Columbia Funds Series Trust II
10/03/2025 | Press release | Distributed by Public on 10/03/2025 10:39
Annual Report by Investment Company (Form N-CSR)
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
July
Date of reporting period:
July 31, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100
F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders
Columbia Global Opportunities Fund
Class A / IMRFX
Annual Shareholder Report | July 31, 2025
This annual shareholder report contains important information about Columbia Global Opportunities Fund (the Fund) for the period of August 1, 2024 to July 31, 2025. 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 |
$
123
|
1.18
%
|
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
Allocations
| Asset allocation decisions was the primary driver of active returns for the Fund over the period. Asset allocation decisions for both equity and fixed income were positive. Overweight allocation to US equities, Canadian equities and emerging market equities contributed to active returns. The decision to underweight developed market sovereign bonds also contributed as returns for this group were negative over the period.
Underlying manager selection
| Underlying fund selection contributed to performance. These results were solely driven by the Fund's exposure to international developed equities.
Leverage
| The team's use of leverage was additive to results during the period.
Top Performance Detractors
Style effect
I
The impact of style effect on the portfolio was a drag on relative performance. This was primarily driven by exposure to longer dated U.S. Treasury bonds and longer dated developed market sovereign bonds.
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
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class A (excluding sales charges) | 8.85 | 3.72 | 4.65 |
| Class A (including sales charges) | 2.58 | 2.50 | 4.02 |
| Blended Benchmark - 50% MSCI ACWI All Cap Index (Net), 50% Bloomberg Global Aggregate Index | 9.74 | 5.16 | 5.51 |
| MSCI ACWI All Cap Index (Net) | 15.07 | 12.52 | 9.75 |
| Bloomberg Global Aggregate Index | 4.40 |
(2.07
)
|
1.00 |
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
|
$
313,667,089
|
|
Total number of portfolio holdings
|
419 |
|
Management services fees
(represents 0.70% of Fund average net assets) |
$
2,223,960
|
|
Portfolio turnover for the reporting period
|
100% |
|
Portfolio turnover for the reporting period excluding to be announced (TBA) securities
|
54% |
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.
The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At July 31, 2025, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.
Derivative Exposure
|
Long
|
|
| Credit Risk |
8.3
%
|
| Equity Risk |
10.5
%
|
| Foreign Exchange Risk |
20.9
%
|
| Interest Rate Risk |
19.4
%
|
|
Short
|
|
| Equity Risk |
7.9
%
|
| Foreign Exchange Risk |
11.1
%
|
| Interest Rate Risk |
1.8
%
|
Equity Sector Allocation
Geographic Allocation
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. All rights reserved.
© 2025 Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Global Opportunities Fund | Class A
|
ASR156_01_(09/25)
Columbia Global Opportunities Fund
Institutional Class / CSAZX
Annual Shareholder Report | July 31, 2025
This annual shareholder report contains important information about Columbia Global Opportunities Fund (the Fund) for the period of August 1, 2024 to July 31, 2025. 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 |
$
97
|
0.93
%
|
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
Allocations
| Asset allocation decisions was the primary driver of active returns for the Fund over the period. Asset allocation decisions for both equity and fixed income were positive. Overweight allocation to US equities, Canadian equities and emerging market equities contributed to active returns. The decision to underweight developed market sovereign bonds also contributed as returns for this group were negative over the period.
Underlying manager selection
| Underlying fund selection contributed to performance. These results were solely driven by the Fund's exposure to international developed equities.
Leverage
| The team's use of leverage was additive to results during the period.
Top Performance Detractors
Style effect
I
The impact of style effect on the portfolio was a drag on relative performance. This was primarily driven by exposure to longer dated U.S. Treasury bonds and longer dated developed market sovereign bonds.
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
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional Class | 9.12 | 3.97 | 4.90 |
| Blended Benchmark - 50% MSCI ACWI All Cap Index (Net), 50% Bloomberg Global Aggregate Index | 9.74 | 5.16 | 5.51 |
| MSCI ACWI All Cap Index (Net) | 15.07 | 12.52 | 9.75 |
| Bloomberg Global Aggregate Index | 4.40 |
(2.07
)
|
1.00 |
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
|
$
313,667,089
|
|
Total number of portfolio holdings
|
419 |
|
Management services fees
(represents 0.70% of Fund average net assets) |
$
2,223,960
|
|
Portfolio turnover for the reporting period
|
100% |
|
Portfolio turnover for the reporting period excluding to be announced (TBA) securities
|
54% |
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.
The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At July 31, 2025, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.
Derivative Exposure
|
Long
|
|
| Credit Risk |
8.3
%
|
| Equity Risk |
10.5
%
|
| Foreign Exchange Risk |
20.9
%
|
| Interest Rate Risk |
19.4
%
|
|
Short
|
|
| Equity Risk |
7.9
%
|
| Foreign Exchange Risk |
11.1
%
|
| Interest Rate Risk |
1.8
%
|
Equity Sector Allocation
Geographic Allocation
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. All rights reserved.
© 2025 Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Global Opportunities Fund | Institutional Class
|
ASR156_08_(09/25)
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 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 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 ($) |
Amount billed to the registrant's investment advisor ($) |
|||
| July 31, 2025 | July 31, 2024 | July 31, 2025 | July 31, 2024 | |
| Audit fees (a) | 54,065 | 52,505 | 0 | 0 |
| Audit-related fees (b) | 0 | 0 | 0 | 0 |
| Tax fees (c) | 24,948 | 14,680 | 0 | 0 |
| All other fees (d) | 0 | 0 | 0 | 0 |
| Non-audit fees (g) | 0 | 0 | 474,000 | 581,000 |
(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 Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.
(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 Global Opportunities Fund
Annual Financial Statements and Additional Information
July 31, 2025
|
Not FDIC or NCUA Insured
|
No Financial Institution Guarantee
|
May Lose Value
|
Table of Contents
|
Portfolio of Investments
|
3
|
|
Statement of Assets and Liabilities
|
16
|
|
Statement of Operations
|
17
|
|
Statement of Changes in Net Assets
|
18
|
|
Financial Highlights
|
20
|
|
Notes to Financial Statements
|
22
|
|
Report of Independent Registered Public Accounting Firm
|
40
|
|
Federal Income Tax Information
|
41
|
|
Approval of Management Agreement
|
42
|
Columbia Global Opportunities Fund | 2025
Portfolio of Investments July 31, 2025
(Percentages represent value of investments compared to net assets)
Investments in securities
|
Alternative Strategies Funds 2.0%
|
||
|
|
Shares
|
Value ($)
|
|
United States 2.0%
|
||
|
Columbia Commodity Strategy Fund, Institutional 3
Class(a)
|
630,834
|
6,232,642
|
|
Total Alternative Strategies Funds
(Cost $6,352,500)
|
6,232,642
|
|
|
|
||
|
Common Stocks 57.8%
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Argentina 0.1%
|
||
|
Grupo Financiero Galicia SA, ADR(b)
|
3,171
|
160,040
|
|
Australia 0.6%
|
||
|
Northern Star Resources Ltd.
|
87,144
|
865,805
|
|
Paladin Energy Ltd.(b)
|
82,889
|
324,622
|
|
Santos Ltd.
|
117,238
|
589,929
|
|
Total
|
1,780,356
|
|
|
Austria 0.2%
|
||
|
Kontron AG
|
15,216
|
490,870
|
|
Belgium 0.0%
|
||
|
Galapagos NV, ADR(b)
|
2,955
|
96,983
|
|
Brazil 1.1%
|
||
|
Banco BTG Pactual SA
|
16,229
|
113,467
|
|
Embraer SA, ADR
|
9,929
|
571,712
|
|
Itaú Unibanco Holding SA, ADR
|
91,412
|
573,153
|
|
MercadoLibre, Inc.(b)
|
310
|
735,906
|
|
NU Holdings Ltd., Class A(b)
|
80,432
|
982,879
|
|
Petroleo Brasileiro SA, ADR
|
35,368
|
450,589
|
|
Total
|
3,427,706
|
|
|
Canada 0.6%
|
||
|
Cameco Corp.(c)
|
6,105
|
457,447
|
|
Celestica, Inc.(b),(c)
|
723
|
144,499
|
|
Lightspeed Commerce, Inc.(b)
|
4,689
|
58,331
|
|
Pan American Silver Corp.
|
19,099
|
516,055
|
|
Vermilion Energy, Inc.
|
13,858
|
113,913
|
|
Whitecap Resources, Inc.
|
86,319
|
651,629
|
|
Total
|
1,941,874
|
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
China 3.6%
|
||
|
Alibaba Group Holding Ltd.
|
88,000
|
1,323,061
|
|
BYD Co., Ltd., Class H
|
40,000
|
584,034
|
|
China Construction Bank Corp., Class H
|
425,000
|
434,692
|
|
China Resources Land Ltd.
|
108,500
|
397,866
|
|
Contemporary Amperex Technology Co., Ltd., Class A
|
18,400
|
673,657
|
|
Duality Biotherapeutics, Inc.(b)
|
2,900
|
129,373
|
|
Eastroc Beverage Group Co., Ltd., Class A
|
10,130
|
395,963
|
|
Full Truck Alliance Co., Ltd., ADR
|
21,902
|
252,968
|
|
Futu Holdings Ltd., ADR
|
691
|
106,193
|
|
Fuyao Glass Industry Group Co., Ltd., Class A
|
33,700
|
255,716
|
|
GDS Holdings Ltd., ADR(b)
|
3,410
|
122,999
|
|
Giant Biogene Holding Co., Ltd.
|
27,800
|
198,235
|
|
Hansoh Pharmaceutical Group Co., Ltd.
|
24,000
|
107,824
|
|
Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class H(b)
|
6,200
|
62,276
|
|
KE Holdings, Inc., ADR
|
8,719
|
160,604
|
|
Mao Geping Cosmetics Co., Ltd.
|
10,900
|
138,570
|
|
PDD Holdings, Inc., ADR(b)
|
3,809
|
432,131
|
|
Ping An Insurance Group Co. of China Ltd., Class H
|
40,500
|
278,047
|
|
Pop Mart International Group, Ltd.(d)
|
4,400
|
137,253
|
|
Sieyuan Electric Co., Ltd., Class A
|
27,300
|
295,598
|
|
Tencent Holdings Ltd.
|
37,900
|
2,653,464
|
|
Trip.com Group Ltd., ADR
|
9,411
|
583,012
|
|
WuXi XDC Cayman, Inc.(b)
|
50,000
|
363,465
|
|
Xiaomi Corp.(b)
|
154,600
|
1,040,141
|
|
Zhejiang Shuanghuan Driveline Co., Ltd., Class A
|
52,600
|
240,453
|
|
ZJK Industrial Co., Ltd.(b)
|
19,363
|
62,349
|
|
Total
|
11,429,944
|
|
|
Denmark 0.1%
|
||
|
Novo Nordisk A/S, Class B
|
7,887
|
366,809
|
|
Finland 0.3%
|
||
|
Amer Sports, Inc.(b)
|
10,795
|
405,244
|
|
UPM-Kymmene OYJ
|
21,154
|
548,265
|
|
Total
|
953,509
|
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Opportunities Fund | 2025
3
Portfolio of Investments (continued) July 31, 2025
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
France 1.2%
|
||
|
AXA SA
|
17,088
|
829,951
|
|
Cie de Saint-Gobain SA
|
5,585
|
640,695
|
|
Eiffage SA
|
5,304
|
711,985
|
|
Sanofi SA
|
8,234
|
739,172
|
|
Societe Generale SA
|
9,037
|
576,819
|
|
TotalEnergies SE
|
5,903
|
351,025
|
|
Total
|
3,849,647
|
|
|
Germany 0.5%
|
||
|
Duerr AG
|
7,128
|
183,209
|
|
Fresenius Medical Care AG
|
9,073
|
460,195
|
|
KION Group AG
|
7,644
|
469,914
|
|
LANXESS AG
|
5,522
|
151,645
|
|
TeamViewer SE(b)
|
15,883
|
162,435
|
|
Total
|
1,427,398
|
|
|
Greece 1.0%
|
||
|
Eurobank Ergasias Services and Holdings SA
|
308,392
|
1,131,911
|
|
JUMBO SA
|
18,706
|
632,734
|
|
National Bank of Greece SA
|
106,114
|
1,480,138
|
|
Total
|
3,244,783
|
|
|
Hong Kong 0.4%
|
||
|
BOC Hong Kong Holdings Ltd.
|
133,500
|
599,450
|
|
Hong Kong Exchanges and Clearing Ltd.
|
7,200
|
389,655
|
|
WH Group Ltd.
|
409,046
|
409,512
|
|
Total
|
1,398,617
|
|
|
India 1.7%
|
||
|
360 ONE WAM Ltd.
|
43,248
|
517,651
|
|
Bajaj Finance Ltd.
|
30,450
|
304,724
|
|
Bharat Electronics Ltd.
|
55,752
|
242,203
|
|
Bharti Airtel Ltd.
|
31,052
|
675,976
|
|
CG Power & Industrial Solutions Ltd.
|
31,520
|
236,664
|
|
Cholamandalam Investment and Finance Co., Ltd.
|
7,598
|
124,559
|
|
Eternal Ltd.(b)
|
73,257
|
255,675
|
|
GAIL India Ltd.
|
135,011
|
271,968
|
|
HDFC Bank Ltd., ADR
|
2,549
|
195,687
|
|
ICICI Bank Ltd., ADR
|
31,303
|
1,054,911
|
|
Lodha Developers Ltd.
|
14,787
|
206,756
|
|
MakeMyTrip, Ltd.(b)
|
2,138
|
200,096
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Max Healthcare Institute Ltd.
|
15,594
|
221,241
|
|
PB Fintech Ltd.(b)
|
9,062
|
185,961
|
|
Phoenix Mills Ltd. (The)
|
17,717
|
298,991
|
|
REC Ltd.
|
50,808
|
227,738
|
|
Total
|
5,220,801
|
|
|
Ireland 0.4%
|
||
|
AIB Group PLC
|
68,658
|
541,619
|
|
Flutter Entertainment PLC(b)
|
2,817
|
851,467
|
|
Total
|
1,393,086
|
|
|
Israel 0.3%
|
||
|
Check Point Software Technologies Ltd.(b)
|
4,810
|
895,622
|
|
Italy 0.2%
|
||
|
Buzzi SpA
|
12,981
|
677,863
|
|
Japan 3.7%
|
||
|
Amano Corp.
|
9,900
|
276,247
|
|
Hitachi Ltd.
|
14,700
|
449,830
|
|
IHI Corp.
|
1,600
|
178,171
|
|
ITOCHU Corp.
|
15,200
|
797,280
|
|
Kakaku.com, Inc.
|
20,800
|
353,527
|
|
Kinden Corp.
|
13,300
|
418,773
|
|
Komatsu Ltd.
|
17,100
|
550,926
|
|
Macnica Holdings, Inc.
|
35,700
|
466,254
|
|
MatsukiyoCocokara & Co.
|
37,000
|
759,784
|
|
Mitsubishi UFJ Financial Group, Inc.
|
58,500
|
806,292
|
|
Niterra Co., Ltd.
|
14,500
|
499,869
|
|
Nomura Holdings, Inc.
|
44,800
|
295,962
|
|
Otsuka Corp.
|
27,900
|
528,626
|
|
PAL GROUP Holdings Co., Ltd.
|
9,500
|
310,839
|
|
Sankyo Co., Ltd.
|
50,600
|
944,211
|
|
Sanwa Holdings Corp.
|
14,700
|
401,043
|
|
Shimamura Co., Ltd.
|
9,200
|
666,140
|
|
Ship Healthcare Holdings, Inc.
|
16,900
|
235,826
|
|
Sumitomo Corp.
|
8,500
|
217,258
|
|
Suzuken Co., Ltd.
|
17,600
|
665,231
|
|
TBS Holdings, Inc.
|
21,000
|
690,777
|
|
TOPPAN Holdings, Inc.
|
23,100
|
622,504
|
|
USS Co., Ltd.
|
46,200
|
502,143
|
|
Total
|
11,637,513
|
|
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Global Opportunities Fund | 2025
Portfolio of Investments (continued) July 31, 2025
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Malaysia 0.1%
|
||
|
Tenaga Nasional Bhd
|
94,500
|
287,842
|
|
Mexico 0.3%
|
||
|
Arca Continental SAB de CV
|
29,320
|
305,680
|
|
BBB Foods, Inc., Class A(b)
|
16,027
|
409,009
|
|
Qualitas Controladora SAB de CV
|
12,033
|
109,040
|
|
Vista Energy SAB de CV, ADR(b)
|
4,020
|
179,694
|
|
Total
|
1,003,423
|
|
|
Netherlands 1.7%
|
||
|
ASM International NV
|
1,273
|
616,205
|
|
ASR Nederland NV
|
12,327
|
818,808
|
|
ING Groep NV
|
47,586
|
1,109,013
|
|
JBS NV, BDR(b)
|
25,344
|
346,252
|
|
Koninklijke Ahold Delhaize NV
|
12,364
|
488,334
|
|
Prosus NV, Class N(b)
|
17,182
|
981,536
|
|
Shell PLC
|
26,579
|
955,066
|
|
Total
|
5,315,214
|
|
|
Norway 0.1%
|
||
|
SalMar ASA
|
7,306
|
296,799
|
|
Philippines 0.1%
|
||
|
BDO Unibank, Inc.
|
143,574
|
350,482
|
|
Poland 0.5%
|
||
|
Dino Polska SA(b)
|
15,430
|
203,493
|
|
Powszechna Kasa Oszczednosci Bank Polski SA
|
63,497
|
1,390,362
|
|
Total
|
1,593,855
|
|
|
Russian Federation -%
|
||
|
Detsky Mir PJSC(b),(e),(f),(g)
|
290,936
|
-
|
|
Lukoil PJSC(b),(e),(f),(g),(h)
|
2,750
|
-
|
|
Total
|
-
|
|
|
Singapore 0.3%
|
||
|
DBS Group Holdings Ltd.
|
12,360
|
453,667
|
|
Venture Corp., Ltd.
|
38,200
|
378,915
|
|
Total
|
832,582
|
|
|
South Africa 0.2%
|
||
|
Capitec Bank Holdings Ltd.
|
2,049
|
397,195
|
|
Impala Platinum Holdings Ltd.(b)
|
28,616
|
270,462
|
|
Total
|
667,657
|
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
South Korea 1.4%
|
||
|
Coupang, Inc., Class A(b)
|
13,846
|
407,488
|
|
HD Hyundai Electric Co., Ltd.
|
1,729
|
615,285
|
|
KB Financial Group, Inc.
|
4,794
|
380,875
|
|
Samsung Biologics Co., Ltd.(b)
|
415
|
317,071
|
|
Samsung Electronics Co., Ltd.
|
22,324
|
1,137,720
|
|
SK Hynix, Inc.
|
5,326
|
1,032,264
|
|
Youngone Corp.
|
7,758
|
337,212
|
|
Total
|
4,227,915
|
|
|
Spain 0.2%
|
||
|
Endesa SA
|
22,095
|
639,196
|
|
Switzerland 0.8%
|
||
|
Landis+Gyr Group AG(b)
|
4,320
|
352,747
|
|
Nestlé SA, Registered Shares
|
2,944
|
257,238
|
|
Novartis AG, Registered Shares
|
4,049
|
461,129
|
|
TE Connectivity PLC
|
7,158
|
1,472,758
|
|
Total
|
2,543,872
|
|
|
Taiwan 2.8%
|
||
|
Accton Technology Corp.
|
21,753
|
642,458
|
|
Alchip Technologies Ltd.
|
2,000
|
255,674
|
|
ASPEED Technology, Inc.
|
2,000
|
302,881
|
|
Chroma ATE, Inc.
|
16,000
|
229,109
|
|
Elite Material Co., Ltd.
|
7,000
|
256,596
|
|
eMemory Technology, Inc.
|
7,000
|
473,862
|
|
MediaTek, Inc.
|
15,000
|
679,269
|
|
Parade Technologies Ltd.
|
18,000
|
342,573
|
|
Sea Ltd. ADR(b)
|
2,091
|
327,555
|
|
Taiwan Semiconductor Manufacturing Co., Ltd.
|
134,530
|
5,179,309
|
|
Total
|
8,689,286
|
|
|
Turkey 0.1%
|
||
|
BIM Birlesik Magazalar AS
|
23,162
|
302,686
|
|
United Arab Emirates 0.6%
|
||
|
ADNOC Drilling Co. PJSC
|
221,035
|
351,437
|
|
Emaar Properties PJSC
|
363,368
|
1,504,817
|
|
Total
|
1,856,254
|
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Opportunities Fund | 2025
5
Portfolio of Investments (continued) July 31, 2025
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
United Kingdom 1.3%
|
||
|
AstraZeneca PLC, ADR
|
14,165
|
1,035,320
|
|
DCC PLC
|
6,510
|
407,728
|
|
Imperial Brands PLC
|
11,786
|
459,411
|
|
JD Sports Fashion PLC
|
328,286
|
368,497
|
|
Marex Group PLC
|
2,404
|
92,747
|
|
Marks & Spencer Group PLC
|
184,657
|
848,054
|
|
TP Icap Group PLC
|
186,803
|
754,085
|
|
Total
|
3,965,842
|
|
|
United States 31.2%
|
||
|
ABM Industries, Inc.
|
2,141
|
98,764
|
|
ACADIA Pharmaceuticals, Inc.(b)
|
6,392
|
152,321
|
|
AES Corp. (The)
|
2,159
|
28,391
|
|
Alphabet, Inc., Class C
|
18,956
|
3,655,854
|
|
Amazon.com, Inc.(b)
|
18,901
|
4,424,913
|
|
Ameren Corp.
|
7,859
|
794,781
|
|
Apple, Inc.
|
18,803
|
3,902,939
|
|
Aris Water Solutions, Inc.
|
9,129
|
194,174
|
|
AT&T, Inc.
|
48,638
|
1,333,168
|
|
Atlantic Union Bankshares Corp.
|
12,719
|
403,192
|
|
Avient Corp.
|
2,128
|
67,181
|
|
Avista Corp.
|
10,366
|
386,652
|
|
Bank of America Corp.
|
36,727
|
1,736,085
|
|
Beyond, Inc.(b)
|
20,019
|
179,170
|
|
Blackrock, Inc.
|
1,612
|
1,782,888
|
|
Boston Scientific Corp.(b)
|
9,835
|
1,031,888
|
|
Bristol-Myers Squibb Co.
|
19,338
|
837,529
|
|
Brixmor Property Group, Inc.
|
14,785
|
386,332
|
|
Broadcom, Inc.
|
5,583
|
1,639,727
|
|
Burford Capital Ltd.
|
32,240
|
414,284
|
|
Carriage Services, Inc.
|
6,247
|
280,615
|
|
Casella Waste Systems, Inc., Class A(b)
|
2,260
|
245,730
|
|
Cencora, Inc.
|
2,704
|
773,560
|
|
Certara, Inc.(b)
|
16,217
|
159,575
|
|
Champion Homes, Inc.(b)
|
2,935
|
178,742
|
|
Cintas Corp.
|
4,953
|
1,102,290
|
|
Cirrus Logic, Inc.(b)
|
2,986
|
300,720
|
|
Citigroup, Inc.
|
17,212
|
1,612,764
|
|
Cohu, Inc.(b)
|
2,319
|
41,417
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Constellation Brands, Inc., Class A
|
5,748
|
960,146
|
|
Construction Partners, Inc., Class A(b)
|
2,153
|
217,130
|
|
Datadog, Inc., Class A(b)
|
3,237
|
453,115
|
|
Diversified Energy Co. PLC
|
13,155
|
197,314
|
|
Domo, Inc., Class B(b)
|
12,675
|
208,631
|
|
DTE Energy Co.
|
6,431
|
890,115
|
|
Eaton Corp. PLC
|
3,604
|
1,386,531
|
|
Eli Lilly & Co.
|
2,117
|
1,566,728
|
|
Empire State Realty Trust, Inc., Class A
|
36,712
|
265,795
|
|
Energy Fuels, Inc.(b),(c)
|
35,543
|
323,086
|
|
Energy Recovery, Inc.(b)
|
20,260
|
272,497
|
|
Enerpac Tool Group Corp.
|
981
|
37,778
|
|
Entergy Corp.
|
10,973
|
992,288
|
|
EQT Corp.
|
8,284
|
445,265
|
|
Equinix, Inc.
|
1,004
|
788,311
|
|
Exxon Mobil Corp.
|
11,390
|
1,271,580
|
|
Figs, Inc., Class A(b)
|
50,191
|
326,242
|
|
First BanCorp
|
8,558
|
428,670
|
|
Formfactor, Inc.(b)
|
3,662
|
104,037
|
|
FTI Consulting, Inc.(b)
|
852
|
141,730
|
|
General Dynamics Corp.
|
4,338
|
1,351,764
|
|
General Motors Co.
|
17,449
|
930,730
|
|
Gitlab, Inc., Class A(b)
|
8,247
|
361,301
|
|
Glaukos Corp.(b)
|
1,885
|
162,280
|
|
Goldman Sachs Group, Inc. (The)
|
2,306
|
1,668,599
|
|
Hanover Insurance Group, Inc. (The)
|
1,360
|
233,417
|
|
Hartford Insurance Group, Inc. (The)
|
11,982
|
1,490,441
|
|
Healthpeak Properties, Inc.
|
48,846
|
827,451
|
|
Hilton Worldwide Holdings, Inc.
|
3,731
|
1,000,207
|
|
IDACORP, Inc.
|
1,373
|
172,078
|
|
Impinj, Inc.(b)
|
2,404
|
371,610
|
|
Insmed, Inc.(b)
|
5,269
|
565,258
|
|
Installed Building Products, Inc.
|
200
|
40,458
|
|
Integer Holdings Corp.(b)
|
1,803
|
195,644
|
|
Intuitive Surgical, Inc.(b)
|
1,933
|
929,947
|
|
Jazz Pharmaceuticals PLC(b)
|
4,796
|
549,766
|
|
JBT Marel Corp.
|
565
|
77,857
|
|
JPMorgan Chase & Co.
|
8,863
|
2,625,575
|
|
Latham Group, Inc.(b)
|
28,009
|
189,901
|
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Global Opportunities Fund | 2025
Portfolio of Investments (continued) July 31, 2025
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Lazard, Inc.
|
3,742
|
194,509
|
|
LendingTree, Inc.(b)
|
8,776
|
409,664
|
|
Life Time Group Holdings, Inc.(b)
|
4,274
|
122,749
|
|
Liquidity Services, Inc.(b)
|
4,631
|
110,588
|
|
Maravai LifeSciences Holdings, Inc., Class A(b)
|
13,790
|
32,269
|
|
MasterCard, Inc., Class A
|
3,201
|
1,813,270
|
|
Match Group, Inc.
|
3,276
|
112,269
|
|
Matthews International Corp., Class A
|
8,201
|
192,642
|
|
Meta Platforms, Inc., Class A
|
4,470
|
3,457,277
|
|
Microsoft Corp.
|
14,123
|
7,534,621
|
|
Middleby Corp. (The)(b)
|
1,338
|
194,278
|
|
Moelis & Co., ADR, Class A
|
6,962
|
488,315
|
|
nCino, Inc.(b)
|
6,394
|
178,552
|
|
NIKE, Inc., Class B
|
17,034
|
1,272,269
|
|
NOV, Inc.
|
7,376
|
92,790
|
|
NPK International, Inc.(b)
|
33,570
|
302,801
|
|
nVent Electric PLC
|
1,861
|
145,940
|
|
NVIDIA Corp.
|
40,341
|
7,175,454
|
|
Ollie's Bargain Outlet Holdings, Inc.(b)
|
1,141
|
155,895
|
|
ON Semiconductor Corp.(b)
|
20,662
|
1,164,510
|
|
OneSpan, Inc.
|
7,184
|
105,964
|
|
Palo Alto Networks, Inc.(b)
|
4,849
|
841,786
|
|
Parker-Hannifin Corp.
|
1,611
|
1,179,091
|
|
Personalis, Inc.(b)
|
40,900
|
224,132
|
|
Primo Brands Corp., Class A
|
26,933
|
743,620
|
|
Procter & Gamble Co. (The)
|
9,847
|
1,481,678
|
|
Progyny, Inc.(b)
|
13,111
|
308,240
|
|
Quanex Building Products Corp.
|
13,064
|
254,487
|
|
Quanterix Corp.(b)
|
13,897
|
82,548
|
|
Quantum Computing, Inc.(b)
|
3,556
|
52,771
|
|
Republic Services, Inc.
|
4,408
|
1,016,705
|
|
Revolution Medicines, Inc.(b)
|
4,969
|
185,195
|
|
Rigetti Computing, Inc.(b)
|
3,948
|
57,246
|
|
Roche Holding AG, Genusschein Shares
|
894
|
278,993
|
|
Rogers Corp.(b)
|
2,172
|
142,440
|
|
Scotts Miracle-Gro Co. (The), Class A
|
3,290
|
206,151
|
|
ServiceNow, Inc.(b)
|
1,106
|
1,043,091
|
|
Shake Shack, Inc., Class A(b)
|
1,497
|
180,149
|
|
Simulations Plus, Inc.(b)
|
5,737
|
74,696
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Sirius XM Holdings, Inc.
|
5,718
|
120,764
|
|
SiTime Corp.(b)
|
1,213
|
246,057
|
|
SkyWater Technology, Inc.(b)
|
7,587
|
67,904
|
|
Stanley Black & Decker, Inc.
|
15,583
|
1,054,190
|
|
Starwood Property Trust, Inc.
|
9,344
|
181,834
|
|
Structure Therapeutics, Inc., ADR(b)
|
4,488
|
79,886
|
|
Synopsys, Inc.(b)
|
1,909
|
1,209,294
|
|
Tesla, Inc.(b)
|
1,879
|
579,239
|
|
Tetra Technologies, Inc.(b)
|
38,254
|
156,841
|
|
The Chefs' Warehouse(b)
|
3,736
|
256,140
|
|
Thermo Fisher Scientific, Inc.
|
2,499
|
1,168,732
|
|
TJX Companies, Inc. (The)
|
10,100
|
1,257,753
|
|
Uranium Energy Corp.(b)
|
29,399
|
254,889
|
|
Utz Brands, Inc.
|
16,867
|
219,777
|
|
Vertex Pharmaceuticals, Inc.(b)
|
1,914
|
874,449
|
|
Viking Therapeutics, Inc.(b)
|
3,223
|
104,973
|
|
Voya Financial, Inc.
|
3,571
|
249,970
|
|
Walmart, Inc.
|
16,256
|
1,592,763
|
|
WillScot Holdings Corp.
|
7,001
|
205,479
|
|
Xcel Energy, Inc.
|
12,580
|
923,875
|
|
Xometry, Inc., Class A(b)
|
6,802
|
219,977
|
|
Yelp, Inc.(b)
|
3,425
|
117,923
|
|
Zurn Elkay Water Solutions Corp.
|
1,670
|
73,898
|
|
Total
|
97,993,171
|
|
|
Vietnam 0.1%
|
||
|
FPT Corp.
|
44,275
|
175,289
|
|
Vietnam TechnologicaL & Commercial Joint Stock
Bank(b)
|
146,800
|
190,007
|
|
Total
|
365,296
|
|
|
Total Common Stocks
(Cost $140,313,764)
|
181,324,793
|
|
|
|
||
|
Exchange-Traded Equity Funds 1.8%
|
||
|
|
Shares
|
Value ($)
|
|
United States 1.8%
|
||
|
iShares MSCI Canada ETF
|
124,268
|
5,738,696
|
|
Total Exchange-Traded Equity Funds
(Cost $3,042,081)
|
5,738,696
|
|
|
|
||
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Opportunities Fund | 2025
7
Portfolio of Investments (continued) July 31, 2025
|
Exchange-Traded Fixed Income Funds 4.6%
|
||
|
|
Shares
|
Value ($)
|
|
United States 4.6%
|
||
|
iShares iBoxx $ High Yield Corporate Bond ETF
|
81,237
|
6,529,830
|
|
iShares JPMorgan USD Emerging Markets Bond ETF
|
83,138
|
7,721,026
|
|
Total
|
14,250,856
|
|
|
Total Exchange-Traded Fixed Income Funds
(Cost $13,621,366)
|
14,250,856
|
|
|
Foreign Government Obligations(i),(j)10.1%
|
||||
|
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
|
Austria 0.7%
|
||||
|
Republic of Austria Government Bond(d)
|
||||
|
02/20/2035
|
2.950%
|
EUR
|
2,000,000
|
2,269,471
|
|
Belgium 0.5%
|
||||
|
Kingdom of Belgium Government Bond(d)
|
||||
|
06/22/2035
|
3.100%
|
EUR
|
500,000
|
565,349
|
|
06/22/2055
|
3.500%
|
EUR
|
850,000
|
876,454
|
|
Total
|
1,441,803
|
|||
|
Canada 1.3%
|
||||
|
Canadian Government Bond
|
||||
|
06/01/2034
|
3.000%
|
CAD
|
4,870,000
|
3,411,419
|
|
12/01/2034
|
3.250%
|
CAD
|
850,000
|
605,131
|
|
Total
|
4,016,550
|
|||
|
China 1.8%
|
||||
|
China Development Bank
|
||||
|
06/18/2030
|
3.090%
|
CNY
|
7,000,000
|
1,034,565
|
|
07/18/2032
|
2.960%
|
CNY
|
2,300,000
|
343,990
|
|
China Government Bond
|
||||
|
11/21/2029
|
3.130%
|
CNY
|
20,220,000
|
3,010,364
|
|
05/21/2030
|
2.680%
|
CNY
|
5,000,000
|
730,593
|
|
05/25/2033
|
2.670%
|
CNY
|
3,000,000
|
446,502
|
|
Total
|
5,566,014
|
|||
|
France 0.9%
|
||||
|
French Republic Government Bond OAT(d)
|
||||
|
11/25/2034
|
3.000%
|
EUR
|
2,005,000
|
2,236,147
|
|
05/25/2045
|
3.250%
|
EUR
|
644,000
|
671,068
|
|
Total
|
2,907,215
|
|||
|
Germany 0.8%
|
||||
|
Bundesrepublik Deutschland Bundesanleihe(d)
|
||||
|
08/15/2034
|
2.600%
|
EUR
|
1,108,000
|
1,262,816
|
|
02/15/2035
|
2.500%
|
EUR
|
1,100,000
|
1,239,212
|
|
Total
|
2,502,028
|
|||
|
Foreign Government Obligations(i),(j)(continued)
|
||||
|
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
|
Indonesia 0.2%
|
||||
|
Indonesia Treasury Bond
|
||||
|
09/15/2030
|
7.000%
|
IDR
|
12,104,000,000
|
761,315
|
|
Italy 0.1%
|
||||
|
Italy Buoni Poliennali Del Tesoro(d)
|
||||
|
08/01/2035
|
3.650%
|
EUR
|
350,000
|
405,257
|
|
Japan 0.7%
|
||||
|
Japan Government 10-Year Bond
|
||||
|
06/20/2034
|
1.100%
|
JPY
|
140,850,000
|
906,904
|
|
Japan Government 20-Year Bond
|
||||
|
09/20/2041
|
0.500%
|
JPY
|
64,000,000
|
323,709
|
|
Japan Government 30-Year Bond
|
||||
|
03/20/2047
|
0.800%
|
JPY
|
149,700,000
|
691,951
|
|
06/20/2048
|
0.700%
|
JPY
|
57,650,000
|
251,622
|
|
Total
|
2,174,186
|
|||
|
Mexico 0.7%
|
||||
|
Mexican Bonos
|
||||
|
11/23/2034
|
7.750%
|
MXN
|
33,500,000
|
1,611,281
|
|
Mexico Government International Bond
|
||||
|
05/29/2031
|
7.750%
|
MXN
|
12,500,000
|
630,137
|
|
Total
|
2,241,418
|
|||
|
Netherlands 0.1%
|
||||
|
Netherlands Government Bond(d),(k)
|
||||
|
07/15/2031
|
0.000%
|
EUR
|
435,000
|
428,871
|
|
New Zealand 0.6%
|
||||
|
New Zealand Government Bond
|
||||
|
05/15/2034
|
4.250%
|
NZD
|
3,000,000
|
1,745,392
|
|
Spain 1.0%
|
||||
|
Spain Government Bond(d)
|
||||
|
10/31/2034
|
3.450%
|
EUR
|
950,000
|
1,109,169
|
|
04/30/2035
|
3.150%
|
EUR
|
1,650,000
|
1,873,625
|
|
Total
|
2,982,794
|
|||
|
Sweden 0.2%
|
||||
|
Sweden Government Bond(d)
|
||||
|
05/11/2035
|
2.250%
|
SEK
|
3,000,000
|
301,381
|
|
Sweden Government Bond
|
||||
|
03/30/2039
|
3.500%
|
SEK
|
3,910,000
|
440,066
|
|
Total
|
741,447
|
|||
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Global Opportunities Fund | 2025
Portfolio of Investments (continued) July 31, 2025
|
Foreign Government Obligations(i),(j)(continued)
|
||||
|
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
|
United Kingdom 0.5%
|
||||
|
United Kingdom Gilt(d)
|
||||
|
01/22/2044
|
3.250%
|
GBP
|
962,297
|
973,159
|
|
07/31/2054
|
4.375%
|
GBP
|
400,000
|
451,007
|
|
Total
|
1,424,166
|
|||
|
Total Foreign Government Obligations
(Cost $33,086,854)
|
31,607,927
|
|||
|
|
||||
|
Inflation-Indexed Bonds 0.3%
|
||||
|
|
|
|
|
|
|
United States 0.3%
|
||||
|
U.S. Treasury Inflation-Indexed Bond
|
||||
|
07/15/2027
|
0.375%
|
|
960,644
|
947,885
|
|
Total Inflation-Indexed Bonds
(Cost $951,162)
|
947,885
|
|||
|
|
||||
|
Residential Mortgage-Backed Securities - Agency 3.2%
|
||||
|
|
|
|
|
|
|
United States 3.2%
|
||||
|
Government National Mortgage Association TBA(l)
|
||||
|
08/20/2055
|
3.500%
|
|
1,800,000
|
1,617,123
|
|
08/20/2055
|
4.000%
|
|
1,180,000
|
1,086,515
|
|
Uniform Mortgage-Backed Security TBA(l)
|
||||
|
08/18/2040
|
2.500%
|
|
1,000,000
|
928,315
|
|
08/18/2040 - 08/13/2055
|
3.000%
|
|
1,875,000
|
1,695,572
|
|
08/13/2055
|
3.500%
|
|
1,000,000
|
893,228
|
|
08/13/2055
|
4.000%
|
|
875,000
|
806,930
|
|
08/13/2055
|
4.500%
|
|
750,000
|
711,370
|
|
08/13/2055
|
5.000%
|
|
2,400,000
|
2,335,675
|
|
Total
|
10,074,728
|
|||
|
Total Residential Mortgage-Backed Securities - Agency
(Cost $10,077,883)
|
10,074,728
|
|||
|
|
||||
|
U.S. Treasury Obligations 0.5%
|
||||
|
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
|
United States 0.5%
|
||||
|
U.S. Treasury
|
||||
|
08/15/2034
|
3.875%
|
|
600,000
|
580,500
|
|
11/15/2034
|
4.250%
|
|
1,060,000
|
1,053,375
|
|
Total
|
1,633,875
|
|||
|
Total U.S. Treasury Obligations
(Cost $1,659,163)
|
1,633,875
|
|||
|
Fixed Income Funds 2.9%
|
||
|
|
Shares
|
Value ($)
|
|
United States 2.9%
|
||
|
Columbia High Yield Bond Fund, Institutional 3
Class(a)
|
812,445
|
9,042,511
|
|
Total Fixed Income Funds
(Cost $8,716,298)
|
9,042,511
|
|
|
|
||
|
Money Market Funds 18.2%
|
||
|
|
|
|
|
Columbia Short-Term Cash Fund, 4.473%(a),(m)
|
57,236,897
|
57,219,726
|
|
Total Money Market Funds
(Cost $57,221,727)
|
57,219,726
|
|
|
Total Investments in Securities
(Cost $275,042,798)
|
318,073,639
|
|
|
Other Assets & Liabilities, Net
|
(4,406,550
)
|
|
|
Net Assets
|
$313,667,089
|
|
At July 31, 2025, securities and/or cash totaling $4,767,387 were pledged as collateral.
Investments in derivatives
|
Forward foreign currency exchange contracts
|
|||||
|
Currency to
be sold
|
Currency to
be purchased
|
Counterparty
|
Settlement
date
|
Unrealized
appreciation ($)
|
Unrealized
depreciation ($)
|
|
16,227,199 USD
|
2,378,071,365 JPY
|
Barclays
|
09/02/2025
|
-
|
(404,882
)
|
|
138,661 USD
|
177,000 SGD
|
Barclays
|
09/02/2025
|
-
|
(2,023
)
|
|
1,193,000 CAD
|
863,839 USD
|
Barclays
|
09/18/2025
|
884
|
-
|
|
4,524,000 CHF
|
5,696,800 USD
|
Citi
|
09/02/2025
|
106,058
|
-
|
|
377,772 USD
|
300,000 CHF
|
Citi
|
09/02/2025
|
-
|
(7,033
)
|
|
142,480 USD
|
3,000,000 CZK
|
Citi
|
09/02/2025
|
-
|
(3,083
)
|
|
334,464 USD
|
10,747,000 THB
|
Citi
|
09/02/2025
|
-
|
(4,843
)
|
|
1,088,000 EUR
|
1,245,934 USD
|
Citi
|
09/18/2025
|
441
|
-
|
|
225,746,000 JPY
|
1,549,657 USD
|
Citi
|
09/18/2025
|
44,811
|
-
|
|
2,720,307 USD
|
2,306,000 EUR
|
Citi
|
09/18/2025
|
-
|
(80,503
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Opportunities Fund | 2025
9
Portfolio of Investments (continued) July 31, 2025
|
Forward foreign currency exchange contracts (continued)
|
|||||
|
Currency to
be sold
|
Currency to
be purchased
|
Counterparty
|
Settlement
date
|
Unrealized
appreciation ($)
|
Unrealized
depreciation ($)
|
|
340,451 USD
|
1,435,000 MYR
|
Goldman Sachs International
|
09/02/2025
|
-
|
(3,991
)
|
|
546,000 CNY
|
76,492 USD
|
HSBC
|
09/02/2025
|
221
|
-
|
|
6,395,956,000 IDR
|
391,262 USD
|
HSBC
|
09/02/2025
|
3,935
|
-
|
|
18,405,000 TWD
|
627,729 USD
|
HSBC
|
09/02/2025
|
11,294
|
-
|
|
1,346,739 USD
|
2,062,000 AUD
|
HSBC
|
09/02/2025
|
-
|
(20,857
)
|
|
7,450,827 USD
|
53,184,000 CNY
|
HSBC
|
09/02/2025
|
-
|
(21,518
)
|
|
133,362 USD
|
849,000 DKK
|
HSBC
|
09/02/2025
|
-
|
(3,264
)
|
|
779,457 USD
|
1,074,715,000 KRW
|
HSBC
|
09/02/2025
|
-
|
(7,910
)
|
|
388,000 CHF
|
478,746 USD
|
HSBC
|
09/18/2025
|
-
|
(1,733
)
|
|
1,295,000 SGD
|
1,017,902 USD
|
HSBC
|
09/18/2025
|
16,919
|
-
|
|
1,313,742 USD
|
1,985,000 AUD
|
HSBC
|
09/18/2025
|
-
|
(36,961
)
|
|
63,222,000 SEK
|
6,615,647 USD
|
Morgan Stanley
|
09/02/2025
|
144,878
|
-
|
|
3,426,644 USD
|
2,539,709 GBP
|
Morgan Stanley
|
09/02/2025
|
-
|
(71,595
)
|
|
166,039 USD
|
555,000 ILS
|
Morgan Stanley
|
09/02/2025
|
-
|
(2,646
)
|
|
217,461 USD
|
790,000 PLN
|
Morgan Stanley
|
09/02/2025
|
-
|
(6,768
)
|
|
1,711,000 CAD
|
1,260,528 USD
|
Morgan Stanley
|
09/18/2025
|
22,878
|
-
|
|
1,130,432,000 KRW
|
825,675 USD
|
Morgan Stanley
|
09/18/2025
|
13,328
|
-
|
|
26,795,000 TWD
|
922,375 USD
|
Morgan Stanley
|
09/18/2025
|
23,059
|
-
|
|
339,929 USD
|
2,150,000 DKK
|
Morgan Stanley
|
09/18/2025
|
-
|
(10,037
)
|
|
384,239 USD
|
650,000 NZD
|
Morgan Stanley
|
09/18/2025
|
-
|
(684
)
|
|
40,637,000 MXN
|
2,168,906 USD
|
Standard Chartered
|
09/02/2025
|
21,742
|
-
|
|
3,192,000 CAD
|
2,336,456 USD
|
State Street
|
09/02/2025
|
29,284
|
-
|
|
6,071,712 USD
|
8,295,000 CAD
|
State Street
|
09/02/2025
|
-
|
(76,100
)
|
|
13,445,918 USD
|
11,525,634 EUR
|
State Street
|
09/02/2025
|
-
|
(266,682
)
|
|
114,158,000 JPY
|
767,671 USD
|
State Street
|
09/18/2025
|
6,682
|
-
|
|
160,000 NZD
|
97,034 USD
|
State Street
|
09/18/2025
|
2,620
|
-
|
|
1,695,586 USD
|
1,337,000 CHF
|
State Street
|
09/18/2025
|
-
|
(39,914
)
|
|
1,843,038 USD
|
1,359,000 GBP
|
State Street
|
09/18/2025
|
-
|
(47,452
)
|
|
769,650 USD
|
7,910,000 NOK
|
State Street
|
09/18/2025
|
-
|
(4,331
)
|
|
13,086,000 NZD
|
7,831,055 USD
|
UBS
|
09/02/2025
|
113,870
|
-
|
|
1,008,771 USD
|
1,565,000 AUD
|
UBS
|
09/18/2025
|
-
|
(2,139
)
|
|
727,282 USD
|
6,899,000 SEK
|
UBS
|
09/18/2025
|
-
|
(20,393
)
|
|
5,702,723 USD
|
57,942,803 NOK
|
Wells Fargo
|
09/02/2025
|
-
|
(97,254
)
|
|
2,640,000 PLN
|
727,123 USD
|
Wells Fargo
|
09/18/2025
|
23,206
|
-
|
|
Total
|
|
|
586,110
|
(1,244,596
)
|
|
|
Long futures contracts
|
||||||
|
Description
|
Number of
contracts
|
Expiration
date
|
Trading
currency
|
Notional
amount
|
Value/Unrealized
appreciation ($)
|
Value/Unrealized
depreciation ($)
|
|
10-Year Mini Japanese Government Bond
|
3
|
09/2025
|
JPY
|
41,409,000
|
-
|
(860
)
|
|
Australian 10-Year Bond
|
108
|
09/2025
|
AUD
|
12,288,975
|
48,682
|
-
|
|
Canadian Government 10-Year Bond
|
36
|
09/2025
|
CAD
|
4,338,720
|
-
|
(11,302
)
|
|
Euro-Bobl
|
5
|
09/2025
|
EUR
|
586,350
|
-
|
(5,598
)
|
|
Euro-Bund
|
15
|
09/2025
|
EUR
|
1,945,500
|
-
|
(25,937
)
|
|
Euro-Buxl 30-Year
|
11
|
09/2025
|
EUR
|
1,291,180
|
-
|
(45,310
)
|
|
Euro-OAT
|
68
|
09/2025
|
EUR
|
8,383,720
|
-
|
(122,681
)
|
|
IBEX 35 Index
|
39
|
08/2025
|
EUR
|
5,622,357
|
177,722
|
-
|
|
Japanese 10-Year Government Bond
|
12
|
09/2025
|
JPY
|
1,656,360,000
|
-
|
(34,913
)
|
|
Long Gilt
|
20
|
09/2025
|
GBP
|
1,843,200
|
35,294
|
-
|
|
S&P 500 Index E-mini
|
32
|
09/2025
|
USD
|
10,198,800
|
-
|
(17,267
)
|
|
S&P/TSX 60 Index
|
16
|
09/2025
|
CAD
|
5,188,160
|
98,886
|
-
|
|
U.S. Long Bond
|
15
|
09/2025
|
USD
|
1,712,813
|
62,533
|
-
|
|
U.S. Treasury 10-Year Note
|
3
|
09/2025
|
USD
|
333,188
|
4,145
|
-
|
|
U.S. Treasury 5-Year Note
|
50
|
09/2025
|
USD
|
5,408,594
|
30,379
|
-
|
|
U.S. Treasury Ultra 10-Year Note
|
57
|
09/2025
|
USD
|
6,445,453
|
115,687
|
-
|
|
U.S. Treasury Ultra Bond
|
70
|
09/2025
|
USD
|
8,211,875
|
292,205
|
-
|
|
Total
|
|
|
|
865,533
|
(263,868
)
|
|
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Global Opportunities Fund | 2025
Portfolio of Investments (continued) July 31, 2025
|
Short futures contracts
|
||||||
|
Description
|
Number of
contracts
|
Expiration
date
|
Trading
currency
|
Notional
amount
|
Value/Unrealized
appreciation ($)
|
Value/Unrealized
depreciation ($)
|
|
Australian 10-Year Bond
|
(22)
|
09/2025
|
AUD
|
(2,503,310
)
|
-
|
(10,121
)
|
|
Euro STOXX 50 Index
|
(58)
|
09/2025
|
EUR
|
(3,097,200
)
|
12,848
|
-
|
|
FTSE 100 Index
|
(29)
|
09/2025
|
GBP
|
(2,645,960
)
|
-
|
(85,658
)
|
|
FTSE/MIB Index
|
(26)
|
09/2025
|
EUR
|
(5,344,300
)
|
-
|
(184,022
)
|
|
MSCI EAFE Index
|
(36)
|
09/2025
|
USD
|
(4,704,120
)
|
92,248
|
-
|
|
MSCI Emerging Markets Index
|
(49)
|
09/2025
|
USD
|
(3,033,835
)
|
-
|
(58,190
)
|
|
Russell 2000 Index E-mini
|
(31)
|
09/2025
|
USD
|
(3,441,310
)
|
-
|
(157,557
)
|
|
U.S. Treasury 10-Year Note
|
(36)
|
09/2025
|
USD
|
(3,998,250
)
|
-
|
(50,136
)
|
|
Total
|
|
|
|
105,096
|
(545,684
)
|
|
|
Call option contracts written
|
||||||||
|
Description
|
Counterparty
|
Trading
currency
|
Notional
amount
|
Number of
contracts
|
Exercise
price/Rate
|
Expiration
date
|
Premium
received ($)
|
Value ($)
|
|
Cameco Corp.
|
Morgan Stanley
|
USD
|
(89,916
)
|
(12
)
|
85.00
|
08/15/2025
|
(1,898
)
|
(246
)
|
|
Cameco Corp.
|
Morgan Stanley
|
USD
|
(89,916
)
|
(12
)
|
80.00
|
08/15/2025
|
(3,766
)
|
(900
)
|
|
Celestica, Inc.
|
Morgan Stanley
|
USD
|
(19,986
)
|
(1
)
|
210.00
|
08/15/2025
|
(755
)
|
(555
)
|
|
Celestica, Inc.
|
Morgan Stanley
|
USD
|
(99,930
)
|
(5
)
|
165.00
|
08/15/2025
|
(5,717
)
|
(18,050
)
|
|
Energy Fuels, Inc.
|
Morgan Stanley
|
USD
|
(129,078
)
|
(142
)
|
10.00
|
08/15/2025
|
(3,538
)
|
(6,390
)
|
|
Total
|
|
|
(15,674
)
|
(26,141
)
|
||||
|
Cleared credit default swap contracts - sell protection
|
||||||||||||
|
Reference
entity
|
Counterparty
|
Maturity
date
|
Receive
fixed
rate
(%)
|
Payment
frequency
|
Implied
credit
spread
(%)*
|
Notional
currency
|
Notional
amount
|
Value
($)
|
Upfront
payments
($)
|
Upfront
receipts
($)
|
Unrealized
appreciation
($)
|
Unrealized
depreciation
($)
|
|
CDX Emerging Markets
Index, Series 43
|
Morgan Stanley
|
06/20/2030
|
1.000
|
Quarterly
|
1.538
|
USD
|
2,000,000
|
22,103
|
-
|
-
|
22,103
|
-
|
|
CDX North America
Investment Grade Index,
Series 44
|
Morgan Stanley
|
06/20/2030
|
1.000
|
Quarterly
|
0.51
|
USD
|
13,275,000
|
54,162
|
-
|
-
|
54,162
|
-
|
|
iTraxx Europe Main Index,
Series 43
|
Morgan Stanley
|
06/20/2030
|
1.000
|
Quarterly
|
0.536
|
EUR
|
9,550,000
|
48,537
|
-
|
-
|
48,537
|
-
|
|
Total
|
|
|
|
|
124,802
|
-
|
-
|
124,802
|
-
|
|||
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
|
Total return swap contracts
|
||||||||||||
|
Fund receives
|
Fund pays
|
Payment
frequency
|
Counterparty
|
Maturity
date
|
Notional
currency
|
Notional
amount
|
Value
($)
|
Periodic
payments
receivable
(payable)
($)
|
Upfront
payments
($)
|
Upfront
receipts
($)
|
Unrealized
appreciation
($)
|
Unrealized
depreciation
($)
|
|
Total return on
Russell 1000
Growth Index
|
SOFR plus 0.780%
|
Monthly
|
Goldman Sachs
International
|
07/31/2026
|
USD
|
12,676,288
|
11,528
|
-
|
-
|
-
|
11,528
|
-
|
|
Reference index and values for swap contracts as of period end
|
||
|
Reference index
|
|
Reference rate
|
|
SOFR
|
Secured Overnight Financing Rate
|
4.320%
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Opportunities Fund | 2025
11
Portfolio of Investments (continued) July 31, 2025
Notes to Portfolio of Investments
|
(a)
|
Under Section 2(a)(3) of 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 value of the holdings and transactions in these affiliated companies during the year ended July 31, 2025 are as follows:
|
|
Affiliated issuers
|
Beginning
of period($)
|
Purchases($)
|
Sales($)
|
Net change in
unrealized
appreciation
(depreciation)($)
|
End of
period($)
|
Capital gain
distributions($)
|
Realized gain
(loss)($)
|
Dividends -
affiliated
issuers ($)
|
End of
period shares
|
|
Columbia Commodity Strategy Fund, Institutional 3 Class
|
|||||||||
|
|
-
|
6,352,500
|
-
|
(119,858
)
|
6,232,642
|
-
|
-
|
-
|
630,834
|
|
Columbia High Yield Bond Fund, Institutional 3 Class
|
|||||||||
|
|
8,353,087
|
515,334
|
-
|
174,090
|
9,042,511
|
-
|
-
|
515,334
|
812,445
|
|
Columbia Short-Term Cash Fund, 4.473%
|
|||||||||
|
|
56,615,327
|
175,539,224
|
(174,929,631
)
|
(5,194
)
|
57,219,726
|
-
|
(201
)
|
2,248,453
|
57,236,897
|
|
Total
|
64,968,414
|
49,038
|
72,494,879
|
-
|
(201
)
|
2,763,787
|
|||
|
(b)
|
Non-income producing investment.
|
|
(c)
|
This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
|
|
(d)
|
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 July 31, 2025, the total value of these securities amounted to $14,800,239, which represents 4.72% of total net assets.
|
|
(e)
|
Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2025, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
|
|
(f)
|
Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At July 31, 2025, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:
|
|
Security
|
Acquisition
Dates
|
Shares
|
Cost ($)
|
Value ($)
|
|
Detsky Mir PJSC
|
02/08/2017-09/21/2020
|
290,936
|
422,857
|
-
|
|
Lukoil PJSC
|
01/25/2022-01/26/2022
|
2,750
|
225,708
|
-
|
|
|
648,565
|
-
|
|
(g)
|
Valuation based on significant unobservable inputs.
|
|
(h)
|
As a result of sanctions and restricted cross-border payments, certain payments have not been recognized by the Fund. The Fund will continue to monitor the net realizable value and record payments when it is considered collectible.
|
|
(i)
|
Principal amounts are denominated in United States Dollars unless otherwise noted.
|
|
(j)
|
Principal and interest may not be guaranteed by a governmental entity.
|
|
(k)
|
Zero coupon bond.
|
|
(l)
|
Represents a security purchased on a when-issued basis.
|
|
(m)
|
The rate shown is the seven-day current annualized yield at July 31, 2025.
|
Abbreviation Legend
|
ADR
|
American Depositary Receipt
|
|
BDR
|
Brazilian Depositary Receipt
|
|
TBA
|
To Be Announced
|
Currency Legend
|
AUD
|
Australian Dollar
|
|
CAD
|
Canada Dollar
|
|
CHF
|
Swiss Franc
|
|
CNY
|
China Yuan Renminbi
|
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Global Opportunities Fund | 2025
Portfolio of Investments (continued) July 31, 2025
Currency Legend (continued)
|
CZK
|
Czech Koruna
|
|
DKK
|
Danish Krone
|
|
EUR
|
Euro
|
|
GBP
|
British Pound
|
|
IDR
|
Indonesian Rupiah
|
|
ILS
|
Israeli Shekel
|
|
JPY
|
Japanese Yen
|
|
KRW
|
South Korean Won
|
|
MXN
|
Mexican Peso
|
|
MYR
|
Malaysian Ringgit
|
|
NOK
|
Norwegian Krone
|
|
NZD
|
New Zealand Dollar
|
|
PLN
|
Polish Zloty
|
|
SEK
|
Swedish Krona
|
|
SGD
|
Singapore Dollar
|
|
THB
|
Thai Baht
|
|
TWD
|
New Taiwan Dollar
|
|
USD
|
US Dollar
|
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■
Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■
Level 2 - Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■
Level 3 - Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
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
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Opportunities Fund | 2025
13
Portfolio of Investments (continued) July 31, 2025
Fair value measurements (continued)
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 Columbia Management Investment Advisers, LLC 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 July 31, 2025:
|
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Total ($)
|
|
Investments in Securities
|
||||
|
Alternative Strategies Funds
|
6,232,642
|
-
|
-
|
6,232,642
|
|
Common Stocks
|
||||
|
Argentina
|
160,040
|
-
|
-
|
160,040
|
|
Australia
|
-
|
1,780,356
|
-
|
1,780,356
|
|
Austria
|
-
|
490,870
|
-
|
490,870
|
|
Belgium
|
96,983
|
-
|
-
|
96,983
|
|
Brazil
|
3,427,706
|
-
|
-
|
3,427,706
|
|
Canada
|
1,941,874
|
-
|
-
|
1,941,874
|
|
China
|
1,911,905
|
9,518,039
|
-
|
11,429,944
|
|
Denmark
|
-
|
366,809
|
-
|
366,809
|
|
Finland
|
405,244
|
548,265
|
-
|
953,509
|
|
France
|
-
|
3,849,647
|
-
|
3,849,647
|
|
Germany
|
-
|
1,427,398
|
-
|
1,427,398
|
|
Greece
|
632,734
|
2,612,049
|
-
|
3,244,783
|
|
Hong Kong
|
-
|
1,398,617
|
-
|
1,398,617
|
|
India
|
1,450,694
|
3,770,107
|
-
|
5,220,801
|
|
Ireland
|
851,467
|
541,619
|
-
|
1,393,086
|
|
Israel
|
895,622
|
-
|
-
|
895,622
|
|
Italy
|
-
|
677,863
|
-
|
677,863
|
|
Japan
|
-
|
11,637,513
|
-
|
11,637,513
|
|
Malaysia
|
-
|
287,842
|
-
|
287,842
|
|
Mexico
|
1,003,423
|
-
|
-
|
1,003,423
|
|
Netherlands
|
346,252
|
4,968,962
|
-
|
5,315,214
|
|
Norway
|
296,799
|
-
|
-
|
296,799
|
|
Philippines
|
-
|
350,482
|
-
|
350,482
|
|
Poland
|
-
|
1,593,855
|
-
|
1,593,855
|
|
Russian Federation
|
-
|
-
|
0
*
|
0
*
|
|
Singapore
|
-
|
832,582
|
-
|
832,582
|
|
South Africa
|
-
|
667,657
|
-
|
667,657
|
|
South Korea
|
407,488
|
3,820,427
|
-
|
4,227,915
|
|
Spain
|
639,196
|
-
|
-
|
639,196
|
|
Switzerland
|
1,472,758
|
1,071,114
|
-
|
2,543,872
|
|
Taiwan
|
327,555
|
8,361,731
|
-
|
8,689,286
|
|
Turkey
|
302,686
|
-
|
-
|
302,686
|
|
United Arab Emirates
|
351,437
|
1,504,817
|
-
|
1,856,254
|
|
United Kingdom
|
1,128,067
|
2,837,775
|
-
|
3,965,842
|
|
United States
|
97,516,864
|
476,307
|
-
|
97,993,171
|
|
Vietnam
|
-
|
365,296
|
-
|
365,296
|
|
Total Common Stocks
|
115,566,794
|
65,757,999
|
0
*
|
181,324,793
|
|
Exchange-Traded Equity Funds
|
5,738,696
|
-
|
-
|
5,738,696
|
|
Exchange-Traded Fixed Income Funds
|
14,250,856
|
-
|
-
|
14,250,856
|
|
Fixed Income Funds
|
9,042,511
|
-
|
-
|
9,042,511
|
|
Foreign Government Obligations
|
-
|
31,607,927
|
-
|
31,607,927
|
|
Inflation-Indexed Bonds
|
-
|
947,885
|
-
|
947,885
|
|
Residential Mortgage-Backed Securities - Agency
|
-
|
10,074,728
|
-
|
10,074,728
|
|
U.S. Treasury Obligations
|
-
|
1,633,875
|
-
|
1,633,875
|
|
Money Market Funds
|
57,219,726
|
-
|
-
|
57,219,726
|
|
Total Investments in Securities
|
208,051,225
|
110,022,414
|
0
*
|
318,073,639
|
|
Investments in Derivatives
|
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Global Opportunities Fund | 2025
Portfolio of Investments (continued) July 31, 2025
Fair value measurements (continued)
|
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Total ($)
|
|
Asset
|
||||
|
Forward Foreign Currency Exchange Contracts
|
-
|
586,110
|
-
|
586,110
|
|
Futures Contracts
|
970,629
|
-
|
-
|
970,629
|
|
Swap Contracts
|
-
|
136,330
|
-
|
136,330
|
|
Liability
|
||||
|
Forward Foreign Currency Exchange Contracts
|
-
|
(1,244,596
)
|
-
|
(1,244,596
)
|
|
Futures Contracts
|
(809,552
)
|
-
|
-
|
(809,552
)
|
|
Call Option Contracts Written
|
(26,141
)
|
-
|
-
|
(26,141
)
|
|
Total
|
208,186,161
|
109,500,258
|
0
*
|
317,686,419
|
|
*
|
Rounds to zero.
|
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.
Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Opportunities Fund | 2025
15
Statement of Assets and Liabilities July 31, 2025
|
Assets
|
|
|
Investments in securities, at value
|
|
|
Unaffiliated issuers (cost $202,752,273)
|
$245,578,760
|
|
Affiliated issuers (cost $72,290,525)
|
72,494,879
|
|
Foreign currency (cost $1,308,844)
|
1,306,346
|
|
Margin deposits on:
|
|
|
Futures contracts
|
3,649,596
|
|
Swap contracts
|
700,393
|
|
Unrealized appreciation on forward foreign currency exchange contracts
|
586,110
|
|
Unrealized appreciation on swap contracts
|
11,528
|
|
Receivable for:
|
|
|
Investments sold
|
442,214
|
|
Capital shares sold
|
517
|
|
Dividends
|
335,834
|
|
Interest
|
340,065
|
|
Foreign tax reclaims
|
331,530
|
|
Variation margin for futures contracts
|
351,500
|
|
Variation margin for swap contracts
|
400
|
|
Prepaid expenses
|
6,072
|
|
Total assets
|
326,135,744
|
|
Liabilities
|
|
|
Option contracts written, at value (premiums received $15,674)
|
26,141
|
|
Due to custodian
|
2
|
|
Unrealized depreciation on forward foreign currency exchange contracts
|
1,244,596
|
|
Payable for:
|
|
|
Investments purchased
|
459,854
|
|
Investments purchased on a delayed delivery basis
|
10,094,629
|
|
Capital shares redeemed
|
174,978
|
|
Variation margin for futures contracts
|
56,383
|
|
Variation margin for swap contracts
|
9,252
|
|
Foreign capital gains taxes deferred
|
127,984
|
|
Management services fees
|
6,032
|
|
Distribution and/or service fees
|
2,079
|
|
Transfer agent fees
|
24,327
|
|
Compensation of board members
|
786
|
|
Other expenses
|
87,628
|
|
Deferred compensation of board members
|
153,984
|
|
Total liabilities
|
12,468,655
|
|
Net assets applicable to outstanding capital stock
|
$313,667,089
|
|
Represented by
|
|
|
Paid in capital
|
244,269,332
|
|
Total distributable earnings (loss)
|
69,397,757
|
|
Total - representing net assets applicable to outstanding capital stock
|
$313,667,089
|
|
Class A
|
|
|
Net assets
|
$302,526,509
|
|
Shares outstanding
|
20,792,174
|
|
Net asset value per share
|
$14.55
|
|
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)
|
$15.44
|
|
Institutional Class
|
|
|
Net assets
|
$11,140,580
|
|
Shares outstanding
|
754,611
|
|
Net asset value per share
|
$14.76
|
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Global Opportunities Fund | 2025
Statement of Operations Year Ended July 31, 2025
|
Net investment income
|
|
|
Income:
|
|
|
Dividends - unaffiliated issuers
|
$4,695,407
|
|
Dividends - affiliated issuers
|
2,763,787
|
|
Interest
|
1,133,173
|
|
Interfund lending
|
810
|
|
European Union tax reclaim
|
301,636
|
|
Foreign taxes withheld
|
(209,741
)
|
|
Total income
|
8,685,072
|
|
Expenses:
|
|
|
Management services fees
|
2,223,960
|
|
Distribution and/or service fees
|
|
|
Class A
|
765,738
|
|
Transfer agent fees
|
|
|
Class A
|
295,261
|
|
Advisor Class
|
320
|
|
Institutional Class
|
10,496
|
|
Custodian fees
|
144,980
|
|
Printing and postage fees
|
34,869
|
|
Registration fees
|
62,833
|
|
Accounting services fees
|
91,787
|
|
Legal fees
|
19,551
|
|
Interest on collateral
|
597
|
|
Compensation of chief compliance officer
|
54
|
|
Compensation of board members
|
14,575
|
|
Deferred compensation of board members
|
20,168
|
|
Other
|
33,772
|
|
Total expenses
|
3,718,961
|
|
Net investment income
|
4,966,111
|
|
Realized and unrealized gain (loss) - net
|
|
|
Net realized gain (loss) on:
|
|
|
Investments - unaffiliated issuers
|
32,911,846
|
|
Investments - affiliated issuers
|
(201
)
|
|
Foreign currency translations
|
235,094
|
|
Forward foreign currency exchange contracts
|
685,667
|
|
Futures contracts
|
(5,688,976
)
|
|
Option contracts purchased
|
(3,211
)
|
|
Option contracts written
|
37,935
|
|
Swap contracts
|
(293,519
)
|
|
Net realized gain
|
27,884,635
|
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
Investments - unaffiliated issuers
|
(6,229,240
)
|
|
Investments - affiliated issuers
|
49,038
|
|
Foreign currency translations
|
18,132
|
|
Forward foreign currency exchange contracts
|
(1,190,400
)
|
|
Futures contracts
|
1,131,043
|
|
Option contracts written
|
(10,717
)
|
|
Swap contracts
|
86,488
|
|
Foreign capital gains tax
|
43,680
|
|
Net change in unrealized appreciation (depreciation)
|
(6,101,976
)
|
|
Net realized and unrealized gain
|
21,782,659
|
|
Net increase in net assets resulting from operations
|
$26,748,770
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Opportunities Fund | 2025
17
Statement of Changes in Net Assets
|
|
Year Ended
July 31, 2025
|
Year Ended
July 31, 2024
|
|
Operations
|
||
|
Net investment income
|
$4,966,111
|
$5,587,450
|
|
Net realized gain
|
27,884,635
|
1,003,971
|
|
Net change in unrealized appreciation (depreciation)
|
(6,101,976
)
|
21,786,117
|
|
Net increase in net assets resulting from operations
|
26,748,770
|
28,377,538
|
|
Distributions to shareholders
|
||
|
Net investment income and net realized gains
|
||
|
Class A
|
(1,422,405
)
|
-
|
|
Institutional Class
|
(77,421
)
|
-
|
|
Total distributions to shareholders
|
(1,499,826
)
|
-
|
|
Decrease in net assets from capital stock activity
|
(43,195,011
)
|
(57,293,606
)
|
|
Total decrease in net assets
|
(17,946,067
)
|
(28,916,068
)
|
|
Net assets at beginning of year
|
331,613,156
|
360,529,224
|
|
Net assets at end of year
|
$313,667,089
|
$331,613,156
|
The accompanying Notes to Financial Statements are an integral part of this statement.
18
Columbia Global Opportunities Fund | 2025
Statement of Changes in Net Assets (continued)
|
|
Year Ended
|
Year Ended
|
||
|
|
July 31, 2025
|
July 31, 2024
|
||
|
|
Shares
|
Dollars ($)
|
Shares
|
Dollars ($)
|
|
Capital stock activity
|
||||
|
Class A
|
||||
|
Shares sold
|
104,946
|
1,443,231
|
350,343
|
4,391,984
|
|
Distributions reinvested
|
104,685
|
1,414,289
|
-
|
-
|
|
Shares redeemed
|
(3,215,128
)
|
(44,233,018
)
|
(4,204,822
)
|
(52,458,379
)
|
|
Net decrease
|
(3,005,497
)
|
(41,375,498
)
|
(3,854,479
)
|
(48,066,395
)
|
|
Advisor Class
|
||||
|
Shares sold
|
820
|
11,491
|
7,941
|
103,039
|
|
Shares redeemed
|
(81,355
)
|
(1,135,026
)
|
(159,177
)
|
(1,947,587
)
|
|
Net decrease
|
(80,535
)
|
(1,123,535
)
|
(151,236
)
|
(1,844,548
)
|
|
Class C
|
||||
|
Shares sold
|
-
|
-
|
12,684
|
143,141
|
|
Shares redeemed
|
-
|
-
|
(281,308
)
|
(3,277,881
)
|
|
Net decrease
|
-
|
-
|
(268,624
)
|
(3,134,740
)
|
|
Institutional Class
|
||||
|
Shares sold
|
353,194
|
4,925,469
|
413,818
|
5,213,103
|
|
Distributions reinvested
|
5,523
|
75,557
|
-
|
-
|
|
Shares redeemed
|
(409,097
)
|
(5,697,004
)
|
(548,770
)
|
(6,924,895
)
|
|
Net decrease
|
(50,380
)
|
(695,978
)
|
(134,952
)
|
(1,711,792
)
|
|
Institutional 2 Class
|
||||
|
Shares sold
|
-
|
-
|
7,375
|
89,097
|
|
Shares redeemed
|
-
|
-
|
(119,097
)
|
(1,495,918
)
|
|
Net decrease
|
-
|
-
|
(111,722
)
|
(1,406,821
)
|
|
Institutional 3 Class
|
||||
|
Shares sold
|
-
|
-
|
207
|
2,500
|
|
Shares redeemed
|
-
|
-
|
(10,304
)
|
(130,684
)
|
|
Net decrease
|
-
|
-
|
(10,097
)
|
(128,184
)
|
|
Class R
|
||||
|
Shares sold
|
-
|
-
|
5,626
|
67,262
|
|
Shares redeemed
|
-
|
-
|
(86,148
)
|
(1,068,388
)
|
|
Net decrease
|
-
|
-
|
(80,522
)
|
(1,001,126
)
|
|
Total net decrease
|
(3,136,412
)
|
(43,195,011
)
|
(4,611,632
)
|
(57,293,606
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Opportunities Fund | 2025
19
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.
|
|
Net asset value,
beginning of
period
|
Net
investment
income
(loss)
|
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 7/31/2025
|
$13.43
|
0.21
(c)
|
0.97
|
1.18
|
(0.06
)
|
-
|
(0.06
)
|
|
Year Ended 7/31/2024
|
$12.31
|
0.21
(c)
|
0.91
|
1.12
|
-
|
-
|
-
|
|
Year Ended 7/31/2023
|
$12.72
|
0.15
|
0.19
|
0.34
|
-
|
(0.75
)
|
(0.75
)
|
|
Year Ended 7/31/2022
|
$16.49
|
0.14
|
(2.70
)
|
(2.56
)
|
(0.12
)
|
(1.09
)
|
(1.21
)
|
|
Year Ended 7/31/2021
|
$14.66
|
0.06
|
2.46
|
2.52
|
(0.34
)
|
(0.35
)
|
(0.69
)
|
|
Institutional Class
|
|||||||
|
Year Ended 7/31/2025
|
$13.62
|
0.25
(c)
|
0.98
|
1.23
|
(0.09
)
|
-
|
(0.09
)
|
|
Year Ended 7/31/2024
|
$12.45
|
0.24
(c)
|
0.93
|
1.17
|
-
|
-
|
-
|
|
Year Ended 7/31/2023
|
$12.83
|
0.18
|
0.19
|
0.37
|
-
|
(0.75
)
|
(0.75
)
|
|
Year Ended 7/31/2022
|
$16.60
|
0.17
|
(2.71
)
|
(2.54
)
|
(0.14
)
|
(1.09
)
|
(1.23
)
|
|
Year Ended 7/31/2021
|
$14.75
|
0.10
|
2.47
|
2.57
|
(0.37
)
|
(0.35
)
|
(0.72
)
|
|
Notes to Financial Highlights
|
|
|
(a)
|
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.
|
|
(b)
|
Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
|
|
(c)
|
Includes income resulting from European Union tax reclaims. The effect of these amounted to:
|
|
Class
|
Net Investment income per share ($)
|
Net Investment income ratio (%)
|
|
Year Ended 7/31/2025
|
||
|
Class A
|
0.01
|
0.09
|
|
Institutional Class
|
0.01
|
0.09
|
|
Year Ended 7/31/2024
|
||
|
Class A
|
0.01
|
0.04
|
|
Institutional Class
|
0.01
|
0.04
|
|
(d)
|
Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by:
|
|
Class
|
7/31/2025
|
7/31/2024
|
7/31/2023
|
7/31/2022
|
7/31/2021
|
|
Class A
|
less than 0.01%
|
less than 0.01%
|
less than 0.01%
|
0.01%
|
0.01%
|
|
Institutional Class
|
less than 0.01%
|
less than 0.01%
|
less than 0.01%
|
0.01%
|
0.01%
|
|
(e)
|
Ratios include interfund lending expense which is less than 0.01%.
|
|
(f)
|
The benefits derived from expense reductions had an impact of less than 0.01%.
|
The accompanying Notes to Financial Statements are an integral part of this statement.
20
Columbia Global Opportunities Fund | 2025
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 7/31/2025
|
$14.55
|
8.85%
|
1.18%
(d)
|
1.18%
(d)
|
1.55%
(c)
|
100%
|
$302,527
|
|
Year Ended 7/31/2024
|
$13.43
|
9.10%
|
1.20%
(d)
|
1.19%
(d)
|
1.66%
(c)
|
122%
|
$319,548
|
|
Year Ended 7/31/2023
|
$12.31
|
3.17%
|
1.20%
(d),(e)
|
1.20%
(d),(e),(f)
|
1.24%
|
115%
|
$340,330
|
|
Year Ended 7/31/2022
|
$12.72
|
(16.59%
)
|
1.15%
(d),(e)
|
1.15%
(d),(e)
|
0.92%
|
98%
|
$380,766
|
|
Year Ended 7/31/2021
|
$16.49
|
17.46%
|
1.16%
(d)
|
1.16%
(d)
|
0.40%
|
107%
|
$511,405
|
|
Institutional Class
|
|||||||
|
Year Ended 7/31/2025
|
$14.76
|
9.12%
|
0.93%
(d)
|
0.93%
(d)
|
1.81%
(c)
|
100%
|
$11,141
|
|
Year Ended 7/31/2024
|
$13.62
|
9.40%
|
0.95%
(d)
|
0.94%
(d)
|
1.91%
(c)
|
122%
|
$10,964
|
|
Year Ended 7/31/2023
|
$12.45
|
3.39%
|
0.95%
(d),(e)
|
0.95%
(d),(e),(f)
|
1.46%
|
115%
|
$11,705
|
|
Year Ended 7/31/2022
|
$12.83
|
(16.38%
)
|
0.89%
(d),(e)
|
0.89%
(d),(e)
|
1.16%
|
98%
|
$18,151
|
|
Year Ended 7/31/2021
|
$16.60
|
17.75%
|
0.91%
(d)
|
0.91%
(d)
|
0.65%
|
107%
|
$24,909
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Opportunities Fund | 2025
21
Notes to Financial Statements July 31, 2025
Note 1. Organization
Columbia Global Opportunities 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.
The Board of Trustees of the Fund approved the conversion of all Advisor Class shares of the Fund to Institutional Class shares of the Fund and the subsequent elimination of Advisor Class shares. Effective on November 22, 2024, Advisor Class shares of the Fund were converted to Institutional Class shares of the Fund. This was a tax-free transaction for existing Advisor Class shareholders.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies(ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Segment reporting
In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of the ASU 2023-07 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.
22
Columbia Global Opportunities Fund | 2025
Notes to Financial Statements (continued) July 31, 2025
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.
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 characteristicsand 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.
Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid 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.
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 the Underlying Funds (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.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.
Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.
Columbia Global Opportunities Fund | 2025
23
Notes to Financial Statements (continued) July 31, 2025
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 exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouseor central counterparty provides some protection in the case of clearing member default. The clearinghouse or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker
24
Columbia Global Opportunities Fund | 2025
Notes to Financial Statements (continued) July 31, 2025
becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the 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), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk in respect of 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 foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA 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 the currency exposure associated with some or all of the Fund's securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.
Columbia Global Opportunities Fund | 2025
25
Notes to Financial Statements (continued) July 31, 2025
The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.
The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to decrease the Fund's exposure to equity risk, to protect gains, to produce incremental earnings and to facilitate buying and selling of securities for investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.
Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.
26
Columbia Global Opportunities Fund | 2025
Notes to Financial Statements (continued) July 31, 2025
For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.
Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.
Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.
Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.
As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).
As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange
Columbia Global Opportunities Fund | 2025
27
Notes to Financial Statements (continued) July 31, 2025
for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.
As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.
Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.
Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to other risks including counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.
Total return swap contracts
The Fund entered into total return swap contracts to manage long or short exposure to the total return on a reference index in return for periodic payments based on a fixed or variable interest rate. These instruments may be used for other purposes in future periods. Total return swap contracts may be used to obtain exposure to an underlying reference security, instrument, or other asset or index or market without owning, taking physical custody of, or short selling any such security, instrument or asset in a market.
Total return swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time the Fund will realize a gain (loss). Periodic payments received (or made) by the Fund over the term of the contract are recorded as realized gains (losses). Total return swap contracts are subject to the risk associated with the investment in the underlying reference security, instrument or asset. This risk may be offset if the Fund holds any of the underlying reference security, instrument or asset. Total return swap contracts are subject to the risk that the counterparty may not fulfill its obligations under the contract. This risk is offset by the daily exchange of variation margin with the swap counterparty.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; 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.
28
Columbia Global Opportunities Fund | 2025
Notes to Financial Statements (continued) July 31, 2025
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2025:
|
|
Asset derivatives
|
|
|
Risk exposure
category
|
Statement
of assets and liabilities
location
|
Fair value ($)
|
|
Credit risk
|
Component of total distributable earnings (loss) - unrealized appreciation on swap contracts
|
124,802
*
|
|
Equity risk
|
Component of total distributable earnings (loss) - unrealized appreciation on futures contracts
|
381,704
*
|
|
Equity risk
|
Component of total distributable earnings (loss) - unrealized appreciation on swap contracts
|
11,528
*
|
|
Foreign exchange risk
|
Unrealized appreciation on forward foreign currency exchange contracts
|
586,110
|
|
Interest rate risk
|
Component of total distributable earnings (loss) - unrealized appreciation on futures contracts
|
588,925
*
|
|
Total
|
|
1,693,069
|
|
|
Liability derivatives
|
|
|
Risk exposure
category
|
Statement
of assets and liabilities
location
|
Fair value ($)
|
|
Equity risk
|
Component of total distributable earnings (loss) - unrealized depreciation on futures contracts
|
502,694
*
|
|
Equity risk
|
Option contracts written, at value
|
26,141
|
|
Foreign exchange risk
|
Unrealized depreciation on forward foreign currency exchange contracts
|
1,244,596
|
|
Interest rate risk
|
Component of total distributable earnings (loss) - unrealized depreciation on futures contracts
|
306,858
*
|
|
Total
|
|
2,080,289
|
|
*
|
Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.
|
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended July 31, 2025:
|
Amount of realized gain (loss) on derivatives recognized in income
|
||||||
|
Risk exposure category
|
Forward
foreign
currency
exchange
contracts
($)
|
Futures
contracts
($)
|
Option
contracts
purchased
($)
|
Option
contracts
written
($)
|
Swap
contracts
($)
|
Total
($)
|
|
Credit risk
|
-
|
-
|
-
|
-
|
272,678
|
272,678
|
|
Equity risk
|
-
|
(4,935,367
)
|
(3,211
)
|
37,935
|
(566,197
)
|
(5,466,840
)
|
|
Foreign exchange risk
|
685,667
|
-
|
-
|
-
|
-
|
685,667
|
|
Interest rate risk
|
-
|
(753,609
)
|
-
|
-
|
-
|
(753,609
)
|
|
Total
|
685,667
|
(5,688,976
)
|
(3,211
)
|
37,935
|
(293,519
)
|
(5,262,104
)
|
|
Change in unrealized appreciation (depreciation) on derivatives recognized in income
|
|||||
|
Risk exposure category
|
Forward
foreign
currency
exchange
contracts
($)
|
Futures
contracts
($)
|
Option
contracts
written
($)
|
Swap
contracts
($)
|
Total
($)
|
|
Credit risk
|
-
|
-
|
-
|
74,960
|
74,960
|
|
Equity risk
|
-
|
2,469,282
|
(10,717
)
|
11,528
|
2,470,093
|
|
Foreign exchange risk
|
(1,190,400
)
|
-
|
-
|
-
|
(1,190,400
)
|
|
Interest rate risk
|
-
|
(1,338,239
)
|
-
|
-
|
(1,338,239
)
|
|
Total
|
(1,190,400
)
|
1,131,043
|
(10,717
)
|
86,488
|
16,414
|
Columbia Global Opportunities Fund | 2025
29
Notes to Financial Statements (continued) July 31, 2025
The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended July 31, 2025:
|
Derivative instrument
|
Average notional
amounts ($)
|
|
Futures contracts - long
|
94,000,799
|
|
Futures contracts - short
|
40,034,795
|
|
Credit default swap contracts - sell protection
|
25,733,200
|
|
Derivative instrument
|
Average
value ($)
|
|
Option contracts purchased
|
72
|
|
Option contracts written
|
(6,331
)
|
|
Derivative instrument
|
Average unrealized
appreciation ($)
|
Average unrealized
depreciation ($)
|
|
Forward foreign currency exchange contracts
|
1,268,318
|
(1,380,117
)
|
|
Total return swap contracts
|
37,638
|
(59,448
)
|
Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.
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.
To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.
In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.
Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage
30
Columbia Global Opportunities Fund | 2025
Notes to Financial Statements (continued) July 31, 2025
dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.
Treasury inflation protected securities
The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.
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 July 31, 2025:
|
|
|
Barclays
|
Citi
|
Goldman
Sachs
International
|
HSBC
|
Morgan
Stanley(a)
|
Morgan
Stanley(a)
|
Morgan
Stanley(a)
|
Standard
Chartered
|
State
Street
|
UBS
|
Wells
Fargo
|
Total
|
|
Assets
|
|||||||||||||
|
Centrally cleared credit default
swap contracts (b)
|
$
|
-
|
-
|
-
|
-
|
-
|
-
|
400
|
-
|
-
|
-
|
-
|
400
|
|
Forward foreign currency
exchange contracts
|
884
|
151,310
|
-
|
32,369
|
204,143
|
-
|
-
|
21,742
|
38,586
|
113,870
|
23,206
|
586,110
|
|
|
OTC total return swap contracts
(c)
|
-
|
-
|
11,528
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
11,528
|
|
|
Total assets
|
884
|
151,310
|
11,528
|
32,369
|
204,143
|
-
|
400
|
21,742
|
38,586
|
113,870
|
23,206
|
598,038
|
|
|
Liabilities
|
|||||||||||||
|
Centrally cleared credit default
swap contracts (b)
|
-
|
-
|
-
|
-
|
-
|
-
|
9,252
|
-
|
-
|
-
|
-
|
9,252
|
|
|
Forward foreign currency
exchange contracts
|
406,905
|
95,462
|
3,991
|
92,243
|
91,730
|
-
|
-
|
-
|
434,479
|
22,532
|
97,254
|
1,244,596
|
|
|
Call option contracts written
|
-
|
-
|
-
|
-
|
-
|
26,141
|
-
|
-
|
-
|
-
|
-
|
26,141
|
|
|
Total liabilities
|
406,905
|
95,462
|
3,991
|
92,243
|
91,730
|
26,141
|
9,252
|
-
|
434,479
|
22,532
|
97,254
|
1,279,989
|
|
|
Total financial and derivative
net assets
|
(406,021
)
|
55,848
|
7,537
|
(59,874
)
|
112,413
|
(26,141
)
|
(8,852
)
|
21,742
|
(395,893
)
|
91,338
|
(74,048
)
|
(681,951
)
|
|
|
Total collateral received
(pledged) (d)
|
-
|
-
|
-
|
-
|
-
|
(26,141
)
|
(8,852
)
|
-
|
-
|
-
|
-
|
(34,993
)
|
|
|
Net amount (e)
|
$
|
(406,021
)
|
55,848
|
7,537
|
(59,874
)
|
112,413
|
-
|
-
|
21,742
|
(395,893
)
|
91,338
|
(74,048
)
|
(646,958
)
|
|
(a)
|
Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
|
|
(b)
|
Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
|
|
(c)
|
Over-the-Counter (OTC) Swap Contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.
|
|
(d)
|
In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
|
|
(e)
|
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.
Columbia Global Opportunities Fund | 2025
31
Notes to Financial Statements (continued) July 31, 2025
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 classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.
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.
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.
Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its 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.
32
Columbia Global Opportunities Fund | 2025
Notes to Financial Statements (continued) July 31, 2025
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.
Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncements and regulatory updates
Accounting Standards Update 2023-09 Income Taxes (Topic 740)
In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.
Note 3. Fees and other transactions with affiliates
Management services fees and underlying fund 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 ManagementAgreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.00% on assets invested in Columbia proprietary funds, including exchange-traded funds, that pay an investment management fee to the Investment Manager, and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities, instruments and other assets not described above, including other funds advised by the Investment Manager that do not pay a management services fee, derivatives and individual securities. The effective management services fee rate for the year ended July 31, 2025 was 0.70% of the Fund's average daily net assets.
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in the Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.
Columbia Global Opportunities Fund | 2025
33
Notes to Financial Statements (continued) July 31, 2025
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.
For the year ended July 31, 2025, 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
|
|
Advisor Class
|
0.03
(a)
|
|
Institutional Class
|
0.10
|
|
(a)
|
Unannualized.
|
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended July 31, 2025, no minimum account balance fees were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class A shares.
34
Columbia Global Opportunities Fund | 2025
Notes to Financial Statements (continued) July 31, 2025
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended July 31, 2025, if any, are listed below:
|
|
Front End (%)
|
CDSC (%)
|
Amount ($)
|
|
Class A
|
5.75
|
0.50 - 1.00
(a)
|
33,831
|
|
(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/expensesreimbursed 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
November 30, 2025 (%)
|
|
Class A
|
1.19
|
|
Institutional Class
|
0.94
|
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 July 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, derivative investments, swap investments, passive foreign investment company (pfic) holdings, former pfic holdings, tax straddles, trustees' deferred compensation, foreign capital gains tax 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:
|
Undistributed net
investment
income ($)
|
Accumulated
net realized
gain ($)
|
Paid in
capital ($)
|
|
807,128
|
(807,128
)
|
-
|
Columbia Global Opportunities Fund | 2025
35
Notes to Financial Statements (continued) July 31, 2025
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 July 31, 2025
|
Year Ended July 31, 2024
|
||||
|
Ordinary
income ($)
|
Long-term
capital gains ($)
|
Total ($)
|
Ordinary
income ($)
|
Long-term
capital gains ($)
|
Total ($)
|
|
1,499,826
|
-
|
1,499,826
|
-
|
-
|
-
|
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At July 31, 2025, the components of distributable earnings on a tax basis were as follows:
|
Undistributed
ordinary income ($)
|
Undistributed
long-term
capital gains ($)
|
Capital loss
carryforwards ($)
|
Net unrealized
appreciation ($)
|
|
3,953,324
|
25,018,686
|
-
|
40,698,797
|
At July 31, 2025, 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) ($)
|
Net unrealized
appreciation ($)
|
|
276,987,622
|
49,855,744
|
(9,156,947
)
|
40,698,797
|
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 July 31, 2025, 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 July 31, 2025, capital loss carryforwards utilized, if any, were as follows:
|
No expiration
short-term ($)
|
No expiration
long-term ($)
|
Total ($)
|
Utilized ($)
|
|
-
|
-
|
-
|
2,133,932
|
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 $270,920,446 and $312,202,557, respectively, for the year ended July 31, 2025, of which $126,876,015 and $125,206,713, respectively, were U.S. government securities. 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
36
Columbia Global Opportunities Fund | 2025
Notes to Financial Statements (continued) July 31, 2025
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 July 31, 2025 was as follows:
|
Borrower or lender
|
Average loan
balance ($)
|
Weighted average
interest rate (%)
|
Number of days
with outstanding loans
|
|
Lender
|
527,273
|
4.98
|
11
|
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at July 31, 2025.
Note 8. Line of credit
The Fund has 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. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 24, 2024 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 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, (ii) the secured overnight financing rate plus 0.10% and (iii) 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 the October 24, 2024 amendment and restatement, 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 collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher 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 July 31, 2025.
Note 9. Significant risks
Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.
Columbia Global Opportunities Fund | 2025
37
Notes to Financial Statements (continued) July 31, 2025
Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer's country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.
Leverage risk
Leverage occurs when the Fund increases its assets available for investment using borrowings, derivatives, or similar instruments or techniques. The use of leverage may produce volatility and may exaggerate changes in the Fund's net asset value and in the return on the Fund's portfolio, which may increase the risk that the Fund will lose more than it has invested. If the Fund uses leverage, through the purchase of particular instruments such as derivatives, the Fund may experience capital losses that exceed the net assets of the Fund. Leverage can create an interest expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund's volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. 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. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. 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.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could continue to be significant. Market disruption caused by the Russian military action, and any countermeasures or responses thereto (including international sanctions, a downgrade in a country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could continue to have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, restricted cross-border payments and limited access to investments and/or assets in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
38
Columbia Global Opportunities Fund | 2025
Notes to Financial Statements (continued) July 31, 2025
Shareholder concentration risk
At July 31, 2025, affiliated shareholders of record owned 87.1% 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. Other than as noted below, there were no items requiring adjustment of the financial statements or additional disclosure.
At a meeting held on August 26, 2025, the Board of Trustees of the Fund approved a custody agreement with State Street Bank and Trust Company (State Street). The transition of custody services to State Street is expected to be completed by December, 2026. In addition, the Board approved the engagement by the Investment Manager of State Street as sub-administrator. In such capacity, and subject to the supervision and direction of the Investment Manager, State Street will provide certain sub-administration services to the Fund, including fund accounting and financial reporting services.
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 Global Opportunities Fund | 2025
39
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Global Opportunities Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Global Opportunities Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2025, the related statement of operations for the year ended July 31, 2025, the statement of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2025 (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 July 31, 2025, 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 July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025 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 July 31, 2025 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
September 22, 2025
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
40
Columbia Global Opportunities Fund | 2025
Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended July 31, 2025. Shareholders will be notified in early 2026 of the amounts for use in preparing 2025 income tax returns.
|
Qualified
dividend
income
|
Dividends
received
deduction
|
Capital
gain
dividend
|
|
95.74%
|
89.48%
|
$26,269,620
|
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 Global Opportunities Fund | 2025
41
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 Global Opportunities Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (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 2025, 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 26, 2025 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
42
Columbia Global Opportunities Fund | 2025
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 compensationto 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 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. 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 their 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 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 their 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 Global Opportunities Fund | 2025
43
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 their 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 2024 had increased from 2023 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 their 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.
44
Columbia Global Opportunities Fund | 2025
Approval of Management Agreement (continued) (Unaudited)
On June 26, 2025, 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 Global Opportunities Fund | 2025
45
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[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Global Opportunities 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.
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.
© 2025 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN156_07_R01_(09/25)
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 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)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (registrant) | Columbia Funds Series Trust II |
|
|
|
| By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, President and Principal Executive Officer | |
|
|
|
| Date | September 22, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, President and Principal Executive Officer | |
|
|
|
| Date | September 22, 2025 |
|
|
|
| By (Signature and Title) | /s/ Charles H. Chiesa |
| Charles H. Chiesa, Treasurer, Chief Financial Officer, Chief Accounting | |
| Officer and Principal Financial Officer | |
|
|
|
| Date | September 22, 2025 |
Columbia Funds Series Trust II published this content on October 03, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT) on October 03, 2025 at 16:39 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]