Columbia Funds Series Trust II 提交多只基金年度报告及财务披露
Columbia Funds Series Trust II (0001352280) (Filer)
Columbia Funds Series Trust II 的年度报告节选涵盖新兴市场债券、国际股票等多只基金，披露截至2026年8月31日的业绩、净资产、持仓、费用及财务变动。
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)
Michael G. Clarke
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: Last Day of August
Date of reporting period: August 31, 2026
Item 1. Reports to Stockholders.
Columbia Emerging Markets Bond Fund
Class A | REBAX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Emerging Markets Bond Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$115 |
1.11% |
Management's Discussion of Fund Performance
The performance of Class A shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Allocation and selection | Contribution to the Fund’s performance relative to the benchmark was driven primarily by an allocation to and selection within Ukrainian bonds. Also positively contributing to relative performance was an allocation to and selection within China. Finally, selection within and an allocation to Venezuela was also notably positive for the Fund’s relative performance.
Rates and currency | Local currency allocations contributed to the Fund’s relative performance.
Top Performance Detractors
Allocation and selection | Security selection within Brazil detracted from the Fund’s performance versus the benchmark. Additionally, the Fund’s underweight exposure to Argentina also negatively impacted the Fund’s overall relative performance. An allocation to Turkey also weighed on the Fund’s relative performance.
Rates and currency | Positions in local rates and index spread negatively impacted the Fund’s relative performance. Additionally, U.S. rates and trading impacts also detracted from the Fund’s overall performance relative to the benchmark.
Columbia Emerging Markets Bond Fund | Class A | ASR141-01_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class A shares of the Fund during the stated time period.
Growth of $10,000
Columbia Emerging Markets Bond Fund Class A (including sales charges) ($12,525) |
JPMorgan Emerging Markets Bond Index - Global ($13,526) | |
|---|---|---|
08/16 |
$9,528 |
$10,000 |
09/16 |
$9,584 |
$10,034 |
10/16 |
$9,500 |
$9,887 |
11/16 |
$9,055 |
$9,475 |
12/16 |
$9,225 |
$9,611 |
01/17 |
$9,366 |
$9,749 |
02/17 |
$9,582 |
$9,952 |
03/17 |
$9,658 |
$9,986 |
04/17 |
$9,835 |
$10,149 |
05/17 |
$9,932 |
$10,233 |
06/17 |
$9,939 |
$10,207 |
07/17 |
$10,046 |
$10,274 |
08/17 |
$10,229 |
$10,452 |
09/17 |
$10,270 |
$10,450 |
10/17 |
$10,286 |
$10,469 |
11/17 |
$10,310 |
$10,441 |
12/17 |
$10,346 |
$10,507 |
01/18 |
$10,392 |
$10,487 |
02/18 |
$10,236 |
$10,281 |
03/18 |
$10,260 |
$10,320 |
04/18 |
$10,111 |
$10,169 |
05/18 |
$9,899 |
$10,059 |
06/18 |
$9,703 |
$9,957 |
07/18 |
$9,920 |
$10,163 |
08/18 |
$9,619 |
$9,967 |
09/18 |
$9,837 |
$10,144 |
10/18 |
$9,533 |
$9,917 |
11/18 |
$9,436 |
$9,878 |
12/18 |
$9,519 |
$10,023 |
01/19 |
$10,050 |
$10,465 |
02/19 |
$10,136 |
$10,531 |
03/19 |
$10,260 |
$10,684 |
04/19 |
$10,256 |
$10,696 |
05/19 |
$10,260 |
$10,758 |
06/19 |
$10,571 |
$11,085 |
07/19 |
$10,744 |
$11,213 |
08/19 |
$10,517 |
$11,274 |
09/19 |
$10,457 |
$11,233 |
10/19 |
$10,472 |
$11,275 |
11/19 |
$10,458 |
$11,257 |
12/19 |
$10,650 |
$11,468 |
01/20 |
$10,854 |
$11,667 |
02/20 |
$10,793 |
$11,573 |
03/20 |
$9,180 |
$10,120 |
04/20 |
$9,493 |
$10,342 |
05/20 |
$10,062 |
$10,935 |
06/20 |
$10,367 |
$11,254 |
07/20 |
$10,768 |
$11,670 |
08/20 |
$10,874 |
$11,704 |
09/20 |
$10,688 |
$11,511 |
10/20 |
$10,712 |
$11,497 |
11/20 |
$11,201 |
$11,928 |
12/20 |
$11,440 |
$12,142 |
01/21 |
$11,281 |
$11,995 |
02/21 |
$11,064 |
$11,687 |
03/21 |
$10,894 |
$11,566 |
04/21 |
$11,114 |
$11,787 |
05/21 |
$11,228 |
$11,915 |
06/21 |
$11,304 |
$12,021 |
07/21 |
$11,364 |
$12,086 |
08/21 |
$11,463 |
$12,196 |
09/21 |
$11,241 |
$11,957 |
10/21 |
$11,209 |
$11,964 |
11/21 |
$10,969 |
$11,791 |
12/21 |
$11,138 |
$11,959 |
01/22 |
$10,800 |
$11,613 |
02/22 |
$10,194 |
$10,974 |
03/22 |
$10,151 |
$10,851 |
04/22 |
$9,600 |
$10,257 |
05/22 |
$9,636 |
$10,276 |
06/22 |
$8,989 |
$9,707 |
07/22 |
$9,291 |
$10,017 |
08/22 |
$9,225 |
$9,900 |
09/22 |
$8,602 |
$9,299 |
10/22 |
$8,640 |
$9,306 |
11/22 |
$9,333 |
$9,953 |
12/22 |
$9,345 |
$9,991 |
01/23 |
$9,687 |
$10,302 |
02/23 |
$9,409 |
$10,075 |
03/23 |
$9,509 |
$10,215 |
04/23 |
$9,504 |
$10,267 |
05/23 |
$9,424 |
$10,176 |
06/23 |
$9,631 |
$10,372 |
07/23 |
$9,798 |
$10,539 |
08/23 |
$9,631 |
$10,392 |
09/23 |
$9,377 |
$10,099 |
10/23 |
$9,300 |
$9,953 |
11/23 |
$9,852 |
$10,529 |
12/23 |
$10,297 |
$11,035 |
01/24 |
$10,180 |
$10,905 |
02/24 |
$10,269 |
$10,980 |
03/24 |
$10,457 |
$11,189 |
04/24 |
$10,264 |
$10,965 |
05/24 |
$10,462 |
$11,164 |
06/24 |
$10,480 |
$11,238 |
07/24 |
$10,714 |
$11,443 |
08/24 |
$10,926 |
$11,710 |
09/24 |
$11,126 |
$11,920 |
10/24 |
$10,932 |
$11,706 |
11/24 |
$11,067 |
$11,845 |
12/24 |
$10,912 |
$11,668 |
01/25 |
$11,064 |
$11,811 |
02/25 |
$11,259 |
$12,006 |
03/25 |
$11,161 |
$11,941 |
04/25 |
$11,108 |
$11,931 |
05/25 |
$11,208 |
$12,033 |
06/25 |
$11,453 |
$12,307 |
07/25 |
$11,584 |
$12,452 |
08/25 |
$11,763 |
$12,643 |
09/25 |
$11,908 |
$12,847 |
10/25 |
$12,164 |
$13,130 |
11/25 |
$12,202 |
$13,169 |
12/25 |
$12,289 |
$13,237 |
01/26 |
$12,389 |
$13,311 |
02/26 |
$12,535 |
$13,497 |
03/26 |
$12,118 |
$13,086 |
04/26 |
$12,459 |
$13,417 |
05/26 |
$12,579 |
$13,527 |
06/26 |
$12,626 |
$13,614 |
07/26 |
$12,439 |
$13,404 |
08/26 |
$12,525 |
$13,526 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Class A (excluding sales charges) |
6.48 |
1.79 |
2.77 |
Class A (including sales charges) |
1.44 |
0.80 |
2.28 |
JPMorgan Emerging Markets Bond Index - Global |
6.99 |
2.09 |
3.07 |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$356,380,433 |
|---|---|
Total number of portfolio holdings |
165 |
Management services fees (represents 0.60% of Fund average net assets) |
$2,137,317 |
Portfolio turnover for the reporting period |
46% |
Columbia Emerging Markets Bond Fund | Class A | ASR141-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Geographic Allocation
Mexico |
8.8% |
|
|---|---|---|
Saudi Arabia |
7.6% |
|
Indonesia |
7.5% |
|
Turkey |
5.3% |
|
United Arab Emirates |
5.1% |
|
Hungary |
4.1% |
|
Colombia |
3.9% |
|
Romania |
3.9% |
|
Chile |
3.8% |
|
United States |
3.7% |
|
Other |
45.7% |
Top Holdings
Romanian Government International Bond 3.625% 03/27/2032 |
3.9% |
|---|---|
Perusahaan Penerbit SBSN Indonesia III 4.700% 06/06/2032 |
3.8% |
Mexico Government International Bond 3.500% 02/12/2034 |
3.3% |
Argentine Republic Government International Bond 2.750% 07/09/2035 |
2.5% |
Saudi Government International Bond 5.625% 01/13/2035 |
2.2% |
Chile Government International Bond 4.950% 01/05/2036 |
2.0% |
DP World PLC 6.850% 07/02/2037 |
1.9% |
Colombian TES 11.750% 01/24/2035 |
1.9% |
Petroleos de Venezuela SA 0.000% 05/16/2024 |
1.9% |
Hungary Government International Bond 2.125% 09/22/2031 |
1.4% |
Asset Categories
Foreign Government Obligations |
88.8% | |
|---|---|---|
Corporate Bonds & Notes |
6.9% | |
Money Market Funds |
3.7% | |
Other |
0.0%Footnote Reference* | |
| Footnote | Description |
Footnote* |
Percentage rounds to less than 0.1% or (0.1)%. |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Emerging Markets Bond Fund | Class A | ASR141-01_(10/26) |
Columbia Emerging Markets Bond Fund
Institutional Class | CMBZX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Emerging Markets Bond Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$89 |
0.86% |
Management's Discussion of Fund Performance
The performance of Institutional Class shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Allocation and selection | Contribution to the Fund’s performance relative to the benchmark was driven primarily by an allocation to and selection within Ukrainian bonds. Also positively contributing to relative performance was an allocation to and selection within China. Finally, selection within and an allocation to Venezuela was also notably positive for the Fund’s relative performance.
Rates and currency | Local currency allocations contributed to the Fund’s relative performance.
Top Performance Detractors
Allocation and selection | Security selection within Brazil detracted from the Fund’s performance versus the benchmark. Additionally, the Fund’s underweight exposure to Argentina also negatively impacted the Fund’s overall relative performance. An allocation to Turkey also weighed on the Fund’s relative performance.
Rates and currency | Positions in local rates and index spread negatively impacted the Fund’s relative performance. Additionally, U.S. rates and trading impacts also detracted from the Fund’s overall performance relative to the benchmark.
Columbia Emerging Markets Bond Fund | Institutional Class | ASR141-08_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Institutional Class shares of the Fund during the stated time period.
Growth of $10,000
Columbia Emerging Markets Bond Fund Institutional Class ($13,473) |
JPMorgan Emerging Markets Bond Index - Global ($13,526) | |
|---|---|---|
08/16 |
$10,000 |
$10,000 |
09/16 |
$10,060 |
$10,034 |
10/16 |
$9,974 |
$9,887 |
11/16 |
$9,510 |
$9,475 |
12/16 |
$9,681 |
$9,611 |
01/17 |
$9,840 |
$9,749 |
02/17 |
$10,069 |
$9,952 |
03/17 |
$10,151 |
$9,986 |
04/17 |
$10,338 |
$10,149 |
05/17 |
$10,443 |
$10,233 |
06/17 |
$10,452 |
$10,207 |
07/17 |
$10,566 |
$10,274 |
08/17 |
$10,762 |
$10,452 |
09/17 |
$10,807 |
$10,450 |
10/17 |
$10,826 |
$10,469 |
11/17 |
$10,854 |
$10,441 |
12/17 |
$10,894 |
$10,507 |
01/18 |
$10,944 |
$10,487 |
02/18 |
$10,782 |
$10,281 |
03/18 |
$10,809 |
$10,320 |
04/18 |
$10,655 |
$10,169 |
05/18 |
$10,434 |
$10,059 |
06/18 |
$10,230 |
$9,957 |
07/18 |
$10,461 |
$10,163 |
08/18 |
$10,146 |
$9,967 |
09/18 |
$10,378 |
$10,144 |
10/18 |
$10,060 |
$9,917 |
11/18 |
$9,959 |
$9,878 |
12/18 |
$10,049 |
$10,023 |
01/19 |
$10,611 |
$10,465 |
02/19 |
$10,704 |
$10,531 |
03/19 |
$10,837 |
$10,684 |
04/19 |
$10,835 |
$10,696 |
05/19 |
$10,842 |
$10,758 |
06/19 |
$11,172 |
$11,085 |
07/19 |
$11,357 |
$11,213 |
08/19 |
$11,120 |
$11,274 |
09/19 |
$11,059 |
$11,233 |
10/19 |
$11,077 |
$11,275 |
11/19 |
$11,064 |
$11,257 |
12/19 |
$11,270 |
$11,468 |
01/20 |
$11,487 |
$11,667 |
02/20 |
$11,426 |
$11,573 |
03/20 |
$9,722 |
$10,120 |
04/20 |
$10,055 |
$10,342 |
05/20 |
$10,660 |
$10,935 |
06/20 |
$10,974 |
$11,254 |
07/20 |
$11,412 |
$11,670 |
08/20 |
$11,526 |
$11,704 |
09/20 |
$11,331 |
$11,511 |
10/20 |
$11,360 |
$11,497 |
11/20 |
$11,880 |
$11,928 |
12/20 |
$12,136 |
$12,142 |
01/21 |
$11,970 |
$11,995 |
02/21 |
$11,742 |
$11,687 |
03/21 |
$11,563 |
$11,566 |
04/21 |
$11,800 |
$11,787 |
05/21 |
$11,923 |
$11,915 |
06/21 |
$12,006 |
$12,021 |
07/21 |
$12,072 |
$12,086 |
08/21 |
$12,180 |
$12,196 |
09/21 |
$11,947 |
$11,957 |
10/21 |
$11,915 |
$11,964 |
11/21 |
$11,662 |
$11,791 |
12/21 |
$11,845 |
$11,959 |
01/22 |
$11,488 |
$11,613 |
02/22 |
$10,847 |
$10,974 |
03/22 |
$10,803 |
$10,851 |
04/22 |
$10,219 |
$10,257 |
05/22 |
$10,260 |
$10,276 |
06/22 |
$9,573 |
$9,707 |
07/22 |
$9,897 |
$10,017 |
08/22 |
$9,828 |
$9,900 |
09/22 |
$9,167 |
$9,299 |
10/22 |
$9,210 |
$9,306 |
11/22 |
$9,950 |
$9,953 |
12/22 |
$9,964 |
$9,991 |
01/23 |
$10,331 |
$10,302 |
02/23 |
$10,037 |
$10,075 |
03/23 |
$10,146 |
$10,215 |
04/23 |
$10,142 |
$10,267 |
05/23 |
$10,059 |
$10,176 |
06/23 |
$10,283 |
$10,372 |
07/23 |
$10,462 |
$10,539 |
08/23 |
$10,286 |
$10,392 |
09/23 |
$10,018 |
$10,099 |
10/23 |
$9,950 |
$9,953 |
11/23 |
$10,529 |
$10,529 |
12/23 |
$11,018 |
$11,035 |
01/24 |
$10,896 |
$10,905 |
02/24 |
$10,992 |
$10,980 |
03/24 |
$11,184 |
$11,189 |
04/24 |
$10,980 |
$10,965 |
05/24 |
$11,193 |
$11,164 |
06/24 |
$11,216 |
$11,238 |
07/24 |
$11,467 |
$11,443 |
08/24 |
$11,709 |
$11,710 |
09/24 |
$11,925 |
$11,920 |
10/24 |
$11,708 |
$11,706 |
11/24 |
$11,855 |
$11,845 |
12/24 |
$11,691 |
$11,668 |
01/25 |
$11,856 |
$11,811 |
02/25 |
$12,080 |
$12,006 |
03/25 |
$11,965 |
$11,941 |
04/25 |
$11,910 |
$11,931 |
05/25 |
$12,033 |
$12,033 |
06/25 |
$12,298 |
$12,307 |
07/25 |
$12,428 |
$12,452 |
08/25 |
$12,623 |
$12,643 |
09/25 |
$12,794 |
$12,847 |
10/25 |
$13,070 |
$13,130 |
11/25 |
$13,115 |
$13,169 |
12/25 |
$13,211 |
$13,237 |
01/26 |
$13,320 |
$13,311 |
02/26 |
$13,480 |
$13,497 |
03/26 |
$13,022 |
$13,086 |
04/26 |
$13,404 |
$13,417 |
05/26 |
$13,522 |
$13,527 |
06/26 |
$13,589 |
$13,614 |
07/26 |
$13,377 |
$13,404 |
08/26 |
$13,473 |
$13,526 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Institutional Class |
6.73 |
2.04 |
3.02 |
JPMorgan Emerging Markets Bond Index - Global |
6.99 |
2.09 |
3.07 |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$356,380,433 |
|---|---|
Total number of portfolio holdings |
165 |
Management services fees (represents 0.60% of Fund average net assets) |
$2,137,317 |
Portfolio turnover for the reporting period |
46% |
Columbia Emerging Markets Bond Fund | Institutional Class | ASR141-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Geographic Allocation
Mexico |
8.8% |
|
|---|---|---|
Saudi Arabia |
7.6% |
|
Indonesia |
7.5% |
|
Turkey |
5.3% |
|
United Arab Emirates |
5.1% |
|
Hungary |
4.1% |
|
Colombia |
3.9% |
|
Romania |
3.9% |
|
Chile |
3.8% |
|
United States |
3.7% |
|
Other |
45.7% |
Top Holdings
Romanian Government International Bond 3.625% 03/27/2032 |
3.9% |
|---|---|
Perusahaan Penerbit SBSN Indonesia III 4.700% 06/06/2032 |
3.8% |
Mexico Government International Bond 3.500% 02/12/2034 |
3.3% |
Argentine Republic Government International Bond 2.750% 07/09/2035 |
2.5% |
Saudi Government International Bond 5.625% 01/13/2035 |
2.2% |
Chile Government International Bond 4.950% 01/05/2036 |
2.0% |
DP World PLC 6.850% 07/02/2037 |
1.9% |
Colombian TES 11.750% 01/24/2035 |
1.9% |
Petroleos de Venezuela SA 0.000% 05/16/2024 |
1.9% |
Hungary Government International Bond 2.125% 09/22/2031 |
1.4% |
Asset Categories
Foreign Government Obligations |
88.8% | |
|---|---|---|
Corporate Bonds & Notes |
6.9% | |
Money Market Funds |
3.7% | |
Other |
0.0%Footnote Reference* | |
| Footnote | Description |
Footnote* |
Percentage rounds to less than 0.1% or (0.1)%. |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Emerging Markets Bond Fund | Institutional Class | ASR141-08_(10/26) |
Columbia Emerging Markets Bond Fund
Institutional 2 Class | CEBRX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Emerging Markets Bond Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 2 Class |
$76 |
0.73% |
Management's Discussion of Fund Performance
The performance of Institutional 2 Class shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Allocation and selection | Contribution to the Fund’s performance relative to the benchmark was driven primarily by an allocation to and selection within Ukrainian bonds. Also positively contributing to relative performance was an allocation to and selection within China. Finally, selection within and an allocation to Venezuela was also notably positive for the Fund’s relative performance.
Rates and currency | Local currency allocations contributed to the Fund’s relative performance.
Top Performance Detractors
Allocation and selection | Security selection within Brazil detracted from the Fund’s performance versus the benchmark. Additionally, the Fund’s underweight exposure to Argentina also negatively impacted the Fund’s overall relative performance. An allocation to Turkey also weighed on the Fund’s relative performance.
Rates and currency | Positions in local rates and index spread negatively impacted the Fund’s relative performance. Additionally, U.S. rates and trading impacts also detracted from the Fund’s overall performance relative to the benchmark.
Columbia Emerging Markets Bond Fund | Institutional 2 Class | ASR141-15_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Institutional 2 Class shares of the Fund during the stated time period.
Growth of $10,000
Columbia Emerging Markets Bond Fund Institutional 2 Class ($13,664) |
JPMorgan Emerging Markets Bond Index - Global ($13,526) | |
|---|---|---|
08/16 |
$10,000 |
$10,000 |
09/16 |
$10,053 |
$10,034 |
10/16 |
$9,969 |
$9,887 |
11/16 |
$9,515 |
$9,475 |
12/16 |
$9,688 |
$9,611 |
01/17 |
$9,849 |
$9,749 |
02/17 |
$10,079 |
$9,952 |
03/17 |
$10,163 |
$9,986 |
04/17 |
$10,352 |
$10,149 |
05/17 |
$10,459 |
$10,233 |
06/17 |
$10,470 |
$10,207 |
07/17 |
$10,586 |
$10,274 |
08/17 |
$10,784 |
$10,452 |
09/17 |
$10,822 |
$10,450 |
10/17 |
$10,851 |
$10,469 |
11/17 |
$10,871 |
$10,441 |
12/17 |
$10,921 |
$10,507 |
01/18 |
$10,973 |
$10,487 |
02/18 |
$10,812 |
$10,281 |
03/18 |
$10,840 |
$10,320 |
04/18 |
$10,687 |
$10,169 |
05/18 |
$10,467 |
$10,059 |
06/18 |
$10,254 |
$9,957 |
07/18 |
$10,486 |
$10,163 |
08/18 |
$10,172 |
$9,967 |
09/18 |
$10,405 |
$10,144 |
10/18 |
$10,097 |
$9,917 |
11/18 |
$9,987 |
$9,878 |
12/18 |
$10,088 |
$10,023 |
01/19 |
$10,653 |
$10,465 |
02/19 |
$10,738 |
$10,531 |
03/19 |
$10,882 |
$10,684 |
04/19 |
$10,881 |
$10,696 |
05/19 |
$10,889 |
$10,758 |
06/19 |
$11,222 |
$11,085 |
07/19 |
$11,409 |
$11,213 |
08/19 |
$11,172 |
$11,274 |
09/19 |
$11,101 |
$11,233 |
10/19 |
$11,120 |
$11,275 |
11/19 |
$11,119 |
$11,257 |
12/19 |
$11,317 |
$11,468 |
01/20 |
$11,546 |
$11,667 |
02/20 |
$11,475 |
$11,573 |
03/20 |
$9,774 |
$10,120 |
04/20 |
$10,110 |
$10,342 |
05/20 |
$10,708 |
$10,935 |
06/20 |
$11,036 |
$11,254 |
07/20 |
$11,477 |
$11,670 |
08/20 |
$11,584 |
$11,704 |
09/20 |
$11,399 |
$11,511 |
10/20 |
$11,428 |
$11,497 |
11/20 |
$11,943 |
$11,928 |
12/20 |
$12,212 |
$12,142 |
01/21 |
$12,047 |
$11,995 |
02/21 |
$11,818 |
$11,687 |
03/21 |
$11,640 |
$11,566 |
04/21 |
$11,879 |
$11,787 |
05/21 |
$12,004 |
$11,915 |
06/21 |
$12,089 |
$12,021 |
07/21 |
$12,157 |
$12,086 |
08/21 |
$12,267 |
$12,196 |
09/21 |
$12,034 |
$11,957 |
10/21 |
$12,003 |
$11,964 |
11/21 |
$11,739 |
$11,791 |
12/21 |
$11,934 |
$11,959 |
01/22 |
$11,577 |
$11,613 |
02/22 |
$10,920 |
$10,974 |
03/22 |
$10,888 |
$10,851 |
04/22 |
$10,290 |
$10,257 |
05/22 |
$10,343 |
$10,276 |
06/22 |
$9,652 |
$9,707 |
07/22 |
$9,968 |
$10,017 |
08/22 |
$9,901 |
$9,900 |
09/22 |
$9,246 |
$9,299 |
10/22 |
$9,291 |
$9,306 |
11/22 |
$10,027 |
$9,953 |
12/22 |
$10,054 |
$9,991 |
01/23 |
$10,426 |
$10,302 |
02/23 |
$10,131 |
$10,075 |
03/23 |
$10,242 |
$10,215 |
04/23 |
$10,240 |
$10,267 |
05/23 |
$10,157 |
$10,176 |
06/23 |
$10,373 |
$10,372 |
07/23 |
$10,567 |
$10,539 |
08/23 |
$10,391 |
$10,392 |
09/23 |
$10,121 |
$10,099 |
10/23 |
$10,041 |
$9,953 |
11/23 |
$10,640 |
$10,529 |
12/23 |
$11,123 |
$11,035 |
01/24 |
$11,001 |
$10,905 |
02/24 |
$11,099 |
$10,980 |
03/24 |
$11,307 |
$11,189 |
04/24 |
$11,101 |
$10,965 |
05/24 |
$11,318 |
$11,164 |
06/24 |
$11,342 |
$11,238 |
07/24 |
$11,598 |
$11,443 |
08/24 |
$11,831 |
$11,710 |
09/24 |
$12,052 |
$11,920 |
10/24 |
$11,833 |
$11,706 |
11/24 |
$11,995 |
$11,845 |
12/24 |
$11,831 |
$11,668 |
01/25 |
$12,000 |
$11,811 |
02/25 |
$12,215 |
$12,006 |
03/25 |
$12,112 |
$11,941 |
04/25 |
$12,058 |
$11,931 |
05/25 |
$12,171 |
$12,033 |
06/25 |
$12,441 |
$12,307 |
07/25 |
$12,587 |
$12,452 |
08/25 |
$12,785 |
$12,643 |
09/25 |
$12,946 |
$12,847 |
10/25 |
$13,228 |
$13,130 |
11/25 |
$13,274 |
$13,169 |
12/25 |
$13,373 |
$13,237 |
01/26 |
$13,486 |
$13,311 |
02/26 |
$13,649 |
$13,497 |
03/26 |
$13,199 |
$13,086 |
04/26 |
$13,575 |
$13,417 |
05/26 |
$13,710 |
$13,527 |
06/26 |
$13,765 |
$13,614 |
07/26 |
$13,566 |
$13,404 |
08/26 |
$13,664 |
$13,526 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Institutional 2 Class |
6.87 |
2.18 |
3.17 |
JPMorgan Emerging Markets Bond Index - Global |
6.99 |
2.09 |
3.07 |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$356,380,433 |
|---|---|
Total number of portfolio holdings |
165 |
Management services fees (represents 0.60% of Fund average net assets) |
$2,137,317 |
Portfolio turnover for the reporting period |
46% |
Columbia Emerging Markets Bond Fund | Institutional 2 Class | ASR141-15_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Geographic Allocation
Mexico |
8.8% |
|
|---|---|---|
Saudi Arabia |
7.6% |
|
Indonesia |
7.5% |
|
Turkey |
5.3% |
|
United Arab Emirates |
5.1% |
|
Hungary |
4.1% |
|
Colombia |
3.9% |
|
Romania |
3.9% |
|
Chile |
3.8% |
|
United States |
3.7% |
|
Other |
45.7% |
Top Holdings
Romanian Government International Bond 3.625% 03/27/2032 |
3.9% |
|---|---|
Perusahaan Penerbit SBSN Indonesia III 4.700% 06/06/2032 |
3.8% |
Mexico Government International Bond 3.500% 02/12/2034 |
3.3% |
Argentine Republic Government International Bond 2.750% 07/09/2035 |
2.5% |
Saudi Government International Bond 5.625% 01/13/2035 |
2.2% |
Chile Government International Bond 4.950% 01/05/2036 |
2.0% |
DP World PLC 6.850% 07/02/2037 |
1.9% |
Colombian TES 11.750% 01/24/2035 |
1.9% |
Petroleos de Venezuela SA 0.000% 05/16/2024 |
1.9% |
Hungary Government International Bond 2.125% 09/22/2031 |
1.4% |
Asset Categories
Foreign Government Obligations |
88.8% | |
|---|---|---|
Corporate Bonds & Notes |
6.9% | |
Money Market Funds |
3.7% | |
Other |
0.0%Footnote Reference* | |
| Footnote | Description |
Footnote* |
Percentage rounds to less than 0.1% or (0.1)%. |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Emerging Markets Bond Fund | Institutional 2 Class | ASR141-15_(10/26) |
Columbia Emerging Markets Bond Fund
Institutional 3 Class | CEBYX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Emerging Markets Bond Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 3 Class |
$70 |
0.68% |
Management's Discussion of Fund Performance
The performance of Institutional 3 Class shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Allocation and selection | Contribution to the Fund’s performance relative to the benchmark was driven primarily by an allocation to and selection within Ukrainian bonds. Also positively contributing to relative performance was an allocation to and selection within China. Finally, selection within and an allocation to Venezuela was also notably positive for the Fund’s relative performance.
Rates and currency | Local currency allocations contributed to the Fund’s relative performance.
Top Performance Detractors
Allocation and selection | Security selection within Brazil detracted from the Fund’s performance versus the benchmark. Additionally, the Fund’s underweight exposure to Argentina also negatively impacted the Fund’s overall relative performance. An allocation to Turkey also weighed on the Fund’s relative performance.
Rates and currency | Positions in local rates and index spread negatively impacted the Fund’s relative performance. Additionally, U.S. rates and trading impacts also detracted from the Fund’s overall performance relative to the benchmark.
Columbia Emerging Markets Bond Fund | Institutional 3 Class | ASR141-17_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of the Fund during the stated time period.
Growth of $10,000
Columbia Emerging Markets Bond Fund Institutional 3 Class ($13,721) |
JPMorgan Emerging Markets Bond Index - Global ($13,526) | |
|---|---|---|
08/16 |
$10,000 |
$10,000 |
09/16 |
$10,053 |
$10,034 |
10/16 |
$9,970 |
$9,887 |
11/16 |
$9,516 |
$9,475 |
12/16 |
$9,690 |
$9,611 |
01/17 |
$9,851 |
$9,749 |
02/17 |
$10,073 |
$9,952 |
03/17 |
$10,158 |
$9,986 |
04/17 |
$10,347 |
$10,149 |
05/17 |
$10,454 |
$10,233 |
06/17 |
$10,465 |
$10,207 |
07/17 |
$10,582 |
$10,274 |
08/17 |
$10,780 |
$10,452 |
09/17 |
$10,828 |
$10,450 |
10/17 |
$10,848 |
$10,469 |
11/17 |
$10,878 |
$10,441 |
12/17 |
$10,929 |
$10,507 |
01/18 |
$10,981 |
$10,487 |
02/18 |
$10,820 |
$10,281 |
03/18 |
$10,840 |
$10,320 |
04/18 |
$10,687 |
$10,169 |
05/18 |
$10,467 |
$10,059 |
06/18 |
$10,264 |
$9,957 |
07/18 |
$10,497 |
$10,163 |
08/18 |
$10,183 |
$9,967 |
09/18 |
$10,417 |
$10,144 |
10/18 |
$10,109 |
$9,917 |
11/18 |
$10,000 |
$9,878 |
12/18 |
$10,091 |
$10,023 |
01/19 |
$10,657 |
$10,465 |
02/19 |
$10,752 |
$10,531 |
03/19 |
$10,897 |
$10,684 |
04/19 |
$10,887 |
$10,696 |
05/19 |
$10,895 |
$10,758 |
06/19 |
$11,229 |
$11,085 |
07/19 |
$11,417 |
$11,213 |
08/19 |
$11,180 |
$11,274 |
09/19 |
$11,120 |
$11,233 |
10/19 |
$11,139 |
$11,275 |
11/19 |
$11,128 |
$11,257 |
12/19 |
$11,337 |
$11,468 |
01/20 |
$11,557 |
$11,667 |
02/20 |
$11,497 |
$11,573 |
03/20 |
$9,784 |
$10,120 |
04/20 |
$10,120 |
$10,342 |
05/20 |
$10,730 |
$10,935 |
06/20 |
$11,059 |
$11,254 |
07/20 |
$11,491 |
$11,670 |
08/20 |
$11,608 |
$11,704 |
09/20 |
$11,413 |
$11,511 |
10/20 |
$11,443 |
$11,497 |
11/20 |
$11,969 |
$11,928 |
12/20 |
$12,229 |
$12,142 |
01/21 |
$12,064 |
$11,995 |
02/21 |
$11,835 |
$11,687 |
03/21 |
$11,657 |
$11,566 |
04/21 |
$11,897 |
$11,787 |
05/21 |
$12,034 |
$11,915 |
06/21 |
$12,109 |
$12,021 |
07/21 |
$12,188 |
$12,086 |
08/21 |
$12,288 |
$12,196 |
09/21 |
$12,065 |
$11,957 |
10/21 |
$12,024 |
$11,964 |
11/21 |
$11,771 |
$11,791 |
12/21 |
$11,957 |
$11,959 |
01/22 |
$11,599 |
$11,613 |
02/22 |
$10,953 |
$10,974 |
03/22 |
$10,910 |
$10,851 |
04/22 |
$10,323 |
$10,257 |
05/22 |
$10,365 |
$10,276 |
06/22 |
$9,673 |
$9,707 |
07/22 |
$10,001 |
$10,017 |
08/22 |
$9,934 |
$9,900 |
09/22 |
$9,267 |
$9,299 |
10/22 |
$9,312 |
$9,306 |
11/22 |
$10,062 |
$9,953 |
12/22 |
$10,078 |
$9,991 |
01/23 |
$10,462 |
$10,302 |
02/23 |
$10,155 |
$10,075 |
03/23 |
$10,267 |
$10,215 |
04/23 |
$10,266 |
$10,267 |
05/23 |
$10,183 |
$10,176 |
06/23 |
$10,411 |
$10,372 |
07/23 |
$10,606 |
$10,539 |
08/23 |
$10,419 |
$10,392 |
09/23 |
$10,149 |
$10,099 |
10/23 |
$10,081 |
$9,953 |
11/23 |
$10,669 |
$10,529 |
12/23 |
$11,166 |
$11,035 |
01/24 |
$11,044 |
$10,905 |
02/24 |
$11,144 |
$10,980 |
03/24 |
$11,340 |
$11,189 |
04/24 |
$11,135 |
$10,965 |
05/24 |
$11,353 |
$11,164 |
06/24 |
$11,377 |
$11,238 |
07/24 |
$11,634 |
$11,443 |
08/24 |
$11,881 |
$11,710 |
09/24 |
$12,103 |
$11,920 |
10/24 |
$11,884 |
$11,706 |
11/24 |
$12,047 |
$11,845 |
12/24 |
$11,871 |
$11,668 |
01/25 |
$12,040 |
$11,811 |
02/25 |
$12,269 |
$12,006 |
03/25 |
$12,153 |
$11,941 |
04/25 |
$12,100 |
$11,931 |
05/25 |
$12,227 |
$12,033 |
06/25 |
$12,498 |
$12,307 |
07/25 |
$12,645 |
$12,452 |
08/25 |
$12,832 |
$12,643 |
09/25 |
$13,007 |
$12,847 |
10/25 |
$13,291 |
$13,130 |
11/25 |
$13,338 |
$13,169 |
12/25 |
$13,438 |
$13,237 |
01/26 |
$13,551 |
$13,311 |
02/26 |
$13,716 |
$13,497 |
03/26 |
$13,251 |
$13,086 |
04/26 |
$13,642 |
$13,417 |
05/26 |
$13,765 |
$13,527 |
06/26 |
$13,835 |
$13,614 |
07/26 |
$13,622 |
$13,404 |
08/26 |
$13,721 |
$13,526 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Institutional 3 Class |
6.93 |
2.23 |
3.21 |
JPMorgan Emerging Markets Bond Index - Global |
6.99 |
2.09 |
3.07 |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$356,380,433 |
|---|---|
Total number of portfolio holdings |
165 |
Management services fees (represents 0.60% of Fund average net assets) |
$2,137,317 |
Portfolio turnover for the reporting period |
46% |
Columbia Emerging Markets Bond Fund | Institutional 3 Class | ASR141-17_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Geographic Allocation
Mexico |
8.8% |
|
|---|---|---|
Saudi Arabia |
7.6% |
|
Indonesia |
7.5% |
|
Turkey |
5.3% |
|
United Arab Emirates |
5.1% |
|
Hungary |
4.1% |
|
Colombia |
3.9% |
|
Romania |
3.9% |
|
Chile |
3.8% |
|
United States |
3.7% |
|
Other |
45.7% |
Top Holdings
Romanian Government International Bond 3.625% 03/27/2032 |
3.9% |
|---|---|
Perusahaan Penerbit SBSN Indonesia III 4.700% 06/06/2032 |
3.8% |
Mexico Government International Bond 3.500% 02/12/2034 |
3.3% |
Argentine Republic Government International Bond 2.750% 07/09/2035 |
2.5% |
Saudi Government International Bond 5.625% 01/13/2035 |
2.2% |
Chile Government International Bond 4.950% 01/05/2036 |
2.0% |
DP World PLC 6.850% 07/02/2037 |
1.9% |
Colombian TES 11.750% 01/24/2035 |
1.9% |
Petroleos de Venezuela SA 0.000% 05/16/2024 |
1.9% |
Hungary Government International Bond 2.125% 09/22/2031 |
1.4% |
Asset Categories
Foreign Government Obligations |
88.8% | |
|---|---|---|
Corporate Bonds & Notes |
6.9% | |
Money Market Funds |
3.7% | |
Other |
0.0%Footnote Reference* | |
| Footnote | Description |
Footnote* |
Percentage rounds to less than 0.1% or (0.1)%. |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Emerging Markets Bond Fund | Institutional 3 Class | ASR141-17_(10/26) |
Columbia Emerging Markets Bond Fund
Class R | CMBRX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Emerging Markets Bond Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class R |
$140 |
1.36% |
Management's Discussion of Fund Performance
The performance of Class R shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Allocation and selection | Contribution to the Fund’s performance relative to the benchmark was driven primarily by an allocation to and selection within Ukrainian bonds. Also positively contributing to relative performance was an allocation to and selection within China. Finally, selection within and an allocation to Venezuela was also notably positive for the Fund’s relative performance.
Rates and currency | Local currency allocations contributed to the Fund’s relative performance.
Top Performance Detractors
Allocation and selection | Security selection within Brazil detracted from the Fund’s performance versus the benchmark. Additionally, the Fund’s underweight exposure to Argentina also negatively impacted the Fund’s overall relative performance. An allocation to Turkey also weighed on the Fund’s relative performance.
Rates and currency | Positions in local rates and index spread negatively impacted the Fund’s relative performance. Additionally, U.S. rates and trading impacts also detracted from the Fund’s overall performance relative to the benchmark.
Columbia Emerging Markets Bond Fund | Class R | ASR141-12_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class R shares of the Fund during the stated time period.
Growth of $10,000
Columbia Emerging Markets Bond Fund Class R ($12,809) |
JPMorgan Emerging Markets Bond Index - Global ($13,526) | |
|---|---|---|
08/16 |
$10,000 |
$10,000 |
09/16 |
$10,047 |
$10,034 |
10/16 |
$9,957 |
$9,887 |
11/16 |
$9,497 |
$9,475 |
12/16 |
$9,665 |
$9,611 |
01/17 |
$9,819 |
$9,749 |
02/17 |
$10,035 |
$9,952 |
03/17 |
$10,113 |
$9,986 |
04/17 |
$10,304 |
$10,149 |
05/17 |
$10,396 |
$10,233 |
06/17 |
$10,400 |
$10,207 |
07/17 |
$10,519 |
$10,274 |
08/17 |
$10,700 |
$10,452 |
09/17 |
$10,741 |
$10,450 |
10/17 |
$10,764 |
$10,469 |
11/17 |
$10,778 |
$10,441 |
12/17 |
$10,822 |
$10,507 |
01/18 |
$10,868 |
$10,487 |
02/18 |
$10,703 |
$10,281 |
03/18 |
$10,725 |
$10,320 |
04/18 |
$10,559 |
$10,169 |
05/18 |
$10,344 |
$10,059 |
06/18 |
$10,128 |
$9,957 |
07/18 |
$10,353 |
$10,163 |
08/18 |
$10,036 |
$9,967 |
09/18 |
$10,261 |
$10,144 |
10/18 |
$9,951 |
$9,917 |
11/18 |
$9,838 |
$9,878 |
12/18 |
$9,932 |
$10,023 |
01/19 |
$10,484 |
$10,465 |
02/19 |
$10,563 |
$10,531 |
03/19 |
$10,699 |
$10,684 |
04/19 |
$10,692 |
$10,696 |
05/19 |
$10,685 |
$10,758 |
06/19 |
$11,016 |
$11,085 |
07/19 |
$11,194 |
$11,213 |
08/19 |
$10,956 |
$11,274 |
09/19 |
$10,881 |
$11,233 |
10/19 |
$10,894 |
$11,275 |
11/19 |
$10,887 |
$11,257 |
12/19 |
$11,075 |
$11,468 |
01/20 |
$11,295 |
$11,667 |
02/20 |
$11,219 |
$11,573 |
03/20 |
$9,549 |
$10,120 |
04/20 |
$9,872 |
$10,342 |
05/20 |
$10,452 |
$10,935 |
06/20 |
$10,767 |
$11,254 |
07/20 |
$11,192 |
$11,670 |
08/20 |
$11,290 |
$11,704 |
09/20 |
$11,093 |
$11,511 |
10/20 |
$11,126 |
$11,497 |
11/20 |
$11,622 |
$11,928 |
12/20 |
$11,878 |
$12,142 |
01/21 |
$11,710 |
$11,995 |
02/21 |
$11,472 |
$11,687 |
03/21 |
$11,293 |
$11,566 |
04/21 |
$11,530 |
$11,787 |
05/21 |
$11,645 |
$11,915 |
06/21 |
$11,721 |
$12,021 |
07/21 |
$11,781 |
$12,086 |
08/21 |
$11,872 |
$12,196 |
09/21 |
$11,649 |
$11,957 |
10/21 |
$11,613 |
$11,964 |
11/21 |
$11,352 |
$11,791 |
12/21 |
$11,535 |
$11,959 |
01/22 |
$11,183 |
$11,613 |
02/22 |
$10,543 |
$10,974 |
03/22 |
$10,506 |
$10,851 |
04/22 |
$9,924 |
$10,257 |
05/22 |
$9,958 |
$10,276 |
06/22 |
$9,298 |
$9,707 |
07/22 |
$9,597 |
$10,017 |
08/22 |
$9,527 |
$9,900 |
09/22 |
$8,881 |
$9,299 |
10/22 |
$8,919 |
$9,306 |
11/22 |
$9,633 |
$9,953 |
12/22 |
$9,654 |
$9,991 |
01/23 |
$10,005 |
$10,302 |
02/23 |
$9,716 |
$10,075 |
03/23 |
$9,818 |
$10,215 |
04/23 |
$9,810 |
$10,267 |
05/23 |
$9,726 |
$10,176 |
06/23 |
$9,927 |
$10,372 |
07/23 |
$10,107 |
$10,539 |
08/23 |
$9,933 |
$10,392 |
09/23 |
$9,670 |
$10,099 |
10/23 |
$9,588 |
$9,953 |
11/23 |
$10,155 |
$10,529 |
12/23 |
$10,611 |
$11,035 |
01/24 |
$10,489 |
$10,905 |
02/24 |
$10,578 |
$10,980 |
03/24 |
$10,770 |
$11,189 |
04/24 |
$10,557 |
$10,965 |
05/24 |
$10,758 |
$11,164 |
06/24 |
$10,787 |
$11,238 |
07/24 |
$11,013 |
$11,443 |
08/24 |
$11,241 |
$11,710 |
09/24 |
$11,444 |
$11,920 |
10/24 |
$11,231 |
$11,706 |
11/24 |
$11,379 |
$11,845 |
12/24 |
$11,205 |
$11,668 |
01/25 |
$11,371 |
$11,811 |
02/25 |
$11,569 |
$12,006 |
03/25 |
$11,454 |
$11,941 |
04/25 |
$11,397 |
$11,931 |
05/25 |
$11,510 |
$12,033 |
06/25 |
$11,759 |
$12,307 |
07/25 |
$11,891 |
$12,452 |
08/25 |
$12,060 |
$12,643 |
09/25 |
$12,218 |
$12,847 |
10/25 |
$12,478 |
$13,130 |
11/25 |
$12,515 |
$13,169 |
12/25 |
$12,602 |
$13,237 |
01/26 |
$12,701 |
$13,311 |
02/26 |
$12,849 |
$13,497 |
03/26 |
$12,406 |
$13,086 |
04/26 |
$12,753 |
$13,417 |
05/26 |
$12,873 |
$13,527 |
06/26 |
$12,931 |
$13,614 |
07/26 |
$12,724 |
$13,404 |
08/26 |
$12,809 |
$13,526 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Class R |
6.22 |
1.53 |
2.51 |
JPMorgan Emerging Markets Bond Index - Global |
6.99 |
2.09 |
3.07 |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$356,380,433 |
|---|---|
Total number of portfolio holdings |
165 |
Management services fees (represents 0.60% of Fund average net assets) |
$2,137,317 |
Portfolio turnover for the reporting period |
46% |
Columbia Emerging Markets Bond Fund | Class R | ASR141-12_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Geographic Allocation
Mexico |
8.8% |
|
|---|---|---|
Saudi Arabia |
7.6% |
|
Indonesia |
7.5% |
|
Turkey |
5.3% |
|
United Arab Emirates |
5.1% |
|
Hungary |
4.1% |
|
Colombia |
3.9% |
|
Romania |
3.9% |
|
Chile |
3.8% |
|
United States |
3.7% |
|
Other |
45.7% |
Top Holdings
Romanian Government International Bond 3.625% 03/27/2032 |
3.9% |
|---|---|
Perusahaan Penerbit SBSN Indonesia III 4.700% 06/06/2032 |
3.8% |
Mexico Government International Bond 3.500% 02/12/2034 |
3.3% |
Argentine Republic Government International Bond 2.750% 07/09/2035 |
2.5% |
Saudi Government International Bond 5.625% 01/13/2035 |
2.2% |
Chile Government International Bond 4.950% 01/05/2036 |
2.0% |
DP World PLC 6.850% 07/02/2037 |
1.9% |
Colombian TES 11.750% 01/24/2035 |
1.9% |
Petroleos de Venezuela SA 0.000% 05/16/2024 |
1.9% |
Hungary Government International Bond 2.125% 09/22/2031 |
1.4% |
Asset Categories
Foreign Government Obligations |
88.8% | |
|---|---|---|
Corporate Bonds & Notes |
6.9% | |
Money Market Funds |
3.7% | |
Other |
0.0%Footnote Reference* | |
| Footnote | Description |
Footnote* |
Percentage rounds to less than 0.1% or (0.1)%. |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Emerging Markets Bond Fund | Class R | ASR141-12_(10/26) |
Columbia Integrated Small Cap Growth Fund
Class A | ISGDX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Integrated Small Cap Growth Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$137 |
1.20% |
Management's Discussion of Fund Performance
The performance of Class A shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Stock selection | Security selection contributed meaningfully to Fund performance relative to the benchmark across most sectors. Stock selection within the communication services, industrials and consumer discretionary sectors generated the largest positive contributions.
Allocations | From a sector allocation perspective, the Fund benefited from underweight positions in the consumer staples and utilities sectors.
Individual holdings | Overweight positions in Bandwidth, Revolution Medicines, and Planet Labs PBC were among the largest contributors to relative performance. These investments benefited from strong company-specific fundamentals and favorable market reception during the period.
Top Performance Detractors
Stock selection | Security selection detracted from Fund performance relative to the benchmark in only two sectors - consumer staples and health care.
Allocations | Overweight exposures to the consumer discretionary, industrials and financials sectors detracted from relative performance.
Individual holdings | Overweight positions in Vital Farms and Phreesia were the most significant individual detractors from the Fund’s relative performance.
Columbia Integrated Small Cap Growth Fund | Class A | ASR318-01_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class A shares of the Fund during the stated time period.
Growth of $10,000
Columbia Integrated Small Cap Growth Fund Class A (including sales charges) ($28,025) |
Russell 3000® Index ($39,898) |
Russell 2000® Growth Index ($27,528) | |
|---|---|---|---|
08/16 |
$9,427 |
$10,000 |
$10,000 |
09/16 |
$9,493 |
$10,016 |
$10,144 |
10/16 |
$8,743 |
$9,799 |
$9,514 |
11/16 |
$9,540 |
$10,238 |
$10,365 |
12/16 |
$9,771 |
$10,437 |
$10,506 |
01/17 |
$9,995 |
$10,634 |
$10,677 |
02/17 |
$10,180 |
$11,029 |
$10,939 |
03/17 |
$10,263 |
$11,037 |
$11,068 |
04/17 |
$10,414 |
$11,154 |
$11,272 |
05/17 |
$10,406 |
$11,268 |
$11,169 |
06/17 |
$10,716 |
$11,370 |
$11,554 |
07/17 |
$10,827 |
$11,584 |
$11,652 |
08/17 |
$10,745 |
$11,606 |
$11,639 |
09/17 |
$11,272 |
$11,889 |
$12,272 |
10/17 |
$11,424 |
$12,149 |
$12,462 |
11/17 |
$11,687 |
$12,518 |
$12,820 |
12/17 |
$11,734 |
$12,643 |
$12,835 |
01/18 |
$12,172 |
$13,309 |
$13,335 |
02/18 |
$11,760 |
$12,819 |
$12,956 |
03/18 |
$11,864 |
$12,561 |
$13,130 |
04/18 |
$11,956 |
$12,609 |
$13,143 |
05/18 |
$12,761 |
$12,965 |
$13,970 |
06/18 |
$12,853 |
$13,050 |
$14,080 |
07/18 |
$13,239 |
$13,483 |
$14,322 |
08/18 |
$14,135 |
$13,956 |
$15,213 |
09/18 |
$13,860 |
$13,979 |
$14,857 |
10/18 |
$12,067 |
$12,950 |
$12,977 |
11/18 |
$12,093 |
$13,209 |
$13,180 |
12/18 |
$10,695 |
$11,980 |
$11,640 |
01/19 |
$11,995 |
$13,008 |
$12,985 |
02/19 |
$12,483 |
$13,466 |
$13,823 |
03/19 |
$12,328 |
$13,662 |
$13,636 |
04/19 |
$12,398 |
$14,208 |
$14,051 |
05/19 |
$11,392 |
$13,289 |
$13,009 |
06/19 |
$12,313 |
$14,222 |
$14,011 |
07/19 |
$12,506 |
$14,433 |
$14,148 |
08/19 |
$11,856 |
$14,139 |
$13,537 |
09/19 |
$11,980 |
$14,387 |
$13,426 |
10/19 |
$12,320 |
$14,697 |
$13,808 |
11/19 |
$12,994 |
$15,256 |
$14,621 |
12/19 |
$13,214 |
$15,696 |
$14,956 |
01/20 |
$12,852 |
$15,679 |
$14,791 |
02/20 |
$11,953 |
$14,395 |
$13,723 |
03/20 |
$9,747 |
$12,416 |
$11,103 |
04/20 |
$11,094 |
$14,060 |
$12,756 |
05/20 |
$11,701 |
$14,812 |
$13,962 |
06/20 |
$12,072 |
$15,151 |
$14,498 |
07/20 |
$12,734 |
$16,011 |
$14,996 |
08/20 |
$13,113 |
$17,171 |
$15,876 |
09/20 |
$12,711 |
$16,546 |
$15,536 |
10/20 |
$13,010 |
$16,188 |
$15,654 |
11/20 |
$14,988 |
$18,158 |
$18,414 |
12/20 |
$16,395 |
$18,975 |
$20,135 |
01/21 |
$16,984 |
$18,890 |
$21,106 |
02/21 |
$18,188 |
$19,481 |
$21,803 |
03/21 |
$17,836 |
$20,179 |
$21,117 |
04/21 |
$18,384 |
$21,219 |
$21,578 |
05/21 |
$18,179 |
$21,316 |
$20,961 |
06/21 |
$18,854 |
$21,842 |
$21,944 |
07/21 |
$18,584 |
$22,211 |
$21,145 |
08/21 |
$18,993 |
$22,845 |
$21,529 |
09/21 |
$18,248 |
$21,820 |
$20,704 |
10/21 |
$19,214 |
$23,295 |
$21,673 |
11/21 |
$18,404 |
$22,941 |
$20,615 |
12/21 |
$18,786 |
$23,844 |
$20,706 |
01/22 |
$16,682 |
$22,441 |
$17,931 |
02/22 |
$16,621 |
$21,876 |
$18,009 |
03/22 |
$16,756 |
$22,585 |
$18,092 |
04/22 |
$14,684 |
$20,558 |
$15,872 |
05/22 |
$14,341 |
$20,531 |
$15,572 |
06/22 |
$13,532 |
$18,813 |
$14,608 |
07/22 |
$14,991 |
$20,578 |
$16,244 |
08/22 |
$14,353 |
$19,810 |
$16,091 |
09/22 |
$13,213 |
$17,973 |
$14,644 |
10/22 |
$14,365 |
$19,447 |
$16,033 |
11/22 |
$14,660 |
$20,462 |
$16,295 |
12/22 |
$13,935 |
$19,264 |
$15,249 |
01/23 |
$15,383 |
$20,591 |
$16,765 |
02/23 |
$15,319 |
$20,110 |
$16,584 |
03/23 |
$15,112 |
$20,647 |
$16,175 |
04/23 |
$14,724 |
$20,867 |
$15,987 |
05/23 |
$14,595 |
$20,949 |
$15,990 |
06/23 |
$15,849 |
$22,379 |
$17,315 |
07/23 |
$16,404 |
$23,181 |
$18,125 |
08/23 |
$15,629 |
$22,734 |
$17,181 |
09/23 |
$14,789 |
$21,651 |
$16,048 |
10/23 |
$13,651 |
$21,077 |
$14,810 |
11/23 |
$14,892 |
$23,042 |
$16,159 |
12/23 |
$16,404 |
$24,265 |
$18,094 |
01/24 |
$15,861 |
$24,534 |
$17,514 |
02/24 |
$17,141 |
$25,862 |
$18,936 |
03/24 |
$17,529 |
$26,696 |
$19,466 |
04/24 |
$16,236 |
$25,521 |
$17,967 |
05/24 |
$17,115 |
$26,727 |
$18,929 |
06/24 |
$16,973 |
$27,554 |
$18,897 |
07/24 |
$18,343 |
$28,066 |
$20,444 |
08/24 |
$18,279 |
$28,677 |
$20,218 |
09/24 |
$18,473 |
$29,271 |
$20,487 |
10/24 |
$18,641 |
$29,056 |
$20,215 |
11/24 |
$21,071 |
$30,989 |
$22,693 |
12/24 |
$19,531 |
$30,041 |
$20,836 |
01/25 |
$20,624 |
$30,990 |
$21,494 |
02/25 |
$19,221 |
$30,396 |
$20,039 |
03/25 |
$17,463 |
$28,623 |
$18,520 |
04/25 |
$17,581 |
$28,431 |
$18,401 |
05/25 |
$19,117 |
$30,233 |
$19,582 |
06/25 |
$20,166 |
$31,769 |
$20,736 |
07/25 |
$20,388 |
$32,469 |
$21,089 |
08/25 |
$21,703 |
$33,220 |
$22,336 |
09/25 |
$22,294 |
$34,366 |
$23,264 |
10/25 |
$22,722 |
$35,103 |
$24,017 |
11/25 |
$23,269 |
$35,199 |
$23,853 |
12/25 |
$23,243 |
$35,192 |
$23,547 |
01/26 |
$23,737 |
$35,738 |
$24,483 |
02/26 |
$23,331 |
$35,568 |
$24,424 |
03/26 |
$22,325 |
$33,800 |
$22,886 |
04/26 |
$25,890 |
$37,248 |
$26,248 |
05/26 |
$27,267 |
$39,135 |
$27,781 |
06/26 |
$28,837 |
$39,015 |
$28,769 |
07/26 |
$27,372 |
$38,833 |
$27,083 |
08/26 |
$28,025 |
$39,898 |
$27,528 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Class A (excluding sales charges)Footnote Reference(a)Footnote Reference(b) |
29.13 |
8.09 |
11.51 |
Class A (including sales charges)Footnote Reference(a)Footnote Reference(b) |
21.68 |
6.81 |
10.86 |
Russell 3000® Index |
20.10 |
11.80 |
14.84 |
Russell 2000® Growth Index |
23.25 |
5.04 |
10.66 |
| Footnote | Description |
Footnote(a) |
The returns shown for periods prior to May 31, 2017 (including Since Fund Inception returns, if shown) include the returns of Advisor Class. Advisor Class shares were offered prior to the Fund's Class A shares but have since been merged into the Fund’s Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |
Footnote(b) |
The Fund’s performance prior to January 21, 2022 reflects returns achieved by BMO Small-Cap Growth Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. and had the same investment objective and a substantially identical investment strategy to the Fund. |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$33,423,918 |
|---|---|
Total number of portfolio holdings |
154 |
Management services fees (represents 0.85% of Fund average net assets) |
$253,293 |
Portfolio turnover for the reporting period |
110% |
Columbia Integrated Small Cap Growth Fund | Class A | ASR318-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Equity Sector Allocation
Health Care |
30.8% |
|---|---|
Information Technology |
16.9% |
Industrials |
13.9% |
Financials |
11.7% |
Consumer Discretionary |
10.3% |
Energy |
7.0% |
Materials |
5.1% |
Real Estate |
1.7% |
Communication Services |
1.6% |
Consumer Staples |
0.2% |
Top Holdings
Bowman Consulting Group Ltd. |
2.0% |
|---|---|
AtriCure, Inc. |
1.8% |
Remitly Global, Inc. |
1.7% |
Par Pacific Holdings, Inc. |
1.7% |
Freshworks, Inc., Class A |
1.7% |
Vertex, Inc., Class A |
1.6% |
Acadian Asset Management, Inc. |
1.6% |
SSR Mining, Inc. |
1.6% |
Steven Madden Ltd. |
1.4% |
Revolution Medicines, Inc. |
1.4% |
Asset Categories
Common Stocks |
99.2% | |
|---|---|---|
Other |
0.9% | |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Integrated Small Cap Growth Fund | Class A | ASR318-01_(10/26) |
Columbia Integrated Small Cap Growth Fund
Institutional Class | ISGNX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Integrated Small Cap Growth Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$114 |
0.99% |
Management's Discussion of Fund Performance
The performance of Institutional Class shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Stock selection | Security selection contributed meaningfully to Fund performance relative to the benchmark across most sectors. Stock selection within the communication services, industrials and consumer discretionary sectors generated the largest positive contributions.
Allocations | From a sector allocation perspective, the Fund benefited from underweight positions in the consumer staples and utilities sectors.
Individual holdings | Overweight positions in Bandwidth, Revolution Medicines, and Planet Labs PBC were among the largest contributors to relative performance. These investments benefited from strong company-specific fundamentals and favorable market reception during the period.
Top Performance Detractors
Stock selection | Security selection detracted from Fund performance relative to the benchmark in only two sectors - consumer staples and health care.
Allocations | Overweight exposures to the consumer discretionary, industrials and financials sectors detracted from relative performance.
Individual holdings | Overweight positions in Vital Farms and Phreesia were the most significant individual detractors from the Fund’s relative performance.
Columbia Integrated Small Cap Growth Fund | Institutional Class | ASR318-08_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Institutional Class shares of the Fund during the stated time period.
Growth of $10,000
Columbia Integrated Small Cap Growth Fund Institutional Class ($30,412) |
Russell 3000® Index ($39,898) |
Russell 2000® Growth Index ($27,528) | |
|---|---|---|---|
08/16 |
$10,000 |
$10,000 |
$10,000 |
09/16 |
$10,072 |
$10,016 |
$10,144 |
10/16 |
$9,278 |
$9,799 |
$9,514 |
11/16 |
$10,126 |
$10,238 |
$10,365 |
12/16 |
$10,373 |
$10,437 |
$10,506 |
01/17 |
$10,614 |
$10,634 |
$10,677 |
02/17 |
$10,812 |
$11,029 |
$10,939 |
03/17 |
$10,903 |
$11,037 |
$11,068 |
04/17 |
$11,065 |
$11,154 |
$11,272 |
05/17 |
$11,059 |
$11,268 |
$11,169 |
06/17 |
$11,390 |
$11,370 |
$11,554 |
07/17 |
$11,516 |
$11,584 |
$11,652 |
08/17 |
$11,432 |
$11,606 |
$11,639 |
09/17 |
$11,992 |
$11,889 |
$12,272 |
10/17 |
$12,160 |
$12,149 |
$12,462 |
11/17 |
$12,443 |
$12,518 |
$12,820 |
12/17 |
$12,497 |
$12,643 |
$12,835 |
01/18 |
$12,966 |
$13,309 |
$13,335 |
02/18 |
$12,524 |
$12,819 |
$12,956 |
03/18 |
$12,638 |
$12,561 |
$13,130 |
04/18 |
$12,738 |
$12,609 |
$13,143 |
05/18 |
$13,603 |
$12,965 |
$13,970 |
06/18 |
$13,704 |
$13,050 |
$14,080 |
07/18 |
$14,113 |
$13,483 |
$14,322 |
08/18 |
$15,071 |
$13,956 |
$15,213 |
09/18 |
$14,783 |
$13,979 |
$14,857 |
10/18 |
$12,872 |
$12,950 |
$12,977 |
11/18 |
$12,906 |
$13,209 |
$13,180 |
12/18 |
$11,420 |
$11,980 |
$11,640 |
01/19 |
$12,805 |
$13,008 |
$12,985 |
02/19 |
$13,325 |
$13,466 |
$13,823 |
03/19 |
$13,167 |
$13,662 |
$13,636 |
04/19 |
$13,246 |
$14,208 |
$14,051 |
05/19 |
$12,168 |
$13,289 |
$13,009 |
06/19 |
$13,159 |
$14,222 |
$14,011 |
07/19 |
$13,372 |
$14,433 |
$14,148 |
08/19 |
$12,671 |
$14,139 |
$13,537 |
09/19 |
$12,813 |
$14,387 |
$13,426 |
10/19 |
$13,175 |
$14,697 |
$13,808 |
11/19 |
$13,907 |
$15,256 |
$14,621 |
12/19 |
$14,139 |
$15,696 |
$14,956 |
01/20 |
$13,755 |
$15,679 |
$14,791 |
02/20 |
$12,794 |
$14,395 |
$13,723 |
03/20 |
$10,440 |
$12,416 |
$11,103 |
04/20 |
$11,881 |
$14,060 |
$12,756 |
05/20 |
$12,538 |
$14,812 |
$13,962 |
06/20 |
$12,931 |
$15,151 |
$14,498 |
07/20 |
$13,643 |
$16,011 |
$14,996 |
08/20 |
$14,052 |
$17,171 |
$15,876 |
09/20 |
$13,627 |
$16,546 |
$15,536 |
10/20 |
$13,948 |
$16,188 |
$15,654 |
11/20 |
$16,069 |
$18,158 |
$18,414 |
12/20 |
$17,587 |
$18,975 |
$20,135 |
01/21 |
$18,218 |
$18,890 |
$21,106 |
02/21 |
$19,521 |
$19,481 |
$21,803 |
03/21 |
$19,147 |
$20,179 |
$21,117 |
04/21 |
$19,745 |
$21,219 |
$21,578 |
05/21 |
$19,529 |
$21,316 |
$20,961 |
06/21 |
$20,255 |
$21,842 |
$21,944 |
07/21 |
$19,964 |
$22,211 |
$21,145 |
08/21 |
$20,413 |
$22,845 |
$21,529 |
09/21 |
$19,616 |
$21,820 |
$20,704 |
10/21 |
$20,662 |
$23,295 |
$21,673 |
11/21 |
$19,782 |
$22,941 |
$20,615 |
12/21 |
$20,213 |
$23,844 |
$20,706 |
01/22 |
$17,951 |
$22,441 |
$17,931 |
02/22 |
$17,880 |
$21,876 |
$18,009 |
03/22 |
$18,035 |
$22,585 |
$18,092 |
04/22 |
$15,813 |
$20,558 |
$15,872 |
05/22 |
$15,443 |
$20,531 |
$15,572 |
06/22 |
$14,583 |
$18,813 |
$14,608 |
07/22 |
$16,148 |
$20,578 |
$16,244 |
08/22 |
$15,455 |
$19,810 |
$16,091 |
09/22 |
$14,249 |
$17,973 |
$14,644 |
10/22 |
$15,491 |
$19,447 |
$16,033 |
11/22 |
$15,801 |
$20,462 |
$16,295 |
12/22 |
$15,024 |
$19,264 |
$15,249 |
01/23 |
$16,590 |
$20,591 |
$16,765 |
02/23 |
$16,515 |
$20,110 |
$16,584 |
03/23 |
$16,289 |
$20,647 |
$16,175 |
04/23 |
$15,888 |
$20,867 |
$15,987 |
05/23 |
$15,751 |
$20,949 |
$15,990 |
06/23 |
$17,104 |
$22,379 |
$17,315 |
07/23 |
$17,705 |
$23,181 |
$18,125 |
08/23 |
$16,878 |
$22,734 |
$17,181 |
09/23 |
$15,964 |
$21,651 |
$16,048 |
10/23 |
$14,748 |
$21,077 |
$14,810 |
11/23 |
$16,076 |
$23,042 |
$16,159 |
12/23 |
$17,718 |
$24,265 |
$18,094 |
01/24 |
$17,129 |
$24,534 |
$17,514 |
02/24 |
$18,520 |
$25,862 |
$18,936 |
03/24 |
$18,946 |
$26,696 |
$19,466 |
04/24 |
$17,555 |
$25,521 |
$17,967 |
05/24 |
$18,495 |
$26,727 |
$18,929 |
06/24 |
$18,332 |
$27,554 |
$18,897 |
07/24 |
$19,810 |
$28,066 |
$20,444 |
08/24 |
$19,748 |
$28,677 |
$20,218 |
09/24 |
$19,973 |
$29,271 |
$20,487 |
10/24 |
$20,149 |
$29,056 |
$20,215 |
11/24 |
$22,780 |
$30,989 |
$22,693 |
12/24 |
$21,112 |
$30,041 |
$20,836 |
01/25 |
$22,298 |
$30,990 |
$21,494 |
02/25 |
$20,788 |
$30,396 |
$20,039 |
03/25 |
$18,897 |
$28,623 |
$18,520 |
04/25 |
$19,024 |
$28,431 |
$18,401 |
05/25 |
$20,689 |
$30,233 |
$19,582 |
06/25 |
$21,832 |
$31,769 |
$20,736 |
07/25 |
$22,072 |
$32,469 |
$21,089 |
08/25 |
$23,511 |
$33,220 |
$22,336 |
09/25 |
$24,147 |
$34,366 |
$23,264 |
10/25 |
$24,612 |
$35,103 |
$24,017 |
11/25 |
$25,219 |
$35,199 |
$23,853 |
12/25 |
$25,178 |
$35,192 |
$23,547 |
01/26 |
$25,723 |
$35,738 |
$24,483 |
02/26 |
$25,293 |
$35,568 |
$24,424 |
03/26 |
$24,220 |
$33,800 |
$22,886 |
04/26 |
$28,067 |
$37,248 |
$26,248 |
05/26 |
$29,569 |
$39,135 |
$27,781 |
06/26 |
$31,287 |
$39,015 |
$28,769 |
07/26 |
$29,685 |
$38,833 |
$27,083 |
08/26 |
$30,412 |
$39,898 |
$27,528 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Institutional ClassFootnote Reference(a)Footnote Reference(b) |
29.35 |
8.30 |
11.76 |
Russell 3000® Index |
20.10 |
11.80 |
14.84 |
Russell 2000® Growth Index |
23.25 |
5.04 |
10.66 |
| Footnote | Description |
Footnote(a) |
The returns shown for periods prior to January 26, 2022 (including Since Fund Inception returns, if shown) include the returns of Advisor Class. Advisor Class shares were offered prior to the Fund's Institutional Class shares but have since been merged into the Fund’s Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |
Footnote(b) |
The Fund’s performance prior to January 21, 2022 reflects returns achieved by BMO Small-Cap Growth Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. and had the same investment objective and a substantially identical investment strategy to the Fund. |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$33,423,918 |
|---|---|
Total number of portfolio holdings |
154 |
Management services fees (represents 0.85% of Fund average net assets) |
$253,293 |
Portfolio turnover for the reporting period |
110% |
Columbia Integrated Small Cap Growth Fund | Institutional Class | ASR318-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Equity Sector Allocation
Health Care |
30.8% |
|---|---|
Information Technology |
16.9% |
Industrials |
13.9% |
Financials |
11.7% |
Consumer Discretionary |
10.3% |
Energy |
7.0% |
Materials |
5.1% |
Real Estate |
1.7% |
Communication Services |
1.6% |
Consumer Staples |
0.2% |
Top Holdings
Bowman Consulting Group Ltd. |
2.0% |
|---|---|
AtriCure, Inc. |
1.8% |
Remitly Global, Inc. |
1.7% |
Par Pacific Holdings, Inc. |
1.7% |
Freshworks, Inc., Class A |
1.7% |
Vertex, Inc., Class A |
1.6% |
Acadian Asset Management, Inc. |
1.6% |
SSR Mining, Inc. |
1.6% |
Steven Madden Ltd. |
1.4% |
Revolution Medicines, Inc. |
1.4% |
Asset Categories
Common Stocks |
99.2% | |
|---|---|---|
Other |
0.9% | |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Integrated Small Cap Growth Fund | Institutional Class | ASR318-08_(10/26) |
Columbia Pyrford International Stock Fund
Class A | PISDX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Pyrford International Stock Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$125 |
1.16% |
Management's Discussion of Fund Performance
The performance of Class A shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Stock selection | Selections in the health care and consumer staples sectors contributed to the Fund’s relative performance during the period.
Allocations | An underweight allocation to the consumer discretionary sector greatly contributed, with an underweight to real estate also boosting the Fund’s relative performance during the period.
Individual holdings | Positions in Taiwan Semiconductor Manufacturing, a global leader in advanced semiconductor foundry manufacturing; Roche Holding, a Swiss pharmaceutical and diagnostics company; Japan Tobacco, a global tobacco and consumer products company; Mitsubishi Electric, a diversified electrical equipment and industrial systems manufacturer; and Woolworths Group, an Australian food and consumer staples retailer, were top contributors during the period.
Top Performance Detractors
Stock selection | Selections in the financials and information technology sectors hurt the Fund’s relative performance during the period.
Allocations | An underweight allocation to the financials sector, as well as overweights to the consumer staples and communication services sectors, detracted from the Fund’s relative performance during the period.
Individual holdings | Positions in SAP, a German enterprise software provider; Brambles, an Australian supply chain logistics and pallet pooling company; Nemetschek, a German design and construction software provider; Wolters Kluwer, a Dutch professional information and software services company; and Bank Rakyat Indonesia, an Indonesian commercial bank, were top detractors during the period.
Columbia Pyrford International Stock Fund | Class A | ASR319-01_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class A shares of the Fund during the stated time period.
Growth of $10,000
Columbia Pyrford International Stock Fund Class A (including sales charges) ($19,211) |
MSCI EAFE Index (Net) ($24,869) |
MSCI ACWI ex USA Index (Net) ($25,109) | |
|---|---|---|---|
08/16 |
$9,427 |
$10,000 |
$10,000 |
09/16 |
$9,528 |
$10,123 |
$10,123 |
10/16 |
$9,195 |
$9,916 |
$9,978 |
11/16 |
$8,940 |
$9,718 |
$9,747 |
12/16 |
$9,172 |
$10,051 |
$9,996 |
01/17 |
$9,378 |
$10,342 |
$10,350 |
02/17 |
$9,544 |
$10,490 |
$10,515 |
03/17 |
$9,797 |
$10,779 |
$10,782 |
04/17 |
$10,018 |
$11,053 |
$11,013 |
05/17 |
$10,406 |
$11,459 |
$11,370 |
06/17 |
$10,263 |
$11,439 |
$11,405 |
07/17 |
$10,413 |
$11,768 |
$11,826 |
08/17 |
$10,406 |
$11,764 |
$11,888 |
09/17 |
$10,508 |
$12,057 |
$12,108 |
10/17 |
$10,595 |
$12,240 |
$12,336 |
11/17 |
$10,738 |
$12,368 |
$12,436 |
12/17 |
$10,840 |
$12,567 |
$12,714 |
01/18 |
$11,267 |
$13,197 |
$13,423 |
02/18 |
$10,666 |
$12,601 |
$12,790 |
03/18 |
$10,666 |
$12,374 |
$12,564 |
04/18 |
$10,682 |
$12,657 |
$12,765 |
05/18 |
$10,429 |
$12,372 |
$12,470 |
06/18 |
$10,374 |
$12,221 |
$12,236 |
07/18 |
$10,674 |
$12,522 |
$12,528 |
08/18 |
$10,619 |
$12,280 |
$12,266 |
09/18 |
$10,706 |
$12,387 |
$12,322 |
10/18 |
$10,089 |
$11,401 |
$11,320 |
11/18 |
$10,058 |
$11,386 |
$11,427 |
12/18 |
$9,681 |
$10,834 |
$10,910 |
01/19 |
$10,241 |
$11,546 |
$11,734 |
02/19 |
$10,452 |
$11,840 |
$11,963 |
03/19 |
$10,582 |
$11,915 |
$12,034 |
04/19 |
$10,761 |
$12,250 |
$12,352 |
05/19 |
$10,363 |
$11,661 |
$11,689 |
06/19 |
$10,948 |
$12,353 |
$12,393 |
07/19 |
$10,769 |
$12,196 |
$12,243 |
08/19 |
$10,623 |
$11,880 |
$11,865 |
09/19 |
$10,810 |
$12,221 |
$12,170 |
10/19 |
$11,224 |
$12,660 |
$12,595 |
11/19 |
$11,329 |
$12,803 |
$12,706 |
12/19 |
$11,713 |
$13,219 |
$13,256 |
01/20 |
$11,521 |
$12,943 |
$12,900 |
02/20 |
$10,590 |
$11,773 |
$11,881 |
03/20 |
$9,493 |
$10,201 |
$10,160 |
04/20 |
$10,100 |
$10,860 |
$10,930 |
05/20 |
$10,349 |
$11,333 |
$11,288 |
06/20 |
$10,615 |
$11,719 |
$11,798 |
07/20 |
$10,981 |
$11,992 |
$12,324 |
08/20 |
$11,272 |
$12,609 |
$12,852 |
09/20 |
$10,906 |
$12,281 |
$12,536 |
10/20 |
$10,449 |
$11,791 |
$12,266 |
11/20 |
$11,629 |
$13,619 |
$13,916 |
12/20 |
$12,112 |
$14,252 |
$14,668 |
01/21 |
$11,960 |
$14,100 |
$14,700 |
02/21 |
$11,926 |
$14,416 |
$14,991 |
03/21 |
$12,357 |
$14,748 |
$15,181 |
04/21 |
$12,619 |
$15,192 |
$15,628 |
05/21 |
$13,109 |
$15,687 |
$16,117 |
06/21 |
$12,932 |
$15,510 |
$16,012 |
07/21 |
$12,966 |
$15,627 |
$15,748 |
08/21 |
$13,169 |
$15,903 |
$16,048 |
09/21 |
$12,653 |
$15,441 |
$15,534 |
10/21 |
$12,881 |
$15,821 |
$15,905 |
11/21 |
$12,391 |
$15,085 |
$15,188 |
12/21 |
$12,925 |
$15,857 |
$15,816 |
01/22 |
$12,751 |
$15,091 |
$15,233 |
02/22 |
$12,655 |
$14,824 |
$14,932 |
03/22 |
$12,603 |
$14,919 |
$14,956 |
04/22 |
$12,202 |
$13,954 |
$14,016 |
05/22 |
$12,307 |
$14,059 |
$14,117 |
06/22 |
$11,575 |
$12,754 |
$12,903 |
07/22 |
$11,802 |
$13,390 |
$13,344 |
08/22 |
$11,218 |
$12,754 |
$12,915 |
09/22 |
$10,303 |
$11,561 |
$11,624 |
10/22 |
$10,756 |
$12,182 |
$11,972 |
11/22 |
$11,976 |
$13,555 |
$13,385 |
12/22 |
$11,890 |
$13,565 |
$13,285 |
01/23 |
$12,520 |
$14,664 |
$14,363 |
02/23 |
$12,250 |
$14,358 |
$13,858 |
03/23 |
$12,700 |
$14,714 |
$14,197 |
04/23 |
$13,223 |
$15,129 |
$14,444 |
05/23 |
$12,610 |
$14,489 |
$13,919 |
06/23 |
$13,025 |
$15,148 |
$14,543 |
07/23 |
$13,250 |
$15,639 |
$15,134 |
08/23 |
$12,836 |
$15,039 |
$14,451 |
09/23 |
$12,475 |
$14,526 |
$13,994 |
10/23 |
$12,106 |
$13,937 |
$13,417 |
11/23 |
$12,953 |
$15,230 |
$14,625 |
12/23 |
$13,555 |
$16,040 |
$15,360 |
01/24 |
$13,441 |
$16,132 |
$15,207 |
02/24 |
$13,488 |
$16,427 |
$15,592 |
03/24 |
$13,753 |
$16,967 |
$16,079 |
04/24 |
$13,498 |
$16,533 |
$15,791 |
05/24 |
$13,961 |
$17,173 |
$16,249 |
06/24 |
$13,763 |
$16,896 |
$16,234 |
07/24 |
$14,434 |
$17,392 |
$16,610 |
08/24 |
$15,039 |
$17,957 |
$17,083 |
09/24 |
$15,313 |
$18,123 |
$17,543 |
10/24 |
$14,472 |
$17,138 |
$16,682 |
11/24 |
$14,330 |
$17,040 |
$16,531 |
12/24 |
$13,941 |
$16,653 |
$16,210 |
01/25 |
$14,373 |
$17,528 |
$16,863 |
02/25 |
$14,640 |
$17,868 |
$17,097 |
03/25 |
$14,907 |
$17,796 |
$17,058 |
04/25 |
$15,431 |
$18,611 |
$17,674 |
05/25 |
$15,934 |
$19,462 |
$18,484 |
06/25 |
$16,243 |
$19,891 |
$19,111 |
07/25 |
$16,017 |
$19,612 |
$19,056 |
08/25 |
$16,602 |
$20,448 |
$19,717 |
09/25 |
$16,654 |
$20,839 |
$20,427 |
10/25 |
$16,695 |
$21,085 |
$20,840 |
11/25 |
$16,910 |
$21,216 |
$20,835 |
12/25 |
$17,208 |
$21,852 |
$21,459 |
01/26 |
$17,929 |
$22,992 |
$22,743 |
02/26 |
$19,051 |
$24,056 |
$23,885 |
03/26 |
$17,585 |
$21,581 |
$21,308 |
04/26 |
$18,398 |
$23,189 |
$23,364 |
05/26 |
$18,536 |
$23,900 |
$24,541 |
06/26 |
$18,433 |
$23,916 |
$24,396 |
07/26 |
$19,062 |
$24,384 |
$24,480 |
08/26 |
$19,211 |
$24,869 |
$25,109 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Class A (excluding sales charges)Footnote Reference(a) |
15.71 |
7.85 |
7.38 |
Class A (including sales charges)Footnote Reference(a) |
9.03 |
6.58 |
6.75 |
MSCI EAFE Index (Net) |
21.62 |
9.35 |
9.54 |
MSCI ACWI ex USA Index (Net) |
27.35 |
9.37 |
9.64 |
| Footnote | Description |
Footnote(a) |
The Fund’s performance prior to December 10, 2021 reflects returns achieved by BMO Pyrford International Stock Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. and had the same investment objective and a substantially identical investment strategy to the Fund. |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$239,907,077 |
|---|---|
Total number of portfolio holdings |
80 |
Management services fees (represents 0.87% of Fund average net assets) |
$2,263,788 |
Portfolio turnover for the reporting period |
8% |
Columbia Pyrford International Stock Fund | Class A | ASR319-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Geographic Allocation
Japan |
14.2% |
|
|---|---|---|
United Kingdom |
13.6% |
|
Germany |
11.2% |
|
Australia |
9.8% |
|
France |
8.3% |
|
Switzerland |
7.7% |
|
Singapore |
7.0% |
|
United States |
4.6% |
|
Hong Kong |
4.4% |
|
Finland |
2.8% |
|
Other |
15.6% |
Top Holdings
SAP SE |
2.6% |
|---|---|
Japan Tobacco, Inc. |
2.6% |
United Overseas Bank Ltd. |
2.6% |
Nestlé SA, Registered Shares |
2.5% |
KDDI Corp. |
2.4% |
Unilever PLC |
2.3% |
Roche Holding Ag |
2.3% |
Brambles Ltd. |
2.3% |
Mitsubishi Electric Corp. |
2.2% |
Air Liquide SA |
2.1% |
Equity Sector Allocation
Industrials |
22.6% |
|---|---|
Consumer Staples |
15.1% |
Financials |
14.5% |
Health Care |
10.3% |
Information Technology |
10.3% |
Communication Services |
8.3% |
Materials |
7.8% |
Consumer Discretionary |
3.1% |
Utilities |
3.0% |
Energy |
2.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Pyrford International Stock Fund | Class A | ASR319-01_(10/26) |
Columbia Pyrford International Stock Fund
Institutional Class | PISLX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Pyrford International Stock Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$98 |
0.91% |
Management's Discussion of Fund Performance
The performance of Institutional Class shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Stock selection | Selections in the health care and consumer staples sectors contributed to the Fund’s relative performance during the period.
Allocations | An underweight allocation to the consumer discretionary sector greatly contributed, with an underweight to real estate also boosting the Fund’s relative performance during the period.
Individual holdings | Positions in Taiwan Semiconductor Manufacturing, a global leader in advanced semiconductor foundry manufacturing; Roche Holding, a Swiss pharmaceutical and diagnostics company; Japan Tobacco, a global tobacco and consumer products company; Mitsubishi Electric, a diversified electrical equipment and industrial systems manufacturer; and Woolworths Group, an Australian food and consumer staples retailer, were top contributors during the period.
Top Performance Detractors
Stock selection | Selections in the financials and information technology sectors hurt the Fund’s relative performance during the period.
Allocations | An underweight allocation to the financials sector, as well as overweights to the consumer staples and communication services sectors, detracted from the Fund’s relative performance during the period.
Individual holdings | Positions in SAP, a German enterprise software provider; Brambles, an Australian supply chain logistics and pallet pooling company; Nemetschek, a German design and construction software provider; Wolters Kluwer, a Dutch professional information and software services company; and Bank Rakyat Indonesia, an Indonesian commercial bank, were top detractors during the period.
Columbia Pyrford International Stock Fund | Institutional Class | ASR319-08_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Institutional Class shares of the Fund during the stated time period.
Growth of $10,000
Columbia Pyrford International Stock Fund Institutional Class ($20,886) |
MSCI EAFE Index (Net) ($24,869) |
MSCI ACWI ex USA Index (Net) ($25,109) | |
|---|---|---|---|
08/16 |
$10,000 |
$10,000 |
$10,000 |
09/16 |
$10,106 |
$10,123 |
$10,123 |
10/16 |
$9,755 |
$9,916 |
$9,978 |
11/16 |
$9,484 |
$9,718 |
$9,747 |
12/16 |
$9,736 |
$10,051 |
$9,996 |
01/17 |
$9,962 |
$10,342 |
$10,350 |
02/17 |
$10,138 |
$10,490 |
$10,515 |
03/17 |
$10,406 |
$10,779 |
$10,782 |
04/17 |
$10,649 |
$11,053 |
$11,013 |
05/17 |
$11,060 |
$11,459 |
$11,370 |
06/17 |
$10,909 |
$11,439 |
$11,405 |
07/17 |
$11,076 |
$11,768 |
$11,826 |
08/17 |
$11,068 |
$11,764 |
$11,888 |
09/17 |
$11,177 |
$12,057 |
$12,108 |
10/17 |
$11,277 |
$12,240 |
$12,336 |
11/17 |
$11,437 |
$12,368 |
$12,436 |
12/17 |
$11,542 |
$12,567 |
$12,714 |
01/18 |
$11,997 |
$13,197 |
$13,423 |
02/18 |
$11,361 |
$12,601 |
$12,790 |
03/18 |
$11,361 |
$12,374 |
$12,564 |
04/18 |
$11,387 |
$12,657 |
$12,765 |
05/18 |
$11,121 |
$12,372 |
$12,470 |
06/18 |
$11,061 |
$12,221 |
$12,236 |
07/18 |
$11,379 |
$12,522 |
$12,528 |
08/18 |
$11,327 |
$12,280 |
$12,266 |
09/18 |
$11,422 |
$12,387 |
$12,322 |
10/18 |
$10,760 |
$11,401 |
$11,320 |
11/18 |
$10,734 |
$11,386 |
$11,427 |
12/18 |
$10,329 |
$10,834 |
$10,910 |
01/19 |
$10,939 |
$11,546 |
$11,734 |
02/19 |
$11,169 |
$11,840 |
$11,963 |
03/19 |
$11,302 |
$11,915 |
$12,034 |
04/19 |
$11,497 |
$12,250 |
$12,352 |
05/19 |
$11,072 |
$11,661 |
$11,689 |
06/19 |
$11,700 |
$12,353 |
$12,393 |
07/19 |
$11,514 |
$12,196 |
$12,243 |
08/19 |
$11,355 |
$11,880 |
$11,865 |
09/19 |
$11,567 |
$12,221 |
$12,170 |
10/19 |
$12,010 |
$12,660 |
$12,595 |
11/19 |
$12,125 |
$12,803 |
$12,706 |
12/19 |
$12,534 |
$13,219 |
$13,256 |
01/20 |
$12,334 |
$12,943 |
$12,900 |
02/20 |
$11,344 |
$11,773 |
$11,881 |
03/20 |
$10,162 |
$10,201 |
$10,160 |
04/20 |
$10,817 |
$10,860 |
$10,930 |
05/20 |
$11,089 |
$11,333 |
$11,288 |
06/20 |
$11,380 |
$11,719 |
$11,798 |
07/20 |
$11,762 |
$11,992 |
$12,324 |
08/20 |
$12,080 |
$12,609 |
$12,852 |
09/20 |
$11,698 |
$12,281 |
$12,536 |
10/20 |
$11,207 |
$11,791 |
$12,266 |
11/20 |
$12,480 |
$13,619 |
$13,916 |
12/20 |
$12,994 |
$14,252 |
$14,668 |
01/21 |
$12,837 |
$14,100 |
$14,700 |
02/21 |
$12,799 |
$14,416 |
$14,991 |
03/21 |
$13,273 |
$14,748 |
$15,181 |
04/21 |
$13,552 |
$15,192 |
$15,628 |
05/21 |
$14,081 |
$15,687 |
$16,117 |
06/21 |
$13,895 |
$15,510 |
$16,012 |
07/21 |
$13,933 |
$15,627 |
$15,748 |
08/21 |
$14,156 |
$15,903 |
$16,048 |
09/21 |
$13,598 |
$15,441 |
$15,534 |
10/21 |
$13,849 |
$15,821 |
$15,905 |
11/21 |
$13,329 |
$15,085 |
$15,188 |
12/21 |
$13,905 |
$15,857 |
$15,816 |
01/22 |
$13,721 |
$15,091 |
$15,233 |
02/22 |
$13,623 |
$14,824 |
$14,932 |
03/22 |
$13,565 |
$14,919 |
$14,956 |
04/22 |
$13,138 |
$13,954 |
$14,016 |
05/22 |
$13,254 |
$14,059 |
$14,117 |
06/22 |
$12,468 |
$12,754 |
$12,903 |
07/22 |
$12,711 |
$13,390 |
$13,344 |
08/22 |
$12,089 |
$12,754 |
$12,915 |
09/22 |
$11,108 |
$11,561 |
$11,624 |
10/22 |
$11,604 |
$12,182 |
$11,972 |
11/22 |
$12,924 |
$13,555 |
$13,385 |
12/22 |
$12,825 |
$13,565 |
$13,285 |
01/23 |
$13,510 |
$14,664 |
$14,363 |
02/23 |
$13,218 |
$14,358 |
$13,858 |
03/23 |
$13,711 |
$14,714 |
$14,197 |
04/23 |
$14,276 |
$15,129 |
$14,444 |
05/23 |
$13,621 |
$14,489 |
$13,919 |
06/23 |
$14,064 |
$15,148 |
$14,543 |
07/23 |
$14,316 |
$15,639 |
$15,134 |
08/23 |
$13,873 |
$15,039 |
$14,451 |
09/23 |
$13,490 |
$14,526 |
$13,994 |
10/23 |
$13,087 |
$13,937 |
$13,417 |
11/23 |
$14,004 |
$15,230 |
$14,625 |
12/23 |
$14,663 |
$16,040 |
$15,360 |
01/24 |
$14,536 |
$16,132 |
$15,207 |
02/24 |
$14,599 |
$16,427 |
$15,592 |
03/24 |
$14,876 |
$16,967 |
$16,079 |
04/24 |
$14,610 |
$16,533 |
$15,791 |
05/24 |
$15,109 |
$17,173 |
$16,249 |
06/24 |
$14,907 |
$16,896 |
$16,234 |
07/24 |
$15,630 |
$17,392 |
$16,610 |
08/24 |
$16,267 |
$17,957 |
$17,083 |
09/24 |
$16,565 |
$18,123 |
$17,543 |
10/24 |
$15,662 |
$17,138 |
$16,682 |
11/24 |
$15,502 |
$17,040 |
$16,531 |
12/24 |
$15,082 |
$16,653 |
$16,210 |
01/25 |
$15,570 |
$17,528 |
$16,863 |
02/25 |
$15,861 |
$17,868 |
$17,097 |
03/25 |
$16,151 |
$17,796 |
$17,058 |
04/25 |
$16,721 |
$18,611 |
$17,674 |
05/25 |
$17,267 |
$19,462 |
$18,484 |
06/25 |
$17,604 |
$19,891 |
$19,111 |
07/25 |
$17,372 |
$19,612 |
$19,056 |
08/25 |
$17,999 |
$20,448 |
$19,717 |
09/25 |
$18,057 |
$20,839 |
$20,427 |
10/25 |
$18,115 |
$21,085 |
$20,840 |
11/25 |
$18,348 |
$21,216 |
$20,835 |
12/25 |
$18,668 |
$21,852 |
$21,459 |
01/26 |
$19,464 |
$22,992 |
$22,743 |
02/26 |
$20,677 |
$24,056 |
$23,885 |
03/26 |
$19,098 |
$21,581 |
$21,308 |
04/26 |
$19,985 |
$23,189 |
$23,364 |
05/26 |
$20,129 |
$23,900 |
$24,541 |
06/26 |
$20,025 |
$23,916 |
$24,396 |
07/26 |
$20,716 |
$24,384 |
$24,480 |
08/26 |
$20,886 |
$24,869 |
$25,109 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Institutional ClassFootnote Reference(a)Footnote Reference(b) |
16.04 |
8.09 |
7.64 |
MSCI EAFE Index (Net) |
21.62 |
9.35 |
9.54 |
MSCI ACWI ex USA Index (Net) |
27.35 |
9.37 |
9.64 |
| Footnote | Description |
Footnote(a) |
The returns shown for periods prior to December 15, 2021 (including Since Fund Inception returns, if shown) include the returns of Advisor Class. Advisor Class shares were offered prior to the Fund's Institutional Class shares but have since been merged into the Fund’s Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |
Footnote(b) |
The Fund’s performance prior to December 10, 2021 reflects returns achieved by BMO Pyrford International Stock Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. and had the same investment objective and a substantially identical investment strategy to the Fund. |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$239,907,077 |
|---|---|
Total number of portfolio holdings |
80 |
Management services fees (represents 0.87% of Fund average net assets) |
$2,263,788 |
Portfolio turnover for the reporting period |
8% |
Columbia Pyrford International Stock Fund | Institutional Class | ASR319-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Geographic Allocation
Japan |
14.2% |
|
|---|---|---|
United Kingdom |
13.6% |
|
Germany |
11.2% |
|
Australia |
9.8% |
|
France |
8.3% |
|
Switzerland |
7.7% |
|
Singapore |
7.0% |
|
United States |
4.6% |
|
Hong Kong |
4.4% |
|
Finland |
2.8% |
|
Other |
15.6% |
Top Holdings
SAP SE |
2.6% |
|---|---|
Japan Tobacco, Inc. |
2.6% |
United Overseas Bank Ltd. |
2.6% |
Nestlé SA, Registered Shares |
2.5% |
KDDI Corp. |
2.4% |
Unilever PLC |
2.3% |
Roche Holding Ag |
2.3% |
Brambles Ltd. |
2.3% |
Mitsubishi Electric Corp. |
2.2% |
Air Liquide SA |
2.1% |
Equity Sector Allocation
Industrials |
22.6% |
|---|---|
Consumer Staples |
15.1% |
Financials |
14.5% |
Health Care |
10.3% |
Information Technology |
10.3% |
Communication Services |
8.3% |
Materials |
7.8% |
Consumer Discretionary |
3.1% |
Utilities |
3.0% |
Energy |
2.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Pyrford International Stock Fund | Institutional Class | ASR319-08_(10/26) |
Columbia Pyrford International Stock Fund
Institutional 2 Class | PISOX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Pyrford International Stock Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 2 Class |
$88 |
0.81% |
Management's Discussion of Fund Performance
The performance of Institutional 2 Class shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Stock selection | Selections in the health care and consumer staples sectors contributed to the Fund’s relative performance during the period.
Allocations | An underweight allocation to the consumer discretionary sector greatly contributed, with an underweight to real estate also boosting the Fund’s relative performance during the period.
Individual holdings | Positions in Taiwan Semiconductor Manufacturing, a global leader in advanced semiconductor foundry manufacturing; Roche Holding, a Swiss pharmaceutical and diagnostics company; Japan Tobacco, a global tobacco and consumer products company; Mitsubishi Electric, a diversified electrical equipment and industrial systems manufacturer; and Woolworths Group, an Australian food and consumer staples retailer, were top contributors during the period.
Top Performance Detractors
Stock selection | Selections in the financials and information technology sectors hurt the Fund’s relative performance during the period.
Allocations | An underweight allocation to the financials sector, as well as overweights to the consumer staples and communication services sectors, detracted from the Fund’s relative performance during the period.
Individual holdings | Positions in SAP, a German enterprise software provider; Brambles, an Australian supply chain logistics and pallet pooling company; Nemetschek, a German design and construction software provider; Wolters Kluwer, a Dutch professional information and software services company; and Bank Rakyat Indonesia, an Indonesian commercial bank, were top detractors during the period.
Columbia Pyrford International Stock Fund | Institutional 2 Class | ASR319-15_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Institutional 2 Class shares of the Fund during the stated time period.
Growth of $10,000
Columbia Pyrford International Stock Fund Institutional 2 Class ($20,980) |
MSCI EAFE Index (Net) ($24,869) |
MSCI ACWI ex USA Index (Net) ($25,109) | |
|---|---|---|---|
08/16 |
$10,000 |
$10,000 |
$10,000 |
09/16 |
$10,106 |
$10,123 |
$10,123 |
10/16 |
$9,755 |
$9,916 |
$9,978 |
11/16 |
$9,484 |
$9,718 |
$9,747 |
12/16 |
$9,736 |
$10,051 |
$9,996 |
01/17 |
$9,962 |
$10,342 |
$10,350 |
02/17 |
$10,138 |
$10,490 |
$10,515 |
03/17 |
$10,406 |
$10,779 |
$10,782 |
04/17 |
$10,649 |
$11,053 |
$11,013 |
05/17 |
$11,060 |
$11,459 |
$11,370 |
06/17 |
$10,909 |
$11,439 |
$11,405 |
07/17 |
$11,076 |
$11,768 |
$11,826 |
08/17 |
$11,068 |
$11,764 |
$11,888 |
09/17 |
$11,177 |
$12,057 |
$12,108 |
10/17 |
$11,277 |
$12,240 |
$12,336 |
11/17 |
$11,437 |
$12,368 |
$12,436 |
12/17 |
$11,542 |
$12,567 |
$12,714 |
01/18 |
$11,997 |
$13,197 |
$13,423 |
02/18 |
$11,361 |
$12,601 |
$12,790 |
03/18 |
$11,361 |
$12,374 |
$12,564 |
04/18 |
$11,387 |
$12,657 |
$12,765 |
05/18 |
$11,121 |
$12,372 |
$12,470 |
06/18 |
$11,061 |
$12,221 |
$12,236 |
07/18 |
$11,379 |
$12,522 |
$12,528 |
08/18 |
$11,327 |
$12,280 |
$12,266 |
09/18 |
$11,422 |
$12,387 |
$12,322 |
10/18 |
$10,760 |
$11,401 |
$11,320 |
11/18 |
$10,734 |
$11,386 |
$11,427 |
12/18 |
$10,329 |
$10,834 |
$10,910 |
01/19 |
$10,939 |
$11,546 |
$11,734 |
02/19 |
$11,169 |
$11,840 |
$11,963 |
03/19 |
$11,302 |
$11,915 |
$12,034 |
04/19 |
$11,497 |
$12,250 |
$12,352 |
05/19 |
$11,072 |
$11,661 |
$11,689 |
06/19 |
$11,700 |
$12,353 |
$12,393 |
07/19 |
$11,514 |
$12,196 |
$12,243 |
08/19 |
$11,355 |
$11,880 |
$11,865 |
09/19 |
$11,567 |
$12,221 |
$12,170 |
10/19 |
$12,010 |
$12,660 |
$12,595 |
11/19 |
$12,125 |
$12,803 |
$12,706 |
12/19 |
$12,534 |
$13,219 |
$13,256 |
01/20 |
$12,334 |
$12,943 |
$12,900 |
02/20 |
$11,344 |
$11,773 |
$11,881 |
03/20 |
$10,162 |
$10,201 |
$10,160 |
04/20 |
$10,817 |
$10,860 |
$10,930 |
05/20 |
$11,089 |
$11,333 |
$11,288 |
06/20 |
$11,380 |
$11,719 |
$11,798 |
07/20 |
$11,762 |
$11,992 |
$12,324 |
08/20 |
$12,080 |
$12,609 |
$12,852 |
09/20 |
$11,698 |
$12,281 |
$12,536 |
10/20 |
$11,207 |
$11,791 |
$12,266 |
11/20 |
$12,480 |
$13,619 |
$13,916 |
12/20 |
$12,994 |
$14,252 |
$14,668 |
01/21 |
$12,837 |
$14,100 |
$14,700 |
02/21 |
$12,799 |
$14,416 |
$14,991 |
03/21 |
$13,273 |
$14,748 |
$15,181 |
04/21 |
$13,552 |
$15,192 |
$15,628 |
05/21 |
$14,081 |
$15,687 |
$16,117 |
06/21 |
$13,895 |
$15,510 |
$16,012 |
07/21 |
$13,933 |
$15,627 |
$15,748 |
08/21 |
$14,156 |
$15,903 |
$16,048 |
09/21 |
$13,598 |
$15,441 |
$15,534 |
10/21 |
$13,849 |
$15,821 |
$15,905 |
11/21 |
$13,329 |
$15,085 |
$15,188 |
12/21 |
$13,905 |
$15,857 |
$15,816 |
01/22 |
$13,730 |
$15,091 |
$15,233 |
02/22 |
$13,623 |
$14,824 |
$14,932 |
03/22 |
$13,565 |
$14,919 |
$14,956 |
04/22 |
$13,138 |
$13,954 |
$14,016 |
05/22 |
$13,264 |
$14,059 |
$14,117 |
06/22 |
$12,468 |
$12,754 |
$12,903 |
07/22 |
$12,711 |
$13,390 |
$13,344 |
08/22 |
$12,089 |
$12,754 |
$12,915 |
09/22 |
$11,108 |
$11,561 |
$11,624 |
10/22 |
$11,604 |
$12,182 |
$11,972 |
11/22 |
$12,924 |
$13,555 |
$13,385 |
12/22 |
$12,829 |
$13,565 |
$13,285 |
01/23 |
$13,524 |
$14,664 |
$14,363 |
02/23 |
$13,232 |
$14,358 |
$13,858 |
03/23 |
$13,716 |
$14,714 |
$14,197 |
04/23 |
$14,291 |
$15,129 |
$14,444 |
05/23 |
$13,625 |
$14,489 |
$13,919 |
06/23 |
$14,079 |
$15,148 |
$14,543 |
07/23 |
$14,331 |
$15,639 |
$15,134 |
08/23 |
$13,888 |
$15,039 |
$14,451 |
09/23 |
$13,504 |
$14,526 |
$13,994 |
10/23 |
$13,101 |
$13,937 |
$13,417 |
11/23 |
$14,029 |
$15,230 |
$14,625 |
12/23 |
$14,682 |
$16,040 |
$15,360 |
01/24 |
$14,564 |
$16,132 |
$15,207 |
02/24 |
$14,618 |
$16,427 |
$15,592 |
03/24 |
$14,894 |
$16,967 |
$16,079 |
04/24 |
$14,628 |
$16,533 |
$15,791 |
05/24 |
$15,139 |
$17,173 |
$16,249 |
06/24 |
$14,926 |
$16,896 |
$16,234 |
07/24 |
$15,661 |
$17,392 |
$16,610 |
08/24 |
$16,321 |
$17,957 |
$17,083 |
09/24 |
$16,609 |
$18,123 |
$17,543 |
10/24 |
$15,704 |
$17,138 |
$16,682 |
11/24 |
$15,555 |
$17,040 |
$16,531 |
12/24 |
$15,132 |
$16,653 |
$16,210 |
01/25 |
$15,609 |
$17,528 |
$16,863 |
02/25 |
$15,912 |
$17,868 |
$17,097 |
03/25 |
$16,204 |
$17,796 |
$17,058 |
04/25 |
$16,774 |
$18,611 |
$17,674 |
05/25 |
$17,322 |
$19,462 |
$18,484 |
06/25 |
$17,660 |
$19,891 |
$19,111 |
07/25 |
$17,427 |
$19,612 |
$19,056 |
08/25 |
$18,067 |
$20,448 |
$19,717 |
09/25 |
$18,126 |
$20,839 |
$20,427 |
10/25 |
$18,184 |
$21,085 |
$20,840 |
11/25 |
$18,428 |
$21,216 |
$20,835 |
12/25 |
$18,742 |
$21,852 |
$21,459 |
01/26 |
$19,540 |
$22,992 |
$22,743 |
02/26 |
$20,757 |
$24,056 |
$23,885 |
03/26 |
$19,174 |
$21,581 |
$21,308 |
04/26 |
$20,077 |
$23,189 |
$23,364 |
05/26 |
$20,221 |
$23,900 |
$24,541 |
06/26 |
$20,116 |
$23,916 |
$24,396 |
07/26 |
$20,810 |
$24,384 |
$24,480 |
08/26 |
$20,980 |
$24,869 |
$25,109 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Institutional 2 ClassFootnote Reference(a)Footnote Reference(b) |
16.12 |
8.19 |
7.69 |
MSCI EAFE Index (Net) |
21.62 |
9.35 |
9.54 |
MSCI ACWI ex USA Index (Net) |
27.35 |
9.37 |
9.64 |
| Footnote | Description |
Footnote(a) |
The returns shown for periods prior to December 15, 2021 (including Since Fund Inception returns, if shown) include the returns of Advisor Class. Advisor Class shares were offered prior to the Fund's Institutional 2 Class shares but have since been merged into the Fund’s Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |
Footnote(b) |
The Fund’s performance prior to December 10, 2021 reflects returns achieved by BMO Pyrford International Stock Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. and had the same investment objective and a substantially identical investment strategy to the Fund. |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$239,907,077 |
|---|---|
Total number of portfolio holdings |
80 |
Management services fees (represents 0.87% of Fund average net assets) |
$2,263,788 |
Portfolio turnover for the reporting period |
8% |
Columbia Pyrford International Stock Fund | Institutional 2 Class | ASR319-15_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Geographic Allocation
Japan |
14.2% |
|
|---|---|---|
United Kingdom |
13.6% |
|
Germany |
11.2% |
|
Australia |
9.8% |
|
France |
8.3% |
|
Switzerland |
7.7% |
|
Singapore |
7.0% |
|
United States |
4.6% |
|
Hong Kong |
4.4% |
|
Finland |
2.8% |
|
Other |
15.6% |
Top Holdings
SAP SE |
2.6% |
|---|---|
Japan Tobacco, Inc. |
2.6% |
United Overseas Bank Ltd. |
2.6% |
Nestlé SA, Registered Shares |
2.5% |
KDDI Corp. |
2.4% |
Unilever PLC |
2.3% |
Roche Holding Ag |
2.3% |
Brambles Ltd. |
2.3% |
Mitsubishi Electric Corp. |
2.2% |
Air Liquide SA |
2.1% |
Equity Sector Allocation
Industrials |
22.6% |
|---|---|
Consumer Staples |
15.1% |
Financials |
14.5% |
Health Care |
10.3% |
Information Technology |
10.3% |
Communication Services |
8.3% |
Materials |
7.8% |
Consumer Discretionary |
3.1% |
Utilities |
3.0% |
Energy |
2.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Pyrford International Stock Fund | Institutional 2 Class | ASR319-15_(10/26) |
Columbia Pyrford International Stock Fund
Institutional 3 Class | PISQX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Pyrford International Stock Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 3 Class |
$82 |
0.76% |
Management's Discussion of Fund Performance
The performance of Institutional 3 Class shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Stock selection | Selections in the health care and consumer staples sectors contributed to the Fund’s relative performance during the period.
Allocations | An underweight allocation to the consumer discretionary sector greatly contributed, with an underweight to real estate also boosting the Fund’s relative performance during the period.
Individual holdings | Positions in Taiwan Semiconductor Manufacturing, a global leader in advanced semiconductor foundry manufacturing; Roche Holding, a Swiss pharmaceutical and diagnostics company; Japan Tobacco, a global tobacco and consumer products company; Mitsubishi Electric, a diversified electrical equipment and industrial systems manufacturer; and Woolworths Group, an Australian food and consumer staples retailer, were top contributors during the period.
Top Performance Detractors
Stock selection | Selections in the financials and information technology sectors hurt the Fund’s relative performance during the period.
Allocations | An underweight allocation to the financials sector, as well as overweights to the consumer staples and communication services sectors, detracted from the Fund’s relative performance during the period.
Individual holdings | Positions in SAP, a German enterprise software provider; Brambles, an Australian supply chain logistics and pallet pooling company; Nemetschek, a German design and construction software provider; Wolters Kluwer, a Dutch professional information and software services company; and Bank Rakyat Indonesia, an Indonesian commercial bank, were top detractors during the period.
Columbia Pyrford International Stock Fund | Institutional 3 Class | ASR319-17_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of the Fund during the stated time period.
Growth of $10,000
Columbia Pyrford International Stock Fund Institutional 3 Class ($21,187) |
MSCI EAFE Index (Net) ($24,869) |
MSCI ACWI ex USA Index (Net) ($25,109) | |
|---|---|---|---|
08/16 |
$10,000 |
$10,000 |
$10,000 |
09/16 |
$10,114 |
$10,123 |
$10,123 |
10/16 |
$9,763 |
$9,916 |
$9,978 |
11/16 |
$9,493 |
$9,718 |
$9,747 |
12/16 |
$9,743 |
$10,051 |
$9,996 |
01/17 |
$9,970 |
$10,342 |
$10,350 |
02/17 |
$10,146 |
$10,490 |
$10,515 |
03/17 |
$10,414 |
$10,779 |
$10,782 |
04/17 |
$10,657 |
$11,053 |
$11,013 |
05/17 |
$11,076 |
$11,459 |
$11,370 |
06/17 |
$10,925 |
$11,439 |
$11,405 |
07/17 |
$11,093 |
$11,768 |
$11,826 |
08/17 |
$11,085 |
$11,764 |
$11,888 |
09/17 |
$11,202 |
$12,057 |
$12,108 |
10/17 |
$11,303 |
$12,240 |
$12,336 |
11/17 |
$11,462 |
$12,368 |
$12,436 |
12/17 |
$11,566 |
$12,567 |
$12,714 |
01/18 |
$12,031 |
$13,197 |
$13,423 |
02/18 |
$11,394 |
$12,601 |
$12,790 |
03/18 |
$11,394 |
$12,374 |
$12,564 |
04/18 |
$11,420 |
$12,657 |
$12,765 |
05/18 |
$11,153 |
$12,372 |
$12,470 |
06/18 |
$11,101 |
$12,221 |
$12,236 |
07/18 |
$11,420 |
$12,522 |
$12,528 |
08/18 |
$11,368 |
$12,280 |
$12,266 |
09/18 |
$11,463 |
$12,387 |
$12,322 |
10/18 |
$10,799 |
$11,401 |
$11,320 |
11/18 |
$10,782 |
$11,386 |
$11,427 |
12/18 |
$10,370 |
$10,834 |
$10,910 |
01/19 |
$10,983 |
$11,546 |
$11,734 |
02/19 |
$11,213 |
$11,840 |
$11,963 |
03/19 |
$11,347 |
$11,915 |
$12,034 |
04/19 |
$11,551 |
$12,250 |
$12,352 |
05/19 |
$11,125 |
$11,661 |
$11,689 |
06/19 |
$11,755 |
$12,353 |
$12,393 |
07/19 |
$11,569 |
$12,196 |
$12,243 |
08/19 |
$11,418 |
$11,880 |
$11,865 |
09/19 |
$11,622 |
$12,221 |
$12,170 |
10/19 |
$12,075 |
$12,660 |
$12,595 |
11/19 |
$12,190 |
$12,803 |
$12,706 |
12/19 |
$12,603 |
$13,219 |
$13,256 |
01/20 |
$12,402 |
$12,943 |
$12,900 |
02/20 |
$11,406 |
$11,773 |
$11,881 |
03/20 |
$10,227 |
$10,201 |
$10,160 |
04/20 |
$10,885 |
$10,860 |
$10,930 |
05/20 |
$11,159 |
$11,333 |
$11,288 |
06/20 |
$11,452 |
$11,719 |
$11,798 |
07/20 |
$11,845 |
$11,992 |
$12,324 |
08/20 |
$12,164 |
$12,609 |
$12,852 |
09/20 |
$11,781 |
$12,281 |
$12,536 |
10/20 |
$11,278 |
$11,791 |
$12,266 |
11/20 |
$12,567 |
$13,619 |
$13,916 |
12/20 |
$13,092 |
$14,252 |
$14,668 |
01/21 |
$12,933 |
$14,100 |
$14,700 |
02/21 |
$12,896 |
$14,416 |
$14,991 |
03/21 |
$13,373 |
$14,748 |
$15,181 |
04/21 |
$13,653 |
$15,192 |
$15,628 |
05/21 |
$14,196 |
$15,687 |
$16,117 |
06/21 |
$14,009 |
$15,510 |
$16,012 |
07/21 |
$14,046 |
$15,627 |
$15,748 |
08/21 |
$14,270 |
$15,903 |
$16,048 |
09/21 |
$13,709 |
$15,441 |
$15,534 |
10/21 |
$13,962 |
$15,821 |
$15,905 |
11/21 |
$13,438 |
$15,085 |
$15,188 |
12/21 |
$14,016 |
$15,857 |
$15,816 |
01/22 |
$13,842 |
$15,091 |
$15,233 |
02/22 |
$13,745 |
$14,824 |
$14,932 |
03/22 |
$13,687 |
$14,919 |
$14,956 |
04/22 |
$13,251 |
$13,954 |
$14,016 |
05/22 |
$13,377 |
$14,059 |
$14,117 |
06/22 |
$12,574 |
$12,754 |
$12,903 |
07/22 |
$12,825 |
$13,390 |
$13,344 |
08/22 |
$12,196 |
$12,754 |
$12,915 |
09/22 |
$11,209 |
$11,561 |
$11,624 |
10/22 |
$11,703 |
$12,182 |
$11,972 |
11/22 |
$13,038 |
$13,555 |
$13,385 |
12/22 |
$12,943 |
$13,565 |
$13,285 |
01/23 |
$13,636 |
$14,664 |
$14,363 |
02/23 |
$13,345 |
$14,358 |
$13,858 |
03/23 |
$13,837 |
$14,714 |
$14,197 |
04/23 |
$14,410 |
$15,129 |
$14,444 |
05/23 |
$13,747 |
$14,489 |
$13,919 |
06/23 |
$14,199 |
$15,148 |
$14,543 |
07/23 |
$14,460 |
$15,639 |
$15,134 |
08/23 |
$14,008 |
$15,039 |
$14,451 |
09/23 |
$13,616 |
$14,526 |
$13,994 |
10/23 |
$13,214 |
$13,937 |
$13,417 |
11/23 |
$14,149 |
$15,230 |
$14,625 |
12/23 |
$14,810 |
$16,040 |
$15,360 |
01/24 |
$14,682 |
$16,132 |
$15,207 |
02/24 |
$14,746 |
$16,427 |
$15,592 |
03/24 |
$15,032 |
$16,967 |
$16,079 |
04/24 |
$14,767 |
$16,533 |
$15,791 |
05/24 |
$15,276 |
$17,173 |
$16,249 |
06/24 |
$15,064 |
$16,896 |
$16,234 |
07/24 |
$15,806 |
$17,392 |
$16,610 |
08/24 |
$16,463 |
$17,957 |
$17,083 |
09/24 |
$16,760 |
$18,123 |
$17,543 |
10/24 |
$15,848 |
$17,138 |
$16,682 |
11/24 |
$15,700 |
$17,040 |
$16,531 |
12/24 |
$15,278 |
$16,653 |
$16,210 |
01/25 |
$15,764 |
$17,528 |
$16,863 |
02/25 |
$16,054 |
$17,868 |
$17,097 |
03/25 |
$16,356 |
$17,796 |
$17,058 |
04/25 |
$16,935 |
$18,611 |
$17,674 |
05/25 |
$17,492 |
$19,462 |
$18,484 |
06/25 |
$17,828 |
$19,891 |
$19,111 |
07/25 |
$17,596 |
$19,612 |
$19,056 |
08/25 |
$18,245 |
$20,448 |
$19,717 |
09/25 |
$18,303 |
$20,839 |
$20,427 |
10/25 |
$18,361 |
$21,085 |
$20,840 |
11/25 |
$18,604 |
$21,216 |
$20,835 |
12/25 |
$18,924 |
$21,852 |
$21,459 |
01/26 |
$19,718 |
$22,992 |
$22,743 |
02/26 |
$20,953 |
$24,056 |
$23,885 |
03/26 |
$19,367 |
$21,581 |
$21,308 |
04/26 |
$20,264 |
$23,189 |
$23,364 |
05/26 |
$20,420 |
$23,900 |
$24,541 |
06/26 |
$20,316 |
$23,916 |
$24,396 |
07/26 |
$21,018 |
$24,384 |
$24,480 |
08/26 |
$21,187 |
$24,869 |
$25,109 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Institutional 3 ClassFootnote Reference(a) |
16.13 |
8.23 |
7.80 |
MSCI EAFE Index (Net) |
21.62 |
9.35 |
9.54 |
MSCI ACWI ex USA Index (Net) |
27.35 |
9.37 |
9.64 |
| Footnote | Description |
Footnote(a) |
The Fund’s performance prior to December 10, 2021 reflects returns achieved by BMO Pyrford International Stock Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. and had the same investment objective and a substantially identical investment strategy to the Fund. |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$239,907,077 |
|---|---|
Total number of portfolio holdings |
80 |
Management services fees (represents 0.87% of Fund average net assets) |
$2,263,788 |
Portfolio turnover for the reporting period |
8% |
Columbia Pyrford International Stock Fund | Institutional 3 Class | ASR319-17_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Geographic Allocation
Japan |
14.2% |
|
|---|---|---|
United Kingdom |
13.6% |
|
Germany |
11.2% |
|
Australia |
9.8% |
|
France |
8.3% |
|
Switzerland |
7.7% |
|
Singapore |
7.0% |
|
United States |
4.6% |
|
Hong Kong |
4.4% |
|
Finland |
2.8% |
|
Other |
15.6% |
Top Holdings
SAP SE |
2.6% |
|---|---|
Japan Tobacco, Inc. |
2.6% |
United Overseas Bank Ltd. |
2.6% |
Nestlé SA, Registered Shares |
2.5% |
KDDI Corp. |
2.4% |
Unilever PLC |
2.3% |
Roche Holding Ag |
2.3% |
Brambles Ltd. |
2.3% |
Mitsubishi Electric Corp. |
2.2% |
Air Liquide SA |
2.1% |
Equity Sector Allocation
Industrials |
22.6% |
|---|---|
Consumer Staples |
15.1% |
Financials |
14.5% |
Health Care |
10.3% |
Information Technology |
10.3% |
Communication Services |
8.3% |
Materials |
7.8% |
Consumer Discretionary |
3.1% |
Utilities |
3.0% |
Energy |
2.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Pyrford International Stock Fund | Institutional 3 Class | ASR319-17_(10/26) |
Columbia Pyrford International Stock Fund
Class R | PISJX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Pyrford International Stock Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class R |
$152 |
1.41% |
Management's Discussion of Fund Performance
The performance of Class R shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Stock selection | Selections in the health care and consumer staples sectors contributed to the Fund’s relative performance during the period.
Allocations | An underweight allocation to the consumer discretionary sector greatly contributed, with an underweight to real estate also boosting the Fund’s relative performance during the period.
Individual holdings | Positions in Taiwan Semiconductor Manufacturing, a global leader in advanced semiconductor foundry manufacturing; Roche Holding, a Swiss pharmaceutical and diagnostics company; Japan Tobacco, a global tobacco and consumer products company; Mitsubishi Electric, a diversified electrical equipment and industrial systems manufacturer; and Woolworths Group, an Australian food and consumer staples retailer, were top contributors during the period.
Top Performance Detractors
Stock selection | Selections in the financials and information technology sectors hurt the Fund’s relative performance during the period.
Allocations | An underweight allocation to the financials sector, as well as overweights to the consumer staples and communication services sectors, detracted from the Fund’s relative performance during the period.
Individual holdings | Positions in SAP, a German enterprise software provider; Brambles, an Australian supply chain logistics and pallet pooling company; Nemetschek, a German design and construction software provider; Wolters Kluwer, a Dutch professional information and software services company; and Bank Rakyat Indonesia, an Indonesian commercial bank, were top detractors during the period.
Columbia Pyrford International Stock Fund | Class R | ASR319-12_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class R shares of the Fund during the stated time period.
Growth of $10,000
Columbia Pyrford International Stock Fund Class R ($19,879) |
MSCI EAFE Index (Net) ($24,869) |
MSCI ACWI ex USA Index (Net) ($25,109) | |
|---|---|---|---|
08/16 |
$10,000 |
$10,000 |
$10,000 |
09/16 |
$10,102 |
$10,123 |
$10,123 |
10/16 |
$9,746 |
$9,916 |
$9,978 |
11/16 |
$9,473 |
$9,718 |
$9,747 |
12/16 |
$9,720 |
$10,051 |
$9,996 |
01/17 |
$9,941 |
$10,342 |
$10,350 |
02/17 |
$10,113 |
$10,490 |
$10,515 |
03/17 |
$10,376 |
$10,779 |
$10,782 |
04/17 |
$10,614 |
$11,053 |
$11,013 |
05/17 |
$11,019 |
$11,459 |
$11,370 |
06/17 |
$10,864 |
$11,439 |
$11,405 |
07/17 |
$11,026 |
$11,768 |
$11,826 |
08/17 |
$11,013 |
$11,764 |
$11,888 |
09/17 |
$11,117 |
$12,057 |
$12,108 |
10/17 |
$11,212 |
$12,240 |
$12,336 |
11/17 |
$11,366 |
$12,368 |
$12,436 |
12/17 |
$11,466 |
$12,567 |
$12,714 |
01/18 |
$11,913 |
$13,197 |
$13,423 |
02/18 |
$11,277 |
$12,601 |
$12,790 |
03/18 |
$11,272 |
$12,374 |
$12,564 |
04/18 |
$11,293 |
$12,657 |
$12,765 |
05/18 |
$11,024 |
$12,372 |
$12,470 |
06/18 |
$10,960 |
$12,221 |
$12,236 |
07/18 |
$11,270 |
$12,522 |
$12,528 |
08/18 |
$11,215 |
$12,280 |
$12,266 |
09/18 |
$11,304 |
$12,387 |
$12,322 |
10/18 |
$10,644 |
$11,401 |
$11,320 |
11/18 |
$10,614 |
$11,386 |
$11,427 |
12/18 |
$10,210 |
$10,834 |
$10,910 |
01/19 |
$10,808 |
$11,546 |
$11,734 |
02/19 |
$11,031 |
$11,840 |
$11,963 |
03/19 |
$11,158 |
$11,915 |
$12,034 |
04/19 |
$11,345 |
$12,250 |
$12,352 |
05/19 |
$10,921 |
$11,661 |
$11,689 |
06/19 |
$11,536 |
$12,353 |
$12,393 |
07/19 |
$11,348 |
$12,196 |
$12,243 |
08/19 |
$11,187 |
$11,880 |
$11,865 |
09/19 |
$11,391 |
$12,221 |
$12,170 |
10/19 |
$11,821 |
$12,660 |
$12,595 |
11/19 |
$11,930 |
$12,803 |
$12,706 |
12/19 |
$12,328 |
$13,219 |
$13,256 |
01/20 |
$12,126 |
$12,943 |
$12,900 |
02/20 |
$11,147 |
$11,773 |
$11,881 |
03/20 |
$9,982 |
$10,201 |
$10,160 |
04/20 |
$10,620 |
$10,860 |
$10,930 |
05/20 |
$10,884 |
$11,333 |
$11,288 |
06/20 |
$11,165 |
$11,719 |
$11,798 |
07/20 |
$11,534 |
$11,992 |
$12,324 |
08/20 |
$11,841 |
$12,609 |
$12,852 |
09/20 |
$11,462 |
$12,281 |
$12,536 |
10/20 |
$10,976 |
$11,791 |
$12,266 |
11/20 |
$12,218 |
$13,619 |
$13,916 |
12/20 |
$12,716 |
$14,252 |
$14,668 |
01/21 |
$12,556 |
$14,100 |
$14,700 |
02/21 |
$12,515 |
$14,416 |
$14,991 |
03/21 |
$12,973 |
$14,748 |
$15,181 |
04/21 |
$13,240 |
$15,192 |
$15,628 |
05/21 |
$13,751 |
$15,687 |
$16,117 |
06/21 |
$13,564 |
$15,510 |
$16,012 |
07/21 |
$13,594 |
$15,627 |
$15,748 |
08/21 |
$13,806 |
$15,903 |
$16,048 |
09/21 |
$13,257 |
$15,441 |
$15,534 |
10/21 |
$13,496 |
$15,821 |
$15,905 |
11/21 |
$12,983 |
$15,085 |
$15,188 |
12/21 |
$13,536 |
$15,857 |
$15,816 |
01/22 |
$13,361 |
$15,091 |
$15,233 |
02/22 |
$13,250 |
$14,824 |
$14,932 |
03/22 |
$13,185 |
$14,919 |
$14,956 |
04/22 |
$12,770 |
$13,954 |
$14,016 |
05/22 |
$12,881 |
$14,059 |
$14,117 |
06/22 |
$12,106 |
$12,754 |
$12,903 |
07/22 |
$12,336 |
$13,390 |
$13,344 |
08/22 |
$11,728 |
$12,754 |
$12,915 |
09/22 |
$10,777 |
$11,561 |
$11,624 |
10/22 |
$11,248 |
$12,182 |
$11,972 |
11/22 |
$12,521 |
$13,555 |
$13,385 |
12/22 |
$12,420 |
$13,565 |
$13,285 |
01/23 |
$13,086 |
$14,664 |
$14,363 |
02/23 |
$12,791 |
$14,358 |
$13,858 |
03/23 |
$13,257 |
$14,714 |
$14,197 |
04/23 |
$13,809 |
$15,129 |
$14,444 |
05/23 |
$13,162 |
$14,489 |
$13,919 |
06/23 |
$13,590 |
$15,148 |
$14,543 |
07/23 |
$13,819 |
$15,639 |
$15,134 |
08/23 |
$13,381 |
$15,039 |
$14,451 |
09/23 |
$13,010 |
$14,526 |
$13,994 |
10/23 |
$12,610 |
$13,937 |
$13,417 |
11/23 |
$13,504 |
$15,230 |
$14,625 |
12/23 |
$14,124 |
$16,040 |
$15,360 |
01/24 |
$13,994 |
$16,132 |
$15,207 |
02/24 |
$14,044 |
$16,427 |
$15,592 |
03/24 |
$14,313 |
$16,967 |
$16,079 |
04/24 |
$14,054 |
$16,533 |
$15,791 |
05/24 |
$14,533 |
$17,173 |
$16,249 |
06/24 |
$14,323 |
$16,896 |
$16,234 |
07/24 |
$15,011 |
$17,392 |
$16,610 |
08/24 |
$15,640 |
$17,957 |
$17,083 |
09/24 |
$15,919 |
$18,123 |
$17,543 |
10/24 |
$15,031 |
$17,138 |
$16,682 |
11/24 |
$14,882 |
$17,040 |
$16,531 |
12/24 |
$14,473 |
$16,653 |
$16,210 |
01/25 |
$14,928 |
$17,528 |
$16,863 |
02/25 |
$15,209 |
$17,868 |
$17,097 |
03/25 |
$15,480 |
$17,796 |
$17,058 |
04/25 |
$16,021 |
$18,611 |
$17,674 |
05/25 |
$16,530 |
$19,462 |
$18,484 |
06/25 |
$16,844 |
$19,891 |
$19,111 |
07/25 |
$16,616 |
$19,612 |
$19,056 |
08/25 |
$17,223 |
$20,448 |
$19,717 |
09/25 |
$17,266 |
$20,839 |
$20,427 |
10/25 |
$17,309 |
$21,085 |
$20,840 |
11/25 |
$17,526 |
$21,216 |
$20,835 |
12/25 |
$17,830 |
$21,852 |
$21,459 |
01/26 |
$18,565 |
$22,992 |
$22,743 |
02/26 |
$19,722 |
$24,056 |
$23,885 |
03/26 |
$18,216 |
$21,581 |
$21,308 |
04/26 |
$19,047 |
$23,189 |
$23,364 |
05/26 |
$19,180 |
$23,900 |
$24,541 |
06/26 |
$19,072 |
$23,916 |
$24,396 |
07/26 |
$19,722 |
$24,384 |
$24,480 |
08/26 |
$19,879 |
$24,869 |
$25,109 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Class RFootnote Reference(a)Footnote Reference(b) |
15.43 |
7.56 |
7.11 |
MSCI EAFE Index (Net) |
21.62 |
9.35 |
9.54 |
MSCI ACWI ex USA Index (Net) |
27.35 |
9.37 |
9.64 |
| Footnote | Description |
Footnote(a) |
The returns shown for periods prior to December 15, 2021 (including Since Fund Inception returns, if shown) include the returns of Advisor Class. Advisor Class shares were offered prior to the Fund's Class R shares but have since been merged into the Fund’s Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |
Footnote(b) |
The Fund’s performance prior to December 10, 2021 reflects returns achieved by BMO Pyrford International Stock Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. and had the same investment objective and a substantially identical investment strategy to the Fund. |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$239,907,077 |
|---|---|
Total number of portfolio holdings |
80 |
Management services fees (represents 0.87% of Fund average net assets) |
$2,263,788 |
Portfolio turnover for the reporting period |
8% |
Columbia Pyrford International Stock Fund | Class R | ASR319-12_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Geographic Allocation
Japan |
14.2% |
|
|---|---|---|
United Kingdom |
13.6% |
|
Germany |
11.2% |
|
Australia |
9.8% |
|
France |
8.3% |
|
Switzerland |
7.7% |
|
Singapore |
7.0% |
|
United States |
4.6% |
|
Hong Kong |
4.4% |
|
Finland |
2.8% |
|
Other |
15.6% |
Top Holdings
SAP SE |
2.6% |
|---|---|
Japan Tobacco, Inc. |
2.6% |
United Overseas Bank Ltd. |
2.6% |
Nestlé SA, Registered Shares |
2.5% |
KDDI Corp. |
2.4% |
Unilever PLC |
2.3% |
Roche Holding Ag |
2.3% |
Brambles Ltd. |
2.3% |
Mitsubishi Electric Corp. |
2.2% |
Air Liquide SA |
2.1% |
Equity Sector Allocation
Industrials |
22.6% |
|---|---|
Consumer Staples |
15.1% |
Financials |
14.5% |
Health Care |
10.3% |
Information Technology |
10.3% |
Communication Services |
8.3% |
Materials |
7.8% |
Consumer Discretionary |
3.1% |
Utilities |
3.0% |
Energy |
2.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Pyrford International Stock Fund | Class R | ASR319-12_(10/26) |
Columbia Ultra Short Duration Municipal Bond Fund
Class A | USMBX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Ultra Short Duration Municipal Bond Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$48 |
0.47% |
Management's Discussion of Fund Performance
The performance of Class A shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Yield carry | The Fund’s higher than benchmark yield was a significant contributor to the Fund’s benchmark-relative performance during the period.
Sector allocation | Sector allocation was a major contributor to the Fund’s relative performance. Overweights to industrial development revenue bonds (IDR), housing and airports added to relative performance.
Credit quality allocation | While quality allocation was neutral, an overweight to not-rated bonds added to relative performance.
Credit quality security selection | While overall security selection was neutral, selection in AA-rated bonds contributed to the Fund’s performance relative to its benchmark.
Sector security selection | While overall sector security selection detracted from benchmark-relative performance, selection in prepay gas bonds was a positive contributor to Fund performance.
Top Performance Detractors
Sector security selection | Security selection detracted from benchmark-relative performance, with selection in IDR and state general obligation (GO) bonds acting as a headwind to performance relative to the benchmark.
Sector allocation | An overweight to cash detracted from relative performance.
Credit quality allocation | While quality allocation was neutral, an overweight to AAA-rated bonds detracted from relative performance.
Credit quality security selection | While overall security selection was neutral, selection in AAA-rated and A-rated bonds detracted from the Fund’s relative performance.
Columbia Ultra Short Duration Municipal Bond Fund | Class A | ASR320-01_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class A shares of the Fund during the stated time period.
Growth of $10,000
Columbia Ultra Short Duration Municipal Bond Fund Class A ($11,625) |
Bloomberg Municipal Bond Index ($12,085) |
Bloomberg 1 Year Municipal Bond Index ($11,820) | |
|---|---|---|---|
08/16 |
$10,000 |
$10,000 |
$10,000 |
09/16 |
$10,005 |
$9,950 |
$9,979 |
10/16 |
$10,010 |
$9,846 |
$9,986 |
11/16 |
$9,995 |
$9,479 |
$9,942 |
12/16 |
$10,001 |
$9,590 |
$9,962 |
01/17 |
$10,026 |
$9,653 |
$9,998 |
02/17 |
$10,032 |
$9,720 |
$10,031 |
03/17 |
$10,038 |
$9,741 |
$10,031 |
04/17 |
$10,045 |
$9,812 |
$10,047 |
05/17 |
$10,061 |
$9,968 |
$10,066 |
06/17 |
$10,067 |
$9,932 |
$10,057 |
07/17 |
$10,074 |
$10,012 |
$10,081 |
08/17 |
$10,080 |
$10,088 |
$10,104 |
09/17 |
$10,086 |
$10,037 |
$10,092 |
10/17 |
$10,092 |
$10,062 |
$10,093 |
11/17 |
$10,089 |
$10,008 |
$10,047 |
12/17 |
$10,093 |
$10,112 |
$10,054 |
01/18 |
$10,111 |
$9,993 |
$10,082 |
02/18 |
$10,119 |
$9,963 |
$10,099 |
03/18 |
$10,127 |
$10,000 |
$10,092 |
04/18 |
$10,128 |
$9,964 |
$10,083 |
05/18 |
$10,148 |
$10,079 |
$10,116 |
06/18 |
$10,157 |
$10,087 |
$10,151 |
07/18 |
$10,175 |
$10,112 |
$10,173 |
08/18 |
$10,175 |
$10,138 |
$10,169 |
09/18 |
$10,176 |
$10,072 |
$10,149 |
10/18 |
$10,188 |
$10,010 |
$10,158 |
11/18 |
$10,210 |
$10,121 |
$10,190 |
12/18 |
$10,222 |
$10,242 |
$10,229 |
01/19 |
$10,244 |
$10,319 |
$10,260 |
02/19 |
$10,256 |
$10,375 |
$10,284 |
03/19 |
$10,269 |
$10,539 |
$10,312 |
04/19 |
$10,283 |
$10,578 |
$10,319 |
05/19 |
$10,295 |
$10,724 |
$10,358 |
06/19 |
$10,318 |
$10,764 |
$10,390 |
07/19 |
$10,329 |
$10,850 |
$10,424 |
08/19 |
$10,340 |
$11,022 |
$10,439 |
09/19 |
$10,341 |
$10,933 |
$10,417 |
10/19 |
$10,362 |
$10,953 |
$10,447 |
11/19 |
$10,371 |
$10,980 |
$10,465 |
12/19 |
$10,383 |
$11,014 |
$10,481 |
01/20 |
$10,403 |
$11,212 |
$10,517 |
02/20 |
$10,423 |
$11,356 |
$10,539 |
03/20 |
$10,373 |
$10,944 |
$10,486 |
04/20 |
$10,330 |
$10,807 |
$10,510 |
05/20 |
$10,388 |
$11,151 |
$10,614 |
06/20 |
$10,426 |
$11,242 |
$10,614 |
07/20 |
$10,444 |
$11,432 |
$10,641 |
08/20 |
$10,449 |
$11,378 |
$10,643 |
09/20 |
$10,454 |
$11,381 |
$10,650 |
10/20 |
$10,448 |
$11,346 |
$10,642 |
11/20 |
$10,473 |
$11,518 |
$10,655 |
12/20 |
$10,487 |
$11,588 |
$10,665 |
01/21 |
$10,501 |
$11,662 |
$10,682 |
02/21 |
$10,495 |
$11,476 |
$10,679 |
03/21 |
$10,498 |
$11,547 |
$10,687 |
04/21 |
$10,512 |
$11,644 |
$10,694 |
05/21 |
$10,515 |
$11,679 |
$10,698 |
06/21 |
$10,508 |
$11,711 |
$10,698 |
07/21 |
$10,520 |
$11,808 |
$10,711 |
08/21 |
$10,512 |
$11,765 |
$10,709 |
09/21 |
$10,503 |
$11,680 |
$10,698 |
10/21 |
$10,505 |
$11,645 |
$10,695 |
11/21 |
$10,507 |
$11,745 |
$10,699 |
12/21 |
$10,508 |
$11,764 |
$10,698 |
01/22 |
$10,468 |
$11,442 |
$10,627 |
02/22 |
$10,461 |
$11,401 |
$10,613 |
03/22 |
$10,433 |
$11,031 |
$10,525 |
04/22 |
$10,397 |
$10,726 |
$10,482 |
05/22 |
$10,425 |
$10,885 |
$10,562 |
06/22 |
$10,432 |
$10,707 |
$10,565 |
07/22 |
$10,452 |
$10,990 |
$10,622 |
08/22 |
$10,434 |
$10,749 |
$10,538 |
09/22 |
$10,404 |
$10,336 |
$10,448 |
10/22 |
$10,420 |
$10,250 |
$10,461 |
11/22 |
$10,497 |
$10,730 |
$10,582 |
12/22 |
$10,506 |
$10,761 |
$10,576 |
01/23 |
$10,576 |
$11,070 |
$10,665 |
02/23 |
$10,508 |
$10,819 |
$10,575 |
03/23 |
$10,591 |
$11,059 |
$10,689 |
04/23 |
$10,569 |
$11,034 |
$10,658 |
05/23 |
$10,559 |
$10,939 |
$10,646 |
06/23 |
$10,612 |
$11,048 |
$10,697 |
07/23 |
$10,623 |
$11,092 |
$10,720 |
08/23 |
$10,645 |
$10,932 |
$10,731 |
09/23 |
$10,624 |
$10,612 |
$10,687 |
10/23 |
$10,649 |
$10,521 |
$10,716 |
11/23 |
$10,748 |
$11,189 |
$10,872 |
12/23 |
$10,806 |
$11,449 |
$10,935 |
01/24 |
$10,823 |
$11,391 |
$10,932 |
02/24 |
$10,838 |
$11,406 |
$10,948 |
03/24 |
$10,834 |
$11,405 |
$10,948 |
04/24 |
$10,851 |
$11,264 |
$10,949 |
05/24 |
$10,868 |
$11,231 |
$10,975 |
06/24 |
$10,920 |
$11,403 |
$11,038 |
07/24 |
$10,982 |
$11,507 |
$11,110 |
08/24 |
$11,044 |
$11,598 |
$11,183 |
09/24 |
$11,073 |
$11,712 |
$11,218 |
10/24 |
$11,059 |
$11,542 |
$11,190 |
11/24 |
$11,100 |
$11,741 |
$11,234 |
12/24 |
$11,109 |
$11,570 |
$11,231 |
01/25 |
$11,162 |
$11,628 |
$11,290 |
02/25 |
$11,197 |
$11,743 |
$11,338 |
03/25 |
$11,215 |
$11,544 |
$11,350 |
04/25 |
$11,208 |
$11,451 |
$11,330 |
05/25 |
$11,248 |
$11,459 |
$11,384 |
06/25 |
$11,296 |
$11,530 |
$11,443 |
07/25 |
$11,331 |
$11,507 |
$11,501 |
08/25 |
$11,380 |
$11,607 |
$11,547 |
09/25 |
$11,397 |
$11,876 |
$11,556 |
10/25 |
$11,400 |
$12,023 |
$11,550 |
11/25 |
$11,425 |
$12,050 |
$11,583 |
12/25 |
$11,450 |
$12,061 |
$11,621 |
01/26 |
$11,508 |
$12,174 |
$11,685 |
02/26 |
$11,551 |
$12,326 |
$11,733 |
03/26 |
$11,507 |
$12,040 |
$11,694 |
04/26 |
$11,531 |
$12,178 |
$11,704 |
05/26 |
$11,555 |
$12,223 |
$11,739 |
06/26 |
$11,589 |
$12,341 |
$11,783 |
07/26 |
$11,576 |
$12,113 |
$11,777 |
08/26 |
$11,625 |
$12,085 |
$11,820 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Class AFootnote Reference(a) |
2.14 |
2.03 |
1.52 |
Bloomberg Municipal Bond Index |
4.12 |
0.54 |
1.91 |
Bloomberg 1 Year Municipal Bond Index |
2.36 |
1.99 |
1.69 |
| Footnote | Description |
Footnote(a) |
The Fund’s performance prior to September 1, 2022 reflects returns achieved according to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown may have been different. The Fund’s performance prior to January 21, 2022 reflects returns achieved by BMO Ultra Short Tax-Free Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$78,071,425 |
|---|---|
Total number of portfolio holdings |
78 |
Management services fees (represents 0.21% of Fund average net assets) |
$152,378 |
Portfolio turnover for the reporting period |
68% |
Columbia Ultra Short Duration Municipal Bond Fund | Class A | ASR320-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top States/Territories
Texas |
14.6% |
|---|---|
New York |
13.2% |
California |
7.8% |
Colorado |
5.9% |
Wisconsin |
3.9% |
Florida |
3.6% |
Illinois |
3.5% |
Massachusetts |
3.4% |
Missouri |
3.2% |
Alabama |
2.7% |
Asset Categories
Municipal Bonds |
79.4% | |
|---|---|---|
Municipal Short Term |
14.6% | |
Money Market Funds |
4.8% | |
Floating Rate Notes |
2.6% | |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Ultra Short Duration Municipal Bond Fund | Class A | ASR320-01_(10/26) |
Columbia Ultra Short Duration Municipal Bond Fund
Institutional Class | USMEX
Annual Shareholder Report | August 31, 2026
This annual shareholder report contains important information about Columbia Ultra Short Duration Municipal Bond Fund (the Fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$32 |
0.32% |
Management's Discussion of Fund Performance
The performance of Institutional Class shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Yield carry | The Fund’s higher than benchmark yield was a significant contributor to the Fund’s benchmark-relative performance during the period.
Sector allocation | Sector allocation was a major contributor to the Fund’s relative performance. Overweights to industrial development revenue bonds (IDR), housing and airports added to relative performance.
Credit quality allocation | While quality allocation was neutral, an overweight to not-rated bonds added to relative performance.
Credit quality security selection | While overall security selection was neutral, selection in AA-rated bonds contributed to the Fund’s performance relative to its benchmark.
Sector security selection | While overall sector security selection detracted from benchmark-relative performance, selection in prepay gas bonds was a positive contributor to Fund performance.
Top Performance Detractors
Sector security selection | Security selection detracted from benchmark-relative performance, with selection in IDR and state general obligation (GO) bonds acting as a headwind to performance relative to the benchmark.
Sector allocation | An overweight to cash detracted from relative performance.
Credit quality allocation | While quality allocation was neutral, an overweight to AAA-rated bonds detracted from relative performance.
Credit quality security selection | While overall security selection was neutral, selection in AAA-rated and A-rated bonds detracted from the Fund’s relative performance.
Columbia Ultra Short Duration Municipal Bond Fund | Institutional Class | ASR320-08_(10/26) |
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Institutional Class shares of the Fund during the stated time period.
Growth of $10,000
Columbia Ultra Short Duration Municipal Bond Fund Institutional Class ($11,861) |
Bloomberg Municipal Bond Index ($12,085) |
Bloomberg 1 Year Municipal Bond Index ($11,820) | |
|---|---|---|---|
08/16 |
$10,000 |
$10,000 |
$10,000 |
09/16 |
$10,007 |
$9,950 |
$9,979 |
10/16 |
$10,015 |
$9,846 |
$9,986 |
11/16 |
$10,011 |
$9,479 |
$9,942 |
12/16 |
$10,020 |
$9,590 |
$9,962 |
01/17 |
$10,037 |
$9,653 |
$9,998 |
02/17 |
$10,055 |
$9,720 |
$10,031 |
03/17 |
$10,053 |
$9,741 |
$10,031 |
04/17 |
$10,072 |
$9,812 |
$10,047 |
05/17 |
$10,080 |
$9,968 |
$10,066 |
06/17 |
$10,089 |
$9,932 |
$10,057 |
07/17 |
$10,108 |
$10,012 |
$10,081 |
08/17 |
$10,116 |
$10,088 |
$10,104 |
09/17 |
$10,124 |
$10,037 |
$10,092 |
10/17 |
$10,133 |
$10,062 |
$10,093 |
11/17 |
$10,122 |
$10,008 |
$10,047 |
12/17 |
$10,137 |
$10,112 |
$10,054 |
01/18 |
$10,148 |
$9,993 |
$10,082 |
02/18 |
$10,157 |
$9,963 |
$10,099 |
03/18 |
$10,168 |
$10,000 |
$10,092 |
04/18 |
$10,181 |
$9,964 |
$10,083 |
05/18 |
$10,193 |
$10,079 |
$10,116 |
06/18 |
$10,215 |
$10,087 |
$10,151 |
07/18 |
$10,225 |
$10,112 |
$10,173 |
08/18 |
$10,227 |
$10,138 |
$10,169 |
09/18 |
$10,240 |
$10,072 |
$10,149 |
10/18 |
$10,244 |
$10,010 |
$10,158 |
11/18 |
$10,269 |
$10,121 |
$10,190 |
12/18 |
$10,283 |
$10,242 |
$10,229 |
01/19 |
$10,307 |
$10,319 |
$10,260 |
02/19 |
$10,322 |
$10,375 |
$10,284 |
03/19 |
$10,337 |
$10,539 |
$10,312 |
04/19 |
$10,353 |
$10,578 |
$10,319 |
05/19 |
$10,368 |
$10,724 |
$10,358 |
06/19 |
$10,393 |
$10,764 |
$10,390 |
07/19 |
$10,406 |
$10,850 |
$10,424 |
08/19 |
$10,430 |
$11,022 |
$10,439 |
09/19 |
$10,433 |
$10,933 |
$10,417 |
10/19 |
$10,446 |
$10,953 |
$10,447 |
11/19 |
$10,458 |
$10,980 |
$10,465 |
12/19 |
$10,472 |
$11,014 |
$10,481 |
01/20 |
$10,494 |
$11,212 |
$10,517 |
02/20 |
$10,516 |
$11,356 |
$10,539 |
03/20 |
$10,468 |
$10,944 |
$10,486 |
04/20 |
$10,426 |
$10,807 |
$10,510 |
05/20 |
$10,488 |
$11,151 |
$10,614 |
06/20 |
$10,528 |
$11,242 |
$10,614 |
07/20 |
$10,548 |
$11,432 |
$10,641 |
08/20 |
$10,556 |
$11,378 |
$10,643 |
09/20 |
$10,563 |
$11,381 |
$10,650 |
10/20 |
$10,559 |
$11,346 |
$10,642 |
11/20 |
$10,587 |
$11,518 |
$10,655 |
12/20 |
$10,603 |
$11,588 |
$10,665 |
01/21 |
$10,619 |
$11,662 |
$10,682 |
02/21 |
$10,615 |
$11,476 |
$10,679 |
03/21 |
$10,621 |
$11,547 |
$10,687 |
04/21 |
$10,637 |
$11,644 |
$10,694 |
05/21 |
$10,643 |
$11,679 |
$10,698 |
06/21 |
$10,638 |
$11,711 |
$10,698 |
07/21 |
$10,652 |
$11,808 |
$10,711 |
08/21 |
$10,646 |
$11,765 |
$10,709 |
09/21 |
$10,640 |
$11,680 |
$10,698 |
10/21 |
$10,643 |
$11,645 |
$10,695 |
11/21 |
$10,647 |
$11,745 |
$10,699 |
12/21 |
$10,651 |
$11,764 |
$10,698 |
01/22 |
$10,613 |
$11,442 |
$10,627 |
02/22 |
$10,606 |
$11,401 |
$10,613 |
03/22 |
$10,569 |
$11,031 |
$10,525 |
04/22 |
$10,544 |
$10,726 |
$10,482 |
05/22 |
$10,574 |
$10,885 |
$10,562 |
06/22 |
$10,583 |
$10,707 |
$10,565 |
07/22 |
$10,604 |
$10,990 |
$10,622 |
08/22 |
$10,587 |
$10,749 |
$10,538 |
09/22 |
$10,558 |
$10,336 |
$10,448 |
10/22 |
$10,576 |
$10,250 |
$10,461 |
11/22 |
$10,655 |
$10,730 |
$10,582 |
12/22 |
$10,665 |
$10,761 |
$10,576 |
01/23 |
$10,737 |
$11,070 |
$10,665 |
02/23 |
$10,670 |
$10,819 |
$10,575 |
03/23 |
$10,756 |
$11,059 |
$10,689 |
04/23 |
$10,734 |
$11,034 |
$10,658 |
05/23 |
$10,725 |
$10,939 |
$10,646 |
06/23 |
$10,770 |
$11,048 |
$10,697 |
07/23 |
$10,793 |
$11,092 |
$10,720 |
08/23 |
$10,817 |
$10,932 |
$10,731 |
09/23 |
$10,798 |
$10,612 |
$10,687 |
10/23 |
$10,824 |
$10,521 |
$10,716 |
11/23 |
$10,926 |
$11,189 |
$10,872 |
12/23 |
$10,986 |
$11,449 |
$10,935 |
01/24 |
$11,005 |
$11,391 |
$10,932 |
02/24 |
$11,022 |
$11,406 |
$10,948 |
03/24 |
$11,030 |
$11,405 |
$10,948 |
04/24 |
$11,037 |
$11,264 |
$10,949 |
05/24 |
$11,067 |
$11,231 |
$10,975 |
06/24 |
$11,120 |
$11,403 |
$11,038 |
07/24 |
$11,185 |
$11,507 |
$11,110 |
08/24 |
$11,238 |
$11,598 |
$11,183 |
09/24 |
$11,268 |
$11,712 |
$11,218 |
10/24 |
$11,256 |
$11,542 |
$11,190 |
11/24 |
$11,298 |
$11,741 |
$11,234 |
12/24 |
$11,308 |
$11,570 |
$11,231 |
01/25 |
$11,364 |
$11,628 |
$11,290 |
02/25 |
$11,412 |
$11,743 |
$11,338 |
03/25 |
$11,420 |
$11,544 |
$11,350 |
04/25 |
$11,426 |
$11,451 |
$11,330 |
05/25 |
$11,468 |
$11,459 |
$11,384 |
06/25 |
$11,507 |
$11,530 |
$11,443 |
07/25 |
$11,555 |
$11,507 |
$11,501 |
08/25 |
$11,595 |
$11,607 |
$11,547 |
09/25 |
$11,614 |
$11,876 |
$11,556 |
10/25 |
$11,619 |
$12,023 |
$11,550 |
11/25 |
$11,645 |
$12,050 |
$11,583 |
12/25 |
$11,684 |
$12,061 |
$11,621 |
01/26 |
$11,745 |
$12,174 |
$11,685 |
02/26 |
$11,778 |
$12,326 |
$11,733 |
03/26 |
$11,746 |
$12,040 |
$11,694 |
04/26 |
$11,761 |
$12,178 |
$11,704 |
05/26 |
$11,786 |
$12,223 |
$11,739 |
06/26 |
$11,823 |
$12,341 |
$11,783 |
07/26 |
$11,823 |
$12,113 |
$11,777 |
08/26 |
$11,861 |
$12,085 |
$11,820 |
Average Annual Total Returns (%) |
1 year |
5 years |
10 years |
|---|---|---|---|
Institutional ClassFootnote Reference(a)Footnote Reference(b) |
2.30 |
2.19 |
1.72 |
Bloomberg Municipal Bond Index |
4.12 |
0.54 |
1.91 |
Bloomberg 1 Year Municipal Bond Index |
2.36 |
1.99 |
1.69 |
| Footnote | Description |
Footnote(a) |
The returns shown for periods prior to January 26, 2022 (including Since Fund Inception returns, if shown) include the returns of Advisor Class. Advisor Class shares were offered prior to the Fund's Institutional Class shares but have since been merged into the Fund’s Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |
Footnote(b) |
The Fund’s performance prior to September 1, 2022 reflects returns achieved according to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown may have been different. The Fund’s performance prior to January 21, 2022 reflects returns achieved by BMO Ultra Short Tax-Free Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.
Key Fund Statistics
Fund net assets |
$78,071,425 |
|---|---|
Total number of portfolio holdings |
78 |
Management services fees (represents 0.21% of Fund average net assets) |
$152,378 |
Portfolio turnover for the reporting period |
68% |
Columbia Ultra Short Duration Municipal Bond Fund | Institutional Class | ASR320-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top States/Territories
Texas |
14.6% |
|---|---|
New York |
13.2% |
California |
7.8% |
Colorado |
5.9% |
Wisconsin |
3.9% |
Florida |
3.6% |
Illinois |
3.5% |
Massachusetts |
3.4% |
Missouri |
3.2% |
Alabama |
2.7% |
Asset Categories
Municipal Bonds |
79.4% | |
|---|---|---|
Municipal Short Term |
14.6% | |
Money Market Funds |
4.8% | |
Floating Rate Notes |
2.6% | |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Ultra Short Duration Municipal Bond Fund | Institutional Class | ASR320-08_(10/26) |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics (the “Code”) that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett, Amrit Kanwal and Sandra L. Yeager qualify as “audit committee financial experts,” as such term is defined in Form N-CSR. Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett, Mr. Kanwal and Ms. Yeager, are also each “independent” members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.
| Amount billed to the registrant ($) | Amount billed to the registrant’s investment advisor ($) |
|||||||||||||||
| August 31, 2026 | August 31, 2025 | August 31, 2026 | August 31, 2025 | |||||||||||||
| Audit fees (a) |
131,296 | 129,692 | 0 | 0 | ||||||||||||
| Audit-related fees (b) |
0 | 0 | 0 | 0 | ||||||||||||
| Tax fees (c) |
73,906 | 73,274 | 0 | 0 | ||||||||||||
| All other fees (d) |
0 | 0 | 0 | 0 | ||||||||||||
| Non-audit fees (g) |
0 | 0 | 392,000 | 474,000 | ||||||||||||
(a) Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.
(c) Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice, tax planning and foreign tax filings, if applicable.
(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.
The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the “Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (“Fund Services”); (ii) non-audit services to the registrant’s Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund (“Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.
Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee’s responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.
On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.
The Fund’s Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
(h) The registrant’s Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Columbia Emerging Markets Bond Fund
Annual Financial Statements and Additional Information
August 31, 2026
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 9 | |
| 10 | |
| 11 | |
| 14 | |
| 18 | |
| 30 | |
| 31 | |
| 32 |
Columbia Emerging Markets Bond Fund | 2026
Portfolio of Investments
August 31, 2026
(Percentages represent value of investments compared to net assets)
Investments in securities
| Convertible Bonds 0.0% | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| China 0.0% | ||||
| Country Garden Holdings Co., Ltd.(a) | ||||
| 12/31/2031 |
0.000% |
1,993,132 |
138,392 | |
| Total Convertible Bonds (Cost $302,481) |
138,392 | |||
| Corporate Bonds & Notes 6.9% | ||||
| Brazil 0.1% | ||||
| Raizen Fuels Finance SA(b) | ||||
| 07/08/2032 |
6.250% |
486,000 |
279,236 | |
| China 0.0% | ||||
| Country Garden Holdings Co., Ltd.(c) | ||||
| 12/31/2032 |
5.000% |
981,299 |
109,395 | |
| Ghana 0.0% | ||||
| Kosmos Energy Ltd.(b) | ||||
| 10/01/2031 |
8.750% |
200,000 |
179,177 | |
| Indonesia 0.7% | ||||
| Indofood CBP Sukses Makmur Tbk PT(b) | ||||
| 06/09/2031 |
3.398% |
2,800,000 |
2,544,343 | |
| Malaysia 0.5% | ||||
| GENM Capital Labuan Ltd.(b) | ||||
| 04/19/2031 |
3.882% |
1,930,000 |
1,734,784 | |
| Russian Federation 0.3% | ||||
| Phosagro OAO Via Phosagro Bond Funding DAC(b) | ||||
| 09/16/2028 |
2.600% |
1,532,000 |
1,025,281 | |
| Saudi Arabia 2.2% | ||||
| EIG Pearl Holdings Sarl(b) | ||||
| 08/31/2036 |
3.545% |
2,230,807 |
1,984,824 | |
| Greensaif Pipelines Bidco Sarl(b) | ||||
| 02/23/2036 |
5.853% |
2,900,000 |
2,900,839 | |
| 02/23/2038 |
6.129% |
1,100,000 |
1,109,058 | |
| 08/23/2042 |
6.103% |
1,900,000 |
1,881,640 | |
| Total |
7,876,361 | |||
| South Korea 0.6% | ||||
| LG Energy Solution Ltd.(b) | ||||
| 04/02/2035 |
5.875% |
2,000,000 |
1,987,452 | |
| Tanzania 0.6% | ||||
| AngloGold Ashanti Holdings PLC | ||||
| 10/01/2030 |
3.750% |
565,000 |
533,250 | |
| Corporate Bonds & Notes (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| HTA Group Ltd.(b) | ||||
| 06/04/2029 |
7.500% |
1,468,000 |
1,501,405 | |
| Total |
2,034,655 | |||
| Turkey 0.8% | ||||
| Sisecam UK PLC(b) | ||||
| 05/02/2032 |
8.625% |
2,700,000 |
2,714,650 | |
| United Arab Emirates 1.1% | ||||
| Galaxy Pipeline Assets Bidco Ltd.(b) | ||||
| 03/31/2036 |
2.625% |
1,780,000 |
1,533,997 | |
| 09/30/2040 |
2.940% |
3,179,168 |
2,575,667 | |
| Total |
4,109,664 | |||
| Total Corporate Bonds & Notes (Cost $26,107,101) |
24,594,998 | |||
| Foreign Government Obligations(d),(e) 88.8% | ||||
| Angola 0.9% | ||||
| Angolan Government International Bond(b) | ||||
| 05/08/2048 |
9.375% |
3,424,000 |
3,266,621 | |
| Argentina 2.6% | ||||
| Argentine Republic Government International Bond(f) | ||||
| 07/09/2035 |
2.750% |
11,729,527 |
8,865,869 | |
| 07/09/2046 |
3.750% |
554,545 |
393,609 | |
| Total |
9,259,478 | |||
| Bahrain 3.4% | ||||
| Bahrain Government International Bond(b) | ||||
| 01/25/2033 |
5.250% |
2,800,000 |
2,478,998 | |
| 05/18/2034 |
5.625% |
2,443,000 |
2,166,026 | |
| 06/10/2036 |
7.125% |
1,847,000 |
1,767,008 | |
| CBB International Sukuk Programme Co. WLL(b) | ||||
| 05/18/2029 |
3.875% |
3,771,000 |
3,514,725 | |
| 09/03/2034 |
6.124% |
2,476,000 |
2,369,414 | |
| Total |
12,296,171 | |||
| Brazil 2.3% | ||||
| Brazil Notas do Tesouro Nacional | ||||
| 01/01/2031 |
10.000% |
BRL |
2,080,600 |
3,547,184 |
| Brazilian Government International Bond | ||||
| 01/22/2032 |
6.125% |
1,436,000 |
1,453,363 | |
| 01/27/2045 |
5.000% |
501,000 |
385,879 | |
| 05/13/2054 |
7.125% |
1,152,000 |
1,108,363 | |
| 01/12/2056 |
7.250% |
1,829,000 |
1,760,531 | |
| Total |
8,255,320 | |||
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026
| Foreign Government Obligations(d),(e) (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Chile 3.8% | ||||
| Chile Government International Bond | ||||
| 01/05/2036 |
4.950% |
7,354,034 |
7,107,819 | |
| 06/21/2047 |
3.860% |
2,464,000 |
1,860,676 | |
| Corp Nacional del Cobre de Chile(b) | ||||
| 01/30/2037 |
5.529% |
3,543,000 |
3,432,480 | |
| 01/30/2050 |
3.700% |
548,000 |
366,462 | |
| Empresa Nacional del Petroleo(b) | ||||
| 05/10/2033 |
6.150% |
613,000 |
625,032 | |
| Total |
13,392,469 | |||
| Colombia 3.9% | ||||
| Colombia Government International Bond | ||||
| 01/30/2030 |
3.000% |
352,000 |
322,413 | |
| 04/15/2031 |
3.125% |
579,000 |
511,571 | |
| 04/22/2032 |
3.250% |
1,652,000 |
1,419,463 | |
| 11/07/2036 |
7.750% |
1,351,000 |
1,436,537 | |
| 09/18/2037 |
7.375% |
2,100,000 |
2,175,081 | |
| 02/26/2044 |
5.625% |
1,760,000 |
1,472,970 | |
| Colombian TES | ||||
| 01/24/2035 |
11.750% |
COP |
22,700,000,000 |
6,643,336 |
| Total |
13,981,371 | |||
| Dominican Republic 3.6% | ||||
| Dominican Republic International Bond(b) | ||||
| 01/30/2030 |
4.500% |
3,880,000 |
3,740,019 | |
| 09/23/2032 |
4.875% |
2,300,000 |
2,167,655 | |
| 10/28/2035 |
5.875% |
3,100,000 |
3,014,850 | |
| 04/30/2044 |
7.450% |
3,110,000 |
3,295,387 | |
| 06/05/2049 |
6.400% |
800,000 |
755,733 | |
| Total |
12,973,644 | |||
| Ecuador 1.5% | ||||
| Ecuador Government International Bond(b) | ||||
| 01/29/2034 |
8.750% |
1,892,000 |
1,888,798 | |
| 01/29/2039 |
9.250% |
975,000 |
983,586 | |
| Ecuador Government International Bond(b),(f) | ||||
| 07/31/2035 |
6.900% |
1,250,155 |
1,142,569 | |
| 07/31/2040 |
5.500% |
1,861,021 |
1,524,332 | |
| Total |
5,539,285 | |||
| Egypt 1.5% | ||||
| Egypt Government International Bond(b) | ||||
| 02/21/2048 |
7.903% |
2,316,000 |
2,081,320 | |
| 02/16/2061 |
7.500% |
3,901,000 |
3,294,312 | |
| Total |
5,375,632 | |||
| Ghana 1.0% | ||||
| Ghana Government International Bond(b),(f) | ||||
| 07/03/2035 |
5.000% |
3,915,276 |
3,650,999 | |
| Foreign Government Obligations(d),(e) (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Guatemala 0.5% | ||||
| Guatemala Government Bond(b) | ||||
| 08/06/2031 |
6.050% |
886,000 |
901,042 | |
| 10/07/2033 |
3.700% |
792,000 |
696,576 | |
| 06/01/2050 |
6.125% |
357,000 |
345,340 | |
| Total |
1,942,958 | |||
| Hungary 4.1% | ||||
| Hungary Government Bond | ||||
| 04/25/2041 |
3.000% |
HUF |
2,025,230,000 |
4,723,293 |
| Hungary Government International Bond(b) | ||||
| 09/22/2031 |
2.125% |
5,967,000 |
5,141,399 | |
| 09/22/2032 |
6.250% |
296,000 |
310,505 | |
| 03/26/2036 |
5.500% |
3,469,000 |
3,419,461 | |
| 09/21/2051 |
3.125% |
1,700,000 |
1,026,010 | |
| Total |
14,620,668 | |||
| India 1.1% | ||||
| Export-Import Bank of India(b) | ||||
| 02/01/2028 |
3.875% |
2,000,000 |
1,970,130 | |
| 01/15/2030 |
3.250% |
2,000,000 |
1,882,579 | |
| Total |
3,852,709 | |||
| Indonesia 6.8% | ||||
| Indonesia Government International Bond | ||||
| 09/18/2029 |
3.400% |
2,000,000 |
1,932,854 | |
| 02/11/2049 |
5.350% |
422,000 |
384,938 | |
| 10/30/2049 |
3.700% |
1,899,000 |
1,321,051 | |
| Pertamina Persero PT(b) | ||||
| 11/07/2048 |
6.500% |
1,000,000 |
985,533 | |
| Perusahaan Penerbit SBSN Indonesia III(b) | ||||
| 06/06/2032 |
4.700% |
13,826,000 |
13,545,356 | |
| 11/15/2033 |
5.600% |
2,430,000 |
2,459,914 | |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara(b) | ||||
| 02/03/2036 |
5.450% |
268,000 |
253,746 | |
| PT Perusahaan Listrik Negara(b) | ||||
| 07/17/2049 |
4.875% |
4,114,000 |
3,192,161 | |
| Total |
24,075,553 | |||
| Ivory Coast 1.2% | ||||
| Ivory Coast Government International Bond(b) | ||||
| 03/03/2028 |
6.375% |
1,267,300 |
1,280,163 | |
| 04/01/2036 |
8.075% |
830,000 |
896,881 | |
| 01/30/2037 |
8.250% |
1,900,000 |
2,067,527 | |
| Total |
4,244,571 | |||
| Jordan 0.3% | ||||
| Jordan Government International Bond(b) | ||||
| 10/10/2047 |
7.375% |
1,197,000 |
1,165,791 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Emerging Markets Bond Fund | 2026
Portfolio of Investments (continued)
August 31, 2026
| Foreign Government Obligations(d),(e) (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Kazakhstan 2.3% | ||||
| Baiterek National Investment Holding JSC(b) | ||||
| 05/06/2033 |
5.200% |
2,464,000 |
2,432,304 | |
| Development Bank of Kazakhstan(b) | ||||
| 04/15/2027 |
5.500% |
1,401,000 |
1,405,571 | |
| KazMunayGas National Co. JSC(b) | ||||
| 04/19/2047 |
5.750% |
2,800,000 |
2,547,489 | |
| QazaqGaz NC JSC(b) | ||||
| 05/08/2036 |
5.625% |
1,795,000 |
1,756,662 | |
| Total |
8,142,026 | |||
| Kenya 0.5% | ||||
| Republic of Kenya Government International Bond(b) | ||||
| 02/26/2039 |
8.700% |
1,739,000 |
1,709,185 | |
| Lebanon 0.3% | ||||
| Lebanon Government International Bond(b),(g) | ||||
| 04/12/2021 |
0.000% |
1,768,000 |
531,082 | |
| 11/04/2024 |
0.000% |
1,510,000 |
416,829 | |
| 03/20/2028 |
0.000% |
1,041,000 |
292,343 | |
| Total |
1,240,254 | |||
| Mexico 8.8% | ||||
| Comision Federal de Electricidad(b) | ||||
| 07/26/2033 |
3.875% |
3,200,000 |
2,753,887 | |
| 01/28/2034 |
6.045% |
263,000 |
256,201 | |
| Mexican Bonos | ||||
| 05/31/2029 |
8.500% |
MXN |
61,500,000 |
3,674,809 |
| Mexico Government International Bond | ||||
| 02/12/2034 |
3.500% |
14,041,000 |
11,868,095 | |
| 02/09/2038 |
6.125% |
973,000 |
937,323 | |
| 05/16/2040 |
5.375% |
EUR |
607,000 |
690,357 |
| 05/07/2054 |
6.400% |
4,387,000 |
3,971,824 | |
| Petroleos Mexicanos | ||||
| 11/12/2026 |
7.470% |
MXN |
42,200,000 |
2,482,166 |
| 01/23/2045 |
6.375% |
1,809,000 |
1,509,818 | |
| 02/12/2048 |
6.350% |
1,400,000 |
1,130,976 | |
| 01/23/2050 |
7.690% |
2,264,000 |
2,063,436 | |
| Total |
31,338,892 | |||
| Mongolia 0.1% | ||||
| Mongolia Government International Bond(b) | ||||
| 01/19/2028 |
8.650% |
340,000 |
354,051 | |
| Morocco 1.2% | ||||
| OCP SA(b),(f),(h) | ||||
| 6.741% |
1,373,000 |
1,362,902 | ||
| Foreign Government Obligations(d),(e) (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| OCP SA(b) | ||||
| 03/01/2036 |
6.700% |
839,000 |
860,674 | |
| 06/23/2051 |
5.125% |
2,636,000 |
2,051,244 | |
| Total |
4,274,820 | |||
| Nigeria 1.8% | ||||
| Nigeria Government International Bond(b) | ||||
| 09/28/2028 |
6.125% |
1,100,000 |
1,100,140 | |
| 09/28/2033 |
7.375% |
1,657,000 |
1,691,321 | |
| 12/09/2034 |
10.375% |
776,000 |
923,298 | |
| 01/13/2036 |
8.631% |
265,000 |
287,527 | |
| 11/28/2047 |
7.625% |
2,369,000 |
2,296,250 | |
| Total |
6,298,536 | |||
| Oman 1.4% | ||||
| Oman Government International Bond(b) | ||||
| 01/17/2048 |
6.750% |
3,518,000 |
3,665,851 | |
| OQ SAOC(b) | ||||
| 05/06/2028 |
5.125% |
1,327,000 |
1,321,577 | |
| Total |
4,987,428 | |||
| Pakistan 0.6% | ||||
| Pakistan Government International Bond(b) | ||||
| 12/05/2027 |
6.875% |
1,000,000 |
1,007,169 | |
| 04/08/2031 |
7.375% |
1,078,000 |
1,082,159 | |
| Total |
2,089,328 | |||
| Panama 1.7% | ||||
| Panama Government International Bond | ||||
| 03/01/2031 |
7.500% |
1,026,000 |
1,113,882 | |
| 09/29/2032 |
2.252% |
2,200,000 |
1,824,823 | |
| 01/19/2033 |
3.298% |
3,500,000 |
3,069,206 | |
| Total |
6,007,911 | |||
| Paraguay 1.9% | ||||
| Paraguay Government International Bond(b) | ||||
| 06/28/2033 |
3.849% |
1,391,000 |
1,281,575 | |
| 08/11/2044 |
6.100% |
3,700,000 |
3,614,569 | |
| 03/30/2050 |
5.400% |
2,128,000 |
1,864,141 | |
| Total |
6,760,285 | |||
| Peru 2.0% | ||||
| Peruvian Government International Bond | ||||
| 01/15/2034 |
3.000% |
2,835,000 |
2,410,808 | |
| 11/18/2050 |
5.625% |
5,041,000 |
4,698,366 | |
| Total |
7,109,174 | |||
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026
| Foreign Government Obligations(d),(e) (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Philippines 1.1% | ||||
| Philippine Government International Bond | ||||
| 06/24/2036 |
5.325% |
1,155,000 |
1,131,292 | |
| 07/06/2046 |
3.200% |
4,200,000 |
2,795,823 | |
| Total |
3,927,115 | |||
| Poland 1.1% | ||||
| Republic of Poland Government International Bond | ||||
| 10/04/2033 |
4.875% |
1,350,000 |
1,318,478 | |
| 03/18/2054 |
5.500% |
3,015,000 |
2,694,264 | |
| Total |
4,012,742 | |||
| Romania 3.9% | ||||
| Romanian Government International Bond(b) | ||||
| 03/27/2032 |
3.625% |
15,496,000 |
13,776,848 | |
| Russian Federation 0.3% | ||||
| Gazprom PJSC via Gaz Finance PLC(b) | ||||
| 02/25/2030 |
3.250% |
1,383,000 |
926,104 | |
| Saudi Arabia 5.4% | ||||
| Avilease Capital Ltd.(b) | ||||
| 11/12/2030 |
4.750% |
2,123,000 |
2,059,496 | |
| 06/30/2031 |
5.500% |
618,000 |
614,986 | |
| KSA Ijarah Sukuk Ltd.(b) | ||||
| 09/09/2030 |
4.250% |
2,564,000 |
2,491,673 | |
| KSA Sukuk Ltd.(b) | ||||
| 10/29/2029 |
2.969% |
1,400,000 |
1,316,544 | |
| Saudi Government International Bond(b) | ||||
| 10/22/2030 |
3.250% |
1,550,000 |
1,446,242 | |
| 01/13/2035 |
5.625% |
7,789,000 |
7,908,497 | |
| 01/12/2056 |
5.875% |
1,727,000 |
1,600,104 | |
| Suci Second Investment Co.(b) | ||||
| 05/08/2032 |
4.875% |
1,800,000 |
1,762,503 | |
| Total |
19,200,045 | |||
| South Africa 2.0% | ||||
| Republic of South Africa Government International Bond | ||||
| 09/30/2049 |
5.750% |
3,500,000 |
2,901,166 | |
| 04/20/2052 |
7.300% |
2,676,000 |
2,650,284 | |
| Republic of South Africa Government International Bond(b) | ||||
| 11/19/2054 |
7.950% |
925,000 |
976,472 | |
| 12/11/2055 |
7.250% |
532,000 |
516,851 | |
| Total |
7,044,773 | |||
| Sri Lanka 0.8% | ||||
| Sri Lanka Government International Bond(b) | ||||
| 04/15/2028 |
4.000% |
205,468 |
198,415 | |
| Foreign Government Obligations(d),(e) (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Sri Lanka Government International Bond(b),(f) | ||||
| 01/15/2030 |
3.100% |
290,052 |
298,106 | |
| 03/15/2033 |
3.350% |
568,932 |
545,168 | |
| 06/15/2035 |
3.600% |
384,160 |
317,783 | |
| Sri Lanka Government International Bond(f) | ||||
| 05/15/2036 |
3.600% |
266,616 |
272,978 | |
| 02/15/2038 |
3.600% |
1,042,797 |
1,070,387 | |
| Total |
2,702,837 | |||
| Turkey 4.5% | ||||
| Turkey Government International Bond | ||||
| 02/17/2028 |
5.125% |
4,900,000 |
4,850,601 | |
| 03/14/2029 |
9.375% |
800,000 |
860,643 | |
| 04/26/2029 |
7.625% |
2,400,000 |
2,487,767 | |
| 05/30/2040 |
6.750% |
760,000 |
724,155 | |
| 05/11/2047 |
5.750% |
1,328,000 |
1,050,853 | |
| Turkiye Government International Bond | ||||
| 03/13/2030 |
5.250% |
2,526,000 |
2,439,053 | |
| 05/15/2034 |
7.625% |
2,638,000 |
2,729,611 | |
| 01/03/2035 |
6.500% |
1,000,000 |
965,743 | |
| Total |
16,108,426 | |||
| Ukraine 1.5% | ||||
| Ukraine Government International Bond(b),(f) | ||||
| 02/01/2032 |
4.000% |
2,492,400 |
2,048,917 | |
| 02/01/2034 |
4.500% |
1,207,380 |
829,029 | |
| 02/01/2035 |
4.500% |
2,916,237 |
1,965,990 | |
| 02/01/2036 |
4.500% |
918,266 |
609,601 | |
| Total |
5,453,537 | |||
| United Arab Emirates 4.0% | ||||
| Abu Dhabi Developmental Holding Co. PJSC(b) | ||||
| 05/06/2035 |
5.000% |
2,200,000 |
2,125,074 | |
| Adnoc Murban Rsc Ltd.(b) | ||||
| 09/11/2034 |
4.500% |
1,700,000 |
1,609,053 | |
| DP World Crescent Ltd.(b) | ||||
| 09/26/2028 |
4.848% |
1,500,000 |
1,484,375 | |
| DP World Ltd.(b) | ||||
| 09/25/2048 |
5.625% |
1,000,000 |
875,605 | |
| DP World PLC(b) | ||||
| 07/02/2037 |
6.850% |
6,490,000 |
6,829,862 | |
| MDGH GMTN (RSC), Ltd.(b) | ||||
| 04/28/2033 |
5.500% |
1,292,000 |
1,305,197 | |
| Total |
14,229,166 | |||
| Uruguay 1.0% | ||||
| Uruguay Government International Bond | ||||
| 11/20/2045 |
4.125% |
776,054 |
642,959 | |
| 06/18/2050 |
5.100% |
3,200,000 |
2,840,966 | |
| Total |
3,483,925 | |||
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Emerging Markets Bond Fund | 2026
Portfolio of Investments (continued)
August 31, 2026
| Foreign Government Obligations(d),(e) (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Venezuela 2.1% | ||||
| Petroleos de Venezuela SA(b),(g) | ||||
| 05/16/2024 |
0.000% |
16,531,520 |
6,627,645 | |
| Venezuela Government International Bond(b),(g) | ||||
| 10/13/2024 |
0.000% |
1,613,800 |
800,711 | |
| Total |
7,428,356 | |||
| Total Foreign Government Obligations (Cost $315,519,518) |
316,499,004 | |||
| Money Market Funds 3.7% | ||
| Shares |
Value ($) | |
| Columbia Short-Term Cash Fund, 3.871%(i),(j) |
13,117,100 |
13,110,541 |
| Total Money Market Funds (Cost $13,109,903) |
13,110,541 | |
| Total Investments in Securities (Cost $355,039,003) |
354,342,935 | |
| Other Assets & Liabilities, Net |
2,037,498 | |
| Net Assets |
$356,380,433 | |
Investments in derivatives
| Forward foreign currency exchange contracts | |||||
| Currency to be sold |
Currency to be purchased |
Counterparty |
Settlement date |
Unrealized appreciation ($) |
Unrealized depreciation ($) |
| 105,101,801 MXN |
6,181,563 USD |
HSBC |
09/25/2026 |
8,833 |
— |
| 2,440,764 EUR |
2,850,626 USD |
Morgan Stanley |
09/25/2026 |
13,012 |
— |
| Total |
21,845 |
— | |||
Notes to Portfolio of Investments
| (a) |
Zero coupon bond. |
| (b) |
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, 2026, the total value of these securities amounted to $215,751,645, which represents 60.54% of total net assets. |
| (c) |
Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
| (d) |
Principal amounts are denominated in United States Dollars unless otherwise noted. |
| (e) |
Principal and interest may not be guaranteed by a governmental entity. |
| (f) |
Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of August 31, 2026. |
| (g) |
Represents a security in default. |
| (h) |
Perpetual security with no specified maturity date. |
| (i) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
| (j) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the year ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) |
End of period shares |
| Columbia Short-Term Cash Fund, 3.871% | ||||||||
| 24,598,942 |
145,539,064 |
(157,028,103 ) |
638 |
13,110,541 |
(10,638 ) |
904,786 |
13,117,100 | |
Currency Legend
| BRL |
Brazilian Real |
| COP |
Colombian Peso |
| EUR |
Euro |
| HUF |
Hungarian Forint |
| MXN |
Mexican Peso |
| USD |
US Dollar |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund | 2026
7
Portfolio of Investments (continued)
August 31, 2026
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 Columbia Management Investment Advisers, LLC (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, if any, 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 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. Representatives of the Investment Manager report to 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, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Convertible Bonds |
— |
138,392 |
— |
138,392 |
| Corporate Bonds & Notes |
— |
24,594,998 |
— |
24,594,998 |
| Foreign Government Obligations |
— |
316,499,004 |
— |
316,499,004 |
| Money Market Funds |
13,110,541 |
— |
— |
13,110,541 |
| Total Investments in Securities |
13,110,541 |
341,232,394 |
— |
354,342,935 |
| Investments in Derivatives |
||||
| Asset |
||||
| Forward Foreign Currency Exchange Contracts |
— |
21,845 |
— |
21,845 |
| Total |
13,110,541 |
341,254,239 |
— |
354,364,780 |
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 accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Emerging Markets Bond Fund | 2026
Statement of Assets and Liabilities
August 31, 2026
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $341,929,100) |
$341,232,394 |
| Affiliated issuers (cost $13,109,903) |
13,110,541 |
| Cash |
111,399 |
| Foreign currency (cost $2,133,273) |
2,128,170 |
| Unrealized appreciation on forward foreign currency exchange contracts |
21,845 |
| Receivable for: |
|
| Capital shares sold |
230,014 |
| Dividends |
39,115 |
| Interest |
4,783,761 |
| Foreign tax reclaims |
8,696 |
| Prepaid expenses |
3,943 |
| Total assets |
361,669,878 |
| Liabilities |
|
| Payable for: |
|
| Investments purchased |
4,888,966 |
| Capital shares redeemed |
180,046 |
| Management services fees |
17,598 |
| Distribution and/or service fees |
955 |
| Transfer agent fees |
31,544 |
| Compensation of board members |
1,265 |
| Other expenses |
35,504 |
| Deferred compensation of board members |
133,567 |
| Total liabilities |
5,289,445 |
| Net assets applicable to outstanding capital stock |
$356,380,433 |
| Represented by |
|
| Paid in capital |
442,195,513 |
| Total distributable earnings (loss) |
(85,815,080 ) |
| Total - representing net assets applicable to outstanding capital stock |
$356,380,433 |
| Class A |
|
| Net assets |
$22,196,852 |
| Shares outstanding |
2,218,056 |
| Net asset value per share |
$10.01 |
| 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) |
$10.51 |
| Institutional Class |
|
| Net assets |
$128,557,958 |
| Shares outstanding |
12,825,503 |
| Net asset value per share |
$10.02 |
| Institutional 2 Class |
|
| Net assets |
$74,353,108 |
| Shares outstanding |
7,422,907 |
| Net asset value per share |
$10.02 |
| Institutional 3 Class |
|
| Net assets |
$119,208,583 |
| Shares outstanding |
11,893,471 |
| Net asset value per share |
$10.02 |
| Class R |
|
| Net assets |
$12,063,932 |
| Shares outstanding |
1,206,078 |
| Net asset value per share |
$10.00 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund | 2026
9
Statement of Operations
Year Ended August 31, 2026
| Net investment income |
|
| Income: |
|
| Dividends — affiliated issuers |
$904,786 |
| Interest |
20,613,978 |
| Interfund lending |
677 |
| Foreign taxes withheld |
(35,605 ) |
| Total income |
21,483,836 |
| Expenses: |
|
| Management services fees |
2,137,317 |
| Distribution and/or service fees |
|
| Class A |
60,131 |
| Class R |
61,742 |
| Transfer agent fees |
|
| Class A |
44,148 |
| Institutional Class |
187,931 |
| Institutional 2 Class |
41,903 |
| Institutional 3 Class |
5,463 |
| Class R |
22,645 |
| Custodian fees |
31,198 |
| Printing and postage fees |
23,199 |
| Registration fees |
97,193 |
| Accounting services fees |
42,938 |
| Legal fees |
20,153 |
| Compensation of chief compliance officer |
56 |
| Compensation of board members |
14,196 |
| Deferred compensation of board members |
32,858 |
| Other |
14,117 |
| Total expenses |
2,837,188 |
| Net investment income |
18,646,648 |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
(540,275 ) |
| Investments — affiliated issuers |
(10,638 ) |
| Foreign currency translations |
(54,010 ) |
| Forward foreign currency exchange contracts |
(663,971 ) |
| Net realized loss |
(1,268,894 ) |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
5,639,256 |
| Investments — affiliated issuers |
638 |
| Foreign currency translations |
(43,905 ) |
| Forward foreign currency exchange contracts |
133,459 |
| Net change in unrealized appreciation (depreciation) |
5,729,448 |
| Net realized and unrealized gain |
4,460,554 |
| Net increase in net assets resulting from operations |
$23,107,202 |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Emerging Markets Bond Fund | 2026
Statement of Changes in Net Assets
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 | |
| Operations |
||
| Net investment income |
$18,646,648 |
$14,695,587 |
| Net realized loss |
(1,268,894 ) |
(9,032,046 ) |
| Net change in unrealized appreciation (depreciation) |
5,729,448 |
15,778,301 |
| Net increase in net assets resulting from operations |
23,107,202 |
21,441,842 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(1,137,932 ) |
(1,342,096 ) |
| Advisor Class |
— |
(11,366 ) |
| Institutional Class |
(5,165,465 ) |
(3,831,756 ) |
| Institutional 2 Class |
(3,805,061 ) |
(3,169,576 ) |
| Institutional 3 Class |
(7,323,735 ) |
(6,132,752 ) |
| Class R |
(554,428 ) |
(615,743 ) |
| Total distributions to shareholders |
(17,986,621 ) |
(15,103,289 ) |
| Increase in net assets from capital stock activity |
18,134,829 |
46,402,162 |
| Total increase in net assets |
23,255,410 |
52,740,715 |
| Net assets at beginning of year |
333,125,023 |
280,384,308 |
| Net assets at end of year |
$356,380,433 |
$333,125,023 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund | 2026
11
Statement of Changes in Net Assets (continued)
| Year Ended |
Year Ended | |||
| August 31, 2026 |
August 31, 2025 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
323,516 |
3,270,785 |
132,205 |
1,273,197 |
| Distributions reinvested |
110,473 |
1,114,447 |
136,776 |
1,312,658 |
| Shares redeemed |
(740,987 ) |
(7,494,694 ) |
(664,946 ) |
(6,387,269 ) |
| Net decrease |
(306,998 ) |
(3,109,462 ) |
(395,965 ) |
(3,801,414 ) |
| Advisor Class |
||||
| Shares sold |
— |
— |
3,015 |
29,349 |
| Distributions reinvested |
— |
— |
1,164 |
11,211 |
| Shares redeemed |
— |
— |
(87,375 ) |
(835,361 ) |
| Net decrease |
— |
— |
(83,196 ) |
(794,801 ) |
| Institutional Class |
||||
| Shares sold |
6,296,807 |
63,565,365 |
1,417,018 |
13,663,748 |
| Distributions reinvested |
510,548 |
5,157,644 |
397,642 |
3,822,352 |
| Shares redeemed |
(1,834,312 ) |
(18,445,390 ) |
(1,051,972 ) |
(10,149,039 ) |
| Net increase |
4,973,043 |
50,277,619 |
762,688 |
7,337,061 |
| Institutional 2 Class |
||||
| Shares sold |
1,456,892 |
14,773,541 |
2,671,331 |
25,824,789 |
| Distributions reinvested |
376,756 |
3,804,040 |
329,704 |
3,168,622 |
| Shares redeemed |
(1,725,269 ) |
(17,530,177 ) |
(1,001,727 ) |
(9,637,144 ) |
| Net increase |
108,379 |
1,047,404 |
1,999,308 |
19,356,267 |
| Institutional 3 Class |
||||
| Shares sold |
353,033 |
3,573,592 |
4,555,815 |
44,725,925 |
| Distributions reinvested |
724,648 |
7,323,604 |
637,553 |
6,132,752 |
| Shares redeemed |
(3,997,916 ) |
(40,525,660 ) |
(2,634,318 ) |
(25,322,779 ) |
| Net increase (decrease) |
(2,920,235 ) |
(29,628,464 ) |
2,559,050 |
25,535,898 |
| Class R |
||||
| Shares sold |
105,509 |
1,067,118 |
35,270 |
338,586 |
| Distributions reinvested |
54,973 |
554,325 |
64,176 |
615,698 |
| Shares redeemed |
(205,698 ) |
(2,073,711 ) |
(227,727 ) |
(2,185,133 ) |
| Net decrease |
(45,216 ) |
(452,268 ) |
(128,281 ) |
(1,230,849 ) |
| Total net increase |
1,808,973 |
18,134,829 |
4,713,604 |
46,402,162 |
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Emerging Markets Bond Fund | 2026
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Columbia Emerging Markets Bond Fund | 2026
13
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 ratios of expenses and net investment income are 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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| 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 8/31/2026 |
$9.86 |
0.50 |
0.13 |
0.63 |
(0.48 ) |
(0.48 ) |
| Year Ended 8/31/2025 |
$9.64 |
0.48 |
0.23 |
0.71 |
(0.49 ) |
(0.49 ) |
| Year Ended 8/31/2024 |
$8.95 |
0.45 |
0.72 |
1.17 |
(0.48 ) |
(0.48 ) |
| Year Ended 8/31/2023 |
$9.00 |
0.43 |
(0.05 ) |
0.38 |
(0.43 ) |
(0.43 ) |
| Year Ended 8/31/2022 |
$11.59 |
0.37 |
(2.59 ) |
(2.22 ) |
(0.37 ) |
(0.37 ) |
| Institutional Class | ||||||
| Year Ended 8/31/2026 |
$9.87 |
0.52 |
0.14 |
0.66 |
(0.51 ) |
(0.51 ) |
| Year Ended 8/31/2025 |
$9.66 |
0.50 |
0.23 |
0.73 |
(0.52 ) |
(0.52 ) |
| Year Ended 8/31/2024 |
$8.96 |
0.47 |
0.73 |
1.20 |
(0.50 ) |
(0.50 ) |
| Year Ended 8/31/2023 |
$9.01 |
0.45 |
(0.04 ) |
0.41 |
(0.46 ) |
(0.46 ) |
| Year Ended 8/31/2022 |
$11.60 |
0.40 |
(2.60 ) |
(2.20 ) |
(0.39 ) |
(0.39 ) |
| Institutional 2 Class | ||||||
| Year Ended 8/31/2026 |
$9.87 |
0.54 |
0.13 |
0.67 |
(0.52 ) |
(0.52 ) |
| Year Ended 8/31/2025 |
$9.65 |
0.52 |
0.23 |
0.75 |
(0.53 ) |
(0.53 ) |
| Year Ended 8/31/2024 |
$8.96 |
0.49 |
0.71 |
1.20 |
(0.51 ) |
(0.51 ) |
| Year Ended 8/31/2023 |
$9.00 |
0.46 |
(0.03 ) |
0.43 |
(0.47 ) |
(0.47 ) |
| Year Ended 8/31/2022 |
$11.60 |
0.41 |
(2.61 ) |
(2.20 ) |
(0.40 ) |
(0.40 ) |
| Institutional 3 Class | ||||||
| Year Ended 8/31/2026 |
$9.87 |
0.54 |
0.14 |
0.68 |
(0.53 ) |
(0.53 ) |
| Year Ended 8/31/2025 |
$9.66 |
0.52 |
0.22 |
0.74 |
(0.53 ) |
(0.53 ) |
| Year Ended 8/31/2024 |
$8.96 |
0.50 |
0.72 |
1.22 |
(0.52 ) |
(0.52 ) |
| Year Ended 8/31/2023 |
$9.01 |
0.47 |
(0.05 ) |
0.42 |
(0.47 ) |
(0.47 ) |
| Year Ended 8/31/2022 |
$11.60 |
0.42 |
(2.60 ) |
(2.18 ) |
(0.41 ) |
(0.41 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Emerging Markets Bond Fund | 2026
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 8/31/2026 |
$10.01 |
6.48% |
1.11% |
1.11% |
4.92% |
46% |
$22,197 |
| Year Ended 8/31/2025 |
$9.86 |
7.67% |
1.12% |
1.12% |
4.99% |
42% |
$24,888 |
| Year Ended 8/31/2024 |
$9.64 |
13.44% |
1.13% |
1.13% (c) |
4.95% |
41% |
$28,168 |
| Year Ended 8/31/2023 |
$8.95 |
4.40% |
1.14% |
1.14% |
4.79% |
22% |
$27,469 |
| Year Ended 8/31/2022 |
$9.00 |
(19.53% ) |
1.12% |
1.12% |
3.65% |
28% |
$30,371 |
| Institutional Class | |||||||
| Year Ended 8/31/2026 |
$10.02 |
6.73% |
0.86% |
0.86% |
5.17% |
46% |
$128,558 |
| Year Ended 8/31/2025 |
$9.87 |
7.81% |
0.87% |
0.87% |
5.24% |
42% |
$77,512 |
| Year Ended 8/31/2024 |
$9.66 |
13.83% |
0.88% |
0.88% (c) |
5.13% |
41% |
$68,463 |
| Year Ended 8/31/2023 |
$8.96 |
4.66% |
0.89% |
0.89% |
5.04% |
22% |
$32,918 |
| Year Ended 8/31/2022 |
$9.01 |
(19.31% ) |
0.87% |
0.87% |
3.91% |
28% |
$41,413 |
| Institutional 2 Class | |||||||
| Year Ended 8/31/2026 |
$10.02 |
6.87% |
0.73% |
0.73% |
5.30% |
46% |
$74,353 |
| Year Ended 8/31/2025 |
$9.87 |
8.06% |
0.74% |
0.74% |
5.43% |
42% |
$72,160 |
| Year Ended 8/31/2024 |
$9.65 |
13.86% |
0.75% |
0.75% |
5.32% |
41% |
$51,299 |
| Year Ended 8/31/2023 |
$8.96 |
4.95% |
0.75% |
0.75% |
5.20% |
22% |
$41,341 |
| Year Ended 8/31/2022 |
$9.00 |
(19.29% ) |
0.73% |
0.73% |
4.05% |
28% |
$40,987 |
| Institutional 3 Class | |||||||
| Year Ended 8/31/2026 |
$10.02 |
6.93% |
0.68% |
0.68% |
5.35% |
46% |
$119,209 |
| Year Ended 8/31/2025 |
$9.87 |
8.01% |
0.69% |
0.69% |
5.43% |
42% |
$146,237 |
| Year Ended 8/31/2024 |
$9.66 |
14.03% |
0.70% |
0.70% |
5.40% |
41% |
$118,353 |
| Year Ended 8/31/2023 |
$8.96 |
4.88% |
0.70% |
0.70% |
5.25% |
22% |
$170,183 |
| Year Ended 8/31/2022 |
$9.01 |
(19.16% ) |
0.68% |
0.68% |
4.11% |
28% |
$169,057 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund | 2026
15
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 | |
| Class R | ||||||
| Year Ended 8/31/2026 |
$9.85 |
0.47 |
0.14 |
0.61 |
(0.46 ) |
(0.46 ) |
| Year Ended 8/31/2025 |
$9.64 |
0.45 |
0.23 |
0.68 |
(0.47 ) |
(0.47 ) |
| Year Ended 8/31/2024 |
$8.95 |
0.43 |
0.71 |
1.14 |
(0.45 ) |
(0.45 ) |
| Year Ended 8/31/2023 |
$8.99 |
0.40 |
(0.03 ) |
0.37 |
(0.41 ) |
(0.41 ) |
| Year Ended 8/31/2022 |
$11.58 |
0.35 |
(2.60 ) |
(2.25 ) |
(0.34 ) |
(0.34 ) |
| 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%. |
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Emerging Markets Bond Fund | 2026
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 R | |||||||
| Year Ended 8/31/2026 |
$10.00 |
6.22% |
1.36% |
1.36% |
4.67% |
46% |
$12,064 |
| Year Ended 8/31/2025 |
$9.85 |
7.29% |
1.37% |
1.37% |
4.74% |
42% |
$12,328 |
| Year Ended 8/31/2024 |
$9.64 |
13.16% |
1.38% |
1.38% (c) |
4.70% |
41% |
$13,298 |
| Year Ended 8/31/2023 |
$8.95 |
4.26% |
1.39% |
1.39% |
4.55% |
22% |
$14,117 |
| Year Ended 8/31/2022 |
$8.99 |
(19.75% ) |
1.37% |
1.37% |
3.40% |
28% |
$15,618 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Bond Fund | 2026
17
Notes to Financial Statements
August 31, 2026
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 shares are offered to the general public for investment. 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 require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect 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.
18
Columbia Emerging Markets Bond Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
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 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.
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 exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. 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 expected to be 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
Columbia Emerging Markets Bond Fund | 2026
19
Notes to Financial Statements (continued)
August 31, 2026
exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker’s customer accounts. 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 not remedied by the central counterparty 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) by account class, potentially resulting in losses to the Fund.
In connection with certain over-the-counter derivatives, 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 forward foreign currency exchange 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 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 central counterparty 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 or receive interest income on cash collateral pledged to the broker. 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 portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing its investment objectives. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities that a Fund intends to buy are denominated, when a Fund holds cash reserves and short-term investments), or for other investment purposes. These instruments may be used for other purposes in future periods.
20
Columbia Emerging Markets Bond Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
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.
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, 2026:
| Asset derivatives |
||
| Risk exposure category |
Statement of assets and liabilities location |
Fair value ($) |
| Foreign exchange risk |
Unrealized appreciation on forward foreign currency exchange contracts |
21,845 |
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, 2026:
| Amount of realized gain (loss) on derivatives recognized in income | |
| Risk exposure category |
Forward foreign currency exchange contracts ($) |
| Foreign exchange risk |
(663,971 ) |
| Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
| Risk exposure category |
Forward foreign currency exchange contracts ($) |
| Foreign exchange risk |
133,459 |
The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended August 31, 2026:
| Derivative instrument |
Average unrealized appreciation ($) |
Average unrealized depreciation ($) |
| Forward foreign currency exchange contracts |
40,617 |
(66,084 ) |
Columbia Emerging Markets Bond Fund | 2026
21
Notes to Financial Statements (continued)
August 31, 2026
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 with counterparties as well as any related collateral received or pledged by the Fund as of August 31, 2026:
| HSBC |
Morgan Stanley |
Total | ||
| Assets |
||||
| Forward foreign currency exchange contracts |
$ |
8,833 |
13,012 |
21,845 |
| Total financial and derivative net assets |
8,833 |
13,012 |
21,845 | |
| Total collateral received (pledged) (a) |
- |
- |
- | |
| Net amount (b) |
$ |
8,833 |
13,012 |
21,845 |
| (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. For convertible securities, premiums attributable to the conversion feature are not amortized.
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. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. 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.
The value of additional securities received as an income payment through a payment-in-kind, if any, is recorded as interest income and increases the cost basis of such securities.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its 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.
22
Columbia Emerging Markets Bond Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
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 and is responsible for 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 0.60% to 0.393% as the Fund’s net assets increase. The effective management services fee rate for the year ended August 31, 2026 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 the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) either pursuant to subadvisory agreements, delegation agreements, personnel-sharing agreements or similar inter-company or other arrangements or relationships, 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 with the appropriate 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 or relationships, certain personnel 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), provide such services to the Fund.
Columbia Emerging Markets Bond Fund | 2026
23
Notes to Financial Statements (continued)
August 31, 2026
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 "Deferred 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 SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS 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.
For the year ended August 31, 2026, 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 |
0.18 |
| Institutional Class |
0.18 |
| Institutional 2 Class |
0.06 |
| Institutional 3 Class |
0.00 |
| Class R |
0.18 |
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended August 31, 2026, no minimum account balance fees were charged by the Fund.
24
Columbia Emerging Markets Bond Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25% and 0.50% of the Fund’s average daily net assets attributable to Class A and Class R shares, respectively. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended August 31, 2026, if any, are listed below:
| Front End (%) |
CDSC (%) |
Amount ($) | |
| Class A |
4.75 |
0.50 - 1.00 (a) |
11,587 |
| (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. |
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
| January 1, 2026 through December 31, 2026 (%) |
Prior to January 1, 2026 (%) | |
| Class A |
1.14 |
1.14 |
| Institutional Class |
0.89 |
0.89 |
| Institutional 2 Class |
0.76 |
0.76 |
| Institutional 3 Class |
0.70 |
0.71 |
| Class R |
1.39 |
1.39 |
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
Columbia Emerging Markets Bond Fund | 2026
25
Notes to Financial Statements (continued)
August 31, 2026
At August 31, 2026, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees’ deferred compensation and foreign capital gains tax. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
| Excess of distributions over net investment income ($) |
Accumulated net realized (loss) ($) |
Paid in capital ($) |
| (125,586 ) |
125,586 |
— |
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
The tax character of distributions paid during the years indicated was as follows:
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 | ||||
| Ordinary income ($) |
Long-term capital gains ($) |
Total ($) |
Ordinary income ($) |
Long-term capital gains ($) |
Total ($) |
| 17,986,621 |
— |
17,986,621 |
15,103,289 |
— |
15,103,289 |
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At August 31, 2026, the components of distributable earnings on a tax basis were as follows:
| Undistributed ordinary income ($) |
Undistributed long-term capital gains ($) |
Capital loss carryforwards ($) |
Net unrealized (depreciation) ($) |
| 592,251 |
— |
(84,161,557 ) |
(2,094,408 ) |
At August 31, 2026, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized (depreciation) ($) |
| 356,459,188 |
9,427,372 |
(11,521,780 ) |
(2,094,408 ) |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at August 31, 2026, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended August 31, 2026, capital loss carryforwards utilized, if any, were as follows:
| No expiration short-term ($) |
No expiration long-term ($) |
Total ($) |
Utilized ($) |
| (13,325,894 ) |
(70,835,663 ) |
(84,161,557 ) |
— |
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
26
Columbia Emerging Markets Bond Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $186,350,047 and $148,244,515, respectively, for the year ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the year ended August 31, 2026 was as follows:
| Borrower or lender |
Average loan balance ($) |
Weighted average interest rate (%) |
Number of days with outstanding loans |
| Lender |
1,140,000 |
4.30 |
5 |
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at August 31, 2026.
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate and (ii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to October 22, 2026, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A., which permitted aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
Columbia Emerging Markets Bond Fund | 2026
27
Notes to Financial Statements (continued)
August 31, 2026
The Fund had no borrowings during the year ended August 31, 2026.
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.
Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Shareholder concentration risk
At August 31, 2026, affiliated shareholders of record owned 69.8% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse
28
Columbia Emerging Markets Bond Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
Columbia Emerging Markets Bond Fund | 2026
29
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Emerging Markets Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Emerging Markets Bond Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 23, 2026
We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.
30
Columbia Emerging Markets Bond Fund | 2026
Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2026. Shareholders will be notified in early 2027 of the amounts for use in preparing 2026 income tax returns.
| Foreign taxes paid to foreign countries |
Foreign taxes paid per share to foreign countries |
Foreign source income |
Foreign source income per share |
| $49,637 |
$0.0014 |
$18,648,755 |
$0.52 |
Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.
Columbia Emerging Markets Bond Fund | 2026
31
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Emerging Markets Bond Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
32
Columbia Emerging Markets Bond Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Columbia Emerging Markets Bond Fund | 2026
33
Approval of Management Agreement (continued)
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe’s median expense ratio shown in the reports.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
34
Columbia Emerging Markets Bond Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
Columbia Emerging Markets Bond Fund | 2026
35
Columbia Emerging Markets Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN141_(10/26)
Columbia Pyrford International Stock Fund
Annual Financial Statements and Additional Information
August 31, 2026
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 7 | |
| 8 | |
| 9 | |
| 12 | |
| 16 | |
| 25 | |
| 26 | |
| 27 |
Columbia Pyrford International Stock Fund | 2026
Portfolio of Investments
August 31, 2026
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 96.1% | ||
| Issuer |
Shares |
Value ($) |
| Australia 9.8% | ||
| Brambles Ltd. |
388,225 |
5,433,643 |
| Computershare Ltd. |
132,635 |
3,776,285 |
| Endeavour Group Ltd. |
731,537 |
1,644,324 |
| QBE Insurance Group Ltd. |
198,351 |
3,154,012 |
| Rio Tinto Ltd. |
16,905 |
2,112,910 |
| Woodside Energy Group Ltd. |
128,482 |
2,989,353 |
| Woolworths Group Ltd. |
153,344 |
4,424,766 |
| Total |
23,535,293 | |
| China 0.5% | ||
| Fuyao Glass Industry Group Co., Ltd. Class H |
163,200 |
1,141,191 |
| Finland 2.8% | ||
| KONE OYJ, Class B |
34,418 |
2,105,189 |
| Sampo OYJ, Class A |
400,339 |
4,511,614 |
| Total |
6,616,803 | |
| France 8.3% | ||
| Air Liquide SA |
25,326 |
4,982,243 |
| Bureau Veritas A |
97,805 |
3,095,237 |
| Dassault Systemes SE |
89,714 |
2,376,000 |
| Legrand SA |
16,801 |
2,665,655 |
| L’Oreal SA |
5,545 |
2,468,949 |
| Rubis SCA |
47,315 |
1,844,591 |
| Sanofi SA |
26,790 |
2,381,873 |
| Total |
19,814,548 | |
| Germany 9.6% | ||
| Brenntag SE |
32,755 |
2,383,626 |
| Daimler Truck Holding AG |
39,065 |
2,115,490 |
| DHL AG |
69,075 |
4,486,729 |
| Infineon Technologies AG |
35,107 |
2,288,524 |
| Merck KGaA |
20,938 |
3,370,209 |
| Nemetschek SE |
26,618 |
2,165,399 |
| SAP SE |
28,821 |
6,343,221 |
| Total |
23,153,198 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Hong Kong 4.4% | ||
| AIA Group Ltd. |
502,400 |
4,857,003 |
| ASMPT Ltd. |
96,470 |
2,013,095 |
| Power Assets Holdings Ltd. |
302,569 |
2,323,041 |
| VTech Holdings Ltd. |
195,900 |
1,278,291 |
| Total |
10,471,430 | |
| Indonesia 2.7% | ||
| PT Bank Rakyat Indonesia Persero Tbk |
22,091,900 |
4,052,072 |
| PT Telekomunikasi Indonesia Persero Tbk |
16,108,700 |
2,357,149 |
| Total |
6,409,221 | |
| Japan 14.2% | ||
| ABC-Mart, Inc. |
189,300 |
3,220,174 |
| Japan Tobacco, Inc. |
146,068 |
6,317,328 |
| KDDI Corp. |
310,200 |
5,730,258 |
| Mitsubishi Electric Corp. |
149,200 |
5,166,311 |
| Nabtesco Corp. |
124,600 |
3,564,794 |
| Nihon Kohden Corp. |
409,700 |
3,859,834 |
| Nissan Chemical Industries Ltd. |
81,200 |
4,160,625 |
| Sumitomo Rubber Industries Ltd. |
155,800 |
2,177,311 |
| Total |
34,196,635 | |
| Malaysia 2.7% | ||
| Axiata Group Bhd |
2,283,300 |
1,031,026 |
| Malayan Banking Bhd |
1,724,800 |
4,570,667 |
| Telekom Malaysia Bhd |
528,700 |
1,012,787 |
| Total |
6,614,480 | |
| Netherlands 2.3% | ||
| Koninklijke Philips NV |
86,088 |
2,292,210 |
| Wolters Kluwer NV |
39,746 |
3,269,744 |
| Total |
5,561,954 | |
| Norway 1.5% | ||
| Telenor ASA |
250,426 |
3,674,478 |
| Philippines 0.9% | ||
| BDO Unibank, Inc. |
679,620 |
1,263,240 |
| Jollibee Foods Corp. |
336,980 |
811,186 |
| Total |
2,074,426 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Pyrford International Stock Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Singapore 7.0% | ||
| ComfortDelGro Corp., Ltd. |
1,598,300 |
1,620,162 |
| Singapore Technologies Engineering Ltd. |
288,800 |
2,445,205 |
| Singapore Telecommunications Ltd. |
749,507 |
2,672,595 |
| United Overseas Bank Ltd. |
188,402 |
6,140,558 |
| Venture Corp., Ltd. |
287,400 |
3,819,588 |
| Total |
16,698,108 | |
| Sweden 2.4% | ||
| ASSA ABLOY AB, Class B |
43,334 |
1,612,565 |
| Atlas Copco AB, Class A |
82,338 |
1,767,132 |
| Essity AB, Class B |
81,312 |
2,375,556 |
| Total |
5,755,253 | |
| Switzerland 7.7% | ||
| Geberit AG |
1,856 |
1,307,611 |
| Givaudan SA |
304 |
1,232,691 |
| Nestlé SA, Registered Shares |
61,685 |
6,000,374 |
| Novartis AG, Registered Shares |
30,837 |
4,690,351 |
| Schindler Holding AG |
3,149 |
1,023,467 |
| SGS SA, Registered Shares |
16,419 |
1,881,898 |
| Zurich Insurance Group AG |
3,252 |
2,379,767 |
| Total |
18,516,159 | |
| Taiwan 2.6% | ||
| Advantech Co., Ltd. |
89,674 |
1,911,175 |
| Chunghwa Telecom Co., Ltd. |
426,000 |
1,826,250 |
| Taiwan Semiconductor Manufacturing Co., Ltd. |
32,000 |
2,404,860 |
| Total |
6,142,285 | |
| United Kingdom 13.6% | ||
| BP PLC |
216,680 |
1,549,867 |
| British American Tobacco PLC |
56,824 |
3,157,357 |
| Bunzl PLC |
73,239 |
2,756,047 |
| Croda International PLC |
50,101 |
2,329,097 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| GSK PLC |
105,107 |
2,643,397 |
| IMI PLC |
38,959 |
1,623,069 |
| Imperial Brands PLC |
56,465 |
1,929,242 |
| Legal & General Group PLC |
987,973 |
3,876,336 |
| National Grid PLC |
194,169 |
3,063,206 |
| Reckitt Benckiser Group PLC |
35,060 |
2,421,293 |
| Unilever PLC |
85,859 |
5,580,380 |
| Vodafone Group PLC |
1,020,780 |
1,636,118 |
| Total |
32,565,409 | |
| United States 3.1% | ||
| Roche Holding Ag |
12,700 |
5,536,196 |
| Shell PLC |
41,864 |
1,918,050 |
| Total |
7,454,246 | |
| Total Common Stocks (Cost $148,066,373) |
230,395,117 | |
| Preferred Stocks 1.6% | |||
| Issuer |
Shares |
Value ($) | |
| Germany 1.6% | |||
| FUCHS SE |
83,066 |
3,880,778 | |
| Total Preferred Stocks (Cost $2,185,038) |
3,880,778 | ||
| Money Market Funds 1.5% | ||
| Shares |
Value ($) | |
| Columbia Short-Term Cash Fund, 3.871%(a),(b) |
3,668,178 |
3,666,344 |
| Total Money Market Funds (Cost $3,666,309) |
3,666,344 | |
| Total Investments in Securities (Cost $153,917,720) |
237,942,239 | |
| Other Assets & Liabilities, Net |
1,964,838 | |
| Net Assets |
$239,907,077 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Pyrford International Stock Fund | 2026
Portfolio of Investments (continued)
August 31, 2026
Notes to Portfolio of Investments
| (a) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
| (b) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the year ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) |
End of period shares |
| Columbia Short-Term Cash Fund, 3.871% | ||||||||
| 5,040,341 |
53,894,677 |
(55,268,709 ) |
35 |
3,666,344 |
(1,114 ) |
173,987 |
3,668,178 | |
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 Columbia Management Investment Advisers, LLC (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.
Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.
Investments falling into the Level 3 category, if any, 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 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. Representatives of the Investment Manager report to 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, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Common Stocks |
||||
| Australia |
— |
23,535,293 |
— |
23,535,293 |
| China |
— |
1,141,191 |
— |
1,141,191 |
| Finland |
— |
6,616,803 |
— |
6,616,803 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Pyrford International Stock Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026
Fair value measurements (continued)
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| France |
— |
19,814,548 |
— |
19,814,548 |
| Germany |
— |
23,153,198 |
— |
23,153,198 |
| Hong Kong |
— |
10,471,430 |
— |
10,471,430 |
| Indonesia |
— |
6,409,221 |
— |
6,409,221 |
| Japan |
3,220,174 |
30,976,461 |
— |
34,196,635 |
| Malaysia |
— |
6,614,480 |
— |
6,614,480 |
| Netherlands |
— |
5,561,954 |
— |
5,561,954 |
| Norway |
3,674,478 |
— |
— |
3,674,478 |
| Philippines |
— |
2,074,426 |
— |
2,074,426 |
| Singapore |
— |
16,698,108 |
— |
16,698,108 |
| Sweden |
— |
5,755,253 |
— |
5,755,253 |
| Switzerland |
— |
18,516,159 |
— |
18,516,159 |
| Taiwan |
— |
6,142,285 |
— |
6,142,285 |
| United Kingdom |
— |
32,565,409 |
— |
32,565,409 |
| United States |
— |
7,454,246 |
— |
7,454,246 |
| Total Common Stocks |
6,894,652 |
223,500,465 |
— |
230,395,117 |
| Preferred Stocks |
||||
| Germany |
— |
3,880,778 |
— |
3,880,778 |
| Total Preferred Stocks |
— |
3,880,778 |
— |
3,880,778 |
| Money Market Funds |
3,666,344 |
— |
— |
3,666,344 |
| Total Investments in Securities |
10,560,996 |
227,381,243 |
— |
237,942,239 |
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third-party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third-party statistical pricing service takes into account a security’s correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Pyrford International Stock Fund | 2026
Statement of Assets and Liabilities
August 31, 2026
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $150,251,411) |
$234,275,895 |
| Affiliated issuers (cost $3,666,309) |
3,666,344 |
| Receivable for: |
|
| Capital shares sold |
1,525 |
| Dividends |
711,771 |
| Foreign tax reclaims |
3,129,285 |
| Expense reimbursement due from Investment Manager |
4,717 |
| Prepaid expenses |
3,154 |
| Total assets |
241,792,691 |
| Liabilities |
|
| Foreign currency (cost $(1,184)) |
1,186 |
| Payable for: |
|
| Investments purchased |
1,746,334 |
| Capital shares redeemed |
12,909 |
| Management services fees |
17,181 |
| Distribution and/or service fees |
39 |
| Transfer agent fees |
34,251 |
| Compensation of board members |
1,146 |
| Other expenses |
41,972 |
| Deferred compensation of board members |
30,596 |
| Total liabilities |
1,885,614 |
| Net assets applicable to outstanding capital stock |
$239,907,077 |
| Represented by |
|
| Paid in capital |
120,366,598 |
| Total distributable earnings (loss) |
119,540,479 |
| Total - representing net assets applicable to outstanding capital stock |
$239,907,077 |
| Class A |
|
| Net assets |
$1,897,130 |
| Shares outstanding |
113,049 |
| Net asset value per share |
$16.78 |
| Maximum sales charge |
5.75% |
| 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) |
$17.80 |
| Institutional Class |
|
| Net assets |
$192,730,244 |
| Shares outstanding |
12,037,926 |
| Net asset value per share |
$16.01 |
| Institutional 2 Class |
|
| Net assets |
$16,571,280 |
| Shares outstanding |
1,033,648 |
| Net asset value per share |
$16.03 |
| Institutional 3 Class |
|
| Net assets |
$28,705,565 |
| Shares outstanding |
1,762,188 |
| Net asset value per share |
$16.29 |
| Class R |
|
| Net assets |
$2,858 |
| Shares outstanding |
173 |
| Net asset value per share(a) |
$16.49 |
| (a) |
Net asset value per share rounds to this amount due to fractional shares outstanding. |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Pyrford International Stock Fund | 2026
7
Statement of Operations
Year Ended August 31, 2026
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$8,803,682 |
| Dividends — affiliated issuers |
173,987 |
| European Union tax reclaim |
203,198 |
| Foreign taxes withheld |
(288,605 ) |
| Total income |
8,892,262 |
| Expenses: |
|
| Management services fees |
2,263,788 |
| Distribution and/or service fees |
|
| Class A |
4,670 |
| Class R |
14 |
| Transfer agent fees |
|
| Class A |
2,964 |
| Institutional Class |
300,878 |
| Institutional 2 Class |
9,396 |
| Institutional 3 Class |
2,072 |
| Class R |
4 |
| Custodian fees |
36,916 |
| Printing and postage fees |
14,579 |
| Registration fees |
85,254 |
| Accounting services fees |
36,390 |
| Legal fees |
18,802 |
| Line of credit interest |
14,692 |
| Interest on interfund lending |
3,840 |
| Compensation of chief compliance officer |
46 |
| Compensation of board members |
13,203 |
| Deferred compensation of board members |
8,870 |
| Other |
48,035 |
| Total expenses |
2,864,413 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates |
(590,798 ) |
| Expense reduction |
(40 ) |
| Total net expenses |
2,273,575 |
| Net investment income |
6,618,687 |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
39,253,139 |
| Investments — affiliated issuers |
(1,114 ) |
| Foreign currency translations |
(206,050 ) |
| Net realized gain |
39,045,975 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
(6,805,206 ) |
| Investments — affiliated issuers |
35 |
| Foreign currency translations |
753 |
| Net change in unrealized appreciation (depreciation) |
(6,804,418 ) |
| Net realized and unrealized gain |
32,241,557 |
| Net increase in net assets resulting from operations |
$38,860,244 |
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Pyrford International Stock Fund | 2026
Statement of Changes in Net Assets
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 | |
| Operations |
||
| Net investment income |
$6,618,687 |
$8,568,448 |
| Net realized gain |
39,045,975 |
27,486,704 |
| Net change in unrealized appreciation (depreciation) |
(6,804,418 ) |
(8,213,346 ) |
| Net increase in net assets resulting from operations |
38,860,244 |
27,841,806 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(179,733 ) |
(121,105 ) |
| Institutional Class |
(20,396,498 ) |
(17,662,362 ) |
| Institutional 2 Class |
(2,069,898 ) |
(1,735,998 ) |
| Institutional 3 Class |
(8,648,269 ) |
(8,624,892 ) |
| Class R |
(287 ) |
(196 ) |
| Total distributions to shareholders |
(31,294,685 ) |
(28,144,553 ) |
| Decrease in net assets from capital stock activity |
(68,691,357 ) |
(68,984,292 ) |
| Total decrease in net assets |
(61,125,798 ) |
(69,287,039 ) |
| Net assets at beginning of year |
301,032,875 |
370,319,914 |
| Net assets at end of year |
$239,907,077 |
$301,032,875 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Pyrford International Stock Fund | 2026
9
Statement of Changes in Net Assets (continued)
| Year Ended |
Year Ended | |||
| August 31, 2026 |
August 31, 2025 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
12,798 |
203,908 |
15,324 |
225,615 |
| Distributions reinvested |
12,055 |
178,661 |
8,875 |
119,628 |
| Shares redeemed |
(20,840 ) |
(338,654 ) |
(17,067 ) |
(260,005 ) |
| Net increase |
4,013 |
43,915 |
7,132 |
85,238 |
| Advisor Class |
||||
| Shares sold |
— |
— |
105,252 |
1,591,999 |
| Shares redeemed |
— |
— |
(14,712,299 ) |
(215,519,842 ) |
| Net decrease |
— |
— |
(14,607,047 ) |
(213,927,843 ) |
| Institutional Class |
||||
| Shares sold |
235,986 |
3,627,094 |
14,780,136 |
213,377,668 |
| Distributions reinvested |
1,366,634 |
19,296,867 |
1,302,720 |
16,805,093 |
| Shares redeemed |
(2,332,500 ) |
(35,091,204 ) |
(3,326,418 ) |
(45,812,073 ) |
| Net increase (decrease) |
(729,880 ) |
(12,167,243 ) |
12,756,438 |
184,370,688 |
| Institutional 2 Class |
||||
| Shares sold |
28,296 |
434,000 |
52,033 |
787,313 |
| Distributions reinvested |
146,593 |
2,069,898 |
134,469 |
1,735,998 |
| Shares redeemed |
(337,669 ) |
(5,216,193 ) |
(428,893 ) |
(5,709,927 ) |
| Net decrease |
(162,780 ) |
(2,712,295 ) |
(242,391 ) |
(3,186,616 ) |
| Institutional 3 Class |
||||
| Shares sold |
292,310 |
4,541,281 |
516,474 |
7,413,686 |
| Distributions reinvested |
597,429 |
8,573,107 |
657,982 |
8,612,982 |
| Shares redeemed |
(4,394,778 ) |
(66,970,122 ) |
(3,624,491 ) |
(52,352,427 ) |
| Net decrease |
(3,505,039 ) |
(53,855,734 ) |
(2,450,035 ) |
(36,325,759 ) |
| Total net decrease |
(4,393,686 ) |
(68,691,357 ) |
(4,535,903 ) |
(68,984,292 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Pyrford International Stock Fund | 2026
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Pyrford International Stock Fund | 2026
11
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 ratios of expenses and net investment income are 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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| Net asset value, beginning of period |
Net investment income |
Net realized and unrealized gain (loss) |
Total from investment operations |
Distributions from net investment income |
Distributions from net realized gains |
Total distributions to shareholders | |
| Class A | |||||||
| Year Ended 8/31/2026 |
$16.16 |
0.40 (c) |
1.92 |
2.32 |
(0.41 ) |
(1.29 ) |
(1.70 ) |
| Year Ended 8/31/2025 |
$15.91 |
0.38 |
1.04 |
1.42 |
(0.42 ) |
(0.75 ) |
(1.17 ) |
| Year Ended 8/31/2024 |
$14.26 |
0.34 |
2.01 |
2.35 |
(0.41 ) |
(0.29 ) |
(0.70 ) |
| Year Ended 8/31/2023 |
$12.88 |
0.39 |
1.43 |
1.82 |
(0.44 ) |
— |
(0.44 ) |
| Year Ended 8/31/2022 |
$15.58 |
0.36 |
(2.61 ) |
(2.25 ) |
(0.36 ) |
(0.09 ) |
(0.45 ) |
| Institutional Class | |||||||
| Year Ended 8/31/2026 |
$15.49 |
0.41 (c) |
1.84 |
2.25 |
(0.44 ) |
(1.29 ) |
(1.73 ) |
| Year Ended 8/31/2025 |
$15.31 |
0.42 |
0.97 |
1.39 |
(0.46 ) |
(0.75 ) |
(1.21 ) |
| Year Ended 8/31/2024 |
$13.77 |
0.36 |
1.92 |
2.28 |
(0.45 ) |
(0.29 ) |
(0.74 ) |
| Year Ended 8/31/2023 |
$12.45 |
0.39 |
1.40 |
1.79 |
(0.47 ) |
— |
(0.47 ) |
| Year Ended 8/31/2022 |
$14.07 |
0.27 |
(1.89 ) |
(1.62 ) |
— |
— |
— |
| Institutional 2 Class | |||||||
| Year Ended 8/31/2026 |
$15.51 |
0.40 (c) |
1.86 |
2.26 |
(0.45 ) |
(1.29 ) |
(1.74 ) |
| Year Ended 8/31/2025 |
$15.33 |
0.39 |
1.01 |
1.40 |
(0.47 ) |
(0.75 ) |
(1.22 ) |
| Year Ended 8/31/2024 |
$13.77 |
0.40 |
1.91 |
2.31 |
(0.46 ) |
(0.29 ) |
(0.75 ) |
| Year Ended 8/31/2023 |
$12.45 |
0.40 |
1.41 |
1.81 |
(0.49 ) |
— |
(0.49 ) |
| Year Ended 8/31/2022 |
$14.07 |
0.28 |
(1.90 ) |
(1.62 ) |
— |
— |
— |
| Institutional 3 Class | |||||||
| Year Ended 8/31/2026 |
$15.74 |
0.34 (c) |
1.96 |
2.30 |
(0.46 ) |
(1.29 ) |
(1.75 ) |
| Year Ended 8/31/2025 |
$15.53 |
0.39 |
1.04 |
1.43 |
(0.47 ) |
(0.75 ) |
(1.22 ) |
| Year Ended 8/31/2024 |
$13.94 |
0.39 |
1.95 |
2.34 |
(0.46 ) |
(0.29 ) |
(0.75 ) |
| Year Ended 8/31/2023 |
$12.60 |
0.42 |
1.41 |
1.83 |
(0.49 ) |
— |
(0.49 ) |
| Year Ended 8/31/2022(g) |
$15.26 |
0.39 |
(2.55 ) |
(2.16 ) |
(0.41 ) |
(0.09 ) |
(0.50 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Pyrford International Stock Fund | 2026
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 8/31/2026 |
$16.78 |
15.71% |
1.39% (d),(e) |
1.16% (d),(e),(f) |
2.46% (c) |
8% |
$1,897 |
| Year Ended 8/31/2025 |
$16.16 |
10.40% |
1.36% (d) |
1.15% (d),(f) |
2.54% |
6% |
$1,762 |
| Year Ended 8/31/2024 |
$15.91 |
17.16% |
1.31% (d) |
1.14% (d),(f) |
2.35% |
14% |
$1,621 |
| Year Ended 8/31/2023 |
$14.26 |
14.42% |
1.28% (d) |
1.09% (d),(f) |
2.81% |
7% |
$2,049 |
| Year Ended 8/31/2022 |
$12.88 |
(14.81% ) |
1.29% (d) |
1.12% (d) |
2.51% |
17% |
$1,686 |
| Institutional Class | |||||||
| Year Ended 8/31/2026 |
$16.01 |
16.04% |
1.14% (d),(e) |
0.91% (d),(e),(f) |
2.65% (c) |
8% |
$192,730 |
| Year Ended 8/31/2025 |
$15.49 |
10.65% |
1.11% (d) |
0.91% (d),(f) |
2.98% |
6% |
$197,823 |
| Year Ended 8/31/2024 |
$15.31 |
17.26% |
1.05% (d) |
0.89% (d),(f) |
2.58% |
14% |
$174 |
| Year Ended 8/31/2023 |
$13.77 |
14.75% |
1.03% (d) |
0.84% (d),(f) |
2.97% |
7% |
$3,028 |
| Year Ended 8/31/2022 |
$12.45 |
(11.51% ) |
1.03% (d) |
0.85% (d) |
3.00% |
17% |
$1,256 |
| Institutional 2 Class | |||||||
| Year Ended 8/31/2026 |
$16.03 |
16.12% |
1.03% (d),(e) |
0.81% (d),(e) |
2.61% (c) |
8% |
$16,571 |
| Year Ended 8/31/2025 |
$15.51 |
10.70% |
1.00% (d) |
0.83% (d) |
2.70% |
6% |
$18,557 |
| Year Ended 8/31/2024 |
$15.33 |
17.52% |
1.00% (d) |
0.83% (d) |
2.91% |
14% |
$22,050 |
| Year Ended 8/31/2023 |
$13.77 |
14.87% |
0.94% (d) |
0.75% (d) |
3.02% |
7% |
$34,905 |
| Year Ended 8/31/2022 |
$12.45 |
(11.51% ) |
0.92% (d) |
0.75% (d) |
3.12% |
17% |
$39,674 |
| Institutional 3 Class | |||||||
| Year Ended 8/31/2026 |
$16.29 |
16.13% |
0.97% (d),(e) |
0.76% (d),(e) |
2.13% (c) |
8% |
$28,706 |
| Year Ended 8/31/2025 |
$15.74 |
10.82% |
0.96% (d) |
0.79% (d) |
2.68% |
6% |
$82,888 |
| Year Ended 8/31/2024 |
$15.53 |
17.53% |
0.95% (d) |
0.78% (d) |
2.75% |
14% |
$119,859 |
| Year Ended 8/31/2023 |
$13.94 |
14.86% |
0.94% (d) |
0.75% (d) |
3.17% |
7% |
$126,568 |
| Year Ended 8/31/2022 (g) |
$12.60 |
(14.53% ) |
0.88% (d) |
0.75% (d) |
2.74% |
17% |
$109,460 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Pyrford International Stock Fund | 2026
13
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 |
Distributions from net realized gains |
Total distributions to shareholders | |
| Class R | |||||||
| Year Ended 8/31/2026 |
$15.91 |
0.35 (c) |
1.89 |
2.24 |
(0.37 ) |
(1.29 ) |
(1.66 ) |
| Year Ended 8/31/2025 |
$15.68 |
0.33 |
1.03 |
1.36 |
(0.38 ) |
(0.75 ) |
(1.13 ) |
| Year Ended 8/31/2024 |
$14.06 |
0.31 |
1.98 |
2.29 |
(0.38 ) |
(0.29 ) |
(0.67 ) |
| Year Ended 8/31/2023 |
$12.71 |
0.34 |
1.42 |
1.76 |
(0.41 ) |
— |
(0.41 ) |
| Year Ended 8/31/2022 |
$14.42 |
0.29 |
(2.00 ) |
(1.71 ) |
— |
— |
— |
| Notes to Financial Highlights | |
| (a) |
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (b) |
Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) |
Includes income resulting from European Union tax reclaims, net of an IRS closing agreement for European Union tax reclaims, if applicable. The effect of these amounted to: |
| Class |
Net Investment income per share ($) |
Net Investment income ratio (%) |
| Year Ended 8/31/2026 |
||
| Class A |
0.01 |
0.08 |
| Institutional Class |
0.01 |
0.08 |
| Institutional 2 Class |
0.01 |
0.08 |
| Institutional 3 Class |
0.01 |
0.08 |
| Class R |
0.01 |
0.08 |
| (d) |
Ratios include interfund lending expense. For the periods indicated below, if interfund lending expense had been excluded, expenses would have been lower by: |
| Class |
8/31/2026 |
8/31/2025 |
8/31/2024 |
8/31/2023 |
8/31/2022 |
| Class A |
less than 0.01% |
less than 0.01% |
less than 0.01% |
less than 0.01% |
less than 0.01% |
| Institutional Class |
less than 0.01% |
0.01% |
less than 0.01% |
less than 0.01% |
less than 0.01% |
| Institutional 2 Class |
less than 0.01% |
less than 0.01% |
less than 0.01% |
less than 0.01% |
—% |
| Institutional 3 Class |
less than 0.01% |
less than 0.01% |
less than 0.01% |
less than 0.01% |
less than 0.01% |
| Class R |
less than 0.01% |
less than 0.01% |
less than 0.01% |
—% |
—% |
| (e) |
Ratios include line of credit interest expense. For the periods indicated below, if line of credit interest expense had been excluded, expenses would have been lower by: |
| Class |
8/31/2026 |
| Class A |
0.01% |
| Institutional Class |
0.01% |
| Institutional 2 Class |
0.01% |
| Institutional 3 Class |
less than 0.01% |
| Class R |
0.01% |
| (f) |
The benefits derived from expense reductions had an impact of less than 0.01%. |
| (g) |
Redemption fees consisted of per share amounts less than $0.01. |
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Pyrford International Stock Fund | 2026
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 R | |||||||
| Year Ended 8/31/2026 |
$16.49 |
15.43% |
1.64% (d),(e) |
1.41% (d),(e),(f) |
2.15% (c) |
8% |
$3 |
| Year Ended 8/31/2025 |
$15.91 |
10.12% |
1.63% (d) |
1.40% (d),(f) |
2.22% |
6% |
$3 |
| Year Ended 8/31/2024 |
$15.68 |
16.88% |
1.57% (d) |
1.41% (d),(f) |
2.18% |
14% |
$3 |
| Year Ended 8/31/2023 |
$14.06 |
14.10% |
1.53% (d) |
1.34% (d),(f) |
2.54% |
7% |
$2 |
| Year Ended 8/31/2022 |
$12.71 |
(11.86% ) |
1.53% (d) |
1.35% (d) |
2.87% |
17% |
$2 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Pyrford International Stock Fund | 2026
15
Notes to Financial Statements
August 31, 2026
Note 1. Organization
Columbia Pyrford International Stock Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers 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 shares are offered to the general public for investment. 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 require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
16
Columbia Pyrford International Stock Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
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.
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 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.
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.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of
Columbia Pyrford International Stock Fund | 2026
17
Notes to Financial Statements (continued)
August 31, 2026
capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its 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.
The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. 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.
18
Columbia Pyrford International Stock Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
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 and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.87% to 0.62% as the Fund’s net assets increase. The effective management services fee rate for the year ended August 31, 2026 was 0.87% of the Fund’s average daily net assets.
Subadvisory agreement
The Investment Manager has entered into a Subadvisory Agreement with Pyrford International Ltd. (Pyrford) to serve as the subadviser to the Fund. Pyrford is an affiliate of the Investment Manager. The Investment Manager compensates Pyrford to manage the investment of the Fund’s assets.
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 "Deferred 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 SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
Columbia Pyrford International Stock Fund | 2026
19
Notes to Financial Statements (continued)
August 31, 2026
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.
For the year ended August 31, 2026, 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 |
0.16 |
| Institutional Class |
0.16 |
| Institutional 2 Class |
0.05 |
| Institutional 3 Class |
0.00 |
| Class R |
0.16 |
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, 2026, these minimum account balance fees reduced total expenses of the Fund by $40.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25% and 0.50% of the Fund’s average daily net assets attributable to Class A and Class R shares, respectively. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended August 31, 2026, if any, are listed below:
| Front End (%) |
CDSC (%) |
Amount ($) | |
| Class A |
5.75 |
0.50 - 1.00 (a) |
2,997 |
| (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. |
The Fund’s other share classes are not subject to sales charges.
20
Columbia Pyrford International Stock Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
| January 1, 2026 through December 31, 2026 (%) |
Prior to January 1, 2026 (%) | |
| Class A |
1.15 |
1.15 |
| Institutional Class |
0.90 |
0.90 |
| Institutional 2 Class |
0.79 |
0.84 |
| Institutional 3 Class |
0.74 |
0.78 |
| Class R |
1.40 |
1.40 |
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At August 31, 2026, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, foreign currency transactions and earnings and profits distributed to shareholders on the redemption of shares. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications. The following reclassifications were made:
| Undistributed net investment income ($) |
Accumulated net realized gain ($) |
Paid in capital ($) |
| (206,050 ) |
(2,938,950 ) |
3,145,000 |
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
The tax character of distributions paid during the years indicated was as follows:
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 | ||||
| Ordinary income ($) |
Long-term capital gains ($) |
Total ($) |
Ordinary income ($) |
Long-term capital gains ($) |
Total ($) |
| 8,085,783 |
23,208,902 |
31,294,685 |
10,816,388 |
17,328,165 |
28,144,553 |
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
Columbia Pyrford International Stock Fund | 2026
21
Notes to Financial Statements (continued)
August 31, 2026
At August 31, 2026, the components of distributable earnings on a tax basis were as follows:
| Undistributed ordinary income ($) |
Undistributed long-term capital gains ($) |
Capital loss carryforwards ($) |
Net unrealized appreciation ($) |
| 4,897,684 |
32,258,613 |
— |
82,197,615 |
At August 31, 2026, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
| 155,744,624 |
90,958,587 |
(8,760,972 ) |
82,197,615 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $20,840,180 and $109,581,524, respectively, for the year ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Brokerage commissions paid to brokers affiliated with the Investment Manager of the Fund were $336 for the year ended August 31, 2026.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
22
Columbia Pyrford International Stock Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
The Fund’s activity in the Interfund Program during the year ended August 31, 2026 was as follows:
| Borrower or lender |
Average loan balance ($) |
Weighted average interest rate (%) |
Number of days with outstanding loans |
| Borrower |
2,335,714 |
4.31 |
14 |
Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at August 31, 2026.
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate and (ii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to October 22, 2026, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A., which permitted aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
For the year ended August 31, 2026, the Fund’s borrowing activity was as follows:
| Average loan balance ($) |
Weighted average interest rate (%) |
Days outstanding |
| 37,066,667 |
4.75 |
3 |
Interest expense incurred by the Fund is recorded as Line of credit interest in the Statement of Operations. The Fund had no outstanding borrowings at August 31, 2026.
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.
Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Columbia Pyrford International Stock Fund | 2026
23
Notes to Financial Statements (continued)
August 31, 2026
Shareholder concentration risk
At August 31, 2026, two unaffiliated shareholders of record owned 59.1% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
24
Columbia Pyrford International Stock Fund | 2026
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Pyrford International Stock Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Pyrford International Stock Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the four years in the period ended August 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the four years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of the Fund as of and for the year ended August 31, 2022 and the financial highlights for each of the periods ended on August 31, 2022 indicated therein (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 25, 2022 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 23, 2026
We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.
Columbia Pyrford International Stock Fund | 2026
25
Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2026. Shareholders will be notified in early 2027 of the amounts for use in preparing 2026 income tax returns.
| Qualified dividend income |
Capital gain dividend |
Foreign taxes paid to foreign countries |
Foreign taxes paid per share to foreign countries |
Foreign source income |
Foreign source income per share |
| 100.00% |
$39,820,027 |
$94,938 |
$0.0064 |
$8,802,717 |
$0.59 |
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.
26
Columbia Pyrford International Stock Fund | 2026
Approval of Management and Subadvisory
Agreements
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Pyrford International Stock Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between the Investment Manager and Pyrford International Ltd (the Subadviser), an affiliate of the Investment Manager, the Subadviser provides portfolio management and related services for the Fund.
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement and the Subadvisory Agreement (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Advisory Agreements.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Advisory Agreements;
•
Subadvisory fees payable by the Investment Manager under the Subadvisory Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager and the Subadviser under the Advisory Agreements, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
Columbia Pyrford International Stock Fund | 2026
27
Approval of Management and Subadvisory
Agreements (continued) (Unaudited)
•
Information regarding the resources of the Investment Manager and the Subadviser, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement and the Subadvisory Agreement.
Nature, extent and quality of services provided by the Investment Manager and the Subadviser
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadviser, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring the Subadviser), noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
The Board considered the Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser’s capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreement. The Board took into account the Investment Manager’s representation that the Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager’s subadvisory oversight team.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and the Subadvisory Agreement.
28
Columbia Pyrford International Stock Fund | 2026
Approval of Management and Subadvisory
Agreements (continued) (Unaudited)
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks, and (iii) the net assets of the Fund. The Board observed the Fund’s underperformance for certain periods, noting that appropriate steps (such as changes to the Fund’s investment process) were being contemplated to help improve the Fund’s performance.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s and Subadviser’s performance and reputation generally, the Investment Manager’s evaluation of the Subadviser’s contribution to the Fund’s investment mandate and the Investment Manager’s willingness to take steps intended to improve performance. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund, the Investment Manager and the Subadviser, in light of other considerations, supported the continuation of the Management Agreement and the Subadvisory Agreement.
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.
Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Subadvisory Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. The Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and
Columbia Pyrford International Stock Fund | 2026
29
Approval of Management and Subadvisory
Agreements (continued) (Unaudited)
earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreement.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the Subadvisory Agreement did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and the Subadvisory Agreement. In reaching its conclusions, no single factor was determinative.
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.
30
Columbia Pyrford International Stock Fund | 2026
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Pyrford International Stock Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN319_(10/26)
Columbia Integrated Small Cap Growth Fund
Annual Financial Statements and Additional Information
August 31, 2026
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 9 | |
| 10 | |
| 11 | |
| 14 | |
| 16 | |
| 24 | |
| 25 | |
| 26 |
Columbia Integrated Small Cap Growth Fund | 2026
Portfolio of Investments
August 31, 2026
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 99.2% | ||
| Issuer |
Shares |
Value ($) |
| Communication Services 1.6% | ||
| Diversified Telecommunication Services 0.2% | ||
| Bandwidth, Inc., Class A(a) |
1,373 |
66,495 |
| Interactive Media & Services 0.8% | ||
| EverQuote, Inc., Class A(a) |
3,061 |
77,872 |
| Yelp, Inc.(a) |
9,332 |
208,570 |
| Total |
286,442 | |
| Media 0.6% | ||
| DoubleVerify Holdings, Inc.(a) |
14,743 |
197,556 |
| Total Communication Services |
550,493 | |
| Consumer Discretionary 10.3% | ||
| Automobile Components 0.9% | ||
| Dana, Inc. |
4,150 |
124,417 |
| Dorman Products, Inc.(a) |
934 |
120,346 |
| XPEL, Inc.(a) |
1,048 |
51,624 |
| Total |
296,387 | |
| Diversified Consumer Services 1.7% | ||
| American Public Education, Inc.(a) |
3,799 |
173,424 |
| Coursera, Inc.(a) |
21,600 |
140,832 |
| frontdoor, Inc.(a) |
2,865 |
231,693 |
| Total |
545,949 | |
| Hotels, Restaurants & Leisure 2.9% | ||
| Life Time Group Holdings, Inc.(a) |
10,674 |
448,521 |
| Lindblad Expeditions Holdings, Inc.(a) |
4,828 |
128,232 |
| Rush Street Interactive, Inc.(a) |
15,528 |
400,001 |
| Total |
976,754 | |
| Household Durables 0.6% | ||
| Lovesac Co. (The)(a) |
13,539 |
211,141 |
| Specialty Retail 2.8% | ||
| Abercrombie & Fitch Co., Class A(a) |
2,528 |
361,706 |
| Urban Outfitters, Inc.(a) |
4,491 |
362,379 |
| Warby Parker, Inc., Class A(a) |
8,670 |
213,282 |
| Total |
937,367 | |
| Textiles, Apparel & Luxury Goods 1.4% | ||
| Steven Madden Ltd. |
11,050 |
477,139 |
| Total Consumer Discretionary |
3,444,737 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Consumer Staples 0.2% | ||
| Personal Care Products 0.2% | ||
| Niagen Bioscience, Inc.(a) |
16,687 |
52,230 |
| Total Consumer Staples |
52,230 | |
| Energy 7.0% | ||
| Energy Equipment & Services 4.0% | ||
| Helix Energy Solutions Group, Inc.(a) |
27,114 |
279,274 |
| Kodiak Gas Services, Inc. |
7,475 |
439,306 |
| Oceaneering International, Inc.(a) |
1,558 |
80,642 |
| Oil States International, Inc.(a) |
10,162 |
89,629 |
| Tidewater, Inc.(a) |
4,933 |
459,361 |
| Total |
1,348,212 | |
| Oil, Gas & Consumable Fuels 3.0% | ||
| Par Pacific Holdings, Inc.(a) |
7,243 |
578,860 |
| Riley Exploration Permian, Inc. |
11,027 |
430,384 |
| Total |
1,009,244 | |
| Total Energy |
2,357,456 | |
| Financials 11.7% | ||
| Banks 2.3% | ||
| First Business Financial Services, Inc. |
5,481 |
382,958 |
| Orange County Bancorp, Inc. |
10,140 |
384,813 |
| Total |
767,771 | |
| Capital Markets 2.1% | ||
| Acadian Asset Management, Inc. |
5,614 |
528,839 |
| BGC Group, Inc., Class A |
13,866 |
166,530 |
| Total |
695,369 | |
| Consumer Finance 2.6% | ||
| LendingClub Corp.(a) |
13,100 |
230,298 |
| OppFi, Inc.(a) |
45,201 |
313,243 |
| Regional Management Corp. |
10,725 |
344,165 |
| Total |
887,706 | |
| Financial Services 3.5% | ||
| Flywire Corp.(a) |
18,502 |
349,503 |
| Payoneer Global, Inc.(a) |
33,792 |
240,261 |
| Remitly Global, Inc.(a) |
21,782 |
582,451 |
| Total |
1,172,215 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Integrated Small Cap Growth Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Insurance 1.2% | ||
| Oscar Health, Inc., Class A(a) |
13,150 |
393,974 |
| Total Financials |
3,917,035 | |
| Health Care 30.8% | ||
| Biotechnology 17.7% | ||
| Absci Corp.(a) |
13,544 |
122,438 |
| ACADIA Pharmaceuticals, Inc.(a) |
5,287 |
152,847 |
| Alkermes PLC(a) |
2,171 |
102,015 |
| Annexon, Inc.(a) |
17,524 |
86,568 |
| Apogee Therapeutics, Inc.(a) |
720 |
97,258 |
| Arcutis Biotherapeutics, Inc.(a) |
6,713 |
160,911 |
| Biohaven Ltd.(a) |
5,925 |
90,475 |
| BridgeBio Pharma, Inc.(a) |
5,652 |
432,887 |
| CG Oncology, Inc.(a) |
3,573 |
268,547 |
| Climb Bio, Inc.(a) |
2,841 |
39,007 |
| Cytokinetics, Inc.(a) |
1,855 |
131,538 |
| Dianthus Therapeutics, Inc.(a) |
2,227 |
235,193 |
| Erasca, Inc.(a) |
3,753 |
67,104 |
| Ideaya Biosciences, Inc.(a) |
2,586 |
103,699 |
| Immunome, Inc.(a) |
3,477 |
95,305 |
| Insmed, Inc.(a) |
3,630 |
442,207 |
| Janux Therapeutics, Inc.(a) |
1,370 |
24,961 |
| Kailera Therapeutics, Inc.(a) |
4,051 |
62,385 |
| Krystal Biotech, Inc.(a) |
499 |
179,321 |
| Legend Biotech Corp., ADR(a) |
2,466 |
51,243 |
| Madrigal Pharmaceuticals, Inc.(a) |
811 |
437,964 |
| Mirum Pharmaceuticals, Inc.(a) |
2,754 |
270,030 |
| NewAmsterdam Pharma Co. NV(a) |
7,264 |
184,070 |
| Praxis Precision Medicines, Inc.(a) |
298 |
104,389 |
| Protagonist Therapeutics, Inc.(a) |
1,151 |
170,060 |
| Revolution Medicines, Inc.(a) |
2,301 |
473,017 |
| Rhythm Pharmaceuticals, Inc.(a) |
1,628 |
172,780 |
| Scholar Rock Holding Corp.(a) |
3,112 |
176,762 |
| Solid Biosciences, Inc.(a) |
10,652 |
102,046 |
| Stoke Therapeutics, Inc.(a) |
2,129 |
66,425 |
| Summit Therapeutics, Inc.(a) |
1,666 |
22,691 |
| Travere Therapeutics, Inc.(a) |
1,350 |
89,478 |
| Twist Bioscience Corp.(a) |
689 |
95,771 |
| Ultragenyx Pharmaceutical, Inc.(a) |
2,001 |
50,445 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Vaxcyte, Inc.(a) |
3,726 |
226,317 |
| Viking Therapeutics, Inc.(a) |
4,125 |
135,217 |
| Xenon Pharmaceuticals, Inc.(a) |
1,211 |
72,926 |
| Zenas Biopharma, Inc.(a) |
3,467 |
112,053 |
| Total |
5,908,350 | |
| Health Care Equipment & Supplies 6.7% | ||
| AtriCure, Inc.(a) |
12,622 |
610,274 |
| AxoGen, Inc.(a) |
5,285 |
268,267 |
| Glaukos Corp.(a) |
1,554 |
279,036 |
| Haemonetics Corp.(a) |
1,207 |
124,405 |
| Inspire Medical Systems, Inc.(a) |
3,460 |
217,945 |
| iRhythm Holdings, Inc.(a) |
630 |
74,932 |
| Lantheus Holdings, Inc.(a) |
2,655 |
268,049 |
| Sanara MedTech, Inc.(a) |
4,225 |
147,368 |
| Tactile Systems Technology, Inc.(a) |
11,156 |
256,365 |
| Total |
2,246,641 | |
| Health Care Providers & Services 3.8% | ||
| Alignment Healthcare, Inc.(a) |
18,735 |
251,049 |
| Astrana Health, Inc.(a) |
3,250 |
123,858 |
| BrightSpring Health Services, Inc.(a) |
4,075 |
237,980 |
| LifeStance Health Group, Inc.(a) |
19,542 |
241,539 |
| Progyny, Inc.(a) |
2,299 |
58,831 |
| Viemed Healthcare, Inc.(a) |
39,179 |
346,342 |
| Total |
1,259,599 | |
| Health Care Technology 0.9% | ||
| Phreesia, Inc.(a) |
24,533 |
299,548 |
| Pharmaceuticals 1.7% | ||
| Crinetics Pharmaceuticals, Inc.(a) |
2,225 |
189,014 |
| Definium Therapeutics, Inc.(a) |
1,895 |
75,269 |
| Enliven Therapeutics, Inc.(a) |
2,159 |
124,984 |
| EyePoint, Inc.(a) |
5,646 |
25,407 |
| Ligand Pharmaceuticals, Inc.(a) |
306 |
86,935 |
| Liquidia Corp.(a) |
1,162 |
79,214 |
| Total |
580,823 | |
| Total Health Care |
10,294,961 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Integrated Small Cap Growth Fund | 2026
Portfolio of Investments (continued)
August 31, 2026
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Industrials 13.9% | ||
| Aerospace & Defense 3.8% | ||
| AAR Corp.(a) |
2,742 |
354,513 |
| Moog, Inc., Class A |
828 |
307,602 |
| Satellogic, Inc., Class A(a) |
34,800 |
169,476 |
| V2X, Inc.(a) |
5,584 |
430,862 |
| Total |
1,262,453 | |
| Construction & Engineering 4.3% | ||
| Argan, Inc. |
810 |
344,242 |
| Bowman Consulting Group Ltd.(a) |
15,773 |
671,772 |
| Legence Corp., Class A(a) |
6,300 |
337,491 |
| Tutor Perini Corp. |
960 |
84,979 |
| Total |
1,438,484 | |
| Electrical Equipment 1.3% | ||
| American Superconductor Corp.(a) |
5,723 |
164,307 |
| Amprius Technologies, Inc.(a) |
7,244 |
71,571 |
| Vicor Corp.(a) |
1,067 |
200,255 |
| Total |
436,133 | |
| Ground Transportation 0.5% | ||
| Covenant Logistics Group, Inc., Class A |
4,300 |
152,005 |
| Machinery 0.8% | ||
| Enerpac Tool Group Corp. |
3,100 |
115,692 |
| FreightCar America, Inc.(a) |
8,900 |
61,321 |
| Twin Disc, Inc. |
4,065 |
93,292 |
| Total |
270,305 | |
| Passenger Airlines 1.0% | ||
| Allegiant Travel Co.(a) |
4,525 |
344,126 |
| Professional Services 0.8% | ||
| Legalzoom.com, Inc.(a) |
15,376 |
95,792 |
| Upwork, Inc.(a) |
19,828 |
179,047 |
| Total |
274,839 | |
| Trading Companies & Distributors 1.4% | ||
| Karat Packaging, Inc. |
9,641 |
459,297 |
| Total Industrials |
4,637,642 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Information Technology 16.9% | ||
| Communications Equipment 0.5% | ||
| Applied Optoelectronics, Inc.(a) |
483 |
52,014 |
| Calix, Inc.(a) |
2,109 |
80,395 |
| KVH Industries, Inc.(a) |
7,193 |
54,379 |
| Total |
186,788 | |
| Electronic Equipment, Instruments & Components 1.9% | ||
| Fabrinet(a) |
219 |
90,432 |
| nLight, Inc.(a) |
7,916 |
334,609 |
| Ouster, Inc.(a) |
6,217 |
214,114 |
| Total |
639,155 | |
| Semiconductors & Semiconductor Equipment 5.5% | ||
| ACM Research, Inc., Class A(a) |
5,060 |
368,469 |
| Ambarella, Inc.(a) |
1,303 |
90,402 |
| Ambiq Micro, Inc.(a) |
1,775 |
103,500 |
| Axcelis Technologies, Inc.(a) |
850 |
98,031 |
| Ceva, Inc.(a) |
11,250 |
304,313 |
| Diodes, Inc.(a) |
2,930 |
266,044 |
| Formfactor, Inc.(a) |
1,774 |
178,482 |
| Ichor Holdings Ltd.(a) |
1,800 |
96,426 |
| inTEST Corp.(a) |
16,256 |
175,565 |
| Rambus, Inc.(a) |
757 |
65,624 |
| SiTime Corp.(a) |
145 |
81,986 |
| Total |
1,828,842 | |
| Software 9.0% | ||
| Appian Corp.(a) |
5,960 |
255,982 |
| Arteris, Inc.(a) |
6,450 |
141,126 |
| Clear Secure, Inc., Class A |
9,290 |
410,154 |
| Freshworks, Inc., Class A(a) |
40,444 |
562,980 |
| Intapp, Inc.(a) |
1,897 |
82,273 |
| PagerDuty, Inc.(a) |
28,608 |
404,517 |
| Sprout Social, Inc., Class A(a) |
19,639 |
223,492 |
| Vertex, Inc.(a) |
37,500 |
531,000 |
| Viant Technology, Inc., Class A(a) |
30,031 |
386,799 |
| Total |
2,998,323 | |
| Total Information Technology |
5,653,108 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Integrated Small Cap Growth Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Materials 5.1% | ||
| Chemicals 0.5% | ||
| Sensient Technologies Corp. |
1,290 |
174,073 |
| Metals & Mining 4.6% | ||
| Century Aluminum Co.(a) |
10,129 |
463,604 |
| Compass Minerals International, Inc.(a) |
7,800 |
193,908 |
| Constellium SE(a) |
3,234 |
85,475 |
| Kaiser Aluminum Corp. |
1,647 |
261,511 |
| SSR Mining, Inc. |
14,050 |
528,420 |
| Total |
1,532,918 | |
| Total Materials |
1,706,991 | |
| Real Estate 1.7% | ||
| Health Care REITs 0.5% | ||
| Strawberry Fields REIT, Inc. |
10,693 |
144,248 |
| Retail REITs 0.7% | ||
| CBL & Associates Properties, Inc. |
3,202 |
175,117 |
| Tanger, Inc. |
1,609 |
60,676 |
| Total |
235,793 | |
| Specialized REITs 0.5% | ||
| Outfront Media, Inc. |
5,895 |
173,195 |
| Total Real Estate |
553,236 | |
| Total Common Stocks (Cost $29,161,730) |
33,167,889 | |
| Rights 0.0% | ||
| Issuer |
Shares |
Value ($) |
| Health Care 0.0% | ||
| Biotechnology 0.0% | ||
| Metsera, Inc., CVR(a),(b),(c) |
1,293 |
5,819 |
| Total Health Care |
5,819 | |
| Total Rights (Cost $3,715) |
5,819 | |
| Money Market Funds 0.9% | ||
| Shares |
Value ($) | |
| Columbia Short-Term Cash Fund, 3.871%(d),(e) |
300,026 |
299,876 |
| Total Money Market Funds (Cost $299,833) |
299,876 | |
| Total Investments in Securities (Cost: $29,465,278) |
33,473,584 | |
| Other Assets & Liabilities, Net |
(49,666 ) | |
| Net Assets |
33,423,918 | |
Notes to Portfolio of Investments
| (a) |
Non-income producing investment. |
| (b) |
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. At August 31, 2026, the total market value of these securities amounted to $5,819, which represents 0.02% of total net assets. Additional information on these securities is as follows: |
| Security |
Acquisition Dates |
Shares |
Cost ($) |
Value ($) |
| Metsera, Inc., CVR |
07/14/2025-11/11/2025 |
1,293 |
3,715 |
5,819 |
| (c) |
Valuation based on significant unobservable inputs. |
| (d) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Integrated Small Cap Growth Fund | 2026
Portfolio of Investments (continued)
August 31, 2026
Notes to Portfolio of Investments (continued)
| (e) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the year ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) |
End of period shares |
| Columbia Short-Term Cash Fund, 3.871% | ||||||||
| 334,573 |
10,127,732 |
(10,162,471 ) |
42 |
299,876 |
(243 ) |
16,711 |
300,026 | |
Abbreviation Legend
| ADR |
American Depositary Receipt |
| CVR |
Contingent Value Rights |
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 Columbia Management Investment Advisers, LLC (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, if any, 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 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. Representatives of the Investment Manager report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Integrated Small Cap Growth Fund | 2026
7
Portfolio of Investments (continued)
August 31, 2026
Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Common Stocks |
||||
| Communication Services |
550,493 |
— |
— |
550,493 |
| Consumer Discretionary |
3,444,737 |
— |
— |
3,444,737 |
| Consumer Staples |
52,230 |
— |
— |
52,230 |
| Energy |
2,357,456 |
— |
— |
2,357,456 |
| Financials |
3,917,035 |
— |
— |
3,917,035 |
| Health Care |
10,294,961 |
— |
— |
10,294,961 |
| Industrials |
4,637,642 |
— |
— |
4,637,642 |
| Information Technology |
5,653,108 |
— |
— |
5,653,108 |
| Materials |
1,706,991 |
— |
— |
1,706,991 |
| Real Estate |
553,236 |
— |
— |
553,236 |
| Total Common Stocks |
33,167,889 |
— |
— |
33,167,889 |
| Rights |
||||
| Health Care |
— |
— |
5,819 |
5,819 |
| Total Rights |
— |
— |
5,819 |
5,819 |
| Money Market Funds |
299,876 |
— |
— |
299,876 |
| Total Investments in Securities |
33,467,765 |
— |
5,819 |
33,473,584 |
See the Portfolio of Investments for all investment classifications not indicated in the table.
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.
8
Columbia Integrated Small Cap Growth Fund | 2026
Statement of Assets and Liabilities
August 31, 2026
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $29,165,445) |
$33,173,708 |
| Affiliated issuers (cost $299,833) |
299,876 |
| Receivable for: |
|
| Capital shares sold |
253 |
| Dividends |
5,927 |
| Foreign tax reclaims |
42 |
| Expense reimbursement due from Investment Manager |
1,147 |
| Prepaid expenses |
2,717 |
| Total assets |
33,483,670 |
| Liabilities |
|
| Payable for: |
|
| Capital shares redeemed |
6,037 |
| Management services fees |
2,347 |
| Distribution and/or service fees |
432 |
| Transfer agent fees |
4,563 |
| Accounting services fees |
16,412 |
| Custodian fees |
4,682 |
| Compensation of board members |
981 |
| Other expenses |
3,473 |
| Deferred compensation of board members |
20,825 |
| Total liabilities |
59,752 |
| Net assets applicable to outstanding capital stock |
$33,423,918 |
| Represented by |
|
| Paid in capital |
21,705,516 |
| Total distributable earnings (loss) |
11,718,402 |
| Total - representing net assets applicable to outstanding capital stock |
$33,423,918 |
| Class A |
|
| Net assets |
$23,785,711 |
| Shares outstanding |
1,497,499 |
| Net asset value per share |
$15.88 |
| Maximum sales charge |
5.75% |
| 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) |
$16.85 |
| Institutional Class |
|
| Net assets |
$9,638,207 |
| Shares outstanding |
523,108 |
| Net asset value per share |
$18.42 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Integrated Small Cap Growth Fund | 2026
9
Statement of Operations
Year Ended August 31, 2026
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$83,965 |
| Dividends — affiliated issuers |
16,711 |
| Foreign taxes withheld |
(63 ) |
| Total income |
100,613 |
| Expenses: |
|
| Management services fees |
253,293 |
| Distribution and/or service fees |
|
| Class A |
47,090 |
| Transfer agent fees |
|
| Class A |
34,906 |
| Institutional Class |
12,055 |
| Custodian fees |
11,256 |
| Printing and postage fees |
15,394 |
| Registration fees |
41,595 |
| Accounting services fees |
33,225 |
| Legal fees |
15,761 |
| Compensation of chief compliance officer |
4 |
| Compensation of board members |
10,982 |
| Deferred compensation of board members |
6,520 |
| Other |
7,090 |
| Total expenses |
489,171 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates |
(146,787 ) |
| Expense reduction |
(284 ) |
| Total net expenses |
342,100 |
| Net investment loss |
(241,487 ) |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
8,949,202 |
| Investments — affiliated issuers |
(243 ) |
| Net realized gain |
8,948,959 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
(1,050,730 ) |
| Investments — affiliated issuers |
42 |
| Net change in unrealized appreciation (depreciation) |
(1,050,688 ) |
| Net realized and unrealized gain |
7,898,271 |
| Net increase in net assets resulting from operations |
$7,656,784 |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Integrated Small Cap Growth Fund | 2026
Statement of Changes in Net Assets
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 | |
| Operations |
||
| Net investment loss |
$(241,487 ) |
$(189,742 ) |
| Net realized gain |
8,948,959 |
4,388,999 |
| Net change in unrealized appreciation (depreciation) |
(1,050,688 ) |
(231,450 ) |
| Net increase in net assets resulting from operations |
7,656,784 |
3,967,807 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(3,606,674 ) |
(2,742,518 ) |
| Institutional Class |
(861,058 ) |
(475,241 ) |
| Total distributions to shareholders |
(4,467,732 ) |
(3,217,759 ) |
| Increase in net assets from capital stock activity |
5,805,173 |
597,904 |
| Total increase in net assets |
8,994,225 |
1,347,952 |
| Net assets at beginning of year |
24,429,693 |
23,081,741 |
| Net assets at end of year |
$33,423,918 |
$24,429,693 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Integrated Small Cap Growth Fund | 2026
11
Statement of Changes in Net Assets (continued)
| Year Ended |
Year Ended | |||
| August 31, 2026 |
August 31, 2025 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
62,236 |
906,471 |
21,746 |
300,279 |
| Distributions reinvested |
264,913 |
3,573,684 |
191,927 |
2,715,770 |
| Shares redeemed |
(261,572 ) |
(3,762,859 ) |
(178,064 ) |
(2,403,706 ) |
| Net increase |
65,577 |
717,296 |
35,609 |
612,343 |
| Advisor Class |
||||
| Shares sold |
— |
— |
129 |
3,233 |
| Shares redeemed |
— |
— |
(178,810 ) |
(3,149,957 ) |
| Net decrease |
— |
— |
(178,681 ) |
(3,146,724 ) |
| Institutional Class |
||||
| Shares sold |
525,476 |
8,788,369 |
217,769 |
3,871,430 |
| Distributions reinvested |
55,019 |
859,943 |
29,604 |
473,954 |
| Shares redeemed |
(260,793 ) |
(4,560,435 ) |
(78,856 ) |
(1,213,099 ) |
| Net increase |
319,702 |
5,087,877 |
168,517 |
3,132,285 |
| Total net increase |
385,279 |
5,805,173 |
25,445 |
597,904 |
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Integrated Small Cap Growth Fund | 2026
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Columbia Integrated Small Cap Growth Fund | 2026
13
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 ratios of expenses and net investment income are 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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| Net asset value, beginning of period |
Net investment income (loss) |
Net realized and unrealized gain (loss) |
Total from investment operations |
Distributions from net realized gains |
Total distributions to shareholders | |
| Class A | ||||||
| Year Ended 8/31/2026 |
$14.69 |
(0.13 ) |
3.94 |
3.81 |
(2.62 ) |
(2.62 ) |
| Year Ended 8/31/2025 |
$14.14 |
(0.12 ) |
2.69 |
2.57 |
(2.02 ) |
(2.02 ) |
| Year Ended 8/31/2024 |
$12.09 |
(0.07 ) |
2.12 |
2.05 |
— |
— |
| Year Ended 8/31/2023 |
$11.71 |
(0.06 ) |
1.04 |
0.98 |
(0.60 ) |
(0.60 ) |
| Year Ended 8/31/2022(d) |
$23.20 |
(0.12 ) |
(4.08 ) |
(4.20 ) |
(7.29 ) |
(7.29 ) |
| Institutional Class | ||||||
| Year Ended 8/31/2026 |
$16.66 |
(0.11 ) |
4.53 |
4.42 |
(2.66 ) |
(2.66 ) |
| Year Ended 8/31/2025 |
$15.76 |
(0.10 ) |
3.02 |
2.92 |
(2.02 ) |
(2.02 ) |
| Year Ended 8/31/2024 |
$13.47 |
(0.04 ) |
2.33 |
2.29 |
— |
— |
| Year Ended 8/31/2023 |
$12.94 |
(0.04 ) |
1.17 |
1.13 |
(0.60 ) |
(0.60 ) |
| Year Ended 8/31/2022(f) |
$14.46 |
(0.04 ) |
(1.48 ) |
(1.52 ) |
— |
— |
| 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) |
Redemption fees consisted of per share amounts less than $0.01. |
| (e) |
Ratios include interfund lending expense which is less than 0.01%. |
| (f) |
Institutional Class shares commenced operations on January 26, 2022. Per share data and total return reflect activity from that date. |
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Integrated Small Cap Growth Fund | 2026
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 (loss) ratio to average net assets |
Portfolio turnover |
Net assets, end of period (000’s) | |
| Class A | |||||||
| Year Ended 8/31/2026 |
$15.88 |
29.13% |
1.70% |
1.20% (c) |
(0.87% ) |
110% |
$23,786 |
| Year Ended 8/31/2025 |
$14.69 |
18.73% |
1.86% |
1.21% (c) |
(0.86% ) |
78% |
$21,042 |
| Year Ended 8/31/2024 |
$14.14 |
16.96% |
1.71% |
1.21% (c) |
(0.56% ) |
58% |
$19,746 |
| Year Ended 8/31/2023 |
$12.09 |
8.89% |
1.65% |
1.19% (c) |
(0.52% ) |
58% |
$21,070 |
| Year Ended 8/31/2022 (d) |
$11.71 |
(24.43% ) |
1.60% (e) |
1.22% (e) |
(0.78% ) |
54% |
$21,895 |
| Institutional Class | |||||||
| Year Ended 8/31/2026 |
$18.42 |
29.35% |
1.48% |
0.99% (c) |
(0.64% ) |
110% |
$9,638 |
| Year Ended 8/31/2025 |
$16.66 |
19.06% |
1.61% |
0.99% (c) |
(0.66% ) |
78% |
$3,388 |
| Year Ended 8/31/2024 |
$15.76 |
17.00% |
1.48% |
0.99% (c) |
(0.28% ) |
58% |
$550 |
| Year Ended 8/31/2023 |
$13.47 |
9.21% |
1.46% |
0.99% (c) |
(0.32% ) |
58% |
$30,639 |
| Year Ended 8/31/2022 (f) |
$12.94 |
(10.51% ) |
1.45% |
0.98% |
(0.58% ) |
54% |
$34,566 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Integrated Small Cap Growth Fund | 2026
15
Notes to Financial Statements
August 31, 2026
Note 1. Organization
Columbia Integrated Small Cap Growth Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers 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 shares are offered to the general public for investment. Institutional Class 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 require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency
16
Columbia Integrated Small Cap Growth Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
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.
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 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.
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.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Columbia Integrated Small Cap Growth Fund | 2026
17
Notes to Financial Statements (continued)
August 31, 2026
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 annually. 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 and is responsible for 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 0.85% to 0.73% as the Fund’s net assets increase. The effective management services fee rate for the year ended August 31, 2026 was 0.85% of the Fund’s average daily net assets.
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
18
Columbia Integrated Small Cap Growth Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
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 "Deferred 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 SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS 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.
For the year ended August 31, 2026, 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 |
0.16 |
| Institutional Class |
0.16 |
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, 2026, these minimum account balance fees reduced total expenses of the Fund by $284.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A shares. The Fund pays the distribution and/or shareholder services fees for Class A up to the point where the Distributor’s expenses are fully recovered.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended August 31, 2026, if any, are listed below:
| Front End (%) |
CDSC (%) |
Amount ($) | |
| Class A |
5.75 |
0.50 - 1.00 (a) |
6,892 |
Columbia Integrated Small Cap Growth Fund | 2026
19
Notes to Financial Statements (continued)
August 31, 2026
| (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. |
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
| Fee rate(s) contractual through December 31, 2026 (%) | |
| Class A |
1.24 |
| Institutional Class |
0.99 |
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At August 31, 2026, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (pfic) holdings, trustees’ deferred compensation, net operating loss reclassification and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications. The following reclassifications were made:
| Excess of distributions over net investment income ($) |
Accumulated net realized gain ($) |
Paid in capital ($) |
| 225,907 |
(225,907 ) |
— |
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
The tax character of distributions paid during the years indicated was as follows:
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 | ||||
| Ordinary income ($) |
Long-term capital gains ($) |
Total ($) |
Ordinary income ($) |
Long-term capital gains ($) |
Total ($) |
| 1,059,192 |
3,408,540 |
4,467,732 |
— |
3,217,759 |
3,217,759 |
20
Columbia Integrated Small Cap Growth Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At August 31, 2026, the components of distributable earnings on a tax basis were as follows:
| Undistributed ordinary income ($) |
Undistributed long-term capital gains ($) |
Capital loss carryforwards ($) |
Net unrealized appreciation ($) |
| 2,793,912 |
5,244,249 |
— |
3,701,066 |
At August 31, 2026, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
| 29,772,518 |
6,661,473 |
(2,960,407 ) |
3,701,066 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $33,106,703 and $31,954,910, respectively, for the year ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the year ended August 31, 2026.
Columbia Integrated Small Cap Growth Fund | 2026
21
Notes to Financial Statements (continued)
August 31, 2026
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate and (ii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to October 22, 2026, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A., which permitted aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the year ended August 31, 2026.
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.
Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Shareholder concentration risk
At August 31, 2026, two unaffiliated shareholders of record owned 52.2% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
22
Columbia Integrated Small Cap Growth Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
Columbia Integrated Small Cap Growth Fund | 2026
23
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Integrated Small Cap Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Integrated Small Cap Growth Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the four years in the period ended August 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the four years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of the Fund as of and for the year ended August 31, 2022 and the financial highlights for each of the periods ended on August 31, 2022 indicated therein (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 25, 2022 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 23, 2026
We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.
24
Columbia Integrated Small Cap Growth Fund | 2026
Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2026. Shareholders will be notified in early 2027 of the amounts for use in preparing 2026 income tax returns.
| Qualified dividend income |
Dividends received deduction |
Capital gain dividend |
| 6.25% |
5.86% |
$6,179,017 |
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
Columbia Integrated Small Cap Growth Fund | 2026
25
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Integrated Small Cap Growth Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
26
Columbia Integrated Small Cap Growth Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks, and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median relative to its peers based on information provided by Broadridge.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Columbia Integrated Small Cap Growth Fund | 2026
27
Approval of Management Agreement (continued)
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
28
Columbia Integrated Small Cap Growth Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
Columbia Integrated Small Cap Growth Fund | 2026
29
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[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Integrated Small Cap Growth Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN318_(10/26)
Columbia Ultra Short Duration Municipal Bond Fund
Annual Financial Statements and Additional Information
August 31, 2026
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
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| 9 | |
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| 22 | |
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| 24 |
Columbia Ultra Short Duration Municipal Bond Fund | 2026
Portfolio of Investments
August 31, 2026
(Percentages represent value of investments compared to net assets)
Investments in securities
| Floating Rate Notes 2.6% | ||||
| Issue Description |
Yield |
Principal Amount ($) |
Value ($) | |
| New York 2.6% | ||||
| City of New York(a),(b) | ||||
| Unlimited General Obligation Bonds | ||||
| Series 2016 (Landesbank Hessen-Thüringen) | ||||
| 08/01/2044 |
3.000% |
1,000,000 |
1,000,000 | |
| New York City Water & Sewer System(b) | ||||
| Revenue Bonds | ||||
| 2nd General Resolution | ||||
| Series 2013 (JPMorgan Chase Bank) | ||||
| 06/15/2050 |
3.000% |
1,000,000 |
1,000,000 | |
| Total |
2,000,000 | |||
| Total Floating Rate Notes (Cost $2,000,000) |
2,000,000 | |||
| Municipal Bonds 79.4% | ||||
| Issue Description |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Alabama 2.7% | ||||
| Black Belt Energy Gas District | ||||
| Revenue Bonds | ||||
| Series 2024C (Mandatory Put 07/01/31) | ||||
| 05/01/2055 |
5.000% |
1,000,000 |
1,044,287 | |
| Southeast Energy Authority A Cooperative District | ||||
| Series 2025E | ||||
| 10/01/2030 |
5.000% |
1,000,000 |
1,058,693 | |
| Total |
2,102,980 | |||
| Arizona 1.8% | ||||
| Arizona Board of Regents | ||||
| Refunding Revenue Bonds | ||||
| Arizona State University | ||||
| Series 2026 | ||||
| 07/01/2028 |
5.000% |
345,000 |
359,329 | |
| Chandler Industrial Development Authority(c) | ||||
| Revenue Bonds | ||||
| Intel Corp. Project | ||||
| Series 2022 (Mandatory Put 09/01/27) | ||||
| 09/01/2052 |
5.000% |
1,000,000 |
1,009,769 | |
| Total |
1,369,098 | |||
| California 6.2% | ||||
| City of Los Angeles Department of Airports(c) | ||||
| Refunding Revenue Bonds | ||||
| Los Angeles International Airport | ||||
| Subordinated Series 2022 | ||||
| 05/15/2029 |
5.000% |
1,415,000 |
1,484,320 | |
| Municipal Bonds (continued) | ||||
| Issue Description |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Los Angeles Department of Water & Power | ||||
| Refunding Revenue Bonds | ||||
| Series 2026D | ||||
| 07/01/2027 |
5.000% |
1,000,000 |
1,020,929 | |
| Los Angeles Department of Water & Power Water System | ||||
| Refunding Revenue Bonds | ||||
| Series 2025C | ||||
| 07/01/2028 |
5.000% |
310,000 |
323,965 | |
| San Francisco City & County Airport Commission(c) | ||||
| Refunding Revenue Bonds | ||||
| Second Series 2018 | ||||
| 05/01/2027 |
5.000% |
1,000,000 |
1,014,401 | |
| William S Hart Union High School District(d) | ||||
| Unlimited General Obligation Bonds | ||||
| 2001 Election | ||||
| Series 2005B (AGM) | ||||
| 09/01/2026 |
0.000% |
1,000,000 |
999,933 | |
| Total |
4,843,548 | |||
| Colorado 5.9% | ||||
| Adams & Arapahoe Joint School District 28J Aurora | ||||
| Unlimited General Obligation Bonds | ||||
| Series 2025 | ||||
| 12/01/2026 |
5.500% |
1,000,000 |
1,007,469 | |
| City & County of Denver Airport System(c) | ||||
| Revenue Bonds | ||||
| Subordinated Series 2023 | ||||
| 11/15/2027 |
5.000% |
1,000,000 |
1,026,090 | |
| Colorado Health Facilities Authority | ||||
| Revenue Bonds | ||||
| AdventHealth Obligated Group | ||||
| Series 2026 | ||||
| 11/15/2029 |
5.000% |
500,000 |
527,818 | |
| Colorado Housing and Finance Authority | ||||
| Revenue Bonds | ||||
| Multi-Family Project Bond | ||||
| Series 2024I | ||||
| 10/01/2027 |
3.100% |
2,000,000 |
2,003,851 | |
| Total |
4,565,228 | |||
| Connecticut 1.6% | ||||
| State of Connecticut Special Tax Revenue | ||||
| Refunding Revenue Bonds | ||||
| Transportation Infrastructure | ||||
| Series 2025 | ||||
| 07/01/2027 |
5.000% |
1,250,000 |
1,275,399 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Ultra Short Duration Municipal Bond Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026
| Municipal Bonds (continued) | ||||
| Issue Description |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| District of Columbia 0.3% | ||||
| District of Columbia | ||||
| Unlimited General Obligation Bonds | ||||
| Series 2026A | ||||
| 06/01/2028 |
5.000% |
250,000 |
260,623 | |
| Florida 3.6% | ||||
| Brevard County Health Facilities Authority | ||||
| Refunding Revenue Bonds | ||||
| Health First Obligated Group | ||||
| Series 2024 | ||||
| 04/01/2028 |
5.000% |
750,000 |
776,268 | |
| County of Broward Airport System(c) | ||||
| Revenue Bonds | ||||
| Series 2019G (AMBAC) | ||||
| 10/01/2027 |
5.000% |
1,000,000 |
1,021,388 | |
| Greater Orlando Aviation Authority(c) | ||||
| Prerefunded 10/01/27 Revenue Bonds | ||||
| Subordinated Series 2017A | ||||
| 10/01/2030 |
5.000% |
1,000,000 |
1,024,439 | |
| Total |
2,822,095 | |||
| Georgia 1.4% | ||||
| Main Street Natural Gas, Inc. | ||||
| Prerefunded 09/01/26 Revenue Bonds | ||||
| Series 2019C (Mandatory Put 09/01/26) | ||||
| 03/01/2050 |
4.000% |
1,075,000 |
1,075,000 | |
| Illinois 2.2% | ||||
| County of Cook(e) | ||||
| Unlimited General Obligation Refunding Bonds | ||||
| Series 2026A | ||||
| 11/15/2027 |
5.000% |
750,000 |
770,532 | |
| Metropolitan Pier & Exposition Authority(d) | ||||
| Refunding Revenue Bonds | ||||
| McCormick Place | ||||
| Series 2010B (AGM) | ||||
| 06/15/2027 |
0.000% |
1,000,000 |
977,456 | |
| Total |
1,747,988 | |||
| Iowa 1.3% | ||||
| Guthrie County Hospital | ||||
| Revenue Bonds | ||||
| Series 2026 BANS | ||||
| 02/01/2029 |
4.500% |
1,000,000 |
998,393 | |
| Kentucky 2.2% | ||||
| Kentucky Public Energy Authority(b) | ||||
| Refunding Revenue Bonds | ||||
| Series 2025A (Mandatory Put 12/01/29) | ||||
| 06/01/2055 |
5.250% |
1,000,000 |
1,050,660 | |
| Municipal Bonds (continued) | ||||
| Issue Description |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Kentucky Turnpike Authority | ||||
| Refunding Revenue Bonds | ||||
| Revitalization Projects | ||||
| Series 2026 | ||||
| 07/01/2027 |
5.000% |
665,000 |
678,013 | |
| Total |
1,728,673 | |||
| Maryland 2.7% | ||||
| State of Maryland | ||||
| Unlimited General Obligation Refunding Bonds | ||||
| Series 2025B | ||||
| 08/01/2028 |
5.000% |
2,000,000 |
2,091,604 | |
| Massachusetts 1.4% | ||||
| City of Quincy | ||||
| Limited General Obligation Notes | ||||
| Series 2026 BANS | ||||
| 08/13/2027 |
5.000% |
750,000 |
765,686 | |
| Massachusetts Housing Finance Agency | ||||
| Revenue Bonds | ||||
| Sustainable Bonds | ||||
| Series 2025C-3 | ||||
| 12/01/2029 |
3.100% |
325,000 |
325,317 | |
| Total |
1,091,003 | |||
| Michigan 0.4% | ||||
| Michigan State Hospital Finance Authority | ||||
| Refunding Revenue Bonds | ||||
| Henry Ford Health | ||||
| Series 2026A-1 | ||||
| 11/15/2028 |
5.000% |
300,000 |
312,527 | |
| Minnesota 2.4% | ||||
| State of Minnesota | ||||
| Unlimited General Obligation Bonds | ||||
| Series 2021A | ||||
| 09/01/2028 |
5.000% |
1,815,000 |
1,900,499 | |
| Missouri 3.2% | ||||
| City of St. Louis Airport(c) | ||||
| Refunding Revenue Bonds | ||||
| Series 2017B (AGM) | ||||
| 07/01/2027 |
5.000% |
1,005,000 |
1,022,001 | |
| Missouri Public Utilities Commission | ||||
| Refunding Revenue Notes | ||||
| Interim Construction Notes | ||||
| Series 2026 | ||||
| 10/01/2027 |
4.000% |
1,500,000 |
1,507,993 | |
| Total |
2,529,994 | |||
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Ultra Short Duration Municipal Bond Fund | 2026
Portfolio of Investments (continued)
August 31, 2026
| Municipal Bonds (continued) | ||||
| Issue Description |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Nevada 1.3% | ||||
| County of Clark Department of Aviation(c) | ||||
| Refunding Revenue Bonds | ||||
| Junior Subordinated Series 2021B | ||||
| 07/01/2027 |
5.000% |
1,000,000 |
1,017,331 | |
| New Hampshire 1.0% | ||||
| New Hampshire Health and Education Facilities Authority Act | ||||
| Refunding Revenue Bonds | ||||
| Series 2024B (Mandatory Put 08/03/27) | ||||
| 06/01/2040 |
3.300% |
750,000 |
751,027 | |
| New Jersey 2.2% | ||||
| New Jersey Housing & Mortgage Finance Agency | ||||
| Revenue Bonds | ||||
| Subordinated Series 2025D-2 | ||||
| 11/01/2026 |
2.850% |
1,000,000 |
1,000,050 | |
| New Jersey Transportation Trust Fund Authority(d) | ||||
| Revenue Bonds | ||||
| Capital Appreciation | ||||
| Series 2010A | ||||
| 12/15/2026 |
0.000% |
750,000 |
743,567 | |
| Total |
1,743,617 | |||
| New York 8.0% | ||||
| Lowville Academy Central School District | ||||
| Unlimited General Obligation Notes | ||||
| Series 2025 RANS | ||||
| 10/07/2026 |
4.000% |
500,000 |
500,248 | |
| New York City Transitional Finance Authority | ||||
| Refunding Revenue Bonds | ||||
| Future Tax Secured | ||||
| Subordinated Series 2024 | ||||
| 11/01/2027 |
5.000% |
750,000 |
771,573 | |
| New York State Housing Finance Agency | ||||
| Revenue Bonds | ||||
| Sustainable Bonds | ||||
| Series 2025E (Mandatory Put 05/01/30) | ||||
| 11/01/2065 |
3.150% |
1,000,000 |
995,477 | |
| Pavilion Central School District | ||||
| Unlimited General Obligation Notes | ||||
| Series 2026 BANS | ||||
| 08/06/2027 |
4.000% |
1,000,000 |
1,008,198 | |
| Port Authority of New York & New Jersey(c) | ||||
| Refunding Revenue Bonds | ||||
| Series 2024-246 | ||||
| 09/01/2026 |
5.000% |
2,000,000 |
2,000,103 | |
| Municipal Bonds (continued) | ||||
| Issue Description |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Town of Lloyd | ||||
| Limited General Obligation Notes | ||||
| Series 2026 BANS | ||||
| 02/05/2027 |
3.750% |
1,000,000 |
1,000,985 | |
| Total |
6,276,584 | |||
| North Carolina 1.3% | ||||
| Cumberland County Industrial Facilities & Pollution Control Financing Authority(b),(c) | ||||
| Revenue Bonds | ||||
| Project Aero | ||||
| Series 2025 (Mandatory Put 12/01/26) | ||||
| 12/01/2027 |
3.125% |
1,000,000 |
1,000,102 | |
| Ohio 1.0% | ||||
| Ohio Higher Educational Facility Commission | ||||
| Refunding Revenue Bonds | ||||
| Xavier University 2020 Project | ||||
| Series 2020 | ||||
| 05/01/2027 |
5.000% |
735,000 |
742,562 | |
| Oklahoma 0.6% | ||||
| Stillwater Utilities Authority | ||||
| Refunding Revenue Bonds | ||||
| Series 2025A | ||||
| 10/01/2026 |
5.000% |
500,000 |
500,838 | |
| Pennsylvania 1.3% | ||||
| Commonwealth of Pennsylvania | ||||
| Unlimited General Obligation Bonds | ||||
| Series 2026 | ||||
| 04/01/2028 |
5.000% |
1,000,000 |
1,035,797 | |
| Rhode Island 1.3% | ||||
| Rhode Island Student Loan Authority(c) | ||||
| Revenue Bonds | ||||
| Series 2020A | ||||
| 12/01/2027 |
5.000% |
1,000,000 |
1,022,314 | |
| Tennessee 1.3% | ||||
| Tennessee Energy Acquisition Corp. | ||||
| Refunding Revenue Bonds | ||||
| Gas Project | ||||
| Series 2023A-1 (Mandatory Put 05/01/28) | ||||
| 05/01/2053 |
5.000% |
1,000,000 |
1,023,108 | |
| Texas 14.6% | ||||
| Board of Regents of the University of Texas System | ||||
| Revenue Bonds | ||||
| Series 2025A | ||||
| 08/15/2028 |
5.000% |
1,000,000 |
1,044,563 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Ultra Short Duration Municipal Bond Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026
| Municipal Bonds (continued) | ||||
| Issue Description |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| City of San Antonio Electric & Gas Systems | ||||
| Refunding Revenue Bonds | ||||
| Series 2026B | ||||
| 02/01/2028 |
5.000% |
1,000,000 |
1,032,642 | |
| Clifton Higher Education Finance Corp. | ||||
| Refunding Revenue Bonds | ||||
| IDEA Public Schools | ||||
| Series 2024 | ||||
| 08/15/2027 |
5.000% |
830,000 |
847,660 | |
| Cypress-Fairbanks Independent School District | ||||
| Unlimited General Obligation Refunding Bonds | ||||
| Series 2026 | ||||
| 02/15/2028 |
5.000% |
800,000 |
828,319 | |
| Dallas County Utility & Reclamation District | ||||
| Unlimited General Obligation Refunding Bonds | ||||
| Series 2016 | ||||
| 02/15/2028 |
5.000% |
895,000 |
921,622 | |
| Fort Worth Independent School District | ||||
| Unlimited General Obligation Bonds | ||||
| Series 2021A | ||||
| 02/15/2029 |
5.000% |
1,400,000 |
1,477,015 | |
| Frisco Independent School District | ||||
| Unlimited General Obligation Refunding Bonds | ||||
| Series 2025A | ||||
| 02/15/2028 |
5.000% |
500,000 |
516,828 | |
| Lower Colorado River Authority | ||||
| Revenue Bonds | ||||
| LCRA Transmission Services Corp. Project | ||||
| Series 2025 | ||||
| 05/15/2028 |
5.000% |
1,000,000 |
1,036,935 | |
| Manor Housing Public Facility Corp. | ||||
| Revenue Bonds | ||||
| Tower Road Apartments | ||||
| Series 2024 (FHA HUD) (Mandatory Put 05/01/28) | ||||
| 11/01/2042 |
3.400% |
1,000,000 |
1,004,109 | |
| North Texas Municipal Water District Water System | ||||
| Refunding Revenue Bonds | ||||
| Series 2025 | ||||
| 09/01/2027 |
5.000% |
150,000 |
153,573 | |
| Pasadena Independent School District | ||||
| Unlimited General Obligation Refunding Bonds | ||||
| Series 2023B | ||||
| 02/15/2027 |
5.000% |
1,250,000 |
1,263,928 | |
| State of Texas | ||||
| Unlimited General Obligation Refunding Bonds | ||||
| Series 2025 | ||||
| 10/01/2029 |
5.000% |
500,000 |
532,853 | |
| Municipal Bonds (continued) | ||||
| Issue Description |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Texas Home Collaborative | ||||
| Revenue Bonds | ||||
| 1518 Apartments | ||||
| Series 2023 (FHA) (Mandatory Put 10/01/26) | ||||
| 10/01/2041 |
5.000% |
750,000 |
751,123 | |
| Total |
11,411,170 | |||
| Virginia 2.6% | ||||
| Fairfax County Redevelopment & Housing Authority(b) | ||||
| Revenue Bonds | ||||
| Dominion Square North Project | ||||
| Series 2023 (Mandatory Put 01/01/28) | ||||
| 01/01/2045 |
5.000% |
2,000,000 |
2,031,463 | |
| Washington 1.6% | ||||
| Port of Seattle(c) | ||||
| Revenue Bonds | ||||
| Series 2025B | ||||
| 10/01/2028 |
5.000% |
250,000 |
259,613 | |
| State of Washington(d) | ||||
| Unlimited General Obligation Bonds | ||||
| Series 2007E | ||||
| 12/01/2027 |
0.000% |
1,000,000 |
967,148 | |
| Total |
1,226,761 | |||
| Wisconsin 2.0% | ||||
| State of Wisconsin | ||||
| Unlimited General Obligation Refunding Bonds | ||||
| Series 2024-2 | ||||
| 05/01/2027 |
5.000% |
1,500,000 |
1,524,993 | |
| Total Municipal Bonds (Cost $62,062,566) |
62,022,319 | |||
| Municipal Short Term 14.6% | ||||
| Issue Description |
Yield |
Principal Amount ($) |
Value ($) | |
| California 1.6% | ||||
| California Pollution Control Financing Authority(b),(c),(f) | ||||
| Refunding Revenue Bonds | ||||
| Series 2024 (Mandatory Put 08/17/26) | ||||
| 07/01/2043 |
3.000% |
500,000 |
499,337 | |
| Revenue Bonds | ||||
| Republic Services, Inc. Project | ||||
| Series 2018 (Mandatory Put 10/15/26) | ||||
| 11/01/2042 |
2.950% |
750,000 |
749,707 | |
| Total |
1,249,044 | |||
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Ultra Short Duration Municipal Bond Fund | 2026
Portfolio of Investments (continued)
August 31, 2026
| Municipal Short Term (continued) | ||||
| Issue Description |
Yield |
Principal Amount ($) |
Value ($) | |
| Illinois 1.3% | ||||
| State of Illinois Sales Tax | ||||
| Revenue Bonds | ||||
| Series 2026 | ||||
| 06/15/2027 |
2.810% |
1,000,000 |
1,016,978 | |
| Kansas 1.3% | ||||
| City of Fort Scott | ||||
| Unlimited General Obligation Notes | ||||
| Series 2026 | ||||
| 07/01/2027 |
3.040% |
1,000,000 |
1,007,820 | |
| Massachusetts 2.0% | ||||
| City of Fall River | ||||
| Limited General Obligation Notes | ||||
| Series 2026 | ||||
| 01/29/2027 |
2.820% |
1,583,000 |
1,590,213 | |
| Mississippi 1.3% | ||||
| Mississippi Business Finance Corp.(c) | ||||
| Revenue Bonds | ||||
| Waste Management, Inc. Project | ||||
| Series 2019 | ||||
| 03/01/2027 |
3.370% |
1,000,000 |
1,004,361 | |
| New York 2.6% | ||||
| Hammond Central School District | ||||
| Unlimited General Obligation Notes | ||||
| Series 2026 | ||||
| 06/24/2027 |
2.870% |
1,000,000 |
1,008,947 | |
| South Lewis Central School District | ||||
| Unlimited General Obligation Notes | ||||
| Series 2026 | ||||
| 06/29/2027 |
2.870% |
1,000,000 |
1,009,094 | |
| Total |
2,018,041 | |||
| Municipal Short Term (continued) | ||||
| Issue Description |
Yield |
Principal Amount ($) |
Value ($) | |
| Pennsylvania 1.3% | ||||
| School District of Philadelphia (The)(e) | ||||
| Revenue Notes | ||||
| Series 2026 | ||||
| 06/30/2027 |
2.920% |
1,000,000 |
1,016,720 | |
| Rhode Island 1.3% | ||||
| Narragansett Bay Commission | ||||
| Revenue Notes | ||||
| Series 2026 | ||||
| 08/12/2027 |
2.680% |
1,000,000 |
1,012,188 | |
| Wisconsin 1.9% | ||||
| PMA Levy & Aid Anticipation Notes Program | ||||
| Revenue Bonds | ||||
| Series 2025 | ||||
| 09/24/2026 |
3.140% |
1,500,000 |
1,501,719 | |
| Total Municipal Short Term (Cost $11,417,069) |
11,417,084 | |||
| Money Market Funds 4.8% | ||
| Shares |
Value ($) | |
| BlackRock Liquidity Funds MuniCash, Institutional Shares, 2.213%(g) |
3,735,037 |
3,735,411 |
| Total Money Market Funds (Cost $3,735,037) |
3,735,411 | |
| Total Investments in Securities (Cost $79,214,672) |
79,174,814 | |
| Other Assets & Liabilities, Net |
(1,103,389 ) | |
| Net Assets |
$78,071,425 | |
Notes to Portfolio of Investments
| (a) |
The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity. |
| (b) |
Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of August 31, 2026. |
| (c) |
Income from this security may be subject to alternative minimum tax. |
| (d) |
Zero coupon bond. |
| (e) |
Represents a security purchased on a when-issued basis. |
| (f) |
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, 2026, the total value of these securities amounted to $1,249,044, which represents 1.60% of total net assets. |
| (g) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Ultra Short Duration Municipal Bond Fund | 2026
7
Portfolio of Investments (continued)
August 31, 2026
Abbreviation Legend
| AGM |
Assured Guaranty Municipal Corporation |
| AMBAC |
Ambac Assurance Corporation |
| FHA |
Federal Housing Administration |
| HUD |
U.S. Department of Housing and Urban Development |
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 Columbia Management Investment Advisers, LLC (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, if any, 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 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. Representatives of the Investment Manager report to 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, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Floating Rate Notes |
— |
2,000,000 |
— |
2,000,000 |
| Municipal Bonds |
— |
62,022,319 |
— |
62,022,319 |
| Municipal Short Term |
— |
11,417,084 |
— |
11,417,084 |
| Money Market Funds |
3,735,411 |
— |
— |
3,735,411 |
| Total Investments in Securities |
3,735,411 |
75,439,403 |
— |
79,174,814 |
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Ultra Short Duration Municipal Bond Fund | 2026
Statement of Assets and Liabilities
August 31, 2026
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $79,214,672) |
$79,174,814 |
| Receivable for: |
|
| Capital shares sold |
163,472 |
| Dividends |
11,536 |
| Interest |
879,541 |
| Expense reimbursement due from Investment Manager |
930 |
| Prepaid expenses |
2,824 |
| Total assets |
80,233,117 |
| Liabilities |
|
| Due to custodian |
8,132 |
| Payable for: |
|
| Investments purchased on a delayed delivery basis |
1,787,685 |
| Capital shares redeemed |
135,129 |
| Distributions to shareholders |
177,191 |
| Management services fees |
1,347 |
| Distribution and/or service fees |
45 |
| Transfer agent fees |
6,992 |
| Compensation of board members |
1,010 |
| Other expenses |
20,261 |
| Deferred compensation of board members |
23,900 |
| Total liabilities |
2,161,692 |
| Net assets applicable to outstanding capital stock |
$78,071,425 |
| Represented by |
|
| Paid in capital |
81,063,625 |
| Total distributable earnings (loss) |
(2,992,200 ) |
| Total - representing net assets applicable to outstanding capital stock |
$78,071,425 |
| Class A |
|
| Net assets |
$3,619,651 |
| Shares outstanding |
362,139 |
| Net asset value per share |
$10.00 |
| Institutional Class |
|
| Net assets |
$74,451,774 |
| Shares outstanding |
7,444,540 |
| Net asset value per share |
$10.00 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Ultra Short Duration Municipal Bond Fund | 2026
9
Statement of Operations
Year Ended August 31, 2026
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$113,219 |
| Interest |
2,041,105 |
| Total income |
2,154,324 |
| Expenses: |
|
| Management services fees |
152,378 |
| Distribution and/or service fees |
|
| Class A |
6,423 |
| Transfer agent fees |
|
| Class A |
4,210 |
| Institutional Class |
67,273 |
| Custodian fees |
1,751 |
| Printing and postage fees |
12,019 |
| Registration fees |
43,737 |
| Accounting services fees |
33,225 |
| Legal fees |
16,315 |
| Compensation of chief compliance officer |
9 |
| Compensation of board members |
11,389 |
| Deferred compensation of board members |
7,182 |
| Other |
7,507 |
| Total expenses |
363,418 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates |
(124,780 ) |
| Expense reduction |
(20 ) |
| Total net expenses |
238,618 |
| Net investment income |
1,915,706 |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
(46,989 ) |
| Net realized loss |
(46,989 ) |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
(290,102 ) |
| Net change in unrealized appreciation (depreciation) |
(290,102 ) |
| Net realized and unrealized loss |
(337,091 ) |
| Net increase in net assets resulting from operations |
$1,578,615 |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Ultra Short Duration Municipal Bond Fund | 2026
Statement of Changes in Net Assets
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 | |
| Operations |
||
| Net investment income |
$1,915,706 |
$2,261,597 |
| Net realized gain (loss) |
(46,989 ) |
96,286 |
| Net change in unrealized appreciation (depreciation) |
(290,102 ) |
(79,166 ) |
| Net increase in net assets resulting from operations |
1,578,615 |
2,278,717 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(107,436 ) |
(114,864 ) |
| Advisor Class |
— |
(568,935 ) |
| Institutional Class |
(1,803,573 ) |
(1,648,465 ) |
| Total distributions to shareholders |
(1,911,009 ) |
(2,332,264 ) |
| Increase (decrease) in net assets from capital stock activity |
10,013,482 |
(18,723,796 ) |
| Total increase (decrease) in net assets |
9,681,088 |
(18,777,343 ) |
| Net assets at beginning of year |
68,390,337 |
87,167,680 |
| Net assets at end of year |
$78,071,425 |
$68,390,337 |
| Year Ended |
Year Ended | |||
| August 31, 2026 |
August 31, 2025 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
172,034 |
1,725,151 |
144,437 |
1,445,089 |
| Distributions reinvested |
10,716 |
107,295 |
11,476 |
114,863 |
| Shares redeemed |
(270,850 ) |
(2,717,115 ) |
(52,190 ) |
(522,215 ) |
| Net increase (decrease) |
(88,100 ) |
(884,669 ) |
103,723 |
1,037,737 |
| Advisor Class |
||||
| Shares sold |
— |
— |
127,381 |
1,274,573 |
| Distributions reinvested |
— |
— |
38,695 |
387,130 |
| Shares redeemed |
— |
— |
(8,262,916 ) |
(82,587,579 ) |
| Net decrease |
— |
— |
(8,096,840 ) |
(80,925,876 ) |
| Institutional Class |
||||
| Shares sold |
4,097,225 |
41,098,553 |
8,510,223 |
85,195,442 |
| Distributions reinvested |
163,189 |
1,634,384 |
146,235 |
1,463,951 |
| Shares redeemed |
(3,177,320 ) |
(31,834,786 ) |
(2,546,767 ) |
(25,495,050 ) |
| Net increase |
1,083,094 |
10,898,151 |
6,109,691 |
61,164,343 |
| Total net increase (decrease) |
994,994 |
10,013,482 |
(1,883,426 ) |
(18,723,796 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Ultra Short Duration Municipal Bond Fund | 2026
11
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 ratios of expenses and net investment income are 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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| 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 8/31/2026 |
$10.04 |
0.25 |
(0.04 ) |
0.21 |
(0.25 ) |
(0.25 ) |
| Year Ended 8/31/2025 |
$10.04 |
0.29 |
0.01 |
0.30 |
(0.30 ) |
(0.30 ) |
| Year Ended 8/31/2024 |
$9.97 |
0.28 |
0.09 |
0.37 |
(0.30 ) |
(0.30 ) |
| Year Ended 8/31/2023 |
$9.98 |
0.20 |
0.00 |
0.20 |
(0.21 ) |
(0.21 ) |
| Year Ended 8/31/2022 |
$10.11 |
0.06 |
(0.13 ) |
(0.07 ) |
(0.06 ) |
(0.06 ) |
| Institutional Class | ||||||
| Year Ended 8/31/2026 |
$10.04 |
0.27 |
(0.04 ) |
0.23 |
(0.27 ) |
(0.27 ) |
| Year Ended 8/31/2025 |
$10.04 |
0.30 |
0.01 |
0.31 |
(0.31 ) |
(0.31 ) |
| Year Ended 8/31/2024 |
$9.97 |
0.30 |
0.08 |
0.38 |
(0.31 ) |
(0.31 ) |
| Year Ended 8/31/2023 |
$9.98 |
0.22 |
(0.01 )(f) |
0.21 |
(0.22 ) |
(0.22 ) |
| Year Ended 8/31/2022(g) |
$10.07 |
0.07 |
(0.10 ) |
(0.03 ) |
(0.06 ) |
(0.06 ) |
| 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 interfund lending expense which is less than 0.01%. |
| (e) |
Ratios include line of credit interest expense which is less than 0.01%. |
| (f) |
Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class. |
| (g) |
Institutional Class shares commenced operations on January 26, 2022. Per share data and total return reflect activity from that date. |
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Ultra Short Duration Municipal Bond Fund | 2026
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 8/31/2026 |
$10.00 |
2.14% |
0.65% |
0.47% (c) |
2.51% |
68% |
$3,620 |
| Year Ended 8/31/2025 |
$10.04 |
3.04% |
0.63% |
0.45% (c) |
2.92% |
38% |
$4,518 |
| Year Ended 8/31/2024 |
$10.04 |
3.75% |
0.55% (d) |
0.47% (c),(d) |
2.85% |
36% |
$3,478 |
| Year Ended 8/31/2023 |
$9.97 |
2.03% |
0.50% (d) |
0.48% (c),(d) |
2.02% |
82% |
$4,224 |
| Year Ended 8/31/2022 |
$9.98 |
(0.74% ) |
0.56% (d),(e) |
0.48% (d),(e) |
0.57% |
104% |
$8,199 |
| Institutional Class | |||||||
| Year Ended 8/31/2026 |
$10.00 |
2.30% |
0.49% |
0.32% (c) |
2.65% |
68% |
$74,452 |
| Year Ended 8/31/2025 |
$10.04 |
3.18% |
0.50% |
0.32% (c) |
3.02% |
38% |
$63,872 |
| Year Ended 8/31/2024 |
$10.04 |
3.89% |
0.41% (d) |
0.33% (c),(d) |
3.03% |
36% |
$2,527 |
| Year Ended 8/31/2023 |
$9.97 |
2.17% |
0.35% (d) |
0.35% (c),(d) |
2.24% |
82% |
$753 |
| Year Ended 8/31/2022 (g) |
$9.98 |
(0.33% ) |
0.31% (d),(e) |
0.27% (d),(e) |
1.14% |
104% |
$1,254 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Ultra Short Duration Municipal Bond Fund | 2026
13
Notes to Financial Statements
August 31, 2026
Note 1. Organization
Columbia Ultra Short Duration Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers 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 shares are offered to the general public for investment. Institutional Class 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 require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect 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.
14
Columbia Ultra Short Duration Municipal Bond Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
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.
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 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.
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.
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
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. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. 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.
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.
Columbia Ultra Short Duration Municipal Bond Fund | 2026
15
Notes to Financial Statements (continued)
August 31, 2026
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 net tax-exempt and 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.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily 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 and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to 0.21% of the Fund’s daily net assets.
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 "Deferred 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.
16
Columbia Ultra Short Duration Municipal Bond Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
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 SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS 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.
For the year ended August 31, 2026, 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 |
0.10 |
| Institutional Class |
0.10 |
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, 2026, these minimum account balance fees reduced total expenses of the Fund by $20.
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. The Board of Trustees has approved, and the Fund has adopted, a distribution and shareholder service plan (the Plan) applicable to Class A shares, which sets the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plan, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.15% of the average daily net assets attributable to Class A shares of the Fund. The Fund pays the distribution and/or shareholder services fees for Class A up to the point where the Distributor’s expenses are fully recovered.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, including indirect expenses of the
Columbia Ultra Short Duration Municipal Bond Fund | 2026
17
Notes to Financial Statements (continued)
August 31, 2026
underlying funds, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
| Fee rate(s) contractual through December 31, 2026 (%) | |
| Class A |
0.47 |
| Institutional Class |
0.32 |
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At August 31, 2026, these differences were primarily due to differing treatment for capital loss carryforwards, trustees’ deferred compensation and distributions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The Fund did not have any permanent differences; therefore, no reclassifications were made.
The tax character of distributions paid during the years indicated was as follows:
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 | ||||||
| Ordinary income ($) |
Tax-exempt income ($) |
Long-term capital gains ($) |
Total ($) |
Ordinary income ($) |
Tax-exempt income ($) |
Long-term capital gains ($) |
Total ($) |
| — |
1,911,009 |
— |
1,911,009 |
5 |
2,332,259 |
— |
2,332,264 |
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At August 31, 2026, the components of distributable earnings on a tax basis were as follows:
| Undistributed ordinary income ($) |
Undistributed tax- exempt income ($) |
Undistributed long-term capital gains ($) |
Capital loss carryforwards ($) |
Net unrealized (depreciation) ($) |
| — |
271,578 |
— |
(3,022,829 ) |
(39,858 ) |
At August 31, 2026, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized (depreciation) ($) |
| 79,214,672 |
85,581 |
(125,439 ) |
(39,858 ) |
18
Columbia Ultra Short Duration Municipal Bond Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at August 31, 2026, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended August 31, 2026, capital loss carryforwards utilized, if any, were as follows:
| No expiration short-term ($) |
No expiration long-term ($) |
Total ($) |
Utilized ($) |
| (1,055,645 ) |
(1,967,184 ) |
(3,022,829 ) |
— |
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $49,773,911 and $40,644,097, respectively, for the year ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the year ended August 31, 2026.
Note 7. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate and (ii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to October 22, 2026, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A., which permitted aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the year ended August 31, 2026.
Columbia Ultra Short Duration Municipal Bond Fund | 2026
19
Notes to Financial Statements (continued)
August 31, 2026
Note 8. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.
Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Shareholder concentration risk
At August 31, 2026, one unaffiliated shareholder of record owned 71.7% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 9. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse
20
Columbia Ultra Short Duration Municipal Bond Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026
judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
Columbia Ultra Short Duration Municipal Bond Fund | 2026
21
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Ultra Short Duration Municipal Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Ultra Short Duration Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the four years in the period ended August 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the four years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of the Fund as of and for the year ended August 31, 2022 and the financial highlights for each of the periods ended on August 31, 2022 indicated therein (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 25, 2022 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 23, 2026
We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.
22
Columbia Ultra Short Duration Municipal Bond Fund | 2026
Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2026. Shareholders will be notified in early 2027 of the amounts for use in preparing 2026 income tax returns.
| Exempt- interest dividends |
|
| 100.00% |
Exempt-interest dividends. The percentage of net investment income distributed during the fiscal year that qualifies as exempt-interest dividends for federal income tax purposes. A portion of the income may be subject to federal alternative minimum tax.
Columbia Ultra Short Duration Municipal Bond Fund | 2026
23
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Ultra Short Duration Municipal Bond Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
24
Columbia Ultra Short Duration Municipal Bond Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks, and (iii) the net assets of the Fund. The Board observed the Fund’s underperformance for certain periods, noting that various potential strategic decisions were being contemplated for the Fund.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally, and the Investment Manager’s willingness to take steps intended to improve performance. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Columbia Ultra Short Duration Municipal Bond Fund | 2026
25
Approval of Management Agreement (continued)
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe’s median expense ratio shown in the reports.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. The Board took into account, however, that the Management Agreement already provides for a relatively low flat fee regardless of the Fund’s asset level, and requires Columbia Threadneedle to provide investment advice, as well as administrative, accounting and other services to the Fund.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
26
Columbia Ultra Short Duration Municipal Bond Fund | 2026
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Ultra Short Duration Municipal Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN320_(10/26)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The fees and expenses of the independent trustees are included in “Compensation of board members” and “Deferred compensation of board members” on each Fund’s Statement of Operations as part of the Registrant’s financial statements filed under Item 7 of this Form N-CSR. Additionally, the compensation paid by the Trust to the Chief Compliance Officer is included in “Compensation of chief compliance officer” on each Fund’s Statement of Operations as part of the Registrant’s financial statements filed under Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are effective and adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b) There was no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(2) Not applicable.
(a)(4) Not applicable.
(a)(5) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Columbia Funds Series Trust II | ||
| By: | /s/ Michael G. Clarke | |
| Name: | Michael G. Clarke | |
| Title: | President and Principal Executive Officer | |
| Date: | October 23, 2026 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Michael G. Clarke | |
| Name: | Michael G. Clarke | |
| Title: | President and Principal Executive Officer | |
| Date: | October 23, 2026 | |
| By: | /s/ Charles H. Chiesa | |
| Name: | Charles H. Chiesa | |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer | |
| Date: | October 23, 2026 | |
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