the Fed may be poised to reduce the magnitude of its interest rate hikes was helpful as was weakness in the U.S. dollar in the second half of the month and higher prices for some commodities. Weakness in various economic data points fostered worries of an economic growth slowdown, further supporting bond markets. During the month of August 2022, the Fund’s benchmark was only modestly down amid ongoing uncertainty about the outlook for global economic growth, inflation and the pace of monetary tightening. Also, the U.S. dollar again strengthened, a further headwind for emerging markets debt.
6 Columbia Emerging Markets Bond Fund  | Annual Report 2022

Manager Discussion of Fund Performance  (continued)
(Unaudited)
Throughout the annual period, a trend towards tighter monetary policy was widespread within the emerging markets. Among those hiking their respective interest rates at various points were the central banks of Argentina, Brazil, Chile, Colombia, Czech Republic, India, Kazakhstan, Malaysia, Mexico, Nigeria, Peru, Poland, Romania, Serbia, South Africa, Sri Lanka, Thailand and Ukraine. Turkey was a notable outlier — despite escalating inflation, the country slashed its rates significantly. Russia lowered its rates from April through July 2022, unwinding the severe tightening of policy it had imposed in February 2022 following its invasion of Ukraine and the imposition of Western sanctions.  
The Fund’s notable detractors during the period
Country positioning overall detracted most from relative results, attributable primarily to an overweight to Ukraine, as Ukrainian bonds sold off following the invasion by Russia.
Overweights to Egypt and Ghana also detracted.
In Egypt, inflation more than doubled during the first eight months of 2022, with higher food prices exacerbated by the war in Ukraine given that Egypt is the biggest importer of wheat from Ukraine. Concerns about Egypt’s high gross external financing needs weighed on investor sentiment, although by the end of the annual period, Egypt had secured external funding from the International Monetary Fund (IMF) and from Gulf Cooperation Council states.
Ghana’s credit rating was downgraded to CCC during the annual period as a result of deteriorating fundamentals. Its government initially refused to enter into talks with the IMF. It later changed its stance and by the end of the annual period, discussions were underway, seen widely by investors as a positive development.
Having an underweight position in Oman dampened the Fund’s results. Oman was upgraded one notch to BB following a significant improvement in the country’s fiscal metrics. The country was expected to post its first budget surplus since 2013.
Local currency rates as a whole detracted modestly from the Fund’s relative results.
The Fund’s notable contributors during the period
Overall, duration positioning contributed most positively to the Fund’s relative performance, as the Fund maintained a shorter duration than that of the benchmark during an annual period when U.S. Treasury and other government bond yields rose.
Having an allocation to cash and cash equivalents during an annual period when the benchmark experienced a double-digit decline amid volatile markets and risk-averse investor sentiment proved beneficial.
Security selection overall added value, primarily as a result of holding some exposure to Russian bonds when Russia was removed from the Fund’s benchmark at the end of March 2022.
J.P. Morgan marked Russian bonds to zero upon removing them from its indices, thereby decreasing the benchmark’s overall value. By default, the Russian bonds in the Fund’s portfolio contributed positively to relative results as they were still priced higher than zero.
The Fund’s overweight to Colombia boosted relative results, as spreads narrowed after leftist candidate Gustavo Petro’s victory in the final round of presidential elections there and the subsequent moderation of his radical campaign agenda.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market and sovereign debt issuers. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. As a
Columbia Emerging Markets Bond Fund  | Annual Report 2022
7

Manager Discussion of Fund Performance  (continued)
(Unaudited)
non-diversified fund, fewer investments could have a greater affect on performance. Market or other (e.g., interest rate) environments may adversely affect the liquidity of Fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties who contributed to this report. 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.
8 Columbia Emerging Markets Bond Fund  | Annual Report 2022

Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service 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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
March 1, 2022 — August 31, 2022
  Account value at the
beginning of the
period ($)
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 1,000.00 904.90 1,019.46 5.47 5.80 1.14
Advisor Class 1,000.00 1,000.00 905.20 1,020.77 4.23 4.48 0.88
Class C 1,000.00 1,000.00 901.60 1,015.73 9.01 9.55 1.88
Institutional Class 1,000.00 1,000.00 906.10 1,020.77 4.23 4.48 0.88
Institutional 2 Class 1,000.00 1,000.00 906.60 1,021.58 3.46 3.67 0.72
Institutional 3 Class 1,000.00 1,000.00 907.00 1,021.78 3.27 3.47 0.68
Class R 1,000.00 1,000.00 903.60 1,018.20 6.67 7.07 1.39
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 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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 Emerging Markets Bond Fund  | Annual Report 2022
9

Portfolio of Investments
August 31, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Corporate Bonds & Notes 12.5%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Brazil 0.5%
Hidrovias International Finance Sarl(a)
02/08/2031 4.950%   2,049,000 1,618,579
Colombia 0.8%
Millicom International Cellular SA(a)
01/15/2028 5.125%   1,215,000 1,118,888
03/25/2029 6.250%   1,260,000 1,197,821
03/25/2029 6.250%   180,000 171,117
Total 2,487,826
Guatemala 0.6%
Energuate Trust(a)
05/03/2027 5.875%   1,300,000 1,227,525
05/03/2027 5.875%   550,000 519,337
Total 1,746,862
Hong Kong 2.6%
Lenovo Group Ltd.(a)
04/24/2025 5.875%   3,500,000 3,511,796
07/27/2032 6.536%   2,736,000 2,703,972
Xiaomi Best Time International Ltd.(a)
07/14/2031 2.875%   2,100,000 1,552,424
Total 7,768,192
India 1.1%
Adani Electricity Mumbai Ltd.(a)
02/12/2030 3.949%   1,800,000 1,485,398
Adani Ports & Special Economic Zone Ltd.(a)
08/04/2027 4.200%   2,100,000 1,935,452
Total 3,420,850
Ireland 0.3%
Phosagro OAO Via Phosagro Bond Funding DAC(a)
09/16/2028 2.600%   1,532,000 809,508
Isle of Man 0.2%
AngloGold Ashanti Holdings PLC
10/01/2030 3.750%   565,000 482,570
Jersey 1.2%
Galaxy Pipeline Assets Bidco Ltd.(a)
03/31/2036 2.625%   1,780,000 1,497,138
09/30/2040 2.940%   2,619,638 2,187,733
Total 3,684,871
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Netherlands 0.1%
Mong Duong Finance Holdings BV(a)
05/07/2029 5.125%   570,000 472,803
Philippines 0.8%
SMC Global Power Holdings Corp.(a),(b)
12/31/2049 5.700%   2,600,000 2,308,162
Turkey 0.5%
Turk Telekomunikasyon AS(a)
02/28/2025 6.875%   1,650,000 1,474,522
United Kingdom 0.6%
Tullow Oil PLC(a)
03/01/2025 7.000%   2,200,000 1,754,640
Virgin Islands 3.2%
Gold Fields Orogen Holdings BVI Ltd.(a)
05/15/2029 6.125%   2,231,000 2,291,054
JGSH Philippines Ltd.(a)
07/09/2030 4.125%   6,100,000 5,798,031
Studio City Finance Ltd.(a)
01/15/2029 5.000%   2,900,000 1,554,254
Total 9,643,339
Total Corporate Bonds & Notes
(Cost $41,031,821)
37,672,724
Foreign Government Obligations(c),(d) 73.5%
Angola 1.3%
Angolan Government International Bond(a)
11/26/2029 8.000%   3,400,000 2,826,472
05/08/2048 9.375%   1,300,000 994,165
Total 3,820,637
Argentina 1.4%
Argentine Republic Government International Bond(b)
07/09/2035 1.500%   18,700,000 4,220,818
07/09/2046 1.500%   610,000 139,399
Total 4,360,217
Azerbaijan 0.6%
Republic of Azerbaijan International Bond(a)
09/01/2032 3.500%   2,000,000 1,727,730
Bahrain 1.7%
Bahrain Government International Bond(a)
05/18/2034 5.625%   3,100,000 2,593,446
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Emerging Markets Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
August 31, 2022
Foreign Government Obligations(c),(d) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
CBB International Sukuk Programme Co. WLL(a)
05/18/2029 3.875%   2,707,000 2,395,596
Total 4,989,042
Belarus 0.1%
Republic of Belarus International Bond(a),(e)
02/28/2030 0.000%   1,250,000 220,844
Brazil 2.0%
Brazilian Government International Bond
05/30/2029 4.500%   1,200,000 1,114,925
06/12/2030 3.875%   4,097,000 3,578,798
01/27/2045 5.000%   1,600,000 1,239,973
Total 5,933,696
Canada 0.4%
MEGlobal Canada ULC(a)
05/18/2025 5.000%   1,300,000 1,309,832
Chile 0.4%
Chile Government International Bond
01/25/2050 3.500%   1,500,000 1,100,300
China 0.4%
China Government Bond
11/21/2029 3.130% CNY 100,000 14,968
State Grid Overseas Investment 2016 Ltd.(a)
05/04/2027 3.500%   1,250,000 1,226,699
Total 1,241,667
Colombia 4.7%
Colombia Government International Bond
01/30/2030 3.000%   6,600,000 5,111,911
04/15/2031 3.125%   5,675,000 4,275,672
04/22/2032 3.250%   1,652,000 1,218,570
Ecopetrol SA
04/29/2030 6.875%   3,942,000 3,660,789
Total 14,266,942
Croatia 0.7%
Croatia Government International Bond(a)
01/26/2024 6.000%   767,000 787,041
Hrvatska Elektroprivreda(a)
10/23/2022 5.875%   1,290,000 1,286,094
Total 2,073,135
Foreign Government Obligations(c),(d) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Dominican Republic 3.3%
Dominican Republic International Bond(a)
02/22/2029 5.500%   1,492,000 1,363,713
01/30/2030 4.500%   2,489,000 2,092,588
09/23/2032 4.875%   1,500,000 1,212,449
04/30/2044 7.450%   4,000,000 3,654,756
06/05/2049 6.400%   1,300,000 1,025,356
01/30/2060 5.875%   1,050,000 744,903
Total 10,093,765
Ecuador 1.2%
Ecuador Government International Bond(a),(b)
07/31/2030 5.500%   3,600,000 1,916,367
07/31/2035 2.500%   3,000,000 1,162,954
07/31/2040 1.500%   1,899,850 655,215
Total 3,734,536
Egypt 2.5%
Egypt Government International Bond(a)
04/16/2030 5.625% EUR 2,200,000 1,481,371
04/11/2031 6.375% EUR 1,700,000 1,145,178
05/29/2032 7.625%   1,815,000 1,272,438
09/30/2033 7.300%   3,600,000 2,439,229
02/21/2048 7.903%   2,200,000 1,322,284
Total 7,660,500
Ghana 0.4%
Ghana Government International Bond(a)
03/26/2051 8.950%   3,400,000 1,216,176
Guatemala 0.7%
Guatemala Government Bond(a)
10/07/2033 3.700%   792,000 642,359
06/01/2050 6.125%   1,650,000 1,505,498
Total 2,147,857
India 1.1%
Export-Import Bank of India(a)
01/15/2030 3.250%   3,600,000 3,204,419
Indonesia 5.9%
Indonesia Government International Bond(a)
01/15/2045 5.125%   2,300,000 2,256,440
Indonesia Government International Bond
10/30/2049 3.700%   3,500,000 2,879,553
03/31/2052 4.300%   555,000 492,695
Indonesia Treasury Bond
04/15/2032 6.375% IDR 50,550,000,000 3,230,680
Perusahaan Penerbit SBSN Indonesia III(a)
06/23/2025 2.300%   1,145,000 1,099,863
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund  | Annual Report 2022
11

Portfolio of Investments  (continued)
August 31, 2022
Foreign Government Obligations(c),(d) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara(a)
06/30/2050 4.000%   500,000 364,224
PT Indonesia Asahan Aluminium Persero(a)
05/15/2030 5.450%   4,485,000 4,379,995
PT Perusahaan Listrik Negara(a)
07/17/2049 4.875%   1,500,000 1,222,554
PT Saka Energi Indonesia(a)
05/05/2024 4.450%   2,000,000 1,830,551
Total 17,756,555
Ivory Coast 1.6%
Ivory Coast Government International Bond(a)
10/17/2031 5.875% EUR 3,440,000 2,783,960
06/15/2033 6.125%   2,400,000 2,034,618
Total 4,818,578
Kazakhstan 2.1%
KazMunayGas National Co. JSC(a)
04/19/2027 4.750%   2,200,000 2,029,050
04/24/2030 5.375%   3,800,000 3,544,365
04/19/2047 5.750%   1,018,000 833,439
Total 6,406,854
Malaysia 0.6%
Petronas Capital Ltd.(a)
04/21/2030 3.500%   1,795,000 1,721,373
Mexico 10.9%
Comision Federal de Electricidad(a)
07/26/2033 3.875%   3,243,000 2,521,535
Mexican Bonos
05/31/2029 8.500% MXN 61,500,000 2,968,246
Mexico Government International Bond
04/16/2030 3.250%   5,250,000 4,686,833
01/15/2047 4.350%   1,800,000 1,412,828
02/10/2048 4.600%   1,600,000 1,303,562
Petroleos Mexicanos
11/12/2026 7.470% MXN 50,100,000 2,116,875
01/28/2031 5.950%   5,000,000 3,767,134
02/16/2032 6.700%   9,600,000 7,499,428
01/23/2045 6.375%   5,357,000 3,354,281
09/21/2047 6.750%   2,100,000 1,323,822
01/23/2050 7.690%   2,700,000 1,859,528
Total 32,814,072
Oman 1.2%
Oman Government International Bond(a)
01/25/2031 6.250%   1,339,000 1,349,594
01/17/2048 6.750%   2,400,000 2,135,865
Total 3,485,459
Foreign Government Obligations(c),(d) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Pakistan 0.5%
Pakistan Government International Bond(a)
09/30/2025 8.250%   419,000 285,426
12/05/2027 6.875%   1,000,000 615,475
04/08/2031 7.375%   1,078,000 603,032
Total 1,503,933
Panama 1.9%
Panama Government International Bond
03/16/2025 3.750%   900,000 891,217
09/29/2032 2.252%   2,200,000 1,709,806
01/19/2033 3.298%   2,186,000 1,858,604
01/19/2063 4.500%   1,783,000 1,352,605
Total 5,812,232
Paraguay 1.4%
Paraguay Government International Bond(a)
08/11/2044 6.100%   3,700,000 3,456,450
03/30/2050 5.400%   925,000 774,705
Total 4,231,155
Peru 0.3%
Peruvian Government International Bond
01/15/2034 3.000%   1,089,000 887,993
Philippines 0.7%
Philippine Government International Bond
07/06/2046 3.200%   2,655,000 2,044,432
Qatar 5.7%
Ooredoo International Finance Ltd.(a)
04/08/2031 2.625%   1,063,000 951,156
Qatar Government International Bond(a)
04/23/2028 4.500%   700,000 728,477
03/14/2029 4.000%   4,700,000 4,786,018
04/16/2030 3.750%   3,100,000 3,109,080
04/23/2048 5.103%   2,350,000 2,520,267
03/14/2049 4.817%   2,550,000 2,631,018
Qatar Petroleum(a)
07/12/2031 2.250%   2,763,000 2,409,153
Total 17,135,169
Romania 2.1%
Romanian Government International Bond(a)
02/27/2027 3.000%   2,284,000 2,061,196
11/25/2027 5.250%   2,476,000 2,404,881
02/14/2051 4.000%   2,500,000 1,718,644
Total 6,184,721
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Emerging Markets Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
August 31, 2022
Foreign Government Obligations(c),(d) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Russian Federation 0.8%
Gazprom PJSC via Gaz Finance PLC(a)
02/25/2030 3.250%   1,383,000 678,479
Russian Foreign Bond - Eurobond(a),(e),(f),(g),(h)
05/27/2026 0.000%   2,000,000 736,850
03/21/2029 0.000%   2,000,000 700,147
03/28/2035 0.000%   1,200,000 449,861
Total 2,565,337
Saudi Arabia 4.5%
KSA Sukuk Ltd.(a)
10/29/2029 2.969%   1,400,000 1,338,246
SA Global Sukuk Ltd.(a)
06/17/2031 2.694%   3,200,000 2,906,026
Saudi Government International Bond(a)
01/21/2055 3.750%   4,000,000 3,311,925
01/21/2055 3.750%   3,950,000 3,270,525
02/02/2061 3.450%   3,500,000 2,673,479
Total 13,500,201
South Africa 2.7%
Eskom Holdings SOC Ltd.(a)
02/11/2025 7.125%   2,300,000 2,157,861
Republic of South Africa Government International Bond
09/30/2029 4.850%   1,400,000 1,238,462
09/30/2049 5.750%   4,200,000 2,986,922
04/20/2052 7.300%   2,142,000 1,774,544
Total 8,157,789
Turkey 3.3%
Turkey Government International Bond
04/14/2026 4.250%   1,350,000 1,122,762
03/25/2027 6.000%   2,000,000 1,693,498
02/17/2028 5.125%   4,900,000 3,847,992
04/26/2029 7.625%   2,400,000 2,081,750
05/30/2040 6.750%   1,573,000 1,140,821
Total 9,886,823
Ukraine 0.7%
Ukraine Government International Bond(a)
09/01/2028 7.750%   7,000,000 1,440,819
05/21/2031 6.876%   3,810,000 732,817
Total 2,173,636
Foreign Government Obligations(c),(d) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
United Arab Emirates 3.3%
Abu Dhabi Government International Bond(a)
09/30/2049 3.125%   2,500,000 1,977,428
04/16/2050 3.875%   385,000 348,333
Abu Dhabi Ports Co. PJSC(a)
05/06/2031 2.500%   1,800,000 1,564,711
DP World Crescent Ltd.(a)
09/26/2028 4.848%   1,450,000 1,472,134
DP World Ltd.(a)
09/25/2048 5.625%   500,000 491,392
DP World PLC(a)
07/02/2037 6.850%   3,600,000 3,985,117
Total 9,839,115
Venezuela 0.4%
Petroleos de Venezuela SA(a),(e)
05/16/2024 0.000%   22,627,059 691,866
Venezuela Government International Bond(a),(e)
10/13/2024 0.000%   7,500,000 590,829
Total 1,282,695
Total Foreign Government Obligations
(Cost $296,814,228)
221,309,417
    
Money Market Funds 12.8%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.366%(i),(j) 38,533,475 38,514,208
Total Money Market Funds
(Cost $38,515,240)
38,514,208
Total Investments in Securities
(Cost $376,361,289)
297,496,349
Other Assets & Liabilities, Net   3,509,557
Net Assets $301,005,906
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund  | Annual Report 2022
13

Portfolio of Investments  (continued)
August 31, 2022
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold
Currency to
be purchased
Counterparty Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
108,000,000 MXN 5,234,841 USD Goldman Sachs International 09/15/2022 (112,297)
6,500,000 EUR 6,615,343 USD UBS 09/15/2022 77,422
Total       77,422 (112,297)
Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At August 31, 2022, the total value of these securities amounted to $171,296,575, which represents 56.91% of total net assets.
(b) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of August 31, 2022.
(c) Principal amounts are denominated in United States Dollars unless otherwise noted.
(d) Principal and interest may not be guaranteed by a governmental entity.
(e) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At August 31, 2022, the total value of these securities amounted to $3,390,397, which represents 1.13% of total net assets.
(f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2022, the total value of these securities amounted to $1,886,858, which represents 0.63% of total net assets.
(g) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund’s Board of Trustees. At August 31, 2022, the total market value of these securities amounted to $1,886,858, which represents 0.63% of total net assets. Additional information on these securities is as follows:
    
Security Acquisition
Dates
Shares Cost ($) Value ($)
Russian Foreign Bond - Eurobond 08/05/2020-08/10/2020 1,200,000 1,488,666 449,861
Russian Foreign Bond - Eurobond 06/23/2020 2,000,000 2,229,636 700,147
Russian Foreign Bond - Eurobond 03/18/2020-03/19/2020 2,000,000 2,028,397 736,850
      5,746,699 1,886,858
    
(h) Valuation based on significant unobservable inputs.
(i) The rate shown is the seven-day current annualized yield at August 31, 2022.
(j) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended August 31, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Columbia Short-Term Cash Fund, 2.366%
  30,285,129 115,237,782 (107,007,671) (1,032) 38,514,208 (15,035) 216,668 38,533,475
Currency Legend
CNY China Yuan Renminbi
EUR Euro
IDR Indonesian Rupiah
MXN Mexican Peso
USD US Dollar
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Emerging Markets Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
August 31, 2022
Fair value measurements
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’s 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. 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 may 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.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using 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 or are not 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.
The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Corporate Bonds & Notes 37,672,724 37,672,724
Foreign Government Obligations 219,422,559 1,886,858 221,309,417
Money Market Funds 38,514,208 38,514,208
Total Investments in Securities 38,514,208 257,095,283 1,886,858 297,496,349
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts 77,422 77,422
Liability        
Forward Foreign Currency Exchange Contracts (112,297) (112,297)
Total 38,514,208 257,060,408 1,886,858 297,461,474
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.
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund  | Annual Report 2022
15

Statement of Assets and Liabilities
August 31, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $337,846,049) $258,982,141
Affiliated issuers (cost $38,515,240) 38,514,208
Foreign currency (cost $1,003) 939
Unrealized appreciation on forward foreign currency exchange contracts 77,422
Receivable for:  
Capital shares sold 60,961
Dividends 69,953
Interest 3,768,939
Foreign tax reclaims 15,006
Prepaid expenses 9,251
Total assets 301,498,820
Liabilities  
Unrealized depreciation on forward foreign currency exchange contracts 112,297
Payable for:  
Capital shares purchased 241,061
Management services fees 4,983
Distribution and/or service fees 475
Transfer agent fees 24,219
Compensation of board members 75,253
Other expenses 34,626
Total liabilities 492,914
Net assets applicable to outstanding capital stock $301,005,906
Represented by  
Paid in capital 417,771,909
Total distributable earnings (loss) (116,766,003)
Total - representing net assets applicable to outstanding capital stock $301,005,906
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Emerging Markets Bond Fund  | Annual Report 2022

Statement of Assets and Liabilities  (continued)
August 31, 2022
Class A  
Net assets $30,370,996
Shares outstanding 3,376,383
Net asset value per share $9.00
Maximum sales charge 4.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $9.45
Advisor Class  
Net assets $1,745,451
Shares outstanding 193,673
Net asset value per share $9.01
Class C  
Net assets $1,814,724
Shares outstanding 203,213
Net asset value per share $8.93
Institutional Class  
Net assets $41,412,642
Shares outstanding 4,598,672
Net asset value per share $9.01
Institutional 2 Class  
Net assets $40,986,771
Shares outstanding 4,552,500
Net asset value per share $9.00
Institutional 3 Class  
Net assets $169,056,921
Shares outstanding 18,769,983
Net asset value per share $9.01
Class R  
Net assets $15,618,401
Shares outstanding 1,736,958
Net asset value per share $8.99
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund  | Annual Report 2022
17

Statement of Operations
Year Ended August 31, 2022
Net investment income  
Income:  
Dividends — affiliated issuers $216,668
Interest 15,981,618
Interfund lending 458
Foreign taxes withheld (11,586)
Total income 16,187,158
Expenses:  
Management services fees 2,029,712
Distribution and/or service fees  
Class A 92,731
Class C 29,862
Class R 93,224
Transfer agent fees  
Class A 73,552
Advisor Class 4,902
Class C 5,856
Institutional Class 99,106
Institutional 2 Class 28,911
Institutional 3 Class 11,356
Class R 37,029
Compensation of board members 13,236
Custodian fees 35,532
Printing and postage fees 30,735
Registration fees 104,522
Audit fees 34,096
Legal fees 14,082
Compensation of chief compliance officer 57
Other 15,507
Total expenses 2,754,008
Fees waived by transfer agent  
Institutional 2 Class (3,246)
Total net expenses 2,750,762
Net investment income 13,436,396
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (10,681,385)
Investments — affiliated issuers (15,035)
Foreign currency translations (48,469)
Forward foreign currency exchange contracts 865,311
Futures contracts 633,325
Net realized loss (9,246,253)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (77,947,539)
Investments — affiliated issuers (1,032)
Foreign currency translations (18,186)
Forward foreign currency exchange contracts 83,997
Futures contracts 53,937
Foreign capital gains tax 1
Net change in unrealized appreciation (depreciation) (77,828,822)
Net realized and unrealized loss (87,075,075)
Net decrease in net assets resulting from operations $(73,638,679)
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Emerging Markets Bond Fund  | Annual Report 2022

Statement of Changes in Net Assets
  Year Ended
August 31, 2022
Year Ended
August 31, 2021
Operations    
Net investment income $13,436,396 $13,469,980
Net realized gain (loss) (9,246,253) 2,427,151
Net change in unrealized appreciation (depreciation) (77,828,822) 4,207,406
Net increase (decrease) in net assets resulting from operations (73,638,679) 20,104,537
Distributions to shareholders    
Net investment income and net realized gains    
Class A (1,326,434) (1,245,220)
Advisor Class (94,669) (125,875)
Class C (84,422) (132,955)
Institutional Class (1,881,366) (1,537,000)
Institutional 2 Class (1,860,774) (1,567,441)
Institutional 3 Class (7,168,624) (5,916,720)
Class R (617,895) (536,704)
Total distributions to shareholders (13,034,184) (11,061,915)
Increase (decrease) in net assets from capital stock activity 26,080,715 (8,705,719)
Total increase (decrease) in net assets (60,592,148) 336,903
Net assets at beginning of year 361,598,054 361,261,151
Net assets at end of year $301,005,906 $361,598,054
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund  | Annual Report 2022
19

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  August 31, 2022 August 31, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 656,294 6,426,256 1,064,981 12,085,590
Distributions reinvested 124,289 1,274,044 104,551 1,192,972
Redemptions (1,194,245) (11,877,927) (1,503,655) (17,091,440)
Net decrease (413,662) (4,177,627) (334,123) (3,812,878)
Advisor Class        
Subscriptions 28,096 302,300 69,227 795,126
Distributions reinvested 9,167 94,669 11,019 125,849
Redemptions (117,546) (1,204,654) (230,024) (2,635,741)
Net decrease (80,283) (807,685) (149,778) (1,714,766)
Class C        
Subscriptions 7,772 75,381 27,859 318,139
Distributions reinvested 8,156 84,422 11,659 132,010
Redemptions (192,022) (1,954,058) (451,149) (5,133,379)
Net decrease (176,094) (1,794,255) (411,631) (4,683,230)
Institutional Class        
Subscriptions 2,789,462 30,371,586 1,992,139 22,996,245
Distributions reinvested 183,527 1,868,569 133,374 1,522,825
Redemptions (2,247,081) (22,507,461) (2,818,199) (32,243,911)
Net increase (decrease) 725,908 9,732,694 (692,686) (7,724,841)
Institutional 2 Class        
Subscriptions 1,162,439 11,724,986 1,660,766 19,024,213
Distributions reinvested 181,616 1,859,313 137,153 1,566,633
Redemptions (1,418,767) (14,025,890) (944,342) (10,810,111)
Net increase (decrease) (74,712) (441,591) 853,577 9,780,735
Institutional 3 Class        
Subscriptions 2,690,582 27,564,102 2,764,670 31,862,382
Distributions reinvested 704,745 7,168,606 518,127 5,916,674
Redemptions (1,014,916) (10,086,443) (3,224,051) (37,477,501)
Net increase 2,380,411 24,646,265 58,746 301,555
Class R        
Subscriptions 111,185 1,194,470 217,275 2,484,325
Distributions reinvested 60,171 615,880 46,298 528,158
Redemptions (283,526) (2,887,436) (338,740) (3,864,777)
Net decrease (112,170) (1,077,086) (75,167) (852,294)
Total net increase (decrease) 2,249,398 26,080,715 (751,062) (8,705,719)
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Emerging Markets Bond Fund  | Annual Report 2022

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Columbia Emerging Markets Bond Fund  | Annual Report 2022
21

Financial Highlights
The following table is 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, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Total
distributions to
shareholders
Class A
Year Ended 8/31/2022 $11.59 0.37 (2.59) (2.22) (0.37) (0.37)
Year Ended 8/31/2021 $11.31 0.40 0.20 0.60 (0.32) (0.32)
Year Ended 8/31/2020 $11.29 0.45 (0.08) 0.37 (0.35) (0.35)
Year Ended 8/31/2019 $10.74 0.59 0.39 0.98 (0.43) (0.43)
Year Ended 8/31/2018 $12.09 0.62 (1.31) (0.69) (0.66) (0.66)
Advisor Class
Year Ended 8/31/2022 $11.61 0.40 (2.61) (2.21) (0.39) (0.39)
Year Ended 8/31/2021 $11.33 0.43 0.20 0.63 (0.35) (0.35)
Year Ended 8/31/2020 $11.31 0.51 (0.11) 0.40 (0.38) (0.38)
Year Ended 8/31/2019 $10.75 0.61 0.41 1.02 (0.46) (0.46)
Year Ended 8/31/2018 $12.11 0.65 (1.32) (0.67) (0.69) (0.69)
Class C
Year Ended 8/31/2022 $11.51 0.30 (2.59) (2.29) (0.29) (0.29)
Year Ended 8/31/2021 $11.23 0.31 0.21 0.52 (0.24) (0.24)
Year Ended 8/31/2020 $11.22 0.37 (0.09) 0.28 (0.27) (0.27)
Year Ended 8/31/2019 $10.67 0.51 0.39 0.90 (0.35) (0.35)
Year Ended 8/31/2018 $12.01 0.53 (1.29) (0.76) (0.58) (0.58)
Institutional Class
Year Ended 8/31/2022 $11.60 0.40 (2.60) (2.20) (0.39) (0.39)
Year Ended 8/31/2021 $11.32 0.43 0.20 0.63 (0.35) (0.35)
Year Ended 8/31/2020 $11.30 0.49 (0.09) 0.40 (0.38) (0.38)
Year Ended 8/31/2019 $10.75 0.62 0.39 1.01 (0.46) (0.46)
Year Ended 8/31/2018 $12.10 0.65 (1.31) (0.66) (0.69) (0.69)
Institutional 2 Class
Year Ended 8/31/2022 $11.60 0.41 (2.61) (2.20) (0.40) (0.40)
Year Ended 8/31/2021 $11.31 0.44 0.22 0.66 (0.37) (0.37)
Year Ended 8/31/2020 $11.30 0.49 (0.09) 0.40 (0.39) (0.39)
Year Ended 8/31/2019 $10.74 0.63 0.40 1.03 (0.47) (0.47)
Year Ended 8/31/2018 $12.10 0.65 (1.30) (0.65) (0.71) (0.71)
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Emerging Markets Bond Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 8/31/2022 $9.00 (19.53%) 1.12% 1.12% 3.65% 28% $30,371
Year Ended 8/31/2021 $11.59 5.42% 1.12% 1.12%(c) 3.49% 56% $43,920
Year Ended 8/31/2020 $11.31 3.40% 1.11%(d) 1.11%(d) 4.13% 175% $46,632
Year Ended 8/31/2019 $11.29 9.33% 1.11%(d) 1.11%(d) 5.40% 106% $54,778
Year Ended 8/31/2018 $10.74 (5.97%) 1.13% 1.13% 5.33% 64% $61,421
Advisor Class
Year Ended 8/31/2022 $9.01 (19.38%) 0.87% 0.87% 3.88% 28% $1,745
Year Ended 8/31/2021 $11.61 5.67% 0.87% 0.87%(c) 3.75% 56% $3,180
Year Ended 8/31/2020 $11.33 3.65% 0.85%(d) 0.85%(d) 4.51% 175% $4,799
Year Ended 8/31/2019 $11.31 9.69% 0.86%(d) 0.86%(d) 5.51% 106% $20,141
Year Ended 8/31/2018 $10.75 (5.80%) 0.88% 0.88% 5.60% 64% $8,734
Class C
Year Ended 8/31/2022 $8.93 (20.19%) 1.87% 1.87% 2.86% 28% $1,815
Year Ended 8/31/2021 $11.51 4.66% 1.87% 1.87%(c) 2.76% 56% $4,365
Year Ended 8/31/2020 $11.23 2.55% 1.86%(d) 1.86%(d) 3.39% 175% $8,881
Year Ended 8/31/2019 $11.22 8.57% 1.86%(d) 1.86%(d) 4.66% 106% $13,374
Year Ended 8/31/2018 $10.67 (6.63%) 1.88% 1.88% 4.57% 64% $16,550
Institutional Class
Year Ended 8/31/2022 $9.01 (19.31%) 0.87% 0.87% 3.91% 28% $41,413
Year Ended 8/31/2021 $11.60 5.67% 0.87% 0.87%(c) 3.75% 56% $44,921
Year Ended 8/31/2020 $11.32 3.66% 0.86%(d) 0.86%(d) 4.40% 175% $51,668
Year Ended 8/31/2019 $11.30 9.60% 0.86%(d) 0.86%(d) 5.65% 106% $71,443
Year Ended 8/31/2018 $10.75 (5.72%) 0.88% 0.88% 5.57% 64% $81,762
Institutional 2 Class
Year Ended 8/31/2022 $9.00 (19.29%) 0.73% 0.73% 4.05% 28% $40,987
Year Ended 8/31/2021 $11.60 5.90% 0.75% 0.75% 3.86% 56% $53,660
Year Ended 8/31/2020 $11.31 3.69% 0.73%(d) 0.73%(d) 4.44% 175% $42,699
Year Ended 8/31/2019 $11.30 9.83% 0.75%(d) 0.75%(d) 5.75% 106% $35,131
Year Ended 8/31/2018 $10.74 (5.68%) 0.75% 0.74% 5.60% 64% $36,419
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund  | Annual Report 2022
23

Financial Highlights  (continued)
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Total
distributions to
shareholders
Institutional 3 Class
Year Ended 8/31/2022 $11.60 0.42 (2.60) (2.18) (0.41) (0.41)
Year Ended 8/31/2021 $11.32 0.45 0.20 0.65 (0.37) (0.37)
Year Ended 8/31/2020 $11.30 0.50 (0.09) 0.41 (0.39) (0.39)
Year Ended 8/31/2019 $10.75 0.64 0.39 1.03 (0.48) (0.48)
Year Ended 8/31/2018 $12.10 0.66 (1.30) (0.64) (0.71) (0.71)
Class R
Year Ended 8/31/2022 $11.58 0.35 (2.60) (2.25) (0.34) (0.34)
Year Ended 8/31/2021 $11.30 0.37 0.20 0.57 (0.29) (0.29)
Year Ended 8/31/2020 $11.29 0.42 (0.09) 0.33 (0.32) (0.32)
Year Ended 8/31/2019 $10.73 0.56 0.40 0.96 (0.40) (0.40)
Year Ended 8/31/2018 $12.08 0.59 (1.31) (0.72) (0.63) (0.63)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
(d) Ratios include interest on collateral expense which is less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Emerging Markets Bond Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Institutional 3 Class
Year Ended 8/31/2022 $9.01 (19.16%) 0.68% 0.68% 4.11% 28% $169,057
Year Ended 8/31/2021 $11.60 5.86% 0.69% 0.69% 3.92% 56% $190,133
Year Ended 8/31/2020 $11.32 3.83% 0.68%(d) 0.68%(d) 4.53% 175% $184,834
Year Ended 8/31/2019 $11.30 9.79% 0.69%(d) 0.69%(d) 5.83% 106% $182,472
Year Ended 8/31/2018 $10.75 (5.54%) 0.70% 0.69% 5.72% 64% $202,999
Class R
Year Ended 8/31/2022 $8.99 (19.75%) 1.37% 1.37% 3.40% 28% $15,618
Year Ended 8/31/2021 $11.58 5.15% 1.37% 1.37%(c) 3.25% 56% $21,419
Year Ended 8/31/2020 $11.30 3.05% 1.36%(d) 1.36%(d) 3.87% 175% $21,748
Year Ended 8/31/2019 $11.29 9.16% 1.36%(d) 1.36%(d) 5.15% 106% $24,620
Year Ended 8/31/2018 $10.73 (6.20%) 1.38% 1.38% 5.07% 64% $27,218
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund  | Annual Report 2022
25

Notes to Financial Statements
August 31, 2022
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 each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which 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 income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies 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 based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
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 are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. 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 quoted or published price for the security, if available.
26 Columbia Emerging Markets Bond Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
August 31, 2022
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.
GAAP requires 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. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. 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, in seeking 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 securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, 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 obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) 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 notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA
Columbia Emerging Markets Bond Fund  | Annual Report 2022
27

Notes to Financial Statements  (continued)
August 31, 2022
Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities and to shift foreign currency exposure back to U.S. dollars. These instruments may be used for other purposes in future periods.
The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.
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 are exchange-traded and 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. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it 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.
28 Columbia Emerging Markets Bond Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
August 31, 2022
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. 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 generally expects to earn interest income on its margin deposits. 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; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument 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 (not considered to be hedging instruments for accounting disclosure purposes) at August 31, 2022:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 77,422
    
  Liability derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 112,297
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended August 31, 2022:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category       Forward
foreign
currency
exchange
contracts
($)
Futures
contracts
($)
Total
($)
Foreign exchange risk       865,311 865,311
Interest rate risk       633,325 633,325
Total       865,311 633,325 1,498,636
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category       Forward
foreign
currency
exchange
contracts
($)
Futures
contracts
($)
Total
($)
Foreign exchange risk       83,997 83,997
Interest rate risk       53,937 53,937
Total       83,997 53,937 137,934
Columbia Emerging Markets Bond Fund  | Annual Report 2022
29

Notes to Financial Statements  (continued)
August 31, 2022
The following table is a summary of the average outstanding volume by derivative instrument for the year ended August 31, 2022:
Derivative instrument Average notional
amounts ($)*
Futures contracts — short 5,705,088
    
Derivative instrument Average unrealized
appreciation ($)**
Average unrealized
depreciation ($)**
Forward foreign currency exchange contracts 91,420 43,115
    
* Based on the ending daily outstanding amounts for the year ended August 31, 2022.
** Based on the ending quarterly outstanding amounts for the year ended August 31, 2022.
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of August 31, 2022:
    Goldman
Sachs
International ($)
UBS ($) Total ($)  
Assets          
Forward foreign currency exchange contracts   - 77,422 77,422  
Liabilities          
Forward foreign currency exchange contracts   112,297 - 112,297  
Total financial and derivative net assets   (112,297) 77,422 (34,875)  
Total collateral received (pledged) (a)   - - -  
Net amount (b)   (112,297) 77,422 (34,875)  
    
(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b) Represents the net amount due from/(to) counterparties in the event of default.
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.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
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.
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Notes to Financial Statements  (continued)
August 31, 2022
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 investment company taxable income and net capital gain, 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 ordinary income, capital gain net income 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 realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in 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.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.600% to 0.393% as the Fund’s net assets increase. The effective management services fee rate for the year ended August 31, 2022 was 0.600% of the Fund’s average daily net assets.
Participating Affiliates
The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to
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Notes to Financial Statements  (continued)
August 31, 2022
the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) either pursuant to subadvisory agreements, personnel-sharing agreements or other inter-company arrangements, and the Fund pays no additional fees and expenses as a result of any such arrangements.
These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered, as appropriate, with respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.
Pursuant to some of these arrangements, certain employees of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), may provide such services to the Fund on behalf of the Investment Manager.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees 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 Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency 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 DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, effective January 1, 2022 through December 31, 2022, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.05% of the average daily net assets attributable to that share class.
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Notes to Financial Statements  (continued)
August 31, 2022
For the year ended August 31, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.20
Advisor Class 0.20
Class C 0.20
Institutional Class 0.20
Institutional 2 Class 0.05
Institutional 3 Class 0.01
Class R 0.20
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended August 31, 2022, no minimum account balance fees were charged by the Fund.
Distribution and service fees
The Fund has entered into 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, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.50% of the Fund’s average daily net assets attributable to Class A, Class C and Class R shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.
The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $315,000 for Class C shares. This amount is based on the most recent information available as of June 30, 2022, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.
Sales charges (unaudited)
Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended August 31, 2022, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 4.75 0.50 - 1.00(a) 2,454
Class C 1.00(b) 93
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
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