UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-21852
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: October 31, 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.
Item 1. Reports to Stockholders.
SemiAnnual
Report
October 31, 2019
October 31, 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
Table of Contents
Columbia Global Infrastructure Fund
(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-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT
filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-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 (the
Investment Manager)
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
Columbia Global Infrastructure
Fund | Semiannual Report 2019
Fund at a Glance
(Unaudited)
(Unaudited)
Investment objective
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 boxTM
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.
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 | Semiannual Report 2019
|
3 |
Fund at a Glance (continued)
(Unaudited)
(Unaudited)
| Top 10 holdings (%) (at October 31, 2019) | |
| Transurban Group (Australia) | 6.1 |
| Iberdrola SA (Spain) | 4.4 |
| American Electric Power Co., Inc. (United States) | 4.0 |
| Enel SpA (Italy) | 3.8 |
| Fraport AG Frankfurt Airport Services Worldwide (Germany) | 3.3 |
| TC Energy Corp. (Canada) | 3.3 |
| Xcel Energy, Inc. (United States) | 3.3 |
| DTE Energy Co. (United States) | 3.2 |
| Ameren Corp. (United States) | 3.1 |
| Sydney Airport (Australia) | 3.1 |
Percentages indicated are based
upon total investments including options purchased and excluding Money Market Funds and all other 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 October 31, 2019) | |
| Communication Services | 8.8 |
| Energy | 10.5 |
| Industrials | 36.3 |
| Information Technology | 2.9 |
| Materials | 2.8 |
| Real Estate | 5.5 |
| Utilities | 33.2 |
| Total | 100.0 |
Percentages indicated are based
upon total equity investments. The Fund’s portfolio composition is subject to change.
| (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 including options purchased and excluding all other 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 October 31, 2019, the Fund invested at least 40% of its net assets
in foreign companies in accordance with its principal investment strategy.
| 4 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Understanding Your Fund’s
Expenses
(Unaudited)
(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.
Expenses paid during the period
are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal
half year and divided by 366.
Expenses do not include fees and
expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
|
Columbia Global Infrastructure Fund | Semiannual Report 2019
|
5 |
Portfolio of Investments
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
(Percentages represent value of
investments compared to net assets)
Investments in securities
| Common Stocks 95.8% | ||
| Issuer | Shares | Value ($) |
| Australia 9.0% | ||
| Sydney Airport | 824,875 | 4,995,811 |
| Transurban Group | 955,988 | 9,791,178 |
| Total | 14,786,989 | |
| Canada 9.5% | ||
| Canadian Pacific Railway Ltd. | 21,709 | 4,934,673 |
| Enbridge, Inc. | 116,272 | 4,233,463 |
| Suncor Energy, Inc. | 37,720 | 1,119,907 |
| TC Energy Corp. | 103,761 | 5,230,197 |
| Total | 15,518,240 | |
| China 2.3% | ||
| Shenzhen International Holdings Ltd. | 1,379,800 | 2,805,177 |
| Zhuzhou CRRC Times Electric Co., Ltd., Class H | 250,400 | 929,126 |
| Total | 3,734,303 | |
| Denmark 1.4% | ||
| Ørsted A/S | 25,960 | 2,278,553 |
| France 5.7% | ||
| Aeroports de Paris | 10,980 | 2,088,278 |
| Eiffage SA | 32,057 | 3,443,120 |
| VINCI SA | 33,363 | 3,743,205 |
| Total | 9,274,603 | |
| Germany 6.0% | ||
| Deutsche Telekom AG, Registered Shares | 209,848 | 3,692,397 |
| Fraport AG Frankfurt Airport Services Worldwide | 63,124 | 5,276,072 |
| KION Group AG | 12,100 | 805,107 |
| Total | 9,773,576 | |
| Ireland 1.8% | ||
| Ingersoll-Rand PLC | 13,425 | 1,703,498 |
| Kingspan Group PLC | 23,300 | 1,207,332 |
| Total | 2,910,830 | |
| Italy 8.0% | ||
| Atlantia SpA | 132,541 | 3,274,548 |
| Enel SpA | 796,344 | 6,171,955 |
| Infrastrutture Wireless Italiane SpA | 350,083 | 3,592,116 |
| Total | 13,038,619 | |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Mexico 2.2% | ||
| Grupo Aeroportuario del Centro Norte SAB de CV | 277,500 | 1,925,687 |
| Infraestructura Energetica Nova SAB de CV(a) | 369,500 | 1,632,703 |
| Total | 3,558,390 | |
| Spain 6.2% | ||
| Cellnex Telecom SA(a) | 75,129 | 3,241,731 |
| Iberdrola SA | 680,971 | 6,999,698 |
| Total | 10,241,429 | |
| United Kingdom 5.1% | ||
| Severn Trent PLC | 151,283 | 4,418,999 |
| TechnipFMC PLC | 20,100 | 396,573 |
| Vodafone Group PLC | 1,778,800 | 3,630,036 |
| Total | 8,445,608 | |
| United States 38.6% | ||
| Albemarle Corp. | 19,898 | 1,208,605 |
| Ameren Corp. | 64,682 | 5,025,791 |
| American Electric Power Co., Inc. | 68,809 | 6,494,881 |
| American Tower Corp. | 9,832 | 2,144,163 |
| Analog Devices, Inc. | 11,100 | 1,183,593 |
| Badger Meter, Inc. | 14,127 | 816,541 |
| Cheniere Energy, Inc.(a) | 33,343 | 2,052,262 |
| DTE Energy Co. | 40,538 | 5,161,298 |
| Duke Realty Corp. | 80,017 | 2,811,797 |
| Equinix, Inc. | 4,614 | 2,615,123 |
| Gardner Denver Holdings, Inc.(a) | 28,640 | 911,611 |
| Honeywell International, Inc. | 17,794 | 3,073,558 |
| Kinder Morgan, Inc. | 100,100 | 1,999,998 |
| Lockheed Martin Corp. | 2,200 | 828,696 |
| Martin Marietta Materials, Inc. | 5,300 | 1,388,123 |
| Medical Properties Trust, Inc. | 63,400 | 1,314,282 |
| NextEra Energy, Inc. | 15,900 | 3,789,606 |
| NiSource, Inc. | 117,192 | 3,286,064 |
| Northrop Grumman Corp. | 6,940 | 2,446,211 |
| Pinnacle West Capital Corp. | 29,501 | 2,776,634 |
| Quanta Services, Inc. | 32,400 | 1,362,420 |
| Vulcan Materials Co. | 13,316 | 1,902,457 |
The accompanying Notes to Financial
Statements are an integral part of this statement.
| 6 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Portfolio of Investments (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Williams Companies, Inc. (The) | 84,026 | 1,874,620 |
| Xcel Energy, Inc. | 82,284 | 5,225,857 |
| Xylem, Inc. | 19,976 | 1,531,959 |
| Total | 63,226,150 | |
|
Total Common Stocks
(Cost $127,363,443) |
156,787,290 | |
| Convertible Preferred Stocks 1.7% | |||
| Issuer | Shares | Value ($) | |
| United States 1.7% | |||
| Broadcom, Inc. | 8.000% | 2,500 | 2,710,000 |
|
Total Convertible Preferred Stocks
(Cost $2,530,823) |
2,710,000 | ||
| Limited Partnerships 0.8% | ||
| Issuer | Shares | Value ($) |
| United States 0.8% | ||
| Fortress Transportation & Infrastructure Investors LLC | 78,600 | 1,245,810 |
|
Total Limited Partnerships
(Cost $1,248,366) |
1,245,810 | |
| Options Purchased Calls 0.0% | |||||
| Value ($) | |||||
| (Cost $75,617) | 64,800 | ||||
| Money Market Funds 1.7% | ||
| Shares | Value ($) | |
| Columbia Short-Term Cash Fund, 1.938%(b),(c) | 2,871,737 | 2,871,450 |
|
Total Money Market Funds
(Cost $2,871,450) |
2,871,450 | |
|
Total Investments in Securities
(Cost $134,089,699) |
163,679,350 | |
| Other Assets & Liabilities, Net | 21,293 | |
| Net Assets | $163,700,643 | |
Investments in
derivatives
| Call option contracts purchased | ||||||||
| Description | Counterparty |
Trading
currency |
Notional
amount |
Number of
contracts |
Exercise
price/Rate |
Expiration
date |
Cost ($) | Value ($) |
| CBOE Volatility Index | Deutsche Bank | USD | 237,960 | 180 | 15.00 | 01/22/2020 | 75,617 | 64,800 |
Notes to Portfolio of
Investments
| (a) | Non-income producing investment. |
| (b) | The rate shown is the seven-day current annualized yield at October 31, 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 period ended October 31, 2019 are as follows: |
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
The accompanying Notes to Financial Statements are
an integral part of this statement.
|
Columbia Global Infrastructure Fund | Semiannual Report 2019
|
7 |
Portfolio of Investments (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
Fair value measurements (continued)
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.
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.
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.
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.
The following table is a summary of
the inputs used to value the Fund’s investments at October 31, 2019:
| Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
| Investments in Securities | ||||
| Common Stocks | ||||
| Australia | — | 14,786,989 | — | 14,786,989 |
| Canada | 15,518,240 | — | — | 15,518,240 |
| China | — | 3,734,303 | — | 3,734,303 |
| Denmark | — | 2,278,553 | — | 2,278,553 |
| France | — | 9,274,603 | — | 9,274,603 |
| Germany | — | 9,773,576 | — | 9,773,576 |
| Ireland | 1,703,498 | 1,207,332 | — | 2,910,830 |
| Italy | — | 13,038,619 | — | 13,038,619 |
| Mexico | 3,558,390 | — | — | 3,558,390 |
| Spain | — | 10,241,429 | — | 10,241,429 |
| United Kingdom | 396,573 | 8,049,035 | — | 8,445,608 |
| United States | 63,226,150 | — | — | 63,226,150 |
| Total Common Stocks | 84,402,851 | 72,384,439 | — | 156,787,290 |
| Convertible Preferred Stocks | ||||
| United States | — | 2,710,000 | — | 2,710,000 |
| Total Convertible Preferred Stocks | — | 2,710,000 | — | 2,710,000 |
| Limited Partnerships | ||||
| United States | 1,245,810 | — | — | 1,245,810 |
| Total Limited Partnerships | 1,245,810 | — | — | 1,245,810 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 8 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Portfolio of Investments (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
Fair value measurements (continued)
| Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
| Options Purchased Calls | 64,800 | — | — | 64,800 |
| Money Market Funds | 2,871,450 | — | — | 2,871,450 |
| Total Investments in Securities | 88,584,911 | 75,094,439 | — | 163,679,350 |
See the Portfolio of Investments for
all investment classifications not indicated in the table.
The Fund’s assets assigned to
the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical
assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical
pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
The accompanying Notes to Financial Statements are
an integral part of this statement.
|
Columbia Global Infrastructure Fund | Semiannual Report 2019
|
9 |
Statement of Assets and Liabilities
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
| Assets | |
| Investments in securities, at value | |
| Unaffiliated issuers (cost $131,142,632) | $160,743,100 |
| Affiliated issuers (cost $2,871,450) | 2,871,450 |
| Options purchased (cost $75,617) | 64,800 |
| Cash | 1,613 |
| Receivable for: | |
| Investments sold | 1,143,090 |
| Capital shares sold | 42,560 |
| Dividends | 55,731 |
| Foreign tax reclaims | 169,611 |
| Prepaid expenses | 2,599 |
| Total assets | 165,094,554 |
| Liabilities | |
| Foreign currency (cost $2,433) | 4,530 |
| Payable for: | |
| Investments purchased | 1,190,167 |
| Capital shares purchased | 77,298 |
| Management services fees | 3,189 |
| Distribution and/or service fees | 1,024 |
| Transfer agent fees | 16,296 |
| Compensation of board members | 53,419 |
| Compensation of chief compliance officer | 22 |
| Other expenses | 47,966 |
| Total liabilities | 1,393,911 |
| Net assets applicable to outstanding capital stock | $163,700,643 |
| Represented by | |
| Paid in capital | 122,470,731 |
| Total distributable earnings (loss) | 41,229,912 |
| Total - representing net assets applicable to outstanding capital stock | $163,700,643 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 10 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Statement of Assets and Liabilities (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
| Class A | |
| Net assets | $76,943,914 |
| Shares outstanding | 5,624,949 |
| Net asset value per share | $13.68 |
| 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) | $14.51 |
| Advisor Class | |
| Net assets | $1,829,792 |
| Shares outstanding | 129,779 |
| Net asset value per share | $14.10 |
| Class C | |
| Net assets | $17,806,632 |
| Shares outstanding | 1,410,649 |
| Net asset value per share | $12.62 |
| Institutional Class | |
| Net assets | $36,604,675 |
| Shares outstanding | 2,617,962 |
| Net asset value per share | $13.98 |
| Institutional 2 Class | |
| Net assets | $3,760,692 |
| Shares outstanding | 268,609 |
| Net asset value per share | $14.00 |
| Institutional 3 Class | |
| Net assets | $26,213,853 |
| Shares outstanding | 1,878,772 |
| Net asset value per share | $13.95 |
| Class R | |
| Net assets | $541,085 |
| Shares outstanding | 40,826 |
| Net asset value per share | $13.25 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
|
Columbia Global Infrastructure Fund | Semiannual Report 2019
|
11 |
Statement of Operations
Six Months Ended October 31, 2019 (Unaudited)
Six Months Ended October 31, 2019 (Unaudited)
| Net investment income | |
| Income: | |
| Dividends — unaffiliated issuers | $2,762,097 |
| Dividends — affiliated issuers | 48,324 |
| Foreign taxes withheld | (186,625) |
| Total income | 2,623,796 |
| Expenses: | |
| Management services fees | 608,684 |
| Distribution and/or service fees | |
| Class A | 96,516 |
| Class C | 98,558 |
| Class R | 1,392 |
| Transfer agent fees | |
| Class A | 47,379 |
| Advisor Class | 1,103 |
| Class C | 12,111 |
| Institutional Class | 23,580 |
| Institutional 2 Class | 1,755 |
| Institutional 3 Class | 1,059 |
| Class R | 342 |
| Compensation of board members | 8,650 |
| Custodian fees | 8,530 |
| Printing and postage fees | 13,522 |
| Registration fees | 49,814 |
| Audit fees | 13,540 |
| Legal fees | 5,169 |
| Interest on interfund lending | 3,029 |
| Compensation of chief compliance officer | 22 |
| Other | 6,078 |
| Total expenses | 1,000,833 |
| Expense reduction | (20) |
| Total net expenses | 1,000,813 |
| Net investment income | 1,622,983 |
| Realized and unrealized gain (loss) — net | |
| Net realized gain (loss) on: | |
| Investments — unaffiliated issuers | 10,612,045 |
| Investments — affiliated issuers | (20) |
| Foreign currency translations | (30,688) |
| Options purchased | 46,184 |
| Net realized gain | 10,627,521 |
| Net change in unrealized appreciation (depreciation) on: | |
| Investments — unaffiliated issuers | (4,084,732) |
| Foreign currency translations | 1,445 |
| Options purchased | (10,817) |
| Net change in unrealized appreciation (depreciation) | (4,094,104) |
| Net realized and unrealized gain | 6,533,417 |
| Net increase in net assets resulting from operations | $8,156,400 |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 12 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Statement of Changes in Net Assets
|
Six Months Ended
October 31, 2019 (Unaudited) |
Year Ended
April 30, 2019 |
|
| Operations | ||
| Net investment income | $1,622,983 | $3,486,396 |
| Net realized gain | 10,627,521 | 1,420,107 |
| Net change in unrealized appreciation (depreciation) | (4,094,104) | 9,501,929 |
| Net increase in net assets resulting from operations | 8,156,400 | 14,408,432 |
| 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) |
| Total distributions to shareholders | — | (7,641,014) |
| Decrease in net assets from capital stock activity | (50,599,771) | (63,745,131) |
| Total decrease in net assets | (42,443,371) | (56,977,713) |
| Net assets at beginning of period | 206,144,014 | 263,121,727 |
| Net assets at end of period | $163,700,643 | $206,144,014 |
The accompanying Notes to
Financial Statements are an integral part of this statement.
|
Columbia Global Infrastructure Fund | Semiannual Report 2019
|
13 |
Statement of Changes in Net Assets (continued)
| Six Months Ended | Year Ended | |||
| October 31, 2019 (Unaudited) | April 30, 2019 | |||
| Shares | Dollars ($) | Shares | Dollars ($) | |
| Capital stock activity | ||||
| Class A | ||||
| Subscriptions | 298,187 | 3,960,090 | 352,345 | 4,394,172 |
| Distributions reinvested | — | — | 240,864 | 2,668,778 |
| Redemptions | (513,685) | (6,823,186) | (2,260,872) | (27,901,252) |
| Net decrease | (215,498) | (2,863,096) | (1,667,663) | (20,838,302) |
| Advisor Class | ||||
| Subscriptions | 15,679 | 216,916 | 56,881 | 725,026 |
| Distributions reinvested | — | — | 5,595 | 63,781 |
| Redemptions | (27,533) | (373,051) | (117,876) | (1,505,619) |
| Net decrease | (11,854) | (156,135) | (55,400) | (716,812) |
| Class C | ||||
| Subscriptions | 29,385 | 357,623 | 104,375 | 1,212,915 |
| Distributions reinvested | — | — | 86,609 | 891,210 |
| Redemptions | (419,704) | (5,145,021) | (914,237) | (10,451,584) |
| Net decrease | (390,319) | (4,787,398) | (723,253) | (8,347,459) |
| Institutional Class | ||||
| Subscriptions | 148,507 | 2,009,861 | 576,459 | 7,358,060 |
| Distributions reinvested | — | — | 147,148 | 1,662,775 |
| Redemptions | (554,848) | (7,507,500) | (2,812,255) | (35,488,135) |
| Net decrease | (406,341) | (5,497,639) | (2,088,648) | (26,467,300) |
| Institutional 2 Class | ||||
| Subscriptions | 67,893 | 906,967 | 1,196,064 | 15,179,475 |
| Distributions reinvested | — | — | 114,395 | 1,293,808 |
| Redemptions | (2,716,628) | (35,652,220) | (1,627,669) | (21,027,614) |
| Net decrease | (2,648,735) | (34,745,253) | (317,210) | (4,554,331) |
| Institutional 3 Class | ||||
| Subscriptions | 46,413 | 631,994 | 34,673 | 440,277 |
| Distributions reinvested | — | — | 91,551 | 1,031,778 |
| Redemptions | (231,998) | (3,154,112) | (313,701) | (3,849,162) |
| Net decrease | (185,585) | (2,522,118) | (187,477) | (2,377,107) |
| Class R | ||||
| Subscriptions | 5,201 | 65,591 | 11,850 | 141,839 |
| Distributions reinvested | — | — | 1,452 | 15,624 |
| Redemptions | (7,292) | (93,723) | (50,132) | (601,283) |
| Net decrease | (2,091) | (28,132) | (36,830) | (443,820) |
| Total net decrease | (3,860,423) | (50,599,771) | (5,076,481) | (63,745,131) |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 14 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
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|
Columbia Global Infrastructure Fund | Semiannual Report 2019
|
15 |
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 | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $12.99 | 0.12 | 0.57 | 0.69 | — | — | — |
| 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 | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $13.38 | 0.14 | 0.58 | 0.72 | — | — | — |
| 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 | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $12.04 | 0.07 | 0.51 | 0.58 | — | — | — |
| 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 | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $13.26 | 0.15 | 0.57 | 0.72 | — | — | — |
| 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 | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $13.27 | 0.15 | 0.58 | 0.73 | — | — | — |
| 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) |
The accompanying Notes to Financial
Statements are an integral part of this statement.
| 16 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
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 | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $13.68 | 5.31% | 1.21%(c),(d) | 1.21%(c),(d),(e) | 1.82%(c) | 36% | $76,944 |
| Year Ended 4/30/2019 | $12.99 | 7.56% | 1.20%(d) | 1.20%(d),(e) | 1.44% | 58% | $75,881 |
| Year Ended 4/30/2018 | $12.56 | 2.84% | 1.20% | 1.20%(e) | 1.45% | 45% | $94,274 |
| Year Ended 4/30/2017 | $12.67 | 12.33% | 1.21% | 1.21%(e) | 2.27% | 60% | $92,892 |
| Year Ended 4/30/2016 | $11.56 | (8.50%) | 1.20% | 1.20%(e) | 1.43% | 60% | $148,931 |
| Year Ended 4/30/2015 | $16.59 | 4.90% | 1.15% | 1.15%(e) | 1.22% | 51% | $268,460 |
| Advisor Class | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $14.10 | 5.38% | 0.96%(c),(d) | 0.96%(c),(d),(e) | 2.08%(c) | 36% | $1,830 |
| Year Ended 4/30/2019 | $13.38 | 7.88% | 0.95%(d) | 0.95%(d),(e) | 1.74% | 58% | $1,894 |
| Year Ended 4/30/2018 | $12.92 | 3.08% | 0.95% | 0.95%(e) | 1.68% | 45% | $2,545 |
| Year Ended 4/30/2017 | $13.01 | 12.71% | 0.97% | 0.97%(e) | 2.17% | 60% | $509 |
| Year Ended 4/30/2016 | $11.85 | (8.38%) | 0.96% | 0.96%(e) | 1.66% | 60% | $237 |
| Year Ended 4/30/2015 | $16.93 | 5.20% | 0.91% | 0.91%(e) | 1.69% | 51% | $134 |
| Class C | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $12.62 | 4.82% | 1.97%(c),(d) | 1.97%(c),(d),(e) | 1.20%(c) | 36% | $17,807 |
| Year Ended 4/30/2019 | $12.04 | 7.23% | 1.56%(d) | 1.56%(d),(e) | 1.09% | 58% | $21,676 |
| Year Ended 4/30/2018 | $11.71 | 3.05% | 0.95% | 0.95%(e) | 1.70% | 45% | $29,565 |
| Year Ended 4/30/2017 | $11.84 | 12.63% | 0.97% | 0.97%(e) | 2.46% | 60% | $25,709 |
| Year Ended 4/30/2016 | $10.82 | (8.40%) | 1.13% | 1.13%(e) | 1.50% | 60% | $23,952 |
| Year Ended 4/30/2015 | $15.72 | 4.12% | 1.90% | 1.90%(e) | 0.47% | 51% | $38,305 |
| Institutional Class | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $13.98 | 5.43% | 0.96%(c),(d) | 0.96%(c),(d),(e) | 2.13%(c) | 36% | $36,605 |
| Year Ended 4/30/2019 | $13.26 | 7.87% | 0.95%(d) | 0.95%(d),(e) | 1.71% | 58% | $40,116 |
| Year Ended 4/30/2018 | $12.81 | 3.03% | 0.95% | 0.95%(e) | 1.71% | 45% | $65,513 |
| Year Ended 4/30/2017 | $12.91 | 12.63% | 0.99% | 0.99%(e) | 2.11% | 60% | $74,245 |
| Year Ended 4/30/2016 | $11.77 | (8.30%) | 0.95% | 0.95%(e) | 1.69% | 60% | $15,547 |
| Year Ended 4/30/2015 | $16.83 | 5.18% | 0.90% | 0.90%(e) | 1.47% | 51% | $37,933 |
| Institutional 2 Class | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $14.00 | 5.50% | 0.86%(c),(d) | 0.86%(c),(d) | 2.14%(c) | 36% | $3,761 |
| Year Ended 4/30/2019 | $13.27 | 7.94% | 0.88%(d) | 0.88%(d) | 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 |
The accompanying Notes to Financial
Statements are an integral part of this statement.
|
Columbia Global Infrastructure Fund | Semiannual Report 2019
|
17 |
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 |
|
| Institutional 3 Class | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $13.23 | 0.15 | 0.57 | 0.72 | — | — | — |
| 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(f) | $12.35 | 0.04 | 0.48 | 0.52 | — | — | — |
| Class R | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $12.60 | 0.10 | 0.55 | 0.65 | — | — | — |
| 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) | Annualized. |
| (d) | Ratios include interfund lending expense which is less than 0.01%. |
| (e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (f) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 18 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Financial Highlights (continued)
|
Net
asset value, end of period |
Total
return |
Total gross
expense ratio to average net assets(a) |
Total net
expense ratio to average net assets(a),(b) |
Net investment
income ratio to average net assets |
Portfolio
turnover |
Net
assets, end of period (000’s) |
|
| Institutional 3 Class | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $13.95 | 5.44% | 0.85%(c),(d) | 0.85%(c),(d) | 2.24%(c) | 36% | $26,214 |
| Year Ended 4/30/2019 | $13.23 | 8.02% | 0.83%(d) | 0.83%(d) | 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(f) | $12.87 | 4.21% | 0.85%(c) | 0.85%(c) | 2.08%(c) | 60% | $25,523 |
| Class R | |||||||
| Six Months Ended 10/31/2019 (Unaudited) | $13.25 | 5.16% | 1.46%(c),(d) | 1.46%(c),(d),(e) | 1.61%(c) | 36% | $541 |
| Year Ended 4/30/2019 | $12.60 | 7.32% | 1.45%(d) | 1.45%(d),(e) | 1.20% | 58% | $541 |
| Year Ended 4/30/2018 | $12.19 | 2.51% | 1.45% | 1.45%(e) | 1.20% | 45% | $972 |
| Year Ended 4/30/2017 | $12.33 | 12.13% | 1.47% | 1.47%(e) | 1.87% | 60% | $1,017 |
| Year Ended 4/30/2016 | $11.25 | (8.80%) | 1.46% | 1.46%(e) | 1.17% | 60% | $638 |
| Year Ended 4/30/2015 | $16.25 | 4.70% | 1.40% | 1.40%(e) | 0.99% | 51% | $735 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
|
Columbia Global Infrastructure Fund | Semiannual Report 2019
|
19 |
Notes to Financial Statements
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
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). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation
rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have
different minimum initial investment amounts and pay different distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be
proportional to the net asset value of each share class.
As described in the Fund’s
prospectus, Class A and Class C shares are offered to the general public for investment. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase
through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class C shares automatically
convert to Class A shares after 10 years.
Note 2. Summary of
significant accounting policies
Basis of preparation
The Fund is an investment company
that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires
management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of
significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
All equity securities are valued at
the close of business of the New York Stock Exchange. Equity securities are valued at the official closing price on the principal exchange or market on which they trade. 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 determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges
outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but
before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party
pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, 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.
| 20 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
Option contracts are valued at the
mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market
evaluations from independent third-party vendors.
Investments for which market
quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by
and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published
price for the security, if available.
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 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
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21 |
Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
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.
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 option contracts to decrease the Fund’s exposure to equity market risk and to increase return on
investments . These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party.
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
| 22 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
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.
The following table is a summary of
the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at October 31, 2019:
| Asset derivatives | ||
|
Risk exposure
category |
Statement
of assets and liabilities location |
Fair value ($) |
| Equity risk | Investments, at value — Options Purchased | 64,800 |
The following table indicates the
effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended October 31, 2019:
| Amount of realized gain (loss) on derivatives recognized in income | |
| Risk exposure category |
Options
contracts purchased ($) |
| Equity risk | 46,184 |
| Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
| Risk exposure category |
Options
contracts purchased ($) |
| Equity risk | (10,817) |
The following table is a summary
of the average outstanding volume by derivative instrument for the six months ended October 31, 2019:
| Derivative instrument |
Average
value ($)* |
| Options contracts — purchased | 74,900 |
| * | Based on the ending quarterly outstanding amounts for the six months ended October 31, 2019. |
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Columbia Global Infrastructure Fund | Semiannual Report 2019
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23 |
Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
Offsetting of assets and
liabilities
The following table presents the
Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of October 31, 2019:
|
Deutsche
Bank ($) |
|
| Assets | |
| Options purchased calls | 64,800 |
| Total financial and derivative net assets | 64,800 |
| Total collateral received (pledged) (a) | - |
| Net amount (b) | 64,800 |
| (a) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
| (b) | Represents the net amount due from/(to) counterparties in the event of default. |
Security transactions
Security transactions are accounted
for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
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 as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported.
Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the
extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise
Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a
proportionate change in return of capital to shareholders.
Awards from class action litigation
are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as
realized gains.
Expenses
General expenses of the Trust are
allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are
charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
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.
| 24 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
Federal income tax status
The Fund intends to qualify each
year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its
tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other
amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign
taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules
and regulations that exist in the markets in which it invests.
Realized gains in certain countries
may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The
amount, if any, is disclosed as a liability 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 pronouncement
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. The standard is effective for annual periods
beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. After evaluation, management determined to adopt the ASU effective for the period ended July 31, 2019 and
all subsequent periods. To comply with the ASU, management implemented disclosure changes which include removal of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, removal
of the policy for the timing of transfers between levels, removal of the description of the Level 3 valuation processes, as well as modifications to the measurement uncertainty disclosure.
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 annualized effective management services fee rate for the six months ended October 31, 2019 was 0.71% of the
Fund’s average daily net assets.
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25 |
Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
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 for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated
to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend
Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for
providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as
sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a
monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of
accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the
Board of Trustees from time to time.
The Transfer Agent also receives
compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an
annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
For the six months ended October
31, 2019, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
| Effective rate (%) | |
| Class A | 0.12 |
| Advisor Class | 0.12 |
| Class C | 0.12 |
| Institutional Class | 0.12 |
| Institutional 2 Class | 0.05 |
| Institutional 3 Class | 0.01 |
| Class R | 0.12 |
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 six months ended October 31, 2019, these minimum account balance fees reduced total
expenses of the Fund by $20.
| 26 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
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 $679,000 for Class C shares. This amount is based on the most recent information available as
of September 30, 2019, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the
distribution and/or shareholder services fee is reduced.
Sales charges
Sales charges, including front-end
charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended October 31, 2019, if any, are listed below:
| Front End (%) | CDSC (%) | Amount ($) | |
| Class A | 5.75 | 0.50 - 1.00(a) | 50,236 |
| Class C | — | 1.00(b) | 288 |
| (a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
| (b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
The Fund’s other share
classes are not subject to sales charges.
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:
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
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Columbia Global Infrastructure Fund | Semiannual Report 2019
|
27 |
Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
agreement may be modified or amended only with
approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the
Investment Manager or its affiliates in future periods.
Note 4. Federal tax
information
The timing and character of
income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At October 31, 2019, the
approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
|
Federal
tax cost ($) |
Gross unrealized
appreciation ($) |
Gross unrealized
(depreciation) ($) |
Net unrealized
appreciation ($) |
| 134,090,000 | 32,669,000 | (3,080,000) | 29,589,000 |
Tax cost of investments and
unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated
investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year.
The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at April 30, 2019 as arising on May 1, 2019.
|
Late year
ordinary losses ($) |
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 $60,012,153 and $106,694,267, respectively, for the six months ended October 31, 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.
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.
| 28 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
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 six months ended October 31, 2019 was as follows:
| Borrower or lender |
Average loan
balance ($) |
Weighted average
interest rate (%) |
Number of days
with outstanding loans |
| Borrower | 9,350,000 | 2.91 | 4 |
Interest expense incurred by the
Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at October 31, 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 six months ended October 31, 2019.
Note 9. Significant
risks
Foreign securities and emerging
market countries risk
Investing in foreign securities may
involve certain risks not typically associated with investing in U.S. securities, such as increased currency volatility and risks associated with political, regulatory, economic, social, diplomatic and other
conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging
markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any
one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater
risk than that of a fund that is more geographically diversified.
Industrials 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.
Shareholder concentration risk
At October 31, 2019, affiliated
shareholders of record owned 74.6% 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
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Columbia Global Infrastructure Fund | Semiannual Report 2019
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29 |
Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)
October 31, 2019 (Unaudited)
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.
| 30 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Approval of Management
Agreement
Columbia Management Investment
Advisers, LLC (Columbia Threadneedle or the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc.
(Ameriprise Financial), serves as the investment manager to Columbia Global Infrastructure Fund (the Fund). Under a management agreement (the Management Agreement), Columbia Threadneedle provides investment advice and
other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).
On an annual basis, the
Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. Columbia Threadneedle prepared detailed reports for the
Board and its Contracts Committee in November 2018 and January, March, April and June 2019, including reports providing the results of analyses performed by an independent organization, Broadridge Financial Solutions,
Inc. (Broadridge), and a comprehensive response to items of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist
the Board in making this determination. Many of the materials presented at these meetings were first supplied in draft form to designated independent Board representatives, i.e., Independent Legal Counsel, Fund
Counsel, the Chair of the Board (who is an Independent Trustee) and the Chair of the Contracts Committee (who is an Independent Trustee), and the final materials were revised to include information reflective of
discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and
reviews information prepared by Columbia Threadneedle addressing the services Columbia Threadneedle provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions
of the various committees, such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.
The Board, at its June 17-19, 2019
in-person Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees
various factors relevant to the Board’s consideration of management agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors
identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of
services provided by Columbia Threadneedle
The Board analyzed various
reports and presentations it had received detailing the services performed by Columbia Threadneedle, as well as its history, reputation, expertise, resources and capabilities, and the qualifications of its
personnel.
The Board specifically considered
the many developments during recent years concerning the services provided by Columbia Threadneedle, including, in particular, the organization and depth of the equity and credit research departments. The Board
further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2019 initiatives. The Board also took into
account the broad scope of services provided by Columbia Threadneedle to each Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it
received concerning Columbia Threadneedle’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment
personnel.
In connection with the
Board’s evaluation of the overall package of services provided by Columbia Threadneedle, the Board also considered the nature, quality and range of administrative services provided to the Fund by Columbia
Threadneedle, as well as the achievements in 2018 in the performance of administrative services, and noted the various enhancements anticipated for 2019. In evaluating the quality of services provided under the
Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. In addition, the Board reviewed the financial condition of
Columbia Threadneedle and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements with affiliates of Ameriprise
Financial, observing the financial strength of Ameriprise Financial, with its relatively strong cash position and solid balance sheet.
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Columbia Global Infrastructure Fund | Semiannual Report 2019
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31 |
Approval of Management Agreement (continued)
The Board also discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by Columbia Threadneedle), noting that no material changes are proposed from the form of agreement previously approved. They also noted the wide array of legal and compliance services provided to the Funds under the Management Agreement. It was also observed that the services being performed under the Management Agreement were of a reasonably high quality.
The Board also discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by Columbia Threadneedle), noting that no material changes are proposed from the form of agreement previously approved. They also noted the wide array of legal and compliance services provided to the Funds under the Management Agreement. It was also observed that the services being performed under the Management Agreement were of a reasonably high quality.
Based on the foregoing, and based
on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that Columbia Threadneedle and its affiliates
are in a position to continue to provide a high quality and level of services to the Fund.
Investment performance
For purposes of evaluating the
nature, extent and quality of services provided under the Management Agreement, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the
results of analyses performed by an independent organization showing, for various periods (including since manager inception): the performance of the Fund, the performance of a benchmark index, the percentage ranking
of the Fund among its comparison group, the product score of the Fund (taking into account performance relative to peers and benchmarks) and the net assets of the Fund. The Board observed the Fund’s
underperformance for certain periods, noting that appropriate steps had been taken or are contemplated (such as portfolio management team changes) to help improve the Fund’s performance.
Comparative fees, costs of
services provided and the profits realized by Columbia Threadneedle and its affiliates from their relationships with the Fund
The Board reviewed comparative
fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things,
data (based on analyses conducted by an independent organization) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the
Fund’s contribution to Columbia Threadneedle’s profitability.
The Board considered the reports of
its independent fee consultant, JDL Consultants, LLC (JDL), which assisted in the Board’s analysis of the Funds’ performance and expenses, the reasonableness of Columbia Threadneedle’s profitability,
particularly in comparison to industry competitors, the reasonableness of the Funds’ fee rates, and JDL’s conclusion that the management fees being charged to the Fund are reasonable. The Board accorded
particular weight to the notion that the primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the
overall fees for each Fund (with certain defined exceptions) are generally in line with the "pricing philosophy" currently in effect (i.e., that Fund total expense ratios, in general, approximate or are lower than the
median expense ratios of funds in the same Lipper comparison universe). The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was below the peer
universe’s median expense ratio shown in the reports. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the extent and quality of services that the
Fund receives.
The Board also considered the
profitability of Columbia Threadneedle and its affiliates in connection with Columbia Threadneedle providing management services to the Fund. In this regard, the Independent Trustees referred to their detailed
analysis of the Profitability Report, discussing the profitability to Columbia Threadneedle and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2018 the Board had
concluded that 2017 profitability was reasonable and that the 2019 information shows that the profitability generated by Columbia Threadneedle in 2018 only slightly increased from 2017 levels. The Board also noted
JDL’s report and its conclusion that 2018 Columbia Threadneedle profitability relative to industry competitors was reasonable. It also took into account the indirect economic benefits flowing to Columbia
Threadneedle or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and
overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and
earn an appropriate profit. The Board concluded that profitability levels were reasonable.
| 32 | Columbia Global Infrastructure Fund | Semiannual Report 2019 |
Approval of Management Agreement (continued)
Economies of scale to be realized
Economies of scale to be realized
The Board also considered the
economies of scale that might be realized by the Fund as its net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into
account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board concluded that the breakpoints in the management fee rate schedule satisfactorily
provides for the sharing of economies of scale, as they allow for adequate opportunity for shareholders to realize benefits (fee breaks) as Fund assets grow.
Based on the foregoing, the Board,
including all of the Independent Trustees, concluded that the management fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was
determinative. On June 19, 2019, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
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Columbia Global Infrastructure Fund | Semiannual Report 2019
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33 |
[THIS PAGE INTENTIONALLY LEFT
BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
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.
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/
SAR213_04_J01_(12/19)
Item 2. Code of Ethics.
Not applicable for semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semiannual reports.
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.
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: Not applicable for semiannual reports.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b)Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940
(17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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(registrant) |
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Columbia Funds Series Trust II |
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By (Signature and Title) |
/s/ Christopher O. Petersen |
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Christopher O. Petersen, President and Principal Executive Officer |
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Date |
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December 20, 2019 |
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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.
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By (Signature and Title) |
/s/ Christopher O. Petersen |
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Christopher O. Petersen, President and Principal Executive Officer |
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Date |
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December 20, 2019 |
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By (Signature and Title) |
/s/ Michael G. Clarke |
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Michael G. Clarke, Chief Financial Officer |
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Date |
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December 20, 2019 |
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