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Fund Commentary (PDF) SECOND QUARTER 2021 INVESTMENT COMMENTARY Share Class A Advisor C Institutional Institutional 2 Institutional 3 R Symbol SLMCX SCIOX SCICX CCIZX SCMIX CCOYX SCIRX Overall Morningstar RatingTM Columbia Seligman Technology and Class A Institutional Class Information Fund The Morningstar Rating is for the indicated Effective June 9, 2021, Columbia Seligman Communications and Information Fund was renamed the share classes only as of 06/30/21; other classes Columbia Seligman Technology and Information Fund to better represent the universe in which the fund may have different performance characteristics. The Morningstar ratings for the overall, invests. three-, five- and 10-year periods for Class A shares are 4 stars, 5 stars, 4 stars and 3 Fund performance stars and for Institutional Class shares are 4 ▪ Institutional Class shares of Columbia Seligman Technology and Information Fund stars, 5 stars, 4 stars and 4 stars among 215, 215, 182 and 157 Technology funds returned 9.62% for the second quarter. respectively, and are based on a Morningstar Risk-Adjusted Return measure. ▪ The fund’s benchmark, the S&P North American Technology Sector Index, returned 12.29% for the quarter. With a return to work focus ▪ For monthly performance, please visit columbiathreadneedle.com. prompting increases in office IT spending, we think our Market overview companies are well The U.S. stock market gained 8.54% in the second quarter, as gauged by the Russell 1000 Index, bringing its year-to-date return to 14.95%. This marked the fifth consecutive positioned for the coming calendar quarter of positive returns for the index, underscoring the strength in market earnings deluge. performance since the coronavirus-induced lows of March 2020. Stocks were well supported by the combination of strong economic growth, the gradual rollback of the coronavirus lockdowns and robust corporate earnings. Although concerns about rising inflation led to a brief stretch of volatility mid-way through the quarter, the U.S. Federal Reserve reassured the markets that monetary policy would remain accommodative for an Fund strategy extended period. As a result, most major indices finished June at or near their all-time highs. ▪ Conviction-weighted portfolio of companies with business operations In a reversal of a trend that was in place from late 2020 through the first three months of in technology or technology-related this year, the growth style outperformed value. The Russell 1000 Growth Index rose industries 11.93% in the quarter, soundly outpacing the 5.21% return for the Russell 1000 Value Index. As optimism about the second-half growth outlook became more subdued, ▪ Experienced team dedicated to technology industry investing Average annual total returns (%) for period ending June 30, 2021 ▪ Investment selection driven by Columbia Seligman Technology and rigorous bottom-up fundamental and 3-mon. 1-year 3-year 5-year 10-year Information Fund valuation analysis Institutional Class1 9.62 68.10 33.75 31.79 20.93 Class A without sales charge 9.55 67.68 33.42 31.46 20.62 Class A with 5.75% maximum sales charge 3.24 58.03 30.81 29.91 19.91 S&P North AmericanTechnology 12.29 46.07 29.11 31.03 22.02 Sector Index Expense ratio2 Performance data shown represents past performance and is not a guarantee of future results. The No waiver With waiver investment return and principal value of an investment will fluctuate so that shares, when redeemed, Share class (gross) (net) may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Please visit columbiathreadneedle.com for performance data current to Institutional 0.98% 0.98% the most recent month end. Institutional Class shares are sold at net asset value and have limited eligibility. Columbia Management Investment Distributors, Inc. offers multiple share classes, not all A 1.23% 1.23% necessarily available through all firms, and the share class ratings may vary. Contact us for details. ©2021 Columbia Management Investment Advisers, LLC. All rights reserved columbiathreadneedle.com 800.426.3750 3539083 (07/21) SECOND QUARTER 2021 INVESTMENT COMMENTARY Columbia Seligman investors rotated away from economically sensitive companies toward those seen as Technology and Information Fund being the most reliable growers. This trend strongly benefited the information technology (IT) sector, which outpaced the broader market by a wide margin. In another shift from Top holdings (% of net assets) previous months, the small-cap Russell 2000 Index — while posting a healthy gain of as of June 30, 2021 4.29% — failed to keep pace with returns for larger companies, as measured by the Lam Research 7.56 Russell 1000 Index, which returned 8.54% in the second quarter. Apple 4.88 In the technology industry, a global shortage of semiconductors that has disrupted vehicle production spread to other industries. Samsung Electronics said output of smartphones, Teradyne 4.53 televisions and appliances was affected, and consumer-electronics manufacturer Sony warned that the shortage may last for another year. Meanwhile, Jaguar Land Rover Applied Materials 3.89 announced temporary plant closures, and Ford said its production this year will fall by 1.1 Synaptics 3.84 million vehicles, worse than a prior forecast. Still, the latest round of quarterly results showed that the mega-cap technology firms continue to power ahead. Microsoft and Apple Broadcom 3.79 beat expectations, Alphabet posted record earnings and announced a $50 billion share buyback program, and Amazon’s sales exceeded $100 billion for a second straight Microsoft 3.47 quarter. Alphabet-Cl A 3.41 Within the benchmark S&P North American Technology Sector Index, several sub industries posted solid absolute gains, led by interactive media and services, and Synopsys 3.23 software. Lagging industries included communication equipment, IT services, internet and Alphabet-Cl C 3.08 direct media, semiconductors and media. Top holdings exclude short-term holdings Quarterly portfolio recap and cash, if applicable. Fund holdings are as of the date given, are subject to The Columbia Seligman Technology and Information Fund underperformed the change at any time, and are not benchmark S&P North American Technology Sector Index in the second quarter. Leading recommendations to buy or sell any contributors to relative performance included stock selection and an underweight position security. in the internet and direct marketing industry, an underweight to the IT services industry and stock selection in the software industry. Detracting from relative returns was security selection and overweight positions in the semiconductor, communications equipment and hardware industries. Contributors and detractors follow. ▪ Ransomware attacks were prominent in technology-related headlines during the month. One such incursion interrupted the supply of gasoline to the eastern U.S. by forcing Colonial Pipeline to halt operations temporarily. Ireland’s national health service and the Asian unit of insurer AXA were hit by separate attacks. The portfolio’s holdings in security software stocks Fortinet, NortonLifelock and McAfee all outperformed the benchmark and contributed to returns for the quarter. NortonLifelock gained over the quarter, lifted by the announcement of record quarterly revenue and earnings per share, along with a $1.5 billion share repurchase program. In addition, guidance for the current quarter implied healthy year-on-year growth in sales and profit. Solid results also helped Dropbox to outperform, notably a fourfold jump in free cashflow (FCF) from a year earlier. An increase in the company’s projected ranges for annual revenue and FCF was a further tailwind. ▪ Marvell contributed to returns after reporting strong results as well as the completion of their acquisition of Inphi. Marvell continues to see strong demand across its networking business, particularly its 5G product suite for large customers Samsung and Nokia. Automotive ethernet solutions are being deployed in a number of 2021 models. The company is also experiencing high levels of demand in their storage division from cloud and data centers for the company’s SSD and HDD controllers. While the supply 2 SECOND QUARTER 2021 INVESTMENT COMMENTARY environment remains tight, management expressed confidence in having secured Columbia Seligman enough supply to drive future growth. Technology and Information Fund ▪ A relative underweight in semiconductor bellwether Intel contributed to relative returns. Top five contributors - Effect on Intel reported a solid quarter that beat estimates. However, forward guidance was less return (%) as of June 30, 2021 than expected and concerns about capital expenditure commitments pressuring margins in an increasingly competitive environment caused the stock to underperform. While Lam Research 0.79 new management has prioritized improved execution, investors saw the turnaround as taking longer than originally expected. Similarly, the portfolio’s relative underweight to Alphabet-Cl A 0.61 Amazon, which underperformed and comprises an 8% weighting in the benchmark Alphabet-Cl C 0.59 index, contributed to relative returns. ▪ A relative underweight to the interactive media and services, and the electronic Apple 0.55 equipment instruments and components industries detracted modestly from relative Marvell Technology 0.55 returns during the quarter. No exposure to graphics chip company NVIDIA nor Facebook detracted from relative returns, as both stocks outperformed
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