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 811-22328
Columbia Seligman Premium Technology Growth Fund, Inc.
(Exact name of registrant as specified in charter)
225 Franklin Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip code)
Christopher O. Petersen
c/o Columbia Management Investment Advisers, LLC
225 Franklin Street
Boston, Massachusetts 02110
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
225 Franklin Street
Boston, MA 02110
(Name and address of agent for service)
Registrants telephone number, including area code: (800) 345-6611
Date of fiscal year end: December 31
Date of reporting period: December 31, 2018
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. |
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Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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4 | Columbia Seligman Premium Technology Growth Fund | Annual Report 2018 |
Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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6 | Columbia Seligman Premium Technology Growth Fund | Annual Report 2018 |
When the VXN Index (a) is: | Aggregate
Notional Amount of Written Call Options as a Percentage of the Fund’s Holdings in Common Stocks |
17 or less | 25% |
Greater than 17, but less than 18 | Increase up to 50% |
At least 18, but less than 33 | 50% |
At least 33, but less than 34 | Increase up to 90% |
At least 34, but less than 55 | 90% |
At 55 or greater | 0% to 90% |
(a) | The VXN Index is a leading barometer of investor sentiment and market volatility relating to the NASDAQ 100 Index. |
Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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Call option contracts written | ||||||||
Description | Counterparty | Trading
currency |
Notional
amount |
Number
of contracts |
Exercise
price/Rate |
Expiration
date |
Premium
received ($) |
Value ($) |
Apple, Inc. | Deutsche Bank | USD | (362,802) | (23) | 300.00 | 1/17/2020 | (16,610) | (552) |
Apple, Inc. | Deutsche Bank | USD | (1,372,338) | (87) | 290.00 | 1/17/2020 | (58,068) | (2,784) |
Marvell Technology Group Ltd. | Deutsche Bank | USD | (765,787) | (473) | 30.00 | 1/17/2020 | (27,958) | (4,020) |
NASDAQ 100 Stock Index | Deutsche Bank | USD | (241,171,628) | (381) | 6,500.00 | 1/18/2019 | (1,600,811) | (3,392,805) |
Total | (1,703,447) | (3,400,161) |
Put option contracts written | ||||||||
Description | Counterparty | Trading
currency |
Notional
amount |
Number
of contracts |
Exercise
price/Rate |
Expiration
date |
Premium
received ($) |
Value ($) |
Marvell Technology Group Ltd. | Deutsche Bank | USD | (765,787) | (473) | 15.00 | 01/17/2020 | (50,669) | (87,032) |
(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) | The rate shown is the seven-day current annualized yield at December 31, 2018. |
Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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(d) | As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended December 31, 2018 are as follows: |
Issuer | Beginning
shares |
Shares
purchased |
Shares
sold |
Ending
shares |
Realized
gain (loss) — affiliated issuers ($) |
Net
change in unrealized appreciation (depreciation) — affiliated issuers ($) |
Dividends
— affiliated issuers ($) |
Value
— affiliated issuers at end of period ($) |
Columbia Short-Term Cash Fund, 2.459% | ||||||||
4,032,237 | 89,034,134 | (83,766,502) | 9,299,869 | (1,995) | (148) | 102,770 | 9,298,939 |
ADR | American Depositary Receipt |
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). |
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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 | |||||
Communication Services | 28,965,855 | — | — | — | 28,965,855 |
Consumer Discretionary | 4,687,690 | — | — | — | 4,687,690 |
Information Technology | 234,859,008 | — | — | — | 234,859,008 |
Total Common Stocks | 268,512,553 | — | — | — | 268,512,553 |
Money Market Funds | — | — | — | 9,298,939 | 9,298,939 |
Total Investments in Securities | 268,512,553 | — | — | 9,298,939 | 277,811,492 |
Investments in Derivatives | |||||
Liability | |||||
Options Contracts Written | (3,487,193) | — | — | — | (3,487,193) |
Total | 265,025,360 | — | — | 9,298,939 | 274,324,299 |
Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $222,499,268) | $268,512,553 |
Affiliated issuers (cost $9,298,939) | 9,298,939 |
Cash collateral held at broker for: | |
Options contracts written | 750,000 |
Receivable for: | |
Investments sold | 567,405 |
Dividends | 231,333 |
Prepaid expenses | 33,468 |
Total assets | 279,393,698 |
Liabilities | |
Option contracts written, at value (premiums received $1,754,116) | 3,487,193 |
Payable for: | |
Distributions to shareholders | 10,200,039 |
Management services fees | 248,797 |
Stockholder servicing and transfer agent fees | 2,432 |
Compensation of board members | 75,459 |
Compensation of chief compliance officer | 72 |
Other expenses | 65,095 |
Total liabilities | 14,079,087 |
Net assets applicable to outstanding Common Stock | $265,314,611 |
Represented by | |
Paid in capital | 213,305,193 |
Total distributable earnings (loss) (Note 2) | 52,009,418 |
Total - representing net assets applicable to outstanding Common Stock | $265,314,611 |
Shares outstanding applicable to Common Stock | 15,641,833 |
Net asset value per share of outstanding Common Stock | $16.96 |
Market price per share of Common Stock | $16.81 |
12 | Columbia Seligman Premium Technology Growth Fund | Annual Report 2018 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $3,487,235 |
Dividends — affiliated issuers | 102,770 |
Total income | 3,590,005 |
Expenses: | |
Management services fees | 3,480,704 |
Stockholder servicing and transfer agent fees | 16,587 |
Compensation of board members | 29,514 |
Custodian fees | 14,522 |
Printing and postage fees | 53,109 |
Stockholders’ meeting fees | 27,357 |
Audit fees | 37,523 |
Legal fees | 10,166 |
Compensation of chief compliance officer | 70 |
Other | 99,508 |
Total expenses | 3,769,060 |
Net investment loss | (179,055) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 35,915,683 |
Investments — affiliated issuers | (1,995) |
Foreign currency translations | (124) |
Options contracts written | 1,224,165 |
Net realized gain | 37,137,729 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (56,664,006) |
Investments — affiliated issuers | (148) |
Options contracts written | (1,733,077) |
Net change in unrealized appreciation (depreciation) | (58,397,231) |
Net realized and unrealized loss | (21,259,502) |
Net decrease in net assets resulting from operations | $(21,438,557) |
Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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Year
Ended December 31, 2018 |
Year
Ended December 31, 2017 | |
Operations | ||
Net investment loss | $(179,055) | $(895,557) |
Net realized gain | 37,137,729 | 35,073,234 |
Net change in unrealized appreciation (depreciation) | (58,397,231) | 53,130,827 |
Net increase (decrease) in net assets resulting from operations | (21,438,557) | 87,308,504 |
Distributions to stockholders | ||
Net investment income and net realized gains | (39,107,876) | |
Net realized gains | (40,457,871) | |
Total distributions to stockholders (Note 2) | (39,107,876) | (40,457,871) |
Increase in net assets from capital stock activity | 5,389,156 | 395,646 |
Total increase (decrease) in net assets | (55,157,277) | 47,246,279 |
Net assets at beginning of year | 320,471,888 | 273,225,609 |
Net assets at end of year | $265,314,611 | $320,471,888 |
Excess of distributions over net investment income | $(66,002) | $(67,143) |
Year Ended | Year Ended | |||
December 31, 2018 | December 31, 2017 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Distributions reinvested | 253,576 | 5,389,156 | 19,127 | 395,646 |
Total net increase | 253,576 | 5,389,156 | 19,127 | 395,646 |
14 | Columbia Seligman Premium Technology Growth Fund | Annual Report 2018 |
Year ended December 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | |
Per share data | |||||
Net asset value, beginning of period | $20.83 | $17.78 | $17.29 | $17.69 | $16.18 |
Income from investment operations: | |||||
Net investment loss | (0.01) | (0.06) | (0.05) | (0.04) | (0.07) |
Net realized and unrealized gain (loss) | (1.36) | 5.74 | 2.39 | 1.49 | 3.43 |
Total from investment operations | (1.37) | 5.68 | 2.34 | 1.45 | 3.36 |
Less distributions to Stockholders from: | |||||
Net realized gains | (2.50) | (2.63) | (1.85) | (1.85) | (1.85) |
Total distributions to Stockholders | (2.50) | (2.63) | (1.85) | (1.85) | (1.85) |
Net asset value, end of period | $16.96 | $20.83 | $17.78 | $17.29 | $17.69 |
Market price, end of period | $16.81 | $22.25 | $18.74 | $17.93 | $18.93 |
Total return | |||||
Based upon net asset value | (7.77%) | 32.72% | 15.29% | 8.40% | 22.32% |
Based upon market price | (14.42%) | 34.51% | 17.18% | 5.05% | 47.17% |
Ratios to average net assets | |||||
Total gross expenses(a) | 1.15% | 1.16% | 1.17% | 1.17% | 1.17% |
Net investment loss | (0.05%) | (0.28%) | (0.33%) | (0.24%) | (0.41%) |
Supplemental data | |||||
Net assets, end of period (in thousands) | $265,315 | $320,472 | $273,226 | $265,426 | $271,300 |
Portfolio turnover | 34% | 47% | 61% | 61% | 60% |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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Liability derivatives | ||
Risk
exposure category |
Statement
of assets and liabilities location |
Fair value ($) |
Equity risk | Options contracts written, at value | 3,487,193 |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Options
contracts written ($) |
Equity risk | 1,224,165 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Options
contracts written ($) |
Equity risk | (1,733,077) |
Derivative instrument | Average
value ($)* |
Options contracts — written | (1,398,997) |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2018. |
Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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Deutsche
Bank ($) | |
Liabilities | |
Options contracts written | 3,487,193 |
Total financial and derivative net assets | (3,487,193) |
Total collateral received (pledged) (a) | (3,487,193) |
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. |
20 | Columbia Seligman Premium Technology Growth Fund | Annual Report 2018 |
Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
21 |
Excess
of distributions over net investment income ($) |
Accumulated
net realized gain ($) |
Paid
in capital ($) |
180,196 | (180,196) | — |
22 | Columbia Seligman Premium Technology Growth Fund | Annual Report 2018 |
Year Ended December 31, 2018 | Year Ended December 31, 2017 | ||||
Ordinary
income ($) |
Long-term
capital gains ($) |
Total ($) | Ordinary
income ($) |
Long-term
capital gains ($) |
Total ($) |
4,710,707 | 34,397,169 | 39,107,876 | 8,224,787 | 32,233,084 | 40,457,871 |
Undistributed
ordinary income ($) |
Undistributed
long-term capital gains ($) |
Capital
loss carryforwards ($) |
Net
unrealized appreciation ($) |
— | 6,430,669 | — | 45,644,751 |
Federal
tax cost ($) |
Gross
unrealized appreciation ($) |
Gross
unrealized (depreciation) ($) |
Net
unrealized appreciation ($) |
228,679,548 | 74,056,760 | (28,412,009) | 45,644,751 |
Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
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Qualified
dividend income |
Dividends
received deduction |
Capital
gain dividend |
82.60% | 82.31% | $33,600,192 |
Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
31 |
Name,
Address, Year of Birth |
Position
Held With the Fund 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 Director During the Past Five Years |
George
S. Batejan c/o Columbia Management Investment Advisers LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1953 |
Director since January 2018 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 123 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen
Blatz c/o Columbia Management Investment Advisers LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 |
Director since October 2009 | 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-July 2017; Interim President and Chief Executive Officer, BlueCross BlueShield of Minneota (health care insurance), February-July 2018 | 123 | Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January-July 2017 |
32 | Columbia Seligman Premium Technology Growth Fund | Annual Report 2018 |
Name,
Address, Year of Birth |
Position
Held With the Fund 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 Director During the Past Five Years |
Edward
J. Boudreau, Jr. c/o Columbia Management Investment Advisers LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944 |
Director and Chair of the Board since January 2018 | Managing Director, E.J. Boudreau & Associates (consulting) since 2000; FINRA Industry Arbitrator, 2002 – present; Chairman and Chief Executive Officer, John Hancock Investments (asset management), Chairman and Interested Trustee for open-end and closed-end funds offered by John Hancock, 1989-2000; John Hancock Mutual Life Insurance Company, including Senior Vice President and Treasurer and Senior Vice President Information Technology, 1968-1988 | 123 | Former Trustee, Boston Museum of Science (Chair of Finance Committee), 1985-2013; former Trustee, BofA Funds Series Trust (11 funds), 2005-2011 |
Pamela
G. Carlton c/o Columbia Management Investment Advisers LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 |
Director since October 2009 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 | 123 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, Laurel Road Bank (Audit Committee) since 2017 |
Patricia
M. Flynn c/o Columbia Management Investment Advisers LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1950 |
Director since October 2009 | 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 | 123 | Trustee, MA Taxpayers Foundation since 1997; Board of Directors, The MA Business Roundtable since 2003; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010 |
Catherine
James Paglia c/o Columbia Management Investment Advisers LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 |
Director since October 2009 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 123 | 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 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1947 |
Director since April 2016 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 123 | Director, BlueCross BlueShield of South Carolina since April 2008; Board Chair, Hollingsworth Funds since 2016; Advisory Board member, Duke Energy Corp. since October 2016; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018 |
Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
33 |
Name,
Address, Year of Birth |
Position
Held With the Fund 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 Director During the Past Five Years |
William
F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin St. Boston, MA 02110 1960 |
Director and Senior Vice President since October 2009 | Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S.Asset Management & President, Annuities, May 2010-September 2012; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012. | 192 | Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
34 | Columbia Seligman Premium Technology Growth Fund | Annual Report 2018 |
Name,
address and year of birth |
Position
and year first appointed to position for any Fund in the Columbia Funds complex or a predecessor thereof |
Principal occupation(s) during past five years |
Christopher
O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970 |
President and Principal Executive Officer (2015) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007. |
Michael
G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969 |
Chief Financial Officer (Principal Financial Officer) (2009) and Senior Vice President (2019) | Vice President — Accounting and Tax, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009-January 2019 and December 2015-January 2019, respectively). |
Joseph
Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965 |
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) | Vice President — Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously, Vice President — Pricing and Corporate Actions, May 2010-March 2017). |
Paul
B. Goucher 100 Park Avenue New York, NY 10017 Born 1968 |
Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010. |
Thomas
P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972 |
Senior Vice President and Chief Compliance Officer (2012) | Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010. |
Colin
Moore 225 Franklin Street Boston, MA 02110 Born 1958 |
Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan
C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970 |
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously, Vice President and Group Counsel, August 2011 - August 2018); officer of Columbia Funds and affiliated funds since 2005. |
Michael
E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968 |
Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Amy
Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965 |
Vice President (2006) | Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016). |
Lyn
Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960 |
Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
Columbia
Seligman Premium Technology Growth Fund | Annual Report 2018 |
35 |
36 | Columbia Seligman Premium Technology Growth Fund | Annual Report 2018 |
Item 2. | Code of Ethics. |
(a) | The registrant has adopted a code of ethics that applies to the registrants 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 adopted in 2(a) above. |
(c) | During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this items instructions. |
Item 3. | Audit Committee Financial Expert. |
The registrants Board of Trustees has determined that Pamela G. Carlton and Catherine James Paglia, each of whom are members of the registrants Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Ms. Carlton and Ms. Paglia are each independent trustees, as defined in paragraph (a)(2) of this items instructions.
Item 4. | Principal Accountant Fees and Services. |
Fee information below is disclosed for the one series of the registrant whose report to stockholders is 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 December 31, 2018 and December 31, 2017 are approximately as follows:
2018 | 2017 | |
$30,000 |
$29,000 |
Audit Fees include amounts related to the audit of the registrants 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 December 31, 2018 and December 31, 2017 are approximately as follows:
2018 | 2017 | |
$0 |
$0 |
Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrants financial statements and are not reported in Audit Fees above.
During the fiscal years ended December 31, 2018 and December 31, 2017, there were no Audit-Related Fees billed by the registrants principal accountant to the registrants 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 December 31, 2018 and December 31, 2017 are approximately as follows:
2018 | 2017 | |
$6,800 |
$3,900 |
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 December 31, 2018 and December 31, 2017, there were no Tax Fees billed by the registrants principal accountant to the registrants 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 December 31, 2018 and December 31, 2017 are approximately as follows:
2018 | 2017 | |
$0 |
$0 |
All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
Aggregate All Other Fees billed by the registrants principal accountant to the registrants 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 December 31, 2018 and December 31, 2017 are approximately as follows:
2018 | 2017 | |
$110,000 |
$110,000 |
In both fiscal years 2018 and 2017, All Other Fees primarily consist of fees billed for internal control examinations of the registrants transfer agent and investment advisor.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrants Audit Committee is required to pre-approve the engagement of the registrants 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 registrants 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 registrants 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 registrants Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Funds 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 SECs 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 Committees 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 Funds 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 Funds Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
*****
(e)(2) 100% of the services performed for items (b) through (d) above during 2017 and 2015 were pre-approved by the registrants Audit Committee.
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants 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 year ended December 31, 2018 and December 31, 2017 are approximately as follows:
2018 | 2017 | |
$116,800 |
$113,900 |
(h) The registrants Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrants 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 accountants independence.
Item 5. | Audit Committee of Listed Registrants. |
(a) | The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A). Pamela G. Carlton and Catherine James Paglia are each independent trustees and collectively constitute the entire Audit Committee. |
(b) | Not applicable. |
Item 6. | Investments |
(a) | The registrants 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. |
Proxy Voting Policies and Procedures
General. The Funds have delegated to the Investment Manager the responsibility to vote proxies relating to portfolio securities held by the Funds, including Funds managed by subadvisers. In deciding to delegate this responsibility to the Investment Manager, the Board reviewed the policies adopted by the Investment Manager. These included the procedures that the Investment Manager follows when a vote presents a conflict between the interests of the Funds and their shareholders and the Investment Manager and its affiliates.
The Investment Managers policy is to vote all proxies for Fund securities in a manner considered by the Investment Manager to be in the best economic interests of its clients, including the Funds, without regard to any benefit or detriment to the Investment Manager, its employees or its affiliates. The best economic interests of clients is defined for this purpose as the interest of enhancing or protecting the value of client accounts, considered as a group rather than individually, as the Investment Manager determines in its discretion. The Investment Manager endeavors to vote all proxies of which it becomes aware prior to the vote deadline; provided, however, that in certain circumstances the Investment Manager may refrain from voting securities. For instance, the Investment Manager may refrain from voting foreign securities if it determines that the costs of voting outweigh the expected benefits of voting and typically will not vote securities if voting would impose trading restrictions.
The Board may, in its discretion, vote proxies for the Funds. For instance, the Board may determine to vote on matters that may present a material conflict of interest to the Investment Manager.
Oversight. The operation of the Investment Managers proxy voting policy and procedures is overseen by a committee (the Proxy Voting Committee) composed of representatives of the Investment Managers equity investments, equity research, responsible investment, compliance, legal and operations functions. The Proxy Voting
Committee has the responsibility to review, at least annually, the Investment Managers proxy voting policies to ensure consistency with internal policies, regulatory requirements, conflicts of interest and client disclosures. The Board reviews on an annual basis, or more frequently as determined appropriate, the Investment Managers administration of the proxy voting process.
Corporate Governance and Proxy Voting Principles (the Principles). The Investment Manager has adopted the Principles, which set out the Investment Managers views on key issues and the broad principles shaping its approach, as well as the types of related voting action the Investment Manager may take. The Principles also provide indicative examples of key guidelines used in any given region, which illustrate the standards against which voting decisions are considered. The Investment Manager has developed voting stances that align with the Principles and will generally vote in accordance with such voting stances. The Proxy Voting Committee or investment professionals may determine to vote differently from the voting stances on particular proposals in the event it determines that doing so is in the clients best economic interests. The Investment Manager may also consider the voting recommendations of analysts, portfolio managers, subadvisers and information obtained from outside resources, including one or more third party research providers. When proposals are not covered by the voting stances or a voting determination must be made on a case-by-case basis, a portfolio manager, subadviser or analyst will make the voting determination based on his or her determination of the clients best economic interests. In addition, the Proxy Voting Committee may determine proxy votes when proposals require special consideration.
Addressing Conflicts of Interest. The Investment Manager seeks to address potential material conflicts of interest by voting in accordance with predetermined voting stances. In addition, if the Investment Manager determines that a material conflict of interest exists, the Investment Manager will invoke one or more of the following conflict management practices: (i) causing the proxies to be voted in accordance with the recommendations of an independent third party (which may be the Investment Managers proxy voting administrator or research provider); (ii) causing the proxies to be delegated to an independent third party (which may be the Investment Managers proxy voting administrator or research provider); and (iii) in infrequent cases, forwarding the proxies to an Independent Trustee authorized to vote the proxies for the Funds. A member of the Proxy Voting Committee is prohibited from voting on any proposal for which he or she has a conflict of interest by reason of a direct relationship with the issuer or other party affected by a given proposal. Persons making recommendations to the Proxy Voting Committee or its members are required to disclose to the committee any relationship with a party making a proposal or other matter known to the person that would create a potential conflict of interest.
Voting Proxies of Affiliated Underlying Funds. Certain Funds may invest in shares of other Columbia Funds (referred to in this context as underlying funds) and may own substantial portions of these underlying funds. If such Funds are in a master-feeder structure, the feeder fund will either seek instructions from its shareholders with regard to the voting of proxies with respect to the master funds shares and vote such proxies in accordance with such instructions or vote the shares held by it in the same proportion as the vote of all other master fund shareholders. With respect to Funds that hold shares of
underlying funds other than in a master-feeder structure, the holding Funds will typically vote proxies of the underlying funds in the same proportion as the vote of all other holders of the underlying funds shares, unless the Board otherwise instructs.
Proxy Voting Agents. The Investment Manager has retained Institutional Shareholder Services Inc., a third-party vendor, as its proxy voting administrator to implement its proxy voting process and to provide recordkeeping and vote disclosure services. The Investment Manager has retained both Institutional Shareholder Services Inc. and Glass Lewis & Company, LLC to provide proxy research services.
Additional Information. Information regarding how the Columbia Funds (except certain Columbia Funds that do not invest in voting securities) voted proxies relating to portfolio securities during the most recent twelve month period ended June 30 will be available by August 31 of this year free of charge: (i) through the Columbia Funds website at columbiathreadneedleus.com and/or (ii) on the SECs website at www.sec.gov. For a copy of the Investment Managers Principles in effect on the date of this SAI, see Appendix B to the SAI.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Portfolio Managers
Portfolio Manager |
Title |
Role with the Corporation |
Managed the Corporation Since | |||
Paul Wick | Portfolio Manager | Lead Portfolio Manager | 2009 | |||
Braj Agrawal | Portfolio Manager | Co-Portfolio Manager | 2010 | |||
Jeetil Patel | Portfolio Manager | Technology Team Member | 2015 | |||
Christopher Boova | Portfolio Manager | Co-Portfolio Manager | 2017 | |||
Vimal Patel | Portfolio Manager | Technology Team Member | 2018 | |||
Shekhar Pramanick | Portfolio Manager | Technology Team Member | 2018 |
Mr. Wick joined one of the Columbia Management legacy firms or acquired business lines in 1987. Mr. Wick is Team Leader and Portfolio Manager for Technology. Mr. Wick began his investment career in 1987 and earned a B.A. from Duke and an M.B.A. from Duke/Fuqua.
Mr. Agrawal joined the Investment Manager in 2010 as a Managing Trader responsible for derivatives. Mr. Agrawal has been a member of the investment community since 2001 and earned a B.A. in Economics from the University of Illinois at Urbana-Champaign and an M.B.A. from University of Minnesotas Carlson School.
Mr. Jeetil Patel joined the Investment Manager in 2012. Mr. Patel began his investment career in 1998 and earned a B.A. from University of California, Los Angeles.
Mr. Boova joined one of the Columbia Management legacy firms or acquired business lines in 2000. Mr. Boova began his investment career in 1995 and earned two B.S. degrees from Worcester Polytechnic Institute, an M.A. from Georgetown University and an M.B.A. from the Wharton School at the University of Pennsylvania.
Dr. Pramanick joined the Investment Manager in 2012. Dr. Pramanick began his investment career in 1993 and earned a B.S. from the National Institute of Technology, an M.S. from the University of Oregon and a Ph.D. from North Carolina State University.
Mr. Vimal Patel joined the Investment Manager in 2014. Prior to joining the Investment Manager, Mr. Patel was Vice President at Bertram Capital covering technology and business services from 2010 to 2014. Mr. Patel began his investment career in 2001 and earned a B.S. from North Carolina State University, an M.S. from the University of Colorado, Boulder, and an M.B.A. from the Anderson School of Management at the University of California, Los Angeles.
Other Accounts Managed by the Portfolio Managers:
Fund |
Portfolio Manager |
Other Accounts Managed |
Performance |
Ownership | ||||||
Number and type of |
Approximate Total Net Assets (excluding the fund) | |||||||||
For fiscal period ending December 31, 2018, unless otherwise noted | ||||||||||
Columbia Seligman Premium Technology Growth | Paul Wick | 4 RICs 4 PIVs 6 Other accounts |
$6.06 billion $840.53 million $351.77 million |
2 PIVs ($583.96 M) | None | |||||
Braj Agrawal | 10 Other accounts | $0.764 million | None | None | ||||||
Jeetil Patel | 4 RICs 6 Other accounts |
$6.06 billion $3.41 million |
None | None | ||||||
Christopher Boova | 4 RICs 6 Other accounts |
$6.06 billion $5.87 million |
None | None | ||||||
Vimal Patel | 4 RICs 7 Other accounts |
$6.06 billion $3.02 million |
None | None | ||||||
Shekhar Pramanick(a) | 4 RICs 5 Other accounts |
$6.06 billion $5.58 million |
None | None |
Potential Conflicts of Interest:
Like other investment professionals with multiple clients, a Funds portfolio manager(s) may face certain potential conflicts of interest in connection with managing both the Fund and other accounts at the same time. The Investment Manager and the Funds have adopted compliance policies and procedures that attempt to address certain of the potential conflicts that portfolio managers face in this regard. Certain of these conflicts of interest are summarized below.
The management of accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (performance fee accounts), may raise potential conflicts of interest for a portfolio manager by creating an incentive to favor higher fee accounts.
Potential conflicts of interest also may arise when a portfolio manager has personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to the Investment Managers Code of Ethics and certain limited exceptions, the Investment Managers investment professionals do not have the opportunity to invest in client accounts, other than the funds.
A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those Funds and/or accounts. The effects of this potential conflict may be more pronounced where Funds and/or accounts managed by a particular portfolio manager have different investment strategies.
A portfolio manager may be able to select or influence the selection of the broker/dealers that are used to execute securities transactions for the Funds. A portfolio managers decision as to the selection of broker/dealers could produce disproportionate costs and benefits among the Funds and the other accounts the portfolio manager manages.
A potential conflict of interest may arise when a portfolio manager buys or sells the same securities for a Fund and other accounts. On occasions when a portfolio manager considers the purchase or sale of a security to be in the best interests of a Fund as well as other accounts, the Investment Managers trading desk may, to the extent consistent with applicable laws and regulations, aggregate the securities to be sold or bought in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to a Fund or another account if a portfolio manager favors one account over another in allocating the securities bought or sold. The Investment Manager and its Participating Affiliates (including Threadneedle) may coordinate their trading operations for certain types of securities and transactions pursuant to personnel-sharing agreements or similar intercompany arrangements. However, typically the Investment Manager does not coordinate trading activities with a Participating Affiliate with respect to accounts of that Participating Affiliate unless such Participating Affiliate is also providing trading services for accounts managed by the Investment Manager. Similarly, a Participating Affiliate typically does not coordinate trading activities with the Investment Manager with respect to accounts of the Investment Manager unless the Investment Manager is also providing trading services for accounts managed by such Participating Affiliate. As a result, it is possible that the Investment Manager and its Participating Affiliates may trade in the same instruments at the same time, in the same or opposite direction or in different sequence, which could negatively impact the prices paid by the Fund on such instruments. Additionally, in circumstances where trading services are being provided on a coordinated basis for the Investment Managers accounts (including the Funds) and the accounts of one or more Participating Affiliates in accordance with applicable law, it is possible that the allocation opportunities available to the Funds may be decreased, especially for less actively traded securities, or orders may take longer to execute, which may negatively impact Fund performance.
Cross trades, in which a portfolio manager sells a particular security held by a Fund to another account (potentially saving transaction costs for both accounts), could involve a potential conflict of interest if, for example, a portfolio manager is permitted to sell a security from one account to another account at a higher price than an independent third party would pay. The Investment Manager and the Funds have adopted compliance procedures that provide that any transactions between a Fund and another account managed by the Investment Manager are to be made at a current market price, consistent with applicable laws and regulations.
Another potential conflict of interest may arise based on the different investment objectives and strategies of a Fund and other accounts managed by its portfolio manager(s). Depending on another accounts objectives and other factors, a portfolio manager may give advice to and make decisions for a Fund that may differ from advice given, or the timing or nature of decisions made, with respect to another account. A portfolio managers investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a portfolio manager may buy or sell a particular security for certain accounts, and not for a Fund, even though it could have been bought or sold for the Fund at the same time. A portfolio manager also may buy a particular security for one or more accounts when one or more other accounts are selling the security (including short sales). There may be circumstances when a portfolio managers purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts, including the Funds.
To the extent a Fund invests in underlying funds, a portfolio manager will be subject to additional potential conflicts of interest. Because of the structure of funds-of-funds, the potential conflicts of interest for the portfolio managers may be different than the potential conflicts of interest for portfolio managers who manage other Funds. The Investment Manager and its affiliates may receive higher compensation as a result of allocations to underlying funds with higher fees.
A Funds portfolio manager(s) also may have other potential conflicts of interest in managing the Fund, and the description above is not a complete description of every conflict that could exist in managing the Fund and other accounts. Many of the potential conflicts of interest to which the Investment Managers portfolio managers are subject are essentially the same or similar to the potential conflicts of interest related to the investment management activities of the Investment Manager and its affiliates.
Structure of Compensation:
Portfolio manager compensation is typically comprised of (i) a base salary and (ii) an annual cash bonus. The annual cash bonus, and in most instances the base salary, are paid from a team compensation pool that is based on fees and performance of the accounts managed by the portfolio management team, which might include mutual funds, wrap accounts, institutional portfolios and hedge funds.
The percentage of management fees on mutual funds that fund the bonus pool is based on the short term (typically one-year) and long-term (typically three-year and five-year) performance of those accounts in relation to the relevant peer group universe.
The pool is also funded by a percentage of the management fees on long-only institutional separate accounts, that percentage being based on the source of the account in question, and by a fixed percentage of management fees on hedge funds and separately managed accounts that follow a hedge fund mandate.
The percentage of performance fees on hedge funds and separately managed accounts that follow a hedge fund mandate that fund the bonus pool is based on the absolute level of each hedge funds current year investment return.
For all employees the benefit programs generally are the same and are competitive within the financial services industry. Employees participate in a wide variety of plans, including options in Medical, Dental, Vision, Health Care and Dependent Spending Accounts, Life Insurance, Long Term Disability Insurance, 401(k), and a cash balance pension plan.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
The Fund has a share repurchase plan approved by the Funds Board of Directors, which authorizes repurchases of the Funds common stock in the open market at times when shares are trading at a discount from NAV and in an amount approximately sufficient to offset the growth in the number of common shares attributable to the reinvestment of the portion of its distributions to common stockholders attributable to distributions received from portfolio investments less Fund expenses. The Fund has not repurchased shares during the period.
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 registrants board of directors.
Item 11. | Controls and Procedures. |
(a) | The registrants principal executive officer and principal financial officer, based on their evaluation of the registrants 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 material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrants 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 registrants 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 registrants internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not applicable.
Item 13. | Exhibits. |
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
(a)(3) None.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) Columbia Seligman Premium Technology Growth Fund, Inc.
By (Signature and Title) /s/ Christopher O. Petersen
Christopher O. Petersen, President and Principal Executive Officer
Date February 21, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Christopher O. Petersen
Christopher O. Petersen, President and Principal Executive Officer
Date February 21, 2019
By (Signature and Title) /s/ Michael G. Clarke
Michael G. Clarke, Chief Financial Officer
Date February 21, 2019
Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers |
COLUMBIA FUNDS
Applicable Regulatory Authority | Section 406 of the Sarbanes-Oxley Act of 2002; Item 2 of Form N-CSR | |
Related Policies | Overview and Implementation of Compliance Program Policy | |
Requires Annual Board Approval | No but Covered Officers Must provide annual certification | |
Last Reviewed by AMC | June 2018 |
Overview and Statement
Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:
| Whether it has adopted a code of ethics that applies to the investment companys principal executive officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and |
| Any amendments to, or waivers from, the code of ethics relating to such officers. |
The Board of each Fund has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the Code), which sets forth the ethical standards to which the Fund holds its principal executive officer and each of its senior financial officers.
This Code should be read and interpreted in conjunction with the Overview and Implementation of Compliance Program Policy.
Policy The Board of each Fund has adopted the Code in order to comply with applicable regulatory requirements as outlined below:
I. | Covered Officers/Purpose of the Code |
This Code applies to the Funds Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the Covered Officers) for the purpose of promoting:
| Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
| Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund; |
| Compliance with applicable laws and governmental rules and regulations; |
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential | Page 1 of 9 |
| The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
| Accountability for adherence to the Code. |
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.
II. | Administration of the Code |
The Board has designated an individual to be primarily responsible for the administration of the Code (the Code Officer). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.
The Board has designated a person who meets the definition of a Chief Legal Officer (the CLO) for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Funds CLO. The CLO of the Fund shall assist the Funds Code Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.
III. | Managing Conflicts of Interest |
A conflict of interest occurs when a Covered Officers personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officers position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Funds and its Advisers compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.
Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a Primary Service Provider) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential | Page 2 of 9 |
Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Fund that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Fund covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.
This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Fund. Certain examples of such conflicts of interest follow.
Each Covered Officer must:
| Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund; |
| Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer, or a member of his or her family, rather than the benefit of the Fund; |
| Not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and |
| Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may give rise to conflicts of interest with respect to the Fund. |
If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Funds outside counsel, or counsel to the Independent Board Members, as appropriate.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential | Page 3 of 9 |
Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:
| Service as a director on the board of a public or private company or service as a public official; |
| The receipt of a non-de minimus gift when the gift is in relation to doing business directly or indirectly with the Fund; |
| The receipt of entertainment from any company with which the Fund has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; |
| An ownership interest in, or any consulting or employment relationship with, any of the Funds service providers, other than the Primary Service Providers or any affiliated person thereof; and |
| A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officers employment, such as compensation or equity ownership. |
IV. | Disclosure and Compliance |
It is the responsibility of each Covered Officer:
| To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as the business and financial operations of the Fund; |
| To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Funds Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations; |
| To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and |
| To adhere to and, within his or her area of responsibility, promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. |
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential | Page 4 of 9 |
V. | Reporting and Accountability by Covered Officers |
Each Covered Officer must:
| Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Funds Board that he or she has received, read and understands the Code, using the form attached as Appendix A hereto; |
| Annually thereafter acknowledge in writing to the Funds Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto; |
| Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and |
| Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code. |
The Fund will follow the policy set forth below in investigating and enforcing this Code:
| The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to him or her; |
| If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so notify the person(s) reporting the potential violation, and no further action is required; |
| Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the Code Officer or the CLO to the Funds Audit Committee; |
| The Funds Audit Committee will be responsible for granting waivers, as appropriate; and |
| This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules. |
VI. | Other Policies |
This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Funds Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds and its Advisers and principal underwriters codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential | Page 5 of 9 |
VII. | Disclosure of Amendments to the Code |
Any amendments will, to the extent required, be disclosed in accordance with law.
VIII. | Confidentiality |
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Funds Board, the Covered Officers, the Code Officer, the CLO, the Funds Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.
IX. | Internal Use |
The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.
Reporting Requirements
Each Covered Officer must annually acknowledge in writing to the Funds Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.
The Code Officer or CLO shall report to the Funds Audit Committee any violations of, or material issues arising under, this Code.
If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Funds Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Funds Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.
All material amendments to this Code must be in writing and approved or ratified by the Funds Board, including a majority of the Independent Board Members.
The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.
Any issues that arise under this policy should be communicated to an employees immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential | Page 6 of 9 |
Monitoring/Oversight/Escalation
The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.
Recordkeeping
All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential | Page 7 of 9 |
Appendix A
INITIAL ACKNOWLEDGEMENT
I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the Code) and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.
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I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Funds outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.
Covered Officer Name and Title:
(please print)
Signature | Date |
Please return this completed form to the CLO ( ) within one week from the date of your review of these documents. Thank you!
Appendix B
ANNUAL ACKNOWLEDGEMENT
I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the Code) and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.
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I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.1
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I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.
Covered Officer Name and Title:
(please print)
Signature | Date |
Please return this completed form to the CLO ( ) within one week from the date of your receipt of a request to complete and return it. Thank you!
1 | It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again. |
I, Christopher O. Petersen, certify that:
1. | I have reviewed this report on Form N-CSR of Columbia Seligman Premium Technology Growth Fund, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | disclosed in this report any change in the registrants 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 registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: February 21, 2019 | /s/ Christopher O. Petersen | |||
Christopher O. Petersen, President and Principal Executive Officer |
I, Michael G. Clarke, certify that:
1. | I have reviewed this report on Form N-CSR of Columbia Seligman Premium Technology Growth Fund, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | disclosed in this report any change in the registrants 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 registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: February 21, 2019 | /s/ Michael G. Clarke | |||
Michael G. Clarke, Chief Financial Officer |
CERTIFICATION PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
In connection with the Certified Shareholder Report of Columbia Seligman Premium Technology Growth Fund, Inc. (the Trust) on Form N-CSR for the period ending December 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the Report), the undersigned hereby certifies that, to his knowledge:
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. |
Date: February 21, 2019 | /s/ Christopher O. Petersen | |||
Christopher O. Petersen, President and Principal Executive Officer | ||||
Date: February 21, 2019 | /s/ Michael G. Clarke | |||
Michael G. Clarke, Chief Financial Officer |
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the Commission) or its staff upon request.
This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.
Dear Stockholder,
On August 21, 2018 (the Payment Date), pursuant to its managed distribution policy, Columbia Seligman Premium Technology Growth Fund, Inc. (NYSE: STK) (the Fund) paid a distribution in the amount of $0.4625 per share of common stock to stockholders of record on August 13, 2018, which is equal to a quarterly rate of 2.3125% (9.25% annualized) of the $20.00 offering price in the Funds initial public offering in November 2009. The third-quarter distribution of $0.4625 per share is equal to a quarterly rate of 2.1363% (8.55% annualized) of the Funds market price of $21.65 per share as of July 31, 2018.
Prior to the managed distribution policy, the Fund paid distributions pursuant to a level rate distribution policy. Under its former distribution policy and consistent with the Investment Company Act of 1940, as amended, the Fund could not distribute long-term capital gains, as defined in the Internal Revenue Code of 1986, more often than once in any one taxable year.
In October 2010, the Fund received exemptive relief from the Securities and Exchange Commission that permits the Fund to distribute long-term capital gains more often than once in any one taxable year. After consideration by the Funds Board, the Fund adopted the current managed distribution policy which allows the Fund to make periodic distributions of long-term capital gains.
The following table sets forth the estimated breakdown of the distribution noted above, on a per share basis, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital or other capital source.
Breakdown of Distribution | ||||||||
Sources |
% | US Dollar | ||||||
Net Investment Income |
0.00 | % | $ | 0.0000 | ||||
Net Realized Short-Term Capital Gains |
11.50 | % | $ | 0.0532 | ||||
Net Realized Long-Term Capital Gains |
88.50 | % | $ | 0.4093 | ||||
Return of Capital or other Capital Source |
0.00 | % | $ | 0.0000 | ||||
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Total |
100.00 | % | $ | 0.4625 | ||||
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The following table sets forth the estimated breakdown, on a per share basis, of all distributions made by the Fund during the year-to-date period ended on the Payment Date (includes the dividend payment noted in the table above) from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital or other capital source.
Breakdown of All Distributions Paid Through Year-To-Date Period Ended on the Payment Date |
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Sources |
% | US Dollar | ||||||
Net Investment Income |
0.00 | % | $ | 0.0000 | ||||
Net Realized Short-Term Capital Gains |
12.43 | % | $ | 0.1725 | ||||
Net Realized Long-Term Capital Gains |
87.57 | % | $ | 1.2150 | ||||
Return of Capital or other Capital Source |
0.00 | % | $ | 0.0000 | ||||
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Total |
100.00 | % | $ | 1.3875 | ||||
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Historically, the Fund has distributed more than its income and net realized capital gains, which has resulted in Fund distributions substantially consisting of return of capital or other capital source. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income. As of the payment date of the current distribution, all Fund distributions paid in 2018 (as estimated by the Fund based on current information) are from the earnings and profits of the Fund and not a return of capital. This could change during the remainder of the year, as further described below.
The amounts, sources and percentage breakdown of the distributions reported in this Notice are only estimates and are not being provided for, and should not be used for, tax reporting purposes. The actual amounts, sources and percentage breakdown of the distribution for tax reporting purposes, which may include return of capital, will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.
The following table sets forth (i) the average annual total return of a share of the Funds common stock at net asset value (NAV) for the period since inception of Fund investment operations through the period noted and (ii) the Funds annualized distribution rate, for the same period, expressed as a percentage of the NAV price of a share of the Funds common stock at July 31, 2018. Average annual total return of a share of the Funds common stock at NAV for the period since inception of Fund investment operations through the period noted includes the 4.50% sales load assessed to IPO investors.
Average Annual Total NAV Return for the Period Since Inception of Investment Operations (November 30, 2009) Through July 31, 2018 |
12.90 | % | ||
Annualized Distribution Rate as a Percentage of July 31, 2018 NAV Price |
8.76 | % |
The following table sets forth (i) the cumulative total return (at NAV) of a share of the Funds common stock for the year-to-date period ended July 31, 2018 and (ii) the Funds distribution rate, for the same period, expressed as a percentage of the NAV price of a share of the Funds common stock at July 31, 2018.
Cumulative Total NAV Return for the Year-to-Date Period Ended July 31, 2018 |
7.96 | % | ||
Distribution Rate as a Percentage of July 31, 2018 NAV Price |
4.29 | % |
Past performance does not guarantee future results.
You should not draw any conclusions about the Funds investment performance from the amount of the distributions noted in the tables above or from the terms of the Funds distribution policy.
The Fund or your financial professional will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions on your US federal income tax return. For tax purposes, the Fund is required to report unrealized gains or losses on certain non-US investments as ordinary income or loss, respectively. Accordingly, the amount of the Funds total distributions that will be taxable as ordinary income may be different than the amount of the distributions from net investment income reported above.
The Board may change the Funds distribution policy and the amount or timing of the distributions, based on a number of factors, including, but not limited to, the amount of the Funds undistributed net investment income and net short- and long-term capital gains and historical and projected net investment income and net short- and long-term capital gains.
Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. You can obtain the Funds most recent periodic reports and other regulatory filings by contacting your financial advisor or visiting www.columbiathreadneedle.com. These reports and other filings can also be found on the Securities and Exchange Commissions EDGAR Database. You should read these reports and other filings carefully before investing.
The Fund expects to receive all or some of its current income and gains from the following sources: (i) dividends received by the Fund that are paid on the equity and equity-related securities in its portfolio; and (ii) capital gains (short-term and long-term) from option premiums and the sale of portfolio securities. It is possible that the Funds distributions will at times exceed the earnings and profits of the Fund and therefore all or a portion of such distributions may constitute a return of capital. A return of capital is a return of your original investment. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income.
Distributions that qualify as a return of capital are a return of some or all of your original investment in the Fund. A return of capital reduces a stockholders tax basis in his or her shares. Once the tax basis in your shares has been reduced to zero, any further return of capital may be taxable as capital gain. Shareholders should consult their tax advisor or tax attorney for proper treatment.
Distributions may be variable, and the Funds distribution rate will depend on a number of factors, including the net earnings on the Funds portfolio investments and the rate at which such net earnings change as a result of changes in the timing of, and rates at which, the Fund receives income from the sources noted above.
Investment products are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
The Fund should only be considered as one element of a complete investment program. An investment in the Fund should be considered speculative. The Funds investment policy of investing in technology and technology-related companies and writing call options involves a high degree of risk.
There is no assurance that the Fund will meet its investment objectives or that distributions will be made. You could lose some or all of your investment. In addition, closed-end funds frequently trade at a discount to their net asset values, which may increase your risk of loss.
The market prices of technology and technology-related stocks tend to exhibit a greater degree of market risk and price volatility than other types of investments. These stocks may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. These stocks also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services. Technology and technology-related companies are often smaller and less experienced companies and may be subject to greater risks than larger companies, such as limited product lines, markets and financial and managerial resources. These risks may be heightened for technology companies in foreign markets.
The Columbia Seligman Premium Technology Growth Fund is managed by Columbia Management Investment Advisers, LLC. This material is distributed by Columbia Management Investment Distributors, Inc., member FINRA.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804
© 2018 Columbia Management Investment Advisers, LLC
columbiathreadneedle.com/us
AdTrax 2199002
Dear Stockholder,
On November 20, 2018 (the Payment Date), pursuant to its managed distribution policy, Columbia Seligman Premium Technology Growth Fund, Inc. (NYSE: STK) (the Fund) paid a distribution in the amount of $0.4625 per share of common stock to stockholders of record on November 13, 2018, which is equal to a quarterly rate of 2.3125% (9.25% annualized) of the $20.00 offering price in the Funds initial public offering in November 2009. The fourth-quarter distribution of $0.4625 per share is equal to a quarterly rate of 2.4051% (9.62% annualized) of the Funds market price of $19.23 per share as of October 31, 2018.
Prior to the managed distribution policy, the Fund paid distributions pursuant to a level rate distribution policy. Under its former distribution policy and consistent with the Investment Company Act of 1940, as amended, the Fund could not distribute long-term capital gains, as defined in the Internal Revenue Code of 1986, more often than once in any one taxable year.
In October 2010, the Fund received exemptive relief from the Securities and Exchange Commission that permits the Fund to distribute long-term capital gains more often than once in any one taxable year. After consideration by the Funds Board, the Fund adopted the current managed distribution policy which allows the Fund to make periodic distributions of long-term capital gains.
The following table sets forth the estimated breakdown of the distribution noted above, on a per share basis, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital or other capital source.
Breakdown of Distribution | ||||||||
Sources |
% | US Dollar | ||||||
Net Investment Income |
0.00 | % | $ | 0.0000 | ||||
Net Realized Short-Term Capital Gains |
9.25 | % | $ | 0.0428 | ||||
Net Realized Long-Term Capital Gains |
90.75 | % | $ | 0.4197 | ||||
Return of Capital or other Capital Source |
0.00 | % | $ | 0.0000 | ||||
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Total |
100.00 | % | $ | 0.4625 | ||||
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The following table sets forth the estimated breakdown, on a per share basis, of all distributions made by the Fund during the year-to-date period ended on the Payment Date (includes the dividend payment noted in the table above) from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital or other capital source.
Breakdown of All Distributions Paid Through Year-To-Date Period Ended on the Payment Date |
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Sources |
% | US Dollar | ||||||
Net Investment Income |
0.00 | % | $ | 0.0000 | ||||
Net Realized Short-Term Capital Gains |
11.64 | % | $ | 0.2153 | ||||
Net Realized Long-Term Capital Gains |
88.36 | % | $ | 1.6347 | ||||
Return of Capital or other Capital Source |
0.00 | % | $ | 0.0000 | ||||
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Total |
100.00 | % | $ | 1.8500 | ||||
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Historically, the Fund has distributed more than its income and net realized capital gains, which has resulted in Fund distributions substantially consisting of return of capital or other capital source. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income. As of the payment date of the current distribution, all Fund distributions paid in 2018 (as estimated by the Fund based on current information) are from the earnings and profits of the Fund and not a return of capital. This could change during the remainder of the year, as further described below.
The amounts, sources and percentage breakdown of the distributions reported in this Notice are only estimates and are not being provided for, and should not be used for, tax reporting purposes. The actual amounts, sources and percentage breakdown of the distribution for tax reporting purposes, which may include return of capital, will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.
The following table sets forth (i) the average annual total return of a share of the Funds common stock at net asset value (NAV) for the period since inception of Fund investment operations through the period noted and (ii) the Funds annualized distribution rate, for the same period, expressed as a percentage of the NAV price of a share of the Funds common stock at October 31, 2018. Average annual total return of a share of the Funds common stock at NAV for the period since inception of Fund investment operations through the period noted includes the 4.50% sales load assessed to IPO investors.
Average Annual Total NAV Return for the Period Since Inception of Investment Operations (November 30, 2009) Through October 31, 2018 |
11.53 | % | ||
Annualized Distribution Rate as a Percentage of October 31, 2018 NAV Price (For the Period Since Inception of Investment Operations (November 30, 2009) through October 31, 2018) |
9.67 | % |
The following table sets forth (i) the cumulative total return (at NAV) of a share of the Funds common stock for the year-to-date period ended October 31, 2018 and (ii) the Funds distribution rate, for the same period, expressed as a percentage of the NAV price of a share of the Funds common stock at October 31, 2018.
Cumulative Total NAV Return for the Year-to-Date Period Ended October 31, 2018 |
-0.19 | % | ||
Distribution Rate as a Percentage of October 31, 2018 NAV Price (For the Year-to-Date Period Ended October 31, 2018) |
7.12 | % |
Past performance does not guarantee future results.
You should not draw any conclusions about the Funds investment performance from the amount of the distributions noted in the tables above or from the terms of the Funds distribution policy.
The Fund or your financial professional will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions on your US federal income tax return. For tax purposes, the Fund is required to report unrealized gains or losses on certain non-US investments as ordinary income or loss, respectively. Accordingly, the amount of the Funds total distributions that will be taxable as ordinary income may be different than the amount of the distributions from net investment income reported above.
The Board may change the Funds distribution policy and the amount or timing of the distributions, based on a number of factors, including, but not limited to, the amount of the Funds undistributed net investment income and net short- and long-term capital gains and historical and projected net investment income and net short- and long-term capital gains.
Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. You can obtain the Funds most recent periodic reports and other regulatory filings by contacting your financial advisor or visiting www.columbiathreadneedle.com. These reports and other filings can also be found on the Securities and Exchange Commissions EDGAR Database. You should read these reports and other filings carefully before investing.
The Fund expects to receive all or some of its current income and gains from the following sources: (i) dividends received by the Fund that are paid on the equity and equity-related securities in its portfolio; and (ii) capital gains (short-term and long-term) from option premiums and the sale of portfolio securities. It is possible that the Funds distributions will at times exceed the earnings and profits of the Fund and therefore all or a portion of such distributions may constitute a return of capital. A return of capital is a return of your original investment. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income.
Distributions that qualify as a return of capital are a return of some or all of your original investment in the Fund. A return of capital reduces a stockholders tax basis in his or her shares. Once the tax basis in your shares has been reduced to zero, any further return of capital may be taxable as capital gain. Shareholders should consult their tax advisor or tax attorney for proper treatment.
Distributions may be variable, and the Funds distribution rate will depend on a number of factors, including the net earnings on the Funds portfolio investments and the rate at which such net earnings change as a result of changes in the timing of, and rates at which, the Fund receives income from the sources noted above.
Investment products are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
The Fund should only be considered as one element of a complete investment program. An investment in the Fund should be considered speculative. The Funds investment policy of investing in technology and technology-related companies and writing call options involves a high degree of risk.
There is no assurance that the Fund will meet its investment objectives or that distributions will be made. You could lose some or all of your investment. In addition, closed-end funds frequently trade at a discount to their net asset values, which may increase your risk of loss.
The market prices of technology and technology-related stocks tend to exhibit a greater degree of market risk and price volatility than other types of investments. These stocks may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. These stocks also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services. Technology and technology-related companies are often smaller and less experienced companies and may be subject to greater risks than larger companies, such as limited product lines, markets and financial and managerial resources. These risks may be heightened for technology companies in foreign markets.
The Columbia Seligman Premium Technology Growth Fund is managed by Columbia Management Investment Advisers, LLC. This material is distributed by Columbia Management Investment Distributors, Inc., member FINRA.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804
© 2018 Columbia Management Investment Advisers, LLC
columbiathreadneedle.com/us
AdTrax 2301415
Dear Stockholder,
On January 22, 2019 (the Payment Date), Columbia Seligman Premium Technology Growth Fund, Inc. (NYSE: STK) (the Fund) paid a special fourth quarter distribution, beyond its typical quarterly managed distribution policy, in the amount of $0.6521 per share of common stock to stockholders of record on December 17, 2018. A federal excise tax of 4% applies to funds that do not distribute substantially all of their annual income (including net gains) before the end of their fiscal year. The Funds income for the fiscal year ended 2018 exceeded the amounts previously distributed pursuant to the quarterly distribution policy. The Fund distributed this excess income so that it would not incur the 4% federal excise tax in 2018.
It is anticipated that the Fund will make a subsequent distribution under its managed distribution policy in the month of February.
Prior to the managed distribution policy, the Fund paid distributions pursuant to a level rate distribution policy. Under its former distribution policy and consistent with the Investment Company Act of 1940, as amended, the Fund could not distribute long-term capital gains, as defined in the Internal Revenue Code of 1986, more often than once in any one taxable year.
In October 2010, the Fund received exemptive relief from the Securities and Exchange Commission that permits the Fund to distribute long-term capital gains more often than once in any one taxable year. After consideration by the Funds Board, the Fund adopted the current managed distribution policy which allows the Fund to make periodic distributions of long-term capital gains.
The following table sets forth the estimated breakdown of the distribution noted above, on a per share basis, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital or other capital source.
Breakdown of Distribution | ||||||||
Sources |
% | US Dollar | ||||||
Net Investment Income |
0.00 | % | $ | 0.0000 | ||||
Net Realized Short-Term Capital Gains |
15.73 | % | $ | 0.1026 | ||||
Net Realized Long-Term Capital Gains |
84.27 | % | $ | 0.5495 | ||||
Return of Capital or other Capital Source |
0.00 | % | $ | 0.0000 | ||||
|
|
|
|
|||||
Total |
100.00 | % | $ | 0.6521 | ||||
|
|
|
|
The following table sets forth the estimated breakdown, on a per share basis, of all distributions made by the Fund during the year-to-date period ended on the Payment Date (includes the distribution noted in the table above) from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital or
other capital source.
Breakdown of All Distributions Paid
Through Year-To-Date Period Ended on the Payment Date |
||||||||
Sources |
% | US Dollar | ||||||
Net Investment Income |
0.00 | % | $ | 0.0000 | ||||
Net Realized Short-Term Capital Gains |
12.71 | % | $ | 0.3179 | ||||
Net Realized Long-Term Capital Gains |
87.29 | % | $ | 2.1842 | ||||
Return of Capital or other Capital Source |
0.00 | % | $ | 0.0000 | ||||
|
|
|
|
|||||
Total |
100.00 | % | $ | 2.5021 | ||||
|
|
|
|
While 2018 year-to-date Fund distributions do not include any return of capital, the Fund has, from time to time over its life, made distributions that consisted, in whole or in part, of return of capital or other capital source. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income. As of the payment date of the current distribution, all Fund distributions paid in 2018 (as estimated by the Fund based on current information) are from the earnings and profits of the Fund and not a return of capital. This could change during the remainder of the year, as further described below.
The amounts, sources and percentage breakdown of the distributions reported above are only estimates and are not being provided for, and should not be used for, tax reporting purposes. The actual amounts, sources and percentage breakdown of the distribution for tax reporting purposes, which may include return of capital, will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.
The following table sets forth (i) the average annual total return of a share of the Funds common stock at net asset value (NAV) for the period since inception of Fund investment operations through the period noted and (ii) the Funds annualized distribution rate, for the same period, expressed as a percentage of the NAV price of a share of the Funds common stock at November 30, 2018. Average annual total return of a share of the Funds common stock at NAV for the period since inception of Fund investment operations through the period noted includes the 4.50% sales load assessed to IPO investors.
Average Annual Total NAV Return for the Period Since Inception of Investment Operations (November 30, 2009) Through November 30, 2018 |
11.57 | % | ||
Annualized Distribution Rate as a Percentage of November 30, 2018 NAV Price |
9.77 | % |
The following table sets forth (i) the cumulative total return (at NAV) of a share of the Funds common stock for the year-to-date period ended November 30, 2018 and (ii) the Funds distribution rate, for the same period, expressed as a percentage of the NAV price of a share of the Funds common stock at November 30, 2018.
Cumulative Total NAV Return for the Year-to-Date Period Ended November 30, 2018 |
1.09 | % | ||
Distribution Rate as a Percentage of November 30, 2018 NAV Price |
9.60 | % |
Past performance does not guarantee future results.
You should not draw any conclusions about the Funds investment performance from the amount of the distributions noted in the tables above or from the terms of the Funds distribution policy.
The Fund or your financial professional will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions on your US federal income tax return. For tax purposes, the Fund is required to report unrealized gains or losses on certain non-US investments as ordinary income or loss, respectively. Accordingly, the amount of the Funds total distributions that will be taxable as ordinary income may be different than the amount of the distributions from net investment income reported above.
The Board may change the Funds distribution policy and the amount or timing of the distributions, based on a number of factors, including, but not limited to, the amount of the Funds undistributed net investment income and net short- and long-term capital gains and historical and projected net investment income and net short- and long-term capital gains.
Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. You can obtain the Funds most recent periodic reports and other regulatory filings by contacting your financial advisor or visiting www.columbiathreadneedle.com. These reports and other filings can also be found on the Securities and Exchange Commissions EDGAR Database. You should read these reports and other filings carefully before investing.
The Fund expects to receive all or some of its current income and gains from the following sources: (i) dividends received by the Fund that are paid on the equity and equity-related securities in its portfolio; and (ii) capital gains (short-term and long-term) from option premiums and the sale of portfolio securities. It is possible that the Funds distributions will at times exceed the earnings and profits of the Fund and therefore all or a portion of such distributions may constitute a return of capital. A return of capital is a return of your original investment. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income.
Distributions that qualify as a return of capital are a return of some or all of your original investment in the Fund. A return of capital reduces a stockholders tax basis in his or her shares. Once the tax basis in your shares has been reduced to zero, any further return of capital may be taxable as capital gain. Shareholders should consult their tax advisor or tax attorney for proper treatment.
Distributions may be variable, and the Funds distribution rate will depend on a number of factors, including the net earnings on the Funds portfolio investments and the rate at which such net earnings change as a result of changes in the timing of, and rates at which, the Fund receives income from the sources noted above.
Investment products are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
The Fund should only be considered as one element of a complete investment program. An investment in the Fund should be considered speculative. The Funds investment policy of investing in technology and technology-related companies and writing call options involves a high degree of risk.
There is no assurance that the Fund will meet its investment objectives or that distributions will be made. You could lose some or all of your investment. In addition, closed-end funds frequently trade at a discount to their net asset values, which may increase your risk of loss.
The market prices of technology and technology-related stocks tend to exhibit a greater degree of market risk and price volatility than other types of investments. These stocks may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. These stocks also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services. Technology and technology-related companies are often smaller and less experienced companies and may be subject to greater risks than larger companies, such as limited product lines, markets and financial and managerial resources. These risks may be heightened for technology companies in foreign markets.
The Columbia Seligman Premium Technology Growth Fund is managed by Columbia Management Investment Advisers, LLC. This material is distributed by Columbia Management Investment Distributors, Inc., member FINRA.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804
© 2018 Columbia Management Investment Advisers, LLC
columbiathreadneedle.com/us
AdTrax 2337903