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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)

 

 

225 Franklin Street

Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

 

 

Christopher O. Petersen, Esq.

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, Massachusetts 02110

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

(Name and address of agent for service)

 

 

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

Date of fiscal year end: April 30

Date of reporting period: April  30, 2019

 

 

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.

 

 

 

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Item 1. Reports to Stockholders.

Table of Contents
Annual Report
April 30, 2019
Columbia Global Infrastructure Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.
Not FDIC Insured • No bank guarantee • May lose value

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Columbia Global Infrastructure Fund  |  Annual Report 2019

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Fund at a Glance
Investment objective
Columbia Global Infrastructure Fund (the Fund) seeks to provide shareholders with long-term growth of capital.
Portfolio management
Craig Leopold, CFA
Co-Portfolio Manager
Managed Fund since 2013
Tiffany Wade
Co-Portfolio Manager
Managed Fund since January 2017
Morningstar style box TM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2019 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended April 30, 2019)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 02/19/09 7.56 3.59 12.72
  Including sales charges   1.35 2.36 12.06
Advisor Class* 03/19/13 7.88 3.85 12.90
Class C Excluding sales charges 02/19/09 7.23 3.49 12.25
  Including sales charges   6.23 3.49 12.25
Institutional Class* 09/27/10 7.87 3.84 12.97
Institutional 2 Class 02/19/09 7.94 3.93 13.11
Institutional 3 Class* 03/01/17 8.02 3.76 12.82
Class R 02/19/09 7.32 3.33 12.42
S&P Global Infrastructure Index (Net)   6.86 4.40 9.25
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Fund’s performance prior to December 2013 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.
The S&P Global Infrastructure Index (Net) is comprised of 75 companies around the world that represent the listed infrastructure universe. To create diversified exposure, the indices include three distinct infrastructure clusters: utilities, transportation, and energy.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the S&P Global Infrastructure Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Global Infrastructure Fund  | Annual Report 2019
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Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (April 30, 2009 — April 30, 2019)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Global Infrastructure Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Top 10 holdings (%) (at April 30, 2019)
Atlantia SpA (Italy) 5.4
Williams Companies, Inc. (The) (United States) 4.6
Transurban Group (Australia) 4.5
TransCanada Corp. (Canada) 4.5
Sydney Airport (Australia) 3.8
American Electric Power Co., Inc. (United States) 3.5
Eiffage SA (France) 3.3
Iberdrola SA (Spain) 3.3
Aeroports de Paris (France) 3.1
Xcel Energy, Inc. (United States) 3.0
Percentages indicated are based upon total investments excluding Money Market Funds and investments in derivatives, if any.
For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”
Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.
Equity sector breakdown (%) (at April 30, 2019)
Communication Services 7.5
Energy 15.8
Industrials 42.0
Information Technology 1.7
Materials 3.6
Real Estate 3.2
Utilities 26.2
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
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Fund at a Glance   (continued)
Country breakdown (%) (at April 30, 2019)
Australia 8.1
Canada 9.0
China 2.0
Denmark 1.2
France 7.8
Germany 2.5
Ireland 1.6
Italy 7.8
Mexico 2.0
Netherlands 1.1
Spain 5.6
Switzerland 1.1
United Kingdom 3.4
United States (a) 46.8
Total 100.0
    
(a) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
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 April 30, 2019, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.
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Manager Discussion of Fund Performance
For the 12-month period that ended April 30, 2019, the Fund’s Class A shares returned 7.56% excluding sales charges. The Fund outperformed its benchmark, the S&P Global Infrastructure Index (Net), which returned 6.86% over the same 12-month period. Stock selection in the industrials sector aided the Fund’s performance against its benchmark, as did exposure to real estate and information technology, which reflect the Fund’s expanded definition of global infrastructure and are not in the benchmark.
Global equity markets delivered mixed results
Although U.S. economic growth remained solid, global economic growth transitioned to a somewhat slower pace. Slowing world trade, capacity constraints and elevated geopolitical risk, including the newly extended Brexit deadline and the trade war between the U.S. and China, all contributed to heightened uncertainty about the world’s economies. Against this backdrop, stock prices generally rose during the first four months of the period, then fell sharply in the fourth quarter of 2018 before rebounding in 2019. The U.S. stock market gained 13.49%, as measured by the S&P 500 Index. However, the rebound that occurred in 2019 was not enough to offset earlier losses in markets outside the United States. The MSCI ACWI ex USA Index (Net) returned -3.23%. The MSCI EAFE Index returned -3.22%.
Major central banks, led by the U.S. Federal Reserve (the Fed), have largely pulled back on interest rate hikes in response to the slower growth outlook and a more subdued outlook for core inflation. In January, Fed Chairman Powell assured the American public that the Fed would remain patient in determining future adjustments to the target range for the federal funds rate.
Contributors and detractors
Stock selection and sector allocation both contributed to the Fund’s performance advantage over its benchmark for the period. The Fund gained ground with exposure to cell tower companies, classified in the real estate and the communication services sector. Sizeable positions in American Tower, and European telecom companies Cellnex and Infrastrutture Wireless Italiane made them top individual contributors to return for the period. A smaller position in Crown Castle also contributed solid gains. An accounting rule change in Europe regarding how companies account for debt pushed communication companies to consider selling assets, allowing independent tower companies to further consolidate the industry.
In the industrials sector, capital goods companies Honeywell and Ingersoll Rand were winners. Both companies have put up good earnings reports over the last year. Honeywell spun out two businesses and its remaining businesses looked strong. Rail companies Norfolk Southern and Canadian Pacific Railway also delivered strong gains for the period. Both companies enjoyed good volume growth, and pricing improvements brightened the outlook over the past few quarters. Operating margins have improved for both companies, and investors were cheered, in particular, by Norfolk’s announcement that it is moving to a precision scheduling operating model, which puts increased focus on improving operating margins going forward.
In the utilities sector, the Fund benefited relative to its benchmark because it did not own Pacific Gas & Electric, which declared bankruptcy and was subsequently removed from the benchmark. The Fund had a significant underweight position in Atlantia, the company that owned the bridge that collapsed in Genoa, Italy, which minimized the impact of the stock’s significant downturn on the portfolio. We subsequently increased exposure to Atlantia because we believed the market had overreacted in selling off its shares.
The biggest drag on relative performance came from European manufacturing stocks that did not rebound in 2019, including ABB, a cyclical Swiss machinery manufacturer, Kion, a German multinational and Wartsilla, a Finnish manufacturing company. The outlook for ABB was dampened by weakened macro data. The company reported disappointing earnings growth, but we continued to own the stock on the belief that a solid backlog of orders coming out of 2018 represented opportunity for 2019. Orders were disappointing in a sluggish manufacturing environment for both Kion and Wartsilla, and we sold both stocks. The Fund also lost ground in energy service stocks in the energy sector. Spending levels within energy were disappointing in light of higher oil prices, and pricing was not as strong as anticipated for service companies, which weighed on TechnipFMC and Patterson UTI.
6 Columbia Global Infrastructure Fund  | Annual Report 2019

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Manager Discussion of Fund Performance   (continued)
At period’s end
In light of the recent rebound in stock prices, we took the opportunity to pare back on names that have, in our judgement, elevated valuations and above-average exposure to macroeconomic risk. We put the proceeds to work in names that we believed offered attractive growth prospects regardless of the economic environment, and where valuations appeared to be on the cheap side, for example, construction companies in the materials sector. We continue to believe that global infrastructure offers a unique combination of above-average secular growth potential and long-term investment opportunities. We also believe the Fund’s broad and diverse definition of infrastructure places it at a competitive advantage among its peers.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund concentrates its investments in infrastructure-related securities, which have greater exposure to adverse economic, regulatory, political, legal, and other conditions or events affecting the issuers of such securities. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emergingmarket and frontier market issuers. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
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Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
November 1, 2018 — April 30, 2019
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 1,142.90 1,018.79 6.43 6.06 1.21
Advisor Class 1,000.00 1,000.00 1,145.30 1,020.03 5.11 4.81 0.96
Class C 1,000.00 1,000.00 1,139.40 1,015.08 10.40 9.79 1.96
Institutional Class 1,000.00 1,000.00 1,143.90 1,020.03 5.10 4.81 0.96
Institutional 2 Class 1,000.00 1,000.00 1,144.60 1,020.38 4.73 4.46 0.89
Institutional 3 Class 1,000.00 1,000.00 1,145.70 1,020.63 4.47 4.21 0.84
Class R 1,000.00 1,000.00 1,141.60 1,017.55 7.75 7.30 1.46
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
8 Columbia Global Infrastructure Fund  | Annual Report 2019

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Portfolio of Investments
April 30, 2019
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.4%
Issuer Shares Value ($)
Australia 8.1%
Sydney Airport 1,427,455 7,672,786
Transurban Group 960,671 9,097,014
Total 16,769,800
Canada 9.1%
Canadian Pacific Railway Ltd. 20,139 4,512,546
Enbridge, Inc. 88,230 3,259,216
Suncor Energy, Inc. 58,948 1,945,284
TransCanada Corp. 190,291 9,082,038
Total 18,799,084
China 2.1%
Shenzhen International Holdings Ltd. 1,379,800 2,982,588
Zhuzhou CRRC Times Electric Co., Ltd., Class H 250,400 1,272,078
Total 4,254,666
Denmark 1.2%
Ørsted A/S 31,332 2,398,748
France 7.8%
Aeroports de Paris 30,300 6,171,585
Eiffage SA 63,262 6,605,882
VINCI SA 33,853 3,418,018
Total 16,195,485
Germany 2.6%
Fraport AG Frankfurt Airport Services Worldwide 63,874 5,289,980
Ireland 1.6%
Ingersoll-Rand PLC 27,325 3,350,318
Italy 7.9%
Atlantia SpA 401,020 10,938,753
Infrastrutture Wireless Italiane SpA 636,693 5,270,171
Total 16,208,924
Mexico 2.0%
Grupo Aeroportuario del Centro Norte SAB de CV 277,500 1,708,965
Infraestructura Energetica Nova SAB de CV 571,000 2,495,409
Total 4,204,374
Netherlands 1.1%
LyondellBasell Industries NV, Class A 25,600 2,258,688
Common Stocks (continued)
Issuer Shares Value ($)
Spain 5.6%
Cellnex Telecom SA 164,140 5,048,009
Iberdrola SA 723,645 6,572,666
Total 11,620,675
Switzerland 1.1%
ABB Ltd. (a) 106,998 2,202,020
United Kingdom 3.4%
Liberty Global PLC, Class A (a) 76,887 2,076,718
Severn Trent PLC 184,373 4,895,001
Total 6,971,719
United States 43.8%
Aerojet Rocketdyne Holdings, Inc. (a) 30,500 1,032,730
Albemarle Corp. 27,318 2,050,489
Ameren Corp. 80,798 5,879,670
American Electric Power Co., Inc. 82,449 7,053,512
American Tower Corp. 14,882 2,906,455
Badger Meter, Inc. 19,227 1,066,714
Baker Hughes, Inc. 55,600 1,335,512
Cheniere Energy, Inc. (a) 55,173 3,550,383
DTE Energy Co. 38,448 4,833,298
EOG Resources, Inc. 13,548 1,301,285
Equinix, Inc. 7,564 3,439,351
Honeywell International, Inc. 27,331 4,745,481
Lam Research Corp. 5,769 1,196,664
Martin Marietta Materials, Inc. 5,310 1,178,289
MasTec, Inc. (a) 68,661 3,477,680
NextEra Energy, Inc. 19,190 3,731,304
NiSource, Inc. 161,962 4,499,304
Norfolk Southern Corp. 17,347 3,539,135
Northrop Grumman Corp. 11,500 3,333,965
NVIDIA Corp. 6,900 1,248,900
Pinnacle West Capital Corp. 44,791 4,267,239
T-Mobile U.S.A., Inc. (a) 37,900 2,766,321
Valero Energy Corp. 22,778 2,065,053
Vulcan Materials Co. 13,256 1,671,714
Williams Companies, Inc. (The) 327,926 9,290,144
The accompanying Notes to Financial Statements are an integral part of this statement.
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Portfolio of Investments   (continued)
April 30, 2019
Common Stocks (continued)
Issuer Shares Value ($)
Xcel Energy, Inc. 104,940 5,929,110
Xylem, Inc. 35,776 2,983,718
Total 90,373,420
Total Common Stocks
(Cost $167,212,701) 		200,897,901
Money Market Funds 3.4%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.519% (b),(c) 6,918,745 6,918,053
Total Money Market Funds
(Cost $6,918,053) 		6,918,053
Total Investments in Securities
(Cost $174,130,754) 		207,815,954
Other Assets & Liabilities, Net   (1,671,940)
Net Assets $206,144,014
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) The rate shown is the seven-day current annualized yield at April 30, 2019.
(c) As defined in 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. Holdings and transactions in these affiliated companies during the year ended April 30, 2019 are as follows:
    
Issuer Beginning
shares 		Shares
purchased 		Shares
sold 		Ending
shares 		Realized gain
(loss) —
affiliated
issuers ($) 		Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($) 		Dividends —
affiliated
issuers ($) 		Value —
affiliated
issuers
at end of
period ($)
Columbia Short-Term Cash Fund, 2.519%
  5,643,488 88,354,179 (87,078,922) 6,918,745 96 136 82,692 6,918,053
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Portfolio of Investments   (continued)
April 30, 2019
Fair value measurements   (continued)
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Columbia Short-Term Cash Fund prices its shares with a floating NAV and no longer seeks to maintain a stable NAV.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2019:
  Level 1
quoted prices
in active
markets for
identical
assets ($) 		Level 2
other
significant
observable
inputs ($) 		Level 3
significant
unobservable
inputs ($) 		Investments
measured at
net asset
value ($) 		Total ($)
Investments in Securities          
Common Stocks          
Australia — 16,769,800 — — 16,769,800
Canada 18,799,084 — — — 18,799,084
China — 4,254,666 — — 4,254,666
Denmark — 2,398,748 — — 2,398,748
France — 16,195,485 — — 16,195,485
Germany — 5,289,980 — — 5,289,980
Ireland 3,350,318 — — — 3,350,318
Italy — 16,208,924 — — 16,208,924
Mexico 4,204,374 — — — 4,204,374
Netherlands 2,258,688 — — — 2,258,688
Spain — 11,620,675 — — 11,620,675
Switzerland — 2,202,020 — — 2,202,020
United Kingdom 2,076,718 4,895,001 — — 6,971,719
United States 90,373,420 — — — 90,373,420
Total Common Stocks 121,062,602 79,835,299 — — 200,897,901
Money Market Funds — — — 6,918,053 6,918,053
Total Investments in Securities 121,062,602 79,835,299 — 6,918,053 207,815,954
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Infrastructure Fund  | Annual Report 2019
11

Table of Contents
Table of Contents
Portfolio of Investments   (continued)
April 30, 2019
Fair value measurements   (continued)
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, but not limited to, intraday index, ADR, and exchange-traded fund movements.
There were no transfers of financial assets between levels during the period.
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Global Infrastructure Fund  | Annual Report 2019

Table of Contents
Statement of Assets and Liabilities
April 30, 2019
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $167,212,701) $200,897,901
Affiliated issuers (cost $6,918,053) 6,918,053
Foreign currency (cost $79,898) 79,898
Receivable for:  
Investments sold 2,975,914
Capital shares sold 37,178
Dividends 78,454
Foreign tax reclaims 148,105
Prepaid expenses 665
Total assets 211,136,168
Liabilities  
Due to custodian 89,233
Payable for:  
Investments purchased 4,322,969
Capital shares purchased 444,299
Management services fees 3,990
Distribution and/or service fees 1,115
Transfer agent fees 18,140
Compensation of board members 51,138
Other expenses 61,270
Total liabilities 4,992,154
Net assets applicable to outstanding capital stock $206,144,014
Represented by  
Paid in capital 173,070,502
Total distributable earnings (loss)  (Note 2) 33,073,512
Total - representing net assets applicable to outstanding capital stock $206,144,014
The accompanying Notes to Financial Statements are an integral part of this statement.
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13

Table of Contents
Statement of Assets and Liabilities   (continued)
April 30, 2019
Class A  
Net assets $75,881,419
Shares outstanding 5,840,447
Net asset value per share $12.99
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) $13.78
Advisor Class  
Net assets $1,894,460
Shares outstanding 141,633
Net asset value per share $13.38
Class C  
Net assets $21,675,561
Shares outstanding 1,800,968
Net asset value per share $12.04
Institutional Class  
Net assets $40,115,863
Shares outstanding 3,024,303
Net asset value per share $13.26
Institutional 2 Class  
Net assets $38,726,534
Shares outstanding 2,917,344
Net asset value per share $13.27
Institutional 3 Class  
Net assets $27,309,211
Shares outstanding 2,064,357
Net asset value per share $13.23
Class R  
Net assets $540,966
Shares outstanding 42,917
Net asset value per share $12.60
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Global Infrastructure Fund  | Annual Report 2019

Table of Contents
Statement of Operations
Year Ended April 30, 2019
Net investment income  
Income:  
Dividends — unaffiliated issuers $5,875,116
Dividends — affiliated issuers 82,692
Interest 384,471
Foreign taxes withheld (432,178)
Total income 5,910,101
Expenses:  
Management services fees 1,585,619
Distribution and/or service fees  
Class A 200,807
Class C 152,265
Class R 3,938
Transfer agent fees  
Class A 103,138
Advisor Class 2,545
Class C 31,940
Institutional Class 64,172
Institutional 2 Class 21,987
Institutional 3 Class 2,050
Class R 1,010
Compensation of board members 14,653
Custodian fees 17,796
Printing and postage fees 49,097
Registration fees 104,339
Audit fees 46,306
Legal fees 8,844
Interest on interfund lending 23
Compensation of chief compliance officer 51
Other 13,145
Total expenses 2,423,725
Expense reduction (20)
Total net expenses 2,423,705
Net investment income 3,486,396
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 1,673,350
Investments — affiliated issuers 96
Foreign currency translations (125,781)
Options purchased (133,039)
Options contracts written 5,481
Net realized gain 1,420,107
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 9,408,241
Investments — affiliated issuers 136
Foreign currency translations 93,552
Net change in unrealized appreciation (depreciation) 9,501,929
Net realized and unrealized gain 10,922,036
Net increase in net assets resulting from operations $14,408,432
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Infrastructure Fund  | Annual Report 2019
15

Table of Contents
Statement of Changes in Net Assets
  Year Ended
April 30, 2019 		Year Ended
April 30, 2018
Operations    
Net investment income $3,486,396 $4,024,154
Net realized gain 1,420,107 7,942,599
Net change in unrealized appreciation (depreciation) 9,501,929 (6,322,953)
Net increase in net assets resulting from operations 14,408,432 5,643,800
Distributions to shareholders    
Net investment income and net realized gains    
Class A (2,672,512)  
Advisor Class (63,839)  
Class C (891,905)  
Institutional Class (1,663,318)  
Institutional 2 Class (1,294,460)  
Institutional 3 Class (1,031,877)  
Class R (23,103)  
Net investment income    
Class A   (599,274)
Advisor Class   (10,336)
Class C   (232,088)
Institutional Class   (529,690)
Institutional 2 Class   (269,128)
Institutional 3 Class   (235,341)
Class K   (426)
Class R   (4,497)
Net realized gains    
Class A   (3,056,146)
Advisor Class   (41,979)
Class C   (934,627)
Institutional Class   (2,133,086)
Institutional 2 Class   (1,074,701)
Institutional 3 Class   (867,457)
Class K   (2,065)
Class R   (31,267)
Total distributions to shareholders  (Note 2) (7,641,014) (10,022,108)
Increase (decrease) in net assets from capital stock activity (63,745,131) 41,866,788
Total increase (decrease) in net assets (56,977,713) 37,488,480
Net assets at beginning of year 263,121,727 225,633,247
Net assets at end of year $206,144,014 $263,121,727
Undistributed (excess of distributions over) net investment income $(50,194) $1,835,965
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Global Infrastructure Fund  | Annual Report 2019

Table of Contents
Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  April 30, 2019 April 30, 2018
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 352,345 4,394,172 1,578,373 20,449,472
Distributions reinvested 240,864 2,668,778 278,808 3,649,599
Redemptions (2,260,872) (27,901,252) (1,679,667) (21,784,621)
Net increase (decrease) (1,667,663) (20,838,302) 177,514 2,314,450
Advisor Class        
Subscriptions 56,881 725,026 188,053 2,482,973
Distributions reinvested 5,595 63,781 3,885 52,252
Redemptions (117,876) (1,505,619) (33,992) (453,552)
Net increase (decrease) (55,400) (716,812) 157,946 2,081,673
Class B        
Subscriptions — — 193 2,294
Redemptions — — (309,952) (3,750,014)
Net decrease — — (309,759) (3,747,720)
Class C        
Subscriptions 104,375 1,212,915 746,026 9,093,616
Distributions reinvested 86,609 891,210 95,568 1,165,923
Redemptions (914,237) (10,451,584) (488,428) (5,923,557)
Net increase (decrease) (723,253) (8,347,459) 353,166 4,335,982
Institutional Class        
Subscriptions 576,459 7,358,060 1,495,863 19,831,279
Distributions reinvested 147,148 1,662,775 199,582 2,662,421
Redemptions (2,812,255) (35,488,135) (2,333,651) (30,864,783)
Net decrease (2,088,648) (26,467,300) (638,206) (8,371,083)
Institutional 2 Class        
Subscriptions 1,196,064 15,179,475 3,222,093 43,598,186
Distributions reinvested 114,395 1,293,808 100,654 1,343,737
Redemptions (1,627,669) (21,027,614) (242,550) (3,220,697)
Net increase (decrease) (317,210) (4,554,331) 3,080,197 41,721,226
Institutional 3 Class        
Subscriptions 34,673 440,277 314,138 4,226,002
Distributions reinvested 91,551 1,031,778 82,909 1,102,692
Redemptions (313,701) (3,849,162) (128,169) (1,694,951)
Net increase (decrease) (187,477) (2,377,107) 268,878 3,633,743
Class K        
Distributions reinvested — — 182 2,404
Redemptions — — (5,225) (67,786)
Net decrease — — (5,043) (65,382)
Class R        
Subscriptions 11,850 141,839 24,096 304,516
Distributions reinvested 1,452 15,624 1,817 23,109
Redemptions (50,132) (601,283) (28,620) (363,726)
Net decrease (36,830) (443,820) (2,707) (36,101)
Total net increase (decrease) (5,076,481) (63,745,131) 3,081,986 41,866,788
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Infrastructure Fund  | Annual Report 2019
17

Table of Contents
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Year Ended 4/30/2019 $12.56 0.18 0.69 0.87 (0.24) (0.20) (0.44)
Year Ended 4/30/2018 $12.67 0.19 0.19 0.38 (0.08) (0.41) (0.49)
Year Ended 4/30/2017 $11.56 0.27 1.13 1.40 (0.29) — (0.29)
Year Ended 4/30/2016 $16.59 0.20 (1.85) (1.65) (0.25) (3.13) (3.38)
Year Ended 4/30/2015 $21.12 0.24 0.61 0.85 (0.29) (5.09) (5.38)
Advisor Class
Year Ended 4/30/2019 $12.92 0.22 0.72 0.94 (0.28) (0.20) (0.48)
Year Ended 4/30/2018 $13.01 0.22 0.20 0.42 (0.10) (0.41) (0.51)
Year Ended 4/30/2017 $11.85 0.26 1.22 1.48 (0.32) — (0.32)
Year Ended 4/30/2016 $16.93 0.23 (1.89) (1.66) (0.29) (3.13) (3.42)
Year Ended 4/30/2015 $21.44 0.32 0.60 0.92 (0.34) (5.09) (5.43)
Class C
Year Ended 4/30/2019 $11.71 0.13 0.64 0.77 (0.24) (0.20) (0.44)
Year Ended 4/30/2018 $11.84 0.21 0.17 0.38 (0.10) (0.41) (0.51)
Year Ended 4/30/2017 $10.82 0.27 1.07 1.34 (0.32) — (0.32)
Year Ended 4/30/2016 $15.72 0.20 (1.76) (1.56) (0.21) (3.13) (3.34)
Year Ended 4/30/2015 $20.27 0.09 0.58 0.67 (0.13) (5.09) (5.22)
Institutional Class
Year Ended 4/30/2019 $12.81 0.22 0.71 0.93 (0.28) (0.20) (0.48)
Year Ended 4/30/2018 $12.91 0.23 0.18 0.41 (0.10) (0.41) (0.51)
Year Ended 4/30/2017 $11.77 0.25 1.21 1.46 (0.32) — (0.32)
Year Ended 4/30/2016 $16.83 0.24 (1.88) (1.64) (0.29) (3.13) (3.42)
Year Ended 4/30/2015 $21.35 0.29 0.63 0.92 (0.35) (5.09) (5.44)
Institutional 2 Class
Year Ended 4/30/2019 $12.82 0.22 0.71 0.93 (0.28) (0.20) (0.48)
Year Ended 4/30/2018 $12.91 0.22 0.20 0.42 (0.10) (0.41) (0.51)
Year Ended 4/30/2017 $11.76 0.24 1.24 1.48 (0.33) — (0.33)
Year Ended 4/30/2016 $16.83 0.24 (1.87) (1.63) (0.31) (3.13) (3.44)
Year Ended 4/30/2015 $21.35 0.30 0.63 0.93 (0.36) (5.09) (5.45)
Institutional 3 Class
Year Ended 4/30/2019 $12.78 0.22 0.72 0.94 (0.29) (0.20) (0.49)
Year Ended 4/30/2018 $12.87 0.24 0.19 0.43 (0.11) (0.41) (0.52)
Year Ended 4/30/2017 (e) $12.35 0.04 0.48 0.52 — — —
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Global Infrastructure Fund  | Annual Report 2019

Table of Contents
Financial Highlights   (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets (a) 		Total net
expense
ratio to
average
net assets (a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Year Ended 4/30/2019 $12.99 7.56% 1.20% (c) 1.20% (c),(d) 1.44% 58% $75,881
Year Ended 4/30/2018 $12.56 2.84% 1.20% 1.20% (d) 1.45% 45% $94,274
Year Ended 4/30/2017 $12.67 12.33% 1.21% 1.21% (d) 2.27% 60% $92,892
Year Ended 4/30/2016 $11.56 (8.50%) 1.20% 1.20% (d) 1.43% 60% $148,931
Year Ended 4/30/2015 $16.59 4.90% 1.15% 1.15% (d) 1.22% 51% $268,460
Advisor Class
Year Ended 4/30/2019 $13.38 7.88% 0.95% (c) 0.95% (c),(d) 1.74% 58% $1,894
Year Ended 4/30/2018 $12.92 3.08% 0.95% 0.95% (d) 1.68% 45% $2,545
Year Ended 4/30/2017 $13.01 12.71% 0.97% 0.97% (d) 2.17% 60% $509
Year Ended 4/30/2016 $11.85 (8.38%) 0.96% 0.96% (d) 1.66% 60% $237
Year Ended 4/30/2015 $16.93 5.20% 0.91% 0.91% (d) 1.69% 51% $134
Class C
Year Ended 4/30/2019 $12.04 7.23% 1.56% (c) 1.56% (c),(d) 1.09% 58% $21,676
Year Ended 4/30/2018 $11.71 3.05% 0.95% 0.95% (d) 1.70% 45% $29,565
Year Ended 4/30/2017 $11.84 12.63% 0.97% 0.97% (d) 2.46% 60% $25,709
Year Ended 4/30/2016 $10.82 (8.40%) 1.13% 1.13% (d) 1.50% 60% $23,952
Year Ended 4/30/2015 $15.72 4.12% 1.90% 1.90% (d) 0.47% 51% $38,305
Institutional Class
Year Ended 4/30/2019 $13.26 7.87% 0.95% (c) 0.95% (c),(d) 1.71% 58% $40,116
Year Ended 4/30/2018 $12.81 3.03% 0.95% 0.95% (d) 1.71% 45% $65,513
Year Ended 4/30/2017 $12.91 12.63% 0.99% 0.99% (d) 2.11% 60% $74,245
Year Ended 4/30/2016 $11.77 (8.30%) 0.95% 0.95% (d) 1.69% 60% $15,547
Year Ended 4/30/2015 $16.83 5.18% 0.90% 0.90% (d) 1.47% 51% $37,933
Institutional 2 Class
Year Ended 4/30/2019 $13.27 7.94% 0.88% (c) 0.88% (c) 1.76% 58% $38,727
Year Ended 4/30/2018 $12.82 3.11% 0.89% 0.89% 1.70% 45% $41,473
Year Ended 4/30/2017 $12.91 12.81% 0.90% 0.90% 2.02% 60% $1,993
Year Ended 4/30/2016 $11.76 (8.27%) 0.86% 0.86% 1.78% 60% $278
Year Ended 4/30/2015 $16.83 5.26% 0.83% 0.83% 1.53% 51% $255
Institutional 3 Class
Year Ended 4/30/2019 $13.23 8.02% 0.83% (c) 0.83% (c) 1.79% 58% $27,309
Year Ended 4/30/2018 $12.78 3.19% 0.83% 0.83% 1.82% 45% $28,779
Year Ended 4/30/2017 (e) $12.87 4.21% 0.85% (f) 0.85% (f) 2.08% (f) 60% $25,523
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Infrastructure Fund  | Annual Report 2019
19

Table of Contents
Financial Highlights   (continued)
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class R
Year Ended 4/30/2019 $12.19 0.14 0.68 0.82 (0.21) (0.20) (0.41)
Year Ended 4/30/2018 $12.33 0.15 0.18 0.33 (0.06) (0.41) (0.47)
Year Ended 4/30/2017 $11.25 0.22 1.12 1.34 (0.26) — (0.26)
Year Ended 4/30/2016 $16.25 0.15 (1.81) (1.66) (0.21) (3.13) (3.34)
Year Ended 4/30/2015 $20.78 0.19 0.61 0.80 (0.24) (5.09) (5.33)
    
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) Ratios include interfund lending expense which is less than 0.01%.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(f) Annualized.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Global Infrastructure Fund  | Annual Report 2019

Table of Contents
Financial Highlights   (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets (a) 		Total net
expense
ratio to
average
net assets (a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class R
Year Ended 4/30/2019 $12.60 7.32% 1.45% (c) 1.45% (c),(d) 1.20% 58% $541
Year Ended 4/30/2018 $12.19 2.51% 1.45% 1.45% (d) 1.20% 45% $972
Year Ended 4/30/2017 $12.33 12.13% 1.47% 1.47% (d) 1.87% 60% $1,017
Year Ended 4/30/2016 $11.25 (8.80%) 1.46% 1.46% (d) 1.17% 60% $638
Year Ended 4/30/2015 $16.25 4.70% 1.40% 1.40% (d) 0.99% 51% $735
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Infrastructure Fund  | Annual Report 2019
21

Table of Contents
Notes to Financial Statements
April 30, 2019
Note 1. Organization
Columbia Global Infrastructure 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). 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. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure. The Fund offers each of the share classes identified below.
Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.
Advisor Class shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.
Class C shares are subject to a 1.00% CDSC on shares redeemed within 12 months after purchase. Effective July 1, 2018, Class C shares automatically convert to Class A shares of the same Fund in the month of or the month following the 10-year anniversary of the Class C shares purchase date.
Institutional Class shares are not subject to sales charges and are generally available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.
Institutional 2 Class shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans as described in the Fund’s prospectus.
Institutional 3 Class shares are not subject to sales charges and are available to institutional and certain other investors as described in the Fund’s prospectus.
Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
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Notes to Financial Statements   (continued)
April 30, 2019
Security valuation
All equity securities are valued at the close of business of the New York Stock Exchange. Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.
Foreign equity securities are valued based on the closing price on the foreign exchange in which such securities are primarily traded. 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 generally determined at 4:00 p.m. Eastern (U.S.) time. 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 adopted by the Board of Trustees, including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.
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, 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
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Notes to Financial Statements   (continued)
April 30, 2019
credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional counterparty credit risk is failure of the clearinghouse or CCP. 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 brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically 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 instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
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April 30, 2019
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 wrote option contracts to produce incremental earnings, to decrease the Fund’s exposure to equity market risk and to increase return on investments and to protect gains. 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. Cash collateral may be collected or posted by the Fund to secure certain over-the-counter option contract trades. Cash 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 will realize 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.
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.
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.
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Options
contracts
written
($) 		Options
contracts
purchased
($) 		Total
($)
Equity risk 5,481 — 5,481
Foreign exchange risk — (133,039) (133,039)
Total 5,481 (133,039) (127,558)
The following table is a summary of the average outstanding volume by derivative instrument for the year ended April 30, 2019:
Derivative instrument Average
value ($)*
Options contracts — purchased 7,295
Options contracts — written (6,170)
    
* Based on the ending daily outstanding amounts for the year ended April 30, 2019.
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Notes to Financial Statements   (continued)
April 30, 2019
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.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility 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 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 on 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 the Fund’s management. Management’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, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
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Notes to Financial Statements   (continued)
April 30, 2019
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed 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
Accounting Standards Update 2017-08 Premium Amortization on Purchased Callable Debt Securities
In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2017-08 Premium Amortization on Purchased Callable Debt Securities. ASU No. 2017-08 updates the accounting standards to shorten the amortization period for certain purchased callable debt securities, held at a premium, to be amortized to the earliest call date. The update applies to securities with explicit, noncontingent call features that are callable at fixed prices and on preset dates. The standard is effective for annual periods beginning after December 15, 2018 and interim periods within those fiscal years. Management does not expect the implementation of this guidance to have a material impact on the financial statement amounts and footnote disclosures.
Accounting Standards Update 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU No. 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of transfers between levels. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years. At this time, management is evaluating the implication of this guidance and the impact it will have on the financial statement disclosures, if any.
Disclosure Update and Simplification
In September 2018, the Securities and Exchange Commission (SEC) released Final Rule 33-10532, Disclosure Update and Simplification, which amends certain financial statement disclosure requirements that the SEC determined to be redundant, outdated, or superseded in light of other SEC disclosure requirements, GAAP, or changes in the information environment. As a result of the amendments, management implemented disclosure changes which included removing the components of distributable earnings presented on the Statement of Assets and Liabilities and combining income and gain distributions paid to shareholders as presented on the Statement of Changes in Net Assets. Any values presented to meet prior year requirements were left unchanged. The amendments had no effect on the Fund’s net assets or results of operation.
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April 30, 2019
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.71% to 0.53% as the Fund’s net assets increase. The effective management services fee rate for the year ended April 30, 2019 was 0.71% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
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Notes to Financial Statements   (continued)
April 30, 2019
For the year ended April 30, 2019, 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 0.13
Advisor Class 0.13
Class C 0.13
Institutional Class 0.13
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.13
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 April 30, 2019, these minimum account balance fees reduced total expenses of the Fund by $20.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.50% of the Fund’s average daily net assets attributable to Class A, Class C and Class R shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.
The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $707,000 for Class C shares. This amount is based on the most recent information available as of March 31, 2019, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced. Effective September 1, 2018, Class C shares resumed paying distribution and/or shareholder services fees to the Distributor. Prior to that date, the distribution and/or shareholder services expenses incurred by the Distributor had been fully recovered, and the distribution and/or shareholder services fees were not charged to the share class.
Sales charges (unaudited)
Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended April 30, 2019, if any, are listed below:
  Amount ($)
Class A 68,373
Class C 4,263
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Notes to Financial Statements   (continued)
April 30, 2019
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  September 1, 2018
through
August 31, 2019 		Prior to
September 1, 2018
Class A 1.38% 1.42%
Advisor Class 1.13 1.17
Class C 2.13 2.17
Institutional Class 1.13 1.17
Institutional 2 Class 1.07 1.12
Institutional 3 Class 1.02 1.06
Class R 1.63 1.67
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, 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. The contractual expense cap includes distribution and/or shareholder services fees. As discussed above, effective September 1, 2018, Class C shares resumed paying distribution and/or shareholder services fees to the Distributor. To the extent the distribution and/or shareholder services expenses incurred by the Distributor have been fully recovered, the distribution and/or shareholder services fee is not charged to the share class.
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 April 30, 2019, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, post-October capital losses, trustees’ deferred compensation, foreign currency transactions, distribution reclassifications, earnings and profits distributed to shareholders on the redemption of shares and investments in partnerships. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Excess of distributions
over net investment
income ($) 		Accumulated
net realized
(loss) ($) 		Paid in
capital ($)
(973,002) 471,713 501,289
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
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April 30, 2019
The tax character of distributions paid during the years indicated was as follows:
Year Ended April 30, 2019 Year Ended April 30, 2018
Ordinary
income ($) 		Long-term
capital gains ($) 		Total ($) Ordinary
income ($) 		Long-term
capital gains ($) 		Total ($)
3,725,486 3,915,528 7,641,014 1,880,780 8,141,328 10,022,108
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At April 30, 2019, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($) 		Undistributed
long-term
capital gains ($) 		Capital loss
carryforwards ($) 		Net unrealized
appreciation ($)
— — — 33,395,306
At April 30, 2019, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
174,420,648 36,766,744 (3,371,438) 33,395,306
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of April 30, 2019, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on May 1, 2019.
Late year
ordinary losses ($) 		Post-October
capital losses ($)
— 263,059
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 $126,517,484 and $192,462,914, respectively, for the year ended April 30, 2019. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
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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 April 30, 2019 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Days
outstanding
Borrower 300,000 2.70 1
Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at April 30, 2019.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is 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 one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the 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 December unless extended or renewed.
The Fund had no borrowings during the year ended April 30, 2019.
Note 9. Significant risks
Foreign securities and emerging market countries risk
Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets. 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 various conditions, events or other factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.
Industrial sector risk
The Fund may be more susceptible to the particular risks that may affect companies in the industrials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events and economic conditions and risks for environmental damage and product liability claims.
32 Columbia Global Infrastructure Fund  | Annual Report 2019

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Notes to Financial Statements   (continued)
April 30, 2019
Shareholder concentration risk
At April 30, 2019, one unaffiliated shareholder of record owned 20.2% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 62.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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.
Utilities sector risk
The Fund may be more susceptible to the particular risks that may affect companies in the utilities sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the utilities sector are subject to certain risks, including risks associated with government regulation, interest rate changes, financing difficulties, supply and demand for services or products, intense competition, natural resource conservation and commodity price fluctuations.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the 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, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Global Infrastructure Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Global Infrastructure Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of April 30, 2019, the related statement of operations for the year ended April 30, 2019, the statement of changes in net assets for each of the two years in the period ended April 30, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (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 April 30, 2019, 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 April 30, 2019 and the financial highlights for each of the periods indicated therein 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 April 30, 2019 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
June 21, 2019
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
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Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended April 30, 2019. Shareholders will be notified in early 2020 of the amounts for use in preparing 2019 income tax returns.
Qualified
dividend
income 		Dividends
received
deduction 		Capital
gain
dividend 		Foreign
taxes paid
to foreign
countries 		Foreign
taxes paid
per share
to foreign
countries 		Foreign
source
income 		Foreign
source
income per
share
100.00% 71.76% $3,399,528 $432,178 $0.03 $3,515,311 $0.22
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.
Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided.
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TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.
Independent trustees
Name,
address,
year of birth 		Position held
with the Trust and
length of service 		Principal occupation(s)
during past five years
and other relevant
professional experience 		Number of
Funds in the
Columbia Funds
complex
overseen 		Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1953 		Trustee since 1/17 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 119 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954 		Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 119 Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
Edward J. Boudreau, Jr.
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1944 		Chair of the Board since 1/18; Trustee since 6/11 for RiverSource Funds and since 1/05 for Nations Funds Managing Director, E.J. Boudreau & Associates (consulting) since 2000; FINRA Industry Arbitrator, 2002-present; Chairman and Chief Executive Officer, John Hancock Investments (asset management), Chairman and Interested Trustee for open-end and closed-end funds offered by John Hancock, 1989-2000; John Hancock Mutual Life Insurance Company, including Senior Vice President and Treasurer and Senior Vice President Information Technology, 1968-1988 119 Former Trustee, Boston Museum of Science (Chair of Finance Committee) 1985-2013; former Trustee, BofA Funds Series Trust (11 funds), 2005-2011
36 Columbia Global Infrastructure Fund  | Annual Report 2019

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TRUSTEES AND OFFICERS   (continued)
Independent trustees   (continued)
Name,
address,
year of birth 		Position held
with the Trust and
length of service 		Principal occupation(s)
during past five years
and other relevant
professional experience 		Number of
Funds in the
Columbia Funds
complex
overseen 		Other directorships
held by Trustee
during the past
five years
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954 		Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 119 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, Laurel Road Bank (Audit Committee) since 2017
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1950 		Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 119 Trustee, MA Taxpayers Foundation since 1997; Board of Directors, The MA Business Roundtable since 2003; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954 		Trustee since 12/17 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 117 Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1952 		Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 119 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Anthony M. Santomero
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1946 		Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000- 2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 119 Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019
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TRUSTEES AND OFFICERS   (continued)
Independent trustees   (continued)
Name,
address,
year of birth 		Position held
with the Trust and
length of service 		Principal occupation(s)
during past five years
and other relevant
professional experience 		Number of
Funds in the
Columbia Funds
complex
overseen 		Other directorships
held by Trustee
during the past
five years
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1947 		Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 119 Director, BlueCross BlueShield of South Carolina since April 2008; Board Chair, Hollingsworth Funds since 2016; Advisory Board member, Duke Energy Corp. since October 2016; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1964 		Trustee since 12/17 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 117 Director, NAPE Education Foundation since October 2016
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth 		Position held with the Trust and length of service Principal occupation(s) during the
past five years and other relevant
professional experience 		Number of
Funds in the
Columbia Funds
complex overseen 		Other directorships
held by Trustee
during the past
five years
William F. Truscott
c/o Columbia Management
Investment Advisers, LLC
225 Franklin St.
Boston, MA 02110
1960 		Trustee since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and since 5/10 for Nations Funds Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010 - September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006 - August 2012. 188 Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006-January 2013
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
38 Columbia Global Infrastructure Fund  | Annual Report 2019

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TRUSTEES AND OFFICERS   (continued)
Nations Funds refer to the Funds within the Columbia Funds Complex that historically bore the Nations brand and includes series of Columbia Funds Series Trust. RiverSource Funds refer to the Funds within the Columbia Funds Complex that historically bore the RiverSource brand and includes series of Columbia Funds Series Trust II.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
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TRUSTEES AND OFFICERS   (continued)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth 		Position and year
first appointed to
position for any Fund
in the Columbia
Funds complex or a
predecessor thereof 		Principal occupation(s) during past five years
Christopher O. Petersen
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1970 		President and Principal Executive Officer (2015) Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke
225 Franklin Street
Boston, MA 02110
Born 1969 		Chief Financial Officer (Principal Financial Officer) (2009) and Senior Vice President (2019) Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002 (previously Treasurer and Chief Accounting Officer, January 2009 - January 2019 and December 2015 - January 2019, respectively).
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1965 		Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) Vice President — Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President — Pricing and Corporate Actions, May 2010 - March 2017).
Paul B. Goucher
485 Lexington Avenue
New York, NY 10017
Born 1968 		Senior Vice President (2011) and Assistant Secretary (2008) Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire
225 Franklin Street
Boston, MA 02110
Born 1972 		Senior Vice President and Chief Compliance Officer (2012) Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore
225 Franklin Street
Boston, MA 02110
Born 1958 		Senior Vice President (2010) Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga
225 Franklin Street
Boston, MA 02110
Born 1970 		Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao
225 Franklin Street
Boston, MA 02110
Born 1968 		Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1960 		Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
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Additional information
The Fund mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Fund’s Form N-Q or Form N-PORT is available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
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Columbia Global Infrastructure Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/ . The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2019 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN213_04_J01_(06/19)

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Item 2. Code of Ethics.

 

  (a)

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

 

  (b)

During the period covered by this report, there were not any amendments to a provision of the code of ethics 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, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.

 

  (c)

During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics 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 that relates to one or more of the items set forth in paragraph (b) of this Item.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Pamela G. Carlton, Anthony M. Santomero, Brian J. Gallagher and Catherine James Paglia, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Ms. Carlton, Mr. Santomero, Mr. Gallagher and Ms. Paglia are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.

Item 4. Principal Accountant Fees and Services .

Fee information below is disclosed for the one series of the registrant whose reports to stockholders are included in this annual filing.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended April 30, 2019 and April 30, 2018 are approximately as follows:

 

    2019    2018  

$31,500

   $ 28,200  

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.

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(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended April 30, 2019 and April 30, 2018 are approximately as follows:

 

2019    2018  

$0

   $ 0  

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.

During the fiscal years ended April 30, 2019 and April 30, 2018, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended April 30, 2019 and April 30, 2018 are approximately as follows:

 

    2019    2018  

$10,300

   $ 8,700  

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.

During the fiscal years ended April 30, 2019 and April 30, 2018, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended April 30, 2019 and April 30, 2018 are approximately as follows:

 

2019    2018  

$0

   $ 0  

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All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended April 30, 2019 and April 30, 2018 are approximately as follows:

 

    2019    2018  

$225,000

   $ 225,000  

In fiscal years 2019 and 2018, All Other Fees primarily consists of fees billed for internal control examinations of the registrant’s transfer agent and investment adviser.

(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.

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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) 100% of the services performed for items (b) through (d) above during 2019 and 2018 were pre-approved by the registrant’s Audit Committee.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended April 30, 2019 and April 30, 2018 are approximately as follows:

 

    2019    2018  

$235,300

   $ 233,700  

(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.

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Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

 

  (a)

The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

 

  (b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

 

  (a)

The registrant’s principal executive officer and principal financial 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.

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Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

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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/ Christopher O. Petersen

  Christopher O. Petersen, President and Principal Executive Officer

 

Date June  21, 2019

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/ Christopher O. Petersen

  Christopher O. Petersen, President and Principal Executive Officer

 

Date   June  21, 2019

 

By (Signature and Title)  

/s/ Michael G. Clarke

  Michael G. Clarke, Chief Financial Officer

 

Date June  21, 2019

Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers

C OLUMBIA F UNDS

 

Applicable Regulatory Authority   

Section 406 of the Sarbanes-Oxley Act of 2002;

Item 2 of Form N-CSR

Related Policies    Overview and Implementation of Compliance Program Policy
Requires Annual Board Approval    No but Covered Officers Must provide annual certification
Last Reviewed by AMC    June 2018

Overview and Statement

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

 

  •  

Whether it has adopted a code of ethics that applies to the investment company’s principal executive officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and

 

  •  

Any amendments to, or waivers from, the code of ethics relating to such officers.

The Board of each Fund has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the “Code”), which sets forth the ethical standards to which the Fund holds its principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the Overview and Implementation of Compliance Program Policy .

Policy The Board of each Fund has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

 

I.

Covered Officers/Purpose of the Code

This Code applies to the Fund’s Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the “Covered Officers”) for the purpose of promoting:

 

  •  

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

 

  •  

Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;

 

  •  

Compliance with applicable laws and governmental rules and regulations;

 

 

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

 

Proprietary and Confidential    Page 1 of 9

  •  

The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

 

  •  

Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

 

II.

Administration of the Code

The Board has designated an individual to be primarily responsible for the administration of the Code (the “Code Officer”). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Board has designated a person who meets the definition of a Chief Legal Officer (the “CLO”) for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund’s CLO. The CLO of the Fund shall assist the Fund’s Code Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

 

III.

Managing Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer’s position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund’s and its Adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a “Primary Service Provider”) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary

 

 

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

 

Proprietary and Confidential    Page 2 of 9

Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Fund that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Fund covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Fund. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

 

  •  

Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;

 

  •  

Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer, or a member of his or her family, rather than the benefit of the Fund;

 

  •  

Not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

 

  •  

Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund’s outside counsel, or counsel to the Independent Board Members, as appropriate.

 

 

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

 

Proprietary and Confidential    Page 3 of 9

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

 

  •  

Service as a director on the board of a public or private company or service as a public official;

 

  •  

The receipt of a non-de minimus gift when the gift is in relation to doing business directly or indirectly with the Fund;

 

  •  

The receipt of entertainment from any company with which the Fund has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

 

  •  

An ownership interest in, or any consulting or employment relationship with, any of the Fund’s service providers, other than the Primary Service Providers or any affiliated person thereof; and

 

  •  

A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

 

IV.

Disclosure and Compliance

It is the responsibility of each Covered Officer:

 

  •  

To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as the business and financial operations of the Fund;

 

  •  

To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund’s Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;

 

  •  

To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

 

  •  

To adhere to and, within his or her area of responsibility, promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

 

 

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

 

Proprietary and Confidential    Page 4 of 9

V.

Reporting and Accountability by Covered Officers

Each Covered Officer must:

 

  •  

Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund’s Board that he or she has received, read and understands the Code, using the form attached as Appendix A hereto;

 

  •  

Annually thereafter acknowledge in writing to the Fund’s Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;

 

  •  

Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and

 

  •  

Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.

The Fund will follow the policy set forth below in investigating and enforcing this Code:

 

  •  

The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to him or her;

 

  •  

If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so notify the person(s) reporting the potential violation, and no further action is required;

 

  •  

Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the Code Officer or the CLO to the Fund’s Audit Committee;

 

  •  

The Fund’s Audit Committee will be responsible for granting waivers, as appropriate; and

 

  •  

This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

 

VI.

Other Policies

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund’s Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund’s and its Adviser’s and principal underwriter’s codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

 

 

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

 

Proprietary and Confidential    Page 5 of 9

VII.

Disclosure of Amendments to the Code

Any amendments will, to the extent required, be disclosed in accordance with law.

 

VIII.

Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund’s Board, the Covered Officers, the Code Officer, the CLO, the Fund’s Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

 

IX.

Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Reporting Requirements

Each Covered Officer must annually acknowledge in writing to the Fund’s Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund’s Audit Committee any violations of, or material issues arising under, this Code.

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund’s Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund’s Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

All material amendments to this Code must be in writing and approved or ratified by the Fund’s Board, including a majority of the Independent Board Members.

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee’s immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

 

 

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

 

Proprietary and Confidential    Page 6 of 9

Monitoring/Oversight/Escalation

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

Recordkeeping

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

 

 

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

 

Proprietary and Confidential    Page 7 of 9

Appendix A

INITIAL ACKNOWLEDGEMENT

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the “Code”) and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.

 

                              

         

                              
 

         

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 

I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund’s outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

 

Covered Officer Name and Title:  

 

  (please print)

 

                Signature                                                                                                         Date

Please return this completed form to the CLO (_______) within one week from the date of your review of these documents. Thank you!

Appendix B

ANNUAL ACKNOWLEDGEMENT

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the “Code”) and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.

 

                              

 

                              
 

 

 
 

 

 

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund. 1

 

                              

 

                              
 

 

 
 

 

 
 

 

 

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

 

Covered Officer Name and Title:  

 

  (please print)

 

                Signature                                                                                                         Date

Please return this completed form to the CLO (_______) within one week from the date of your receipt of a request to complete and return it. Thank you!

 

1  

It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.

I, Christopher O. Petersen, certify that:

 

1.

I have reviewed this report on Form N-CSR of Columbia Funds Series Trust II;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d)

disclosed in this report any 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; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 21, 2019                                             

/s/ Christopher O. Petersen

       

Christopher O. Petersen, President and Principal

Executive Officer

I, Michael G. Clarke, certify that:

 

1.

I have reviewed this report on Form N-CSR of Columbia Funds Series Trust II;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d)

disclosed in this report any 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; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 21, 2019        

/s/ Michael G. Clarke

        Michael G. Clarke, Chief Financial Officer

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Series Trust II (the “Trust”) on Form N-CSR for the period ending April 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (“the Report”), the undersigned hereby certifies that, to his knowledge:

 

  1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

 

Date: June 21, 2019                                                      

/s/ Christopher O. Petersen

        Christopher O. Petersen, President and Principal Executive Officer
Date: June 21, 2019        

/s/ Michael G. Clarke

        Michael G. Clarke, Chief Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.