UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21852
Columbia Funds Series Trust II
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: October 31
Date of reporting period: October 31, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
October 31, 2022
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37 |
(Unaudited)
Average annual total returns (%) (for the period ended October 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 05/29/90 | -28.71 | 8.36 | 10.05 |
Including sales charges | -32.80 | 7.09 | 9.40 | ||
Advisor Class* | 03/01/18 | -28.53 | 8.62 | 10.18 | |
Class C | Excluding sales charges | 06/26/00 | -29.26 | 7.55 | 9.21 |
Including sales charges | -29.90 | 7.55 | 9.21 | ||
Institutional Class | 09/27/10 | -28.52 | 8.63 | 10.31 | |
Institutional 2 Class | 12/11/06 | -28.48 | 8.70 | 10.44 | |
Institutional 3 Class* | 03/01/17 | -28.46 | 8.73 | 10.27 | |
Class R | 12/11/06 | -28.87 | 8.09 | 9.77 | |
MSCI ACWI (Net) | -19.96 | 5.24 | 7.98 |
* | 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. 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. |
Columbia Select Global Equity Fund | Annual Report 2022 | 3 |
(Unaudited)
Equity sector breakdown (%) (at October 31, 2022) | |
Communication Services | 6.5 |
Consumer Discretionary | 9.3 |
Consumer Staples | 9.8 |
Energy | 3.5 |
Financials | 7.6 |
Health Care | 19.2 |
Industrials | 6.4 |
Information Technology | 31.5 |
Materials | 6.2 |
Total | 100.0 |
Country breakdown (%) (at October 31, 2022) | |
Argentina | 1.1 |
Canada | 1.4 |
Denmark | 3.1 |
France | 6.3 |
India | 2.4 |
Indonesia | 1.0 |
Japan | 4.6 |
Netherlands | 1.7 |
Singapore | 1.5 |
Spain | 1.2 |
Switzerland | 5.2 |
Taiwan | 1.2 |
United Kingdom | 6.6 |
United States(a) | 62.7 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds. |
4 | Columbia Select Global Equity Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s underperformance, relative to its benchmark, was due primarily to stock selection and, secondarily, allocation decisions. |
• | Selections within the information technology, industrials, health care and consumer staples sectors had the largest detracting effect during the period. |
• | From an allocation perspective, the Fund’s underweight to the energy sector and overweight to the information technology sector weighed most on relative results. |
• | Top individual detractors relative to the benchmark during the period included design software company Adobe, Inc., Japanese human resources company Recruit Holdings Co., Ltd., German online retailer Zalando SE and Google parent Alphabet, Inc. |
• | The Fund’s selections within the energy sector contributed most to results versus the benchmark during the period. |
• | An overweighted allocation to the health care sector contributed, as did underweight positioning with the consumer discretionary and real estate sectors. |
• | Top individual contributors relative to the benchmark during the period included payment processing company MasterCard, Inc., health insurance provider Elevance Health, Inc., pharmaceutical company Eli Lilly & Co. and multinational chemical company Linde PLC. |
Columbia Select Global Equity Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Columbia Select Global Equity Fund | Annual Report 2022 |
(Unaudited)
May 1, 2022 — October 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 906.30 | 1,018.91 | 6.14 | 6.50 | 1.27 |
Advisor Class | 1,000.00 | 1,000.00 | 907.70 | 1,020.17 | 4.93 | 5.22 | 1.02 |
Class C | 1,000.00 | 1,000.00 | 903.20 | 1,015.10 | 9.74 | 10.32 | 2.02 |
Institutional Class | 1,000.00 | 1,000.00 | 908.00 | 1,020.17 | 4.93 | 5.22 | 1.02 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 908.00 | 1,020.43 | 4.69 | 4.97 | 0.97 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 907.90 | 1,020.68 | 4.45 | 4.71 | 0.92 |
Class R | 1,000.00 | 1,000.00 | 905.60 | 1,017.64 | 7.34 | 7.77 | 1.52 |
Columbia Select Global Equity Fund | Annual Report 2022 | 7 |
October 31, 2022
Common Stocks 98.3% | ||
Issuer | Shares | Value ($) |
Argentina 1.1% | ||
MercadoLibre, Inc.(a) | 6,864 | 6,188,720 |
Canada 1.4% | ||
Nutrien Ltd. | 99,017 | 8,366,936 |
Denmark 3.1% | ||
DSV A/S | 43,499 | 5,877,945 |
Novo Nordisk A/S, Class B | 110,999 | 12,069,061 |
Total | 17,947,006 | |
France 6.3% | ||
L’Oreal SA | 43,782 | 13,747,740 |
LVMH Moet Hennessy Louis Vuitton SE | 24,357 | 15,369,143 |
Schneider Electric SE | 58,930 | 7,452,077 |
Total | 36,568,960 | |
India 2.4% | ||
ICICI Bank Ltd. | 518,946 | 5,705,993 |
Kotak Mahindra Bank Ltd. | 352,657 | 8,119,966 |
Total | 13,825,959 | |
Indonesia 1.0% | ||
PT Bank Central Asia Tbk | 10,241,600 | 5,789,346 |
Japan 4.6% | ||
Keyence Corp. | 42,800 | 16,138,395 |
Recruit Holdings Co., Ltd. | 342,000 | 10,523,740 |
Total | 26,662,135 | |
Netherlands 1.7% | ||
ASML Holding NV | 21,210 | 9,949,339 |
Singapore 1.5% | ||
DBS Group Holdings Ltd. | 364,100 | 8,802,597 |
Spain 1.2% | ||
Industria de Diseno Textil SA | 315,794 | 7,167,958 |
Switzerland 5.2% | ||
Lonza Group AG, Registered Shares | 35,627 | 18,340,217 |
Nestlé SA, Registered Shares | 107,367 | 11,687,843 |
Total | 30,028,060 | |
Taiwan 1.2% | ||
Taiwan Semiconductor Manufacturing Co., Ltd. | 587,000 | 7,057,037 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
United Kingdom 6.6% | ||
Diageo PLC | 132,210 | 5,440,774 |
Linde PLC | 89,832 | 26,821,981 |
Reckitt Benckiser Group PLC | 87,235 | 5,789,265 |
Total | 38,052,020 | |
United States 61.0% | ||
Adobe, Inc.(a) | 46,644 | 14,856,114 |
Advanced Micro Devices, Inc.(a) | 142,390 | 8,551,943 |
Alphabet, Inc., Class A(a) | 229,140 | 21,656,022 |
Amazon.com, Inc.(a) | 166,688 | 17,075,519 |
Cintas Corp. | 15,920 | 6,806,596 |
Coca-Cola Co. (The) | 218,242 | 13,061,784 |
ConocoPhillips Co. | 158,381 | 19,970,260 |
Danaher Corp. | 22,528 | 5,669,622 |
Edwards Lifesciences Corp.(a) | 41,109 | 2,977,525 |
Elevance Health, Inc. | 39,079 | 21,367,225 |
Eli Lilly & Co. | 50,258 | 18,197,919 |
Hilton Worldwide Holdings, Inc. | 54,923 | 7,428,885 |
Intercontinental Exchange, Inc. | 45,841 | 4,381,024 |
Intuit, Inc. | 70,469 | 30,125,498 |
Lam Research Corp. | 24,766 | 10,024,782 |
Marsh & McLennan Companies, Inc. | 66,327 | 10,711,147 |
MasterCard, Inc., Class A | 97,484 | 31,992,299 |
Microsoft Corp. | 191,694 | 44,497,928 |
PepsiCo, Inc. | 32,450 | 5,892,271 |
QUALCOMM, Inc. | 53,490 | 6,293,633 |
Stryker Corp. | 30,757 | 7,050,735 |
Thermo Fisher Scientific, Inc. | 46,356 | 23,825,593 |
T-Mobile US, Inc.(a) | 103,423 | 15,674,790 |
Trane Technologies PLC | 38,278 | 6,110,317 |
Total | 354,199,431 | |
Total Common Stocks (Cost $439,130,553) | 570,605,504 | |
8 | Columbia Select Global Equity Fund | Annual Report 2022 |
October 31, 2022
Money Market Funds 1.5% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 3.246%(b),(c) | 8,839,498 | 8,835,962 |
Total Money Market Funds (Cost $8,835,441) | 8,835,962 | |
Total Investments in Securities (Cost $447,965,994) | 579,441,466 | |
Other Assets & Liabilities, Net | 1,321,008 | |
Net Assets | $580,762,474 |
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at October 31, 2022. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund.The value of the holdings and transactions in these affiliated companies during the year ended October 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 3.246% | ||||||||
13,674,921 | 214,659,917 | (219,499,397) | 521 | 8,835,962 | (1,615) | 68,363 | 8,839,498 |
■ | 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). |
Columbia Select Global Equity Fund | Annual Report 2022 | 9 |
October 31, 2022
events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Argentina | 6,188,720 | — | — | 6,188,720 |
Canada | 8,366,936 | — | — | 8,366,936 |
Denmark | — | 17,947,006 | — | 17,947,006 |
France | — | 36,568,960 | — | 36,568,960 |
India | — | 13,825,959 | — | 13,825,959 |
Indonesia | — | 5,789,346 | — | 5,789,346 |
Japan | — | 26,662,135 | — | 26,662,135 |
Netherlands | — | 9,949,339 | — | 9,949,339 |
Singapore | — | 8,802,597 | — | 8,802,597 |
Spain | — | 7,167,958 | — | 7,167,958 |
Switzerland | — | 30,028,060 | — | 30,028,060 |
Taiwan | — | 7,057,037 | — | 7,057,037 |
United Kingdom | — | 38,052,020 | — | 38,052,020 |
United States | 354,199,431 | — | — | 354,199,431 |
Total Common Stocks | 368,755,087 | 201,850,417 | — | 570,605,504 |
Money Market Funds | 8,835,962 | — | — | 8,835,962 |
Total Investments in Securities | 377,591,049 | 201,850,417 | — | 579,441,466 |
10 | Columbia Select Global Equity Fund | Annual Report 2022 |
October 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $439,130,553) | $570,605,504 |
Affiliated issuers (cost $8,835,441) | 8,835,962 |
Receivable for: | |
Investments sold | 8,276,313 |
Capital shares sold | 169,446 |
Dividends | 283,772 |
Foreign tax reclaims | 467,026 |
Prepaid expenses | 11,192 |
Total assets | 588,649,215 |
Liabilities | |
Due to custodian | 3,971 |
Payable for: | |
Investments purchased | 6,859,254 |
Capital shares purchased | 486,831 |
Foreign capital gains taxes deferred | 240,317 |
Management services fees | 41,132 |
Distribution and/or service fees | 9,664 |
Transfer agent fees | 48,599 |
Compensation of board members | 149,858 |
Other expenses | 47,115 |
Total liabilities | 7,886,741 |
Net assets applicable to outstanding capital stock | $580,762,474 |
Represented by | |
Paid in capital | 453,519,840 |
Total distributable earnings (loss) | 127,242,634 |
Total - representing net assets applicable to outstanding capital stock | $580,762,474 |
Columbia Select Global Equity Fund | Annual Report 2022 | 11 |
October 31, 2022
Class A | |
Net assets | $406,839,646 |
Shares outstanding | 29,420,773 |
Net asset value per share | $13.83 |
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) | $14.67 |
Advisor Class | |
Net assets | $6,721,377 |
Shares outstanding | 468,066 |
Net asset value per share | $14.36 |
Class C | |
Net assets | $13,281,844 |
Shares outstanding | 1,139,194 |
Net asset value per share | $11.66 |
Institutional Class | |
Net assets | $118,704,236 |
Shares outstanding | 8,409,585 |
Net asset value per share | $14.12 |
Institutional 2 Class | |
Net assets | $14,499,659 |
Shares outstanding | 1,020,558 |
Net asset value per share | $14.21 |
Institutional 3 Class | |
Net assets | $16,919,936 |
Shares outstanding | 1,209,542 |
Net asset value per share | $13.99 |
Class R | |
Net assets | $3,795,776 |
Shares outstanding | 276,705 |
Net asset value per share | $13.72 |
12 | Columbia Select Global Equity Fund | Annual Report 2022 |
Year Ended October 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $6,512,942 |
Dividends — affiliated issuers | 68,363 |
Foreign taxes withheld | (415,907) |
Total income | 6,165,398 |
Expenses: | |
Management services fees | 6,074,722 |
Distribution and/or service fees | |
Class A | 1,253,723 |
Class C | 173,769 |
Class R | 24,048 |
Transfer agent fees | |
Class A | 499,175 |
Advisor Class | 9,368 |
Class C | 17,219 |
Institutional Class | 143,781 |
Institutional 2 Class | 7,814 |
Institutional 3 Class | 1,465 |
Class R | 4,780 |
Compensation of board members | (3,236) |
Custodian fees | 48,723 |
Printing and postage fees | 65,864 |
Registration fees | 148,638 |
Audit fees | 47,592 |
Legal fees | 18,220 |
Compensation of chief compliance officer | 137 |
Other | 21,244 |
Total expenses | 8,557,046 |
Expense reduction | (1,380) |
Total net expenses | 8,555,666 |
Net investment loss | (2,390,268) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (1,551,482) |
Investments — affiliated issuers | (1,615) |
Foreign currency translations | 3,756 |
Net realized loss | (1,549,341) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (242,198,798) |
Investments — affiliated issuers | 521 |
Foreign currency translations | (62,234) |
Foreign capital gains tax | 187,204 |
Net change in unrealized appreciation (depreciation) | (242,073,307) |
Net realized and unrealized loss | (243,622,648) |
Net decrease in net assets resulting from operations | $(246,012,916) |
Columbia Select Global Equity Fund | Annual Report 2022 | 13 |
Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
Operations | ||
Net investment loss | $(2,390,268) | $(3,630,196) |
Net realized gain (loss) | (1,549,341) | 79,273,897 |
Net change in unrealized appreciation (depreciation) | (242,073,307) | 169,986,903 |
Net increase (decrease) in net assets resulting from operations | (246,012,916) | 245,630,604 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (51,735,115) | (41,308,868) |
Advisor Class | (966,007) | (1,043,620) |
Class C | (2,002,288) | (2,004,335) |
Institutional Class | (14,750,970) | (10,218,581) |
Institutional 2 Class | (2,052,423) | (604,207) |
Institutional 3 Class | (2,562,934) | (1,708,506) |
Class R | (481,577) | (368,395) |
Total distributions to shareholders | (74,551,314) | (57,256,512) |
Increase in net assets from capital stock activity | 17,274,650 | 61,921,657 |
Total increase (decrease) in net assets | (303,289,580) | 250,295,749 |
Net assets at beginning of year | 884,052,054 | 633,756,305 |
Net assets at end of year | $580,762,474 | $884,052,054 |
14 | Columbia Select Global Equity Fund | Annual Report 2022 |
Year Ended | Year Ended | |||
October 31, 2022 | October 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 1,499,637 | 25,405,309 | 2,218,312 | 41,252,899 |
Distributions reinvested | 2,615,117 | 50,680,976 | 2,386,136 | 40,468,868 |
Redemptions | (3,895,641) | (63,344,209) | (3,237,017) | (60,857,197) |
Net increase | 219,113 | 12,742,076 | 1,367,431 | 20,864,570 |
Advisor Class | ||||
Subscriptions | 219,727 | 3,804,971 | 143,125 | 2,753,768 |
Distributions reinvested | 48,091 | 965,664 | 59,551 | 1,043,336 |
Redemptions | (333,786) | (5,558,048) | (449,108) | (8,555,577) |
Net decrease | (65,968) | (787,413) | (246,432) | (4,758,473) |
Class C | ||||
Subscriptions | 172,363 | 2,483,502 | 284,002 | 4,563,415 |
Distributions reinvested | 121,720 | 2,002,288 | 137,182 | 2,004,229 |
Redemptions | (386,264) | (5,329,253) | (659,519) | (10,472,231) |
Net decrease | (92,181) | (843,463) | (238,335) | (3,904,587) |
Institutional Class | ||||
Subscriptions | 2,829,624 | 48,430,337 | 2,923,759 | 56,515,331 |
Distributions reinvested | 728,696 | 14,384,456 | 575,825 | 9,927,224 |
Redemptions | (3,158,046) | (52,922,374) | (2,004,604) | (38,072,598) |
Net increase | 400,274 | 9,892,419 | 1,494,980 | 28,369,957 |
Institutional 2 Class | ||||
Subscriptions | 842,211 | 13,124,069 | 823,567 | 16,755,750 |
Distributions reinvested | 103,305 | 2,051,634 | 34,807 | 603,551 |
Redemptions | (1,005,082) | (17,268,051) | (74,068) | (1,413,040) |
Net increase (decrease) | (59,566) | (2,092,348) | 784,306 | 15,946,261 |
Institutional 3 Class | ||||
Subscriptions | 308,429 | 5,193,268 | 583,087 | 11,084,058 |
Distributions reinvested | 131,141 | 2,562,507 | 99,647 | 1,702,972 |
Redemptions | (590,621) | (9,528,904) | (412,063) | (7,828,674) |
Net increase (decrease) | (151,051) | (1,773,129) | 270,671 | 4,958,356 |
Class R | ||||
Subscriptions | 47,201 | 747,200 | 62,111 | 1,148,536 |
Distributions reinvested | 24,968 | 481,132 | 21,734 | 366,644 |
Redemptions | (73,189) | (1,091,824) | (57,106) | (1,069,607) |
Net increase (decrease) | (1,020) | 136,508 | 26,739 | 445,573 |
Total net increase | 249,601 | 17,274,650 | 3,459,360 | 61,921,657 |
Columbia Select Global Equity Fund | Annual Report 2022 | 15 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 10/31/2022 | $21.19 | (0.06) | (5.51) | (5.57) | — | (1.79) | (1.79) |
Year Ended 10/31/2021 | $16.59 | (0.10) | 6.18 | 6.08 | — | (1.48) | (1.48) |
Year Ended 10/31/2020 | $14.34 | (0.06) | 2.76 | 2.70 | — | (0.45) | (0.45) |
Year Ended 10/31/2019 | $13.04 | (0.03) | 2.61 | 2.58 | — | (1.28) | (1.28) |
Year Ended 10/31/2018 | $12.65 | (0.02) | 0.46 | 0.44 | — | (0.05) | (0.05) |
Advisor Class | |||||||
Year Ended 10/31/2022 | $21.93 | (0.02) | (5.71) | (5.73) | — | (1.84) | (1.84) |
Year Ended 10/31/2021 | $17.12 | (0.05) | 6.38 | 6.33 | — | (1.52) | (1.52) |
Year Ended 10/31/2020 | $14.74 | (0.04) | 2.87 | 2.83 | — | (0.45) | (0.45) |
Year Ended 10/31/2019 | $13.38 | 0.00(e) | 2.67 | 2.67 | — | (1.31) | (1.31) |
Year Ended 10/31/2018(f) | $13.39 | 0.01 | (0.02)(g) | (0.01) | — | — | — |
Class C | |||||||
Year Ended 10/31/2022 | $18.13 | (0.16) | (4.67) | (4.83) | — | (1.64) | (1.64) |
Year Ended 10/31/2021 | $14.38 | (0.20) | 5.32 | 5.12 | — | (1.37) | (1.37) |
Year Ended 10/31/2020 | $12.57 | (0.16) | 2.42 | 2.26 | — | (0.45) | (0.45) |
Year Ended 10/31/2019 | $11.58 | (0.11) | 2.28 | 2.17 | — | (1.18) | (1.18) |
Year Ended 10/31/2018 | $11.32 | (0.10) | 0.41 | 0.31 | — | (0.05) | (0.05) |
Institutional Class | |||||||
Year Ended 10/31/2022 | $21.59 | (0.02) | (5.61) | (5.63) | — | (1.84) | (1.84) |
Year Ended 10/31/2021 | $16.88 | (0.05) | 6.28 | 6.23 | — | (1.52) | (1.52) |
Year Ended 10/31/2020 | $14.54 | (0.03) | 2.82 | 2.79 | — | (0.45) | (0.45) |
Year Ended 10/31/2019 | $13.22 | 0.00(e) | 2.63 | 2.63 | — | (1.31) | (1.31) |
Year Ended 10/31/2018 | $12.81 | 0.01 | 0.48 | 0.49 | (0.03) | (0.05) | (0.08) |
Institutional 2 Class | |||||||
Year Ended 10/31/2022 | $21.71 | (0.03) | (5.63) | (5.66) | — | (1.84) | (1.84) |
Year Ended 10/31/2021 | $16.97 | (0.05) | 6.32 | 6.27 | — | (1.53) | (1.53) |
Year Ended 10/31/2020 | $14.61 | (0.03) | 2.85 | 2.82 | — | (0.46) | (0.46) |
Year Ended 10/31/2019 | $13.28 | 0.01 | 2.64 | 2.65 | — | (1.32) | (1.32) |
Year Ended 10/31/2018 | $12.87 | 0.02 | 0.48 | 0.50 | (0.04) | (0.05) | (0.09) |
16 | Columbia Select Global Equity Fund | Annual Report 2022 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 10/31/2022 | $13.83 | (28.71%) | 1.25% | 1.25%(c) | (0.38%) | 61% | $406,840 |
Year Ended 10/31/2021 | $21.19 | 38.90% | 1.24% | 1.24%(c) | (0.51%) | 47% | $618,703 |
Year Ended 10/31/2020 | $16.59 | 19.16% | 1.28%(d) | 1.28%(c),(d) | (0.40%) | 55% | $461,888 |
Year Ended 10/31/2019 | $14.34 | 22.30% | 1.31% | 1.31%(c) | (0.22%) | 46% | $359,804 |
Year Ended 10/31/2018 | $13.04 | 3.52% | 1.34% | 1.34%(c) | (0.15%) | 74% | $316,700 |
Advisor Class | |||||||
Year Ended 10/31/2022 | $14.36 | (28.53%) | 1.00% | 1.00%(c) | (0.12%) | 61% | $6,721 |
Year Ended 10/31/2021 | $21.93 | 39.24% | 0.99% | 0.99%(c) | (0.25%) | 47% | $11,711 |
Year Ended 10/31/2020 | $17.12 | 19.53% | 1.03%(d) | 1.02%(c),(d) | (0.24%) | 55% | $13,365 |
Year Ended 10/31/2019 | $14.74 | 22.52% | 1.07% | 1.07%(c) | 0.03% | 46% | $367 |
Year Ended 10/31/2018(f) | $13.38 | (0.07%) | 1.10%(h) | 1.10%(c),(h) | 0.11%(h) | 74% | $110 |
Class C | |||||||
Year Ended 10/31/2022 | $11.66 | (29.26%) | 2.00% | 2.00%(c) | (1.14%) | 61% | $13,282 |
Year Ended 10/31/2021 | $18.13 | 37.88% | 1.99% | 1.99%(c) | (1.26%) | 47% | $22,320 |
Year Ended 10/31/2020 | $14.38 | 18.33% | 2.03%(d) | 2.03%(c),(d) | (1.19%) | 55% | $21,140 |
Year Ended 10/31/2019 | $12.57 | 21.27% | 2.06% | 2.06%(c) | (0.97%) | 46% | $9,918 |
Year Ended 10/31/2018 | $11.58 | 2.78% | 2.08% | 2.08%(c) | (0.79%) | 74% | $7,968 |
Institutional Class | |||||||
Year Ended 10/31/2022 | $14.12 | (28.52%) | 1.00% | 1.00%(c) | (0.13%) | 61% | $118,704 |
Year Ended 10/31/2021 | $21.59 | 39.20% | 0.99% | 0.99%(c) | (0.26%) | 47% | $172,899 |
Year Ended 10/31/2020 | $16.88 | 19.54% | 1.03%(d) | 1.03%(c),(d) | (0.17%) | 55% | $109,949 |
Year Ended 10/31/2019 | $14.54 | 22.50% | 1.06% | 1.06%(c) | 0.03% | 46% | $52,178 |
Year Ended 10/31/2018 | $13.22 | 3.84% | 1.09% | 1.09%(c) | 0.10% | 74% | $29,191 |
Institutional 2 Class | |||||||
Year Ended 10/31/2022 | $14.21 | (28.48%) | 0.95% | 0.95% | (0.17%) | 61% | $14,500 |
Year Ended 10/31/2021 | $21.71 | 39.22% | 0.96% | 0.96% | (0.26%) | 47% | $23,449 |
Year Ended 10/31/2020 | $16.97 | 19.64% | 0.99%(d) | 0.98%(d) | (0.16%) | 55% | $5,019 |
Year Ended 10/31/2019 | $14.61 | 22.57% | 1.00% | 1.00% | 0.11% | 46% | $3,017 |
Year Ended 10/31/2018 | $13.28 | 3.91% | 1.02% | 1.01% | 0.18% | 74% | $1,098 |
Columbia Select Global Equity Fund | Annual Report 2022 | 17 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 10/31/2022 | $21.41 | (0.01) | (5.56) | (5.57) | — | (1.85) | (1.85) |
Year Ended 10/31/2021 | $16.75 | (0.03) | 6.23 | 6.20 | — | (1.54) | (1.54) |
Year Ended 10/31/2020 | $14.44 | 0.00(e) | 2.77 | 2.77 | — | (0.46) | (0.46) |
Year Ended 10/31/2019 | $13.14 | 0.02 | 2.61 | 2.63 | — | (1.33) | (1.33) |
Year Ended 10/31/2018 | $12.74 | 0.03 | 0.47 | 0.50 | (0.05) | (0.05) | (0.10) |
Class R | |||||||
Year Ended 10/31/2022 | $21.03 | (0.10) | (5.47) | (5.57) | — | (1.74) | (1.74) |
Year Ended 10/31/2021 | $16.49 | (0.14) | 6.13 | 5.99 | — | (1.45) | (1.45) |
Year Ended 10/31/2020 | $14.28 | (0.10) | 2.76 | 2.66 | — | (0.45) | (0.45) |
Year Ended 10/31/2019 | $12.99 | (0.06) | 2.60 | 2.54 | — | (1.25) | (1.25) |
Year Ended 10/31/2018 | $12.63 | (0.05) | 0.46 | 0.41 | — | (0.05) | (0.05) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Ratios include interfund lending expense which is less than 0.01%. |
(e) | Rounds to zero. |
(f) | Advisor Class shares commenced operations on March 1, 2018. Per share data and total return reflect activity from that date. |
(g) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
(h) | Annualized. |
18 | Columbia Select Global Equity Fund | Annual Report 2022 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 10/31/2022 | $13.99 | (28.46%) | 0.90% | 0.90% | (0.05%) | 61% | $16,920 |
Year Ended 10/31/2021 | $21.41 | 39.33% | 0.90% | 0.90% | (0.18%) | 47% | $29,128 |
Year Ended 10/31/2020 | $16.75 | 19.59% | 0.93%(d) | 0.93%(d) | 0.01% | 55% | $18,257 |
Year Ended 10/31/2019 | $14.44 | 22.68% | 0.94% | 0.94% | 0.16% | 46% | $52,662 |
Year Ended 10/31/2018 | $13.14 | 3.93% | 0.96% | 0.95% | 0.24% | 74% | $50,583 |
Class R | |||||||
Year Ended 10/31/2022 | $13.72 | (28.87%) | 1.50% | 1.50%(c) | (0.63%) | 61% | $3,796 |
Year Ended 10/31/2021 | $21.03 | 38.46% | 1.49% | 1.49%(c) | (0.76%) | 47% | $5,842 |
Year Ended 10/31/2020 | $16.49 | 18.96% | 1.53%(d) | 1.53%(c),(d) | (0.66%) | 55% | $4,138 |
Year Ended 10/31/2019 | $14.28 | 21.95% | 1.57% | 1.57%(c) | (0.47%) | 46% | $951 |
Year Ended 10/31/2018 | $12.99 | 3.29% | 1.59% | 1.59%(c) | (0.40%) | 74% | $329 |
Columbia Select Global Equity Fund | Annual Report 2022 | 19 |
October 31, 2022
20 | Columbia Select Global Equity Fund | Annual Report 2022 |
October 31, 2022
Columbia Select Global Equity Fund | Annual Report 2022 | 21 |
October 31, 2022
22 | Columbia Select Global Equity Fund | Annual Report 2022 |
October 31, 2022
Columbia Select Global Equity Fund | Annual Report 2022 | 23 |
October 31, 2022
Effective rate (%) | |
Class A | 0.10 |
Advisor Class | 0.10 |
Class C | 0.10 |
Institutional Class | 0.10 |
Institutional 2 Class | 0.05 |
Institutional 3 Class | 0.01 |
Class R | 0.10 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 250,760 |
Class C | — | 1.00(b) | 1,232 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
24 | Columbia Select Global Equity Fund | Annual Report 2022 |
October 31, 2022
March 1, 2022 through February 28, 2023 | Prior to March 1, 2022 | |
Class A | 1.27% | 1.28% |
Advisor Class | 1.02 | 1.03 |
Class C | 2.02 | 2.03 |
Institutional Class | 1.02 | 1.03 |
Institutional 2 Class | 0.98 | 0.96 |
Institutional 3 Class | 0.94 | 0.91 |
Class R | 1.52 | 1.53 |
Excess of distributions over net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
1,009,610 | 248,919 | (1,258,529) |
Columbia Select Global Equity Fund | Annual Report 2022 | 25 |
October 31, 2022
Year Ended October 31, 2022 | Year Ended October 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
11,131,294 | 63,420,020 | 74,551,314 | 4,899,113 | 52,357,399 | 57,256,512 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | — | (1,982,499) | 131,101,222 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
448,340,244 | 150,285,300 | (19,184,078) | 131,101,222 |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(1,982,499) | — | (1,982,499) | — |
Late year ordinary losses ($) | Post-October capital losses ($) |
1,420,496 | — |
26 | Columbia Select Global Equity Fund | Annual Report 2022 |
October 31, 2022
Columbia Select Global Equity Fund | Annual Report 2022 | 27 |
October 31, 2022
28 | Columbia Select Global Equity Fund | Annual Report 2022 |
October 31, 2022
Columbia Select Global Equity Fund | Annual Report 2022 | 29 |
30 | Columbia Select Global Equity Fund | Annual Report 2022 |
Qualified dividend income | Dividends received deduction |
48.30% | 20.47% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Columbia Select Global Equity Fund | Annual Report 2022 | 31 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
32 | Columbia Select Global Equity Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
Columbia Select Global Equity Fund | Annual Report 2022 | 33 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
34 | Columbia Select Global Equity Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
Columbia Select Global Equity Fund | Annual Report 2022 | 35 |
(Unaudited)
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
36 | Columbia Select Global Equity Fund | Annual Report 2022 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
Columbia Select Global Equity Fund | Annual Report 2022 | 37 |
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Advisory Agreements; |
• | Subadvisory fees payable by the Investment Manager under the Subadvisory Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager and the services that are required under the Subadvisory Agreement if the Subadviser’s services were to be utilized, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager and the Subadviser, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager and the Subadviser with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
38 | Columbia Select Global Equity Fund | Annual Report 2022 |
Columbia Select Global Equity Fund | Annual Report 2022 | 39 |
40 | Columbia Select Global Equity Fund | Annual Report 2022 |
Columbia Select Global Equity Fund | Annual Report 2022 | 41 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
October 31, 2022
3 | |
5 | |
7 | |
8 | |
12 | |
14 | |
15 | |
18 | |
22 | |
35 | |
36 | |
36 | |
42 |
(Unaudited)
Average annual total returns (%) (for the period ended October 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 05/23/94 | -24.74 | 13.97 | 18.68 |
Including sales charges | -29.07 | 12.63 | 17.98 | ||
Advisor Class* | 11/08/12 | -24.55 | 14.25 | 18.98 | |
Class C | Excluding sales charges | 05/27/99 | -25.32 | 13.11 | 17.79 |
Including sales charges | -25.95 | 13.11 | 17.79 | ||
Institutional Class | 09/27/10 | -24.56 | 14.26 | 18.98 | |
Institutional 2 Class | 08/03/09 | -24.51 | 14.32 | 19.09 | |
Institutional 3 Class* | 03/01/17 | -24.48 | 14.38 | 18.93 | |
Class R | 04/30/03 | -24.94 | 13.69 | 18.38 | |
MSCI World Information Technology Index (Net) | -25.38 | 13.97 | 16.72 |
* | 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. 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. |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 3 |
(Unaudited)
Equity sector breakdown (%) (at October 31, 2022) | |
Communication Services | 8.8 |
Consumer Discretionary | 2.0 |
Health Care | 0.7 |
Industrials | 2.6 |
Information Technology | 85.9 |
Total | 100.0 |
Equity sub-industry breakdown (%) (at October 31, 2022) | |
Information Technology | |
Application Software | 7.6 |
Communications Equipment | 4.3 |
Data Processing & Outsourced Services | 5.3 |
Electronic Equipment & Instruments | 2.0 |
Internet Services & Infrastructure | 2.6 |
IT Consulting & Other Services | 1.0 |
Semiconductor Equipment | 12.8 |
Semiconductors | 22.9 |
Systems Software | 15.1 |
Technology Hardware, Storage & Peripherals | 12.3 |
Total | 85.9 |
Country breakdown (%) (at October 31, 2022) | |
Canada | 0.5 |
Germany | 0.4 |
Israel | 0.6 |
Japan | 2.3 |
Netherlands | 1.5 |
United States(a) | 94.7 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds. |
4 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
(Unaudited)
• | Allocation decisions, namely an overweight to communication services and an underweight to the software industry, were additive. |
• | Selections within the software, IT services and semiconductor industries contributed positively to Fund results versus the benchmark. |
• | Top individual holdings that contributed during the period, relative to the benchmark, included Plantronics, Inc., GlobalFoundries, Inc., GoDaddy, Inc. and Rambus, Inc. |
○ | The Fund’s out-of-benchmark holding in communications equipment company Plantronics contributed to both absolute and relative results as the company was acquired by HP, Inc. during the period. |
○ | Domestic semiconductor foundry GlobalFoundries delivered strong results driven by solid demand across its diversified end markets. It also experienced better-than-expected pricing trends, as it rebalanced capacity away from slowing end markets to markets experiencing higher demand. GlobalFoundries was also seen as a beneficiary of the CHIPS Bill, a $280 billion package of subsidies and research funding intended to increase U.S. competitiveness in semiconductors and advanced technology. |
○ | The Fund’s holding in GoDaddy benefited performance as the company, which provides domain name registrations, web hosting and content delivery networks, solidly outperformed the market. |
○ | Intellectual property (IP) licensing company Rambus has continued to deliver exceptional revenue and profit growth, fueled by market share gains and success in its IP business. |
○ | Not owning large benchmark constituents NVIDIA, PayPal and Adobe, all of which sold off sharply during the period, also benefited Fund performance. |
• | Selections within the communication services sector and the technology hardware industry weighed on results. |
• | An underweighted allocation to technology hardware also detracted, as did the Fund’s overweighted allocation to the semiconductor industry. |
• | The Fund’s exposure to the consumer discretionary sector also negatively impacted Fund performance versus the benchmark. |
• | Top individual detractors to relative performance included Apple, Inc., Synaptics, Inc., Cerence, Inc. and Teradyne, Inc. |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 5 |
(Unaudited)
○ | The Fund’s underweight to Apple, which outperformed the market, detracted from results. While Apple was a large weighting in the portfolio, the company represented an average weighting of more than 21% in the benchmark over the period. |
○ | The Fund’s out-of-benchmark holding in Internet of Things (IoT) chip company Synaptics also detracted. While Synaptics has continued to grow earnings, investors have focused on weakness in their PC and mobile segments (which comprises less than 30% of their revenues) and not as much on their IoT business, which continues to grow and represents over 70% of revenues. |
○ | Software company Cerence, which provides artificial intelligence-powered virtual assistants primarily for motor vehicles, missed earnings expectations due to licensing deals and supply chain issues affecting the auto industry. |
○ | Semi-cap testing company Teradyne weighed on relative results during the period. Teradyne’s calendar year 2022 EPS were down from calendar year 2021 due to softening iPhone sales. |
6 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
(Unaudited)
May 1, 2022 — October 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 868.10 | 1,018.75 | 6.15 | 6.65 | 1.30 |
Advisor Class | 1,000.00 | 1,000.00 | 869.10 | 1,020.02 | 4.97 | 5.38 | 1.05 |
Class C | 1,000.00 | 1,000.00 | 864.60 | 1,014.95 | 9.69 | 10.47 | 2.05 |
Institutional Class | 1,000.00 | 1,000.00 | 869.10 | 1,020.02 | 4.97 | 5.38 | 1.05 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 869.30 | 1,020.32 | 4.69 | 5.07 | 0.99 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 869.60 | 1,020.53 | 4.50 | 4.86 | 0.95 |
Class R | 1,000.00 | 1,000.00 | 866.90 | 1,017.49 | 7.33 | 7.92 | 1.55 |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 7 |
October 31, 2022
Common Stocks 98.4% | ||
Issuer | Shares | Value ($) |
Canada 0.5% | ||
Shaw Communications, Inc. | 258,279 | 6,633,525 |
Germany 0.4% | ||
TeamViewer AG(a) | 561,763 | 5,394,611 |
Israel 0.6% | ||
CyberArk Software Ltd.(a) | 49,826 | 7,818,198 |
Tower Semiconductor Ltd.(a) | 37,400 | 1,599,224 |
Total | 9,417,422 | |
Japan 2.3% | ||
Renesas Electronics Corp.(a) | 3,479,400 | 29,107,799 |
Sumco Corp. | 371,000 | 4,702,361 |
Total | 33,810,160 | |
Netherlands 1.5% | ||
NXP Semiconductors NV | 155,292 | 22,685,055 |
United States 93.1% | ||
Activision Blizzard, Inc. | 303,050 | 22,062,040 |
Adeia, Inc. | 982,040 | 10,979,207 |
Advanced Energy Industries, Inc. | 324,127 | 25,492,589 |
Alphabet, Inc., Class A(a) | 624,207 | 58,993,804 |
Alphabet, Inc., Class C(a) | 241,382 | 22,849,220 |
Analog Devices, Inc. | 286,095 | 40,802,869 |
Apple, Inc. | 603,466 | 92,535,476 |
Applied Materials, Inc. | 511,771 | 45,184,262 |
Arista Networks, Inc.(a) | 99,026 | 11,968,282 |
Bloom Energy Corp., Class A(a) | 1,842,499 | 34,473,156 |
Broadcom, Inc. | 131,552 | 61,845,226 |
Cerence, Inc.(a) | 232,968 | 4,007,050 |
Comcast Corp., Class A(b) | 183,322 | 5,818,640 |
Dell Technologies, Inc. | 354,634 | 13,617,946 |
Dropbox, Inc., Class A(a) | 1,640,331 | 35,677,199 |
DXC Technology Co.(a) | 363,864 | 10,461,090 |
eBay, Inc. | 741,244 | 29,531,161 |
Eiger BioPharmaceuticals, Inc.(a) | 1,059,981 | 5,416,503 |
F5, Inc.(a),(b) | 146,439 | 20,927,598 |
Fidelity National Information Services, Inc. | 174,493 | 14,481,174 |
Fiserv, Inc.(a) | 182,864 | 18,787,447 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Fortinet, Inc.(a) | 543,088 | 31,042,910 |
GlobalFoundries, Inc.(a) | 320,470 | 18,170,649 |
GoDaddy, Inc., Class A(a) | 470,672 | 37,842,029 |
HireRight Holdings Corp.(a) | 285,910 | 3,848,349 |
HP, Inc. | 650,464 | 17,965,816 |
Intapp, Inc.(a) | 75,247 | 1,690,048 |
Lam Research Corp. | 209,650 | 84,862,127 |
Legend Biotech Corp., ADR(a) | 89,200 | 4,443,944 |
Lumentum Holdings, Inc.(a) | 307,108 | 22,864,191 |
Marvell Technology, Inc. | 743,871 | 29,516,801 |
Match Group, Inc.(a) | 80,400 | 3,473,280 |
Microchip Technology, Inc. | 354,699 | 21,899,116 |
Micron Technology, Inc.(b) | 398,674 | 21,568,263 |
Microsoft Corp. | 223,965 | 51,988,996 |
National Instruments Corp. | 80,100 | 3,058,218 |
NetApp, Inc. | 503,356 | 34,867,470 |
NortonLifeLock, Inc. | 1,342,538 | 30,247,381 |
ON Semiconductor Corp.(a) | 25,700 | 1,578,751 |
Oracle Corp. | 469,543 | 36,657,222 |
Palo Alto Networks, Inc.(a) | 190,335 | 32,659,583 |
QUALCOMM, Inc. | 105,804 | 12,448,899 |
Rambus, Inc.(a) | 440,550 | 13,286,988 |
Salesforce, Inc.(a) | 71,885 | 11,687,782 |
Skyworks Solutions, Inc. | 160,021 | 13,763,406 |
SMART Global Holdings, Inc.(a) | 639,738 | 8,655,655 |
Splunk, Inc.(a) | 24,018 | 1,996,136 |
Synaptics, Inc.(a) | 356,965 | 31,627,099 |
Synopsys, Inc.(a) | 169,348 | 49,542,757 |
Tenable Holdings, Inc.(a) | 108,611 | 4,413,951 |
Teradyne, Inc. | 611,842 | 49,773,347 |
Thoughtworks Holding, Inc.(a) | 380,112 | 3,652,876 |
T-Mobile US, Inc.(a),(b) | 48,888 | 7,409,465 |
Transphorm, Inc.(a) | 380,699 | 2,626,823 |
Viavi Solutions, Inc.(a) | 439,033 | 6,629,398 |
Visa, Inc., Class A | 212,356 | 43,991,669 |
VMware, Inc., Class A | 118,161 | 13,296,657 |
8 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
October 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Western Digital Corp.(a) | 566,557 | 19,472,564 |
Total | 1,370,432,555 | |
Total Common Stocks (Cost $882,235,025) | 1,448,373,328 | |
Exchange-Traded Equity Funds 0.1% | ||
Shares | Value ($) | |
United States 0.1% | ||
Columbia Seligman Semiconductor and Technology ETF(a),(c) | 100,200 | 1,486,968 |
Total Exchange-Traded Equity Funds (Cost $1,633,260) | 1,486,968 | |
Money Market Funds 1.6% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 3.246%(c),(d) | 24,230,413 | 24,220,721 |
Total Money Market Funds (Cost $24,220,590) | 24,220,721 | |
Total Investments in Securities (Cost $908,088,875) | 1,474,081,017 | |
Other Assets & Liabilities, Net | (1,511,355) | |
Net Assets | $1,472,569,662 |
Call option contracts written | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Premium received ($) | Value ($) |
Comcast Corp | Morgan Stanley | USD | (5,817,942) | (1,833) | 45.00 | 1/19/2024 | (177,160) | (197,048) |
F5, Inc. | Morgan Stanley | USD | (171,492) | (12) | 195.00 | 1/20/2023 | (7,133) | (2,880) |
Micron Technology, Inc. | Morgan Stanley | USD | (7,184,480) | (1,328) | 70.00 | 6/16/2023 | (388,884) | (389,104) |
T-Mobile US, Inc. | Morgan Stanley | USD | (727,488) | (48) | 152.50 | 11/18/2022 | (5,227) | (15,720) |
Total | (578,404) | (604,752) |
(a) | Non-income producing investment. |
(b) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund.The value of the holdings and transactions in these affiliated companies during the year ended October 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Seligman Semiconductor and Technology ETF | ||||||||
— | 1,633,260 | — | (146,292) | 1,486,968 | — | — | 100,200 | |
Columbia Short-Term Cash Fund, 3.246% | ||||||||
44,877,635 | 271,491,330 | (292,148,375) | 131 | 24,220,721 | (2,617) | 153,539 | 24,230,413 | |
Total | 44,877,635 | (146,161) | 25,707,689 | (2,617) | 153,539 |
(d) | The rate shown is the seven-day current annualized yield at October 31, 2022. |
ADR | American Depositary Receipt |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 9 |
October 31, 2022
USD | US Dollar |
■ | 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). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Canada | 6,633,525 | — | — | 6,633,525 |
Germany | — | 5,394,611 | — | 5,394,611 |
Israel | 9,417,422 | — | — | 9,417,422 |
Japan | — | 33,810,160 | — | 33,810,160 |
Netherlands | 22,685,055 | — | — | 22,685,055 |
United States | 1,370,432,555 | — | — | 1,370,432,555 |
Total Common Stocks | 1,409,168,557 | 39,204,771 | — | 1,448,373,328 |
Exchange-Traded Equity Funds | 1,486,968 | — | — | 1,486,968 |
Money Market Funds | 24,220,721 | — | — | 24,220,721 |
Total Investments in Securities | 1,434,876,246 | 39,204,771 | — | 1,474,081,017 |
Investments in Derivatives | ||||
Liability | ||||
Options Contracts Written | (604,752) | — | — | (604,752) |
Total | 1,434,271,494 | 39,204,771 | — | 1,473,476,265 |
10 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
October 31, 2022
See the Portfolio of Investments for all investment classifications not indicated in the table.
Columbia Seligman Global Technology Fund | Annual Report 2022 | 11 |
October 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $882,235,025) | $1,448,373,328 |
Affiliated issuers (cost $25,853,850) | 25,707,689 |
Receivable for: | |
Investments sold | 7,540,333 |
Capital shares sold | 941,077 |
Dividends | 54,889 |
Foreign tax reclaims | 91,599 |
Expense reimbursement due from Investment Manager | 93 |
Prepaid expenses | 18,017 |
Total assets | 1,482,727,025 |
Liabilities | |
Option contracts written, at value (premiums received $578,404) | 604,752 |
Payable for: | |
Investments purchased | 7,745,415 |
Capital shares purchased | 1,391,324 |
Management services fees | 111,431 |
Distribution and/or service fees | 29,219 |
Transfer agent fees | 141,376 |
Compensation of board members | 81,759 |
Compensation of chief compliance officer | 1 |
Other expenses | 52,086 |
Total liabilities | 10,157,363 |
Net assets applicable to outstanding capital stock | $1,472,569,662 |
Represented by | |
Paid in capital | 862,558,019 |
Total distributable earnings (loss) | 610,011,643 |
Total - representing net assets applicable to outstanding capital stock | $1,472,569,662 |
12 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
October 31, 2022
Class A | |
Net assets | $920,638,619 |
Shares outstanding | 18,399,169 |
Net asset value per share | $50.04 |
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) | $53.09 |
Advisor Class | |
Net assets | $46,101,677 |
Shares outstanding | 872,974 |
Net asset value per share | $52.81 |
Class C | |
Net assets | $60,255,945 |
Shares outstanding | 1,849,826 |
Net asset value per share | $32.57 |
Institutional Class | |
Net assets | $243,966,081 |
Shares outstanding | 4,728,716 |
Net asset value per share | $51.59 |
Institutional 2 Class | |
Net assets | $67,495,594 |
Shares outstanding | 1,297,383 |
Net asset value per share | $52.02 |
Institutional 3 Class | |
Net assets | $12,080,656 |
Shares outstanding | 234,110 |
Net asset value per share | $51.60 |
Class R | |
Net assets | $122,031,090 |
Shares outstanding | 2,588,556 |
Net asset value per share | $47.14 |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 13 |
Year Ended October 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $14,090,333 |
Dividends — affiliated issuers | 153,539 |
Interfund lending | 499 |
Foreign taxes withheld | (260,413) |
Total income | 13,983,958 |
Expenses: | |
Management services fees | 16,750,008 |
Distribution and/or service fees | |
Class A | 2,881,348 |
Class C | 795,419 |
Class R | 766,231 |
Transfer agent fees | |
Class A | 1,243,779 |
Advisor Class | 62,359 |
Class C | 85,732 |
Institutional Class | 338,716 |
Institutional 2 Class | 39,872 |
Institutional 3 Class | 1,022 |
Class R | 165,353 |
Compensation of board members | 24,667 |
Custodian fees | 26,090 |
Printing and postage fees | 93,805 |
Registration fees | 157,496 |
Audit fees | 31,705 |
Legal fees | 30,413 |
Interest on interfund lending | 15 |
Compensation of chief compliance officer | 341 |
Other | 90,929 |
Total expenses | 23,585,300 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (4,139) |
Expense reduction | (1,340) |
Total net expenses | 23,579,821 |
Net investment loss | (9,595,863) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 56,415,094 |
Investments — affiliated issuers | (2,617) |
Foreign currency translations | (61,353) |
Options contracts written | 163,640 |
Net realized gain | 56,514,764 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (551,679,974) |
Investments — affiliated issuers | (146,161) |
Foreign currency translations | (6,124) |
Options contracts written | (26,348) |
Net change in unrealized appreciation (depreciation) | (551,858,607) |
Net realized and unrealized loss | (495,343,843) |
Net decrease in net assets resulting from operations | $(504,939,706) |
14 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
Operations | ||
Net investment loss | $(9,595,863) | $(5,313,774) |
Net realized gain | 56,514,764 | 249,457,709 |
Net change in unrealized appreciation (depreciation) | (551,858,607) | 573,278,927 |
Net increase (decrease) in net assets resulting from operations | (504,939,706) | 817,422,862 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (150,421,410) | (99,168,703) |
Advisor Class | (6,600,959) | (3,858,185) |
Class C | (14,809,395) | (11,167,127) |
Institutional Class | (41,276,286) | (24,933,596) |
Institutional 2 Class | (7,676,599) | (3,276,290) |
Institutional 3 Class | (1,810,123) | (973,568) |
Class R | (20,713,885) | (11,462,223) |
Total distributions to shareholders | (243,308,657) | (154,839,692) |
Increase in net assets from capital stock activity | 142,095,948 | 91,058,882 |
Total increase (decrease) in net assets | (606,152,415) | 753,642,052 |
Net assets at beginning of year | 2,078,722,077 | 1,325,080,025 |
Net assets at end of year | $1,472,569,662 | $2,078,722,077 |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 15 |
Year Ended | Year Ended | |||
October 31, 2022 | October 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 1,170,309 | 72,951,343 | 1,166,267 | 76,762,065 |
Distributions reinvested | 1,998,946 | 141,225,510 | 1,666,250 | 92,943,429 |
Redemptions | (2,453,316) | (149,629,375) | (2,341,829) | (151,494,811) |
Net increase | 715,939 | 64,547,478 | 490,688 | 18,210,683 |
Advisor Class | ||||
Subscriptions | 517,244 | 34,792,564 | 303,890 | 20,981,531 |
Distributions reinvested | 68,028 | 5,061,282 | 48,822 | 2,850,692 |
Redemptions | (455,174) | (27,719,087) | (212,396) | (14,838,110) |
Net increase | 130,098 | 12,134,759 | 140,316 | 8,994,113 |
Class C | ||||
Subscriptions | 224,976 | 9,064,107 | 217,212 | 9,933,183 |
Distributions reinvested | 317,164 | 14,684,698 | 280,468 | 10,820,475 |
Redemptions | (532,891) | (20,978,603) | (653,327) | (29,482,782) |
Net increase (decrease) | 9,249 | 2,770,202 | (155,647) | (8,729,124) |
Institutional Class | ||||
Subscriptions | 1,297,788 | 82,973,047 | 1,033,056 | 72,051,448 |
Distributions reinvested | 557,757 | 40,537,787 | 426,486 | 24,390,767 |
Redemptions | (1,809,202) | (110,777,930) | (1,059,120) | (69,677,142) |
Net increase | 46,343 | 12,732,904 | 400,422 | 26,765,073 |
Institutional 2 Class | ||||
Subscriptions | 824,447 | 54,102,972 | 386,535 | 28,075,993 |
Distributions reinvested | 100,157 | 7,337,497 | 54,707 | 3,150,553 |
Redemptions | (421,733) | (26,773,209) | (233,706) | (15,285,678) |
Net increase | 502,871 | 34,667,260 | 207,536 | 15,940,868 |
Institutional 3 Class | ||||
Subscriptions | 59,805 | 3,944,714 | 62,845 | 4,262,733 |
Distributions reinvested | 24,914 | 1,809,507 | 17,031 | 973,149 |
Redemptions | (56,000) | (3,555,080) | (36,858) | (2,486,643) |
Net increase | 28,719 | 2,199,141 | 43,018 | 2,749,239 |
Class R | ||||
Subscriptions | 322,311 | 19,641,008 | 613,070 | 38,778,615 |
Distributions reinvested | 310,493 | 20,713,031 | 215,796 | 11,443,659 |
Redemptions | (474,198) | (27,309,835) | (373,029) | (23,094,244) |
Net increase | 158,606 | 13,044,204 | 455,837 | 27,128,030 |
Total net increase | 1,591,825 | 142,095,948 | 1,582,170 | 91,058,882 |
16 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 10/31/2022 | $74.57 | (0.33) | (15.61) | (15.94) | — | (8.59) | (8.59) |
Year Ended 10/31/2021 | $50.39 | (0.19) | 30.21 | 30.02 | (0.16) | (5.68) | (5.84) |
Year Ended 10/31/2020 | $44.67 | 0.16 | 10.14 | 10.30 | — | (4.58) | (4.58) |
Year Ended 10/31/2019 | $38.52 | (0.07) | 10.28 | 10.21 | — | (4.06) | (4.06) |
Year Ended 10/31/2018 | $43.04 | (0.14) | (1.53) | (1.67) | — | (2.85) | (2.85) |
Advisor Class | |||||||
Year Ended 10/31/2022 | $78.23 | (0.17) | (16.50) | (16.67) | — | (8.75) | (8.75) |
Year Ended 10/31/2021 | $52.60 | (0.03) | 31.62 | 31.59 | (0.28) | (5.68) | (5.96) |
Year Ended 10/31/2020 | $46.42 | 0.29 | 10.56 | 10.85 | — | (4.67) | (4.67) |
Year Ended 10/31/2019 | $39.89 | 0.03 | 10.67 | 10.70 | — | (4.17) | (4.17) |
Year Ended 10/31/2018 | $44.45 | (0.04) | (1.58) | (1.62) | — | (2.94) | (2.94) |
Class C | |||||||
Year Ended 10/31/2022 | $51.23 | (0.52) | (10.05) | (10.57) | — | (8.09) | (8.09) |
Year Ended 10/31/2021 | $36.22 | (0.48) | 21.17 | 20.69 | — | (5.68) | (5.68) |
Year Ended 10/31/2020 | $33.28 | (0.13) | 7.35 | 7.22 | — | (4.28) | (4.28) |
Year Ended 10/31/2019 | $29.66 | (0.27) | 7.65 | 7.38 | — | (3.76) | (3.76) |
Year Ended 10/31/2018 | $33.77 | (0.35) | (1.17) | (1.52) | — | (2.59) | (2.59) |
Institutional Class | |||||||
Year Ended 10/31/2022 | $76.62 | (0.18) | (16.10) | (16.28) | — | (8.75) | (8.75) |
Year Ended 10/31/2021 | $51.62 | (0.03) | 30.99 | 30.96 | (0.28) | (5.68) | (5.96) |
Year Ended 10/31/2020 | $45.64 | 0.29 | 10.36 | 10.65 | — | (4.67) | (4.67) |
Year Ended 10/31/2019 | $39.29 | 0.04 | 10.48 | 10.52 | — | (4.17) | (4.17) |
Year Ended 10/31/2018 | $43.82 | (0.04) | (1.55) | (1.59) | — | (2.94) | (2.94) |
Institutional 2 Class | |||||||
Year Ended 10/31/2022 | $77.18 | (0.14) | (16.23) | (16.37) | — | (8.79) | (8.79) |
Year Ended 10/31/2021 | $51.96 | (0.01) | 31.21 | 31.20 | (0.30) | (5.68) | (5.98) |
Year Ended 10/31/2020 | $45.91 | 0.28 | 10.47 | 10.75 | — | (4.70) | (4.70) |
Year Ended 10/31/2019 | $39.49 | 0.06 | 10.55 | 10.61 | — | (4.19) | (4.19) |
Year Ended 10/31/2018 | $44.04 | (0.02) | (1.57) | (1.59) | — | (2.96) | (2.96) |
18 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 10/31/2022 | $50.04 | (24.74%) | 1.29%(c) | 1.29%(c),(d) | (0.53%) | 17% | $920,639 |
Year Ended 10/31/2021 | $74.57 | 63.49% | 1.29%(c) | 1.29%(c),(d) | (0.29%) | 31% | $1,318,628 |
Year Ended 10/31/2020 | $50.39 | 25.09% | 1.31%(c),(e) | 1.31%(c),(d),(e) | 0.35% | 38% | $866,318 |
Year Ended 10/31/2019 | $44.67 | 30.23% | 1.32%(c),(e) | 1.32%(c),(d),(e) | (0.17%) | 43% | $801,352 |
Year Ended 10/31/2018 | $38.52 | (4.06%) | 1.32%(c) | 1.32%(c),(d) | (0.34%) | 42% | $702,652 |
Advisor Class | |||||||
Year Ended 10/31/2022 | $52.81 | (24.55%) | 1.04%(c) | 1.04%(c),(d) | (0.27%) | 17% | $46,102 |
Year Ended 10/31/2021 | $78.23 | 63.90% | 1.04%(c) | 1.04%(c),(d) | (0.04%) | 31% | $58,117 |
Year Ended 10/31/2020 | $52.60 | 25.41% | 1.06%(c),(e) | 1.06%(c),(d),(e) | 0.62% | 38% | $31,695 |
Year Ended 10/31/2019 | $46.42 | 30.52% | 1.07%(c),(e) | 1.07%(c),(d),(e) | 0.07% | 43% | $27,389 |
Year Ended 10/31/2018 | $39.89 | (3.81%) | 1.07%(c) | 1.07%(c),(d) | (0.09%) | 42% | $21,927 |
Class C | |||||||
Year Ended 10/31/2022 | $32.57 | (25.32%) | 2.04%(c) | 2.04%(c),(d) | (1.28%) | 17% | $60,256 |
Year Ended 10/31/2021 | $51.23 | 62.27% | 2.04%(c) | 2.04%(c),(d) | (1.05%) | 31% | $94,295 |
Year Ended 10/31/2020 | $36.22 | 24.17% | 2.06%(c),(e) | 2.06%(c),(d),(e) | (0.39%) | 38% | $72,302 |
Year Ended 10/31/2019 | $33.28 | 29.21% | 2.07%(c),(e) | 2.07%(c),(d),(e) | (0.91%) | 43% | $70,777 |
Year Ended 10/31/2018 | $29.66 | (4.78%) | 2.06%(c) | 2.06%(c),(d) | (1.09%) | 42% | $68,853 |
Institutional Class | |||||||
Year Ended 10/31/2022 | $51.59 | (24.56%) | 1.04%(c) | 1.04%(c),(d) | (0.28%) | 17% | $243,966 |
Year Ended 10/31/2021 | $76.62 | 63.88% | 1.04%(c) | 1.04%(c),(d) | (0.04%) | 31% | $358,757 |
Year Ended 10/31/2020 | $51.62 | 25.41% | 1.06%(c),(e) | 1.06%(c),(d),(e) | 0.62% | 38% | $221,018 |
Year Ended 10/31/2019 | $45.64 | 30.53% | 1.07%(c),(e) | 1.07%(c),(d),(e) | 0.09% | 43% | $204,305 |
Year Ended 10/31/2018 | $39.29 | (3.79%) | 1.07%(c) | 1.07%(c),(d) | (0.09%) | 42% | $208,865 |
Institutional 2 Class | |||||||
Year Ended 10/31/2022 | $52.02 | (24.51%) | 0.99%(c) | 0.99%(c) | (0.22%) | 17% | $67,496 |
Year Ended 10/31/2021 | $77.18 | 63.97% | 0.99%(c) | 0.99%(c) | (0.01%) | 31% | $61,324 |
Year Ended 10/31/2020 | $51.96 | 25.49% | 1.00%(c),(e) | 1.00%(c),(e) | 0.60% | 38% | $30,500 |
Year Ended 10/31/2019 | $45.91 | 30.63% | 1.00%(c),(e) | 1.00%(c),(e) | 0.14% | 43% | $31,006 |
Year Ended 10/31/2018 | $39.49 | (3.77%) | 1.02%(c) | 1.02%(c) | (0.04%) | 42% | $22,531 |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 19 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 10/31/2022 | $76.62 | (0.12) | (16.08) | (16.20) | — | (8.82) | (8.82) |
Year Ended 10/31/2021 | $51.61 | 0.05 | 30.96 | 31.01 | (0.32) | (5.68) | (6.00) |
Year Ended 10/31/2020 | $45.63 | 0.24 | 10.45 | 10.69 | — | (4.71) | (4.71) |
Year Ended 10/31/2019 | $39.28 | 0.07 | 10.49 | 10.56 | — | (4.21) | (4.21) |
Year Ended 10/31/2018 | $43.81 | 0.01 | (1.56) | (1.55) | — | (2.98) | (2.98) |
Class R | |||||||
Year Ended 10/31/2022 | $70.73 | (0.45) | (14.72) | (15.17) | — | (8.42) | (8.42) |
Year Ended 10/31/2021 | $48.06 | (0.34) | 28.74 | 28.40 | (0.05) | (5.68) | (5.73) |
Year Ended 10/31/2020 | $42.81 | 0.02 | 9.71 | 9.73 | — | (4.48) | (4.48) |
Year Ended 10/31/2019 | $37.07 | (0.16) | 9.86 | 9.70 | — | (3.96) | (3.96) |
Year Ended 10/31/2018 | $41.53 | (0.23) | (1.47) | (1.70) | — | (2.76) | (2.76) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Ratios include line of credit interest expense which is less than 0.01%. |
20 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 10/31/2022 | $51.60 | (24.48%) | 0.94%(c) | 0.94%(c) | (0.19%) | 17% | $12,081 |
Year Ended 10/31/2021 | $76.62 | 64.05% | 0.94%(c) | 0.94%(c) | 0.07% | 31% | $15,737 |
Year Ended 10/31/2020 | $51.61 | 25.54% | 0.96%(c),(e) | 0.96%(c),(e) | 0.50% | 38% | $8,380 |
Year Ended 10/31/2019 | $45.63 | 30.69% | 0.96%(c),(e) | 0.96%(c),(e) | 0.17% | 43% | $3,160 |
Year Ended 10/31/2018 | $39.28 | (3.71%) | 0.97%(c) | 0.97%(c) | 0.03% | 42% | $1,595 |
Class R | |||||||
Year Ended 10/31/2022 | $47.14 | (24.94%) | 1.54%(c) | 1.54%(c),(d) | (0.78%) | 17% | $122,031 |
Year Ended 10/31/2021 | $70.73 | 63.07% | 1.54%(c) | 1.54%(c),(d) | (0.53%) | 31% | $171,865 |
Year Ended 10/31/2020 | $48.06 | 24.79% | 1.56%(c),(e) | 1.56%(c),(d),(e) | 0.05% | 38% | $94,867 |
Year Ended 10/31/2019 | $42.81 | 29.89% | 1.57%(c),(e) | 1.57%(c),(d),(e) | (0.43%) | 43% | $65,858 |
Year Ended 10/31/2018 | $37.07 | (4.29%) | 1.57%(c) | 1.57%(c),(d) | (0.58%) | 42% | $42,778 |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 21 |
October 31, 2022
22 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
October 31, 2022
Columbia Seligman Global Technology Fund | Annual Report 2022 | 23 |
October 31, 2022
24 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
October 31, 2022
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Options contracts written, at value | 604,752 |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Options contracts written ($) |
Equity risk | 163,640 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Options contracts written ($) |
Equity risk | (26,348) |
Derivative instrument | Average value ($)* |
Options contracts — written | (224,407) |
* | Based on the ending quarterly outstanding amounts for the year ended October 31, 2022. |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 25 |
October 31, 2022
Morgan Stanley ($) | |
Liabilities | |
Options contracts written | 604,752 |
Total financial and derivative net assets | (604,752) |
Total collateral received (pledged) (a) | (604,752) |
Net amount (b) | - |
(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. |
26 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
October 31, 2022
Columbia Seligman Global Technology Fund | Annual Report 2022 | 27 |
October 31, 2022
Effective rate (%) | |
Class A | 0.11 |
Advisor Class | 0.11 |
Class C | 0.11 |
Institutional Class | 0.11 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.11 |
28 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
October 31, 2022
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 449,108 |
Class C | — | 1.00(b) | 3,050 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
March 1, 2022 through February 28, 2023 | Prior to March 1, 2022 | |
Class A | 1.32% | 1.32% |
Advisor Class | 1.07 | 1.07 |
Class C | 2.07 | 2.07 |
Institutional Class | 1.07 | 1.07 |
Institutional 2 Class | 1.03 | 1.02 |
Institutional 3 Class | 0.98 | 0.97 |
Class R | 1.57 | 1.57 |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 29 |
October 31, 2022
Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
2,102,284 | 61,353 | (2,163,637) |
Year Ended October 31, 2022 | Year Ended October 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
51,910,946 | 191,397,711 | 243,308,657 | 24,285,903 | 130,553,789 | 154,839,692 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 55,843,742 | — | 561,752,308 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
911,723,957 | 622,299,936 | (60,547,628) | 561,752,308 |
30 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
October 31, 2022
Late year ordinary losses ($) | Post-October capital losses ($) |
7,499,373 | — |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 400,000 | 1.36 | 1 |
Lender | 6,300,000 | 2.85 | 1 |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 31 |
October 31, 2022
32 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
October 31, 2022
Columbia Seligman Global Technology Fund | Annual Report 2022 | 33 |
October 31, 2022
34 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 35 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
34.82% | 32.73% | $58,846,847 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
36 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 37 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
38 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 39 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
40 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
(Unaudited)
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 41 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
42 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
(Unaudited)
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
Columbia Seligman Global Technology Fund | Annual Report 2022 | 43 |
(Unaudited)
into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
44 | Columbia Seligman Global Technology Fund | Annual Report 2022 |
(Unaudited)
considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Columbia Seligman Global Technology Fund | Annual Report 2022 | 45 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Item 2. Code of Ethics.
(a) | The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(b) | During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. |
(c) | During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item. |
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, and Sandra L. Yeager, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.
Item 4. Principal Accountant Fees and Services.
Fee information below is disclosed for the two series of the registrant whose reports to stockholders are included in this annual filing.
(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended October 31, 2022 and October 31, 2021 are approximately as follows:
2022 | 2021 |
$59,000 | $59,000 |
Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended October 31, 2022 and October 31, 2021 are approximately as follows:
2022 | 2021 |
$0 | $3,000 |
Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.
During the fiscal years ended October 31, 2022 and October 31, 2021, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended October 31, 2022 and October 31, 2021 are approximately as follows:
2022 | 2021 |
$26,800 | $6,200 |
Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.
During the fiscal years ended October 31, 2022 and October 31, 2021, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended October 31, 2022 and October 31, 2021 are approximately as follows:
2022 | 2021 |
$0 | $0 |
All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended October 31, 2022 and October 31, 2021 are approximately as follows:
2022 | 2021 |
$535,000 | $520,000 |
In fiscal years 2022 and 2021, All Other Fees primarily consists of fees billed for internal control examinations of the registrant’s transfer agent and investment adviser.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.
The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the “Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (“Fund Services”); (ii) non-audit services to the registrant’s Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund (“Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.
Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.
On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.
The Fund’s Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
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(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2022 and October 31, 2021 are approximately as follows:
2022 | 2021 |
$561,800 | $529,200 |
(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.
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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) | Columbia Funds Series Trust II |
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By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
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Date | December 22, 2022 |
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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.
By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
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Date | December 22, 2022 |
By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, Chief Financial Officer, |
| Principal Financial Officer and Senior Vice President |
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Date | December 22, 2022 |
By (Signature and Title) | /s/ Joseph Beranek |
| Joseph Beranek, Treasurer, Chief Accounting |
| Officer and Principal Financial Officer |
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Date | December 22, 2022 |