Portfolio of Investments
Columbia Seligman Premium Technology Growth Fund, March 31, 2018 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.1%
Issuer	Shares	Value ($)
Consumer Discretionary 1.0%
Internet & Direct Marketing Retail 0.2%
JD.com, Inc., ADR(a)	16,500	668,085
Media 0.8%
21st Century Fox, Inc., Class A	27,600	1,012,644
Time Warner, Inc.	18,900	1,787,562
Total		2,800,206
Total Consumer Discretionary		3,468,291
Industrials 0.1%
Professional Services 0.1%
Nielsen Holdings PLC	11,800	375,122
Total Industrials		375,122
Information Technology 97.8%
Communications Equipment 2.1%
Arris International PLC(a)	198,096	5,263,411
Cisco Systems, Inc.	36,200	1,552,618
CommScope Holding Co., Inc.(a)	2,677	106,999
Lumentum Holdings, Inc.(a)	2,700	172,260
Total		7,095,288
Electronic Equipment, Instruments & Components 0.5%
Orbotech Ltd.(a)	24,400	1,517,192
Internet Software & Services 11.7%
Alphabet, Inc., Class A(a)	9,100	9,437,974
Alphabet, Inc., Class C(a)	9,924	10,239,484
Cornerstone OnDemand, Inc.(a)	31,000	1,212,410
eBay, Inc.(a)	182,800	7,355,872
Facebook, Inc., Class A(a)	36,400	5,816,356
GoDaddy, Inc., Class A(a)	27,900	1,713,618
LogMeIn, Inc.	26,719	3,087,381
Okta, Inc.(a)	10,919	435,122
Total		39,298,217

Common Stocks (continued)
Issuer	Shares	Value ($)
IT Services 6.7%
DXC Technology Co.	33,340	3,351,670
Euronet Worldwide, Inc.(a)	26,265	2,072,834
Fidelity National Information Services, Inc.	13,800	1,328,940
Pagseguro Digital Ltd., Class A(a)	157,197	6,023,789
Visa, Inc., Class A	80,800	9,665,296
Total		22,442,529
Semiconductors & Semiconductor Equipment 47.4%
Advanced Energy Industries, Inc.(a)	4,100	261,990
Applied Materials, Inc.	212,600	11,822,686
Broadcom Ltd.	81,600	19,229,040
Cavium, Inc.(a)	72,341	5,742,429
Cypress Semiconductor Corp.	147,449	2,500,735
Inphi Corp.(a)	141,064	4,246,027
Integrated Device Technology, Inc.(a)	243,807	7,450,742
Lam Research Corp.	140,583	28,560,842
Lattice Semiconductor Corp.(a)	727,316	4,051,150
Marvell Technology Group Ltd.	285,900	6,003,900
Maxim Integrated Products, Inc.	79,259	4,772,977
Microchip Technology, Inc.	101,200	9,245,632
Micron Technology, Inc.(a),(b)	483,800	25,225,332
ON Semiconductor Corp.(a)	151,218	3,698,792
Qorvo, Inc.(a)	121,084	8,530,368
Synaptics, Inc.(a)	174,800	7,993,604
Teradyne, Inc.	203,354	9,295,311
Total		158,631,557
Software 16.5%
Adobe Systems, Inc.(a)	7,600	1,642,208
Fortinet, Inc.(a)	111,163	5,956,114
Microsoft Corp.	49,100	4,481,357
Nuance Communications, Inc.(a)	662,107	10,428,185
Oracle Corp.	182,200	8,335,650
SailPoint Technologies Holding, Inc.(a)	36,771	760,792
Salesforce.com, Inc.(a)	35,100	4,082,130
Splunk, Inc.(a)	16,458	1,619,303
Synopsys, Inc.(a)	139,689	11,627,712
TiVo Corp.	306,100	4,147,655

Columbia Seligman Premium Technology Growth Fund  | Quarterly Report 2018

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Portfolio of Investments   (continued)
Columbia Seligman Premium Technology Growth Fund, March 31, 2018 (Unaudited)

 

2	Columbia Seligman Premium Technology Growth Fund  | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Seligman Premium Technology Growth Fund, March 31, 2018 (Unaudited)

Abbreviation Legend

ADR	American Depositary Receipt

Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

Fair value measurements

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■	Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■	Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■	Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Columbia Short-Term Cash Fund prices its shares with a floating NAV and no longer seeks to maintain a stable NAV.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Directors (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

Columbia Seligman Premium Technology Growth Fund  | Quarterly Report 2018

3

Portfolio of Investments   (continued)
Columbia Seligman Premium Technology Growth Fund, March 31, 2018 (Unaudited)

Fair value measurements  (continued)
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary	3,468,291	—	—	—	3,468,291
Industrials	375,122	—	—	—	375,122
Information Technology	327,468,692	—	—	—	327,468,692
Telecommunication Services	652,354	—	—	—	652,354
Total Common Stocks	331,964,459	—	—	—	331,964,459
Money Market Funds	—	—	—	3,707,339	3,707,339
Total Investments in Securities	331,964,459	—	—	3,707,339	335,671,798
Investments in Derivatives
Liability
Options Contracts Written	(1,104,404)	—	—	—	(1,104,404)
Total	330,860,055	—	—	3,707,339	334,567,394

See the Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

4	Columbia Seligman Premium Technology Growth Fund  | Quarterly Report 2018