Multi-Manager Value Strategies Fund
Third Quarter Report
February 28, 2026 (Unaudited)
Not FDIC or NCUA Insured
No Financial Institution Guarantee
May Lose Value

Portfolio of Investments
Multi-Manager Value Strategies Fund, February 28, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.3%
Issuer
Shares
Value ($)
Communication Services 4.7%
Diversified Telecommunication Services 1.6%
AT&T, Inc.
1,032,535
28,921,305
Comcast Corp., Class A
820,706
25,409,058
GCI Liberty, Inc., Class C(a)
222
8,736
Globalstar, Inc.(a)
22,839
1,422,185
Verizon Communications, Inc.
657,382
32,961,133
Total
88,722,417
Entertainment 1.1%
Walt Disney Co. (The)
561,165
59,505,936
Interactive Media & Services 1.6%
Alphabet, Inc., Class A
115,535
36,019,192
Meta Platforms, Inc., Class A
83,473
54,105,529
Total
90,124,721
Media 0.1%
Fox Corp., Class A
56,635
3,190,816
Fox Corp., Class B
42,667
2,207,164
Total
5,397,980
Wireless Telecommunication Services 0.3%
T-Mobile US, Inc.
78,712
17,087,588
Total Communication Services
260,838,642
Consumer Discretionary 9.3%
Automobile Components 0.3%
Aptiv PLC(a)
71,563
5,262,743
Autoliv, Inc.
37,671
4,464,767
BorgWarner, Inc.
91,612
5,274,103
Lear Corp.
27,011
3,545,193
Phinia, Inc.
154
11,185
Total
18,557,991
Automobiles 0.8%
General Motors Co.
535,124
42,119,610
Broadline Retail 1.7%
Amazon.com, Inc.(a)
374,385
78,620,850
Dillard’s, Inc., Class A
1,505
907,199
eBay, Inc.
131,708
11,966,989
Total
91,495,038
Common Stocks (continued)
Issuer
Shares
Value ($)
Diversified Consumer Services 0.0%
Grand Canyon Education, Inc.(a)
11,421
1,816,738
Hotels, Restaurants & Leisure 2.1%
Boyd Gaming Corp.
28,755
2,393,279
Brinker International, Inc.(a)
6,985
1,035,177
Carnival Corp.
375,358
11,842,545
Chipotle Mexican Grill, Inc.(a)
208,737
7,769,191
Las Vegas Sands Corp.
98,581
5,591,514
McDonald’s Corp.
84,230
28,727,484
Norwegian Cruise Line Holdings Ltd.(a)
228,450
5,663,276
Royal Caribbean Cruises Ltd.
71,955
22,375,127
Starbucks Corp.
268,473
26,315,723
Super Group SGHC Ltd.
89,369
956,248
Texas Roadhouse, Inc.
32,578
5,957,539
Total
118,627,103
Household Durables 0.8%
Installed Building Products, Inc.
10,266
3,364,784
Lennar Corp., Class A
69,523
7,950,650
Lennar Corp., Class B
6,131
654,362
NVR, Inc.(a)
4,092
30,762,797
Total
42,732,593
Leisure Products 0.0%
Mattel, Inc.(a)
108,848
1,844,974
Specialty Retail 3.3%
AutoNation, Inc.(a)
17,300
3,376,268
Best Buy Co., Inc.
60,893
3,773,539
Burlington Stores, Inc.(a)
18,643
5,720,977
CarMax, Inc.(a)
332,122
14,337,707
Five Below, Inc.(a)
31,663
7,077,630
Gap, Inc. (The)
107,085
3,002,663
Home Depot, Inc. (The)
73,523
27,991,677
Lithia Motors, Inc., Class A
7,709
2,155,282
Murphy U.S.A., Inc.
8,435
3,295,892
Ross Stores, Inc.
94,301
19,392,058
TJX Companies, Inc. (The)
358,034
57,879,777
Tractor Supply Co.
190,485
9,874,742
2
Multi-Manager Value Strategies Fund  | 2026

Portfolio of Investments  (continued)
Multi-Manager Value Strategies Fund, February 28, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Ulta Beauty, Inc.(a)
22,034
15,088,663
Urban Outfitters, Inc.(a)
35,036
2,319,383
Williams-Sonoma, Inc.
41,229
8,478,744
Total
183,765,002
Textiles, Apparel & Luxury Goods 0.3%
Capri Holdings Ltd.(a)
708
14,521
Deckers Outdoor Corp.(a)
9,040
1,060,121
Levi Strauss & Co., Class A
54,467
1,206,989
lululemon athletica, Inc.(a)
36,074
6,679,822
Ralph Lauren Corp.
15,130
5,486,138
VF Corp.
36,799
714,637
Total
15,162,228
Total Consumer Discretionary
516,121,277
Consumer Staples 9.1%
Beverages 0.9%
Coca-Cola Bottling Co. Consolidated
20,091
4,066,418
Coca-Cola Co. (The)
281,006
22,918,849
Constellation Brands, Inc., Class A
34,445
5,437,488
Molson Coors Beverage Co., Class B
32,820
1,607,852
PepsiCo, Inc.
93,438
15,860,166
Total
49,890,773
Consumer Staples Distribution & Retail 3.9%
Albertsons Companies, Inc., Class A
16,463
294,688
BJ’s Wholesale Club Holdings, Inc.(a)
59,407
5,868,818
Costco Wholesale Corp.
48,552
49,075,876
Dollar General Corp.
92,983
14,527,664
Dollar Tree, Inc.(a)
64,041
8,099,906
Kroger Co. (The)
155,038
10,579,793
Sprouts Farmers Market, Inc.(a)
40,443
2,987,524
Sysco Corp.
357,890
32,625,252
Target Corp.
92,472
10,522,389
Walmart, Inc.
649,998
83,167,244
Total
217,749,154
Food Products 1.0%
Archer-Daniels-Midland Co.
31,995
2,208,935
General Mills, Inc.
616,243
27,872,671
Hershey Co. (The)
32,264
7,623,338
Ingredion, Inc.
14,294
1,678,973
Common Stocks (continued)
Issuer
Shares
Value ($)
Lamb Weston Holdings, Inc.
63,165
3,043,921
Mondelez International, Inc., Class A
176,210
10,851,012
Pilgrim’s Pride Corp.
25,437
1,097,861
Total
54,376,711
Household Products 2.5%
Colgate-Palmolive Co.
705,974
69,990,262
Kimberly-Clark Corp.
290,781
32,404,635
Procter & Gamble Co. (The)
235,438
39,365,233
Total
141,760,130
Personal Care Products 0.1%
Estee Lauder Companies, Inc. (The), Class A
78,176
8,557,927
Tobacco 0.7%
Altria Group, Inc.
323,791
22,354,531
Philip Morris International, Inc.
82,469
15,407,683
Total
37,762,214
Total Consumer Staples
510,096,909
Energy 9.6%
Energy Equipment & Services 0.4%
Halliburton Co.
310,567
11,180,412
TechnipFMC PLC
180,194
11,948,664
Total
23,129,076
Oil, Gas & Consumable Fuels 9.2%
Antero Midstream Corp.
161,319
3,626,451
APA Corp.
193,396
5,873,436
Cheniere Energy, Inc.
66,158
15,595,425
Chevron Corp.
185,831
34,705,797
Chord Energy Corp.
27,772
3,009,652
ConocoPhillips Co.
984,939
111,751,179
Coterra Energy, Inc.
286,787
8,772,814
Devon Energy Corp.
239,803
10,438,625
Diamondback Energy, Inc.
304,384
52,987,167
EOG Resources, Inc.
225,325
27,958,326
EQT Corp.
503,770
30,941,553
Expand Energy Corp.
77,288
8,340,921
Exxon Mobil Corp.
700,044
106,756,710
Hess Midstream LP, Class A
59,641
2,306,914
HF Sinclair Corp.
73,299
3,665,683
Matador Resources Co.
50,994
2,621,092
Multi-Manager Value Strategies Fund  | 2026
3

Portfolio of Investments  (continued)
Multi-Manager Value Strategies Fund, February 28, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Occidental Petroleum Corp.
224,134
11,897,033
Ovintiv, Inc.
137,787
6,970,644
Permian Resources Corp.
344,347
6,298,107
Range Resources Corp.
102,581
4,234,544
Targa Resources Corp.
64,597
15,231,973
Valero Energy Corp.
81,133
16,603,057
Williams Companies, Inc. (The)
254,251
18,997,635
Total
509,584,738
Total Energy
532,713,814
Financials 18.9%
Banks 4.8%
Bank of America Corp.
1,410,118
70,266,180
Bank OZK
29,331
1,365,651
East West Bancorp, Inc.
47,326
5,179,831
First Citizens BancShares Inc., Class A
2,271
4,310,699
JPMorgan Chase & Co.
397,676
119,422,103
KeyCorp
860,606
17,848,968
PNC Financial Services Group, Inc. (The)
98,881
20,997,380
Wells Fargo & Co.
319,445
26,018,795
Zions Bancorp NA
45,920
2,630,298
Total
268,039,905
Capital Markets 2.7%
Bank of New York Mellon Corp. (The)
268,995
32,037,304
Blackrock, Inc.
19,159
20,370,424
CME Group, Inc.
81,707
26,105,386
Galaxy Digital, Inc., Class A(a)
80,422
1,655,889
LPL Financial Holdings, Inc.
26,519
7,965,777
Moelis & Co., ADR, Class A
8,216
487,702
Morgan Stanley
328,121
54,635,428
Northern Trust Corp.
49,564
7,092,113
T. Rowe Price Group, Inc.
16,794
1,589,216
Total
151,939,239
Consumer Finance 1.9%
Ally Financial, Inc.
126,683
4,996,378
American Express Co.
107,318
33,150,530
Capital One Financial Corp.
273,733
53,553,124
OneMain Holdings, Inc.
59,643
3,281,558
Common Stocks (continued)
Issuer
Shares
Value ($)
SLM Corp.
86,569
1,622,303
Synchrony Financial
146,400
10,117,704
Total
106,721,597
Financial Services 2.7%
Berkshire Hathaway, Inc., Class B(a)
162,350
81,978,633
Corebridge Financial, Inc.
103,340
2,670,306
Equitable Holdings, Inc.
639,765
25,731,348
Jackson Financial, Inc., Class A
35,512
3,887,854
MGIC Investment Corp.
100,923
2,677,487
Visa, Inc., Class A
109,208
34,961,849
Total
151,907,477
Insurance 6.8%
Allstate Corp. (The)
74,048
15,884,777
American Financial Group, Inc.
29,428
3,913,335
American International Group, Inc.
1,095,641
88,188,144
Aon PLC, Class A
202,269
67,855,181
Arch Capital Group Ltd.(a)
111,024
11,119,054
Assurant, Inc.
25,162
5,776,944
Axis Capital Holdings Ltd.
38,092
4,027,086
Chubb Ltd.
110,180
37,555,955
F&G Annuities & Life, Inc.
5,189
117,531
Globe Life, Inc.
40,958
5,949,559
Hartford Insurance Group, Inc. (The)
75,693
10,659,845
Lincoln National Corp.
43,529
1,493,045
Marsh & McLennan Companies, Inc.
80,066
14,951,525
MetLife, Inc.
628,800
45,317,616
Primerica, Inc.
10,435
2,646,942
Principal Financial Group, Inc.
59,369
5,664,990
Progressive Corp. (The)
103,287
22,068,300
Prudential Financial, Inc.
59,296
5,833,541
RenaissanceRe Holdings Ltd.
23,685
7,163,765
Travelers Companies, Inc. (The)
63,352
19,552,961
Total
375,740,096
Total Financials
1,054,348,314
4
Multi-Manager Value Strategies Fund  | 2026

Portfolio of Investments  (continued)
Multi-Manager Value Strategies Fund, February 28, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Health Care 10.7%
Biotechnology 1.4%
AbbVie, Inc.
123,315
28,618,945
Exelixis, Inc.(a)
106,785
4,704,947
Gilead Sciences, Inc.
292,693
43,596,623
Total
76,920,515
Health Care Equipment & Supplies 3.2%
Abbott Laboratories
865,066
100,650,429
Cooper Cos, Inc. (The)(a)
308,336
25,798,473
Lantheus Holdings, Inc.(a)
4,949
370,730
Masimo Corp.(a)
23,060
4,043,571
Medtronic PLC
394,555
38,532,241
Solventum Corp.(a)
134,886
10,008,541
Total
179,403,985
Health Care Providers & Services 1.0%
Centene Corp.(a)
175,382
7,871,144
Labcorp Holdings, Inc.
81,647
23,605,781
UnitedHealth Group, Inc.
60,041
17,608,224
Universal Health Services, Inc., Class B
22,792
4,697,431
Total
53,782,580
Life Sciences Tools & Services 0.7%
Danaher Corp.
53,437
11,255,970
Thermo Fisher Scientific, Inc.
53,827
28,049,788
Total
39,305,758
Pharmaceuticals 4.4%
AstraZeneca PLC
87,176
18,171,837
Bristol-Myers Squibb Co.
222,666
13,887,678
Jazz Pharmaceuticals PLC(a)
29,607
5,625,922
Johnson & Johnson
285,122
70,832,859
Merck & Co., Inc.
556,305
68,881,685
Pfizer, Inc.
864,898
23,914,430
Viatris, Inc.
516,542
7,711,972
Zoetis, Inc.
283,110
37,115,721
Total
246,142,104
Total Health Care
595,554,942
Common Stocks (continued)
Issuer
Shares
Value ($)
Industrials 14.9%
Aerospace & Defense 1.4%
ATI, Inc.(a)
41,518
6,791,929
General Dynamics Corp.
62,835
22,435,237
L3Harris Technologies, Inc.
94,316
34,381,955
Northrop Grumman Corp.
20,182
14,619,437
Total
78,228,558
Air Freight & Logistics 1.2%
Expeditors International of Washington, Inc.
56,560
8,202,897
FedEx Corp.
116,833
45,214,371
United Parcel Service, Inc., Class B
120,189
13,937,116
Total
67,354,384
Building Products 1.3%
Advanced Drainage Systems, Inc.
33,549
5,748,286
AO Smith Corp.
42,712
3,331,536
Armstrong World Industries, Inc.
22,013
3,819,255
Builders FirstSource, Inc.(a)
126,708
13,214,377
Carrier Global Corp.
325,231
20,944,876
Lennox International, Inc.
7,339
4,182,790
Owens Corning
34,783
4,245,961
Trane Technologies PLC
38,637
17,862,658
Total
73,349,739
Commercial Services & Supplies 1.5%
Waste Management, Inc.
356,919
85,960,372
Construction & Engineering 0.5%
Dycom Industries, Inc.(a)
15,038
6,316,261
EMCOR Group, Inc.
11,230
8,137,482
IES Holdings, Inc.(a)
5,599
2,773,465
Primoris Services Corp.
35,331
5,325,088
Valmont Industries, Inc.
9,802
4,508,234
Total
27,060,530
Electrical Equipment 0.8%
Acuity, Inc.
34
10,254
Emerson Electric Co.
112,691
16,988,168
Nextpower, Inc., Class A(a)
57,848
6,079,825
Regal Rexnord Corp.
104,371
23,063,904
Total
46,142,151
Multi-Manager Value Strategies Fund  | 2026
5

Portfolio of Investments  (continued)
Multi-Manager Value Strategies Fund, February 28, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Ground Transportation 2.8%
CSX Corp.
929,590
39,684,197
JB Hunt Transport Services, Inc.
24,658
5,755,424
Norfolk Southern Corp.
36,502
11,488,640
Old Dominion Freight Line, Inc.
14,253
2,894,072
Ryder System, Inc.
20,215
4,478,835
U-Haul Holding Co.(a)
2,418
122,496
U-Haul Holding Co.
40,740
1,921,298
Union Pacific Corp.
339,744
90,025,365
Total
156,370,327
Industrial Conglomerates 0.3%
Honeywell International, Inc.
76,510
18,637,071
Machinery 3.3%
AGCO Corp.
16,580
2,263,170
Caterpillar, Inc.
65,988
49,017,866
Cummins, Inc.
20,567
12,008,454
Deere & Co.
62,847
39,575,385
Dover Corp.
71,750
16,179,625
Illinois Tool Works, Inc.
57,962
16,845,496
Mueller Industries, Inc.
40,393
4,764,758
Parker-Hannifin Corp.
40,162
40,530,687
Toro Co. (The)
45,977
4,545,286
Total
185,730,727
Passenger Airlines 0.6%
Alaska Air Group, Inc.(a)
52,940
2,731,704
Delta Air Lines, Inc.
220,001
14,454,066
United Airlines Holdings, Inc.(a)
123,026
13,077,664
Total
30,263,434
Professional Services 0.5%
Automatic Data Processing, Inc.
41,726
8,944,386
SS&C Technologies Holdings, Inc.
210,518
15,849,900
Total
24,794,286
Trading Companies & Distributors 0.7%
Ferguson Enterprises, Inc.
90,810
23,679,616
GATX Corp.
15,153
2,790,728
W.W. Grainger, Inc.
9,746
11,156,538
Total
37,626,882
Total Industrials
831,518,461
Common Stocks (continued)
Issuer
Shares
Value ($)
Information Technology 12.9%
Communications Equipment 1.0%
Cisco Systems, Inc.
439,490
34,921,876
InterDigital, Inc.
13,010
4,768,555
Motorola Solutions, Inc.
32,539
15,692,258
Total
55,382,689
Electronic Equipment, Instruments & Components 0.5%
Avnet, Inc.
268
17,645
Flex Ltd.(a)
130,905
8,249,633
Sanmina Corp.(a)
14,135
2,194,600
TE Connectivity PLC
80,044
18,422,127
Total
28,884,005
IT Services 1.2%
Accenture PLC, Class A
140,383
29,300,740
International Business Machines Corp.
90,489
21,736,362
Wix.com Ltd.(a)
218,165
15,371,906
Total
66,409,008
Semiconductors & Semiconductor Equipment 5.8%
Amkor Technology, Inc.
67,032
3,205,470
Analog Devices, Inc.
126,144
44,880,774
Applied Materials, Inc.
72,357
26,938,511
Broadcom, Inc.
98,182
31,374,058
KLA Corp.
17,105
26,077,428
Lam Research Corp.
287,591
67,264,659
Micron Technology, Inc.
107,532
44,342,971
ON Semiconductor Corp.(a)
131,346
8,731,882
Texas Instruments, Inc.
322,323
68,367,931
Total
321,183,684
Software 3.2%
Adobe, Inc.(a)
130,884
34,345,270
Cipher Mining, Inc.(a)
221,106
3,449,254
Microsoft Corp.
243,277
95,544,609
Pegasystems, Inc.
50,809
2,221,878
Salesforce, Inc.
209,637
40,835,191
Total
176,396,202
Technology Hardware, Storage & Peripherals 1.2%
Apple, Inc.
262,839
69,436,807
Total Information Technology
717,692,395
6
Multi-Manager Value Strategies Fund  | 2026

Portfolio of Investments  (continued)
Multi-Manager Value Strategies Fund, February 28, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Materials 3.5%
Chemicals 0.7%
CF Industries Holdings, Inc.
72,062
7,173,052
Linde PLC
49,075
24,934,026
LyondellBasell Industries NV, Class A
86,065
4,950,459
NewMarket Corp.
4,342
2,718,135
Total
39,775,672
Construction Materials 0.6%
Eagle Materials, Inc.
16,226
3,631,379
Martin Marietta Materials, Inc.
42,068
28,461,946
Total
32,093,325
Containers & Packaging 0.9%
Avery Dennison Corp.
44,748
8,786,270
Graphic Packaging Holding Co.
115,396
1,411,293
International Paper Co.
482,373
21,007,344
Packaging Corp. of America
71,886
16,687,616
Sonoco Products Co.
212
11,972
Total
47,904,495
Metals & Mining 1.3%
Freeport-McMoRan, Inc.
345,479
23,520,210
Newmont Corp.
183,789
23,892,570
Nucor Corp.
145,011
25,649,546
Total
73,062,326
Total Materials
192,835,818
Real Estate 1.9%
Health Care REITs 0.1%
Welltower, Inc.
30,018
6,217,328
Industrial REITs 0.2%
Prologis, Inc.
61,736
8,801,701
Real Estate Management & Development 0.0%
Opendoor Technologies, Inc.(a)
266,752
1,445,796
Residential REITs 0.1%
AvalonBay Communities, Inc.
34,764
6,161,224
Specialized REITs 1.5%
Extra Space Storage, Inc.
235,254
35,530,412
Common Stocks (continued)
Issuer
Shares
Value ($)
Public Storage
21,710
6,666,272
SBA Communications Corp.
210,362
42,316,420
Total
84,513,104
Total Real Estate
107,139,153
Utilities 1.8%
Electric Utilities 1.1%
American Electric Power Co., Inc.
104,787
14,022,597
Entergy Corp.
201,926
21,628,294
NextEra Energy, Inc.
100,829
9,454,735
Southern Co. (The)
202,161
19,686,438
Total
64,792,064
Independent Power and Renewable Electricity Producers 0.1%
Talen Energy Corp.(a)
16,604
6,159,586
Multi-Utilities 0.6%
Ameren Corp.
83,290
9,435,091
CMS Energy Corp.
91,169
7,117,564
DTE Energy Co.
40,141
5,950,502
WEC Energy Group, Inc.
85,084
9,951,424
Total
32,454,581
Total Utilities
103,406,231
Total Common Stocks
(Cost $4,309,265,906)
5,422,265,956
Warrants 0.0%
 
 
 
Real Estate 0.0%
Real Estate Management & Development 0.0%
Opendoor Technologies, Inc.(a)
11/20/2026
8,891
7,477
Total Real Estate
7,477
Total Warrants
(Cost $—)
7,477
Money Market Funds 2.7%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 3.777%(b),(c)
150,042,025
150,012,017
Total Money Market Funds
(Cost $149,998,332)
150,012,017
Total Investments in Securities
(Cost: $4,459,264,238)
5,572,285,450
Other Assets & Liabilities, Net
222,537
Net Assets
5,572,507,987
Multi-Manager Value Strategies Fund  | 2026
7

Portfolio of Investments  (continued)
Multi-Manager Value Strategies Fund, February 28, 2026 (Unaudited)
Notes to Portfolio of Investments
(a)
Non-income producing investment.
(b)
The rate shown is the seven-day current annualized yield at February 28, 2026.
(c)
Under 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. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2026 are as follows:
Affiliated issuers
Beginning
of period($)
Purchases($)
Sales($)
Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($)
End of
period shares
Columbia Short-Term Cash Fund, 3.777%
 
74,578,452
715,610,262
(640,189,429
)
12,732
150,012,017
(3,583
)
2,840,685
150,042,025
Abbreviation Legend
ADR
American Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements included within the most recent financial statements and additional information.
8
Multi-Manager Value Strategies Fund  | 2026

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3QT116_05_T01_(04/26)