0001683863-23-004524.txt : 20230501 0001683863-23-004524.hdr.sgml : 20230501 20230501112153 ACCESSION NUMBER: 0001683863-23-004524 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20230228 FILED AS OF DATE: 20230501 DATE AS OF CHANGE: 20230501 EFFECTIVENESS DATE: 20230501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA FUNDS SERIES TRUST I CENTRAL INDEX KEY: 0000773757 IRS NUMBER: 363376651 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04367 FILM NUMBER: 23871370 BUSINESS ADDRESS: STREET 1: 290 CONGRESS STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 800-345-6611 MAIL ADDRESS: STREET 1: 290 CONGRESS STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA FUNDS TRUST IX DATE OF NAME CHANGE: 20031107 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY STEIN ROE FUNDS MUNICIPAL TRUST DATE OF NAME CHANGE: 19991025 FORMER COMPANY: FORMER CONFORMED NAME: STEINROE MUNICIPAL TRUST DATE OF NAME CHANGE: 19920703 0000773757 S000010617 Columbia Strategic Income Fund C000029358 Columbia Strategic Income Fund Class A COSIX C000029360 Columbia Strategic Income Fund Class C CLSCX C000029362 Columbia Strategic Income Fund Institutional Class LSIZX C000094661 Columbia Strategic Income Fund Class R CSNRX C000094663 Columbia Strategic Income Fund Institutional 2 Class CTIVX C000122657 Columbia Strategic Income Fund Advisor Class CMNRX C000129839 Columbia Strategic Income Fund Institutional 3 Class CPHUX 0000773757 S000012068 Columbia Balanced Fund C000032838 Columbia Balanced Fund Class A CBLAX C000032840 Columbia Balanced Fund Class C CBLCX C000032842 Columbia Balanced Fund Institutional Class CBALX C000094665 Columbia Balanced Fund Class R CBLRX C000094667 Columbia Balanced Fund Institutional 2 Class CLREX C000122659 Columbia Balanced Fund Advisor Class CBDRX C000122660 Columbia Balanced Fund Institutional 3 Class CBDYX 0000773757 S000012069 Columbia Greater China Fund C000032843 Columbia Greater China Fund Class A NGCAX C000032845 Columbia Greater China Fund Class C NGCCX C000032846 Columbia Greater China Fund Institutional Class LNGZX C000122661 Columbia Greater China Fund Institutional 2 Class CGCRX C000126467 Columbia Greater China Fund Advisor Class CGCHX C000179749 Columbia Greater China Fund Institutional 3 Class CGCYX 0000773757 S000012070 Columbia Select Mid Cap Growth Fund C000032847 Columbia Select Mid Cap Growth Fund Class A CBSAX C000032849 Columbia Select Mid Cap Growth Fund Class C CMCCX C000032852 Columbia Select Mid Cap Growth Fund Class R CMGRX C000032853 Columbia Select Mid Cap Growth Fund Class V CBSTX C000032854 Columbia Select Mid Cap Growth Fund Institutional Class CLSPX C000078986 Columbia Select Mid Cap Growth Fund Institutional 3 Class CMGYX C000094669 Columbia Select Mid Cap Growth Fund Institutional 2 Class CMGVX C000121789 Columbia Select Mid Cap Growth Fund Advisor Class CPGRX 0000773757 S000012073 Columbia Small Cap Growth Fund C000032868 Columbia Small Cap Growth Fund Class A CGOAX C000032870 Columbia Small Cap Growth Fund Class C CGOCX C000032871 Columbia Small Cap Growth Fund Institutional Class CMSCX C000078987 Columbia Small Cap Growth Fund Institutional 3 Class CSGYX C000094677 Columbia Small Cap Growth Fund Class R CCRIX C000121791 Columbia Small Cap Growth Fund Advisor Class CHHRX C000121792 Columbia Small Cap Growth Fund Institutional 2 Class CSCRX 0000773757 S000012074 Columbia International Dividend Income Fund C000032872 Columbia International Dividend Income Fund Class A CSVAX C000032874 Columbia International Dividend Income Fund Class C CSRCX C000032876 Columbia International Dividend Income Fund Institutional Class CSVFX C000078988 Columbia International Dividend Income Fund Institutional 3 Class CLSYX C000094679 Columbia International Dividend Income Fund Class R CSGRX C000126469 Columbia International Dividend Income Fund Advisor Class CGOLX C000138362 Columbia International Dividend Income Fund Institutional 2 Class CADPX 0000773757 S000012075 Columbia Global Technology Growth Fund C000032877 Columbia Global Technology Growth Fund Class A CTCAX C000032879 Columbia Global Technology Growth Fund Class C CTHCX C000032881 Columbia Global Technology Growth Fund Institutional Class CMTFX C000122664 Columbia Global Technology Growth Fund Advisor Class CTYRX C000122665 Columbia Global Technology Growth Fund Institutional 2 Class CTHRX C000169173 Columbia Global Technology Growth Fund Institutional 3 Class CGTUX 0000773757 S000012077 Columbia Contrarian Core Fund C000032888 Columbia Contrarian Core Fund Class A LCCAX C000032890 Columbia Contrarian Core Fund Class C LCCCX C000032892 Columbia Contrarian Core Fund Class V SGIEX C000032893 Columbia Contrarian Core Fund Institutional Class SMGIX C000094681 Columbia Contrarian Core Fund Class R CCCRX C000122666 Columbia Contrarian Core Fund Advisor Class CORRX C000122667 Columbia Contrarian Core Fund Institutional 2 Class COFRX C000122668 Columbia Contrarian Core Fund Institutional 3 Class COFYX 0000773757 S000021572 Columbia Emerging Markets Fund C000061809 Columbia Emerging Markets Fund Class A EEMAX C000061810 Columbia Emerging Markets Fund Class C EEMCX C000061811 Columbia Emerging Markets Fund Institutional Class UMEMX C000094703 Columbia Emerging Markets Fund Class R CEMRX C000121798 Columbia Emerging Markets Fund Institutional 2 Class CEKRX C000122684 Columbia Emerging Markets Fund Institutional 3 Class CEKYX C000126474 Columbia Emerging Markets Fund Advisor Class CEMHX 0000773757 S000036205 Multi-Manager Total Return Bond Strategies Fund C000179755 Multi-Manager Total Return Bond Strategies Fund Institutional Class CTRZX C000216709 Multi-Manager Total Return Bond Strategies Fund Institutional 3 Class CTREX 0000773757 S000036206 Multi-Manager Small Cap Equity Strategies Fund C000179756 Multi-Manager Small Cap Equity Strategies Fund Institutional Class CZMSX C000216710 Multi-Manager Small Cap Equity Strategies Fund Institutional 3 Class CSCLX 0000773757 S000036207 Multi-Manager Alternative Strategies Fund C000179757 Multi-Manager Alternative Strategies Fund Institutional Class CZAMX 0000773757 S000061733 Multi-Manager International Equity Strategies Fund C000199958 Multi-Manager International Equity Strategies Fund Institutional Class CMIEX C000216711 Multi-Manager International Equity Strategies Fund Institutional 3 Class CIEEX 0000773757 S000066407 Overseas SMA Completion Portfolio C000214277 Overseas SMA Completion Portfolio OSCBX 0000773757 S000066845 Multisector Bond SMA Completion Portfolio C000215205 Multisector Bond SMA Completion Portfolio MBSAX N-CSRS 1 f25467d1.htm COLUMBIA FUND SERIES TRUST I Columbia Fund Series Trust I

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 811-04367 

  

Columbia Funds Series Trust I 

  

(Exact name of registrant as specified in charter) 

  

290 Congress Street 

Boston, MA 02210
(Address of principal executive offices) (Zip code) 

  

Daniel J. Beckman 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 

  

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 


(Name and address of agent for service) 

  

Registrant's telephone number, including area code: (800) 345-6611 

  

Date of fiscal year end:  August 31 

  

Date of reporting period:  February 28, 2023 

  

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. 


Semiannual Report
February 28, 2023 (Unaudited)
Multi-Manager Alternative Strategies Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Multi-Manager Alternative Strategies Fund(the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 800.345.6611 or by sending an e-mail to serviceinquiries@columbiathreadneedle.com.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Multi-Manager Alternative Strategies Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks capital appreciation with an emphasis on absolute (positive) returns.
Portfolio management
AlphaSimplex Group, LLC
Alexander Healy, Ph.D.         
Kathryn Kaminski, Ph.D., CAIA       
Philippe Lüdi, Ph.D., CFA
John Perry, Ph.D.
Robert Rickard 
Crabel Capital Management, LLC
Michael Pomada
Grant Jaffarian
Manulife Investment Management (US) LLC
Daniel Janis III*
Christopher Chapman, CFA       
Thomas Goggins 
Bradley Lutz, CFA           
Kisoo Park 
* Mr. Janis retired from Manulife, effective March 15, 2023.            
TCW Investment Management Company LLC
Stephen Kane, CFA
Laird Landmann   
Bryan Whalen, CFA 
Water Island Capital, LLC 
Roger Foltynowicz, CFA, CAIA
Gregg Loprete             
Todd Munn                    
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Institutional Class* 01/03/17 0.26 3.86 2.71 1.50
FTSE Three-Month U.S. Treasury Bill Index   1.80 2.22 1.35 0.81
All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Returns shown for periods prior to the inception date of the Fund’s Institutional Class shares include the returns of the Fund’s Class A shares for the period prior to January 2, 2017. Class A shares were offered prior to the Fund’s Institutional Class shares but have since been merged into the Fund’s Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The FTSE Three-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown — long positions (%) (at February 28, 2023)
Asset-Backed Securities — Non-Agency 2.4
Commercial Mortgage-Backed Securities - Agency 0.3
Commercial Mortgage-Backed Securities - Non-Agency 2.6
Common Stocks 17.3
Convertible Bonds 0.5
Convertible Preferred Stocks 0.4
Corporate Bonds & Notes 15.9
Foreign Government Obligations 5.6
Limited Partnerships 0.8
Municipal Bonds 0.2
Options Purchased Calls 0.0(a)
Options Purchased Puts 0.0(a)
Preferred Debt 0.0(a)
Preferred Stocks 0.1
Residential Mortgage-Backed Securities - Agency 4.7
Residential Mortgage-Backed Securities - Non-Agency 6.8
Rights 0.0(a)
Senior Loans 0.2
Treasury Bills 1.7
U.S. Treasury Obligations 2.3
Money Market Funds(b) 39.1
Total 100.9
    
(a) Rounds to zero.
(b) Includes investments in Money Market Funds, including investing for the purpose of covering obligations relating to the Fund’s investment in derivatives. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Consolidated Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Consolidated Financial Statements.
Percentages indicated are based upon total investments including options purchased, net of investments sold short and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Portfolio breakdown — short positions (%) (at February 28, 2023)
Common Stocks (0.9)
Percentages indicated are based upon total investments including options purchased, net of investments sold short and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Market exposure through derivatives investments (% of notional exposure) (at February 28, 2023)(a)
  Long Short Net
Fixed Income Derivative Contracts 13.2 (120.7) (107.5)
Commodities Derivative Contracts 5.4 (4.7) 0.7
Equity Derivative Contracts 21.8 (0.5) 21.3
Foreign Currency Derivative Contracts 30.4 (44.9) (14.5)
Total Notional Market Value of Derivative Contracts 70.8 (170.8) (100.0)
(a) The Fund has market exposure (long and/or short) to fixed income, commodity and equity asset classes and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Consolidated Portfolio of Investments, and Note 2 of the Notes to Consolidated Financial Statements.
 
4 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Institutional Class 1,000.00 1,000.00 1,002.60 1,018.50 6.31 6.36 1.27
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates, and to group retirement plan recordkeeping platforms that have an agreement with (i) Columbia Management Investment Distributors, Inc. or an affiliate thereof that specifically authorizes the group retirement plan recordkeeper to offer and/or service Institutional 3 Class shares within such platform, provided also that Fund shares are held in an omnibus account and (ii) Wilshire Associates, appointed or serving as investment manager or consultant to the recordkeeper’s group retirement plan platform. The Fund does not currently offer Institutional 3 Class shares. Participants in wrap fee programs pay other fees that are not included in the above table. Please refer to the wrap program documents for information about the fees charged.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
5
Consolidated Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Asset-Backed Securities — Non-Agency 2.5%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
AIMCO CLO Ltd.(a),(b)
Series 2020-11A Class AR
3-month USD LIBOR + 1.130%
Floor 1.130%
10/17/2034 		5.922%   400,000 393,216
Aligned Data Centers Issuer LLC(a)
Series 2021-1A Class A2
08/15/2046 1.937%   388,000 337,898
Allegro CLO XII Ltd.(a),(b)
Series 2020-1A Class B
3-month USD LIBOR + 1.700%
Floor 1.700%
01/21/2032 		6.515%   250,000 246,299
American Express Credit Account Master Trust
Series 2022-2 Class A
05/17/2027 3.390%   100,000 96,439
AMMC CLO 24 Ltd.(a),(b)
Series 2021-24A Class B
3-month USD LIBOR + 1.750%
Floor 1.750%
01/20/2035 		6.558%   350,000 342,469
AMMC CLO Ltd.(a),(b)
Series 2016-18A Class BR
3-month USD LIBOR + 1.600%
Floor 1.600%
05/26/2031 		6.558%   250,000 245,220
BlueMountain Fuji US CLO I Ltd.(a),(b)
Series 2017-1A Class BR
3-month USD LIBOR + 1.500%
Floor 1.500%
07/20/2029 		6.308%   375,000 363,752
Conseco Finance Corp.(c)
Series 2096-9 Class M1
08/15/2027 7.630%   113,014 112,605
Conseco Finance Securitizations Corp.(b)
Series 2001-4 Class M1
1-month USD LIBOR + 1.750%
Floor 1.750%, Cap 15.000%
09/01/2033 		6.412%   384,139 377,059
DataBank Issuer LLC(a),(d),(e)
Series 2023-1 Class A2
02/25/2053 5.116%   130,000 119,883
DB Master Finance LLC(a)
Series 2019-1A Class A2II
05/20/2049 4.021%   96,500 90,621
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Dryden CLO Ltd.(a),(b)
Series 2020-85A Class AR
3-month USD LIBOR + 1.150%
Floor 1.150%
10/15/2035 		5.942%   800,000 784,159
Dryden Senior Loan Fund(a),(b)
Series 2013-30A Class AR
3-month USD LIBOR + 0.820%
Floor 0.820%
11/15/2028 		5.684%   195,522 194,263
Golub Capital Partners CLO 54M LP(a),(b)
Series 2021-54A Class A
3-month USD LIBOR + 1.530%
Floor 1.530%
08/05/2033 		6.336%   450,000 439,203
JG Wentworth XXII LLC(a)
Series 2010-3A Class A
12/15/2048 3.820%   265,172 259,342
LCM XXI LP(a),(b)
Series 20 18-21A Class AR
3-month USD LIBOR + 0.880%
04/20/2028 		5.688%   76,945 76,747
Lehman XS Trust(b)
Series 2006-19 Class A3
1-month USD LIBOR + 0.500%
Floor 0.250%
12/25/2036 		5.117%   737,186 649,217
MetroNet Infrastructure Issuer LLC(a)
Series 2022-1A Class A2
10/20/2052 6.350%   165,000 155,917
MVW Owner Trust(a)
Series 2018-1A Class A
01/21/2036 3.450%   25,042 24,315
Navient Student Loan Trust(b)
Series 2014-1 Class A3
1-month USD LIBOR + 0.510%
Floor 0.510%
06/25/2031 		5.016%   341,721 332,887
OCCU Auto Receivables Trust(a)
Series 2022-1 Class A3
10/15/2027 5.500%   150,000 150,574
OCP CLO Ltd.(a),(b)
Series 2021-21A Class B
3-month USD LIBOR + 1.700%
Floor 1.700%
07/20/2034 		6.508%   300,000 291,633
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
6 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
OHA Credit Funding Ltd.(a),(b)
Series 2020-7A Class AR
3-month USD LIBOR + 1.300%
Floor 1.300%
02/24/2037 		5.933%   475,000 468,723
Option One Mortgage Loan Trust(b)
Series 2006-3 Class 1A1
1-month USD LIBOR + 0.140%
Floor 0.140%
02/25/2037 		4.646%   943,399 632,429
Park Avenue Institutional Advisers CLO Ltd.(a),(b)
Series 2021-1A Class A2
3-month USD LIBOR + 1.750%
Floor 1.750%
01/20/2034 		6.558%   250,000 240,685
Sabey Data Center Issuer LLC(a)
Series 2020-1 Class A2
04/20/2045 3.812%   470,000 442,590
Saxon Asset Securities Trust(b)
Series 2007-2 Class A2D
1-month USD LIBOR + 0.300%
Floor 0.300%
05/25/2047 		4.917%   587,052 419,154
SLM Student Loan Trust(b)
Series 2008-2 Class B
3-month USD LIBOR + 1.200%
Floor 1.200%
01/25/2083 		6.018%   740,000 584,353
Series 2008-4 Class A4
3-month USD LIBOR + 1.650%
Floor 1.650%
07/25/2023 		6.468%   253,828 252,685
Series 2008-7 Class B
3-month USD LIBOR + 1.850%
Floor 1.850%
07/26/2083 		6.668%   500,000 467,975
Series 2012-1 Class A3
1-month USD LIBOR + 0.950%
Floor 0.950%
09/25/2028 		5.456%   364,191 353,109
Subordinated Series 2004-10 Class B
3-month USD LIBOR + 0.370%
Floor 0.370%
01/25/2040 		5.188%   293,932 270,148
Subordinated Series 2012-7 Class B
1-month USD LIBOR + 1.800%
Floor 1.800%
09/25/2043 		6.306%   550,000 516,163
Taco Bell Funding LLC(a)
Series 2016-1A Class A23
05/25/2046 4.970%   362,863 352,448
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
TAL Advantage VII LLC(a)
Series 2020-1A Class A
09/20/2045 2.050%   343,275 302,890
Textainer Marine Containers VII Ltd.(a)
Series 2021-2A Class A
04/20/2046 2.230%   661,333 571,265
Textainer Marine Containers VIII Ltd.(a)
Series 2020-2A Class A
09/20/2045 2.100%   237,889 209,828
Series 2020-3A Class A
09/20/2045 2.110%   280,830 245,396
Tif Funding II LLC(a)
Series 2020-1A Class A
08/20/2045 2.090%   177,100 153,960
T-Mobile US Trust(a)
Series 2022-1A Class A
05/22/2028 4.910%   180,000 179,079
Vantage Data Centers LLC(a)
Series 2020-1A Class A2
09/15/2045 1.645%   395,000 352,008
Verizon Master Trust(c)
Series 2023-1 Class A
01/22/2029 4.490%   160,000 157,936
Total Asset-Backed Securities — Non-Agency
(Cost $13,835,877) 		13,256,542
Commercial Mortgage-Backed Securities - Agency 0.4%
Federal Home Loan Mortgage Corp. Multifamily Pass-Through REMIC Trust(c),(f)
Series 2019-P002 Class X
07/25/2033 1.138%   705,000 57,407
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates(c),(f)
CMO Series K057 Class X1
07/25/2026 1.168%   3,705,198 115,037
Series 2018-K732 Class X3
05/25/2046 2.170%   1,350,000 64,301
Series K035 Class X3
12/25/2041 1.787%   3,000,000 23,425
Series K039 Class X3 (FHLMC)
08/25/2042 2.113%   1,520,000 53,498
Series K043 Class X3
02/25/2043 1.635%   3,951,044 111,177
Series K051 Class X3
10/25/2043 1.613%   2,100,000 80,227
Series K060 Class X3
12/25/2044 1.898%   1,350,000 81,150
Series K0728 Class X3
11/25/2045 1.956%   1,975,000 64,063
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
7
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Series KC07 Class X1
09/25/2026 0.720%   3,904,422 69,355
Series KL05 Class X1HG
12/25/2027 1.223%   2,400,000 119,408
Series KLU3 Class X1
01/25/2031 1.937%   1,593,820 171,310
Series KS06 Class X
08/25/2026 1.046%   2,631,014 63,495
Series Q004 Class XFL
05/25/2044 0.046%   1,424,885 50,566
Federal National Mortgage Association(c),(f)
Series 2016-M11B Class X2
07/25/2039 3.035%   492,989 10,059
Series 2016-M4 Class X2
01/25/2039 2.669%   337,242 5,109
Series 2019-M29 Class X4
03/25/2029 0.700%   4,300,000 131,488
Freddie Mac Multifamily Structured Pass-Through Certificates(c),(f)
Series K096 Class X3 (FHLMC)
07/25/2029 2.042%   3,390,000 337,219
FREMF Mortgage Trust(a),(b)
Subordinated Series 2019-KF71 Class B
1-month USD LIBOR + 2.300%
Floor 2.300%
10/25/2029 		6.874%   308,312 289,701
Government National Mortgage Association(c),(f)
CMO Series 2014-103 Class IO
05/16/2055 0.194%   1,066,070 7,985
Series 2012-4 Class IO
05/16/2052 0.000%   2,057,825 21
Total Commercial Mortgage-Backed Securities - Agency
(Cost $2,431,853) 		1,906,001
Commercial Mortgage-Backed Securities - Non-Agency 2.7%
225 Liberty Street Trust(a),(c),(f)
Series 2016-225L Class X
02/10/2036 0.875%   5,000,000 112,521
AREIT Trust(a),(b)
Subordinated Series 2019-CRE3 Class AS
1-month Term SOFR + 1.414%
Floor 1.300%
09/14/2036 		5.976%   500,000 488,387
Subordinated Series 2020-CRE4 Class B
30-day Average SOFR + 4.264%
Floor 4.150%
04/15/2037 		8.828%   312,593 310,989
BAMLL Commercial Mortgage Securities Trust(a),(c)
Series 2018-PARK Class A
08/10/2038 4.091%   95,000 85,508
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
BDS Ltd.(a),(b)
Series 2020-FL6 Class D
30-day Average SOFR + 2.865%
Floor 2.750%
09/15/2035 		7.282%   302,000 300,170
Series 2021-FL8 Class A
1-month USD LIBOR + 0.920%
Floor 0.920%
01/18/2036 		5.511%   460,062 446,666
BFLD Trust(a),(b)
Series 2020-EYP Class A
1-month USD LIBOR + 1.150%
Floor 1.150%
10/15/2035 		5.738%   480,000 451,451
Series 2021-FPM Class A
1-month USD LIBOR + 1.600%
Floor 1.600%
06/15/2038 		6.188%   288,000 275,528
BOCA Commercial Mortgage Trust(a),(b)
Subordinated Series 2022-BOCA Class B
1-month Term SOFR + 2.319%
Floor 2.319%
05/15/2039 		6.882%   100,000 95,792
BX Commercial Mortgage Trust(a),(b)
Series 2019-XL Class A
1-month Term SOFR + 1.034%
Floor 0.920%
10/15/2036 		5.597%   429,016 426,872
Series 2021-CIP Class A
1-month USD LIBOR + 0.921%
Floor 0.921%
12/15/2038 		5.509%   115,000 112,983
Series 2021-VOLT Class A
1-month USD LIBOR + 0.700%
Floor 0.700%
09/15/2036 		5.288%   125,000 121,994
Subordinated CMO Series 2021-VOLT Class F
1-month USD LIBOR + 2.400%
Floor 2.400%
09/15/2036 		6.988%   245,000 235,356
BX Trust(a)
Series 2019-OC11 Class A
12/09/2041 3.202%   225,000 193,824
Series 2022-CLS Class A
10/13/2027 5.760%   150,000 146,621
BX Trust(a),(b)
Series 2022-GPA Class A
1-month Term SOFR + 2.165%
Floor 2.165%
10/15/2039 		6.728%   195,000 194,634
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
8 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated Series 2021-LBA Class EJV
1-month USD LIBOR + 2.000%
Floor 2.000%
02/15/2036 		6.459%   240,000 233,486
Subordinated Series 2022-GPA Class B
1-month Term SOFR + 2.664%
Floor 2.664%
10/15/2039 		7.227%   120,000 119,700
Subordinated Series 2022-GPA Class D
1-month Term SOFR + 4.061%
Floor 4.061%
10/15/2039 		8.624%   80,000 79,600
CAMB Commercial Mortgage Trust(a),(b)
Series 2019-LIFE Class A
1-month USD LIBOR + 1.070%
Floor 1.070%
12/15/2037 		5.658%   100,000 99,656
Citigroup Commercial Mortgage Trust(c),(f)
Series 2016-P3 Class XA
04/15/2049 1.656%   8,990,248 306,940
COMM Mortgage Trust(a),(c),(f)
Series 2020-CBM Class XCP
02/10/2037 0.601%   3,134,666 31,078
Series 2020-SBX Class X
01/10/2038 0.585%   11,501,000 163,718
Commercial Mortgage Pass-Through Certificates(c),(f)
Series 2012-CR3 Class XA
10/15/2045 1.228%   146,056 14
Commercial Mortgage Trust(c),(f)
Series 2012-CR4 Class XA
10/15/2045 1.182%   772,867 74
Series 2014-UBS2 Class XA
03/10/2047 1.057%   3,737,088 22,839
CoreVest American Finance Trust(a),(c),(f)
Series 2019-1 Class XA
03/15/2052 2.280%   115,313 3,081
Series 2019-3 Class XA
10/15/2052 2.043%   183,682 6,448
Series 2020-1 Class XA
03/15/2050 2.605%   594,144 35,382
CoreVest American Finance Trust(a)
Series 2020-1 Class A2
03/15/2050 2.296%   265,000 231,426
Credit Suisse Mortgage Capital Certificates(a),(b)
Series 2019-ICE4 Class A
1-month USD LIBOR + 0.980%
Floor 0.980%
05/15/2036 		5.568%   254,367 253,090
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CSAIL Commercial Mortgage Trust(c),(f)
Series 2015-C3 Class XA
08/15/2048 0.673%   8,875,726 113,649
CSMC Trust(a),(c),(f)
Series 2021-980M Class X
07/15/2031 0.991%   6,982,000 205,372
CSMC Trust(a),(c)
Subordinated Series 2021-B33 Class B
10/10/2043 3.645%   423,000 322,091
Del Amo Fashion Center Trust(a),(c)
Subordinated Series 2017-AMO Class C
06/05/2035 3.636%   420,000 324,859
DROP Mortgage Trust(a),(b)
Subordinated Series 2021-FILE Class B
1-month USD LIBOR + 1.700%
Floor 1.700%
10/15/2043 		6.288%   400,000 365,915
FirstKey Homes Trust(a)
Series 2020-SFR2 Class A
10/19/2037 1.266%   217,402 194,596
Fontainebleau Miami Beach Trust(a)
Subordinated Series 2019-FBLU Class B
12/10/2036 3.447%   435,810 409,427
Fontainebleau Miami Beach Trust(a),(c)
Subordinated Series 2019-FBLU Class E
12/10/2036 3.963%   310,000 287,727
Grace Trust(a)
Subordinated Series 2020-GRCE Class B
12/10/2040 2.600%   500,000 385,256
GS Mortgage Securities Trust(a),(c),(f)
Series 2020-UPTN Class XA
02/10/2037 0.352%   1,750,000 10,415
Home Partners of America Trust(a)
Series 2019-1 Class B
09/17/2039 3.157%   80,467 73,203
Hudson Yards Mortgage Trust(a),(c)
Series 2019-55HY Class F
12/10/2041 2.943%   85,000 58,738
INTOWN Mortgage Trust(a),(b)
Subordinated Series 2022-STAY Class B
1-month Term SOFR + 3.286%
Floor 3.286%
08/15/2037 		7.848%   150,000 149,912
JPMBB Commercial Mortgage Securities Trust(c),(f)
Series 2014-C21 Class XA
08/15/2047 0.940%   824,633 7,208
Series 2014-C23 Class XA
09/15/2047 0.597%   2,503,394 16,175
Series 2014-C26 Class XA
01/15/2048 0.933%   4,885,476 58,918
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
9
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
JPMorgan Chase Commercial Mortgage Securities Trust(a)
Series 2019-OSB Class A
06/05/2039 3.397%   375,000 329,128
JPMorgan Chase Commercial Mortgage Securities Trust(a),(b)
Subordinated Series 2022-NLP Class H
1-month Term SOFR + 5.010%
Floor 5.010%
04/15/2037 		9.572%   228,934 198,285
Life Mortgage Trust(a),(b)
Series 2022-BMR2 Class A1
1-month Term SOFR + 1.295%
Floor 1.295%
05/15/2039 		5.858%   385,000 383,797
Series 2022-BMR2 Class B
1-month Term SOFR + 1.794%
Floor 1.794%
05/15/2039 		6.356%   270,000 268,144
Series 2022-BMR2 Class D
1-month Term SOFR + 2.542%
Floor 2.542%
05/15/2039 		7.104%   215,000 211,775
Morgan Stanley Bank of America Merrill Lynch Trust(c),(f)
Series 2016-C31 Class XA
11/15/2049 1.274%   2,144,684 74,450
Morgan Stanley Capital I Trust(a),(c)
Series 2018-MP Class A
07/11/2040 4.276%   315,000 276,132
MSCG Trust(a),(b)
Subordinated Series 2018-SELF Class E
1-month USD LIBOR + 2.150%
Floor 2.150%
10/15/2037 		6.738%   342,702 332,517
MSDB Trust(a),(c)
Series 2017-712F Class A
07/11/2039 3.316%   285,000 248,921
Natixis Commercial Mortgage Securities Trust(a),(c),(f)
Series 2020-2PAC Class XA
12/15/2038 1.395%   937,398 19,397
Series 2020-2PAC Class XB
12/15/2038 0.957%   2,665,000 38,770
Natixis Commercial Mortgage Securities Trust(a),(c)
Subordinated Series 2018-ALXA Class E
01/15/2043 4.316%   60,000 45,807
Progress Residential Trust(a)
Subordinated Series 2021-SFR9 Class E1
11/17/2040 2.811%   910,000 740,079
Ready Capital Mortgage Financing LLC(a),(b)
Series 2020-FL4 Class AS
1-month USD LIBOR + 3.100%
Floor 3.100%
02/25/2035 		7.717%   250,000 248,788
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
SCOTT Trust(a),(g)
Subordinated Series 2023-SFS Class AS
03/15/2028 6.204%   100,000 99,511
SFAVE Commercial Mortgage Securities Trust(a),(c)
Series 2015-5AVE Class A2A
01/05/2043 3.659%   425,000 308,461
Series 2015-5AVE Class A2B
01/05/2043 4.144%   35,000 24,058
Subordinated Series 2015-5AVE Class C
01/05/2043 4.388%   345,000 204,546
SMRT Commercial Mortgage Trust(a),(b)
Subordinated Series 2022-MINI Class E
1-month Term SOFR + 2.700%
Floor 2.700%
01/15/2039 		7.263%   350,000 326,334
STWD FL1 Ltd.(a),(b)
Series 2019 Class AS
1-month USD LIBOR + 1.400%
Floor 1.400%
07/15/2038 		6.076%   398,000 379,836
Tricon American Homes Trust(a)
Subordinated Series 2017-SFR2 Class E
01/17/2036 4.216%   375,000 367,422
VMC Finance LLC(a),(b)
Series 2021-FL4 Class B
1-month USD LIBOR + 1.800%
Floor 1.800%
06/16/2036 		6.391%   299,000 281,968
Wells Fargo Commercial Mortgage Trust(a),(c)
Subordinated Series 2019-JDWR Class D
09/15/2031 3.326%   425,000 366,724
WF-RBS Commercial Mortgage Trust(c),(f)
Series 2014-C24 Class XA
11/15/2047 0.839%   2,360,708 24,628
Total Commercial Mortgage-Backed Securities - Non-Agency
(Cost $15,608,546) 		14,368,767
    
Common Stocks 17.7%
Issuer Shares Value ($)
Communication Services 2.4%
Entertainment 1.0%
Activision Blizzard, Inc. 74,474 5,678,642
Media 1.4%
Intelsat Jackson Holdings SA(d),(e),(h) 362,000 0
Intelsat Jackson Holdings SA(d),(e),(h) 248,000 0
Intelsat Jackson Series A, CVR(d),(e),(h) 612 —
Intelsat Jackson Series B, CVR(d),(e),(h) 612 —
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
10 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Shaw Communications, Inc. 101,694 2,946,108
TEGNA, Inc.(i),(j) 255,161 4,439,802
Total   7,385,910
Total Communication Services 13,064,552
Consumer Discretionary 0.9%
Distributors 0.3%
Uni-Select, Inc.(h) 37,745 1,310,633
Diversified Consumer Services 0.2%
Houghton Mifflin Harcourt Co.(d),(e),(h) 36,963 776,208
Household Durables 0.1%
iRobot Corp.(h) 16,513 678,519
Specialty Retail 0.3%
TravelCenters of America, Inc.(h) 21,308 1,797,330
Total Consumer Discretionary 4,562,690
Consumer Staples —%
Food & Staples Retailing —%
Fresh Market Escrow(d),(e),(h) 90,477 0
Total Consumer Staples 0
Energy 0.1%
Oil, Gas & Consumable Fuels 0.1%
Ranger Oil Corp. 10,200 423,300
Total Energy 423,300
Financials 1.6%
Banks 0.7%
First Horizon Corp. 150,591 3,730,139
Capital Markets 0.5%
Focus Financial Partners, Inc., Class A(h) 49,409 2,562,351
Diversified Financial Services 0.0%
Intelsat Emergence SA(h) 5,853 143,398
Insurance 0.2%
Argo Group International Holdings Ltd.(i),(j) 38,918 1,130,568
Thrifts & Mortgage Finance 0.2%
Home Capital Group, Inc. 25,027 769,060
Total Financials 8,335,516
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 3.1%
Biotechnology 1.6%
Albireo Pharma, Inc.(h) 37,853 1,686,351
Concert Pharmaceuticals, Inc.(h) 172,917 1,449,045
Horizon Therapeutics PLC(h) 43,039 4,712,340
Swedish Orphan Biovitrum AB(h) 35,398 815,471
Total   8,663,207
Health Care Equipment & Supplies 0.6%
Cardiovascular Systems, Inc.(h) 124,927 2,462,311
Globus Medical, Inc., Class A(h) 9,313 543,321
Total   3,005,632
Health Care Providers & Services 0.8%
Mediclinic International PLC 172,965 1,035,826
Oak Street Health, Inc.(h),(i),(j) 30,614 1,083,736
Signify Health, Inc., Class A(h) 74,539 2,145,978
Total   4,265,540
Pharmaceuticals 0.1%
Amryt Pharma PLC, ADR(h),(i),(j) 45,086 658,706
Total Health Care 16,593,085
Industrials 3.0%
Aerospace & Defense 1.3%
Aerojet Rocketdyne Holdings, Inc.(h) 83,236 4,689,517
Boeing Co. (The)(h) 942 189,860
Maxar Technologies, Inc.(i),(j) 47,426 2,442,439
Total   7,321,816
Airlines 0.0%
Delta Air Lines, Inc.(h) 2,848 109,192
Commercial Services & Supplies 0.4%
Caverion OYJ 143,155 1,367,278
Ritchie Bros. Auctioneers, Inc. 9,955 608,947
Total   1,976,225
Machinery 0.9%
Altra Industrial Motion Corp. 62,832 3,866,053
Evoqua Water Technologies Corp.(h),(i),(j) 17,709 859,949
Total   4,726,002
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
11
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Transportation Infrastructure 0.4%
Atlas Corp. 137,261 2,108,329
Total Industrials 16,241,564
Information Technology 5.1%
Electronic Equipment, Instruments & Components 0.3%
Rogers Corp.(h) 9,855 1,450,656
Semiconductors & Semiconductor Equipment 0.3%
MagnaChip Semiconductor Corp.(h) 40,326 386,323
Silicon Motion Technology Corp., ADR(i),(j) 23,775 1,598,156
Total   1,984,479
Software 4.5%
Avalara, Inc.(d),(e),(h) 36,601 3,422,194
Black Knight, Inc.(h),(i),(j) 12,392 738,563
Duck Creek Technologies, Inc.(h) 270,421 5,121,774
ForgeRock, Inc., Class A(h),(i),(j) 39,800 813,512
Magnet Forensics, Inc.(h) 36,371 1,179,492
Momentive Global, Inc.(h) 143,016 986,810
Sumo Logic, Inc.(h) 277,066 3,288,773
VMware, Inc., Class A(h),(i),(j) 35,455 3,904,659
Zendesk, Inc.(d),(e),(h) 59,288 4,594,820
Total   24,050,597
Total Information Technology 27,485,732
Materials 0.3%
Paper & Forest Products 0.3%
Resolute Forest Products, Inc.(h) 76,222 1,670,786
Total Materials 1,670,786
Real Estate 0.3%
Equity Real Estate Investment Trusts (REITS) 0.3%
Indus Realty Trust, Inc. 19,844 1,320,221
Total Real Estate 1,320,221
Utilities 0.9%
Electric Utilities 0.9%
Electricite de France SA 67,287 839,444
PNM Resources, Inc. 85,400 4,184,600
Total   5,024,044
Total Utilities 5,024,044
Total Common Stocks
(Cost $98,935,443) 		94,721,490
Convertible Bonds 0.5%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Airlines 0.2%
Air Canada
07/01/2025 4.000%   110,000 132,099
American Airlines Group, Inc.
07/01/2025 6.500%   375,000 452,063
Southwest Airlines Co.
05/01/2025 1.250%   300,000 341,850
Total 926,012
Cable and Satellite 0.1%
Liberty Broadband Corp.(a)
03/31/2053 3.125%   665,000 650,370
Liberty Media Corp.(a)
12/01/2050 0.500%   105,000 103,913
Total 754,283
Consumer Cyclical Services 0.0%
Uber Technologies, Inc.(k)
12/15/2025 0.000%   280,000 243,247
Leisure 0.1%
Carnival Corp.(a)
12/01/2027 5.750%   425,000 468,987
Lodging 0.0%
Marriott Vacations Worldwide Corp.(a)
12/15/2027 3.250%   185,000 190,272
Retailers 0.1%
Burlington Stores, Inc.
04/15/2025 2.250%   225,000 264,797
Total Convertible Bonds
(Cost $2,825,816) 		2,847,598
    
Convertible Preferred Stocks 0.4%
Issuer   Shares Value ($)
Communication Services 0.1%
Diversified Telecommunication Services 0.1%
2020 Cash Mandatory Exchangeable Trust(a) 5.250% 410 475,397
Media 0.0%
ViacomCBS, Inc. 5.750% 2,100 64,310
Total Communication Services 539,707
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
12 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Convertible Preferred Stocks (continued)
Issuer   Shares Value ($)
Health Care 0.0%
Health Care Equipment & Supplies 0.0%
Becton Dickinson and Co. 6.000% 2,200 105,996
Total Health Care 105,996
Utilities 0.3%
Electric Utilities 0.2%
American Electric Power Co., Inc. 6.125% 8,750 429,712
NextEra Energy, Inc. 6.219% 3,800 175,750
NextEra Energy, Inc. 6.926% 15,050 697,116
Total     1,302,578
Independent Power and Renewable Electricity Producers 0.1%
AES Corp. (The) 6.375% 4,500 410,085
Total Utilities 1,712,663
Total Convertible Preferred Stocks
(Cost $2,466,559) 		2,358,366
    
Corporate Bonds & Notes(l) 16.3%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
ABS Other 0.0%
SBA Tower Trust(a)
01/15/2028 6.599%   240,000 245,128
Aerospace & Defense 0.3%
Airbus SE(a)
06/09/2030 1.625% EUR 100,000 91,139
Boeing Co. (The)
02/04/2024 1.433%   300,000 288,320
05/01/2027 5.040%   160,000 157,608
05/01/2030 5.150%   675,000 654,020
TransDigm, Inc.(a),(m)
08/15/2028 6.750%   225,000 223,829
Total 1,414,916
Airlines 0.5%
American Airlines Pass-Through Trust
Series 2016-2 Class AA
06/15/2028 3.200%   179,875 160,694
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)
04/20/2026 5.500%   215,000 209,617
04/20/2029 5.750%   385,000 365,810
Delta Air Lines Pass-Through Trust
06/10/2028 2.500%   92,892 80,557
Delta Air Lines, Inc.
10/28/2024 2.900%   105,000 99,945
01/15/2026 7.375%   80,000 82,294
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Delta Air Lines, Inc./SkyMiles IP Ltd.(a)
10/20/2028 4.750%   1,034,000 978,501
JetBlue Pass-Through Trust
Series 2020-1 Class A
11/15/2032 4.000%   347,650 318,703
Singapore Airlines Ltd.(a)
01/19/2029 3.375%   200,000 180,989
U.S. Airways Pass-Through Trust
04/22/2023 6.250%   128,785 128,252
Total 2,605,362
Apartment REIT 0.0%
Invitation Homes Operating Partnership LP
01/15/2034 2.700%   75,000 56,053
Automotive 0.3%
Allison Transmission. Inc.(a)
01/30/2031 3.750%   100,000 82,969
BMW Finance NV(a)
11/14/2024 1.000% EUR 75,000 76,082
Ford Motor Co.
02/12/2032 3.250%   265,000 201,163
Ford Motor Credit Co. LLC
06/14/2024 2.748% GBP 100,000 114,281
08/01/2026 4.542%   200,000 185,668
05/28/2027 4.950%   430,000 400,791
02/16/2028 2.900%   200,000 166,717
06/17/2031 3.625%   275,000 217,965
Total 1,445,636
Banking 2.9%
American Express Co.(n)
12/31/2079 3.550%   85,000 72,307
Bank of America Corp.(n)
10/01/2025 3.093%   345,000 331,300
02/04/2028 2.551%   110,000 98,375
06/14/2029 2.087%   50,000 42,072
10/24/2031 1.922%   765,000 593,406
04/22/2032 2.687%   50,000 40,553
12/31/2079 4.375%   80,000 69,563
Bank of Montreal(n)
11/26/2082 7.325% CAD 300,000 222,107
Bank of Nova Scotia (The)(n)
10/27/2082 8.625%   215,000 226,550
BNP Paribas SA(a),(n)
06/09/2026 2.219%   240,000 222,109
Capital One Financial Corp.(n)
11/02/2027 1.878%   215,000 187,910
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
13
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Citigroup, Inc.(n)
02/24/2028 3.070%   80,000 72,668
11/05/2030 2.976%   100,000 85,226
01/29/2031 2.666%   80,000 66,636
03/31/2031 4.412%   355,000 330,657
06/03/2031 2.572%   95,000 77,894
11/03/2032 2.520%   220,000 173,544
01/25/2033 3.057%   665,000 545,583
Comerica, Inc.(n)
12/31/2079 5.625%   95,000 92,802
Credit Suisse Group AG(a),(n)
02/02/2027 1.305%   450,000 363,470
05/14/2032 3.091%   200,000 141,956
08/12/2033 6.537%   375,000 335,789
11/15/2033 9.016%   600,000 628,649
Credit Suisse Group Funding Guernsey Ltd.
03/26/2025 3.750%   135,000 123,903
Goldman Sachs Group Inc (The)(n)
01/27/2032 1.992%   970,000 745,299
Goldman Sachs Group, Inc. (The)(a)
05/15/2024 1.375% EUR 205,000 211,588
01/26/2028 0.250% EUR 15,000 13,093
11/01/2028 2.000% EUR 173,000 163,051
Goldman Sachs Group, Inc. (The)(n)
07/21/2032 2.383%   230,000 180,742
10/21/2032 2.650%   440,000 350,889
HSBC Holdings PLC(n)
05/24/2027 1.589%   125,000 109,378
06/09/2028 4.755%   25,000 23,963
09/22/2028 2.013%   590,000 499,821
08/17/2029 2.206%   215,000 178,373
05/24/2032 2.804%   410,000 327,060
Intesa Sanpaolo SpA(a),(n)
Subordinated
06/01/2032 4.198%   200,000 151,718
JPMorgan Chase & Co.(n)
09/16/2024 0.653%   235,000 228,564
02/16/2025 0.563%   250,000 237,088
04/22/2027 1.578%   285,000 252,070
02/24/2028 2.947%   425,000 385,568
10/15/2030 2.739%   105,000 88,462
11/19/2031 1.764%   180,000 138,640
04/22/2032 2.580%   340,000 275,353
12/31/2079 3.650%   85,000 74,094
Lloyds Banking Group PLC(n)
08/11/2026 4.716%   400,000 390,033
08/11/2033 4.976%   330,000 307,880
Macquarie Group Ltd.(a),(n)
06/23/2032 2.691%   195,000 155,278
01/14/2033 2.871%   305,000 243,523
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Morgan Stanley(n)
04/28/2032 1.928%   85,000 65,019
07/21/2032 2.239%   610,000 474,659
Subordinated
09/16/2036 2.484%   445,000 331,774
Nationwide Building Society(a),(n)
03/08/2024 3.766%   660,000 659,698
08/01/2024 4.363%   100,000 99,279
PNC Financial Services Group, Inc. (The)(n)
01/24/2034 5.068%   60,000 58,118
Popular, Inc.
09/14/2023 6.125%   215,000 214,001
Santander UK Group Holdings PLC(n)
11/15/2024 4.796%   90,000 89,101
03/15/2025 1.089%   300,000 284,265
06/14/2027 1.673%   110,000 96,041
Santander UK PLC(a)
Subordinated
11/07/2023 5.000%   115,000 114,078
Shinhan Financial Group Co., Ltd.(a),(n)
12/31/2079 2.875%   200,000 174,404
Toronto-Dominion Bank (The)(n)
10/31/2082 8.125%   230,000 240,412
U.S. Bancorp
06/07/2024 0.850% EUR 500,000 509,139
US Bancorp(n)
12/31/2079 3.700%   185,000 155,632
Wells Fargo & Co.(n)
06/02/2028 2.393%   160,000 141,545
02/11/2031 2.572%   375,000 312,588
03/02/2033 3.350%   740,000 625,910
Total 15,522,220
Brokerage/Asset Managers/Exchanges 0.0%
Intercontinental Exchange, Inc.
09/15/2032 1.850%   175,000 131,281
Building Materials 0.1%
Advanced Drainage Systems, Inc.(a)
06/15/2030 6.375%   70,000 67,071
Cemex SAB de CV(a)
07/11/2031 3.875%   205,000 165,786
St. Marys Cement, Inc.(a)
01/28/2027 5.750%   200,000 200,552
Total 433,409
Cable and Satellite 0.8%
Cable One, Inc.(a)
11/15/2030 4.000%   260,000 203,129
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
14 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CCO Holdings LLC/Capital Corp.(a)
03/01/2030 4.750%   150,000 126,142
08/15/2030 4.500%   265,000 218,521
02/01/2031 4.250%   395,000 316,905
06/01/2033 4.500%   115,000 89,522
Charter Communications Operating LLC/Capital
04/01/2031 2.800%   50,000 39,043
02/01/2032 2.300%   20,000 14,705
05/01/2047 5.375%   65,000 51,575
04/01/2048 5.750%   320,000 266,305
07/01/2049 5.125%   565,000 433,147
04/01/2053 5.250%   280,000 218,420
CSC Holdings LLC(a)
02/01/2028 5.375%   275,000 229,425
04/01/2028 7.500%   80,000 53,516
DIRECTV Holdings LLC/Financing Co., Inc.(a)
08/15/2027 5.875%   150,000 134,562
Globo Comunicacao e Participacoes SA(a)
01/14/2032 5.500%   200,000 164,084
Intelsat Jackson Holdings SA(a)
03/15/2030 6.500%   248,000 215,976
LCPR Senior Secured Financing DAC(a)
07/15/2029 5.125%   200,000 168,119
SES GLOBAL Americas Holdings GP(a)
03/25/2044 5.300%   375,000 282,461
Sirius XM Radio, Inc.(a)
07/01/2030 4.125%   310,000 253,091
Time Warner Cable LLC
09/01/2041 5.500%   195,000 164,480
Virgin Media Finance PLC(a)
07/15/2030 5.000%   200,000 163,657
Virgin Media Secured Finance PLC(a)
05/15/2029 5.500%   225,000 203,563
08/15/2030 4.500%   200,000 165,627
VZ Secured Financing BV(a)
01/15/2032 5.000%   215,000 177,828
Total 4,353,803
Chemicals 0.2%
Braskem Idesa SAPI(a)
02/20/2032 6.990%   200,000 139,151
Braskem Netherlands Finance BV(a)
01/31/2030 4.500%   200,000 168,618
EverArc Escrow Sarl(a)
10/30/2029 5.000%   190,000 151,208
International Flavors & Fragrances, Inc.(a)
11/01/2030 2.300%   360,000 277,856
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Unifrax Escrow Issuer Corp.(a)
09/30/2029 7.500%   155,000 105,744
Total 842,577
Construction Machinery 0.2%
OT Merger Corp.(a)
10/15/2029 7.875%   240,000 144,014
United Rentals North America, Inc.
01/15/2028 4.875%   205,000 195,456
07/15/2030 4.000%   140,000 123,424
02/15/2031 3.875%   345,000 296,977
United Rentals North America, Inc.(a)
12/15/2029 6.000%   170,000 170,037
Total 929,908
Consumer Cyclical Services 0.1%
Match Group, Inc.(a)
08/01/2030 4.125%   150,000 124,648
Uber Technologies, Inc.(a)
11/01/2026 8.000%   145,000 147,907
WASH Multifamily Acquisition, Inc.(a)
04/15/2026 5.750%   145,000 134,940
Total 407,495
Consumer Products 0.2%
Edgewell Personal Care Co.(a)
06/01/2028 5.500%   75,000 70,077
Energizer Holdings, Inc.(a)
12/31/2027 6.500%   150,000 144,007
Natura & Co. Luxembourg Holdings SARL(a)
04/19/2029 6.000%   200,000 167,224
Natura Cosmeticos SA(a)
05/03/2028 4.125%   200,000 155,269
Newell Brands, Inc.
04/01/2046 5.750%   185,000 148,413
Prestige Brands, Inc.(a)
04/01/2031 3.750%   185,000 150,185
Spectrum Brands, Inc.(a)
07/15/2030 5.500%   85,000 75,136
Total 910,311
Diversified Manufacturing 0.0%
Johnson Controls International PLC/Tyco Fire & Security Finance SCA
09/15/2027 0.375% EUR 100,000 89,895
Electric 0.6%
AES Corp. (The)(a)
07/15/2030 3.950%   35,000 31,150
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
15
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Alliant Energy Finance LLC(a)
03/01/2032 3.600%   305,000 262,139
DPL, Inc.
07/01/2025 4.125%   370,000 348,011
Duke Energy Progress LLC
12/01/2044 4.150%   225,000 186,765
E.ON SE(a)
09/29/2027 0.375% EUR 65,000 59,888
FirstEnergy Corp.(n)
07/15/2027 4.150%   405,000 377,855
FirstEnergy Corp.
11/15/2031 7.375%   345,000 387,750
FirstEnergy Transmission LLC(a)
09/15/2028 2.866%   229,000 200,525
ITC Holdings Corp.
11/15/2027 3.350%   150,000 138,361
Jersey Central Power & Light Co.(a)
04/01/2024 4.700%   330,000 325,771
Niagara Mohawk Power Corp.(a)
09/16/2052 5.783%   220,000 223,211
NSTAR Electric Co.
05/15/2027 3.200%   520,000 484,356
Southern Co. (The)
07/01/2026 3.250%   184,000 171,740
Southwestern Electric Power Co.
11/01/2051 3.250%   85,000 56,889
Total 3,254,411
Environmental 0.0%
Waste Pro USA, Inc.(a)
02/15/2026 5.500%   250,000 228,209
Finance Companies 0.2%
AerCap Ireland Capital DAC/Global Aviation Trust
10/29/2023 1.150%   360,000 349,311
01/23/2028 3.875%   75,000 67,902
01/30/2032 3.300%   344,000 275,338
Air Lease Corp.
03/01/2025 3.250%   160,000 151,917
Avolon Holdings Funding Ltd.(a)
07/01/2024 3.950%   45,000 43,511
02/15/2025 2.875%   195,000 181,285
11/18/2027 2.528%   199,000 165,967
Park Aerospace Holdings Ltd.(a)
03/15/2023 4.500%   45,000 44,979
02/15/2024 5.500%   63,000 62,472
Total 1,342,682
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Food and Beverage 0.8%
Becle SAB de CV(a)
10/14/2031 2.500%   205,000 160,122
Chobani LLC/Finance Corp., Inc.(a)
11/15/2028 4.625%   150,000 130,847
Darling Ingredients, Inc.(a)
06/15/2030 6.000%   420,000 406,026
H-Food Holdings LLC/Hearthside Finance Co., Inc.(a)
06/01/2026 8.500%   115,000 73,103
JBS USA LUX SA/Food Co./Finance, Inc.(a)
12/01/2031 3.750%   400,000 320,745
01/15/2032 3.625%   200,000 160,244
04/01/2033 5.750%   170,000 158,948
12/01/2052 6.500%   75,000 71,143
Kraft Heinz Foods Co.
03/01/2031 4.250%   450,000 420,820
01/26/2039 6.875%   220,000 239,810
10/01/2039 4.625%   235,000 206,136
06/01/2046 4.375%   205,000 167,680
Kraft Heinz Foods Co.(a)
08/01/2039 7.125%   35,000 38,570
MARB BondCo PLC(a)
01/29/2031 3.950%   200,000 143,178
NBM US Holdings, Inc.(a)
05/14/2026 7.000%   200,000 193,369
Pilgrim’s Pride Corp.(a)
09/30/2027 5.875%   150,000 147,018
Pilgrim’s Pride Corp.
04/15/2031 4.250%   150,000 125,254
Post Holdings, Inc.(a)
01/15/2028 5.625%   315,000 302,261
12/15/2029 5.500%   225,000 206,398
09/15/2031 4.500%   65,000 54,906
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed(a)
03/01/2029 4.625%   170,000 138,658
Triton Water Holdings, Inc.(a)
04/01/2029 6.250%   275,000 218,438
Total 4,083,674
Gaming 0.3%
Churchill Downs, Inc.(a)
01/15/2028 4.750%   92,000 83,950
GLP Capital LP/Financing II, Inc.
04/15/2026 5.375%   195,000 190,264
06/01/2028 5.750%   80,000 78,333
01/15/2029 5.300%   130,000 123,041
MGM Resorts International
10/15/2028 4.750%   20,000 17,924
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
16 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Penn National Gaming, Inc.(a)
07/01/2029 4.125%   185,000 150,412
Premier Entertainment Sub LLC/Finance Corp.(a)
09/01/2031 5.875%   159,000 113,913
VICI Properties LP
05/15/2032 5.125%   374,000 346,779
05/15/2052 5.625%   40,000 35,573
VICI Properties LP/Note Co., Inc.(a)
09/01/2026 4.500%   30,000 28,003
02/01/2027 5.750%   35,000 34,146
02/15/2027 3.750%   5,000 4,538
01/15/2028 4.500%   49,000 45,158
02/15/2029 3.875%   105,000 91,499
12/01/2029 4.625%   185,000 166,552
08/15/2030 4.125%   324,000 281,606
Total 1,791,691
Health Care 1.2%
180 Medical, Inc.(a)
10/15/2029 3.875%   160,000 140,042
Baylor Scott & White Holdings
11/15/2026 2.650%   500,000 454,996
Becton Dickinson Euro Finance SARL
06/04/2026 1.208% EUR 255,000 246,528
Cano Health LLC(a)
10/01/2028 6.250%   90,000 55,688
Catalent Pharma Solutions, Inc.(a)
04/01/2030 3.500%   260,000 225,620
CommonSpirit Health
10/01/2030 2.782%   70,000 58,615
CVS Health Corp.
03/25/2048 5.050%   305,000 273,415
Dentsply Sirona, Inc.
06/01/2030 3.250%   165,000 140,782
DH Europe Finance II SARL
03/18/2028 0.450% EUR 515,000 460,927
Embecta Corp.(a)
02/15/2030 5.000%   270,000 228,951
Encompass Health Corp.
04/01/2031 4.625%   165,000 140,922
Hackensack Meridian Health, Inc.
07/01/2057 4.500%   300,000 267,139
HCA, Inc.
02/01/2025 5.375%   205,000 203,081
09/15/2025 7.580%   125,000 128,278
12/01/2027 7.050%   115,000 120,786
09/01/2028 5.625%   100,000 98,832
06/15/2029 4.125%   558,000 507,973
09/01/2030 3.500%   1,099,000 944,880
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
06/15/2047 5.500%   84,000 75,577
06/15/2049 5.250%   230,000 198,577
HCA, Inc.(a)
03/15/2052 4.625%   335,000 263,515
ModivCare Escrow Issuer, Inc.(a)
10/01/2029 5.000%   75,000 64,046
New York and Presbyterian Hospital (The)
08/01/2036 3.563%   390,000 327,438
Option Care Health, Inc.(a)
10/31/2029 4.375%   160,000 137,097
Prime Healthcare Services, Inc.(a)
11/01/2025 7.250%   150,000 134,379
Providence Service Corp. (The)(a)
11/15/2025 5.875%   158,000 149,064
Rede D’or Finance SARL(a)
01/22/2030 4.500%   200,000 169,353
Tenet Healthcare Corp.
07/15/2024 4.625%   22,000 21,660
Thermo Fisher Scientific, Inc.
09/12/2024 0.750% EUR 100,000 101,020
01/23/2026 1.400% EUR 125,000 123,532
03/01/2028 0.500% EUR 105,000 94,575
Total 6,557,288
Healthcare Insurance 0.4%
Centene Corp.
12/15/2027 4.250%   115,000 106,477
07/15/2028 2.450%   447,000 375,609
12/15/2029 4.625%   55,000 50,444
02/15/2030 3.375%   495,000 419,167
10/15/2030 3.000%   585,000 478,099
03/01/2031 2.500%   195,000 152,182
Molina Healthcare, Inc.(a)
06/15/2028 4.375%   200,000 181,722
11/15/2030 3.875%   225,000 190,160
UnitedHealth Group, Inc.
05/15/2024 0.550%   100,000 94,522
Total 2,048,382
Healthcare REIT 0.1%
Healthcare Realty Holdings LP
01/15/2028 3.625%   48,000 43,100
03/15/2030 2.400%   40,000 31,348
03/15/2031 2.050%   11,000 8,124
Healthcare Trust of America Holdings LP
02/15/2030 3.100%   35,000 29,791
03/15/2031 2.000%   165,000 126,008
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
17
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Physicians Realty LP
11/01/2031 2.625%   95,000 75,960
Total 314,331
Home Construction 0.0%
China Aoyuan Group, Ltd.(a),(o)
02/08/2024 0.000%   200,000 19,542
Independent Energy 0.8%
Aker BP ASA(a)
01/15/2030 3.750%   210,000 185,197
Continental Resources, Inc.(a)
01/15/2031 5.750%   586,000 554,865
04/01/2032 2.875%   318,000 240,621
Encana Corp.
08/15/2034 6.500%   360,000 360,506
02/01/2038 6.500%   130,000 127,814
EQT Corp.(a)
05/15/2026 3.125%   40,000 36,660
05/15/2031 3.625%   815,000 688,151
EQT Corp.
10/01/2027 3.900%   69,000 63,226
Medco Oak Tree Pte Ltd.(a)
05/14/2026 7.375%   440,000 429,418
Occidental Petroleum Corp.
04/15/2026 3.400%   55,000 51,247
08/15/2026 3.200%   100,000 90,059
09/01/2030 6.625%   325,000 333,910
01/01/2031 6.125%   330,000 332,312
05/01/2031 7.500%   75,000 80,239
Occidental Petroleum Corp.(k)
10/10/2036 0.000%   285,000 143,420
Petrorio Luxembourg Sarl(a)
06/09/2026 6.125%   200,000 188,944
Southwestern Energy Co.(n)
01/23/2025 5.700%   4,000 3,967
Var Energi ASA(a)
01/15/2028 7.500%   200,000 206,384
Total 4,116,940
Integrated Energy 0.2%
Cenovus Energy, Inc.
02/07/2028 3.500% CAD 115,000 79,438
06/15/2037 5.250%   175,000 159,904
11/15/2039 6.750%   603,000 629,705
06/15/2047 5.400%   175,000 157,567
Total 1,026,614
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Leisure 0.2%
Carnival Corp.(a)
03/01/2027 5.750%   335,000 275,222
Cinemark USA, Inc.(a)
07/15/2028 5.250%   160,000 133,912
Live Nation Entertainment, Inc.(a)
10/15/2027 4.750%   70,000 62,981
Royal Caribbean Cruises Ltd.(a)
08/15/2027 11.625%   63,000 67,126
04/01/2028 5.500%   385,000 335,629
Total 874,870
Life Insurance 0.1%
Athene Global Funding(a)
03/08/2027 3.205%   95,000 84,684
08/19/2028 1.985%   395,000 322,387
Total 407,071
Lodging 0.3%
Hilton Domestic Operating Co., Inc.
01/15/2030 4.875%   316,000 289,754
Hilton Domestic Operating Co., Inc.(a)
02/15/2032 3.625%   280,000 229,785
Hyatt Hotels Corp.(n)
04/23/2030 6.000%   256,000 257,117
Travel + Leisure Co.(a)
07/31/2026 6.625%   150,000 147,378
12/01/2029 4.500%   345,000 290,592
Wyndham Hotels & Resorts, Inc.(a)
08/15/2028 4.375%   255,000 231,563
Total 1,446,189
Media and Entertainment 0.4%
Diamond Sports Group LLC/Finance Co.(a)
08/15/2026 5.375%   293,000 32,656
Gray Escrow II, Inc.(a)
11/15/2031 5.375%   150,000 111,375
Magallanes, Inc.(a)
03/15/2042 5.050%   305,000 246,890
03/15/2052 5.141%   513,000 403,129
Meta Platforms, Inc.
08/15/2052 4.450%   80,000 66,273
Netflix, Inc.
02/15/2025 5.875%   285,000 287,046
News Corp.(a)
05/15/2029 3.875%   370,000 317,108
Scripps Escrow II, Inc.(a)
01/15/2031 5.375%   140,000 98,987
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
18 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Scripps Escrow, Inc.(a)
07/15/2027 5.875%   30,000 24,112
WMG Acquisition Corp(a)
02/15/2031 3.000%   550,000 434,833
Total 2,022,409
Metals and Mining 0.3%
Cleveland-Cliffs, Inc.(a)
03/01/2029 4.625%   400,000 365,348
03/01/2031 4.875%   345,000 315,115
CSN Islands XI Corp.(a)
01/28/2028 6.750%   215,000 204,911
FMG Resources August 2006 Pty Ltd.(a)
04/01/2031 4.375%   65,000 54,952
Freeport-McMoRan, Inc.
08/01/2030 4.625%   260,000 241,839
03/15/2043 5.450%   670,000 606,474
Total 1,788,639
Midstream 0.6%
Cheniere Energy Partners LP
10/01/2029 4.500%   180,000 163,178
03/01/2031 4.000%   445,000 384,368
Enbridge, Inc.
11/15/2029 3.125%   250,000 217,851
Energy Transfer LP(n)
12/31/2079 6.625%   336,000 275,226
Energy Transfer Operating LP
06/01/2027 5.500%   70,000 69,562
04/15/2049 6.250%   80,000 76,044
Energy Transfer Partners LP
03/15/2045 5.150%   245,000 205,188
Galaxy Pipeline Assets Bidco Ltd.(a)
03/31/2034 2.160%   184,932 156,331
Global Partners LP/Finance Corp.
01/15/2029 6.875%   150,000 139,996
Kinder Morgan, Inc.
12/01/2034 5.300%   145,000 135,986
NGL Energy Operating LLC/Finance Corp.(a)
02/01/2026 7.500%   125,000 119,344
Rockies Express Pipeline LLC(a)
07/15/2029 4.950%   100,000 86,974
05/15/2030 4.800%   100,000 86,593
04/15/2040 6.875%   100,000 82,346
Sabine Pass Liquefaction LLC
05/15/2030 4.500%   30,000 28,095
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Sunoco LP/Finance Corp.
05/15/2029 4.500%   225,000 197,434
04/30/2030 4.500%   47,000 40,798
TransCanada PipeLines Ltd.
04/15/2030 4.100%   425,000 387,958
Transcontinental Gas Pipe Line Co. LLC
05/15/2030 3.250%   80,000 69,582
TransMontaigne Partners LP/TLP Finance Corp.
02/15/2026 6.125%   139,000 118,702
Venture Global Calcasieu Pass LLC(a)
08/15/2029 3.875%   225,000 194,360
Western Midstream Operating LP(n)
02/01/2030 4.300%   225,000 199,435
Total 3,435,351
Natural Gas 0.0%
Engie SA(a)
06/21/2027 0.375% EUR 100,000 91,646
Office REIT 0.0%
Hudson Pacific Properties LP
11/01/2027 3.950%   160,000 138,333
02/15/2028 5.950%   35,000 33,311
Total 171,644
Oil Field Services 0.1%
Archrock Partners LP/Finance Corp.(a)
04/01/2028 6.250%   153,000 144,930
Transocean Poseidon Ltd.(a)
02/01/2027 6.875%   142,188 138,685
Total 283,615
Other Financial Institutions 0.1%
Simpar Finance Sarl(a)
02/12/2028 10.750% BRL 640,000 87,792
Sunac China Holdings, Ltd.(a),(o)
01/10/2025 0.000%   200,000 53,039
Swiss Insured Brazil Power Finance SARL(a)
07/16/2032 9.850% BRL 1,758,850 293,049
Total 433,880
Other Industry 0.1%
Adtalem Global Education, Inc.(a)
03/01/2028 5.500%   84,000 77,575
AECOM
03/15/2027 5.125%   405,000 388,169
Duke University
10/01/2046 3.299%   228,000 177,461
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
19
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Massachusetts Institute of Technology
07/01/2050 2.989%   120,000 89,266
Pike Corp.(a)
09/01/2028 5.500%   88,000 76,288
Total 808,759
Other REIT 0.1%
American Assets Trust LP
02/01/2031 3.375%   155,000 122,541
CubeSmart LP
02/15/2032 2.500%   195,000 152,265
Extra Space Storage LP
06/01/2031 2.550%   35,000 27,874
03/15/2032 2.350%   150,000 114,808
Host Hotels & Resorts LP
12/15/2029 3.375%   165,000 140,380
09/15/2030 3.500%   115,000 95,766
Lexington Realty Trust
09/15/2030 2.700%   135,000 108,038
Life Storage LP
10/15/2031 2.400%   20,000 15,856
Total 777,528
Packaging 0.4%
Ardagh Metal Packaging Finance USA LLC/PLC(a)
09/01/2028 3.250%   220,000 184,794
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a)
08/15/2027 5.250%   185,000 152,210
Ball Corp.
03/15/2026 4.875%   250,000 242,421
03/15/2028 6.875%   285,000 288,161
08/15/2030 2.875%   390,000 311,946
Berry Global Escrow Corp.(a)
07/15/2026 4.875%   51,000 48,821
07/15/2027 5.625%   125,000 120,313
Clydesdale Acquisition Holdings, Inc.(a)
04/15/2029 6.625%   75,000 71,776
Sealed Air Corp.(a)
09/15/2025 5.500%   357,000 352,258
04/15/2029 5.000%   100,000 92,005
Trivium Packaging Finance BV(a)
08/15/2026 5.500%   140,000 132,349
Total 1,997,054
Paper 0.0%
Graphic Packaging International LLC(a)
07/15/2027 4.750%   75,000 70,426
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Pharmaceuticals 0.3%
1375209 BC Ltd.(a)
01/30/2028 9.000%   140,000 139,800
Allergan Funding SCS
06/01/2024 1.250% EUR 100,000 101,429
11/15/2028 2.625% EUR 100,000 96,595
Amgen, Inc.(g)
03/02/2033 5.250%   145,000 143,924
03/02/2043 5.600%   145,000 143,245
03/02/2053 5.650%   145,000 143,807
Bayer US Finance II LLC(a)
12/15/2025 4.250%   100,000 96,686
12/15/2028 4.375%   289,000 272,022
06/25/2038 4.625%   370,000 322,697
Grifols Escrow Issuer SA(a)
10/15/2028 4.750%   245,000 209,299
Organon Finance 1 LLC(a)
04/30/2031 5.125%   185,000 157,677
Total 1,827,181
Property & Casualty 0.4%
Acrisure LLC/Finance, Inc.(a)
02/15/2029 4.250%   150,000 122,309
08/01/2029 6.000%   80,000 65,511
Alliant Holdings Intermediate LLC/Co-Issuer(a)
10/15/2027 6.750%   155,000 140,911
Aon Corp.
05/15/2030 2.800%   230,000 196,529
AssuredPartners, Inc.(a)
01/15/2029 5.625%   85,000 72,208
Berkshire Hathaway Finance Corp.
06/19/2039 2.375% GBP 250,000 213,181
Berkshire Hathaway, Inc.(k)
03/12/2025 0.000% EUR 315,000 308,831
Brown & Brown, Inc.
03/17/2052 4.950%   115,000 96,774
Chubb INA Holdings, Inc.
12/15/2024 0.300% EUR 180,000 177,693
Farmers Exchange Capital III(a),(n)
Subordinated
10/15/2054 5.454%   300,000 273,913
Nationwide Mutual Insurance Co.(a),(b)
Subordinated
3-month USD LIBOR + 2.290%
12/15/2024 		7.059%   450,000 450,262
Total 2,118,122
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
20 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Railroads 0.0%
Union Pacific Corp.
02/14/2042 3.375%   75,000 58,985
Refining 0.1%
FS Luxembourg Sarl(a)
12/15/2025 10.000%   200,000 200,207
MC Brazil Downstream Trading SARL(a)
06/30/2031 7.250%   212,576 173,605
Total 373,812
Restaurants 0.5%
1011778 BC ULC/New Red Finance, Inc.(a)
01/15/2028 3.875%   325,000 289,949
02/15/2029 3.500%   445,000 380,089
10/15/2030 4.000%   700,000 578,116
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC(a)
04/15/2029 5.125%   160,000 142,949
Fertitta Entertainment LLC/Finance Co., Inc.(a)
01/15/2030 6.750%   250,000 207,152
Yum! Brands, Inc.(a)
01/15/2030 4.750%   360,000 328,966
Yum! Brands, Inc.
03/15/2031 3.625%   665,000 557,383
01/31/2032 4.625%   300,000 265,049
Total 2,749,653
Retailers 0.1%
Magic MergeCo, Inc.(a)
05/01/2029 7.875%   315,000 238,591
MercadoLibre, Inc.
01/14/2026 2.375%   200,000 178,129
Rent-A-Center, Inc.(a)
02/15/2029 6.375%   200,000 170,688
Total 587,408
Stranded Utility 0.1%
Brazos Securitization LLC(a)
09/01/2031 5.014%   200,000 196,434
United Electric Securitization LLC(a)
06/01/2031 5.109%   100,000 99,083
Total 295,517
Supranational 0.3%
Asian Development Bank
10/14/2026 3.000% AUD 135,000 86,916
European Investment Bank(a),(b)
SONIA + 0.350%
06/29/2023 		4.280% GBP 115,000 138,443
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Inter-American Development Bank(a)
10/30/2025 2.750% AUD 120,000 77,632
Inter-American Development Bank
01/29/2026 2.700% AUD 138,000 88,750
International Bank for Reconstruction & Development
01/16/2025 1.900% CAD 430,000 301,136
11/30/2026 2.875% NZD 170,000 96,577
01/19/2027 1.800% CAD 150,000 101,626
International Finance Corp.
09/10/2025 0.375% NZD 270,000 147,112
02/24/2026 3.600% AUD 330,000 217,845
Nordic Investment Bank
04/10/2024 1.875% NOK 980,000 92,376
Total 1,348,413
Technology 0.6%
Apple, Inc.
05/24/2025 0.875% EUR 175,000 174,693
Broadcom, Inc.(a)
02/15/2033 2.600%   98,000 74,023
CDW LLC/Finance Corp.
04/01/2028 4.250%   35,000 31,903
CommScope, Inc.(a)
09/01/2029 4.750%   160,000 130,439
Dell International LLC/EMC Corp.
07/15/2046 8.350%   115,000 131,037
Everi Holdings, Inc.(a)
07/15/2029 5.000%   175,000 154,097
Fidelity National Information Services, Inc.
05/21/2027 1.500% EUR 370,000 351,569
12/03/2028 1.000% EUR 100,000 89,048
Fiserv, Inc.
07/01/2027 1.125% EUR 100,000 93,869
Gartner, Inc.(a)
10/01/2030 3.750%   140,000 119,041
MSCI, Inc.(a)
09/01/2030 3.625%   440,000 374,012
02/15/2031 3.875%   275,000 236,758
11/01/2031 3.625%   345,000 288,282
08/15/2033 3.250%   90,000 71,021
NCR Corp.(a)
10/01/2030 5.250%   15,000 12,552
Open Text Corp.(a)
12/01/2027 6.900%   70,000 71,093
Oracle Corp.
04/01/2027 2.800%   100,000 90,736
03/25/2031 2.875%   60,000 49,706
11/09/2032 6.250%   200,000 208,200
11/15/2037 3.800%   55,000 43,474
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
21
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
11/15/2047 4.000%   280,000 205,060
03/25/2051 3.950%   200,000 143,516
Picard Midco, Inc.(a)
03/31/2029 6.500%   105,000 90,994
Tencent Holdings Ltd.(a)
04/22/2041 3.680%   200,000 150,562
Total 3,385,685
Tobacco 0.1%
BAT Capital Corp.
08/15/2047 4.540%   100,000 71,728
03/16/2052 5.650%   140,000 117,629
Reynolds American, Inc.
08/15/2045 5.850%   510,000 438,247
Total 627,604
Transportation Services 0.0%
Hertz Corp (The)(a)
12/01/2029 5.000%   255,000 211,674
Wireless 0.7%
American Tower Corp.
05/22/2026 1.950% EUR 100,000 97,983
01/15/2028 0.500% EUR 100,000 87,482
Cellnex Telecom SA
06/26/2029 1.875% EUR 100,000 86,635
Crown Castle International Corp.
01/15/2031 2.250%   65,000 52,010
Millicom International Cellular SA(a)
04/27/2031 4.500%   200,000 161,400
SBA Communications Corp.
02/15/2027 3.875%   715,000 646,561
02/01/2029 3.125%   305,000 251,258
Sprint Spectrum Co. I/II/III LLC(a)
03/20/2025 4.738%   455,625 450,064
03/20/2028 5.152%   125,000 123,475
T-Mobile US, Inc.
04/15/2026 2.625%   304,000 278,401
04/15/2027 3.750%   20,000 18,806
02/01/2028 4.750%   153,000 148,226
02/15/2029 2.625%   90,000 76,686
04/15/2029 3.375%   105,000 92,895
04/15/2030 3.875%   283,000 256,685
02/15/2031 2.875%   125,000 103,804
04/15/2031 3.500%   175,000 151,593
Vmed O2 UK Financing I PLC(a)
01/31/2031 3.250% EUR 160,000 132,921
01/31/2031 4.250%   430,000 346,047
Corporate Bonds & Notes(l) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Vodafone Group PLC
06/19/2049 4.875%   20,000 17,322
Total 3,580,254
Wirelines 0.2%
AT&T, Inc.
03/25/2024 0.900%   77,000 73,456
12/01/2033 2.550%   140,000 107,182
03/01/2037 5.250%   45,000 43,342
05/15/2046 4.750%   40,000 34,365
12/01/2057 3.800%   257,000 180,402
C&W Senior Financing DAC(a)
09/15/2027 6.875%   200,000 180,840
Frontier Communications Corp.(a)
05/01/2028 5.000%   200,000 175,517
Level 3 Financing, Inc.(a)
09/15/2027 4.625%   275,000 205,461
07/01/2028 4.250%   165,000 112,539
Total Play Telecomunicaciones SA de CV(a)
11/12/2025 7.500%   210,000 185,511
Total 1,298,615
Total Corporate Bonds & Notes
(Cost $97,441,133) 		87,243,762
Foreign Government Obligations(l),(p) 5.7%
Australia 0.4%
Australia Government Bond(a)
09/21/2026 0.500% AUD 320,000 192,837
12/21/2030 1.000% AUD 295,000 160,878
11/21/2031 1.000% AUD 1,044,000 554,709
New South Wales Treasury Corp.(a)
03/20/2025 1.250% AUD 330,000 210,177
05/20/2027 3.000% AUD 325,000 209,729
Queensland Treasury Corp.(a)
08/20/2027 2.750% AUD 290,000 184,897
Western Australian Treasury Corp.
10/22/2030 1.500% AUD 590,000 325,466
Total 1,838,693
Austria 0.1%
Republic of Austria Government Bond(a)
02/20/2029 0.500% EUR 240,000 217,900
Brazil 0.1%
Brazil Notas do Tesouro Nacional Series F
01/01/2025 10.000% BRL 1,400,000 260,629
Brazilian Government International Bond
06/12/2030 3.875%   400,000 345,201
Total 605,830
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
22 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Foreign Government Obligations(l),(p) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Canada 0.5%
Canada Housing Trust No. 1(a)
12/15/2025 1.950% CAD 465,000 322,162
06/15/2026 1.250% CAD 415,000 279,388
Canadian Government Bond
09/01/2024 1.500% CAD 205,000 144,157
CPPIB Capital, Inc.(a)
12/01/2031 2.250% CAD 155,000 98,565
Province of Ontario
06/02/2028 2.900% CAD 375,000 262,508
12/02/2030 1.350% CAD 1,275,000 771,965
06/02/2045 3.450% CAD 215,000 139,334
Province of Quebec
09/01/2023 3.000% CAD 325,000 236,342
Province of Quebec(a)
12/15/2023 1.500% GBP 105,000 123,250
04/07/2025 0.200% EUR 205,000 201,698
Total 2,579,369
Chile 0.0%
Chile Government International Bond
01/27/2032 2.550%   224,000 183,704
Colombia 0.2%
Colombia Government International Bond
03/15/2029 4.500%   200,000 171,866
04/15/2031 3.125%   580,000 422,114
04/22/2032 3.250%   215,000 152,825
Ecopetrol SA
06/26/2026 5.375%   50,000 47,436
04/29/2030 6.875%   110,000 98,091
11/02/2031 4.625%   105,000 78,392
05/28/2045 5.875%   55,000 36,334
Total 1,007,058
Dominican Republic 0.1%
Dominican Republic International Bond(a)
01/30/2030 4.500%   350,000 301,369
Egypt 0.0%
Egypt Government International Bond(a)
10/06/2025 5.250%   200,000 173,010
Germany 0.2%
Bundesrepublik Deutschland Bundesanleihe(a),(k)
02/15/2032 0.000% EUR 1,130,000 949,228
Foreign Government Obligations(l),(p) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Greece 0.2%
Hellenic Republic Government Bond(a)
04/22/2027 2.000% EUR 236,000 232,748
06/18/2030 1.500% EUR 447,000 391,955
01/30/2042 4.200% EUR 215,000 218,559
Total 843,262
Hungary 0.0%
Hungary Government International Bond(a)
09/22/2031 2.125%   200,000 153,736
India 0.1%
Export-Import Bank of India(a)
02/01/2028 3.875%   200,000 184,956
India Government Bond
06/15/2025 5.220% INR 19,820,000 229,127
04/08/2026 7.270% INR 3,500,000 42,224
07/12/2031 6.100% INR 7,990,000 88,441
Indian Railway Finance Corp., Ltd.(a)
02/13/2030 3.249%   200,000 171,807
Total 716,555
Indonesia 0.8%
Freeport Indonesia PT(a)
04/14/2027 4.763%   200,000 192,540
Indonesia Government International Bond(a)
06/14/2023 2.625% EUR 225,000 237,268
07/18/2024 2.150% EUR 200,000 206,780
Indonesia Government International Bond
10/15/2030 3.850%   200,000 186,886
01/11/2033 4.850%   200,000 196,338
03/12/2033 1.100% EUR 100,000 77,537
03/12/2051 3.050%   200,000 144,679
Indonesia Treasury Bond
06/15/2025 6.500% IDR 7,315,000,000 479,912
09/15/2026 8.375% IDR 2,322,000,000 161,686
04/15/2027 5.125% IDR 1,504,000,000 94,104
05/15/2028 6.125% IDR 773,000,000 49,743
03/15/2029 9.000% IDR 2,298,000,000 168,476
05/15/2031 8.750% IDR 4,550,000,000 334,756
04/15/2032 6.375% IDR 11,357,000,000 722,713
05/15/2033 6.625% IDR 2,025,000,000 130,905
06/15/2035 7.500% IDR 1,095,000,000 74,516
05/15/2038 7.500% IDR 1,751,000,000 119,595
Perusahaan Penerbit SBSN Indonesia III(a)
03/29/2027 4.150%   270,000 262,898
PT Indonesia Asahan Aluminium Persero(a)
05/15/2025 4.750%   220,000 215,231
PT Pertamina Persero(a)
08/25/2030 3.100%   200,000 171,824
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
23
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Foreign Government Obligations(l),(p) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
PT Perusahaan Listrik Negara(a)
05/15/2027 4.125%   280,000 266,112
Total 4,494,499
Ireland 0.0%
Ireland Government Bond(a)
05/15/2029 1.100% EUR 205,000 193,402
Israel 0.0%
Israel Electric Corp., Ltd.(a)
02/22/2032 3.750%   200,000 172,409
Italy 0.0%
Republic of Italy Government International Bond
02/17/2026 1.250%   200,000 175,487
Japan 0.2%
Japan Government Five-Year Bond
06/20/2025 0.100% JPY 102,050,000 751,803
03/20/2027 0.005% JPY 30,000,000 219,332
Japan Government Ten-Year Bond
09/20/2025 0.400% JPY 27,200,000 201,956
Total 1,173,091
Kazakhstan 0.0%
KazMunayGas National Co. JSC(a)
04/24/2030 5.375%   215,000 194,015
Malaysia 0.3%
Malaysia Government Bond
09/30/2024 4.059% MYR 975,000 219,853
03/14/2025 3.882% MYR 970,000 218,259
11/30/2026 3.900% MYR 405,000 91,442
11/16/2027 3.899% MYR 1,300,000 292,654
06/15/2028 3.733% MYR 375,000 83,616
04/15/2033 3.844% MYR 1,948,000 428,027
07/05/2034 3.828% MYR 400,000 87,124
Total 1,420,975
Mauritius 0.1%
Greenko Solar Mauritius Ltd.(a)
01/29/2025 5.550%   200,000 190,572
Greenko Wind Projects Mauritius Ltd.(a)
04/06/2025 5.500%   205,000 193,064
Total 383,636
Mexico 0.5%
Mexican Bonos
03/06/2025 5.000% MXN 16,130,000 784,985
05/26/2033 7.500% MXN 14,400,000 693,215
Foreign Government Obligations(l),(p) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Mexico Government International Bond
05/24/2031 2.659%   475,000 383,803
05/29/2031 7.750% MXN 9,670,000 481,387
02/12/2034 3.500%   200,000 163,204
Petroleos Mexicanos
09/21/2047 6.750%   100,000 64,840
02/12/2048 6.350%   19,000 11,830
01/23/2050 7.690%   231,000 163,242
01/28/2060 6.950%   70,000 45,016
Total 2,791,522
Netherlands 0.0%
Greenko Dutch BV(a)
03/29/2026 3.850%   191,000 168,853
New Zealand 0.3%
New Zealand Government Bond
05/15/2024 0.500% NZD 565,000 356,217
05/15/2026 0.500% NZD 970,000 525,016
New Zealand Government Bond(a)
04/15/2027 4.500% NZD 280,000 172,196
04/14/2033 3.500% NZD 415,000 233,872
New Zealand Local Government Funding Agency Bond(a)
04/15/2026 1.500% NZD 355,000 195,407
New Zealand Local Government Funding Agency Bond
04/15/2027 4.500% NZD 440,000 264,745
Total 1,747,453
Norway 0.4%
Kommunalbanken AS
07/15/2024 5.250% AUD 184,000 125,146
07/16/2025 4.250% AUD 280,000 187,479
Nordea Eiendomskreditt AS(b)
3-month NIBOR + 0.300%
06/21/2023 		3.490% NOK 2,000,000 192,790
Norway Government Bond(a)
03/13/2025 1.750% NOK 3,815,000 354,088
02/19/2026 1.500% NOK 1,805,000 163,823
02/17/2027 1.750% NOK 3,025,000 272,287
09/17/2031 1.250% NOK 2,925,000 235,334
05/18/2032 2.125% NOK 4,615,000 396,466
Total 1,927,413
Oman 0.0%
Oman Government International Bond(a)
01/17/2028 5.625%   200,000 196,459
Panama 0.0%
Panama Government International Bond
01/23/2030 3.160%   200,000 172,210
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
24 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Foreign Government Obligations(l),(p) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Peru 0.1%
Peruvian Government International Bond
08/25/2027 4.125%   100,000 96,773
06/20/2030 2.844%   165,000 139,580
Total 236,353
Philippines 0.1%
Philippine Government International Bond
05/17/2027 0.875% EUR 535,000 496,878
01/14/2036 6.250% PHP 10,000,000 170,872
Total 667,750
Poland 0.0%
Republic of Poland Government International Bond
11/16/2032 5.750%   28,000 29,357
Portugal 0.1%
Portugal Obrigacoes do Tesouro OT(a)
07/16/2032 1.650% EUR 580,000 523,936
Qatar 0.2%
Qatar Energy(a)
07/12/2031 2.250%   200,000 164,395
Qatar Petroleum(a)
07/12/2031 2.250%   465,000 382,219
QNB Finance Ltd.(a)
03/28/2024 3.500%   200,000 195,296
Total 741,910
Romania 0.0%
Romanian Government International Bond(a)
02/14/2031 3.000%   200,000 161,961
Singapore 0.1%
Singapore Government Bond
11/01/2026 1.250% SGD 170,000 116,162
09/01/2033 3.375% SGD 320,000 238,684
Total 354,846
South Africa 0.0%
Transnet SOC Ltd.(a)
02/06/2028 8.250%   200,000 200,583
South Korea 0.3%
Korea Treasury Bond
09/10/2024 3.125% KRW 304,590,000 231,060
03/10/2027 2.375% KRW 1,095,160,000 793,087
06/10/2027 2.125% KRW 316,190,000 223,846
09/10/2027 3.125% KRW 232,900,000 173,572
Total 1,421,565
Foreign Government Obligations(l),(p) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Sweden 0.0%
Sweden Government International Bond(a)
04/24/2023 0.125% EUR 100,000 105,390
Turkey 0.1%
Turkey Government International Bond
03/23/2023 3.250%   240,000 239,898
United Arab Emirates 0.1%
Abu Dhabi Government International Bond(a)
04/16/2030 3.125%   200,000 183,505
03/02/2031 1.700%   205,000 167,610
04/16/2050 3.875%   200,000 165,617
Finance Department Government of Sharjah(a)
11/23/2032 6.500%   200,000 201,918
Total 718,650
United Kingdom 0.1%
United Kingdom Gilt(a)
01/31/2024 0.125% GBP 85,000 98,629
01/31/2025 0.250% GBP 80,000 89,475
12/07/2027 4.250% GBP 280,000 344,451
Total 532,555
Total Foreign Government Obligations
(Cost $33,394,936) 		30,715,892
    
Limited Partnerships 0.8%
Issuer Shares Value ($)
Energy 0.8%
Oil, Gas & Consumable Fuels 0.8%
DCP Midstream Partners LP 98,310 4,107,392
Total Energy 4,107,392
Total Limited Partnerships
(Cost $4,125,045) 		4,107,392
    
Municipal Bonds 0.2%
Issue Description Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Airport 0.0%
County of Miami-Dade Aviation
Refunding Revenue Bonds
Taxable
Series 2020B
10/01/2035 2.857%   85,000 67,627
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
25
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Municipal Bonds (continued)
Issue Description Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Joint Power Authority 0.0%
South Carolina Public Service Authority
Revenue Bonds
Taxable - Santee Cooper
Series 2009
01/01/2030 5.740%   65,000 65,364
Local General Obligation 0.0%
City of Norfolk
Unlimited General Obligation Bonds
Taxable
Series 2021
10/01/2031 1.804%   105,000 83,040
Power 0.0%
City of San Antonio Electric & Gas Systems
Revenue Bonds
Series 2010 (BAM)
02/01/2041 5.718%   60,000 63,997
Sales Tax 0.1%
Santa Clara Valley Transportation Authority
Revenue Bonds
Series 2010 (BAM)
04/01/2032 5.876%   250,000 258,800
Special Non Property Tax 0.0%
State Board of Administration Finance Corp.
Revenue Bonds
Taxable
Series 2020A
07/01/2030 2.154%   82,000 67,132
State General Obligation 0.0%
Commonwealth of Massachusetts
Limited General Obligation Bonds
Taxable - Consolidated Loan
Series 2019H
09/01/2049 2.900%   150,000 107,886
Transportation 0.1%
Metropolitan Transportation Authority
Revenue Bonds
Series 2010 (BAM)
11/15/2031 6.548%   250,000 263,533
Total Municipal Bonds
(Cost $1,062,705) 		977,379
Preferred Debt 0.0%
Issuer Coupon
Rate 		  Shares Value ($)
Banking 0.0%
Wells Fargo & Co.(n)
12/31/2049 5.850%   7,885 195,154
Total Preferred Debt
(Cost $206,354) 		195,154
    
Preferred Stocks 0.1%
Issuer   Shares Value ($)
Financials 0.1%
Banks 0.1%
Valley National Bancorp(n) 8.540% 6,350 160,845
Capital Markets 0.0%
Stifel Financial Corp. 4.500% 7,350 138,621
Total Financials 299,466
Total Preferred Stocks
(Cost $354,121) 		299,466
    
Residential Mortgage-Backed Securities - Agency 4.8%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Federal Home Loan Mortgage Corp.
08/01/2052 4.500%   337,293 325,736
08/01/2052-
11/01/2052 		5.000%   698,463 694,755
11/01/2052 5.500%   178,170 179,734
Federal National Mortgage Association(m)
09/01/2052 4.500%   691,461 671,700
Federal National Mortgage Association
10/01/2052-
12/01/2052 		5.500%   958,815 964,695
11/01/2052 5.000%   197,996 196,513
Federal National Mortgage Association(b)
CMO Series 2013-5 Class GF
1-month USD LIBOR + 1.100%
Floor 1.100%, Cap 5.000%
10/25/2042 		5.000%   234,783 214,341
Government National Mortgage Association(f)
CMO Series 2017-136 Class IO
09/20/2047 5.000%   605,808 113,468
CMO Series 2018-63 Class IO
09/20/2047 4.000%   800,125 128,411
Government National Mortgage Association TBA(g)
03/21/2053 4.500%   725,000 702,938
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
26 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Uniform Mortgage-Backed Security TBA(g)
03/13/2053-
04/13/2053 		2.000%   3,950,000 3,220,368
03/13/2053-
04/13/2053 		2.500%   7,450,000 6,314,264
03/13/2053 3.000%   4,525,000 3,979,614
03/13/2053 4.000%   775,000 727,410
03/13/2053 4.500%   3,575,000 3,444,289
03/13/2053 5.000%   3,825,000 3,759,855
Total Residential Mortgage-Backed Securities - Agency
(Cost $26,268,309) 		25,638,091
Residential Mortgage-Backed Securities - Non-Agency 6.9%
ABFC Trust(b)
CMO Series 2007-WMC1 Class A1A
1-month USD LIBOR + 1.250%
Floor 1.250%
06/25/2037 		5.867%   646,843 451,416
Adjustable Rate Mortgage Trust(b)
CMO Series 2005-9 Class 5A3
1-month USD LIBOR + 0.640%
Floor 0.320%, Cap 11.000%
11/25/2035 		5.257%   108,663 106,008
Alternative Loan Trust(c)
CMO Series 2005-43 Class 1A
10/25/2035 3.568%   190,188 164,911
Alternative Loan Trust(b)
CMO Series 2005-59 Class 1A1
1-month USD LIBOR + 0.660%
Floor 0.660%, Cap 11.000%
11/20/2035 		3.376%   761,924 687,409
CMO Series 2007-OH3 Class A1B
1-month USD LIBOR + 0.440%
Floor 0.440%, Cap 10.000%
09/25/2047 		5.057%   460,973 390,418
American Home Mortgage Investment Trust(b)
CMO Series 2005-1 Class 6A
6-month USD LIBOR + 2.000%
Floor 2.000%
06/25/2045 		7.271%   99,366 97,889
Arroyo Mortgage Trust(a),(c)
CMO Series 2019-1 Class A1
01/25/2049 3.805%   58,550 54,351
Banc of America Funding Trust(b)
CMO Series 2005-B Class 3M1
1-month USD LIBOR + 0.675%
Floor 0.450%, Cap 11.000%
04/20/2035 		5.273%   173,582 170,913
Banc of America Funding Trust(a),(c)
Subordinated CMO Series 2014-R6 Class 2A13
07/26/2036 4.766%   558,272 540,139
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Bear Stearns Alt-A Trust(b)
CMO Series 2004-6 Class M1
1-month USD LIBOR + 0.825%
Floor 0.825%, Cap 11.500%
07/25/2034 		5.442%   160,647 162,813
Bear Stearns Mortgage Funding Trust(b)
CMO Series 2006-AR3 Class 1A1
1-month USD LIBOR + 0.180%
Floor 0.180%, Cap 10.500%
10/25/2036 		4.797%   292,282 242,526
CMO Series 2006-AR4 Class A1
1-month USD LIBOR + 0.210%
Floor 0.210%, Cap 10.500%
12/25/2036 		4.827%   396,558 354,313
CMO Series 2007-AR3 Class 21A1
1-month USD LIBOR + 0.150%
Floor 0.150%, Cap 10.500%
04/25/2037 		4.917%   311,445 271,080
Centex Home Equity Loan Trust(b)
CMO Series 2005-A Class M1
1-month USD LIBOR + 0.720%
Floor 0.480%
01/25/2035 		5.337%   264,941 261,771
CMO Series 2005-D Class M4
1-month USD LIBOR + 0.915%
Floor 0.610%
10/25/2035 		5.532%   376,621 375,664
CIM Trust(a),(c)
CMO Series 2021-R3 Class A1A
06/25/2057 1.951%   447,557 393,183
Citigroup Mortgage Loan Trust, Inc.(c)
CMO Series 2006-AR2 Class 1A1
03/25/2036 4.097%   244,729 189,474
Citigroup Mortgage Loan Trust, Inc.(b)
CMO Series 2006-WFH3 Class M2
1-month USD LIBOR + 0.450%
Floor 0.450%
10/25/2036 		5.067%   300,576 297,433
COLT Mortgage Loan Trust(a),(c)
CMO Series 2022-5 Class A1
04/25/2067 4.550%   90,172 86,878
Connecticut Avenue Securities Trust(a),(b)
CMO Series 2022-R01 Class 1M1
30-day Average SOFR + 1.000%
12/25/2041 		5.484%   46,541 46,209
CMO Series 2022-R03 Class 1M1
30-day Average SOFR + 2.100%
03/25/2042 		6.584%   23,293 23,391
CMO Series 2022-R03 Class 1M2
30-day Average SOFR + 3.500%
03/25/2042 		7.984%   500,000 513,030
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
27
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2022-R04 Class 1M1
30-day Average SOFR + 2.000%
03/25/2042 		6.484%   42,699 42,719
CMO Series 2022-R05 Class 2M2
30-day Average SOFR + 3.000%
04/25/2042 		7.484%   455,000 451,425
CMO Series 2022-R06 Class 1M1
30-day Average SOFR + 2.750%
05/25/2042 		7.234%   83,720 85,077
CMO Series 2022-R09 Class 2M1
30-day Average SOFR + 2.500%
09/25/2042 		6.993%   175,544 176,366
CMO Series 2023-R01 Class 1M1
30-day Average SOFR + 2.400%
12/25/2042 		6.884%   127,302 128,212
Subordinated CMO Series 2022-R01 Class 1B1
30-day Average SOFR + 3.150%
12/25/2041 		7.634%   511,000 486,952
Countrywide Asset-Backed Certificates(b)
CMO Series 2007-13 Class 2A1
1-month USD LIBOR + 0.900%
Floor 0.900%
10/25/2047 		5.517%   139,994 130,922
CMO Series 2007-13 Class 2A2
1-month USD LIBOR + 0.800%
Floor 0.800%
10/25/2047 		5.417%   278,291 260,258
Credit Suisse Mortgage Trust(a),(c)
CMO Series 2019-NQM1 Class A1
10/25/2059 2.656%   18,968 18,139
CSMC Trust(a),(c)
CMO Series 2020-RPL6 Class A1
03/25/2059 2.688%   650,248 627,604
CMO Series 2021-RPL4 Class A1
12/27/2060 1.796%   1,347,010 1,192,995
CWABS Asset-Backed Certificates Trust(b)
CMO Series 2004-10 Class MV4
1-month USD LIBOR + 1.575%
Floor 1.575%
12/25/2034 		6.192%   885,976 798,758
CMO Series 2005-14 Class M2
1-month USD LIBOR + 0.705%
Floor 0.470%
04/25/2036 		5.322%   4,023 4,020
CMO Series 2005-17 Class MV1
1-month USD LIBOR + 0.460%
Floor 0.460%
05/25/2036 		5.307%   240,522 237,519
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Domino’s Pizza Master Issuer LLC(a)
CMO Series 2015-1A Class A2II
10/25/2045 4.474%   140,625 135,338
First Franklin Mortgage Loan Trust(b)
CMO Series 2006-FF4 Class A3
1-month USD LIBOR + 0.280%
Floor 0.560%
03/25/2036 		4.897%   119,431 118,211
First Horizon Mortgage Pass-Through Trust(c)
CMO Series 2005-AR4 Class 2A1
10/25/2035 3.979%   131,905 123,244
First NLC Trust(b)
CMO Series 2005-4 Class A4
1-month USD LIBOR + 0.780%
Floor 0.390%, Cap 14.000%
02/25/2036 		5.397%   274,622 266,540
Freddie Mac STACR REMIC Trust(a),(b)
CMO Series 2022-DNA3 Class M1A
30-day Average SOFR + 2.000%
04/25/2042 		6.484%   157,943 158,649
CMO Series 2022-DNA4 Class M1A
30-day Average SOFR + 2.200%
05/25/2042 		6.684%   192,286 194,075
CMO Series 2022-DNA4 Class M1B
30-day Average SOFR + 3.350%
05/25/2042 		7.834%   285,000 289,210
CMO Series 2022-DNA7 Class M1A
30-day Average SOFR + 2.500%
03/25/2052 		6.984%   151,935 153,239
CMO Series 2022-HQA1 Class M1B
30-day Average SOFR + 3.500%
03/25/2042 		7.984%   90,000 91,914
CMO Series 2022-HQA3 Class M1B
30-day Average SOFR + 3.550%
08/25/2042 		8.034%   130,000 131,498
Subordinated CMO Series 2022-DNA6 Class M1A
30-day Average SOFR + 2.150%
09/25/2042 		6.634%   193,054 193,657
GCAT Trust(a),(c)
CMO Series 2022-NQM4 Class A1
08/25/2067 5.269%   96,236 95,070
GE-WMC Asset-Backed Pass-Through Certificates(b)
CMO Series 2005-1 Class M1
1-month USD LIBOR + 0.660%
Floor 0.660%
10/25/2035 		5.277%   318,754 306,078
GMACM Mortgage Loan Trust(c)
CMO Series 2006-AR1 Class 1A1
04/19/2036 3.240%   418,295 317,005
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
28 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
GS Mortgage-Backed Securities Trust(a),(c)
CMO Series 2020-RPL1 Class M2
07/25/2059 3.843%   800,000 644,958
GSAMP Trust(b)
CMO Series 2005-WMC3 Class A2C
1-month USD LIBOR + 0.660%
Floor 0.330%
12/25/2035 		5.277%   810,000 774,909
CMO Series 2006-HE7 Class A2D
1-month USD LIBOR + 0.230%
Floor 0.230%
10/25/2046 		5.077%   104,561 103,204
CMO Series 2007-FM2 Class A1
1-month USD LIBOR + 0.140%
Floor 0.140%
01/25/2037 		4.757%   785,712 463,119
HarborView Mortgage Loan Trust(b)
CMO Series 2007-6 Class 1A1A
1-month USD LIBOR + 0.200%
Floor 0.200%, Cap 10.500%
08/19/2037 		4.798%   482,662 397,342
Home Equity Mortgage Loan Asset-Backed Trust(b)
CMO Series 2005-D Class AII4
1-month USD LIBOR + 0.700%
Floor 0.350%
03/25/2036 		5.317%   92,154 90,753
HSI Asset Securitization Corp. Trust(b)
CMO Series 2005-I1 Class 2A4
1-month USD LIBOR + 0.780%
Floor 0.390%
11/25/2035 		5.397%   592,997 528,954
CMO Series 2006-HE2 Class 1A
1-month USD LIBOR + 0.260%
Floor 0.260%
12/25/2036 		4.877%   1,196,936 498,095
Impac CMB Trust(b)
CMO Series 2004-8 Class 2A1 (FGIC)
1-month USD LIBOR + 0.700%
Floor 0.700%, Cap 11.000%
10/25/2034 		5.317%   214,669 210,748
Impac Secured Assets Trust(b)
CMO Series 2006-5 Class 1A1C
1-month USD LIBOR + 0.540%
Floor 0.270%, Cap 11.500%
02/25/2037 		5.157%   548,574 489,081
IndyMac INDX Mortgage Loan Trust(b)
CMO Series 2006-AR2 Class 1A1A
1-month USD LIBOR + 0.440%
Floor 0.220%
04/25/2046 		5.057%   695,656 574,849
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2006-AR2 Class 1A1B
1-month USD LIBOR + 0.420%
Floor 0.420%
04/25/2046 		5.037%   641,286 529,748
JPMorgan Alternative Loan Trust(b)
CMO Series 2006-A1 Class 1A1
1-month USD LIBOR + 0.460%
Floor 0.230%, Cap 11.500%
03/25/2036 		5.077%   469,783 438,272
CMO Series 2007-S1 Class A2
1-month USD LIBOR + 0.680%
Floor 0.340%, Cap 11.500%
04/25/2047 		5.297%   161,435 152,466
JPMorgan Mortgage Acquisition Trust(b)
CMO Series 2006-FRE1 Class M1
1-month USD LIBOR + 0.585%
Floor 0.585%
05/25/2035 		3.553%   258,511 252,017
CMO Series 2007-HE1 Class AV4
1-month USD LIBOR + 0.280%
Floor 0.280%
03/25/2047 		4.897%   1,103,000 1,014,293
Legacy Mortgage Asset Trust(a),(c)
CMO Series 2020-GS2 Class A1
03/25/2060 2.750%   651,960 650,535
Lehman Mortgage Trust
CMO Series 2006-1 Class 1A5
02/25/2036 5.500%   521,789 269,285
Lehman XS Trust(b)
CMO Series 2006-15 Class A4
1-month USD LIBOR + 0.340%
Floor 0.170%
10/25/2036 		4.957%   476,786 427,717
CMO Series 2006-2N Class 2A1
1-year MTA + 1.010%
Floor 1.010%
02/25/2036 		5.158%   468,638 404,121
CMO Series 2007-16N Class 2A2
1-month USD LIBOR + 1.700%
Floor 1.700%
09/25/2047 		6.317%   549,098 459,014
Long Beach Mortgage Loan Trust(b)
CMO Series 2006-10 Class 2A3
1-month USD LIBOR + 0.160%
Floor 0.160%
11/25/2036 		4.937%   1,580,993 481,705
CMO Series 2006-4 Class 1A
1-month USD LIBOR + 0.300%
Floor 0.300%
05/25/2036 		4.917%   1,010,941 580,381
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
29
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Mastr Asset Backed Securities Trust(b)
CMO Series 2005-WF1 Class M6
1-month USD LIBOR + 0.990%
Floor 0.660%
06/25/2035 		5.607%   672,400 657,428
Morgan Stanley ABS Capital I, Inc. Trust(b)
CMO Series 2005-WMC1 Class M3
1-month USD LIBOR + 0.780%
Floor 0.780%
01/25/2035 		5.397%   277,576 267,151
CMO Series 2007-HE2 Class A2B
1-month USD LIBOR + 0.090%
Floor 0.090%
01/25/2037 		4.707%   1,235,035 606,724
CMO Series 2007-NC3 Class A2D
1-month USD LIBOR + 0.260%
Floor 0.260%
05/25/2037 		4.766%   703,560 496,751
Morgan Stanley Mortgage Loan Trust(b)
CMO Series 2005-5AR Class 1M6
1-month USD LIBOR + 1.250%
Floor 0.750%
09/25/2035 		5.867%   500,000 477,749
NMLT Trust(a),(c)
CMO Series 2021-INV1 Class A1
05/25/2056 1.185%   818,883 675,286
Nomura Resecuritization Trust(a),(c)
CMO Series 2014-3R Class 3A9
11/26/2035 3.753%   2,914 2,910
OBX Trust(a),(c)
CMO Series 2021-NQM3 Class A1
07/25/2061 1.054%   638,735 492,607
Option One Mortgage Loan Trust(b)
CMO Series 2005-2 Class M1
1-month USD LIBOR + 0.660%
Floor 0.660%
05/25/2035 		5.277%   329,196 326,086
CMO Series 2007-5 Class 2A2
1-month USD LIBOR + 0.170%
Floor 0.170%
05/25/2037 		4.676%   882,240 479,136
CMO Series 2007-5 Class 2A3
1-month USD LIBOR + 0.230%
Floor 0.230%
05/25/2037 		4.736%   1,606,201 841,339
Preston Ridge Partners Mortgage Trust(a),(c)
CMO Series 2022-4 Class A2
08/25/2027 5.000%   615,000 498,065
Pretium Mortgage Credit Partners LLC(a),(c)
CMO Series 2022-RN2 Class A2
06/25/2052 6.500%   720,000 652,181
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
RALI Series Trust(b)
CMO Series 2006-QA6 Class A3
1-month USD LIBOR + 0.380%
Floor 0.190%
07/25/2036 		4.997%   330,684 286,206
CMO Series 2007-QH6 Class A1
1-month USD LIBOR + 0.190%
Floor 0.190%
07/25/2037 		4.997%   313,981 280,964
RALI Trust(b)
CMO Series 2006-QO10 Class A1
1-month USD LIBOR + 0.320%
Floor 0.160%
01/25/2037 		4.937%   602,919 508,760
RAMP Trust(b)
CMO Series 2006-RZ2 Class M1
1-month USD LIBOR + 0.495%
Floor 0.330%, Cap 14.000%
05/25/2036 		5.112%   535,720 524,010
RFMSI Trust
CMO Series 2006-S10 Class 1A1
10/25/2036 6.000%   567,478 453,749
Soundview Home Loan Trust(b)
CMO Series 2006-OPT5 Class 1A1
1-month USD LIBOR + 0.140%
Floor 0.140%
07/25/2036 		4.897%   312,588 295,483
Structured Adjustable Rate Mortgage Loan Trust(b)
CMO Series 2005-19XS Class 2A1
1-month USD LIBOR + 0.300%
Floor 0.300%
10/25/2035 		4.917%   467 468
Series 2007-4 Class 1A2
1-month USD LIBOR + 0.440%
Floor 0.220%
05/25/2037 		5.057%   385,135 331,564
Structured Asset Investment Loan Trust(b)
CMO Series 2004-6 Class A3
1-month USD LIBOR + 0.800%
Floor 0.800%
07/25/2034 		5.417%   371,404 358,629
Structured Asset Mortgage Investments II Trust(b)
CMO Series 2006-AR8 Class A1A
1-month USD LIBOR + 0.400%
Floor 0.200%, Cap 10.500%
10/25/2036 		5.017%   302,859 258,458
Structured Asset Securities Corp Mortgage Loan Trust(b)
CMO Series 2005-2XS Class M1
1-month USD LIBOR + 0.705%
Floor 0.470%, Cap 11.000%
02/25/2035 		5.322%   756,186 719,115
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
30 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Thornburg Mortgage Securities Trust(b)
CMO Series 2004-3 Class A
1-month USD LIBOR + 0.740%
Floor 0.370%, Cap 11.000%
09/25/2034 		5.246%   337,915 305,052
Towd Point Mortgage Trust(a),(b)
CMO Series 2017-5 Class A1
1-month USD LIBOR + 0.600%
02/25/2057 		5.217%   83,835 83,539
Towd Point Mortgage Trust(a),(c)
Subordinated CMO Series 2017-2 Class B1
04/25/2057 4.106%   760,000 685,067
Verus Securitization Trust(a),(c)
CMO Series 2022-1 Class A1
01/25/2067 2.724%   161,724 144,264
CMO Series 2022-4 Class A2
04/25/2067 4.720%   173,706 162,113
CMO Series 2022-8 Class A3
09/25/2067 6.127%   97,459 95,855
CMO Series 2022-INV1 Class A1
08/25/2067 5.041%   96,377 93,971
WaMu Asset-Backed Certificates Trust(b)
CMO Series 2007-HE1 Class 2A4
1-month USD LIBOR + 0.230%
Floor 0.230%
01/25/2037 		4.847%   1,125,960 513,981
WaMu Mortgage Pass-Through Certificates(b)
CMO Series 2005-AR8 Class 2AC2
1-month USD LIBOR + 0.920%
Floor 0.460%, Cap 10.500%
07/25/2045 		5.537%   357,524 328,517
WaMu Mortgage Pass-Through Certificates Trust(b)
CMO Series 2007-OA4 Class 1A
1-year MTA + 0.770%
Floor 0.770%
05/25/2047 		3.908%   570,873 453,012
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust(b)
CMO Series 2006-AR2 Class A1A
1-year MTA + 0.940%
Floor 0.940%
04/25/2046 		4.078%   217,306 179,174
Total Residential Mortgage-Backed Securities - Non-Agency
(Cost $39,608,742) 		37,066,843
    
Rights 0.0%
Issuer Shares Value ($)
Health Care 0.0%
Health Care Equipment & Supplies 0.0%
Abiomed, Inc., CVR(d),(e),(h),(q) 15,541 23,311
Rights (continued)
Issuer Shares Value ($)
Pharmaceuticals 0.0%
Cincor Pharma, Inc.(d),(e),(h),(q) 44,405 136,097
Total Health Care 159,408
Total Rights
(Cost $135,474) 		159,408
    
Senior Loans 0.2%
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Airlines 0.2%
AAdvantage Loyalty IP Ltd./American Airlines, Inc.(b),(m),(r)
Term Loan
1-month USD LIBOR + 4.750%
Floor 0.750%
04/20/2028 		9.558%   205,000 209,799
Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.(b),(r)
Term Loan
1-month USD LIBOR + 5.250%
Floor 1.000%
06/21/2027 		9.996%   225,000 234,056
United AirLines, Inc.(b),(m),(r)
Tranche B Term Loan
3-month USD LIBOR + 3.750%
Floor 0.750%
04/21/2028 		8.568%   463,409 461,963
Total 905,818
Restaurants 0.0%
KFC Holding Co./Yum! Brands(b),(r)
Tranche B Term Loan
1-month USD LIBOR + 1.750%
03/15/2028 		6.348%   75 75
Total Senior Loans
(Cost $907,551) 		905,893
Treasury Bills 1.7%
Issuer Yield   Principal
Amount ($) 		Value ($)
United States 1.7%
U.S. Treasury Bills
04/20/2023 4.460%   1,355,000 1,346,607
05/25/2023 4.690%   1,925,000 1,903,968
06/01/2023 4.770%   1,790,000 1,768,513
06/08/2023 4.740%   1,190,000 1,174,744
07/06/2023 4.850%   555,000 545,718
07/27/2023 4.870%   1,135,000 1,112,889
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
31
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Treasury Bills (continued)
Issuer Yield   Principal
Amount ($) 		Value ($)
08/10/2023 4.950%   1,385,000 1,355,070
Total 9,207,509
Total Treasury Bills
(Cost $9,211,446) 		9,207,509
U.S. Treasury Obligations 2.3%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
U.S. Treasury
02/28/2026 0.500%   230,000 204,502
01/31/2027 1.500%   1,050,000 943,606
05/31/2027 2.625%   230,000 215,230
03/31/2029 2.375%   580,000 525,670
02/15/2032 1.875%   396,000 335,548
05/15/2032 2.875%   2,620,000 2,410,400
08/15/2032 2.750%   1,065,000 968,152
02/15/2033 3.500%   1,815,000 1,755,445
02/15/2042 2.375%   1,165,000 896,140
11/15/2042 2.750%   175,000 142,188
02/15/2049 3.000%   1,800,000 1,506,656
02/15/2050 2.000%   1,243,000 840,773
08/15/2052 3.000%   550,000 463,031
02/15/2053 3.500%   1,390,000 1,324,192
Total U.S. Treasury Obligations
(Cost $13,246,319) 		12,531,533
    
Options Purchased Calls 0.0%
        Value ($)
(Cost $2,839) 560
Options Purchased Puts 0.0%
(Cost $62,620) 26,842
    
Money Market Funds 39.9%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(s),(t) 214,305,925 214,220,203
Total Money Market Funds
(Cost $214,213,567) 		214,220,203
Total Investments in Securities
(Cost $576,345,255) 		552,754,691
Investments in Securities Sold Short
 
Common Stocks (1.0)%
Issuer Shares Value ($)
Communication Services (0.1)%
Entertainment (0.1)%
Activision Blizzard, Inc. (5,600) (427,000)
Total Communication Services (427,000)
Energy (0.1)%
Oil, Gas & Consumable Fuels (0.1)%
Baytex Energy Corp.(h) (57,297) (220,874)
Total Energy (220,874)
Financials (0.0)%
Capital Markets (0.0)%
IntercontinentalExchange Group, Inc. (1,763) (179,473)
Total Financials (179,473)
Health Care (0.0)%
Health Care Equipment & Supplies (0.0)%
NuVasive, Inc.(h) (2,794) (120,785)
Total Health Care (120,785)
Industrials (0.2)%
Commercial Services & Supplies (0.1)%
IAA, Inc.(h) (9,955) (407,259)
Machinery (0.1)%
Xylem, Inc. (8,500) (872,525)
Total Industrials (1,279,784)
Information Technology (0.6)%
Semiconductors & Semiconductor Equipment (0.6)%
Broadcom, Inc. (4,466) (2,654,099)
MaxLinear, Inc.(h) (9,225) (315,587)
Total   (2,969,686)
Total Information Technology (2,969,686)
Total Common Stocks
(Proceeds $4,944,004) 		(5,197,602)
Total Investments in Securities Sold Short
(Proceeds $4,944,004) 		(5,197,602)
Total Investments in Securities, Net of Securities Sold Short 547,557,089
Other Assets & Liabilities, Net   (11,174,596)
Net Assets 536,382,493
 
At February 28, 2023, securities and/or cash totaling $34,325,073 were pledged as collateral.
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
32 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
477,614 AUD 524,084 NZD ANZ Securities 03/15/2023 2,498 —
248,897 AUD 167,796 USD ANZ Securities 03/15/2023 228 —
189,174 CAD 225,205 NZD ANZ Securities 03/15/2023 590 —
762,885 NZD 643,890 CAD ANZ Securities 03/15/2023 244 —
4,080,495 NZD 2,593,249 USD ANZ Securities 03/15/2023 70,225 —
177,136 EUR 1,906,741 NOK Barclays 03/15/2023 — (3,771)
769,115 GBP 937,102 USD Barclays 03/15/2023 11,738 —
180,154 USD 150,588 GBP Barclays 03/15/2023 1,026 —
368,750 USD 50,154,425 JPY Barclays 03/15/2023 330 —
196,325 USD 263,364 SGD Barclays 03/15/2023 — (950)
75,000 USD 99,951 CAD BMO Capital Markets Corp. 03/15/2023 — (1,740)
385,000 AUD 259,285 USD BNY Capital Markets 03/15/2023 87 —
59,722 EUR 63,400 USD BNY Capital Markets 03/15/2023 179 —
450,000 NOK 43,376 USD BNY Capital Markets 03/15/2023 12 —
145,000 AUD 101,640 USD CIBC 03/15/2023 4,020 —
522,647 NZD 335,102 USD CIBC 03/15/2023 11,943 —
557,179 SGD 421,163 USD CIBC 03/15/2023 7,821 —
584,025 USD 794,023 CAD CIBC 03/15/2023 — (2,038)
775,193 USD 1,034,547 SGD CIBC 03/15/2023 — (7,717)
716,421 AUD 785,604 NZD Citi 03/15/2023 3,424 —
1,602,686 CAD 1,907,213 NZD Citi 03/15/2023 4,550 —
377,127 CAD 445,636 NZD Citi 03/15/2023 — (877)
7,437,726 JPY 75,000 CAD Citi 03/15/2023 239 —
115,961,907 JPY 889,831 USD Citi 03/15/2023 36,482 —
187,706 NOK 17,470 EUR Citi 03/15/2023 405 —
72,500 NZD 6,036,379 JPY Citi 03/15/2023 — (407)
387,555 NZD 249,543 USD Citi 03/15/2023 9,912 —
2,262,085 USD 2,054,112 EUR Citi 03/15/2023 — (87,643)
1,871,318 USD 247,704,619 JPY Citi 03/15/2023 — (48,492)
389,560 USD 632,226 NZD Citi 03/15/2023 1,353 —
534,177 USD 836,907 NZD Citi 03/15/2023 — (16,706)
594,858 USD 796,215 SGD Citi 03/15/2023 — (4,187)
45,030,704 TWD 1,500,000 USD Deutsche Bank 03/01/2023 22,106 —
100,000 USD 522,819 BRL Deutsche Bank 03/02/2023 — (139)
1,868,572,272 KRW 1,500,000 USD Deutsche Bank 03/08/2023 87,088 —
1,800,000 USD 2,253,933,327 KRW Deutsche Bank 03/09/2023 — (95,540)
4,597,023,863 KRW 3,600,000 USD Deutsche Bank 03/17/2023 121,023 —
16,573,857 INR 200,000 USD Deutsche Bank 03/21/2023 — (201)
896,194,661 KRW 700,000 USD Deutsche Bank 03/21/2023 21,513 —
75,000 CAD 7,431,000 JPY Goldman Sachs 03/15/2023 — (288)
507,277 CAD 603,549 NZD Goldman Sachs 03/15/2023 1,369 —
5,140,800 CAD 3,818,649 USD Goldman Sachs 03/15/2023 50,649 —
3,867,500 CAD 2,830,600 USD Goldman Sachs 03/15/2023 — (4,123)
350,754 EUR 3,809,380 NOK Goldman Sachs 03/15/2023 — (4,213)
3,711,700 EUR 3,960,261 USD Goldman Sachs 03/15/2023 31,131 —
226,900 EUR 239,657 USD Goldman Sachs 03/15/2023 — (535)
4,131,900 GBP 5,077,909 USD Goldman Sachs 03/15/2023 106,600 —
33,183,799 JPY 257,339 USD Goldman Sachs 03/15/2023 13,143 —
23,038,765 MXN 1,198,495 USD Goldman Sachs 03/15/2023 — (57,416)
9,235,700 SEK 899,884 USD Goldman Sachs 03/15/2023 16,964 —
531,900 SEK 50,296 USD Goldman Sachs 03/15/2023 — (553)
53,527 USD 75,000 AUD Goldman Sachs 03/15/2023 — (3,034)
365,261 USD 491,800 CAD Goldman Sachs 03/15/2023 — (4,791)
2,544,640 USD 2,353,354 EUR Goldman Sachs 03/15/2023 — (53,427)
906,150 USD 753,200 GBP Goldman Sachs 03/15/2023 65 —
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
33
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Forward foreign currency exchange contracts (continued)
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
3,074,677 USD 2,512,100 GBP Goldman Sachs 03/15/2023 — (52,235)
471,868 USD 61,275,770 JPY Goldman Sachs 03/15/2023 — (20,948)
20,480 USD 218,200 SEK Goldman Sachs 03/15/2023 379 —
105,360 USD 1,089,300 SEK Goldman Sachs 03/15/2023 — (1,225)
597,798 USD 799,616 SGD Goldman Sachs 03/15/2023 — (4,605)
477,614 AUD 523,687 NZD HSBC 03/15/2023 2,253 —
177,136 EUR 1,902,331 NOK HSBC 03/15/2023 — (4,196)
107,843 EUR 113,870 USD HSBC 03/15/2023 — (290)
497,289 SGD 378,132 USD HSBC 03/15/2023 9,219 —
72,500 USD 97,450 CAD HSBC 03/15/2023 — (1,073)
952,587 USD 1,266,472 SGD HSBC 03/15/2023 — (13,059)
1,500,000 USD 45,549,950 TWD JPMorgan 03/01/2023 — (5,064)
520,305 BRL 100,000 USD JPMorgan 03/02/2023 619 —
762,572,298 KRW 600,000 USD JPMorgan 03/03/2023 23,658 —
600,000 USD 737,745,816 KRW JPMorgan 03/03/2023 — (42,421)
328,437,200 INR 4,000,000 USD JPMorgan 03/06/2023 28,208 —
4,000,000 USD 330,757,372 INR JPMorgan 03/06/2023 — (150)
337,751,850 INR 4,100,000 USD JPMorgan 03/08/2023 16,183 —
4,100,000 USD 339,660,576 INR JPMorgan 03/08/2023 6,896 —
1,500,000 USD 1,909,264,797 KRW JPMorgan 03/08/2023 — (56,319)
2,310,606,054 KRW 1,800,000 USD JPMorgan 03/09/2023 52,683 —
75,000 CAD 7,486,567 JPY JPMorgan 03/15/2023 121 —
75,000 CAD 1,068,722 MXN JPMorgan 03/15/2023 3,287 —
99,748 CAD 75,000 USD JPMorgan 03/15/2023 1,889 —
530,257 EUR 5,715,470 NOK JPMorgan 03/15/2023 — (10,553)
3,586,765 EUR 3,861,171 USD JPMorgan 03/15/2023 64,294 —
96,287,006 JPY 736,250 USD JPMorgan 03/15/2023 27,687 —
1,057,461 MXN 75,000 CAD JPMorgan 03/15/2023 — (2,673)
1,405,571 MXN 75,000 USD JPMorgan 03/15/2023 — (1,622)
3,802,107 NOK 353,729 EUR JPMorgan 03/15/2023 8,064 —
11,472 NZD 7,437 USD JPMorgan 03/15/2023 344 —
72,500 USD 97,264 CAD JPMorgan 03/15/2023 — (1,209)
972,949 USD 893,223 EUR JPMorgan 03/15/2023 — (27,401)
112,500 USD 2,082,715 MXN JPMorgan 03/15/2023 1,035 —
968,578 USD 1,294,968 SGD JPMorgan 03/15/2023 — (7,909)
3,600,000 USD 4,663,369,315 KRW JPMorgan 03/17/2023 — (70,813)
331,064,000 INR 4,000,000 USD JPMorgan 03/21/2023 974 —
339,935,100 INR 4,100,000 USD JPMorgan 03/21/2023 — (6,183)
3,499,469,703 KRW 2,700,000 USD JPMorgan 03/21/2023 50,639 —
45,442,257 TWD 1,500,000 USD JPMorgan 03/21/2023 14,238 —
3,400,000 USD 4,473,812,550 KRW JPMorgan 03/21/2023 — (12,988)
3,000,000 AUD 2,092,546 USD JPMorgan 03/31/2023 71,555 —
6,887,037 CAD 7,400,000 AUD JPMorgan 03/31/2023 — (63,581)
6,111,945 CAD 4,250,000 EUR JPMorgan 03/31/2023 23,071 —
4,700,000 CAD 3,508,374 USD JPMorgan 03/31/2023 62,937 —
8,874 CHF 7,910 GBP JPMorgan 03/31/2023 65 —
21,770,176 CNH 3,200,000 USD JPMorgan 03/31/2023 61,443 —
500,000 EUR 772,781 AUD JPMorgan 03/31/2023 — (9,237)
4,250,000 EUR 4,183,844 CHF JPMorgan 03/31/2023 — (46,266)
200,000 EUR 77,217,198 HUF JPMorgan 03/31/2023 1,654 —
3,375,000 EUR 3,640,836 USD JPMorgan 03/31/2023 64,475 —
3,375,000 GBP 5,895,841 AUD JPMorgan 03/31/2023 — (90,089)
757,910 GBP 842,671 CHF JPMorgan 03/31/2023 — (14,417)
2,920,434 GBP 3,300,000 EUR JPMorgan 03/31/2023 — (17,935)
1,750,000 GBP 2,133,086 USD JPMorgan 03/31/2023 26,915 —
155,806,820 HUF 400,000 EUR JPMorgan 03/31/2023 — (7,104)
7,041,455 ILS 2,000,000 USD JPMorgan 03/31/2023 70,792 —
201,527,348 JPY 2,200,000 AUD JPMorgan 03/31/2023 — (4,499)
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
34 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Forward foreign currency exchange contracts (continued)
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
356,194,490 JPY 3,600,000 CAD JPMorgan 03/31/2023 11,602 —
215,865,120 JPY 1,500,000 CHF JPMorgan 03/31/2023 5,719 —
198,276,820 JPY 1,400,000 EUR JPMorgan 03/31/2023 20,945 —
239,952,390 JPY 1,500,000 GBP JPMorgan 03/31/2023 35,290 —
299,636,100 JPY 3,600,000 NZD JPMorgan 03/31/2023 15,729 —
200,000,000 JPY 1,522,964 USD JPMorgan 03/31/2023 47,671 —
7,500,000 MXN 405,166 USD JPMorgan 03/31/2023 — (2,367)
44,763,551 NOK 4,125,000 EUR JPMorgan 03/31/2023 53,671 —
42,500,000 NOK 42,844,501 SEK JPMorgan 03/31/2023 410 —
5,000,000 NOK 5,021,720 SEK JPMorgan 03/31/2023 — (1,752)
28,578,143 NOK 2,800,000 USD JPMorgan 03/31/2023 43,643 —
8,808,462 NZD 8,000,000 AUD JPMorgan 03/31/2023 — (57,218)
800,000 NZD 66,832,112 JPY JPMorgan 03/31/2023 — (1,679)
2,887,754 PLN 600,000 EUR JPMorgan 03/31/2023 — (11,940)
9,822,115 PLN 2,200,000 USD JPMorgan 03/31/2023 — (3,149)
44,391,178 SEK 4,000,000 EUR JPMorgan 03/31/2023 — (8,870)
2,556,207 SEK 2,500,000 NOK JPMorgan 03/31/2023 — (3,463)
24,664,769 SEK 2,400,000 USD JPMorgan 03/31/2023 39,979 —
60,115,667 TRY 3,100,000 USD JPMorgan 03/31/2023 — (34,521)
3,289,442 USD 3,000,000 CHF JPMorgan 03/31/2023 — (93,362)
900,000 USD 325,015,839 HUF JPMorgan 03/31/2023 — (992)
4,065,492 USD 76,000,000 MXN JPMorgan 03/31/2023 64,181 —
126,733 USD 200,000 NZD JPMorgan 03/31/2023 — (3,067)
8,600,000 USD 11,405,256 SGD JPMorgan 03/31/2023 — (135,457)
28,633,233 ZAR 1,600,000 USD JPMorgan 03/31/2023 44,993 —
4,471,564,400 KRW 3,400,000 USD JPMorgan 04/03/2023 10,814 —
100,000 USD 523,647 BRL JPMorgan 04/04/2023 — (640)
477,614 AUD 523,713 NZD Morgan Stanley 03/15/2023 2,268 —
510,657 CAD 606,648 NZD Morgan Stanley 03/15/2023 807 —
376,909 CAD 445,636 NZD Morgan Stanley 03/15/2023 — (717)
1,471,250 EUR 1,595,832 USD Morgan Stanley 03/15/2023 38,397 —
145,000 GBP 174,641 USD Morgan Stanley 03/15/2023 184 —
81,408,327 JPY 625,463 USD Morgan Stanley 03/15/2023 26,390 —
1,065,798 MXN 75,000 CAD Morgan Stanley 03/15/2023 — (3,128)
4,902,506 MXN 266,218 USD Morgan Stanley 03/15/2023 — (1,032)
1,903,674 NOK 178,297 EUR Morgan Stanley 03/15/2023 5,295 —
136,406 NZD 88,452 USD Morgan Stanley 03/15/2023 4,110 —
4,454,639 SGD 3,352,100 USD Morgan Stanley 03/15/2023 47,437 —
53,228 USD 75,000 AUD Morgan Stanley 03/15/2023 — (2,734)
1,679,499 USD 1,541,029 EUR Morgan Stanley 03/15/2023 — (48,197)
561,295 USD 73,410,887 JPY Morgan Stanley 03/15/2023 — (21,074)
14,495 USD 149,857 NOK Morgan Stanley 03/15/2023 — (54)
60,795 USD 81,543 SGD Morgan Stanley 03/15/2023 — (302)
32,590,930 JPY 257,381 USD National Australia Bank 03/15/2023 17,549 —
272,704 NOK 26,341 USD National Australia Bank 03/15/2023 62 —
477,614 AUD 524,464 NZD RBC Capital Markets 03/15/2023 2,733 —
75,000 CAD 1,065,525 MXN RBC Capital Markets 03/15/2023 3,113 —
1,041,492 CAD 778,996 USD RBC Capital Markets 03/15/2023 15,624 —
1,918,311 NOK 176,198 EUR RBC Capital Markets 03/15/2023 1,663 —
274,305 USD 374,253 CAD RBC Capital Markets 03/15/2023 8 —
567,756 USD 514,854 EUR RBC Capital Markets 03/15/2023 — (22,741)
455,495 USD 727,500 NZD RBC Capital Markets 03/15/2023 — (5,672)
152,769 EUR 162,849 USD Standard Chartered 03/15/2023 1,131 —
6,027,070 JPY 72,500 NZD Standard Chartered 03/15/2023 475 —
72,500 NZD 457,027 NOK Standard Chartered 03/15/2023 — (787)
27,522 SGD 20,600 USD Standard Chartered 03/15/2023 183 —
100,000 EUR 105,896 USD State Street 03/15/2023 38 —
7,458,000 JPY 75,000 CAD State Street 03/15/2023 90 —
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
35
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Forward foreign currency exchange contracts (continued)
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
3,511,825 MXN 185,404 USD State Street 03/15/2023 — (6,036)
11,850,358 NOK 1,194,483 USD State Street 03/15/2023 52,533 —
3,981,435 NZD 2,529,525 USD State Street 03/15/2023 67,752 —
499,906 SGD 378,132 USD State Street 03/15/2023 7,278 —
320,022 USD 436,790 CAD State Street 03/15/2023 128 —
257,238 USD 33,417,402 JPY State Street 03/15/2023 — (11,324)
205,827 USD 3,989,391 MXN State Street 03/15/2023 11,646 —
231,081 USD 368,125 NZD State Street 03/15/2023 — (3,465)
376,661 USD 499,810 SGD State Street 03/15/2023 — (5,878)
485,000 EUR 513,583 USD TD Securities 03/15/2023 172 —
525,375 AUD 576,268 NZD UBS 03/15/2023 2,609 —
96,439 CAD 72,500 USD UBS 03/15/2023 1,814 —
531,184 EUR 5,802,528 NOK UBS 03/15/2023 — (3,144)
3,688,267 EUR 3,969,140 USD UBS 03/15/2023 64,815 —
9,383,892 JPY 72,500 USD UBS 03/15/2023 3,445 —
3,803,284 NOK 350,898 EUR UBS 03/15/2023 4,953 —
464,747 NOK 72,500 NZD UBS 03/15/2023 43 —
1,090,000 NZD 931,089 CAD UBS 03/15/2023 8,490 —
12,694 NZD 8,244 USD UBS 03/15/2023 395 —
280,000 NZD 173,092 USD UBS 03/15/2023 — (36)
Total       2,122,811 (1,489,650)
    
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
3-Month Copper 6 05/2023 USD 1,344,150 31,633 —
Amsterdam Index 7 03/2023 EUR 1,055,432 — (20,582)
Amsterdam Index 16 03/2023 EUR 2,412,416 — (32,458)
Brazilian Real 29 03/2023 USD 551,290 — (8,776)
British Pound 1 03/2023 USD 75,356 — (501)
CAC40 Index 65 03/2023 EUR 4,730,050 1,552 —
CAC40 Index 17 03/2023 EUR 1,237,090 — (1,338)
Cocoa 3 05/2023 USD 83,670 4,323 —
Cocoa 13 05/2023 USD 362,570 574 —
Cocoa 3 05/2023 GBP 63,870 476 —
Cocoa 4 05/2023 USD 111,560 — (459)
Cocoa 1 07/2023 USD 27,880 1,478 —
Cocoa 1 07/2023 GBP 21,090 1,263 —
Copper 6 05/2023 USD 613,425 653 —
Copper 20 05/2023 USD 2,044,750 — (10,525)
Copper 1 06/2023 USD 224,075 — (8,378)
Copper 1 07/2023 USD 102,275 686 —
Corn 21 05/2023 USD 661,763 — (47,334)
Corn 6 07/2023 USD 186,675 — (13,288)
Corn 3 12/2023 USD 85,463 — (5,319)
Crude Palm Oil 1 05/2023 MYR 103,550 — (172)
DAX Index 9 03/2023 EUR 3,466,350 44,601 —
DAX Index 6 03/2023 EUR 2,310,900 33,118 —
DAX Index Mini 2 03/2023 EUR 154,060 5,913 —
DJIA Index E-mini 13 03/2023 USD 2,124,330 — (84,725)
ECX Emissions EUA 6 12/2023 EUR 598,800 40,453 —
Euro FX 18 03/2023 USD 2,383,200 — (72,272)
Euro STOXX 50 Index 103 03/2023 EUR 4,374,410 112,508 —
Euro STOXX 50 Index 60 03/2023 EUR 2,548,200 61,975 —
Euro STOXX 50 Index 1 03/2023 EUR 38,880 — (561)
Euro STOXX Banks Index 61 03/2023 EUR 362,645 67,137 —
Euro/British Pound 1 03/2023 GBP 109,813 — (388)
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
36 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Long futures contracts (continued)
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
Feeder Cattle 1 04/2023 USD 97,538 473 —
FTSE 100 Index 99 03/2023 GBP 7,782,885 118,701 —
FTSE 100 Index 31 03/2023 GBP 2,437,065 110,951 —
FTSE China A50 Index 33 03/2023 USD 440,220 — (5,561)
FTSE China A50 Index 104 03/2023 USD 1,387,360 — (25,545)
FTSE Taiwan Index 1 03/2023 USD 54,050 — (431)
FTSE Taiwan Index 26 03/2023 USD 1,405,300 — (11,450)
FTSE/JSE Top 40 Index 22 03/2023 ZAR 15,774,880 4,467 —
FTSE/JSE Top 40 Index 1 03/2023 ZAR 717,040 — (1,337)
FTSE/MIB Index 30 03/2023 EUR 4,126,500 264,555 —
FTSE/MIB Index 11 03/2023 EUR 1,513,050 115,663 —
FTSE/MIB Index Mini 1 03/2023 EUR 27,510 2,384 —
Gold 5 12/2023 JPY 39,680,000 — (865)
Gold 100 oz. 2 04/2023 USD 367,340 — (19,690)
IBEX 35 Index 26 03/2023 EUR 2,447,276 42,001 —
IBEX 35 Index 5 03/2023 EUR 470,630 6,420 —
Japanese Yen 1 03/2023 USD 91,994 24 —
KOSPI 200 Index Mini 2 03/2023 KRW 31,580,000 — (621)
Live Cattle 44 04/2023 USD 2,912,360 71,246 —
Live Cattle 9 04/2023 USD 595,710 11,801 —
Live Cattle 2 06/2023 USD 129,080 3,446 —
Live Cattle 3 08/2023 USD 192,300 2,844 —
Live Cattle 1 10/2023 USD 65,740 1,148 —
Mexican Peso 230 03/2023 USD 6,262,900 506,897 —
Mexican Peso 2 03/2023 USD 54,460 1,878 —
MSCI EAFE Index 39 03/2023 USD 3,990,870 — (125,897)
MSCI Singapore Index 35 03/2023 SGD 1,027,775 — (16,375)
NASDAQ 100 Index E-mini 1 03/2023 USD 241,445 — (9,751)
NASDAQ 100 Index E-mini 4 03/2023 USD 965,780 — (42,248)
NASDAQ 100 Index Micro E-mini 1 03/2023 USD 24,145 900 —
Nickel 1 06/2023 USD 149,160 — (13,173)
Nikkei 225 Index 10 03/2023 JPY 274,700,000 11,797 —
Nikkei 225 Index 9 03/2023 JPY 123,502,500 — (2,035)
Nikkei 225 Index 8 03/2023 JPY 219,760,000 — (4,279)
Nikkei 225 Index Mini 95 03/2023 JPY 260,965,000 — (2,694)
OMXS30 Index 42 03/2023 SEK 9,357,600 — (4,855)
OMXS30 Index 131 03/2023 SEK 29,186,800 — (21,037)
RBOB Gasoline 7 03/2023 USD 776,748 10,976 —
Robusta Coffee 3 05/2023 USD 64,200 2,807 —
Russell 2000 Index E-mini 6 03/2023 USD 569,730 — (7,543)
Russell 2000 Index E-mini 18 03/2023 USD 1,709,190 — (66,263)
Russell 2000 Index Micro E-Mini 2 03/2023 USD 18,991 149 —
S&P 500 Index E-mini 3 03/2023 USD 596,325 — (14,929)
S&P 500 Index E-mini 8 03/2023 USD 1,590,200 — (56,818)
S&P Mid 400 Index E-mini 2 03/2023 USD 520,640 — (9,423)
S&P Mid 400 Index E-mini 14 03/2023 USD 3,644,480 — (81,141)
S&P/TSX 60 Index 6 03/2023 CAD 1,459,920 — (17,606)
S&P/TSX 60 Index 19 03/2023 CAD 4,623,080 — (55,811)
SGX CNX Nifty Index 21 03/2023 USD 730,758 — (19,124)
SGX TSI Iron Ore China 62% 46 04/2023 USD 567,502 6,658 —
SGX TSI Iron Ore China 62% 16 04/2023 USD 197,392 297 —
SGX USD/CNH FX 1 03/2023 CNH 695,200 2,945 —
Soybean 11 05/2023 USD 813,450 — (32,824)
Soybean 6 07/2023 USD 440,850 — (18,688)
Soybean 41 07/2023 USD 3,012,475 — (75,520)
Soybean 4 11/2023 USD 269,450 — (9,721)
Soybean Meal 13 05/2023 USD 607,230 — (17,599)
Soybean Meal 6 07/2023 USD 274,980 — (8,323)
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
37
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Long futures contracts (continued)
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
Soybean Meal 60 07/2023 USD 2,749,800 — (15,681)
Soybean Oil 2 12/2023 USD 69,024 — (3,208)
SPI 200 Index 9 03/2023 AUD 1,619,550 — (17,230)
SPI 200 Index 53 03/2023 AUD 9,537,350 — (101,301)
STOXX Europe 600 Bank Index 2 03/2023 EUR 16,945 3,474 —
STOXX Europe 600 Index 85 03/2023 EUR 1,959,250 45,118 —
STOXX Europe 600 Index 17 03/2023 EUR 391,850 10,933 —
Sugar #11 131 04/2023 USD 2,944,670 174,116 —
Sugar #11 13 04/2023 USD 292,219 3,206 —
Sugar #11 4 06/2023 USD 87,718 1,055 —
Sugar #11 2 09/2023 USD 43,613 712 —
Swiss Franc 1 03/2023 USD 133,094 — (2,495)
Swiss Franc 8 03/2023 USD 1,064,750 — (33,795)
Thai SET50 Index 119 03/2023 THB 22,986,040 — (21,623)
TOPIX Index 34 03/2023 JPY 678,300,000 51,951 —
TOPIX Index 12 03/2023 JPY 239,400,000 13,024 —
TOPIX Index Mini 4 03/2023 JPY 7,980,000 508 —
U.S. Dollar Index 10 03/2023 USD 1,048,250 14,703 —
U.S. Treasury 2-Year Note 83 06/2023 USD 16,909,305 — (49,041)
U.S. Treasury 5-Year Note 295 06/2023 USD 31,581,133 — (85,222)
White Sugar #5 2 04/2023 USD 56,240 — (232)
White Sugar #5 2 07/2023 USD 55,000 728 —
WIG 20 Index 5 03/2023 PLN 185,100 505 —
Yen Denominated Nikkei 225 Index 5 03/2023 JPY 68,562,500 3,857 —
Total         2,033,661 (1,436,081)
    
Short futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
1-Month SOFR (1) 07/2023 USD (394,615) 478 —
3-Month Aluminum (2) 05/2023 USD (118,650) — (1,441)
3-Month Euro Euribor (265) 06/2023 EUR (63,841,813) 98,449 —
3-Month Euro Euribor (14) 03/2024 EUR (3,365,425) 24,402 —
3-Month Euro Euribor (3) 03/2025 EUR (725,625) 5,714 —
3-Month Euro Euribor (2) 03/2026 EUR (485,200) 2,827 —
3-Month SOFR (286) 09/2023 USD (67,656,875) 301,355 —
3-Month SOFR (43) 03/2024 USD (10,185,625) 68,154 —
3-Month SONIA (55) 09/2023 GBP (13,111,313) 19,781 —
3-Month Zinc (2) 05/2023 USD (150,025) — (1,893)
90-Day AUD Bank Bill (30) 06/2023 AUD (29,691,050) 42 —
Australian 10-Year Bond (28) 03/2023 AUD (3,294,486) 66,279 —
Australian 10-Year Bond (49) 03/2023 AUD (5,765,351) — (3,154)
Australian 3-Year Bond (153) 03/2023 AUD (16,330,911) 34,410 —
Australian Dollar (1) 03/2023 USD (67,375) 2,689 —
Australian Dollar (11) 03/2023 USD (741,125) 702 —
Banker’s Acceptance (51) 06/2023 CAD (12,101,025) 14,041 —
Brent Crude (5) 03/2023 USD (417,250) 1,016 —
Brent Crude (2) 03/2023 USD (166,900) — (2,062)
Brent Crude (6) 03/2023 USD (500,700) — (10,684)
Brent Crude (4) 04/2023 USD (331,320) 1,016 —
Brent Crude (4) 05/2023 USD (329,320) 1,276 —
Brent Crude (5) 10/2023 USD (399,750) 2,325 —
British Pound (43) 03/2023 USD (3,240,319) 12,655 —
Canadian Dollar (104) 03/2023 USD (7,632,040) 55,894 —
Canadian Dollar (1) 03/2023 USD (73,385) 129 —
Canadian Government 10-Year Bond (36) 06/2023 CAD (4,373,280) — (11,499)
Canadian Government 10-Year Bond (73) 06/2023 CAD (8,868,040) — (22,308)
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
38 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Short futures contracts (continued)
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
Canadian Government 5-Year Bond (1) 06/2023 CAD (111,710) — (171)
Canola (4) 05/2023 CAD (65,456) 500 —
Class III Milk (1) 04/2023 USD (36,060) — (402)
Coffee (3) 05/2023 USD (209,588) — (12,589)
Coffee (1) 07/2023 USD (69,338) — (3,321)
Consumer Staples Select Sector Index E-mini (1) 03/2023 USD (72,630) 169 —
Corn (12) 07/2023 USD (373,350) 4,327 —
Cotton (17) 05/2023 USD (714,255) 16,613 —
Cotton (2) 05/2023 USD (84,030) 620 —
Crude Oil E-mini (3) 03/2023 USD (115,575) 2,608 —
Crude Oil E-mini (1) 03/2023 USD (38,525) — (576)
Crude Palm Oil (1) 04/2023 MYR (103,225) — (1,331)
Euro FX (1) 03/2023 USD (132,400) 3,605 —
Euro FX (1) 03/2023 USD (66,200) 512 —
Euro FX Micro E-mini (2) 03/2023 USD (26,480) 173 —
Euro STOXX 50 Volatility Index Mini (1) 03/2023 EUR (1,945) 148 —
Euro-Bobl (139) 03/2023 EUR (16,010,020) 207,468 —
Euro-Bobl (57) 03/2023 EUR (6,565,260) 170,794 —
Euro-BTP (23) 03/2023 EUR (2,591,870) 82,575 —
Euro-BTP (14) 03/2023 EUR (1,577,660) — (20,703)
Euro-Bund (23) 03/2023 EUR (3,056,930) 174,001 —
Euro-Bund (60) 03/2023 EUR (7,974,600) 118,168 —
Euro-Buxl 30-Year (24) 03/2023 EUR (3,222,720) 147,590 —
Euro-Buxl 30-Year (3) 03/2023 EUR (402,840) 24,640 —
Eurodollar 90-Day (11) 06/2023 USD (2,597,925) 7,297 —
Eurodollar 90-Day (2) 09/2023 USD (471,675) 872 —
Eurodollar 90-Day (14) 12/2023 USD (3,307,150) 33,055 —
Eurodollar 90-Day (1) 03/2024 USD (237,025) 1,461 —
Eurodollar 90-Day (6) 12/2024 USD (1,438,800) 5,091 —
Eurodollar 90-Day (2) 03/2026 USD (481,900) 2,672 —
Eurodollar 90-Day (1) 12/2026 USD (241,100) — (739)
Euro-OAT (85) 03/2023 EUR (10,854,500) 202,499 —
Euro-OAT (25) 03/2023 EUR (3,192,500) 150,739 —
Euro-Schatz (428) 03/2023 EUR (44,931,440) 554,088 —
Euro-Schatz (150) 03/2023 EUR (15,747,000) 200,871 —
Gas Oil (3) 04/2023 USD (247,500) — (6,303)
Gas Oil (4) 04/2023 USD (330,000) — (15,786)
Gas Oil (3) 05/2023 USD (242,850) — (3,378)
Gas Oil (1) 06/2023 USD (79,775) — (626)
Gas Oil (2) 07/2023 USD (158,150) — (852)
Gold 100 oz. (7) 04/2023 USD (1,285,690) — (9,692)
Gold E-micro (1) 04/2023 USD (18,367) — (47)
Indian Rupee (1) 03/2023 USD (24,184) — (73)
Indian Rupee (51) 03/2023 USD (1,233,384) — (3,398)
Industrials Select Sector Index (1) 03/2023 USD (101,760) 9 —
Japanese 10-Year Government Bond (5) 03/2023 JPY (733,250,000) — (811)
Japanese Yen (56) 03/2023 USD (5,151,650) 61,523 —
KLCI Index (2) 03/2023 MYR (143,800) — (14)
Korea 3-Year Bond (152) 03/2023 KRW (15,669,680,000) 127,569 —
Lean Hogs (33) 04/2023 USD (1,124,310) 31,254 —
Lean Hogs (6) 04/2023 USD (204,420) 497 —
Lean Hogs (1) 06/2023 USD (40,690) 898 —
Long Gilt (37) 06/2023 GBP (3,698,520) 21,198 —
Long Gilt (14) 06/2023 GBP (1,399,440) 13,339 —
Lumber (2) 05/2023 USD (95,832) — (6,044)
Maize (3) 06/2023 EUR (41,175) 1,650 —
Milling Wheat (11) 05/2023 EUR (151,663) 5,074 —
Milling Wheat (2) 09/2023 EUR (27,150) 355 —
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
39
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Short futures contracts (continued)
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
MSCI EAFE Index (6) 03/2023 USD (613,980) 3,721 —
MSCI Emerging Markets Index (2) 03/2023 USD (96,290) 647 —
MSCI Emerging Markets Index (3) 03/2023 USD (144,435) 471 —
MSCI Singapore Index (6) 03/2023 SGD (176,190) 2,904 —
Natural Gas (6) 03/2023 USD (164,820) — (20,540)
Natural Gas (80) 03/2023 USD (2,197,600) — (199,154)
Natural Gas (8) 04/2023 USD (229,040) — (28,063)
Natural Gas (2) 05/2023 USD (60,720) — (6,433)
Natural Gas (1) 09/2023 USD (33,100) 8,848 —
Natural Gas E-mini (5) 03/2023 USD (34,338) — (4,391)
New Zealand Dollar (1) 03/2023 USD (61,890) — (296)
New Zealand Dollar (11) 03/2023 USD (680,790) — (2,234)
Nikkei 225 Index (1) 03/2023 USD (137,125) — (1,177)
Norwegian Krone (19) 03/2023 USD (3,666,620) 93,060 —
NY Harbor ULSD Heat Oil (4) 03/2023 USD (471,341) 6,856 —
NY Harbor ULSD Heat Oil (1) 03/2023 USD (117,835) — (4,265)
NY Harbor ULSD Heat Oil (2) 04/2023 USD (231,353) 3,819 —
NY Harbor ULSD Heat Oil (2) 05/2023 USD (227,858) 3,277 —
Oat (1) 05/2023 USD (16,750) 585 —
Palladium (3) 06/2023 USD (426,270) 27,866 —
Palladium (1) 06/2023 USD (142,090) 3,688 —
Platinum (1) 04/2023 USD (47,775) — (422)
Primary Aluminum (7) 06/2023 USD (417,200) 9,779 —
Rapeseed (2) 04/2023 EUR (52,825) 1,773 —
Rapeseed (1) 04/2023 EUR (26,413) — (332)
Rapeseed (1) 07/2023 EUR (26,450) 1,974 —
RBOB Gasoline (2) 03/2023 USD (221,928) — (1,053)
RBOB Gasoline (1) 04/2023 USD (110,544) — (1,925)
RBOB Gasoline (2) 05/2023 USD (218,173) — (142)
Rubber (1) 07/2023 JPY (1,111,000) 50 —
Short Term Euro-BTP (31) 03/2023 EUR (3,261,820) 45,638 —
Short Term Euro-BTP (84) 03/2023 EUR (8,838,480) 25,817 —
Silver (1) 05/2023 USD (105,355) — (1,207)
Silver (12) 05/2023 USD (1,264,260) — (3,273)
South African Rand (130) 03/2023 USD (3,536,000) 144,250 —
South African Rand (1) 03/2023 USD (27,200) 1,724 —
Soybean Oil (6) 05/2023 USD (216,144) 7,505 —
Soybean Oil (3) 07/2023 USD (107,550) 4,127 —
Soybean Oil (9) 07/2023 USD (322,650) 1,111 —
Swedish Krona (16) 03/2023 USD (3,064,960) — (6,939)
U.S. Long Bond (40) 06/2023 USD (5,008,750) 11,132 —
U.S. Long Bond (19) 06/2023 USD (2,379,156) 9,144 —
U.S. Treasury 10-Year Note (115) 06/2023 USD (12,840,469) 3,555 —
U.S. Treasury 10-Year Note (45) 06/2023 USD (5,024,531) 2,897 —
U.S. Treasury 2-Year Note (233) 06/2023 USD (47,468,289) 138,379 —
U.S. Treasury 2-Year Note (110) 06/2023 USD (22,409,922) 65,478 —
U.S. Treasury 5-Year Note (207) 06/2023 USD (22,160,320) 42,618 —
U.S. Treasury 5-Year Note (66) 06/2023 USD (7,065,609) 11,350 —
U.S. Treasury Ultra 10-Year Note (76) 06/2023 USD (8,906,250) 64,358 —
U.S. Treasury Ultra 10-Year Note (28) 06/2023 USD (3,281,250) 1,084 —
U.S. Treasury Ultra 10-Year Note (61) 06/2023 USD (7,148,438) — (9,681)
U.S. Treasury Ultra 10-Year Note (75) 06/2023 USD (8,789,063) — (25,276)
U.S. Treasury Ultra Bond (6) 06/2023 USD (810,375) 3,931 —
U.S. Treasury Ultra Bond (1) 06/2023 USD (135,063) 154 —
U.S. Treasury Ultra Bond (23) 06/2023 USD (3,106,438) — (8,456)
U.S. Treasury Ultra Bond (42) 06/2023 USD (5,672,625) — (31,814)
Volatility Index (2) 03/2023 USD (4,156) 271 —
Volatility Index (1) 03/2023 USD (20,776) — (27)
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
40 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Short futures contracts (continued)
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
Wheat (14) 05/2023 USD (493,850) 40,532 —
Wheat (4) 05/2023 USD (162,550) 12,253 —
Wheat (38) 07/2023 USD (1,356,125) 118,251 —
Wheat (5) 07/2023 USD (201,625) 18,719 —
Wheat (1) 07/2023 USD (35,688) 2,223 —
Wheat (3) 12/2023 USD (111,150) 11,231 —
WTI Crude (2) 03/2023 USD (154,100) 1,328 —
WTI Crude (3) 03/2023 USD (231,150) — (285)
WTI Crude (25) 03/2023 USD (1,926,250) — (20,509)
WTI Crude (1) 04/2023 USD (77,190) 1,249 —
WTI Crude (4) 04/2023 USD (308,760) — (2,466)
WTI Crude (4) 05/2023 USD (308,560) 664 —
WTI Crude (1) 06/2023 USD (76,900) 2,599 —
WTI Crude (2) 06/2023 USD (153,800) 947 —
WTI Crude (3) 11/2023 USD (223,770) — (1,645)
Total         4,053,993 (521,902)
    
Call option contracts purchased
Description Counterparty Trading
currency 		Notional
amount 		Number of
contracts 		Exercise
price/Rate 		Expiration
date 		Cost ($) Value ($)
NuVasive, Inc. Goldman Sachs USD 121,044 28 50.00 03/17/2023 2,839 560
    
Put option contracts purchased
Description Counterparty Trading
currency 		Notional
amount 		Number of
contracts 		Exercise
price/Rate 		Expiration
date 		Cost ($) Value ($)
Horizon Therapeutics PLC Goldman Sachs USD 394,164 36 85.00 05/19/2023 2,485 2,250
Momentive Global, Inc. Goldman Sachs USD 754,170 1,093 6.00 04/21/2023 60,135 24,592
Total             62,620 26,842
    
Cleared interest rate swap contracts
Fund receives Fund pays Payment
frequency 		Counterparty Maturity
date 		Notional
currency 		Notional
amount 		Value
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Fixed rate of 1.390% 3-Month USD LIBOR Receives SemiAnnually, Pays Quarterly Citi 09/28/2025 USD 12,000,000 (732,722) — — — (732,722)
3-Month USD LIBOR Fixed rate of 1.870% Receives Quarterly, Pays SemiAnnually Citi 09/28/2053 USD 1,000,000 291,061 — — 291,061 —
Total             (441,661) — — 291,061 (732,722)
    
Reference index and values for swap contracts as of period end
Reference index   Reference rate
3-Month USD LIBOR London Interbank Offered Rate 4.971%
Notes to Consolidated Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At February 28, 2023, the total value of these securities amounted to $88,158,692, which represents 16.44% of total net assets.
(b) Variable rate security. The interest rate shown was the current rate as of February 28, 2023.
(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of February 28, 2023.
(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2023, the total value of these securities amounted to $9,072,513, which represents 1.69% of total net assets.
(e) Valuation based on significant unobservable inputs.
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
41
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Notes to Consolidated Portfolio of Investments  (continued)
(f) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.
(g) Represents a security purchased on a when-issued basis.
(h) Non-income producing investment.
(i) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(j) This security or a portion of this security has been pledged as collateral in connection with investments sold short.
(k) Zero coupon bond.
(l) Principal amounts are denominated in United States Dollars unless otherwise noted.
(m) Represents a security purchased on a forward commitment basis.
(n) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of February 28, 2023.
(o) Represents a security in default.
(p) Principal and interest may not be guaranteed by a governmental entity.
(q) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund’s Board of Trustees. At February 28, 2023, the total market value of these securities amounted to $159,408, which represents 0.03% of total net assets. Additional information on these securities is as follows:
    
Security Acquisition
Dates 		Shares Cost ($) Value ($)
Abiomed, Inc., CVR 12/21/2022 15,541 — 23,311
Cincor Pharma, Inc. 01/09/2023-02/23/2023 44,405 135,474 136,097
      135,474 159,408
    
(r) The stated interest rate represents the weighted average interest rate at February 28, 2023 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.
(s) The rate shown is the seven-day current annualized yield at February 28, 2023.
(t) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  186,518,946 244,762,550 (217,077,152) 15,859 214,220,203 3,842 3,725,057 214,305,925
Abbreviation Legend
ADR American Depositary Receipt
BAM Build America Mutual Assurance Co.
BNY Bank of New York
CMO Collateralized Mortgage Obligation
CVR Contingent Value Rights
FGIC Financial Guaranty Insurance Corporation
FHLMC Federal Home Loan Mortgage Corporation
LIBOR London Interbank Offered Rate
MTA Monthly Treasury Average
NIBOR Norwegian Interbank Offered Rate
SOFR Secured Overnight Financing Rate
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
42 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Abbreviation Legend  (continued)
TBA To Be Announced
Currency Legend
AUD Australian Dollar
BRL Brazilian Real
CAD Canada Dollar
CHF Swiss Franc
CNH Yuan Offshore Renminbi
EUR Euro
GBP British Pound
HUF Hungarian Forint
IDR Indonesian Rupiah
ILS Israeli Shekel
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
NZD New Zealand Dollar
PHP Philippine Peso
PLN Polish Zloty
SEK Swedish Krona
SGD Singapore Dollar
THB Thai Baht
TRY Turkish Lira
TWD New Taiwan Dollar
USD US Dollar
ZAR South African Rand
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the consolidated financial statements – Security valuation.
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
43
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Asset-Backed Securities — Non-Agency — 13,136,659 119,883 13,256,542
Commercial Mortgage-Backed Securities - Agency — 1,906,001 — 1,906,001
Commercial Mortgage-Backed Securities - Non-Agency — 14,368,767 — 14,368,767
Common Stocks        
Communication Services 13,064,552 — 0* 13,064,552
Consumer Discretionary 3,786,482 — 776,208 4,562,690
Consumer Staples — — 0* 0*
Energy 423,300 — — 423,300
Financials 8,192,118 143,398 — 8,335,516
Health Care 14,741,788 1,851,297 — 16,593,085
Industrials 14,874,286 1,367,278 — 16,241,564
Information Technology 19,468,718 — 8,017,014 27,485,732
Materials 1,670,786 — — 1,670,786
Real Estate 1,320,221 — — 1,320,221
Utilities 4,184,600 839,444 — 5,024,044
Total Common Stocks 81,726,851 4,201,417 8,793,222 94,721,490
Convertible Bonds — 2,847,598 — 2,847,598
Convertible Preferred Stocks        
Communication Services — 539,707 — 539,707
Health Care — 105,996 — 105,996
Utilities — 1,712,663 — 1,712,663
Total Convertible Preferred Stocks — 2,358,366 — 2,358,366
Corporate Bonds & Notes — 87,243,762 — 87,243,762
Foreign Government Obligations — 30,715,892 — 30,715,892
Limited Partnerships        
Energy 4,107,392 — — 4,107,392
Total Limited Partnerships 4,107,392 — — 4,107,392
Municipal Bonds — 977,379 — 977,379
Preferred Debt 195,154 — — 195,154
Preferred Stocks        
Financials 299,466 — — 299,466
Total Preferred Stocks 299,466 — — 299,466
Residential Mortgage-Backed Securities - Agency — 25,638,091 — 25,638,091
Residential Mortgage-Backed Securities - Non-Agency — 37,066,843 — 37,066,843
Rights        
Health Care — — 159,408 159,408
Total Rights — — 159,408 159,408
Senior Loans — 905,893 — 905,893
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
44 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Treasury Bills — 9,207,509 — 9,207,509
U.S. Treasury Obligations — 12,531,533 — 12,531,533
Options Purchased Calls 560 — — 560
Options Purchased Puts 26,842 — — 26,842
Money Market Funds 214,220,203 — — 214,220,203
Total Investments in Securities 300,576,468 243,105,710 9,072,513 552,754,691
Investments in Securities Sold Short        
Common Stocks        
Communication Services (427,000) — — (427,000)
Energy (220,874) — — (220,874)
Financials (179,473) — — (179,473)
Health Care (120,785) — — (120,785)
Industrials (1,279,784) — — (1,279,784)
Information Technology (2,969,686) — — (2,969,686)
Total Common Stocks (5,197,602) — — (5,197,602)
Total Investments in Securities Sold Short (5,197,602) — — (5,197,602)
Total Investments in Securities, Net of Securities Sold Short 295,378,866 243,105,710 9,072,513 547,557,089
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts — 2,122,811 — 2,122,811
Futures Contracts 6,087,654 — — 6,087,654
Swap Contracts — 291,061 — 291,061
Liability        
Forward Foreign Currency Exchange Contracts — (1,489,650) — (1,489,650)
Futures Contracts (1,957,983) — — (1,957,983)
Swap Contracts — (732,722) — (732,722)
Total 299,508,537 243,297,210 9,072,513 551,878,260
    
* Rounds to zero.
See the Consolidated Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).
The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:
  Balance
as of
08/31/2022
($) 		Increase
(decrease)
in accrued
discounts/
premiums
($) 		Realized
gain (loss)
($) 		Change
in unrealized
appreciation
(depreciation)(a)
($) 		Purchases
($) 		Sales
($) 		Transfers
into
Level 3
($) 		Transfers
out of
Level 3
($) 		Balance
as of
02/28/2023
($)
Asset-Backed Securities — Non-Agency — — — — 119,883 — — — 119,883
Common Stocks 10,610,268 — 105,455 10,747 1,061,714 (10,249,689) 7,254,727 — 8,793,222
Residential Mortgage-Backed Securities — Non-Agency 556,698 — — — — — — (556,698) —
Rights 21,310 — 59,852 2,625 135,473 (59,852) — — 159,408
Senior Loans 138,649 (8) (23,588) 12,375 — (127,428) — — —
Common Stocks - Investments Sold Short (20,890) — — — 20,890 — — — —
Total 11,306,035 (8) 141,719 25,747 1,337,960 (10,436,969) 7,254,727 (556,698) 9,072,513
(a) Change in unrealized appreciation (depreciation) relating to securities held at February 28, 2023 was $116,814, which is comprised of Common Stocks of $92,879 and Rights of $23,935.
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
45
Consolidated Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances.
Certain common shares and rights classified as Level 3 securities are valued using an income approach and considered estimates of future distributions from the company. Significant increases (decreases) to any of these estimates would have resulted in a significantly higher (lower) fair value measurement.
Certain asset backed securities classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) valuation measurement.
Financial Assets were transferred from Level 1 to Level 3 due to lack of an active market. As a result, as of period end, management determined to fair value the securities under consistently applied procedures established by and under the general supervision of the Board of Trustees.
Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
46 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $362,066,229) $338,507,086
Affiliated issuers (cost $214,213,567) 214,220,203
Options purchased (cost $65,459) 27,402
Cash 13,406
Foreign currency (cost $109,704) 109,659
Cash collateral held at broker for:  
Forward foreign currency exchange contracts 1,950,000
Other(a) 4,817,439
Margin deposits on:  
Futures contracts 18,942,270
Swap contracts 274,283
Unrealized appreciation on forward foreign currency exchange contracts 2,122,811
Receivable for:  
Investments sold 2,807,786
Investments sold on a delayed delivery basis 6,988,372
Capital shares sold 514,020
Dividends 759,201
Interest 1,799,972
Foreign tax reclaims 37,139
Variation margin for futures contracts 845,106
Variation margin for swap contracts 2,397
Prepaid expenses 4,833
Trustees’ deferred compensation plan 83,282
Other assets 12,225
Total assets 594,838,892
Liabilities  
Securities sold short, at value (proceeds $4,944,004) 5,197,602
Unrealized depreciation on forward foreign currency exchange contracts 1,489,650
Cash collateral due to broker for:  
TBA 268,000
Payable for:  
Investments purchased 18,829,597
Investments purchased on a delayed delivery basis 30,608,364
Capital shares purchased 958,877
Dividends and interest on securities sold short 2,805
Variation margin for futures contracts 876,405
Variation margin for swap contracts 1,251
Management services fees 16,137
Transfer agent fees 40,336
Compensation of board members 17,827
Compensation of chief compliance officer 50
Other expenses 66,216
Trustees’ deferred compensation plan 83,282
Total liabilities 58,456,399
Net assets applicable to outstanding capital stock $536,382,493
Represented by  
Paid in capital 624,739,415
Total distributable earnings (loss) (88,356,922)
Total - representing net assets applicable to outstanding capital stock $536,382,493
Institutional Class  
Net assets $536,382,493
Shares outstanding 58,910,702
Net asset value per share $9.11
    
(a) Includes collateral related to options purchased, forward foreign currency exchange contracts and securities sold short.
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
47
Consolidated Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $919,800
Dividends — affiliated issuers 3,725,057
Interest 4,990,306
Interfund lending 930
Foreign taxes withheld (10,617)
Total income 9,625,476
Expenses:  
Management services fees 2,880,855
Transfer agent fees  
Institutional Class 291,528
Compensation of board members 12,586
Custodian fees 46,932
Printing and postage fees 22,512
Registration fees 26,136
Audit fees 25,342
Legal fees 9,787
Interest on collateral 90
Compensation of chief compliance officer 50
Other 9,858
Total expenses 3,325,676
Net investment income 6,299,800
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (3,015,150)
Investments — affiliated issuers 3,842
Foreign currency translations (442,094)
Forward foreign currency exchange contracts (881,091)
Futures contracts 788,743
Options purchased (372,134)
Options contracts written (60,692)
Securities sold short 325,506
Swap contracts 7,502
Net realized loss (3,645,568)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 186,286
Investments — affiliated issuers 15,859
Foreign currency translations 65,746
Forward foreign currency exchange contracts (1,623,373)
Futures contracts (251,815)
Options purchased 96,521
Options contracts written (14,670)
Securities sold short (265,509)
Swap contracts (203,583)
Net change in unrealized appreciation (depreciation) (1,994,538)
Net realized and unrealized loss (5,640,106)
Net increase in net assets resulting from operations $659,694
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
48 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Consolidated Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment income $6,299,800 $2,467,772
Net realized gain (loss) (3,645,568) 31,428,278
Net change in unrealized appreciation (depreciation) (1,994,538) (20,081,146)
Net increase in net assets resulting from operations 659,694 13,814,904
Distributions to shareholders    
Net investment income and net realized gains    
Institutional Class (37,236,968) (7,521,528)
Total distributions to shareholders (37,236,968) (7,521,528)
Increase in net assets from capital stock activity 38,590,887 3,155,658
Total increase in net assets 2,013,613 9,449,034
Net assets at beginning of period 534,368,880 524,919,846
Net assets at end of period $536,382,493 $534,368,880
    
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Institutional Class        
Subscriptions 6,997,427 66,117,232 13,339,999 128,899,389
Distributions reinvested 4,119,134 37,236,968 797,617 7,521,528
Redemptions (6,764,880) (64,763,313) (13,831,115) (133,265,259)
Net increase 4,351,681 38,590,887 306,501 3,155,658
Total net increase 4,351,681 38,590,887 306,501 3,155,658
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
49
Consolidated Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
Institutional Class Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended August 31,
2022 2021 2020 2019 2018
Per share data            
Net asset value, beginning of period $9.79 $9.68 $9.38 $9.36 $9.08 $9.03
Income (loss) from investment operations:            
Net investment income 0.11 0.05 0.02 0.08 0.22 0.11
Net realized and unrealized gain (loss) (0.09) 0.20 0.36 0.13 0.19 (0.06)
Total from investment operations 0.02 0.25 0.38 0.21 0.41 0.05
Distributions to shareholders            
Distributions from net investment income (0.67) (0.14) (0.08) (0.19) (0.13) —
Distributions from net realized gains (0.03) — — — — —
Total distributions to shareholders (0.70) (0.14) (0.08) (0.19) (0.13) —
Net asset value, end of period $9.11 $9.79 $9.68 $9.38 $9.36 $9.08
Total return 0.26% 2.60% 4.12% 2.34% 4.62% 0.55%
Ratios to average net assets            
Total gross expenses(a) 1.27%(b),(c),(d) 1.31%(c),(d) 1.36%(c),(d) 1.39%(c) 1.27%(c) 1.34%(c)
Total net expenses(a),(e) 1.27%(b),(c),(d) 1.31%(c),(d) 1.36%(c),(d) 1.39%(c) 1.27%(c) 1.34%(c)
Net investment income 2.40%(b) 0.47% 0.23% 0.91% 2.43% 1.18%
Supplemental data            
Net assets, end of period (in thousands) $536,382 $534,369 $524,920 $480,367 $502,726 $570,839
Portfolio turnover 103% 171% 203% 188% 226% 256%
    
Notes to Consolidated Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Annualized.
(c) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, annualized expenses would have been lower by:
    
Class 2/28/2023 8/31/2022 8/31/2021 8/31/2020 8/31/2019 8/31/2018
Institutional Class —% 0.04% 0.10% 0.10% —% 0.07%
    
(d) Ratios include interest on collateral expense which is less than 0.01%.
(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
50 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Notes to Consolidated Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Multi-Manager Alternative Strategies Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Basis for consolidation
ASGM Offshore Fund, Ltd. and ASMF Offshore Fund, Ltd. (each, a Subsidiary) are each a Cayman Islands exempted company and wholly-owned subsidiary of the Fund. Each Subsidiary acts as an investment vehicle in order to effect certain investment strategies consistent with the Fund’s investment objective and policies as stated in its current prospectus and statement of additional information. In accordance with the Memorandum and Articles of Association of the Subsidiary (the Articles), the Fund owns the sole issued share of each Subsidiary and retains all rights associated with such share, including the right to receive notice of, attend and vote at general meetings of the Subsidiaries, rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiaries. The consolidated financial statements (financial statements) include the accounts of the consolidated Fund and each respective Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and each Subsidiary. All intercompany transactions and balances have been eliminated in the consolidation process.
At February 28, 2023, each Subsidiary’s financial statement information is as follows:
  ASGM Offshore Fund, Ltd. ASMF Offshore Fund, Ltd.
% of consolidated fund net assets 1.37% 1.71%
Net assets $7,336,477 $9,161,863
Net investment income (loss) 102,578 91,502
Net realized gain (loss) (2,341,209) (3,159,794)
Net change in unrealized appreciation (depreciation) (333,510) (35,973)
The financial statements present the portfolio holdings, financial position and results of operations of the Fund and the Subsidiaries on a consolidated basis.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. (Ameriprise Financial) or its affiliates, and to group retirement plan recordkeeping platforms that have an agreement with (i) Columbia Management Investment Distributors, Inc. or an affiliate thereof that specifically authorizes the group retirement plan recordkeeper to offer and/or service Institutional 3 Class shares within such platform, provided also that Fund shares are held in an omnibus account and (ii) Wilshire Associates, appointed or serving as investment manager or consultant to the recordkeeper’s group retirement platform. The Fund does not currently offer Institutional 3 Class shares. The Fund offers the share class listed in the Consolidated Statement of Assets and Liabilities which is not subject to any front-end sales charge or contingent deferred sales charge.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
51
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.
Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.
52 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Consolidated Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Consolidated Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Consolidated Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
53
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities.
Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, to generate total return through long and short currency positions versus the U.S. dollar and to generate alpha. These instruments may be used for other purposes in future periods.
The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.
The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Consolidated Statement of Assets and Liabilities.
54 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market, the commodities market, the government bond market, the currency market and to generate alpha. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Consolidated Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Consolidated Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities.
Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to decrease the Fund’s exposure to equity market risk and to increase return on investments, to protect gains and to facilitate buying and selling of securities for investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.
Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Consolidated Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.
For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
55
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Consolidated Portfolio of Investments and cash deposited is recorded in the Consolidated Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities.
Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.
Interest rate and inflation rate swap contracts
The Fund entered into interest rate swap transactions and/or inflation rate swap contracts to gain exposure to or protect itself from market rate changes. These instruments may be used for other purposes in future periods. An interest rate swap or inflation rate swap, as applicable, is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a nominal amount. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.
Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.
Total return swap contracts
The Fund entered into total return swap contracts to manage long or short exposure to the total return on a specified reference security in return for periodic payments based on a fixed or variable interest rate. These instruments may be used for other purposes in future periods. Total return swap contracts may be used to obtain exposure to an underlying reference security, instrument, or other asset or index or market without owning, taking physical custody of, or short selling any such security, instrument or asset in a market.
Total return swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time the Fund will realize a gain (loss). Periodic payments received (or made) by the Fund over the term of the contract are recorded as realized gains (losses). Total return swap contracts are subject to the risk associated with the investment in the underlying reference security, instrument or asset. This risk may be offset if the Fund holds any of the underlying reference security, instrument or asset. Total return swap contracts are subject to the risk that the counterparty may not fulfill its obligations under the contract. This risk is offset by the daily exchange of variation margin with the swap counterparty.
56 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Consolidated Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Consolidated Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Consolidated Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2023:
  Asset derivatives  
Risk exposure
category 		Consolidated statement
of assets and liabilities
location 		Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 1,142,502*
Equity risk Investments, at value — Options Purchased 27,402
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 2,122,811
Foreign exchange risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 903,363*
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 3,307,454*
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 291,061*
Commodity-related investment risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 734,335*
Total   8,528,928
    
  Liability derivatives  
Risk exposure
category 		Consolidated statement
of assets and liabilities
location 		Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 883,810*
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 1,489,650
Foreign exchange risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 131,167*
Interest rate risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 268,875*
Interest rate risk Component of total distributable earnings (loss) — unrealized depreciation on swap contracts 732,722*
Commodity-related investment risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 674,131*
Total   4,180,355
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Consolidated Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Consolidated Statement of Assets and Liabilities.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
57
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Consolidated Statement of Operations for the six months ended February 28, 2023:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Options
contracts
written
($) 		Options
contracts
purchased
($) 		Swap
contracts
($) 		Total
($)
Commodity-related investment risk — (5,389,698) — — — (5,389,698)
Equity risk — (2,774,219) (60,692) (372,134) 7,519 (3,199,526)
Foreign exchange risk (881,091) 1,297,284 — — — 416,193
Interest rate risk — 7,655,376 — — (17) 7,655,359
Total (881,091) 788,743 (60,692) (372,134) 7,502 (517,672)
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Options
contracts
written
($) 		Options
contracts
purchased
($) 		Swap
contracts
($) 		Total
($)
Commodity-related investment risk — (372,271) — — — (372,271)
Equity risk — 249,020 (14,670) 96,521 (11,482) 319,389
Foreign exchange risk (1,623,373) (1,168,271) — — — (2,791,644)
Interest rate risk — 1,039,707 — — (192,101) 847,606
Total (1,623,373) (251,815) (14,670) 96,521 (203,583) (1,996,920)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended February 28, 2023:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 158,135,752
Futures contracts — short 533,872,001
    
Derivative instrument Average
value ($)
Options contracts — purchased 58,685*
Options contracts — written (47,245)**
    
Derivative instrument Average unrealized
appreciation ($) 		Average unrealized
depreciation ($)
Forward foreign currency exchange contracts 2,343,541* (3,145,103)*
Interest rate swap contracts 276,656* (648,653)*
Total return swap contracts 1,393** (1,524)**
    
* Based on the ending quarterly outstanding amounts for the six months ended February 28, 2023.
** Based on the ending daily outstanding amounts for the six months ended February 28, 2023.
Investments in senior loans
The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the
58 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.
The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund’s Consolidated Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.
Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.
In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.
Mortgage dollar roll transactions
The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund’s portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
59
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Interest only and principal only securities 
The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security’s interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Consolidated Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Consolidated Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.
Short sales
The Fund may sell a security it does not own in anticipation of a decline in the fair value of the security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Fund is required to maintain a margin account with the broker and to pledge assets to the broker as collateral for the borrowed security. Securities pledged as collateral are designated in the Consolidated Portfolio of Investments. In addition, the collateral is recorded as cash collateral held at broker in the Consolidated Statement of Assets and Liabilities. The Fund can purchase the same security at the current market price and deliver it to the broker to close out the short sale. The Fund is obligated to pay the broker a fee for borrowing the security and may receive rebate income from the investment of collateral. The net amount of income or fees is included in "Interest income" (for net income received) or “Dividends and interest on securities sold short” (for net expense) in the Consolidated Statement of Operations. A short position is reported as a liability at fair value in the Consolidated Statement of Assets and Liabilities. The Fund must also pay the broker for any dividends accrued (recognized on ex-date) on the borrowed security. This amount is recorded as an expense in the Consolidated Statement of Operations. The Fund will record a gain if the security declines in value, and will realize a loss if the security appreciates. Such gain, limited to the price at which the Fund sold the security short, or such loss, potentially unlimited in size because the short position loses value as the market price of the security sold short increases, will be recognized upon the termination of a short sale.
60 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of February 28, 2023:
  ANZ
Securities
($) 		Barclays
($) 		BNY
Capital
Markets
($) 		BMO
Capital
Markets
Corp.
($) 		Citi
($) (a) 		Citi
($) (a) 		CIBC
($) 		Deutsche
Bank
($) 		Goldman
Sachs
($) (a) 		Goldman
Sachs
($) (a)
Assets                    
Centrally cleared interest rate swap contracts (b) - - - - 2,397 - - - - -
Forward foreign currency exchange contracts 73,785 13,094 278 - - 56,365 23,784 251,730 205,788 14,512
Options purchased calls - - - - - - - - 560 -
Options purchased puts - - - - - - - - 26,842 -
Total assets 73,785 13,094 278 - 2,397 56,365 23,784 251,730 233,190 14,512
Liabilities                    
Centrally cleared interest rate swap contracts (b) - - - - 1,251 - - - - -
Forward foreign currency exchange contracts - 4,721 - 1,740 - 158,312 9,755 95,880 93,301 114,092
Securities borrowed - - - - - - - - 5,197,602 -
Total liabilities - 4,721 - 1,740 1,251 158,312 9,755 95,880 5,290,903 114,092
Total financial and derivative net assets 73,785 8,373 278 (1,740) 1,146 (101,947) 14,029 155,850 (5,057,713) (99,580)
Total collateral received (pledged) (c) - - - - - - - - (5,057,713) -
Net amount (d) 73,785 8,373 278 (1,740) 1,146 (101,947) 14,029 155,850 - (99,580)
    
(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
(b) Centrally cleared swaps are included within payable/receivable for variation margin on the Consolidated Statement of Assets and Liabilities.
(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(d) Represents the net amount due from/(to) counterparties in the event of default.
    
  HSBC
($) 		JPMorgan
($) (a) 		JPMorgan
($) (a) 		Morgan
Stanley
($) 		National
Australia
Bank
($) 		RBC
Capital
Markets
($) 		Standard
Chartered
($) 		State
Street
($) 		TD
Securities
($) 		UBS
($) 		Total
($)
Assets                      
Centrally cleared interest rate swap contracts (b) - - - - - - - - - - 2,397
Forward foreign currency exchange contracts 11,472 971,652 106,721 124,888 17,611 23,141 1,789 139,465 172 86,564 2,122,811
Options purchased calls - - - - - - - - - - 560
Options purchased puts - - - - - - - - - - 26,842
Total assets 11,472 971,652 106,721 124,888 17,611 23,141 1,789 139,465 172 86,564 2,152,610
Liabilities                      
Centrally cleared interest rate swap contracts (b) - - - - - - - - - - 1,251
Forward foreign currency exchange contracts 18,618 805,543 51,367 77,238 - 28,413 787 26,703 - 3,180 1,489,650
Securities borrowed - - - - - - - - - - 5,197,602
Total liabilities 18,618 805,543 51,367 77,238 - 28,413 787 26,703 - 3,180 6,688,503
Total financial and derivative net assets (7,146) 166,109 55,354 47,650 17,611 (5,272) 1,002 112,762 172 83,384 (4,535,893)
Total collateral received (pledged) (c) - - - - - - - - - - (5,057,713)
Net amount (d) (7,146) 166,109 55,354 47,650 17,611 (5,272) 1,002 112,762 172 83,384 521,820
    
(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
(b) Centrally cleared swaps are included within payable/receivable for variation margin on the Consolidated Statement of Assets and Liabilities.
(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(d) Represents the net amount due from/(to) counterparties in the event of default.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
61
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Consolidated Statement of Operations.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Consolidated Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
62 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Consolidated Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of their portion of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 1.10% to 0.95% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 1.10% of the Fund’s average daily net assets.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
63
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Subadvisory agreements
The Investment Manager has entered into Subadvisory Agreements with AlphaSimplex Group, LLC, Crabel Capital Management, LLC, Manulife Investment Management (US) LLC, TCW Investment Management Company LLC and Water Island Capital, LLC, each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s determination. Each subadviser’s proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund’s assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Consolidated Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Consolidated Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Consolidated Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees.
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rate as a percentage of average daily net assets was as follows:
  Effective rate (%)
Institutional Class 0.11
64 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Distribution and service fees
The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Fund does not pay the Distributor a fee for the distribution services it provides to the Fund.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  Fee rate(s) contractual
through
December 31, 2023
Institutional Class 1.37%
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
(depreciation) ($)
571,401,000 11,451,000 (30,974,000) (19,523,000)
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at August 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
No expiration
short-term ($) 		No expiration
long-term ($) 		Total ($)
— (8,594,898) (8,594,898)
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
65
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $341,680,461 and $356,235,072, respectively, for the six months ended February 28, 2023, of which $164,918,505 and $155,106,455, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Consolidated Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests significantly in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Consolidated Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended February 28, 2023 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Lender 1,433,333 4.18 6
Interest income earned by the Fund is recorded as Interfund lending in the Consolidated Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Consolidated Statement of Operations. This agreement expires annually in October unless extended or
66 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
Note 9. Significant risks
Alternative strategies investment risk
An investment in alternative investment strategies (Alternative Strategies) involves risks, which may be significant. Alternative Strategies may include strategies, instruments or other assets, such as derivatives, that seek investment returns uncorrelated with the broad equity and fixed income/debt markets, as well as those providing exposure to other markets (such as commodity markets), including but not limited to absolute (positive) return strategies. Alternative Strategies may fail to achieve their desired performance, market or other exposure, or their returns (or lack thereof) may be more correlated with the broad equity and/or fixed income/debt markets than was anticipated, and the Fund may lose money.
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.
Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.
Foreign currency risk
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad. The Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
67
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
Leverage risk
Leverage occurs when the Fund increases its assets available for investment using borrowings, short sales, derivatives, or similar instruments or techniques. The use of leverage may produce volatility and may exaggerate changes in the Fund’s net asset value and in the return on the Fund’s portfolio, which may increase the risk that the Fund will lose more than it has invested. Because short sales involve borrowing securities and then selling them, the Fund’s short sales effectively leverage the Fund’s assets. The Fund’s assets that are used as collateral to secure the Fund’s obligations to return the securities sold short may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase the collateral. Leverage can create an interest expense that may lower the Fund’s overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund’s volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Money market fund investment risk
An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and
68 Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
Notes to Consolidated Financial Statements  (continued)
February 28, 2023 (Unaudited)
thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Investment Manager would otherwise redeem shares. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund’s investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.
Shareholder concentration risk
At February 28, 2023, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Short selling risk
Leverage occurs when the Fund increases its assets available for investment using borrowings, short sales, derivatives, or similar instruments or techniques. Because short sales involve borrowing securities and then selling them, the Fund’s short sales effectively leverage the Fund’s assets. The Fund’s assets that are used as collateral to secure the Fund’s obligations to return the securities sold short may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase the collateral. Leverage can create an interest expense that may lower the Fund’s overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund’s volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
Multi-Manager Alternative Strategies Fund  | Semiannual Report 2023
69
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[THIS PAGE INTENTIONALLY LEFT BLANK]
Multi-Manager Alternative Strategies Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR100_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Columbia Balanced Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Columbia Balanced Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Balanced Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks high total return by investing in common stocks and debt securities.
Portfolio management
Guy Pope, CFA
Lead Portfolio Manager
Managed Fund since 1997
Jason Callan
Portfolio Manager
Managed Fund since 2018
Gregory Liechty
Portfolio Manager
Managed Fund since 2011
Ronald Stahl, CFA
Portfolio Manager
Managed Fund since 2005
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 11/01/02 -0.96 -10.30 5.93 7.58
  Including sales charges   -6.65 -15.45 4.68 6.95
Advisor Class 11/08/12 -0.82 -10.06 6.19 7.85
Class C Excluding sales charges 10/13/03 -1.30 -10.94 5.14 6.79
  Including sales charges   -2.25 -11.80 5.14 6.79
Institutional Class 10/01/91 -0.81 -10.05 6.20 7.85
Institutional 2 Class 03/07/11 -0.81 -10.03 6.24 7.93
Institutional 3 Class 11/08/12 -0.78 -9.97 6.29 7.98
Class R 09/27/10 -1.08 -10.52 5.67 7.32
Blended Benchmark   0.07 -8.16 6.39 7.93
S&P 500 Index   1.26 -7.69 9.82 12.25
Bloomberg U.S. Aggregate Bond Index   -2.13 -9.72 0.53 1.12
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedle.com/investor/ or calling 800.345.6611.
The Blended Benchmark is a weighted custom composite consisting of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Bond Index.
The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.
The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Balanced Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown (%) (at February 28, 2023)
Asset-Backed Securities — Non-Agency 6.5
Commercial Mortgage-Backed Securities - Non-Agency 6.3
Common Stocks 51.2
Convertible Bonds 0.0(a)
Corporate Bonds & Notes 6.5
Exchange-Traded Equity Funds 1.7
Foreign Government Obligations 0.0(a)
Money Market Funds 6.0
Residential Mortgage-Backed Securities - Agency 11.0
Residential Mortgage-Backed Securities - Non-Agency 10.4
Senior Loans 0.0(a)
U.S. Treasury Obligations 0.4
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
4 Columbia Balanced Fund  | Semiannual Report 2023
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 990.40 1,020.13 4.64 4.71 0.94
Advisor Class 1,000.00 1,000.00 991.80 1,021.37 3.41 3.46 0.69
Class C 1,000.00 1,000.00 987.00 1,016.41 8.33 8.45 1.69
Institutional Class 1,000.00 1,000.00 991.90 1,021.37 3.41 3.46 0.69
Institutional 2 Class 1,000.00 1,000.00 991.90 1,021.57 3.21 3.26 0.65
Institutional 3 Class 1,000.00 1,000.00 992.20 1,021.82 2.96 3.01 0.60
Class R 1,000.00 1,000.00 989.20 1,018.89 5.87 5.96 1.19
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Columbia Balanced Fund  | Semiannual Report 2023
5
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Asset-Backed Securities — Non-Agency 7.2%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
ACM Auto Trust(a)
Subordinated Series 2022-1A Class C
04/20/2029 5.480%   10,625,000 10,502,401
ALM Ltd.(a),(b)
Series 2022-20A Class A2
3-month Term SOFR + 2.000%
Floor 2.000%
07/15/2037 		6.658%   8,450,000 8,459,540
American Credit Acceptance Receivables Trust(a)
Series 2020-1 Class D
03/13/2026 2.390%   12,809,225 12,679,314
Subordinated Series 2021-1 Class C
03/15/2027 0.830%   4,804,432 4,722,977
Subordinated Series 2021-2 Class E
07/13/2027 2.540%   3,850,000 3,566,036
Apidos CLO XI(a),(b)
Series 2012-11A Class BR3
3-month USD LIBOR + 1.650%
Floor 1.650%
04/17/2034 		6.442%   12,575,000 12,303,569
Apidos CLO XXVIII(a),(b)
Series 2017-28A Class A1B
3-month USD LIBOR + 1.150%
Floor 1.150%
01/20/2031 		5.958%   5,925,000 5,797,079
Aqua Finance Trust(a)
Series 2021-A Class A
07/17/2046 1.540%   3,746,581 3,337,707
Ares LVIII CLO Ltd.(a),(b)
Series 2020-58A Class DR
3-month Term SOFR + 3.200%
Floor 3.200%
01/15/2035 		7.832%   3,025,000 2,794,096
ARES XLVII CLO Ltd.(a),(b)
Series 2018-47A Class B
3-month USD LIBOR + 1.450%
Floor 1.450%
04/15/2030 		6.242%   3,450,000 3,363,712
Avant Loans Funding Trust(a)
Subordinated Series 2021-REV1 Class C
07/15/2030 2.300%   2,100,000 1,924,501
Bain Capital Credit CLO Ltd.(a),(b)
Series 2021-7A Class B
3-month USD LIBOR + 1.650%
Floor 1.650%
01/22/2035 		6.465%   15,750,000 15,260,474
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Ballyrock CLO Ltd.(a),(b)
Series 2018-1A Class A1
3-month USD LIBOR + 1.000%
04/20/2031 		5.808%   3,450,000 3,420,606
Barings CLO Ltd.(a),(b)
Series 2018-4A Class B
3-month USD LIBOR + 1.700%
Floor 1.700%
10/15/2030 		6.492%   22,000,000 21,724,956
Basswood Park CLO Ltd.(a),(b)
Series 2021-1A Class A
3-month USD LIBOR + 1.000%
Floor 1.000%
04/20/2034 		5.808%   6,725,000 6,593,143
Carbone CLO Ltd.(a),(b)
Series 2017-1A Class A1
3-month USD LIBOR + 1.140%
Floor 1.140%
01/20/2031 		5.948%   12,000,000 11,916,828
Carlyle CLO Ltd.(a),(b)
Series C17A Class CR
3-month USD LIBOR + 2.800%
Floor 2.800%
04/30/2031 		7.602%   1,925,000 1,754,470
Carlyle Group LP(a),(b)
Series 2017-5A Class A2
3-month USD LIBOR + 1.400%
01/20/2030 		6.208%   2,000,000 1,942,474
Carlyle US CLO Ltd.(a),(b)
Series 2016-4A Class A2R
3-month USD LIBOR + 1.450%
Floor 1.450%
10/20/2027 		6.258%   21,575,000 21,232,130
Carmax Auto Owner Trust
Subordinated Series 2021-1 Class C
12/15/2026 0.940%   1,650,000 1,492,037
Cascade Funding Mortgage Trust(a)
CMO Series 2021-GRN1 Class A
03/20/2041 1.100%   3,395,483 3,126,720
Crossroads Asset Trust(a)
Subordinated Series 2021-A Class B
06/20/2025 1.120%   1,175,000 1,158,232
Drive Auto Receivables Trust
Subordinated Series 2020-2 Class D
05/15/2028 3.050%   1,875,000 1,831,265
Subordinated Series 2021-2 Class D
03/15/2029 1.390%   22,110,000 20,592,182
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia Balanced Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Dryden CLO Ltd.(a),(b)
Series 2018-55A Class A1
3-month USD LIBOR + 1.020%
04/15/2031 		5.812%   8,450,000 8,371,398
Dryden Senior Loan Fund(a),(b)
Series 2015-41A Class AR
3-month USD LIBOR + 0.970%
Floor 0.970%
04/15/2031 		5.800%   13,175,000 13,022,210
Series 2016-42A Class BR
3-month USD LIBOR + 1.550%
07/15/2030 		6.342%   6,025,000 5,915,050
DT Auto Owner Trust(a)
Series 2019-3A Class D
04/15/2025 2.960%   6,578,452 6,497,041
Series 2020-2A Class D
03/16/2026 4.730%   3,235,000 3,190,651
Subordinated Series 2020-1A Class D
11/17/2025 2.550%   8,900,000 8,700,566
Subordinated Series 2020-3A Class D
06/15/2026 1.840%   6,125,000 5,705,722
Exeter Automobile Receivables Trust(a)
Series 2019-4A Class D
09/15/2025 2.580%   6,261,916 6,136,377
Subordinated Series 2020-1A Class D
12/15/2025 2.730%   5,667,611 5,553,831
Subordinated Series 2020-2A Class D
04/15/2026 4.730%   2,200,000 2,181,248
Exeter Automobile Receivables Trust
Subordinated Series 2020-3A Class D
07/15/2026 1.730%   3,775,000 3,649,929
Subordinated Series 2021-1A Class D
11/16/2026 1.080%   7,752,000 7,294,912
Subordinated Series 2021-3A Class D
06/15/2027 1.550%   25,630,000 23,385,696
Foundation Finance Trust(a)
Series 2019-1A Class A
11/15/2034 3.860%   990,138 971,288
Foursight Capital Automobile Receivables Trust(a)
Subordinated Series 2021-1 Class D
03/15/2027 1.320%   5,075,000 4,741,836
Freed ABS Trust(a)
Subordinated Series 2021-1CP Class C
03/20/2028 2.830%   600,000 594,306
GLS Auto Receivables Issuer Trust(a)
Subordinated Series 2019-4A Class C
08/15/2025 3.060%   4,952,008 4,888,954
Subordinated Series 2020-1A Class C
11/17/2025 2.720%   8,563,264 8,404,319
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
GoldentTree Loan Management US CLO 1 Ltd.(a),(b)
Series 2021-10A Class A
3-month USD LIBOR + 1.100%
Floor 1.100%
07/20/2034 		5.908%   9,175,000 9,019,098
Hilton Grand Vacations Trust(a)
Series 2018-AA Class A
02/25/2032 3.540%   1,047,207 1,011,506
Series 2019-AA Class A
07/25/2033 2.340%   2,451,166 2,278,621
Jay Park CLO Ltd.(a),(b)
Series 2016-1A Class A2R
3-month USD LIBOR + 1.450%
10/20/2027 		6.258%   17,575,000 17,422,045
LendingPoint Asset Securitization Trust(a)
Subordinated Series 2020-REV1 Class B
10/15/2028 4.494%   10,200,000 9,965,831
LL ABS Trust(a)
Series 2021-1A Class A
05/15/2029 1.070%   1,745,899 1,688,652
Madison Park Funding XLVIII Ltd.(a),(b)
Series 2021-48A Class A
3-month USD LIBOR + 1.150%
Floor 1.150%
04/19/2033 		5.948%   3,025,000 2,998,126
Madison Park Funding XXXIII Ltd.(a),(b)
Series 2019-33A Class BR
3-month Term SOFR + 1.800%
Floor 1.800%
10/15/2032 		6.458%   16,325,000 15,731,505
Magnetite XII Ltd.(a),(b)
Series 2015-12A Class ARR
3-month USD LIBOR + 1.100%
Floor 1.100%
10/15/2031 		5.892%   13,830,000 13,724,131
MVW Owner Trust(a)
Series 2017-1A Class A
12/20/2034 2.420%   2,117,036 2,078,866
Octagon Investment Partners 39 Ltd.(a),(b)
Series 2018-3A Class B
3-month USD LIBOR + 1.850%
Floor 1.650%
10/20/2030 		6.658%   22,575,000 22,233,305
OHA Credit Funding Ltd.(a),(b)
Series 2021-8A Class A
3-month USD LIBOR + 1.190%
Floor 1.190%
01/18/2034 		5.985%   4,025,000 3,982,291
Pagaya AI Debt Trust(a)
Subordinated Series 2022-1 Class B
10/15/2029 3.344%   4,324,428 3,923,614
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Palmer Square Loan Funding Ltd.(a),(b)
Series 2021-4A Class B
3-month USD LIBOR + 1.750%
Floor 1.750%
10/15/2029 		6.542%   10,000,000 9,515,760
Race Point IX CLO Ltd.(a),(b)
Series 2015-9A Class A2R
3-month USD LIBOR + 0.450%
Floor 1.450%
10/15/2030 		6.242%   12,200,000 11,861,914
Redding Ridge Asset Management Ltd.(a),(b)
Series 2018-4A Class A2
3-month USD LIBOR + 1.550%
04/15/2030 		6.342%   3,000,000 2,956,698
Research-Driven Pagaya Motor Asset Trust IV(a)
Series 2021-2A Class A
03/25/2030 2.650%   4,924,466 4,321,934
Santander Consumer Auto Receivables Trust(a)
Subordinated Series 2021-AA Class C
11/16/2026 1.030%   1,275,000 1,163,695
Subordinated Series 2021-AA Class D
01/15/2027 1.570%   1,050,000 950,538
Santander Drive Auto Receivables Trust
Series 2020-2 Class D
09/15/2026 2.220%   5,825,000 5,686,842
Subordinated Series 2020-3 Class D
11/16/2026 1.640%   41,490,000 40,116,793
SCF Equipment Leasing LLC(a)
Series 2019-2A Class B
08/20/2026 2.760%   8,025,000 7,766,921
Series 2020-1A Class C
08/21/2028 2.600%   4,850,000 4,506,070
Sierra Timeshare Receivables Funding LLC(a)
Series 2018-2A Class A
06/20/2035 3.500%   708,232 701,846
Series 2018-3A Class A
09/20/2035 3.690%   489,037 485,771
Theorem Funding Trust(a)
Subordinated Series 2021-1A Class B
12/15/2027 1.840%   4,200,000 3,931,265
Upstart Pass-Through Trust(a)
Series 2021-ST10 Class A
01/20/2030 2.250%   11,647,828 11,167,568
Series 2021-ST2 Class A
04/20/2027 2.500%   756,251 718,697
Series 2021-ST7 Class A
09/20/2029 1.850%   2,367,531 2,296,362
Series 2021-ST9 Class A
11/20/2029 1.700%   1,491,974 1,417,150
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Upstart Securitization Trust(a)
Series 2020-2 Class A
11/20/2030 2.309%   1,484,691 1,451,088
Subordinated Series 2021-2 Class B
06/20/2031 1.750%   2,860,000 2,739,339
Subordinated Series 2021-3 Class B
07/20/2031 1.660%   2,844,000 2,667,133
VSE Voi Mortgage LLC(a)
Series 2018-A Class A
02/20/2036 3.560%   1,210,062 1,166,865
Total Asset-Backed Securities — Non-Agency
(Cost $541,110,455) 		524,349,623
Commercial Mortgage-Backed Securities - Non-Agency 7.1%
1211 Avenue of the Americas Trust(a)
Series 2015-1211 Class A1A2
08/10/2035 3.901%   7,955,000 7,503,043
American Homes 4 Rent Trust(a)
Series 2014-SFR2 Class A
10/17/2036 3.786%   2,587,771 2,507,826
Series 2014-SFR3 Class A
12/17/2036 3.678%   3,011,129 2,906,007
Series 2015-SFR1 Class A
04/17/2052 3.467%   3,137,117 3,001,245
Series 2015-SFR2 Class A
10/17/2052 3.732%   2,373,498 2,271,835
AMSR Trust(a)
Subordinated Series 2020-SFR2 Class C
07/17/2037 2.533%   2,799,000 2,558,431
Ashford Hospitality Trust(a),(b)
Series 2018-KEYS Class B
1-month USD LIBOR + 1.450%
Floor 1.450%
05/15/2035 		6.038%   16,800,000 16,383,997
BBCMS Trust(a),(b)
Subordinated Series 2018-BXH Class B
1-month USD LIBOR + 1.250%
Floor 1.250%
10/15/2037 		5.838%   7,370,000 7,053,003
Subordinated Series 2018-BXH Class C
1-month USD LIBOR + 1.500%
Floor 1.500%
10/15/2037 		6.088%   3,975,000 3,796,183
BB-UBS Trust(a)
Series 2012-SHOW Class A
11/05/2036 3.430%   8,475,000 7,878,813
 
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Balanced Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
BHMS Mortgage Trust(a),(b)
Series 2018-ATLS Class A
1-month USD LIBOR + 1.250%
Floor 1.250%
07/15/2035 		5.838%   14,823,000 14,509,236
BPR Trust(a),(b)
Subordinated Series 2021-TY Class D
1-month USD LIBOR + 2.350%
Floor 2.350%
09/15/2038 		6.938%   6,000,000 5,658,038
BX Commercial Mortgage Trust(a),(b)
Series 2019-XL Class C
1-month Term SOFR + 1.364%
Floor 1.250%
10/15/2036 		5.927%   6,056,250 5,980,574
BX Mortgage Trust(a),(b)
Series 2021-PAC Class D
1-month USD LIBOR + 1.298%
Floor 1.298%
10/15/2036 		5.886%   14,175,000 13,537,125
BX Trust(a),(b)
Series 2019-ATL Class C
1-month USD LIBOR + 1.587%
Floor 1.587%
10/15/2036 		6.175%   4,422,000 4,305,972
Subordinated Series 2019-ATL Class D
1-month USD LIBOR + 1.887%
Floor 1.887%
10/15/2036 		6.475%   3,895,000 3,714,928
BX Trust(a)
Series 2023-LIFE Class A
02/15/2028 5.045%   7,225,000 7,066,365
CIM Retail Portfolio Trust(a),(b)
Series 2021-RETL Class D
1-month USD LIBOR + 3.050%
Floor 3.050%
08/15/2036 		7.638%   18,562,500 18,339,858
Citigroup Commercial Mortgage Trust(a),(c)
Subordinated Series 2020-420K Class C
11/10/2042 3.312%   2,500,000 2,000,456
Subordinated Series 2020-420K Class D
11/10/2042 3.312%   2,250,000 1,672,276
CLNY Trust(a),(b)
Subordinated Series 2019-IKPR Class D
1-month USD LIBOR + 2.025%
Floor 2.025%
11/15/2038 		6.613%   11,925,000 11,239,687
COMM Mortgage Trust(a),(c)
Subordinated Series 2020-CBM Class D
02/10/2037 3.633%   2,925,000 2,616,603
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
COMM Mortgage Trust(a)
Subordinated Series 2020-CX Class B
11/10/2046 2.446%   3,275,000 2,550,665
CSAIL Commercial Mortgage Trust
Series 2019-C16 Class A3
06/15/2052 3.329%   23,720,000 21,212,855
Extended Stay America Trust(a),(b)
Series 2021-ESH Class E
1-month USD LIBOR + 2.850%
Floor 2.850%
07/15/2038 		7.438%   1,879,170 1,833,367
Series 2021-ESH Class F
1-month USD LIBOR + 3.700%
Floor 3.700%
07/15/2038 		8.288%   1,952,384 1,881,609
FirstKey Homes Trust(a)
Subordinated Series 2020-SFR1 Class D
08/17/2037 2.241%   4,225,000 3,819,485
Subordinated Series 2020-SFR2 Class D
10/19/2037 1.968%   18,600,000 16,605,699
GS Mortgage Securities Corp II(a),(b)
Series 2022-ECI Class A
1-month Term SOFR + 2.195%
Floor 2.195%
08/15/2039 		6.757%   9,075,000 9,233,271
GS Mortgage Securities Corp. Trust(a)
Series 2017-485L Class A
02/10/2037 3.721%   3,835,000 3,290,086
GS Mortgage Securities Corp. Trust(a),(b)
Subordinated CMO Series 2021-IP Class D
1-month USD LIBOR + 2.100%
Floor 2.100%
10/15/2036 		6.688%   5,425,000 4,992,834
Home Partners of America Trust(a)
Subordinated Series 2019-2 Class D
10/19/2039 3.121%   6,415,214 5,476,771
Subordinated Series 2021-2 Class B
12/17/2026 2.302%   41,290,086 36,502,170
Invitation Homes Trust(a),(b)
Series 2018-SFR4 Class A
1-month USD LIBOR + 1.100%
Floor 1.000%
01/17/2038 		5.701%   19,816,891 19,869,870
JPMBB Commercial Mortgage Securities Trust(c)
Series 2013-C14 Class ASB
08/15/2046 3.761%   703,261 698,156
JPMorgan Chase Commercial Mortgage Securities Trust(a),(c)
Subordinated Series 2021-2NU Class B
01/05/2040 2.077%   3,800,000 2,955,067
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
9
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated Series 2021-2NU Class C
01/05/2040 2.077%   1,500,000 1,140,563
KKR Industrial Portfolio Trust(a),(b)
Subordinated Series 2021-KDIP Class D
1-month USD LIBOR + 1.250%
Floor 1.250%
12/15/2037 		5.838%   2,325,000 2,255,066
Life Mortgage Trust(a),(b)
Subordinated Series 2021-BMR Class D
1-month USD LIBOR + 1.400%
Floor 1.400%
03/15/2038 		5.988%   4,472,514 4,332,380
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C23 Class A4
07/15/2050 3.719%   18,624,000 17,827,718
Series 2016-C29 Class A3
05/15/2049 3.058%   5,928,750 5,542,521
Series 2017-C34 Class A3
11/15/2052 3.276%   14,135,000 12,757,922
Morgan Stanley Capital I Trust
Series 2015-UBS8 Class A3
12/15/2048 3.540%   9,734,131 9,215,623
Series 2017-HR2 Class A3
12/15/2050 3.330%   6,394,221 5,767,175
Morgan Stanley Capital I Trust(a),(c)
Series 2019-MEAD Class D
11/10/2036 3.283%   7,392,500 6,431,510
One New York Plaza Trust(a),(b)
Subordinated Series 2020-1NYP Class C
1-month USD LIBOR + 2.200%
Floor 2.200%
01/15/2036 		6.788%   6,950,000 6,563,373
Subordinated Series 2020-1NYP Class D
1-month USD LIBOR + 2.750%
Floor 2.750%
01/15/2036 		7.338%   2,600,000 2,397,550
Progress Residential Trust(a)
Series 2019-SFR3 Class C
09/17/2036 2.721%   4,750,000 4,495,417
Series 2019-SFR3 Class D
09/17/2036 2.871%   7,049,000 6,671,564
Series 2019-SFR4 Class C
10/17/2036 3.036%   17,766,000 16,853,984
Series 2020-SFR1 Class C
04/17/2037 2.183%   2,075,000 1,908,523
Series 2020-SFR1 Class D
04/17/2037 2.383%   4,200,000 3,859,910
Series 2020-SFR2 Class A
06/17/2037 2.078%   2,571,823 2,373,158
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Series 2022-SFR5 Class A
06/17/2039 4.451%   12,895,203 12,455,247
Series 2023-SFR1 Class A
03/17/2040 4.300%   7,650,000 7,296,616
Subordinated Series 2020-SFR2 Class C
06/17/2037 3.077%   600,000 560,185
Subordinated Series 2020-SFR2 Class D
06/17/2037 3.874%   775,000 732,563
Subordinated Series 2021-SFR8 Class D
10/17/2038 2.082%   11,910,000 10,046,180
RBS Commercial Funding, Inc., Trust(a),(c)
Series 2013-GSP Class A
01/15/2032 3.834%   7,141,000 6,897,365
SFO Commercial Mortgage Trust(a),(b)
Subordinated Series 2021-555 Class E
1-month USD LIBOR + 2.900%
Floor 2.900%
05/15/2038 		7.488%   3,025,000 2,386,461
SPGN TFLM Mortgage Trust(a),(b)
Series 2022 Class A
1-month Term SOFR + 1.550%
Floor 1.550%
02/15/2039 		6.113%   30,525,000 29,142,358
STAR Trust(a),(b)
Series 2022-SFR3 Class A
1-month Term SOFR + 1.650%
Floor 1.650%
05/17/2024 		6.213%   16,947,944 17,027,662
Subordinated Series 2022-SFR3 Class B
1-month Term SOFR + 1.950%
Floor 1.950%
05/17/2024 		6.513%   12,100,000 12,121,217
Tricon American Homes(a)
Series 2020-SFR1 Class C
07/17/2038 2.249%   4,100,000 3,620,500
Tricon American Homes Trust(a)
Subordinated Series 2020-SFR2 Class D
11/17/2039 2.281%   6,775,000 5,707,327
Wells Fargo Commercial Mortgage Trust
Series 2015-C28 Class A3
05/15/2048 3.290%   6,512,659 6,243,475
Wells Fargo Commercial Mortgage Trust(a),(b)
Series 2020-SDAL Class D
1-month USD LIBOR + 2.090%
Floor 2.090%, Cap 4.500%
02/15/2037 		6.678%   3,400,000 3,249,179
Series 2021-FCMT Class A
1-month USD LIBOR + 1.200%
Floor 1.200%
05/15/2031 		5.788%   4,750,000 4,543,806
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Balanced Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Series 2021-FCMT Class D
1-month USD LIBOR + 3.500%
Floor 3.500%
05/15/2031 		8.088%   3,925,000 3,564,557
Total Commercial Mortgage-Backed Securities - Non-Agency
(Cost $553,958,790) 		513,412,061
    
Common Stocks 57.2%
Issuer Shares Value ($)
Communication Services 7.2%
Entertainment 2.0%
Endeavor Group Holdings, Inc., Class A(d) 968,698 21,611,652
Take-Two Interactive Software, Inc.(d) 599,954 65,724,961
Walt Disney Co. (The)(d) 560,610 55,842,362
Total   143,178,975
Interactive Media & Services 3.6%
Alphabet, Inc., Class A(d) 823,544 74,168,373
Alphabet, Inc., Class C(d) 820,008 74,046,722
Match Group, Inc.(d) 497,751 20,616,846
Meta Platforms, Inc., Class A(d) 396,498 69,363,360
ZoomInfo Technologies, Inc.(d) 894,774 21,626,688
Total   259,821,989
Media 0.8%
Comcast Corp., Class A 1,530,472 56,887,644
Wireless Telecommunication Services 0.8%
T-Mobile US, Inc.(d) 434,576 61,788,016
Total Communication Services 521,676,624
Consumer Discretionary 4.0%
Automobiles 0.8%
Tesla, Inc.(d) 264,615 54,433,952
Hotels, Restaurants & Leisure 0.4%
McDonald’s Corp. 98,534 26,004,108
Internet & Direct Marketing Retail 1.8%
Amazon.com, Inc.(d) 1,420,068 133,813,008
Specialty Retail 0.5%
Lowe’s Companies, Inc. 98,194 20,203,416
TJX Companies, Inc. (The) 248,904 19,066,046
Total   39,269,462
Common Stocks (continued)
Issuer Shares Value ($)
Textiles, Apparel & Luxury Goods 0.5%
Tapestry, Inc. 904,438 39,352,097
Total Consumer Discretionary 292,872,627
Consumer Staples 4.2%
Beverages 0.2%
Monster Beverage Corp.(d) 138,991 14,143,724
Food & Staples Retailing 1.3%
Sysco Corp. 597,217 44,534,472
Walmart, Inc. 387,278 55,043,822
Total   99,578,294
Food Products 1.0%
Mondelez International, Inc., Class A 1,086,193 70,798,060
Household Products 1.4%
Procter & Gamble Co. (The) 731,841 100,672,048
Personal Products 0.3%
Coty, Inc., Class A(d) 2,077,754 23,478,620
Total Consumer Staples 308,670,746
Energy 2.3%
Oil, Gas & Consumable Fuels 2.3%
Canadian Natural Resources Ltd. 874,686 49,428,506
Chevron Corp. 547,444 88,012,572
EOG Resources, Inc. 276,697 31,272,295
Total   168,713,373
Total Energy 168,713,373
Financials 6.4%
Banks 2.3%
Bank of America Corp. 1,097,880 37,657,284
JPMorgan Chase & Co. 276,325 39,611,189
Wells Fargo & Co. 1,930,074 90,269,561
Total   167,538,034
Capital Markets 1.9%
BlackRock, Inc. 41,431 28,563,775
MSCI, Inc. 43,785 22,862,338
S&P Global, Inc. 60,791 20,741,889
State Street Corp. 742,259 65,823,528
Total   137,991,530
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
11
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Finance 0.1%
American Express Co. 30,217 5,257,456
Diversified Financial Services 1.6%
Berkshire Hathaway, Inc., Class B(d) 375,485 114,590,512
Insurance 0.5%
Aon PLC, Class A 119,128 36,220,868
Total Financials 461,598,400
Health Care 8.4%
Biotechnology 1.4%
BioMarin Pharmaceutical, Inc.(d) 382,605 38,103,632
Vertex Pharmaceuticals, Inc.(d) 214,802 62,354,872
Total   100,458,504
Health Care Equipment & Supplies 2.1%
Abbott Laboratories 373,823 38,025,275
Boston Scientific Corp.(d) 980,258 45,797,654
GE HealthCare Technologies, Inc.(d) 349,550 26,565,800
Medtronic PLC 526,502 43,594,366
Total   153,983,095
Health Care Providers & Services 1.3%
CVS Health Corp. 350,613 29,290,210
Elevance Health, Inc. 133,595 62,745,564
Total   92,035,774
Life Sciences Tools & Services 1.0%
Avantor, Inc.(d) 684,778 16,688,040
IQVIA Holdings, Inc.(d) 102,489 21,365,882
Thermo Fisher Scientific, Inc. 66,858 36,220,990
Total   74,274,912
Pharmaceuticals 2.6%
Eli Lilly & Co. 262,682 81,751,892
Johnson & Johnson 704,021 107,898,258
Total   189,650,150
Total Health Care 610,402,435
Industrials 4.9%
Aerospace & Defense 1.2%
Raytheon Technologies Corp. 888,119 87,115,593
Airlines 0.2%
Southwest Airlines Co. 315,708 10,601,474
Common Stocks (continued)
Issuer Shares Value ($)
Industrial Conglomerates 1.0%
General Electric Co. 592,304 50,174,072
Honeywell International, Inc. 131,681 25,214,278
Total   75,388,350
Machinery 0.8%
Parker-Hannifin Corp. 172,646 60,745,495
Road & Rail 1.7%
Uber Technologies, Inc.(d) 1,636,904 54,443,427
Union Pacific Corp. 328,086 68,005,666
Total   122,449,093
Total Industrials 356,300,005
Information Technology 16.2%
Electronic Equipment, Instruments & Components 0.7%
TE Connectivity Ltd. 358,758 45,677,069
Zebra Technologies Corp., Class A(d) 26,384 7,921,796
Total   53,598,865
IT Services 2.7%
Accenture PLC, Class A 129,937 34,504,770
International Business Machines Corp. 133,121 17,212,545
MasterCard, Inc., Class A 198,748 70,613,177
Visa, Inc., Class A 338,571 74,465,306
Total   196,795,798
Semiconductors & Semiconductor Equipment 3.3%
Advanced Micro Devices, Inc.(d) 267,752 21,039,952
Entegris, Inc. 210,219 17,916,965
Lam Research Corp. 97,083 47,183,309
Marvell Technology, Inc. 433,585 19,576,363
Microchip Technology, Inc. 157,105 12,730,218
NVIDIA Corp. 409,075 94,970,852
QUALCOMM, Inc. 192,813 23,818,190
Total   237,235,849
Software 6.1%
Adobe, Inc.(d) 207,516 67,224,808
Intuit, Inc. 176,784 71,982,909
Microsoft Corp. 1,113,898 277,828,439
Palo Alto Networks, Inc.(d) 133,798 25,203,530
Total   442,239,686
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Balanced Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Technology Hardware, Storage & Peripherals 3.4%
Apple, Inc. 1,675,259 246,949,929
Total Information Technology 1,176,820,127
Materials 1.6%
Chemicals 1.6%
Corteva, Inc. 411,214 25,614,520
International Flavors & Fragrances, Inc. 537,271 50,073,657
Sherwin-Williams Co. (The) 167,591 37,096,268
Total   112,784,445
Total Materials 112,784,445
Real Estate 0.8%
Equity Real Estate Investment Trusts (REITS) 0.8%
American Tower Corp. 308,217 61,030,048
Total Real Estate 61,030,048
Utilities 1.2%
Electric Utilities 0.8%
American Electric Power Co., Inc. 654,165 57,546,895
Multi-Utilities 0.4%
Public Service Enterprise Group, Inc. 532,892 32,202,664
Total Utilities 89,749,559
Total Common Stocks
(Cost $2,728,163,744) 		4,160,618,389
    
Convertible Bonds 0.0%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Cable and Satellite 0.0%
DISH Network Corp.
Subordinated
08/15/2026 3.375%   438,000 279,917
Total Convertible Bonds
(Cost $418,773) 		279,917
Corporate Bonds & Notes 7.3%
Aerospace & Defense 0.3%
BAE Systems PLC(a)
04/15/2030 3.400%   8,500,000 7,574,299
Boeing Co. (The)
05/01/2040 5.705%   9,815,000 9,399,413
Bombardier, Inc.(a)
04/15/2027 7.875%   285,000 283,144
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Spirit AeroSystems, Inc.(a)
11/30/2029 9.375%   114,000 120,775
TransDigm, Inc.(a)
12/15/2025 8.000%   393,000 401,671
03/15/2026 6.250%   1,044,000 1,030,810
TransDigm, Inc.
11/15/2027 5.500%   369,000 339,512
05/01/2029 4.875%   157,000 135,211
TransDigm, Inc.(a),(e)
08/15/2028 6.750%   250,000 248,699
Total 19,533,534
Airlines 0.0%
Air Canada(a)
08/15/2026 3.875%   183,000 165,176
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)
04/20/2026 5.500%   827,175 806,467
04/20/2029 5.750%   237,298 225,470
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a)
01/20/2026 5.750%   288,390 268,132
United Airlines, Inc.(a)
04/15/2026 4.375%   245,000 230,750
04/15/2029 4.625%   252,000 223,761
Total 1,919,756
Automotive 0.1%
Ford Motor Co.
02/12/2032 3.250%   200,000 151,821
Ford Motor Credit Co. LLC
02/10/2025 2.300%   210,000 193,553
06/16/2025 5.125%   68,000 65,652
11/13/2025 3.375%   481,000 442,300
03/06/2026 6.950%   200,000 200,579
01/09/2027 4.271%   350,000 318,620
05/28/2027 4.950%   355,000 330,886
08/17/2027 4.125%   277,000 247,149
11/04/2027 7.350%   172,000 174,559
02/16/2028 2.900%   162,000 135,041
11/13/2030 4.000%   194,000 161,784
IAA Spinco, Inc.(a)
06/15/2027 5.500%   725,000 733,222
IHO Verwaltungs GmbH(a),(f)
09/15/2026 4.750%   264,544 244,196
KAR Auction Services, Inc.(a)
06/01/2025 5.125%   625,000 609,156
Panther BF Aggregator 2 LP/Finance Co., Inc.(a)
05/15/2026 6.250%   93,000 91,281
05/15/2027 8.500%   353,000 350,912
Total 4,450,711
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
13
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Banking 1.9%
Bank of America Corp.(g)
04/23/2040 4.078%   30,000,000 25,156,984
Citigroup, Inc.(g)
01/25/2033 3.057%   19,000,000 15,588,075
Discover Bank
09/13/2028 4.650%   4,000,000 3,801,801
Goldman Sachs Group, Inc. (The)(g)
02/24/2033 3.102%   21,500,000 17,721,290
HSBC Holdings PLC(g)
05/24/2032 2.804%   16,000,000 12,763,303
JPMorgan Chase & Co.(g)
Subordinated
05/13/2031 2.956%   30,000,000 25,208,793
Morgan Stanley(g)
01/22/2031 2.699%   16,000,000 13,364,692
PNC Financial Services Group, Inc. (The)(g)
Subordinated
06/06/2033 4.626%   3,500,000 3,253,053
State Street Corp.
Subordinated
03/03/2031 2.200%   4,001,000 3,217,009
Wells Fargo & Co.(g)
04/30/2041 3.068%   23,000,000 16,728,794
Total 136,803,794
Brokerage/Asset Managers/Exchanges 0.0%
AG TTMT Escrow Issuer LLC(a)
09/30/2027 8.625%   229,000 232,374
Hightower Holding LLC(a)
04/15/2029 6.750%   293,000 249,461
NFP Corp(a)
10/01/2030 7.500%   262,000 249,918
NFP Corp.(a)
08/15/2028 4.875%   290,000 254,607
08/15/2028 6.875%   867,000 738,216
Total 1,724,576
Building Materials 0.0%
Beacon Roofing Supply, Inc.(a)
11/15/2026 4.500%   310,000 291,106
05/15/2029 4.125%   186,000 159,267
Interface, Inc.(a)
12/01/2028 5.500%   145,000 118,894
James Hardie International Finance DAC(a)
01/15/2028 5.000%   238,000 223,426
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
SRS Distribution, Inc.(a)
07/01/2028 4.625%   142,000 124,477
07/01/2029 6.125%   276,000 232,286
12/01/2029 6.000%   344,000 286,729
Standard Industries, Inc.(a)
02/15/2027 5.000%   61,000 56,420
White Cap Buyer LLC(a)
10/15/2028 6.875%   404,000 366,625
Total 1,859,230
Cable and Satellite 0.2%
CCO Holdings LLC/Capital Corp.(a)
05/01/2027 5.125%   426,000 393,769
02/01/2028 5.000%   151,000 136,944
03/01/2030 4.750%   642,000 539,890
08/15/2030 4.500%   682,000 562,383
03/01/2031 7.375%   103,000 99,937
02/01/2032 4.750%   277,000 225,610
CSC Holdings LLC(a)
02/01/2028 5.375%   258,000 215,243
02/01/2029 6.500%   361,000 306,061
01/15/2030 5.750%   335,000 191,779
12/01/2030 4.125%   298,000 213,674
02/15/2031 3.375%   233,000 159,813
DIRECTV Holdings LLC/Financing Co., Inc.(a)
08/15/2027 5.875%   110,000 98,679
DISH DBS Corp.
03/15/2023 5.000%   33,000 32,982
06/01/2029 5.125%   324,000 191,514
DISH DBS Corp.(a)
12/01/2028 5.750%   388,000 309,897
DISH Network Corp.(a)
11/15/2027 11.750%   544,000 551,599
Radiate Holdco LLC/Finance, Inc.(a)
09/15/2026 4.500%   316,000 236,682
09/15/2028 6.500%   419,000 197,041
Sirius XM Radio, Inc.(a)
09/01/2026 3.125%   204,000 180,460
07/01/2029 5.500%   227,000 204,624
Time Warner Cable LLC
05/01/2037 6.550%   9,210,000 8,771,540
Videotron Ltd.(a)
06/15/2029 3.625%   197,000 166,011
Virgin Media Finance PLC(a)
07/15/2030 5.000%   299,000 244,668
Virgin Media Secured Finance PLC(a)
05/15/2029 5.500%   303,000 274,131
08/15/2030 4.500%   192,000 159,002
VZ Secured Financing BV(a)
01/15/2032 5.000%   387,000 320,091
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Balanced Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Ziggo Bond Co. BV(a)
02/28/2030 5.125%   241,000 193,921
Ziggo Bond Finance BV(a)
01/15/2027 6.000%   332,000 309,180
Ziggo BV(a)
01/15/2030 4.875%   425,000 360,194
Total 15,847,319
Chemicals 0.1%
Avient Corp.(a)
08/01/2030 7.125%   217,000 217,407
Axalta Coating Systems LLC(a)
02/15/2029 3.375%   119,000 99,088
Axalta Coating Systems LLC/Dutch Holding B BV(a)
06/15/2027 4.750%   553,000 514,350
Cheever Escrow Issuer LLC(a)
10/01/2027 7.125%   209,000 200,706
Element Solutions, Inc.(a)
09/01/2028 3.875%   387,000 335,268
HB Fuller Co.
10/15/2028 4.250%   516,000 452,430
Herens Holdco Sarl(a)
05/15/2028 4.750%   256,000 209,927
INEOS Quattro Finance 2 Plc(a)
01/15/2026 3.375%   162,000 142,700
Ingevity Corp.(a)
11/01/2028 3.875%   198,000 169,791
Innophos Holdings, Inc.(a)
02/15/2028 9.375%   278,000 276,260
Iris Holdings, Inc.(a),(f)
02/15/2026 8.750%   135,000 122,156
Olympus Water US Holding Corp.(a)
10/01/2028 4.250%   467,000 390,804
10/01/2029 6.250%   181,000 147,384
SPCM SA(a)
03/15/2027 3.125%   133,000 115,057
WR Grace Holdings LLC(a)
10/01/2024 5.625%   133,000 133,302
06/15/2027 4.875%   427,000 392,514
08/15/2029 5.625%   606,000 488,371
03/01/2031 7.375%   127,000 126,085
Total 4,533,600
Construction Machinery 0.0%
H&E Equipment Services, Inc.(a)
12/15/2028 3.875%   106,000 91,286
Herc Holdings, Inc.(a)
07/15/2027 5.500%   117,000 110,241
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Ritchie Bros. Auctioneers, Inc.(a)
01/15/2025 5.375%   34,000 33,993
United Rentals North America, Inc.
01/15/2030 5.250%   198,000 187,614
Total 423,134
Consumer Cyclical Services 0.0%
Arches Buyer, Inc.(a)
06/01/2028 4.250%   436,000 358,648
12/01/2028 6.125%   378,000 311,067
Match Group, Inc.(a)
02/15/2029 5.625%   191,000 176,008
Staples, Inc.(a)
04/15/2026 7.500%   117,000 104,086
Uber Technologies, Inc.(a)
05/15/2025 7.500%   359,000 362,608
01/15/2028 6.250%   247,000 243,063
08/15/2029 4.500%   558,000 494,363
Total 2,049,843
Consumer Products 0.0%
CD&R Smokey Buyer, Inc.(a)
07/15/2025 6.750%   473,000 412,541
Mattel, Inc.(a)
04/01/2026 3.375%   113,000 104,017
04/01/2029 3.750%   222,000 192,076
Newell Brands, Inc.
09/15/2027 6.375%   79,000 78,542
09/15/2029 6.625%   111,000 110,047
Prestige Brands, Inc.(a)
01/15/2028 5.125%   399,000 375,917
Scotts Miracle-Gro Co. (The)
04/01/2031 4.000%   135,000 108,537
02/01/2032 4.375%   136,000 111,015
Spectrum Brands, Inc.(a)
10/01/2029 5.000%   131,000 113,328
07/15/2030 5.500%   16,000 14,143
Tempur Sealy International, Inc.(a)
10/15/2031 3.875%   212,000 170,971
Total 1,791,134
Diversified Manufacturing 0.1%
Carrier Global Corp.
04/05/2040 3.377%   5,000,000 3,747,840
Chart Industries, Inc.(a)
01/01/2030 7.500%   136,000 138,082
01/01/2031 9.500%   47,000 49,122
Gates Global LLC/Co.(a)
01/15/2026 6.250%   524,000 511,778
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
15
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Madison IAQ LLC(a)
06/30/2028 4.125%   207,000 176,943
06/30/2029 5.875%   213,000 169,867
Resideo Funding, Inc.(a)
09/01/2029 4.000%   554,000 454,881
Stevens Holding Co., Inc.(a)
10/01/2026 6.125%   71,000 72,107
Vertical Holdco GmbH(a)
07/15/2028 7.625%   182,000 166,988
Vertical US Newco, Inc.(a)
07/15/2027 5.250%   206,000 187,800
WESCO Distribution, Inc.(a)
06/15/2025 7.125%   268,000 270,773
06/15/2028 7.250%   287,000 291,611
Total 6,237,792
Electric 0.6%
Calpine Corp.(a)
02/15/2028 4.500%   188,000 169,283
Clearway Energy Operating LLC(a)
03/15/2028 4.750%   368,000 338,064
02/15/2031 3.750%   479,000 389,547
01/15/2032 3.750%   102,000 81,201
Emera US Finance LP
06/15/2046 4.750%   7,485,000 5,871,612
Eversource Energy
03/01/2032 3.375%   3,625,000 3,105,593
Exelon Corp.
03/15/2052 4.100%   4,430,000 3,516,019
Indiana Michigan Power Co.
03/15/2037 6.050%   2,500,000 2,603,785
Leeward Renewable Energy Operations LLC(a)
07/01/2029 4.250%   80,000 68,043
NextEra Energy Operating Partners LP(a)
09/15/2027 4.500%   305,000 279,648
NRG Energy, Inc.(a)
02/15/2029 3.375%   190,000 154,870
06/15/2029 5.250%   154,000 136,991
02/15/2031 3.625%   272,000 211,124
02/15/2032 3.875%   483,000 374,417
Ohio Edison Co.(a)
01/15/2033 5.500%   7,000,000 7,009,650
PG&E Corp.
07/01/2030 5.250%   220,000 197,386
Progress Energy, Inc.
03/01/2031 7.750%   5,000,000 5,639,981
Southern Co. (The)
07/01/2046 4.400%   7,640,000 6,265,807
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Vistra Operations Co. LLC(a)
09/01/2026 5.500%   75,000 71,773
02/15/2027 5.625%   354,000 335,851
07/31/2027 5.000%   379,000 352,265
05/01/2029 4.375%   113,000 97,718
Xcel Energy, Inc.
06/01/2030 3.400%   3,000,000 2,657,197
Total 39,927,825
Environmental 0.1%
Clean Harbors, Inc.(a)
02/01/2031 6.375%   39,000 38,870
GFL Environmental, Inc.(a)
12/15/2026 5.125%   319,000 305,927
Waste Connections, Inc.
01/15/2033 4.200%   5,300,000 4,897,232
Waste Pro USA, Inc.(a)
02/15/2026 5.500%   517,000 471,936
Total 5,713,965
Finance Companies 0.0%
Navient Corp.
06/25/2025 6.750%   200,000 197,198
OneMain Finance Corp.
09/15/2030 4.000%   16,000 12,217
Provident Funding Associates LP/Finance Corp.(a)
06/15/2025 6.375%   247,000 223,427
Quicken Loans LLC/Co-Issuer, Inc.(a)
03/01/2031 3.875%   353,000 273,954
Rocket Mortgage LLC/Co-Issuer, Inc.(a)
10/15/2033 4.000%   587,000 434,373
Springleaf Finance Corp.
03/15/2024 6.125%   221,000 218,434
Total 1,359,603
Food and Beverage 0.3%
Anheuser-Busch InBev Worldwide, Inc.
01/15/2042 4.950%   6,500,000 6,069,096
Bacardi Ltd.(a)
05/15/2038 5.150%   8,350,000 7,782,095
Darling Ingredients, Inc.(a)
06/15/2030 6.000%   275,000 265,850
FAGE International SA/USA Dairy Industry, Inc.(a)
08/15/2026 5.625%   464,000 438,514
JBS USA LUX SA/Food Co./Finance, Inc.(a)
12/01/2031 3.750%   191,000 153,156
Kraft Heinz Foods Co.
06/01/2046 4.375%   7,000,000 5,725,644
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Balanced Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Pilgrim’s Pride Corp.
04/15/2031 4.250%   515,000 430,039
03/01/2032 3.500%   556,000 433,248
Post Holdings, Inc.(a)
03/01/2027 5.750%   182,000 177,896
01/15/2028 5.625%   152,000 145,853
04/15/2030 4.625%   322,000 279,266
09/15/2031 4.500%   115,000 97,141
Primo Water Holdings, Inc.(a)
04/30/2029 4.375%   621,000 532,735
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed(a)
03/01/2029 4.625%   149,000 121,530
US Foods, Inc.(a)
04/15/2025 6.250%   58,000 57,947
02/15/2029 4.750%   269,000 242,684
06/01/2030 4.625%   175,000 153,393
Total 23,106,087
Gaming 0.0%
Boyd Gaming Corp.
12/01/2027 4.750%   240,000 225,883
Boyd Gaming Corp.(a)
06/15/2031 4.750%   166,000 146,584
Caesars Entertainment, Inc.(a)
10/15/2029 4.625%   594,000 508,217
02/15/2030 7.000%   396,000 398,812
Colt Merger Sub, Inc.(a)
07/01/2025 5.750%   310,000 309,097
07/01/2025 6.250%   371,000 368,174
07/01/2027 8.125%   269,000 271,609
International Game Technology PLC(a)
02/15/2025 6.500%   113,000 113,312
04/15/2026 4.125%   122,000 113,363
Midwest Gaming Borrower LLC(a)
05/01/2029 4.875%   261,000 223,910
Scientific Games Holdings LP/US FinCo, Inc.(a)
03/01/2030 6.625%   434,000 382,107
Total 3,061,068
Health Care 0.4%
Acadia Healthcare Co., Inc.(a)
07/01/2028 5.500%   318,000 298,497
04/15/2029 5.000%   161,000 146,620
AdaptHealth LLC(a)
03/01/2030 5.125%   616,000 531,248
Avantor Funding, Inc.(a)
07/15/2028 4.625%   283,000 260,260
11/01/2029 3.875%   339,000 293,249
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Becton Dickinson and Co.
12/15/2044 4.685%   3,502,000 3,105,630
Catalent Pharma Solutions, Inc.(a)
04/01/2030 3.500%   136,000 118,017
Charles River Laboratories International, Inc.(a)
05/01/2028 4.250%   160,000 144,438
03/15/2029 3.750%   122,000 105,973
CHS/Community Health Systems, Inc.(a)
03/15/2027 5.625%   75,000 65,949
04/15/2029 6.875%   240,000 168,537
05/15/2030 5.250%   587,000 471,789
CVS Health Corp.
03/25/2048 5.050%   6,500,000 5,826,881
GE Healthcare Holding LLC(a)
11/22/2052 6.377%   4,286,000 4,627,339
HCA, Inc.(a)
03/15/2052 4.625%   12,000,000 9,439,355
Mozart Debt Merger Sub, Inc.(a)
04/01/2029 3.875%   58,000 48,365
10/01/2029 5.250%   577,000 473,790
Select Medical Corp.(a)
08/15/2026 6.250%   811,000 776,024
Tenet Healthcare Corp.
07/15/2024 4.625%   106,000 104,360
02/01/2027 6.250%   370,000 360,428
11/01/2027 5.125%   237,000 222,808
10/01/2028 6.125%   331,000 306,356
01/15/2030 4.375%   186,000 162,797
Tenet Healthcare Corp.(a)
06/15/2030 6.125%   179,000 170,642
Total 28,229,352
Healthcare Insurance 0.1%
Anthem, Inc.
03/01/2028 4.101%   1,500,000 1,430,998
Centene Corp.
12/15/2029 4.625%   476,000 436,571
UnitedHealth Group, Inc.
05/15/2062 4.950%   8,000,000 7,529,087
Total 9,396,656
Home Construction 0.0%
Meritage Homes Corp.
06/01/2025 6.000%   302,000 301,674
Meritage Homes Corp.(a)
04/15/2029 3.875%   276,000 237,755
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
17
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Taylor Morrison Communities, Inc.(a)
06/15/2027 5.875%   70,000 67,049
08/01/2030 5.125%   201,000 177,322
Total 783,800
Independent Energy 0.1%
Apache Corp.
09/01/2040 5.100%   180,000 148,209
02/01/2042 5.250%   70,000 56,843
Callon Petroleum Co.
07/01/2026 6.375%   478,000 452,694
Centennial Resource Production LLC(a)
04/01/2027 6.875%   51,000 49,094
CNX Resources Corp.(a)
03/14/2027 7.250%   31,000 30,752
01/15/2029 6.000%   176,000 159,538
01/15/2031 7.375%   70,000 66,780
Colgate Energy Partners III LLC(a)
07/01/2029 5.875%   502,000 450,957
CrownRock LP/Finance, Inc.(a)
10/15/2025 5.625%   329,000 318,828
05/01/2029 5.000%   267,000 242,139
Endeavor Energy Resources LP/Finance, Inc.(a)
01/30/2028 5.750%   346,000 333,462
Hilcorp Energy I LP/Finance Co.(a)
11/01/2028 6.250%   379,000 352,686
02/01/2029 5.750%   103,000 93,468
04/15/2030 6.000%   131,000 118,913
04/15/2032 6.250%   121,000 109,601
Matador Resources Co.
09/15/2026 5.875%   425,000 410,237
Occidental Petroleum Corp.
09/01/2030 6.625%   1,487,000 1,527,765
09/15/2036 6.450%   649,000 650,846
SM Energy Co.
09/15/2026 6.750%   253,000 244,067
Southwestern Energy Co.
02/01/2032 4.750%   725,000 623,698
Total 6,440,577
Integrated Energy 0.0%
Cenovus Energy, Inc.
02/15/2052 3.750%   3,500,000 2,478,241
Leisure 0.1%
Carnival Corp.(a)
03/01/2027 5.750%   697,000 572,626
08/01/2028 4.000%   341,000 288,289
05/01/2029 6.000%   274,000 213,481
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Carnival Holdings Bermuda Ltd.(a)
05/01/2028 10.375%   181,000 193,677
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC(a)
05/01/2025 5.500%   139,000 137,450
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC
10/01/2028 6.500%   359,000 347,760
Cinemark USA, Inc.(a)
05/01/2025 8.750%   88,000 89,839
03/15/2026 5.875%   411,000 376,229
07/15/2028 5.250%   9,000 7,533
Live Nation Entertainment, Inc.(a)
03/15/2026 5.625%   291,000 280,244
05/15/2027 6.500%   204,000 200,524
10/15/2027 4.750%   109,000 98,071
NCL Corp., Ltd.(a)
03/15/2026 5.875%   127,000 110,342
NCL Finance Ltd.(a)
03/15/2028 6.125%   78,000 64,981
Royal Caribbean Cruises Ltd.(a)
07/01/2026 4.250%   392,000 342,900
08/31/2026 5.500%   120,000 110,329
07/15/2027 5.375%   118,000 103,906
04/01/2028 5.500%   70,000 61,024
01/15/2030 7.250%   274,000 274,686
Royal Caribbean Cruises Ltd.
03/15/2028 3.700%   208,000 166,210
Six Flags Entertainment Corp.(a)
07/31/2024 4.875%   335,000 329,130
Total 4,369,231
Life Insurance 0.3%
CoreBridge Financial, Inc.(a)
04/05/2052 4.400%   3,200,000 2,541,037
Five Corners Funding Trust II(a)
05/15/2030 2.850%   9,000,000 7,607,770
MetLife, Inc.
07/15/2052 5.000%   4,193,000 4,008,844
Pacific LifeCorp(a)
09/15/2052 5.400%   5,000,000 4,889,932
Voya Financial, Inc.
06/15/2046 4.800%   4,028,000 3,367,657
Total 22,415,240
Lodging 0.0%
Hilton Domestic Operating Co., Inc.(a)
05/01/2028 5.750%   230,000 223,829
 
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Balanced Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Media and Entertainment 0.2%
Cengage Learning, Inc.(a)
06/15/2024 9.500%   176,000 171,600
Clear Channel Outdoor Holdings, Inc.(a)
04/15/2028 7.750%   312,000 259,848
06/01/2029 7.500%   290,000 234,634
Clear Channel Worldwide Holdings, Inc.(a)
08/15/2027 5.125%   559,000 498,959
iHeartCommunications, Inc.
05/01/2026 6.375%   40,481 38,134
05/01/2027 8.375%   551,365 484,710
iHeartCommunications, Inc.(a)
08/15/2027 5.250%   170,000 148,321
01/15/2028 4.750%   318,000 268,303
Magallanes, Inc.(a)
03/15/2062 5.391%   13,797,000 10,731,072
Outfront Media Capital LLC/Corp.(a)
08/15/2027 5.000%   287,000 258,997
03/15/2030 4.625%   194,000 159,080
Roblox Corp.(a)
05/01/2030 3.875%   381,000 313,210
Scripps Escrow II, Inc.(a)
01/15/2029 3.875%   46,000 36,649
01/15/2031 5.375%   88,000 62,221
Scripps Escrow, Inc.(a)
07/15/2027 5.875%   71,000 57,065
Univision Communications, Inc.(a)
05/01/2029 4.500%   157,000 132,428
06/30/2030 7.375%   210,000 199,252
Total 14,054,483
Metals and Mining 0.1%
Allegheny Technologies, Inc.
10/01/2029 4.875%   189,000 169,708
10/01/2031 5.125%   301,000 265,937
Constellium NV(a)
02/15/2026 5.875%   523,000 510,704
Constellium SE(a)
06/15/2028 5.625%   595,000 553,992
04/15/2029 3.750%   849,000 703,574
Hudbay Minerals, Inc.(a)
04/01/2026 4.500%   803,000 720,634
04/01/2029 6.125%   274,000 241,839
Kaiser Aluminum Corp.(a)
03/01/2028 4.625%   187,000 160,813
06/01/2031 4.500%   479,000 379,268
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Novelis Corp.(a)
11/15/2026 3.250%   177,000 155,910
01/30/2030 4.750%   420,000 368,794
08/15/2031 3.875%   170,000 137,484
Total 4,368,657
Midstream 0.6%
Cheniere Energy Partners LP
10/01/2029 4.500%   122,000 110,598
03/01/2031 4.000%   237,000 204,708
01/31/2032 3.250%   302,000 241,969
Cheniere Energy, Inc.
10/15/2028 4.625%   158,000 146,399
CNX Midstream Partners LP(a)
04/15/2030 4.750%   220,000 180,650
Delek Logistics Partners LP/Finance Corp.
05/15/2025 6.750%   194,000 190,429
DT Midstream, Inc.(a)
06/15/2029 4.125%   199,000 170,600
06/15/2031 4.375%   232,000 194,402
Energy Transfer Partners LP
02/01/2042 6.500%   3,000,000 2,984,725
EQM Midstream Partners LP
08/01/2024 4.000%   141,000 135,159
EQM Midstream Partners LP(a)
07/01/2025 6.000%   358,000 345,487
06/01/2027 7.500%   91,000 89,205
07/01/2027 6.500%   202,000 191,482
06/01/2030 7.500%   109,000 104,269
01/15/2031 4.750%   791,000 642,768
Holly Energy Partners LP/Finance Corp.(a)
04/15/2027 6.375%   236,000 229,058
02/01/2028 5.000%   267,000 242,132
Kinder Morgan Energy Partners LP
03/01/2044 5.500%   7,000,000 6,300,868
MPLX LP
02/15/2049 5.500%   5,500,000 4,924,505
NuStar Logistics LP
06/01/2026 6.000%   220,000 210,383
04/28/2027 5.625%   245,000 228,407
10/01/2030 6.375%   246,000 230,266
Plains All American Pipeline LP/Finance Corp.
01/15/2037 6.650%   10,060,000 10,056,970
Targa Resources Partners LP/Finance Corp.
03/01/2030 5.500%   257,000 243,638
TransMontaigne Partners LP/TLP Finance Corp.
02/15/2026 6.125%   235,000 200,684
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
19
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Venture Global Calcasieu Pass LLC(a)
08/15/2029 3.875%   308,000 266,058
08/15/2031 4.125%   514,000 440,950
11/01/2033 3.875%   267,000 217,775
Western Gas Partners LP
08/15/2048 5.500%   177,000 148,052
Western Midstream Operating LP
03/01/2028 4.500%   397,000 366,499
Western Midstream Operating LP(g)
02/01/2050 5.500%   6,375,000 5,204,283
Williams Companies, Inc. (The)
09/15/2045 5.100%   6,500,000 5,713,689
Total 41,157,067
Natural Gas 0.1%
NiSource, Inc.
02/15/2044 4.800%   9,002,000 8,013,367
Oil Field Services 0.0%
Archrock Partners LP/Finance Corp.(a)
04/01/2028 6.250%   169,000 160,086
Nabors Industries Ltd.(a)
01/15/2026 7.250%   181,000 172,189
Nabors Industries, Inc.(a)
05/15/2027 7.375%   15,000 14,430
Transocean Titan Financing Ltd.(a)
02/01/2028 8.375%   197,000 201,040
USA Compression Partners LP/Finance Corp.
09/01/2027 6.875%   161,000 152,367
Total 700,112
Other Industry 0.0%
Picasso Finance Sub, Inc.(a)
06/15/2025 6.125%   219,000 215,927
Other REIT 0.0%
Blackstone Mortgage Trust, Inc.(a)
01/15/2027 3.750%   175,000 149,056
Ladder Capital Finance Holdings LLLP/Corp.(a)
10/01/2025 5.250%   498,000 466,989
02/01/2027 4.250%   169,000 144,281
06/15/2029 4.750%   510,000 416,519
Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer(a)
10/01/2028 5.875%   276,000 246,004
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer(a)
05/15/2029 4.875%   155,000 129,658
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
RLJ Lodging Trust LP(a)
07/01/2026 3.750%   138,000 124,925
09/15/2029 4.000%   129,000 106,374
Total 1,783,806
Packaging 0.0%
Ardagh Metal Packaging Finance USA LLC/PLC(a)
06/15/2027 6.000%   354,000 342,400
09/01/2029 4.000%   602,000 482,336
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a)
08/15/2026 4.125%   226,000 206,482
Canpack SA/US LLC(a)
11/15/2029 3.875%   428,000 343,171
Sealed Air Corp.(a)
02/01/2028 6.125%   38,000 37,420
Trivium Packaging Finance BV(a)
08/15/2026 5.500%   388,000 366,796
Total 1,778,605
Pharmaceuticals 0.3%
1375209 BC Ltd.(a)
01/30/2028 9.000%   42,000 41,940
AbbVie, Inc.
11/06/2042 4.400%   8,000,000 6,938,866
Amgen, Inc.
09/01/2053 2.770%   15,184,000 9,162,800
AstraZeneca Finance LLC
05/28/2031 2.250%   3,500,000 2,913,936
Bausch Health Companies, Inc.(a)
02/01/2027 6.125%   130,000 89,605
08/15/2027 5.750%   170,000 113,049
06/01/2028 4.875%   96,000 59,871
09/30/2028 11.000%   75,000 58,983
10/15/2030 14.000%   14,000 8,916
Bristol Myers Squibb Co.
02/20/2048 4.550%   2,848,000 2,588,542
Grifols Escrow Issuer SA(a)
10/15/2028 4.750%   211,000 180,254
Organon Finance 1 LLC(a)
04/30/2028 4.125%   144,000 127,052
04/30/2031 5.125%   415,000 353,708
Total 22,637,522
Property & Casualty 0.2%
Alliant Holdings Intermediate LLC/Co-Issuer(a)
10/15/2027 4.250%   451,000 399,992
10/15/2027 6.750%   721,000 655,465
04/15/2028 6.750%   463,000 452,863
11/01/2029 5.875%   197,000 165,152
 
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Balanced Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
American International Group, Inc.
06/30/2050 4.375%   4,150,000 3,490,976
AssuredPartners, Inc.(a)
08/15/2025 7.000%   120,000 117,610
01/15/2029 5.625%   372,000 316,017
Berkshire Hathaway Finance Corp.
03/15/2052 3.850%   7,500,000 6,049,326
BroadStreet Partners, Inc.(a)
04/15/2029 5.875%   417,000 359,507
HUB International Ltd.(a)
05/01/2026 7.000%   295,000 291,046
12/01/2029 5.625%   378,000 325,111
Loews Corp.
05/15/2030 3.200%   3,000,000 2,661,794
Radian Group, Inc.
03/15/2027 4.875%   160,000 149,740
USI, Inc.(a)
05/01/2025 6.875%   232,000 228,847
Total 15,663,446
Railroads 0.1%
CSX Corp.
03/15/2044 4.100%   4,500,000 3,790,560
Restaurants 0.0%
1011778 BC ULC/New Red Finance, Inc.(a)
01/15/2028 3.875%   359,000 320,282
10/15/2030 4.000%   117,000 96,628
IRB Holding Corp.(a)
06/15/2025 7.000%   361,000 361,000
Total 777,910
Retailers 0.2%
Asbury Automotive Group, Inc.(a)
11/15/2029 4.625%   248,000 215,346
02/15/2032 5.000%   270,000 231,313
Group 1 Automotive, Inc.(a)
08/15/2028 4.000%   237,000 203,390
Hanesbrands, Inc.(a)
02/15/2031 9.000%   110,000 111,262
L Brands, Inc.(a)
07/01/2025 9.375%   33,000 34,923
10/01/2030 6.625%   406,000 384,824
L Brands, Inc.
06/15/2029 7.500%   143,000 143,426
Lithia Motors, Inc.(a)
01/15/2031 4.375%   120,000 99,881
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Lowe’s Companies, Inc.
04/01/2052 4.250%   12,000,000 9,444,799
PetSmart, Inc./Finance Corp.(a)
02/15/2028 4.750%   263,000 240,733
02/15/2029 7.750%   217,000 211,543
Wolverine World Wide, Inc.(a)
08/15/2029 4.000%   133,000 107,212
Total 11,428,652
Supermarkets 0.0%
Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
03/15/2026 7.500%   95,000 96,904
02/15/2028 5.875%   158,000 152,813
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
03/15/2026 3.250%   130,000 119,336
Total 369,053
Technology 0.4%
Black Knight InfoServ LLC(a)
09/01/2028 3.625%   254,000 222,153
Boxer Parent Co., Inc.(a)
10/02/2025 7.125%   88,000 87,333
Broadcom, Inc.(a)
02/15/2051 3.750%   10,832,000 7,553,029
Camelot Finance SA(a)
11/01/2026 4.500%   118,000 108,559
Clarivate Science Holdings Corp.(a)
07/01/2028 3.875%   160,000 138,128
07/01/2029 4.875%   466,000 402,444
CommScope Technologies LLC(a)
06/15/2025 6.000%   168,000 161,310
Condor Merger Sub, Inc.(a)
02/15/2030 7.375%   489,000 386,928
Dun & Bradstreet Corp. (The)(a)
12/15/2029 5.000%   233,000 194,283
Entegris Escrow Corp.(a)
06/15/2030 5.950%   319,000 297,481
Gartner, Inc.(a)
10/01/2030 3.750%   260,000 221,077
HealthEquity, Inc.(a)
10/01/2029 4.500%   165,000 144,171
Helios Software Holdings, Inc.(a)
05/01/2028 4.625%   176,000 143,408
ION Trading Technologies Sarl(a)
05/15/2028 5.750%   200,000 163,263
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
21
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Iron Mountain, Inc.(a)
09/15/2027 4.875%   91,000 84,103
03/15/2028 5.250%   159,000 146,346
07/15/2028 5.000%   350,000 317,146
07/15/2030 5.250%   167,000 145,643
Logan Merger Sub, Inc.(a)
09/01/2027 5.500%   532,000 255,082
Minerva Merger Sub, Inc.(a)
02/15/2030 6.500%   409,000 325,225
NCR Corp.(a)
09/01/2027 5.750%   154,000 149,882
10/01/2028 5.000%   499,000 432,359
04/15/2029 5.125%   393,000 335,612
10/01/2030 5.250%   18,000 15,062
Neptune Bidco US, Inc.(a)
04/15/2029 9.290%   604,000 571,413
NXP BV/Funding LLC/USA, Inc.
05/01/2030 3.400%   9,000,000 7,797,071
Oracle Corp.
04/15/2038 6.500%   4,500,000 4,687,698
Picard Midco, Inc.(a)
03/31/2029 6.500%   426,000 369,175
RELX Capital, Inc.
05/20/2032 4.750%   2,768,000 2,645,189
Sensata Technologies BV(a)
09/01/2030 5.875%   207,000 197,603
Shift4 Payments LLC/Finance Sub, Inc.(a)
11/01/2026 4.625%   354,000 325,220
Tempo Acquisition LLC/Finance Corp.(a)
06/01/2025 5.750%   284,000 281,225
Verscend Escrow Corp.(a)
08/15/2026 9.750%   409,000 411,287
ZoomInfo Technologies LLC/Finance Corp.(a)
02/01/2029 3.875%   575,000 479,582
Total 30,195,490
Transportation Services 0.1%
ERAC USA Finance LLC(a)
10/15/2037 7.000%   5,050,000 5,692,591
Wireless 0.2%
Altice France Holding SA(a)
02/15/2028 6.000%   547,000 377,406
Altice France SA(a)
02/01/2027 8.125%   209,000 195,415
01/15/2028 5.500%   582,000 479,454
07/15/2029 5.125%   200,000 154,977
American Tower Corp.
08/15/2029 3.800%   4,750,000 4,282,983
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Sprint Capital Corp.
03/15/2032 8.750%   236,000 280,844
Sprint Corp.
03/01/2026 7.625%   282,000 292,799
T-Mobile US, Inc.
01/15/2053 5.650%   5,000,000 4,904,233
Vmed O2 UK Financing I PLC(a)
01/31/2031 4.250%   165,000 132,786
07/15/2031 4.750%   331,000 272,960
Total 11,373,857
Wirelines 0.1%
AT&T, Inc.
09/15/2053 3.500%   12,115,000 8,317,293
Front Range BidCo, Inc.(a)
03/01/2027 4.000%   207,000 158,986
Frontier Communications Holdings LLC(a)
05/15/2030 8.750%   163,000 164,853
Iliad Holding SAS(a)
10/15/2026 6.500%   339,000 317,177
10/15/2028 7.000%   505,000 466,327
Total 9,424,636
Total Corporate Bonds & Notes
(Cost $610,582,315) 		528,105,638
    
Exchange-Traded Equity Funds 1.9%
  Shares Value ($)
International Mid Large Cap 1.9%
iShares Core MSCI EAFE ETF 2,163,578 140,697,477
Total Exchange-Traded Equity Funds
(Cost $145,112,086) 		140,697,477
    
Foreign Government Obligations(h) 0.0%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Canada 0.0%
NOVA Chemicals Corp.(a)
06/01/2024 4.875%   145,000 142,857
06/01/2027 5.250%   217,000 195,338
05/15/2029 4.250%   290,000 239,761
Total 577,956
Total Foreign Government Obligations
(Cost $633,887) 		577,956
 
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Balanced Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency 12.3%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Federal Home Loan Mortgage Corp.
07/01/2029-
09/01/2043 		3.500%   603,334 575,821
10/01/2031-
10/01/2039 		6.000%   113,306 115,641
06/01/2032-
07/01/2032 		7.000%   107,281 109,460
12/01/2036-
01/01/2039 		5.500%   51,743 53,214
03/01/2038 6.500%   1,342 1,377
10/01/2038-
05/01/2041 		5.000%   118,253 119,297
05/01/2039-
10/01/2040 		4.500%   334,606 332,175
12/01/2051 2.500%   30,014,149 25,436,231
CMO Series 1614 Class MZ
11/15/2023 6.500%   359 359
Federal Home Loan Mortgage Corp.(b)
12-month USD LIBOR + 1.708%
Cap 11.198%
08/01/2036 		3.825%   5,637 5,711
Federal Home Loan Mortgage Corp.(i)
01/01/2038 6.000%   154,861 160,492
05/01/2038 5.500%   68,550 69,730
11/01/2039-
06/01/2041 		4.500%   841,650 836,471
05/01/2041 5.000%   211,678 212,123
01/01/2043-
06/01/2046 		3.500%   550,511 512,808
Federal National Mortgage Association(i)
12/01/2025-
03/01/2046 		3.500%   4,378,755 4,137,210
07/01/2027-
02/01/2031 		3.000%   1,242,673 1,178,369
10/01/2043-
02/01/2044 		4.500%   540,621 532,248
08/01/2044 4.000%   134,451 128,939
Federal National Mortgage Association
01/01/2026-
05/01/2027 		3.500%   308,170 300,303
01/01/2029-
06/01/2044 		4.000%   561,446 545,933
06/01/2031 7.000%   47,311 48,164
07/01/2032-
03/01/2037 		6.500%   129,474 133,155
06/01/2037-
02/01/2038 		5.500%   58,975 60,563
05/01/2040-
06/01/2044 		4.500%   787,719 779,055
08/01/2043 3.000%   102,423 92,693
Series 2006-M2 Class A2A
10/25/2032 5.271%   178,703 177,110
Residential Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Uniform Mortgage-Backed Security TBA(j)
03/16/2038-
03/13/2053 		3.000%   173,650,000 153,653,059
03/16/2038-
03/13/2053 		3.500%   108,475,000 100,176,654
03/13/2053 2.000%   51,775,000 42,163,254
03/13/2053 2.500%   124,975,000 105,852,848
03/13/2053 4.000%   222,800,000 209,118,687
03/13/2053 4.500%   152,075,000 146,514,758
03/13/2053 5.000%   104,200,000 102,425,344
Total Residential Mortgage-Backed Securities - Agency
(Cost $914,687,118) 		896,559,256
Residential Mortgage-Backed Securities - Non-Agency 11.6%
510 Asset Backed Trust(a),(c)
CMO Series 2021-NPL2 Class A1
06/25/2061 2.116%   8,580,701 7,975,388
Ajax Mortgage Loan Trust(a),(c)
CMO Series 2021-A Class A1
09/25/2065 1.065%   14,445,227 12,443,516
CMO Series 2021-B Class A
06/25/2066 2.239%   6,986,673 6,521,231
Angel Oak Mortgage Trust(a),(c)
CMO Series 2020-6 Class A3
05/25/2065 1.775%   814,219 707,883
CMO Series 2020-6 Class M1
05/25/2065 2.805%   2,575,000 1,962,487
CMO Series 2020-R1 Class A1
04/25/2053 0.990%   3,691,378 3,278,698
CMO Series 2022-6 Class A1
07/25/2067 4.300%   27,723,768 26,173,333
Bellemeade Re Ltd.(a),(b)
CMO Series 2021-1A Class M1C
30-day Average SOFR + 2.950%
Floor 2.950%
03/25/2031 		7.434%   5,337,000 5,272,633
CMO Series 2021-3A Class M1A
30-day Average SOFR + 1.000%
Floor 1.000%
09/25/2031 		5.484%   9,350,061 9,237,992
BRAVO Residential Funding Trust(a),(c)
CMO Series 2020-NQM1 Class A1
05/25/2060 1.449%   1,170,369 1,090,604
CMO Series 2020-RPL1 Class A1
05/26/2059 2.500%   3,942,655 3,649,328
CMO Series 2021-A Class A1
10/25/2059 1.991%   7,813,970 7,294,453
CMO Series 2021-B Class A1
04/01/2069 2.115%   5,458,736 5,183,328
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
23
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2021-NQM1 Class A1
02/25/2049 0.941%   7,718,781 6,744,602
CMO Series 2021-NQM1 Class A3
02/25/2049 1.332%   3,126,786 2,708,291
CMO Series 2021-NQM2 Class A3
03/25/2060 1.435%   1,712,764 1,603,825
CMO Series 2022-NQM3 Class A1
07/25/2062 5.108%   6,796,745 6,725,213
Subordinated CMO Series 2021-NQM2 Class B1
03/25/2060 3.044%   2,725,000 2,142,728
CHNGE Mortgage Trust(a),(c)
CMO Series 2022-1 Class A1
01/25/2067 3.007%   14,208,636 12,972,172
CMO Series 2022-NQM1 Class A1
06/25/2067 5.528%   5,807,933 5,608,691
CIM Trust(a),(c)
CMO Series 2021-NR1 Class A1
07/25/2055 2.569%   5,154,777 4,887,002
CMO Series 2021-NR2 Class A1
07/25/2059 2.568%   4,135,877 3,915,848
COLT Mortgage Loan Trust(a),(c)
CMO Series 2020-2 Class A1
03/25/2065 1.853%   186,832 182,945
CMO Series 2021-HX1 Class M1
10/25/2066 2.355%   3,250,000 2,082,552
CMO Series 2022-1 Class A1
12/27/2066 2.284%   14,589,508 12,637,562
CMO Series 2022-4 Class A1
03/25/2067 4.301%   12,577,589 11,974,784
COLT Mortgage Loan Trust(a)
CMO Series 2021-2R Class A1
07/27/2054 0.798%   2,416,138 2,023,621
Connecticut Avenue Securities Trust(a),(b)
CMO Series 2020-R01 Class 1M2
1-month USD LIBOR + 2.050%
01/25/2040 		6.667%   3,066,797 3,091,754
CMO Series 2022-R04 Class 1M2
30-day Average SOFR + 3.100%
03/25/2042 		7.584%   7,200,000 7,223,683
Credit Suisse Mortgage Trust(a),(c)
CMO Series 2021-AFC1 Class A1
03/25/2056 0.830%   4,381,572 3,335,271
CMO Series 2021-NQM1 Class A3
05/25/2065 1.199%   1,545,397 1,307,582
CMO Series 2021-NQM1 Class M1
05/25/2065 2.130%   1,075,000 708,449
CMO Series 2021-RPL1 Class A1
09/27/2060 1.668%   10,383,152 9,870,031
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2021-RPL2 Class M1
01/25/2060 2.750%   4,775,000 3,563,178
CMO Series 2021-RPL2 Class M2
01/25/2060 3.250%   2,525,000 1,866,117
CMO Series 2022-ATH3 Class A1
08/25/2067 4.991%   6,939,356 6,687,587
CSMC Trust(a),(c)
CMO Series 2018-RPL9 Class A
09/25/2057 3.850%   9,614,311 8,984,186
CMO Series 2021-RPL4 Class A1
12/27/2060 1.796%   7,241,153 6,413,210
Subordinated CMO Series 2020-RPL3 Class A1
03/25/2060 2.691%   5,029,678 4,869,567
Subordinated CMO Series 2020-RPL4 Class A1
01/25/2060 2.000%   4,068,794 3,551,966
CSMC Trust(a)
CMO Series 2019-AFC1 Class A1
07/25/2049 2.573%   2,660,657 2,478,588
Eagle Re Ltd.(a),(b)
CMO Series 2021-1 Class M1C
30-day Average SOFR + 2.700%
Floor 2.700%
10/25/2033 		7.010%   2,925,000 2,927,844
CMO Series 2021-2 Class M1B
30-day Average SOFR + 2.050%
Floor 2.050%
04/25/2034 		6.534%   11,950,000 11,872,251
Ellington Financial Mortgage Trust(a),(c)
CMO Series 2019-2 Class A3
11/25/2059 3.046%   692,215 637,596
CMO Series 2020-1 Class A1
05/25/2065 2.006%   199,583 190,424
CMO Series 2022-2 Class A1
04/25/2067 4.299%   34,177,873 32,483,098
Equifirst Mortgage Loan Trust(c)
CMO Series 2003-1 Class IF1
12/25/2032 4.010%   23,500 21,330
Freddie Mac STACR REMIC Trust(a),(b)
CMO Series 2020-DNA1 Class M2
1-month USD LIBOR + 1.700%
01/25/2050 		6.317%   3,235,503 3,227,039
CMO Series 2021-DNA1 Class M2
30-day Average SOFR + 1.800%
01/25/2051 		6.284%   3,423,276 3,401,216
CMO Series 2021-DNA5 Class M2
30-day Average SOFR + 1.650%
01/25/2034 		6.134%   2,950,075 2,930,542
 
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Balanced Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2021-HQA1 Class M1
30-day Average SOFR + 0.700%
08/25/2033 		5.184%   185,319 185,088
CMO Series 2022-DNA3 Class M1B
30-day Average SOFR + 2.900%
04/25/2042 		7.384%   7,000,000 6,979,220
CMO Series 2022-DNA4 Class M1A
30-day Average SOFR + 2.200%
05/25/2042 		6.684%   16,950,455 17,108,164
Subordinated CMO Series 2022-DNA6 Class M1A
30-day Average SOFR + 2.150%
09/25/2042 		6.634%   3,412,121 3,422,781
Freddie Mac STACR Trust(a),(b)
CMO Series 2019-DNA4 Class M2
1-month USD LIBOR + 1.950%
10/25/2049 		6.567%   704,941 704,946
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(b)
CMO Series 2022-DNA2 Class M1B
30-day Average SOFR + 2.400%
02/25/2042 		6.884%   16,150,000 15,738,043
CMO Series 2022-DNA5 Class M1A
30-day Average SOFR + 2.950%
06/25/2042 		7.434%   11,877,781 12,164,119
Subordinated CMO Series 2021-DNA7 Class M1
30-day Average SOFR + 0.850%
11/25/2041 		5.334%   25,175,458 24,850,043
GCAT LLC(a),(c)
CMO Series 2020-3 Class A1
09/25/2025 2.981%   6,137,964 5,937,352
GCAT Trust(a),(c)
CMO Series 2019-RPL1 Class A1
10/25/2068 2.650%   5,200,509 4,874,294
CMO Series 2021-CM2 Class A1
08/25/2066 2.352%   19,191,906 17,335,574
CMO Series 2022-NQM3 Class A1
04/25/2067 4.349%   33,592,880 31,940,157
Genworth Mortgage Insurance Corp.(a),(b)
CMO Series 2021-3 Class M1A
30-day Average SOFR + 1.900%
Floor 1.900%
02/25/2034 		6.210%   1,828,750 1,819,613
GS Mortgage-Backed Securities Trust(a),(c)
CMO Series 2019-SL1 Class A1
01/25/2059 2.625%   433,029 430,727
CMO Series 2020-NQM1 Class A1
09/27/2060 1.382%   2,325,420 2,084,049
Home Re Ltd.(a),(b)
CMO Series 2021-1 Class M1B
1-month USD LIBOR + 1.550%
07/25/2033 		6.167%   4,794,581 4,787,392
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Homeward Opportunities Fund I Trust(a),(c)
CMO Series 2020-2 Class A3
05/25/2065 3.196%   3,450,000 3,149,289
Homeward Opportunities Fund Trust(a),(g)
CMO Series 2020-BPL1 Class A1
08/25/2025 3.228%   1,475,274 1,456,407
Imperial Fund Mortgage Trust(a),(c)
CMO Series 2021-NQM2 Class A3
09/25/2056 1.516%   5,851,706 4,569,905
Legacy Mortgage Asset Trust(a),(c)
CMO Series 2021-GS1 Class A1
10/25/2066 1.892%   7,394,329 6,730,996
CMO Series 2021-GS2 Class A1
04/25/2061 1.750%   14,588,256 13,465,225
MetLife Securitization Trust(a),(c)
CMO Series 2018-1A Class A
03/25/2057 3.750%   2,414,675 2,263,094
MFA Trust(a),(c)
CMO Series 2020-NQM3 Class M1
01/26/2065 2.654%   2,925,000 2,370,199
CMO Series 2021-NQM1 Class A1
04/25/2065 1.153%   4,462,767 3,842,322
CMO Series 2022-NQM2 Class A1
05/25/2067 4.000%   32,081,987 29,995,481
MFRA Trust(a),(c)
CMO Series 2021-INV1 Class A1
01/25/2056 0.852%   1,510,803 1,347,270
CMO Series 2021-INV1 Class A2
01/25/2056 1.057%   313,018 280,335
CMO Series 2021-INV1 Class A3
01/25/2056 1.262%   482,942 428,545
Mill City Mortgage Loan Trust(a),(c)
CMO Series 2018-3 Class A1
08/25/2058 3.482%   4,771,671 4,502,695
CMO Series 2021-NMR1 Class M1
11/25/2060 1.850%   7,225,000 6,205,602
New Residential Mortgage Loan Trust(a)
CMO Series 2016-3A Class A1
09/25/2056 3.750%   823,397 757,016
NRZ Excess Spread-Collateralized Notes(a)
Series 2020-PLS1 Class A
12/25/2025 3.844%   2,651,393 2,444,783
Oaktown Re VI Ltd.(a),(b)
CMO Series 2021-1A Class M1B
30-day Average SOFR + 2.050%
Floor 2.050%
10/25/2033 		6.534%   5,275,000 5,252,141
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
25
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
OBX Trust(a),(b)
CMO Series 2020-EXP3 Class 2A1A
1-month USD LIBOR + 0.950%
01/25/2060 		5.517%   1,031,049 1,021,113
Oceanview Mortgage Loan Trust(a)
CMO Series 2020-1 Class A1A
05/28/2050 1.733%   1,912,584 1,696,017
Preston Ridge Partners Mortgage(a),(c)
CMO Series 2021-4 Class A1
04/25/2026 1.867%   14,610,851 13,706,896
Preston Ridge Partners Mortgage Trust(a),(c)
CMO Series 2020-6 Class A1
11/25/2025 2.363%   3,605,551 3,387,135
CMO Series 2021-1 Class A1
01/25/2026 2.115%   6,148,799 5,845,177
CMO Series 2021-10 Class A1
10/25/2026 2.487%   8,562,259 7,843,328
CMO Series 2021-2 Class A1
03/25/2026 2.115%   4,943,947 4,655,325
CMO Series 2021-3 Class A1
04/25/2026 1.867%   8,509,590 7,821,456
CMO Series 2021-9 Class A1
10/25/2026 2.363%   13,460,521 12,579,748
Pretium Mortgage Credit Partners LLC(a),(c)
CMO Series 2021-NPL6 Class A1
07/25/2051 2.487%   20,985,905 19,548,264
PRKCM Trust(a),(c)
CMO Series 2021-AFC2 Class A3
11/25/2056 2.893%   12,941,000 7,875,490
CMO Series 2021-AFC2 Class M1
11/25/2056 3.443%   9,528,000 6,163,755
Subordinated CMO Series 2021-AFC2 Class B1
11/25/2056 3.701%   8,383,000 5,294,091
PRPM LLC(a),(c)
CMO Series 2021-RPL1 Class A1
07/25/2051 1.319%   3,896,171 3,410,674
Radnor Re Ltd.(a),(b)
CMO Series 2020-1 Class M1A
1-month USD LIBOR + 0.950%
Floor 0.950%
01/25/2030 		5.567%   83,503 83,422
Subordinated CMO Series 2021-2 Class M1A
30-day Average SOFR + 1.850%
Floor 1.850%
11/25/2031 		6.334%   2,413,633 2,403,376
Subordinated CMO Series 2021-2 Class M1B
30-day Average SOFR + 3.700%
Floor 3.700%
11/25/2031 		8.184%   4,775,000 4,785,814
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Residential Mortgage Loan Trust(a),(c)
CMO Series 2020-1 Class A3
01/26/2060 2.684%   969,582 912,222
Starwood Mortgage Residential Trust(a),(c)
CMO Series 2019-INV1 Class A3
09/27/2049 2.916%   3,470,593 3,264,086
CMO Series 2020-2 Class A3
04/25/2060 3.000%   5,483,808 5,293,423
CMO Series 2020-INV1 Class A3
11/25/2055 1.593%   915,010 818,355
CMO Series 2021-4 Class M1
08/25/2056 2.400%   3,475,000 2,204,275
Toorak Mortgage Corp., Ltd.(a),(c)
CMO Series 2020-1 Class A1
03/25/2023 2.734%   7,394,556 7,299,296
CMO Series 2021-1 Class A1
06/25/2024 2.240%   5,800,000 5,487,116
Towd Point HE Trust(a),(c)
CMO Series 2021-HE1 Class M2
02/25/2063 2.500%   2,800,000 2,389,664
Towd Point Mortgage Trust(a),(c)
CMO Series 2018-1 Class A1
01/25/2058 3.000%   944,440 915,234
CMO Series 2018-6 Class A1A
03/25/2058 3.750%   3,544,206 3,408,611
Towd Point Mortgage Trust(a),(b)
CMO Series 2019-HY1 Class A1
1-month USD LIBOR + 1.000%
10/25/2048 		5.617%   2,943,884 2,935,655
CMO Series 2019-HY2 Class A1
1-month USD LIBOR + 1.000%
05/25/2058 		5.617%   3,496,165 3,488,223
TVC Mortgage Trust(a)
CMO Series 2020-RTL1 Class A1
09/25/2024 3.474%   423,649 422,315
VCAT Asset Securitization LLC(a),(c)
CMO Series 2021-NPL6 Class A1
09/25/2051 1.917%   25,501,638 23,345,227
VCAT LLC(a),(c)
CMO Series 2021-NPL1 Class A1
12/26/2050 2.289%   927,820 877,416
Vericrest Opportunity Loan Transferee(a),(c)
CMO Series 2021-NP11 Class A1
08/25/2051 1.868%   13,186,468 11,931,465
Vericrest Opportunity Loan Transferee XCII LLC(a),(c)
CMO Series 2021-NPL1 Class A1
02/27/2051 1.893%   9,301,743 8,457,276
 
The accompanying Notes to Financial Statements are an integral part of this statement.
26 Columbia Balanced Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Vericrest Opportunity Loan Transferee XCIII LLC(a),(c)
CMO Series 2021-NPL2 Class A1
02/27/2051 1.893%   7,790,636 6,928,256
Vericrest Opportunity Loan Transferee XCIV LLC(a),(c)
CMO Series 2021-NPL3 Class A1
02/27/2051 2.240%   9,396,680 8,855,792
Vericrest Opportunity Loan Transferee XCIX LLC(a),(c)
CMO Series 2021-NPL8 Class A1
04/25/2051 2.116%   5,988,522 5,451,304
Vericrest Opportunity Loan Transferee XCVI LLC(a),(c)
CMO Series 2021-NPL5 Class A1
03/27/2051 2.116%   5,664,047 5,240,559
Vericrest Opportunity Loan Transferee XCVII LLC(a),(c)
CMO Series 2021-NPL6 Class A1
04/25/2051 2.240%   23,464,738 21,339,074
Vericrest Opportunity Loan Trust CI LLC(a),(c)
CMO Series 2021-NP10 Class A1
05/25/2051 1.992%   16,763,590 15,083,577
Verus Securitization Trust(a),(c)
CMO Series 2019-4 Class A3
11/25/2059 3.000%   3,523,573 3,325,333
CMO Series 2020-1 Class M1
01/25/2060 3.021%   6,350,000 5,032,930
CMO Series 2020-2 Class A1
05/25/2060 2.226%   694,422 669,112
CMO Series 2020-INV1 Class A1
03/25/2060 1.977%   240,655 234,596
CMO Series 2021-R1 Class A2
10/25/2063 1.057%   1,211,944 1,081,488
CMO Series 2021-R1 Class A3
10/25/2063 1.262%   1,544,251 1,373,121
CMO Series 2022-1 Class A1
01/25/2067 2.724%   22,933,371 20,457,512
CMO Series 2022-4 Class A1
04/25/2067 4.474%   2,931,287 2,791,381
CMO Series 2023-INV1 Class A1
02/25/2068 5.999%   21,300,000 21,242,701
Visio Trust(a),(c)
CMO Series 2019-2 Class A3
11/25/2054 3.076%   2,007,602 1,862,422
Visio Trust(a)
CMO Series 2020-1R Class A2
11/25/2055 1.567%   1,081,641 976,183
CMO Series 2020-1R Class A3
11/25/2055 1.873%   1,230,794 1,113,317
Total Residential Mortgage-Backed Securities - Non-Agency
(Cost $913,260,931) 		842,695,684
Senior Loans 0.0%
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Chemicals 0.0%
WR Grace Holdings LLC(b),(k)
Term Loan
1-month USD LIBOR + 3.750%
Floor 0.500%
09/22/2028 		8.500%   212,850 211,405
Consumer Cyclical Services 0.0%
8th Avenue Food & Provisions, Inc.(b),(k)
2nd Lien Term Loan
1-month USD LIBOR + 7.750%
10/01/2026 		12.385%   32,969 20,523
Media and Entertainment 0.0%
Cengage Learning, Inc.(b),(k)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 4.750%
Floor 1.000%
07/14/2026 		9.880%   351,101 331,151
Technology 0.0%
Ascend Learning LLC(b),(k)
1st Lien Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
12/11/2028 		8.218%   248,490 232,925
2nd Lien Term Loan
1-month USD LIBOR + 5.750%
Floor 0.500%
12/10/2029 		10.385%   150,000 130,032
DCert Buyer, Inc.(b),(k)
2nd Lien Term Loan
1-month USD LIBOR + 7.000%
02/19/2029 		11.696%   233,000 215,816
UKG, Inc.(b),(k)
1st Lien Term Loan
1-month USD LIBOR + 3.250%
Floor 0.500%
05/04/2026 		8.032%   149,395 146,258
2nd Lien Term Loan
1-month USD LIBOR + 5.250%
Floor 0.500%
05/03/2027 		10.032%   291,000 282,511
Total 1,007,542
Total Senior Loans
(Cost $1,666,205) 		1,570,621
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
27
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
U.S. Treasury Obligations 0.4%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
U.S. Treasury(i)
02/15/2045 2.500%   36,025,000 27,525,352
Total U.S. Treasury Obligations
(Cost $34,358,977) 		27,525,352
    
Money Market Funds 6.7%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(l),(m) 488,674,509 488,479,040
Total Money Market Funds
(Cost $488,453,581) 		488,479,040
Total Investments in Securities
(Cost: $6,932,406,862) 		8,124,871,014
Other Assets & Liabilities, Net   (848,663,417)
Net Assets 7,276,207,597
At February 28, 2023, securities and/or cash totaling $36,998,086 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
U.S. Treasury 10-Year Note 3,245 06/2023 USD 362,324,531 — (741,687)
U.S. Treasury 5-Year Note 2,135 06/2023 USD 228,561,759 — (264,297)
U.S. Treasury Ultra Bond 502 06/2023 USD 67,801,375 — (737,521)
Total         — (1,743,505)
    
Short futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
U.S. Treasury 2-Year Note (985) 06/2023 USD (200,670,664) 452,251 —
Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At February 28, 2023, the total value of these securities amounted to $1,853,066,235, which represents 25.47% of total net assets.
(b) Variable rate security. The interest rate shown was the current rate as of February 28, 2023.
(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of February 28, 2023.
(d) Non-income producing investment.
(e) Represents a security purchased on a forward commitment basis.
(f) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(g) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of February 28, 2023.
(h) Principal and interest may not be guaranteed by a governmental entity.
(i) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(j) Represents a security purchased on a when-issued basis.
The accompanying Notes to Financial Statements are an integral part of this statement.
28 Columbia Balanced Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Notes to Portfolio of Investments  (continued)
(k) The stated interest rate represents the weighted average interest rate at February 28, 2023 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.
(l) The rate shown is the seven-day current annualized yield at February 28, 2023.
(m) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  626,292,933 1,075,129,488 (1,213,043,485) 100,104 488,479,040 (58,700) 9,597,721 488,674,509
Abbreviation Legend
CMO Collateralized Mortgage Obligation
LIBOR London Interbank Offered Rate
SOFR Secured Overnight Financing Rate
TBA To Be Announced
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
29
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Asset-Backed Securities — Non-Agency — 524,349,623 — 524,349,623
Commercial Mortgage-Backed Securities - Non-Agency — 513,412,061 — 513,412,061
Common Stocks        
Communication Services 521,676,624 — — 521,676,624
Consumer Discretionary 292,872,627 — — 292,872,627
Consumer Staples 308,670,746 — — 308,670,746
Energy 168,713,373 — — 168,713,373
Financials 461,598,400 — — 461,598,400
Health Care 610,402,435 — — 610,402,435
Industrials 356,300,005 — — 356,300,005
Information Technology 1,176,820,127 — — 1,176,820,127
Materials 112,784,445 — — 112,784,445
Real Estate 61,030,048 — — 61,030,048
Utilities 89,749,559 — — 89,749,559
Total Common Stocks 4,160,618,389 — — 4,160,618,389
Convertible Bonds — 279,917 — 279,917
Corporate Bonds & Notes — 528,105,638 — 528,105,638
Exchange-Traded Equity Funds 140,697,477 — — 140,697,477
Foreign Government Obligations — 577,956 — 577,956
Residential Mortgage-Backed Securities - Agency — 896,559,256 — 896,559,256
Residential Mortgage-Backed Securities - Non-Agency — 842,695,684 — 842,695,684
Senior Loans — 1,570,621 — 1,570,621
U.S. Treasury Obligations — 27,525,352 — 27,525,352
Money Market Funds 488,479,040 — — 488,479,040
Total Investments in Securities 4,789,794,906 3,335,076,108 — 8,124,871,014
Investments in Derivatives        
Asset        
Futures Contracts 452,251 — — 452,251
Liability        
Futures Contracts (1,743,505) — — (1,743,505)
Total 4,788,503,652 3,335,076,108 — 8,123,579,760
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
30 Columbia Balanced Fund  | Semiannual Report 2023
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $6,443,953,281) $7,636,391,974
Affiliated issuers (cost $488,453,581) 488,479,040
Cash collateral held at broker for:  
TBA 18,321,000
Receivable for:  
Investments sold 21,385,979
Investments sold on a delayed delivery basis 103,740
Capital shares sold 4,915,716
Dividends 8,025,814
Interest 13,913,649
Foreign tax reclaims 2,549
Variation margin for futures contracts 175,196
Prepaid expenses 60,667
Trustees’ deferred compensation plan 349,895
Other assets 73,911
Total assets 8,192,199,130
Liabilities  
Due to custodian 125,763
Payable for:  
Investments purchased 29,876,365
Investments purchased on a delayed delivery basis 877,687,904
Capital shares purchased 6,821,554
Variation margin for futures contracts 63,741
Management services fees 114,947
Distribution and/or service fees 51,172
Transfer agent fees 685,331
Compensation of board members 97,187
Compensation of chief compliance officer 714
Other expenses 116,960
Trustees’ deferred compensation plan 349,895
Total liabilities 915,991,533
Net assets applicable to outstanding capital stock $7,276,207,597
Represented by  
Paid in capital 6,159,379,263
Total distributable earnings (loss) 1,116,828,334
Total - representing net assets applicable to outstanding capital stock $7,276,207,597
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
31
Statement of Assets and Liabilities  (continued)
February 28, 2023 (Unaudited)
Class A  
Net assets $2,944,469,844
Shares outstanding 70,636,260
Net asset value per share $41.68
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $44.22
Advisor Class  
Net assets $305,898,926
Shares outstanding 7,265,918
Net asset value per share $42.10
Class C  
Net assets $1,070,112,902
Shares outstanding 25,818,358
Net asset value per share $41.45
Institutional Class  
Net assets $1,917,059,263
Shares outstanding 46,095,749
Net asset value per share $41.59
Institutional 2 Class  
Net assets $318,862,362
Shares outstanding 7,660,785
Net asset value per share $41.62
Institutional 3 Class  
Net assets $606,774,431
Shares outstanding 14,406,538
Net asset value per share $42.12
Class R  
Net assets $113,029,869
Shares outstanding 2,711,577
Net asset value per share $41.68
The accompanying Notes to Financial Statements are an integral part of this statement.
32 Columbia Balanced Fund  | Semiannual Report 2023
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $31,111,223
Dividends — affiliated issuers 9,597,721
Interest 50,980,603
Interfund lending 1,774
Foreign taxes withheld (163,831)
Total income 91,527,490
Expenses:  
Management services fees 21,138,063
Distribution and/or service fees  
Class A 3,665,596
Class C 5,610,489
Class R 279,353
Transfer agent fees  
Class A 1,415,435
Advisor Class 149,326
Class C 541,525
Institutional Class 946,182
Institutional 2 Class 92,946
Institutional 3 Class 24,006
Class R 53,942
Compensation of board members 68,621
Custodian fees 34,021
Printing and postage fees 168,244
Registration fees 117,568
Audit fees 19,979
Legal fees 57,649
Interest on collateral 2,706
Compensation of chief compliance officer 714
Other 61,231
Total expenses 34,447,596
Expense reduction (1,548)
Total net expenses 34,446,048
Net investment income 57,081,442
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (14,101,994)
Investments — affiliated issuers (58,700)
Foreign currency translations (10,516)
Futures contracts (49,364,113)
Net realized loss (63,535,323)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (74,455,197)
Investments — affiliated issuers 100,104
Futures contracts (34,304)
Net change in unrealized appreciation (depreciation) (74,389,397)
Net realized and unrealized loss (137,924,720)
Net decrease in net assets resulting from operations $(80,843,278)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
33
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment income $57,081,442 $69,557,213
Net realized gain (loss) (63,535,323) 366,340,581
Net change in unrealized appreciation (depreciation) (74,389,397) (1,592,887,976)
Net decrease in net assets resulting from operations (80,843,278) (1,156,990,182)
Distributions to shareholders    
Net investment income and net realized gains    
Class A (128,207,294) (301,333,013)
Advisor Class (13,555,748) (33,598,968)
Class C (44,973,759) (124,430,082)
Institutional Class (88,520,726) (217,188,113)
Institutional 2 Class (14,846,503) (37,022,415)
Institutional 3 Class (26,923,152) (64,433,085)
Class R (4,776,345) (11,695,427)
Total distributions to shareholders (321,803,527) (789,701,103)
Increase (decrease) in net assets from capital stock activity (164,626,083) 464,141,127
Total decrease in net assets (567,272,888) (1,482,550,158)
Net assets at beginning of period 7,843,480,485 9,326,030,643
Net assets at end of period $7,276,207,597 $7,843,480,485
The accompanying Notes to Financial Statements are an integral part of this statement.
34 Columbia Balanced Fund  | Semiannual Report 2023
Statement of Changes in Net Assets   (continued)
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 4,778,575 200,858,791 10,083,787 492,333,678
Distributions reinvested 2,926,737 121,883,936 5,680,179 286,850,006
Redemptions (7,235,907) (303,601,061) (10,295,565) (500,840,484)
Net increase 469,405 19,141,666 5,468,401 278,343,200
Advisor Class        
Subscriptions 566,534 24,006,632 1,822,291 91,396,595
Distributions reinvested 322,205 13,551,702 659,706 33,574,129
Redemptions (1,176,962) (49,905,410) (1,838,487) (89,442,525)
Net increase (decrease) (288,223) (12,347,076) 643,510 35,528,199
Class C        
Subscriptions 1,339,928 56,049,327 3,488,168 172,317,393
Distributions reinvested 1,052,366 43,579,684 2,369,562 119,709,620
Redemptions (4,578,526) (191,327,592) (7,425,517) (358,773,357)
Net decrease (2,186,232) (91,698,581) (1,567,787) (66,746,344)
Institutional Class        
Subscriptions 3,495,651 146,496,855 8,968,338 439,290,675
Distributions reinvested 1,833,529 76,176,189 3,732,782 187,780,068
Redemptions (7,102,894) (297,706,000) (9,666,031) (465,381,836)
Net increase (decrease) (1,773,714) (75,032,956) 3,035,089 161,688,907
Institutional 2 Class        
Subscriptions 1,268,891 52,680,153 1,749,381 85,011,500
Distributions reinvested 356,954 14,839,590 734,813 37,002,816
Redemptions (1,552,606) (64,897,933) (3,051,743) (149,515,640)
Net increase (decrease) 73,239 2,621,810 (567,549) (27,501,324)
Institutional 3 Class        
Subscriptions 1,344,545 57,202,268 3,081,999 152,927,781
Distributions reinvested 564,991 23,767,753 1,122,400 57,108,962
Redemptions (2,160,059) (93,044,568) (2,590,162) (127,143,105)
Net increase (decrease) (250,523) (12,074,547) 1,614,237 82,893,638
Class R        
Subscriptions 241,759 10,136,953 363,397 17,819,827
Distributions reinvested 112,398 4,680,505 225,446 11,406,732
Redemptions (239,390) (10,053,857) (606,040) (29,291,708)
Net increase (decrease) 114,767 4,763,601 (17,197) (65,149)
Total net increase (decrease) (3,841,281) (164,626,083) 8,608,704 464,141,127
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
35
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 2/28/2023 (Unaudited) $43.97 0.32 (0.75) (0.43) (0.30) (1.56) (1.86)
Year Ended 8/31/2022 $54.93 0.40 (6.73) (6.33) (0.34) (4.29) (4.63)
Year Ended 8/31/2021 $47.73 0.36 9.19 9.55 (0.37) (1.98) (2.35)
Year Ended 8/31/2020 $42.24 0.53 6.67 7.20 (0.63) (1.08) (1.71)
Year Ended 8/31/2019 $42.53 0.63 1.19 1.82 (0.60) (1.51) (2.11)
Year Ended 8/31/2018 $40.56 0.48 2.57 3.05 (0.46) (0.62) (1.08)
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $44.39 0.38 (0.75) (0.37) (0.36) (1.56) (1.92)
Year Ended 8/31/2022 $55.42 0.52 (6.79) (6.27) (0.47) (4.29) (4.76)
Year Ended 8/31/2021 $48.13 0.49 9.27 9.76 (0.49) (1.98) (2.47)
Year Ended 8/31/2020 $42.58 0.64 6.72 7.36 (0.73) (1.08) (1.81)
Year Ended 8/31/2019 $42.86 0.73 1.21 1.94 (0.71) (1.51) (2.22)
Year Ended 8/31/2018 $40.87 0.58 2.59 3.17 (0.56) (0.62) (1.18)
Class C
Six Months Ended 2/28/2023 (Unaudited) $43.72 0.17 (0.74) (0.57) (0.14) (1.56) (1.70)
Year Ended 8/31/2022 $54.68 0.03 (6.69) (6.66) (0.01) (4.29) (4.30)
Year Ended 8/31/2021 $47.56 (0.02) 9.16 9.14 (0.04) (1.98) (2.02)
Year Ended 8/31/2020 $42.08 0.21 6.65 6.86 (0.30) (1.08) (1.38)
Year Ended 8/31/2019 $42.38 0.32 1.19 1.51 (0.30) (1.51) (1.81)
Year Ended 8/31/2018 $40.42 0.17 2.56 2.73 (0.15) (0.62) (0.77)
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $43.87 0.38 (0.74) (0.36) (0.36) (1.56) (1.92)
Year Ended 8/31/2022 $54.83 0.52 (6.72) (6.20) (0.47) (4.29) (4.76)
Year Ended 8/31/2021 $47.65 0.48 9.17 9.65 (0.49) (1.98) (2.47)
Year Ended 8/31/2020 $42.17 0.64 6.65 7.29 (0.73) (1.08) (1.81)
Year Ended 8/31/2019 $42.47 0.73 1.19 1.92 (0.71) (1.51) (2.22)
Year Ended 8/31/2018 $40.50 0.58 2.57 3.15 (0.56) (0.62) (1.18)
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $43.91 0.38 (0.75) (0.37) (0.36) (1.56) (1.92)
Year Ended 8/31/2022 $54.87 0.53 (6.71) (6.18) (0.49) (4.29) (4.78)
Year Ended 8/31/2021 $47.68 0.50 9.18 9.68 (0.51) (1.98) (2.49)
Year Ended 8/31/2020 $42.20 0.66 6.65 7.31 (0.75) (1.08) (1.83)
Year Ended 8/31/2019 $42.50 0.75 1.19 1.94 (0.73) (1.51) (2.24)
Year Ended 8/31/2018 $40.53 0.60 2.57 3.17 (0.58) (0.62) (1.20)
The accompanying Notes to Financial Statements are an integral part of this statement.
36 Columbia Balanced Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 2/28/2023 (Unaudited) $41.68 (0.96%) 0.94%(c),(d) 0.94%(c),(d),(e) 1.55%(c) 82% $2,944,470
Year Ended 8/31/2022 $43.97 (12.57%) 0.92%(d),(f) 0.92%(d),(e),(f) 0.81% 121% $3,085,213
Year Ended 8/31/2021 $54.93 20.72% 0.93%(d) 0.93%(d),(e) 0.71% 124% $3,553,866
Year Ended 8/31/2020 $47.73 17.59% 0.95% 0.95%(e) 1.23% 140% $2,954,559
Year Ended 8/31/2019 $42.24 4.79% 0.95% 0.95% 1.55% 119% $2,685,001
Year Ended 8/31/2018 $42.53 7.63% 0.95% 0.95%(e) 1.16% 76% $2,798,246
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $42.10 (0.82%) 0.69%(c),(d) 0.69%(c),(d),(e) 1.80%(c) 82% $305,899
Year Ended 8/31/2022 $44.39 (12.36%) 0.67%(d),(f) 0.67%(d),(e),(f) 1.06% 121% $335,333
Year Ended 8/31/2021 $55.42 21.03% 0.68%(d) 0.68%(d),(e) 0.95% 124% $382,964
Year Ended 8/31/2020 $48.13 17.89% 0.70% 0.70%(e) 1.48% 140% $253,954
Year Ended 8/31/2019 $42.58 5.04% 0.70% 0.70% 1.80% 119% $248,877
Year Ended 8/31/2018 $42.86 7.89% 0.70% 0.70%(e) 1.41% 76% $262,644
Class C
Six Months Ended 2/28/2023 (Unaudited) $41.45 (1.30%) 1.69%(c),(d) 1.69%(c),(d),(e) 0.80%(c) 82% $1,070,113
Year Ended 8/31/2022 $43.72 (13.23%) 1.67%(d),(f) 1.67%(d),(e),(f) 0.05% 121% $1,224,470
Year Ended 8/31/2021 $54.68 19.82% 1.68%(d) 1.68%(d),(e) (0.04%) 124% $1,616,952
Year Ended 8/31/2020 $47.56 16.73% 1.70% 1.70%(e) 0.48% 140% $1,512,696
Year Ended 8/31/2019 $42.08 4.00% 1.70% 1.70% 0.80% 119% $1,443,468
Year Ended 8/31/2018 $42.38 6.83% 1.70% 1.70%(e) 0.42% 76% $1,591,465
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $41.59 (0.81%) 0.69%(c),(d) 0.69%(c),(d),(e) 1.80%(c) 82% $1,917,059
Year Ended 8/31/2022 $43.87 (12.36%) 0.67%(d),(f) 0.67%(d),(e),(f) 1.06% 121% $2,100,254
Year Ended 8/31/2021 $54.83 21.01% 0.68%(d) 0.68%(d),(e) 0.96% 124% $2,458,182
Year Ended 8/31/2020 $47.65 17.90% 0.70% 0.70%(e) 1.48% 140% $1,876,178
Year Ended 8/31/2019 $42.17 5.04% 0.70% 0.70% 1.80% 119% $1,672,560
Year Ended 8/31/2018 $42.47 7.91% 0.70% 0.70%(e) 1.42% 76% $1,872,366
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $41.62 (0.81%) 0.65%(c),(d) 0.65%(c),(d) 1.84%(c) 82% $318,862
Year Ended 8/31/2022 $43.91 (12.32%) 0.64%(d),(f) 0.64%(d),(f) 1.09% 121% $333,148
Year Ended 8/31/2021 $54.87 21.07% 0.64%(d) 0.64%(d) 1.00% 124% $447,431
Year Ended 8/31/2020 $47.68 17.95% 0.65% 0.65% 1.52% 140% $286,454
Year Ended 8/31/2019 $42.20 5.09% 0.65% 0.65% 1.84% 119% $245,737
Year Ended 8/31/2018 $42.50 7.96% 0.65% 0.65% 1.46% 76% $279,242
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
37
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $44.41 0.40 (0.75) (0.35) (0.38) (1.56) (1.94)
Year Ended 8/31/2022 $55.44 0.57 (6.79) (6.22) (0.52) (4.29) (4.81)
Year Ended 8/31/2021 $48.15 0.53 9.27 9.80 (0.53) (1.98) (2.51)
Year Ended 8/31/2020 $42.60 0.68 6.72 7.40 (0.77) (1.08) (1.85)
Year Ended 8/31/2019 $42.88 0.78 1.20 1.98 (0.75) (1.51) (2.26)
Year Ended 8/31/2018 $40.88 0.63 2.59 3.22 (0.60) (0.62) (1.22)
Class R
Six Months Ended 2/28/2023 (Unaudited) $43.97 0.27 (0.75) (0.48) (0.25) (1.56) (1.81)
Year Ended 8/31/2022 $54.92 0.27 (6.71) (6.44) (0.22) (4.29) (4.51)
Year Ended 8/31/2021 $47.73 0.23 9.18 9.41 (0.24) (1.98) (2.22)
Year Ended 8/31/2020 $42.23 0.42 6.68 7.10 (0.52) (1.08) (1.60)
Year Ended 8/31/2019 $42.53 0.53 1.18 1.71 (0.50) (1.51) (2.01)
Year Ended 8/31/2018 $40.56 0.38 2.57 2.95 (0.36) (0.62) (0.98)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) Ratios include interest on collateral expense which is less than 0.01%.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Ratios include interfund lending expense which is less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
38 Columbia Balanced Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $42.12 (0.78%) 0.60%(c),(d) 0.60%(c),(d) 1.89%(c) 82% $606,774
Year Ended 8/31/2022 $44.41 (12.27%) 0.59%(d),(f) 0.59%(d),(f) 1.15% 121% $650,889
Year Ended 8/31/2021 $55.44 21.13% 0.59%(d) 0.59%(d) 1.05% 124% $723,074
Year Ended 8/31/2020 $48.15 18.00% 0.61% 0.61% 1.56% 140% $573,567
Year Ended 8/31/2019 $42.60 5.14% 0.61% 0.61% 1.90% 119% $377,342
Year Ended 8/31/2018 $42.88 8.01% 0.60% 0.60% 1.53% 76% $308,783
Class R
Six Months Ended 2/28/2023 (Unaudited) $41.68 (1.08%) 1.19%(c),(d) 1.19%(c),(d),(e) 1.31%(c) 82% $113,030
Year Ended 8/31/2022 $43.97 (12.78%) 1.17%(d),(f) 1.17%(d),(e),(f) 0.56% 121% $114,174
Year Ended 8/31/2021 $54.92 20.40% 1.18%(d) 1.18%(d),(e) 0.47% 124% $143,562
Year Ended 8/31/2020 $47.73 17.32% 1.20% 1.20%(e) 0.98% 140% $134,948
Year Ended 8/31/2019 $42.23 4.50% 1.20% 1.20% 1.30% 119% $127,735
Year Ended 8/31/2018 $42.53 7.36% 1.20% 1.20%(e) 0.91% 76% $133,485
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Balanced Fund  | Semiannual Report 2023
39
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Columbia Balanced Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
40 Columbia Balanced Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may
Columbia Balanced Fund  | Semiannual Report 2023
41
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
42 Columbia Balanced Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2023:
  Asset derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 452,251*
    
  Liability derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Interest rate risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 1,743,505*
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
Columbia Balanced Fund  | Semiannual Report 2023
43
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended February 28, 2023:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Interest rate risk (49,364,113)
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Interest rate risk (34,304)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended February 28, 2023:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 714,185,692
Futures contracts — short 163,483,340
    
* Based on the ending quarterly outstanding amounts for the six months ended February 28, 2023.
Investments in senior loans
The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.
The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund’s Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.
Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
44 Columbia Balanced Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.
In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.
Mortgage dollar roll transactions
The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund’s portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is
Columbia Balanced Fund  | Semiannual Report 2023
45
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.
The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
46 Columbia Balanced Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.72% to 0.5075% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 0.5745% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to
Columbia Balanced Fund  | Semiannual Report 2023
47
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.10
Advisor Class 0.10
Class C 0.10
Institutional Class 0.10
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.10
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended February 28, 2023, these minimum account balance fees reduced total expenses of the Fund by $1,548.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class C and Class R shares of the Fund, respectively.
Although the Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund’s average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder services), the Fund currently limits such fees to an aggregate fee of not more than 0.25% of the Fund’s average daily net assets attributable to Class A shares.
48 Columbia Balanced Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended February 28, 2023, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 1,159,282
Class C — 1.00(b) 32,028
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  Fee rate(s) contractual
through
December 31, 2023
Class A 1.08%
Advisor Class 0.83
Class C 1.83
Institutional Class 0.83
Institutional 2 Class 0.80
Institutional 3 Class 0.75
Class R 1.33
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
6,932,407,000 1,501,892,000 (310,719,000) 1,191,173,000
Columbia Balanced Fund  | Semiannual Report 2023
49
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $6,310,173,611 and $6,392,007,120, respectively, for the six months ended February 28, 2023, of which $5,164,964,618 and $4,855,960,670, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended February 28, 2023 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Lender 2,533,333 4.10 6
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under
50 Columbia Balanced Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
Note 9. Significant risks
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.
Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant
Columbia Balanced Fund  | Semiannual Report 2023
51
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market’s assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.
Shareholder concentration risk
At February 28, 2023, affiliated shareholders of record owned 38.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not
52 Columbia Balanced Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
Columbia Balanced Fund  | Semiannual Report 2023
53
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[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Balanced Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR120_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Columbia Contrarian Core Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Columbia Contrarian Core Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Contrarian Core Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks total return, consisting of long-term capital appreciation and current income.
Portfolio management
Guy Pope, CFA
Portfolio Manager
Managed Fund since 2005
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 11/01/98 -0.06 -10.60 8.84 11.41
  Including sales charges   -5.81 -15.75 7.56 10.75
Advisor Class 11/08/12 0.03 -10.38 9.12 11.69
Class C Excluding sales charges 12/09/02 -0.45 -11.27 8.03 10.58
  Including sales charges   -1.34 -12.07 8.03 10.58
Institutional Class 12/14/92 0.04 -10.37 9.12 11.69
Institutional 2 Class 11/08/12 0.07 -10.32 9.20 11.81
Institutional 3 Class 11/08/12 0.13 -10.23 9.26 11.87
Class R 09/27/10 -0.20 -10.81 8.57 11.14
Class V Excluding sales charges 02/12/93 -0.06 -10.58 8.84 11.40
  Including sales charges   -5.79 -15.72 7.56 10.74
Russell 1000 Index   1.37 -8.21 9.68 12.09
Returns for Class A and Class V shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Contrarian Core Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown (%) (at February 28, 2023)
Common Stocks 98.4
Money Market Funds 1.6
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2023)
Communication Services 12.5
Consumer Discretionary 7.0
Consumer Staples 7.4
Energy 4.1
Financials 11.1
Health Care 14.7
Industrials 8.6
Information Technology 28.2
Materials 2.7
Real Estate 1.5
Utilities 2.2
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Contrarian Core Fund  | Semiannual Report 2023
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 999.40 1,019.89 4.91 4.96 0.99
Advisor Class 1,000.00 1,000.00 1,000.30 1,021.12 3.67 3.71 0.74
Class C 1,000.00 1,000.00 995.50 1,016.17 8.61 8.70 1.74
Institutional Class 1,000.00 1,000.00 1,000.40 1,021.12 3.67 3.71 0.74
Institutional 2 Class 1,000.00 1,000.00 1,000.70 1,021.47 3.32 3.36 0.67
Institutional 3 Class 1,000.00 1,000.00 1,001.30 1,021.72 3.08 3.11 0.62
Class R 1,000.00 1,000.00 998.00 1,018.65 6.14 6.21 1.24
Class V 1,000.00 1,000.00 999.40 1,019.89 4.91 4.96 0.99
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Contrarian Core Fund  | Semiannual Report 2023
5
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.5%
Issuer Shares Value ($)
Communication Services 12.4%
Entertainment 3.4%
Endeavor Group Holdings, Inc., Class A(a) 2,313,827 51,621,480
Take-Two Interactive Software, Inc.(a) 1,432,018 156,877,572
Walt Disney Co. (The)(a) 1,338,413 133,319,319
Total   341,818,371
Interactive Media & Services 6.2%
Alphabet, Inc., Class A(a) 1,970,322 177,447,199
Alphabet, Inc., Class C(a) 1,961,835 177,153,701
Match Group, Inc.(a) 1,193,909 49,451,711
Meta Platforms, Inc., Class A(a) 951,018 166,371,089
ZoomInfo Technologies, Inc.(a) 2,147,935 51,915,589
Total   622,339,289
Media 1.3%
Comcast Corp., Class A 3,655,249 135,865,605
Wireless Telecommunication Services 1.5%
T-Mobile US, Inc.(a) 1,038,131 147,601,466
Total Communication Services 1,247,624,731
Consumer Discretionary 6.9%
Automobiles 1.3%
Tesla, Inc.(a) 634,620 130,547,680
Hotels, Restaurants & Leisure 0.6%
McDonald’s Corp. 235,983 62,278,273
Internet & Direct Marketing Retail 3.2%
Amazon.com, Inc.(a) 3,389,985 319,438,287
Specialty Retail 0.9%
Lowe’s Companies, Inc. 234,222 48,191,176
TJX Companies, Inc. (The) 597,206 45,745,980
Total   93,937,156
Textiles, Apparel & Luxury Goods 0.9%
Tapestry, Inc. 2,157,568 93,875,784
Total Consumer Discretionary 700,077,180
Consumer Staples 7.3%
Beverages 0.3%
Monster Beverage Corp.(a) 332,770 33,862,675
Common Stocks (continued)
Issuer Shares Value ($)
Food & Staples Retailing 2.4%
Sysco Corp. 1,432,412 106,814,963
Walmart, Inc. 925,514 131,543,305
Total   238,358,268
Food Products 1.7%
Mondelez International, Inc., Class A 2,596,600 169,246,388
Household Products 2.4%
Procter & Gamble Co. (The) 1,748,633 240,541,956
Personal Products 0.5%
Coty, Inc., Class A(a) 4,935,591 55,772,178
Total Consumer Staples 737,781,465
Energy 4.0%
Oil, Gas & Consumable Fuels 4.0%
Canadian Natural Resources Ltd. 2,081,521 117,626,752
Chevron Corp. 1,311,091 210,784,100
EOG Resources, Inc. 663,512 74,990,126
Total   403,400,978
Total Energy 403,400,978
Financials 10.9%
Banks 4.0%
Bank of America Corp. 2,619,416 89,845,969
JPMorgan Chase & Co. 659,858 94,590,644
Wells Fargo & Co. 4,605,619 215,404,801
Total   399,841,414
Capital Markets 3.2%
BlackRock, Inc. 98,815 68,126,025
MSCI, Inc. 104,258 54,438,315
S&P Global, Inc. 144,949 49,456,599
State Street Corp. 1,770,765 157,031,440
Total   329,052,379
Consumer Finance 0.1%
American Express Co. 72,216 12,564,862
Diversified Financial Services 2.7%
Berkshire Hathaway, Inc., Class B(a) 898,335 274,153,875
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia Contrarian Core Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Insurance 0.9%
Aon PLC, Class A 284,725 86,570,636
Total Financials 1,102,183,166
Health Care 14.5%
Biotechnology 2.4%
BioMarin Pharmaceutical, Inc.(a) 913,605 90,985,922
Vertex Pharmaceuticals, Inc.(a) 513,030 148,927,479
Total   239,913,401
Health Care Equipment & Supplies 3.6%
Abbott Laboratories 896,654 91,207,645
Boston Scientific Corp.(a) 2,338,809 109,269,156
GE HealthCare Technologies, Inc.(a) 838,388 63,717,488
Medtronic PLC 1,263,891 104,650,175
Total   368,844,464
Health Care Providers & Services 2.2%
CVS Health Corp. 840,767 70,237,675
Elevance Health, Inc. 320,425 150,494,010
Total   220,731,685
Life Sciences Tools & Services 1.8%
Avantor, Inc.(a) 1,642,598 40,030,113
IQVIA Holdings, Inc.(a) 244,834 51,040,544
Thermo Fisher Scientific, Inc. 159,422 86,368,463
Total   177,439,120
Pharmaceuticals 4.5%
Eli Lilly & Co. 627,320 195,234,530
Johnson & Johnson 1,684,765 258,207,084
Total   453,441,614
Total Health Care 1,460,370,284
Industrials 8.5%
Aerospace & Defense 2.1%
Raytheon Technologies Corp. 2,119,708 207,922,158
Airlines 0.2%
Southwest Airlines Co. 757,258 25,428,724
Industrial Conglomerates 1.8%
General Electric Co. 1,414,150 119,792,646
Honeywell International, Inc. 315,850 60,478,958
Total   180,271,604
Common Stocks (continued)
Issuer Shares Value ($)
Machinery 1.5%
Parker-Hannifin Corp. 433,443 152,506,920
Road & Rail 2.9%
Uber Technologies, Inc.(a) 3,926,291 130,588,438
Union Pacific Corp. 786,949 163,118,789
Total   293,707,227
Total Industrials 859,836,633
Information Technology 27.8%
Electronic Equipment, Instruments & Components 1.3%
TE Connectivity Ltd. 854,518 108,797,232
Zebra Technologies Corp., Class A(a) 63,270 18,996,817
Total   127,794,049
IT Services 4.7%
Accenture PLC, Class A 311,001 82,586,315
International Business Machines Corp. 318,246 41,149,208
MasterCard, Inc., Class A 474,437 168,562,722
Visa, Inc., Class A 808,453 177,811,153
Total   470,109,398
Semiconductors & Semiconductor Equipment 5.6%
Advanced Micro Devices, Inc.(a) 642,588 50,494,565
Entegris, Inc. 504,101 42,964,528
Lam Research Corp. 231,545 112,533,186
Marvell Technology, Inc. 1,032,745 46,628,437
Microchip Technology, Inc. 376,813 30,533,157
NVIDIA Corp. 976,351 226,669,648
QUALCOMM, Inc. 459,906 56,812,188
Total   566,635,709
Software 10.4%
Adobe, Inc.(a) 495,287 160,448,224
Intuit, Inc. 421,608 171,670,345
Microsoft Corp. 2,659,139 663,242,449
Palo Alto Networks, Inc.(a) 319,129 60,114,330
Total   1,055,475,348
Technology Hardware, Storage & Peripherals 5.8%
Apple, Inc. 3,999,191 589,520,746
Total Information Technology 2,809,535,250
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Core Fund  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Materials 2.7%
Chemicals 2.7%
Corteva, Inc. 986,288 61,435,879
International Flavors & Fragrances, Inc. 1,288,790 120,115,228
Sherwin-Williams Co. (The) 399,822 88,500,600
Total   270,051,707
Total Materials 270,051,707
Real Estate 1.4%
Equity Real Estate Investment Trusts (REITS) 1.4%
American Tower Corp. 735,422 145,620,910
Total Real Estate 145,620,910
Utilities 2.1%
Electric Utilities 1.4%
American Electric Power Co., Inc. 1,569,165 138,039,445
Common Stocks (continued)
Issuer Shares Value ($)
Multi-Utilities 0.7%
Public Service Enterprise Group, Inc. 1,274,268 77,004,015
Total Utilities 215,043,460
Total Common Stocks
(Cost $6,563,356,406) 		9,951,525,764
Money Market Funds 1.5%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(b),(c) 157,174,325 157,111,456
Total Money Market Funds
(Cost $157,095,336) 		157,111,456
Total Investments in Securities
(Cost: $6,720,451,742) 		10,108,637,220
Other Assets & Liabilities, Net   (982,269)
Net Assets 10,107,654,951
 
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) The rate shown is the seven-day current annualized yield at February 28, 2023.
(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  289,176,047 1,016,972,571 (1,149,039,601) 2,439 157,111,456 20,964 3,402,278 157,174,325
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Contrarian Core Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 1,247,624,731 — — 1,247,624,731
Consumer Discretionary 700,077,180 — — 700,077,180
Consumer Staples 737,781,465 — — 737,781,465
Energy 403,400,978 — — 403,400,978
Financials 1,102,183,166 — — 1,102,183,166
Health Care 1,460,370,284 — — 1,460,370,284
Industrials 859,836,633 — — 859,836,633
Information Technology 2,809,535,250 — — 2,809,535,250
Materials 270,051,707 — — 270,051,707
Real Estate 145,620,910 — — 145,620,910
Utilities 215,043,460 — — 215,043,460
Total Common Stocks 9,951,525,764 — — 9,951,525,764
Money Market Funds 157,111,456 — — 157,111,456
Total Investments in Securities 10,108,637,220 — — 10,108,637,220
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Core Fund  | Semiannual Report 2023
9
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $6,563,356,406) $9,951,525,764
Affiliated issuers (cost $157,095,336) 157,111,456
Receivable for:  
Investments sold 48,626,891
Capital shares sold 2,988,060
Dividends 15,275,428
Foreign tax reclaims 632,859
Expense reimbursement due from Investment Manager 9,835
Prepaid expenses 84,255
Trustees’ deferred compensation plan 788,192
Other assets 89,988
Total assets 10,177,132,728
Liabilities  
Payable for:  
Investments purchased 60,745,751
Capital shares purchased 6,555,811
Management services fees 170,362
Distribution and/or service fees 22,136
Transfer agent fees 948,813
Compensation of board members 131,088
Compensation of chief compliance officer 984
Other expenses 114,640
Trustees’ deferred compensation plan 788,192
Total liabilities 69,477,777
Net assets applicable to outstanding capital stock $10,107,654,951
Represented by  
Paid in capital 6,793,025,587
Total distributable earnings (loss) 3,314,629,364
Total - representing net assets applicable to outstanding capital stock $10,107,654,951
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Contrarian Core Fund  | Semiannual Report 2023
Statement of Assets and Liabilities  (continued)
February 28, 2023 (Unaudited)
Class A  
Net assets $1,600,589,699
Shares outstanding 63,435,519
Net asset value per share $25.23
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $26.77
Advisor Class  
Net assets $508,301,668
Shares outstanding 19,398,565
Net asset value per share $26.20
Class C  
Net assets $311,127,669
Shares outstanding 14,585,682
Net asset value per share $21.33
Institutional Class  
Net assets $4,184,626,140
Shares outstanding 163,953,737
Net asset value per share $25.52
Institutional 2 Class  
Net assets $709,343,050
Shares outstanding 27,100,379
Net asset value per share $26.17
Institutional 3 Class  
Net assets $2,526,295,237
Shares outstanding 96,437,481
Net asset value per share $26.20
Class R  
Net assets $104,511,650
Shares outstanding 4,140,350
Net asset value per share $25.24
Class V  
Net assets $162,859,838
Shares outstanding 6,553,699
Net asset value per share $24.85
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares) $26.37
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Core Fund  | Semiannual Report 2023
11
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $72,246,322
Dividends — affiliated issuers 3,402,278
Interfund lending 1,959
Foreign taxes withheld (378,685)
Total income 75,271,874
Expenses:  
Management services fees 31,179,470
Distribution and/or service fees  
Class A 1,995,893
Class C 1,688,825
Class R 267,013
Class V 202,496
Transfer agent fees  
Class A 1,050,925
Advisor Class 343,856
Class C 222,273
Institutional Class 2,783,448
Institutional 2 Class 195,936
Institutional 3 Class 86,616
Class R 70,294
Class V 106,632
Compensation of board members 92,026
Custodian fees 24,256
Printing and postage fees 192,223
Registration fees 135,009
Audit fees 15,818
Legal fees 77,146
Compensation of chief compliance officer 984
Other 82,538
Total expenses 40,813,677
Fees waived or expenses reimbursed by Investment Manager and its affiliates (620,848)
Expense reduction (5,966)
Total net expenses 40,186,863
Net investment income 35,085,011
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (7,728,935)
Investments — affiliated issuers 20,964
Foreign currency translations (23,652)
Net realized loss (7,731,623)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (17,901,175)
Investments — affiliated issuers 2,439
Foreign currency translations (13,540)
Net change in unrealized appreciation (depreciation) (17,912,276)
Net realized and unrealized loss (25,643,899)
Net increase in net assets resulting from operations $9,441,112
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Contrarian Core Fund  | Semiannual Report 2023
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment income $35,085,011 $61,840,347
Net realized gain (loss) (7,731,623) 1,156,760,456
Net change in unrealized appreciation (depreciation) (17,912,276) (2,864,242,888)
Net increase (decrease) in net assets resulting from operations 9,441,112 (1,645,642,085)
Distributions to shareholders    
Net investment income and net realized gains    
Class A (149,270,484) (248,040,955)
Advisor Class (48,346,525) (83,993,104)
Class C (35,779,204) (71,648,177)
Institutional Class (403,323,638) (648,750,792)
Institutional 2 Class (65,673,680) (101,640,489)
Institutional 3 Class (238,634,908) (399,260,986)
Class R (9,716,828) (16,900,701)
Class V (15,368,822) (25,882,833)
Total distributions to shareholders (966,114,089) (1,596,118,037)
Increase in net assets from capital stock activity 499,240,082 624,160,386
Total decrease in net assets (457,432,895) (2,617,599,736)
Net assets at beginning of period 10,565,087,846 13,182,687,582
Net assets at end of period $10,107,654,951 $10,565,087,846
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Core Fund  | Semiannual Report 2023
13
Statement of Changes in Net Assets   (continued)
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 3,638,407 94,338,226 7,173,174 225,974,029
Distributions reinvested 5,523,577 137,095,179 7,052,274 228,282,119
Redemptions (5,797,945) (150,689,480) (10,586,589) (331,438,652)
Net increase 3,364,039 80,743,925 3,638,859 122,817,496
Advisor Class        
Subscriptions 1,795,877 48,366,219 3,894,443 126,057,847
Distributions reinvested 1,825,854 47,034,007 2,426,602 81,266,896
Redemptions (4,015,430) (108,990,876) (5,207,867) (168,960,931)
Net increase (decrease) (393,699) (13,590,650) 1,113,178 38,363,812
Class C        
Subscriptions 606,800 13,462,560 1,356,379 37,187,816
Distributions reinvested 1,660,206 34,897,527 2,477,529 69,370,813
Redemptions (3,496,665) (77,502,958) (5,166,302) (140,541,479)
Net decrease (1,229,659) (29,142,871) (1,332,394) (33,982,850)
Institutional Class        
Subscriptions 14,007,502 374,123,650 18,000,362 572,977,701
Distributions reinvested 15,126,987 379,536,090 18,595,718 608,079,971
Redemptions (19,733,722) (519,939,049) (25,901,207) (821,657,440)
Net increase 9,400,767 233,720,691 10,694,873 359,400,232
Institutional 2 Class        
Subscriptions 3,905,769 102,574,211 2,116,482 68,996,293
Distributions reinvested 2,550,154 65,615,470 3,036,132 101,558,621
Redemptions (2,518,763) (67,763,189) (4,780,790) (156,247,153)
Net increase 3,937,160 100,426,492 371,824 14,307,761
Institutional 3 Class        
Subscriptions 6,552,388 176,491,323 11,315,637 364,235,729
Distributions reinvested 7,428,333 191,279,561 9,291,200 310,976,452
Redemptions (9,142,561) (250,742,925) (17,531,135) (567,306,226)
Net increase 4,838,160 117,027,959 3,075,702 107,905,955
Class R        
Subscriptions 162,329 4,263,649 414,445 13,254,917
Distributions reinvested 388,765 9,656,926 517,344 16,761,949
Redemptions (492,519) (12,828,408) (775,349) (24,498,125)
Net increase 58,575 1,092,167 156,440 5,518,741
Class V        
Subscriptions 134,889 3,302,408 198,920 6,295,381
Distributions reinvested 458,280 11,200,364 586,499 18,726,926
Redemptions (215,477) (5,540,403) (491,137) (15,193,068)
Net increase 377,692 8,962,369 294,282 9,829,239
Total net increase 20,353,035 499,240,082 18,012,764 624,160,386
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Contrarian Core Fund  | Semiannual Report 2023
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Columbia Contrarian Core Fund  | Semiannual Report 2023
15
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 2/28/2023 (Unaudited) $27.82 0.06 (0.12) (0.06) (0.06) (2.47) (2.53)
Year Ended 8/31/2022 $36.54 0.10 (4.35) (4.25) (0.07) (4.40) (4.47)
Year Ended 8/31/2021 $29.79 0.09 8.94 9.03 (0.17) (2.11) (2.28)
Year Ended 8/31/2020 $25.48 0.18 5.65 5.83 (0.23) (1.29) (1.52)
Year Ended 8/31/2019 $27.19 0.22 0.19 0.41 (0.22) (1.90) (2.12)
Year Ended 8/31/2018 $25.41 0.18 3.05 3.23 (0.18) (1.27) (1.45)
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $28.84 0.10 (0.13) (0.03) (0.14) (2.47) (2.61)
Year Ended 8/31/2022 $37.70 0.19 (4.49) (4.30) (0.16) (4.40) (4.56)
Year Ended 8/31/2021 $30.66 0.18 9.21 9.39 (0.24) (2.11) (2.35)
Year Ended 8/31/2020 $26.19 0.25 5.80 6.05 (0.29) (1.29) (1.58)
Year Ended 8/31/2019 $27.89 0.29 0.19 0.48 (0.28) (1.90) (2.18)
Year Ended 8/31/2018 $26.02 0.25 3.13 3.38 (0.24) (1.27) (1.51)
Class C
Six Months Ended 2/28/2023 (Unaudited) $23.94 (0.03) (0.11) (0.14) — (2.47) (2.47)
Year Ended 8/31/2022 $32.19 (0.12) (3.73) (3.85) — (4.40) (4.40)
Year Ended 8/31/2021 $26.53 (0.13) 7.90 7.77 — (2.11) (2.11)
Year Ended 8/31/2020 $22.84 (0.02) 5.04 5.02 (0.04) (1.29) (1.33)
Year Ended 8/31/2019 $24.57 0.04 0.15 0.19 (0.02) (1.90) (1.92)
Year Ended 8/31/2018 $23.09 (0.01) 2.76 2.75 — (1.27) (1.27)
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $28.16 0.10 (0.13) (0.03) (0.14) (2.47) (2.61)
Year Ended 8/31/2022 $36.92 0.18 (4.38) (4.20) (0.16) (4.40) (4.56)
Year Ended 8/31/2021 $30.07 0.18 9.02 9.20 (0.24) (2.11) (2.35)
Year Ended 8/31/2020 $25.71 0.24 5.70 5.94 (0.29) (1.29) (1.58)
Year Ended 8/31/2019 $27.42 0.29 0.18 0.47 (0.28) (1.90) (2.18)
Year Ended 8/31/2018 $25.61 0.25 3.07 3.32 (0.24) (1.27) (1.51)
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $28.82 0.11 (0.13) (0.02) (0.16) (2.47) (2.63)
Year Ended 8/31/2022 $37.68 0.21 (4.49) (4.28) (0.18) (4.40) (4.58)
Year Ended 8/31/2021 $30.64 0.20 9.21 9.41 (0.26) (2.11) (2.37)
Year Ended 8/31/2020 $26.17 0.27 5.80 6.07 (0.31) (1.29) (1.60)
Year Ended 8/31/2019 $27.88 0.32 0.18 0.50 (0.31) (1.90) (2.21)
Year Ended 8/31/2018 $26.01 0.28 3.13 3.41 (0.27) (1.27) (1.54)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Contrarian Core Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 2/28/2023 (Unaudited) $25.23 (0.06%) 1.01%(c) 0.99%(c),(d) 0.49%(c) 21% $1,600,590
Year Ended 8/31/2022 $27.82 (13.34%) 0.99% 0.99%(d) 0.32% 49% $1,671,377
Year Ended 8/31/2021 $36.54 32.15% 1.00%(e) 1.00%(d),(e) 0.29% 47% $2,061,801
Year Ended 8/31/2020 $29.79 23.80% 1.02% 1.02%(d) 0.67% 51% $1,648,211
Year Ended 8/31/2019 $25.48 2.49% 1.03%(e) 1.03%(e) 0.91% 53% $1,568,622
Year Ended 8/31/2018 $27.19 13.09% 1.02% 1.02%(d) 0.70% 63% $1,912,203
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $26.20 0.03% 0.76%(c) 0.74%(c),(d) 0.73%(c) 21% $508,302
Year Ended 8/31/2022 $28.84 (13.09%) 0.74% 0.74%(d) 0.57% 49% $570,718
Year Ended 8/31/2021 $37.70 32.47% 0.75%(e) 0.75%(d),(e) 0.54% 47% $704,253
Year Ended 8/31/2020 $30.66 24.06% 0.77% 0.77%(d) 0.92% 51% $586,655
Year Ended 8/31/2019 $26.19 2.74% 0.78%(e) 0.78%(e) 1.16% 53% $610,686
Year Ended 8/31/2018 $27.89 13.39% 0.77% 0.77%(d) 0.95% 63% $743,515
Class C
Six Months Ended 2/28/2023 (Unaudited) $21.33 (0.45%) 1.76%(c) 1.74%(c),(d) (0.27%)(c) 21% $311,128
Year Ended 8/31/2022 $23.94 (13.95%) 1.74% 1.74%(d) (0.44%) 49% $378,576
Year Ended 8/31/2021 $32.19 31.14% 1.75%(e) 1.75%(d),(e) (0.45%) 47% $552,047
Year Ended 8/31/2020 $26.53 22.85% 1.77% 1.77%(d) (0.08%) 51% $548,126
Year Ended 8/31/2019 $22.84 1.73% 1.78%(e) 1.78%(e) 0.16% 53% $561,716
Year Ended 8/31/2018 $24.57 12.23% 1.77% 1.77%(d) (0.05%) 63% $708,041
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $25.52 0.04% 0.76%(c) 0.74%(c),(d) 0.73%(c) 21% $4,184,626
Year Ended 8/31/2022 $28.16 (13.09%) 0.74% 0.74%(d) 0.57% 49% $4,351,597
Year Ended 8/31/2021 $36.92 32.47% 0.75%(e) 0.75%(d),(e) 0.54% 47% $5,311,382
Year Ended 8/31/2020 $30.07 24.08% 0.77% 0.77%(d) 0.92% 51% $4,230,127
Year Ended 8/31/2019 $25.71 2.75% 0.78%(e) 0.78%(e) 1.16% 53% $3,961,440
Year Ended 8/31/2018 $27.42 13.37% 0.77% 0.77%(d) 0.95% 63% $4,889,699
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $26.17 0.07% 0.68%(c) 0.67%(c) 0.81%(c) 21% $709,343
Year Ended 8/31/2022 $28.82 (13.03%) 0.67% 0.67% 0.64% 49% $667,505
Year Ended 8/31/2021 $37.68 32.58% 0.68%(e) 0.68%(e) 0.61% 47% $858,820
Year Ended 8/31/2020 $30.64 24.19% 0.69% 0.69% 1.00% 51% $653,968
Year Ended 8/31/2019 $26.17 2.81% 0.68%(e) 0.68%(e) 1.25% 53% $638,213
Year Ended 8/31/2018 $27.88 13.50% 0.68% 0.68% 1.04% 63% $894,849
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Core Fund  | Semiannual Report 2023
17
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $28.85 0.12 (0.13) (0.01) (0.17) (2.47) (2.64)
Year Ended 8/31/2022 $37.72 0.22 (4.49) (4.27) (0.20) (4.40) (4.60)
Year Ended 8/31/2021 $30.67 0.22 9.21 9.43 (0.27) (2.11) (2.38)
Year Ended 8/31/2020 $26.19 0.28 5.81 6.09 (0.32) (1.29) (1.61)
Year Ended 8/31/2019 $27.89 0.33 0.19 0.52 (0.32) (1.90) (2.22)
Year Ended 8/31/2018 $26.03 0.29 3.12 3.41 (0.28) (1.27) (1.55)
Class R
Six Months Ended 2/28/2023 (Unaudited) $27.80 0.03 (0.12) (0.09) — (2.47) (2.47)
Year Ended 8/31/2022 $36.52 0.02 (4.34) (4.32) — (4.40) (4.40)
Year Ended 8/31/2021 $29.78 0.01 8.94 8.95 (0.10) (2.11) (2.21)
Year Ended 8/31/2020 $25.48 0.11 5.64 5.75 (0.16) (1.29) (1.45)
Year Ended 8/31/2019 $27.18 0.16 0.19 0.35 (0.15) (1.90) (2.05)
Year Ended 8/31/2018 $25.41 0.12 3.04 3.16 (0.12) (1.27) (1.39)
Class V
Six Months Ended 2/28/2023 (Unaudited) $27.44 0.06 (0.12) (0.06) (0.06) (2.47) (2.53)
Year Ended 8/31/2022 $36.09 0.10 (4.28) (4.18) (0.07) (4.40) (4.47)
Year Ended 8/31/2021 $29.45 0.09 8.83 8.92 (0.17) (2.11) (2.28)
Year Ended 8/31/2020 $25.22 0.17 5.58 5.75 (0.23) (1.29) (1.52)
Year Ended 8/31/2019 $26.93 0.22 0.19 0.41 (0.22) (1.90) (2.12)
Year Ended 8/31/2018 $25.18 0.18 3.02 3.20 (0.18) (1.27) (1.45)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Ratios include interfund lending expense which is less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Contrarian Core Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $26.20 0.13% 0.63%(c) 0.62%(c) 0.86%(c) 21% $2,526,295
Year Ended 8/31/2022 $28.85 (13.00%) 0.62% 0.62% 0.69% 49% $2,642,362
Year Ended 8/31/2021 $37.72 32.64% 0.63%(e) 0.63%(e) 0.66% 47% $3,338,749
Year Ended 8/31/2020 $30.67 24.26% 0.64% 0.64% 1.05% 51% $2,487,886
Year Ended 8/31/2019 $26.19 2.90% 0.64%(e) 0.64%(e) 1.30% 53% $2,123,062
Year Ended 8/31/2018 $27.89 13.50% 0.63% 0.63% 1.10% 63% $2,101,809
Class R
Six Months Ended 2/28/2023 (Unaudited) $25.24 (0.20%) 1.26%(c) 1.24%(c),(d) 0.23%(c) 21% $104,512
Year Ended 8/31/2022 $27.80 (13.55%) 1.24% 1.24%(d) 0.07% 49% $113,472
Year Ended 8/31/2021 $36.52 31.83% 1.25%(e) 1.25%(d),(e) 0.04% 47% $143,336
Year Ended 8/31/2020 $29.78 23.47% 1.27% 1.27%(d) 0.42% 51% $124,853
Year Ended 8/31/2019 $25.48 2.24% 1.28%(e) 1.28%(e) 0.66% 53% $124,951
Year Ended 8/31/2018 $27.18 12.78% 1.27% 1.27%(d) 0.45% 63% $145,912
Class V
Six Months Ended 2/28/2023 (Unaudited) $24.85 (0.06%) 1.01%(c) 0.99%(c),(d) 0.49%(c) 21% $162,860
Year Ended 8/31/2022 $27.44 (13.32%) 0.99% 0.99%(d) 0.32% 49% $169,480
Year Ended 8/31/2021 $36.09 32.14% 1.00%(e) 1.00%(d),(e) 0.29% 47% $212,301
Year Ended 8/31/2020 $29.45 23.73% 1.02% 1.02%(d) 0.67% 51% $172,192
Year Ended 8/31/2019 $25.22 2.52% 1.03%(e) 1.03%(e) 0.91% 53% $150,836
Year Ended 8/31/2018 $26.93 13.09% 1.02% 1.02%(d) 0.70% 63% $163,335
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Core Fund  | Semiannual Report 2023
19
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Columbia Contrarian Core Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class V shares are available only to investors who received (and who continuously held) Class V shares in connection with previous fund reorganizations.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
20 Columbia Contrarian Core Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Columbia Contrarian Core Fund  | Semiannual Report 2023
21
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
22 Columbia Contrarian Core Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.77% to 0.555% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 0.612% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
Columbia Contrarian Core Fund  | Semiannual Report 2023
23
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.13
Advisor Class 0.13
Class C 0.13
Institutional Class 0.13
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.13
Class V 0.13
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended February 28, 2023, these minimum account balance fees reduced total expenses of the Fund by $5,966.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class C and Class R shares of the Fund, respectively.
Although the Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund’s average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder services), the Fund currently limits such fees to an aggregate fee of not more than 0.25% of the Fund’s average daily net assets attributable to Class A shares.
Shareholder services fees
The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class V shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund’s average daily net assets attributable to Class V shares (comprised of up to 0.25% for shareholder services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.25% of the Fund’s average daily net assets attributable to Class V shares.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended February 28, 2023, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 466,070
Class C — 1.00(b) 8,238
Class V 5.75 0.50 - 1.00(a) 34
    
24 Columbia Contrarian Core Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  January 1, 2023
through
December 31, 2023 		Prior to
January 1, 2023
Class A 0.97% 1.03%
Advisor Class 0.72 0.78
Class C 1.72 1.78
Institutional Class 0.72 0.78
Institutional 2 Class 0.65 0.71
Institutional 3 Class 0.60 0.66
Class R 1.22 1.28
Class V 0.97 1.03
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
6,720,452,000 3,553,436,000 (165,251,000) 3,388,185,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Columbia Contrarian Core Fund  | Semiannual Report 2023
25
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $2,168,222,667 and $2,473,515,628, respectively, for the six months ended February 28, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended February 28, 2023 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Lender 8,900,000 3.60 2
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate
26 Columbia Contrarian Core Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
Note 9. Significant risks
Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Shareholder concentration risk
At February 28, 2023, one unaffiliated shareholder of record owned 13.3% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 25.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a
Columbia Contrarian Core Fund  | Semiannual Report 2023
27
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
28 Columbia Contrarian Core Fund  | Semiannual Report 2023
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Columbia Contrarian Core Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR133_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Columbia Emerging Markets Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Columbia Emerging Markets Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Emerging Markets Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks long-term capital appreciation.
Portfolio management
Dara White, CFA
Lead Portfolio Manager
Managed Fund since 2008
Robert Cameron
Portfolio Manager
Managed Fund since 2008
Perry Vickery, CFA
Portfolio Manager
Managed Fund since 2017
Derek Lin, CFA
Portfolio Manager
Managed Fund since 2020
Darren Powell, CFA
Portfolio Manager
Managed Fund since 2021
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 09/28/07 -4.79 -22.62 -3.58 1.13
  Including sales charges   -10.30 -27.06 -4.72 0.53
Advisor Class* 03/19/13 -4.68 -22.46 -3.34 1.39
Class C Excluding sales charges 09/28/07 -5.11 -23.19 -4.29 0.38
  Including sales charges   -6.06 -23.96 -4.29 0.38
Institutional Class 01/02/98 -4.72 -22.44 -3.35 1.39
Institutional 2 Class 11/08/12 -4.68 -22.34 -3.21 1.53
Institutional 3 Class 11/08/12 -4.66 -22.30 -3.18 1.58
Class R 09/27/10 -4.89 -22.77 -3.81 0.89
MSCI Emerging Markets Index (Net)   -2.29 -15.28 -1.87 1.52
MSCI EAFE Index (Net)   12.58 -3.14 2.64 4.83
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI Emerging Markets Index (Net) and the MSCI EAFE Index (Net) which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Emerging Markets Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Equity sector breakdown (%) (at February 28, 2023)
Communication Services 8.7
Consumer Discretionary 20.8
Consumer Staples 6.7
Energy 4.0
Financials 27.0
Health Care 4.1
Industrials 6.8
Information Technology 21.1
Materials 0.5
Real Estate 0.3
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Country breakdown (%) (at February 28, 2023)
Argentina 1.7
Brazil 7.5
Canada 0.8
China 31.7
Greece 1.4
Hong Kong 1.7
India 15.1
Indonesia 7.7
Kazakhstan 0.5
Malaysia 0.7
Mexico 3.8
Philippines 0.3
Poland 0.8
Russian Federation 0.0(a)
South Africa 2.9
South Korea 11.2
Taiwan 9.6
Thailand 1.7
United States(b) 0.9
Total 100.0
    
(a) Rounds to zero.
(b) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
 
4 Columbia Emerging Markets Fund  | Semiannual Report 2023
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 952.10 1,017.55 7.07 7.30 1.46
Advisor Class 1,000.00 1,000.00 953.20 1,018.79 5.86 6.06 1.21
Class C 1,000.00 1,000.00 948.90 1,013.84 10.68 11.03 2.21
Institutional Class 1,000.00 1,000.00 952.80 1,018.79 5.86 6.06 1.21
Institutional 2 Class 1,000.00 1,000.00 953.20 1,019.34 5.33 5.51 1.10
Institutional 3 Class 1,000.00 1,000.00 953.40 1,019.54 5.13 5.31 1.06
Class R 1,000.00 1,000.00 951.10 1,016.31 8.27 8.55 1.71
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Emerging Markets Fund  | Semiannual Report 2023
5
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.7%
Issuer Shares Value ($)
Argentina 1.7%
Globant SA(a) 37,977 6,269,243
MercadoLibre, Inc.(a) 13,795 16,829,900
Total 23,099,143
Brazil 7.5%
Afya Ltd., Class A(a) 410,188 4,749,977
B3 SA - Brasil Bolsa Balcao 7,078,287 14,317,596
Banco BTG Pactual SA 2,126,289 8,183,580
Banco do Brasil SA 615,978 4,749,741
Itaú Unibanco Holding SA, ADR 3,674,624 17,674,942
JBS SA 398,334 1,453,965
Localiza Rent a Car SA 1,390,090 14,767,939
Localiza Rent a Car SA, ADR(a) 6,075 64,539
Petro Rio SA(a) 1,893,807 12,360,234
Petroreconcavo SA 601,084 3,266,355
Sendas Distribuidora SA 3,392,860 11,755,719
WEG SA 941,212 7,009,494
Total 100,354,081
Canada 0.8%
Parex Resources, Inc. 668,344 10,893,346
China 31.6%
Alibaba Group Holding Ltd.(a) 1,029,100 11,311,295
Bafang Electric Suzhou Co., Ltd., Class A 289,303 5,168,048
Beijing Kingsoft Office Software, Inc., Class A 168,410 7,064,197
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A 1,410,847 6,984,742
China Animal Healthcare Ltd.(a),(b),(c) 6,354,000 1
China Tourism Group Duty Free Corp., Ltd., Class A 509,487 14,513,975
Contemporary Amperex Technology Co., Ltd., Class A 125,000 7,253,211
Eastroc Beverage Group Co., Ltd., Class A 139,403 4,117,803
Full Truck Alliance Co., Ltd., ADR(a) 1,037,098 7,259,686
Inner Mongolia Yili Industrial Group Co., Ltd., Class A 3,558,047 15,624,651
JD.com, Inc., ADR 608,874 27,058,361
JD.com, Inc., Class A 277,088 6,159,647
Kingdee International Software Group Co., Ltd.(a) 3,238,000 6,050,085
Kuaishou Technology(a) 643,900 4,315,073
Common Stocks (continued)
Issuer Shares Value ($)
Kweichow Moutai Co., Ltd., Class A 39,373 10,300,627
Li Ning Co., Ltd. 2,952,000 25,188,546
Medlive Technology Co., Ltd.(d) 3,037,573 3,713,983
Meituan, Class B(a) 2,093,140 36,326,304
Midea Group Co., Ltd., Class A 2,347,100 17,718,646
NetEase, Inc. 1,607,505 24,981,363
PDD Holdings, Inc., ADR(a) 339,360 29,772,053
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A 386,047 17,443,020
Shenzhou International Group Holdings Ltd. 673,200 7,365,860
Silergy Corp. 211,000 3,970,195
Songcheng Performance Development Co., Ltd., Class A 6,556,272 14,814,367
Sungrow Power Supply Co., Ltd., Class A 388,524 6,680,664
Tencent Holdings Ltd. 1,945,200 85,449,537
WuXi Biologics Cayman, Inc.(a) 908,000 6,356,140
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A 2,645,751 9,734,413
Total 422,696,493
Greece 1.4%
Eurobank Ergasias SA(a) 2,999,262 4,597,639
JUMBO SA 191,361 3,821,088
National Bank of Greece SA(a) 1,013,759 5,672,240
OPAP SA 293,222 4,551,087
Total 18,642,054
Hong Kong 1.7%
AIA Group Ltd. 1,574,200 16,730,625
Hong Kong Exchanges and Clearing Ltd. 79,700 3,192,197
Techtronic Industries Co., Ltd. 299,264 2,980,450
Total 22,903,272
India 15.0%
Apollo Hospitals Enterprise Ltd. 355,362 18,906,272
Astral Ltd. 198,005 4,519,491
AU Small Finance Bank Ltd. 1,638,870 11,742,989
Balkrishna Industries Ltd. 340,270 8,285,113
Cholamandalam Investment and Finance Co., Ltd. 1,630,543 14,907,182
Dixon Technologies India Ltd. 87,253 3,047,680
Eicher Motors Ltd. 220,920 8,291,279
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia Emerging Markets Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
HDFC Bank Ltd., ADR 584,050 39,505,142
ICICI Bank Ltd., ADR 1,798,687 37,196,847
Infosys Ltd., ADR 384,894 6,904,998
Larsen & Toubro Ltd. 740,181 18,864,899
Mahindra & Mahindra Ltd. 661,638 10,151,548
Reliance Industries Ltd. 669,194 18,769,642
Total 201,093,082
Indonesia 7.7%
Bank Negara Indonesia Persero Tbk PT 22,968,100 13,209,567
PT Astra International Tbk 26,911,400 10,764,773
PT Bank BTPN Syariah Tbk 42,338,800 6,495,190
PT Bank Central Asia Tbk 62,132,600 35,635,464
PT Bank Rakyat Indonesia Persero Tbk 120,415,229 36,854,947
Total 102,959,941
Kazakhstan 0.5%
Kaspi.KZ JSC, GDR(b),(c),(d) 85,683 6,374,815
Malaysia 0.7%
CIMB Group Holdings Bhd 3,501,400 4,377,219
Public Bank Bhd 5,196,000 4,781,919
Total 9,159,138
Mexico 3.8%
Grupo Aeroportuario del Centro Norte SAB de CV 519,504 4,967,181
Grupo Aeroportuario del Pacifico SAB de CV 293,050 5,559,245
Grupo Financiero Banorte SAB de CV, Class O 2,575,037 21,797,706
Wal-Mart de Mexico SAB de CV, Class V 4,756,288 18,742,840
Total 51,066,972
Philippines 0.3%
Ayala Land, Inc. 6,758,500 3,473,898
Poland 0.8%
Dino Polska SA(a) 130,983 10,934,923
Russian Federation 0.0%
Detsky Mir PJSC(a),(b),(c),(e) 5,893,953 0
Fix Price Group PLC, GDR(a),(b),(c),(d),(e) 2,678,663 3
Ozon Holdings PLC, ADR(a),(b),(c),(e) 375,545 0
TCS Group Holding PLC, GDR(a),(b),(c),(e) 171,169 0
Yandex NV, Class A(a),(b),(c),(e) 477,611 1
Total 4
Common Stocks (continued)
Issuer Shares Value ($)
South Africa 2.9%
Absa Group Ltd. 1,183,039 12,772,803
Capitec Bank Holdings Ltd. 107,216 10,228,869
Clicks Group Ltd. 403,712 5,880,368
Shoprite Holdings Ltd. 779,619 9,440,565
Total 38,322,605
South Korea 9.9%
Coupang, Inc.(a) 582,100 9,028,371
Hana Financial Group, Inc. 199,348 6,837,093
Samsung Biologics Co., Ltd.(a) 12,976 7,581,084
Samsung Electro-Mechanics Co., Ltd. 112,710 12,254,512
Samsung Electronics Co., Ltd. 1,300,582 59,508,033
Samsung SDI Co., Ltd. 40,424 21,237,799
SK Hynix, Inc. 241,104 16,294,962
Total 132,741,854
Taiwan 9.7%
Chailease Holding Co., Ltd. 728,700 5,341,150
Delta Electronics 1,515,000 14,173,916
Taiwan Semiconductor Manufacturing Co., Ltd. 6,342,048 104,922,180
Unimicron Technology Corp. 1,080,281 4,461,787
Total 128,899,033
Thailand 1.7%
Kasikornbank PCL, Foreign Registered Shares 3,760,900 14,575,330
PTT Exploration & Production PCL 1,811,800 7,668,348
Total 22,243,678
Total Common Stocks
(Cost $1,090,610,486) 		1,305,858,332
    
Preferred Stocks 1.2%
Issuer   Shares Value ($)
South Korea 1.2%
Samsung Electronics Co., Ltd.   408,983 16,491,853
Total Preferred Stocks
(Cost $9,843,439) 		16,491,853
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Fund  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Money Market Funds 0.9%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(f),(g) 12,047,596 12,042,777
Total Money Market Funds
(Cost $12,042,773) 		12,042,777
Total Investments in Securities
(Cost $1,112,496,698) 		1,334,392,962
Other Assets & Liabilities, Net   2,831,946
Net Assets $1,337,224,908
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2023, the total value of these securities amounted to $6,374,820, which represents 0.48% of total net assets.
(c) Valuation based on significant unobservable inputs.
(d) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At February 28, 2023, the total value of these securities amounted to $10,088,801, which represents 0.75% of total net assets.
(e) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund’s Board of Trustees. At February 28, 2023, the total market value of these securities amounted to $4, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:
    
Security Acquisition
Dates 		Shares Cost ($) Value ($)
Detsky Mir PJSC 02/08/2017-12/13/2021 5,893,953 8,677,339 —
Fix Price Group PLC, GDR 03/05/2021-03/08/2021 2,678,663 26,134,618 3
Ozon Holdings PLC, ADR 11/24/2020-12/13/2021 375,545 16,861,518 —
TCS Group Holding PLC, GDR 11/21/2017-01/25/2022 171,169 3,700,340 —
Yandex NV, Class A 10/30/2015-12/13/2021 477,611 10,731,002 1
      66,104,817 4
    
(f) The rate shown is the seven-day current annualized yield at February 28, 2023.
(g) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  8,433,007 215,152,285 (211,542,518) 3 12,042,777 1,208 193,935 12,047,596
Abbreviation Legend
ADR American Depositary Receipt
GDR Global Depositary Receipt
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Emerging Markets Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Argentina 23,099,143 — — 23,099,143
Brazil 100,354,081 — — 100,354,081
Canada 10,893,346 — — 10,893,346
China 64,090,100 358,606,392 1 422,696,493
Greece — 18,642,054 — 18,642,054
Hong Kong — 22,903,272 — 22,903,272
India 83,606,987 117,486,095 — 201,093,082
Indonesia — 102,959,941 — 102,959,941
Kazakhstan — — 6,374,815 6,374,815
Malaysia — 9,159,138 — 9,159,138
Mexico 51,066,972 — — 51,066,972
Philippines — 3,473,898 — 3,473,898
Poland — 10,934,923 — 10,934,923
Russian Federation — — 4 4
South Africa — 38,322,605 — 38,322,605
South Korea 9,028,371 123,713,483 — 132,741,854
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Fund  | Semiannual Report 2023
9
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Taiwan — 128,899,033 — 128,899,033
Thailand — 22,243,678 — 22,243,678
Total Common Stocks 342,139,000 957,344,512 6,374,820 1,305,858,332
Preferred Stocks        
South Korea — 16,491,853 — 16,491,853
Total Preferred Stocks — 16,491,853 — 16,491,853
Money Market Funds 12,042,777 — — 12,042,777
Total Investments in Securities 354,181,777 973,836,365 6,374,820 1,334,392,962
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Emerging Markets Fund  | Semiannual Report 2023
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,100,453,925) $1,322,350,185
Affiliated issuers (cost $12,042,773) 12,042,777
Foreign currency (cost $3,183,087) 2,853,468
Receivable for:  
Investments sold 3,902,947
Capital shares sold 1,148,285
Dividends 2,343,631
Foreign tax reclaims 207,203
Expense reimbursement due from Investment Manager 2,151
Prepaid expenses 15,300
Trustees’ deferred compensation plan 139,284
Other assets 26,081
Total assets 1,345,031,312
Liabilities  
Payable for:  
Investments purchased 2,502,107
Capital shares purchased 1,319,449
Foreign capital gains taxes deferred 3,404,816
Management services fees 37,724
Distribution and/or service fees 1,547
Transfer agent fees 150,736
Compensation of board members 31,252
Compensation of chief compliance officer 134
Other expenses 219,355
Trustees’ deferred compensation plan 139,284
Total liabilities 7,806,404
Net assets applicable to outstanding capital stock $1,337,224,908
Represented by  
Paid in capital 1,367,399,129
Total distributable earnings (loss) (30,174,221)
Total - representing net assets applicable to outstanding capital stock $1,337,224,908
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Fund  | Semiannual Report 2023
11
Statement of Assets and Liabilities  (continued)
February 28, 2023 (Unaudited)
Class A  
Net assets $180,573,345
Shares outstanding 15,946,599
Net asset value per share $11.32
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $12.01
Advisor Class  
Net assets $45,495,542
Shares outstanding 3,921,199
Net asset value per share $11.60
Class C  
Net assets $8,736,562
Shares outstanding 840,140
Net asset value per share $10.40
Institutional Class  
Net assets $503,056,212
Shares outstanding 43,692,154
Net asset value per share $11.51
Institutional 2 Class  
Net assets $126,809,498
Shares outstanding 10,919,700
Net asset value per share $11.61
Institutional 3 Class  
Net assets $467,875,264
Shares outstanding 40,082,107
Net asset value per share $11.67
Class R  
Net assets $4,678,485
Shares outstanding 421,907
Net asset value per share $11.09
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Emerging Markets Fund  | Semiannual Report 2023
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $8,686,349
Dividends — affiliated issuers 193,935
Foreign taxes withheld (1,266,741)
Total income 7,613,543
Expenses:  
Management services fees 7,048,742
Distribution and/or service fees  
Class A 232,827
Class C 45,988
Class R 11,366
Transfer agent fees  
Class A 147,463
Advisor Class 41,161
Class C 7,280
Institutional Class 389,944
Institutional 2 Class 40,593
Institutional 3 Class 17,997
Class R 3,598
Compensation of board members 19,156
Custodian fees 162,314
Printing and postage fees 54,739
Registration fees 65,349
Audit fees 20,496
Legal fees 15,694
Interest on interfund lending 11,850
Compensation of chief compliance officer 134
Other 108,501
Total expenses 8,445,192
Fees waived or expenses reimbursed by Investment Manager and its affiliates (272,962)
Fees waived by transfer agent  
Institutional 2 Class (1,519)
Expense reduction (1,708)
Total net expenses 8,169,003
Net investment loss (555,460)
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (101,149,312)
Investments — affiliated issuers 1,208
Foreign currency translations (257,781)
Net realized loss (101,405,885)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 30,425,451
Investments — affiliated issuers 3
Foreign currency translations (286,794)
Foreign capital gains tax 1,460,690
Net change in unrealized appreciation (depreciation) 31,599,350
Net realized and unrealized loss (69,806,535)
Net decrease in net assets resulting from operations $(70,361,995)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Fund  | Semiannual Report 2023
13
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment income (loss) $(555,460) $440,257
Net realized loss (101,405,885) (98,694,657)
Net change in unrealized appreciation (depreciation) 31,599,350 (828,376,249)
Net decrease in net assets resulting from operations (70,361,995) (926,630,649)
Distributions to shareholders    
Net investment income and net realized gains    
Class A — (4,204,394)
Advisor Class — (1,411,194)
Class C — (218,247)
Institutional Class — (7,979,325)
Institutional 2 Class — (5,275,351)
Institutional 3 Class — (11,836,745)
Class R — (81,634)
Return of capital    
Class A — (408,081)
Advisor Class — (128,585)
Class C — (26,609)
Institutional Class — (727,061)
Institutional 2 Class — (467,543)
Institutional 3 Class — (1,036,205)
Class R — (8,502)
Total distributions to shareholders — (33,809,476)
Increase (decrease) in net assets from capital stock activity (108,018,636) 118,266,067
Total decrease in net assets (178,380,631) (842,174,058)
Net assets at beginning of period 1,515,605,539 2,357,779,597
Net assets at end of period $1,337,224,908 $1,515,605,539
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Emerging Markets Fund  | Semiannual Report 2023
Statement of Changes in Net Assets   (continued)
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 892,466 10,226,170 2,357,203 35,630,861
Fund reorganization — — 269,775 4,637,897
Distributions reinvested — — 258,838 4,467,536
Redemptions (2,279,688) (25,565,021) (4,236,227) (62,139,731)
Net decrease (1,387,222) (15,338,851) (1,350,411) (17,403,437)
Advisor Class        
Subscriptions 468,589 5,404,175 7,901,905 117,952,439
Fund reorganization — — 9,411,874 165,298,388
Distributions reinvested — — 87,134 1,536,164
Redemptions (2,283,337) (26,496,396) (17,456,431) (261,311,962)
Net increase (decrease) (1,814,748) (21,092,221) (55,518) 23,475,029
Class C        
Subscriptions 33,148 347,282 143,007 2,013,232
Distributions reinvested — — 14,975 239,603
Redemptions (169,529) (1,723,898) (465,227) (6,552,094)
Net decrease (136,381) (1,376,616) (307,245) (4,299,259)
Institutional Class        
Subscriptions 12,742,031 146,538,764 37,723,359 563,198,392
Distributions reinvested — — 338,369 5,921,453
Redemptions (12,111,376) (140,586,997) (23,369,942) (329,853,633)
Net increase 630,655 5,951,767 14,691,786 239,266,212
Institutional 2 Class        
Subscriptions 1,090,186 12,659,897 5,843,799 90,934,570
Distributions reinvested — — 325,360 5,732,848
Redemptions (4,515,462) (51,389,545) (11,926,285) (167,447,607)
Net decrease (3,425,276) (38,729,648) (5,757,126) (70,780,189)
Institutional 3 Class        
Subscriptions 7,040,963 81,487,709 13,440,227 198,900,011
Distributions reinvested — — 320,281 5,672,176
Redemptions (10,208,725) (118,932,310) (17,589,054) (257,209,551)
Net decrease (3,167,762) (37,444,601) (3,828,546) (52,637,364)
Class R        
Subscriptions 77,012 867,294 182,414 2,680,376
Distributions reinvested — — 4,809 81,518
Redemptions (77,068) (855,760) (139,013) (2,116,819)
Net increase (decrease) (56) 11,534 48,210 645,075
Total net increase (decrease) (9,300,790) (108,018,636) 3,441,150 118,266,067
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Fund  | Semiannual Report 2023
15
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Tax
return of
capital 		Total
distributions to
shareholders
Class A
Six Months Ended 2/28/2023 (Unaudited) $11.89 (0.02) (0.55) (0.57) — — — —
Year Ended 8/31/2022 $19.06 (0.04) (6.88) (6.92) (0.16) (0.07) (0.02) (0.25)
Year Ended 8/31/2021 $15.60 (0.08) 3.72 3.64 (0.18) — — (0.18)
Year Ended 8/31/2020 $12.15 (0.04) 3.51 3.47 (0.02) — — (0.02)
Year Ended 8/31/2019 $12.15 0.01 (0.01) 0.00(g) — — — —
Year Ended 8/31/2018 $12.62 0.02 (0.47) (0.45) (0.02) — — (0.02)
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $12.17 (0.01) (0.56) (0.57) — — — —
Year Ended 8/31/2022 $19.46 0.00(g) (7.02) (7.02) (0.18) (0.07) (0.02) (0.27)
Year Ended 8/31/2021 $15.92 (0.03) 3.79 3.76 (0.22) — — (0.22)
Year Ended 8/31/2020 $12.39 (0.01) 3.59 3.58 (0.05) — — (0.05)
Year Ended 8/31/2019 $12.38 0.04 (0.02) 0.02 (0.01) — — (0.01)
Year Ended 8/31/2018 $12.84 0.02 (0.43) (0.41) (0.05) — — (0.05)
Class C
Six Months Ended 2/28/2023 (Unaudited) $10.96 (0.06) (0.50) (0.56) — — — —
Year Ended 8/31/2022 $17.67 (0.15) (6.35) (6.50) (0.12) (0.07) (0.02) (0.21)
Year Ended 8/31/2021 $14.50 (0.20) 3.45 3.25 (0.08) — — (0.08)
Year Ended 8/31/2020 $11.36 (0.13) 3.27 3.14 — — — —
Year Ended 8/31/2019 $11.45 (0.08) (0.01) (0.09) — — — —
Year Ended 8/31/2018 $11.96 (0.08) (0.43) (0.51) — — — —
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $12.08 (0.01) (0.56) (0.57) — — — —
Year Ended 8/31/2022 $19.32 0.01 (6.98) (6.97) (0.18) (0.07) (0.02) (0.27)
Year Ended 8/31/2021 $15.80 (0.03) 3.77 3.74 (0.22) — — (0.22)
Year Ended 8/31/2020 $12.30 (0.01) 3.56 3.55 (0.05) — — (0.05)
Year Ended 8/31/2019 $12.29 0.05 (0.03) 0.02 (0.01) — — (0.01)
Year Ended 8/31/2018 $12.76 0.05 (0.47) (0.42) (0.05) — — (0.05)
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $12.18 (0.00)(g) (0.57) (0.57) — — — —
Year Ended 8/31/2022 $19.46 0.01 (7.02) (7.01) (0.18) (0.07) (0.02) (0.27)
Year Ended 8/31/2021 $15.92 (0.02) 3.79 3.77 (0.23) — — (0.23)
Year Ended 8/31/2020 $12.38 0.01 3.60 3.61 (0.07) — — (0.07)
Year Ended 8/31/2019 $12.37 0.07 (0.03) 0.04 (0.03) — — (0.03)
Year Ended 8/31/2018 $12.84 0.08 (0.49) (0.41) (0.06) — — (0.06)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Emerging Markets Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 2/28/2023 (Unaudited) $11.32 (4.79%) 1.50%(c),(d) 1.46%(c),(d),(e) (0.35%)(c) 21% $180,573
Year Ended 8/31/2022 $11.89 (36.71%) 1.44%(d),(f) 1.44%(d),(e),(f) (0.27%) 48% $206,162
Year Ended 8/31/2021 $19.06 23.40% 1.43%(d) 1.43%(d),(e) (0.45%) 16% $356,033
Year Ended 8/31/2020 $15.60 28.56% 1.55%(d) 1.54%(d),(e) (0.29%) 29% $280,741
Year Ended 8/31/2019 $12.15 0.00% 1.58%(d) 1.58%(d) 0.12% 38% $249,512
Year Ended 8/31/2018 $12.15 (3.58%) 1.54% 1.54%(e) 0.12% 39% $276,209
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $11.60 (4.68%) 1.24%(c),(d) 1.21%(c),(d),(e) (0.12%)(c) 21% $45,496
Year Ended 8/31/2022 $12.17 (36.52%) 1.19%(d),(f) 1.19%(d),(e),(f) 0.03% 48% $69,818
Year Ended 8/31/2021 $19.46 23.65% 1.18%(d) 1.18%(d),(e) (0.17%) 16% $112,719
Year Ended 8/31/2020 $15.92 28.92% 1.30%(d) 1.29%(d),(e) (0.07%) 29% $43,986
Year Ended 8/31/2019 $12.39 0.20% 1.33%(d) 1.33%(d) 0.36% 38% $23,161
Year Ended 8/31/2018 $12.38 (3.26%) 1.29% 1.29%(e) 0.14% 39% $24,379
Class C
Six Months Ended 2/28/2023 (Unaudited) $10.40 (5.11%) 2.25%(c),(d) 2.21%(c),(d),(e) (1.10%)(c) 21% $8,737
Year Ended 8/31/2022 $10.96 (37.18%) 2.19%(d),(f) 2.19%(d),(e),(f) (1.04%) 48% $10,706
Year Ended 8/31/2021 $17.67 22.45% 2.18%(d) 2.18%(d),(e) (1.19%) 16% $22,680
Year Ended 8/31/2020 $14.50 27.64% 2.30%(d) 2.29%(d),(e) (1.04%) 29% $15,742
Year Ended 8/31/2019 $11.36 (0.79%) 2.33%(d) 2.33%(d) (0.69%) 38% $14,830
Year Ended 8/31/2018 $11.45 (4.26%) 2.29% 2.29%(e) (0.62%) 39% $22,177
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $11.51 (4.72%) 1.25%(c),(d) 1.21%(c),(d),(e) (0.09%)(c) 21% $503,056
Year Ended 8/31/2022 $12.08 (36.52%) 1.20%(d),(f) 1.20%(d),(e),(f) 0.05% 48% $520,117
Year Ended 8/31/2021 $19.32 23.70% 1.18%(d) 1.18%(d),(e) (0.18%) 16% $547,997
Year Ended 8/31/2020 $15.80 28.89% 1.30%(d) 1.29%(d),(e) (0.04%) 29% $260,558
Year Ended 8/31/2019 $12.30 0.20% 1.33%(d) 1.33%(d) 0.41% 38% $210,844
Year Ended 8/31/2018 $12.29 (3.35%) 1.29% 1.29%(e) 0.40% 39% $203,193
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $11.61 (4.68%) 1.14%(c),(d) 1.10%(c),(d) (0.00%)(c),(g) 21% $126,809
Year Ended 8/31/2022 $12.18 (36.44%) 1.09%(d),(f) 1.09%(d),(f) 0.04% 48% $174,660
Year Ended 8/31/2021 $19.46 23.77% 1.08%(d) 1.08%(d) (0.09%) 16% $391,145
Year Ended 8/31/2020 $15.92 29.19% 1.16%(d) 1.15%(d) 0.10% 29% $238,994
Year Ended 8/31/2019 $12.38 0.36% 1.18%(d) 1.18%(d) 0.55% 38% $161,554
Year Ended 8/31/2018 $12.37 (3.22%) 1.16% 1.16% 0.58% 39% $155,442
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Fund  | Semiannual Report 2023
17
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Tax
return of
capital 		Total
distributions to
shareholders
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $12.24 0.00(g) (0.57) (0.57) — — — —
Year Ended 8/31/2022 $19.55 0.02 (7.05) (7.03) (0.19) (0.07) (0.02) (0.28)
Year Ended 8/31/2021 $15.99 (0.01) 3.81 3.80 (0.24) — — (0.24)
Year Ended 8/31/2020 $12.44 0.02 3.60 3.62 (0.07) — — (0.07)
Year Ended 8/31/2019 $12.43 0.07 (0.02) 0.05 (0.04) — — (0.04)
Year Ended 8/31/2018 $12.90 0.07 (0.47) (0.40) (0.07) — — (0.07)
Class R
Six Months Ended 2/28/2023 (Unaudited) $11.66 (0.03) (0.54) (0.57) — — — —
Year Ended 8/31/2022 $18.72 (0.07) (6.75) (6.82) (0.15) (0.07) (0.02) (0.24)
Year Ended 8/31/2021 $15.34 (0.13) 3.66 3.53 (0.15) — — (0.15)
Year Ended 8/31/2020 $11.96 (0.07) 3.45 3.38 — — — —
Year Ended 8/31/2019 $11.99 (0.02) (0.01) (0.03) — — — —
Year Ended 8/31/2018 $12.47 (0.02) (0.46) (0.48) — — — —
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) Ratios include interfund lending expense which is less than 0.01%.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Ratios include line of credit interest expense which is less than 0.01%.
(g) Rounds to zero.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Emerging Markets Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $11.67 (4.66%) 1.09%(c),(d) 1.06%(c),(d) 0.04%(c) 21% $467,875
Year Ended 8/31/2022 $12.24 (36.41%) 1.04%(d),(f) 1.04%(d),(f) 0.13% 48% $529,223
Year Ended 8/31/2021 $19.55 23.84% 1.03%(d) 1.03%(d) (0.03%) 16% $920,211
Year Ended 8/31/2020 $15.99 29.18% 1.11%(d) 1.10%(d) 0.16% 29% $661,552
Year Ended 8/31/2019 $12.44 0.43% 1.13%(d) 1.13%(d) 0.58% 38% $609,791
Year Ended 8/31/2018 $12.43 (3.18%) 1.10% 1.10% 0.54% 39% $673,688
Class R
Six Months Ended 2/28/2023 (Unaudited) $11.09 (4.89%) 1.75%(c),(d) 1.71%(c),(d),(e) (0.60%)(c) 21% $4,678
Year Ended 8/31/2022 $11.66 (36.85%) 1.69%(d),(f) 1.69%(d),(e),(f) (0.50%) 48% $4,921
Year Ended 8/31/2021 $18.72 23.04% 1.68%(d) 1.68%(d),(e) (0.69%) 16% $6,996
Year Ended 8/31/2020 $15.34 28.26% 1.80%(d) 1.79%(d),(e) (0.54%) 29% $5,731
Year Ended 8/31/2019 $11.96 (0.25%) 1.83%(d) 1.83%(d) (0.16%) 38% $7,125
Year Ended 8/31/2018 $11.99 (3.85%) 1.79% 1.79%(e) (0.17%) 39% $9,847
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Emerging Markets Fund  | Semiannual Report 2023
19
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Columbia Emerging Markets Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
20 Columbia Emerging Markets Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Columbia Emerging Markets Fund  | Semiannual Report 2023
21
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting
22 Columbia Emerging Markets Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 1.10% to 0.70% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 1.02% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, effective January 1, 2023 through December 31, 2023, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.05% of the average daily net assets attributable to that share class.
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.16
Advisor Class 0.16
Class C 0.16
Institutional Class 0.16
Institutional 2 Class 0.05
Institutional 3 Class 0.01
Class R 0.16
Columbia Emerging Markets Fund  | Semiannual Report 2023
23
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended February 28, 2023, these minimum account balance fees reduced total expenses of the Fund by $1,708.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended February 28, 2023, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 25,301
Class C — 1.00(b) 370
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  January 1, 2023
through
December 31, 2023 		Prior to
January 1, 2023
Class A 1.43% 1.47%
Advisor Class 1.18 1.22
Class C 2.18 2.22
Institutional Class 1.18 1.22
Institutional 2 Class 1.07 1.11
Institutional 3 Class 1.03 1.07
Class R 1.68 1.72
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage
24 Columbia Emerging Markets Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Reflected in the contractual cap commitment, effective January 1, 2023 through December 31, 2023, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0,05% for Institutional 2 Class of the average daily net assets attributable to that share class, unless sooner terminated at the sole discretion of the Board of Trustees. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
1,112,497,000 387,343,000 (165,447,000) 221,896,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at August 31, 2022 as arising on September 1, 2022.
Late year
ordinary losses ($) 		Post-October
capital losses ($)
20,808,706 108,399,274
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $294,868,752 and $411,779,457, respectively, for the six months ended February 28, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition,
Columbia Emerging Markets Fund  | Semiannual Report 2023
25
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended February 28, 2023 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Borrower 7,428,571 4.19 14
Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
Note 9. Fund reorganization
At the close of business on December 10, 2021, the Fund acquired the assets and assumed the identified liabilities of BMO LGM Emerging Markets Equity Fund (the Acquired Fund), a series of BMO Funds, Inc. The reorganization was completed after shareholders of the Acquired Fund approved a plan of reorganization at a shareholder meeting held on November 23, 2021. The purpose of the reorganization was to combine two funds with comparable investment objectives and strategies.
The aggregate net assets of the Fund immediately before the reorganization were $2,217,656,191 and the combined net assets immediately after the reorganization were $2,387,592,476.
26 Columbia Emerging Markets Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
The reorganization was accomplished by a tax-free exchange of 13,904,828 shares of the Acquired Fund valued at $169,936,285 (including $5,849,889 of unrealized appreciation/(depreciation)).
In exchange for the Acquired Fund’s shares, the Fund issued the following number of shares:
  Shares
Class A 269,775
Advisor Class 9,411,874
For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.
The Fund’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund’s Statement of Operations since the reorganization was completed.
Assuming the reorganization had been completed on September 1, 2021, the Fund’s pro-forma results of operations for the year ended August 31, 2022 would have been approximately:
  ($)
Net investment income 47,000
Net realized loss (47,692,000)
Net change in unrealized appreciation/(depreciation) (895,002,000)
Net decrease in net assets from operations (942,647,000)
Note 10. Significant risks
Consumer discretionary sector risk
The Fund is more susceptible to the particular risks that may affect companies in the consumer discretionary sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the consumer discretionary sector are subject to certain risks, including fluctuations in the performance of the overall domestic and international economy, interest rate changes, increased competition and consumer confidence. Performance of such companies may be affected by factors including reduced disposable household income, reduced consumer spending, changing demographics and consumer tastes.
Financial sector risk
The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.
Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer’s country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may
Columbia Emerging Markets Fund  | Semiannual Report 2023
27
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.
Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund.
Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.
Greater China. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers in the Greater China region. The region consists of Hong Kong, The People’s Republic of China and Taiwan, among other countries, and the Fund’s investments in the region are particularly susceptible to risks in that region. The Hong Kong, Taiwanese, and Chinese economies are dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from other emerging economies in Asia with lower costs. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified, which could result in greater volatility in the Fund’s net asset value and losses. Markets in the Greater China region can experience significant volatility due to social, economic, regulatory and political uncertainties. Changes in Chinese government policy and economic growth rates could significantly affect local markets and the entire Greater China region. China has yet to develop comprehensive securities, corporate, or commercial laws, its market is relatively new and less developed, and its economy is experiencing a relative slowdown. Export growth continues to be a major driver of China’s economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.
Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other
28 Columbia Emerging Markets Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Shareholder concentration risk
At February 28, 2023, two unaffiliated shareholders of record owned 45.0% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 25.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Variable interest entity risk
Many Chinese companies to which the Fund seeks investment exposure use a structure known as a variable interest entity (a VIE) to address Chinese restrictions on direct foreign investment in Chinese companies operating in certain sectors. The Fund’s investment exposure to VIEs may pose additional risks because the Fund’s investment is in a holding company domiciled outside of China (a Holding Company) whose interests in the business of the underlying Chinese operating company (the VIE) are established through contracts rather than equity ownership. The VIE structure is a longstanding practice in China that, until recently, was not acknowledged by the Chinese government, creating uncertainty over the possibility that the Chinese government might cease to tolerate VIE structures at any time or impose new restrictions on the structure. In such a scenario, the Chinese operating company could be subject to penalties, including revocation of its business and operating license, or the Holding Company could forfeit its interest in the business of the Chinese operating company. Further, in case of a dispute, the remedies and rights of the Fund may be limited, and such legal uncertainty may be exploited against the interests of the Fund. Control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the contractual arrangements, is subject to legal proceedings, or if any physical instruments or property of the VIE, such as seals, business registration certificates, financial data and licensing
Columbia Emerging Markets Fund  | Semiannual Report 2023
29
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
arrangements (sometimes referred to as “chops”), are used without authorization. In the event of such an occurrence, the Fund, as a foreign investor, may have little or no legal recourse. In addition to the risk of government intervention, investments through a VIE structure are subject to the risks that the China-based company (or its officers, directors, or Chinese equity owners) may breach the contractual arrangements, that Chinese law changes in a way that adversely affects the enforceability of the arrangements and that the contracts are otherwise not enforceable under Chinese law, in which case a Fund may suffer significant losses on its investments through a VIE structure with little or no recourse available. Further, the Fund is not a VIE owner/shareholder and cannot exert influence through proxy voting or other means. Foreign companies listed on stock exchanges in the United States, including companies using the VIE structure, could also face delisting or other ramifications for failure to meet the expectations and/or requirements of U.S. regulators. Recently, however, China has proposed the adoption of rules which would affirm that VIEs are legally permissible, though there remains significant uncertainty over how these rules will operate. Any of these risks could reduce the liquidity and value of the Fund’s investments in Holding Companies or render them valueless.
Note 11. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 12. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
30 Columbia Emerging Markets Fund  | Semiannual Report 2023
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Columbia Emerging Markets Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR142_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Columbia Greater China Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Columbia Greater China Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Greater China Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks long-term capital appreciation.
Portfolio management
Dara White, CFA
Co-Portfolio Manager
Managed Fund since 2019
Derek Lin, CFA
Co-Portfolio Manager
Managed Fund since 2020
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 05/16/97 -5.54 -22.26 -4.80 3.93
  Including sales charges   -10.97 -26.72 -5.92 3.31
Advisor Class* 03/19/13 -5.40 -22.05 -4.55 4.19
Class C Excluding sales charges 05/16/97 -5.87 -22.82 -5.51 3.15
  Including sales charges   -6.82 -23.60 -5.51 3.15
Institutional Class 05/16/97 -5.51 -22.13 -4.58 4.18
Institutional 2 Class 11/08/12 -5.37 -21.98 -4.48 4.30
Institutional 3 Class* 03/01/17 -5.35 -21.95 -4.43 4.16
MSCI China Index (Net)   -2.83 -16.14 -5.49 2.44
Hang Seng Index   -0.85 -13.28 -8.55 -1.62
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The MSCI China Index (Net) is designed to broadly and fairly represent the full diversity of business activities in China. This index aims to capture 85% of the free float adjusted market capitalization in each industry group.
The Hang Seng Index tracks the performance of approximately 70% of the total market capitalization of the stock exchange of Hong Kong.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI China Index (Net) which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Greater China Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Equity sector breakdown (%) (at February 28, 2023)
Communication Services 20.2
Consumer Discretionary 35.7
Consumer Staples 11.4
Financials 12.8
Health Care 6.2
Industrials 5.8
Information Technology 4.3
Materials 1.9
Real Estate 1.7
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Country breakdown (%) (at February 28, 2023)
China 90.5
Hong Kong 7.2
United States(a) 2.3
Total 100.0
    
(a) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
 
4 Columbia Greater China Fund  | Semiannual Report 2023
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 944.60 1,016.86 7.71 8.00 1.60
Advisor Class 1,000.00 1,000.00 946.00 1,018.10 6.51 6.76 1.35
Class C 1,000.00 1,000.00 941.30 1,013.09 11.36 11.78 2.36
Institutional Class 1,000.00 1,000.00 944.90 1,018.05 6.56 6.80 1.36
Institutional 2 Class 1,000.00 1,000.00 946.30 1,018.50 6.13 6.36 1.27
Institutional 3 Class 1,000.00 1,000.00 946.50 1,018.94 5.69 5.91 1.18
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and/or to reimburse certain expenses until December 31, 2023, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses, subject to applicable exclusions, will not exceed 1.48% for Class A, 1.23%for Class AD, 2.23% for Class C, 1.23% for Institutional Class, 1.14% for Institutional 2 Class and 1.09% for Institutional 3 Class. Any amounts waived will not be reimbursed by the Fund. This change was effective January 1, 2023. If this change had been in place for the entire six month period ended February 28, 2023, the actual expenses paid would have been$7.14 for Class A,$5.93 for Class AD,$10.73 for Class C,$5.93 for Institutional Class,$5.50 for Institutional 2 Class and$5.26 for Institutional 3 Class; the hypothetical expenses paid would have been$7.40 for Class A,$6.16 for Class AD,$11.13 for Class C,$6.16 for Institutional Class,$5.71 for Institutional 2 Class and$5.46 for Institutional 3 Class.
 
Columbia Greater China Fund  | Semiannual Report 2023
5
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.4%
Issuer Shares Value ($)
Communication Services 19.7%
Entertainment 3.3%
NetEase, Inc. 218,800 3,400,252
Interactive Media & Services 16.4%
Autohome, Inc., ADR 10,396 317,078
Baidu, Inc. Class A(a) 67,676 1,163,576
Kuaishou Technology(a) 288,300 1,932,032
Tencent Holdings Ltd. 307,100 13,490,414
Total   16,903,100
Total Communication Services 20,303,352
Consumer Discretionary 34.8%
Auto Components 0.7%
Hesai Group, ADR(a) 35,684 668,005
Hotels, Restaurants & Leisure 3.8%
Huazhu Group Ltd., ADR 14,879 704,818
Sands China Ltd.(a) 306,800 1,064,784
Songcheng Performance Development Co., Ltd., Class A 925,200 2,090,556
Total   3,860,158
Household Durables 1.5%
Midea Group Co., Ltd., Class A 209,475 1,581,361
Internet & Direct Marketing Retail 20.7%
Alibaba Group Holding Ltd.(a) 542,868 5,966,903
JD.com, Inc., Class A 241,402 5,366,350
Meituan, Class B(a) 337,770 5,861,976
PDD Holdings, Inc., ADR(a) 47,083 4,130,592
Total   21,325,821
Leisure Products 0.7%
Bafang Electric Suzhou Co., Ltd., Class A 39,093 698,349
Specialty Retail 2.4%
China Tourism Group Duty Free Corp., Ltd., Class A 69,400 1,977,027
Topsports International Holdings Ltd. 601,000 525,675
Total   2,502,702
Common Stocks (continued)
Issuer Shares Value ($)
Textiles, Apparel & Luxury Goods 5.0%
Li Ning Co., Ltd. 387,000 3,302,157
Shenzhou International Group Holdings Ltd. 169,700 1,856,783
Total   5,158,940
Total Consumer Discretionary 35,795,336
Consumer Staples 11.1%
Beverages 5.7%
China Resources Beer Holdings Co., Ltd. 206,000 1,524,004
Eastroc Beverage Group Co., Ltd., Class A 29,600 874,350
Kweichow Moutai Co., Ltd., Class A 9,700 2,537,680
Wuliangye Yibin Co., Ltd., Class A 31,933 938,505
Total   5,874,539
Food Products 4.8%
China Mengniu Dairy Co., Ltd.(a) 580,000 2,552,971
Foshan Haitian Flavouring & Food Co., Ltd., Class A 86,357 1,023,294
Inner Mongolia Yili Industrial Group Co., Ltd., Class A 317,100 1,392,499
Total   4,968,764
Personal Products 0.6%
Proya Cosmetics Co., Ltd., Class A 20,580 541,225
Total Consumer Staples 11,384,528
Financials 12.4%
Banks 4.6%
China Construction Bank Corp., Class H 1,947,340 1,190,366
China Merchants Bank Co., Ltd., Class H 453,000 2,458,205
Industrial & Commercial Bank of China Ltd., Class H 2,228,000 1,111,688
Total   4,760,259
Capital Markets 2.3%
Hong Kong Exchanges and Clearing Ltd. 58,500 2,343,081
Insurance 5.5%
AIA Group Ltd. 336,400 3,575,265
Ping An Insurance Group Co. of China Ltd., Class H 314,500 2,146,945
Total   5,722,210
Total Financials 12,825,550
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia Greater China Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 6.1%
Biotechnology 0.8%
BeiGene Ltd., ADR(a) 1,821 409,051
Zai Lab Ltd., ADR(a) 11,882 441,417
Total   850,468
Health Care Equipment & Supplies 2.1%
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A 47,400 2,141,706
Health Care Providers & Services 0.9%
New Horizon Health Ltd.(a) 206,500 864,141
Health Care Technology 0.4%
Medlive Technology Co., Ltd.(b) 362,484 443,202
Life Sciences Tools & Services 1.9%
WuXi AppTec Co., Ltd., Class H 62,378 665,508
WuXi Biologics Cayman, Inc.(a) 181,500 1,270,528
Total   1,936,036
Pharmaceuticals —%
China Animal Healthcare Ltd.(a),(c),(d) 1,050,000 0
Total Health Care 6,235,553
Industrials 5.6%
Electrical Equipment 2.1%
Contemporary Amperex Technology Co., Ltd., Class A 17,600 1,021,252
Sungrow Power Supply Co., Ltd., Class A 66,300 1,140,028
Total   2,161,280
Machinery 2.2%
Shenzhen Inovance Technology Co., Ltd., Class A 58,975 622,223
Techtronic Industries Co., Ltd. 41,500 413,309
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A 331,000 1,217,836
Total   2,253,368
Road & Rail 1.3%
Full Truck Alliance Co., Ltd., ADR(a) 197,576 1,383,032
Total Industrials 5,797,680
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 4.2%
Semiconductors & Semiconductor Equipment 1.6%
JinkoSolar Holding Co., Ltd., ADR(a) 5,782 306,446
LONGi Green Energy Technology Co., Ltd., Class A 51,300 327,178
Silergy Corp. 55,000 1,034,885
Total   1,668,509
Software 2.6%
Beijing Kingsoft Office Software, Inc., Class A 18,696 784,231
Glodon Co., Ltd., Class A 119,200 1,030,717
Kingdee International Software Group Co., Ltd.(a) 434,000 810,913
Total   2,625,861
Total Information Technology 4,294,370
Materials 1.8%
Chemicals 0.3%
Skshu Paint Co., Ltd., Class A(a) 20,239 356,960
Construction Materials 1.5%
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A 312,000 1,544,632
Total Materials 1,901,592
Real Estate 1.7%
Real Estate Management & Development 1.7%
China Resources Land Ltd. 386,000 1,715,102
Total Real Estate 1,715,102
Total Common Stocks
(Cost $77,120,999) 		100,253,063
Money Market Funds 2.3%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(e),(f) 2,399,138 2,398,178
Total Money Market Funds
(Cost $2,398,172) 		2,398,178
Total Investments in Securities
(Cost: $79,519,171) 		102,651,241
Other Assets & Liabilities, Net   343,703
Net Assets 102,994,944
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Greater China Fund  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At February 28, 2023, the total value of these securities amounted to $443,202, which represents 0.43% of total net assets.
(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2023, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(d) Valuation based on significant unobservable inputs.
(e) The rate shown is the seven-day current annualized yield at February 28, 2023.
(f) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  5,041,311 39,662,440 (42,305,264) (309) 2,398,178 1,013 43,402 2,399,138
Abbreviation Legend
ADR American Depositary Receipt
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Greater China Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 317,078 19,986,274 — 20,303,352
Consumer Discretionary 5,503,415 30,291,921 — 35,795,336
Consumer Staples — 11,384,528 — 11,384,528
Financials — 12,825,550 — 12,825,550
Health Care 850,468 5,385,085 0* 6,235,553
Industrials 1,383,032 4,414,648 — 5,797,680
Information Technology 306,446 3,987,924 — 4,294,370
Materials — 1,901,592 — 1,901,592
Real Estate — 1,715,102 — 1,715,102
Total Common Stocks 8,360,439 91,892,624 0* 100,253,063
Money Market Funds 2,398,178 — — 2,398,178
Total Investments in Securities 10,758,617 91,892,624 0* 102,651,241
    
* Rounds to zero.
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Greater China Fund  | Semiannual Report 2023
9
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $77,120,999) $100,253,063
Affiliated issuers (cost $2,398,172) 2,398,178
Receivable for:  
Investments sold 421,456
Capital shares sold 8,468
Dividends 6,065
Expense reimbursement due from Investment Manager 209
Prepaid expenses 2,766
Trustees’ deferred compensation plan 77,819
Other assets 14,362
Total assets 103,182,386
Liabilities  
Payable for:  
Capital shares purchased 51,092
Management services fees 2,662
Distribution and/or service fees 331
Transfer agent fees 10,481
Compensation of board members 14,599
Compensation of chief compliance officer 9
Audit fees 13,202
Custodian fees 12,259
Other expenses 4,988
Trustees’ deferred compensation plan 77,819
Total liabilities 187,442
Net assets applicable to outstanding capital stock $102,994,944
Represented by  
Paid in capital 103,295,996
Total distributable earnings (loss) (301,052)
Total - representing net assets applicable to outstanding capital stock $102,994,944
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Greater China Fund  | Semiannual Report 2023
Statement of Assets and Liabilities  (continued)
February 28, 2023 (Unaudited)
Class A  
Net assets $42,555,803
Shares outstanding 1,154,704
Net asset value per share $36.85
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $39.10
Advisor Class  
Net assets $641,286
Shares outstanding 15,390
Net asset value per share $41.67
Class C  
Net assets $1,378,342
Shares outstanding 42,375
Net asset value per share $32.53
Institutional Class  
Net assets $18,542,102
Shares outstanding 454,667
Net asset value per share $40.78
Institutional 2 Class  
Net assets $2,648,174
Shares outstanding 63,173
Net asset value per share $41.92
Institutional 3 Class  
Net assets $37,229,237
Shares outstanding 911,756
Net asset value per share $40.83
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Greater China Fund  | Semiannual Report 2023
11
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $168,643
Dividends — affiliated issuers 43,402
Interfund lending 27
Foreign taxes withheld (6,774)
Total income 205,298
Expenses:  
Management services fees 450,303
Distribution and/or service fees  
Class A 51,982
Class C 7,375
Transfer agent fees  
Class A 32,678
Advisor Class 484
Class C 1,163
Institutional Class 17,933
Institutional 2 Class 847
Institutional 3 Class 915
Compensation of board members 9,490
Custodian fees 14,017
Printing and postage fees 8,974
Registration fees 45,182
Audit fees 16,330
Legal fees 6,810
Line of credit interest 6,434
Interest on interfund lending 580
Compensation of chief compliance officer 9
Other 23,354
Total expenses 694,860
Fees waived or expenses reimbursed by Investment Manager and its affiliates (14,531)
Fees waived by transfer agent  
Class A (1,311)
Advisor Class (19)
Class C (49)
Institutional Class (848)
Expense reduction (366)
Total net expenses 677,736
Net investment loss (472,438)
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (4,336,037)
Investments — affiliated issuers 1,013
Foreign currency translations (8,579)
Net realized loss (4,343,603)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (4,000,824)
Investments — affiliated issuers (309)
Foreign currency translations (2)
Net change in unrealized appreciation (depreciation) (4,001,135)
Net realized and unrealized loss (8,344,738)
Net decrease in net assets resulting from operations $(8,817,176)
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Greater China Fund  | Semiannual Report 2023
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment loss $(472,438) $(412,292)
Net realized loss (4,343,603) (15,314,467)
Net change in unrealized appreciation (depreciation) (4,001,135) (56,050,989)
Net decrease in net assets resulting from operations (8,817,176) (71,777,748)
Decrease in net assets from capital stock activity (21,625,519) (6,138,495)
Total decrease in net assets (30,442,695) (77,916,243)
Net assets at beginning of period 133,437,639 211,353,882
Net assets at end of period $102,994,944 $133,437,639
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Greater China Fund  | Semiannual Report 2023
13
Statement of Changes in Net Assets   (continued)
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 73,591 2,457,820 254,962 11,442,751
Redemptions (101,766) (3,560,639) (457,054) (20,899,443)
Net decrease (28,175) (1,102,819) (202,092) (9,456,692)
Advisor Class        
Subscriptions 7,411 329,215 5,986 324,200
Redemptions (7,330) (314,783) (17,189) (978,233)
Net increase (decrease) 81 14,432 (11,203) (654,033)
Class C        
Subscriptions 5,746 182,468 14,355 574,846
Redemptions (13,818) (441,458) (33,041) (1,455,956)
Net decrease (8,072) (258,990) (18,686) (881,110)
Institutional Class        
Subscriptions 341,938 12,506,129 1,413,896 73,432,999
Redemptions (1,412,268) (54,234,804) (990,458) (53,556,308)
Net increase (decrease) (1,070,330) (41,728,675) 423,438 19,876,691
Institutional 2 Class        
Subscriptions 2,215 92,626 22,085 1,323,234
Redemptions (9,225) (380,544) (61,369) (3,559,081)
Net decrease (7,010) (287,918) (39,284) (2,235,847)
Institutional 3 Class        
Subscriptions 638,441 25,672,941 116,611 6,916,413
Redemptions (96,325) (3,934,490) (418,998) (19,703,917)
Net increase (decrease) 542,116 21,738,451 (302,387) (12,787,504)
Total net decrease (571,390) (21,625,519) (150,214) (6,138,495)
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Greater China Fund  | Semiannual Report 2023
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Columbia Greater China Fund  | Semiannual Report 2023
15
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 2/28/2023 (Unaudited) $39.01 (0.21) (1.95) (2.16) — — —
Year Ended 8/31/2022 $59.43 (0.23) (20.19) (20.42) — — —
Year Ended 8/31/2021 $67.81 (0.51) (4.70) (5.21) — (3.17) (3.17)
Year Ended 8/31/2020 $45.00 (0.24) 23.82 23.58 — (0.77) (0.77)
Year Ended 8/31/2019 $47.25 0.00(h) 0.20(i) 0.20 — (2.45) (2.45)
Year Ended 8/31/2018 $45.67 (0.10) 2.62 2.52 (0.28) (0.66) (0.94)
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $44.05 (0.19) (2.19) (2.38) — — —
Year Ended 8/31/2022 $66.94 (0.16) (22.73) (22.89) — — —
Year Ended 8/31/2021 $75.94 (0.46) (5.24) (5.70) — (3.30) (3.30)
Year Ended 8/31/2020 $50.19 0.00(h) 26.52 26.52 — (0.77) (0.77)
Year Ended 8/31/2019 $52.25 (0.12) 0.51(i) 0.39 — (2.45) (2.45)
Year Ended 8/31/2018 $50.38 0.12 2.80 2.92 (0.39) (0.66) (1.05)
Class C
Six Months Ended 2/28/2023 (Unaudited) $34.56 (0.31) (1.72) (2.03) — — —
Year Ended 8/31/2022 $53.05 (0.53) (17.96) (18.49) — — —
Year Ended 8/31/2021 $61.16 (0.87) (4.22) (5.09) — (3.02) (3.02)
Year Ended 8/31/2020 $40.96 (0.59) 21.56 20.97 — (0.77) (0.77)
Year Ended 8/31/2019 $43.57 (0.41) 0.25(i) (0.16) — (2.45) (2.45)
Year Ended 8/31/2018 $42.24 (0.43) 2.42 1.99 — (0.66) (0.66)
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $43.16 (0.15) (2.23) (2.38) — — —
Year Ended 8/31/2022 $65.59 (0.00)(h) (22.43) (22.43) — — —
Year Ended 8/31/2021 $74.47 (0.34) (5.24) (5.58) — (3.30) (3.30)
Year Ended 8/31/2020 $49.23 (0.12) 26.13 26.01 — (0.77) (0.77)
Year Ended 8/31/2019 $51.30 0.08 0.30(i) 0.38 — (2.45) (2.45)
Year Ended 8/31/2018 $49.49 0.03 2.83 2.86 (0.39) (0.66) (1.05)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Greater China Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 2/28/2023 (Unaudited) $36.85 (5.54%) 1.64%(c),(d),(e) 1.60%(c),(d),(e),(f) (1.20%)(c) 41% $42,556
Year Ended 8/31/2022 $39.01 (34.36%) 1.50%(d),(e) 1.50%(d),(e),(f),(g) (0.47%) 65% $46,148
Year Ended 8/31/2021 $59.43 (8.26%) 1.44% 1.44%(f) (0.72%) 19% $82,311
Year Ended 8/31/2020 $67.81 53.06% 1.50%(d) 1.50%(d),(f) (0.47%) 27% $91,892
Year Ended 8/31/2019 $45.00 1.28% 1.53%(d) 1.53%(d) 0.00%(h) 18% $65,762
Year Ended 8/31/2018 $47.25 5.41% 1.51%(e) 1.51%(e),(f) (0.20%) 26% $73,210
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $41.67 (5.40%) 1.38%(c),(d),(e) 1.35%(c),(d),(e),(f) (0.95%)(c) 41% $641
Year Ended 8/31/2022 $44.05 (34.19%) 1.24%(d),(e) 1.24%(d),(e),(f),(g) (0.29%) 65% $674
Year Ended 8/31/2021 $66.94 (8.03%) 1.19% 1.19%(f) (0.58%) 19% $1,775
Year Ended 8/31/2020 $75.94 53.43% 1.25%(d) 1.25%(d),(f) 0.01% 27% $3,084
Year Ended 8/31/2019 $50.19 1.53% 1.29%(d) 1.29%(d) (0.23%) 18% $1,027
Year Ended 8/31/2018 $52.25 5.69% 1.26%(e) 1.26%(e),(f) 0.22% 26% $2,008
Class C
Six Months Ended 2/28/2023 (Unaudited) $32.53 (5.87%) 2.39%(c),(d),(e) 2.36%(c),(d),(e),(f) (1.94%)(c) 41% $1,378
Year Ended 8/31/2022 $34.56 (34.85%) 2.25%(d),(e) 2.25%(d),(e),(f),(g) (1.24%) 65% $1,743
Year Ended 8/31/2021 $53.05 (8.95%) 2.19% 2.19%(f) (1.38%) 19% $3,667
Year Ended 8/31/2020 $61.16 51.91% 2.25%(d) 2.25%(d),(f) (1.28%) 27% $2,517
Year Ended 8/31/2019 $40.96 0.53% 2.28%(d) 2.28%(d) (1.02%) 18% $2,554
Year Ended 8/31/2018 $43.57 4.63% 2.26%(e) 2.26%(e),(f) (0.90%) 26% $5,585
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $40.78 (5.51%) 1.39%(c),(d),(e) 1.36%(c),(d),(e),(f) (0.75%)(c) 41% $18,542
Year Ended 8/31/2022 $43.16 (34.20%) 1.25%(d),(e) 1.25%(d),(e),(f),(g) (0.00%)(h) 65% $65,817
Year Ended 8/31/2021 $65.59 (8.03%) 1.20% 1.20%(f) (0.44%) 19% $72,247
Year Ended 8/31/2020 $74.47 53.44% 1.25%(d) 1.25%(d),(f) (0.22%) 27% $31,844
Year Ended 8/31/2019 $49.23 1.54% 1.28%(d) 1.28%(d) 0.17% 18% $31,244
Year Ended 8/31/2018 $51.30 5.68% 1.26%(e) 1.26%(e),(f) 0.05% 26% $42,542
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Greater China Fund  | Semiannual Report 2023
17
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $44.30 (0.17) (2.21) (2.38) — — —
Year Ended 8/31/2022 $67.26 (0.11) (22.85) (22.96) — — —
Year Ended 8/31/2021 $76.28 (0.19) (5.49) (5.68) — (3.34) (3.34)
Year Ended 8/31/2020 $50.38 (0.10) 26.77 26.67 — (0.77) (0.77)
Year Ended 8/31/2019 $52.38 0.16 0.29(i) 0.45 — (2.45) (2.45)
Year Ended 8/31/2018 $50.52 0.11 2.84 2.95 (0.43) (0.66) (1.09)
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $43.14 (0.17) (2.14) (2.31) — — —
Year Ended 8/31/2022 $65.46 (0.15) (22.17) (22.32) — — —
Year Ended 8/31/2021 $74.32 (0.17) (5.32) (5.49) — (3.37) (3.37)
Year Ended 8/31/2020 $49.08 (0.02) 26.03 26.01 — (0.77) (0.77)
Year Ended 8/31/2019 $51.08 0.20 0.25(i) 0.45 — (2.45) (2.45)
Year Ended 8/31/2018 $49.25 0.09 2.83 2.92 (0.43) (0.66) (1.09)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) Ratios include interfund lending expense which is less than 0.01%.
(e) Ratios include line of credit interest expense. For the periods indicated below, if line of credit interest expense had been excluded, expenses would have been lower by:
    
Class 2/28/2023 8/31/2022 8/31/2021 8/31/2020 8/31/2019 8/31/2018
Class A 0.02% less than .01% —% —% —% less than .01%
Advisor Class 0.01% less than .01% —% —% —% less than .01%
Class C 0.02% less than .01% —% —% —% less than .01%
Institutional Class 0.02% less than .01% —% —% —% less than .01%
Institutional 2 Class 0.02% less than .01% —% —% —% less than .01%
Institutional 3 Class 0.01% less than .01% —% —% —% less than .01%
    
(f) The benefits derived from expense reductions had an impact of less than 0.01%.
(g) Ratios include the impact of voluntary waivers paid by the Investment Manager. If the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by less than 0.01%.
(h) Rounds to zero.
(i) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Greater China Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $41.92 (5.37%) 1.30%(c),(d),(e) 1.27%(c),(d),(e) (0.86%)(c) 41% $2,648
Year Ended 8/31/2022 $44.30 (34.14%) 1.16%(d),(e) 1.16%(d),(e) (0.20%) 65% $3,109
Year Ended 8/31/2021 $67.26 (7.97%) 1.14% 1.14% (0.24%) 19% $7,362
Year Ended 8/31/2020 $76.28 53.53% 1.17%(d) 1.17%(d) (0.17%) 27% $2,842
Year Ended 8/31/2019 $50.38 1.65% 1.20%(d) 1.20%(d) 0.32% 18% $3,001
Year Ended 8/31/2018 $52.38 5.73% 1.18%(e) 1.18%(e) 0.19% 26% $2,330
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $40.83 (5.35%) 1.22%(c),(d),(e) 1.18%(c),(d),(e) (0.85%)(c) 41% $37,229
Year Ended 8/31/2022 $43.14 (34.10%) 1.11%(d),(e) 1.11%(d),(e) (0.27%) 65% $15,946
Year Ended 8/31/2021 $65.46 (7.93%) 1.08% 1.08% (0.22%) 19% $43,992
Year Ended 8/31/2020 $74.32 53.60% 1.12%(d) 1.12%(d) (0.04%) 27% $31,974
Year Ended 8/31/2019 $49.08 1.69% 1.14%(d) 1.14%(d) 0.42% 18% $5,391
Year Ended 8/31/2018 $51.08 5.82% 1.13%(e) 1.13%(e) 0.17% 26% $4,768
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Greater China Fund  | Semiannual Report 2023
19
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Columbia Greater China Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
20 Columbia Greater China Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Columbia Greater China Fund  | Semiannual Report 2023
21
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.95% to 0.72% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 0.95% of the Fund’s average daily net assets.
22 Columbia Greater China Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, prior to January 1, 2023, Class A, Advisor Class, Class C and Institutional Class shares were subject to a voluntary transfer agency fee waiver of 0.01% of the average daily net assets attributable to these share classes.
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.15
Advisor Class 0.15
Class C 0.15
Institutional Class 0.15
Institutional 2 Class 0.06
Institutional 3 Class 0.01
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended February 28, 2023, these minimum account balance fees reduced total expenses of the Fund by $366.
Columbia Greater China Fund  | Semiannual Report 2023
23
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class C shares of the Fund.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended February 28, 2023, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 21,489
Class C — 1.00(b) 78
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  January 1, 2023
through
December 31, 2023 		Prior to
January 1, 2023
Class A 1.48% 1.72%
Advisor Class 1.23 1.47
Class C 2.23 2.47
Institutional Class 1.23 1.47
Institutional 2 Class 1.14 1.40
Institutional 3 Class 1.09 1.35
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Separately, prior to January 1, 2023, the Transfer Agent had voluntarily agreed to waive a portion of the transfer agency fees for Class A, Advisor Class, Class C and Institutional Class fees, as discussed above. The net transfer agency fees were used in calculating the classes’ total expenses for any
24 Columbia Greater China Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
waiver/reimbursement commitment under the expense limitation agreement. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
79,519,000 27,618,000 (4,486,000) 23,132,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at August 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
No expiration
short-term ($) 		No expiration
long-term ($) 		Total ($)
(16,156,260) — (16,156,260)
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at August 31, 2022 as arising on September 1, 2022.
Late year
ordinary losses ($) 		Post-October
capital losses ($)
26,739 —
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $39,300,803 and $59,000,595, respectively, for the six months ended February 28, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Columbia Greater China Fund  | Semiannual Report 2023
25
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended February 28, 2023 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Borrower 2,400,000 4.35 2
Lender 100,000 4.86 2
Interest income earned and interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
For the six months ended February 28, 2023, the Fund’s borrowing activity was as follows:
Average loan
balance ($) 		Weighted average
interest rate (%) 		Days
outstanding
15,450,000 3.77 4
Interest expense incurred by the Fund is recorded as a line of credit interest expense in the Statement of Operations. The Fund had no outstanding borrowings at February 28, 2023.
26 Columbia Greater China Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 9. Significant risks
Consumer discretionary sector risk
The Fund is more susceptible to the particular risks that may affect companies in the consumer discretionary sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the consumer discretionary sector are subject to certain risks, including fluctuations in the performance of the overall domestic and international economy, interest rate changes, increased competition and consumer confidence. Performance of such companies may be affected by factors including reduced disposable household income, reduced consumer spending, changing demographics and consumer tastes.
Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer’s country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.
Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund.
Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.
Greater China. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers in the Greater China region. The region consists of Hong Kong, The People’s Republic of China and Taiwan, among other countries, and the Fund’s investments in the region are particularly susceptible to risks in that region. The Hong Kong, Taiwanese, and Chinese economies are dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from other emerging economies in Asia with lower costs. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified, which could result in greater volatility in the Fund’s net asset value and losses. Markets in the Greater China region can experience significant volatility due to social, economic, regulatory and political uncertainties. Changes in Chinese government policy and economic growth rates could significantly affect local markets and the entire Greater China region. China has yet to develop
Columbia Greater China Fund  | Semiannual Report 2023
27
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
comprehensive securities, corporate, or commercial laws, its market is relatively new and less developed, and its economy is experiencing a relative slowdown. Export growth continues to be a major driver of China’s economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Non-diversification risk
A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.
Shareholder concentration risk
At February 28, 2023, one unaffiliated shareholders of record owned 39.4% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Variable interest entity risk
Many Chinese companies to which the Fund seeks investment exposure use a structure known as a variable interest entity (a VIE) to address Chinese restrictions on direct foreign investment in Chinese companies operating in certain sectors. The Fund’s investment exposure to VIEs may pose additional risks because the Fund’s investment is in a holding company domiciled outside of China (a Holding Company) whose interests in the business of the underlying Chinese operating company (the VIE) are established through contracts rather than equity ownership. The VIE structure is a longstanding practice in China that, until recently, was not acknowledged by the Chinese government, creating uncertainty over the
28 Columbia Greater China Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
possibility that the Chinese government might cease to tolerate VIE structures at any time or impose new restrictions on the structure. In such a scenario, the Chinese operating company could be subject to penalties, including revocation of its business and operating license, or the Holding Company could forfeit its interest in the business of the Chinese operating company. Further, in case of dispute, the remedies and rights of the Fund may be limited and such legal uncertainty may be exploited against the interests of the Fund. Control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the contractual arrangements, is subject to legal proceedings, or if any physical instruments or property of the VIE, such as seals, business registration certificates, financial data and licensing arrangements (sometimes referred to as “chops”), are used without authorization. In the event of such an occurrence, the Fund, as a foreign investor, may have little or no legal recourse. In addition to the risk of government intervention, investments through a VIE structure are subject to the risks that the China-based company (or its officers, directors, or Chinese equity owners) may breach the contractual arrangements, that Chinese law changes in a way that adversely affects the enforceability of the arrangements and that the contracts are otherwise not enforceable under Chinese law, in which case a Fund may suffer significant losses on its investments through a VIE structure with little or no recourse available. Further, the Fund is not a VIE owner/shareholder and cannot exert influence through proxy voting or other means. Foreign companies listed on stock exchanges in the United States, including companies using the VIE structure, could also face delisting or other ramifications for failure to meet the expectations and/or requirements of U.S. regulators. Recently, however, China has proposed the adoption of rules which would affirm that VIEs are legally permissible, though there remains significant uncertainty over how these rules will operate. The Fund invests significantly in Holding Companies (and similar structures) in connection with its 80% investment policy and any of these risks could reduce the liquidity and value of the Fund’s investments in Holding Companies or render them valueless.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
Columbia Greater China Fund  | Semiannual Report 2023
29
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[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Greater China Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR158_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Columbia Select Mid Cap Growth Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Columbia Select Mid Cap Growth Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Select Mid Cap Growth Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks significant capital appreciation by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of companies with a market capitalization, at the time of initial purchase, equal to or less than the largest stock in the Russell Midcap Index.
Portfolio management
Daniel Cole, CFA
Co-Portfolio Manager
Managed Fund since 2021
Wayne Collette, CFA
Co-Portfolio Manager
Managed Fund since February 2023
Dana Kelley, CFA
Co-Portfolio Manager
Managed Fund since February 2023
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 11/01/02 2.02 -11.52 7.91 9.90
  Including sales charges   -3.86 -16.61 6.63 9.25
Advisor Class 11/08/12 2.12 -11.30 8.17 10.16
Class C Excluding sales charges 10/13/03 1.66 -12.15 7.10 9.08
  Including sales charges   0.66 -13.03 7.10 9.08
Institutional Class 11/20/85 2.10 -11.32 8.17 10.17
Institutional 2 Class 03/07/11 2.11 -11.26 8.23 10.27
Institutional 3 Class 07/15/09 2.15 -11.20 8.29 10.33
Class R 01/23/06 1.86 -11.72 7.64 9.62
Class V Excluding sales charges 11/01/02 1.98 -11.51 7.90 9.88
  Including sales charges   -3.89 -16.61 6.63 9.23
Russell Midcap Growth Index   5.31 -8.31 8.74 11.45
Russell Midcap Index   4.69 -4.99 8.40 10.68
Returns for Class A and Class V shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
The Russell Midcap Growth Index, an unmanaged index, measures the performance of those Russell Midcap Index companies with higher price-to-book ratios and forecasted growth values.
The Russell Midcap Index, an unmanaged index, measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization or the Russell 1000 Index.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown (%) (at February 28, 2023)
Common Stocks 94.1
Money Market Funds 5.9
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2023)
Communication Services 6.9
Consumer Discretionary 17.8
Consumer Staples 1.1
Energy 3.8
Financials 4.5
Health Care 18.8
Industrials 14.4
Information Technology 28.9
Materials 3.8
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 1,020.20 1,018.99 5.86 5.86 1.17
Advisor Class 1,000.00 1,000.00 1,021.20 1,020.23 4.61 4.61 0.92
Class C 1,000.00 1,000.00 1,016.60 1,015.27 9.60 9.59 1.92
Institutional Class 1,000.00 1,000.00 1,021.00 1,020.23 4.61 4.61 0.92
Institutional 2 Class 1,000.00 1,000.00 1,021.10 1,020.53 4.31 4.31 0.86
Institutional 3 Class 1,000.00 1,000.00 1,021.50 1,020.78 4.06 4.06 0.81
Class R 1,000.00 1,000.00 1,018.60 1,017.75 7.11 7.10 1.42
Class V 1,000.00 1,000.00 1,019.80 1,018.99 5.86 5.86 1.17
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
5
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 95.3%
Issuer Shares Value ($)
Communication Services 6.6%
Entertainment 3.7%
Activision Blizzard, Inc. 228,826 17,447,983
Spotify Technology SA(a) 71,064 8,264,743
Take-Two Interactive Software, Inc.(a) 137,048 15,013,609
Warner Bros Discovery, Inc.(a) 734,157 11,467,532
Total   52,193,867
Interactive Media & Services 0.9%
Pinterest, Inc., Class A(a) 535,799 13,453,913
Media 2.0%
Trade Desk, Inc. (The), Class A(a) 505,846 28,307,142
Total Communication Services 93,954,922
Consumer Discretionary 16.9%
Auto Components 1.2%
Aptiv PLC(a) 151,962 17,670,141
Hotels, Restaurants & Leisure 7.8%
Booking Holdings, Inc.(a) 14,160 35,739,840
Caesars Entertainment, Inc.(a) 317,926 16,137,924
Chipotle Mexican Grill, Inc.(a) 11,251 16,776,141
Churchill Downs, Inc. 81,614 20,059,089
Hilton Worldwide Holdings, Inc. 149,192 21,559,736
Total   110,272,730
Internet & Direct Marketing Retail 1.4%
Etsy, Inc.(a) 164,034 19,915,368
Specialty Retail 6.5%
Five Below, Inc.(a) 204,875 41,855,962
Tractor Supply Co. 149,568 34,888,232
Williams-Sonoma, Inc. 130,909 16,353,152
Total   93,097,346
Total Consumer Discretionary 240,955,585
Consumer Staples 1.0%
Food Products 1.0%
Hershey Co. (The) 60,876 14,507,968
Total Consumer Staples 14,507,968
Common Stocks (continued)
Issuer Shares Value ($)
Energy 3.7%
Oil, Gas & Consumable Fuels 3.7%
Hess Corp. 306,548 41,292,016
Marathon Petroleum Corp. 85,487 10,566,193
Total   51,858,209
Total Energy 51,858,209
Financials 4.3%
Capital Markets 3.2%
MarketAxess Holdings, Inc. 30,945 10,566,170
MSCI, Inc. 67,248 35,113,543
Total   45,679,713
Insurance 1.1%
Ryan Specialty Holdings, Inc., Class A(a) 364,356 15,346,675
Total Financials 61,026,388
Health Care 17.9%
Biotechnology 1.5%
BioMarin Pharmaceutical, Inc.(a) 99,480 9,907,213
Natera, Inc.(a) 230,459 11,188,785
Total   21,095,998
Health Care Equipment & Supplies 7.1%
DexCom, Inc.(a) 270,629 30,042,525
IDEXX Laboratories, Inc.(a) 36,782 17,406,714
Insulet Corp.(a) 117,885 32,578,699
Intuitive Surgical, Inc.(a) 90,626 20,788,698
Total   100,816,636
Health Care Providers & Services 0.6%
Amedisys, Inc.(a) 99,201 9,121,532
Life Sciences Tools & Services 8.7%
Bio-Techne Corp. 448,607 32,586,812
Repligen Corp.(a) 203,052 35,406,177
West Pharmaceutical Services, Inc. 177,130 56,155,524
Total   124,148,513
Total Health Care 255,182,679
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Industrials 13.7%
Aerospace & Defense 3.1%
Axon Enterprise, Inc.(a) 59,387 11,895,810
HEICO Corp. 41,959 6,947,151
Howmet Aerospace, Inc. 425,528 17,948,771
TransDigm Group, Inc. 9,710 7,222,978
Total   44,014,710
Commercial Services & Supplies 1.5%
Rollins, Inc. 630,841 22,205,603
Electrical Equipment 2.4%
AMETEK, Inc. 123,745 17,517,343
Generac Holdings, Inc.(a) 139,239 16,710,073
Total   34,227,416
Machinery 0.8%
Ingersoll Rand, Inc. 192,031 11,151,240
Professional Services 3.0%
CoStar Group, Inc.(a) 608,751 43,014,346
Trading Companies & Distributors 2.9%
Ferguson PLC 76,073 10,962,119
SiteOne Landscape Supply, Inc.(a) 201,813 29,936,941
Total   40,899,060
Total Industrials 195,512,375
Information Technology 27.5%
Electronic Equipment, Instruments & Components 3.5%
CDW Corp. 98,926 20,024,601
TE Connectivity Ltd. 110,467 14,064,659
Teledyne Technologies, Inc.(a) 38,563 16,584,789
Total   50,674,049
IT Services 4.0%
Gartner, Inc.(a) 29,595 9,701,537
MongoDB, Inc.(a) 97,201 20,365,554
Okta, Inc.(a) 211,450 15,074,270
Snowflake, Inc., Class A(a) 80,219 12,384,209
Total   57,525,570
Common Stocks (continued)
Issuer Shares Value ($)
Semiconductors & Semiconductor Equipment 6.2%
Lam Research Corp. 81,030 39,381,390
Microchip Technology, Inc. 172,764 13,999,067
Monolithic Power Systems, Inc. 70,880 34,326,475
Total   87,706,932
Software 13.8%
Cadence Design Systems, Inc.(a) 195,317 37,684,462
DocuSign, Inc.(a) 169,154 10,377,598
Fortinet, Inc.(a) 386,493 22,973,144
HubSpot, Inc.(a) 39,093 15,123,518
Palo Alto Networks, Inc.(a) 121,196 22,829,691
Paycom Software, Inc.(a) 98,913 28,591,792
Smartsheet, Inc., Class A(a) 259,671 11,430,717
Splunk, Inc.(a) 224,471 23,008,277
Zscaler, Inc.(a) 183,724 24,095,403
Total   196,114,602
Total Information Technology 392,021,153
Materials 3.7%
Construction Materials 2.0%
Vulcan Materials Co. 154,490 27,948,786
Containers & Packaging 1.7%
Avery Dennison Corp. 133,076 24,245,116
Total Materials 52,193,902
Total Common Stocks
(Cost $1,283,228,508) 		1,357,213,181
Money Market Funds 6.0%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(b),(c) 85,557,625 85,523,402
Total Money Market Funds
(Cost $85,523,335) 		85,523,402
Total Investments in Securities
(Cost: $1,368,751,843) 		1,442,736,583
Other Assets & Liabilities, Net   (18,997,989)
Net Assets 1,423,738,594
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (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, 2023.
(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  31,091,075 377,914,389 (323,480,264) (1,798) 85,523,402 (2,364) 780,699 85,557,625
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 93,954,922 — — 93,954,922
Consumer Discretionary 240,955,585 — — 240,955,585
Consumer Staples 14,507,968 — — 14,507,968
Energy 51,858,209 — — 51,858,209
Financials 61,026,388 — — 61,026,388
Health Care 255,182,679 — — 255,182,679
Industrials 195,512,375 — — 195,512,375
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Information Technology 392,021,153 — — 392,021,153
Materials 52,193,902 — — 52,193,902
Total Common Stocks 1,357,213,181 — — 1,357,213,181
Money Market Funds 85,523,402 — — 85,523,402
Total Investments in Securities 1,442,736,583 — — 1,442,736,583
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
9
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,283,228,508) $1,357,213,181
Affiliated issuers (cost $85,523,335) 85,523,402
Receivable for:  
Capital shares sold 192,723
Dividends 945,399
Prepaid expenses 15,877
Trustees’ deferred compensation plan 235,287
Other assets 36,036
Total assets 1,444,161,905
Liabilities  
Payable for:  
Investments purchased 18,995,232
Capital shares purchased 919,061
Management services fees 30,201
Distribution and/or service fees 5,040
Transfer agent fees 119,558
Compensation of board members 72,320
Compensation of chief compliance officer 135
Other expenses 46,477
Trustees’ deferred compensation plan 235,287
Total liabilities 20,423,311
Net assets applicable to outstanding capital stock $1,423,738,594
Represented by  
Paid in capital 1,422,513,790
Total distributable earnings (loss) 1,224,804
Total - representing net assets applicable to outstanding capital stock $1,423,738,594
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
Statement of Assets and Liabilities  (continued)
February 28, 2023 (Unaudited)
Class A  
Net assets $682,752,066
Shares outstanding 36,575,025
Net asset value per share $18.67
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $19.81
Advisor Class  
Net assets $10,147,142
Shares outstanding 449,024
Net asset value per share $22.60
Class C  
Net assets $5,570,163
Shares outstanding 455,965
Net asset value per share $12.22
Institutional Class  
Net assets $591,255,028
Shares outstanding 27,638,829
Net asset value per share $21.39
Institutional 2 Class  
Net assets $34,017,465
Shares outstanding 1,563,023
Net asset value per share $21.76
Institutional 3 Class  
Net assets $75,544,903
Shares outstanding 3,463,141
Net asset value per share $21.81
Class R  
Net assets $4,732,675
Shares outstanding 278,106
Net asset value per share $17.02
Class V  
Net assets $19,719,152
Shares outstanding 1,064,687
Net asset value per share $18.52
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares) $19.65
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
11
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $4,047,627
Dividends — affiliated issuers 780,699
Interfund lending 690
Total income 4,829,016
Expenses:  
Management services fees 5,400,642
Distribution and/or service fees  
Class A 841,123
Class C 28,179
Class R 11,882
Class V 23,683
Transfer agent fees  
Class A 395,863
Advisor Class 5,646
Class C 3,315
Institutional Class 339,305
Institutional 2 Class 9,424
Institutional 3 Class 2,509
Class R 2,794
Class V 11,149
Compensation of board members 20,155
Custodian fees 5,843
Printing and postage fees 42,102
Registration fees 83,823
Audit fees 14,922
Legal fees 15,964
Compensation of chief compliance officer 135
Other 16,960
Total expenses 7,275,418
Expense reduction (3,980)
Total net expenses 7,271,438
Net investment loss (2,442,422)
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (15,673,129)
Investments — affiliated issuers (2,364)
Net realized loss (15,675,493)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 44,309,252
Investments — affiliated issuers (1,798)
Net change in unrealized appreciation (depreciation) 44,307,454
Net realized and unrealized gain 28,631,961
Net increase in net assets resulting from operations $26,189,539
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment loss $(2,442,422) $(12,745,786)
Net realized gain (loss) (15,675,493) 10,612,745
Net change in unrealized appreciation (depreciation) 44,307,454 (647,571,881)
Net increase (decrease) in net assets resulting from operations 26,189,539 (649,704,922)
Distributions to shareholders    
Net investment income and net realized gains    
Class A — (211,060,179)
Advisor Class — (2,100,305)
Class C — (2,510,037)
Institutional Class — (162,847,839)
Institutional 2 Class — (8,803,972)
Institutional 3 Class — (23,347,460)
Class R — (1,960,122)
Class V — (6,008,042)
Total distributions to shareholders — (418,637,956)
Increase (decrease) in net assets from capital stock activity (85,052,567) 212,842,508
Total decrease in net assets (58,863,028) (855,500,370)
Net assets at beginning of period 1,482,601,622 2,338,101,992
Net assets at end of period $1,423,738,594 $1,482,601,622
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
13
Statement of Changes in Net Assets   (continued)
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 419,733 7,479,964 1,462,100 34,861,392
Fund reorganization — — 727,078 14,957,282
Distributions reinvested — — 8,139,033 203,720,000
Redemptions (3,095,943) (55,161,393) (6,554,585) (143,283,045)
Net increase (decrease) (2,676,210) (47,681,429) 3,773,626 110,255,629
Advisor Class        
Subscriptions 72,239 1,564,734 139,671 3,904,665
Fund reorganization — — 61,087 1,517,138
Distributions reinvested — — 35,264 1,065,327
Redemptions (66,613) (1,415,826) (150,115) (4,047,003)
Net increase 5,626 148,908 85,907 2,440,127
Class C        
Subscriptions 29,015 338,563 105,087 1,550,433
Distributions reinvested — — 151,433 2,503,191
Redemptions (78,172) (913,877) (178,899) (2,489,140)
Net increase (decrease) (49,157) (575,314) 77,621 1,564,484
Institutional Class        
Subscriptions 513,321 10,421,780 1,168,096 32,137,960
Distributions reinvested — — 5,250,416 150,161,894
Redemptions (1,846,879) (37,761,523) (4,498,134) (113,565,009)
Net increase (decrease) (1,333,558) (27,339,743) 1,920,378 68,734,845
Institutional 2 Class        
Subscriptions 122,933 2,540,999 585,260 16,330,560
Distributions reinvested — — 301,920 8,776,807
Redemptions (199,468) (4,158,693) (604,231) (15,665,304)
Net increase (decrease) (76,535) (1,617,694) 282,949 9,442,063
Institutional 3 Class        
Subscriptions 172,094 3,614,567 1,129,985 33,690,941
Distributions reinvested — — 328,192 9,556,950
Redemptions (513,156) (10,582,870) (1,065,826) (25,416,292)
Net increase (decrease) (341,062) (6,968,303) 392,351 17,831,599
Class R        
Subscriptions 24,032 400,139 70,282 1,493,540
Distributions reinvested — — 81,682 1,869,702
Redemptions (65,102) (1,046,100) (181,645) (3,746,730)
Net decrease (41,070) (645,961) (29,681) (383,488)
Class V        
Subscriptions 4,812 84,997 26,778 657,348
Distributions reinvested — — 209,642 5,205,418
Redemptions (25,671) (458,028) (155,777) (2,905,517)
Net increase (decrease) (20,859) (373,031) 80,643 2,957,249
Total net increase (decrease) (4,532,825) (85,052,567) 6,583,794 212,842,508
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
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Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
15
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 2/28/2023 (Unaudited) $18.30 (0.04) 0.41 0.37 — —
Year Ended 8/31/2022 $31.98 (0.18) (7.46) (7.64) (6.04) (6.04)
Year Ended 8/31/2021 $27.17 (0.24) 9.61 9.37 (4.56) (4.56)
Year Ended 8/31/2020 $23.44 (0.14) 6.01 5.87 (2.14) (2.14)
Year Ended 8/31/2019 $28.83 (0.07) 0.09 0.02 (5.41) (5.41)
Year Ended 8/31/2018 $26.90 (0.10) 5.54 5.44 (3.51) (3.51)
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $22.13 (0.02) 0.49 0.47 — —
Year Ended 8/31/2022 $37.34 (0.15) (8.97) (9.12) (6.09) (6.09)
Year Ended 8/31/2021 $31.03 (0.19) 11.12 10.93 (4.62) (4.62)
Year Ended 8/31/2020 $26.43 (0.09) 6.83 6.74 (2.14) (2.14)
Year Ended 8/31/2019 $31.71 (0.02) 0.20 0.18 (5.46) (5.46)
Year Ended 8/31/2018 $29.26 (0.05) 6.07 6.02 (3.57) (3.57)
Class C
Six Months Ended 2/28/2023 (Unaudited) $12.02 (0.07) 0.27 0.20 — —
Year Ended 8/31/2022 $23.12 (0.24) (4.97) (5.21) (5.89) (5.89)
Year Ended 8/31/2021 $20.72 (0.33) 7.09 6.76 (4.36) (4.36)
Year Ended 8/31/2020 $18.48 (0.24) 4.62 4.38 (2.14) (2.14)
Year Ended 8/31/2019 $23.99 (0.20) (0.04)(f) (0.24) (5.27) (5.27)
Year Ended 8/31/2018 $22.91 (0.26) 4.64 4.38 (3.30) (3.30)
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $20.95 (0.02) 0.46 0.44 — —
Year Ended 8/31/2022 $35.68 (0.15) (8.49) (8.64) (6.09) (6.09)
Year Ended 8/31/2021 $29.83 (0.18) 10.65 10.47 (4.62) (4.62)
Year Ended 8/31/2020 $25.49 (0.08) 6.56 6.48 (2.14) (2.14)
Year Ended 8/31/2019 $30.80 (0.01) 0.16 0.15 (5.46) (5.46)
Year Ended 8/31/2018 $28.52 (0.04) 5.89 5.85 (3.57) (3.57)
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $21.31 (0.02) 0.47 0.45 — —
Year Ended 8/31/2022 $36.18 (0.13) (8.64) (8.77) (6.10) (6.10)
Year Ended 8/31/2021 $30.19 (0.17) 10.79 10.62 (4.63) (4.63)
Year Ended 8/31/2020 $25.75 (0.07) 6.65 6.58 (2.14) (2.14)
Year Ended 8/31/2019 $31.06 0.00(g) 0.16 0.16 (5.47) (5.47)
Year Ended 8/31/2018 $28.73 (0.02) 5.95 5.93 (3.60) (3.60)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 2/28/2023 (Unaudited) $18.67 2.02% 1.17%(c) 1.17%(c),(d) (0.48%)(c) 67% $682,752
Year Ended 8/31/2022 $18.30 (28.97%) 1.13% 1.13%(d) (0.81%) 70% $718,493
Year Ended 8/31/2021 $31.98 38.29% 1.11%(e) 1.11%(d),(e) (0.83%) 82% $1,134,636
Year Ended 8/31/2020 $27.17 26.66% 1.15% 1.15%(d) (0.58%) 63% $967,087
Year Ended 8/31/2019 $23.44 2.78% 1.17% 1.17% (0.31%) 89% $810,161
Year Ended 8/31/2018 $28.83 22.23% 1.16% 1.16%(d) (0.38%) 140% $922,862
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $22.60 2.12% 0.92%(c) 0.92%(c),(d) (0.23%)(c) 67% $10,147
Year Ended 8/31/2022 $22.13 (28.79%) 0.88% 0.88%(d) (0.56%) 70% $9,813
Year Ended 8/31/2021 $37.34 38.65% 0.86%(e) 0.86%(d),(e) (0.58%) 82% $13,348
Year Ended 8/31/2020 $31.03 26.95% 0.90% 0.90%(d) (0.33%) 63% $8,071
Year Ended 8/31/2019 $26.43 3.08% 0.92% 0.92% (0.06%) 89% $17,075
Year Ended 8/31/2018 $31.71 22.50% 0.91% 0.91%(d) (0.16%) 140% $15,488
Class C
Six Months Ended 2/28/2023 (Unaudited) $12.22 1.66% 1.92%(c) 1.92%(c),(d) (1.23%)(c) 67% $5,570
Year Ended 8/31/2022 $12.02 (29.50%) 1.88% 1.88%(d) (1.56%) 70% $6,073
Year Ended 8/31/2021 $23.12 37.28% 1.86%(e) 1.86%(d),(e) (1.57%) 82% $9,886
Year Ended 8/31/2020 $20.72 25.67% 1.90% 1.90%(d) (1.32%) 63% $11,759
Year Ended 8/31/2019 $18.48 2.03% 1.92% 1.92% (1.05%) 89% $12,863
Year Ended 8/31/2018 $23.99 21.27% 1.91% 1.91%(d) (1.15%) 140% $17,458
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $21.39 2.10% 0.92%(c) 0.92%(c),(d) (0.23%)(c) 67% $591,255
Year Ended 8/31/2022 $20.95 (28.78%) 0.88% 0.88%(d) (0.56%) 70% $607,008
Year Ended 8/31/2021 $35.68 38.67% 0.86%(e) 0.86%(d),(e) (0.58%) 82% $965,229
Year Ended 8/31/2020 $29.83 26.92% 0.90% 0.90%(d) (0.33%) 63% $748,236
Year Ended 8/31/2019 $25.49 3.07% 0.92% 0.92% (0.05%) 89% $652,043
Year Ended 8/31/2018 $30.80 22.49% 0.91% 0.91%(d) (0.13%) 140% $758,444
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $21.76 2.11% 0.86%(c) 0.86%(c) (0.17%)(c) 67% $34,017
Year Ended 8/31/2022 $21.31 (28.75%) 0.83% 0.83% (0.51%) 70% $34,937
Year Ended 8/31/2021 $36.18 38.73% 0.82%(e) 0.82%(e) (0.53%) 82% $49,076
Year Ended 8/31/2020 $30.19 27.05% 0.84% 0.84% (0.26%) 63% $43,423
Year Ended 8/31/2019 $25.75 3.11% 0.84% 0.84% 0.02% 89% $46,284
Year Ended 8/31/2018 $31.06 22.60% 0.83% 0.83% (0.06%) 140% $48,792
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
17
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $21.35 (0.01) 0.47 0.46 — —
Year Ended 8/31/2022 $36.23 (0.12) (8.65) (8.77) (6.11) (6.11)
Year Ended 8/31/2021 $30.22 (0.16) 10.81 10.65 (4.64) (4.64)
Year Ended 8/31/2020 $25.77 (0.06) 6.65 6.59 (2.14) (2.14)
Year Ended 8/31/2019 $31.07 0.02 0.16 0.18 (5.48) (5.48)
Year Ended 8/31/2018 $28.74 (0.00)(g) 5.94 5.94 (3.61) (3.61)
Class R
Six Months Ended 2/28/2023 (Unaudited) $16.71 (0.06) 0.37 0.31 — —
Year Ended 8/31/2022 $29.74 (0.23) (6.81) (7.04) (5.99) (5.99)
Year Ended 8/31/2021 $25.55 (0.29) 8.97 8.68 (4.49) (4.49)
Year Ended 8/31/2020 $22.22 (0.18) 5.65 5.47 (2.14) (2.14)
Year Ended 8/31/2019 $27.64 (0.12) 0.07 (0.05) (5.37) (5.37)
Year Ended 8/31/2018 $25.93 (0.16) 5.31 5.15 (3.44) (3.44)
Class V
Six Months Ended 2/28/2023 (Unaudited) $18.16 (0.04) 0.40 0.36 — —
Year Ended 8/31/2022 $31.78 (0.18) (7.40) (7.58) (6.04) (6.04)
Year Ended 8/31/2021 $27.02 (0.24) 9.56 9.32 (4.56) (4.56)
Year Ended 8/31/2020 $23.33 (0.14) 5.97 5.83 (2.14) (2.14)
Year Ended 8/31/2019 $28.71 (0.07) 0.10 0.03 (5.41) (5.41)
Year Ended 8/31/2018 $26.81 (0.10) 5.51 5.41 (3.51) (3.51)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Ratios include interfund lending expense which is less than 0.01%.
(f) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(g) Rounds to zero.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $21.81 2.15% 0.81%(c) 0.81%(c) (0.12%)(c) 67% $75,545
Year Ended 8/31/2022 $21.35 (28.71%) 0.78% 0.78% (0.46%) 70% $81,229
Year Ended 8/31/2021 $36.23 38.80% 0.77%(e) 0.77%(e) (0.48%) 82% $123,615
Year Ended 8/31/2020 $30.22 27.07% 0.79% 0.79% (0.22%) 63% $95,842
Year Ended 8/31/2019 $25.77 3.18% 0.79% 0.79% 0.08% 89% $86,115
Year Ended 8/31/2018 $31.07 22.66% 0.78% 0.78% (0.01%) 140% $135,728
Class R
Six Months Ended 2/28/2023 (Unaudited) $17.02 1.86% 1.42%(c) 1.42%(c),(d) (0.72%)(c) 67% $4,733
Year Ended 8/31/2022 $16.71 (29.11%) 1.38% 1.38%(d) (1.06%) 70% $5,333
Year Ended 8/31/2021 $29.74 37.94% 1.36%(e) 1.36%(d),(e) (1.08%) 82% $10,376
Year Ended 8/31/2020 $25.55 26.31% 1.40% 1.40%(d) (0.82%) 63% $7,717
Year Ended 8/31/2019 $22.22 2.56% 1.42% 1.42% (0.55%) 89% $10,593
Year Ended 8/31/2018 $27.64 21.89% 1.41% 1.41%(d) (0.63%) 140% $13,414
Class V
Six Months Ended 2/28/2023 (Unaudited) $18.52 1.98% 1.17%(c) 1.17%(c),(d) (0.48%)(c) 67% $19,719
Year Ended 8/31/2022 $18.16 (28.96%) 1.13% 1.13%(d) (0.81%) 70% $19,715
Year Ended 8/31/2021 $31.78 38.32% 1.11%(e) 1.11%(d),(e) (0.83%) 82% $31,936
Year Ended 8/31/2020 $27.02 26.61% 1.15% 1.15%(d) (0.57%) 63% $25,875
Year Ended 8/31/2019 $23.33 2.83% 1.17% 1.17% (0.31%) 89% $23,279
Year Ended 8/31/2018 $28.71 22.19% 1.16% 1.16%(d) (0.37%) 140% $25,566
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
19
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Columbia Select Mid Cap Growth Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class V shares are available only to investors who received (and who continuously held) Class V shares in connection with previous fund reorganizations.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
20 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
21
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.82% to 0.65% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 0.77% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to
22 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.12
Advisor Class 0.12
Class C 0.12
Institutional Class 0.12
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.12
Class V 0.12
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended February 28, 2023, these minimum account balance fees reduced total expenses of the Fund by $3,980.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class C and Class R shares of the Fund, respectively.
Although the Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund’s average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder services), the Fund currently limits such fees to an aggregate fee of not more than 0.25% of the Fund’s average daily net assets attributable to Class A shares.
Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
23
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Shareholder services fees
The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class V shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund’s average daily net assets attributable to Class V shares (comprised of up to 0.25% for shareholder services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.25% of the Fund’s average daily net assets attributable to Class V shares.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended February 28, 2023, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 36,664
Class C — 1.00(b) 20
Class V 5.75 0.50 - 1.00(a) 1,733
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  January 1, 2023
through
December 31, 2023 		Prior to
January 1, 2023
Class A 1.20% 1.20%
Advisor Class 0.95 0.95
Class C 1.95 1.95
Institutional Class 0.95 0.95
Institutional 2 Class 0.89 0.91
Institutional 3 Class 0.85 0.86
Class R 1.45 1.45
Class V 1.20 1.20
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
24 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
1,368,752,000 122,744,000 (48,759,000) 73,985,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $915,255,487 and $1,031,399,408, respectively, for the six months ended February 28, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended February 28, 2023 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Lender 1,966,667 4.10 3
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2023.
Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
25
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
Note 9. Fund reorganization
At the close of business on January 21, 2022, the Fund acquired the assets and assumed the identified liabilities of BMO Mid-Cap Growth Fund (the Acquired Fund), a series of BMO Funds, Inc. The reorganization was completed after shareholders of the Acquired Fund approved a plan of reorganization at a shareholder meeting held on January 7, 2022. The purpose of the reorganization was to combine two funds with comparable investment objectives and strategies.
The aggregate net assets of the Fund immediately before the reorganization were $1,794,349,761 and the combined net assets immediately after the reorganization were $1,810,824,181.
The reorganization was accomplished by a tax-free exchange of 3,006,453 shares of the Acquired Fund valued at $16,474,420 (including $299,571 of unrealized appreciation/(depreciation)).
In exchange for the Acquired Fund’s shares, the Fund issued the following number of shares:
  Shares
Class A 727,078
Advisor Class 61,087
For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.
The Fund’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund’s Statement of Operations since the reorganization was completed.
Assuming the reorganization had been completed on September 1, 2021, the Fund’s pro-forma results of operations for the year ended August 31, 2022 would have been approximately:
  ($)
Net investment loss (12,840,000)
Net realized gain 16,706,000
Net change in unrealized appreciation/(depreciation) (654,550,000)
Net decrease in net assets from operations (650,684,000)
26 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 10. Significant risks
Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Shareholder concentration risk
At February 28, 2023, affiliated shareholders of record owned 30.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
27
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.
Note 11. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 12. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
28 Columbia Select Mid Cap Growth Fund  | Semiannual Report 2023
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Columbia Select Mid Cap Growth Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR194_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Columbia Small Cap Growth Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Columbia Small Cap Growth Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Small Cap Growth Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks long-term capital appreciation.
Portfolio management
Daniel Cole, CFA
Co-Portfolio Manager
Managed Fund since 2015
Wayne Collette, CFA
Co-Portfolio Manager
Managed Fund since 2006
Dana Kelley, CFA
Co-Portfolio Manager
Managed Fund since October 2022
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 11/01/05 1.59 -17.93 8.88 11.17
  Including sales charges   -4.27 -22.64 7.60 10.51
Advisor Class 11/08/12 1.72 -17.70 9.14 11.44
Class C Excluding sales charges 11/01/05 1.27 -18.53 8.07 10.34
  Including sales charges   0.27 -19.35 8.07 10.34
Institutional Class 10/01/96 1.70 -17.75 9.14 11.44
Institutional 2 Class 02/28/13 1.77 -17.62 9.26 11.61
Institutional 3 Class 07/15/09 1.79 -17.61 9.31 11.62
Class R 09/27/10 1.47 -18.16 8.60 10.89
Russell 2000 Growth Index   3.06 -7.92 5.06 9.31
Russell 2000 Index   3.63 -6.02 6.01 9.06
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
The Russell 2000 Growth Index, an unmanaged index, measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market capitalization and current index membership.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Small Cap Growth Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown (%) (at February 28, 2023)
Common Stocks 93.6
Money Market Funds 6.4
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2023)
Communication Services 2.8
Consumer Discretionary 13.5
Consumer Staples 2.0
Energy 5.2
Financials 4.2
Health Care 26.3
Industrials 24.0
Information Technology 18.4
Materials 3.6
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Small Cap Growth Fund  | Semiannual Report 2023
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 1,015.90 1,018.40 6.45 6.46 1.29
Advisor Class 1,000.00 1,000.00 1,017.20 1,019.64 5.20 5.21 1.04
Class C 1,000.00 1,000.00 1,012.70 1,014.68 10.18 10.19 2.04
Institutional Class 1,000.00 1,000.00 1,017.00 1,019.64 5.20 5.21 1.04
Institutional 2 Class 1,000.00 1,000.00 1,017.70 1,020.28 4.55 4.56 0.91
Institutional 3 Class 1,000.00 1,000.00 1,017.90 1,020.53 4.30 4.31 0.86
Class R 1,000.00 1,000.00 1,014.70 1,017.16 7.69 7.70 1.54
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Columbia Small Cap Growth Fund  | Semiannual Report 2023
5
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 94.2%
Issuer Shares Value ($)
Communication Services 2.7%
Entertainment 2.7%
World Wrestling Entertainment, Inc., Class A 478,931 40,230,204
Total Communication Services 40,230,204
Consumer Discretionary 12.7%
Hotels, Restaurants & Leisure 7.8%
Bowlero Corp.(a) 2,033,648 31,277,506
Churchill Downs, Inc. 76,078 18,698,451
Kura Sushi USA, Inc., Class A(a) 227,947 14,274,041
Texas Roadhouse, Inc. 150,315 15,262,985
Wingstop, Inc. 110,865 18,885,853
Xponential Fitness, Inc., Class A(a) 762,368 19,356,524
Total   117,755,360
Household Durables 1.1%
TopBuild Corp.(a) 77,526 16,093,622
Specialty Retail 2.9%
Boot Barn Holdings, Inc.(a) 243,022 18,822,054
Five Below, Inc.(a) 82,909 16,938,309
Floor & Decor Holdings, Inc., Class A(a) 83,295 7,647,314
Total   43,407,677
Textiles, Apparel & Luxury Goods 0.9%
Crocs, Inc.(a) 114,171 13,895,752
Total Consumer Discretionary 191,152,411
Consumer Staples 1.8%
Beverages 1.8%
Celsius Holdings, Inc.(a) 306,580 27,837,464
Total Consumer Staples 27,837,464
Energy 4.9%
Energy Equipment & Services 0.8%
ChampionX Corp. 386,040 11,801,243
Oil, Gas & Consumable Fuels 4.1%
Matador Resources Co. 400,832 21,560,753
Northern Oil and Gas, Inc. 1,294,576 40,183,639
Total   61,744,392
Total Energy 73,545,635
Common Stocks (continued)
Issuer Shares Value ($)
Financials 4.0%
Banks 1.5%
Live Oak Bancshares, Inc. 649,123 22,433,691
Insurance 2.5%
Kinsale Capital Group, Inc. 77,835 24,806,014
Ryan Specialty Holdings, Inc., Class A(a) 303,013 12,762,908
Total   37,568,922
Total Financials 60,002,613
Health Care 24.8%
Biotechnology 3.4%
IVERIC bio, Inc.(a) 494,549 10,276,728
Natera, Inc.(a) 755,812 36,694,673
Revolution Medicines, Inc.(a) 167,596 4,484,869
Total   51,456,270
Health Care Equipment & Supplies 6.9%
Axonics, Inc.(a) 210,015 12,619,801
Heska Corp.(a) 375,208 30,553,187
ICU Medical, Inc.(a) 160,306 27,354,616
Inspire Medical Systems, Inc.(a) 124,835 32,448,362
Total   102,975,966
Health Care Providers & Services 6.4%
Addus HomeCare Corp.(a) 279,795 30,396,929
Amedisys, Inc.(a) 127,975 11,767,301
Chemed Corp. 101,794 53,093,715
Total   95,257,945
Life Sciences Tools & Services 8.1%
BioLife Solutions, Inc.(a) 599,755 13,950,301
Bio-Techne Corp. 457,589 33,239,265
Caris Life Sciences, Inc.(a),(b),(c),(d) 2,777,778 9,777,778
DNA Script(a),(b),(c),(d) 11,675 3,562,585
Olink Holding AB ADR(a) 613,604 14,382,878
Pacific Biosciences of California, Inc.(a) 1,362,473 12,371,255
Repligen Corp.(a) 198,603 34,630,405
Total   121,914,467
Total Health Care 371,604,648
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia Small Cap Growth Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Industrials 22.6%
Aerospace & Defense 5.7%
Aerovironment, Inc.(a) 288,971 24,776,374
Axon Enterprise, Inc.(a) 121,742 24,386,140
Curtiss-Wright Corp. 211,584 36,982,767
Total   86,145,281
Air Freight & Logistics 0.5%
Forward Air Corp. 66,828 6,897,318
Building Products 2.5%
Advanced Drainage Systems, Inc. 162,797 14,444,978
Simpson Manufacturing Co., Inc. 209,941 22,644,236
Total   37,089,214
Commercial Services & Supplies 1.4%
Casella Waste Systems, Inc., Class A(a) 276,456 21,513,806
Machinery 4.3%
Helios Technologies, Inc. 146,856 9,948,026
Hillman Solutions Corp.(a) 2,460,000 21,869,400
RBC Bearings, Inc.(a) 139,788 32,124,680
Total   63,942,106
Professional Services 1.4%
FTI Consulting, Inc.(a) 114,940 21,115,627
Road & Rail 1.0%
Saia, Inc.(a) 55,569 15,051,975
Trading Companies & Distributors 5.8%
FTAI Aviation Ltd. 1,173,430 29,652,576
SiteOne Landscape Supply, Inc.(a) 311,793 46,251,373
Xometry, Inc., Class A(a) 383,865 11,673,335
Total   87,577,284
Total Industrials 339,332,611
Information Technology 17.3%
Communications Equipment 0.6%
Calix, Inc.(a) 163,910 8,383,997
Electronic Equipment, Instruments & Components 0.6%
908 Devices, Inc.(a) 1,058,565 9,527,085
IT Services 1.2%
Flywire Corp.(a) 741,443 18,335,885
Common Stocks (continued)
Issuer Shares Value ($)
Semiconductors & Semiconductor Equipment 5.8%
Aehr Test Systems(a) 704,816 23,505,614
Axcelis Technologies, Inc.(a) 246,147 31,639,735
Lattice Semiconductor Corp.(a) 119,928 10,189,083
Onto Innovation, Inc.(a) 252,356 20,811,799
Total   86,146,231
Software 9.1%
DocuSign, Inc.(a) 250,115 15,344,555
Five9, Inc.(a) 385,331 25,431,846
LiveVox Holdings, Inc.(a) 2,839,934 6,475,049
Paylocity Holding Corp.(a) 170,519 32,843,665
Smartsheet, Inc., Class A(a) 634,284 27,921,182
Workiva, Inc., Class A(a) 325,358 29,021,934
Total   137,038,231
Total Information Technology 259,431,429
Materials 3.4%
Chemicals 0.8%
Valvoline, Inc. 320,707 11,288,887
Construction Materials 1.9%
Summit Materials, Inc., Class A(a) 954,487 28,195,546
Metals & Mining 0.7%
Hecla Mining Co. 2,151,596 11,080,719
Total Materials 50,565,152
Total Common Stocks
(Cost $1,365,307,118) 		1,413,702,167
Money Market Funds 6.4%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(e),(f) 96,785,107 96,746,393
Total Money Market Funds
(Cost $96,743,057) 		96,746,393
Total Investments in Securities
(Cost: $1,462,050,175) 		1,510,448,560
Other Assets & Liabilities, Net   (9,648,727)
Net Assets 1,500,799,833
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Growth Fund  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2023, the total value of these securities amounted to $13,340,363, which represents 0.89% of total net assets.
(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund’s Board of Trustees. At February 28, 2023, the total market value of these securities amounted to $13,340,363, which represents 0.89% of total net assets. Additional information on these securities is as follows:
    
Security Acquisition
Dates 		Shares Cost ($) Value ($)
Caris Life Sciences, Inc. 05/11/2021 2,777,778 22,520,810 9,777,778
DNA Script 10/01/2021 11,675 10,180,303 3,562,585
      32,701,113 13,340,363
    
(d) Valuation based on significant unobservable inputs.
(e) The rate shown is the seven-day current annualized yield at February 28, 2023.
(f) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  13,473,261 474,017,921 (390,747,286) 2,497 96,746,393 6,624 1,145,051 96,785,107
Abbreviation Legend
ADR American Depositary Receipt
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Small Cap Growth Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 40,230,204 — — 40,230,204
Consumer Discretionary 191,152,411 — — 191,152,411
Consumer Staples 27,837,464 — — 27,837,464
Energy 73,545,635 — — 73,545,635
Financials 60,002,613 — — 60,002,613
Health Care 358,264,285 — 13,340,363 371,604,648
Industrials 339,332,611 — — 339,332,611
Information Technology 259,431,429 — — 259,431,429
Materials 50,565,152 — — 50,565,152
Total Common Stocks 1,400,361,804 — 13,340,363 1,413,702,167
Money Market Funds 96,746,393 — — 96,746,393
Total Investments in Securities 1,497,108,197 — 13,340,363 1,510,448,560
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Growth Fund  | Semiannual Report 2023
9
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,365,307,118) $1,413,702,167
Affiliated issuers (cost $96,743,057) 96,746,393
Receivable for:  
Capital shares sold 1,707,553
Dividends 502,954
Prepaid expenses 19,876
Trustees’ deferred compensation plan 146,752
Other assets 12,998
Total assets 1,512,838,693
Liabilities  
Payable for:  
Investments purchased 9,733,019
Capital shares purchased 1,802,764
Management services fees 33,774
Distribution and/or service fees 3,108
Transfer agent fees 216,104
Compensation of board members 37,427
Compensation of chief compliance officer 144
Other expenses 65,768
Trustees’ deferred compensation plan 146,752
Total liabilities 12,038,860
Net assets applicable to outstanding capital stock $1,500,799,833
Represented by  
Paid in capital 1,952,866,047
Total distributable earnings (loss) (452,066,214)
Total - representing net assets applicable to outstanding capital stock $1,500,799,833
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Small Cap Growth Fund  | Semiannual Report 2023
Statement of Assets and Liabilities  (continued)
February 28, 2023 (Unaudited)
Class A  
Net assets $334,336,362
Shares outstanding 18,639,764
Net asset value per share $17.94
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $19.03
Advisor Class  
Net assets $57,548,491
Shares outstanding 2,703,360
Net asset value per share $21.29
Class C  
Net assets $26,158,258
Shares outstanding 2,052,338
Net asset value per share $12.75
Institutional Class  
Net assets $700,646,203
Shares outstanding 35,488,331
Net asset value per share $19.74
Institutional 2 Class  
Net assets $46,048,273
Shares outstanding 2,289,992
Net asset value per share $20.11
Institutional 3 Class  
Net assets $329,068,397
Shares outstanding 16,095,437
Net asset value per share $20.44
Class R  
Net assets $6,993,849
Shares outstanding 404,196
Net asset value per share $17.30
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Growth Fund  | Semiannual Report 2023
11
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $1,621,702
Dividends — affiliated issuers 1,145,051
Interfund lending 858
Total income 2,767,611
Expenses:  
Management services fees 6,079,482
Distribution and/or service fees  
Class A 409,595
Class C 130,626
Class R 16,880
Transfer agent fees  
Class A 308,694
Advisor Class 53,990
Class C 24,611
Institutional Class 653,745
Institutional 2 Class 13,539
Institutional 3 Class 11,923
Class R 6,357
Compensation of board members 19,988
Custodian fees 5,781
Printing and postage fees 73,122
Registration fees 75,894
Audit fees 14,922
Legal fees 16,657
Compensation of chief compliance officer 144
Other 30,925
Total expenses 7,946,875
Expense reduction (4,023)
Total net expenses 7,942,852
Net investment loss (5,175,241)
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (130,825,053)
Investments — affiliated issuers 6,624
Net realized loss (130,818,429)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 154,939,982
Investments — affiliated issuers 2,497
Net change in unrealized appreciation (depreciation) 154,942,479
Net realized and unrealized gain 24,124,050
Net increase in net assets resulting from operations $18,948,809
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Small Cap Growth Fund  | Semiannual Report 2023
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment loss $(5,175,241) $(19,984,208)
Net realized loss (130,818,429) (351,142,830)
Net change in unrealized appreciation (depreciation) 154,942,479 (892,663,748)
Net increase (decrease) in net assets resulting from operations 18,948,809 (1,263,790,786)
Distributions to shareholders    
Net investment income and net realized gains    
Class A — (57,492,433)
Advisor Class — (12,410,914)
Class C — (5,910,264)
Institutional Class — (136,485,916)
Institutional 2 Class — (17,426,341)
Institutional 3 Class — (45,889,170)
Class R — (1,203,822)
Total distributions to shareholders — (276,818,860)
Decrease in net assets from capital stock activity (138,885,903) (204,178,262)
Total decrease in net assets (119,937,094) (1,744,787,908)
Net assets at beginning of period 1,620,736,927 3,365,524,835
Net assets at end of period $1,500,799,833 $1,620,736,927
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Growth Fund  | Semiannual Report 2023
13
Statement of Changes in Net Assets   (continued)
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 567,776 9,748,643 2,473,026 56,656,316
Distributions reinvested — — 1,898,399 50,307,569
Redemptions (1,797,784) (30,747,600) (4,844,423) (110,340,811)
Net decrease (1,230,008) (20,998,957) (472,998) (3,376,926)
Advisor Class        
Subscriptions 190,632 3,868,228 600,209 16,430,183
Distributions reinvested — — 384,942 12,071,778
Redemptions (547,025) (11,056,391) (2,747,685) (77,859,742)
Net decrease (356,393) (7,188,163) (1,762,534) (49,357,781)
Class C        
Subscriptions 141,421 1,722,919 515,889 8,935,276
Distributions reinvested — — 294,340 5,595,396
Redemptions (313,825) (3,808,263) (669,130) (10,484,224)
Net increase (decrease) (172,404) (2,085,344) 141,099 4,046,448
Institutional Class        
Subscriptions 6,311,074 121,016,887 21,144,653 530,673,815
Distributions reinvested — — 3,767,302 109,553,154
Redemptions (10,477,096) (197,753,801) (31,695,388) (761,043,563)
Net decrease (4,166,022) (76,736,914) (6,783,433) (120,816,594)
Institutional 2 Class        
Subscriptions 83,409 1,612,954 275,940 6,876,592
Distributions reinvested — — 588,823 17,417,388
Redemptions (582,847) (11,167,723) (4,642,383) (118,704,973)
Net decrease (499,438) (9,554,769) (3,777,620) (94,410,993)
Institutional 3 Class        
Subscriptions 1,232,046 24,151,752 6,466,302 170,183,577
Distributions reinvested — — 1,434,744 43,114,069
Redemptions (2,361,931) (46,206,190) (5,955,910) (153,259,675)
Net increase (decrease) (1,129,885) (22,054,438) 1,945,136 60,037,971
Class R        
Subscriptions 33,932 565,249 87,559 1,903,952
Distributions reinvested — — 46,933 1,203,822
Redemptions (50,338) (832,567) (154,475) (3,408,161)
Net decrease (16,406) (267,318) (19,983) (300,387)
Total net decrease (7,570,556) (138,885,903) (10,730,333) (204,178,262)
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Small Cap Growth Fund  | Semiannual Report 2023
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Columbia Small Cap Growth Fund  | Semiannual Report 2023
15
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 2/28/2023 (Unaudited) $17.66 (0.08) 0.36 0.28 — —
Year Ended 8/31/2022 $32.70 (0.25) (11.90) (12.15) (2.89) (2.89)
Year Ended 8/31/2021 $25.05 (0.31) 10.14 9.83 (2.18) (2.18)
Year Ended 8/31/2020 $19.72 (0.18) 7.28 7.10 (1.77) (1.77)
Year Ended 8/31/2019 $22.05 (0.15) 1.12 0.97 (3.30) (3.30)
Year Ended 8/31/2018 $19.46 (0.15) 5.87 5.72 (3.13) (3.13)
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $20.93 (0.07) 0.43 0.36 — —
Year Ended 8/31/2022 $38.14 (0.23) (14.03) (14.26) (2.95) (2.95)
Year Ended 8/31/2021 $28.90 (0.28) 11.76 11.48 (2.24) (2.24)
Year Ended 8/31/2020 $22.48 (0.15) 8.38 8.23 (1.81) (1.81)
Year Ended 8/31/2019 $24.61 (0.11) 1.33 1.22 (3.35) (3.35)
Year Ended 8/31/2018 $21.38 (0.12) 6.53 6.41 (3.18) (3.18)
Class C
Six Months Ended 2/28/2023 (Unaudited) $12.59 (0.10) 0.26 0.16 — —
Year Ended 8/31/2022 $24.22 (0.30) (8.60) (8.90) (2.73) (2.73)
Year Ended 8/31/2021 $19.01 (0.41) 7.63 7.22 (2.01) (2.01)
Year Ended 8/31/2020 $15.34 (0.25) 5.54 5.29 (1.62) (1.62)
Year Ended 8/31/2019 $17.93 (0.22) 0.78 0.56 (3.15) (3.15)
Year Ended 8/31/2018 $16.35 (0.25) 4.82 4.57 (2.99) (2.99)
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $19.41 (0.06) 0.39 0.33 — —
Year Ended 8/31/2022 $35.61 (0.21) (13.04) (13.25) (2.95) (2.95)
Year Ended 8/31/2021 $27.10 (0.26) 11.01 10.75 (2.24) (2.24)
Year Ended 8/31/2020 $21.20 (0.14) 7.85 7.71 (1.81) (1.81)
Year Ended 8/31/2019 $23.42 (0.11) 1.24 1.13 (3.35) (3.35)
Year Ended 8/31/2018 $20.49 (0.11) 6.22 6.11 (3.18) (3.18)
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $19.76 (0.05) 0.40 0.35 — —
Year Ended 8/31/2022 $36.17 (0.20) (13.24) (13.44) (2.97) (2.97)
Year Ended 8/31/2021 $27.49 (0.24) 11.18 10.94 (2.26) (2.26)
Year Ended 8/31/2020 $21.47 (0.13) 7.98 7.85 (1.83) (1.83)
Year Ended 8/31/2019 $23.68 (0.09) 1.26 1.17 (3.38) (3.38)
Year Ended 8/31/2018 $20.68 (0.09) 6.29 6.20 (3.20) (3.20)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Small Cap Growth Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 2/28/2023 (Unaudited) $17.94 1.59% 1.29%(c) 1.29%(c),(d) (0.92%)(c) 51% $334,336
Year Ended 8/31/2022 $17.66 (40.10%) 1.24%(e) 1.24%(d),(e) (1.07%) 56% $350,816
Year Ended 8/31/2021 $32.70 40.63% 1.21% 1.21%(d) (1.03%) 50% $665,217
Year Ended 8/31/2020 $25.05 39.06% 1.29%(e),(f) 1.29%(d),(e),(f) (0.89%) 76% $414,360
Year Ended 8/31/2019 $19.72 7.76% 1.33%(e) 1.33%(e) (0.79%) 113% $265,473
Year Ended 8/31/2018 $22.05 33.62% 1.35%(f) 1.34%(d),(f) (0.79%) 156% $249,156
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $21.29 1.72% 1.04%(c) 1.04%(c),(d) (0.67%)(c) 51% $57,548
Year Ended 8/31/2022 $20.93 (39.96%) 0.99%(e) 0.99%(d),(e) (0.82%) 56% $64,035
Year Ended 8/31/2021 $38.14 40.97% 0.96% 0.96%(d) (0.80%) 50% $183,909
Year Ended 8/31/2020 $28.90 39.42% 1.04%(e),(f) 1.04%(d),(e),(f) (0.66%) 76% $83,934
Year Ended 8/31/2019 $22.48 8.05% 1.07%(e) 1.07%(e) (0.54%) 113% $20,203
Year Ended 8/31/2018 $24.61 33.91% 1.10%(f) 1.09%(d),(f) (0.53%) 156% $8,913
Class C
Six Months Ended 2/28/2023 (Unaudited) $12.75 1.27% 2.04%(c) 2.04%(c),(d) (1.67%)(c) 51% $26,158
Year Ended 8/31/2022 $12.59 (40.57%) 1.99%(e) 1.99%(d),(e) (1.82%) 56% $28,016
Year Ended 8/31/2021 $24.22 39.58% 1.96% 1.96%(d) (1.79%) 50% $50,471
Year Ended 8/31/2020 $19.01 38.03% 2.04%(e),(f) 2.04%(d),(e),(f) (1.65%) 76% $20,142
Year Ended 8/31/2019 $15.34 6.93% 2.08%(e) 2.08%(e) (1.54%) 113% $8,887
Year Ended 8/31/2018 $17.93 32.58% 2.10%(f) 2.09%(d),(f) (1.54%) 156% $8,401
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $19.74 1.70% 1.04%(c) 1.04%(c),(d) (0.67%)(c) 51% $700,646
Year Ended 8/31/2022 $19.41 (39.96%) 0.99%(e) 0.99%(d),(e) (0.82%) 56% $769,677
Year Ended 8/31/2021 $35.61 41.00% 0.96% 0.96%(d) (0.79%) 50% $1,653,559
Year Ended 8/31/2020 $27.10 39.35% 1.04%(e),(f) 1.04%(d),(e),(f) (0.65%) 76% $773,636
Year Ended 8/31/2019 $21.20 8.08% 1.08%(e) 1.08%(e) (0.54%) 113% $283,781
Year Ended 8/31/2018 $23.42 33.91% 1.10%(f) 1.09%(d),(f) (0.54%) 156% $226,120
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $20.11 1.77% 0.91%(c) 0.91%(c) (0.54%)(c) 51% $46,048
Year Ended 8/31/2022 $19.76 (39.89%) 0.88%(e) 0.88%(e) (0.72%) 56% $55,108
Year Ended 8/31/2021 $36.17 41.11% 0.88% 0.88% (0.72%) 50% $237,521
Year Ended 8/31/2020 $27.49 39.50% 0.96%(e),(f) 0.96%(e),(f) (0.58%) 76% $104,108
Year Ended 8/31/2019 $21.47 8.16% 0.97%(e) 0.97%(e) (0.45%) 113% $26,190
Year Ended 8/31/2018 $23.68 34.07% 0.99%(f) 0.98%(f) (0.43%) 156% $21,024
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Growth Fund  | Semiannual Report 2023
17
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $20.08 (0.05) 0.41 0.36 — —
Year Ended 8/31/2022 $36.71 (0.17) (13.48) (13.65) (2.98) (2.98)
Year Ended 8/31/2021 $27.87 (0.23) 11.34 11.11 (2.27) (2.27)
Year Ended 8/31/2020 $21.75 (0.12) 8.08 7.96 (1.84) (1.84)
Year Ended 8/31/2019 $23.93 (0.08) 1.29 1.21 (3.39) (3.39)
Year Ended 8/31/2018 $20.87 (0.08) 6.35 6.27 (3.21) (3.21)
Class R
Six Months Ended 2/28/2023 (Unaudited) $17.05 (0.10) 0.35 0.25 — —
Year Ended 8/31/2022 $31.70 (0.30) (11.51) (11.81) (2.84) (2.84)
Year Ended 8/31/2021 $24.35 (0.38) 9.86 9.48 (2.13) (2.13)
Year Ended 8/31/2020 $19.22 (0.23) 7.08 6.85 (1.72) (1.72)
Year Ended 8/31/2019 $21.57 (0.19) 1.09 0.90 (3.25) (3.25)
Year Ended 8/31/2018 $19.10 (0.20) 5.75 5.55 (3.08) (3.08)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Ratios include interfund lending expense which is less than 0.01%.
(f) Ratios include line of credit interest expense which is less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Small Cap Growth Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $20.44 1.79% 0.86%(c) 0.86%(c) (0.49%)(c) 51% $329,068
Year Ended 8/31/2022 $20.08 (39.88%) 0.84%(e) 0.84%(e) (0.66%) 56% $345,912
Year Ended 8/31/2021 $36.71 41.18% 0.83% 0.83% (0.67%) 50% $560,880
Year Ended 8/31/2020 $27.87 39.55% 0.90%(e),(f) 0.90%(e),(f) (0.52%) 76% $163,142
Year Ended 8/31/2019 $21.75 8.26% 0.92%(e) 0.92%(e) (0.38%) 113% $66,685
Year Ended 8/31/2018 $23.93 34.12% 0.94%(f) 0.93%(f) (0.38%) 156% $64,214
Class R
Six Months Ended 2/28/2023 (Unaudited) $17.30 1.47% 1.54%(c) 1.54%(c),(d) (1.16%)(c) 51% $6,994
Year Ended 8/31/2022 $17.05 (40.26%) 1.49%(e) 1.49%(d),(e) (1.32%) 56% $7,173
Year Ended 8/31/2021 $31.70 40.27% 1.46% 1.46%(d) (1.30%) 50% $13,968
Year Ended 8/31/2020 $24.35 38.67% 1.54%(e),(f) 1.54%(d),(e),(f) (1.16%) 76% $4,674
Year Ended 8/31/2019 $19.22 7.53% 1.58%(e) 1.58%(e) (1.03%) 113% $1,511
Year Ended 8/31/2018 $21.57 33.26% 1.60%(f) 1.59%(d),(f) (1.04%) 156% $1,651
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Growth Fund  | Semiannual Report 2023
19
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Columbia Small Cap Growth Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Effective June 1, 2021, the Fund closed to investors, other than those who invest in the Fund through certain financial intermediaries selected by Columbia Management Investment Distributors, Inc. (the Distributor) and retirement plans currently invested and those approved by the Distributor to invest in the Fund.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the
20 Columbia Small Cap Growth Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Columbia Small Cap Growth Fund  | Semiannual Report 2023
21
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.87% to 0.75% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 0.82% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
22 Columbia Small Cap Growth Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.19
Advisor Class 0.19
Class C 0.19
Institutional Class 0.19
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.19
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended February 28, 2023, these minimum account balance fees reduced total expenses of the Fund by $4,023.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Columbia Small Cap Growth Fund  | Semiannual Report 2023
23
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class C and Class R shares of the Fund, respectively.
Although the Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund’s average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder services), the Fund currently limits such fees to an aggregate fee of not more than 0.25% of the Fund’s average daily net assets attributable to Class A shares.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended February 28, 2023, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 59,759
Class C — 1.00(b) 569
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  Voluntary
expense cap effective
April 1, 2023 		Contractual
expense cap
January 1, 2023
through
March 31, 2023 		Contractual
expense cap
prior to
January 1, 2023
Class A 1.28% 1.30% 1.30%
Advisor Class 1.03 1.05 1.05
Class C 2.03 2.05 2.05
Institutional Class 1.03 1.05 1.05
Institutional 2 Class 0.91 0.93 0.96
Institutional 3 Class 0.86 0.88 0.92
Class R 1.53 1.55 1.55
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
24 Columbia Small Cap Growth Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
1,462,050,000 176,641,000 (128,242,000) 48,399,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at August 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
No expiration
short-term ($) 		No expiration
long-term ($) 		Total ($)
(349,596,766) (234,883) (349,831,649)
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at August 31, 2022 as arising on September 1, 2022.
Late year
ordinary losses ($) 		Post-October
capital losses ($)
11,054,142 —
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $730,072,518 and $915,403,420, respectively, for the six months ended February 28, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Columbia Small Cap Growth Fund  | Semiannual Report 2023
25
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended February 28, 2023 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Lender 2,200,000 4.03 4
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
Note 9. Significant risks
Health care sector risk
The Fund is more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the health care sector are subject to certain risks, including restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, and the rising cost of medical products and services (especially for companies dependent upon a relatively limited number of products or services). Performance of such companies may be affected by factors including, government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation as well as product obsolescence.
26 Columbia Small Cap Growth Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Industrials sector risk
The Fund is more susceptible to the particular risks that may affect companies in the industrials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events and economic conditions and risks for environmental damage and product liability claims.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Shareholder concentration risk
At February 28, 2023, affiliated shareholders of record owned 24.5% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Columbia Small Cap Growth Fund  | Semiannual Report 2023
27
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
28 Columbia Small Cap Growth Fund  | Semiannual Report 2023
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Columbia Small Cap Growth Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR226_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Columbia Strategic Income Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Columbia Strategic Income Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Strategic Income Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks total return, consisting of current income and capital appreciation.
Portfolio management
Gene Tannuzzo, CFA
Lead Portfolio Manager
Managed Fund since 2010
Jason Callan
Portfolio Manager
Managed Fund since 2017
Alex Christensen, CFA
Portfolio Manager
Managed Fund since 2021
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 04/21/77 -0.99 -7.17 1.38 2.39
  Including sales charges   -5.70 -11.57 0.40 1.89
Advisor Class 11/08/12 -0.89 -6.95 1.62 2.65
Class C Excluding sales charges 07/01/97 -1.36 -7.90 0.62 1.65
  Including sales charges   -2.32 -8.79 0.62 1.65
Institutional Class 01/29/99 -0.89 -6.94 1.64 2.66
Institutional 2 Class 03/07/11 -0.87 -6.90 1.67 2.72
Institutional 3 Class* 06/13/13 -0.85 -6.88 1.71 2.75
Class R 09/27/10 -1.15 -7.43 1.12 2.14
Bloomberg U.S. Aggregate Bond Index   -2.13 -9.72 0.53 1.12
ICE BofA US Cash Pay High Yield Constrained Index   2.43 -5.41 2.69 4.01
FTSE Non-U.S. World Government Bond (All Maturities) Index - Unhedged   -1.03 -19.79 -4.83 -2.01
JPMorgan Emerging Markets Bond Index-Global   1.76 -8.20 -0.41 1.59
Returns for Class A shares are shown with and without the maximum initial sales charge of 4.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Fund’s performance prior to August 29, 2014 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.
The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment-grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.
The ICE BofA US Cash Pay High Yield Constrained Index tracks the performance of U.S. dollar-denominated below investment-grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. Effective July 1, 2022 the ICE BofA US Cash Pay High Yield Constrained Index now includes transaction costs.
The FTSE Non-U.S. World Government Bond (All Maturities) Index — Unhedged is calculated on a market-weighted basis and includes all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of U.S. $25 million, while excluding floating or variable rate bonds.
The JPMorgan Emerging Markets Bond Index — Global is based on U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, such as Brady bonds, Eurobonds and loans, and reflects reinvestment of all distributions and changes in market prices.
Columbia Strategic Income Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes, other expenses of investing or, for ICE BofA US Cash Pay High Yield Constrained Index for periods prior to July 2022, transaction costs. Securities in the Fund may not match those in an index.
4 Columbia Strategic Income Fund  | Semiannual Report 2023
Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown (%) (at February 28, 2023)
Asset-Backed Securities — Non-Agency 2.7
Commercial Mortgage-Backed Securities - Non-Agency 3.1
Common Stocks 0.0(a)
Convertible Bonds 0.1
Convertible Preferred Stocks 0.0(a)
Corporate Bonds & Notes 34.9
Foreign Government Obligations 5.9
Money Market Funds 5.2
Options Purchased Calls 0.1
Residential Mortgage-Backed Securities - Agency 26.6
Residential Mortgage-Backed Securities - Non-Agency 15.7
Senior Loans 5.6
U.S. Government & Agency Obligations 0.1
Warrants 0.0(a)
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Quality breakdown (%) (at February 28, 2023)
AAA rating 28.2
AA rating 0.8
A rating 9.2
BBB rating 18.2
BB rating 19.7
B rating 15.2
CCC rating 2.5
CC rating 0.1
C rating 0.0(a)
D rating 0.1
Not rated 6.0
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.
 
Columbia Strategic Income Fund  | Semiannual Report 2023
5
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 990.10 1,020.13 4.64 4.71 0.94
Advisor Class 1,000.00 1,000.00 991.10 1,021.37 3.41 3.46 0.69
Class C 1,000.00 1,000.00 986.40 1,016.41 8.32 8.45 1.69
Institutional Class 1,000.00 1,000.00 991.10 1,021.37 3.41 3.46 0.69
Institutional 2 Class 1,000.00 1,000.00 991.30 1,021.57 3.21 3.26 0.65
Institutional 3 Class 1,000.00 1,000.00 991.50 1,021.82 2.96 3.01 0.60
Class R 1,000.00 1,000.00 988.50 1,018.89 5.87 5.96 1.19
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
6 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Asset-Backed Securities — Non-Agency 3.3%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
ARES XLIV CLO Ltd.(a),(b)
Series 2017-44A Class DR
3-month USD LIBOR + 6.870%
Floor 6.870%
04/15/2034 		11.662%   15,000,000 13,292,145
Bain Capital Credit CLO Ltd.(a),(b)
Series 2021-5A Class E
3-month USD LIBOR + 6.500%
Floor 6.500%
10/23/2034 		11.315%   13,320,000 11,414,534
Series 2021-6A Class E
3-month USD LIBOR + 6.500%
Floor 6.500%
10/21/2034 		11.315%   11,450,000 9,824,008
Series 2021-7A Class E
3-month USD LIBOR + 6.750%
Floor 6.750%
01/22/2035 		11.565%   15,350,000 13,209,627
Ballyrock CLO Ltd.(a),(b)
Series 2021-18A Class D
3-month USD LIBOR + 6.500%
Floor 6.500%
01/15/2035 		11.292%   13,050,000 11,355,510
Barings CLO Ltd.(a),(b)
Series 2021-2A Class E
3-month USD LIBOR + 6.250%
Floor 6.250%
07/15/2034 		11.042%   8,350,000 7,453,527
Carlyle Global Market Strategies CLO Ltd.(a),(b)
Series 2016-3A Class ERR
3-month USD LIBOR + 7.000%
Floor 7.000%
07/20/2034 		11.808%   11,400,000 9,790,810
LendingPoint Asset Securitization Trust(a)
Subordinated Series 2021-A Class C
12/15/2028 2.750%   16,000,000 15,251,832
Madison Park Funding XXII Ltd.(a),(b)
Series 2016-22A Class DR
3-month USD LIBOR + 3.500%
Floor 3.500%
01/15/2033 		8.292%   10,900,000 10,345,801
Netcredit Combined Receivables LLC(a),(c),(d),(e)
Series 2023-A Class A
12/20/2027 7.780%   20,500,000 20,293,358
Octagon 55 Ltd.(a),(b)
Series 2021-1A Class E
3-month USD LIBOR + 6.500%
Floor 6.500%
07/20/2034 		11.308%   9,700,000 8,618,052
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Octagon Investment Partners 48 Ltd.(a),(b)
Series 2020-3A Class ER
3-month USD LIBOR + 6.700%
Floor 6.700%
10/20/2034 		11.508%   12,750,000 11,532,171
PAGAYA AI Debt Trust(a)
Subordinated Series 2022-3 Class B
03/15/2030 8.050%   13,933,649 13,804,204
Prosper Pass-Through Trust(a),(d)
Series 2019-ST2 Class A
11/15/2025 3.750%   492,215 492,216
Upstart Pass-Through Trust(a)
Series 2020-ST6 Class A
01/20/2027 3.000%   3,781,935 3,607,416
Total Asset-Backed Securities — Non-Agency
(Cost $175,548,243) 		160,285,211
Commercial Mortgage-Backed Securities - Non-Agency 3.8%
BFLD Trust(a),(b)
Subordinated Series 2019-DPLO Class D
1-month USD LIBOR + 1.840%
Floor 1.840%
10/15/2034 		6.428%   3,485,000 3,423,722
Subordinated Series 2019-DPLO Class E
1-month USD LIBOR + 2.240%
Floor 2.240%
10/15/2034 		6.828%   11,510,000 11,294,631
Braemar Hotels & Resorts Trust(a),(b)
Series 2018-PRME Class E
1-month USD LIBOR + 2.400%
Floor 2.400%
06/15/2035 		6.988%   8,700,000 8,166,145
Subordinated Series 2018-PRME Class D
1-month USD LIBOR + 1.800%
Floor 1.925%
06/15/2035 		6.388%   13,700,000 13,194,507
BX Trust(a)
Series 2019-OC11 Class E
12/09/2041 4.076%   7,208,000 5,741,393
BX Trust(a),(f)
Subordinated Series 2019-OC11 Class D
12/09/2041 3.944%   6,000,000 4,938,260
CLNY Trust(a),(b)
Subordinated Series 2019-IKPR Class E
1-month USD LIBOR + 2.721%
Floor 2.721%
11/15/2038 		7.309%   8,490,000 7,916,915
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated Series 2019-IKPR Class F
1-month USD LIBOR + 3.417%
Floor 3.417%
11/15/2038 		8.005%   16,035,000 14,843,718
Cold Storage Trust(a),(b)
Subordinated Series 2020-ICE5 Class F
1-month USD LIBOR + 3.492%
Floor 3.492%
11/15/2037 		8.080%   6,536,887 6,408,744
COMM Mortgage Trust(a),(f)
Subordinated Series 2020-CBM Class F
02/10/2037 3.633%   4,000,000 3,439,060
Credit Suisse Mortgage Capital Certificates OA LLC(a)
Subordinated Series 2014-USA Class E
09/15/2037 4.373%   7,525,000 4,349,638
Subordinated Series 2014-USA Class F
09/15/2037 4.373%   19,910,000 10,495,431
CSMC Trust(a),(f)
Subordinated Series 2019-UVIL Class E
12/15/2041 3.283%   15,300,000 10,797,687
Hilton USA Trust(a),(f)
Series 2016-HHV Class F
11/05/2038 4.194%   28,590,000 23,931,002
Hilton USA Trust(a)
Subordinated Series 2016-SFP Class E
11/05/2035 5.519%   11,500,000 10,622,628
Morgan Stanley Capital I Trust(a),(f)
Series 2019-MEAD Class E
11/10/2036 3.177%   15,500,000 13,369,026
Progress Residential Trust(a)
Series 2020-SFR1 Class F
04/17/2037 3.431%   17,000,000 15,394,700
Subordinated Series 2020-SFR2 Class F
06/17/2037 6.152%   12,000,000 11,464,612
Wells Fargo Commercial Mortgage Trust(a),(b)
Subordinated Series 2017-SMP Class D
1-month USD LIBOR + 1.900%
Floor 1.650%
12/15/2034 		6.363%   9,790,000 9,038,351
Total Commercial Mortgage-Backed Securities - Non-Agency
(Cost $208,918,311) 		188,830,170
    
Common Stocks 0.0%
Issuer Shares Value ($)
Communication Services 0.0%
Media 0.0%
iHeartMedia, Inc., Class A(g) 11,995 87,084
Total Communication Services 87,084
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Discretionary 0.0%
Multiline Retail 0.0%
Belk, Inc.(d),(g) 50 462
Total Consumer Discretionary 462
Energy 0.0%
Energy Equipment & Services 0.0%
Covia Holdings Corp.(g) 74,466 1,005,291
McDermott International Ltd.(g) 47,856 18,185
Total   1,023,476
Oil, Gas & Consumable Fuels 0.0%
New Frontera Holdings(d),(g) 14,302 215
Southcross Energy Partners LLC(d),(g) 14,393 108
Southcross Energy Partners LLC, Class A(d),(g) 272,263 14,974
Total   15,297
Total Energy 1,038,773
Industrials 0.0%
Machinery 0.0%
TNT Crane and Rigging, Inc.(g) 23,468 178,943
Total Industrials 178,943
Information Technology 0.0%
Communications Equipment 0.0%
Riverbed Technology, Inc.(d),(g) 13,308 3,394
Total Information Technology 3,394
Total Common Stocks
(Cost $1,389,098) 		1,308,656
    
Convertible Bonds 0.1%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Cable and Satellite 0.1%
DISH Network Corp.
Subordinated
08/15/2026 3.375%   9,468,000 6,050,811
Total Convertible Bonds
(Cost $8,994,157) 		6,050,811
 
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Convertible Preferred Stocks 0.0%
Issuer   Shares Value ($)
Information Technology 0.0%
Communications Equipment 0.0%
Riverbed Technology, Inc.(d) 7.000% 14,204 3,622
Total Information Technology 3,622
Total Convertible Preferred Stocks
(Cost $307,751) 		3,622
    
Corporate Bonds & Notes(h) 43.1%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Aerospace & Defense 1.3%
BAE Systems PLC(a)
02/15/2031 1.900%   12,470,000 9,828,157
Boeing Co. (The)
08/01/2059 3.950%   22,683,000 15,689,967
05/01/2060 5.930%   7,549,000 7,102,418
Bombardier, Inc.(a)
04/15/2027 7.875%   2,516,000 2,499,611
Howmet Aerospace, Inc.
01/15/2029 3.000%   5,006,000 4,295,365
Northrop Grumman Corp.
03/15/2053 4.950%   2,771,000 2,611,395
Spirit AeroSystems, Inc.(a)
11/30/2029 9.375%   1,135,000 1,202,451
TransDigm, Inc.(a)
12/15/2025 8.000%   2,772,000 2,833,163
03/15/2026 6.250%   8,643,000 8,533,804
TransDigm, Inc.
06/15/2026 6.375%   991,000 963,057
11/15/2027 5.500%   4,131,000 3,800,882
TransDigm, Inc.(a),(i)
08/15/2028 6.750%   2,450,000 2,437,247
Total 61,797,517
Airlines 0.4%
Air Canada(a)
08/15/2026 3.875%   2,022,000 1,825,067
American Airlines, Inc.(a)
07/15/2025 11.750%   2,307,000 2,527,715
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)
04/20/2026 5.500%   7,804,098 7,608,723
04/20/2029 5.750%   1,412,465 1,342,060
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a)
01/20/2026 5.750%   5,437,955 5,055,962
United Airlines, Inc.(a)
04/15/2026 4.375%   1,693,000 1,594,533
Total 19,954,060
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Automotive 0.7%
American Axle & Manufacturing, Inc.
04/01/2027 6.500%   195,000 179,899
Ford Motor Co.
02/12/2032 3.250%   3,984,000 3,024,269
01/15/2043 4.750%   4,953,000 3,632,882
Ford Motor Credit Co. LLC
09/08/2024 3.664%   3,700,000 3,548,539
06/16/2025 5.125%   4,449,000 4,295,380
11/13/2025 3.375%   1,036,000 952,646
08/17/2027 4.125%   4,839,000 4,317,525
11/04/2027 7.350%   1,788,000 1,814,606
02/16/2028 2.900%   1,231,000 1,026,145
11/13/2030 4.000%   498,000 415,301
Goodyear Tire & Rubber Co. (The)
07/15/2029 5.000%   4,437,000 3,860,874
IAA Spinco, Inc.(a)
06/15/2027 5.500%   1,497,000 1,513,977
IHO Verwaltungs GmbH(a),(j)
09/15/2026 4.750%   565,000 521,541
05/15/2029 6.375%   643,000 584,549
KAR Auction Services, Inc.(a)
06/01/2025 5.125%   1,518,000 1,479,519
Panther BF Aggregator 2 LP/Finance Co., Inc.(a)
05/15/2027 8.500%   3,927,000 3,903,772
Total 35,071,424
Banking 7.6%
Bank of America Corp.(k)
10/22/2030 2.884%   41,540,000 35,190,508
10/24/2031 1.922%   47,155,000 36,577,864
10/20/2032 2.572%   19,830,000 15,796,987
02/04/2033 2.972%   35,980,000 29,449,324
Citigroup, Inc.(k)
01/25/2033 3.057%   33,061,000 27,124,070
Goldman Sachs Group, Inc. (The)(k)
07/21/2032 2.383%   42,449,000 33,357,868
10/21/2032 2.650%   9,206,000 7,341,554
HSBC Holdings PLC(k)
05/24/2032 2.804%   12,449,000 9,930,647
11/22/2032 2.871%   36,469,000 28,855,619
JPMorgan Chase & Co.(k)
10/15/2030 2.739%   3,322,000 2,798,767
11/19/2031 1.764%   195,000 150,193
04/22/2032 2.580%   48,337,000 39,146,300
11/08/2032 2.545%   53,175,000 42,426,964
Morgan Stanley(k)
07/21/2032 2.239%   7,279,000 5,664,000
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
9
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated
09/16/2036 2.484%   2,990,000 2,229,225
Wells Fargo & Co.(k)
10/30/2030 2.879%   21,295,000 18,119,160
02/11/2031 2.572%   45,120,000 37,610,545
Total 371,769,595
Brokerage/Asset Managers/Exchanges 0.4%
AG Issuer LLC(a)
03/01/2028 6.250%   57,000 53,374
AG TTMT Escrow Issuer LLC(a)
09/30/2027 8.625%   3,743,000 3,798,144
Hightower Holding LLC(a)
04/15/2029 6.750%   2,280,000 1,941,195
NFP Corp(a)
10/01/2030 7.500%   2,568,000 2,449,576
NFP Corp.(a)
08/15/2028 4.875%   2,419,000 2,123,776
08/15/2028 6.875%   8,366,000 7,123,321
Total 17,489,386
Building Materials 0.3%
American Builders & Contractors Supply Co., Inc.(a)
01/15/2028 4.000%   2,879,000 2,576,705
Beacon Roofing Supply, Inc.(a)
11/15/2026 4.500%   2,420,000 2,272,503
05/15/2029 4.125%   1,447,000 1,239,025
Cemex SAB de CV(a)
06/05/2027 7.375%   350,000 355,335
James Hardie International Finance DAC(a)
01/15/2028 5.000%   1,493,000 1,401,576
SRS Distribution, Inc.(a)
07/01/2028 4.625%   3,231,000 2,832,298
07/01/2029 6.125%   2,178,000 1,833,043
12/01/2029 6.000%   2,378,000 1,982,094
White Cap Buyer LLC(a)
10/15/2028 6.875%   1,730,000 1,569,952
Total 16,062,531
Cable and Satellite 2.4%
CCO Holdings LLC/Capital Corp.(a)
05/01/2027 5.125%   3,596,000 3,323,928
02/01/2028 5.000%   2,860,000 2,593,774
06/01/2029 5.375%   1,545,000 1,378,610
03/01/2030 4.750%   1,653,000 1,390,090
08/15/2030 4.500%   4,927,000 4,062,844
02/01/2031 4.250%   866,000 694,783
02/01/2032 4.750%   2,722,000 2,217,006
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CCO Holdings LLC/Capital Corp.
05/01/2032 4.500%   9,589,000 7,590,516
Charter Communications Operating LLC/Capital
05/01/2047 5.375%   4,290,000 3,403,941
12/01/2061 4.400%   11,338,000 7,336,327
06/30/2062 3.950%   14,232,000 8,478,346
04/01/2063 5.500%   8,090,000 6,262,645
CSC Holdings LLC(a)
12/01/2030 4.125%   3,068,000 2,199,840
12/01/2030 4.625%   4,562,000 2,455,971
02/15/2031 3.375%   10,059,000 6,899,408
DIRECTV Holdings LLC/Financing Co., Inc.(a)
08/15/2027 5.875%   2,147,000 1,926,027
DISH DBS Corp.(a)
12/01/2028 5.750%   2,502,000 1,998,359
DISH DBS Corp.
06/01/2029 5.125%   9,845,000 5,819,308
DISH Network Corp.(a)
11/15/2027 11.750%   3,755,000 3,807,450
Radiate Holdco LLC/Finance, Inc.(a)
09/15/2026 4.500%   3,415,000 2,557,813
09/15/2028 6.500%   5,130,000 2,412,459
Sirius XM Radio, Inc.(a)
09/01/2026 3.125%   2,513,000 2,223,023
08/01/2027 5.000%   574,000 526,765
07/15/2028 4.000%   500,000 427,913
07/01/2029 5.500%   1,278,000 1,152,025
07/01/2030 4.125%   2,187,000 1,785,517
Videotron Ltd.(a)
06/15/2029 3.625%   18,114,000 15,264,575
Virgin Media Finance PLC(a)
07/15/2030 5.000%   4,644,000 3,800,126
Virgin Media Secured Finance PLC(a)
05/15/2029 5.500%   2,577,000 2,331,474
VZ Secured Financing BV(a)
01/15/2032 5.000%   5,066,000 4,190,128
Ziggo Bond Co. BV(a)
02/28/2030 5.125%   1,818,000 1,462,856
Ziggo Bond Finance BV(a)
01/15/2027 6.000%   1,956,000 1,821,551
Ziggo BV(a)
01/15/2030 4.875%   5,065,000 4,292,662
Total 118,088,060
Chemicals 0.9%
Avient Corp.(a)
08/01/2030 7.125%   2,176,000 2,180,080
Axalta Coating Systems LLC(a)
02/15/2029 3.375%   1,492,000 1,242,349
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Axalta Coating Systems LLC/Dutch Holding B BV(a)
06/15/2027 4.750%   1,456,000 1,354,238
Braskem Netherlands Finance BV(a)
01/10/2028 4.500%   500,000 451,120
01/31/2030 4.500%   9,000,000 7,587,835
Cheever Escrow Issuer LLC(a)
10/01/2027 7.125%   2,823,000 2,710,977
Element Solutions, Inc.(a)
09/01/2028 3.875%   4,241,000 3,674,086
HB Fuller Co.
10/15/2028 4.250%   3,430,000 3,007,433
Herens Holdco Sarl(a)
05/15/2028 4.750%   2,382,000 1,953,306
Illuminate Buyer LLC/Holdings IV, Inc.(a)
07/01/2028 9.000%   2,058,000 1,841,913
INEOS Quattro Finance 2 Plc(a)
01/15/2026 3.375%   1,561,000 1,375,028
Ingevity Corp.(a)
11/01/2028 3.875%   2,159,000 1,851,403
Innophos Holdings, Inc.(a)
02/15/2028 9.375%   1,917,000 1,905,001
Iris Holdings, Inc.(a),(j)
02/15/2026 8.750%   1,047,000 947,389
Olympus Water US Holding Corp.(a)
10/01/2028 4.250%   3,005,000 2,514,703
SPCM SA(a)
03/15/2027 3.125%   1,001,000 865,951
Unifrax Escrow Issuer Corp.(a)
09/30/2028 5.250%   1,512,000 1,173,320
WR Grace Holdings LLC(a)
06/15/2027 4.875%   4,613,000 4,240,439
08/15/2029 5.625%   5,715,000 4,605,675
03/01/2031 7.375%   612,000 607,593
Total 46,089,839
Construction Machinery 0.2%
H&E Equipment Services, Inc.(a)
12/15/2028 3.875%   6,880,000 5,925,002
Herc Holdings, Inc.(a)
07/15/2027 5.500%   1,295,000 1,220,188
Ritchie Bros. Auctioneers, Inc.(a)
01/15/2025 5.375%   1,649,000 1,648,644
United Rentals North America, Inc.
07/15/2030 4.000%   897,000 790,798
01/15/2032 3.750%   997,000 837,259
Total 10,421,891
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Consumer Cyclical Services 0.5%
APX Group, Inc.(a)
07/15/2029 5.750%   685,000 573,416
Arches Buyer, Inc.(a)
06/01/2028 4.250%   3,340,000 2,747,444
12/01/2028 6.125%   3,159,000 2,599,626
ASGN, Inc.(a)
05/15/2028 4.625%   2,024,000 1,828,360
Staples, Inc.(a)
04/15/2026 7.500%   2,014,000 1,791,707
Uber Technologies, Inc.(a)
05/15/2025 7.500%   2,461,000 2,485,736
08/15/2029 4.500%   11,992,000 10,624,373
Total 22,650,662
Consumer Products 0.3%
CD&R Smokey Buyer, Inc.(a)
07/15/2025 6.750%   4,962,000 4,327,756
Mattel, Inc.(a)
12/15/2027 5.875%   1,314,000 1,283,188
Newell Brands, Inc.
09/15/2027 6.375%   879,000 873,900
09/15/2029 6.625%   1,242,000 1,231,339
Prestige Brands, Inc.(a)
01/15/2028 5.125%   934,000 879,966
Scotts Miracle-Gro Co. (The)
04/01/2031 4.000%   1,475,000 1,185,870
Spectrum Brands, Inc.
07/15/2025 5.750%   1,006,000 989,676
Spectrum Brands, Inc.(a)
10/01/2029 5.000%   2,915,000 2,521,761
07/15/2030 5.500%   183,000 161,764
Tempur Sealy International, Inc.(a)
10/15/2031 3.875%   1,884,000 1,519,385
Total 14,974,605
Diversified Manufacturing 0.6%
Carrier Global Corp.
02/15/2030 2.722%   16,226,000 13,685,215
Chart Industries, Inc.(a)
01/01/2030 7.500%   1,355,000 1,375,747
01/01/2031 9.500%   465,000 485,993
Gates Global LLC/Co.(a)
01/15/2026 6.250%   2,554,000 2,494,428
Madison IAQ LLC(a)
06/30/2028 4.125%   1,254,000 1,071,916
06/30/2029 5.875%   2,297,000 1,831,857
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
11
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Resideo Funding, Inc.(a)
09/01/2029 4.000%   1,882,000 1,545,283
Vertical US Newco, Inc.(a)
07/15/2027 5.250%   608,000 554,283
WESCO Distribution, Inc.(a)
06/15/2025 7.125%   3,205,000 3,238,166
06/15/2028 7.250%   1,539,000 1,563,724
Total 27,846,612
Electric 1.7%
AEP Texas, Inc.
01/15/2050 3.450%   7,720,000 5,528,330
Calpine Corp.(a)
02/15/2028 4.500%   2,035,000 1,832,400
Clearway Energy Operating LLC(a)
02/15/2031 3.750%   8,354,000 6,793,897
01/15/2032 3.750%   4,484,000 3,569,680
Duke Energy Corp.
09/01/2046 3.750%   7,780,000 5,720,352
Emera US Finance LP
06/15/2046 4.750%   15,730,000 12,339,407
Georgia Power Co.
03/15/2042 4.300%   3,993,000 3,360,522
Leeward Renewable Energy Operations LLC(a)
07/01/2029 4.250%   3,086,000 2,624,758
NextEra Energy Operating Partners LP(a)
07/15/2024 4.250%   2,319,000 2,243,062
09/15/2027 4.500%   6,630,000 6,078,912
NRG Energy, Inc.(a)
02/15/2029 3.375%   1,229,000 1,001,767
06/15/2029 5.250%   2,109,000 1,876,065
02/15/2032 3.875%   10,895,000 8,445,708
Pacific Gas and Electric Co.
07/01/2050 4.950%   14,340,075 11,328,921
Pattern Energy Operations LP/Inc.(a)
08/15/2028 4.500%   1,034,000 922,687
PG&E Corp.
07/01/2028 5.000%   1,845,000 1,683,395
TerraForm Power Operating LLC(a)
01/31/2028 5.000%   1,141,000 1,050,908
01/15/2030 4.750%   4,591,000 3,974,776
Vistra Operations Co. LLC(a)
02/15/2027 5.625%   1,291,000 1,224,811
07/31/2027 5.000%   1,280,000 1,189,707
05/01/2029 4.375%   1,871,000 1,617,963
Total 84,408,028
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Environmental 0.3%
Clean Harbors, Inc.(a)
02/01/2031 6.375%   372,000 370,758
GFL Environmental, Inc.(a)
06/01/2025 4.250%   1,809,000 1,730,973
08/01/2025 3.750%   2,533,000 2,383,495
12/15/2026 5.125%   1,425,000 1,366,600
08/01/2028 4.000%   2,000,000 1,752,439
09/01/2028 3.500%   2,070,000 1,807,884
Waste Pro USA, Inc.(a)
02/15/2026 5.500%   5,139,000 4,691,066
Total 14,103,215
Finance Companies 0.6%
Navient Corp.
09/25/2023 7.250%   524,000 525,359
06/25/2025 6.750%   878,000 865,698
OneMain Finance Corp.
09/15/2030 4.000%   182,000 138,972
Provident Funding Associates LP/Finance Corp.(a)
06/15/2025 6.375%   2,662,000 2,407,939
Quicken Loans LLC/Co-Issuer, Inc.(a)
03/01/2029 3.625%   4,226,000 3,407,067
03/01/2031 3.875%   3,811,000 2,957,617
Rocket Mortgage LLC/Co-Issuer, Inc.(a)
10/15/2033 4.000%   19,824,000 14,669,528
Springleaf Finance Corp.
03/15/2023 5.625%   2,537,000 2,537,044
03/15/2024 6.125%   3,440,000 3,400,061
Total 30,909,285
Food and Beverage 1.7%
Anheuser-Busch Companies LLC/InBev Worldwide, Inc.
02/01/2036 4.700%   7,335,000 6,882,302
Bacardi Ltd.(a)
05/15/2048 5.300%   17,883,000 16,146,313
Darling Ingredients, Inc.(a)
04/15/2027 5.250%   2,845,000 2,743,220
FAGE International SA/USA Dairy Industry, Inc.(a)
08/15/2026 5.625%   10,218,000 9,656,752
Grupo Bimbo SAB de CV(a)
06/27/2024 3.875%   2,166,000 2,117,584
Lamb Weston Holdings, Inc.(a)
05/15/2028 4.875%   893,000 842,917
01/31/2030 4.125%   2,124,000 1,871,330
01/31/2032 4.375%   2,110,000 1,854,826
Pilgrim’s Pride Corp.(a)
09/30/2027 5.875%   3,370,000 3,303,013
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Pilgrim’s Pride Corp.
04/15/2031 4.250%   4,780,000 3,991,426
03/01/2032 3.500%   28,039,000 21,848,661
Post Holdings, Inc.(a)
03/01/2027 5.750%   1,840,000 1,798,513
04/15/2030 4.625%   1,287,000 1,116,198
09/15/2031 4.500%   2,918,000 2,464,843
Primo Water Holdings, Inc.(a)
04/30/2029 4.375%   2,296,000 1,969,663
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed(a)
03/01/2029 4.625%   3,314,000 2,703,014
US Foods, Inc.(a)
04/15/2025 6.250%   177,000 176,837
02/15/2029 4.750%   967,000 872,399
06/01/2030 4.625%   1,757,000 1,540,064
Total 83,899,875
Gaming 0.9%
Boyd Gaming Corp.
12/01/2027 4.750%   1,260,000 1,185,885
Boyd Gaming Corp.(a)
06/15/2031 4.750%   2,548,000 2,249,978
Caesars Entertainment, Inc.(a)
10/15/2029 4.625%   5,516,000 4,719,404
02/15/2030 7.000%   3,769,000 3,795,763
Colt Merger Sub, Inc.(a)
07/01/2025 5.750%   4,172,000 4,159,849
07/01/2025 6.250%   5,374,000 5,333,064
07/01/2027 8.125%   2,116,000 2,136,521
International Game Technology PLC(a)
02/15/2025 6.500%   559,000 560,546
04/15/2026 4.125%   1,446,000 1,343,629
MGM Resorts International
05/01/2025 6.750%   200,000 200,244
Midwest Gaming Borrower LLC(a)
05/01/2029 4.875%   4,992,000 4,282,608
Penn National Gaming, Inc.(a)
07/01/2029 4.125%   1,853,000 1,506,563
Scientific Games Holdings LP/US FinCo, Inc.(a)
03/01/2030 6.625%   3,087,000 2,717,887
Scientific Games International, Inc.(a)
07/01/2025 8.625%   1,839,000 1,881,004
05/15/2028 7.000%   1,446,000 1,413,786
11/15/2029 7.250%   2,450,000 2,416,260
Wynn Las Vegas LLC/Capital Corp.(a)
03/01/2025 5.500%   2,369,000 2,305,181
Total 42,208,172
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Health Care 2.2%
Acadia Healthcare Co., Inc.(a)
07/01/2028 5.500%   1,125,000 1,056,003
04/15/2029 5.000%   1,372,000 1,249,458
AdaptHealth LLC(a)
08/01/2029 4.625%   1,012,000 849,705
03/01/2030 5.125%   3,344,000 2,883,915
Avantor Funding, Inc.(a)
07/15/2028 4.625%   1,819,000 1,672,834
11/01/2029 3.875%   4,553,000 3,938,533
Becton Dickinson Euro Finance SARL
08/13/2041 1.336% EUR 8,469,000 5,402,115
Catalent Pharma Solutions, Inc.(a)
02/15/2029 3.125%   586,000 505,927
04/01/2030 3.500%   1,731,000 1,502,107
Charles River Laboratories International, Inc.(a)
05/01/2028 4.250%   455,000 410,746
03/15/2029 3.750%   1,124,000 976,345
03/15/2031 4.000%   975,000 838,576
CHS/Community Health Systems, Inc.(a)
04/15/2029 6.875%   2,712,000 1,904,470
05/15/2030 5.250%   5,131,000 4,123,938
02/15/2031 4.750%   3,273,000 2,529,715
CVS Health Corp.
07/20/2045 5.125%   15,095,000 13,600,260
GE Healthcare Holding LLC(a)
11/15/2027 5.650%   17,075,000 17,307,895
HCA, Inc.
02/01/2029 5.875%   2,135,000 2,133,786
HCA, Inc.(a)
03/15/2052 4.625%   25,887,000 20,363,049
Indigo Merger Sub, Inc.(a)
07/15/2026 2.875%   1,424,000 1,269,012
IQVIA, Inc.(a)
10/15/2026 5.000%   823,000 788,193
05/15/2027 5.000%   1,864,000 1,774,182
Mozart Debt Merger Sub, Inc.(a)
10/01/2029 5.250%   3,152,000 2,588,191
Select Medical Corp.(a)
08/15/2026 6.250%   4,045,000 3,870,552
Surgery Center Holdings, Inc.(a)
07/01/2025 6.750%   917,000 904,882
04/15/2027 10.000%   799,000 813,060
Tenet Healthcare Corp.
07/15/2024 4.625%   342,000 336,710
02/01/2027 6.250%   2,592,000 2,524,945
11/01/2027 5.125%   2,761,000 2,595,669
10/01/2028 6.125%   4,212,000 3,898,409
01/15/2030 4.375%   1,872,000 1,638,468
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
13
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
US Acute Care Solutions LLC(a)
03/01/2026 6.375%   2,468,000 2,187,558
Total 108,439,208
Healthcare Insurance 1.0%
Aetna, Inc.
11/15/2042 4.125%   2,786,000 2,273,041
Centene Corp.
10/15/2030 3.000%   29,371,000 24,003,823
08/01/2031 2.625%   7,507,000 5,869,001
UnitedHealth Group, Inc.
02/15/2030 5.300%   17,700,000 17,934,934
Total 50,080,799
Home Construction 0.3%
Meritage Homes Corp.
06/06/2027 5.125%   2,373,000 2,263,620
Meritage Homes Corp.(a)
04/15/2029 3.875%   9,096,000 7,835,573
Shea Homes LP/Funding Corp.
02/15/2028 4.750%   2,763,000 2,456,603
Taylor Morrison Communities, Inc.(a)
01/15/2028 5.750%   1,294,000 1,221,382
Taylor Morrison Communities, Inc./Holdings II(a)
03/01/2024 5.625%   695,000 691,397
Total 14,468,575
Independent Energy 1.5%
Apache Corp.
02/01/2042 5.250%   408,000 331,313
04/15/2043 4.750%   1,601,000 1,228,485
Callon Petroleum Co.(a)
08/01/2028 8.000%   6,021,000 5,906,491
Centennial Resource Production LLC(a)
04/01/2027 6.875%   723,000 695,981
CNX Resources Corp.(a)
03/14/2027 7.250%   224,000 222,205
01/15/2029 6.000%   1,638,000 1,484,787
Colgate Energy Partners III LLC(a)
07/01/2029 5.875%   6,645,000 5,969,348
CrownRock LP/Finance, Inc.(a)
05/01/2029 5.000%   1,142,000 1,035,666
Hilcorp Energy I LP/Finance Co.(a)
11/01/2028 6.250%   1,262,000 1,174,378
02/01/2029 5.750%   3,120,000 2,831,278
Matador Resources Co.
09/15/2026 5.875%   3,620,000 3,494,252
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Occidental Petroleum Corp.
09/01/2030 6.625%   4,862,000 4,995,289
01/01/2031 6.125%   6,973,000 7,021,849
09/15/2036 6.450%   19,770,000 19,826,240
03/15/2040 6.200%   1,485,000 1,455,802
03/15/2046 6.600%   5,307,000 5,400,685
Southwestern Energy Co.
02/01/2029 5.375%   938,000 877,721
02/01/2032 4.750%   7,949,000 6,838,306
Total 70,790,076
Integrated Energy 0.1%
Cenovus Energy, Inc.
02/15/2052 3.750%   4,960,000 3,512,021
Leisure 0.6%
Carnival Corp.(a)
03/01/2026 7.625%   3,212,000 2,891,455
03/01/2027 5.750%   3,034,000 2,492,606
Carnival Holdings Bermuda Ltd.(a)
05/01/2028 10.375%   2,369,000 2,534,925
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC(a)
05/01/2025 5.500%   684,000 676,374
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC
10/01/2028 6.500%   782,000 757,517
Cinemark USA, Inc.(a)
03/15/2026 5.875%   6,775,000 6,201,822
NCL Corp., Ltd.(a)
02/15/2027 5.875%   1,143,000 1,061,195
Royal Caribbean Cruises Ltd.(a)
08/31/2026 5.500%   4,750,000 4,367,169
07/15/2027 5.375%   556,000 489,591
01/15/2029 9.250%   595,000 631,145
01/15/2030 7.250%   3,132,000 3,139,844
Six Flags Entertainment Corp.(a)
07/31/2024 4.875%   1,889,000 1,855,901
Total 27,099,544
Life Insurance 0.7%
Five Corners Funding Trust(a)
11/15/2023 4.419%   10,756,000 10,657,279
Peachtree Corners Funding Trust(a)
02/15/2025 3.976%   25,683,000 24,733,057
Voya Financial, Inc.
06/15/2046 4.800%   89,000 74,409
Total 35,464,745
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Lodging 0.1%
Hilton Domestic Operating Co., Inc.(a)
05/01/2025 5.375%   966,000 955,173
Wyndham Hotels & Resorts, Inc.(a)
08/15/2028 4.375%   1,955,000 1,775,318
Total 2,730,491
Media and Entertainment 2.5%
Cengage Learning, Inc.(a)
06/15/2024 9.500%   9,716,000 9,473,118
Clear Channel International BV(a)
08/01/2025 6.625%   3,019,000 2,958,671
Clear Channel Outdoor Holdings, Inc.(a)
04/15/2028 7.750%   1,164,000 969,434
06/01/2029 7.500%   3,783,000 3,060,754
Clear Channel Worldwide Holdings, Inc.(a)
08/15/2027 5.125%   3,368,000 3,006,249
iHeartCommunications, Inc.
05/01/2026 6.375%   1,407,936 1,326,305
iHeartCommunications, Inc.(a)
08/15/2027 5.250%   3,659,000 3,192,387
Magallanes, Inc.(a)
03/15/2062 5.391%   52,285,000 40,666,384
Netflix, Inc.
04/15/2028 4.875%   3,047,000 2,954,284
11/15/2028 5.875%   6,157,000 6,238,390
05/15/2029 4.625% EUR 7,871,000 8,259,069
05/15/2029 6.375%   338,000 351,086
Netflix, Inc.(a)
11/15/2029 3.875% EUR 4,380,000 4,399,413
11/15/2029 5.375%   1,315,000 1,300,543
06/15/2030 3.625% EUR 7,476,000 7,333,258
06/15/2030 4.875%   13,193,000 12,686,333
Outfront Media Capital LLC/Corp.(a)
08/15/2027 5.000%   1,420,000 1,281,451
01/15/2029 4.250%   811,000 669,415
03/15/2030 4.625%   2,185,000 1,791,701
Playtika Holding Corp.(a)
03/15/2029 4.250%   5,545,000 4,543,307
Roblox Corp.(a)
05/01/2030 3.875%   3,260,000 2,679,963
Univision Communications, Inc.(a)
05/01/2029 4.500%   1,237,000 1,043,398
06/30/2030 7.375%   1,319,000 1,251,489
Total 121,436,402
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Metals and Mining 0.5%
Allegheny Technologies, Inc.
10/01/2029 4.875%   818,000 734,505
10/01/2031 5.125%   3,121,000 2,757,441
Constellium SE(a)
06/15/2028 5.625%   1,795,000 1,671,286
04/15/2029 3.750%   8,908,000 7,382,138
Hudbay Minerals, Inc.(a)
04/01/2029 6.125%   6,673,000 5,889,751
Kaiser Aluminum Corp.(a)
03/01/2028 4.625%   560,000 481,578
06/01/2031 4.500%   2,804,000 2,220,181
Novelis Corp.(a)
11/15/2026 3.250%   1,369,000 1,205,880
01/30/2030 4.750%   2,010,000 1,764,944
08/15/2031 3.875%   1,651,000 1,335,215
Total 25,442,919
Midstream 2.6%
CNX Midstream Partners LP(a)
04/15/2030 4.750%   2,202,000 1,808,143
DCP Midstream Operating LP
04/01/2044 5.600%   1,252,000 1,170,112
Delek Logistics Partners LP/Finance Corp.
05/15/2025 6.750%   1,292,000 1,268,215
DT Midstream, Inc.(a)
06/15/2029 4.125%   1,588,000 1,361,372
06/15/2031 4.375%   2,964,000 2,483,659
EQM Midstream Partners LP(a)
07/01/2025 6.000%   2,976,000 2,871,985
07/01/2027 6.500%   1,236,000 1,171,642
01/15/2029 4.500%   2,159,000 1,805,428
01/15/2031 4.750%   12,404,000 10,079,519
EQM Midstream Partners LP
07/15/2048 6.500%   10,829,000 8,072,979
Galaxy Pipeline Assets Bidco Ltd.(a)
03/31/2036 2.625%   12,000,000 9,517,929
09/30/2040 3.250%   3,925,000 3,003,499
Greensaif Pipelines Bidco Sarl(a)
02/23/2038 6.129%   2,912,000 2,921,428
Holly Energy Partners LP/Finance Corp.(a)
04/15/2027 6.375%   1,936,000 1,879,054
02/01/2028 5.000%   1,667,000 1,511,740
Kinder Morgan, Inc.
02/15/2046 5.050%   3,954,000 3,337,072
08/01/2052 5.450%   10,844,000 9,669,816
MPLX LP
03/14/2052 4.950%   3,790,000 3,152,887
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
15
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
NuStar Logistics LP
10/01/2025 5.750%   3,505,000 3,388,187
06/01/2026 6.000%   752,000 719,129
04/28/2027 5.625%   1,573,000 1,466,468
Plains All American Pipeline LP/Finance Corp.
06/15/2044 4.700%   26,497,000 20,476,058
TransMontaigne Partners LP/TLP Finance Corp.
02/15/2026 6.125%   2,648,000 2,261,319
Venture Global Calcasieu Pass LLC(a)
08/15/2029 3.875%   4,429,000 3,825,878
08/15/2031 4.125%   8,868,000 7,607,673
11/01/2033 3.875%   13,243,000 10,801,467
Williams Companies, Inc. (The)
09/15/2045 5.100%   10,500,000 9,229,806
Total 126,862,464
Natural Gas 0.2%
NiSource, Inc.
05/15/2047 4.375%   13,773,000 11,517,826
Oil Field Services 0.1%
Nabors Industries Ltd.(a)
01/15/2026 7.250%   1,430,000 1,360,385
01/15/2028 7.500%   1,217,000 1,134,798
Nabors Industries, Inc.(a)
05/15/2027 7.375%   1,151,000 1,107,291
Transocean Titan Financing Ltd.(a)
02/01/2028 8.375%   2,888,000 2,947,225
Total 6,549,699
Other Industry 0.0%
Booz Allen Hamilton, Inc.(a)
09/01/2028 3.875%   1,358,000 1,204,914
Hillenbrand, Inc.
03/01/2031 3.750%   1,167,000 952,338
Total 2,157,252
Other REIT 0.4%
Blackstone Mortgage Trust, Inc.(a)
01/15/2027 3.750%   2,997,000 2,552,684
Digital Dutch Finco BV(a)
03/15/2030 1.500% EUR 3,469,000 2,940,562
Ladder Capital Finance Holdings LLLP/Corp.(a)
10/01/2025 5.250%   3,838,000 3,599,005
02/01/2027 4.250%   1,293,000 1,103,882
06/15/2029 4.750%   5,315,000 4,340,779
Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer(a)
10/01/2028 5.875%   1,816,000 1,618,635
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer(a)
05/15/2029 4.875%   1,571,000 1,314,144
RHP Hotel Properties LP/Finance Corp.(a)
02/15/2029 4.500%   860,000 748,318
RLJ Lodging Trust LP(a)
07/01/2026 3.750%   1,102,000 997,586
Service Properties Trust
03/15/2024 4.650%   957,000 935,286
Total 20,150,881
Packaging 0.3%
Ardagh Metal Packaging Finance USA LLC/PLC(a)
06/15/2027 6.000%   1,033,000 999,152
09/01/2029 4.000%   3,939,000 3,156,015
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a)
08/15/2026 4.125%   1,940,000 1,772,453
Berry Global, Inc.
01/15/2026 1.570%   350,000 312,189
CANPACK SA/Eastern PA Land Investment Holding LLC(a)
11/01/2025 3.125%   1,018,000 902,776
Canpack SA/US LLC(a)
11/15/2029 3.875%   4,288,000 3,438,128
Sealed Air Corp.(a)
02/01/2028 6.125%   356,000 350,567
Trivium Packaging Finance BV(a)
08/15/2026 5.500%   3,592,000 3,395,697
08/15/2027 8.500%   1,408,000 1,338,889
Total 15,665,866
Pharmaceuticals 1.9%
1375209 BC Ltd.(a)
01/30/2028 9.000%   443,000 442,369
Amgen, Inc.(e)
03/02/2053 5.650%   23,253,000 23,061,621
03/02/2063 5.750%   52,482,000 51,756,907
Amgen, Inc.
02/22/2062 4.400%   6,262,000 5,026,251
Bausch Health Companies, Inc.(a)
02/01/2027 6.125%   2,070,000 1,426,788
06/01/2028 4.875%   2,868,000 1,788,642
09/30/2028 11.000%   789,000 620,499
10/15/2030 14.000%   156,000 99,355
Endo Dac/Finance LLC/Finco, Inc.(a),(l)
06/30/2028 0.000%   911,000 60,307
Grifols Escrow Issuer SA(a)
10/15/2028 4.750%   1,726,000 1,474,493
Jazz Securities DAC(a)
01/15/2029 4.375%   1,660,000 1,470,739
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Organon Finance 1 LLC(a)
04/30/2028 4.125%   4,589,000 4,048,889
04/30/2031 5.125%   3,943,000 3,360,652
Total 94,637,512
Property & Casualty 0.7%
Alliant Holdings Intermediate LLC/Co-Issuer(a)
10/15/2027 4.250%   1,693,000 1,501,524
10/15/2027 6.750%   3,396,000 3,087,321
04/15/2028 6.750%   4,390,000 4,293,886
11/01/2029 5.875%   2,406,000 2,017,032
AssuredPartners, Inc.(a)
08/15/2025 7.000%   817,000 800,729
01/15/2029 5.625%   2,393,000 2,032,875
Berkshire Hathaway Finance Corp.
03/15/2052 3.850%   13,797,000 11,128,341
BroadStreet Partners, Inc.(a)
04/15/2029 5.875%   3,525,000 3,038,995
GTCR AP Finance, Inc.(a)
05/15/2027 8.000%   1,091,000 1,050,869
HUB International Ltd.(a)
05/01/2026 7.000%   3,049,000 3,008,131
12/01/2029 5.625%   3,087,000 2,655,073
Ryan Specialty Group LLC(a)
02/01/2030 4.375%   388,000 332,024
USI, Inc.(a)
05/01/2025 6.875%   944,000 931,171
Total 35,877,971
Restaurants 0.3%
1011778 BC ULC/New Red Finance, Inc.(a)
04/15/2025 5.750%   2,011,000 2,000,053
01/15/2028 3.875%   3,236,000 2,886,997
Fertitta Entertainment LLC/Finance Co., Inc.(a)
01/15/2029 4.625%   1,305,000 1,129,391
01/15/2030 6.750%   2,042,000 1,692,020
IRB Holding Corp.(a)
06/15/2025 7.000%   3,646,000 3,646,000
Yum! Brands, Inc.
04/01/2032 5.375%   2,405,000 2,230,712
Total 13,585,173
Retailers 1.1%
Asbury Automotive Group, Inc.(a)
11/15/2029 4.625%   701,000 608,699
02/15/2032 5.000%   701,000 600,557
Group 1 Automotive, Inc.(a)
08/15/2028 4.000%   999,000 857,328
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Hanesbrands, Inc.(a)
02/15/2031 9.000%   1,046,000 1,057,998
L Brands, Inc.(a)
07/01/2025 9.375%   485,000 513,271
L Brands, Inc.
02/01/2028 5.250%   1,053,000 983,017
11/01/2035 6.875%   2,968,000 2,614,359
LCM Investments Holdings II LLC(a)
05/01/2029 4.875%   3,325,000 2,717,471
Lithia Motors, Inc.(a)
01/15/2031 4.375%   1,325,000 1,102,849
Lowe’s Companies, Inc.
04/01/2062 4.450%   9,118,000 7,119,238
09/15/2062 5.800%   29,815,000 28,803,154
PetSmart, Inc./Finance Corp.(a)
02/15/2028 4.750%   2,066,000 1,891,084
02/15/2029 7.750%   2,190,000 2,134,923
Wolverine World Wide, Inc.(a)
08/15/2029 4.000%   1,366,000 1,101,140
Total 52,105,088
Supermarkets 0.1%
Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
03/15/2026 7.500%   1,085,000 1,106,752
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
03/15/2026 3.250%   2,743,000 2,517,991
Total 3,624,743
Technology 2.5%
Black Knight InfoServ LLC(a)
09/01/2028 3.625%   2,302,000 2,013,370
Block, Inc.
06/01/2031 3.500%   1,723,000 1,392,505
Boxer Parent Co., Inc.(a)
10/02/2025 7.125%   447,000 443,610
Broadcom, Inc.(a)
11/15/2036 3.187%   18,394,000 13,323,675
Camelot Finance SA(a)
11/01/2026 4.500%   924,000 850,076
Clarivate Science Holdings Corp.(a)
07/01/2028 3.875%   1,277,000 1,102,438
07/01/2029 4.875%   3,176,000 2,742,834
Condor Merger Sub, Inc.(a)
02/15/2030 7.375%   2,806,000 2,220,287
Entegris Escrow Corp.(a)
04/15/2029 4.750%   1,836,000 1,669,611
06/15/2030 5.950%   3,323,000 3,098,834
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
17
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Gartner, Inc.(a)
07/01/2028 4.500%   1,484,000 1,366,077
06/15/2029 3.625%   6,225,000 5,388,764
10/01/2030 3.750%   16,143,000 13,726,320
HealthEquity, Inc.(a)
10/01/2029 4.500%   3,147,000 2,749,739
Helios Software Holdings, Inc.(a)
05/01/2028 4.625%   2,367,000 1,928,677
ION Trading Technologies Sarl(a)
05/15/2028 5.750%   2,087,000 1,703,652
Iron Mountain, Inc.(a)
09/15/2029 4.875%   664,000 580,622
07/15/2030 5.250%   2,592,000 2,260,513
Lenovo Group Ltd.(a)
04/24/2025 5.875%   5,000,000 4,980,402
Logan Merger Sub, Inc.(a)
09/01/2027 5.500%   5,973,000 2,863,919
Minerva Merger Sub, Inc.(a)
02/15/2030 6.500%   4,425,000 3,518,634
NCR Corp.(a)
10/01/2028 5.000%   3,666,000 3,176,407
04/15/2029 5.125%   3,881,000 3,314,274
09/01/2029 6.125%   1,130,000 1,098,637
10/01/2030 5.250%   174,000 145,598
Neptune Bidco US, Inc.(a)
04/15/2029 9.290%   3,439,000 3,253,459
NXP BV/Funding LLC/USA, Inc.
05/01/2030 3.400%   2,210,000 1,914,614
01/15/2033 5.000%   7,610,000 7,154,071
02/15/2042 3.125%   6,320,000 4,258,346
Picard Midco, Inc.(a)
03/31/2029 6.500%   4,838,000 4,192,655
PTC, Inc.(a)
02/15/2025 3.625%   349,000 331,737
02/15/2028 4.000%   1,072,000 973,659
Sabre GLBL, Inc.(a)
12/15/2027 11.250%   367,000 366,517
Sensata Technologies BV(a)
09/01/2030 5.875%   2,018,000 1,926,394
Shift4 Payments LLC/Finance Sub, Inc.(a)
11/01/2026 4.625%   4,503,000 4,136,903
Synaptics, Inc.(a)
06/15/2029 4.000%   2,355,000 1,955,368
Tempo Acquisition LLC/Finance Corp.(a)
06/01/2025 5.750%   725,000 717,917
Tencent Holdings Ltd.(a)
06/03/2050 3.240%   6,400,000 4,119,719
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Verscend Escrow Corp.(a)
08/15/2026 9.750%   2,565,000 2,579,342
ZoomInfo Technologies LLC/Finance Corp.(a)
02/01/2029 3.875%   4,838,000 4,035,161
Total 119,575,337
Transportation Services 0.1%
Adani Ports & Special Economic Zone Ltd.(a)
08/04/2027 4.200%   3,267,000 2,613,182
07/03/2029 4.375%   5,000,000 3,821,898
Total 6,435,080
Wireless 1.4%
Altice France Holding SA(a)
02/15/2028 6.000%   3,633,000 2,506,611
Altice France SA(a)
02/01/2027 8.125%   1,139,000 1,064,965
01/15/2028 5.500%   871,000 717,534
07/15/2029 5.125%   5,232,000 4,054,206
10/15/2029 5.500%   1,316,000 1,027,031
American Tower Corp.
08/15/2029 3.800%   12,821,000 11,560,448
06/15/2030 2.100%   3,570,000 2,822,259
Millicom International Cellular SA(a)
03/25/2029 6.250%   2,700,000 2,457,000
SBA Communications Corp.
02/15/2027 3.875%   1,176,000 1,063,435
02/01/2029 3.125%   5,224,000 4,303,504
Sprint Capital Corp.
11/15/2028 6.875%   3,743,000 3,924,087
03/15/2032 8.750%   1,214,000 1,444,682
Sprint Corp.
06/15/2024 7.125%   831,000 841,658
T-Mobile US, Inc.
02/15/2031 2.875%   14,184,000 11,778,824
04/15/2031 3.500%   17,298,000 14,984,358
Vmed O2 UK Financing I PLC(a)
01/31/2031 4.250%   931,000 749,232
07/15/2031 4.750%   3,870,000 3,191,401
Total 68,491,235
Wirelines 1.1%
AT&T, Inc.
03/01/2029 4.350%   10,065,000 9,541,861
12/01/2057 3.800%   4,530,000 3,179,849
CenturyLink, Inc.(a)
02/15/2027 4.000%   747,000 573,426
Front Range BidCo, Inc.(a)
03/01/2027 4.000%   1,233,000 947,003
 
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes(h) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Frontier Communications Holdings LLC(a)
10/15/2027 5.875%   2,060,000 1,913,464
05/15/2030 8.750%   822,000 831,345
Iliad Holding SAS(a)
10/15/2026 6.500%   5,813,000 5,438,787
10/15/2028 7.000%   4,689,000 4,329,912
Network i2i Ltd.(a),(k)
12/31/2079 5.650%   7,100,000 6,756,222
Verizon Communications, Inc.
03/21/2031 2.550%   21,930,000 17,915,319
Total 51,427,188
Total Corporate Bonds & Notes
(Cost $2,389,805,165) 		2,105,872,852
Foreign Government Obligations(h),(m) 7.3%
Angola 0.2%
Angolan Government International Bond(a)
11/26/2029 8.000%   10,040,000 9,089,522
Argentina 0.0%
Argentine Republic Government International Bond
07/09/2029 1.000%   9,405 2,920
Argentine Republic Government International Bond(k)
07/09/2030 0.500%   85,626 27,743
07/09/2035 0.500%   156,873 44,638
Total 75,301
Azerbaijan 0.1%
Republic of Azerbaijan International Bond(a)
09/01/2032 3.500%   6,524,000 5,524,521
Brazil 0.2%
Brazilian Government International Bond
06/12/2030 3.875%   2,024,000 1,746,718
01/07/2041 5.625%   11,000,000 9,484,900
Total 11,231,618
Canada 0.2%
MEGlobal Canada ULC(a)
05/18/2025 5.000%   4,950,000 4,864,015
NOVA Chemicals Corp.(a)
06/01/2027 5.250%   3,264,000 2,938,175
05/15/2029 4.250%   2,216,000 1,832,107
Total 9,634,297
Colombia 0.9%
Colombia Government International Bond
02/26/2044 5.625%   6,725,000 4,867,788
06/15/2045 5.000%   11,200,000 7,393,295
05/15/2049 5.200%   7,147,000 4,751,313
Foreign Government Obligations(h),(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Colombian TES
03/26/2031 7.000% COP 45,619,500,000 6,659,767
Ecopetrol SA
04/29/2030 6.875%   23,038,000 20,543,838
Total 44,216,001
Dominican Republic 0.4%
Dominican Republic International Bond(a)
01/25/2027 5.950%   4,475,000 4,392,492
01/30/2030 4.500%   2,295,000 1,976,118
09/23/2032 4.875%   500,000 419,535
04/30/2044 7.450%   7,900,000 7,602,933
01/27/2045 6.850%   4,881,000 4,368,568
Total 18,759,646
Egypt 0.4%
Egypt Government International Bond(a)
03/01/2029 7.600%   1,250,000 981,809
04/16/2030 5.625% EUR 6,600,000 4,661,918
02/16/2031 5.875%   500,000 334,359
05/29/2032 7.625%   8,162,000 5,797,509
01/31/2047 8.500%   5,700,000 3,648,233
02/21/2048 7.903%   3,000,000 1,814,387
03/01/2049 8.700%   965,000 620,599
Total 17,858,814
Ghana 0.1%
Ghana Government International Bond(a),(l)
02/11/2035 0.000%   2,400,000 894,745
03/26/2051 0.000%   5,000,000 1,815,581
Total 2,710,326
Guatemala 0.1%
Guatemala Government Bond(a)
06/01/2050 6.125%   5,000,000 4,746,192
Hungary 0.3%
Hungary Government International Bond(a)
09/22/2031 2.125%   20,100,000 15,450,518
India 0.1%
Export-Import Bank of India(a)
01/15/2030 3.250%   6,200,000 5,384,755
Indonesia 0.5%
Indonesia Asahan Aluminium Persero PT(a)
05/15/2050 5.800%   6,000,000 5,323,467
Indonesia Government International Bond(a)
01/15/2045 5.125%   3,600,000 3,512,271
Indonesia Treasury Bond
04/15/2039 8.375% IDR 68,305,000,000 5,042,334
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
19
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Foreign Government Obligations(h),(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
PT Pertamina Persero(a)
05/30/2044 6.450%   10,066,000 10,267,160
Total 24,145,232
Ivory Coast 0.2%
Ivory Coast Government International Bond(a)
01/30/2032 4.875% EUR 9,275,000 7,504,778
06/15/2033 6.125%   3,847,000 3,328,555
Total 10,833,333
Malaysia 0.1%
Petronas Capital Ltd.(a)
04/21/2030 3.500%   4,800,000 4,397,161
Mexico 1.1%
Mexico Government International Bond
04/16/2030 3.250%   4,000,000 3,482,940
05/29/2031 7.750% MXN 446,370,000 22,220,991
08/14/2041 4.280%   300,000 240,375
Petroleos Mexicanos
01/28/2031 5.950%   2,235,000 1,712,371
02/16/2032 6.700%   12,449,000 9,885,828
09/21/2047 6.750%   8,542,000 5,538,607
01/23/2050 7.690%   15,000,000 10,600,134
Total 53,681,246
Oman 0.1%
Oman Government International Bond(a)
01/17/2048 6.750%   6,506,000 6,242,145
Oman Sovereign Sukuk Co.(a)
06/01/2024 4.397%   500,000 493,156
Total 6,735,301
Panama 0.1%
Panama Government International Bond
01/19/2033 3.298%   6,779,000 5,512,810
Paraguay 0.1%
Paraguay Government International Bond(a)
03/27/2027 4.700%   2,000,000 1,922,323
08/11/2044 6.100%   2,939,000 2,778,554
Total 4,700,877
Qatar 0.4%
Qatar Government International Bond(a)
04/16/2030 3.750%   2,000,000 1,903,971
03/14/2049 4.817%   15,614,000 14,909,219
Qatar Petroleum(a)
07/12/2031 2.250%   6,077,000 4,995,150
Total 21,808,340
Foreign Government Obligations(h),(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Romania 0.2%
Romanian Government International Bond(a)
01/28/2050 3.375% EUR 12,000,000 7,441,674
02/14/2051 4.000%   2,246,000 1,572,718
Total 9,014,392
Saudi Arabia 0.4%
Saudi Arabian Oil Co.(a)
11/24/2030 2.250%   15,163,000 12,464,298
Saudi Government International Bond(a)
10/22/2030 3.250%   3,000,000 2,703,648
04/17/2049 5.000%   5,000,000 4,611,234
Total 19,779,180
South Africa 0.6%
Republic of South Africa Government Bond
01/31/2030 8.000% ZAR 219,595,663 10,733,450
Republic of South Africa Government International Bond
09/30/2029 4.850%   4,800,000 4,239,579
09/30/2049 5.750%   16,025,000 11,731,717
Total 26,704,746
Ukraine 0.1%
NAK Naftogaz Ukraine via Kondor Finance PLC(a)
11/08/2026 7.625%   4,200,000 810,320
Ukraine Government International Bond(a)
09/01/2028 7.750%   9,800,000 1,860,175
09/25/2034 7.375%   12,900,000 2,197,052
03/15/2035 7.253%   6,000,000 1,029,470
Total 5,897,017
United Arab Emirates 0.4%
DP World Crescent Ltd.(a)
07/18/2029 3.875%   5,600,000 5,233,568
DP World Ltd.(a)
09/25/2048 5.625%   6,091,000 5,904,731
DP World PLC(a)
07/02/2037 6.850%   3,650,000 4,057,531
09/30/2049 4.700%   2,000,000 1,724,492
Total 16,920,322
United Kingdom 0.0%
NAK Naftogaz Ukraine via Kondor Finance PLC(a)
07/19/2024 7.125% EUR 3,800,000 788,773
Total Foreign Government Obligations
(Cost $424,667,235) 		355,600,241
 
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency 32.9%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Federal Home Loan Mortgage Corp.
05/01/2052 3.000%   62,615,575 55,505,493
07/01/2052-
08/01/2052 		4.000%   63,040,070 59,807,906
Federal Home Loan Mortgage Corp.(n)
CMO Series 304 Class C69
12/15/2042 4.000%   2,557,652 489,412
CMO Series 4147 Class CI
01/15/2041 3.500%   2,092,589 94,370
Federal Home Loan Mortgage Corp.(b),(n)
CMO Series 318 Class S1
-1.0 x 1-month USD LIBOR + 5.950%
Cap 5.950%
11/15/2043 		1.362%   4,705,633 435,760
CMO Series 4620 Class AS
-1.0 x 1-month USD LIBOR + 0.440%
11/15/2042 		0.000%   8,804,739 398,469
CMO Series 4903 Class SA
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
08/25/2049 		1.433%   26,149,322 2,590,213
CMO STRIPS Series 326 Class S1
-1.0 x 1-month USD LIBOR + 6.000%
Cap 6.000%
03/15/2044 		1.412%   835,050 74,787
Federal Home Loan Mortgage Corp.(f),(n)
CMO Series 4515 Class SA
08/15/2038 0.000%   4,094,681 130,495
Federal Home Loan Mortgage Corp. REMICS(n)
CMO Series 5051 Class KI
12/25/2050 2.500%   36,486,559 5,939,191
CMO Series 5192 Class PI
10/25/2051 2.500%   62,950,615 7,669,261
CMO Series 5198 Class KI
02/25/2052 3.000%   42,033,661 8,227,745
Federal National Mortgage Association
08/01/2032-
04/01/2052 		3.000%   97,153,660 86,252,396
05/01/2052 3.500%   165,095,037 152,216,540
Federal National Mortgage Association(f),(n)
CMO Series 2006-5 Class N1
08/25/2034 0.000%   3,138,477 31
Federal National Mortgage Association(n)
CMO Series 2012-129 Class IC
01/25/2041 3.500%   1,032,470 47,724
Residential Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2012-131 Class MI
01/25/2040 3.500%   1,346,340 55,085
CMO Series 2012-133 Class EI
07/25/2031 3.500%   342,066 6,036
CMO Series 2013-1 Class AI
02/25/2043 3.500%   1,729,024 237,673
Federal National Mortgage Association(b),(n)
CMO Series 2013-101 Class CS
-1.0 x 1-month USD LIBOR + 5.900%
Cap 5.900%
10/25/2043 		1.283%   6,479,843 596,470
CMO Series 2014-93 Class ES
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
01/25/2045 		1.533%   11,241,123 1,196,195
CMO Series 2016-26 Class SA
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
05/25/2046 		1.433%   10,376,630 1,452,505
CMO Series 2016-31 Class VS
-1.0 x 1-month USD LIBOR + 6.000%
Cap 6.000%
06/25/2046 		1.383%   6,519,784 581,771
CMO Series 2016-42 Class SB
-1.0 x 1-month USD LIBOR + 6.000%
Cap 6.000%
07/25/2046 		1.383%   23,444,170 2,597,246
CMO Series 2017-47 Class SE
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
06/25/2047 		1.483%   7,489,055 1,063,617
CMO Series 2017-56 Class SB
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
07/25/2047 		1.533%   24,908,965 2,949,159
CMO Series 2018-76 Class SN
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
10/25/2048 		1.533%   8,022,450 917,394
CMO Series 2019-67 Class SE
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
11/25/2049 		1.433%   22,611,966 2,981,399
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
21
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2019-8 Class SG
-1.0 x 1-month USD LIBOR + 6.000%
Cap 6.000%
03/25/2049 		1.383%   23,878,700 2,070,510
Federal National Mortgage Association REMICS(n)
CMO Series 2020-77 Class IL
11/25/2050 2.500%   35,733,020 5,151,247
Government National Mortgage Association
08/15/2031 7.000%   13,347 13,539
04/15/2034 5.000%   86,125 87,089
Government National Mortgage Association(n)
CMO Series 2014-190 Class AI
12/20/2038 3.500%   7,229,377 618,785
CMO Series 2020-138 Class GI
09/20/2050 3.000%   37,477,040 5,522,519
CMO Series 2020-191 Class UG
12/20/2050 3.500%   44,312,328 7,197,611
CMO Series 2021-140 Class IW
08/20/2051 3.500%   50,358,698 8,346,355
CMO Series 2021-57 Class KI
03/20/2051 3.500%   47,108,454 7,706,133
CMO Series 2021-89 Class IO
05/20/2051 3.000%   52,762,730 7,709,959
Government National Mortgage Association(b),(n)
CMO Series 2016-20 Class SQ
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
02/20/2046 		1.502%   10,349,740 868,242
CMO Series 2017-129 Class SA
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
08/20/2047 		1.602%   8,109,312 724,306
CMO Series 2017-133 Class SM
-1.0 x 1-month USD LIBOR + 6.250%
Cap 6.250%
09/20/2047 		1.652%   9,174,284 757,031
CMO Series 2017-141 Class ES
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
09/20/2047 		1.602%   12,074,964 1,275,669
CMO Series 2018-124 Class SA
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
09/20/2048 		1.602%   14,763,270 1,178,953
Residential Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2018-155 Class ES
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
11/20/2048 		1.502%   11,580,233 880,660
CMO Series 2018-168 Class SA
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
12/20/2048 		1.502%   10,223,254 1,018,037
CMO Series 2018-67 Class SP
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
05/20/2048 		1.602%   9,068,994 733,049
CMO Series 2019-152 Class BS
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
12/20/2049 		1.452%   23,477,078 1,924,472
CMO Series 2019-23 Class LS
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
02/20/2049 		1.452%   7,075,448 655,510
CMO Series 2019-23 Class QS
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
02/20/2049 		1.452%   20,046,395 1,834,881
CMO Series 2019-29 Class DS
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
03/20/2049 		1.452%   16,509,453 1,125,505
CMO Series 2019-41 Class AS
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
03/20/2049 		1.452%   15,938,678 1,451,158
CMO Series 2019-5 Class SH
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
01/20/2049 		1.552%   10,836,537 1,029,741
CMO Series 2019-59 Class JS
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
05/20/2049 		1.552%   10,648,812 1,001,004
 
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2021-155 Class SG
-1.0 x 1-month USD LIBOR + 6.300%
Cap 6.300%
09/20/2051 		1.702%   49,490,738 5,887,522
Government National Mortgage Association TBA(e)
03/21/2053 3.000%   32,000,000 28,563,125
Uniform Mortgage-Backed Security TBA(e)
03/16/2038-
03/13/2053 		3.000%   59,000,000 52,894,276
03/13/2053 4.000%   361,000,000 338,832,344
03/13/2053 4.500%   350,000,000 337,203,125
03/13/2053 5.000%   395,000,000 388,272,656
Total Residential Mortgage-Backed Securities - Agency
(Cost $1,691,942,595) 		1,607,049,356
Residential Mortgage-Backed Securities - Non-Agency 19.4%
510 Asset Backed Trust(a),(f)
CMO Series 2021-NPL2 Class A1
06/25/2061 2.116%   17,082,536 15,877,472
Bellemeade Re Ltd.(a),(b)
CMO Series 2019-2A Class M2
1-month USD LIBOR + 3.100%
Floor 3.100%
04/25/2029 		7.717%   10,208,580 10,386,462
CMO Series 2019-4A Class M1C
1-month USD LIBOR + 2.500%
Floor 2.500%
10/25/2029 		7.117%   11,265,687 11,319,859
CMO Series 2020-3A Class M2
1-month USD LIBOR + 4.850%
Floor 4.850%
10/25/2030 		9.467%   13,800,000 14,349,481
CMO Series 2020-4A Class M2B
1-month USD LIBOR + 3.600%
Floor 3.600%
06/25/2030 		8.217%   2,912,338 2,909,180
CMO Series 2021-1A Class M1C
30-day Average SOFR + 2.950%
Floor 2.950%
03/25/2031 		7.434%   15,000,000 14,819,092
BRAVO Residential Funding Trust(a),(f)
CMO Series 2021-A Class A1
10/25/2059 1.991%   10,162,010 9,486,382
CMO Series 2021-B Class A1
04/01/2069 2.115%   14,139,020 13,425,670
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
BVRT Financing Trust(a),(b),(d)
CMO Series 2021-2F Class M2
30-day Average SOFR + 2.500%
Floor 2.500%
01/10/2032 		3.761%   2,359,206 2,362,257
CMO Series 2021-3F Class M2
30-day Average SOFR + 2.900%
Floor 2.900%
07/12/2033 		4.187%   20,000,000 20,000,000
BVRT Financing Trust(a),(b),(c),(d)
CMO Series 2021-CRT1 Class M4
1-month USD LIBOR + 3.500%
Floor 3.500%
07/10/2032 		3.589%   41,000,000 39,449,175
CIM Trust(a),(f)
CMO Series 2021-NR4 Class A1
10/25/2061 2.816%   10,786,522 10,014,823
Citigroup Mortgage Loan Trust, Inc.(a),(f)
CMO Series 2010-6 Class 2A2
09/25/2035 4.198%   187,205 181,042
Citigroup Mortgage Loan Trust, Inc.(a)
Subordinated CMO Series 2014-C Class B1
02/25/2054 4.250%   2,545,870 2,448,044
Connecticut Avenue Securities Trust(a),(b)
CMO Series 2019-HRP1 Class M2
1-month USD LIBOR + 2.150%
11/25/2039 		6.767%   7,212,091 7,211,344
Subordinated CMO Series 2022-R01 Class 1B2
30-day Average SOFR + 6.000%
12/25/2041 		10.484%   34,900,000 31,017,134
Subordinated CMO Series 2022-R07 Class 1B2
30-day Average SOFR + 12.000%
06/25/2042 		16.484%   11,850,000 12,632,098
CSMC Trust(a),(f)
CMO Series 2020-RPL2 Class A12
02/25/2060 3.456%   7,381,211 7,275,452
CTS Corp.(a)
CMO Series 2015-6R Class 3A2
02/27/2036 3.750%   2,280,994 2,189,136
Eagle Re Ltd.(a),(b)
CMO Series 2019-1 Class M2
1-month USD LIBOR + 3.300%
04/25/2029 		7.917%   16,541,000 16,724,772
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
23
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2021-1 Class M1C
30-day Average SOFR + 2.700%
Floor 2.700%
10/25/2033 		7.010%   12,725,000 12,737,374
Subordinated CMO Series 2020-1 Class M1B
1-month USD LIBOR + 1.450%
01/25/2030 		6.067%   27,895,502 27,851,555
Subordinated CMO Series 2020-1 Class M1C
1-month USD LIBOR + 1.800%
01/25/2030 		6.417%   9,650,000 9,579,921
Fannie Mae Connecticut Avenue Securities(a),(b)
Subordinated CMO Series 2021-R02 Class 2B1
30-day Average SOFR + 3.300%
11/25/2041 		7.784%   9,800,000 9,336,277
Freddie Mac STACR(b)
CMO Series 2020-CS02 Class M4
1-month USD LIBOR + 0.000%
06/25/2033 		4.506%   15,000,000 13,370,118
Freddie Mac STACR REMIC Trust(a),(b)
CMO Series 2021-HQA1 Class M2
30-day Average SOFR + 2.250%
08/25/2033 		6.734%   9,756,000 9,531,872
CMO Series 2022-HQA1 Class M2
30-day Average SOFR + 5.250%
03/25/2042 		9.734%   17,250,000 17,302,364
Subordinated CMO Series 2020-DNA4 Class B1
1-month USD LIBOR + 6.000%
08/25/2050 		10.617%   17,521,915 18,786,242
Subordinated CMO Series 2020-DNA6 Class B1
30-day Average SOFR + 3.000%
12/25/2050 		7.484%   15,400,000 14,899,879
Subordinated CMO Series 2021-DNA1 Class B1
30-day Average SOFR + 2.650%
01/25/2051 		7.134%   10,400,000 9,733,005
Subordinated CMO Series 2021-DNA5 Class B1
30-day Average SOFR + 3.050%
01/25/2034 		7.534%   15,700,000 14,834,437
Subordinated CMO Series 2021-HQA1 Class B2
30-day Average SOFR + 5.000%
08/25/2033 		9.484%   12,250,000 9,980,427
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(b),(c),(d)
CMO Series 2019-CS03 Class M2
1-month USD LIBOR + 0.000%
10/25/2032 		4.506%   23,000,000 22,051,250
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(b)
CMO Series 2020-HQA5 Class M2
30-day Average SOFR + 2.600%
11/25/2050 		7.084%   11,376,856 11,523,862
Subordinated CMO Series 2020-HQA5 Class B1
30-day Average SOFR + 4.000%
11/25/2050 		8.484%   18,650,000 18,792,684
Subordinated CMO Series 2022-DNA2 Class B1
30-day Average SOFR + 4.750%
02/25/2042 		9.234%   19,550,000 19,097,128
Subordinated CMO Series 2022-DNA2 Class B2
30-day Average SOFR + 8.500%
02/25/2042 		12.984%   16,300,000 15,224,472
Glebe Funding Trust (The)(a),(d)
CMO Series 2021-1 Class PT
10/27/2023 3.000%   15,720,693 14,423,735
Home Re Ltd.(a),(b)
CMO Series 2018-1 Class M2
1-month USD LIBOR + 3.000%
10/25/2028 		7.617%   6,979,360 7,051,280
Loan Revolving Advance Investment Trust(a),(b),(c),(d)
CMO Series 2021-2 Class A1X
1-month USD LIBOR + 2.750%
Floor 2.750%
06/30/2023 		7.328%   321,326 321,326
Mortgage Acquisition Trust I LLC(a),(d)
CMO Series 2021-1 Class PT
11/29/2023 3.500%   7,323,248 6,691,618
Mortgage Insurance-Linked Notes(a),(b)
CMO Series 2020-1 Class M1C
1-month USD LIBOR + 1.750%
Floor 1.750%
01/25/2030 		6.367%   4,150,000 4,032,380
CMO Series 2020-1 Class M2A
1-month USD LIBOR + 2.000%
Floor 2.000%
01/25/2030 		6.617%   7,700,000 7,554,139
 
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
New York Mortgage Trust(a),(f)
CMO Series 2021-BPL1 Class A1
05/25/2026 2.239%   19,240,000 18,101,660
NRZ Excess Spread-Collateralized Notes(a)
Series 2020-PLS1 Class A
12/25/2025 3.844%   6,478,516 5,973,679
Oaktown Re III Ltd.(a),(b)
CMO Series 2019-1A Class M1B
1-month USD LIBOR + 1.950%
Floor 1.950%
07/25/2029 		6.567%   5,692,483 5,685,174
Oaktown Re VI Ltd.(a),(b)
CMO Series 2021-1A Class M1C
30-day Average SOFR + 3.000%
Floor 3.000%
10/25/2033 		7.484%   9,800,000 9,512,597
PMT Credit Risk Transfer Trust(a),(b)
Series 2019-2R Class A
1-month USD LIBOR + 2.750%
Floor 2.750%
05/27/2023 		7.267%   5,332,226 5,303,032
PNMAC GMSR Issuer Trust(a),(b)
CMO Series 2018-GT1 Class A
1-month USD LIBOR + 2.850%
Floor 2.850%
02/25/2025 		7.467%   56,500,000 56,311,951
CMO Series 2018-GT2 Class A
1-month USD LIBOR + 2.650%
08/25/2025 		7.267%   85,550,000 83,935,321
Point Securitization Trust(a),(f)
CMO Series 2021-1 Class A1
02/25/2052 3.228%   21,040,490 19,932,744
Preston Ridge Partners Mortgage(a),(f)
CMO Series 2021-4 Class A1
04/25/2026 1.867%   13,416,695 12,586,621
Preston Ridge Partners Mortgage Trust(a),(f)
CMO Series 2021-1 Class A1
01/25/2026 2.115%   3,406,537 3,238,325
CMO Series 2021-2 Class A1
03/25/2026 2.115%   11,351,660 10,688,963
CMO Series 2021-3 Class A1
04/25/2026 1.867%   12,224,093 11,235,583
Pretium Mortgage Credit Partners(a),(f)
CMO Series 2022-NPL1 Class A1
01/25/2052 2.981%   18,829,567 17,316,772
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Pretium Mortgage Credit Partners I LLC(a),(f)
CMO Series 2021-NPL1 Class A1
09/27/2060 2.240%   7,563,085 7,096,785
Pretium Mortgage Credit Partners LLC(a),(f)
CMO Series 2021-RN2 Class A1
07/25/2051 1.744%   9,748,054 8,829,997
Radnor Re Ltd.(a),(b)
CMO Series 2018-1 Class M2
1-month USD LIBOR + 2.700%
03/25/2028 		7.317%   9,595,926 9,601,287
CMO Series 2021-1 Class M2
30-day Average SOFR + 3.150%
12/27/2033 		7.634%   18,984,000 18,385,055
Stonnington Mortgage Trust(a),(c),(d),(f)
CMO Series 2020-1 Class A
07/28/2024 3.500%   1,903,899 1,871,581
Toorak Mortgage Corp., Ltd.(a),(f)
CMO Series 2021-1 Class A1
06/25/2024 2.240%   15,000,000 14,190,816
Triangle Re Ltd.(a),(b)
CMO Series 2021-2 Class M1C
1-month USD LIBOR + 4.500%
Floor 4.500%
10/25/2033 		9.117%   19,500,000 20,177,633
CMO Series 2021-2 Class M2
1-month USD LIBOR + 5.500%
Floor 5.500%
10/25/2033 		10.117%   10,750,000 10,795,790
VCAT Asset Securitization LLC(a),(f)
CMO Series 2021-NPL6 Class A1
09/25/2051 1.917%   19,758,026 18,087,293
VCAT LLC(a),(f)
CMO Series 2021-NPL5 Class A1
08/25/2051 1.868%   22,073,359 20,147,690
Vericrest Opportunity Loan Transferee(a),(f)
CMO Series 2021-NPL4 Class A1
03/27/2051 2.240%   8,719,771 8,329,220
Verus Securitization Trust(a),(f)
Subordinated CMO Series 2019-INV3 Class B1
11/25/2059 3.731%   7,300,000 5,950,437
Visio Trust(a),(f)
CMO Series 2019-2 Class M1
11/25/2054 3.260%   4,200,000 3,676,838
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
25
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated CMO Series 2019-2 Class B1
11/25/2054 3.910%   3,600,000 3,004,696
Total Residential Mortgage-Backed Securities - Non-Agency
(Cost $970,913,338) 		948,753,760
Senior Loans 7.0%
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Aerospace & Defense 0.0%
TransDigm, Inc.(b),(i),(o)
Tranche 1 Term Loan
1-month Term SOFR + 3.250%
08/10/2028 		7.825%   1,538,413 1,533,613
Airlines 0.1%
AAdvantage Loyalty IP Ltd./American Airlines, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 4.750%
Floor 0.750%
04/20/2028 		9.558%   3,189,781 3,264,454
Kestrel Bidco, Inc.(b),(o)
Term Loan
3-month USD LIBOR + 3.000%
Floor 1.000%
12/11/2026 		7.592%   1,440,544 1,367,840
United AirLines, Inc.(b),(o)
Tranche B Term Loan
3-month USD LIBOR + 3.750%
Floor 0.750%
04/21/2028 		8.568%   2,037,058 2,030,702
Total 6,662,996
Automotive 0.1%
American Axle & Manufacturing, Inc.(b),(o)
Tranche B Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
12/13/2029 		8.160%   566,222 565,090
Clarios Global LP(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.250%
04/30/2026 		7.885%   1,690,416 1,680,121
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
First Brands Group LLC(b),(o)
1st Lien Term Loan
1-month Term SOFR + 5.000%
Floor 1.000%
03/30/2027 		10.252%   3,134,667 3,033,762
Total 5,278,973
Brokerage/Asset Managers/Exchanges 0.2%
AlixPartners LLP(b),(o)
Term Loan
1-month USD LIBOR + 2.750%
Floor 0.500%
02/04/2028 		7.385%   1,468,763 1,465,326
Allspring Buyer LLC(b),(o)
Term Loan
3-month USD LIBOR + 3.000%
Floor 0.500%
11/01/2028 		7.750%   1,320,665 1,312,411
Citadel Securities LP(b),(o)
Term Loan
1-month Term SOFR + 2.500%
02/02/2028 		7.232%   2,942,538 2,914,496
Russell Investments US Institutional Holdco, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 3.500%
Floor 1.000%
05/30/2025 		8.135%   2,466,439 2,426,359
VFH Parent LLC(b),(o)
Term Loan
SOFR + 3.000%
01/13/2029 		7.661%   2,265,430 2,240,510
Total 10,359,102
Building Materials 0.2%
Cornerstone Building Brands, Inc.(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 3.250%
04/12/2028 		7.838%   1,395,855 1,288,989
Covia Holdings LLC(b),(o)
Term Loan
1-month USD LIBOR + 4.000%
Floor 1.000%
07/31/2026 		8.782%   1,750,241 1,726,175
 
The accompanying Notes to Financial Statements are an integral part of this statement.
26 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Hunter Douglas Holding BV(b),(o)
Tranche B1 Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
02/26/2029 		8.373%   1,190,424 1,089,667
Park River Holdings, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.250%
Floor 0.750%
12/28/2027 		8.004%   1,263,617 1,158,320
QUIKRETE Holdings, Inc.(b),(o)
1st Lien Term Loan
3-month USD LIBOR + 2.625%
02/01/2027 		7.260%   2,187,982 2,166,649
SRS Distribution, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
06/02/2028 		8.135%   1,970,000 1,903,828
White Cap Supply Holdings LLC(b),(o)
Term Loan
1-month Term SOFR + 3.750%
Floor 0.500%
10/19/2027 		8.368%   1,859,938 1,829,174
Total 11,162,802
Cable and Satellite 0.2%
CSC Holdings LLC(b),(o)
Term Loan
1-month Term SOFR + 4.500%
01/17/2028 		9.063%   1,446,596 1,352,568
DirectTV Financing LLC(b),(o)
Term Loan
1-month USD LIBOR + 5.000%
Floor 0.750%
08/02/2027 		9.635%   1,391,847 1,352,151
Iridium Satellite LLC(b),(o)
Tranche B2 Term Loan
1-month Term SOFR + 2.500%
Floor 1.000%
11/04/2026 		7.218%   2,190,662 2,187,003
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Radiate Holdco LLC(b),(o)
Term Loan
1-month USD LIBOR + 3.250%
Floor 0.750%
09/25/2026 		7.885%   1,645,383 1,362,065
Telesat Canada(b),(o)
Tranche B5 Term Loan
1-month USD LIBOR + 2.750%
12/07/2026 		7.580%   2,179,765 1,164,365
Virgin Media Bristol LLC(b),(o)
Tranche N Term Loan
3-month USD LIBOR + 2.500%
01/31/2028 		7.088%   1,175,000 1,151,077
Tranche Q Term Loan
1-month USD LIBOR + 3.250%
01/31/2029 		7.838%   1,000,000 993,750
Total 9,562,979
Chemicals 0.3%
Ascend Performance Materials Operations LLC(b),(o)
Term Loan
6-month Term SOFR + 4.750%
Floor 0.750%
08/27/2026 		8.831%   1,896,888 1,892,145
ColourOz Investment 1 GmbH(b),(o)
Tranche C 1st Lien Term Loan
3-month USD LIBOR + 4.250%
Floor 1.000%
09/21/2023 		9.066%   352,889 249,376
ColourOz Investment 2 LLC(b),(o)
Tranche B2 1st Lien Term Loan
3-month USD LIBOR + 4.250%
Floor 1.000%
09/21/2023 		9.066%   2,134,685 1,508,518
Diamond BV(b),(o)
Term Loan
1-month USD LIBOR + 2.750%
Floor 0.500%
09/29/2028 		7.575%   1,727,939 1,696,975
Herens Holdco SARL(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 4.000%
Floor 0.750%
07/03/2028 		8.730%   1,470,789 1,388,322
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
27
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Ineos Styrolution Group GmbH(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 2.750%
Floor 0.500%
01/29/2026 		7.385%   1,970,000 1,957,195
Ineos US Finance LLC(b),(o)
Term Loan
1-month Term SOFR + 3.750%
11/08/2027 		8.468%   1,682,655 1,675,436
Ineos US Finance LLC(b),(i),(o)
Tranche B Term Loan
1-month Term SOFR + 3.750%
02/10/2030 		4.000%   652,344 646,838
Innophos Holdings, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 3.250%
02/05/2027 		7.885%   607,813 603,758
Messer Industries GmbH(b),(o)
Tranche B1 Term Loan
3-month USD LIBOR + 2.500%
03/02/2026 		7.230%   1,042,543 1,038,508
Momentive Performance Materials, Inc.(b),(o)
1st Lien Term Loan
3-month USD LIBOR + 3.250%
05/15/2024 		7.890%   1,447,500 1,444,330
PMHC II, Inc.(b),(o)
Term Loan
3-month Term SOFR + 4.250%
Floor 0.500%
04/23/2029 		9.076%   1,630,327 1,398,169
Sparta US Holdco LLC(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.250%
Floor 0.750%
08/02/2028 		7.824%   987,519 979,619
Total 16,479,189
Construction Machinery 0.0%
Columbus McKinnon Corp.(b),(o)
Term Loan
1-month USD LIBOR + 2.750%
Floor 0.500%
05/14/2028 		7.500%   1,232,844 1,226,680
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Consumer Cyclical Services 0.5%
8th Avenue Food & Provisions, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.500%
10/01/2025 		8.385%   874,907 765,002
2nd Lien Term Loan
1-month USD LIBOR + 7.750%
10/01/2026 		12.385%   1,686,397 1,049,782
Allied Universal Holdco LLC(b),(o)
Term Loan
1-month USD LIBOR + 3.750%
Floor 0.500%
05/12/2028 		8.468%   1,397,052 1,344,285
Amentum Government Services Holdings LLC(b),(o)
Tranche 1 1st Lien Term Loan
1-month USD LIBOR + 4.000%
01/29/2027 		8.519%   958,855 946,467
Tranche 3 1st Lien Term Loan
1-month Term SOFR + 4.000%
Floor 0.500%
02/15/2029 		8.124%   1,152,012 1,137,128
Arches Buyer, Inc.(b),(o)
Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
12/06/2027 		7.968%   2,235,956 2,101,798
Cast & Crew LLC(b),(o)
1st Lien Term Loan
1-month Term SOFR + 3.750%
Floor 0.500%
12/29/2028 		8.368%   1,818,842 1,813,531
Conservice Midco LLC(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 4.250%
05/13/2027 		8.885%   2,433,764 2,398,280
Corporation Service Co.(b),(o)
Tranche B Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
11/02/2029 		7.968%   632,006 631,615
 
The accompanying Notes to Financial Statements are an integral part of this statement.
28 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Go Daddy Operating Co. LLC(b),(o)
Term Loan
1-month Term SOFR + 3.250%
11/09/2029 		7.868%   514,408 514,474
Prime Security Services Borrower LLC(b),(o)
Tranche B1 1st Lien Term Loan
1-month USD LIBOR + 2.750%
Floor 0.750%
09/23/2026 		7.517%   1,693,576 1,689,342
Signal Parent, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 3.500%
Floor 0.750%
04/03/2028 		8.135%   1,843,781 1,321,991
Sotheby’s(b),(o)
Term Loan
1-month USD LIBOR + 4.500%
Floor 0.500%
01/15/2027 		9.330%   1,357,149 1,351,041
TruGreen LP(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 4.000%
Floor 0.750%
11/02/2027 		8.635%   1,085,045 992,816
Uber Technologies, Inc.(b),(o)
Term Loan
3-month USD LIBOR + 3.500%
Floor 1.000%
04/04/2025 		8.453%   1,710,757 1,708,892
Uber Technologies, Inc.(b),(i),(o)
Term Loan
1-month Term SOFR + 2.750%
02/28/2030 		8.453%   1,238,904 1,238,384
WaterBridge Midstream Operating LLC(b),(o)
Term Loan
3-month USD LIBOR + 5.750%
Floor 1.000%
06/22/2026 		10.568%   1,148,439 1,137,908
WW International, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
04/13/2028 		8.140%   1,771,875 1,006,655
Total 23,149,391
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Consumer Products 0.2%
Bombardier Recreaional Products, Inc.(b),(i),(o)
Tranche B Term Loan
1-month USD LIBOR + 2.000%
05/24/2027 		    500,000 486,875
Bombardier Recreational Products, Inc. (b),(i),(o)
Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
12/13/2029 		8.118%   951,916 946,681
Serta Simmons Bedding LLC(l),(o)
1st Lien Term Loan
11/08/2023 0.000%   1,120,761 69,487
SRAM LLC(b),(d),(o)
Term Loan
1-month USD LIBOR + 2.750%
Floor 0.500%
05/18/2028 		7.385%   1,120,322 1,109,119
SWF Holdings I Corp.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 4.000%
Floor 0.750%
10/06/2028 		8.753%   1,557,127 1,332,636
Thor Industries, Inc.(b),(o)
Tranche B1 Term Loan
1-month USD LIBOR + 3.000%
02/01/2026 		7.688%   884,938 879,964
Weber-Stephen Products LLC(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 3.250%
Floor 0.750%
10/30/2027 		7.885%   2,429,982 2,114,084
Total 6,938,846
Diversified Manufacturing 0.3%
Brookfield WEC Holdings, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 2.750%
Floor 0.500%
08/01/2025 		7.385%   2,156,392 2,146,774
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
29
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
DXP Enterprises, Inc.(b),(o)
Term Loan
1-month Term SOFR + 5.250%
Floor 1.000%
12/23/2027 		9.955%   1,485,278 1,448,146
EWT Holdings III Corp.(b),(o)
Term Loan
1-month USD LIBOR + 2.250%
04/01/2028 		6.938%   1,223,807 1,219,988
Filtration Group Corp.(b),(o)
Term Loan
3-month USD LIBOR + 3.000%
03/31/2025 		7.635%   2,047,038 2,039,874
1-month USD LIBOR + 3.500%
Floor 0.500%
10/21/2028 		8.135%   618,551 608,500
Gates Global LLC(b),(o)
Tranche B3 Term Loan
1-month USD LIBOR + 2.500%
Floor 0.750%
03/31/2027 		7.135%   746,822 742,423
Madison IAQ LLC(b),(o)
Term Loan
3-month USD LIBOR + 3.250%
06/21/2028 		7.988%   1,659,551 1,578,267
TK Elevator Midco GmbH(b),(o)
Tranche B1 Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
07/30/2027 		8.602%   1,269,574 1,240,018
Vertiv Group Corp.(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 2.750%
03/02/2027 		7.324%   1,446,570 1,427,808
Total 12,451,798
Electric 0.1%
Carroll County Energy LLC(b),(o)
Term Loan
3-month USD LIBOR + 3.500%
02/16/2026 		8.230%   397,071 379,203
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Constellation Renewables LLC(b),(o)
Term Loan
1-month USD LIBOR + 2.500%
Floor 1.000%
12/15/2027 		7.460%   2,767,423 2,757,903
Invenergy Thermal Operating I LLC(b),(o)
Term Loan
1-month Term SOFR + 3.750%
08/28/2025 		8.482%   401,842 399,833
LMBE-MC Holdco II LLC(b),(o)
Term Loan
3-month USD LIBOR + 4.150%
Floor 1.000%
12/03/2025 		8.730%   385,767 381,265
Nautilus Power LLC(b),(o)
Term Loan
3-month USD LIBOR + 4.250%
Floor 1.000%
05/16/2024 		8.885%   499,560 366,867
New Frontera Holdings LLC(b),(d),(o)
1st Lien Term Loan
1-month USD LIBOR + 13.000%
07/28/2026 		17.730%   217,161 214,989
2nd Lien Term Loan
1-month USD LIBOR + 1.500%
07/28/2028 		6.230%   75,277 15,055
PG&E Corp.(b),(o)
Term Loan
1-month USD LIBOR + 3.000%
Floor 1.000%
06/23/2025 		7.688%   1,423,888 1,416,769
Total 5,931,884
Environmental 0.1%
EnergySolutions LLC(b),(o)
Term Loan
3-month USD LIBOR + 3.750%
Floor 1.000%
05/09/2025 		8.480%   1,150,729 1,106,713
GFL Environmental, Inc.(b),(o)
Tranche B Term Loan
1-month Term SOFR + 3.000%
Floor 0.500%
05/28/2027 		7.718%   1,467,419 1,468,681
 
The accompanying Notes to Financial Statements are an integral part of this statement.
30 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Rockwood Service Corp.(b),(o)
Term Loan
1-month USD LIBOR + 4.250%
01/23/2027 		8.885%   925,215 922,902
Total 3,498,296
Food and Beverage 0.1%
Del Monte Foods, Inc.(b),(o)
1st Lien Term Loan
1-month Term SOFR + 4.250%
Floor 0.500%
05/16/2029 		8.911%   1,717,010 1,679,803
Naked Juice LLC(b),(o)
1st Lien Term Loan
3-month Term SOFR + 3.250%
Floor 0.500%
01/24/2029 		7.930%   298,500 270,641
Primary Products Finance LLC(b),(o)
Tranche B Term Loan
1-month Term SOFR + 4.000%
Floor 0.500%
04/01/2029 		8.743%   1,959,288 1,939,695
Triton Water Holdings, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
03/31/2028 		8.230%   1,361,824 1,264,971
United Natural Foods, Inc.(b),(o)
Term Loan
3-month Term SOFR + 3.250%
10/22/2025 		7.982%   1,040,988 1,042,070
Total 6,197,180
Gaming 0.3%
Caesars Entertainment, Inc.(b),(o)
Tranche B Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
02/06/2030 		7.968%   1,606,834 1,603,042
CBAC Borrower LLC(b),(o)
Tranche B Term Loan
3-month USD LIBOR + 4.000%
07/08/2024 		8.635%   1,490,730 1,454,207
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Entain PLC(b),(i),(o)
Tranche B2 Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
10/31/2029 		8.180%   605,585 605,016
Fertitta Entertainment LLC(b),(o)
Tranche B Term Loan
1-month Term SOFR + 4.000%
Floor 0.500%
01/27/2029 		8.618%   1,639,415 1,593,315
Flutter Entertainment PLC(b),(o)
Term Loan
3-month USD LIBOR + 2.250%
07/21/2026 		6.980%   2,411,264 2,407,165
Tranche B Term Loan
1-month Term SOFR + 3.250%
07/22/2028 		8.092%   424,758 424,600
HRNI Holdings LLC(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 4.250%
Floor 0.750%
12/11/2028 		8.885%   3,057,818 2,985,195
Light and Wonder International, Inc.(b),(o)
Tranche B Term Loan
1-month Term SOFR + 3.000%
Floor 0.500%
04/14/2029 		7.662%   1,331,853 1,325,194
PCI Gaming Authority(b),(o)
Tranche B Term Loan
3-month USD LIBOR + 2.500%
05/29/2026 		7.135%   1,188,266 1,185,854
Scientific Games Holdings LP(b),(o)
1st Lien Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
04/04/2029 		8.103%   1,240,561 1,218,652
Total 14,802,240
Health Care 0.2%
CHG Healthcare Services, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.250%
Floor 0.500%
09/29/2028 		7.885%   977,525 971,005
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
31
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Element Materials Technology Group US Holdings, Inc.(b),(o)
Tranche B 1st Lien Delayed Draw Term Loan
1-month Term SOFR + 4.250%
Floor 0.500%
06/22/2029 		8.930%   225,092 222,982
Tranche B 1st Lien Term Loan
1-month Term SOFR + 4.250%
Floor 0.500%
06/22/2029 		8.930%   487,698 483,129
Envision Healthcare Corp.(b),(o)
Term Loan
1-month Term SOFR + 3.750%
03/31/2027 		8.330%   315,126 56,723
1-month Term SOFR + 4.250%
03/31/2027 		8.830%   670,098 259,248
1-month Term SOFR + 7.875%
03/31/2027 		12.605%   113,491 99,985
ICON PLC(b),(o)
Term Loan
3-month USD LIBOR + 2.250%
07/03/2028 		7.000%   1,479,078 1,476,682
3-month USD LIBOR + 2.250%
07/03/2028 		7.000%   368,513 367,916
Medline Borrower LP(b),(o)
Term Loan
1-month USD LIBOR + 3.250%
Floor 0.500%
10/23/2028 		7.885%   1,906,911 1,836,984
Phoenix Guarantor, Inc.(b),(o)
Tranche B1 1st Lien Term Loan
1-month USD LIBOR + 3.250%
03/05/2026 		7.885%   954,843 935,154
Pluto Acquisition I, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 4.000%
06/22/2026 		8.953%   926,360 648,452
Surgery Center Holdings, Inc.(b),(i),(o)
Term Loan
1-month USD LIBOR + 3.750%
Floor 0.750%
08/31/2026 		8.360%   1,000,000 991,810
Total 8,350,070
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Independent Energy 0.1%
Hamilton Projects Acquiror LLC(b),(o)
Term Loan
1-month USD LIBOR + 4.500%
Floor 1.000%
06/17/2027 		9.230%   1,118,317 1,113,430
Oryx Midstream Services Permian Basin LLC(b),(o)
Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
10/05/2028 		7.932%   1,122,060 1,114,576
Parkway Generation LLC(b),(o)
Tranche B Term Loan
1-month Term SOFR + 4.750%
Floor 0.750%
02/18/2029 		9.902%   2,355,858 2,326,410
Tranche C Term Loan
3-month Term SOFR + 4.750%
Floor 0.750%
02/18/2029 		9.902%   309,020 305,061
Total 4,859,477
Leisure 0.3%
Alterra Mountain Co.(b),(o)
Tranche B2 Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
08/17/2028 		8.135%   1,889,786 1,882,700
Carnival Corp.(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 3.250%
Floor 0.750%
10/18/2028 		7.885%   1,374,409 1,331,459
Crown Finance US, Inc.(b),(o),(p)
Debtor in Possession Term Loan
1-month Term SOFR + 10.000%
Floor 1.000%
09/07/2023 		14.664%   940,794 957,493
Crown Finance US, Inc.(b),(o)
Term Loan
3-month USD LIBOR + 2.500%
02/28/2025 		4.000%   1,919,036 291,463
 
The accompanying Notes to Financial Statements are an integral part of this statement.
32 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Formula One Management Ltd.(b),(o)
Tranche B 1st Lien Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
01/15/2030 		7.868%   409,923 410,640
Life Time, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 4.750%
Floor 1.000%
12/16/2024 		9.385%   1,170,727 1,168,971
NAI Entertainment Holdings LLC(b),(o)
Tranche B Term Loan
3-month USD LIBOR + 2.500%
Floor 1.000%
05/08/2025 		7.140%   2,019,184 1,890,461
UFC Holdings LLC(b),(o)
Tranche B3 1st Lien Term Loan
1-month USD LIBOR + 2.750%
Floor 0.750%
04/29/2026 		7.570%   2,647,726 2,636,685
William Morris Endeavor Entertainment LLC(b),(o)
Tranche B1 1st Lien Term Loan
3-month USD LIBOR + 2.750%
05/18/2025 		7.390%   1,336,514 1,328,642
Total 11,898,514
Lodging 0.1%
Four Seasons Holdings, Inc.(b),(o)
Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
11/30/2029 		7.968%   514,864 516,579
Hilton Grand Vacations Borrower LLC(b),(o)
Term Loan
1-month USD LIBOR + 3.000%
Floor 0.500%
08/02/2028 		7.635%   2,233,916 2,228,331
Playa Hotels & Resorts(b),(o)
Tranche B Term Loan
1-month Term SOFR + 4.250%
01/05/2029 		8.814%   1,277,159 1,272,906
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Travel + Leisure Co.(b),(o)
Term Loan
1-month Term SOFR + 4.000%
Floor 0.500%
12/14/2029 		8.608%   741,237 738,457
Total 4,756,273
Media and Entertainment 0.6%
AppLovin Corp.(b),(o)
Term Loan
1-month Term SOFR + 3.100%
Floor 0.500%
10/25/2028 		7.693%   1,608,317 1,590,223
Cengage Learning, Inc.(b),(o)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 4.750%
Floor 1.000%
07/14/2026 		9.880%   1,958,184 1,846,920
Clear Channel Outdoor Holdings, Inc.(b),(o)
Tranche B Term Loan
3-month USD LIBOR + 3.500%
08/21/2026 		8.325%   942,237 891,196
CMG Media Corp.(b),(o)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 3.500%
12/17/2026 		8.230%   1,074,170 1,007,571
Creative Artists Agency(b),(i),(o)
Tranche B Term Loan
1-month Term SOFR + 3.500%
10/26/2028 		8.064%   1,968,773 1,962,630
Cumulus Media New Holdings, Inc.(b),(o)
Term Loan
3-month USD LIBOR + 3.750%
Floor 1.000%
03/31/2026 		8.575%   1,418,469 1,347,248
Diamond Sports Group LLC(b),(o)
1st Lien Term Loan
1-month Term SOFR + 8.000%
Floor 1.000%
05/25/2026 		12.775%   959,361 893,808
2nd Lien Term Loan
1-month Term SOFR + 3.250%
08/24/2026 		8.025%   1,693,519 191,842
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
33
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Dotdash Meredith, Inc.(b),(d),(o)
Tranche B Term Loan
1-month Term SOFR + 4.000%
Floor 0.500%
12/01/2028 		8.668%   1,878,651 1,653,213
E.W. Scripps Co. (The)(b),(o)
Tranche B2 Term Loan
1-month USD LIBOR + 2.563%
05/01/2026 		7.197%   2,928,163 2,883,186
Emerald Expositions Holding, Inc.(b),(o)
Term Loan
3-month USD LIBOR + 2.500%
05/22/2024 		7.135%   1,311,178 1,289,321
Entravision Communications Corp.(b),(o)
Tranche B Term Loan
3-month USD LIBOR + 2.750%
11/29/2024 		7.385%   468,177 466,131
Gray Television, Inc.(b),(o)
Tranche C Term Loan
3-month USD LIBOR + 2.500%
01/02/2026 		7.066%   1,701,415 1,677,306
iHeartCommunications, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 3.000%
05/01/2026 		7.635%   1,108,872 1,072,833
Indy US Bidco LLC(b),(o)
Term Loan
1-month USD LIBOR + 3.750%
03/06/2028 		8.385%   1,985,930 1,692,390
Lions Gate Capital Holdings LLC(b),(o)
Tranche B Term Loan
3-month USD LIBOR + 2.250%
03/24/2025 		6.885%   1,473,992 1,458,028
Nexstar Media, Inc.(b),(o)
Tranche B4 Term Loan
3-month USD LIBOR + 2.500%
09/18/2026 		7.135%   1,099,833 1,096,688
Playtika Holding Corp.(b),(o)
Tranche B1 Term Loan
1-month USD LIBOR + 2.750%
03/13/2028 		7.385%   2,606,419 2,576,680
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Pug LLC(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 3.500%
02/12/2027 		8.135%   1,112,626 876,193
Sinclair Television Group, Inc.(b),(o)
Tranche B3 Term Loan
1-month USD LIBOR + 3.000%
04/01/2028 		7.640%   1,234,169 1,186,654
Univision Communications, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.250%
Floor 0.750%
03/15/2026 		7.885%   985,000 976,933
1-month USD LIBOR + 3.250%
Floor 0.750%
01/31/2029 		7.885%   1,240,625 1,222,016
1-month Term SOFR + 4.250%
Floor 0.500%
06/24/2029 		8.830%   199,000 198,586
Total 30,057,596
Midstream 0.2%
AL GCX Holdings LLC(b),(o)
Term Loan
1-month Term SOFR + 3.750%
Floor 0.500%
05/17/2029 		8.525%   1,149,248 1,147,811
CQP Holdco LP(b),(o)
Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
06/05/2028 		8.230%   1,371,557 1,368,279
GIP III Stetson I LP(b),(o)
Term Loan
3-month USD LIBOR + 4.250%
07/18/2025 		8.885%   1,374,285 1,370,423
ITT Holdings LLC(b),(d),(o)
Term Loan
1-month USD LIBOR + 2.750%
Floor 0.500%
07/10/2028 		7.482%   1,546,823 1,535,222
 
The accompanying Notes to Financial Statements are an integral part of this statement.
34 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Traverse Midstream Partners LLC(b),(i),(o)
Term Loan
3-month Term SOFR + 3.750%
02/16/2028 		8.950%   1,721,163 1,703,952
Total 7,125,687
Oil Field Services 0.0%
Lealand Finance Co. BV(b),(o)
Term Loan
1-month USD LIBOR + 3.000%
06/28/2024 		7.635%   8,649 5,103
3-month USD LIBOR + 1.000%
06/30/2025 		5.635%   116,193 74,557
MRC Global, Inc.(b),(o)
Term Loan
3-month USD LIBOR + 3.000%
09/20/2024 		7.635%   1,028,131 1,016,308
Total 1,095,968
Other Financial Institutions 0.1%
FinCo I LLC(b),(o)
Term Loan
1-month USD LIBOR + 2.500%
06/27/2025 		7.135%   943,475 943,475
Freeport LNG Investments LLP(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
12/21/2028 		8.308%   1,467,539 1,431,540
IGT Holding IV AB(b),(o)
Tranche B2 Term Loan
1-month USD LIBOR + 3.400%
Floor 0.500%
03/31/2028 		8.130%   1,829,038 1,804,657
Trans Union LLC(b),(o)
Tranche B6 Term Loan
1-month USD LIBOR + 2.250%
Floor 0.500%
12/01/2028 		6.885%   1,207,714 1,199,755
Total 5,379,427
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Other Industry 0.1%
APi Group, Inc.(b),(o)
Term Loan
3-month USD LIBOR + 2.500%
10/01/2026 		7.135%   1,083,625 1,082,000
Hillman Group, Inc. (The)(b),(i),(o),(q)
Delayed Draw Term Loan
1-month USD LIBOR + 2.750%
Floor 0.500%
07/14/2028 		3.117%   421,519 416,908
Hillman Group, Inc. (The)(b),(o)
Term Loan
1-month USD LIBOR + 2.750%
Floor 0.500%
07/14/2028 		7.385%   1,739,583 1,720,552
Vericast Corp.(b),(o)
Term Loan
1-month Term SOFR + 7.750%
Floor 1.000%
06/16/2026 		12.330%   461,257 360,933
WireCo WorldGroup, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 4.250%
Floor 0.500%
11/13/2028 		8.875%   1,240,653 1,234,710
Total 4,815,103
Packaging 0.1%
Anchor Glass Container Corp.(b),(o)
1st Lien Term Loan
3-month USD LIBOR + 2.750%
Floor 1.000%
12/07/2023 		7.560%   792,098 562,588
Charter Next Generation, Inc.(b),(o)
1st Lien Term Loan
1-month Term SOFR + 3.750%
Floor 0.750%
12/01/2027 		8.482%   2,156,985 2,119,583
Graham Packaging Co., Inc.(b),(o)
Term Loan
1-month USD LIBOR + 3.000%
Floor 0.750%
08/04/2027 		7.635%   388,272 385,845
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
35
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Pactiv Evergreen, Inc.(b),(o)
Tranche B3 Term Loan
1-month USD LIBOR + 3.250%
Floor 0.500%
09/24/2028 		7.885%   1,155,869 1,149,373
Tosca Services LLC(b),(o)
Term Loan
1-month Term SOFR + 3.500%
Floor 0.750%
08/18/2027 		8.232%   980,000 766,360
Twist Beauty International Holdings S.A.(b),(o)
Tranche B2 Term Loan
3-month USD LIBOR + 2.750%
Floor 1.000%
04/20/2024 		7.480%   186,353 177,035
Total 5,160,784
Pharmaceuticals 0.1%
Elanco Animal Health, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 1.750%
08/01/2027 		6.316%   1,140,741 1,116,295
Jazz Pharmaceuticals PLC(b),(o)
Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
05/05/2028 		8.135%   1,684,273 1,680,972
Organon & Co.(b),(o)
Term Loan
1-month USD LIBOR + 3.000%
Floor 0.500%
06/02/2028 		7.750%   1,580,675 1,560,917
Sunshine Luxembourg VII SARL(b),(o)
Tranche B3 Term Loan
1-month USD LIBOR + 3.750%
Floor 0.750%
10/01/2026 		8.480%   2,119,481 2,058,842
Total 6,417,026
Property & Casualty 0.2%
Asurion LLC(b),(o)
Tranche B4 2nd Lien Term Loan
1-month USD LIBOR + 5.250%
01/20/2029 		9.885%   1,644,019 1,399,060
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Tranche B7 Term Loan
3-month USD LIBOR + 3.000%
11/03/2024 		7.635%   627,955 625,375
Tranche B8 Term Loan
1-month USD LIBOR + 3.250%
12/23/2026 		7.885%   825,806 784,813
Hub International Ltd.(b),(o)
Term Loan
1-month USD LIBOR + 3.000%
Floor 0.750%
04/25/2025 		7.817%   2,453,767 2,445,670
Sedgwick Claims Management Services, Inc.(b),(o)
Term Loan
3-month USD LIBOR + 3.250%
12/31/2025 		5.686%   929,852 927,527
Sedgwick Claims Management Services, Inc.(b),(i),(o)
Tranche B Term Loan
1-month Term SOFR + 3.750%
02/17/2028 		8.597%   1,279,463 1,263,469
USI, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 3.250%
12/02/2026 		7.980%   977,362 975,056
1-month Term SOFR + 3.750%
Floor 0.500%
11/22/2029 		8.330%   1,698,913 1,693,952
Total 10,114,922
Restaurants 0.1%
1011778 BC ULC(b),(o)
Tranche B4 Term Loan
3-month USD LIBOR + 1.750%
11/19/2026 		6.385%   2,594,668 2,569,188
Carrols Restaurant Group, Inc.(b),(i),(o)
Term Loan
1-month Term SOFR + 3.250%
04/30/2026 		7.968%   1,095,601 1,004,535
IRB Holding Corp.(b),(o)
Tranche B Term Loan
1-month Term SOFR + 3.000%
Floor 0.750%
12/15/2027 		7.687%   842,143 830,563
 
The accompanying Notes to Financial Statements are an integral part of this statement.
36 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
IRB Holding Corp. (b),(i),(o)
Tranche B3 Term Loan
1-month Term SOFR + 3.000%
Floor 0.750%
12/15/2027 		7.567%   326,522 322,033
Whatabrands LLC(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 3.250%
Floor 0.500%
08/03/2028 		7.885%   2,186,149 2,150,012
Total 6,876,331
Retailers 0.2%
Great Outdoors Group LLC(b),(o)
Tranche B2 Term Loan
1-month USD LIBOR + 3.750%
Floor 0.750%
03/06/2028 		8.385%   2,813,694 2,768,844
Harbor Freight Tools USA, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 2.750%
Floor 0.500%
10/19/2027 		7.385%   1,436,558 1,388,894
PetSmart LLC(b),(o)
Term Loan
1-month Term SOFR + 3.750%
Floor 0.750%
02/11/2028 		8.468%   2,947,557 2,937,122
Total 7,094,860
Technology 1.8%
Ascend Learning LLC(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
12/11/2028 		8.218%   1,898,012 1,779,121
2nd Lien Term Loan
1-month USD LIBOR + 5.750%
Floor 0.500%
12/10/2029 		10.385%   1,753,172 1,519,789
athenahealth Group, Inc.(b),(i),(o),(q)
Delayed Draw Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
02/15/2029 		3.500%   232,097 214,110
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
athenahealth Group, Inc.(b),(o)
Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
02/15/2029 		8.061%   1,894,070 1,747,280
Atlas CC Acquisition Corp.(b),(o)
Tranche B 1st Lien Term Loan
3-month Term SOFR + 4.250%
Floor 0.750%
05/25/2028 		9.402%   2,128,155 1,857,581
Tranche C 1st Lien Term Loan
3-month Term SOFR + 4.250%
Floor 0.750%
05/25/2028 		9.140%   432,845 377,813
Avaya, Inc.(b),(i),(o),(p)
Debtor In Possession Term Loan
1-month Term SOFR + 8.000%
Floor 1.000%
08/15/2023 		10.050%   848,703 874,164
Avaya, Inc.(l),(o)
Tranche B1 Term Loan
12/15/2027 0.000%   1,843,084 463,536
Tranche B2 Term Loan
12/15/2027 0.000%   1,511,557 376,000
Camelot U.S. Acquisition 1 Co.(b),(o)
Term Loan
1-month USD LIBOR + 3.000%
10/30/2026 		7.635%   1,189,079 1,183,383
1-month USD LIBOR + 3.000%
Floor 1.000%
10/30/2026 		7.635%   920,981 917,141
Central Parent, Inc.(b),(o)
1st Lien Term Loan
1-month Term SOFR + 4.500%
Floor 0.500%
07/06/2029 		9.080%   1,979,059 1,971,439
Cloud Software Group, Inc.(b),(o)
Tranche B 1st Lien Term Loan
1-month Term SOFR + 4.500%
Floor 0.500%
03/30/2029 		9.180%   976,520 904,404
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
37
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Cloudera, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.750%
Floor 0.500%
10/08/2028 		8.385%   1,555,568 1,482,160
Coherent Corp.(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 2.750%
Floor 0.500%
07/02/2029 		7.385%   950,281 944,342
CoreLogic, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
06/02/2028 		8.188%   1,967,556 1,681,769
Cornerstone OnDemand, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.750%
Floor 0.500%
10/16/2028 		8.385%   1,497,699 1,378,632
Cyxtera DC Holdings, Inc.(b),(o)
1st Lien Term Loan
3-month USD LIBOR + 3.000%
Floor 1.000%
05/01/2024 		7.820%   931,223 826,069
Dawn Acquisition LLC(b),(o)
Term Loan
3-month USD LIBOR + 3.750%
12/31/2025 		8.480%   2,789,352 1,732,550
DCert Buyer, Inc.(b),(o)
1st Lien Term Loan
3-month Term SOFR + 5.000%
10/16/2026 		8.696%   2,569,383 2,528,273
Dun & Bradstreet Corp. (The)(b),(o)
Term Loan
3-month USD LIBOR + 3.250%
02/06/2026 		7.867%   1,939,361 1,933,465
Tranche B2 Term Loan
1-month Term SOFR + 3.250%
01/18/2029 		7.855%   492,452 489,498
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Endurance International Group Holdings, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 3.500%
Floor 0.750%
02/10/2028 		8.072%   1,610,336 1,488,756
Entegris, Inc.(b),(o)
Tranche B Term Loan
1-month Term SOFR + 3.000%
07/06/2029 		7.588%   558,131 558,711
Everi Holdings, Inc.(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 2.500%
08/03/2028 		7.135%   1,845,620 1,836,133
Gen Digital, Inc.(b),(o)
Tranche B Term Loan
SOFR + 2.000%
Floor 0.500%
09/12/2029 		6.718%   1,729,554 1,709,785
GoTo Group, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 4.750%
08/31/2027 		9.385%   2,444,982 1,332,980
Idemia Group SAS(b),(o)
Tranche B3 Term Loan
1-month USD LIBOR + 4.500%
Floor 0.750%
01/10/2026 		9.230%   1,767,500 1,743,197
Idera, Inc.(b),(o)
Tranche B1 1st Lien Term Loan
1-month USD LIBOR + 3.750%
Floor 0.750%
03/02/2028 		8.510%   1,215,270 1,170,961
Informatica LLC(b),(o)
Term Loan
1-month USD LIBOR + 2.750%
10/27/2028 		7.438%   2,257,958 2,251,184
Ingram Micro, Inc.(b),(o)
Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
06/30/2028 		8.230%   1,770,049 1,758,987
 
The accompanying Notes to Financial Statements are an integral part of this statement.
38 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
ION Trading Finance Ltd.(b),(i),(o)
Term Loan
1-month USD LIBOR + 4.750%
04/01/2028 		9.480%   1,274,498 1,192,191
Loyalty Ventures, Inc.(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 4.500%
Floor 0.500%
11/03/2027 		11.250%   1,701,275 510,382
Lummus Technology Holdings V LLC(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 3.500%
Floor 1.000%
06/30/2027 		8.135%   1,867,186 1,825,175
McAfee Corp.(b),(o)
Tranche B1 Term Loan
1-month Term SOFR + 3.750%
Floor 0.500%
03/01/2029 		8.418%   1,792,842 1,678,548
Misys Ltd.(b),(o)
1st Lien Term Loan
3-month USD LIBOR + 3.500%
Floor 1.000%
06/13/2024 		8.325%   2,067,187 1,945,740
Mitchell International, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.750%
Floor 0.500%
10/15/2028 		8.341%   1,147,425 1,085,751
Mitnick Corporate Purchaser, Inc.(b),(o)
Term Loan
1-month Term SOFR + 4.750%
Floor 0.500%
05/02/2029 		9.526%   790,101 756,917
MKS Instruments, Inc.(b),(o)
Tranche B Term Loan
1-month Term SOFR + 2.750%
Floor 0.500%
08/17/2029 		7.411%   1,175,851 1,165,809
Monotype Imaging Holdings, Inc.(b),(d),(o)
1st Lien Term Loan
3-month USD LIBOR + 5.000%
Floor 0.750%
10/09/2026 		9.680%   1,425,703 1,411,446
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Natel Engineering Co., Inc.(b),(o)
Term Loan
3-month USD LIBOR + 6.250%
Floor 1.000%
04/30/2026 		10.420%   2,461,311 2,184,413
NCR Corp.(b),(o)
Term Loan
1-month USD LIBOR + 2.500%
08/28/2026 		7.330%   1,452,018 1,438,108
Nielseniq(b),(i),(o)
Tranche B2 Term Loan
1-month Term SOFR + 6.250%
Floor 0.500%
03/06/2028 		10.818%   100,429 89,884
Nielseniq (b),(i),(o)
Tranche B2 Term Loan
1-month Term SOFR + 6.250%
Floor 0.500%
03/06/2028 		10.818%   207,200 185,444
Open Text Corp.(b),(i),(o)
Tranche B Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
08/27/2029 		8.218%   1,383,490 1,380,682
Peraton Corp.(b),(o)
Tranche B 1st Lien Term Loan
3-month USD LIBOR + 3.750%
Floor 0.750%
02/01/2028 		8.385%   1,600,340 1,583,088
Presidio Holdings, Inc.(b),(o)
Term Loan
1-month Term SOFR + 3.500%
01/22/2027 		8.322%   1,711,757 1,703,918
Proofpoint, Inc.(b),(o)
1st Lien Term Loan
1-month USD LIBOR + 3.250%
Floor 0.500%
08/31/2028 		8.203%   1,980,000 1,921,709
Rackspace Technology Global, Inc.(b),(o)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 2.750%
Floor 0.750%
02/15/2028 		7.595%   1,218,201 763,032
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
39
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Riverbed Technology LLC(b),(o)
Term Loan
1-month USD LIBOR + 6.000%
Floor 1.000%
12/07/2026 		10.840%   1,646,399 558,409
Sabre GLBL, Inc.(b),(o)
Tranche B Term Loan
1-month Term SOFR + 4.250%
Floor 0.500%
06/30/2028 		8.968%   215,004 195,832
Tranche B1 Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
12/17/2027 		8.135%   628,144 565,725
Tranche B2 Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
12/17/2027 		8.135%   1,001,298 901,799
Sitel Group(b),(o)
Term Loan
1-month USD LIBOR + 3.750%
Floor 0.500%
08/28/2028 		8.390%   280,421 279,282
Sophia LP(b),(o)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
10/07/2027 		8.230%   2,156,206 2,120,715
Sovos Compliance LLC(b),(i),(o)
1st Lien Term Loan
1-month USD LIBOR + 4.500%
Floor 0.500%
08/11/2028 		9.135%   1,794,803 1,698,179
SS&C Technologies Holdings, Inc.(b),(o)
Tranche B3 Term Loan
1-month USD LIBOR + 1.750%
04/16/2025 		6.385%   162,884 162,511
Tranche B4 Term Loan
1-month USD LIBOR + 1.750%
04/16/2025 		6.385%   144,443 144,112
Tranche B5 Term Loan
3-month USD LIBOR + 1.750%
04/16/2025 		6.385%   1,324,831 1,322,075
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Tempo Acquisition LLC(b),(o)
Tranche B1 Term Loan
1-month Term SOFR + 3.000%
Floor 0.500%
08/31/2028 		7.618%   2,623,558 2,618,652
TTM Technologies, Inc.(b),(o)
Tranche B Term Loan
3-month USD LIBOR + 2.500%
09/28/2024 		7.075%   832,820 829,438
UKG, Inc.(b),(o)
1st Lien Term Loan
3-month USD LIBOR + 3.750%
05/04/2026 		8.575%   1,935,000 1,907,194
1-month USD LIBOR + 3.250%
Floor 0.500%
05/04/2026 		8.032%   962,787 942,569
2nd Lien Term Loan
1-month USD LIBOR + 5.250%
Floor 0.500%
05/03/2027 		10.032%   1,147,411 1,113,941
Veritas US, Inc.(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 5.000%
Floor 1.000%
09/01/2025 		9.730%   1,300,649 1,014,506
Verscend Holdings Corp.(b),(o)
Tranche B1 Term Loan
1-month USD LIBOR + 4.000%
08/27/2025 		8.635%   2,467,414 2,461,690
Virtusa Corp.(b),(o)
Tranche B1 Term Loan
1-month Term SOFR + 3.750%
Floor 0.750%
02/15/2029 		8.468%   1,708,649 1,696,689
Xperi Holding Corp.(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 3.500%
06/08/2028 		8.135%   2,131,680 2,097,701
Total 86,486,469
 
The accompanying Notes to Financial Statements are an integral part of this statement.
40 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Transportation Services 0.0%
First Student Bidco, Inc.(b),(o)
Tranche B Term Loan
1-month USD LIBOR + 3.000%
Floor 0.500%
07/21/2028 		7.726%   903,056 860,802
1-month Term SOFR + 4.000%
Floor 0.500%
07/21/2028 		8.680%   757,562 737,206
Tranche C Term Loan
1-month USD LIBOR + 3.000%
Floor 0.500%
07/21/2028 		7.726%   336,710 320,955
1-month Term SOFR + 4.000%
Floor 0.500%
07/21/2028 		8.680%   52,608 51,195
Total 1,970,158
Wireless 0.1%
Numericable US LLC(b),(o)
Tranche B11 Term Loan
3-month USD LIBOR + 2.750%
07/31/2025 		7.575%   1,903,762 1,876,405
SBA Senior Finance II LLC(b),(o)
Term Loan
3-month USD LIBOR + 1.750%
04/11/2025 		6.410%   1,415,764 1,412,819
Total 3,289,224
Total Senior Loans
(Cost $363,168,544) 		340,983,858
U.S. Government & Agency Obligations 0.1%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Federal Farm Credit Banks Funding Corp.
10/20/2026 1.140%   2,000,000 1,755,599
11/30/2026 1.540%   2,500,000 2,214,145
Total U.S. Government & Agency Obligations
(Cost $4,500,000) 		3,969,744
    
Warrants 0.0%
Issuer Shares Value ($)
Communication Services 0.0%
Diversified Telecommunication Services 0.0%
Windstream Corp.(g) 11,272 133,387
Entertainment 0.0%
Cineworld Group PLC(g) 281,073 9,298
Total Communication Services 142,685
Total Warrants
(Cost $117,963) 		142,685
    
Options Purchased Calls 0.1%
        Value ($)
(Cost $50,290,950) 7,084,193
    
Money Market Funds 6.4%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(r),(s) 312,023,485 311,898,675
Total Money Market Funds
(Cost $311,869,552) 		311,898,675
Total Investments in Securities
(Cost: $6,602,432,902) 		6,037,833,834
Other Assets & Liabilities, Net   (1,147,898,772)
Net Assets 4,889,935,062
 
At February 28, 2023, securities and/or cash totaling $99,167,998 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
36,250,000,000 COP 7,547,366 USD HSBC 03/16/2023 109,555 —
500,000 EUR 537,230 USD HSBC 03/28/2023 7,500 —
208,300,000 ZAR 11,598,180 USD HSBC 03/28/2023 282,776 —
49,852,000 EUR 53,561,487 USD UBS 03/28/2023 745,321 —
Total       1,145,152 —
    
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
41
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
U.S. Long Bond 790 06/2023 USD 98,922,813 — (319,826)
U.S. Treasury 10-Year Note 524 06/2023 USD 58,507,875 51,925 —
U.S. Treasury 5-Year Note 1,405 06/2023 USD 150,411,837 — (178,754)
Total         51,925 (498,580)
    
Short futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
Euro-Bobl (2,330) 03/2023 EUR (268,369,400) 7,151,233 —
Euro-Bund (545) 03/2023 EUR (72,435,950) 4,829,301 —
Japanese 10-Year Government Bond (337) 03/2023 JPY (49,421,050,000) 3,059,040 —
U.S. Treasury 2-Year Note (3,684) 06/2023 USD (750,528,654) 1,631,990 —
U.S. Treasury Ultra Bond (302) 06/2023 USD (40,788,875) 67,623 —
Total         16,739,187 —
    
Call option contracts purchased
Description Counterparty Trading
currency 		Notional
amount 		Number of
contracts 		Exercise
price/Rate 		Expiration
date 		Cost ($) Value ($)
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR Citi USD 160,690,000 160,690,000 2.25 04/27/2023 3,856,560 7,103
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR Citi USD 321,500,000 321,500,000 2.50 05/12/2023 9,612,850 109,953
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR Citi USD 216,840,000 216,840,000 2.25 05/26/2023 4,445,220 46,317
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR Citi USD 323,100,000 323,100,000 2.75 06/26/2023 10,492,673 749,075
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR Citi USD 232,880,000 232,880,000 3.30 11/14/2023 7,452,160 4,964,489
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR Morgan Stanley USD 321,500,000 321,500,000 2.50 05/12/2023 9,918,275 109,953
5-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR Citi USD 303,920,000 303,920,000 3.20 07/11/2023 4,513,212 1,097,303
Total             50,290,950 7,084,193
    
Put option contracts written
Description Counterparty Trading
currency 		Notional
amount 		Number of
contracts 		Exercise
price/Rate 		Expiration
date 		Premium
received ($) 		Value ($)
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR Morgan Stanley USD (158,400,000) (158,400,000) 3.55 05/15/2023 (1,900,800) (3,266,572)
5-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR Citi USD (301,720,000) (301,720,000) 3.95 05/16/2023 (2,323,244) (3,087,772)
Total             (4,224,044) (6,354,344)
    
Cleared interest rate swap contracts
Fund receives Fund pays Payment
frequency 		Counterparty Maturity
date 		Notional
currency 		Notional
amount 		Value
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Fixed rate of 6.230% 28-Day MXN TIIE-Banxico Receives Monthly, Pays Monthly Morgan Stanley 01/09/2026 MXN 580,000,000 (3,080,856) — — — (3,080,856)
Fixed rate of 5.985% 28-Day MXN TIIE-Banxico Receives Monthly, Pays Monthly Morgan Stanley 01/21/2026 MXN 211,000,000 (1,182,117) — — — (1,182,117)
3-Month USD LIBOR Fixed rate of 1.781% Receives Quarterly, Pays SemiAnnually Morgan Stanley 08/09/2049 USD 53,500,000 16,963,067 — — 16,963,067 —
Total             12,700,094 — — 16,963,067 (4,262,973)
    
The accompanying Notes to Financial Statements are an integral part of this statement.
42 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Credit default swap contracts - buy protection
Reference
entity 		Counterparty Maturity
date 		Pay
fixed
rate
(%) 		Payment
frequency 		Notional
currency 		Notional
amount 		Value
($) 		Periodic
payments
receivable
(payable)
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Markit CMBX North America Index, Series 11 BBB- Goldman Sachs International 11/18/2054 3.000 Monthly USD 4,400,000 759,688 (1,467) 672,810 — 85,411 —
Markit CMBX North America Index, Series 11 BBB- JPMorgan 11/18/2054 3.000 Monthly USD 4,400,000 759,687 (1,467) 148,749 — 609,471 —
Total             1,519,375 (2,934) 821,559 — 694,882 —
    
Cleared credit default swap contracts - buy protection
Reference
entity 		Counterparty Maturity
date 		Pay
fixed
rate
(%) 		Payment
frequency 		Notional
currency 		Notional
amount 		Value
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Markit CDX North America High Yield Index, Series 39 Morgan Stanley 12/20/2027 5.000 Quarterly USD 500,584,000 (25,354,104) — — — (25,354,104)
    
Credit default swap contracts - sell protection
Reference
entity 		Counterparty Maturity
date 		Receive
fixed
rate
(%) 		Payment
frequency 		Implied
credit
spread
(%)* 		Notional
currency 		Notional
amount 		Value
($) 		Periodic
payments
receivable
(payable)
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Markit CMBX North America Index, Series 10 BBB- Citi 11/17/2059 3.000 Monthly 10.437 USD 11,500,000 (2,382,655) 3,833 — (2,497,908) 119,086 —
Markit CMBX North America Index, Series 10 BBB- Citi 11/17/2059 3.000 Monthly 10.437 USD 18,000,000 (3,729,375) 6,000 — (2,145,157) — (1,578,218)
Markit CMBX North America Index, Series 10 BBB- Goldman Sachs International 11/17/2059 3.000 Monthly 10.437 USD 7,000,000 (1,450,312) 2,333 — (785,385) — (662,594)
Markit CMBX North America Index, Series 13 BBB- Goldman Sachs International 12/16/2072 3.000 Monthly 8.125 USD 11,100,000 (2,563,406) 3,700 — (2,160,074) — (399,632)
Markit CMBX North America Index, Series 10 BBB- JPMorgan 11/17/2059 3.000 Monthly 10.437 USD 9,500,000 (1,968,281) 3,167 — (2,043,485) 78,371 —
Markit CMBX North America Index, Series 10 BBB- JPMorgan 11/17/2059 3.000 Monthly 10.437 USD 9,500,000 (1,968,282) 3,167 — (1,582,953) — (382,162)
Markit CMBX North America Index, Series 10 BBB- JPMorgan 11/17/2059 3.000 Monthly 10.437 USD 7,500,000 (1,553,907) 2,500 — (1,164,521) — (386,886)
Markit CMBX North America Index, Series 10 BBB- JPMorgan 11/17/2059 3.000 Monthly 10.437 USD 10,000,000 (2,071,875) 3,333 — (1,604,513) — (464,029)
Markit CMBX North America Index, Series 10 BBB- Morgan Stanley 11/17/2059 3.000 Monthly 10.437 USD 12,000,000 (2,486,250) 4,000 — (2,336,105) — (146,145)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
43
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Credit default swap contracts - sell protection (continued)
Reference
entity 		Counterparty Maturity
date 		Receive
fixed
rate
(%) 		Payment
frequency 		Implied
credit
spread
(%)* 		Notional
currency 		Notional
amount 		Value
($) 		Periodic
payments
receivable
(payable)
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Markit CMBX North America Index, Series 10 BBB- Morgan Stanley 11/17/2059 3.000 Monthly 10.437 USD 15,000,000 (3,107,813) 5,000 — (2,406,770) — (696,043)
Markit CMBX North America Index, Series 12 BBB- Morgan Stanley 08/17/2061 3.000 Monthly 8.292 USD 18,500,000 (3,838,750) 6,167 — (3,688,628) — (143,955)
Total               (27,120,906) 43,200 — (22,415,499) 197,457 (4,859,664)
    
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
    
Reference index and values for swap contracts as of period end
Reference index   Reference rate
28-Day MXN TIIE-Banxico Interbank Equilibrium Interest Rate 11.274%
3-Month USD LIBOR London Interbank Offered Rate 4.971%
Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At February 28, 2023, the total value of these securities amounted to $2,549,078,703, which represents 52.13% of total net assets.
(b) Variable rate security. The interest rate shown was the current rate as of February 28, 2023.
(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2023, the total value of these securities amounted to $83,986,690, which represents 1.72% of total net assets.
(d) Valuation based on significant unobservable inputs.
(e) Represents a security purchased on a when-issued basis.
(f) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of February 28, 2023.
(g) Non-income producing investment.
(h) Principal amounts are denominated in United States Dollars unless otherwise noted.
(i) Represents a security purchased on a forward commitment basis.
(j) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(k) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of February 28, 2023.
(l) Represents a security in default.
(m) Principal and interest may not be guaranteed by a governmental entity.
(n) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.
(o) The stated interest rate represents the weighted average interest rate at February 28, 2023 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.
(p) The borrower filed for protection under Chapter 11 of the U.S. Federal Bankruptcy Code.
The accompanying Notes to Financial Statements are an integral part of this statement.
44 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Notes to Portfolio of Investments  (continued)
(q) At February 28, 2023, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.
    
Borrower Unfunded Commitment ($)
athenahealth Group, Inc.
Delayed Draw Term Loan
02/15/2029 3.500% 		232,097
Hillman Group, Inc. (The)
Delayed Draw Term Loan
07/14/2028 3.117% 		388,186
    
(r) The rate shown is the seven-day current annualized yield at February 28, 2023.
(s) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  336,082,546 869,718,078 (893,895,843) (6,106) 311,898,675 23,481 4,142,149 312,023,485
Abbreviation Legend
CMO Collateralized Mortgage Obligation
LIBOR London Interbank Offered Rate
SOFR Secured Overnight Financing Rate
STRIPS Separate Trading of Registered Interest and Principal Securities
TBA To Be Announced
Currency Legend
COP Colombian Peso
EUR Euro
IDR Indonesian Rupiah
JPY Japanese Yen
MXN Mexican Peso
USD US Dollar
ZAR South African Rand
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
45
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Asset-Backed Securities — Non-Agency — 139,499,637 20,785,574 160,285,211
Commercial Mortgage-Backed Securities - Non-Agency — 188,830,170 — 188,830,170
Common Stocks        
Communication Services 87,084 — — 87,084
Consumer Discretionary — — 462 462
Energy — 1,023,476 15,297 1,038,773
Industrials — 178,943 — 178,943
Information Technology — — 3,394 3,394
Total Common Stocks 87,084 1,202,419 19,153 1,308,656
Convertible Bonds — 6,050,811 — 6,050,811
Convertible Preferred Stocks        
Information Technology — — 3,622 3,622
Total Convertible Preferred Stocks — — 3,622 3,622
Corporate Bonds & Notes — 2,105,872,852 — 2,105,872,852
Foreign Government Obligations — 355,600,241 — 355,600,241
Residential Mortgage-Backed Securities - Agency — 1,607,049,356 — 1,607,049,356
Residential Mortgage-Backed Securities - Non-Agency — 841,582,818 107,170,942 948,753,760
Senior Loans — 335,044,814 5,939,044 340,983,858
U.S. Government & Agency Obligations — 3,969,744 — 3,969,744
Warrants        
Communication Services — 142,685 — 142,685
Total Warrants — 142,685 — 142,685
Options Purchased Calls — 7,084,193 — 7,084,193
Money Market Funds 311,898,675 — — 311,898,675
Total Investments in Securities 311,985,759 5,591,929,740 133,918,335 6,037,833,834
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts — 1,145,152 — 1,145,152
Futures Contracts 16,791,112 — — 16,791,112
Swap Contracts — 17,855,406 — 17,855,406
The accompanying Notes to Financial Statements are an integral part of this statement.
46 Columbia Strategic Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Liability        
Futures Contracts (498,580) — — (498,580)
Options Contracts Written — (6,354,344) — (6,354,344)
Swap Contracts — (34,476,741) — (34,476,741)
Total 328,278,291 5,570,099,213 133,918,335 6,032,295,839
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).
The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:
  Balance
as of
08/31/2022
($) 		Increase
(decrease)
in accrued
discounts/
premiums
($) 		Realized
gain (loss)
($) 		Change
in unrealized
appreciation
(depreciation)(a)
($) 		Purchases
($) 		Sales
($) 		Transfers
into
Level 3
($) 		Transfers
out of
Level 3
($) 		Balance
as of
02/28/2023
($)
Asset-Backed Securities — Non-Agency 25,190,027 — 174 36,738 20,293,358 (10,799,762) — (13,934,961) 20,785,574
Common Stocks 20,852 — 26,734 (36,592) — (26,735) 34,894 — 19,153
Convertible Preferred Stocks — — — (67,398) — — 71,020 — 3,622
Foreign Government Obligations 3,409,784 353,080 (7,083,470) 7,652,936 — (4,332,330) — — —
Residential Mortgage-Backed Securities — Non-Agency 130,050,179 5,321 — (1,780,023) 21,943,438 (43,047,973) — — 107,170,942
Senior Loans 9,641,379 6,194 (326,846) 202,721 — (2,601,159) 6,152,608 (7,135,853) 5,939,044
Warrants 83,965 — — 119,950 — (203,915) — — —
Total 168,396,186 364,595 (7,383,408) 6,128,332 42,236,796 (61,011,874) 6,258,522 (21,070,814) 133,918,335
(a) Change in unrealized appreciation (depreciation) relating to securities held at February 28, 2023 was $(1,882,023), which is comprised of Asset-Backed Securities - Non-Agency of $(17,028), Common Stocks of $(36,592), Convertible Preferred Stocks of $(67,398), Residential Mortgage-Backed Securities — Non-Agency of $(1,780,023) and Senior Loans of $19,018.
The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain common stocks, residential mortgage backed securities, asset backed securities, convertible preferred stocks and senior loans classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, single market quotations from broker dealers and the estimates of future distributions from the company. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.
Financial assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, management concluded that the market input(s) were generally unobservable.
Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable, and observable market data to value these assets as of period end.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
47
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $6,240,272,400) $5,718,850,966
Affiliated issuers (cost $311,869,552) 311,898,675
Options purchased (cost $50,290,950) 7,084,193
Cash 1,422,781
Foreign currency (cost $9,953,236) 9,873,459
Cash collateral held at broker for:  
Swap contracts 15,409,000
TBA 21,372,000
Other(a) 12,238,000
Margin deposits on:  
Futures contracts 14,812,283
Swap contracts 35,336,715
Unrealized appreciation on forward foreign currency exchange contracts 1,145,152
Unrealized appreciation on swap contracts 892,339
Upfront payments on swap contracts 821,559
Receivable for:  
Investments sold 3,916,326
Investments sold on a delayed delivery basis 36,409,425
Capital shares sold 5,429,065
Dividends 904,916
Interest 46,227,522
Foreign tax reclaims 50,632
Variation margin for futures contracts 1,392,172
Variation margin for swap contracts 314,385
Prepaid expenses 43,063
Trustees’ deferred compensation plan 370,110
Other assets 13,396
Total assets 6,246,228,134
Liabilities  
Option contracts written, at value (premiums received $4,224,044) 6,354,344
Unrealized depreciation on swap contracts 4,859,664
Upfront receipts on swap contracts 22,415,499
Payable for:  
Investments purchased 8,530,593
Investments purchased on a delayed delivery basis 1,305,996,048
Capital shares purchased 6,299,570
Variation margin for futures contracts 555,311
Variation margin for swap contracts 66,049
Management services fees 74,692
Distribution and/or service fees 11,671
Transfer agent fees 425,375
Compensation of board members 121,478
Compensation of chief compliance officer 497
Other expenses 212,171
Trustees’ deferred compensation plan 370,110
Total liabilities 1,356,293,072
Net assets applicable to outstanding capital stock $4,889,935,062
Represented by  
Paid in capital 5,803,579,993
Total distributable earnings (loss) (913,644,931)
Total - representing net assets applicable to outstanding capital stock $4,889,935,062
The accompanying Notes to Financial Statements are an integral part of this statement.
48 Columbia Strategic Income Fund  | Semiannual Report 2023
Statement of Assets and Liabilities  (continued)
February 28, 2023 (Unaudited)
Class A  
Net assets $943,224,278
Shares outstanding 44,664,067
Net asset value per share $21.12
Maximum sales charge 4.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $22.17
Advisor Class  
Net assets $237,301,585
Shares outstanding 11,478,061
Net asset value per share $20.67
Class C  
Net assets $183,821,196
Shares outstanding 8,707,114
Net asset value per share $21.11
Institutional Class  
Net assets $2,750,478,186
Shares outstanding 132,854,713
Net asset value per share $20.70
Institutional 2 Class  
Net assets $347,563,167
Shares outstanding 16,773,852
Net asset value per share $20.72
Institutional 3 Class  
Net assets $414,948,339
Shares outstanding 20,109,750
Net asset value per share $20.63
Class R  
Net assets $12,598,311
Shares outstanding 591,970
Net asset value per share $21.28
    
(a) Includes collateral related to options contracts written and swap contracts.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
49
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $3,526
Dividends — affiliated issuers 4,142,149
Interest 136,925,338
Interfund lending 1,845
Foreign taxes withheld (13,198)
Total income 141,059,660
Expenses:  
Management services fees 13,997,614
Distribution and/or service fees  
Class A 1,192,621
Class C 963,066
Class R 30,809
Transfer agent fees  
Class A 474,217
Advisor Class 126,036
Class C 95,740
Institutional Class 1,406,633
Institutional 2 Class 102,738
Institutional 3 Class 18,066
Class R 6,129
Compensation of board members 51,047
Custodian fees 108,387
Printing and postage fees 163,299
Registration fees 119,927
Audit fees 25,996
Legal fees 41,952
Interest on collateral 306,873
Compensation of chief compliance officer 497
Other 45,754
Total expenses 19,277,401
Expense reduction (3,103)
Total net expenses 19,274,298
Net investment income 121,785,362
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (152,980,392)
Investments — affiliated issuers 23,481
Foreign currency translations (2,698,144)
Forward foreign currency exchange contracts (3,465,933)
Futures contracts (3,543,467)
Options purchased (5,942,060)
Options contracts written 10,849,025
Swap contracts 7,221,659
Net realized loss (150,535,831)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 35,913,401
Investments — affiliated issuers (6,106)
Foreign currency translations (47,061)
Forward foreign currency exchange contracts 1,288,130
Futures contracts 9,014,640
Options purchased (30,238,926)
Options contracts written (2,130,300)
Swap contracts (56,702,189)
Net change in unrealized appreciation (depreciation) (42,908,411)
Net realized and unrealized loss (193,444,242)
Net decrease in net assets resulting from operations $(71,658,880)
The accompanying Notes to Financial Statements are an integral part of this statement.
50 Columbia Strategic Income Fund  | Semiannual Report 2023
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment income $121,785,362 $226,062,515
Net realized loss (150,535,831) (192,292,349)
Net change in unrealized appreciation (depreciation) (42,908,411) (701,091,736)
Net decrease in net assets resulting from operations (71,658,880) (667,321,570)
Distributions to shareholders    
Net investment income and net realized gains    
Class A (22,496,357) (47,487,869)
Advisor Class (6,372,305) (15,554,372)
Class C (3,819,293) (8,968,170)
Institutional Class (71,154,421) (169,394,995)
Institutional 2 Class (9,275,262) (22,844,906)
Institutional 3 Class (10,817,207) (23,213,250)
Class R (274,693) (621,845)
Total distributions to shareholders (124,209,538) (288,085,407)
Decrease in net assets from capital stock activity (599,442,437) (18,610,193)
Total decrease in net assets (795,310,855) (974,017,170)
Net assets at beginning of period 5,685,245,917 6,659,263,087
Net assets at end of period $4,889,935,062 $5,685,245,917
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
51
Statement of Changes in Net Assets   (continued)
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 3,205,883 67,922,496 6,104,860 144,592,287
Fund reorganization — — 2,720,908 66,623,684
Distributions reinvested 995,793 20,986,295 1,888,726 44,513,990
Redemptions (6,977,814) (146,319,841) (10,572,480) (246,319,310)
Net increase (decrease) (2,776,138) (57,411,050) 142,014 9,410,651
Advisor Class        
Subscriptions 1,045,594 21,814,055 5,007,338 117,004,721
Fund reorganization — — 1,900,358 45,591,874
Distributions reinvested 307,632 6,344,593 671,814 15,512,875
Redemptions (3,823,947) (78,626,356) (8,659,199) (198,789,671)
Net decrease (2,470,721) (50,467,708) (1,079,689) (20,680,201)
Class C        
Subscriptions 618,315 13,129,448 1,530,437 36,814,745
Distributions reinvested 166,009 3,498,521 345,221 8,170,975
Redemptions (1,913,117) (40,365,889) (3,341,253) (77,668,623)
Net decrease (1,128,793) (23,737,920) (1,465,595) (32,682,903)
Institutional Class        
Subscriptions 29,085,292 603,517,536 56,071,862 1,303,611,260
Distributions reinvested 2,953,682 61,017,340 6,175,424 142,981,414
Redemptions (50,069,233) (1,033,957,863) (69,146,186) (1,570,804,397)
Net decrease (18,030,259) (369,422,987) (6,898,900) (124,211,723)
Institutional 2 Class        
Subscriptions 2,818,759 58,366,040 11,818,805 277,874,908
Distributions reinvested 445,627 9,213,020 980,927 22,684,813
Redemptions (5,784,894) (120,047,386) (12,718,682) (286,111,305)
Net increase (decrease) (2,520,508) (52,468,326) 81,050 14,448,416
Institutional 3 Class        
Subscriptions 3,268,950 67,426,219 12,181,340 287,282,196
Distributions reinvested 276,809 5,699,120 601,991 13,870,044
Redemptions (5,810,269) (119,377,377) (7,294,797) (164,066,674)
Net increase (decrease) (2,264,510) (46,252,038) 5,488,534 137,085,566
Class R        
Subscriptions 69,669 1,475,051 173,196 4,209,736
Distributions reinvested 12,878 273,641 25,880 617,786
Redemptions (67,085) (1,431,100) (289,197) (6,807,521)
Net increase (decrease) 15,462 317,592 (90,121) (1,979,999)
Total net decrease (29,175,467) (599,442,437) (3,822,707) (18,610,193)
The accompanying Notes to Financial Statements are an integral part of this statement.
52 Columbia Strategic Income Fund  | Semiannual Report 2023
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Columbia Strategic Income Fund  | Semiannual Report 2023
53
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 2/28/2023 (Unaudited) $21.84 0.49 (0.71) (0.22) (0.50) — (0.50)
Year Ended 8/31/2022 $25.20 0.78 (3.15) (2.37) (0.71) (0.28) (0.99)
Year Ended 8/31/2021(f) $24.32 0.79 0.86 1.65 (0.77) — (0.77)
Year Ended 8/31/2020(f) $24.06 0.84 0.26 1.10 (0.84) — (0.84)
Year Ended 8/31/2019(f) $23.57 1.00 0.57 1.57 (0.92) (0.16) (1.08)
Year Ended 8/31/2018(f) $24.35 0.96 (0.70) 0.26 (0.80) (0.24) (1.04)
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $21.39 0.51 (0.71) (0.20) (0.52) — (0.52)
Year Ended 8/31/2022 $24.70 0.82 (3.08) (2.26) (0.77) (0.28) (1.05)
Year Ended 8/31/2021(f) $23.85 0.83 0.85 1.68 (0.83) — (0.83)
Year Ended 8/31/2020(f) $23.62 0.88 0.23 1.11 (0.88) — (0.88)
Year Ended 8/31/2019(f) $23.16 1.04 0.54 1.58 (0.96) (0.16) (1.12)
Year Ended 8/31/2018(f) $23.95 1.00 (0.67) 0.33 (0.88) (0.24) (1.12)
Class C
Six Months Ended 2/28/2023 (Unaudited) $21.83 0.41 (0.71) (0.30) (0.42) — (0.42)
Year Ended 8/31/2022 $25.19 0.60 (3.15) (2.55) (0.53) (0.28) (0.81)
Year Ended 8/31/2021(f) $24.31 0.60 0.86 1.46 (0.58) — (0.58)
Year Ended 8/31/2020(f) $24.06 0.64 0.29 0.93 (0.68) — (0.68)
Year Ended 8/31/2019(f) $23.57 0.80 0.57 1.37 (0.72) (0.16) (0.88)
Year Ended 8/31/2018(f) $24.36 0.76 (0.67) 0.09 (0.64) (0.24) (0.88)
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $21.42 0.51 (0.71) (0.20) (0.52) — (0.52)
Year Ended 8/31/2022 $24.73 0.82 (3.09) (2.27) (0.76) (0.28) (1.04)
Year Ended 8/31/2021(f) $23.88 0.84 0.84 1.68 (0.83) — (0.83)
Year Ended 8/31/2020(f) $23.65 0.88 0.23 1.11 (0.88) — (0.88)
Year Ended 8/31/2019(f) $23.18 1.04 0.55 1.59 (0.96) (0.16) (1.12)
Year Ended 8/31/2018(f) $23.97 1.00 (0.67) 0.33 (0.88) (0.24) (1.12)
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $21.44 0.51 (0.70) (0.19) (0.53) — (0.53)
Year Ended 8/31/2022 $24.75 0.83 (3.09) (2.26) (0.77) (0.28) (1.05)
Year Ended 8/31/2021(f) $23.90 0.85 0.83 1.68 (0.83) — (0.83)
Year Ended 8/31/2020(f) $23.66 0.88 0.28 1.16 (0.92) — (0.92)
Year Ended 8/31/2019(f) $23.19 1.04 0.55 1.59 (0.96) (0.16) (1.12)
Year Ended 8/31/2018(f) $23.98 1.00 (0.67) 0.33 (0.88) (0.24) (1.12)
The accompanying Notes to Financial Statements are an integral part of this statement.
54 Columbia Strategic Income Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 2/28/2023 (Unaudited) $21.12 (0.99%) 0.94%(c),(d) 0.94%(c),(d),(e) 4.67%(c) 150% $943,224
Year Ended 8/31/2022 $21.84 (9.64%) 0.92%(d) 0.92%(d),(e) 3.30% 136% $1,036,081
Year Ended 8/31/2021(f) $25.20 6.84% 0.92%(d) 0.92%(d),(e) 3.17% 126% $1,191,823
Year Ended 8/31/2020(f) $24.32 4.84% 0.93%(d) 0.93%(d),(e) 3.51% 173% $1,101,890
Year Ended 8/31/2019(f) $24.06 6.75% 0.95%(d) 0.95%(d) 4.20% 179% $1,101,847
Year Ended 8/31/2018(f) $23.57 1.03% 0.94%(d) 0.94%(d),(e) 3.94% 152% $1,059,907
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $20.67 (0.89%) 0.69%(c),(d) 0.69%(c),(d),(e) 4.91%(c) 150% $237,302
Year Ended 8/31/2022 $21.39 (9.40%) 0.67%(d) 0.67%(d),(e) 3.54% 136% $298,389
Year Ended 8/31/2021(f) $24.70 7.16% 0.67%(d) 0.67%(d),(e) 3.39% 126% $371,251
Year Ended 8/31/2020(f) $23.85 5.02% 0.68%(d) 0.68%(d),(e) 3.76% 173% $194,094
Year Ended 8/31/2019(f) $23.62 6.96% 0.70%(d) 0.70%(d) 4.42% 179% $285,983
Year Ended 8/31/2018(f) $23.16 1.30% 0.69%(d) 0.69%(d),(e) 4.21% 152% $143,983
Class C
Six Months Ended 2/28/2023 (Unaudited) $21.11 (1.36%) 1.69%(c),(d) 1.69%(c),(d),(e) 3.92%(c) 150% $183,821
Year Ended 8/31/2022 $21.83 (10.31%) 1.67%(d) 1.67%(d),(e) 2.53% 136% $214,760
Year Ended 8/31/2021(f) $25.19 6.01% 1.67%(d) 1.67%(d),(e) 2.42% 126% $284,727
Year Ended 8/31/2020(f) $24.31 4.06% 1.69%(d) 1.69%(d),(e) 2.76% 173% $280,497
Year Ended 8/31/2019(f) $24.06 5.97% 1.70%(d) 1.70%(d) 3.45% 179% $282,018
Year Ended 8/31/2018(f) $23.57 0.28% 1.69%(d) 1.69%(d),(e) 3.19% 152% $306,303
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $20.70 (0.89%) 0.69%(c),(d) 0.69%(c),(d),(e) 4.92%(c) 150% $2,750,478
Year Ended 8/31/2022 $21.42 (9.39%) 0.67%(d) 0.67%(d),(e) 3.54% 136% $3,231,980
Year Ended 8/31/2021(f) $24.73 7.11% 0.67%(d) 0.67%(d),(e) 3.41% 126% $3,902,593
Year Ended 8/31/2020(f) $23.88 5.02% 0.68%(d) 0.68%(d),(e) 3.76% 173% $3,083,643
Year Ended 8/31/2019(f) $23.65 6.96% 0.70%(d) 0.70%(d) 4.44% 179% $2,843,762
Year Ended 8/31/2018(f) $23.18 1.47% 0.69%(d) 0.69%(d),(e) 4.20% 152% $2,398,468
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $20.72 (0.87%) 0.65%(c),(d) 0.65%(c),(d) 4.96%(c) 150% $347,563
Year Ended 8/31/2022 $21.44 (9.35%) 0.63%(d) 0.63%(d) 3.60% 136% $413,637
Year Ended 8/31/2021(f) $24.75 7.23% 0.63%(d) 0.63%(d) 3.44% 126% $475,594
Year Ended 8/31/2020(f) $23.90 5.06% 0.64%(d) 0.64%(d) 3.80% 173% $287,777
Year Ended 8/31/2019(f) $23.66 7.00% 0.66%(d) 0.66%(d) 4.49% 179% $287,753
Year Ended 8/31/2018(f) $23.19 1.35% 0.65%(d) 0.65%(d) 4.26% 152% $257,953
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
55
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $21.35 0.51 (0.70) (0.19) (0.53) — (0.53)
Year Ended 8/31/2022 $24.66 0.84 (3.09) (2.25) (0.78) (0.28) (1.06)
Year Ended 8/31/2021(f) $23.81 0.86 0.84 1.70 (0.85) — (0.85)
Year Ended 8/31/2020(f) $23.58 0.88 0.27 1.15 (0.92) — (0.92)
Year Ended 8/31/2019(f) $23.12 1.04 0.58 1.62 (1.00) (0.16) (1.16)
Year Ended 8/31/2018(f) $23.91 1.00 (0.67) 0.33 (0.88) (0.24) (1.12)
Class R
Six Months Ended 2/28/2023 (Unaudited) $22.01 0.47 (0.73) (0.26) (0.47) — (0.47)
Year Ended 8/31/2022 $25.38 0.72 (3.16) (2.44) (0.65) (0.28) (0.93)
Year Ended 8/31/2021(f) $24.49 0.73 0.86 1.59 (0.70) — (0.70)
Year Ended 8/31/2020(f) $24.23 0.80 0.26 1.06 (0.80) — (0.80)
Year Ended 8/31/2019(f) $23.73 0.92 0.58 1.50 (0.84) (0.16) (1.00)
Year Ended 8/31/2018(f) $24.51 0.88 (0.66) 0.22 (0.76) (0.24) (1.00)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by:
    
Class 2/28/2023 8/31/2022 8/31/2021 8/31/2020 8/31/2019 8/31/2018
Class A 0.01% 0.01% less than 0.01% less than 0.01% less than 0.01% less than 0.01%
Advisor Class 0.01% 0.01% less than 0.01% less than 0.01% 0.01% less than 0.01%
Class C 0.01% 0.01% less than 0.01% less than 0.01% less than 0.01% less than 0.01%
Institutional Class 0.01% 0.01% less than 0.01% less than 0.01% less than 0.01% less than 0.01%
Institutional 2 Class 0.01% 0.01% less than 0.01% less than 0.01% less than 0.01% less than 0.01%
Institutional 3 Class 0.01% 0.01% less than 0.01% less than 0.01% less than 0.01% less than 0.01%
Class R 0.01% 0.01% less than 0.01% less than 0.01% less than 0.01% less than 0.01%
    
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.
The accompanying Notes to Financial Statements are an integral part of this statement.
56 Columbia Strategic Income Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $20.63 (0.85%) 0.60%(c),(d) 0.60%(c),(d) 5.01%(c) 150% $414,948
Year Ended 8/31/2022 $21.35 (9.34%) 0.59%(d) 0.59%(d) 3.67% 136% $477,713
Year Ended 8/31/2021(f) $24.66 7.26% 0.59%(d) 0.59%(d) 3.50% 126% $416,355
Year Ended 8/31/2020(f) $23.81 5.13% 0.60%(d) 0.60%(d) 3.84% 173% $322,913
Year Ended 8/31/2019(f) $23.58 7.08% 0.60%(d) 0.60%(d) 4.55% 179% $192,494
Year Ended 8/31/2018(f) $23.12 1.40% 0.60%(d) 0.60%(d) 4.31% 152% $189,195
Class R
Six Months Ended 2/28/2023 (Unaudited) $21.28 (1.15%) 1.19%(c),(d) 1.19%(c),(d),(e) 4.43%(c) 150% $12,598
Year Ended 8/31/2022 $22.01 (9.83%) 1.17%(d) 1.17%(d),(e) 3.02% 136% $12,686
Year Ended 8/31/2021(f) $25.38 6.62% 1.17%(d) 1.17%(d),(e) 2.89% 126% $16,920
Year Ended 8/31/2020(f) $24.49 4.38% 1.18%(d) 1.18%(d),(e) 3.26% 173% $8,053
Year Ended 8/31/2019(f) $24.23 6.62% 1.20%(d) 1.20%(d) 3.95% 179% $9,287
Year Ended 8/31/2018(f) $23.73 0.77% 1.19%(d) 1.19%(d),(e) 3.70% 152% $7,075
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic Income Fund  | Semiannual Report 2023
57
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Columbia Strategic Income Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
58 Columbia Strategic Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.
Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
Columbia Strategic Income Fund  | Semiannual Report 2023
59
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the
60 Columbia Strategic Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities. These instruments may be used for other purposes in future periods.
The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.
The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to manage exposure to fluctuations in interest rates. These instruments may be used for other
Columbia Strategic Income Fund  | Semiannual Report 2023
61
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.
Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.
For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.
Interest rate swaption contracts
Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of a purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.
When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.
Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the
62 Columbia Strategic Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.
Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.
Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.
As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).
As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.
As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.
Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.
Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.
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63
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Interest rate and inflation rate swap contracts
The Fund entered into interest rate swap transactions and/or inflation rate swap contracts to manage interest rate and market risk exposure to produce incremental earnings. These instruments may be used for other purposes in future periods. An interest rate swap or inflation rate swap, as applicable, is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a nominal amount. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.
Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2023:
  Asset derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 892,339*
Credit risk Upfront payments on swap contracts 821,559
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 1,145,152
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 16,791,112*
Interest rate risk Investments, at value — Options purchased 7,084,193
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 16,963,067*
Total   43,697,422
    
  Liability derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized depreciation on swap contracts 30,213,768*
Credit risk Upfront receipts on swap contracts 22,415,499
Interest rate risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 498,580*
Interest rate risk Options contracts written, at value 6,354,344
Interest rate risk Component of total distributable earnings (loss) — unrealized depreciation on swap contracts 4,262,973*
Total   63,745,164
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
64 Columbia Strategic Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended February 28, 2023:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Options
contracts
written
($) 		Options
contracts
purchased
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — — — 7,393,845 7,393,845
Foreign exchange risk (3,465,933) — — — — (3,465,933)
Interest rate risk — (3,543,467) 10,849,025 (5,942,060) (172,186) 1,191,312
Total (3,465,933) (3,543,467) 10,849,025 (5,942,060) 7,221,659 5,119,224
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Options
contracts
written
($) 		Options
contracts
purchased
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — — — (60,125,670) (60,125,670)
Foreign exchange risk 1,288,130 — — — — 1,288,130
Interest rate risk — 9,014,640 (2,130,300) (30,238,926) 3,423,481 (19,931,105)
Total 1,288,130 9,014,640 (2,130,300) (30,238,926) (56,702,189) (78,768,645)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended February 28, 2023:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 207,705,762
Futures contracts — short 1,657,268,708
Credit default swap contracts — buy protection 572,284,000
Credit default swap contracts — sell protection 114,800,000
    
Derivative instrument Average
value ($)*
Options contracts — purchased 13,001,876
Options contracts — written (4,787,257)
    
Derivative instrument Average unrealized
appreciation ($)* 		Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 615,653 (908,968)
Interest rate swap contracts 16,303,702 (3,781,704)
    
* Based on the ending quarterly outstanding amounts for the six months ended February 28, 2023.
Investments in senior loans
The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for
Columbia Strategic Income Fund  | Semiannual Report 2023
65
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.
The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund’s Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.
Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.
In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.
Mortgage dollar roll transactions
The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund’s portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.
66 Columbia Strategic Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Interest only and principal only securities 
The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security’s interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of February 28, 2023:
  Citi ($) (a) Citi ($) (a) Goldman
Sachs
International ($) 		HSBC ($) JPMorgan ($) Morgan
Stanley ($) (a) 		Morgan
Stanley ($) (a) 		UBS ($) Total ($)
Assets                  
Centrally cleared credit default swap contracts (b) - - - - - - 227,386 - 227,386
Centrally cleared interest rate swap contracts (b) - - - - - - 86,999 - 86,999
Forward foreign currency exchange contracts - - - 399,831 - - - 745,321 1,145,152
Options purchased calls 6,974,240 - - - - 109,953 - - 7,084,193
OTC credit default swap contracts (c) - 119,086 758,221 - 836,591 - - - 1,713,898
Total assets 6,974,240 119,086 758,221 399,831 836,591 109,953 314,385 745,321 10,257,628
Liabilities                  
Centrally cleared interest rate swap contracts (b) - - - - - - 66,049 - 66,049
Options contracts written 3,087,772 - - - - 3,266,572 - - 6,354,344
OTC credit default swap contracts (c) - 6,221,283 4,007,685 - 7,628,549 9,417,646 - - 27,275,163
Total liabilities 3,087,772 6,221,283 4,007,685 - 7,628,549 12,684,218 66,049 - 33,695,556
Total financial and derivative net assets 3,886,468 (6,102,197) (3,249,464) 399,831 (6,791,958) (12,574,265) 248,336 745,321 (23,437,928)
Total collateral received (pledged) (d) 3,707,986 (5,909,000) (3,140,000) 280,000 (6,360,000) (12,238,000) - - (23,659,014)
Net amount (e) 178,482 (193,197) (109,464) 119,831 (431,958) (336,265) 248,336 745,321 221,086
    
(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
(b) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.
(c) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.
(d) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(e) Represents the net amount due from/(to) counterparties in the event of default.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
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67
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.
The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
68 Columbia Strategic Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.60% to 0.393% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 0.557% of the Fund’s average daily net assets.
Columbia Strategic Income Fund  | Semiannual Report 2023
69
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transactions with affiliates
The Fund is permitted to engage in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers under specified conditions outlined in a policy adopted by the Board, pursuant to Rule 17a-7 under the 1940 Act (cross-trades). The Board relies on quarterly written representation from the Fund’s Chief Compliance Officer that cross-trades complied with approved policy.
For the six months ended February 28, 2023, the Fund engaged in cross-trades as follows:
Purchases ($) Sales ($) Net realized gain (loss) ($)
— 37,110 2,074
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
70 Columbia Strategic Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.10
Advisor Class 0.10
Class C 0.10
Institutional Class 0.10
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.10
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended February 28, 2023, these minimum account balance fees reduced total expenses of the Fund by $3,103.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended February 28, 2023, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 4.75 0.50 - 1.00(a) 259,897
Class C — 1.00(b) 12,528
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Columbia Strategic Income Fund  | Semiannual Report 2023
71
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  January 1, 2023
through
December 31, 2023 		Prior to
January 1, 2023
Class A 0.96% 0.98%
Advisor Class 0.71 0.73
Class C 1.71 1.73
Institutional Class 0.71 0.73
Institutional 2 Class 0.67 0.70
Institutional 3 Class 0.62 0.65
Class R 1.21 1.23
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
(depreciation) ($)
6,576,615,000 63,665,000 (629,578,000) (565,913,000)
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at August 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
No expiration
short-term ($) 		No expiration
long-term ($) 		Total ($)
(83,287,149) (115,587,438) (198,874,587)
72 Columbia Strategic Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $8,777,242,074 and $8,781,389,157, respectively, for the six months ended February 28, 2023, of which $7,992,704,160 and $7,673,420,387, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended February 28, 2023 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Lender 2,550,000 4.23 6
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed.
Columbia Strategic Income Fund  | Semiannual Report 2023
73
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
Note 9. Fund reorganization
At the close of business on December 10, 2021, the Fund acquired the assets and assumed the identified liabilities of BMO Strategic Income Fund (the Acquired Fund), a series of BMO Funds Inc. The reorganization was completed after shareholders of the Acquired Fund approved a plan of reorganization at a shareholder meeting held on November 23, 2021. The purpose of the reorganization was to combine two funds with comparable investment objectives and strategies.
The aggregate net assets of the Fund immediately before the reorganization were $6,878,447,698 and the combined net assets immediately after the reorganization were $6,990,663,256.
The reorganization was accomplished by a tax-free exchange of 11,715,409 shares of the Acquired Fund valued at $112,215,558 (including $348,590 of unrealized appreciation/(depreciation)).
In exchange for the Acquired Fund’s shares, the Fund issued the following number of shares:
  Shares
Class A 2,720,908
Advisor Class 1,900,358
For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.
The Fund’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund’s Statement of Operations since the reorganization was completed.
Assuming the reorganization had been completed on September 1, 2021, the Fund’s pro-forma results of operations for the year ended August 31, 2022 would have been approximately:
  ($)
Net investment income 226,993,000
Net realized loss (190,398,000)
Net change in unrealized appreciation/(depreciation) (705,646,000)
Net decrease in net assets from operations (669,051,000)
Note 10. Significant risks
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.
74 Columbia Strategic Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.
High-yield investments risk
Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international
Columbia Strategic Income Fund  | Semiannual Report 2023
75
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market’s assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.
Shareholder concentration risk
At February 28, 2023, affiliated shareholders of record owned 25.6% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 11. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 12. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could
76 Columbia Strategic Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
Columbia Strategic Income Fund  | Semiannual Report 2023
77
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Columbia Strategic Income Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR232_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Columbia International Dividend Income Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Columbia International Dividend Income Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia International Dividend Income Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks total return, consisting of current income and capital appreciation.
Portfolio management
Jonathan Crown
Co-Portfolio Manager
Managed Fund since 2016
Georgina Hellyer, CFA
Co-Portfolio Manager
Managed Fund since 2018
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 11/01/02 10.25 -6.12 2.98 4.51
  Including sales charges   3.91 -11.51 1.77 3.89
Advisor Class* 03/19/13 10.35 -5.92 3.24 4.77
Class C Excluding sales charges 10/13/03 9.84 -6.80 2.22 3.73
  Including sales charges   8.84 -7.72 2.22 3.73
Institutional Class 11/09/00 10.35 -5.90 3.25 4.77
Institutional 2 Class* 01/08/14 10.47 -5.73 3.39 4.92
Institutional 3 Class 07/15/09 10.48 -5.71 3.43 4.99
Class R 09/27/10 10.14 -6.32 2.73 4.24
MSCI ACWI ex USA Index (Net)   7.30 -7.19 1.62 3.94
MSCI ACWI ex USA Value Index (Net)   9.93 -3.88 0.75 2.98
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
The Fund’s performance prior to September 2020 reflects returns achieved according to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The MSCI ACWI ex USA Index (Net) captures a large- and mid-cap representation across 22 of 23 developed market countries (excluding the United States) and 24 emerging market countries. The index covers approximately 85% of the global equity opportunity set outside the United States.
The MSCI ACWI ex USA Value Index (Net) captures large- and mid-cap securities exhibiting overall value style characteristics across 22 developed and 24 emerging market countries.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI ACWI ex USA Index (Net) and MSCI ACWI ex USA Value Index (Net) which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia International Dividend Income Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Equity sector breakdown (%) (at February 28, 2023)
Communication Services 9.3
Consumer Discretionary 7.1
Consumer Staples 9.3
Energy 6.3
Financials 21.1
Health Care 8.9
Industrials 12.7
Information Technology 11.4
Materials 10.7
Utilities 3.2
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Country breakdown (%) (at February 28, 2023)
Australia 1.0
Canada 6.3
China 3.0
Denmark 3.6
Finland 0.8
France 12.5
Germany 13.9
Hong Kong 4.2
Indonesia 1.5
Ireland 1.5
Japan 8.9
Netherlands 2.5
Norway 1.3
Singapore 1.8
South Korea 2.9
Spain 3.4
Sweden 1.4
Switzerland 7.8
Taiwan 4.0
United Kingdom 15.8
United States(a) 1.9
Total 100.0
    
(a) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
 
4 Columbia International Dividend Income Fund  | Semiannual Report 2023
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 1,102.50 1,018.50 6.62 6.36 1.27
Advisor Class 1,000.00 1,000.00 1,103.50 1,019.74 5.32 5.11 1.02
Class C 1,000.00 1,000.00 1,098.40 1,014.78 10.51 10.09 2.02
Institutional Class 1,000.00 1,000.00 1,103.50 1,019.74 5.32 5.11 1.02
Institutional 2 Class 1,000.00 1,000.00 1,104.70 1,020.43 4.59 4.41 0.88
Institutional 3 Class 1,000.00 1,000.00 1,104.80 1,020.68 4.33 4.16 0.83
Class R 1,000.00 1,000.00 1,101.40 1,017.26 7.92 7.60 1.52
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia International Dividend Income Fund  | Semiannual Report 2023
5
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.2%
Issuer Shares Value ($)
Australia 1.0%
Telstra Corp., Ltd. 1,716,321 4,795,382
Canada 6.3%
Canadian National Railway Co. 72,547 8,262,755
Manulife Financial Corp. 354,842 7,016,224
Nutrien Ltd. 92,290 7,191,112
TC Energy Corp. 193,381 7,696,975
Total 30,167,066
China 3.0%
NetEase, Inc., ADR 81,429 6,322,148
Ping An Insurance Group Co. of China Ltd., Class H 1,198,500 8,181,603
Total 14,503,751
Denmark 3.6%
Novo Nordisk A/S, Class B 95,536 13,494,964
Tryg AS 169,256 3,749,607
Total 17,244,571
Finland 0.8%
UPM-Kymmene OYJ 105,213 3,812,546
France 12.3%
AXA SA 313,303 9,872,645
BNP Paribas SA 189,712 13,262,992
L’Oreal SA 13,835 5,468,601
LVMH Moet Hennessy Louis Vuitton SE 8,807 7,321,499
Schneider Electric SE 49,456 7,935,568
TotalEnergies SE 251,115 15,494,857
Total 59,356,162
Germany 13.8%
Adidas AG 34,244 5,114,234
Deutsche Telekom AG, Registered Shares 513,369 11,521,577
E.ON SE 696,362 7,597,918
Evonik Industries AG 310,318 6,625,828
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares 13,229 4,557,090
SAP SE 89,522 10,170,683
Siemens AG, Registered Shares 93,881 14,306,709
Common Stocks (continued)
Issuer Shares Value ($)
Vantage Towers AG(a) 185,682 6,402,505
Total 66,296,544
Hong Kong 4.1%
AIA Group Ltd. 1,059,600 11,261,447
Hong Kong Exchanges and Clearing Ltd. 217,000 8,691,430
Total 19,952,877
Indonesia 1.5%
PT Bank Rakyat Indonesia Persero Tbk 22,946,252 7,023,056
Ireland 1.5%
CRH PLC 154,781 7,270,607
Japan 8.8%
Japan Exchange Group, Inc. 358,000 5,339,428
Rohm Co., Ltd. 59,000 4,543,749
SMC Corp. 16,800 8,539,546
Tokyo Electron Ltd. 17,300 5,935,665
Toyota Motor Corp. 883,300 12,039,007
Yahoo! Japan Corp. 2,253,300 6,049,322
Total 42,446,717
Netherlands 2.5%
Akzo Nobel NV 101,306 7,411,034
ING Groep NV 325,678 4,557,903
Total 11,968,937
Norway 1.3%
Equinor ASA 205,507 6,291,258
Singapore 1.8%
DBS Group Holdings Ltd. 337,200 8,555,148
South Korea 2.8%
Samsung Electronics Co., Ltd. 299,202 13,689,965
Spain 3.3%
Iberdrola SA 630,324 7,225,676
Industria de Diseno Textil SA 285,386 8,791,820
Total 16,017,496
Sweden 1.4%
Sandvik AB 317,327 6,528,030
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia International Dividend Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Switzerland 7.7%
Nestlé SA, Registered Shares 134,522 15,156,680
Novartis AG, ADR 87,051 7,322,730
Novartis AG, Registered Shares 38,859 3,270,378
Roche Holding AG, Genusschein Shares 38,588 11,126,425
Total 36,876,213
Taiwan 4.0%
MediaTek, Inc. 192,000 4,507,974
Taiwan Semiconductor Manufacturing Co., Ltd. 880,000 14,558,628
Total 19,066,602
United Kingdom 15.7%
3i Group PLC 325,231 6,362,901
Anglo American PLC 330,157 11,408,488
BT Group PLC 5,011,108 8,400,911
Diageo PLC 146,357 6,210,874
Experian PLC 288,523 9,727,303
GSK PLC 380,504 6,518,384
Common Stocks (continued)
Issuer Shares Value ($)
Haleon PLC(a) 718,033 2,778,541
Linde PLC 18,371 6,322,717
Reckitt Benckiser Group PLC 128,679 8,928,395
RELX PLC 126,657 3,822,289
Unilever PLC 95,561 4,767,597
Total 75,248,400
Total Common Stocks
(Cost $439,426,000) 		467,111,328
Money Market Funds 1.8%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(b),(c) 8,869,535 8,865,987
Total Money Market Funds
(Cost $8,865,655) 		8,865,987
Total Investments in Securities
(Cost $448,291,655) 		475,977,315
Other Assets & Liabilities, Net   4,765,944
Net Assets $480,743,259
 
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) The rate shown is the seven-day current annualized yield at February 28, 2023.
(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  12,957,576 29,809,735 (33,900,304) (1,020) 8,865,987 2,352 131,467 8,869,535
Abbreviation Legend
ADR American Depositary Receipt
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia International Dividend Income Fund  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Australia — 4,795,382 — 4,795,382
Canada 30,167,066 — — 30,167,066
China 6,322,148 8,181,603 — 14,503,751
Denmark — 17,244,571 — 17,244,571
Finland — 3,812,546 — 3,812,546
France — 59,356,162 — 59,356,162
Germany — 66,296,544 — 66,296,544
Hong Kong — 19,952,877 — 19,952,877
Indonesia — 7,023,056 — 7,023,056
Ireland — 7,270,607 — 7,270,607
Japan — 42,446,717 — 42,446,717
Netherlands — 11,968,937 — 11,968,937
Norway — 6,291,258 — 6,291,258
Singapore — 8,555,148 — 8,555,148
South Korea — 13,689,965 — 13,689,965
Spain — 16,017,496 — 16,017,496
Sweden — 6,528,030 — 6,528,030
Switzerland 7,322,730 29,553,483 — 36,876,213
Taiwan — 19,066,602 — 19,066,602
United Kingdom — 75,248,400 — 75,248,400
Total Common Stocks 43,811,944 423,299,384 — 467,111,328
Money Market Funds 8,865,987 — — 8,865,987
Total Investments in Securities 52,677,931 423,299,384 — 475,977,315
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia International Dividend Income Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia International Dividend Income Fund  | Semiannual Report 2023
9
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $439,426,000) $467,111,328
Affiliated issuers (cost $8,865,655) 8,865,987
Due from affiliate 28,112
Receivable for:  
Investments sold 2,948,314
Capital shares sold 193,455
Dividends 313,878
Foreign tax reclaims 1,720,853
Expense reimbursement due from Investment Manager 853
Prepaid expenses 4,733
Trustees’ deferred compensation plan 186,358
Other assets 21,151
Total assets 481,395,022
Liabilities  
Foreign currency (cost $48,461) 48,004
Payable for:  
Capital shares purchased 311,315
Management services fees 10,213
Distribution and/or service fees 585
Transfer agent fees 32,659
Compensation of board members 17,472
Compensation of chief compliance officer 42
Other expenses 45,115
Trustees’ deferred compensation plan 186,358
Total liabilities 651,763
Net assets applicable to outstanding capital stock $480,743,259
Represented by  
Paid in capital 458,021,975
Total distributable earnings (loss) 22,721,284
Total - representing net assets applicable to outstanding capital stock $480,743,259
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia International Dividend Income Fund  | Semiannual Report 2023
Statement of Assets and Liabilities  (continued)
February 28, 2023 (Unaudited)
Class A  
Net assets $78,405,137
Shares outstanding 4,421,238
Net asset value per share $17.73
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $18.81
Advisor Class  
Net assets $9,532,925
Shares outstanding 532,166
Net asset value per share $17.91
Class C  
Net assets $1,446,302
Shares outstanding 88,343
Net asset value per share $16.37
Institutional Class  
Net assets $322,755,363
Shares outstanding 18,127,266
Net asset value per share $17.80
Institutional 2 Class  
Net assets $14,805,286
Shares outstanding 834,325
Net asset value per share $17.75
Institutional 3 Class  
Net assets $53,433,437
Shares outstanding 3,005,415
Net asset value per share $17.78
Class R  
Net assets $364,809
Shares outstanding 20,613
Net asset value per share $17.70
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia International Dividend Income Fund  | Semiannual Report 2023
11
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $4,350,896
Dividends — affiliated issuers 131,467
Foreign taxes withheld (486,069)
Total income 3,996,294
Expenses:  
Management services fees 1,730,810
Distribution and/or service fees  
Class A 91,131
Class C 6,916
Class R 446
Transfer agent fees  
Class A 97,459
Advisor Class 7,260
Class C 1,851
Institutional Class 410,524
Institutional 2 Class 4,262
Institutional 3 Class 1,550
Class R 234
Compensation of board members 11,945
Custodian fees 22,580
Printing and postage fees 27,584
Registration fees 63,999
Audit fees 18,334
Legal fees 9,170
Compensation of chief compliance officer 42
Other 8,595
Total expenses 2,514,692
Fees waived or expenses reimbursed by Investment Manager and its affiliates (152,658)
Expense reduction (55,765)
Total net expenses 2,306,269
Net investment income 1,690,025
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (1,079,471)
Investments — affiliated issuers 2,352
Foreign currency translations 7,566
Net realized loss (1,069,553)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 44,162,533
Investments — affiliated issuers (1,020)
Foreign currency translations 91,553
Net change in unrealized appreciation (depreciation) 44,253,066
Net realized and unrealized gain 43,183,513
Net increase in net assets resulting from operations $44,873,538
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia International Dividend Income Fund  | Semiannual Report 2023
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment income $1,690,025 $10,089,162
Net realized loss (1,069,553) (3,267,936)
Net change in unrealized appreciation (depreciation) 44,253,066 (102,459,404)
Net increase (decrease) in net assets resulting from operations 44,873,538 (95,638,178)
Distributions to shareholders    
Net investment income and net realized gains    
Class A (600,773) (6,997,862)
Advisor Class (48,228) (88,243)
Class C (7,059) (98,059)
Institutional Class (2,918,606) (31,742,875)
Institutional 2 Class (171,758) (297,512)
Institutional 3 Class (487,932) (3,793,474)
Class R (871) (8,699)
Total distributions to shareholders (4,235,227) (43,026,724)
Increase (decrease) in net assets from capital stock activity (2,161,793) 78,972,472
Total increase (decrease) in net assets 38,476,518 (59,692,430)
Net assets at beginning of period 442,266,741 501,959,171
Net assets at end of period $480,743,259 $442,266,741
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia International Dividend Income Fund  | Semiannual Report 2023
13
Statement of Changes in Net Assets   (continued)
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 296,198 4,991,165 715,307 13,769,011
Distributions reinvested 35,124 560,559 333,971 6,501,856
Redemptions (301,850) (5,022,428) (484,762) (9,281,657)
Net increase 29,472 529,296 564,516 10,989,210
Advisor Class        
Subscriptions 281,458 4,886,363 280,694 5,372,578
Distributions reinvested 2,978 48,208 4,687 88,019
Redemptions (40,010) (667,630) (22,122) (404,467)
Net increase 244,426 4,266,941 263,259 5,056,130
Class C        
Subscriptions 8,591 134,406 80,731 1,436,401
Distributions reinvested 482 7,059 5,454 98,059
Redemptions (22,796) (339,705) (27,149) (456,370)
Net increase (decrease) (13,723) (198,240) 59,036 1,078,090
Institutional Class        
Subscriptions 380,315 6,303,788 2,241,537 44,297,229
Distributions reinvested 176,246 2,824,407 1,579,441 30,850,576
Redemptions (1,034,010) (17,439,925) (2,466,694) (46,580,101)
Net increase (decrease) (477,449) (8,311,730) 1,354,284 28,567,704
Institutional 2 Class        
Subscriptions 114,752 1,911,095 1,199,470 23,185,790
Distributions reinvested 10,809 171,639 16,250 297,288
Redemptions (420,981) (6,483,472) (142,313) (2,544,162)
Net increase (decrease) (295,420) (4,400,738) 1,073,407 20,938,916
Institutional 3 Class        
Subscriptions 499,710 8,352,993 2,115,335 37,705,293
Distributions reinvested 30,401 487,911 194,484 3,793,098
Redemptions (185,965) (3,129,436) (1,601,196) (29,166,554)
Net increase 344,146 5,711,468 708,623 12,331,837
Class R        
Subscriptions 13,305 240,462 4,872 83,553
Distributions reinvested 55 871 446 8,699
Redemptions (7) (123) (4,308) (81,667)
Net increase 13,353 241,210 1,010 10,585
Total net increase (decrease) (155,195) (2,161,793) 4,024,135 78,972,472
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia International Dividend Income Fund  | Semiannual Report 2023
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Columbia International Dividend Income Fund  | Semiannual Report 2023
15
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 2/28/2023 (Unaudited) $16.22 0.04 1.61 1.65 (0.14) — (0.14)
Year Ended 8/31/2022 $21.61 0.35(e) (3.97) (3.62) (0.42) (1.35) (1.77)
Year Ended 8/31/2021 $17.70 0.30 4.20 4.50 (0.20) (0.39) (0.59)
Year Ended 8/31/2020 $17.88 0.37 0.07 0.44 (0.42) (0.20) (0.62)
Year Ended 8/31/2019 $18.83 0.45 (0.54) (0.09) (0.49) (0.37) (0.86)
Year Ended 8/31/2018 $18.24 0.48 0.65 1.13 (0.54) — (0.54)
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $16.39 0.06 1.62 1.68 (0.16) — (0.16)
Year Ended 8/31/2022 $21.81 0.45(e) (4.05) (3.60) (0.47) (1.35) (1.82)
Year Ended 8/31/2021 $17.86 0.36 4.23 4.59 (0.25) (0.39) (0.64)
Year Ended 8/31/2020 $18.04 0.40 0.08 0.48 (0.46) (0.20) (0.66)
Year Ended 8/31/2019 $18.99 0.51 (0.55) (0.04) (0.54) (0.37) (0.91)
Year Ended 8/31/2018 $18.39 0.54 0.64 1.18 (0.58) — (0.58)
Class C
Six Months Ended 2/28/2023 (Unaudited) $14.98 (0.02) 1.49 1.47 (0.08) — (0.08)
Year Ended 8/31/2022 $20.07 0.24(e) (3.71) (3.47) (0.27) (1.35) (1.62)
Year Ended 8/31/2021 $16.50 0.11 3.95 4.06 (0.10) (0.39) (0.49)
Year Ended 8/31/2020 $16.70 0.22 0.06 0.28 (0.28) (0.20) (0.48)
Year Ended 8/31/2019 $17.63 0.29 (0.49) (0.20) (0.36) (0.37) (0.73)
Year Ended 8/31/2018 $17.10 0.31 0.62 0.93 (0.40) — (0.40)
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $16.29 0.06 1.61 1.67 (0.16) — (0.16)
Year Ended 8/31/2022 $21.69 0.40(e) (3.98) (3.58) (0.47) (1.35) (1.82)
Year Ended 8/31/2021 $17.76 0.35 4.22 4.57 (0.25) (0.39) (0.64)
Year Ended 8/31/2020 $17.95 0.41 0.06 0.47 (0.46) (0.20) (0.66)
Year Ended 8/31/2019 $18.90 0.50 (0.54) (0.04) (0.54) (0.37) (0.91)
Year Ended 8/31/2018 $18.30 0.53 0.65 1.18 (0.58) — (0.58)
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $16.24 0.08 1.60 1.68 (0.17) — (0.17)
Year Ended 8/31/2022 $21.63 0.55(e) (4.09) (3.54) (0.50) (1.35) (1.85)
Year Ended 8/31/2021 $17.72 0.38 4.20 4.58 (0.28) (0.39) (0.67)
Year Ended 8/31/2020 $17.90 0.44 0.07 0.51 (0.49) (0.20) (0.69)
Year Ended 8/31/2019 $18.85 0.56 (0.58) (0.02) (0.56) (0.37) (0.93)
Year Ended 8/31/2018 $18.26 0.56 0.64 1.20 (0.61) — (0.61)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia International Dividend Income Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 2/28/2023 (Unaudited) $17.73 10.25% 1.36%(c) 1.27%(c),(d) 0.51%(c) 11% $78,405
Year Ended 8/31/2022 $16.22 (18.02%) 1.34%(f) 1.26%(d),(f) 1.82% 34% $71,242
Year Ended 8/31/2021 $21.61 25.78% 1.34%(f),(g) 1.24%(d),(f),(g) 1.51% 28% $82,701
Year Ended 8/31/2020 $17.70 2.65% 1.38%(f) 1.24%(d),(f) 2.09% 91% $71,493
Year Ended 8/31/2019 $17.88 (0.16%) 1.44% 1.25% 2.56% 56% $78,887
Year Ended 8/31/2018 $18.83 6.21% 1.44% 1.26%(d) 2.52% 39% $93,177
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $17.91 10.35% 1.12%(c) 1.02%(c),(d) 0.76%(c) 11% $9,533
Year Ended 8/31/2022 $16.39 (17.78%) 1.12%(f) 1.02%(d),(f) 2.50% 34% $4,715
Year Ended 8/31/2021 $21.81 26.08% 1.09%(f),(g) 0.99%(d),(f),(g) 1.77% 28% $534
Year Ended 8/31/2020 $17.86 2.90% 1.12%(f) 0.98%(d),(f) 2.16% 91% $293
Year Ended 8/31/2019 $18.04 0.10% 1.19% 1.00% 2.84% 56% $1,027
Year Ended 8/31/2018 $18.99 6.47% 1.19% 1.01%(d) 2.82% 39% $1,141
Class C
Six Months Ended 2/28/2023 (Unaudited) $16.37 9.84% 2.11%(c) 2.02%(c),(d) (0.23%)(c) 11% $1,446
Year Ended 8/31/2022 $14.98 (18.61%) 2.10%(f) 2.01%(d),(f) 1.37% 34% $1,529
Year Ended 8/31/2021 $20.07 24.86% 2.09%(f),(g) 1.99%(d),(f),(g) 0.62% 28% $864
Year Ended 8/31/2020 $16.50 1.83% 2.13%(f) 1.98%(d),(f) 1.30% 91% $1,100
Year Ended 8/31/2019 $16.70 (0.86%) 2.19% 2.00% 1.72% 56% $1,745
Year Ended 8/31/2018 $17.63 5.42% 2.19% 2.01%(d) 1.76% 39% $3,268
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $17.80 10.35% 1.11%(c) 1.02%(c),(d) 0.76%(c) 11% $322,755
Year Ended 8/31/2022 $16.29 (17.78%) 1.09%(f) 1.01%(d),(f) 2.06% 34% $303,028
Year Ended 8/31/2021 $21.69 26.11% 1.09%(f),(g) 0.99%(d),(f),(g) 1.76% 28% $374,189
Year Ended 8/31/2020 $17.76 2.86% 1.13%(f) 0.99%(d),(f) 2.34% 91% $325,493
Year Ended 8/31/2019 $17.95 0.10% 1.19% 1.00% 2.83% 56% $354,127
Year Ended 8/31/2018 $18.90 6.51% 1.19% 1.01%(d) 2.78% 39% $395,163
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $17.75 10.47% 0.90%(c) 0.88%(c) 0.94%(c) 11% $14,805
Year Ended 8/31/2022 $16.24 (17.66%) 0.92%(f) 0.88%(f) 3.06% 34% $18,344
Year Ended 8/31/2021 $21.63 26.23% 0.91%(f),(g) 0.86%(f),(g) 1.88% 28% $1,219
Year Ended 8/31/2020 $17.72 3.07% 0.90%(f) 0.86%(f) 2.49% 91% $873
Year Ended 8/31/2019 $17.90 0.23% 0.91% 0.87% 3.13% 56% $1,337
Year Ended 8/31/2018 $18.85 6.62% 0.91% 0.88% 2.93% 39% $553
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia International Dividend Income Fund  | Semiannual Report 2023
17
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $16.27 0.08 1.61 1.69 (0.18) — (0.18)
Year Ended 8/31/2022 $21.67 0.43(e) (3.97) (3.54) (0.51) (1.35) (1.86)
Year Ended 8/31/2021 $17.75 0.39 4.21 4.60 (0.29) (0.39) (0.68)
Year Ended 8/31/2020 $17.94 0.45 0.06 0.51 (0.50) (0.20) (0.70)
Year Ended 8/31/2019 $18.89 0.51 (0.52) (0.01) (0.57) (0.37) (0.94)
Year Ended 8/31/2018 $18.29 0.57 0.65 1.22 (0.62) — (0.62)
Class R
Six Months Ended 2/28/2023 (Unaudited) $16.19 0.01 1.62 1.63 (0.12) — (0.12)
Year Ended 8/31/2022 $21.57 0.31(e) (3.97) (3.66) (0.37) (1.35) (1.72)
Year Ended 8/31/2021 $17.67 0.26 4.19 4.45 (0.16) (0.39) (0.55)
Year Ended 8/31/2020 $17.85 0.32 0.07 0.39 (0.37) (0.20) (0.57)
Year Ended 8/31/2019 $18.80 0.25 (0.38) (0.13) (0.45) (0.37) (0.82)
Year Ended 8/31/2018 $18.21 0.43 0.65 1.08 (0.49) — (0.49)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) The benefits derived from expense reductions had an impact of:
    
Class 2/28/2023 8/31/2022 8/31/2021 8/31/2020 8/31/2019 8/31/2018
Class A 0.01% 0.01% 0.01% 0.02% —% 0.01%
Advisor Class 0.01% 0.00% 0.01% 0.03% —% 0.02%
Class C 0.02% 0.01% 0.02% 0.02% —% 0.02%
Institutional Class 0.01% 0.01% 0.01% 0.02% —% 0.02%
Class R 0.01% 0.01% 0.01% 0.02% —% 0.01%
    
(e) Net investment income per share includes European Union tax reclaims. The effect of these reclaims amounted to $0.01 per share.
(f) Ratios include interfund lending expense which is less than 0.01%.
(g) Ratios include line of credit interest expense which is less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia International Dividend Income Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $17.78 10.48% 0.85%(c) 0.83%(c) 0.94%(c) 11% $53,433
Year Ended 8/31/2022 $16.27 (17.63%) 0.85%(f) 0.82%(f) 2.24% 34% $43,292
Year Ended 8/31/2021 $21.67 26.30% 0.86%(f),(g) 0.81%(f),(g) 1.95% 28% $42,318
Year Ended 8/31/2020 $17.75 3.07% 0.85%(f) 0.81%(f) 2.58% 91% $36,384
Year Ended 8/31/2019 $17.94 0.29% 0.85% 0.81% 2.87% 56% $47,630
Year Ended 8/31/2018 $18.89 6.72% 0.85% 0.82% 2.98% 39% $63,148
Class R
Six Months Ended 2/28/2023 (Unaudited) $17.70 10.14% 1.61%(c) 1.52%(c),(d) 0.07%(c) 11% $365
Year Ended 8/31/2022 $16.19 (18.22%) 1.59%(f) 1.50%(d),(f) 1.61% 34% $118
Year Ended 8/31/2021 $21.57 25.48% 1.59%(f),(g) 1.49%(d),(f),(g) 1.28% 28% $135
Year Ended 8/31/2020 $17.67 2.37% 1.63%(f) 1.49%(d),(f) 1.84% 91% $104
Year Ended 8/31/2019 $17.85 (0.41%) 1.70% 1.50% 1.41% 56% $117
Year Ended 8/31/2018 $18.80 5.95% 1.69% 1.51%(d) 2.27% 39% $1,705
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia International Dividend Income Fund  | Semiannual Report 2023
19
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Columbia International Dividend Income Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
20 Columbia International Dividend Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Columbia International Dividend Income Fund  | Semiannual Report 2023
21
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting
22 Columbia International Dividend Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.77% to 0.57% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 0.77% of the Fund’s average daily net assets.
Participating Affiliates
The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) either pursuant to subadvisory agreements, personnel-sharing agreements or other inter-company arrangements, and the Fund pays no additional fees and expenses as a result of any such arrangements.
These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered, as appropriate, with respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.
Pursuant to some of these arrangements, certain employees of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), may provide such services to the Fund on behalf of the Investment Manager.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
Columbia International Dividend Income Fund  | Semiannual Report 2023
23
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.27
Advisor Class 0.27
Class C 0.27
Institutional Class 0.27
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.26
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended February 28, 2023, these minimum account balance fees reduced total expenses of the Fund by $55,765.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended February 28, 2023, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 28,545
Class C — 1.00(b) 124
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
24 Columbia International Dividend Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  Fee rate(s) contractual
through
December 31, 2023
Class A 1.27%
Advisor Class 1.02
Class C 2.02
Institutional Class 1.02
Institutional 2 Class 0.88
Institutional 3 Class 0.83
Class R 1.52
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
448,292,000 60,820,000 (33,135,000) 27,685,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at August 31, 2022 as arising on September 1, 2022.
Late year
ordinary losses ($) 		Post-October
capital losses ($)
— 3,383,414
Columbia International Dividend Income Fund  | Semiannual Report 2023
25
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $47,645,964 and $50,197,632, respectively, for the six months ended February 28, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months ended February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
26 Columbia International Dividend Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 9. Significant risks
Financial sector risk
The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.
Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer’s country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.
Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund.
Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.
Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, significant private or public debt problems in a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the
Columbia International Dividend Income Fund  | Semiannual Report 2023
27
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Fund to underperform other funds that do not focus their investments in this region of the world. The departure of the United Kingdom (UK) from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could
28 Columbia International Dividend Income Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
Columbia International Dividend Income Fund  | Semiannual Report 2023
29
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia International Dividend Income Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR154_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Columbia Global Technology Growth Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Columbia Global Technology Growth Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Global Technology Growth Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks capital appreciation by investing, under normal market conditions, at least 80% of its total net assets (plus any borrowings for investment purposes) in stocks of technology companies that may benefit from technological improvements, advancements or developments.
Portfolio management
Rahul Narang
Portfolio Manager
Managed Fund since 2012
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 11/01/02 0.39 -16.08 11.57 18.33
  Including sales charges   -5.38 -20.91 10.26 17.63
Advisor Class 11/08/12 0.52 -15.87 11.85 18.61
Class C Excluding sales charges 10/13/03 0.00 -16.71 10.73 17.43
  Including sales charges   -0.96 -17.51 10.73 17.43
Institutional Class 11/09/00 0.52 -15.86 11.85 18.62
Institutional 2 Class 11/08/12 0.53 -15.83 11.91 18.73
Institutional 3 Class* 03/01/16 0.55 -15.79 11.97 18.72
S&P Global 1200 Information Technology Index (Net)   2.40 -12.10 13.70 17.00
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Fund’s performance prior to July 2014 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.
The S&P Global 1200 Information Technology Index (Net) is a float-adjusted, market-cap-weighted index consisting of all members of the S&P Global 1200 that are classified within the GICS Information Technology sector.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Global Technology Growth Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Equity sector breakdown (%) (at February 28, 2023)
Communication Services 8.5
Consumer Discretionary 5.7
Health Care 0.1
Industrials 0.7
Information Technology 84.5
Materials 0.2
Real Estate 0.3
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Equity sub-industry breakdown (%) (at February 28, 2023)
Information Technology  
Application Software 11.0
Communications Equipment 2.4
Data Processing & Outsourced Services 10.1
Electronic Components 0.7
Electronic Equipment & Instruments 1.1
Electronic Manufacturing Services 0.5
Internet Services & Infrastructure 2.4
IT Consulting & Other Services 1.9
Semiconductor Equipment 8.0
Semiconductors 19.1
Systems Software 13.8
Technology Distributors 0.6
Technology Hardware, Storage & Peripherals 12.9
Total 84.5
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Country breakdown (%) (at February 28, 2023)
Canada 0.6
China 0.3
France 0.3
Germany 0.5
Ireland 1.3
Israel 0.2
Japan 0.6
Netherlands 4.6
Norway 0.1
South Korea 1.1
Taiwan 1.6
United States(a) 88.8
Total 100.0
    
(a) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At February 28, 2023, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.
 
4 Columbia Global Technology Growth Fund  | Semiannual Report 2023
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 1,003.90 1,018.84 5.96 6.01 1.20
Advisor Class 1,000.00 1,000.00 1,005.20 1,020.08 4.72 4.76 0.95
Class C 1,000.00 1,000.00 1,000.00 1,015.12 9.67 9.74 1.95
Institutional Class 1,000.00 1,000.00 1,005.20 1,020.08 4.72 4.76 0.95
Institutional 2 Class 1,000.00 1,000.00 1,005.30 1,020.38 4.43 4.46 0.89
Institutional 3 Class 1,000.00 1,000.00 1,005.50 1,020.63 4.18 4.21 0.84
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Columbia Global Technology Growth Fund  | Semiannual Report 2023
5
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.7%
Issuer Shares Value ($)
Canada 0.6%
Shopify, Inc., Class A(a) 273,042 11,232,948
China 0.3%
Alibaba Group Holding Ltd., ADR(a) 9,383 823,734
Hesai Group, ADR(a) 178,942 3,349,794
Tencent Holdings Ltd. 20,800 913,711
Total 5,087,239
France 0.3%
Capgemini SE 27,510 5,159,121
Germany 0.5%
SAP SE, ADR 93,108 10,597,553
Ireland 1.3%
Accenture PLC, Class A 94,457 25,083,056
Israel 0.2%
Global-e Online Ltd.(a) 136,017 3,849,281
Japan 0.6%
Keyence Corp. 28,400 12,275,256
Netherlands 4.5%
Adyen NV(a) 754 1,068,742
ASML Holding NV 81,773 50,513,635
NXP Semiconductors NV 132,270 23,607,550
STMicroelectronics NV, Registered Shares 293,948 14,156,536
Total 89,346,463
Norway 0.1%
SmartCraft ASA(a) 1,543,971 2,696,983
South Korea 1.1%
Samsung Electronics Co., Ltd. 467,056 21,370,113
Taiwan 1.6%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 371,412 32,338,843
United States 87.6%
Activision Blizzard, Inc. 176,557 13,462,471
Adobe, Inc.(a) 76,318 24,723,216
Advanced Micro Devices, Inc.(a) 301,281 23,674,661
Airbnb, Inc., Class A(a) 54,055 6,663,900
Akamai Technologies, Inc.(a) 51,079 3,708,335
Common Stocks (continued)
Issuer Shares Value ($)
Alphabet, Inc., Class A(a) 842,511 75,876,541
Amazon.com, Inc.(a) 601,495 56,678,874
Amphenol Corp., Class A 127,558 9,888,296
Analog Devices, Inc. 149,466 27,422,527
ANSYS, Inc.(a) 42,115 12,786,535
Apple, Inc. 1,404,356 207,016,118
Applied Materials, Inc. 286,906 33,324,132
Arista Networks, Inc.(a) 84,817 11,764,118
Atlassian Corp., Class A(a) 66,019 10,848,902
Autodesk, Inc.(a) 31,738 6,306,023
Automatic Data Processing, Inc. 90,425 19,877,224
BILL Holdings, Inc.(a) 35,295 2,987,016
Block, Inc., Class A(a) 82,804 6,353,551
Booking Holdings, Inc.(a) 4,481 11,310,044
Broadcom, Inc. 114,032 67,768,077
Cadence Design Systems, Inc.(a) 86,089 16,610,012
CDW Corp. 52,506 10,628,265
Cisco Systems, Inc. 431,561 20,896,184
Cognizant Technology Solutions Corp., Class A 46,608 2,919,059
Comcast Corp., Class A 102,805 3,821,262
Corning, Inc. 122,123 4,146,076
Crowdstrike Holdings, Inc., Class A(a) 109,247 13,185,020
Electronic Arts, Inc. 52,295 5,801,607
Endeavor Group Holdings, Inc., Class A(a) 156,720 3,496,423
EngageSmart, Inc.(a) 224,067 4,714,370
EPAM Systems, Inc.(a) 3,225 992,171
Fidelity National Information Services, Inc. 124,635 7,898,120
Fiserv, Inc.(a) 91,655 10,548,574
Flywire Corp.(a) 169,698 4,196,632
Fortinet, Inc.(a) 264,036 15,694,300
Gitlab, Inc., Class A(a) 72,164 3,178,103
Global Payments, Inc. 70,683 7,930,633
HP, Inc. 144,094 4,253,655
Intel Corp. 328,056 8,178,436
Intuit, Inc. 66,951 27,261,108
Keysight Technologies, Inc.(a) 61,162 9,783,474
KLA Corp. 30,113 11,424,270
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia Global Technology Growth Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Lam Research Corp. 121,152 58,881,084
Livent Corp.(a) 121,703 2,853,935
Marvell Technology, Inc. 573,286 25,883,863
MasterCard, Inc., Class A 158,246 56,223,221
Match Group, Inc.(a) 74,446 3,083,553
Meta Platforms, Inc., Class A(a) 102,101 17,861,549
Microchip Technology, Inc. 150,049 12,158,470
Micron Technology, Inc. 189,507 10,957,295
Microsoft Corp. 751,729 187,496,247
Mobileye Global, Inc., Class A(a) 8,554 337,969
MongoDB, Inc.(a) 32,802 6,872,675
Motorola Solutions, Inc. 52,663 13,840,363
NetApp, Inc. 202,386 13,064,016
Netflix, Inc.(a) 40,594 13,076,545
NVIDIA Corp. 377,570 87,656,651
Oracle Corp. 197,638 17,273,561
Palo Alto Networks, Inc.(a) 78,227 14,735,620
Paycom Software, Inc.(a) 19,732 5,703,732
PayPal Holdings, Inc.(a) 168,696 12,416,026
QUALCOMM, Inc. 148,014 18,284,169
Salesforce, Inc.(a) 120,831 19,769,160
SBA Communications Corp. 25,131 6,517,725
ServiceNow, Inc.(a) 38,267 16,537,849
Sharecare, Inc.(a) 644,872 1,509,001
Shift4 Payments, Inc., Class A(a) 86,347 5,569,382
Snowflake, Inc., Class A(a) 65,950 10,181,361
Splunk, Inc.(a) 35,276 3,615,790
Synopsys, Inc.(a) 158,784 57,759,268
Common Stocks (continued)
Issuer Shares Value ($)
Take-Two Interactive Software, Inc.(a) 36,734 4,024,210
TE Connectivity Ltd. 76,572 9,749,147
Tesla, Inc.(a) 86,902 17,876,610
Texas Instruments, Inc. 110,612 18,964,427
Thoughtworks Holding, Inc.(a) 201,114 1,480,199
T-Mobile US, Inc.(a) 74,770 10,630,799
Trade Desk, Inc. (The), Class A(a) 96,701 5,411,388
Tyler Technologies, Inc.(a) 8,577 2,755,361
Uber Technologies, Inc.(a) 415,847 13,831,071
VeriSign, Inc.(a) 70,515 13,879,467
Visa, Inc., Class A 295,368 64,963,238
Visteon Corp.(a) 60,060 10,032,422
Walt Disney Co. (The)(a) 77,143 7,684,214
Western Digital Corp.(a) 100,300 3,859,544
Workday, Inc., Class A(a) 24,812 4,601,882
Total 1,719,862,374
Total Common Stocks
(Cost $809,536,799) 		1,938,899,230
Money Market Funds 1.3%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(b),(c) 24,955,891 24,945,908
Total Money Market Funds
(Cost $24,945,328) 		24,945,908
Total Investments in Securities
(Cost $834,482,127) 		1,963,845,138
Other Assets & Liabilities, Net   131,059
Net Assets $1,963,976,197
 
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) The rate shown is the seven-day current annualized yield at February 28, 2023.
(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  28,853,973 126,175,846 (130,081,501) (2,410) 24,945,908 4,162 440,311 24,955,891
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Technology Growth Fund  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Abbreviation Legend
ADR American Depositary Receipt
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Canada 11,232,948 — — 11,232,948
China 4,173,528 913,711 — 5,087,239
France — 5,159,121 — 5,159,121
Germany 10,597,553 — — 10,597,553
Ireland 25,083,056 — — 25,083,056
Israel 3,849,281 — — 3,849,281
Japan — 12,275,256 — 12,275,256
Netherlands 88,277,721 1,068,742 — 89,346,463
Norway — 2,696,983 — 2,696,983
South Korea — 21,370,113 — 21,370,113
Taiwan 32,338,843 — — 32,338,843
United States 1,719,862,374 — — 1,719,862,374
Total Common Stocks 1,895,415,304 43,483,926 — 1,938,899,230
Money Market Funds 24,945,908 — — 24,945,908
Total Investments in Securities 1,920,361,212 43,483,926 — 1,963,845,138
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Global Technology Growth Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Technology Growth Fund  | Semiannual Report 2023
9
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $809,536,799) $1,938,899,230
Affiliated issuers (cost $24,945,328) 24,945,908
Cash 1,178
Receivable for:  
Capital shares sold 1,622,881
Dividends 1,373,696
Foreign tax reclaims 50,515
Prepaid expenses 21,184
Trustees’ deferred compensation plan 112,628
Other assets 37,866
Total assets 1,967,065,086
Liabilities  
Payable for:  
Investments purchased 632,242
Capital shares purchased 1,999,483
Management services fees 43,523
Distribution and/or service fees 7,198
Transfer agent fees 189,861
Compensation of board members 38,435
Compensation of chief compliance officer 190
Other expenses 65,329
Trustees’ deferred compensation plan 112,628
Total liabilities 3,088,889
Net assets applicable to outstanding capital stock $1,963,976,197
Represented by  
Paid in capital 813,876,696
Total distributable earnings (loss) 1,150,099,501
Total - representing net assets applicable to outstanding capital stock $1,963,976,197
Class A  
Net assets $504,205,586
Shares outstanding 10,414,072
Net asset value per share $48.42
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $51.37
Advisor Class  
Net assets $80,420,718
Shares outstanding 1,555,586
Net asset value per share $51.70
Class C  
Net assets $136,411,857
Shares outstanding 3,255,552
Net asset value per share $41.90
Institutional Class  
Net assets $746,276,185
Shares outstanding 14,654,257
Net asset value per share $50.93
Institutional 2 Class  
Net assets $150,496,959
Shares outstanding 2,886,774
Net asset value per share $52.13
Institutional 3 Class  
Net assets $346,164,892
Shares outstanding 6,613,225
Net asset value per share $52.34
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Global Technology Growth Fund  | Semiannual Report 2023
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $8,229,754
Dividends — affiliated issuers 440,311
Foreign taxes withheld (232,127)
Total income 8,437,938
Expenses:  
Management services fees 7,828,092
Distribution and/or service fees  
Class A 602,120
Class C 680,409
Transfer agent fees  
Class A 274,532
Advisor Class 44,769
Class C 77,489
Institutional Class 415,572
Institutional 2 Class 41,131
Institutional 3 Class 12,573
Compensation of board members 23,705
Custodian fees 15,512
Printing and postage fees 58,842
Registration fees 66,542
Audit fees 15,226
Legal fees 19,931
Compensation of chief compliance officer 190
Other 21,176
Total expenses 10,197,811
Expense reduction (460)
Total net expenses 10,197,351
Net investment loss (1,759,413)
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 45,953,352
Investments — affiliated issuers 4,162
Foreign currency translations 6,935
Net realized gain 45,964,449
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (47,374,871)
Investments — affiliated issuers (2,410)
Foreign currency translations 430
Net change in unrealized appreciation (depreciation) (47,376,851)
Net realized and unrealized loss (1,412,402)
Net decrease in net assets resulting from operations $(3,171,815)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Technology Growth Fund  | Semiannual Report 2023
11
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment loss $(1,759,413) $(10,523,430)
Net realized gain 45,964,449 86,415,602
Net change in unrealized appreciation (depreciation) (47,376,851) (820,659,300)
Net decrease in net assets resulting from operations (3,171,815) (744,767,128)
Distributions to shareholders    
Net investment income and net realized gains    
Class A (15,587,901) (30,250,343)
Advisor Class (2,386,035) (5,648,183)
Class C (5,046,799) (9,216,658)
Institutional Class (22,467,281) (58,805,302)
Institutional 2 Class (4,364,437) (9,361,729)
Institutional 3 Class (10,547,931) (19,242,649)
Total distributions to shareholders (60,400,384) (132,524,864)
Decrease in net assets from capital stock activity (132,881,928) (189,662,493)
Total decrease in net assets (196,454,127) (1,066,954,485)
Net assets at beginning of period 2,160,430,324 3,227,384,809
Net assets at end of period $1,963,976,197 $2,160,430,324
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Global Technology Growth Fund  | Semiannual Report 2023
Statement of Changes in Net Assets   (continued)
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 677,461 31,631,063 1,621,216 97,434,247
Distributions reinvested 311,437 14,017,782 403,671 26,932,912
Redemptions (1,021,211) (47,699,758) (2,211,457) (129,855,926)
Net decrease (32,313) (2,050,913) (186,570) (5,488,767)
Advisor Class        
Subscriptions 223,564 10,942,737 424,128 27,391,632
Distributions reinvested 47,968 2,304,404 77,045 5,460,919
Redemptions (332,929) (16,446,550) (921,483) (59,197,248)
Net decrease (61,397) (3,199,409) (420,310) (26,344,697)
Class C        
Subscriptions 120,800 4,858,141 295,862 16,031,913
Distributions reinvested 122,951 4,797,557 147,721 8,650,536
Redemptions (486,025) (19,679,264) (948,069) (49,328,340)
Net decrease (242,274) (10,023,566) (504,486) (24,645,891)
Institutional Class        
Subscriptions 1,191,012 58,379,340 3,589,971 218,299,110
Distributions reinvested 421,361 19,938,807 625,016 43,657,376
Redemptions (2,500,817) (121,859,132) (8,331,772) (494,807,490)
Net decrease (888,444) (43,540,985) (4,116,785) (232,851,004)
Institutional 2 Class        
Subscriptions 305,927 15,599,540 514,999 32,257,304
Distributions reinvested 90,090 4,363,940 131,098 9,361,729
Redemptions (364,549) (18,274,435) (1,016,556) (67,563,321)
Net increase (decrease) 31,468 1,689,045 (370,459) (25,944,288)
Institutional 3 Class        
Subscriptions 525,929 27,023,561 4,106,347 249,400,923
Distributions reinvested 150,883 7,337,420 267,546 19,169,684
Redemptions (2,172,649) (110,117,081) (2,293,150) (142,958,453)
Net increase (decrease) (1,495,837) (75,756,100) 2,080,743 125,612,154
Total net decrease (2,688,797) (132,881,928) (3,517,867) (189,662,493)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Technology Growth Fund  | Semiannual Report 2023
13
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 2/28/2023 (Unaudited) $49.88 (0.08) 0.16(c) 0.08 (1.54) (1.54)
Year Ended 8/31/2022 $68.96 (0.31) (15.91) (16.22) (2.86) (2.86)
Year Ended 8/31/2021 $52.81 (0.34) 17.02 16.68 (0.53) (0.53)
Year Ended 8/31/2020 $35.69 (0.14) 17.76 17.62 (0.50) (0.50)
Year Ended 8/31/2019 $36.28 (0.05) 1.10 1.05 (1.64) (1.64)
Year Ended 8/31/2018 $28.59 (0.11) 8.86 8.75 (1.06) (1.06)
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $53.08 (0.02) 0.18(c) 0.16 (1.54) (1.54)
Year Ended 8/31/2022 $73.19 (0.18) (16.90) (17.08) (3.03) (3.03)
Year Ended 8/31/2021 $55.95 (0.20) 18.04 17.84 (0.60) (0.60)
Year Ended 8/31/2020 $37.69 (0.04) 18.80 18.76 (0.50) (0.50)
Year Ended 8/31/2019 $38.21 0.04 1.16 1.20 (1.72) (1.72)
Year Ended 8/31/2018 $30.05 (0.02) 9.31 9.29 (1.13) (1.13)
Class C
Six Months Ended 2/28/2023 (Unaudited) $43.55 (0.22) 0.11(c) (0.11) (1.54) (1.54)
Year Ended 8/31/2022 $60.51 (0.67) (13.93) (14.60) (2.36) (2.36)
Year Ended 8/31/2021 $46.75 (0.69) 14.98 14.29 (0.53) (0.53)
Year Ended 8/31/2020 $31.88 (0.40) 15.77 15.37 (0.50) (0.50)
Year Ended 8/31/2019 $32.54 (0.27) 0.99 0.72 (1.38) (1.38)
Year Ended 8/31/2018 $25.78 (0.32) 7.97 7.65 (0.89) (0.89)
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $52.31 (0.02) 0.18(c) 0.16 (1.54) (1.54)
Year Ended 8/31/2022 $72.17 (0.17) (16.66) (16.83) (3.03) (3.03)
Year Ended 8/31/2021 $55.18 (0.20) 17.79 17.59 (0.60) (0.60)
Year Ended 8/31/2020 $37.17 (0.04) 18.55 18.51 (0.50) (0.50)
Year Ended 8/31/2019 $37.72 0.03 1.15 1.18 (1.73) (1.73)
Year Ended 8/31/2018 $29.68 (0.03) 9.20 9.17 (1.13) (1.13)
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $53.50 (0.00)(f) 0.17(c) 0.17 (1.54) (1.54)
Year Ended 8/31/2022 $73.74 (0.14) (17.03) (17.17) (3.07) (3.07)
Year Ended 8/31/2021 $56.36 (0.17) 18.18 18.01 (0.63) (0.63)
Year Ended 8/31/2020 $37.94 (0.01) 18.93 18.92 (0.50) (0.50)
Year Ended 8/31/2019 $38.45 0.06 1.18 1.24 (1.75) (1.75)
Year Ended 8/31/2018 $30.23 (0.00)(f) 9.37 9.37 (1.15) (1.15)
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Global Technology Growth Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 2/28/2023 (Unaudited) $48.42 0.39% 1.20%(d) 1.20%(d),(e) (0.32%)(d) 3% $504,206
Year Ended 8/31/2022 $49.88 (24.57%) 1.18% 1.18%(e) (0.52%) 8% $521,027
Year Ended 8/31/2021 $68.96 31.80% 1.18% 1.18%(e) (0.57%) 18% $733,206
Year Ended 8/31/2020 $52.81 49.88% 1.22% 1.22%(e) (0.35%) 12% $542,684
Year Ended 8/31/2019 $35.69 4.08% 1.24% 1.24% (0.16%) 40% $333,217
Year Ended 8/31/2018 $36.28 31.32% 1.25% 1.25%(e) (0.33%) 28% $372,730
Advisor Class
Six Months Ended 2/28/2023 (Unaudited) $51.70 0.52% 0.95%(d) 0.95%(d),(e) (0.07%)(d) 3% $80,421
Year Ended 8/31/2022 $53.08 (24.38%) 0.92% 0.92%(e) (0.27%) 8% $85,831
Year Ended 8/31/2021 $73.19 32.12% 0.93% 0.93%(e) (0.32%) 18% $149,110
Year Ended 8/31/2020 $55.95 50.26% 0.97% 0.97%(e) (0.10%) 12% $228,489
Year Ended 8/31/2019 $37.69 4.33% 0.99% 0.99% 0.11% 40% $135,472
Year Ended 8/31/2018 $38.21 31.65% 1.01% 1.01%(e) (0.05%) 28% $104,061
Class C
Six Months Ended 2/28/2023 (Unaudited) $41.90 0.00%(f) 1.95%(d) 1.95%(d),(e) (1.07%)(d) 3% $136,412
Year Ended 8/31/2022 $43.55 (25.12%) 1.92% 1.92%(e) (1.27%) 8% $152,317
Year Ended 8/31/2021 $60.51 30.80% 1.93% 1.93%(e) (1.32%) 18% $242,186
Year Ended 8/31/2020 $46.75 48.77% 1.97% 1.97%(e) (1.10%) 12% $207,808
Year Ended 8/31/2019 $31.88 3.31% 1.99% 1.99% (0.90%) 40% $139,366
Year Ended 8/31/2018 $32.54 30.31% 2.00% 2.00%(e) (1.08%) 28% $139,590
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $50.93 0.52% 0.95%(d) 0.95%(d),(e) (0.07%)(d) 3% $746,276
Year Ended 8/31/2022 $52.31 (24.38%) 0.92% 0.92%(e) (0.27%) 8% $813,076
Year Ended 8/31/2021 $72.17 32.11% 0.93% 0.93%(e) (0.32%) 18% $1,418,896
Year Ended 8/31/2020 $55.18 50.29% 0.97% 0.97%(e) (0.10%) 12% $1,143,613
Year Ended 8/31/2019 $37.17 4.32% 0.99% 0.99% 0.09% 40% $693,232
Year Ended 8/31/2018 $37.72 31.64% 1.00% 1.00%(e) (0.09%) 28% $686,134
Institutional 2 Class
Six Months Ended 2/28/2023 (Unaudited) $52.13 0.53% 0.89%(d) 0.89%(d) (0.02%)(d) 3% $150,497
Year Ended 8/31/2022 $53.50 (24.33%) 0.87% 0.87% (0.22%) 8% $152,756
Year Ended 8/31/2021 $73.74 32.20% 0.87% 0.87% (0.26%) 18% $237,884
Year Ended 8/31/2020 $56.36 50.35% 0.90% 0.90% (0.03%) 12% $184,262
Year Ended 8/31/2019 $37.94 4.42% 0.92% 0.92% 0.17% 40% $130,115
Year Ended 8/31/2018 $38.45 31.73% 0.93% 0.93% (0.00%)(f) 28% $101,134
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Technology Growth Fund  | Semiannual Report 2023
15
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $53.70 0.01 0.17(c) 0.18 (1.54) (1.54)
Year Ended 8/31/2022 $74.00 (0.11) (17.09) (17.20) (3.10) (3.10)
Year Ended 8/31/2021 $56.55 (0.14) 18.25 18.11 (0.66) (0.66)
Year Ended 8/31/2020 $38.04 0.01 19.00 19.01 (0.50) (0.50)
Year Ended 8/31/2019 $38.55 0.08 1.18 1.26 (1.77) (1.77)
Year Ended 8/31/2018 $30.31 0.01 9.39 9.40 (1.16) (1.16)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(d) Annualized.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Rounds to zero.
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Global Technology Growth Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $52.34 0.55% 0.84%(d) 0.84%(d) 0.03%(d) 3% $346,165
Year Ended 8/31/2022 $53.70 (24.29%) 0.82% 0.82% (0.16%) 8% $435,424
Year Ended 8/31/2021 $74.00 32.27% 0.82% 0.82% (0.21%) 18% $446,103
Year Ended 8/31/2020 $56.55 50.46% 0.85% 0.85% 0.02% 12% $250,485
Year Ended 8/31/2019 $38.04 4.47% 0.87% 0.87% 0.22% 40% $102,746
Year Ended 8/31/2018 $38.55 31.77% 0.88% 0.88% 0.03% 28% $64,995
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Technology Growth Fund  | Semiannual Report 2023
17
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Columbia Global Technology Growth Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
18 Columbia Global Technology Growth Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Columbia Global Technology Growth Fund  | Semiannual Report 2023
19
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting
20 Columbia Global Technology Growth Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.87% to 0.75% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 0.81% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.11
Advisor Class 0.11
Class C 0.11
Institutional Class 0.11
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Columbia Global Technology Growth Fund  | Semiannual Report 2023
21
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended February 28, 2023, these minimum account balance fees reduced total expenses of the Fund by $460.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.10% and 0.75% of the average daily net assets attributable to Class A and Class C shares of the Fund, respectively.
Although the Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund’s average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder services), the Fund currently limits such fees to an aggregate fee of not more than 0.25% of the Fund’s average daily net assets attributable to Class A shares.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended February 28, 2023, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 247,929
Class C — 1.00(b) 3,886
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  January 1, 2023
through
December 31, 2023 		Prior to
January 1, 2023
Class A 1.33% 1.37%
Advisor Class 1.08 1.12
Class C 2.08 2.12
Institutional Class 1.08 1.12
Institutional 2 Class 1.04 1.07
Institutional 3 Class 0.99 1.02
22 Columbia Global Technology Growth Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
834,482,000 1,198,542,000 (69,179,000) 1,129,363,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at August 31, 2022 as arising on September 1, 2022.
Late year
ordinary losses ($) 		Post-October
capital losses ($)
5,666,075 11,852,672
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $52,177,594 and $242,558,847, respectively, for the six months ended February 28, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition,
Columbia Global Technology Growth Fund  | Semiannual Report 2023
23
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months ended February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
Note 9. Significant risks
Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
24 Columbia Global Technology Growth Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Shareholder concentration risk
At February 28, 2023, two unaffiliated shareholders of record owned 24.1% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 17.9% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to
Columbia Global Technology Growth Fund  | Semiannual Report 2023
25
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
26 Columbia Global Technology Growth Fund  | Semiannual Report 2023
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Global Technology Growth Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR234_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Multi-Manager Total Return Bond Strategies Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Multi-Manager Total Return Bond Strategies Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Multi-Manager Total Return Bond Strategies Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks total return, consisting of capital appreciation and current income.
Portfolio management
Loomis, Sayles & Company, L.P.
Christopher Harms
Clifton Rowe, CFA
Daniel Conklin, CFA
PGIM, Inc.
Michael Collins, CFA
Robert Tipp, CFA
Richard Piccirillo
Gregory Peters
Lindsay Rosner, CFA
TCW Investment Management Company LLC
Stephen Kane, CFA
Laird Landmann
Bryan Whalen, CFA
Voya Investment Management Co. LLC
Matthew Toms, CFA
Randall Parrish, CFA
David Goodson
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Institutional Class* 01/03/17 -2.07 -10.23 0.49 1.06
Institutional 3 Class* 12/18/19 -2.07 -10.21 0.50 1.07
Bloomberg U.S. Aggregate Bond Index   -2.13 -9.72 0.53 1.12
All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Returns shown for periods prior to the inception date of a class include the returns of the Fund’s Class A shares for the period from April 20, 2012 (the inception date of the Fund) through January 2, 2017, and for Institutional 3 Class shares, include the returns of the Fund’s Institutional Class shares for the period from January 3, 2017 through the inception date of the class. Class A shares were offered prior to the Fund’s Institutional Class shares but have since been merged into the Fund’s Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown (%) (at February 28, 2023)
Asset-Backed Securities — Non-Agency 10.8
Commercial Mortgage-Backed Securities - Agency 0.9
Commercial Mortgage-Backed Securities - Non-Agency 5.5
Common Stocks 0.0(a)
Convertible Bonds 0.0(a)
Corporate Bonds & Notes 29.9
Foreign Government Obligations 1.5
Inflation-Indexed Bonds 0.1
Money Market Funds 8.2
Municipal Bonds 0.3
Residential Mortgage-Backed Securities - Agency 23.6
Residential Mortgage-Backed Securities - Non-Agency 4.2
Senior Loans 0.5
Treasury Bills 1.6
U.S. Government & Agency Obligations 0.1
U.S. Treasury Obligations 12.8
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Quality breakdown (%) (at February 28, 2023)
AAA rating 55.5
AA rating 3.4
A rating 12.4
BBB rating 18.1
BB rating 3.6
B rating 2.2
CCC rating 0.6
CC rating 0.4
C rating 0.0(a)
D rating 0.0(a)
Not rated 3.8
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.
 
4 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Fund at a Glance   (continued)
(Unaudited)
Market exposure through derivatives investments (% of notional exposure) (at February 28, 2023)(a)
  Long Short Net
Fixed Income Derivative Contracts 109.8 (9.8) 100.0
Total Notional Market Value of Derivative Contracts 109.8 (9.8) 100.0
(a) The Fund has market exposure (long and/or short) to fixed income through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments, and Note 2 of the Notes to Financial Statements.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
5
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Institutional Class 1,000.00 1,000.00 979.30 1,022.36 2.40 2.46 0.49
Institutional 3 Class 1,000.00 1,000.00 979.30 1,022.51 2.26 2.31 0.46
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. Participants in wrap fee programs pay other fees that are not included in the above table. Please refer to the wrap program documents for information about the fees charged.
6 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Asset-Backed Securities — Non-Agency 11.8%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Affirm Asset Securitization Trust(a)
Series 2021-B Class A
08/17/2026 1.030%   2,510,000 2,393,894
Series 2022-A Class A
05/17/2027 4.300%   525,000 505,522
Series 2023-A Class A
01/18/2028 6.610%   575,000 577,092
AGL CLO 11 Ltd.(a),(b)
Series 2021-11A Class AJ
3-month USD LIBOR + 1.350%
Floor 1.350%
04/15/2034 		6.142%   12,200,000 11,896,647
AGL CLO 12 Ltd.(a),(b)
Series 2021-12A Class C
3-month USD LIBOR + 1.850%
Floor 1.850%
07/20/2034 		6.658%   1,000,000 945,951
AGL CLO Ltd.(a),(b)
Series 2021-13A Class A1
3-month USD LIBOR + 1.160%
Floor 1.160%
10/20/2034 		5.968%   5,250,000 5,177,162
AIG CLO(a),(b)
Series 2021-1A Class C
3-month USD LIBOR + 1.750%
Floor 1.750%
04/22/2034 		6.565%   1,750,000 1,673,124
AIG CLO Ltd.(a),(b)
Series 2019-2A Class AR
3-month USD LIBOR + 1.100%
Floor 1.100%
10/25/2033 		5.918%   12,500,000 12,363,162
Series 2021-2A Class A
3-month USD LIBOR + 1.170%
Floor 1.170%
07/20/2034 		5.978%   6,950,000 6,824,462
AIMCO CLO Ltd.(a),(b)
Series 2020-11A Class AR
3-month USD LIBOR + 1.130%
Floor 1.130%
10/17/2034 		5.922%   4,000,000 3,932,156
Allegro CLO VII Ltd.(a),(b)
Series 2018-1A Class A
3-month USD LIBOR + 1.100%
Floor 1.100%
06/13/2031 		5.892%   7,500,000 7,398,570
American Credit Acceptance Receivables Trust(a)
Subordinated Series 2020-4 Class C
12/14/2026 1.310%   1,409,919 1,387,328
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated Series 2021-3 Class B
02/13/2026 0.660%   170,260 169,941
Subordinated Series 2022-4 Class C
02/15/2029 7.860%   580,000 596,508
Americredit Automobile Receivables Trust
Subordinated Series 2022-1 Class B
04/19/2027 2.770%   2,175,000 2,055,109
AmeriCredit Automobile Receivables Trust
Series 2020-1 Class D
12/18/2025 1.800%   950,000 908,215
Series 2020-2 Class D
03/18/2026 2.130%   500,000 466,636
Series 2021-2 Class B
01/19/2027 0.690%   2,380,000 2,229,415
Series 2022-2 Class A3
04/18/2028 4.380%   2,090,000 2,059,123
Subordinated Series 2019-1 Class D
03/18/2025 3.620%   2,250,000 2,228,058
Subordinated Series 2019-3 Class D
09/18/2025 2.580%   1,450,000 1,395,596
Subordinated Series 2020-2 Class B
02/18/2026 0.970%   540,000 529,738
Subordinated Series 2021-2 Class C
01/19/2027 1.010%   2,905,000 2,658,920
Subordinated Series 2021-3 Class C
08/18/2027 1.410%   3,080,000 2,776,651
AMMC CLO Ltd.(a),(b),(c)
Series 2023-26A Class A1
3-month Term SOFR + 1.950%
Floor 1.950%
04/15/2036 		5.000%   2,200,000 2,199,809
Anchorage Capital CLO Ltd.(a),(b)
Series 2013-1A Class A1R
3-month USD LIBOR + 1.250%
10/13/2030 		6.065%   5,250,000 5,212,058
Series 2016-8A Class AR2
3-month USD LIBOR + 1.200%
Floor 1.200%
10/27/2034 		6.015%   11,500,000 11,259,639
Series 2021-21A Class B
3-month USD LIBOR + 1.750%
Floor 1.750%
10/20/2034 		6.558%   10,000,000 9,811,420
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Apidos CLO XXII(a),(b)
Series 2015-22A Class A1R
3-month USD LIBOR + 1.060%
Floor 1.060%
04/20/2031 		5.868%   6,400,000 6,348,960
Apidos CLO XXIV(a),(b)
Series 2016-24A
3-month USD LIBOR + 2.050%
Floor 2.050%
10/20/2030 		6.858%   2,900,000 2,781,126
Applebee’s Funding LLC/IHOP Funding LLC(a)
Series 2019-1A Class A2I
06/07/2049 4.194%   1,039,500 1,003,743
Series 2019-1A Class AII
06/07/2049 4.723%   495,000 446,793
Aqua Finance Trust(a)
Series 2020-AA Class A
07/17/2046 1.900%   684,379 636,616
Series 2021-A Class A
07/17/2046 1.540%   2,063,690 1,838,475
ArrowMark Colorado Holdings(a),(b)
Series 2017-6A Class A1
3-month USD LIBOR + 1.280%
07/15/2029 		6.072%   1,614,430 1,602,117
Atrium XII(a),(b)
Series 2012A Class AR
3-month USD LIBOR + 0.830%
04/22/2027 		5.645%   8,839,894 8,792,592
Avis Budget Rental Car Funding AESOP LLC(a)
Series 2020-1A Class A
08/20/2026 2.330%   115,000 106,809
Series 2020-2A Class A
02/20/2027 2.020%   1,600,000 1,443,105
Series 2022-5A Class A
04/20/2027 6.120%   3,240,000 3,289,230
Series 2023-2A Class A
10/20/2027 5.200%   1,270,000 1,252,805
Bain Capital Credit CLO Ltd.(a),(b)
Series 2019-3A Class AR
3-month USD LIBOR + 1.160%
Floor 1.160%
10/21/2034 		5.975%   17,250,000 16,867,188
Balboa Bay Loan Funding Ltd.(a),(b)
Series 2020-1A Class AR
3-month USD LIBOR + 1.120%
Floor 1.120%
01/20/2032 		5.928%   13,750,000 13,593,731
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Ballyrock CLO Ltd.(a),(b)
Series 2023-23A Class A1
3-month Term SOFR + 1.980%
Floor 1.980%
04/25/2036 		6.971%   5,000,000 4,999,515
Barings CLO Ltd.(a),(b)
Series 2020-2A Class AR
3-month USD LIBOR + 1.010%
Floor 1.010%
10/15/2033 		5.802%   7,500,000 7,422,090
Series 2020-4A Class A
3-month USD LIBOR + 1.220%
Floor 1.220%
01/20/2032 		6.028%   6,500,000 6,448,156
Barings CLO Ltd.(a),(b),(c)
Series 2023-1A Class A
3-month Term SOFR + 1.750%
Floor 1.750%
04/20/2036 		5.500%   8,500,000 8,499,269
Beacon Container Finance II LLC(a)
Series 2021-1A Class A
10/22/2046 2.250%   2,080,000 1,832,961
Benefit Street Partners CLO X Ltd.(a),(b)
Series 2016-10A Class BRR
3-month USD LIBOR + 2.150%
Floor 2.150%
04/20/2034 		6.958%   2,810,000 2,645,247
BHG Securitization Trust(a)
Series 2022-C Class A
10/17/2035 5.320%   811,137 804,098
BlueMountain CLO XXVIII Ltd.(a),(b)
Series 2021-28A Class C
3-month USD LIBOR + 2.000%
Floor 2.000%
04/15/2034 		6.792%   1,300,000 1,214,638
BlueMountain CLO XXXI Ltd.(a),(b)
Series 2021-31A Class A1
3-month USD LIBOR + 1.150%
Floor 1.150%
04/19/2034 		5.948%   4,050,000 3,975,921
Series 2021-31A Class A2
3-month USD LIBOR + 1.400%
Floor 1.400%
04/19/2034 		6.198%   3,600,000 3,492,022
BlueMountain Fuji US CLO II Ltd.(a),(b)
Series 2017-2A Class A1AR
3-month USD LIBOR + 1.000%
10/20/2030 		5.808%   11,500,000 11,403,227
Bojangles Issuer LLC(a)
Series 2020-1A Class A2
10/20/2050 3.832%   1,584,000 1,434,845
 
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Canyon Capital CLO Ltd.(a),(b)
Series 2019-1A Class A1R
3-month USD LIBOR + 1.100%
Floor 1.100%
04/15/2032 		5.892%   17,500,000 17,324,142
CARDS II Trust(a)
Subordinated Series 2021-1A Class B
04/15/2027 0.931%   2,850,000 2,697,382
Carlyle Global Market Strategies CLO Ltd.(a),(b)
Series 2013-3A Class A1AR
3-month USD LIBOR + 1.100%
Floor 1.100%
10/15/2030 		5.892%   3,905,457 3,888,269
Series 2014-3RA Class A1A
3-month USD LIBOR + 1.050%
07/27/2031 		5.865%   21,572,361 21,410,439
Series 2016-1A Class A1R2
3-month USD LIBOR + 1.140%
Floor 1.140%
04/20/2034 		5.948%   5,750,000 5,634,879
Carlyle US CLO Ltd.(a),(b)
Series 2017-2A Class A2R
3-month USD LIBOR + 1.600%
Floor 1.600%
07/20/2031 		6.408%   2,100,000 2,015,609
Series 2020-1A Class BR
3-month USD LIBOR + 2.000%
Floor 2.000%
07/20/2034 		6.808%   1,250,000 1,177,478
Carmax Auto Owner Trust
Series 2019-2 Class C
02/18/2025 3.160%   3,270,000 3,243,636
CarNow Auto Receivables Trust(a)
Series 2023-1A Class A
12/16/2024 6.620%   1,045,000 1,047,177
Carvana Auto Receivables Trust
Series 2021-N2 Class B
03/10/2028 0.750%   482,085 441,505
Series 2021-P4 Class A3
01/11/2027 1.310%   6,320,000 5,976,134
Series 2022-P3 Class A3
11/10/2027 4.610%   1,165,000 1,127,736
Subordinated Series 2021-N4 Class C
09/11/2028 1.720%   1,782,244 1,714,635
Carvana Auto Receivables Trust(a)
Series 2023-P1 Class A3
12/10/2027 5.980%   6,205,000 6,185,264
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Chancelight, Inc.(a),(b)
Series 2012-2 Class A
1-month USD LIBOR + 0.730%
Floor 0.730%
04/25/2039 		5.347%   298,097 297,529
CIFC Funding IV Ltd.(a),(b)
Series 2015-4A Class BR2
3-month USD LIBOR + 1.900%
Floor 1.900%
04/20/2034 		6.708%   6,300,000 5,965,079
CIFC Funding Ltd.(a),(b)
Series 2019-6A Class A2
3-month USD LIBOR + 1.750%
Floor 1.750%
01/16/2033 		6.542%   2,000,000 1,984,264
CIT Education Loan Trust(a),(b)
Series 2007-1 Class B
3-month USD LIBOR + 0.300%
Floor 0.300%
06/25/2042 		5.024%   429,660 400,557
CLI Funding VIII LLC(a)
Series 2022-1A Class A1
01/18/2047 2.720%   2,714,400 2,340,397
Commonbond Student Loan Trust(a)
Series 2018-CGS Class B
02/25/2046 4.250%   160,696 152,673
Series 2020-AGS Class A
08/25/2050 1.980%   1,087,695 922,928
Credit Acceptance Auto Loan Trust(a)
Series 2020-2A Class A
07/16/2029 1.370%   654,705 650,504
Series 2020-3A Class B
12/17/2029 1.770%   2,105,000 2,010,400
Series 2021-3A Class A
05/15/2030 1.000%   2,125,000 2,047,094
Series 2021-4 Class A
10/15/2030 1.260%   1,890,000 1,771,997
Series 2022-3A Class A
10/15/2032 6.570%   6,030,000 6,125,240
Crown Point CLO Ltd.(a),(b)
Series 2021-11A Class A
3-month USD LIBOR + 1.120%
Floor 1.120%
01/17/2034 		5.912%   14,250,000 14,114,696
DataBank Issuer LLC(a),(d),(e)
Series 2023-1 Class A2
02/25/2053 5.116%   3,400,000 3,135,411
DB Master Finance LLC(a)
Series 2017-1A Class A2II
11/20/2047 4.030%   1,187,500 1,102,785
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
9
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Series 2019-1A Class A23
05/20/2049 4.352%   1,158,000 1,079,446
Series 2019-1A Class A2II
05/20/2049 4.021%   627,250 589,035
Subordinated Series 2021-1A Class A23
11/20/2051 2.791%   4,345,000 3,488,669
Domino’s Pizza Master Issuer LLC(a)
Series 2018-1A Class A2I
07/25/2048 4.116%   1,436,250 1,367,230
Series 2021-1A Class A2II
04/25/2051 3.151%   3,144,000 2,621,321
Donlen Fleet Lease Funding 2 LLC(a)
Series 2021-2 Class A2
12/11/2034 0.560%   2,304,951 2,232,596
Drive Auto Receivables Trust
Subordinated Series 2021-2 Class B
12/15/2025 0.580%   1,868,113 1,856,760
Subordinated Series 2021-3 Class B
05/15/2026 1.110%   2,745,000 2,688,430
Driven Brands Funding LLC(a)
Series 2019-1A Class A2
04/20/2049 4.641%   1,728,000 1,602,773
Dryden 86 CLO Ltd.(a),(b)
Series 2020-86A Class CR
3-month USD LIBOR + 2.000%
Floor 2.000%
07/17/2034 		6.792%   3,000,000 2,829,825
Dryden CLO Ltd.(a),(b)
Series 2019-75A Class AR2
3-month USD LIBOR + 1.040%
Floor 1.040%
04/15/2034 		5.832%   4,000,000 3,909,608
Series 2019-75A Class CR2
3-month USD LIBOR + 1.800%
Floor 1.800%
04/15/2034 		6.592%   5,000,000 4,657,755
DT Auto Owner Trust(a)
Series 2020-2A Class C
03/16/2026 3.280%   705,426 698,477
Series 2021-1A Class B
09/15/2025 0.620%   23,430 23,332
Series 2021-2A Class B
01/15/2027 0.810%   1,698,087 1,675,303
Subordinated Series 2021-4A Class C
09/15/2027 1.500%   2,550,000 2,371,475
Subordinated Series 2022-2A Class B
01/15/2027 4.220%   4,445,000 4,350,286
Subordinated Series 2022-3A Class B
07/17/2028 6.740%   3,155,000 3,200,617
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated Series 2023-1A Class B
10/16/2028 5.190%   1,210,000 1,197,048
Eaton Vance CLO Ltd.(a),(b)
Series 2019-1A Class AR
3-month USD LIBOR + 1.100%
Floor 1.100%
04/15/2031 		5.892%   4,670,000 4,627,354
Education Loan Asset-Backed Trust I(a),(b)
Series 2013-1 Class A2
1-month USD LIBOR + 0.800%
Floor 0.800%
04/26/2032 		5.417%   2,133,244 2,115,835
EFS Volunteer No. 2 LLC(a),(b)
Series 2012-1 Class A2
1-month USD LIBOR + 1.350%
Floor 1.350%
03/25/2036 		5.967%   1,043,611 1,031,344
ELFI Graduate Loan Program LLC(a)
Series 2019-A Class A
03/25/2044 2.540%   761,482 693,370
ELFI Graduate Loan Program LLC(a),(f)
Subordinated Series 2019-A Class B
03/25/2044 2.940%   381,482 340,598
Ellington CLO II Ltd.(a),(b)
Series 2017-2A Class A
3-month USD LIBOR + 1.700%
Floor 1.700%
02/15/2029 		6.564%   5,547,927 5,531,172
Elmwood CLO II Ltd.(a),(b)
Series 2019-2A Class AR
3-month USD LIBOR + 1.150%
Floor 1.150%
04/20/2034 		5.958%   27,250,000 26,900,110
Elmwood CLO VII Ltd.(a),(b)
Series 2020-4A Class A
3-month USD LIBOR + 1.390%
Floor 1.390%
01/17/2034 		6.182%   2,000,000 1,988,704
Enterprise Fleet Financing LLC(a)
Series 2022-3 Class A2
07/20/2029 4.380%   1,175,000 1,154,390
Exeter Automobile Receivables Trust(a)
Series 2020-2A Class C
05/15/2025 3.280%   272,048 271,196
Exeter Automobile Receivables Trust
Series 2022-3A Class B
12/15/2026 4.860%   3,815,000 3,743,882
Subordinated Series 2020-3A Class C
07/15/2025 1.320%   210,399 208,623
Subordinated Series 2020-3A Class D
07/15/2026 1.730%   400,000 386,747
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated Series 2021-2A Class B
09/15/2025 0.570%   442,155 440,302
Subordinated Series 2021-3A Class B
01/15/2026 0.690%   1,823,662 1,803,649
Subordinated Series 2021-4 Class B
05/15/2026 1.050%   4,250,000 4,175,432
Subordinated Series 2022-6 Class B
08/16/2027 6.030%   1,540,000 1,546,920
Subordinated Series 2023-1A Class B
04/15/2027 5.720%   2,580,000 2,578,388
SubordinatedSeries 2022-5A Class B
03/15/2027 5.970%   4,890,000 4,894,759
Flagship Credit Auto Trust(a)
Series 2020-2 Class C
04/15/2026 3.800%   143,990 143,247
Series 2022-4 Class A3
06/15/2027 6.320%   3,475,000 3,532,122
Subordinated Series 2020-4 Class C
02/16/2027 1.280%   585,000 558,324
Subordinated Series 2021-2 Class B
06/15/2027 0.930%   1,800,000 1,739,905
Subordinated Series 2021-3 Class B
07/15/2027 0.950%   1,325,000 1,245,799
Flatiron CLO 21 Ltd.(a),(b)
Series 2021-1A Class C
3-month USD LIBOR + 1.850%
Floor 1.850%
07/19/2034 		6.648%   2,000,000 1,885,546
Ford Credit Auto Owner Trust(a)
Series 2018-1 Class A
07/15/2031 3.190%   7,110,000 6,834,244
Series 2021-1 Class A
10/17/2033 1.370%   3,415,000 3,032,412
Subordinated Series 2021-2 Class C
05/15/2034 2.110%   3,900,000 3,393,472
Subordinated Series 2021-2 Class D
05/15/2034 2.600%   2,300,000 1,942,887
Subordinated Series 2023-1 Class C
08/15/2035 5.580%   3,900,000 3,852,335
Foursight Capital Automobile Receivables Trust(a)
Series 2022-1 Class A3
12/15/2026 1.830%   2,405,000 2,306,408
Series 2022-2 Class A3
06/15/2027 4.590%   2,130,000 2,078,337
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Galaxy XXII CLO Ltd.(a),(b)
Series 2016-22A Class ARR
3-month USD LIBOR + 1.200%
Floor 1.200%
04/16/2034 		5.992%   3,200,000 3,157,398
Global SC Finance II SRL(a)
Series 2014-1A Class A2
07/17/2029 3.090%   539,022 519,810
GLS Auto Receivables Issuer Trust(a)
Subordinated Series 2020-4A Class C
11/17/2025 1.140%   1,090,403 1,074,210
Subordinated Series 2021-3A Class B
11/17/2025 0.780%   2,060,000 2,012,834
Subordinated Series 2021-4A Class B
04/15/2026 1.530%   5,855,000 5,630,088
GM Financial Automobile Leasing Trust
Subordinated Series 2022-3 Class C
08/20/2026 5.130%   2,350,000 2,308,068
GM Financial Consumer Automobile Receivables Trust
Series 2020-2 Class A3
12/16/2024 1.490%   204,622 202,585
GMF Floorplan Owner Revolving Trust(a)
Series 2020-1 Class A
08/15/2025 0.680%   1,115,000 1,091,764
Goal Capital Funding Trust(b)
Series 2006-1 Class B
3-month USD LIBOR + 0.450%
Floor 0.450%
08/25/2042 		5.408%   488,987 449,182
GoodLeap Sustainable Home Solutions Trust(a)
Series 2021-3CS Class A
05/20/2048 2.100%   2,981,748 2,352,526
Greenwood Park CLO Ltd.(a),(b)
Series 2018-1A Class A2
3-month USD LIBOR + 1.010%
Floor 1.010%
04/15/2031 		5.802%   15,000,000 14,858,730
Greywolf CLO III Ltd.(a),(b)
Series 2020-3RA Class A1R
3-month USD LIBOR + 1.290%
Floor 1.290%
04/15/2033 		6.204%   6,500,000 6,449,645
Greywolf CLO VII Ltd.(a),(b)
Series 2018-2A Class A1
3-month USD LIBOR + 1.180%
Floor 1.180%
10/20/2031 		5.988%   6,250,000 6,220,150
Helios Issuer LLC(a)
Series 2020-AA Class A
06/20/2047 2.980%   1,043,887 914,582
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
11
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Henderson Receivables LLC(a)
Series 2013-3A Class A
01/17/2073 4.080%   1,523,133 1,389,468
Series 2014-2A Class A
01/17/2073 3.610%   1,819,250 1,546,434
Hilton Grand Vacations Trust(a)
Subordinated Series 2022-2A Class C
01/25/2037 5.570%   267,539 257,037
HPS Loan Management Ltd.(a),(b)
Series 2010-A16 Class A1RR
3-month USD LIBOR + 1.140%
Floor 1.140%
04/20/2034 		5.948%   9,750,000 9,590,129
Series 2021-16A Class A1
3-month USD LIBOR + 1.140%
Floor 1.140%
01/23/2035 		5.955%   7,300,000 7,147,255
ICG US CLO Ltd.(a),(b)
Series 2014-3A Class A1RR
3-month USD LIBOR + 1.030%
04/25/2031 		5.848%   7,232,319 7,134,357
JG Wentworth XLIII LLC(a)
Series 2019-1A Class A
08/17/2071 3.820%   984,874 871,680
JPMorgan Chase Bank NA(a)
Series 2021-3 Class E
02/26/2029 2.102%   407,690 380,444
Subordinated Series 2021-1 Class D
09/25/2028 1.174%   343,207 329,871
Subordinated Series 2021-2 Class D
12/26/2028 1.138%   755,119 721,671
Kayne CLO Ltd.(a),(b)
Series 2019-6A Class A2
3-month USD LIBOR + 1.850%
Floor 1.850%
01/20/2033 		6.658%   1,500,000 1,485,410
Kayne Ltd.(a),(b)
Series 2018-1A Class CR
3-month USD LIBOR + 1.750%
Floor 1.750%
07/15/2031 		6.542%   1,820,000 1,732,764
Series 2021-10A Class C
3-month USD LIBOR + 1.750%
Floor 1.750%
04/23/2034 		6.565%   1,600,000 1,503,197
KKR CLO Ltd.(a),(b)
Series 2032A Class A1
3-month USD LIBOR + 1.320%
Floor 1.320%
01/15/2032 		6.112%   17,000,000 16,874,166
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Lending Funding Trust(a)
Series 2020-2A Class A
04/21/2031 2.320%   700,000 619,989
Lendmark Funding Trust(a)
Series 2019-2A Class A
04/20/2028 2.780%   1,243,585 1,213,175
Series 2021-1A Class A
11/20/2031 1.900%   5,000,000 4,271,900
Subordinated Series 2021-1A Class B
11/20/2031 2.470%   200,000 165,885
Subordinated Series 2021-1A Class C
11/20/2031 3.410%   100,000 80,525
Loanpal Solar Loan Ltd.(a)
Series 2020-2GF Class A
07/20/2047 2.750%   1,445,467 1,205,225
Logan CLO I Ltd.(a),(b)
Series 2021-1A Class A
3-month USD LIBOR + 1.160%
Floor 1.160%
07/20/2034 		5.968%   15,000,000 14,781,315
Madison Park Funding LIX Ltd.(a),(b)
Series 2021-59A Class A
3-month USD LIBOR + 1.140%
Floor 1.140%
01/18/2034 		5.935%   12,500,000 12,335,000
Madison Park Funding XLVIII Ltd.(a),(b)
Series 2021-48A Class A
3-month USD LIBOR + 1.150%
Floor 1.150%
04/19/2033 		5.948%   6,500,000 6,442,254
Series 2021-48A Class C
3-month USD LIBOR + 2.000%
Floor 2.000%
04/19/2033 		6.798%   1,520,000 1,470,694
Madison Park Funding XXI Ltd.(a),(b)
Series 2016-21A Class AARR
3-month USD LIBOR + 1.080%
Floor 1.080%
10/15/2032 		5.872%   17,000,000 16,807,254
Series 2016-21A Class ABRR
3-month USD LIBOR + 1.400%
Floor 1.400%
10/15/2032 		6.192%   1,750,000 1,720,308
Madison Park Funding XXXVIII Ltd.(a),(b)
Series 2021-38A Class A
3-month USD LIBOR + 1.120%
Floor 1.120%
07/17/2034 		5.912%   15,000,000 14,767,020
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Magnetite XVII Ltd.(a),(b)
Series 2016-17A Class AR
3-month USD LIBOR + 1.100%
07/20/2031 		5.908%   1,050,000 1,043,776
Marathon CLO Ltd.(a),(b)
Series 2020-15A Class A1S
3-month USD LIBOR + 1.700%
Floor 1.700%
11/15/2031 		6.564%   20,500,000 20,337,906
Mariner Finance Issuance Trust(a)
Series 2019-AA Class A
07/20/2032 2.960%   519,859 511,339
Series 2020-AA Class A
08/21/2034 2.190%   1,000,000 949,745
Marlette Funding Trust(a)
Series 2021-1A Class C
06/16/2031 1.410%   700,000 676,191
Series 2021-3A Class A
12/15/2031 0.650%   574,302 570,549
Series 2022-3A Class A
11/15/2032 5.180%   5,879,215 5,851,004
Massachusetts Educational Financing Authority
Series 2018-A Class A
05/25/2033 3.850%   1,466,974 1,419,564
Merlin Aviation Holdings DAC(a)
Series 2016-1 Class A
12/15/2032 4.500%   484,149 381,720
MF1 Ltd.(a),(b)
Series 2021-FL6 Class D
1-month USD LIBOR + 2.550%
Floor 2.550%
07/16/2036 		7.151%   7,000,000 6,571,764
Series 2022-FL8 Class A
30-day Average SOFR + 1.350%
Floor 1.350%
02/19/2037 		5.768%   3,450,000 3,408,069
MidOcean Credit CLO VIII(a),(b)
Series 2018-8A Class B
3-month USD LIBOR + 1.650%
02/20/2031 		6.565%   6,600,000 6,360,499
Mid-State Capital Corp. Trust(a)
Series 2006-1 Class A
10/15/2040 5.787%   585,648 566,341
Mill City Solar Loan Ltd.(a)
Series 2019-1A Class A
03/20/2043 4.340%   1,033,971 940,084
Series 2019-2GS Class A
07/20/2043 3.690%   1,093,121 983,005
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Mosaic Solar Loan Trust(a)
Series 2018-1A Class A
06/22/2043 4.010%   525,010 484,638
Series 2019-1A Class A
12/21/2043 4.370%   1,086,146 1,008,685
Series 2020-2A Class A
08/20/2046 1.440%   1,949,445 1,622,520
Series 2021-2A Class B
04/22/2047 2.090%   983,786 767,810
Subordinated Series 2018-2GS Class B
02/22/2044 4.740%   935,535 868,020
Subordinated Series 2020-2A Class B
08/20/2046 2.210%   1,243,124 1,049,574
Mosaic Solar Loans LLC(a)
Series 2017-2A Class A
06/22/2043 3.820%   551,609 505,323
Navient Private Education Refi Loan Trust(a)
Series 2020-BA Class A2
01/15/2069 2.120%   1,186,586 1,070,496
Series 2020-DA Class A
05/15/2069 1.690%   848,302 768,209
Series 2020-FA Class A
07/15/2069 1.220%   791,118 719,232
Series 2020-GA Class A
09/16/2069 1.170%   1,456,771 1,293,463
Series 2020-HA Class A
01/15/2069 1.310%   740,359 674,012
Series 2021-A Class A
05/15/2069 0.840%   758,519 656,567
Navient Student Loan Trust(b)
Series 2014-3 Class A
1-month USD LIBOR + 0.620%
Floor 0.620%
03/25/2083 		5.126%   3,871,083 3,783,391
Series 2014-4 Class A
1-month USD LIBOR + 0.620%
Floor 0.620%
03/25/2083 		5.126%   1,667,940 1,651,484
Nelnet Student Loan Trust(a),(b)
Series 2006-1 Class A6
3-month USD LIBOR + 0.450%
08/23/2036 		5.372%   5,355,884 5,188,679
Series 2014-4A Class A2
1-month USD LIBOR + 0.950%
Floor 0.950%
11/25/2048 		5.567%   4,210,000 4,200,828
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
13
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Neuberger Berman CLO XVII Ltd.(a),(b)
Series 2014-17A Class CR2
3-month USD LIBOR + 2.000%
Floor 2.000%
04/22/2029 		6.815%   2,000,000 1,921,314
Neuberger Berman Loan Advisers CLO Ltd.(a),(b)
Series 2019-33A Class CR
3-month USD LIBOR + 1.900%
Floor 1.900%
10/16/2033 		6.692%   2,000,000 1,905,728
Series 2021-40A Class C
3-month USD LIBOR + 1.750%
Floor 1.750%
04/16/2033 		6.542%   4,650,000 4,416,672
New Economy Assets Phase 1 Sponsor LLC(a)
Series 2021-1 Class A1
10/20/2061 1.910%   5,030,000 4,307,535
Oaktree CLO Ltd.(a),(b)
Series 2019-1A Class A1R
3-month USD LIBOR + 1.110%
Floor 1.110%
04/22/2030 		5.925%   5,000,000 4,961,155
Series 2021-1A Class A1
3-month USD LIBOR + 1.160%
Floor 1.160%
07/15/2034 		5.952%   5,400,000 5,291,941
OCP CLO Ltd.(a),(b)
Series 2020-18A Class CR
3-month USD LIBOR + 1.950%
Floor 1.950%
07/20/2032 		6.758%   500,000 480,143
Octagon Investment Partners 32 Ltd.(a),(b)
Series 2017-1A Class A2R
3-month USD LIBOR + 1.200%
Floor 1.200%
07/15/2029 		5.992%   7,400,000 7,252,836
Octagon Investment Partners 46 Ltd.(a),(b)
Series 2020-2A Class AR
3-month USD LIBOR + 1.160%
Floor 1.160%
07/15/2036 		5.952%   7,900,000 7,774,208
OHA Credit Funding Ltd.(a),(b)
Series 2021-8A Class C
3-month USD LIBOR + 1.900%
Floor 1.900%
01/18/2034 		6.695%   1,350,000 1,286,754
OHA Credit Partners VII Ltd.(a),(b)
Series 2012-7A Class CR3
3-month USD LIBOR + 1.800%
Floor 1.800%
02/20/2034 		6.475%   5,000,000 4,719,655
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
OneMain Direct Auto Receivables Trust(a)
Series 2019-1A Class A
09/14/2027 3.630%   6,900,000 6,641,286
Subordinated Series 2019-1A Class B
11/14/2028 3.950%   1,500,000 1,394,065
Subordinated Series 2019-1A Class D
04/14/2031 4.680%   2,900,000 2,636,140
Subordinated Series 2021-1A Class C
07/14/2028 1.420%   7,367,000 6,249,581
Subordinated Series 2021-1A Class D
11/14/2030 1.620%   900,000 756,086
Subordinated Series 2023-1A Class C
02/14/2031 6.140%   3,100,000 3,081,733
OneMain Financial Issuance Trust(a)
Series 2020-2A Class A
09/14/2035 1.750%   2,700,000 2,399,833
Series 2022-S1 Class A
05/14/2035 4.130%   7,275,000 6,981,504
Subordinated Series 2022-2 Class D
10/14/2034 6.550%   6,280,000 6,003,217
Oscar US Funding XII LLC(a)
Series 2021-1A Class A4
04/10/2028 1.000%   2,050,000 1,882,635
OZLM Funding IV Ltd.(a),(b)
Series 2013-4A
3-month USD LIBOR + 1.250%
Floor 1.250%
10/22/2030 		6.065%   12,859,536 12,762,472
Pagaya AI Debt Trust(a)
Series 2022-1 Class A
10/15/2029 2.030%   1,642,585 1,591,871
Palmer Square CLO Ltd.(a),(b)
Series 2014-1A Class A1R2
3-month USD LIBOR + 1.130%
Floor 1.130%
01/17/2031 		5.922%   8,000,000 7,967,232
Series 2020-3A Class BR
3-month USD LIBOR + 1.950%
Floor 1.950%
11/15/2031 		6.814%   2,000,000 1,915,120
Park Avenue Institutional Advisers CLO Ltd.(a),(b)
Series 2017-1A Class A1R
3-month USD LIBOR + 1.240%
Floor 1.240%
02/14/2034 		6.109%   5,000,000 4,891,585
Series 2019-2A Class A1
3-month USD LIBOR + 1.180%
Floor 1.180%
10/15/2034 		5.972%   15,000,000 14,633,175
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Planet Fitness Master Issuer LLC(a)
Series 2018-1A Class A2II
09/05/2048 4.666%   3,858,725 3,594,721
Prestige Auto Receivables Trust(a)
Subordinated Series 2021-1A Class C
02/15/2028 1.530%   2,525,000 2,351,326
Primose Funding LLC(a)
Series 2019-1A Class A2
07/30/2049 4.475%   1,451,250 1,341,668
Regional Management Issuance Trust(a)
Series 2022-1 Class A
03/15/2032 3.070%   2,800,000 2,590,428
Rockford Tower CLO Ltd.(a),(b)
Series 2021-1A Class B
3-month USD LIBOR + 1.650%
Floor 1.650%
07/20/2034 		6.458%   7,900,000 7,652,422
Series 2021-3A Class B
3-month USD LIBOR + 1.750%
Floor 1.750%
10/20/2034 		6.558%   10,000,000 9,732,610
Santander Bank Auto Credit-Linked Notes(a)
Subordinated Series 2022-A Class C
05/15/2032 7.375%   1,089,165 1,067,465
Santander Consumer Auto Receivables Trust(a)
Series 2020-AA Class C
02/17/2026 3.710%   1,310,000 1,301,976
Santander Drive Auto Receivables Trust
Series 2020-2 Class D
09/15/2026 2.220%   700,000 683,397
Series 2022-7 Class A3
04/15/2027 5.750%   775,000 779,700
Subordinated Series 2020-2 Class C
09/15/2025 1.460%   178,323 178,039
Subordinated Series 2020-3 Class D
11/16/2026 1.640%   2,900,000 2,804,018
Subordinated Series 2020-4 Class C
01/15/2026 1.010%   1,105,087 1,094,266
Subordinated Series 2020-4 Class D
01/15/2027 1.480%   1,800,000 1,727,360
Subordinated Series 2022-1 Class B
08/17/2026 2.360%   4,005,000 3,892,993
Subordinated Series 2022-3 Class B
08/16/2027 4.130%   3,710,000 3,619,263
Subordinated Series 2022-4 Class B
11/15/2027 4.420%   3,505,000 3,412,111
Subordinated Series 2022-5 Class B
03/15/2027 4.430%   1,880,000 1,845,387
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated Series 2023-1 Class C
05/15/2030 5.090%   810,000 793,677
SCF Equipment Leasing LLC(a)
Series 2022-1A Class A3
07/20/2029 2.920%   2,440,000 2,277,404
Shackleton VR CLO Ltd.(a),(b)
Series 2014-5RA Class A
3-month USD LIBOR + 1.100%
Floor 1.100%
05/07/2031 		5.934%   11,000,000 10,861,576
Sixth Street CLO XVI Ltd.(a),(b)
Series 2020-16A Class A1A
3-month USD LIBOR + 1.320%
Floor 1.320%
10/20/2032 		6.128%   25,250,000 25,169,377
SLM Student Loan Trust(b)
Series 2008-2 Class B
3-month USD LIBOR + 1.200%
Floor 1.200%
01/25/2083 		6.018%   1,165,000 919,961
Series 2008-3 Class B
3-month USD LIBOR + 1.200%
Floor 1.200%
04/26/2083 		6.018%   1,165,000 1,045,587
Series 2008-4 Class B
3-month USD LIBOR + 1.850%
Floor 1.850%
04/25/2073 		6.668%   1,165,000 1,123,796
Series 2008-5 Class B
3-month USD LIBOR + 1.850%
Floor 1.850%
07/25/2073 		6.668%   4,060,000 3,813,633
Series 2008-6 Class A4
3-month USD LIBOR + 1.100%
Floor 1.100%
07/25/2023 		5.918%   3,635,012 3,536,723
Series 2008-6 Class B
3-month USD LIBOR + 1.850%
Floor 1.850%
07/26/2083 		6.668%   1,165,000 1,089,738
Series 2008-7 Class B
3-month USD LIBOR + 1.850%
Floor 1.850%
07/26/2083 		6.668%   1,165,000 1,090,381
Series 2008-8 Class B
3-month USD LIBOR + 2.250%
Floor 2.250%
10/25/2075 		7.068%   1,165,000 1,122,602
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
15
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Series 2008-9 Class B
3-month USD LIBOR + 2.250%
Floor 2.250%
10/25/2083 		7.068%   1,165,000 1,121,501
Series 2012-2 Class A
1-month USD LIBOR + 0.700%
Floor 0.700%
01/25/2029 		5.206%   4,463,620 4,298,055
Series 2012-7 Class A3
1-month USD LIBOR + 0.650%
Floor 0.650%
05/26/2026 		5.156%   2,175,785 2,087,637
SMB Private Education Loan Trust(a)
Series 2020-PTA Class A2A
09/15/2054 1.600%   2,488,820 2,210,508
SoFi Professional Loan Program LLC(a),(b)
Series 2016-D Class A1
1-month USD LIBOR + 0.950%
01/25/2039 		5.567%   27,553 27,482
SoFi Professional Loan Program LLC(a)
Series 2017-A Class A2B
03/26/2040 2.400%   20,199 20,024
Series 2017-D Class A2FX
09/25/2040 2.650%   249,363 237,196
Series 2017-E Class A2B
11/26/2040 2.720%   8,844 8,794
Series 2018-A Class A2B
02/25/2042 2.950%   76,849 73,813
Series 2019-A Class BFX
06/15/2048 4.110%   2,500,000 2,302,926
Subordinated Series 2018-B Class BFX
08/25/2047 3.830%   2,700,000 2,413,200
Subordinated Series 2019-B Class BFX
08/17/2048 3.730%   2,500,000 2,227,825
SoFi Professional Loan Program Trust(a)
Subordinated Series 2020-B Class BFX
05/15/2046 2.730%   2,200,000 1,608,477
Sonic Capital LLC(a)
Series 2020-1A Class A2I
01/20/2050 3.845%   1,852,500 1,666,734
Sound Point CLO II Ltd.(a),(b)
Series 2013-1A Class A1R
3-month USD LIBOR + 1.070%
Floor 1.070%
01/26/2031 		5.892%   6,000,000 5,926,668
Sunnova Sol II Issuer LLC(a)
Series 2020-2A Class A
11/01/2055 2.730%   2,820,271 2,163,522
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Sunnova Sol III Issuer LLC(a)
Series 2021-1 Class A
04/28/2056 2.580%   2,431,106 1,862,450
Sunrun Athena Issuer LLC(a)
Series 2018-1 Class A
04/30/2049 5.310%   1,800,140 1,703,654
Sunrun Callisto Issuer LLC(a)
Series 2019-1A Class A
06/30/2054 3.980%   1,418,630 1,261,043
Taco Bell Funding LLC(a)
Series 2021-1A Class A2I
08/25/2051 1.946%   2,468,750 2,129,989
TCI-Flatiron CLO Ltd.(a),(b)
Series 2018-1A Class CR
3-month USD LIBOR + 1.750%
Floor 1.750%
01/29/2032 		6.552%   2,300,000 2,200,527
TCW CLO Ltd.(a),(b)
Series 2017-1A Class A1RR
3-month USD LIBOR + 1.180%
Floor 1.180%
10/29/2034 		5.982%   6,750,000 6,620,501
Series 2017-1A Class BRR
3-month USD LIBOR + 1.700%
Floor 1.700%
10/29/2034 		6.502%   6,500,000 6,310,987
Series 2021-1A Class C
3-month USD LIBOR + 1.900%
Floor 1.900%
03/18/2034 		6.708%   3,150,000 2,952,700
TCW CLO Ltd.(a),(b),(c)
Series 2023-1A Class A1N
3-month Term SOFR + 2.070%
04/28/2036 		4.500%   1,000,000 999,915
Telos CLO Ltd.(a),(b)
Series 2013-4A Class AR
3-month USD LIBOR + 1.240%
Floor 1.240%
01/17/2030 		6.032%   10,061,078 9,976,515
Textainer Marine Containers VII Ltd.(a)
Series 2021-2A Class A
04/20/2046 2.230%   3,754,672 3,243,313
THL Credit Wind River CLO Ltd.(a),(b)
Series 2019-1A Class AR
3-month USD LIBOR + 1.160%
Floor 1.160%
07/20/2034 		5.968%   10,000,000 9,762,900
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
TIAA CLO I Ltd.(a),(b)
Series 2016-1A Class AR
3-month USD LIBOR + 1.200%
Floor 1.200%
07/20/2031 		6.008%   6,750,000 6,658,180
Toyota Auto Loan Extended Note Trust(a)
Series 2020-1A Class A
05/25/2033 1.350%   1,405,000 1,289,068
Trafigura Securitisation Finance PLC(a)
Subordinated Series 2021-1A Class B
01/15/2025 1.780%   1,550,000 1,380,348
Tralee CLO VI Ltd.(a),(b)
Series 2019-6A Class A1R
3-month USD LIBOR + 1.170%
Floor 1.170%
10/25/2032 		5.988%   25,000,000 24,575,275
Tralee CLO VII Ltd(a),(b)
Series 2021-7A Class A1
3-month USD LIBOR + 1.320%
Floor 1.320%
04/25/2034 		6.138%   9,250,000 9,088,449
Trestles CLO V LTD.(a),(b)
Series 2021-5A Class B1
3-month USD LIBOR + 1.650%
Floor 1.650%
10/20/2034 		6.458%   6,800,000 6,619,909
Trinitas CLO VII Ltd.(a),(b)
Series 2017-7A Class A1R
3-month USD LIBOR + 1.200%
Floor 1.200%
01/25/2035 		6.018%   4,000,000 3,914,488
Triton Container Finance VIII LLC(a)
Series 2021-1A Class A
03/20/2046 1.860%   2,678,667 2,270,229
United Auto Credit Securitization Trust(a)
Series 2022-1 Class B
03/10/2025 2.100%   1,205,000 1,198,086
Subordinated Series 2022-2 Class C
05/10/2027 5.810%   1,995,000 1,949,858
Upstart Securitization Trust(a)
Series 2023-1 Class A
02/20/2033 6.590%   1,900,000 1,895,465
Venture CLO Ltd.(a),(b)
Series 2017-28AA Class A1R
3-month USD LIBOR + 1.210%
Floor 1.210%
10/20/2034 		6.018%   12,500,000 12,210,562
Venture XXVII CLO Ltd.(a),(b)
Series 2017-27A Class CR
3-month USD LIBOR + 2.300%
07/20/2030 		7.108%   4,100,000 3,870,170
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Voya CLO Ltd.(a),(b)
Series 2013-1A Class A1AR
3-month USD LIBOR + 1.210%
Floor 1.210%
10/15/2030 		6.002%   7,172,560 7,131,483
Series 2016-1A Class A1R
3-month Term SOFR + 1.332%
Floor 1.070%
01/20/2031 		5.971%   10,000,000 9,945,620
Wachovia Student Loan Trust(a),(b)
Series 2006-1 Class A6
3-month USD LIBOR + 0.170%
Floor 0.170%
04/25/2040 		4.988%   4,295,202 4,108,618
Wellfleet CLO Ltd.(a),(b)
Series 2019-1A Class A1R
3-month USD LIBOR + 1.120%
Floor 1.120%
07/20/2032 		5.928%   15,000,000 14,716,695
Wendy’s Funding LLC(a)
Series 2018-1A Class A2II
03/15/2048 3.884%   950,000 873,076
Series 2019-1A Class A2I
06/15/2049 3.783%   3,139,500 2,909,506
Series 2021-1A Class A2II
06/15/2051 2.775%   2,265,500 1,779,080
Westlake Automobile Receivables Trust(a)
Series 2020-2A Class C
07/15/2025 2.010%   686,708 681,865
Series 2021-2A Class C
07/15/2026 0.890%   1,650,000 1,555,773
Subordinated Series 2020-3A Class C
11/17/2025 1.240%   210,000 205,732
Subordinated Series 2021-1A Class B
03/16/2026 0.640%   4,829,308 4,779,414
Subordinated Series 2021-2A Class B
07/15/2026 0.620%   2,170,000 2,101,244
Subordinated Series 2021-3 Class C
01/15/2027 1.580%   6,225,000 5,815,167
Subordinated Series 2023-1A Class C
08/15/2028 5.740%   1,200,000 1,196,586
Wind River CLO Ltd.(a),(b)
Series 2016-1A Class A1R2
3-month USD LIBOR + 1.210%
Floor 1.210%
10/15/2034 		6.002%   4,250,000 4,150,440
World Omni Select Auto Trust
Series 2020-A Class A3
07/15/2025 0.550%   336,277 334,310
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
17
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated Series 2021-A Class B
08/16/2027 0.850%   2,170,000 2,002,318
York CLO-4 Ltd.(a),(b)
Series 2016-2A Class A1R
3-month USD LIBOR + 1.090%
04/20/2032 		5.898%   10,500,000 10,441,148
Zais CLO 7 Ltd.(a),(b)
Series 2017-2A Class A
3-month USD LIBOR + 1.290%
04/15/2030 		6.082%   3,245,101 3,212,062
Zais CLO 9 Ltd.(a),(b)
Series 2018-2A Class A
3-month USD LIBOR + 1.200%
Floor 1.200%
07/20/2031 		6.008%   12,613,399 12,439,814
Zaxby’s Funding LLC(a)
Series 2021-1A Class A2
07/30/2051 3.238%   5,565,250 4,592,642
Total Asset-Backed Securities — Non-Agency
(Cost $1,240,156,487) 		1,201,031,926
Commercial Mortgage-Backed Securities - Agency 0.9%
Federal Home Loan Mortgage Corp. Multifamily ML Certificates(f),(g)
Series 2021-ML08 Class XUS
07/25/2037 1.861%   7,776,534 1,074,761
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates(f),(g)
CMO Series K055 Class X1
03/25/2026 1.344%   1,993,451 67,173
CMO Series K057 Class X1
07/25/2026 1.168%   2,343,538 72,761
CMO Series K059 Class X1
09/25/2026 0.304%   7,004,890 62,251
CMO Series K060 Class X1
10/25/2026 0.069%   25,497,003 72,024
CMO Series K152 Class X1
01/25/2031 0.956%   4,034,860 217,190
Series 20K129 Class X1 (FHLMC)
05/25/2031 1.034%   12,587,897 782,639
Series 20K141 Class X1 (FHLMC)
02/25/2032 0.305%   7,249,200 168,768
Series 20K142 Class X1 (FHLMC)
12/25/2031 0.297%   17,578,936 396,663
Series 20K143 Class X1 (FHLMC)
04/25/2055 0.342%   7,944,937 209,661
Series 20K144 Class X1 (FHLMC)
04/25/2032 0.325%   10,394,605 268,764
Series K069 Class X1
09/25/2027 0.348%   36,510,819 514,543
Commercial Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Series K091 Class X1
03/25/2029 0.561%   39,257,166 1,104,489
Series K095 Class X1
06/25/2029 0.950%   75,090,123 3,559,775
Series K106 Class X1
01/25/2030 1.354%   99,541,372 7,285,035
Series K108 Class X1
03/25/2030 1.691%   2,258,446 209,843
Series K131 Class X1 (FHLMC)
07/25/2031 0.729%   12,800,375 613,169
Series K137 Class X1
11/25/2031 0.199%   274,928,381 3,815,704
Series K145 Class X1
06/25/2055 0.317%   4,661,170 116,905
Series K146 Class X1
06/25/2032 0.230%   15,767,142 310,569
Series K147 Class X1
06/25/2032 0.357%   12,192,021 352,674
Series K149 Class X1 (FHLMC)
08/25/2032 0.264%   20,986,162 476,772
Series K-150 Class X1 (FHLMC)
09/25/2032 0.310%   18,243,552 483,950
Series K-1516 Class X1
05/25/2035 1.511%   14,651,504 1,832,472
Series K-1517 Class X1
07/25/2035 1.324%   19,950,720 2,171,730
Series K1521 Class X1
08/25/2036 0.980%   23,408,643 1,897,362
Series K728 Class X1
08/25/2024 0.387%   253,998,348 1,434,938
Series K729 Class X1
10/25/2024 0.341%   158,726,175 679,967
Series K735 Class X1
05/25/2026 0.957%   12,677,431 313,703
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
Series K056 Class A2
05/25/2026 2.525%   6,137,000 5,737,944
Series K074 Class A2
01/25/2028 3.600%   8,660,000 8,295,236
Series K155 Class A3
04/25/2033 3.750%   6,935,000 6,521,449
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates(f)
Series K157 Class A3
08/25/2033 3.990%   6,145,000 5,931,243
Series Q006 Class APT1
07/25/2026 2.688%   3,460,156 3,255,733
 
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Federal National Mortgage Association
11/01/2031 3.400%   1,500,000 1,363,228
02/01/2033 3.400%   4,000,000 3,684,290
07/01/2033 3.670%   8,000,000 7,543,990
03/01/2035 2.510%   3,000,000 2,453,235
04/01/2040 2.455%   3,495,000 2,484,717
Federal National Mortgage Association(f),(g)
Series 2020-M43 Class X1
08/25/2034 2.056%   37,588,385 3,869,717
Government National Mortgage Association(f),(g)
CMO Series 2011-38 Class IO
04/16/2053 0.530%   907,767 6,874
CMO Series 2013-162 Class IO
09/16/2046 0.057%   17,112,670 36,590
CMO Series 2014-134 Class IA
01/16/2055 0.149%   12,041,607 58,207
CMO Series 2015-101 Class IO
03/16/2052 0.285%   2,969,091 37,087
CMO Series 2015-114
03/15/2057 0.367%   1,467,580 22,573
CMO Series 2015-120 Class IO
03/16/2057 0.684%   7,637,500 159,699
CMO Series 2015-125 Class IB
01/16/2055 1.016%   9,700,934 250,102
CMO Series 2015-125 Class IO
07/16/2055 0.632%   18,167,240 285,115
CMO Series 2015-146 Class IC
07/16/2055 0.267%   6,041,137 48,919
CMO Series 2015-171 Class IO
11/16/2055 0.846%   4,900,063 144,718
CMO Series 2015-174 Class IO
11/16/2055 0.414%   6,113,531 123,068
CMO Series 2015-21 Class IO
07/16/2056 0.717%   3,042,822 75,321
CMO Series 2015-29 Class EI
09/16/2049 0.710%   6,669,526 124,619
CMO Series 2015-41 Class IO
09/16/2056 0.276%   1,188,812 14,720
CMO Series 2015-6 Class IO
02/16/2051 0.483%   2,065,356 23,267
CMO Series 2015-70 Class IO
12/16/2049 0.571%   5,738,622 106,371
CMO Series 2016-39 Class IO
01/16/2056 0.687%   3,602,098 95,639
CMO Series 2022-17 Class IO
06/16/2064 0.802%   6,364,747 408,304
Commercial Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2022-4 Class IO
03/16/2064 0.860%   15,644,838 1,052,032
CMO Series 2022-43 Class IO
09/16/2061 0.740%   13,019,588 767,388
Series 2014-101 Class IO
04/16/2056 0.605%   10,021,325 147,180
Series 2016-152 Class IO
08/15/2058 0.728%   11,867,201 410,773
Series 2017-168 Class IO
12/16/2059 0.577%   16,908,547 596,009
Series 2018-110 Class IA
11/16/2059 0.630%   21,725,829 820,454
Series 2018-2 Class IO
12/16/2059 0.707%   7,295,806 321,679
Series 2020-108 Class IO
06/16/2062 0.847%   8,990,940 535,342
Series 2021-106 Class IO
04/16/2063 0.858%   9,599,705 648,420
Series 2021-132 Class BI
04/16/2063 0.925%   12,342,751 851,494
Series 2021-133 Class IO
07/16/2063 0.880%   12,076,080 829,411
Series 2021-144 Class IO
04/16/2063 0.825%   12,154,180 784,528
Series 2021-145 Class IO
07/16/2061 0.772%   2,557,170 143,305
Series 2021-151 Class IO
04/16/2063 0.917%   10,836,395 789,527
Series 2021-163 Class IO
03/16/2064 0.800%   11,323,462 734,084
Series 2021-186 Class IO
05/16/2063 0.765%   12,663,053 762,727
Series 2021-52 Class IO
04/16/2063 0.719%   10,581,446 574,180
Series 2022-132 Class IO
10/16/2064 0.539%   11,026,320 572,372
Series 2022-166 Class IO
04/16/2065 0.792%   12,989,120 803,330
Series 2022-92 Class EI
02/16/2064 0.809%   11,312,537 715,452
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
19
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Government National Mortgage Association(b)
CMO Series 2013-H08 Class FA
1-month USD LIBOR + 0.350%
Floor 0.350%, Cap 10.550%
03/20/2063 		4.742%   122,855 122,125
Total Commercial Mortgage-Backed Securities - Agency
(Cost $126,283,986) 		96,710,042
Commercial Mortgage-Backed Securities - Non-Agency 6.0%
Arbor Multifamily Mortgage Securities Trust(a)
Series 2021-MF2 Class A4
06/15/2054 2.252%   18,000,000 14,456,038
Arbor Realty Commercial Real Estate Notes Ltd.(a),(b)
Series 2021-FL4 Class D
1-month USD LIBOR + 2.900%
Floor 2.900%
11/15/2036 		7.488%   3,250,000 3,095,092
Series 2022-FL1 Class A
30-day Average SOFR + 1.450%
Floor 1.450%
01/15/2037 		5.851%   7,100,000 7,000,190
BAMLL Commercial Mortgage Securities Trust(a)
Series 2019-BPR Class AM
11/05/2032 3.287%   6,325,000 5,789,856
Banc of America Merrill Lynch Commercial Mortgage, Inc.(f),(g)
Series 2019-BN18 Class XA
05/15/2062 0.892%   59,544,103 2,506,444
BANK(f),(g)
Series 2017-BNK8 Class XA
11/15/2050 0.713%   26,841,764 718,841
BANK(f)
Series 2021-BN37 Class A5
11/15/2064 2.618%   5,605,000 4,623,706
Series 2022-BNK40 Class A4
03/15/2064 3.507%   2,945,000 2,594,853
BANK(a)
Subordinated Series 2017-BNK6 Class D
07/15/2060 3.100%   2,380,000 1,663,233
BBCMS Mortgage Trust(a)
Series 2016-ETC Class A
08/14/2036 2.937%   13,500,000 11,857,371
Subordinated Series 2016-ETC Class B
08/14/2036 3.189%   900,000 765,255
Subordinated Series 2016-ETC Class C
08/14/2036 3.391%   770,000 621,832
BBCMS Mortgage Trust(f),(g)
Series 2018-C2 Class XA
12/15/2051 0.757%   60,839,449 2,049,292
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
BBCMS Mortgage Trust(a),(b)
Series 2020-BID Class A
1-month USD LIBOR + 2.140%
Floor 2.140%
10/15/2037 		6.728%   3,850,000 3,753,465
BBCMS Mortgage Trust
Series 2021-C12 Class A5
11/15/2054 2.689%   5,580,000 4,638,339
BBCMS Mortgage Trust(a),(f)
Subordinated Series 2016-ETC Class D
08/14/2036 3.609%   2,790,000 2,192,145
BB-UBS Trust(a)
Series 2012-TFT Class A
06/05/2030 2.892%   2,405,257 2,364,146
Benchmark Mortgage Trust(f),(g)
03/15/2053 1.416%   25,310,035 1,452,472
Series 2019-B10 Class XA
03/15/2062 1.220%   29,701,706 1,500,952
Series 2020-B20 Class XA
10/15/2053 1.617%   14,486,737 1,093,343
Benchmark Mortgage Trust
Series 2021-B26 Class A4
06/15/2054 2.295%   10,600,000 8,720,331
Series 2021-B31 Class A5
12/15/2054 2.669%   4,440,000 3,670,146
BIG Commercial Mortgage Trust(a),(b)
Subordinated Series 2022-BIG Class C
1-month Term SOFR + 2.340%
Floor 2.340%
02/15/2039 		6.903%   420,000 404,470
BMD2 Re-Remic Trust(a),(h)
Series 2019-FRR1 Class 3AB
05/25/2052 0.000%   2,821,000 1,772,396
Subordinated Series 2019-FRR1 Class 2C
05/25/2052 0.000%   14,258,000 11,594,630
BPR Trust(a),(b)
Series 2021-NRD Class A
1-month USD LIBOR + 1.525%
Floor 1.525%
12/15/2023 		6.088%   3,045,000 2,921,228
Series 2022-OANA Class A
1-month Term SOFR + 1.898%
Floor 1.898%
04/15/2037 		6.461%   2,300,000 2,258,284
BWAY Mortgage Trust(a)
Series 2015-1740 Class A
01/10/2035 2.917%   6,850,000 6,102,244
 
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
BX Commercial Mortgage Trust(a),(b)
Series 2020-VKNG Class A
1-month Term SOFR + 1.045%
Floor 0.930%
10/15/2037 		5.607%   5,757,641 5,696,419
Series 2021-VOLT Class G
1-month USD LIBOR + 2.850%
Floor 2.850%
09/15/2036 		7.438%   3,000,000 2,880,217
Series 2022-CSMO Class A
1-month Term SOFR + 2.115%
Floor 2.115%
06/15/2027 		6.677%   5,918,000 5,914,298
Subordinated Series 2021-21M Class E
1-month USD LIBOR + 2.171%
Floor 2.171%
10/15/2036 		6.759%   2,048,782 1,947,015
Subordinated Series 2021-IRON Class E
1-month USD LIBOR + 2.350%
Floor 2.350%
02/15/2038 		6.938%   3,000,000 2,838,461
Subordinated Series 2021-MFM1 Class D
1-month USD LIBOR + 1.500%
Floor 1.500%
01/15/2034 		6.088%   452,123 438,525
Subordinated Series 2021-SOAR Class F
1-month USD LIBOR + 2.350%
Floor 2.350%
06/15/2038 		6.938%   17,690,987 16,972,324
Subordinated Series 2022-CSMO Class B
1-month Term SOFR + 3.141%
Floor 3.141%
06/15/2027 		7.703%   3,490,000 3,483,452
BX Commercial Mortgage Trust(a),(f)
Subordinated Series 2020-VIV3 Class B
03/09/2044 3.544%   5,780,000 4,912,458
BX Trust(a)
Series 2019-OC11 Class A
12/09/2041 3.202%   1,115,000 960,507
BX Trust(a),(b)
Series 2021-LGCY Class D
1-month USD LIBOR + 1.302%
Floor 1.302%
10/15/2036 		5.761%   590,000 563,458
Subordinated Series 2022-LBA6 Class D
1-month Term SOFR + 2.000%
Floor 2.000%
01/15/2039 		6.563%   750,000 721,344
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated Series 2022-VAMF Class E
1-month USD LIBOR + 2.700%
Floor 2.700%
01/15/2039 		7.263%   5,000,000 4,768,739
BXHPP Trust(a),(b)
Series 2021-FILM Class A
1-month USD LIBOR + 0.650%
Floor 0.650%
08/15/2036 		5.238%   7,000,000 6,628,184
CALI Mortgage Trust(a)
Series 2019-101C Class A
03/10/2039 3.957%   2,380,000 2,062,844
CAMB Commercial Mortgage Trust(a)
Series 2021-CX2 Class A
11/10/2046 2.700%   7,200,000 5,801,787
Cantor Commercial Real Estate Lending(f),(g)
Series 2019-CF2 Class XA
11/15/2052 1.193%   43,865,375 2,319,553
Cantor Commercial Real Estate Lending
Series 2019-CF3 Class A3
01/15/2053 2.752%   16,100,000 13,902,339
CD Mortgage Trust
Series 2016-CD1 Class A3
08/10/2049 2.459%   14,750,906 13,410,866
Series 2017-CD6 Class A4
11/13/2050 3.190%   20,000,000 18,124,226
CD Mortgage Trust(f),(g)
Series 2019-CD8 Class XA
08/15/2057 1.404%   46,718,499 3,050,055
CFCRE Commercial Mortgage Trust
Series 2016-C4 Class A4
05/10/2058 3.283%   5,900,000 5,478,790
CFCRE Commercial Mortgage Trust(f),(g)
Series 2016-C4 Class XA
05/10/2058 1.607%   53,761,977 2,014,311
Citigroup Commercial Mortgage Trust
Series 2015-GC35 Class A3
11/10/2048 3.549%   10,000,000 9,321,444
Series 2019-C7 Class A4
12/15/2072 3.102%   3,985,000 3,493,732
Series 2019-GC43 Class A3
11/10/2052 2.782%   10,000,000 8,578,157
Citigroup Commercial Mortgage Trust(a),(b)
Series 2021-PRM2 Class F
1-month USD LIBOR + 3.750%
Floor 3.750%
10/15/2036 		8.338%   1,500,000 1,434,229
Citigroup Commercial Mortgage Trust(a),(f)
Subordinated Series 2016-C2 Class E
08/10/2049 4.395%   2,420,000 1,589,427
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
21
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CityLine Commercial Mortgage Trust(a),(f)
Subordinated Series 2016-CLNE Class B
11/10/2031 2.778%   3,600,000 3,470,633
Subordinated Series 2016-CLNE Class C
11/10/2031 2.778%   1,350,000 1,291,362
COMM Mortgage Trust(a)
Series 2013-CR7 Class AM
03/10/2046 3.314%   4,250,000 4,233,151
COMM Mortgage Trust(a),(f)
Subordinated Series 2013-CR10 Class E
08/10/2046 4.861%   1,220,000 1,145,474
Subordinated Series 2013-CR7 Class D
03/10/2046 4.337%   8,575,000 7,944,602
Subordinated Series 2020-CBM Class F
02/10/2037 3.633%   2,513,000 2,160,589
Commercial Mortgage Pass-Through Certificates(a)
Series 2012-LTRT Class A2
10/05/2030 3.400%   3,678,428 3,219,787
Commercial Mortgage Pass-Through Certificates(f)
Subordinated Series 2019-BN24 Class C
11/15/2062 3.518%   1,000,000 789,914
Commercial Mortgage Trust
Series 2013-CR13 Class A3
11/12/2046 3.928%   2,644,161 2,606,679
Series 2014-UBS2 Class A5
03/10/2047 3.961%   1,165,000 1,146,842
Series 2014-UBS4 Class A5
08/10/2047 3.694%   5,000,000 4,841,439
Series 2014-UBS6 Class A4
12/10/2047 3.378%   2,984,606 2,863,123
Series 2015-DC1 Class A5
02/10/2048 3.350%   790,000 754,535
Series 2015-LC19 Class A4
02/10/2048 3.183%   835,000 793,160
Series 2015-PC1 Class A5
07/10/2050 3.902%   2,755,000 2,651,025
Series 2016-COR1 Class A3
10/10/2049 2.826%   8,410,989 7,681,882
Commercial Mortgage Trust(f)
Series 2013-CR9 Class A4
07/10/2045 4.267%   1,033,548 1,028,610
Credit Suisse Mortgage Capital Certificates OA LLC(a)
Series 2014-USA Class A2
09/15/2037 3.953%   14,800,000 13,347,210
CSAIL Commercial Mortgage Trust
Series 2019-C18 Class A4
12/15/2052 2.968%   3,345,000 2,852,108
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CSAIL Commercial Mortgage Trust(a)
Subordinated Series 2020-C19 Class E
03/15/2053 2.500%   800,000 435,221
CSWF Trust(a),(b)
Subordinated Series 2021-SOP2 Class E
1-month USD LIBOR + 3.367%
Floor 3.367%
06/15/2034 		7.955%   16,000,000 14,635,544
DBGS Mortgage Trust(a),(b)
Series 2018-BIOD Class E
1-month USD LIBOR + 1.700%
Floor 1.700%
05/15/2035 		6.288%   2,741,288 2,681,334
Series 2018-BIOD Class F
1-month USD LIBOR + 2.000%
Floor 2.000%
05/15/2035 		6.588%   10,782,400 10,519,642
DBJPM Mortgage Trust(a)
Series 2016-SFC Class A
08/10/2036 2.833%   1,500,000 1,259,607
DBJPM Mortgage Trust(f),(g)
Series 2020-C9 Class XA
09/15/2053 1.708%   46,274,915 3,089,262
DBUBS Mortgage Trust(a)
Series 2017-BRBK Class A
10/10/2034 3.452%   2,800,000 2,641,855
DBUBS Mortgage Trust(a),(b)
Subordinated Series 2011-LC2A Class F
1-month USD LIBOR + 3.650%
Floor 3.650%, Cap 4.000%
07/10/2044 		4.000%   161,532 161,043
DBWF Mortgage Trust(a),(f)
Series 2016-85T Class D
12/10/2036 3.808%   2,000,000 1,704,910
Series 2016-85T Class E
12/10/2036 3.808%   2,000,000 1,518,878
Extended Stay America Trust(a),(b)
Series 2021-ESH Class E
1-month USD LIBOR + 2.850%
Floor 2.850%
07/15/2038 		7.438%   2,928,577 2,857,196
FirstKey Homes Trust(a)
Series 2020-SFR1 Class A
08/17/2037 1.339%   6,161,071 5,561,732
Subordinated Series 2020-SFR2 Class E
10/19/2037 2.668%   3,432,000 3,083,423
GAM Investments(a),(i)
Subordinated Series 2021-F Class A
09/27/2051 0.000%   2,186,000 1,781,419
 
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated Series 2021-F Class D
09/27/2051 0.000%   1,777,000 1,352,904
Subordinated Series 2021-F Class E
09/27/2051 0.000%   1,798,000 1,477,350
Subordinated Series 2021-F Class G
09/27/2051 0.000%   1,797,000 1,473,192
Subordinated Series 2021-F Class H
09/27/2051 0.000%   1,510,000 855,750
GAM Investments(a)
Subordinated Series 2021-F Class C
09/27/2051 1.079%   1,778,000 1,441,945
GAM Investments(a),(f)
Subordinated Series 2021-F Class F
09/27/2051 2.435%   2,364,000 1,661,646
GAM Re-REMIC Trust(a),(i)
Series 2021-FRR1 Class 1B
07/28/2027 0.000%   3,690,000 2,492,689
Series 2021-FRR1 Class 2B
12/29/2027 0.000%   4,900,000 3,157,555
GAM Resecuritization Trust(a),(f)
Series 2022-FRR3 Class BK71
01/29/2052 2.030%   3,736,000 2,713,264
Series 2022-FRR3 Class CK71
01/29/2052 1.410%   1,245,000 827,903
GAM Resecuritization Trust(a),(i)
Series 2022-FRR3 Class D728
01/29/2052 0.000%   1,446,000 1,205,921
Subordinated Series 2022-FRR3 Class BK89
01/29/2052 0.000%   2,769,000 1,587,374
Subordinated Series 2022-FRR3 Class CK89
01/29/2052 0.000%   1,450,000 783,832
Subordinated Series 2022-FRR3 Class EK41
01/29/2052 0.000%   776,000 637,723
GAM Resecuritization Trust(a),(h)
Subordinated Series 2022-FRR3 Class BK61
11/27/2049 0.000%   2,543,000 1,747,280
Subordinated Series 2022-FRR3 Class C728
08/27/2050 0.000%   1,446,000 1,232,049
Subordinated Series 2022-FRR3 Class CK47
05/27/2048 0.000%   1,474,000 1,190,131
Subordinated Series 2022-FRR3 Class CK61
11/27/2049 0.000%   1,784,000 1,169,276
Subordinated Series 2022-FRR3 Class DK41
10/27/2047 0.000%   1,165,000 979,675
Subordinated Series 2022-FRR3 Class DK47
05/27/2048 0.000%   1,473,000 1,164,285
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Greystone Commercial Capital Trust(a),(b)
Series 2021-3 Class A
1-month USD LIBOR + 2.230%
Floor 2.230%
08/17/2023 		6.831%   8,500,000 8,276,564
GS Mortgage Securities Corp II(a),(f)
Series 2017-375H Class A
09/10/2037 3.475%   5,000,000 4,462,352
GS Mortgage Securities Corp. II(a)
Series 2012-BWTR Class A
11/05/2034 2.954%   3,857,000 2,770,651
GS Mortgage Securities Trust(a),(f)
Series 2013-PEMB Class A
03/05/2033 3.550%   1,625,000 1,405,494
GS Mortgage Securities Trust
Series 2016-GS2 Class A3
05/10/2049 2.791%   4,386,124 4,047,286
Series 2017-GS7 Class A3
08/10/2050 3.167%   10,000,000 9,127,933
Series 2017-GS8 Class A3
11/10/2050 3.205%   20,000,000 18,077,384
Series 2020-GC45 Class A5
02/13/2053 2.911%   1,810,000 1,566,083
Hudson Yards Mortgage Trust(a)
Series 2019-30HY Class A
07/10/2039 3.228%   2,160,000 1,880,529
Hudsons Bay Simon JV Trust(a)
Series 2015-HB10 Class A10
08/05/2034 4.155%   1,820,000 1,559,529
Series 2015-HB7 Class A7
08/05/2034 3.914%   2,520,000 2,194,109
IMT Trust(a)
Series 2017-APTS Class AFX
06/15/2034 3.478%   5,410,000 5,140,123
INTOWN Mortgage Trust(a),(b)
Subordinated Series 2022-STAY Class D
1-month Term SOFR + 4.134%
Floor 4.134%
08/15/2037 		8.696%   2,500,000 2,507,753
JPMBB Commercial Mortgage Securities Trust(f)
Series 2013-C14 Class A4
08/15/2046 4.133%   2,585,512 2,567,892
JPMBB Commercial Mortgage Securities Trust
Series 2014-C26 Class A3
01/15/2048 3.231%   262,835 251,653
JPMBB Commercial Mortgage Securities Trust(a),(f)
Subordinated Series 2013-C17 Class F
01/15/2047 3.867%   1,840,000 1,143,304
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
23
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated Series 2014-C19 Class D
04/15/2047 4.653%   874,000 814,930
JPMDB Commercial Mortgage Securities Trust
Series 2016-C4 Class A2
12/15/2049 2.882%   8,174,742 7,355,924
Series 2019-COR6 Class A3
11/13/2052 2.795%   7,500,000 6,451,184
JPMorgan Chase Commercial Mortgage Securities Trust(f)
Series 2013-C13 Class A4
01/15/2046 3.994%   2,172,107 2,160,098
JPMorgan Chase Commercial Mortgage Securities Trust(a)
Series 2019-OSB Class A
06/05/2039 3.397%   2,110,000 1,851,891
JPMorgan Chase Commercial Mortgage Securities Trust(a),(b)
Series 2021-HTL5 Class A
1-month USD LIBOR + 1.115%
Floor 1.115%
11/15/2038 		5.703%   7,080,000 6,898,571
Series 2022-ACB Class E
30-day Average SOFR + 3.350%
Floor 3.350%
03/15/2039 		7.751%   6,450,000 6,272,226
Subordinated Series 2021-NYAH Class E
1-month USD LIBOR + 1.840%
Floor 1.840%
06/15/2038 		6.299%   600,000 574,431
Subordinated Series 2021-NYAH Class H
1-month USD LIBOR + 3.390%
Floor 3.390%
06/15/2038 		5.781%   3,500,000 3,150,916
Ladder Capital Commercial Mortgage(a)
Series 2017-LC26 Class A4
07/12/2050 3.551%   4,500,000 4,161,562
Life Mortgage Trust(a),(b)
Subordinated Series 2021-BMR Class F
1-month USD LIBOR + 2.350%
Floor 2.350%
03/15/2038 		6.938%   1,867,643 1,804,447
LSTAR Commercial Mortgage Trust(a)
Series 2017-5 Class A4
03/10/2050 3.390%   800,000 763,252
LSTAR Commercial Mortgage Trust(a),(f)
Subordinated Series 2016-4 Class F
03/10/2049 4.602%   8,000,000 5,308,090
Med Trust(a),(b)
Series 2021-MDLN Class A
1-month USD LIBOR + 0.950%
Floor 0.950%
11/15/2038 		5.538%   2,801,677 2,733,410
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
MHP MHIL(a),(b)
Subordinated Series 2022 Class E
30-day Average SOFR + 2.611%
Floor 2.611%
01/15/2027 		7.173%   2,914,976 2,802,012
MKT Mortgage Trust(a)
Series 2020-525M Class A
02/12/2040 2.694%   1,575,000 1,233,231
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C12 Class A4
10/15/2046 4.259%   1,885,000 1,868,620
Series 2015-C21 Class A3
03/15/2048 3.077%   458,730 437,729
Series 2016-C29 Class ASB
05/15/2049 3.140%   607,261 581,621
Morgan Stanley Capital I Trust
Series 2016-UB11 Class A3
08/15/2049 2.531%   8,300,158 7,470,579
Morgan Stanley Capital I Trust(f),(g)
Series 2021-L5 Class XA
05/15/2054 1.295%   13,569,721 923,660
Progress Residential Trust(a)
Subordinated Series 2021-SFR1 Class G
04/17/2038 3.861%   3,830,000 3,363,187
RBS Commercial Funding, Inc., Trust(a),(f)
Series 2013-GSP Class A
01/15/2032 3.834%   1,180,000 1,139,741
RFM Re-REMIC Trust(a),(i)
Series 2022-FRR1 Class AB55
03/28/2049 0.000%   1,150,000 870,850
Series 2022-FRR1 Class CK55
03/28/2049 0.000%   360,000 260,453
Series 2022-FRR1 Class CK60
11/08/2049 0.000%   450,000 307,456
Series 2022-FRR1 Class CK64
03/01/2050 0.000%   420,000 276,285
RFM Re-REMIC Trust(a),(f)
Series 2022-FRR1 Class AB60
11/08/2049 2.470%   970,000 769,557
Series 2022-FRR1 Class AB64
03/01/2050 2.314%   1,460,000 1,120,687
SCOTT Trust(a),(c)
Series 2023-SFS Class A
03/15/2028 5.910%   3,340,000 3,323,534
SG Commercial Mortgage Securities Trust
Series 2016-C5 Class A4
10/10/2048 3.055%   5,120,000 4,718,845
 
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
SPGN TFLM Mortgage Trust(a),(b)
Series 2022 Class A
1-month Term SOFR + 1.550%
Floor 1.550%
02/15/2039 		6.113%   5,670,000 5,413,175
Starwood Retail Property Trust(a),(b)
Series 2014-STAR Class A
1-month USD LIBOR + 1.470%
Floor 1.220%
11/15/2027 		6.058%   2,461,743 1,698,603
UBS Commercial Mortgage Trust
Series 2018-C10 Class A3
05/15/2051 4.048%   5,500,000 5,104,527
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6 Class A4
04/10/2046 3.244%   455,250 446,544
Wells Fargo Commercial Mortgage Trust
Series 2015-LC20 Class A4
04/15/2050 2.925%   1,965,000 1,859,946
Series 2015-SG1 Class A4
09/15/2048 3.789%   9,036,083 8,619,556
Series 2018-C45 Class A3
06/15/2051 3.920%   18,355,684 17,010,299
Series 2021-C61 Class A4
11/15/2054 2.658%   7,990,000 6,551,118
Wells Fargo Commercial Mortgage Trust(f),(g)
Series 2021-C59 Class XA
04/15/2054 1.534%   20,514,562 1,733,214
Series 2021-C60 Class XA
08/15/2054 1.545%   4,096,441 341,914
Wells Fargo Commercial Mortgage Trust(f)
Series 2022-C62 Class A4
04/15/2055 4.000%   5,330,000 4,888,338
WFRBS Commercial Mortgage Trust(a)
Subordinated Series 2014-C21 Class D
08/15/2047 3.497%   700,000 577,133
WF-RBS Commercial Mortgage Trust
Series 2014-C24 Class A3
11/15/2047 3.428%   509,995 492,146
WF-RBS Commercial Mortgage Trust(a),(f)
Subordinated Series 2013-C14 Class D
06/15/2046 3.956%   940,000 576,650
Total Commercial Mortgage-Backed Securities - Non-Agency
(Cost $677,539,437) 		611,453,471
Common Stocks 0.0%
Issuer Shares Value ($)
Communication Services 0.0%
Media 0.0%
Intelsat Jackson Holdings SA(d),(e),(j) 2,500,000 2
Intelsat Jackson Holdings SA(d),(e),(j) 832,000 1
Intelsat Jackson Holdings SA(d),(e),(j) 6,033,000 6
Intelsat Jackson Series A, CVR(d),(e),(j) 9,292 0
Intelsat Jackson Series B, CVR(d),(e),(j) 9,292 0
Total   9
Total Communication Services 9
Energy 0.0%
Oil, Gas & Consumable Fuels 0.0%
Prairie Provident Resources, Inc.(e),(j) 1,728 190
Total Energy 190
Financials 0.0%
Diversified Financial Services 0.0%
Intelsat Emergence SA(j) 88,738 2,174,081
Total Financials 2,174,081
Total Common Stocks
(Cost $3,030,179) 		2,174,280
    
Convertible Bonds 0.0%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Banking 0.0%
Bangkok Bank PCL(a),(k)
12/31/2079 5.000%   930,000 882,602
HSBC Holdings PLC(k)
12/31/2079 4.600%   1,292,000 1,044,267
Total 1,926,869
Midstream 0.0%
Enbridge, Inc.(k)
01/15/2083 7.375%   1,056,000 1,048,321
Wireless 0.0%
Digicel Group 0.5 Ltd.(a),(l)
Subordinated
12/30/2049 7.000%   18,094 1,447
Total Convertible Bonds
(Cost $2,998,527) 		2,976,637
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
25
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes 32.5%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Aerospace & Defense 0.4%
BAE Systems PLC(a)
04/15/2030 3.400%   690,000 614,855
Boeing Co. (The)
02/04/2024 1.433%   5,100,000 4,901,438
05/01/2025 4.875%   761,000 750,241
02/01/2028 3.250%   794,000 718,905
05/01/2030 5.150%   1,160,000 1,123,946
02/01/2031 3.625%   4,203,000 3,682,806
02/01/2035 3.250%   1,240,000 957,794
11/01/2048 3.850%   245,000 174,376
05/01/2050 5.805%   270,000 257,448
08/01/2059 3.950%   3,500,000 2,420,971
Bombardier, Inc.(a)
03/15/2025 7.500%   2,839,000 2,830,681
04/15/2027 7.875%   6,175,000 6,134,776
02/01/2029 7.500%   1,200,000 1,180,612
Embraer Netherlands Finance BV
06/15/2025 5.050%   780,000 755,146
Lockheed Martin Corp.
01/15/2033 5.250%   712,000 729,965
11/15/2054 5.700%   1,052,000 1,139,402
11/15/2063 5.900%   493,000 545,661
Northrop Grumman Corp.
10/15/2047 4.030%   409,000 338,058
03/15/2053 4.950%   6,221,000 5,862,680
Raytheon Technologies Corp.
02/27/2033 5.150%   1,706,000 1,697,082
02/27/2053 5.375%   1,058,000 1,062,869
Textron, Inc.
03/01/2024 4.300%   665,000 656,939
03/01/2025 3.875%   289,000 280,026
United Technologies Corp.
08/16/2023 3.650%   49,000 48,626
11/16/2038 4.450%   1,043,000 942,331
06/01/2042 4.500%   1,689,000 1,518,139
05/04/2047 4.050%   528,000 437,283
Total 41,763,056
Airlines 0.2%
American Airlines Pass-Through Trust
Series 2015-2 Class AA
09/22/2027 3.600%   114,888 104,760
Series 2016-1 Class AA
07/15/2029 3.575%   541,458 496,025
Series 2016-2 Class AA
06/15/2028 3.200%   473,431 422,946
Series 2017-2 Class AA
10/15/2029 3.350%   931,190 827,699
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Delta Air Lines Pass-Through Trust
06/10/2028 2.000%   5,740,977 5,026,195
06/10/2028 2.500%   926,601 803,557
Delta Air Lines, Inc.
04/19/2028 4.375%   585,000 533,954
Delta Air Lines, Inc./SkyMiles IP Ltd.(a)
10/20/2028 4.750%   600,382 568,157
Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.(a)
06/20/2027 6.500%   810,073 809,286
Southwest Airlines Co.
06/15/2027 5.125%   1,665,000 1,641,301
U.S. Airways Pass-Through Trust
10/01/2024 5.900%   774,823 760,374
06/03/2025 4.625%   1,967,339 1,891,503
United Airlines, Inc. Pass-Through Trust
10/15/2027 5.875%   1,733,163 1,718,737
Total 15,604,494
Apartment REIT 0.1%
American Homes 4 Rent LP
07/15/2031 2.375%   542,000 426,296
04/15/2032 3.625%   2,333,000 1,972,412
04/15/2052 4.300%   561,000 430,801
AvalonBay Communities, Inc.
02/15/2033 5.000%   768,000 764,724
Invitation Homes Operating Partnership LP
11/15/2028 2.300%   1,164,000 962,511
08/15/2031 2.000%   1,630,000 1,222,158
Mid-America Apartments LP
03/15/2030 2.750%   831,000 718,039
Total 6,496,941
Automotive 0.6%
Adient Global Holdings Ltd.(a)
08/15/2026 4.875%   2,700,000 2,501,942
Allison Transmission. Inc.(a)
01/30/2031 3.750%   1,550,000 1,286,020
American Axle & Manufacturing, Inc.
03/15/2026 6.250%   782,000 740,523
04/01/2027 6.500%   875,000 807,241
American Honda Finance Corp.
01/12/2028 4.700%   1,414,000 1,394,265
Aptiv PLC
12/01/2051 3.100%   1,905,000 1,147,137
BorgWarner, Inc.(a)
10/01/2025 5.000%   126,000 123,980
Dana, Inc.
06/15/2028 5.625%   2,090,000 1,892,646
 
The accompanying Notes to Financial Statements are an integral part of this statement.
26 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Denso Corp.(a)
09/16/2026 1.239%   4,070,000 3,542,743
Ford Motor Co.
01/15/2043 4.750%   2,600,000 1,907,025
Ford Motor Credit Co. LLC
01/09/2024 3.810%   2,585,000 2,530,006
03/06/2026 6.950%   1,425,000 1,429,126
05/03/2029 5.113%   1,405,000 1,283,973
General Motors Co.
10/01/2025 6.125%   529,000 534,797
10/01/2027 6.800%   1,850,000 1,930,279
04/01/2035 5.000%   5,365,000 4,763,357
04/01/2038 5.150%   1,550,000 1,339,094
10/02/2043 6.250%   723,000 680,443
04/01/2045 5.200%   1,500,000 1,237,150
General Motors Financial Co., Inc.
07/13/2025 4.300%   1,060,000 1,029,157
10/10/2025 6.050%   6,770,000 6,826,247
03/01/2026 5.250%   2,260,000 2,234,137
02/26/2027 2.350%   1,389,000 1,227,789
08/20/2027 2.700%   1,609,000 1,417,781
01/09/2028 6.000%   2,750,000 2,767,480
06/21/2030 3.600%   1,710,000 1,465,447
Harley-Davidson Financial Services, Inc.(a)
06/08/2025 3.350%   1,155,000 1,101,930
02/14/2027 3.050%   1,755,000 1,574,085
Hyundai Capital America(a)
06/14/2024 0.875%   2,480,000 2,334,329
09/15/2028 2.100%   1,460,000 1,211,269
Hyundai Capital Services, Inc.(a)
04/24/2025 2.125%   3,320,000 3,064,393
Kia Corp.(a)
04/16/2024 1.000%   1,405,000 1,335,536
Magna International, Inc.
06/15/2024 3.625%   1,100,000 1,073,724
Toyota Motor Credit Corp.
01/13/2027 1.900%   400,000 357,481
09/20/2027 4.550%   1,642,000 1,615,739
06/29/2029 4.450%   1,113,000 1,088,509
Volkswagen Group of America Finance LLC(a)
05/13/2025 3.350%   1,685,000 1,614,986
Total 64,411,766
Banking 10.1%
ABN AMRO Bank NV(a),(k)
Subordinated
03/13/2037 3.324%   1,441,000 1,100,664
AIB Group PLC(a),(k)
10/14/2026 7.583%   7,380,000 7,565,372
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Ally Financial, Inc.
11/15/2027 7.100%   5,300,000 5,506,620
American Express Co.
02/13/2026 4.900%   3,065,000 3,041,211
03/04/2027 2.550%   2,865,000 2,594,612
American Express Co.(k)
08/03/2033 4.420%   1,451,000 1,357,358
ANZ New Zealand International Ltd.(a)
02/18/2025 2.166%   3,390,000 3,183,238
ASB Bank Ltd.(a),(k)
Subordinated
06/17/2032 5.284%   4,416,000 4,213,064
Banco Santander SA(b)
3-month USD LIBOR + 1.120%
04/12/2023 		5.926%   1,400,000 1,400,597
Banco Santander SA
05/24/2024 3.892%   6,800,000 6,656,446
05/28/2025 2.746%   1,000,000 938,582
03/25/2026 1.849%   2,000,000 1,776,098
Banco Santander SA(k)
Subordinated
11/22/2032 3.225%   1,000,000 771,919
Bank of America Corp.(k)
03/05/2024 3.550%   2,596,000 2,596,000
07/22/2027 1.734%   13,410,000 11,815,474
04/27/2028 4.376%   1,208,000 1,154,588
03/05/2029 3.970%   2,159,000 2,002,447
06/14/2029 2.087%   11,335,000 9,537,797
02/07/2030 3.974%   3,850,000 3,523,614
07/23/2030 3.194%   33,500,000 29,081,507
02/13/2031 2.496%   8,712,000 7,170,312
07/23/2031 1.898%   616,000 479,262
03/11/2032 2.651%   224,000 182,273
04/22/2032 2.687%   4,722,000 3,829,828
07/21/2032 2.299%   785,000 613,997
10/20/2032 2.572%   9,960,000 7,934,341
02/04/2033 2.972%   1,928,000 1,578,052
04/27/2033 4.571%   1,792,000 1,665,373
07/22/2033 5.015%   240,000 230,887
06/19/2041 2.676%   3,113,000 2,137,303
Subordinated
09/21/2036 2.482%   1,618,000 1,211,799
03/08/2037 3.846%   2,257,000 1,903,405
Bank of America Corp.
Subordinated
01/22/2025 4.000%   795,000 774,641
04/21/2025 3.950%   2,500,000 2,424,387
03/03/2026 4.450%   2,000,000 1,945,121
Bank of Ireland Group PLC(a)
11/25/2023 4.500%   3,780,000 3,739,617
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
27
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Bank of Ireland Group PLC(a),(k)
09/16/2026 6.253%   3,560,000 3,568,471
Bank of Montreal
02/01/2028 5.203%   7,350,000 7,316,126
Bank of New York Mellon Corp. (The)
04/24/2025 1.600%   3,885,000 3,600,958
Bank of New York Mellon Corp. (The)(k)
10/25/2033 5.834%   1,832,000 1,907,738
Bank of New Zealand(a)
02/21/2025 2.000%   3,915,000 3,654,709
01/27/2027 2.285%   4,455,000 3,992,432
Bank of Nova Scotia (The)
05/01/2023 1.625%   8,550,000 8,502,639
02/01/2030 4.850%   8,440,000 8,188,219
Bank of Nova Scotia (The)(k)
Subordinated
05/04/2037 4.588%   3,588,000 3,142,140
Banque Federative du Credit Mutuel SA(a)
11/21/2024 2.375%   4,315,000 4,093,497
01/26/2026 4.935%   3,356,000 3,305,400
Barclays PLC
03/16/2025 3.650%   270,000 259,227
Subordinated
05/09/2028 4.836%   995,000 932,009
Barclays PLC(k)
05/07/2025 3.932%   4,045,000 3,938,620
06/24/2031 2.645%   3,175,000 2,529,624
03/10/2032 2.667%   12,020,000 9,368,722
11/02/2033 7.437%   4,700,000 5,069,213
BNP Paribas SA(a)
03/01/2023 3.500%   895,000 894,965
BNP Paribas SA(a),(k)
06/09/2026 2.219%   1,570,000 1,452,962
01/13/2027 1.323%   580,000 513,183
01/20/2028 2.591%   2,620,000 2,323,622
09/30/2028 1.904%   3,535,000 2,979,855
01/13/2029 5.125%   4,235,000 4,162,658
09/15/2029 2.159%   3,900,000 3,228,965
04/19/2032 2.871%   3,775,000 3,052,605
01/20/2033 3.132%   7,920,000 6,425,333
BPCE SA(a)
01/11/2028 3.250%   460,000 415,907
Subordinated
10/22/2023 5.700%   545,000 543,090
07/11/2024 4.625%   4,200,000 4,100,666
07/21/2024 5.150%   3,363,000 3,308,727
CaixaBank SA(a),(k)
01/18/2029 6.208%   1,589,000 1,583,916
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Canadian Imperial Bank of Commerce
08/04/2025 3.945%   7,005,000 6,785,296
Capital One Financial Corp.(k)
12/06/2024 1.343%   8,945,000 8,624,893
11/02/2027 1.878%   883,000 771,740
02/01/2029 5.468%   4,995,000 4,900,819
03/01/2030 3.273%   1,696,000 1,466,032
11/02/2032 2.618%   1,000,000 776,561
02/01/2034 5.817%   1,230,000 1,194,393
Citigroup, Inc.(k)
05/01/2025 0.981%   1,410,000 1,332,008
04/08/2026 3.106%   4,210,000 3,997,319
06/09/2027 1.462%   7,108,000 6,213,213
02/24/2028 3.070%   1,445,000 1,312,562
11/05/2030 2.976%   14,780,000 12,596,358
01/29/2031 2.666%   5,550,000 4,622,908
03/31/2031 4.412%   955,000 889,514
06/03/2031 2.572%   5,105,000 4,185,800
05/01/2032 2.561%   7,855,000 6,302,304
01/25/2033 3.057%   9,150,000 7,506,889
12/31/2079 4.700%   10,225,000 9,347,354
12/31/2079 5.000%   1,100,000 1,046,261
Citigroup, Inc.
05/01/2026 3.400%   1,300,000 1,227,715
Subordinated
06/10/2025 4.400%   4,250,000 4,158,060
05/18/2046 4.750%   395,000 340,194
Citizens Financial Group, Inc.(k)
Subordinated
05/21/2037 5.641%   5,060,000 4,752,896
Comerica Bank
07/23/2024 2.500%   3,995,000 3,829,000
Commonwealth Bank of Australia(a)
Subordinated
09/12/2039 3.743%   435,000 331,985
Cooperatieve Rabobank UA(a),(k)
06/24/2026 1.339%   970,000 874,345
02/24/2027 1.106%   2,500,000 2,190,631
02/28/2029 5.564%   10,690,000 10,646,811
Credit Agricole SA(a)
04/24/2023 3.750%   530,000 528,698
07/12/2028 5.301%   5,240,000 5,212,737
Credit Agricole SA(a),(k)
06/16/2026 1.907%   4,810,000 4,419,253
Credit Suisse AG
02/21/2025 3.700%   855,000 797,985
08/07/2026 1.250%   539,000 441,018
07/09/2027 5.000%   5,481,000 5,022,830
 
The accompanying Notes to Financial Statements are an integral part of this statement.
28 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Credit Suisse Group AG(a),(k)
06/05/2026 2.193%   3,297,000 2,845,511
02/02/2027 1.305%   4,520,000 3,650,855
08/11/2028 6.442%   8,745,000 8,098,782
05/14/2032 3.091%   5,680,000 4,031,567
08/12/2033 6.537%   18,360,000 16,440,223
11/15/2033 9.016%   5,301,000 5,554,113
Credit Suisse Group AG(a)
Subordinated
08/08/2023 6.500%   1,030,000 1,009,664
Credit Suisse Group Funding Guernsey Ltd.
06/09/2023 3.800%   4,890,000 4,827,146
Danske Bank A/S(a)
09/12/2023 3.875%   1,350,000 1,335,641
Danske Bank A/S(a),(k)
09/10/2025 0.976%   5,665,000 5,243,332
01/09/2026 6.466%   4,730,000 4,764,004
Deutsche Bank AG(k)
07/14/2026 6.119%   1,540,000 1,538,726
01/07/2028 2.552%   484,000 421,200
01/18/2029 6.720%   2,040,000 2,061,371
Subordinated
01/14/2032 3.729%   2,000,000 1,580,087
02/10/2034 7.079%   2,989,000 2,907,628
Deutsche Bank AG
09/09/2027 5.371%   535,000 530,135
Discover Bank
08/08/2023 4.200%   5,500,000 5,466,318
03/13/2026 4.250%   789,000 757,242
Discover Financial Services
11/06/2024 3.950%   1,495,000 1,455,524
DNB Bank ASA(a),(k)
09/16/2026 1.127%   3,950,000 3,488,522
10/09/2026 5.896%   7,030,000 7,021,664
Goldman Sachs Group Inc (The)(k)
01/27/2032 1.992%   1,805,000 1,386,870
Goldman Sachs Group, Inc. (The)
12/06/2023 1.217%   7,505,000 7,275,980
Subordinated
05/22/2045 5.150%   2,100,000 1,941,542
Goldman Sachs Group, Inc. (The)(k)
09/29/2025 3.272%   4,160,000 3,999,074
03/09/2027 1.431%   11,330,000 9,986,570
10/21/2027 1.948%   2,865,000 2,507,905
02/24/2028 2.640%   4,585,000 4,098,608
04/22/2032 2.615%   12,585,000 10,115,222
07/21/2032 2.383%   19,430,000 15,268,755
10/21/2032 2.650%   2,415,000 1,925,902
12/31/2079 3.650%   2,135,000 1,796,826
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
HSBC Holdings PLC(k)
11/07/2025 2.633%   1,148,000 1,087,291
03/10/2026 2.999%   929,000 878,644
04/18/2026 1.645%   604,000 553,786
06/04/2026 2.099%   1,379,000 1,270,773
05/24/2027 1.589%   3,379,000 2,956,707
03/13/2028 4.041%   1,687,000 1,575,203
06/09/2028 4.755%   2,905,000 2,784,472
09/22/2028 2.013%   11,579,000 9,809,202
08/17/2029 2.206%   5,910,000 4,903,193
05/24/2032 2.804%   1,500,000 1,196,560
Junior Subordinated
12/31/2079 6.000%   877,000 812,006
Subordinated
11/03/2033 8.113%   2,815,000 3,098,830
HSBC Holdings PLC(c),(k)
12/31/2079 0.000%   725,000 725,000
Huntington National Bank (The)
01/10/2030 5.650%   2,060,000 2,077,104
Intesa Sanpaolo SpA(a)
11/21/2025 7.000%   3,570,000 3,649,375
Intesa Sanpaolo SpA(a),(k)
Subordinated
06/01/2032 4.198%   1,100,000 834,450
JPMorgan Chase & Co.(k)
04/23/2024 3.559%   6,449,000 6,427,759
07/23/2024 3.797%   2,578,000 2,559,308
06/23/2025 0.969%   4,760,000 4,470,097
12/10/2025 1.561%   2,540,000 2,360,510
12/15/2025 5.546%   10,630,000 10,620,899
02/24/2026 2.595%   383,000 361,940
02/04/2027 1.040%   4,299,000 3,775,742
04/22/2027 1.578%   10,430,000 9,224,869
09/22/2027 1.470%   3,741,000 3,243,510
02/24/2028 2.947%   4,610,000 4,182,281
01/23/2029 3.509%   10,345,000 9,460,194
04/23/2029 4.005%   3,180,000 2,956,124
06/01/2029 2.069%   1,151,000 970,417
12/05/2029 4.452%   1,150,000 1,089,940
10/15/2030 2.739%   1,990,000 1,676,564
02/04/2032 1.953%   3,653,000 2,836,997
04/22/2032 2.580%   6,030,000 4,883,468
11/08/2032 2.545%   10,736,000 8,565,978
01/25/2033 2.963%   3,405,000 2,805,270
11/15/2048 3.964%   2,475,000 1,988,362
12/31/2079 4.000%   4,500,000 4,043,213
12/31/2079 4.600%   7,625,000 7,065,151
12/31/2079 5.000%   1,290,000 1,244,085
Subordinated
09/14/2033 5.717%   511,000 506,046
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
29
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
JPMorgan Chase & Co.
Subordinated
05/01/2023 3.375%   1,000,000 996,951
09/10/2024 3.875%   5,440,000 5,307,417
KBC Group NV(a),(k)
01/19/2029 5.796%   1,696,000 1,680,576
KeyBank NA
11/15/2027 5.850%   3,050,000 3,120,955
Lloyds Banking Group PLC
08/16/2023 4.050%   2,940,000 2,922,454
03/12/2024 3.900%   2,600,000 2,555,531
03/22/2028 4.375%   1,975,000 1,868,706
Subordinated
11/04/2024 4.500%   5,560,000 5,444,292
Lloyds Banking Group PLC(k)
05/11/2027 1.627%   1,175,000 1,029,479
08/11/2033 4.976%   3,245,000 3,027,485
Lloyds Banking Group PLC(c),(k)
03/06/2029 5.871%   1,134,000 1,134,792
Macquarie Group Ltd.(a),(k)
10/14/2025 1.201%   1,295,000 1,193,768
01/14/2033 2.871%   6,005,000 4,794,609
06/21/2033 4.442%   1,815,000 1,643,648
Mitsubishi UFJ Financial Group, Inc.(k)
02/22/2029 5.422%   3,125,000 3,103,202
02/22/2031 5.475%   1,576,000 1,561,395
02/22/2034 5.441%   1,415,000 1,390,183
Mizuho Financial Group, Inc.(k)
05/27/2034 5.754%   1,543,000 1,536,829
Morgan Stanley(k)
01/22/2025 0.791%   1,115,000 1,066,385
05/30/2025 0.790%   14,562,000 13,638,527
07/22/2025 2.720%   720,000 690,376
10/21/2025 1.164%   4,545,000 4,208,950
04/28/2026 2.188%   828,000 771,129
05/04/2027 1.593%   5,653,000 4,992,292
07/20/2027 1.512%   962,000 839,672
01/21/2028 2.475%   998,000 889,814
07/22/2028 3.591%   7,821,000 7,233,816
10/18/2028 6.296%   447,000 459,739
01/24/2029 3.772%   4,315,000 3,988,402
01/23/2030 4.431%   2,885,000 2,717,687
02/13/2032 1.794%   1,825,000 1,387,951
04/28/2032 1.928%   5,704,000 4,363,177
07/21/2032 2.239%   9,071,000 7,058,407
10/20/2032 2.511%   1,560,000 1,232,383
01/21/2033 2.943%   5,599,000 4,586,891
10/18/2033 6.342%   6,883,000 7,258,627
04/22/2039 4.457%   299,000 265,661
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Subordinated
09/16/2036 2.484%   3,240,000 2,415,615
04/20/2037 5.297%   3,216,000 2,992,046
01/19/2038 5.948%   4,005,000 3,903,640
Morgan Stanley
07/23/2025 4.000%   1,671,000 1,628,079
01/27/2026 3.875%   6,556,000 6,309,534
Subordinated
09/08/2026 4.350%   9,045,000 8,699,700
National Australia Bank Ltd.(a)
Subordinated
01/12/2033 6.429%   1,056,000 1,066,868
National Bank of Canada(k)
06/09/2025 3.750%   7,465,000 7,292,582
Nationwide Building Society(a),(k)
03/08/2024 3.766%   3,370,000 3,368,459
08/01/2024 4.363%   7,040,000 6,989,216
02/16/2028 2.972%   2,610,000 2,340,023
Nationwide Building Society(a)
07/27/2027 4.850%   1,840,000 1,794,447
NatWest Group PLC(c),(k)
03/02/2034 6.016%   3,745,000 3,747,195
Nordea Bank Abp(a)
09/30/2026 1.500%   7,925,000 6,894,593
Northern Trust Corp.(k)
Subordinated
05/08/2032 3.375%   1,345,000 1,220,464
Northern Trust Corp.
Subordinated
11/02/2032 6.125%   3,400,000 3,585,522
PNC Financial Services Group, Inc. (The)(k)
10/28/2033 6.037%   5,030,000 5,228,814
01/24/2034 5.068%   3,355,000 3,249,741
12/31/2079 6.250%   2,741,000 2,641,943
Royal Bank of Canada
11/01/2027 6.000%   6,840,000 7,042,804
Royal Bank of Scotland Group PLC(k)
03/22/2025 4.269%   8,215,000 8,070,778
Santander Holdings USA, Inc.
06/02/2025 3.450%   4,110,000 3,911,569
Santander UK Group Holdings PLC(k)
11/15/2024 4.796%   7,820,000 7,741,891
03/15/2025 1.089%   5,545,000 5,254,162
08/21/2026 1.532%   445,000 397,791
11/21/2026 6.833%   2,605,000 2,649,914
06/14/2027 1.673%   1,762,000 1,538,409
01/10/2029 6.534%   4,705,000 4,763,610
 
The accompanying Notes to Financial Statements are an integral part of this statement.
30 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Societe Generale SA(a)
03/28/2024 3.875%   5,055,000 4,952,310
01/22/2025 2.625%   445,000 419,745
Subordinated
01/10/2053 7.367%   2,970,000 3,009,603
Societe Generale SA(a),(k)
01/19/2028 2.797%   4,285,000 3,808,475
06/09/2032 2.889%   480,000 381,545
01/21/2033 3.337%   2,590,000 2,108,205
Standard Chartered PLC(a),(k)
01/09/2029 6.301%   5,140,000 5,253,277
State Street Corp.(k)
01/26/2034 4.821%   1,937,000 1,869,400
Sumitomo Mitsui Financial Group, Inc.
09/17/2028 1.902%   3,040,000 2,523,290
01/13/2030 5.710%   7,905,000 7,962,437
Sumitomo Mitsui Trust Bank Ltd.(a)
03/25/2024 0.850%   5,715,000 5,437,221
03/10/2025 2.550%   1,045,000 983,052
SunTrust Capital III(b)
Junior Subordinated
3-month USD LIBOR + 0.650%
03/15/2028 		5.419%   783,000 737,871
Synchrony Bank
08/22/2025 5.400%   3,625,000 3,571,359
Synchrony Financial
06/13/2025 4.875%   3,875,000 3,772,186
Toronto-Dominion Bank (The)
01/10/2028 5.156%   5,295,000 5,269,881
Truist Financial Corp.(k)
03/02/2027 1.267%   340,000 302,740
01/26/2034 5.122%   6,585,000 6,408,140
U.S. Bancorp(k)
Junior Subordinated
12/31/2079 5.300%   2,980,000 2,706,348
UBS Group AG(a),(k)
05/12/2026 4.488%   980,000 956,121
01/30/2027 1.364%   912,000 804,992
08/10/2027 1.494%   960,000 832,121
05/12/2028 4.751%   573,000 551,925
02/11/2032 2.095%   558,000 430,270
02/11/2043 3.179%   1,172,000 845,848
UBS Group AG(a),(b)
SOFR + 1.580%
05/12/2026 		6.130%   3,055,000 3,080,743
UniCredit SpA(a),(k)
09/22/2026 2.569%   5,195,000 4,691,112
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Wells Fargo & Co.(k)
06/02/2024 1.654%   2,135,000 2,113,841
10/30/2025 2.406%   971,000 920,940
02/11/2026 2.164%   1,691,000 1,583,177
04/30/2026 2.188%   3,368,000 3,133,018
08/15/2026 4.540%   6,990,000 6,820,500
03/24/2028 3.526%   1,405,000 1,301,610
05/22/2028 3.584%   1,700,000 1,573,266
06/02/2028 2.393%   10,677,000 9,445,460
07/25/2028 4.808%   14,890,000 14,500,399
02/11/2031 2.572%   6,775,000 5,647,417
03/02/2033 3.350%   15,345,000 12,979,174
04/30/2041 3.068%   5,012,000 3,645,422
04/04/2051 5.013%   1,130,000 1,040,672
Westpac Banking Corp.(k)
Subordinated
08/10/2033 5.405%   5,485,000 5,256,611
Total 1,027,837,506
Brokerage/Asset Managers/Exchanges 0.4%
Ares Finance Co. IV LLC(a)
02/01/2052 3.650%   3,415,000 2,220,590
Blackstone Holdings Finance Co. LLC(a)
08/05/2028 1.625%   643,000 528,703
01/30/2032 2.000%   1,491,000 1,113,196
04/22/2033 6.200%   3,491,000 3,587,110
Blue Owl Finance LLC(a)
02/15/2032 4.375%   2,540,000 2,094,539
Brookfield Finance, Inc.
06/02/2026 4.250%   964,000 928,226
Charles Schwab Corp. (The)(k)
12/31/2079 5.375%   2,845,000 2,822,170
CI Financial Corp.
06/15/2051 4.100%   684,000 410,597
CME Group, Inc.
03/15/2032 2.650%   1,334,000 1,117,179
Depository Trust & Clearing Corp. (The)(a),(k)
12/31/2079 3.375%   673,000 558,517
Hunt Companies, Inc.(a)
04/15/2029 5.250%   2,150,000 1,733,344
Intercontinental Exchange, Inc.
06/15/2030 2.100%   809,000 656,931
09/15/2032 1.850%   3,230,000 2,423,080
03/15/2033 4.600%   5,478,000 5,228,208
09/15/2040 2.650%   775,000 544,869
Jefferies Group LLC
01/20/2043 6.500%   600,000 615,580
National Securities Clearing Corp.(a)
11/21/2027 5.100%   5,185,000 5,180,914
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
31
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Nomura Holdings, Inc.
01/22/2027 2.329%   5,995,000 5,305,554
07/14/2031 2.608%   1,100,000 863,409
Stifel Financial Corp.
05/15/2030 4.000%   3,755,000 3,318,558
Total 41,251,274
Building Materials 0.1%
Builders FirstSource, Inc.(a)
03/01/2030 5.000%   1,460,000 1,316,830
Ferguson Finance PLC(a)
04/20/2032 4.650%   2,785,000 2,572,301
Fortune Brands Home & Security, Inc.
03/25/2052 4.500%   4,290,000 3,219,445
Martin Marietta Materials, Inc.
03/15/2030 2.500%   3,380,000 2,798,438
Standard Industries, Inc.(a)
07/15/2030 4.375%   3,295,000 2,742,889
Summit Materials LLC/Finance Corp.(a)
01/15/2029 5.250%   2,045,000 1,881,575
Total 14,531,478
Cable and Satellite 0.7%
Cable One, Inc.(a)
11/15/2030 4.000%   695,000 542,979
CCO Holdings LLC/Capital Corp.(a)
06/01/2029 5.375%   100,000 89,230
02/01/2031 4.250%   1,725,000 1,383,950
CCO Holdings LLC/Holdings Capital Corp.(a)
01/15/2034 4.250%   1,125,000 842,231
Charter Communications Operating LLC/Capital
01/15/2029 2.250%   616,000 493,692
10/23/2035 6.384%   1,775,000 1,699,659
10/23/2045 6.484%   4,170,000 3,772,329
04/01/2048 5.750%   1,360,000 1,131,796
03/01/2050 4.800%   4,625,000 3,368,456
04/01/2051 3.700%   2,305,000 1,407,360
06/01/2052 3.900%   3,954,000 2,491,775
04/01/2053 5.250%   2,265,000 1,766,860
04/01/2061 3.850%   941,000 552,680
Comcast Corp.
10/15/2025 3.950%   3,095,000 3,008,321
11/15/2027 5.350%   628,000 637,089
02/01/2030 2.650%   723,000 622,026
01/15/2031 1.950%   1,347,000 1,079,344
03/01/2038 3.900%   822,000 705,122
11/01/2047 3.969%   563,000 453,892
02/01/2050 3.450%   1,900,000 1,388,079
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Cox Communications, Inc.(a)
08/15/2024 3.150%   780,000 751,861
06/15/2031 2.600%   1,975,000 1,595,662
CSC Holdings LLC(a)
04/15/2027 5.500%   3,550,000 3,093,423
02/01/2028 5.375%   1,193,000 995,289
04/01/2028 7.500%   600,000 401,370
02/01/2029 6.500%   2,914,000 2,470,531
01/15/2030 5.750%   1,600,000 915,961
02/15/2031 3.375%   1,000,000 685,894
11/15/2031 5.000%   5,000,000 2,665,576
DISH DBS Corp.
11/15/2024 5.875%   2,000,000 1,869,784
07/01/2026 7.750%   2,039,000 1,581,309
06/01/2029 5.125%   1,400,000 827,530
DISH Network Corp.(a)
11/15/2027 11.750%   1,925,000 1,951,889
Intelsat Jackson Holdings SA(a)
03/15/2030 6.500%   5,833,000 5,079,785
Sirius XM Radio, Inc.(a)
07/01/2029 5.500%   1,485,000 1,338,621
Time Warner Cable LLC
05/01/2037 6.550%   235,000 223,812
11/15/2040 5.875%   3,890,000 3,424,878
09/01/2041 5.500%   7,444,000 6,278,923
Viasat, Inc.(a)
09/15/2025 5.625%   1,425,000 1,320,608
04/15/2027 5.625%   1,415,000 1,290,581
VZ Secured Financing BV(a)
01/15/2032 5.000%   1,500,000 1,240,662
Total 67,440,819
Chemicals 0.3%
Braskem Netherlands Finance BV(a)
01/31/2030 4.500%   400,000 337,237
Cabot Corp.
07/01/2029 4.000%   1,810,000 1,630,482
06/30/2032 5.000%   1,800,000 1,696,678
CF Industries, Inc.
03/15/2034 5.150%   3,125,000 2,906,581
06/01/2043 4.950%   1,700,000 1,423,071
Dow Chemical Co. (The)
11/15/2042 4.375%   456,000 383,992
Eastman Chemical Co.(c)
03/08/2033 5.750%   2,195,000 2,179,715
Eastman Chemical Co.
10/15/2044 4.650%   2,511,000 2,091,873
Ecolab, Inc.
08/18/2055 2.750%   333,000 204,626
 
The accompanying Notes to Financial Statements are an integral part of this statement.
32 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
EverArc Escrow Sarl(a)
10/30/2029 5.000%   300,000 238,749
FMC Corp.
10/01/2049 4.500%   340,000 275,405
GC Treasury Center Co., Ltd.(a)
03/18/2031 2.980%   750,000 609,743
Huntsman International LLC
06/15/2031 2.950%   2,375,000 1,890,169
Ingevity Corp.(a)
11/01/2028 3.875%   1,510,000 1,294,867
International Flavors & Fragrances, Inc.(a)
11/01/2030 2.300%   3,060,000 2,361,778
International Flavors & Fragrances, Inc.
09/26/2048 5.000%   3,305,000 2,741,105
LYB International Finance III LLC
05/01/2050 4.200%   1,505,000 1,135,350
04/01/2051 3.625%   180,000 123,370
LyondellBasell Industries NV
04/15/2024 5.750%   713,000 712,702
Mosaic Co. (The)
11/15/2033 5.450%   1,173,000 1,159,826
11/15/2043 5.625%   985,000 934,373
Nutrien Ltd.
11/07/2025 5.950%   496,000 503,226
Olin Corp.
02/01/2030 5.000%   1,560,000 1,421,807
Sasol Financing USA LLC
03/27/2024 5.875%   600,000 592,582
Westlake Corp.
08/15/2051 3.125%   180,000 111,359
Total 28,960,666
Construction Machinery 0.2%
CNH Industrial Capital LLC
05/23/2025 3.950%   5,880,000 5,691,237
H&E Equipment Services, Inc.(a)
12/15/2028 3.875%   5,359,000 4,615,129
John Deere Capital Corp.
01/20/2028 4.750%   9,563,000 9,516,621
04/18/2029 3.350%   642,000 589,337
Komatsu Finance America, Inc.(a)
10/06/2027 5.499%   810,000 827,657
OT Merger Corp.(a)
10/15/2029 7.875%   350,000 210,021
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
United Rentals North America, Inc.
01/15/2030 5.250%   3,000,000 2,842,638
02/15/2031 3.875%   1,664,000 1,432,378
Total 25,725,018
Consumer Cyclical Services 0.1%
ADT Security Corp. (The)(a)
08/01/2029 4.125%   1,645,000 1,415,036
Allied Universal Holdco LLC/Finance Corp.(a)
07/15/2026 6.625%   2,300,000 2,186,277
06/01/2029 6.000%   1,300,000 975,148
Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl(a)
06/01/2028 4.625%   1,910,000 1,571,296
06/01/2028 4.625%   990,000 826,446
ANGI Group LLC(a)
08/15/2028 3.875%   1,820,000 1,401,291
Expedia Group, Inc.(a)
05/01/2025 6.250%   1,094,000 1,102,438
Match Group Holdings II LLC(a)
10/01/2031 3.625%   1,785,000 1,404,634
WASH Multifamily Acquisition, Inc.(a)
04/15/2026 5.750%   300,000 279,186
Total 11,161,752
Consumer Products 0.3%
Brunswick Corp.
09/15/2032 4.400%   2,395,000 2,036,353
Central Garden & Pet Co.
10/15/2030 4.125%   1,545,000 1,287,116
Colgate-Palmolive Co.(c)
03/01/2033 4.600%   8,596,000 8,588,317
GSK Consumer Healthcare Capital US LLC
03/24/2029 3.375%   555,000 493,701
Hasbro, Inc.
11/19/2024 3.000%   647,000 620,185
11/19/2026 3.550%   444,000 412,684
Mead Johnson Nutrition Co.
11/15/2025 4.125%   616,000 599,832
Newell Brands, Inc.
06/01/2025 4.875%   4,150,000 4,020,175
Prestige Brands, Inc.(a)
04/01/2031 3.750%   1,665,000 1,351,663
Scotts Miracle-Gro Co. (The)
12/15/2026 5.250%   235,000 225,610
Spectrum Brands, Inc.(a)
07/15/2030 5.500%   643,000 568,383
SWF Escrow Issuer Corp.(a)
10/01/2029 6.500%   950,000 616,059
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
33
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Tempur Sealy International, Inc.(a)
04/15/2029 4.000%   1,500,000 1,281,425
Whirlpool Corp.
03/01/2033 5.500%   6,037,000 5,949,901
Total 28,051,404
Diversified Manufacturing 0.1%
Amsted Industries, Inc.(a)
05/15/2030 4.625%   1,685,000 1,481,396
Chart Industries, Inc.(a)
01/01/2030 7.500%   475,000 482,273
EnerSys(a)
04/30/2023 5.000%   200,000 199,825
General Electric Co.(b)
3-month USD LIBOR + 0.480%
08/15/2036 		5.344%   5,380,000 4,483,462
Griffon Corp.
03/01/2028 5.750%   525,000 483,352
Kennametal, Inc.
06/15/2028 4.625%   1,370,000 1,290,990
Regal Rexnord Corp.(a)
02/15/2030 6.300%   404,000 395,890
04/15/2033 6.400%   404,000 395,836
Trane Technologies Financing Ltd.(c)
03/03/2033 5.250%   1,195,000 1,187,740
Valmont Industries, Inc.
10/01/2054 5.250%   2,050,000 1,789,415
Total 12,190,179
Electric 3.1%
AEP Texas Central Co.(a)
10/01/2025 3.850%   1,828,000 1,743,910
AEP Texas Central Co.
02/15/2033 6.650%   1,385,000 1,466,110
AEP Texas, Inc.
01/15/2050 3.450%   942,000 674,571
AEP Transmission Co. LLC
08/15/2051 2.750%   1,095,000 701,826
AES Corp. (The)(a)
07/15/2025 3.300%   2,730,000 2,567,248
AES Corp. (The)
01/15/2026 1.375%   662,000 585,105
Alabama Power Co.
12/01/2023 3.550%   964,000 951,005
10/01/2049 3.450%   673,000 490,607
Alliant Energy Finance LLC(a)
06/15/2023 3.750%   2,417,000 2,402,939
06/15/2028 4.250%   3,100,000 2,887,921
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Ameren Corp.
02/15/2026 3.650%   590,000 561,172
03/15/2028 1.750%   2,740,000 2,333,676
American Electric Power Co., Inc.(c)
03/01/2033 5.625%   9,559,000 9,548,259
American Electric Power Co., Inc.
03/01/2050 3.250%   691,000 464,194
Junior Subordinated
03/15/2024 2.031%   3,165,000 3,045,818
American Electric Power Co., Inc.(k)
02/15/2062 3.875%   3,891,000 3,257,767
American Transmission Systems, Inc.(a)
01/15/2032 2.650%   2,893,000 2,370,567
09/01/2044 5.000%   749,000 688,213
Appalachian Power Co.
03/01/2049 4.500%   432,000 361,019
Arizona Public Service Co.
08/15/2048 4.200%   570,000 446,873
Avangrid, Inc.
04/15/2025 3.200%   1,614,000 1,532,381
06/01/2029 3.800%   3,845,000 3,477,368
Baltimore Gas and Electric Co.
06/15/2031 2.250%   884,000 714,319
Black Hills Corp.
11/30/2023 4.250%   286,000 283,234
10/15/2029 3.050%   488,000 415,268
05/01/2033 4.350%   241,000 215,247
Calpine Corp.(a)
02/15/2028 4.500%   2,500,000 2,251,105
03/15/2028 5.125%   575,000 509,973
02/01/2029 4.625%   2,000,000 1,686,125
02/01/2031 5.000%   4,045,000 3,326,960
Cleveland Electric Illuminating Co. (The)(a)
04/01/2028 3.500%   3,293,000 3,023,751
Cleveland Electric Illuminating Co. (The)
12/15/2036 5.950%   1,279,000 1,282,425
CMS Energy Corp.
02/15/2027 2.950%   80,000 72,564
CMS Energy Corp.(k)
06/01/2050 4.750%   2,514,000 2,248,059
12/01/2050 3.750%   386,000 305,388
Commonwealth Edison Co.
08/15/2047 3.750%   409,000 318,569
Connecticut Light and Power Co. (The)
01/15/2053 5.250%   1,796,000 1,793,109
 
The accompanying Notes to Financial Statements are an integral part of this statement.
34 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Consolidated Edison Co. of New York, Inc.
03/01/2033 5.200%   5,230,000 5,239,021
03/01/2035 5.300%   171,000 168,566
06/15/2046 3.850%   1,310,000 1,019,152
06/15/2047 3.875%   1,640,000 1,272,429
11/15/2057 4.000%   321,000 246,721
Constellation Energy Generation LLC
03/01/2028 5.600%   1,015,000 1,018,166
03/01/2033 5.800%   6,564,000 6,646,311
Consumers Energy Co.
05/15/2033 4.625%   5,200,000 5,053,727
Dominion Energy, Inc.
08/15/2026 2.850%   750,000 689,037
11/15/2032 5.375%   1,551,000 1,522,377
Dominion Energy, Inc.(k)
12/31/2079 4.350%   198,000 173,044
12/31/2079 4.650%   5,000,000 4,606,494
DTE Electric Co.(c)
04/01/2033 5.200%   547,000 547,724
04/01/2053 5.400%   2,391,000 2,408,340
DTE Energy Co.
10/01/2026 2.850%   10,155,000 9,321,563
Duke Energy Carolinas LLC
04/15/2031 2.550%   370,000 308,287
12/15/2041 4.250%   19,000 16,365
09/30/2042 4.000%   615,000 505,357
06/01/2045 3.750%   157,000 122,512
12/01/2047 3.700%   46,000 35,158
01/15/2053 5.350%   4,473,000 4,419,387
Duke Energy Corp.
04/15/2024 3.750%   3,373,000 3,310,216
09/01/2026 2.650%   4,710,000 4,302,883
09/01/2046 3.750%   1,416,000 1,041,134
Duke Energy Corp.(k)
12/31/2079 4.875%   213,000 205,039
Duke Energy Florida LLC
12/15/2031 2.400%   1,234,000 1,001,797
07/15/2048 4.200%   189,000 158,890
11/15/2052 5.950%   588,000 627,182
Duke Energy Indiana LLC
10/01/2049 3.250%   436,000 307,300
Duke Energy Ohio, Inc.
06/01/2030 2.125%   430,000 350,722
06/15/2046 3.700%   2,981,000 2,158,147
Duke Energy Progress LLC
05/15/2042 4.100%   1,434,000 1,197,771
03/15/2043 4.100%   475,000 396,110
03/30/2044 4.375%   770,000 659,341
08/15/2045 4.200%   329,000 273,843
10/15/2046 3.700%   312,000 235,827
09/15/2047 3.600%   940,000 707,680
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Duquesne Light Holdings, Inc.(a)
10/01/2030 2.532%   463,000 366,600
Edison International
08/15/2025 4.700%   7,795,000 7,594,532
Enel Finance America LLC(a)
10/14/2027 7.100%   276,000 289,621
Enel Finance International NV(a)
04/06/2028 3.500%   2,370,000 2,127,778
10/14/2032 7.500%   888,000 960,681
10/14/2052 7.750%   911,000 1,025,799
Entergy Arkansas LLC
01/15/2033 5.150%   480,000 477,511
04/01/2049 4.200%   941,000 783,336
06/15/2051 2.650%   212,000 131,868
06/15/2052 3.350%   317,000 224,117
Entergy Corp.
09/15/2025 0.900%   3,770,000 3,360,499
06/15/2030 2.800%   348,000 291,580
06/15/2031 2.400%   801,000 633,768
Entergy Louisiana LLC
10/01/2026 2.400%   2,409,000 2,171,214
Entergy Mississippi LLC
06/01/2049 3.850%   1,178,000 905,808
Entergy Texas, Inc.
03/30/2029 4.000%   348,000 325,740
Evergy Metro, Inc.
06/01/2030 2.250%   572,000 470,848
Eversource Energy
08/15/2025 0.800%   662,000 591,936
08/15/2026 1.400%   752,000 660,111
03/01/2027 2.900%   1,335,000 1,222,211
07/01/2027 4.600%   2,675,000 2,608,989
Exelon Corp.
03/15/2028 5.150%   1,805,000 1,789,596
04/15/2046 4.450%   1,050,000 873,455
03/15/2053 5.600%   6,428,000 6,282,040
FirstEnergy Transmission LLC(a)
09/15/2028 2.866%   3,224,000 2,823,112
Florida Power & Light Co.
12/04/2051 2.875%   359,000 239,393
Florida Power & Light Co.(c)
04/01/2053 5.300%   5,295,000 5,268,631
Fortis, Inc.
10/04/2026 3.055%   460,000 427,165
Georgia Power Co.
09/15/2024 2.200%   848,000 808,311
Gulf Power Co.
10/01/2044 4.550%   1,350,000 1,193,890
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
35
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Indiana Michigan Power Co.
05/01/2051 3.250%   1,327,000 916,660
Inkia Energy Ltd.(a)
11/09/2027 5.875%   330,000 303,627
Interstate Power and Light Co.
11/30/2051 3.100%   3,194,000 2,118,067
Interstate Power and Light, Co.
12/01/2024 3.250%   792,000 762,947
IPALCO Enterprises, Inc.
05/01/2030 4.250%   1,590,000 1,432,401
Jersey Central Power & Light Co.(a)
04/01/2024 4.700%   1,600,000 1,579,495
01/15/2026 4.300%   2,000,000 1,921,659
03/01/2032 2.750%   336,000 274,587
Jersey Central Power & Light Co.
06/01/2037 6.150%   1,985,000 1,987,006
Kansas City Power & Light Co.
08/15/2025 3.650%   665,000 635,088
Metropolitan Edison Co.(a)
01/15/2029 4.300%   1,928,000 1,800,228
MidAmerican Energy Co.
10/15/2044 4.400%   96,000 85,043
Mississippi Power Co.
03/15/2042 4.250%   414,000 340,615
Mong Duong Finance Holdings BV(a)
05/07/2029 5.125%   300,000 258,247
Monongahela Power Co.(a)
05/15/2027 3.550%   617,000 576,622
Narragansett Electric Co. (The)(a)
04/09/2030 3.395%   2,179,000 1,946,706
National Rural Utilities Cooperative Finance Corp.
02/07/2024 2.950%   3,765,000 3,680,487
03/15/2030 2.400%   1,347,000 1,131,721
06/15/2031 1.650%   930,000 712,851
04/15/2032 2.750%   1,233,000 1,018,061
12/15/2032 4.150%   1,119,000 1,028,461
01/15/2033 5.800%   864,000 890,142
National Rural Utilities Cooperative Finance Corp.(k)
04/30/2043 4.750%   1,529,000 1,484,479
Subordinated
04/20/2046 5.250%   1,687,000 1,595,001
New England Power Co.(a)
10/06/2050 2.807%   3,670,000 2,342,031
NextEra Energy Capital Holdings, Inc.
09/01/2024 4.255%   1,137,000 1,115,839
01/15/2027 1.875%   1,472,000 1,297,757
01/15/2032 2.440%   600,000 474,953
02/28/2033 5.050%   1,391,000 1,345,904
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
02/28/2053 5.250%   7,247,000 6,865,485
NextEra Energy Capital Holdings, Inc.(c)
03/01/2025 6.051%   4,242,000 4,270,275
NextEra Energy Capital Holdings, Inc.(k)
03/15/2082 3.800%   3,812,000 3,257,368
NRG Energy, Inc.(a)
12/02/2025 2.000%   560,000 496,597
12/02/2027 2.450%   2,420,000 2,042,702
02/15/2029 3.375%   542,000 441,788
06/15/2029 5.250%   3,000,000 2,668,655
NRG Energy, Inc.
01/15/2027 6.625%   954,000 952,428
NSTAR Electric Co.
08/15/2031 1.950%   524,000 414,509
Oglethorpe Power Corp.
08/01/2050 3.750%   651,000 477,077
Oklahoma Gas and Electric Co.
01/15/2033 5.400%   509,000 510,911
Oncor Electric Delivery Co. LLC
09/15/2032 4.550%   1,238,000 1,197,862
Pacific Gas and Electric Co.
06/08/2025 4.950%   3,650,000 3,579,429
07/01/2030 4.550%   5,735,000 5,178,429
04/15/2042 4.450%   562,000 421,763
03/15/2045 4.300%   948,000 686,349
03/15/2046 4.250%   424,000 300,599
01/15/2053 6.750%   677,000 673,188
PacifiCorp
03/15/2051 3.300%   680,000 485,052
12/01/2053 5.350%   1,475,000 1,455,276
PECO Energy Co.
10/01/2044 4.150%   176,000 148,016
05/15/2052 4.600%   2,500,000 2,259,759
Pennsylvania Electric Co.(a)
03/15/2028 3.250%   1,990,000 1,800,731
PPL Electric Utilities Corp.(c)
05/15/2053 5.250%   6,381,000 6,294,000
Public Service Co. of New Hampshire
01/15/2053 5.150%   1,173,000 1,158,742
Public Service Electric and Gas Co.
12/01/2047 3.600%   105,000 81,376
Public Service Enterprise Group, Inc.
08/15/2025 0.800%   642,000 575,289
11/15/2027 5.850%   624,000 638,182
08/15/2030 1.600%   466,000 360,344
11/15/2031 2.450%   2,062,000 1,649,412
Puget Energy, Inc.
03/15/2032 4.224%   1,795,000 1,589,888
 
The accompanying Notes to Financial Statements are an integral part of this statement.
36 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
South Carolina Electric & Gas Co.
05/15/2033 5.300%   676,000 680,562
Southern California Edison Co.(c)
03/01/2028 5.300%   4,960,000 4,954,107
Southern Co. (The)
07/01/2036 4.250%   595,000 517,475
Southern Co. (The)(k)
01/15/2051 4.000%   1,166,000 1,090,610
09/15/2051 3.750%   1,122,000 964,499
Junior Subordinated
08/01/2027 5.113%   932,000 920,071
Southwestern Electric Power Co.
03/15/2026 1.650%   1,096,000 979,652
10/01/2026 2.750%   6,450,000 5,887,048
Tampa Electric Co.
05/15/2044 4.350%   434,000 363,924
07/15/2052 5.000%   2,250,000 2,084,908
Toledo Edison Co. (The)
05/15/2037 6.150%   951,000 992,891
Tucson Electric Power Co.
03/15/2023 3.850%   2,480,000 2,478,251
12/01/2048 4.850%   259,000 227,374
06/15/2050 4.000%   2,690,000 2,091,366
Union Electric Co.
09/15/2042 3.900%   590,000 482,013
Union Electric Co.(c)
03/15/2053 5.450%   3,704,000 3,707,220
Virginia Electric & Power Co.
03/15/2027 3.500%   1,446,000 1,360,557
09/15/2047 3.800%   942,000 729,869
Vistra Corp.(a),(k)
12/31/2079 7.000%   425,000 397,921
12/31/2079 8.000%   4,650,000 4,482,546
Vistra Operations Co. LLC(a)
07/15/2024 3.550%   2,505,000 2,405,209
05/13/2025 5.125%   6,261,000 6,080,631
02/15/2027 5.625%   2,950,000 2,798,755
07/31/2027 5.000%   2,000,000 1,858,917
05/01/2029 4.375%   2,725,000 2,356,466
Vistra Operations Co., LLC(a)
01/30/2027 3.700%   885,000 809,934
WEC Energy Group, Inc.
09/27/2025 5.000%   304,000 301,274
10/01/2027 5.150%   426,000 423,267
10/15/2027 1.375%   1,094,000 927,232
12/15/2028 2.200%   746,000 632,769
Wisconsin Electric Power Co.
06/15/2028 1.700%   680,000 577,926
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Wisconsin Public Service Corp.
12/01/2042 3.671%   814,000 626,234
Total 313,388,049
Environmental 0.1%
Clean Harbors, Inc.(a)
02/01/2031 6.375%   175,000 174,416
Waste Connections, Inc.
02/01/2030 2.600%   404,000 343,801
06/01/2032 3.200%   404,000 344,707
04/01/2050 3.050%   885,000 596,856
Waste Management, Inc.
02/15/2030 4.625%   6,288,000 6,110,017
02/15/2033 4.625%   1,346,000 1,293,837
Waste Pro USA, Inc.(a)
02/15/2026 5.500%   1,650,000 1,506,180
Total 10,369,814
Finance Companies 1.0%
AerCap Ireland Capital DAC/Global Aviation Trust
02/15/2024 3.150%   3,225,000 3,144,440
10/01/2025 4.450%   1,889,000 1,813,431
10/29/2026 2.450%   445,000 392,449
10/29/2028 3.000%   5,655,000 4,818,839
01/30/2032 3.300%   2,913,000 2,331,572
Air Lease Corp.
03/01/2025 3.250%   2,500,000 2,373,706
07/01/2025 3.375%   2,750,000 2,588,970
01/15/2026 2.875%   2,075,000 1,913,330
08/15/2026 1.875%   2,285,000 1,994,952
12/01/2027 3.625%   465,000 422,859
12/15/2027 5.850%   2,635,000 2,623,328
Aircastle Ltd.(a)
01/26/2028 2.850%   3,335,000 2,833,914
Ares Capital Corp.
03/01/2025 4.250%   210,000 201,619
06/15/2028 2.875%   3,285,000 2,695,593
Aviation Capital Group LLC(a)
05/01/2023 3.875%   3,381,000 3,366,174
12/15/2024 5.500%   1,030,000 1,017,121
09/20/2026 1.950%   630,000 542,372
11/01/2027 3.500%   290,000 254,536
Avolon Holdings Funding Ltd.(a)
07/01/2024 3.950%   750,000 725,180
02/15/2025 2.875%   2,905,000 2,700,673
02/21/2026 2.125%   1,033,000 905,134
05/01/2026 4.375%   842,000 783,302
11/18/2027 2.528%   2,283,000 1,904,037
02/21/2028 2.750%   477,000 397,979
Bain Capital Specialty Finance, Inc.
10/13/2026 2.550%   3,250,000 2,795,515
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
37
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Barings BDC, Inc.
11/23/2026 3.300%   1,230,000 1,088,906
Blackstone Private Credit Fund
12/15/2026 2.625%   8,155,000 6,926,197
Blackstone Secured Lending Fund
09/30/2028 2.850%   3,560,000 2,872,404
FirstCash, Inc.(a)
01/01/2030 5.625%   1,500,000 1,331,872
FS KKR Capital Corp.
10/12/2028 3.125%   2,650,000 2,172,783
Golub Capital BDC, Inc.
08/24/2026 2.500%   4,625,000 4,001,747
Hercules Capital, Inc.
01/20/2027 3.375%   4,585,000 4,049,379
Main Street Capital Corp.
05/01/2024 5.200%   666,000 657,579
07/14/2026 3.000%   6,000,000 5,294,820
Morgan Stanley Direct Lending Fund
02/11/2027 4.500%   2,530,000 2,378,838
Navient Corp.
03/15/2027 5.000%   1,555,000 1,380,200
OneMain Finance Corp.
09/15/2030 4.000%   390,000 297,797
Owl Rock Capital Corp.
07/22/2025 3.750%   1,075,000 1,005,531
01/15/2026 4.250%   1,370,000 1,277,488
OWL Rock Core Income Corp.
03/21/2025 5.500%   950,000 922,881
OWL Rock Core Income Corp.(a)
09/16/2027 7.750%   2,113,000 2,111,015
Owl Rock Technology Finance Corp.(a)
12/15/2025 4.750%   6,475,000 5,914,738
Park Aerospace Holdings Ltd.(a)
03/15/2023 4.500%   3,105,000 3,103,565
02/15/2024 5.500%   379,000 375,822
Quicken Loans LLC/Co-Issuer, Inc.(a)
03/01/2031 3.875%   1,490,000 1,156,350
SMBC Aviation Capital Finance DAC(a)
10/15/2026 1.900%   1,206,000 1,032,661
Springleaf Finance Corp.
03/15/2024 6.125%   2,600,000 2,569,814
Total 97,463,412
Food and Beverage 0.8%
Anheuser-Busch Companies LLC/InBev Worldwide, Inc.
02/01/2036 4.700%   1,186,000 1,112,803
02/01/2046 4.900%   8,289,000 7,609,600
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Anheuser-Busch InBev Worldwide, Inc.
01/23/2039 5.450%   840,000 838,306
01/23/2049 5.550%   2,915,000 2,937,694
B&G Foods, Inc.
04/01/2025 5.250%   2,200,000 1,992,395
Bacardi Ltd.(a)
05/15/2048 5.300%   1,060,000 957,059
Cargill Inc.(a)
11/10/2031 2.125%   1,826,000 1,448,647
Cargill, Inc.(a)
04/22/2025 3.500%   2,449,000 2,362,102
04/23/2030 2.125%   750,000 617,499
04/22/2052 4.375%   523,000 462,351
Coca-Cola Co. (The)
03/25/2030 3.450%   2,253,000 2,071,780
Coca-Cola Europacific Partners PLC(a)
05/03/2024 0.800%   6,295,000 5,945,646
Constellation Brands, Inc.
12/01/2025 4.750%   578,000 570,843
Diageo Capital PLC
04/29/2032 2.125%   173,000 137,725
JBS SA/Food Co./Finance, Inc.(a)
05/15/2032 3.000%   3,255,000 2,474,225
JBS USA LUX SA/Food Co./Finance, Inc.(a)
02/01/2028 5.125%   2,025,000 1,930,488
02/02/2029 3.000%   1,955,000 1,632,582
12/01/2031 3.750%   3,055,000 2,449,694
12/01/2052 6.500%   8,005,000 7,593,336
Kraft Heinz Foods Co.
01/26/2039 6.875%   796,000 867,676
10/01/2039 4.625%   2,029,000 1,779,789
02/09/2040 6.500%   1,215,000 1,280,917
06/04/2042 5.000%   3,000,000 2,726,599
06/01/2046 4.375%   1,980,000 1,619,539
10/01/2049 4.875%   1,370,000 1,201,830
Kraft Heinz Foods Co. (The)
07/15/2045 5.200%   1,205,000 1,113,171
Lamb Weston Holdings, Inc.(a)
01/31/2032 4.375%   1,535,000 1,349,364
Mars, Inc.(a)
04/01/2039 3.875%   1,040,000 882,505
07/16/2040 2.375%   964,000 664,031
Nestle Holdings, Inc.(a)
10/01/2027 4.125%   1,167,000 1,137,237
09/15/2030 1.250%   1,147,000 902,566
09/24/2038 3.900%   950,000 839,351
01/15/2053 4.700%   486,000 464,200
PepsiCo, Inc.
07/18/2032 3.900%   2,072,000 1,947,455
 
The accompanying Notes to Financial Statements are an integral part of this statement.
38 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Pilgrim’s Pride Corp.
04/15/2031 4.250%   2,000,000 1,670,053
03/01/2032 3.500%   3,000,000 2,337,672
Post Holdings, Inc.(a)
03/01/2027 5.750%   2,676,000 2,615,663
12/15/2029 5.500%   2,235,000 2,050,225
04/15/2030 4.625%   1,349,000 1,169,970
Primo Water Holdings, Inc.(a)
04/30/2029 4.375%   1,610,000 1,381,166
Smithfield Foods, Inc.(a)
02/01/2027 4.250%   2,500,000 2,301,240
10/15/2030 3.000%   2,020,000 1,569,964
Triton Water Holdings, Inc.(a)
04/01/2029 6.250%   915,000 726,805
Viterra Finance BV(a)
04/21/2026 2.000%   1,125,000 975,982
Total 80,719,745
Foreign Agencies 0.0%
PT Bank Mandiri Persero Tbk(a)
04/11/2024 3.750%   850,000 830,946
Gaming 0.3%
Caesars Entertainment, Inc.(a)
10/15/2029 4.625%   1,375,000 1,176,429
02/15/2030 7.000%   950,000 956,746
GLP Capital LP/Financing II, Inc.
04/15/2026 5.375%   3,840,000 3,746,730
01/15/2029 5.300%   765,000 724,051
01/15/2030 4.000%   3,552,000 3,115,580
Golden Entertainment, Inc.(a)
04/15/2026 7.625%   1,720,000 1,724,238
International Game Technology PLC(a)
02/15/2025 6.500%   1,375,000 1,378,804
01/15/2027 6.250%   400,000 392,090
MGM Resorts International
05/01/2025 6.750%   1,150,000 1,151,401
09/01/2026 4.625%   188,000 175,002
04/15/2027 5.500%   1,500,000 1,425,406
Penn National Gaming, Inc.(a)
07/01/2029 4.125%   460,000 373,998
Premier Entertainment Sub LLC/Finance Corp.(a)
09/01/2031 5.875%   2,825,000 2,023,924
Scientific Games International, Inc.(a)
07/01/2025 8.625%   1,400,000 1,431,977
VICI Properties LP
05/15/2032 5.125%   3,579,000 3,318,513
05/15/2052 5.625%   1,145,000 1,018,281
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
VICI Properties LP/Note Co., Inc.(a)
06/15/2025 4.625%   220,000 211,427
09/01/2026 4.500%   2,740,000 2,557,660
02/01/2027 5.750%   820,000 799,987
02/15/2027 3.750%   2,000,000 1,815,030
01/15/2028 4.500%   146,000 134,553
02/15/2029 3.875%   1,440,000 1,254,840
08/15/2030 4.125%   464,000 403,287
Wynn Resorts Finance LLC/Capital Corp.(a)
10/01/2029 5.125%   1,000,000 893,900
Total 32,203,854
Health Care 1.2%
Abbott Laboratories
11/30/2046 4.900%   205,000 201,628
Barnabas Health, Inc.
07/01/2028 4.000%   3,200,000 2,964,713
Becton Dickinson and Co.
12/15/2024 3.734%   44,000 42,766
02/13/2028 4.693%   1,459,000 1,426,962
08/22/2032 4.298%   2,913,000 2,706,254
05/15/2044 4.875%   1,555,000 1,321,604
Cigna Corp.
03/01/2027 3.400%   2,190,000 2,050,453
08/15/2038 4.800%   429,000 394,288
07/15/2046 4.800%   2,070,000 1,822,357
03/15/2050 3.400%   892,000 627,539
03/15/2051 3.400%   1,215,000 854,753
CommonSpirit Health
10/01/2025 1.547%   3,000,000 2,718,169
10/01/2030 2.782%   1,485,000 1,243,469
11/01/2042 4.350%   500,000 421,563
CVS Health Corp.
07/20/2025 3.875%   1,002,000 970,897
02/21/2030 5.125%   3,805,000 3,735,460
09/15/2031 2.125%   903,000 707,540
07/20/2035 4.875%   1,000,000 939,981
03/25/2038 4.780%   8,665,000 7,865,086
04/01/2040 4.125%   1,899,000 1,555,652
08/21/2040 2.700%   996,000 673,664
07/20/2045 5.125%   659,000 593,744
03/25/2048 5.050%   9,325,000 8,359,334
02/21/2053 5.625%   5,295,000 5,124,365
DaVita, Inc.(a)
06/01/2030 4.625%   2,495,000 2,055,515
Dentsply Sirona, Inc.
06/01/2030 3.250%   1,347,000 1,149,292
Duke University Health System, Inc.
06/01/2047 3.920%   875,000 739,586
Embecta Corp.(a)
02/15/2030 5.000%   1,500,000 1,271,950
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
39
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Fresenius Medical Care US Finance III, Inc.(a)
12/01/2026 1.875%   3,805,000 3,235,345
GE Healthcare Holding LLC(a)
11/15/2024 5.550%   5,095,000 5,083,586
HCA, Inc.
02/01/2025 5.375%   2,900,000 2,872,849
04/15/2025 5.250%   1,659,000 1,641,917
06/15/2025 7.690%   750,000 779,512
06/15/2026 5.250%   3,135,000 3,090,514
02/15/2027 4.500%   679,000 650,576
12/01/2027 7.050%   10,000 10,503
06/15/2029 4.125%   3,850,000 3,504,829
09/01/2030 3.500%   3,874,000 3,330,723
07/15/2031 2.375%   1,580,000 1,230,038
06/15/2047 5.500%   2,515,000 2,262,806
06/15/2049 5.250%   3,225,000 2,784,399
07/15/2051 3.500%   1,697,000 1,106,812
HCA, Inc.(a)
03/15/2027 3.125%   1,687,000 1,535,463
03/15/2032 3.625%   1,605,000 1,356,539
Laboratory Corp. of America Holdings
11/01/2023 4.000%   330,000 327,747
09/01/2024 3.250%   2,561,000 2,479,617
Legacy LifePoint Health LLC(a)
02/15/2027 4.375%   1,575,000 1,328,213
Mayo Clinic
11/15/2052 4.128%   750,000 645,058
McKesson Corp.
02/15/2026 5.250%   1,088,000 1,081,466
08/15/2026 1.300%   1,820,000 1,599,489
Memorial Sloan-Kettering Cancer Center
07/01/2052 4.125%   4,630,000 3,980,691
Mozart Debt Merger Sub, Inc.(a)
04/01/2029 3.875%   4,030,000 3,360,547
10/01/2029 5.250%   2,475,000 2,032,288
New York and Presbyterian Hospital (The)
08/01/2116 4.763%   785,000 671,477
08/01/2119 3.954%   305,000 219,248
NYU Langone Hospitals
07/01/2043 5.750%   705,000 739,644
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.(a)
12/01/2026 9.750%   2,875,000 2,450,134
Tenet Healthcare Corp.
07/15/2024 4.625%   535,000 526,725
11/01/2027 5.125%   1,575,000 1,480,687
10/01/2028 6.125%   3,225,000 2,984,893
06/01/2029 4.250%   1,960,000 1,716,050
01/15/2030 4.375%   1,175,000 1,028,419
Texas Health Resources
11/15/2055 4.330%   700,000 605,269
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Universal Health Services, Inc.
09/01/2026 1.650%   2,485,000 2,152,253
10/15/2030 2.650%   2,485,000 2,002,562
Total 122,427,472
Healthcare Insurance 0.3%
Aetna, Inc.
06/15/2036 6.625%   624,000 671,142
05/15/2042 4.500%   1,651,000 1,425,713
Centene Corp.
12/15/2027 4.250%   4,010,000 3,712,816
07/15/2028 2.450%   3,832,000 3,219,983
12/15/2029 4.625%   850,000 779,591
10/15/2030 3.000%   2,014,000 1,645,967
Elevance Health, Inc.
02/08/2026 4.900%   596,000 589,285
10/15/2032 5.500%   1,238,000 1,257,425
02/15/2033 4.750%   601,000 576,915
10/15/2052 6.100%   403,000 431,774
02/15/2053 5.125%   285,000 270,059
Health Care Service Corp., a Mutual Legal Reserve Co.(a)
06/01/2025 1.500%   577,000 525,930
Humana, Inc.
04/01/2025 4.500%   1,120,000 1,100,770
02/03/2027 1.350%   901,000 775,767
08/15/2029 3.125%   173,000 150,905
Humana, Inc.(c)
03/15/2053 5.500%   500,000 483,720
Molina Healthcare, Inc.(a)
06/15/2028 4.375%   4,250,000 3,861,590
11/15/2030 3.875%   1,500,000 1,267,730
UnitedHealth Group, Inc.
02/15/2030 5.300%   1,696,000 1,718,511
02/15/2033 5.350%   924,000 945,108
08/15/2039 3.500%   617,000 505,072
05/15/2040 2.750%   366,000 266,021
05/15/2041 3.050%   190,000 142,520
07/15/2045 4.750%   443,000 415,182
10/15/2047 3.750%   473,000 377,526
05/15/2051 3.250%   3,750,000 2,682,421
05/15/2052 4.750%   626,000 574,600
02/15/2053 5.875%   625,000 674,365
02/15/2063 6.050%   562,000 614,589
Wellpoint, Inc.
08/15/2024 3.500%   1,928,000 1,876,337
Total 33,539,334
Healthcare REIT 0.2%
Diversified Healthcare Trust
06/15/2025 9.750%   1,587,000 1,539,863
03/01/2031 4.375%   1,500,000 1,050,563
 
The accompanying Notes to Financial Statements are an integral part of this statement.
40 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Healthcare Realty Holdings LP
03/15/2030 2.400%   995,000 779,782
03/15/2031 2.050%   250,000 184,629
Healthcare Trust of America Holdings LP
02/15/2030 3.100%   1,246,000 1,060,570
03/15/2031 2.000%   3,310,000 2,527,804
MPT Operating Partnership LP/Finance Corp.
03/15/2031 3.500%   1,850,000 1,268,088
Omega Healthcare Investors, Inc.
01/15/2025 4.500%   975,000 950,217
Physicians Realty LP
03/15/2027 4.300%   380,000 361,641
11/01/2031 2.625%   1,750,000 1,399,266
Sabra Health Care LP
12/01/2031 3.200%   574,000 425,748
Senior Housing Properties Trust
05/01/2024 4.750%   1,100,000 977,877
Ventas Realty LP
09/30/2043 5.700%   225,000 212,078
Welltower, Inc.
06/01/2031 2.800%   8,255,000 6,693,164
Total 19,431,290
Home Construction 0.2%
Ashton Woods USA LLC/Finance Co.(a)
01/15/2028 6.625%   1,700,000 1,540,083
Brookfield Residential Properties, Inc./US Corp.(a)
09/15/2027 6.250%   1,560,000 1,369,851
02/15/2030 4.875%   2,575,000 1,938,725
Century Communities, Inc.
06/01/2027 6.750%   2,500,000 2,434,781
Empire Communities Corp.(a)
12/15/2025 7.000%   4,225,000 3,770,753
KB Home
06/15/2031 4.000%   1,075,000 878,403
M/I Homes, Inc.
02/01/2028 4.950%   675,000 606,835
Mattamy Group Corp.(a)
03/01/2030 4.625%   4,500,000 3,728,364
MDC Holdings, Inc.
08/06/2061 3.966%   3,540,000 2,024,904
Meritage Homes Corp.
06/06/2027 5.125%   2,000,000 1,907,813
PulteGroup, Inc.
03/01/2026 5.500%   737,000 733,494
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Taylor Morrison Communities, Inc.(a)
01/15/2028 5.750%   2,000,000 1,887,761
08/01/2030 5.125%   1,114,000 982,773
Total 23,804,540
Independent Energy 0.5%
Aker BP ASA(a)
01/15/2026 2.875%   2,875,000 2,674,631
01/15/2030 3.750%   300,000 264,567
Antero Resources Corp.(a)
02/01/2029 7.625%   600,000 606,682
03/01/2030 5.375%   920,000 841,793
Apache Corp.
09/01/2040 5.100%   3,060,000 2,519,547
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(a)
11/01/2026 7.000%   600,000 582,392
11/01/2027 9.000%   150,000 183,434
12/31/2028 8.250%   2,500,000 2,436,397
Canadian Natural Resources Ltd.
06/30/2033 6.450%   730,000 744,271
02/01/2039 6.750%   289,000 301,414
Chesapeake Energy Corp.(a)
02/01/2026 5.500%   2,000,000 1,954,062
ConocoPhillips Co.
03/15/2042 3.758%   1,928,000 1,581,997
Continental Resources, Inc.
04/15/2023 4.500%   385,000 384,338
06/01/2024 3.800%   1,683,000 1,642,103
Coterra Energy, Inc.
05/15/2027 3.900%   1,552,000 1,455,812
Devon Energy Corp.
09/15/2024 5.250%   78,000 77,609
07/15/2041 5.600%   1,875,000 1,728,855
Diamondback Energy, Inc.
12/01/2026 3.250%   1,905,000 1,764,616
12/01/2029 3.500%   588,000 519,584
03/24/2031 3.125%   3,565,000 2,991,256
03/15/2033 6.250%   2,091,000 2,131,732
03/15/2053 6.250%   1,262,000 1,243,474
Energean Israel Finance Ltd.(a)
03/30/2024 4.500%   850,000 825,348
03/30/2026 4.875%   1,321,000 1,222,178
03/30/2028 5.375%   2,637,000 2,368,079
Hilcorp Energy I LP/Finance Co.(a)
04/15/2030 6.000%   825,000 748,882
02/01/2031 6.000%   1,560,000 1,404,932
04/15/2032 6.250%   1,050,000 951,087
Lundin Energy Finance BV(a)
07/15/2026 2.000%   7,625,000 6,760,019
07/15/2031 3.100%   1,575,000 1,288,691
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
41
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Occidental Petroleum Corp.(i)
10/10/2036 0.000%   364,000 183,175
Pioneer Natural Resources Co.
05/15/2023 0.550%   3,235,000 3,203,868
Santos Finance Ltd.(a)
04/29/2031 3.649%   652,000 537,325
Southwestern Energy Co.
02/01/2032 4.750%   1,550,000 1,333,422
Total 49,457,572
Integrated Energy 0.2%
BP Capital Markets America, Inc.
02/13/2033 4.812%   9,952,000 9,775,367
BP Capital Markets PLC(k)
12/31/2059 4.875%   825,000 757,986
Cenovus Energy, Inc.
06/15/2047 5.400%   711,000 640,171
02/15/2052 3.750%   3,750,000 2,655,258
Chevron Corp.
05/11/2050 3.078%   1,540,000 1,110,856
Exxon Mobil Corp.
04/15/2051 3.452%   2,735,000 2,085,520
Reliance Industries Ltd.(a)
01/12/2032 2.875%   1,450,000 1,176,239
01/12/2052 3.625%   1,300,000 911,046
Shell International Finance BV
05/11/2035 4.125%   1,094,000 1,006,746
Total Capital International SA
06/29/2041 2.986%   977,000 726,747
Total 20,845,936
Leisure 0.0%
AMC Entertainment Holdings, Inc.(a),(l)
06/15/2026 12.000%   570,233 292,971
Royal Caribbean Cruises Ltd.(a)
01/15/2029 9.250%   750,000 795,561
01/15/2030 7.250%   300,000 300,752
Total 1,389,284
Life Insurance 1.2%
AIG Global Funding(a)
09/22/2025 0.900%   3,545,000 3,202,904
Athene Global Funding(a)
06/29/2026 1.608%   2,930,000 2,525,058
03/08/2027 3.205%   1,430,000 1,274,713
03/24/2028 2.500%   1,910,000 1,623,901
08/19/2028 1.985%   4,380,000 3,574,831
01/07/2029 2.717%   320,000 269,130
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Athene Holding Ltd.
02/01/2033 6.650%   4,055,000 4,163,427
Brighthouse Financial Global Funding(a)
01/13/2025 1.750%   3,210,000 2,958,054
Brighthouse Financial, Inc.(a)
12/15/2023 1.200%   4,580,000 4,413,657
Brighthouse Financial, Inc.
06/22/2047 4.700%   405,000 312,306
CNO Global Funding(a)
01/06/2029 2.650%   5,690,000 4,855,885
Corebridge Financial, Inc.(a)
04/05/2032 3.900%   1,461,000 1,278,814
Corebridge Financial, Inc.(a),(k)
12/15/2052 6.875%   1,943,000 1,914,264
CoreBridge Financial, Inc.(a)
04/05/2029 3.850%   2,215,000 1,996,815
Equitable Financial Life Global Funding(a)
12/02/2025 5.500%   4,165,000 4,144,618
03/08/2028 1.800%   1,525,000 1,280,110
Equitable Holdings, Inc.
01/11/2033 5.594%   3,280,000 3,250,306
F&G Annuities & Life, Inc.(a)
01/13/2028 7.400%   1,770,000 1,770,695
F&G Global Funding(a)
07/07/2025 5.150%   4,475,000 4,352,016
09/20/2028 2.000%   3,740,000 3,115,335
GA Global Funding Trust(a)
12/08/2023 1.250%   2,260,000 2,183,136
01/06/2027 2.250%   5,780,000 5,128,320
Great-West Lifeco US Finance 2020 LP(a)
08/12/2025 0.904%   4,190,000 3,725,958
Hill City Funding Trust(a)
08/15/2041 4.046%   2,750,000 1,955,166
Jackson Financial, Inc.
11/23/2051 4.000%   1,720,000 1,152,662
Jackson National Life Global Funding(a)
01/12/2025 1.750%   5,525,000 5,123,614
Lincoln National Corp.
06/15/2040 7.000%   930,000 1,005,138
Metropolitan Life Global Funding I(a)
08/25/2029 4.300%   4,965,000 4,708,608
New York Life Global Funding(a)
01/09/2028 4.850%   4,370,000 4,350,234
08/01/2031 1.850%   3,755,000 2,982,580
01/28/2033 4.550%   1,813,000 1,743,528
 
The accompanying Notes to Financial Statements are an integral part of this statement.
42 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
New York Life Insurance Co.(a)
Subordinated
05/15/2050 3.750%   2,545,000 1,987,424
Northwestern Mutual Global Funding(a)
06/01/2028 1.700%   1,265,000 1,072,444
Pine Street Trust II(a)
02/15/2049 5.568%   1,890,000 1,691,493
Principal Financial Group, Inc.
05/15/2023 3.125%   667,000 663,606
Protective Life Global Funding(a)
01/13/2025 1.646%   4,430,000 4,099,553
07/06/2027 4.714%   5,445,000 5,271,807
Prudential Financial, Inc.(k)
03/01/2053 6.750%   5,325,000 5,351,734
Reliance Standard Life Global Funding II(a)
09/19/2023 3.850%   1,465,000 1,447,677
05/07/2025 2.750%   4,340,000 4,064,628
RGA Global Funding(a)
01/18/2029 2.700%   4,390,000 3,741,889
Teachers Insurance & Annuity Association of America(a)
Subordinated
09/15/2044 4.900%   2,040,000 1,885,148
05/15/2047 4.270%   4,785,000 4,047,785
05/15/2050 3.300%   3,980,000 2,858,442
Total 124,519,413
Lodging 0.0%
Marriott International, Inc.
10/15/2032 3.500%   3,400,000 2,878,697
Media and Entertainment 0.4%
Diamond Sports Group LLC/Finance Co.(a)
08/15/2026 5.375%   11,148,000 1,242,506
Discovery Communications LLC
05/15/2049 5.300%   1,063,000 851,599
09/15/2055 4.000%   1,298,000 836,143
Gray Television, Inc.(a)
07/15/2026 5.875%   900,000 816,013
05/15/2027 7.000%   1,460,000 1,321,430
Interpublic Group of Companies, Inc. (The)
04/15/2024 4.200%   333,000 326,630
Magallanes, Inc.(a)
03/15/2027 3.755%   2,401,000 2,202,706
03/15/2032 4.279%   125,000 107,944
03/15/2042 5.050%   6,975,000 5,646,101
03/15/2052 5.141%   15,832,000 12,441,194
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Meta Platforms, Inc.
08/15/2027 3.500%   773,000 726,781
08/15/2032 3.850%   729,000 654,397
08/15/2052 4.450%   3,621,000 2,999,675
08/15/2062 4.650%   871,000 724,355
Prosus NV(a)
01/19/2052 4.987%   2,505,000 1,810,121
Viacom, Inc.
03/15/2043 4.375%   1,296,000 899,303
09/01/2043 5.850%   983,000 825,681
04/01/2044 5.250%   161,000 123,840
ViacomCBS, Inc.
01/15/2031 4.950%   1,468,000 1,313,463
05/19/2050 4.950%   1,464,000 1,084,170
Walt Disney Co. (The)
03/15/2033 6.550%   1,000,000 1,111,004
Total 38,065,056
Metals and Mining 0.3%
Anglo American Capital PLC(a)
03/17/2028 2.250%   530,000 452,075
ArcelorMittal SA
11/29/2027 6.550%   3,070,000 3,147,620
BHP Billiton Finance USA Ltd.
02/28/2033 4.900%   1,869,000 1,861,238
First Quantum Minerals Ltd.(a)
04/01/2025 7.500%   2,800,000 2,718,998
Freeport-McMoRan, Inc.
11/14/2034 5.400%   5,000,000 4,724,690
Glencore Funding LLC(a)
03/12/2024 4.125%   1,375,000 1,353,905
Kinross Gold Corp.
07/15/2027 4.500%   1,239,000 1,181,179
Newmont Corp.
10/01/2030 2.250%   3,215,000 2,591,100
Novelis Corp.(a)
01/30/2030 4.750%   1,390,000 1,220,533
Nucor Corp.
05/23/2027 4.300%   690,000 669,088
05/01/2028 3.950%   1,500,000 1,418,390
POSCO(a)
08/04/2027 4.500%   650,000 628,373
Rain CII Carbon LLC/Corp.(a)
04/01/2025 7.250%   1,805,000 1,718,103
Southern Copper Corp.
04/23/2025 3.875%   600,000 580,631
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
43
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Steel Dynamics, Inc.
06/15/2025 2.400%   491,000 458,212
10/15/2027 1.650%   747,000 629,974
01/15/2031 3.250%   1,510,000 1,307,169
Teck Resources Ltd.
08/15/2040 6.000%   669,000 652,663
02/01/2043 5.400%   574,000 522,499
Total 27,836,440
Midstream 1.1%
AmeriGas Partners LP/Finance Corp.
05/20/2024 5.625%   2,500,000 2,444,645
08/20/2026 5.875%   2,300,000 2,168,848
Colonial Enterprises, Inc.(a)
05/15/2030 3.250%   3,505,000 3,063,637
Colorado Interstate Gas Co. LLC/Issuing Corp.(a)
08/15/2026 4.150%   2,290,000 2,168,027
Crestwood Midstream Partners LP/Finance Corp.(a)
05/01/2027 5.625%   2,595,000 2,397,801
EIG Pearl Holdings Sarl(a)
08/31/2036 3.545%   900,000 752,986
Enbridge, Inc.(k)
07/15/2080 5.750%   1,213,000 1,130,908
01/15/2083 7.625%   1,056,000 1,074,446
Energy Transfer LP
02/15/2033 5.750%   3,020,000 2,976,516
Energy Transfer Operating LP
03/15/2023 4.250%   1,890,000 1,889,410
01/15/2024 5.875%   2,481,000 2,482,754
06/01/2027 5.500%   988,000 981,820
04/15/2047 5.300%   1,338,000 1,136,267
05/15/2050 5.000%   3,530,000 2,898,516
Energy Transfer Partners LP
03/15/2035 4.900%   134,000 120,182
06/15/2038 5.800%   646,000 604,037
10/01/2043 5.950%   280,000 260,124
03/15/2045 5.150%   2,220,000 1,859,252
Energy Transfer Partners LP/Regency Finance Corp.
11/01/2023 4.500%   2,409,000 2,390,033
Enterprise Products Operating LLC
02/15/2024 3.900%   500,000 492,371
05/15/2046 4.900%   1,400,000 1,229,433
Enterprise Products Operating LLC(b)
3-month USD LIBOR + 2.986%
08/16/2077 		7.858%   324,000 311,345
Galaxy Pipeline Assets Bidco Ltd.(a)
03/31/2034 2.160%   790,584 668,316
09/30/2040 2.940%   434,939 343,382
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Greensaif Pipelines Bidco Sarl(a)
02/23/2038 6.129%   975,000 978,157
02/23/2042 6.510%   975,000 989,666
Kinder Morgan Energy Partners LP
09/01/2024 4.250%   482,000 472,837
03/15/2032 7.750%   635,000 702,072
09/01/2039 6.500%   1,000,000 1,018,629
Kinder Morgan, Inc.
06/01/2033 5.200%   6,083,000 5,792,359
06/01/2045 5.550%   578,000 523,757
02/15/2046 5.050%   171,000 144,320
08/01/2052 5.450%   817,000 728,536
Magellan Midstream Partners LP
09/15/2046 4.250%   320,000 246,117
MPLX LP
12/01/2024 4.875%   325,000 320,719
06/01/2025 4.875%   200,000 196,920
03/01/2026 1.750%   651,000 582,251
03/15/2028 4.000%   2,434,000 2,279,744
03/01/2033 5.000%   733,000 687,688
03/01/2047 5.200%   1,771,000 1,533,502
12/01/2047 5.200%   520,000 447,468
04/15/2048 4.700%   808,000 650,563
02/15/2049 5.500%   921,000 824,631
NGPL PipeCo LLC(a)
08/15/2027 4.875%   412,000 393,333
Northern Natural Gas Co.(a)
10/16/2051 3.400%   496,000 345,325
ONEOK Partners LP
02/01/2041 6.125%   274,000 264,543
09/15/2043 6.200%   721,000 696,808
ONEOK, Inc.
01/15/2026 5.850%   504,000 508,090
03/15/2030 3.100%   292,000 247,610
07/13/2047 4.950%   2,050,000 1,681,305
03/15/2050 4.500%   6,830,000 5,204,506
01/15/2051 7.150%   1,035,000 1,084,370
Plains All American Pipeline LP/Finance Corp.
10/15/2025 4.650%   1,807,000 1,764,606
12/15/2029 3.550%   620,000 538,431
09/15/2030 3.800%   650,000 565,923
06/01/2042 5.150%   2,185,000 1,794,843
06/15/2044 4.700%   659,000 509,255
02/15/2045 4.900%   395,000 311,644
Rockies Express Pipeline LLC(a)
07/15/2029 4.950%   2,435,000 2,117,815
05/15/2030 4.800%   1,500,000 1,298,899
Sabine Pass Liquefaction LLC
03/15/2027 5.000%   2,472,000 2,412,711
03/15/2028 4.200%   177,000 166,250
05/15/2030 4.500%   3,055,000 2,861,007
 
The accompanying Notes to Financial Statements are an integral part of this statement.
44 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Southern Natural Gas Co. LLC
02/15/2031 7.350%   2,910,000 3,087,427
Sunoco Logistics Partners Operations LP
04/01/2044 5.300%   1,239,000 1,063,558
05/15/2045 5.350%   25,000 21,327
10/01/2047 5.400%   4,041,000 3,476,546
Tallgrass Energy Partners LP/Finance Corp.(a)
10/01/2025 7.500%   1,875,000 1,867,392
01/15/2028 5.500%   142,000 127,748
Targa Resources Corp.
07/01/2052 6.250%   383,000 364,783
02/15/2053 6.500%   5,230,000 5,146,376
Targa Resources Partners LP/Finance Corp.
02/01/2031 4.875%   1,302,000 1,184,523
Transcontinental Gas Pipe Line Co. LLC
05/15/2030 3.250%   242,000 210,484
03/15/2048 4.600%   4,875,000 4,170,399
TransMontaigne Partners LP/TLP Finance Corp.
02/15/2026 6.125%   1,500,000 1,280,958
Venture Global Calcasieu Pass LLC(a)
08/15/2029 3.875%   750,000 647,868
Western Gas Partners LP
03/01/2048 5.300%   2,930,000 2,418,020
Williams Companies, Inc. (The)
01/15/2025 3.900%   1,050,000 1,018,598
09/15/2025 4.000%   2,327,000 2,243,434
Williams Companies., Inc. (The)(c)
03/02/2026 5.400%   3,250,000 3,251,079
Williams Cos, Inc. (The)
08/15/2052 5.300%   2,550,000 2,304,279
Williams Partners LP
03/04/2024 4.300%   2,787,000 2,751,818
03/04/2044 5.400%   341,000 314,385
Total 116,683,268
Natural Gas 0.3%
Boston Gas Co.(a)
08/01/2027 3.150%   1,472,000 1,326,870
CenterPoint Energy Resources Corp.
03/01/2033 5.400%   8,828,000 8,939,014
KeySpan Corp.
11/15/2030 8.000%   670,000 736,792
NiSource, Inc.
02/15/2031 1.700%   605,000 461,123
ONE Gas, Inc.
03/11/2024 1.100%   696,000 665,430
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Sempra Energy
04/01/2029 3.700%   1,875,000 1,703,851
02/01/2038 3.800%   933,000 766,466
02/01/2048 4.000%   1,148,000 889,912
Sempra Energy(k)
04/01/2052 4.125%   5,768,000 4,886,898
South Jersey Industries, Inc.
Junior Subordinated
04/15/2031 5.020%   1,769,000 1,450,243
Southern Co. Gas Capital Corp.
09/15/2032 5.150%   5,715,000 5,584,574
03/15/2041 5.875%   1,940,000 1,960,449
05/30/2047 4.400%   443,000 358,731
Southwest Gas Corp.
03/15/2032 4.050%   302,000 269,654
08/15/2051 3.180%   2,930,000 1,875,613
Washington Gas Light Co.
09/15/2049 3.650%   587,000 439,449
Total 32,315,069
Office REIT 0.2%
Alexandria Real Estate Equities, Inc.
04/15/2035 4.750%   540,000 510,619
04/15/2053 5.150%   343,000 318,177
Hudson Pacific Properties LP
11/01/2027 3.950%   2,725,000 2,355,984
02/15/2028 5.950%   5,720,000 5,443,987
01/15/2030 3.250%   345,000 259,962
Kilroy Realty LP
11/15/2033 2.650%   1,875,000 1,288,586
Office Properties Income Trust
02/01/2025 4.500%   1,270,000 1,172,374
02/01/2027 2.400%   1,455,000 1,075,643
10/15/2031 3.450%   3,195,000 2,129,815
Piedmont Operating Partnership LP
08/15/2030 3.150%   1,675,000 1,280,126
04/01/2032 2.750%   2,339,000 1,652,083
Total 17,487,356
Oil Field Services 0.0%
Schlumberger Holdings Corp.(a)
05/17/2028 3.900%   2,053,000 1,930,035
Transocean Poseidon Ltd.(a)
02/01/2027 6.875%   905,937 883,618
Total 2,813,653
Other Financial Institutions 0.2%
Five Point Operating Co. LP/Capital Corp.(a)
11/15/2025 7.875%   2,350,000 2,127,091
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
45
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Greystar Real Estate Partners LLC(a)
12/01/2025 5.750%   2,175,000 2,148,410
Greystone Commercial Capital Trust(a),(b),(d),(e)
1-month USD LIBOR + 2.270%
05/31/2025 		6.871%   9,200,000 8,878,000
Howard Hughes Corp. (The)(a)
08/01/2028 5.375%   500,000 453,003
02/01/2031 4.375%   750,000 610,763
LeasePlan Corp NV(a)
10/24/2024 2.875%   3,440,000 3,249,759
Nationstar Mortgage Holdings Inc.(a)
08/15/2028 5.500%   1,050,000 893,087
Nationstar Mortgage Holdings, Inc.(a)
12/15/2030 5.125%   800,000 618,709
ORIX Corp.
12/04/2024 3.250%   1,560,000 1,501,282
09/13/2032 5.200%   2,815,000 2,795,082
Total 23,275,186
Other Industry 0.2%
AECOM
03/15/2027 5.125%   710,000 680,495
CK Hutchison International 21 Ltd.(a)
04/15/2031 2.500%   1,675,000 1,397,504
Gohl Capital Ltd.(a)
01/24/2027 4.250%   1,050,000 936,589
Massachusetts Institute of Technology
07/01/2114 4.678%   1,768,000 1,602,938
07/01/2116 3.885%   1,850,000 1,393,698
Northwestern University
12/01/2057 3.662%   1,350,000 1,098,139
PowerTeam Services LLC(a)
12/04/2025 9.033%   594,000 510,628
President and Fellows of Harvard College
07/15/2046 3.150%   3,031,000 2,352,315
07/15/2056 3.300%   2,230,000 1,716,356
Trustees of the University of Pennsylvania (The)
09/01/2112 4.674%   1,620,000 1,427,816
University of Southern California
10/01/2039 3.028%   4,525,000 3,629,689
Total 16,746,167
Other REIT 0.2%
American Assets Trust LP
02/01/2031 3.375%   3,115,000 2,462,684
CubeSmart LP
12/15/2028 2.250%   2,804,000 2,347,506
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Extra Space Storage LP
04/01/2029 3.900%   563,000 511,873
03/15/2032 2.350%   3,369,000 2,578,589
Host Hotels & Resorts LP
06/15/2025 4.000%   1,050,000 1,021,490
02/01/2026 4.500%   520,000 502,893
Ladder Capital Finance Holdings LLLP/Corp.(a)
06/15/2029 4.750%   1,745,000 1,425,148
Life Storage LP
12/15/2027 3.875%   160,000 148,765
06/15/2029 4.000%   570,000 519,718
10/15/2030 2.200%   936,000 746,754
10/15/2031 2.400%   670,000 531,174
Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer(a)
06/01/2025 7.500%   2,150,000 2,160,850
Prologis LP
01/15/2032 2.250%   588,000 471,428
Public Storage
11/09/2028 1.950%   472,000 400,729
Rexford Industrial Realty LP
09/01/2031 2.150%   1,092,000 843,204
WP Carey, Inc.
04/01/2033 2.250%   4,080,000 3,067,701
Total 19,740,506
Packaging 0.2%
Amcor Flexibles North America, Inc.
05/17/2025 4.000%   2,085,000 2,014,020
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a)
08/15/2027 5.250%   3,000,000 2,468,266
Ball Corp.
03/15/2026 4.875%   600,000 581,810
Berry Global Escrow Corp.(a)
07/15/2026 4.875%   1,680,000 1,608,230
Berry Global, Inc.
02/15/2024 0.950%   805,000 768,432
01/15/2026 1.570%   3,405,000 3,037,149
01/15/2027 1.650%   1,163,000 999,173
Pactiv Evergreen Group Issuer LLC/Inc.(a)
10/15/2028 4.375%   1,475,000 1,271,066
Reynolds Group Issuer, Inc./LLC(a)
10/15/2027 4.000%   1,000,000 871,689
Sealed Air Corp.(a)
10/15/2026 1.573%   857,000 740,599
02/01/2028 6.125%   225,000 221,566
04/15/2029 5.000%   1,555,000 1,430,684
Silgan Holdings, Inc.
02/01/2028 4.125%   1,470,000 1,344,263
 
The accompanying Notes to Financial Statements are an integral part of this statement.
46 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Trivium Packaging Finance BV(a)
08/15/2027 8.500%   280,000 266,256
Total 17,623,203
Paper 0.0%
Cascades, Inc./USA(a)
01/15/2028 5.375%   1,315,000 1,192,218
Celulosa Arauco y Constitucion SA
11/02/2027 3.875%   700,000 643,665
Celulosa Arauco y Constitucion SA(a)
04/30/2029 4.250%   500,000 455,209
Inversiones CMPC SA(a)
04/04/2027 4.375%   600,000 567,487
Suzano Austria GmbH
01/15/2029 6.000%   275,000 270,751
01/15/2030 5.000%   825,000 759,193
01/15/2031 3.750%   1,000,000 846,629
Total 4,735,152
Pharmaceuticals 1.2%
AbbVie, Inc.
11/21/2026 2.950%   838,000 773,179
03/15/2035 4.550%   4,650,000 4,323,345
05/14/2035 4.500%   2,175,000 2,017,130
05/14/2036 4.300%   1,926,000 1,730,058
11/21/2039 4.050%   7,095,000 5,998,185
10/01/2042 4.625%   1,000,000 884,645
11/06/2042 4.400%   1,143,000 991,390
05/14/2045 4.700%   2,329,000 2,063,352
05/14/2046 4.450%   511,000 437,472
11/21/2049 4.250%   4,453,000 3,705,864
Amgen, Inc.(c)
03/02/2033 5.250%   4,001,000 3,971,300
03/02/2043 5.600%   11,084,000 10,949,858
03/02/2053 5.650%   9,295,000 9,218,500
03/02/2063 5.750%   1,057,000 1,042,396
Amgen, Inc.
01/15/2052 3.000%   4,360,000 2,790,165
Astrazeneca Finance LLC(c)
03/03/2030 4.900%   7,802,000 7,770,012
03/03/2033 4.875%   819,000 816,756
Bausch Health Companies, Inc.(a)
01/30/2028 5.000%   1,100,000 479,164
02/15/2029 5.000%   100,000 43,446
02/15/2029 6.250%   3,475,000 1,500,709
01/30/2030 5.250%   1,200,000 517,566
02/15/2031 5.250%   1,200,000 525,430
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Bayer US Finance II LLC(a)
07/15/2024 3.375%   3,555,000 3,452,703
12/15/2025 4.250%   1,445,000 1,397,112
12/15/2028 4.375%   5,945,000 5,595,742
07/15/2034 4.200%   844,000 730,562
06/25/2038 4.625%   1,000,000 872,155
07/15/2044 4.400%   2,799,000 2,239,817
06/25/2048 4.875%   3,505,000 3,042,211
Bayer US Finance LLC(a)
10/08/2024 3.375%   520,000 503,713
Bristol Myers Squibb Co.
06/15/2039 4.125%   1,346,000 1,202,231
03/15/2052 3.700%   744,000 587,094
Bristol-Myers Squibb Co.
08/15/2025 3.875%   74,000 71,397
05/15/2044 4.625%   555,000 513,517
11/15/2047 4.350%   2,060,000 1,813,625
CSL Finance PLC(a)
04/27/2029 4.050%   926,000 864,450
04/27/2032 4.250%   657,000 615,246
04/27/2042 4.625%   540,000 490,571
04/27/2052 4.750%   945,000 856,604
04/27/2062 4.950%   402,000 373,158
Eli Lilly & Co.
02/27/2053 4.875%   6,040,000 6,023,175
02/27/2063 4.950%   710,000 705,785
Grifols Escrow Issuer SA(a)
10/15/2028 4.750%   1,732,000 1,479,618
Jazz Securities DAC(a)
01/15/2029 4.375%   963,000 853,206
Johnson & Johnson
12/05/2033 4.375%   1,975,000 1,951,193
03/03/2037 3.625%   2,280,000 2,015,041
01/15/2038 3.400%   2,790,000 2,372,793
03/01/2046 3.700%   409,000 344,033
Merck & Co., Inc.
12/10/2051 2.750%   538,000 359,048
12/10/2061 2.900%   538,000 345,045
Mylan NV
06/15/2046 5.250%   1,122,000 875,098
Mylan, Inc.
04/15/2048 5.200%   4,263,000 3,252,260
Organon Finance 1 LLC(a)
04/30/2028 4.125%   1,550,000 1,367,570
Roche Holdings, Inc.(a)
12/13/2051 2.607%   840,000 552,167
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
47
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Royalty Pharma PLC
09/02/2025 1.200%   385,000 344,560
09/02/2027 1.750%   489,000 414,076
09/02/2030 2.200%   3,075,000 2,410,459
09/02/2050 3.550%   1,642,000 1,068,192
Shire Acquisitions Investments Ireland DAC
09/23/2023 2.875%   1,050,000 1,034,006
Viatris, Inc.
06/22/2030 2.700%   1,117,000 885,392
06/22/2040 3.850%   6,447,000 4,399,834
06/22/2050 4.000%   2,401,000 1,547,711
Total 122,372,092
Property & Casualty 0.6%
Alleghany Corp.
05/15/2030 3.625%   722,000 668,635
09/15/2044 4.900%   38,000 35,629
08/15/2051 3.250%   1,153,000 824,920
Alliant Holdings Intermediate LLC/Co-Issuer(a)
10/15/2027 6.750%   300,000 272,731
Allstate Corp. (The)
12/15/2030 1.450%   673,000 515,706
American International Group, Inc.
04/01/2026 3.900%   165,000 158,307
Aon Corp./Global Holdings PLC
12/02/2031 2.600%   4,495,000 3,666,814
02/28/2033 5.350%   4,743,000 4,739,886
Arch Capital Finance LLC
12/15/2046 5.031%   970,000 860,959
Arthur J. Gallagher & Co.
03/09/2052 3.050%   6,725,000 4,353,823
Arthur J. Gallagher & Co.(c)
03/02/2053 5.750%   846,000 840,228
Assurant, Inc.
09/27/2023 4.200%   1,770,000 1,749,420
02/22/2030 3.700%   1,174,000 1,014,222
Berkshire Hathaway Finance Corp.
03/15/2052 3.850%   994,000 801,737
Berkshire Hathaway, Inc.
03/15/2026 3.125%   4,674,000 4,464,762
Chubb INA Holdings, Inc.
09/15/2030 1.375%   1,192,000 924,793
CNA Financial Corp.
08/15/2027 3.450%   3,828,000 3,547,691
Fairfax Financial Holdings Ltd.
03/03/2031 3.375%   6,300,000 5,149,445
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Farmers Exchange Capital(a)
Subordinated
07/15/2028 7.050%   800,000 822,926
07/15/2048 7.200%   1,290,000 1,392,797
Farmers Exchange Capital II(a),(k)
Subordinated
11/01/2053 6.151%   2,700,000 2,645,742
Farmers Insurance Exchange(a)
05/01/2024 8.625%   1,165,000 1,187,430
Hartford Financial Services Group Inc. (The)(a),(b)
3-month USD LIBOR + 2.125%
02/12/2047 		6.989%   2,265,000 1,964,619
Hartford Financial Services Group, Inc. (The)
10/15/2036 5.950%   283,000 291,040
Intact Financial Corp.(a)
09/22/2032 5.459%   2,573,000 2,541,370
Liberty Mutual Group, Inc.(a)
06/15/2023 4.250%   275,000 273,743
10/15/2050 3.951%   2,080,000 1,512,407
06/15/2052 5.500%   588,000 548,517
Markel Corp.
05/20/2049 5.000%   5,095,000 4,566,305
Nationwide Mutual Insurance Co.(a),(b)
Subordinated
3-month USD LIBOR + 2.290%
12/15/2024 		7.059%   5,725,000 5,728,338
Old Republic International Corp.
06/11/2051 3.850%   1,403,000 1,003,778
PartnerRe Finance B LLC(k)
10/01/2050 4.500%   2,078,000 1,865,768
Trustage Financial Group, Inc.(a)
04/15/2032 4.625%   2,135,000 1,898,018
Willis North America, Inc.
09/15/2029 2.950%   2,000,000 1,708,920
WR Berkley Corp.
05/12/2050 4.000%   1,480,000 1,158,196
XLIT Ltd.
03/31/2045 5.500%   629,000 615,153
Total 66,314,775
Railroads 0.1%
Burlington Northern Santa Fe LLC
03/15/2043 4.450%   304,000 270,938
09/01/2043 5.150%   953,000 934,439
08/01/2046 3.900%   711,000 575,281
01/15/2053 4.450%   2,519,000 2,241,670
 
The accompanying Notes to Financial Statements are an integral part of this statement.
48 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CSX Corp.
05/30/2042 4.750%   482,000 438,296
11/15/2052 4.500%   341,000 295,903
08/01/2054 4.500%   231,000 197,302
11/01/2066 4.250%   2,355,000 1,868,041
Kansas City Southern
05/01/2050 3.500%   3,280,000 2,385,561
Norfolk Southern Corp.
05/15/2121 4.100%   372,000 254,039
Union Pacific Corp.
02/14/2042 3.375%   1,500,000 1,179,693
10/01/2051 3.799%   946,000 752,396
02/14/2053 3.500%   1,760,000 1,317,071
01/20/2063 5.150%   635,000 610,201
Total 13,320,831
Refining 0.0%
Marathon Petroleum Corp.
12/15/2026 5.125%   578,000 574,754
09/15/2044 4.750%   487,000 406,457
09/15/2054 5.000%   266,000 224,275
Phillips 66 Co.(a)
02/15/2045 4.680%   1,300,000 1,137,382
Valero Energy Corp.
12/01/2031 2.800%   3,235,000 2,629,238
Total 4,972,106
Restaurants 0.0%
Brinker International, Inc.(a)
10/01/2024 5.000%   1,850,000 1,804,936
Fertitta Entertainment LLC/Finance Co., Inc.(a)
01/15/2029 4.625%   1,500,000 1,298,150
01/15/2030 6.750%   300,000 248,583
McDonald’s Corp.
09/01/2049 3.625%   910,000 685,774
Starbucks Corp.
02/15/2033 4.800%   1,320,000 1,279,473
Total 5,316,916
Retail REIT 0.1%
Brixmor Operating Partnership LP
08/16/2031 2.500%   915,000 709,817
Kimco Realty Corp.
02/01/2033 4.600%   3,780,000 3,470,797
Kite Realty Group LP
10/01/2026 4.000%   320,000 296,274
Realty Income Corp.
06/01/2026 4.875%   664,000 657,683
08/15/2027 3.950%   193,000 183,803
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Simon Property Group LP
02/01/2028 1.750%   348,000 297,395
09/13/2029 2.450%   375,000 314,522
Total 5,930,291
Retailers 0.5%
Alimentation Couche-Tard, Inc.(a)
07/26/2027 3.550%   1,275,000 1,181,479
Amazon.com, Inc.
12/01/2027 4.550%   1,107,000 1,094,899
05/12/2031 2.100%   1,485,000 1,220,372
04/13/2032 3.600%   1,046,000 956,963
12/01/2032 4.700%   1,145,000 1,131,345
05/12/2041 2.875%   1,777,000 1,323,060
04/13/2062 4.100%   799,000 660,987
Asbury Automotive Group, Inc.
03/01/2030 4.750%   1,535,000 1,328,178
AutoNation, Inc.
11/15/2024 3.500%   2,185,000 2,105,088
10/01/2025 4.500%   2,465,000 2,396,073
AutoZone, Inc.
04/21/2026 3.125%   415,000 388,926
01/15/2031 1.650%   1,175,000 905,409
02/01/2033 4.750%   2,197,000 2,081,890
Dick’s Sporting Goods, Inc.
01/15/2052 4.100%   2,690,000 1,780,849
Gap Inc. (The)(a)
10/01/2029 3.625%   1,550,000 1,139,934
Gap, Inc. (The)(a)
10/01/2031 3.875%   1,750,000 1,250,632
Hanesbrands, Inc.(a)
05/15/2026 4.875%   1,475,000 1,361,646
Home Depot, Inc. (The)
04/15/2052 3.625%   386,000 296,828
09/15/2052 4.950%   1,542,000 1,480,744
Kontoor Brands, Inc.(a)
11/15/2029 4.125%   475,000 401,073
L Brands, Inc.
07/01/2036 6.750%   1,495,000 1,292,108
Lowe’s Companies, Inc.
04/01/2052 4.250%   944,000 742,991
04/01/2062 4.450%   539,000 420,846
Magic MergeCo, Inc.(a)
05/01/2029 7.875%   1,400,000 1,060,406
Rent-A-Center, Inc.(a)
02/15/2029 6.375%   300,000 256,032
Sally Holdings LLC/Capital, Inc.
12/01/2025 5.625%   2,000,000 1,950,721
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
49
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Sonic Automotive Inc.(a)
11/15/2031 4.875%   1,620,000 1,289,862
Target Corp.
09/15/2032 4.500%   1,238,000 1,188,916
01/15/2033 4.400%   1,130,000 1,071,025
01/15/2052 2.950%   526,000 358,337
01/15/2053 4.800%   5,360,000 5,003,161
Tractor Supply Co.
11/01/2030 1.750%   3,885,000 2,991,310
Walgreens Boots Alliance Inc.
11/17/2023 0.950%   5,730,000 5,551,755
Walmart, Inc.
09/09/2052 4.500%   818,000 771,233
Total 48,435,078
Supermarkets 0.1%
Ahold Finance U.S.A. LLC
05/01/2029 6.875%   1,800,000 1,889,831
Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
03/15/2029 3.500%   1,520,000 1,289,607
C&S Group Enterprises LLC(a)
12/15/2028 5.000%   2,700,000 2,079,372
InRetail Consumer(a)
03/22/2028 3.250%   350,000 296,644
Total 5,555,454
Supranational 0.1%
Inter-American Development Bank
10/15/2025 6.800%   2,500,000 2,611,434
07/15/2027 6.750%   4,000,000 4,292,305
International Bank for Reconstruction & Development(i)
09/17/2030 0.000%   1,550,000 1,103,292
Total 8,007,031
Technology 1.8%
Advanced Micro Devices, Inc.
06/01/2032 3.924%   1,784,000 1,652,604
06/01/2052 4.393%   2,361,000 2,098,267
Apple, Inc.
02/08/2031 1.650%   285,000 228,403
05/11/2050 2.650%   5,095,000 3,423,968
08/08/2052 3.950%   644,000 548,612
08/05/2061 2.850%   560,000 364,208
08/08/2062 4.100%   351,000 296,867
Avnet, Inc.
06/01/2032 5.500%   2,876,000 2,734,756
Black Knight InfoServ LLC(a)
09/01/2028 3.625%   1,500,000 1,311,926
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Boxer Parent Co., Inc.(a)
03/01/2026 9.125%   2,500,000 2,442,099
Broadcom, Inc.
10/15/2024 3.625%   320,000 310,419
Broadcom, Inc.(a)
04/15/2029 4.000%   2,765,000 2,503,573
04/15/2034 3.469%   1,400,000 1,108,892
11/15/2035 3.137%   5,511,000 4,066,015
11/15/2036 3.187%   6,720,000 4,867,625
05/15/2037 4.926%   1,555,000 1,352,061
CDW LLC/Finance Corp.
05/01/2025 4.125%   2,500,000 2,396,998
12/01/2028 3.276%   5,270,000 4,546,369
CommScope, Inc.(a)
09/01/2029 4.750%   1,500,000 1,222,870
Corning, Inc.
11/15/2079 5.450%   438,000 386,701
Dell International LLC/EMC Corp.
06/15/2026 6.020%   870,000 880,025
02/01/2028 5.250%   5,720,000 5,625,796
02/01/2033 5.750%   1,393,000 1,355,619
DXC Technology Co.
09/15/2028 2.375%   5,845,000 4,892,361
Fidelity National Information Services, Inc.
03/01/2041 3.100%   2,890,000 1,992,310
07/15/2052 5.625%   2,635,000 2,462,229
Fiserv, Inc.
07/01/2024 2.750%   699,000 672,959
Fiserv, Inc.(c)
03/02/2033 5.600%   4,518,000 4,512,125
Flex Ltd.
01/15/2028 6.000%   2,560,000 2,573,734
Global Payments, Inc.
11/15/2024 1.500%   3,215,000 2,992,526
02/15/2025 2.650%   447,000 421,809
03/01/2026 1.200%   2,536,000 2,217,883
08/15/2052 5.950%   3,440,000 3,174,418
HP, Inc.
06/17/2031 2.650%   2,225,000 1,746,141
Infor, Inc.(a)
07/15/2023 1.450%   2,020,000 1,982,256
Intel Corp.
08/05/2027 3.750%   749,000 711,709
02/10/2030 5.125%   1,202,000 1,187,272
02/10/2033 5.200%   740,000 726,053
08/12/2041 2.800%   1,687,000 1,148,326
02/10/2043 5.625%   321,000 313,371
11/15/2049 3.250%   721,000 482,300
02/10/2053 5.700%   6,036,000 5,899,928
02/15/2060 3.100%   527,000 322,149
 
The accompanying Notes to Financial Statements are an integral part of this statement.
50 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
08/12/2061 3.200%   671,000 416,716
02/10/2063 5.900%   3,049,000 3,000,848
International Business Machines Corp.
07/27/2027 4.150%   1,118,000 1,080,672
02/06/2028 4.500%   5,380,000 5,237,357
05/15/2029 3.500%   928,000 846,473
07/27/2032 4.400%   914,000 855,251
02/06/2033 4.750%   572,000 547,254
02/09/2052 3.430%   306,000 213,794
07/27/2052 4.900%   873,000 786,661
KLA Corp.
07/15/2052 4.950%   690,000 651,188
07/15/2062 5.250%   895,000 855,897
Kyndryl Holdings, Inc.
10/15/2026 2.050%   1,440,000 1,238,296
10/15/2028 2.700%   903,000 738,732
10/15/2031 3.150%   721,000 537,926
Leidos, Inc.
02/15/2031 2.300%   845,000 660,087
Marvell Technology, Inc.
06/22/2023 4.200%   3,740,000 3,722,031
Microchip Technology, Inc.
09/01/2023 2.670%   5,040,000 4,963,218
02/15/2024 0.972%   345,000 329,683
Micron Technology, Inc.
11/01/2029 6.750%   8,340,000 8,601,847
Microsoft Corp.
03/17/2052 2.921%   2,813,000 2,028,934
03/17/2062 3.041%   4,290,000 3,004,195
NCR Corp.(a)
04/15/2029 5.125%   1,650,000 1,409,057
10/01/2030 5.250%   325,000 271,950
NetApp, Inc.
06/22/2025 1.875%   1,845,000 1,699,681
NXP BV/Funding LLC
03/01/2026 5.350%   1,056,000 1,045,526
NXP BV/Funding LLC/USA, Inc.
05/01/2030 3.400%   342,000 296,289
11/30/2051 3.250%   600,000 379,091
Open Text Corp.(a)
12/01/2027 6.900%   650,000 660,151
Open Text Holdings, Inc.(a)
12/01/2031 4.125%   1,645,000 1,309,086
Oracle Corp.
11/15/2027 3.250%   2,409,000 2,204,070
03/25/2028 2.300%   903,000 783,465
11/09/2029 6.150%   997,000 1,031,886
03/25/2031 2.875%   1,620,000 1,342,071
11/09/2032 6.250%   3,200,000 3,331,191
11/15/2037 3.800%   3,892,000 3,076,375
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
03/25/2041 3.650%   2,929,000 2,157,799
11/15/2047 4.000%   938,000 686,950
04/01/2050 3.600%   4,551,000 3,086,133
03/25/2051 3.950%   3,048,000 2,187,185
11/09/2052 6.900%   677,000 729,753
02/06/2053 5.550%   3,583,000 3,276,867
PayPal Holdings, Inc.
10/01/2026 2.650%   964,000 890,282
10/01/2029 2.850%   204,000 177,068
06/01/2030 2.300%   1,435,000 1,182,356
06/01/2052 5.050%   520,000 474,471
06/01/2062 5.250%   3,394,000 3,105,570
Qorvo, Inc.(a)
12/15/2024 1.750%   1,200,000 1,112,460
QUALCOMM, Inc.
05/20/2053 6.000%   1,863,000 2,008,452
S&P Global, Inc.(a)
03/01/2029 2.700%   1,348,000 1,183,551
03/01/2032 2.900%   1,549,000 1,323,641
03/01/2052 3.700%   2,150,000 1,700,822
S&P Global, Inc.
08/15/2030 1.250%   592,000 457,743
Salesforce.com, Inc.
07/15/2041 2.700%   584,000 412,710
Seagate HDD(a)
12/01/2032 9.625%   776,475 851,916
Seagate HDD Cayman
03/01/2024 4.875%   2,305,000 2,267,629
Sensata Technologies, Inc.(a)
02/15/2031 3.750%   1,600,000 1,341,741
TD SYNNEX Corp.
08/09/2026 1.750%   314,000 270,291
Tempo Acquisition LLC/Finance Corp.(a)
06/01/2025 5.750%   1,550,000 1,534,857
Tencent Holdings Ltd.(a)
04/22/2051 3.840%   2,760,000 1,986,892
Texas Instruments, Inc.
08/16/2032 3.650%   696,000 639,944
08/16/2052 4.100%   372,000 332,880
Trimble, Inc.(c)
03/15/2033 6.100%   2,480,000 2,472,076
VMware, Inc.
08/15/2026 1.400%   1,441,000 1,243,525
Western Union Co. (The)
06/09/2023 4.250%   3,050,000 3,035,592
03/15/2026 1.350%   140,000 123,047
Total 187,567,684
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
51
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Tobacco 0.5%
Altria Group, Inc.
05/06/2030 3.400%   1,280,000 1,102,197
02/04/2032 2.450%   1,153,000 870,071
02/04/2041 3.400%   3,910,000 2,619,211
09/16/2046 3.875%   308,000 205,950
02/04/2051 3.700%   1,852,000 1,174,854
BAT Capital Corp.
08/15/2027 3.557%   1,548,000 1,410,719
03/25/2028 2.259%   3,280,000 2,749,570
03/25/2031 2.726%   2,253,000 1,758,695
08/15/2037 4.390%   1,409,000 1,093,231
09/25/2040 3.734%   562,000 384,336
08/15/2047 4.540%   5,800,000 4,160,204
03/16/2052 5.650%   2,800,000 2,352,587
BAT International Finance PLC
03/16/2028 4.448%   8,000,000 7,479,009
Imperial Brands Finance PLC(a)
07/26/2024 3.125%   2,000,000 1,920,584
07/21/2025 4.250%   2,000,000 1,922,714
Philip Morris International, Inc.
02/15/2028 4.875%   1,501,000 1,469,728
02/15/2030 5.125%   4,175,000 4,086,493
02/15/2033 5.375%   1,502,000 1,476,853
Reynolds American, Inc.
06/12/2025 4.450%   1,325,000 1,289,643
08/15/2035 5.700%   1,045,000 950,434
08/04/2041 7.000%   1,127,000 1,122,601
09/15/2043 6.150%   501,000 458,215
08/15/2045 5.850%   4,327,000 3,718,224
Vector Group Ltd.(a)
02/01/2029 5.750%   3,250,000 2,816,731
Total 48,592,854
Transportation Services 0.4%
Element Fleet Management Corp.(a)
06/15/2025 3.850%   2,795,000 2,649,157
ERAC USA Finance LLC(a)
11/01/2025 3.800%   2,500,000 2,381,925
12/01/2026 3.300%   3,435,000 3,170,178
03/15/2042 5.625%   1,689,000 1,662,397
11/01/2046 4.200%   1,041,000 853,328
FedEx Corp. Pass-Through Trust
Series 2020-1 Class AA
02/20/2034 1.875%   638,477 523,405
Penske Truck Leasing Co. LP/Finance Corp.(a)
11/15/2025 1.200%   842,000 745,026
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)
06/15/2026 1.700%   1,236,000 1,085,287
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Penske Truck Leasing Co., LP/Finance Corp.(a)
08/01/2023 4.125%   5,245,000 5,210,722
07/15/2025 4.000%   905,000 865,972
Ryder System, Inc.
06/01/2025 4.625%   2,395,000 2,339,659
03/01/2028 5.650%   7,480,000 7,484,023
Triton Container International Ltd.(a)
04/15/2026 2.050%   617,000 540,194
06/15/2031 3.150%   558,000 437,196
TTX Co.(a)
01/15/2025 3.600%   1,620,000 1,559,042
12/01/2052 5.650%   415,000 432,127
United Parcel Service, Inc.
03/03/2053 5.050%   5,335,000 5,271,921
Total 37,211,559
Treasury 0.1%
Romanian Government International Bond(a)
05/25/2034 6.000%   5,488,000 5,346,380
Wireless 0.7%
American Tower Corp.
02/15/2024 5.000%   665,000 660,898
03/15/2027 3.650%   684,000 637,223
American Tower Corp.(c)
03/15/2033 5.650%   3,500,000 3,484,040
Crown Castle International Corp.
07/15/2026 1.050%   401,000 346,924
03/15/2027 2.900%   684,000 621,549
04/01/2041 2.900%   1,652,000 1,123,099
Digicel Group 0.5 Ltd.(a),(l)
04/01/2025 8.000%   103,826 25,957
Digicel Holdings Bermuda Ltd./International Finance Ltd.(a)
05/25/2024 8.750%   700,000 606,132
Digicel International Finance Ltd./Holdings(a),(l)
12/31/2025 13.000%   860,640 430,322
Digicel International Finance Ltd./Holdings(a)
Subordinated
12/31/2026 8.000%   500,000 220,000
Digicel International Finance Ltd./Holdings Bermuda Ltd.(a)
05/25/2024 8.750%   2,425,000 2,104,644
Digicel Ltd.(a)
06/01/2023 6.750%   1,300,000 507,001
Millicom International Cellular SA(a)
04/27/2031 4.500%   500,000 403,500
SK Telecom Co., Ltd.(a)
04/16/2023 3.750%   2,490,000 2,484,695
Sprint Capital Corp.
03/15/2032 8.750%   275,000 327,255
 
The accompanying Notes to Financial Statements are an integral part of this statement.
52 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Sprint Corp.
09/15/2023 7.875%   3,000,000 3,029,232
06/15/2024 7.125%   5,225,000 5,292,012
Sprint Spectrum Co. I/II/III LLC(a)
03/20/2025 4.738%   5,048,437 4,986,824
03/20/2028 5.152%   8,275,000 8,174,058
T-Mobile US, Inc.
02/15/2026 2.250%   99,000 90,107
04/15/2027 3.750%   3,514,000 3,304,180
02/01/2028 4.750%   961,000 931,012
02/15/2028 2.050%   1,548,000 1,329,212
02/15/2029 2.625%   597,000 508,686
04/15/2029 3.375%   3,200,000 2,831,074
04/15/2030 3.875%   7,131,000 6,467,919
02/15/2031 2.550%   2,165,000 1,765,427
04/15/2031 3.500%   1,692,000 1,465,692
04/15/2040 4.375%   4,308,000 3,661,897
02/15/2041 3.000%   4,844,000 3,379,116
04/15/2050 4.500%   332,000 275,755
09/15/2062 5.800%   1,266,000 1,238,572
Vmed O2 UK Financing I PLC(a)
07/15/2031 4.750%   3,290,000 2,713,103
Vodafone Group PLC
06/19/2049 4.875%   3,150,000 2,728,136
02/10/2053 5.625%   359,000 345,025
02/10/2063 5.750%   749,000 711,463
Total 69,211,741
Wirelines 0.5%
AT&T, Inc.
12/01/2033 2.550%   3,840,000 2,939,850
05/15/2035 4.500%   759,000 682,238
03/01/2037 5.250%   2,205,000 2,123,755
08/15/2037 4.900%   584,000 536,079
03/01/2039 4.850%   1,086,000 975,478
06/01/2041 3.500%   659,000 494,477
05/15/2046 4.750%   2,220,000 1,907,233
09/15/2053 3.500%   8,582,000 5,891,788
09/15/2055 3.550%   4,271,000 2,895,842
12/01/2057 3.800%   2,257,000 1,584,309
09/15/2059 3.650%   5,008,000 3,390,768
C&W Senior Financing DAC(a)
09/15/2027 6.875%   385,000 348,117
Front Range BidCo, Inc.(a)
03/01/2027 4.000%   1,500,000 1,152,072
Frontier Communications Corp.(a)
05/01/2028 5.000%   269,000 236,070
GCI LLC(a)
10/15/2028 4.750%   1,480,000 1,268,514
Iliad Holding SAS(a)
10/15/2026 6.500%   550,000 514,594
10/15/2028 7.000%   500,000 461,710
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Level 3 Financing, Inc.(a)
03/01/2027 3.400%   1,925,000 1,621,515
11/15/2029 3.875%   1,264,000 958,381
Qwest Corp.
09/15/2025 7.250%   3,978,000 3,937,947
Telecom Italia Capital SA
06/04/2038 7.721%   1,550,000 1,410,451
Total Play Telecomunicaciones SA de CV(a)
09/20/2028 6.375%   1,270,000 979,173
Verizon Communications, Inc.
02/15/2025 3.376%   2,527,000 2,440,732
12/03/2029 4.016%   530,000 489,455
03/15/2032 2.355%   8,256,000 6,486,495
08/10/2033 4.500%   1,192,000 1,106,318
11/01/2034 4.400%   3,565,000 3,242,499
03/22/2041 3.400%   2,127,000 1,604,113
11/01/2041 4.750%   1,061,000 968,038
03/22/2061 3.700%   922,000 648,540
Total 53,296,551
Total Corporate Bonds & Notes
(Cost $3,683,313,474) 		3,317,468,110
Foreign Government Obligations(m),(n) 1.6%
Australia 0.0%
NBN Co., Ltd.(a)
05/05/2026 1.450%   581,000 514,415
01/08/2027 1.625%   1,230,000 1,070,736
Total 1,585,151
Azerbaijan 0.0%
Southern Gas Corridor CJSC(a)
03/24/2026 6.875%   450,000 458,750
Bermuda 0.0%
Bermuda Government International Bond(a)
08/20/2030 2.375%   1,105,000 919,392
Brazil 0.0%
Brazil Minas SPE via State of Minas Gerais(a)
02/15/2028 5.333%   1,450,000 1,422,366
Brazilian Government International Bond
06/12/2030 3.875%   800,000 690,402
Total 2,112,768
Canada 0.0%
Province of British Columbia
09/01/2036 7.250%   2,000,000 2,543,338
Province of Manitoba
06/22/2026 2.125%   300,000 276,378
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
53
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Foreign Government Obligations(m),(n) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Province of Quebec(k)
03/02/2026 7.485%   230,000 245,900
Total 3,065,616
Chile 0.0%
Chile Government International Bond
01/31/2031 2.450%   700,000 584,039
01/27/2032 2.550%   1,298,000 1,064,502
Corporación Nacional del Cobre de Chile(a)
11/04/2044 4.875%   200,000 179,092
Empresa Nacional del Petroleo(a)
08/05/2026 3.750%   750,000 696,038
11/06/2029 5.250%   450,000 427,757
Total 2,951,428
Colombia 0.1%
Colombia Government International Bond
01/28/2026 4.500%   700,000 660,118
03/15/2029 4.500%   250,000 214,833
01/30/2030 3.000%   1,305,000 986,577
04/20/2033 8.000%   200,000 198,277
Ecopetrol SA
04/29/2030 6.875%   2,000,000 1,783,474
01/13/2033 8.875%   3,568,000 3,503,830
Total 7,347,109
Dominican Republic 0.1%
Dominican Republic International Bond(a)
01/27/2025 5.500%   100,000 98,416
01/27/2025 5.500%   100,000 98,416
07/19/2028 6.000%   1,400,000 1,351,253
07/19/2028 6.000%   275,000 265,425
02/22/2029 5.500%   2,655,000 2,468,638
02/22/2029 5.500%   161,000 149,699
01/30/2030 4.500%   628,000 540,741
09/23/2032 4.875%   750,000 629,302
Total 5,601,890
Egypt 0.0%
Egypt Government International Bond(a)
10/06/2025 5.250%   850,000 735,291
03/01/2029 7.600%   300,000 235,634
Total 970,925
France 0.0%
Dexia Credit Local SA(a)
09/26/2023 3.250%   1,500,000 1,482,403
Hungary 0.0%
Hungary Government International Bond(a)
09/22/2031 2.125%   1,400,000 1,076,156
Foreign Government Obligations(m),(n) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
India 0.1%
Export-Import Bank of India(a)
08/05/2026 3.375%   860,000 801,610
02/01/2028 3.875%   1,025,000 947,901
01/13/2031 2.250%   1,030,000 814,753
Indian Railway Finance Corp., Ltd.(a)
01/21/2032 3.570%   1,110,000 946,375
Power Finance Corp., Ltd.(a)
12/06/2028 6.150%   546,000 547,256
Total 4,057,895
Indonesia 0.2%
Freeport Indonesia PT(a)
04/14/2032 5.315%   1,045,000 970,265
Indonesia Government International Bond
02/14/2030 2.850%   560,000 495,488
Indonesia Government International Bond(a)
01/17/2038 7.750%   1,000,000 1,227,787
07/18/2047 4.750%   1,000,000 933,784
Lembaga Pembiayaan Ekspor Indonesia(a)
04/06/2024 3.875%   1,450,000 1,421,027
Perusahaan Penerbit SBSN Indonesia III(a)
06/23/2030 2.800%   1,000,000 877,329
PT Pertamina Persero(a)
08/25/2030 3.100%   1,424,000 1,223,386
02/09/2031 2.300%   1,200,000 966,916
05/20/2043 5.625%   250,000 234,545
PT Perusahaan Listrik Negara(a)
05/15/2027 4.125%   5,000,000 4,752,006
05/21/2028 5.450%   2,000,000 1,983,753
05/21/2028 5.450%   500,000 495,938
01/25/2029 5.375%   200,000 197,278
06/30/2030 3.000%   750,000 628,177
Total 16,407,679
Israel 0.0%
Israel Electric Corp., Ltd.(a)
08/14/2028 4.250%   2,200,000 2,054,299
Italy 0.1%
Republic of Italy Government International Bond
10/17/2029 2.875%   1,700,000 1,435,942
06/15/2033 5.375%   8,270,000 8,104,909
Total 9,540,851
Japan 0.0%
Japan Bank for International Cooperation
05/23/2024 2.500%   600,000 579,283
 
The accompanying Notes to Financial Statements are an integral part of this statement.
54 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Foreign Government Obligations(m),(n) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Japan Finance Organization for Municipalities(a)
03/12/2024 3.000%   400,000 390,090
Total 969,373
Kazakhstan 0.0%
KazMunayGas National Co. JSC(a)
04/24/2025 4.750%   950,000 921,449
04/19/2027 4.750%   300,000 276,421
04/24/2030 5.375%   962,000 868,106
KazTransGas JSC(a)
09/26/2027 4.375%   200,000 180,664
Total 2,246,640
Malaysia 0.1%
Misc Capital Two Labuan Ltd.(a)
04/06/2027 3.750%   3,700,000 3,432,846
Marshall Islands 0.0%
Nakilat, Inc.(a)
12/31/2033 6.067%   1,038,067 1,082,405
Mexico 0.4%
Comision Federal de Electricidad(a)
05/15/2029 4.688%   3,647,000 3,263,213
Mexico City Airport Trust(a)
10/31/2026 4.250%   1,435,000 1,340,283
07/31/2047 5.500%   2,150,000 1,603,542
Mexico Government International Bond
04/22/2029 4.500%   1,500,000 1,425,500
05/24/2031 2.659%   2,368,000 1,913,359
05/19/2033 4.875%   4,145,000 3,859,984
08/14/2041 4.280%   350,000 280,438
05/24/2061 3.771%   550,000 363,708
04/19/2071 3.750%   750,000 488,066
Pemex Project Funding Master Trust
06/15/2038 6.625%   50,000 34,871
Petroleos Mexicanos
03/13/2027 6.500%   13,777,000 12,531,398
02/12/2028 5.350%   276,000 233,487
01/23/2029 6.500%   625,000 542,102
01/28/2031 5.950%   3,025,000 2,317,638
02/16/2032 6.700%   3,848,000 3,055,720
06/15/2035 6.625%   900,000 662,481
01/23/2045 6.375%   940,000 596,362
01/23/2046 5.625%   300,000 177,620
09/21/2047 6.750%   5,817,000 3,771,725
01/23/2050 7.690%   1,503,000 1,062,133
01/28/2060 6.950%   800,000 514,464
Total 40,038,094
Foreign Government Obligations(m),(n) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Morocco 0.0%
Morocco Government International Bond(a)
12/15/2027 2.375%   1,300,000 1,108,838
12/15/2050 4.000%   350,000 225,087
OCP SA(a)
06/23/2031 3.750%   350,000 280,859
Total 1,614,784
Netherlands 0.0%
Equate Petrochemical BV(a)
04/28/2028 2.625%   700,000 613,401
Norway 0.0%
Equinor ASA
04/06/2030 3.125%   826,000 743,299
Oman 0.0%
Oman Government International Bond(a)
01/17/2028 5.625%   600,000 589,377
10/28/2032 7.375%   1,325,000 1,449,268
Total 2,038,645
Panama 0.0%
Banco Nacional de Panama(a)
08/11/2030 2.500%   875,000 697,745
08/11/2030 2.500%   600,000 478,453
Panama Government International Bond
03/16/2025 3.750%   200,000 193,572
01/23/2030 3.160%   1,575,000 1,356,151
09/29/2032 2.252%   200,000 148,927
01/19/2033 3.298%   650,000 528,592
Total 3,403,440
Peru 0.1%
Corporación Financiera de Desarrollo SA(a)
09/28/2027 2.400%   600,000 513,772
Peruvian Government International Bond
08/25/2027 4.125%   412,000 398,705
06/20/2030 2.844%   990,000 837,477
01/23/2031 2.783%   620,000 511,811
12/01/2032 1.862%   925,000 672,959
03/14/2037 6.550%   1,785,000 1,904,433
12/01/2060 2.780%   600,000 348,008
Petroleos del Peru SA(a)
06/19/2032 4.750%   2,100,000 1,613,393
Total 6,800,558
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
55
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Foreign Government Obligations(m),(n) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Philippines 0.0%
Philippine Government International Bond
01/15/2032 6.375%   400,000 432,652
10/23/2034 6.375%   275,000 299,912
Total 732,564
Poland 0.0%
Republic of Poland Government International Bond
11/16/2032 5.750%   159,000 166,707
Qatar 0.0%
Qatar Energy(a)
07/12/2031 2.250%   500,000 410,988
Qatar Government International Bond(a)
04/23/2048 5.103%   1,910,000 1,893,647
Total 2,304,635
Romania 0.0%
Romanian Government International Bond(a)
02/14/2031 3.000%   2,100,000 1,700,593
12/02/2040 2.625% EUR 500,000 299,650
Total 2,000,243
Russian Federation 0.0%
Russian Foreign Bond - Eurobond(a),(o)
06/23/2027 0.000%   800,000 334,094
Saudi Arabia 0.0%
Saudi Government International Bond(a)
10/22/2030 3.250%   505,000 455,114
02/02/2061 3.450%   575,000 398,697
Total 853,811
Serbia 0.1%
Serbia International Bond(a)
12/01/2030 2.125%   6,640,000 4,915,126
09/26/2033 6.500%   3,000,000 2,921,363
Total 7,836,489
South Africa 0.1%
Eskom Holdings SOC Ltd.(a)
08/06/2023 6.750%   200,000 199,115
02/11/2025 7.125%   950,000 933,074
Republic of South Africa Government International Bond
10/12/2028 4.300%   995,000 883,679
09/30/2029 4.850%   3,475,000 3,069,279
South Africa Government International Bond
01/17/2024 4.665%   1,100,000 1,085,176
Foreign Government Obligations(m),(n) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Transnet SOC Ltd.(a)
02/06/2028 8.250%   255,000 255,743
Total 6,426,066
Turkey 0.0%
Turkey Government International Bond
03/23/2023 3.250%   1,080,000 1,079,540
Ukraine 0.0%
Ukraine Government International Bond(a)
09/01/2024 7.750%   2,410,000 559,033
02/01/2026 8.994%   1,000,000 189,942
09/01/2027 7.750%   3,050,000 552,959
11/01/2030 9.750%   3,850,000 732,075
Total 2,034,009
United Arab Emirates 0.0%
DP World Crescent Ltd.(a)
09/26/2028 4.848%   740,000 728,602
DP World Ltd.(a)
07/02/2037 6.850%   300,000 333,496
Total 1,062,098
United States 0.1%
Antares Holdings LP(a)
01/15/2027 2.750%   746,000 616,790
07/15/2027 3.750%   4,605,000 3,873,733
BOC Aviation USA Corp.(a)
04/29/2024 1.625%   2,015,000 1,925,108
Citgo Holding, Inc.(a)
08/01/2024 9.250%   25,000 25,086
DAE Funding LLC(a)
08/01/2024 1.550%   1,910,000 1,788,448
Total 8,229,165
Uruguay 0.0%
Uruguay Government International Bond
04/20/2055 4.975%   1,000,000 960,638
Virgin Islands 0.1%
1MDB Global Investments Ltd(a)
03/09/2023 4.400%   2,800,000 2,791,959
Sinopec Group Overseas Development Ltd.(a)
04/28/2025 3.250%   400,000 383,171
04/28/2025 3.250%   300,000 287,378
Total 3,462,508
Total Foreign Government Obligations
(Cost $189,392,834) 		160,098,364
 
The accompanying Notes to Financial Statements are an integral part of this statement.
56 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Inflation-Indexed Bonds 0.1%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
United States 0.1%
U.S. Treasury Inflation-Indexed Bond
07/15/2032 0.625%   7,351,808 6,794,377
Total Inflation-Indexed Bonds
(Cost $6,835,399) 		6,794,377
Municipal Bonds 0.4%
Issue Description Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Higher Education 0.1%
University of California
Refunding Revenue Bonds
Taxable General
Series 2017AX
07/01/2025 3.063%   5,700,000 5,461,795
University of Michigan
Revenue Bonds
Taxable
Series 2022A
04/01/2122 4.454%   4,020,000 3,411,793
University of Virginia
Refunding Revenue Bonds
Taxable
Series 2021B
11/01/2051 2.584%   2,020,000 1,347,650
Revenue Bonds
Taxable
Series 2017C
09/01/2117 4.179%   725,000 584,616
Total 10,805,854
Hospital 0.1%
California Health Facilities Financing Authority
Refunding Revenue Bonds
Cedars-Sinai Health System
Series 2021
08/15/2051 3.000%   1,785,000 1,275,924
Regents of the University of California Medical Center
Revenue Bonds
Taxable
Series 2020N
05/15/2060 3.256%   5,650,000 3,911,782
Total 5,187,706
Local General Obligation 0.1%
City of New York
Unlimited General Obligation Bonds
Series 2010 (BAM)
03/01/2036 5.968%   3,100,000 3,334,384
Municipal Bonds (continued)
Issue Description Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Unlimited General Obligation Refunding Bonds
Series 2021D
08/01/2030 1.823%   515,000 416,291
Los Angeles Unified School District
Unlimited General Obligation Bonds
Taxable Build America Bonds
Series 2009
07/01/2034 5.750%   1,560,000 1,641,445
Total 5,392,120
Sales Tax 0.0%
Puerto Rico Sales Tax Financing Corp.(p)
Revenue Bonds
Series 2019A1
07/01/2058 5.000%   2,740,000 2,535,322
Special Non Property Tax 0.1%
New York City Transitional Finance Authority
Refunding Revenue Bonds
Future Tax Secured
Subordinated Series 2020B-3
08/01/2035 2.000%   3,000,000 2,148,578
Revenue Bonds
Future Tax Secured
Subordinated Series 2020D-3
11/01/2032 2.400%   1,045,000 833,031
New York State Dormitory Authority
Refunding Revenue Bonds
Taxable
Series 2020F
02/15/2032 2.957%   1,250,000 1,072,222
State of Illinois
Revenue Bonds
Taxable Sales Tax
Series 2013
06/15/2028 3.350%   2,500,000 2,291,359
Total 6,345,190
Transportation 0.0%
Metropolitan Transportation Authority
Revenue Bonds
Taxable Green Bonds
Series 2020C-2
11/15/2049 5.175%   810,000 730,753
Turnpike / Bridge / Toll Road 0.0%
Bay Area Toll Authority
Revenue Bonds
Series 2009 (BAM)
04/01/2049 6.263%   1,920,000 2,288,935
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
57
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Municipal Bonds (continued)
Issue Description Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Pennsylvania Turnpike Commission
Revenue Bonds
Build America Bonds
Series 2009
12/01/2039 6.105%   1,620,000 1,836,532
Texas Private Activity Bond Surface Transportation Corp.
Revenue Bonds
Taxable North Tarrant Express Managed Lanes Project
Series 2019
12/31/2049 3.922%   875,000 683,952
Total 4,809,419
Water & Sewer 0.0%
City of San Francisco Public Utilities Commission Water
Refunding Revenue Bonds
Taxable Green Bonds
11/01/2041 2.825%   2,510,000 1,953,048
Total Municipal Bonds
(Cost $45,047,318) 		37,759,412
Residential Mortgage-Backed Securities - Agency(q) 25.6%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Fannie Mae REMICS
CMO Series 2011-84 Class Z
09/25/2041 5.250%   1,142,258 1,156,135
Federal Home Loan Mortgage Corp.
08/01/2024-
02/01/2025 		8.000%   2,355 2,363
10/01/2028-
07/01/2032 		7.000%   102,679 104,927
03/01/2031-
03/01/2052 		3.000%   66,420,778 59,088,668
10/01/2031-
07/01/2037 		6.000%   362,917 378,274
04/01/2033-
11/01/2052 		5.500%   14,743,332 14,749,821
05/01/2033-
06/01/2052 		3.500%   74,891,931 69,174,155
10/01/2039-
06/01/2052 		5.000%   7,240,326 7,136,891
09/01/2040-
04/01/2049 		4.000%   13,376,506 12,861,809
09/01/2040-
06/01/2052 		4.500%   10,388,089 10,073,466
06/01/2050-
04/01/2052 		2.500%   231,204,572 196,526,634
05/01/2051-
04/01/2052 		2.000%   46,086,806 37,611,134
CMO Series 2060 Class Z
05/15/2028 6.500%   53,270 54,297
CMO Series 2310 Class Z
04/15/2031 6.000%   51,043 52,263
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2725 Class TA
12/15/2033 4.500%   1,525,000 1,501,005
CMO Series 2882 Class ZC
11/15/2034 6.000%   2,779,303 2,770,585
CMO Series 2953 Class LZ
03/15/2035 6.000%   2,564,146 2,643,339
CMO Series 3028 Class ZE
09/15/2035 5.500%   148,228 131,745
CMO Series 3032 Class PZ
09/15/2035 5.800%   356,120 376,295
CMO Series 3071 Class ZP
11/15/2035 5.500%   7,782,201 7,986,956
CMO Series 3121 Class EZ
03/15/2036 6.000%   91,794 94,052
CMO Series 3181 Class AZ
07/15/2036 6.500%   30,778 32,177
CMO Series 353 Class 300
12/15/2046 3.000%   5,858,650 5,321,472
CMO Series 3740 Class BA
10/15/2040 4.000%   1,142,669 1,081,688
CMO Series 3747 Class HY
10/15/2040 4.500%   2,991,000 2,949,582
CMO Series 3753 Class KZ
11/15/2040 4.500%   5,729,511 5,635,479
CMO Series 3769 Class ZC
12/15/2040 4.500%   2,851,345 2,803,360
CMO Series 3841 Class JZ
04/15/2041 5.000%   241,074 240,326
CMO Series 3888 Class ZG
07/15/2041 4.000%   555,324 521,179
CMO Series 3926 Class NY
09/15/2041 4.000%   465,017 440,995
CMO Series 3928 Class MB
09/15/2041 4.500%   1,043,125 1,005,178
CMO Series 3934 Class CB
10/15/2041 4.000%   2,789,671 2,640,452
CMO Series 3982 Class TZ
01/15/2042 4.000%   1,071,303 1,002,834
CMO Series 4027 Class AB
12/15/2040 4.000%   1,276,032 1,229,165
CMO Series 4057 Class ZB
06/15/2042 3.500%   6,244,023 5,793,680
CMO Series 4057 Class ZL
06/15/2042 3.500%   7,052,113 6,381,508
CMO Series 4077 Class KM
11/15/2041 3.500%   36,443 35,759
 
The accompanying Notes to Financial Statements are an integral part of this statement.
58 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 4091 Class KB
08/15/2042 3.000%   6,500,000 5,716,034
CMO Series 4182 Class QN
02/15/2033 3.000%   105,753 103,528
CMO Series 4361 Class VB
02/15/2038 3.000%   3,500,493 3,426,933
CMO Series 4421 Class PB
12/15/2044 4.000%   5,941,237 5,485,072
CMO Series 4440 Class ZX
01/15/2045 4.000%   12,053,156 11,121,596
CMO Series 4463 Class ZA
04/15/2045 4.000%   4,883,351 4,619,915
CMO Series 4495 Class PA
09/15/2043 3.500%   138,971 133,368
CMO Series 4682 Class HZ
04/15/2047 3.500%   3,296,984 3,030,906
CMO Series 4771 Class HZ
03/15/2048 3.500%   9,527,542 8,339,102
CMO Series 4774 Class KA
12/15/2045 4.500%   243,837 239,065
CMO Series 4787 Class PY
05/15/2048 4.000%   1,147,670 1,077,634
CMO Series 4793 Class CD
06/15/2048 3.000%   871,492 781,888
CMO Series 4839 Class A
04/15/2051 4.000%   2,555,708 2,429,632
CMO Series 4941 Class CZ
11/25/2049 3.000%   1,099,522 924,121
Federal Home Loan Mortgage Corp.(b),(g)
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
11/15/2043 		1.512%   13,174,557 880,710
CMO Series 2013-4258 Class SJ
-1.0 x 1-month USD LIBOR + 6.650%
Cap 6.650%
10/15/2043 		2.062%   3,139,615 424,072
CMO Series 2014-4313 Class MS
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
04/15/2039 		1.562%   4,770,872 315,472
CMO Series 3404 Class AS
-1.0 x 1-month USD LIBOR + 5.895%
Cap 5.895%
01/15/2038 		1.307%   1,633,585 106,011
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 3578 Class DI
-1.0 x 1-month USD LIBOR + 6.650%
Cap 6.650%
04/15/2036 		2.062%   2,423,919 145,019
CMO Series 3892 Class SC
-1.0 x 1-month USD LIBOR + 5.950%
Cap 5.950%
07/15/2041 		1.362%   3,766,922 231,382
CMO Series 3997 Class SK
-1.0 x 1-month USD LIBOR + 6.600%
Cap 6.600%
11/15/2041 		2.012%   7,890,087 338,248
CMO Series 4087 Class SC
-1.0 x 1-month USD LIBOR + 5.550%
Cap 5.550%
07/15/2042 		0.962%   4,616,654 214,200
CMO Series 4281 Class SA
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
12/15/2043 		1.512%   7,321,948 421,857
CMO Series 4635 Class SE
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
12/15/2046 		1.512%   11,733,211 628,814
CMO Series 4910 Class SG
1-month LIBID + 6.050%
Cap 6.050%
09/25/2049 		1.433%   16,582,693 1,913,623
Federal Home Loan Mortgage Corp.(r)
04/01/2052-
10/01/2052 		2.500%   25,671,122 21,767,088
Federal Home Loan Mortgage Corp.(b)
CMO Series 1486 Class FA
1-month USD LIBOR + 1.300%
Floor 1.300%, Cap 10.000%
04/15/2023 		5.888%   816 816
CMO Series 2380 Class F
1-month USD LIBOR + 0.450%
Floor 0.450%, Cap 8.500%
11/15/2031 		5.038%   87,279 87,362
CMO Series 2557 Class FG
1-month USD LIBOR + 0.400%
Floor 0.400%, Cap 8.000%
01/15/2033 		4.988%   224,332 224,330
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
59
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2962 Class PF
1-month USD LIBOR + 0.250%
Floor 0.250%, Cap 7.000%
03/15/2035 		4.838%   86,403 86,054
CMO Series 2981 Class FU
1-month USD LIBOR + 0.200%
Floor 0.200%, Cap 8.000%
05/15/2030 		4.788%   213,503 212,179
CMO Series 3065 Class EB
-3.0 x 1-month USD LIBOR + 19.890%
Cap 19.890%
11/15/2035 		6.126%   330,627 324,252
CMO Series 3081 Class GC
-3.7 x 1-month USD LIBOR + 23.833%
Cap 23.833%
12/15/2035 		7.011%   545,212 518,267
CMO Series 3085 Class FV
1-month USD LIBOR + 0.700%
Floor 0.700%, Cap 8.000%
08/15/2035 		5.288%   463,668 467,669
CMO Series 3564 Class FC
1-month USD LIBOR + 1.250%
Floor 1.250%, Cap 6.500%
01/15/2037 		5.912%   158,155 161,547
CMO Series 3680 Class FA
1-month USD LIBOR + 1.000%
Floor 1.000%, Cap 6.000%
06/15/2040 		5.588%   509,293 510,366
CMO Series 3852 Class QN
-3.6 x 1-month USD LIBOR + 27.211%
Cap 5.500%
05/15/2041 		5.500%   21,203 20,110
CMO Series 4048 Class FJ
1-month USD LIBOR + 0.400%
Floor 0.400%, Cap 9,999.000%
07/15/2037 		5.062%   879,273 865,139
CMO Series 5115 Class FD
30-day Average SOFR + 0.250%
Floor 0.250%, Cap 4.000%
08/15/2043 		4.000%   7,170,901 6,695,366
Federal Home Loan Mortgage Corp.(g)
CMO Series 303 Class C21
01/15/2043 4.000%   10,938,000 1,888,494
CMO Series 303 Class C30
12/15/2042 4.500%   7,166,588 1,175,033
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 364 Class C15
12/15/2046 3.500%   4,426,479 743,528
CMO Series 4146 Class IA
12/15/2032 3.500%   5,146,455 563,812
CMO Series 4186 Class IB
03/15/2033 3.000%   5,199,432 495,114
CMO Series 4627 Class PI
05/15/2044 3.500%   1,645,581 74,749
CMO Series 4698 Class BI
07/15/2047 5.000%   12,325,388 2,157,507
CMO Series 5048 Class HI
01/15/2042 4.500%   3,202,274 525,977
CMO Series 5078 Class NI
06/15/2042 4.000%   2,740,000 557,850
Federal Home Loan Mortgage Corp.(f),(g)
CMO Series 351 Class 213
02/15/2046 4.084%   298,573 55,769
CMO Series 364 Class 141
12/15/2046 2.752%   342,257 49,125
CMO Series 364 Class 151
12/15/2046 3.381%   340,665 55,535
CMO Series 364 Class 158
12/15/2046 3.855%   187,272 33,575
CMO Series 364 Class 167
12/15/2046 2.550%   321,338 39,655
CMO Series 364 Class C23
12/15/2046 2.929%   4,270,229 611,937
CMO Series 364 Class C24
12/15/2046 3.453%   2,421,232 407,072
CMO Series 364 Class C25
12/15/2046 4.057%   748,406 143,313
CMO Series 368 Class C15
01/25/2048 3.249%   4,866,897 599,719
CMO Series 3833 Class LI
10/15/2040 0.000%   6,235,144 280,757
CMO Series 5094 Class IO
12/15/2048 1.544%   13,743,758 971,548
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates(f),(g)
CMO Series K051 Class X1
09/25/2025 0.502%   16,812,617 183,217
CMO Series K058 Class X1
08/25/2026 0.914%   2,347,677 60,957
CMO Series KW02 Class X1
12/25/2026 0.295%   10,560,037 51,185
 
The accompanying Notes to Financial Statements are an integral part of this statement.
60 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Federal Home Loan Mortgage Corp. REMICS(b),(g)
CMO Series 204236 Class IS
-1.0 x 1-month USD LIBOR + 6.000%
Cap 6.000%
08/15/2043 		1.412%   11,531,500 908,568
Federal Home Loan Mortgage Corp. REMICS
CMO Series 3843 Class JZ
04/15/2041 5.100%   1,007,164 999,576
CMO Series 4372 Class Z
08/15/2044 3.000%   2,915,515 2,593,757
CMO Series 4402 Class YB
10/15/2044 3.000%   2,746,603 2,450,945
CMO Series 4612 Class HZ
08/15/2046 2.500%   7,046,346 5,693,042
CMO Series 4753 Class VZ
12/15/2047 3.000%   1,164,521 896,957
CMO Series 4755 Class Z
02/15/2048 3.000%   1,164,514 991,748
Federal Home Loan Mortgage Corp. REMICS(g)
CMO Series 4257 Class IK
12/15/2042 4.000%   3,981,905 694,604
CMO Series 4999 Class IA
08/25/2050 4.500%   10,928,405 2,196,851
CMO Series 5043 Class IO
11/25/2050 5.000%   4,719,738 1,037,383
CMO Series 5058 Class NI
06/25/2050 3.000%   16,327,373 2,924,154
CMO Series 5079 Class DI
02/25/2051 6.500%   11,549,097 2,382,021
CMO Series 5088 Class IB
03/25/2051 2.500%   26,200,004 3,764,988
CMO Series 5095 Class AI
04/25/2051 3.500%   23,732,125 4,071,846
CMO Series 5113 Class MI
06/25/2051 3.500%   18,953,013 3,662,533
CMO Series 5115 Class GI
09/25/2050 3.000%   11,375,248 2,093,039
CMO Series 5153 Class JI
10/25/2051 3.500%   9,300,325 1,585,221
CMO Series 5217 Class PI
04/25/2052 3.500%   6,224,881 750,655
Federal Home Loan Mortgage Corp. REMICS(f),(g)
CMO Series 5065 Class EI
11/25/2044 5.424%   1,545,993 345,981
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Federal National Mortgage Association
06/01/2024 9.000%   10 10
02/01/2025-
08/01/2027 		8.000%   8,707 8,806
03/01/2026-
07/01/2038 		7.000%   327,135 338,088
04/01/2027-
06/01/2032 		7.500%   23,763 24,275
05/01/2029-
12/01/2052 		6.000%   7,658,089 7,776,092
08/01/2029-
07/01/2052 		3.000%   167,296,608 148,191,710
01/01/2031-
05/01/2052 		2.500%   251,123,035 213,638,416
03/01/2033-
11/01/2052 		5.500%   11,049,659 11,052,763
10/01/2033-
08/01/2052 		3.500%   100,885,337 93,026,464
07/01/2039-
07/01/2052 		5.000%   12,082,919 11,931,490
08/01/2040-
04/01/2052 		2.000%   217,373,177 178,480,128
10/01/2040-
06/01/2056 		4.500%   23,500,326 22,802,863
02/01/2041-
05/01/2052 		4.000%   73,275,951 69,794,626
02/01/2051 1.500%   31,446,494 24,369,111
CMO Series 2003-22 Class Z
04/25/2033 6.000%   91,023 93,000
CMO Series 2003-33 Class PT
05/25/2033 4.500%   4,418 4,324
CMO Series 2007-50 Class DZ
06/25/2037 5.500%   449,260 450,344
CMO Series 2010-139 Class HA
11/25/2040 4.000%   1,503,780 1,429,315
CMO Series 2010-37 Class A1
05/25/2035 5.410%   99,094 98,083
CMO Series 2011-18 Class ZK
03/25/2041 4.000%   3,235,921 3,033,989
CMO Series 2011-53 Class WT
06/25/2041 4.500%   299,885 292,277
CMO Series 2011-87 Class GB
09/25/2041 4.500%   7,000,000 6,873,361
CMO Series 2012-121 Class GZ
11/25/2042 3.500%   10,852,845 10,065,051
CMO Series 2012-68 Class ZA
07/25/2042 3.500%   8,413,573 7,830,652
CMO Series 2012-94
09/25/2042 3.500%   9,900,080 9,187,221
CMO Series 2013-106 Class LA
08/25/2041 4.000%   1,649,584 1,590,606
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
61
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2013-16 Class GD
03/25/2033 3.000%   1,317,550 1,281,383
CMO Series 2013-66 Class AP
05/25/2043 6.000%   38,654 37,459
CMO Series 2016-9 Class A
09/25/2043 3.000%   5,276 5,249
CMO Series 2018-38 Class PA
06/25/2047 3.500%   508,859 483,037
CMO Series 2018-55 Class PA
01/25/2047 3.500%   1,416,899 1,361,041
CMO Series 2018-64 Class ET
09/25/2048 3.000%   2,827,616 2,553,143
CMO Series 2018-94D Class KD
12/25/2048 3.500%   783,187 737,868
CMO Series 2019-9 Class DZ
03/25/2049 4.000%   3,548,507 3,326,787
CMO Series 98-17 Class Z
04/18/2028 6.500%   38,598 38,450
Federal National Mortgage Association(r)
05/01/2051 2.000%   17,889,321 14,618,682
06/01/2052-
09/01/2052 		2.500%   8,134,212 6,894,709
11/01/2052 4.000%   10,037,834 9,584,555
Federal National Mortgage Association(s)
03/01/2052 3.000%   23,475,608 20,671,278
Federal National Mortgage Association(b)
CMO Series 2002-59 Class HF
1-month USD LIBOR + 0.350%
Floor 0.350%, Cap 8.000%
08/17/2032 		4.951%   28,537 28,521
CMO Series 2004-93 Class FC
1-month USD LIBOR + 0.200%
Floor 0.200%, Cap 8.000%
12/25/2034 		4.817%   291,468 289,740
CMO Series 2006-71 Class SH
-2.6 x 1-month USD LIBOR + 15.738%
Cap 15.738%
05/25/2035 		3.628%   143,703 128,263
CMO Series 2007-90 Class F
1-month USD LIBOR + 0.490%
Floor 0.490%, Cap 7.000%
09/25/2037 		5.107%   135,641 134,664
CMO Series 2007-W7 Class 1A4
-6.0 x 1-month USD LIBOR + 39.180%
Cap 39.180%
07/25/2037 		11.478%   41,410 46,446
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2008-15 Class AS
-5.0 x 1-month USD LIBOR + 33.000%
Cap 33.000%
08/25/2036 		9.915%   252,106 287,057
CMO Series 2010-142 Class HS
-2.0 x 1-month USD LIBOR + 10.000%
Cap 10.000%
12/25/2040 		0.676%   452,249 274,554
CMO Series 2010-150 Class FL
1-month USD LIBOR + 0.550%
Floor 0.550%, Cap 7.000%
10/25/2040 		5.167%   103,176 103,028
CMO Series 2012-1 Class FA
1-month USD LIBOR + 0.500%
Floor 0.500%, Cap 6.500%
02/25/2042 		5.117%   798,467 786,509
CMO Series 2012-115 Class MT
-3.0 x 1-month USD LIBOR + 13.500%
Cap 4.500%
10/25/2042 		0.394%   310,600 197,028
CMO Series 2016-32 Class GT
-4.5 x 1-month USD LIBOR + 18.000%
Cap 4.500%
01/25/2043 		0.000%   32,299 20,016
Federal National Mortgage Association(b),(g)
CMO Series 2004-29 Class PS
-1.0 x 1-month USD LIBOR + 7.600%
Cap 7.600%
05/25/2034 		2.983%   1,073,653 115,026
CMO Series 2006-43 Class SJ
-1.0 x 1-month USD LIBOR + 6.590%
Cap 6.590%
06/25/2036 		1.973%   792,235 65,663
CMO Series 2009-100 Class SA
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
12/25/2039 		1.583%   2,505,858 229,889
CMO Series 2009-87 Class NS
-1.0 x 1-month USD LIBOR + 6.250%
Cap 6.250%
11/25/2039 		1.633%   4,073,570 247,273
 
The accompanying Notes to Financial Statements are an integral part of this statement.
62 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2010-131 Class SA
-1.0 x 1-month USD LIBOR + 6.600%
Cap 6.600%
11/25/2040 		1.983%   3,398,297 319,634
CMO Series 2010-21 Class SA
-1.0 x 1-month USD LIBOR + 6.250%
Cap 6.250%
03/25/2040 		1.633%   6,134,960 416,875
CMO Series 2010-57 Class SA
-1.0 x 1-month USD LIBOR + 6.450%
Cap 6.450%
06/25/2040 		1.833%   1,507,555 121,596
CMO Series 2011-131 Class ST
-1.0 x 1-month USD LIBOR + 6.540%
Cap 6.540%
12/25/2041 		1.923%   18,960,677 2,099,921
CMO Series 2011-47 Class GS
-1.0 x 1-month USD LIBOR + 5.930%
Cap 5.930%
06/25/2041 		1.313%   5,082,831 323,099
CMO Series 2012-17 Class MS
-1.0 x 1-month USD LIBOR + 6.700%
Cap 6.700%
03/25/2027 		2.083%   1,496,051 21,434
CMO Series 2013-10 Class SJ
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
02/25/2043 		1.533%   4,254,185 345,276
CMO Series 2013-19 Class KS
-1.0 x 3-month USD LIBOR + 6.200%
Cap 6.200%
10/25/2041 		1.583%   4,253,472 228,450
CMO Series 2013-34 Class SC
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
04/25/2043 		1.533%   11,814,222 1,556,382
CMO Series 2014-40 Class HS
-1.0 x 1-month USD LIBOR + 6.700%
Cap 6.700%
07/25/2044 		2.083%   3,080,132 438,676
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2014-52 Class SL
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
09/25/2044 		1.483%   5,327,050 511,740
CMO Series 2015-81 Class SD
-1.0 x 1-month USD LIBOR + 6.700%
Cap 6.700%
01/25/2037 		2.083%   3,697,075 255,640
CMO Series 2016-19 Class SA
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
04/25/2046 		1.483%   4,778,020 312,020
CMO Series 2016-32 Class SA
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
10/25/2034 		1.483%   2,180,559 133,855
CMO Series 2016-60 Class QS
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
09/25/2046 		1.483%   6,378,099 453,277
CMO Series 2016-60 Class SD
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
09/25/2046 		1.483%   20,938,422 1,336,114
CMO Series 2016-60 Class SE
-1.0 x 1-month USD LIBOR + 6.250%
Cap 6.250%
09/25/2046 		1.633%   6,083,727 362,891
CMO Series 2016-82 Class SG
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
11/25/2046 		1.483%   8,641,115 499,045
CMO Series 2016-88 Class BS
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
12/25/2046 		1.483%   14,310,832 1,021,762
CMO Series 2016-93 Class SL
-1.0 x 1-month USD LIBOR + 6.650%
Cap 6.650%
12/25/2046 		2.033%   3,940,576 253,651
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
63
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2017-26 Class SA
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
04/25/2047 		1.533%   5,915,423 327,419
CMO Series 2017-57 Class SD
-1.0 x 1-month USD LIBOR + 3.950%
Cap 2.750%
08/25/2047 		0.000%   6,212,884 146,598
CMO Series 2018-43 Class SE
-1.0 x 1-month USD LIBOR + 6.250%
Cap 6.250%
09/25/2038 		1.633%   4,567,435 332,233
CMO Series 2018-61 Class SA
1-month USD LIBOR + 6.200%
Cap 6.200%
08/25/2048 		1.583%   3,253,651 229,815
CMO Series 2019-35 Class SH
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
07/25/2049 		1.533%   13,728,075 830,808
CMO Series 2019-39 Class SB
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
08/25/2049 		1.483%   11,794,308 727,401
Federal National Mortgage Association(g)
CMO Series 2013-16 Class MI
03/25/2043 4.000%   4,047,266 457,020
CMO Series 2013-23 Class AI
03/25/2043 5.000%   4,940,588 874,922
CMO Series 2013-35 Class IB
04/25/2033 3.000%   6,159,108 609,077
CMO Series 2013-41 Class HI
02/25/2033 3.000%   7,120,221 495,741
CMO Series 2015-54 Class GI
07/25/2045 5.500%   19,271,497 3,385,981
CMO Series 2020-42 Class AI
06/25/2050 2.500%   19,395,742 2,157,683
CMO Series 2020-72 Class LI
12/25/2040 5.000%   5,774,466 1,160,061
CMO Series 2021-33 Class AI
05/25/2047 2.500%   35,917,174 4,367,984
CMO Series 385 Class 8
12/25/2037 5.500%   1,993,450 408,740
CMO Series 426 Class C58
03/25/2052 3.000%   39,930,639 6,468,125
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 427 Class C17
01/25/2035 3.000%   12,492,789 1,277,678
Federal National Mortgage Association(f),(g)
CMO Series 2021-24 Class IO
03/25/2059 1.157%   8,185,274 494,043
Federal National Mortgage Association REMICS
CMO Series 2012-105 Class Z
10/25/2042 3.500%   2,878,300 2,668,612
CMO Series 2013-18 Class ZA
03/25/2043 3.000%   3,740,055 3,377,179
CMO Series 2013-70 Class JZ
07/25/2043 3.000%   13,225,845 11,511,621
CMO Series 2018-11 Class BX
12/25/2047 4.000%   9,401,686 8,808,944
CMO Series 2019-70 Class CB
12/25/2049 3.500%   2,859,938 2,621,947
Federal National Mortgage Association REMICS(g)
CMO Series 2013-10 Class GI
02/25/2033 3.000%   8,671,912 771,133
CMO Series 2020-99 Class IB
05/25/2050 3.500%   8,007,477 1,377,459
CMO Series 2021-1 Class IB
02/25/2061 3.500%   14,544,681 2,614,549
CMO Series 2021-74 Class LI
11/25/2051 3.500%   22,734,990 4,416,576
CMO Series 2022-38 Class IH
07/25/2052 4.500%   2,777,777 686,644
CMO Series 2022-5 Class LI
02/25/2052 3.000%   31,519,025 4,112,476
Federal National Mortgage Association REMICS(b),(g)
CMO Series 2017-14 Class DS
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
03/25/2047 		1.433%   9,319,585 890,853
CMO Series 3908 Class XS
-1.0 x 1-month USD LIBOR + 6.450%
Cap 6.450%
06/15/2039 		1.862%   9,489,383 827,760
Government National Mortgage Association
05/15/2040-
10/20/2048 		5.000%   2,453,974 2,467,272
05/20/2041-
12/20/2052 		4.500%   9,358,262 9,063,092
02/15/2042-
08/20/2052 		4.000%   17,277,965 16,130,898
03/20/2046-
05/20/2050 		3.500%   36,559,348 33,969,758
 
The accompanying Notes to Financial Statements are an integral part of this statement.
64 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
12/20/2046-
06/20/2052 		3.000%   43,848,811 39,284,518
08/20/2051-
04/20/2052 		2.500%   31,924,389 27,658,814
CMO Series 2005-45 Class ZA
06/16/2035 6.000%   1,583,317 1,673,610
CMO Series 2009-104 Class YD
11/20/2039 5.000%   1,399,494 1,393,939
CMO Series 2009-55 Class LX
07/20/2039 5.000%   1,728,176 1,731,232
CMO Series 2009-67 Class DB
08/20/2039 5.000%   1,912,569 1,899,802
CMO Series 2010-108 Class WL
04/16/2040 4.000%   1,906,547 1,835,929
CMO Series 2010-120 Class AY
09/20/2040 4.000%   1,757,616 1,709,294
CMO Series 2010-135 Class PE
10/16/2040 4.000%   3,850,915 3,761,062
CMO Series 2014-3 Class EP
02/16/2043 2.750%   5,533,126 5,103,881
CMO Series 2016-111 Class PB
08/20/2046 2.500%   1,097,000 823,562
CMO Series 2018-1 Class LZ
01/20/2048 3.000%   4,312,098 3,588,466
CMO Series 2018-115 Class DE
08/20/2048 3.500%   1,583,952 1,467,350
CMO Series 2018-147 Class BZ
10/20/2048 3.500%   3,991,427 3,776,794
CMO Series 2018-53 Class AL
11/20/2045 3.500%   733,755 695,515
Government National Mortgage Association(s)
08/20/2051 3.000%   29,693,124 26,656,017
Government National Mortgage Association(b)
1-year CMT + 1.138%
03/20/2066 		5.897%   194,742 195,406
1-year CMT + 0.708%
04/20/2066 		5.465%   312,083 312,520
CMO Series 2003-60 Class GS
-1.7 x 1-month USD LIBOR + 12.417%
Cap 12.417%
05/16/2033 		4.767%   16,255 15,802
CMO Series 2006-37 Class AS
-6.0 x 1-month USD LIBOR + 39.660%
Cap 39.660%
07/20/2036 		12.073%   548,644 640,866
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2010-H03 Class FA
1-month USD LIBOR + 0.550%
Floor 0.550%, Cap 10.690%
03/20/2060 		4.937%   373,934 372,801
CMO Series 2010-H26 Class LF
1-month USD LIBOR + 0.350%
Floor 0.350%, Cap 13.898%
08/20/2058 		4.742%   163,960 162,610
CMO Series 2011-114 Class KF
1-month USD LIBOR + 0.450%
Floor 0.450%, Cap 6.500%
03/20/2041 		5.048%   50,829 50,786
CMO Series 2012-H20 Class BA
1-month USD LIBOR + 0.700%
Floor 0.700%, Cap 10.500%
09/20/2062 		4.952%   67,545 67,326
CMO Series 2012-H21 Class CF
1-month USD LIBOR + 0.700%
Floor 0.700%
05/20/2061 		4.839%   2,205 2,184
CMO Series 2012-H21 Class DF
1-month USD LIBOR + 0.650%
Floor 0.650%
05/20/2061 		4.839%   1,965 1,946
CMO Series 2012-H25 Class FA
1-month USD LIBOR + 0.700%
Floor 0.700%
12/20/2061 		4.700%   26,403 26,043
CMO Series 2013-115 Class EF
1-month USD LIBOR + 0.250%
Floor 0.250%, Cap 6.500%
04/16/2028 		4.840%   65,156 65,130
CMO Series 2013-H02 Class FD
1-month USD LIBOR + 0.340%
Floor 0.340%, Cap 10.500%
12/20/2062 		4.732%   107,039 106,304
CMO Series 2013-H05 Class FB
1-month USD LIBOR + 0.400%
Floor 0.400%
02/20/2062 		4.792%   1,892 1,854
CMO Series 2013-H08 Class BF
1-month USD LIBOR + 0.400%
Floor 0.400%, Cap 10.000%
03/20/2063 		4.792%   820,109 813,097
CMO Series 2013-H14 Class FD
1-month USD LIBOR + 0.470%
Floor 0.470%, Cap 11.000%
06/20/2063 		4.862%   574,994 572,337
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
65
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2013-H17 Class FA
1-month USD LIBOR + 0.550%
Floor 0.550%, Cap 11.000%
07/20/2063 		4.942%   131,885 131,531
CMO Series 2013-H18 Class EA
1-month USD LIBOR + 0.500%
Floor 0.500%, Cap 10.190%
07/20/2063 		4.892%   173,475 173,030
CMO Series 2013-H19 Class FC
1-month USD LIBOR + 0.600%
Floor 0.600%, Cap 11.000%
08/20/2063 		4.992%   886,732 885,010
CMO Series 2015-H26 Class FC
1-month USD LIBOR + 0.600%
Floor 0.600%, Cap 11.000%
08/20/2065 		4.992%   131,200 130,931
CMO Series 2017-H03 Class FB
1-month USD LIBOR + 0.650%
Floor 0.650%, Cap 15.000%
06/20/2066 		5.042%   2,102,343 2,097,783
CMO Series 2018-H04 Class FM
1-month USD LIBOR + 0.300%
Floor 0.300%, Cap 11.000%
03/20/2068 		4.692%   1,947,562 1,931,322
CMO Series 2019-H01 Class FL
1-month USD LIBOR + 0.450%
Floor 0.450%, Cap 11.000%
12/20/2068 		4.842%   425,512 421,665
CMO Series 2019-H10 Class FM
1-month USD LIBOR + 0.400%
Floor 0.400%, Cap 11.000%
05/20/2069 		4.792%   1,693,605 1,674,241
CMO Series 2020-H13 Class FM
1-month USD LIBOR + 0.400%
Floor 0.400%, Cap 11.000%
08/20/2070 		4.792%   2,487,244 2,470,082
CMO Series 2022-H01 Class FE
1-month USD LIBOR + 0.500%
Floor 0.500%, Cap 99.000%
01/20/2072 		4.926%   11,544,708 11,377,058
CMO Series 2022-H09 Class EF
30-day Average SOFR + 0.450%
Floor 0.450%, Cap 11.000%
04/20/2072 		4.876%   6,382,506 6,331,292
CMO Series 2022-H09 Class GF
30-day Average SOFR + 0.700%
Floor 0.700%
04/20/2072 		4.393%   3,404,943 3,373,075
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2022-H22 Class FE
30-day Average SOFR + 1.040%
Floor 1.040%, Cap 7.500%
09/20/2072 		5.466%   2,888,802 2,861,096
Government National Mortgage Association(b),(g)
CMO Series 2010-31 Class ES
-1.0 x 1-month USD LIBOR + 5.000%
Cap 5.000%
03/20/2040 		0.402%   7,098,231 351,760
CMO Series 2011-13 Class S
1-month LIBID + 5.950%
Cap 5.950%
01/16/2041 		1.360%   4,778,962 284,019
CMO Series 2011-30 Class SB
1-month LIBID + 6.600%
Cap 6.600%
02/20/2041 		2.002%   2,343,708 198,522
CMO Series 2015-155 Class SA
-1.0 x 1-month USD LIBOR + 5.700%
Cap 5.700%
10/20/2045 		1.102%   2,994,038 237,204
CMO Series 2017-93 Class CS
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
06/20/2047 		1.602%   9,222,197 978,273
CMO Series 2019-123 Class SP
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
10/20/2049 		1.502%   12,489,520 741,169
CMO Series 2019-13 Class SA
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
01/20/2049 		1.502%   9,662,470 897,011
CMO Series 2019-6 Class SJ
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
01/20/2049 		1.502%   7,850,320 497,458
CMO Series 2019-86 Class SG
-1.0 x 1-month USD LIBOR + 5.600%
Cap 5.600%
07/20/2049 		1.002%   4,315,655 239,053
Government National Mortgage Association(f)
CMO Series 2010-H17 Class XQ
07/20/2060 5.140%   1,230 1,001
 
The accompanying Notes to Financial Statements are an integral part of this statement.
66 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2017-H04 Class DA
12/20/2066 4.353%   457 445
Series 2003-72 Class Z
11/16/2045 5.377%   294,298 285,509
Government National Mortgage Association(f),(g)
CMO Series 2014-150 Class IO
07/16/2056 0.379%   11,074,164 180,253
CMO Series 2014-H05 Class AI
02/20/2064 1.272%   4,223,677 169,454
CMO Series 2014-H14 Class BI
06/20/2064 1.533%   4,872,578 186,751
CMO Series 2014-H15 Class HI
05/20/2064 1.426%   5,285,700 175,707
CMO Series 2014-H20 Class HI
10/20/2064 1.315%   1,912,189 104,757
CMO Series 2015-163 Class IO
12/16/2057 0.742%   1,612,872 46,845
CMO Series 2015-189 Class IG
01/16/2057 0.701%   7,931,792 214,683
CMO Series 2015-30 Class IO
07/16/2056 0.701%   2,523,022 70,763
CMO Series 2015-32 Class IO
09/16/2049 0.580%   3,833,623 73,207
CMO Series 2015-73 Class IO
11/16/2055 0.427%   1,499,942 22,753
CMO Series 2015-9 Class IO
02/16/2049 0.528%   6,809,548 114,706
CMO Series 2015-H22 Class BI
09/20/2065 1.677%   1,946,479 75,266
CMO Series 2016-72 Class IO
12/16/2055 0.771%   6,792,947 188,554
CMO Series 2020-32 Class IA
03/16/2047 3.953%   8,588,537 1,360,703
CMO Series 2021-33 Class IO
10/16/2062 0.840%   7,928,113 505,579
CMO Series 2021-40 Class IO
02/16/2063 0.824%   6,998,576 446,464
CMO Series 2021-H03 Class IO
04/20/2070 0.000%   15,695,788 63,772
CMO Series 2021-H08 Class IA
01/20/2068 0.008%   2,020,914 10,913
Government National Mortgage Association(g)
CMO Series 2016-88 Class PI
07/20/2046 4.000%   6,210,096 1,006,036
CMO Series 2017-101 Class AI
07/20/2047 4.000%   4,133,751 569,209
Residential Mortgage-Backed Securities - Agency(q) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2017-52 Class AI
04/20/2047 6.000%   3,128,812 521,158
CMO Series 2017-68 Class TI
05/20/2047 5.500%   1,257,705 199,658
CMO Series 2019-108 Class MI
07/20/2049 3.500%   8,126,561 1,146,338
CMO Series 2019-99 Class AI
08/16/2049 4.000%   5,329,302 1,152,540
CMO Series 2020-134 Class AI
09/20/2050 3.000%   10,270,337 1,396,881
CMO Series 2020-34 Class IO
12/20/2039 5.000%   8,976,514 1,763,922
Government National Mortgage Association TBA(c)
03/21/2053 2.500%   35,325,000 30,545,086
03/21/2053 3.500%   29,000,000 26,647,148
03/21/2053 4.500%   22,175,000 21,500,222
03/21/2053 5.500%   15,000,000 15,052,148
Seasoned Credit Risk Transfer Trust
CMO Series 2018-2 Class MV (FHLMC)
11/25/2057 3.500%   4,097,087 3,769,470
Uniform Mortgage-Backed Security TBA(c)
03/16/2038-
04/13/2053 		2.500%   105,625,000 89,882,635
03/13/2053-
04/13/2053 		2.000%   126,525,000 103,149,611
03/13/2053 3.000%   80,650,000 70,929,470
03/13/2053 3.500%   43,557,000 39,647,078
03/13/2053 4.000%   112,314,000 105,417,218
03/13/2053 4.500%   157,761,000 151,992,863
03/13/2053 5.000%   92,575,000 90,998,332
03/13/2053 5.500%   4,000,000 3,993,125
03/13/2053 6.000%   54,701,000 55,333,214
Total Residential Mortgage-Backed Securities - Agency
(Cost $2,791,076,013) 		2,613,018,344
Residential Mortgage-Backed Securities - Non-Agency(m) 4.6%
ACE Securities Corp. Home Equity Loan Trust(b)
CMO Series 2006-OP1 Class A2D
1-month USD LIBOR + 0.480%
Floor 0.240%
04/25/2036 		5.097%   7,547,281 6,820,611
Ajax Mortgage Loan Trust(a),(f)
CMO Series 2019-F Class A1
07/25/2059 2.860%   4,929,893 4,632,604
Angel Oak Mortgage Trust(a),(f)
CMO Series 2022-6 Class A1
07/25/2067 4.300%   17,775,977 16,781,867
Arroyo Mortgage Trust(a)
CMO Series 2022-1 Class A3
12/25/2056 3.650%   1,000,000 778,276
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
67
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Banc of America Funding Trust
CMO Series 2006-3 Class 4A14
03/25/2036 6.000%   347,677 276,060
CMO Series 2006-3 Class 5A3
03/25/2036 5.500%   357,026 304,708
Banc of America Funding Trust(t)
CMO Series 2006-D Class 3A1
05/20/2036 3.553%   659,590 569,014
Banc of America Funding Trust(b)
CMO Series 2007-C Class 7A1
1-month USD LIBOR + 0.420%
Floor 0.420%
05/20/2047 		5.011%   1,502,440 1,317,807
Bayview MSR Opportunity Master Fund Trust(a),(b)
CMO Series 2022-2 Class AF
30-day Average SOFR + 0.850%
12/25/2051 		5.334%   2,289,684 2,110,191
Bayview MSR Opportunity Master Fund Trust(a),(f)
Subordinated CMO Series 2021-5 Class B1
11/25/2051 3.488%   971,497 791,111
Subordinated CMO Series 2022-2 Class B3A
12/25/2051 3.411%   1,465,822 1,065,308
Bellemeade Re Ltd.(a),(b)
CMO Series 2019-1A Class M2
1-month USD LIBOR + 2.700%
Floor 2.700%
03/25/2029 		7.317%   2,243,314 2,263,811
CMO Series 2021-3A Class M1C
30-day Average SOFR + 1.550%
Floor 1.550%
09/25/2031 		6.034%   2,200,000 2,087,964
CMO Series 2022-1 Class M1C
30-day Average SOFR + 3.700%
Floor 3.700%
01/26/2032 		8.193%   2,500,000 2,409,361
BRAVO Residential Funding Trust(a),(f)
CMO Series 2021-B Class A1
04/01/2069 2.115%   2,748,458 2,609,792
BVRT Financing Trust(a),(b),(d),(e)
CMO Series 2021-4F Class A
1-month USD LIBOR + 0.000%
09/14/2026 		2.050%   2,947,442 2,941,547
Carrington Mortgage Loan Trust(b)
CMO Series 2006-NC3 Class A3
1-month USD LIBOR + 0.150%
Floor 0.150%, Cap 12.500%
08/25/2036 		4.767%   1,431,022 1,345,007
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2006-NC3 Class A4
1-month USD LIBOR + 0.240%
Floor 0.240%, Cap 12.500%
08/25/2036 		4.857%   9,300,000 7,551,722
Chase Mortgage Finance Corp.(a),(f)
Subordinated CMO Series 2019-1 Class B2
03/25/2050 3.899%   930,401 793,757
Subordinated Series 2016-SH1 Class M2
04/25/2045 3.750%   213,082 177,676
CIM Group(a),(f)
CMO Series 2020-R7 Class A1A
12/27/2061 2.250%   6,575,133 5,725,990
CIM Trust(a),(f)
CMO Series 2019-J2 Class B1
10/25/2049 3.775%   828,192 733,980
CMO Series 2019-R5 Class M2
09/25/2059 3.250%   1,100,000 985,264
CMO Series 2020-R6 Class A1A
12/25/2060 2.250%   4,181,234 3,544,323
CMO Series 2021-NR2 Class A1
07/25/2059 2.568%   5,600,201 5,302,269
CMO Series 2021-R3 Class A1A
06/25/2057 1.951%   8,418,902 7,396,086
CMO Series 2022-I1 Class A1
02/25/2067 4.350%   6,280,035 6,039,652
CIM Trust(a),(e),(f)
CMO Series 2023-R1 Class A1A
04/25/2062 5.400%   13,538,390 13,115,992
Citicorp Mortgage Securities Trust
CMO Series 2007-8 Class 1A3
09/25/2037 6.000%   238,323 232,176
Citigroup Mortgage Loan Trust(a),(f)
CMO Series 2022-A Class A1
09/25/2062 6.170%   2,306,008 2,252,683
Citigroup Mortgage Loan Trust, Inc.(a),(f)
Subordinated CMO Series 2021-J2 Class B3W
07/25/2051 2.772%   476,878 338,659
Connecticut Avenue Securities Trust(a),(b)
CMO Series 2019-R01 Class 2M2
1-month USD LIBOR + 2.450%
07/25/2031 		7.067%   214,380 214,960
CMO Series 2019-R02 Class 1M2
1-month USD LIBOR + 2.300%
08/25/2031 		6.917%   49,299 49,299
CMO Series 2020-R02 Class 2M2
1-month USD LIBOR + 2.000%
01/25/2040 		6.617%   274,234 274,588
 
The accompanying Notes to Financial Statements are an integral part of this statement.
68 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2020-SBT1 Class 1M2
1-month USD LIBOR + 3.650%
02/25/2040 		8.267%   1,500,000 1,509,789
CMO Series 2020-SBT1 Class 2M2
1-month USD LIBOR + 3.650%
02/25/2040 		8.267%   3,500,000 3,555,608
CMO Series 2022-R07 Class 1M2
30-day Average SOFR + 4.650%
06/25/2042 		9.134%   2,700,000 2,844,987
CMO Series 2023-R01 Class 1M2
30-day Average SOFR + 3.750%
12/25/2042 		8.234%   3,750,000 3,802,010
Subordinated CMO Series 2019-R05 Class 1B1
1-month USD LIBOR + 4.100%
07/25/2039 		8.717%   1,664,291 1,707,171
Subordinated CMO Series 2020-R02 Class 2B1
1-month USD LIBOR + 3.000%
01/25/2040 		7.617%   5,250,000 4,989,908
Subordinated CMO Series 2022-R02 Class 2B1
30-day Average SOFR + 4.500%
01/25/2042 		8.984%   1,000,000 967,832
Subordinated CMO Series 2022-R04 Class 1B1
30-day Average SOFR + 5.250%
03/25/2042 		9.734%   750,000 765,339
Countrywide Home Loan Mortgage Pass-Through Trust(f)
CMO Series 2007-HY5 Class 1A1
09/25/2047 4.034%   296,539 216,265
Credit Suisse Mortgage Capital Trust(a),(f)
CMO Series 2021-RP11 Class PT
10/25/2061 3.777%   7,916,533 6,019,096
Credit Suisse Mortgage Trust(a),(f)
CMO Series 2022-ATH2 Class A1
05/25/2067 4.570%   6,907,333 6,628,412
CMO Series 2022-ATH3 Class A3
08/25/2067 6.567%   1,638,054 1,608,067
CMO Series 2022-JR1 Class A1
10/25/2066 4.267%   5,378,719 5,125,338
Credit-Based Asset Servicing & Securitization LLC(f)
CMO Series 2007-CB1 Class AF3
01/25/2037 3.107%   3,439,232 1,092,945
CSMC Trust(a),(f)
CMO Series 2018-RPL9 Class A
09/25/2057 3.850%   5,349,807 4,999,179
CMO Series 2020-RPL2 Class A12
02/25/2060 3.456%   3,514,862 3,464,501
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2020-RPL6 Class A1
03/25/2059 2.688%   2,593,768 2,503,442
CMO Series 2021-NQM6 Class A1
07/25/2066 1.174%   4,092,991 3,260,909
CSMCM Trust(a)
CMO Series 2021-RP11 Class CERT
10/27/2061 3.778%   330,963 249,547
CSMCM Trust Certificates(a),(f)
CMO Series 2018-RPL4 Class CERT
07/25/2050 3.735%   1,521,747 1,344,599
Deephaven Residential Mortgage Trust(a),(f)
CMO Series 2021-4 Class M1
11/25/2066 3.257%   2,000,000 1,469,945
Domino’s Pizza Master Issuer LLC(a)
CMO Series 2015-1A Class A2II
10/25/2045 4.474%   1,875,000 1,804,502
Downey Savings & Loan Association Mortgage Loan Trust(b)
CMO Series 2005-AR6 Class 2A1A
1-month USD LIBOR + 0.580%
Floor 0.290%, Cap 11.000%
10/19/2045 		5.178%   1,136,941 946,156
CMO Series 2006-AR2 Class 2A1A
1-month USD LIBOR + 0.200%
Floor 0.200%
10/19/2036 		4.798%   1,841,913 1,257,341
Eagle Re Ltd.(a),(b)
CMO Series 2019-1 Class M1B
1-month USD LIBOR + 1.800%
04/25/2029 		6.417%   493,283 493,283
CMO Series 2019-1 Class M2
1-month USD LIBOR + 3.300%
04/25/2029 		7.917%   700,000 707,777
CMO Series 2021-2 Class M1C
30-day Average SOFR + 3.450%
Floor 3.450%
04/25/2034 		7.934%   1,500,000 1,517,048
Fannie Mae Connecticut Avenue Securities(b)
CMO Series 2015-C02 Class 1M2
1-month USD LIBOR + 4.000%
Floor 4.000%
05/25/2025 		8.617%   717,866 739,657
CMO Series 2015-C03 Class 1M2
1-month USD LIBOR + 5.000%
Floor 5.000%
07/25/2025 		9.617%   134,381 141,000
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes(a),(b)
CMO Series 2022-HQA2 Class M2
30-day Average SOFR + 6.000%
07/25/2042 		10.484%   2,000,000 2,055,386
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
69
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
First Franklin Mortgage Loan Trust(b)
CMO Series 2006-FF18 Class A2D
1-month USD LIBOR + 0.210%
Floor 0.210%
12/25/2037 		4.827%   1,271,469 1,128,575
CMO Series 2007-FF2 Class A2B
1-month USD LIBOR + 0.100%
Floor 0.100%
03/25/2037 		4.717%   3,336,036 1,624,087
First Horizon Mortgage Pass-Through Trust(f)
CMO Series 2007-AR1 Class 1A1
05/25/2037 3.568%   197,636 85,006
Flagstar Mortgage Trust(a),(f)
Subordinated CMO Series 2018-5 Class B3
09/25/2048 4.463%   907,640 825,141
Subordinated CMO Series 2019-2 Class B1
12/25/2049 4.030%   871,820 781,973
Subordinated CMO Series 2019-2 Class B2
12/25/2049 4.030%   932,428 824,632
Freddie Mac STACR Remic Trust(a),(b)
CMO Series 2020-DNA2 Class B1
1-month USD LIBOR + 2.500%
Floor 2.500%
02/25/2050 		7.117%   2,700,000 2,589,527
Freddie Mac STACR REMIC Trust(a),(b)
CMO Series 2020-DNA2 Class M2
1-month USD LIBOR + 1.850%
02/25/2050 		6.467%   1,240,271 1,247,011
CMO Series 2020-HQA1 Class M2
1-month USD LIBOR + 1.900%
01/25/2050 		6.517%   45,849 45,910
CMO Series 2020-HQA2 Class M2
1-month USD LIBOR + 3.100%
03/25/2050 		7.717%   1,414,467 1,453,338
CMO Series 2021-DNA5 Class M2
30-day Average SOFR + 1.650%
01/25/2034 		6.134%   1,195,976 1,188,058
CMO Series 2021-HQA1 Class B1
30-day Average SOFR + 3.000%
08/25/2033 		7.484%   6,300,000 5,673,846
CMO Series 2021-HQA1 Class M2
30-day Average SOFR + 2.250%
08/25/2033 		6.734%   11,700,000 11,431,212
CMO Series 2021-HQA3 Class M2
30-day Average SOFR + 2.100%
09/25/2041 		6.584%   3,810,000 3,463,724
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2021-HQA4 Class M2
30-day Average SOFR + 2.350%
12/25/2041 		6.834%   3,000,000 2,716,096
CMO Series 2022-DNA1 Class M2
30-day Average SOFR + 2.500%
01/25/2042 		6.984%   2,000,000 1,870,788
CMO Series 2022-DNA3 Class M1B
30-day Average SOFR + 2.900%
04/25/2042 		7.384%   3,940,000 3,928,304
CMO Series 2022-DNA5 Class M2
30-day Average SOFR + 6.750%
06/25/2042 		11.234%   3,000,000 3,228,042
CMO Series 2022-HQA3 Class M2
30-day Average SOFR + 5.350%
08/25/2042 		9.834%   2,000,000 2,008,750
Subordinated CMO Series 2021-DNA3 Class B1
30-day Average SOFR + 3.500%
10/25/2033 		7.984%   2,025,000 1,945,370
Subordinated CMO Series 2021-DNA6 Class B1
30-day Average SOFR + 3.400%
10/25/2041 		7.884%   2,000,000 1,915,838
Subordinated CMO Series 2021-DNA7 Class M2
30-day Average SOFR + 1.800%
11/25/2041 		6.110%   960,000 918,388
Subordinated CMO Series 2021-HQA3 Class B1
30-day Average SOFR + 3.350%
09/25/2041 		7.834%   1,120,000 1,016,905
Subordinated CMO Series 2021-HQA4 Class B1
30-day Average SOFR + 3.750%
12/25/2041 		8.234%   6,000,000 5,455,454
Subordinated CMO Series 2022-DNA1 Class B1
30-day Average SOFR + 3.400%
01/25/2042 		7.884%   3,000,000 2,811,278
Subordinated CMO Series 2022-DNA6 Class M2
30-day Average SOFR + 5.750%
09/25/2042 		10.234%   6,000,000 6,252,452
 
The accompanying Notes to Financial Statements are an integral part of this statement.
70 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(b)
CMO Series 2020-HQA5 Class M2
30-day Average SOFR + 2.600%
11/25/2050 		7.084%   5,056,060 5,121,392
CMO Series 2021-DNA2 Class M2
30-day Average SOFR + 2.300%
08/25/2033 		6.784%   1,000,000 1,002,218
Subordinated CMO Series 2020-HQA5 Class B1
30-day Average SOFR + 4.000%
11/25/2050 		8.484%   1,805,000 1,818,809
Subordinated CMO Series 2021-DNA7 Class B1
30-day Average SOFR + 3.650%
11/25/2041 		7.960%   710,000 675,319
Galton Funding Mortgage Trust(a),(f)
CMO Series 2019-1 Class B1
02/25/2059 4.250%   1,602,575 1,467,943
CMO Series 2019-1 Class B2
02/25/2059 4.500%   899,967 835,517
Subordinated CMO Series 2018-2 Class B2
10/25/2058 4.750%   470,952 442,745
GCAT LLC(a),(f)
CMO Series 2021-1 Class A1
11/25/2049 2.487%   6,505,198 5,866,240
Genworth Mortgage Insurance Corp.(a),(b)
CMO Series 2021-3 Class M1B
30-day Average SOFR + 2.900%
Floor 2.900%
02/25/2034 		7.210%   1,000,000 960,792
GS Mortgage-Backed Securities Corp. Trust(a),(f)
CMO Series 2019-PJ3 Class A1
03/25/2050 3.500%   21,901 20,058
GS Mortgage-Backed Securities Trust(a),(f)
Subordinated CMO Series 2021-GR3 Class B3
04/25/2052 3.392%   1,003,363 750,399
GSAMP Trust(b)
CMO Series 2004-OPT Class M1
1-month USD LIBOR + 0.870%
Floor 0.580%
11/25/2034 		5.487%   954,196 911,959
GSR Mortgage Loan Trust(f)
CMO Series 2006-AR2 Class 2A1
04/25/2036 3.465%   992,228 681,834
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
HarborView Mortgage Loan Trust(b)
CMO Series 2006-10 Class 1A1A
1-month USD LIBOR + 0.200%
Floor 0.200%
11/19/2036 		4.798%   5,654,355 4,525,476
HSI Asset Securitization Corp. Trust(b)
CMO Series 2006-OPT1 Class M1
1-month USD LIBOR + 0.540%
Floor 0.360%
12/25/2035 		5.046%   1,175,439 1,163,304
JPMorgan Alternative Loan Trust(b)
CMO Series 2007-S1 Class A1
1-month USD LIBOR + 0.560%
Floor 0.280%, Cap 11.500%
04/25/2047 		5.177%   2,463,761 2,318,010
JPMorgan Mortgage Acquisition Trust(b)
CMO Series 2007-CH5 Class A5
1-month USD LIBOR + 0.260%
Floor 0.260%
06/25/2037 		4.877%   641,610 637,809
JPMorgan Mortgage Trust(a),(f)
CMO Series 2018-5 Class A13
10/25/2048 3.500%   905,094 775,309
CMO Series 2018-6 Class 1A10
12/25/2048 3.500%   143,497 126,835
CMO Series 2019-1 Class A3
05/25/2049 4.000%   286,295 265,234
CMO Series 2019-2 Class A3
08/25/2049 4.000%   89,777 84,360
CMO Series 2019-5 Class A3
11/25/2049 4.000%   216,232 201,391
CMO Series 2019-8 Class A15
03/25/2050 3.500%   148,588 132,030
CMO Series 2019-9 Class B2A
05/25/2050 3.418%   1,408,121 1,135,872
CMO Series 2019-HYB1 Class B1
10/25/2049 4.414%   949,876 882,039
CMO Series 2019-INV2 Class A3
02/25/2050 3.500%   138,371 124,896
CMO Series 2019-LTV2 Class A18
12/25/2049 4.000%   7,789 7,685
CMO Series 2019-LTV3 Class B3
03/25/2050 4.394%   1,582,356 1,335,572
CMO Series 2020-1 Class A15
06/25/2050 3.500%   449,972 396,191
CMO Series 2020-2 Class A15
07/25/2050 3.500%   300,256 269,809
CMO Series 2020-5 Class A15
12/25/2050 3.000%   211,138 179,521
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
71
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2020-5 Class B1
12/25/2050 3.582%   943,476 812,653
CMO Series 2021-13 Class A3
04/25/2052 2.500%   10,201,936 8,272,734
Subordinated CMO Series 2017-1 Class B4
01/25/2047 3.449%   412,170 348,075
Subordinated CMO Series 2017-3 Class B1
08/25/2047 3.753%   1,242,669 1,128,976
Subordinated CMO Series 2017-6 Class B2
12/25/2048 3.781%   531,927 465,120
Subordinated CMO Series 2018-8 Class B1
01/25/2049 4.051%   1,087,349 983,044
Subordinated CMO Series 2018-8 Class B2
01/25/2049 4.051%   906,124 766,340
Subordinated CMO Series 2019-2 Class B2
08/25/2049 4.478%   2,124,018 1,972,817
Subordinated CMO Series 2019-6 Class B1
12/25/2049 4.236%   931,699 853,556
Subordinated CMO Series 2019-8 Class B3A
03/25/2050 3.417%   1,867,440 1,526,564
Subordinated CMO Series 2019-LTV1 Class B2
06/25/2049 4.544%   1,639,728 1,520,160
Subordinated CMO Series 2019-LTV2 Class B2
12/25/2049 4.698%   1,119,575 1,038,522
Subordinated CMO Series 2019-LTV2 Class B3
12/25/2049 4.698%   932,979 852,656
Subordinated CMO Series 2020-8 Class B2
03/25/2051 3.515%   1,878,445 1,541,447
Subordinated CMO Series 2022-LTV2 Class A1
11/25/2052 3.308%   1,576,861 1,229,655
JPMorgan Mortgage Trust(a),(b)
CMO Series 2018-7FRB Class A1
1-month USD LIBOR + 0.750%
04/25/2046 		5.151%   598,051 569,552
JPMorgan Trust(a),(f)
Subordinated CMO Series 2015-3 Class B3
05/25/2045 3.605%   437,504 396,598
Legacy Mortgage Asset Trust(a),(f)
CMO Series 2019-PR1 Class A1
09/25/2059 3.858%   6,869,410 6,685,371
CMO Series 2020-GS1 Class A1
10/25/2059 2.882%   3,199,182 3,050,044
CMO Series 2020-GS2 Class A1
03/25/2060 2.750%   11,721,406 11,695,782
CMO Series 2020-SL1 Class A
01/25/2060 2.734%   530,156 519,128
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2021-GS1 Class A1
10/25/2066 1.892%   1,013,516 922,595
CMO Series 2021-SL1 Class A
09/25/2060 1.991%   842,357 829,110
CMO Series 2021-SL2 Class A
10/25/2068 1.875%   277,886 249,019
Lehman XS Trust(b)
CMO Series 2005-5N Class 3A1A
1-month USD LIBOR + 0.300%
Floor 0.300%
11/25/2035 		4.917%   426,023 413,076
CMO Series 2006-2N Class 1A1
1-month USD LIBOR + 0.520%
Floor 0.260%
02/25/2046 		5.137%   1,129,129 978,250
Loan Revolving Advance Investment Trust(a),(b),(d),(e)
CMO Series 2021-2 Class A1X
1-month USD LIBOR + 2.750%
Floor 2.750%
06/30/2023 		7.328%   78,832 78,832
loanDepot GMSR Master Trust(a),(b)
Series 2018-GT1 Class A
1-month USD LIBOR + 2.800%
Floor 2.800%
10/16/2023 		7.390%   1,300,000 1,106,682
Long Beach Mortgage Loan Trust(b)
CMO Series 2006-10 Class 1A
1-month USD LIBOR + 0.150%
Floor 0.150%
11/25/2036 		4.917%   3,729,105 2,638,678
CMO Series 2006-11 Class 2A2
1-month USD LIBOR + 0.100%
Floor 0.100%
12/25/2036 		4.717%   29,818,445 11,089,856
MASTR Alternative Loan Trust
CMO Series 2004-12 Class 4A1
12/25/2034 5.500%   357,162 345,201
Mello Mortgage Capital Acceptance Trust(a),(f)
Subordinated CMO Series 2021-INV1 Class B3
06/25/2051 2.971%   1,961,524 1,390,802
Merrill Lynch First Franklin Mortgage Loan Trust(b)
CMO Series 2007-1 Class A2D
1-month USD LIBOR + 0.340%
Floor 0.340%
04/25/2037 		5.297%   16,292,823 6,452,761
MortgageIT Trust(b)
CMO Series 2005-5 Class A1
1-month USD LIBOR + 0.520%
Floor 0.260%, Cap 11.500%
12/25/2035 		5.026%   480,030 451,606
 
The accompanying Notes to Financial Statements are an integral part of this statement.
72 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
New Residential Mortgage Loan Trust(a),(b)
CMO Series 2018-4A Class A1S
1-month USD LIBOR + 0.750%
Floor 0.750%
01/25/2048 		5.367%   1,005,267 982,876
Oaktown Re II Ltd.(a),(b)
CMO Series 2018-1A Class M1
1-month USD LIBOR + 1.550%
07/25/2028 		6.167%   247,864 247,586
Oaktown Re VI Ltd.(a),(b)
CMO Series 2021-1A Class M1A
30-day Average SOFR + 1.650%
Floor 1.650%
10/25/2033 		6.134%   292,716 292,239
CMO Series 2021-1A Class M1B
30-day Average SOFR + 2.050%
Floor 2.050%
10/25/2033 		6.534%   915,000 911,035
CMO Series 2021-1A Class M1C
30-day Average SOFR + 3.000%
Floor 3.000%
10/25/2033 		7.484%   2,250,000 2,184,015
Oaktown Re VII Ltd.(a),(b)
CMO Series 2021-2 Class M1B
30-day Average SOFR + 2.900%
Floor 2.900%
04/25/2034 		6.844%   2,200,000 2,171,510
CMO Series 2021-2 Class M1C
30-day Average SOFR + 3.350%
Floor 3.350%
04/25/2034 		7.294%   2,000,000 1,908,231
OBX Trust(a),(f)
CMO Series 2019-EXP1 Class 1A3
01/25/2059 4.000%   54,695 52,452
CMO Series 2019-INV2 Class A25
05/27/2049 4.000%   93,626 86,890
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates(b)
CMO Series 2005-4 Class M2
1-month USD LIBOR + 0.750%
Floor 0.500%
11/25/2035 		5.256%   11,526,000 11,084,148
Preston Ridge Partners Mortgage Trust(a),(f)
CMO Series 2022-4 Class A1
08/25/2027 5.000%   3,153,147 3,019,363
Pretium Mortgage Credit Partners LLC(a),(f)
CMO Series 2021-RN2 Class A1
07/25/2051 1.744%   6,423,998 5,818,995
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2022-RN2 Class A1
06/25/2052 5.000%   8,350,564 7,751,555
CMO Series 2022-RN2 Class A2
06/25/2052 6.500%   13,780,000 12,482,019
CMO Series 2022-RN3 Class A1
08/25/2052 5.000%   10,195,392 9,393,841
Radnor RE Ltd.(a),(b)
CMO Series 2021-1 Class M1C
30-day Average SOFR + 2.700%
Floor 2.700%
12/27/2033 		7.184%   3,000,000 2,884,353
RALI Trust(f)
CMO Series 2005-QA4 Class A41
04/25/2035 3.853%   33,014 31,992
RALI Trust(f),(g)
CMO Series 2006-QS18 Class 1AV
12/25/2036 0.467%   20,532,875 250,988
CMO Series 2007-QS1 Class 2AV
01/25/2037 0.169%   22,295,189 124,322
Rathlin Residential(a),(b)
CMO Series 2021-1A Class A
1-month EURIBOR + 2.000%
09/27/2075 		3.894% EUR 2,784,861 2,814,043
RFMSI Trust(f)
CMO Series 2005-SA5 Class 1A
11/25/2035 3.577%   597,122 354,142
CMO Series 2006-SA4 Class 2A1
11/25/2036 5.158%   156,053 128,514
Seasoned Credit Risk Transfer Trust(f)
CMO Series 2017-3SC Class HT (FHLMC)
07/25/2056 3.250%   17,312,768 15,498,380
Seasoned Credit Risk Transfer Trust
CMO Series 2017-4 Class M45T
06/25/2057 4.500%   368,799 352,725
CMO Series 2018-2 Class HT (FHLMC)
11/25/2057 3.000%   275,953 242,675
CMO Series 2018-3 Class HT (FHLMC)
08/25/2057 3.000%   300,948 263,652
CMO Series 2018-4 Class HT (FHLMC)
03/25/2058 3.000%   250,863 219,652
CMO Series 2019-1 Class HT (FHLMC)
07/25/2058 3.000%   1,017,036 894,060
CMO Series 2019-2 Class HT (FHLMC)
08/25/2058 3.000%   189,093 166,349
CMO Series 2019-3 Class HT (FHLMC)
10/25/2058 3.000%   61,847 54,413
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
73
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Sequoia Mortgage Trust(a),(f)
CMO Series 2019-4 Class A19
11/25/2049 3.500%   152,960 133,001
CMO Series 2019-CH2 Class A1
08/25/2049 4.500%   37,195 36,311
CMO Series 2021-5 Class A19
07/25/2051 2.500%   673,041 526,181
Subordinated CMO Series 2015-1 Class B1
01/25/2045 3.913%   312,282 292,794
Subordinated CMO Series 2018-6 Class B1
07/25/2048 4.168%   1,111,615 985,737
Subordinated CMO Series 2019-2 Class B2
06/25/2049 4.260%   1,797,366 1,599,742
Subordinated CMO Series 2020-3 Class B2
04/25/2050 3.325%   993,218 800,799
Structured Adjustable Rate Mortgage Loan Trust(f)
CMO Series 2004-20 Class 1A2
01/25/2035 4.484%   360,451 340,052
CMO Series 2006-5 Class 1A1
06/25/2036 3.597%   657,383 589,056
Texas Capital Bank NA(a),(b)
CMO Series 2021 Class NOTE
3-month USD LIBOR + 4.500%
09/30/2024 		9.254%   7,340,000 7,130,194
Toorak Mortgage Corp., Ltd.(a),(f)
CMO Series 2022-INV2 Class A1
06/25/2057 4.350%   6,052,770 5,798,480
Towd Point HE Trust(a)
CMO Series 2023-1 Class A1A
02/25/2063 6.875%   1,180,000 1,180,977
Verus Securitization Trust(a),(f)
CMO Series 2022-INV1 Class A3
08/25/2067 5.830%   1,927,534 1,874,469
WaMu Asset-Backed Certificates Trust(b)
CMO Series 2007-HE1 Class 2A3
1-month USD LIBOR + 0.150%
Floor 0.150%
01/25/2037 		4.767%   3,336,176 1,514,975
WaMu Mortgage Pass-Through Certificates Trust(f)
CMO Series 2003-AR8 Class A
08/25/2033 4.171%   222,999 210,587
CMO Series 2004-AR4 Class A6
06/25/2034 3.470%   1,666,021 1,556,592
CMO Series 2004-AR7 Class A6
07/25/2034 3.495%   793,816 738,119
CMO Series 2007-HY1 Class 3A3
02/25/2037 3.715%   2,334,310 2,093,275
Residential Mortgage-Backed Securities - Non-Agency(m) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
CMO Series 2007-HY3 Class 1A1
03/25/2037 3.052%   401,545 312,947
WaMu Mortgage Pass-Through Certificates Trust(b)
CMO Series 2005-AR11 Class A1A
1-month USD LIBOR + 0.640%
Floor 0.320%, Cap 10.500%
08/25/2045 		5.257%   572,141 545,886
CMO Series 2005-AR17 Class A1A1
1-month USD LIBOR + 0.540%
Floor 0.270%, Cap 10.500%
12/25/2045 		5.157%   2,021,385 1,792,016
CMO Series 2005-AR2 Class 2A1A
1-month USD LIBOR + 0.620%
Floor 0.310%, Cap 10.500%
01/25/2045 		5.237%   508,828 490,435
CMO Series 2005-AR8 Class 2A1A
1-month USD LIBOR + 0.580%
Floor 0.290%, Cap 10.500%
07/25/2045 		5.197%   1,841,981 1,693,808
CMO Series 2005-AR9 Class A1A
1-month USD LIBOR + 0.640%
Floor 0.320%, Cap 10.500%
07/25/2045 		5.257%   453,799 416,806
CMO Series 2006-AR4 Class 1A1A
1-year MTA + 0.940%
Floor 0.940%
05/25/2046 		4.078%   1,155,557 1,002,244
CMO Series 2006-AR5 Class A12A
1-year MTA + 0.980%
Floor 0.980%
06/25/2046 		4.118%   328,116 304,299
CMO Series 2007-OC2 Class A3
1-month USD LIBOR + 0.310%
Floor 0.310%
06/25/2037 		5.237%   1,750,894 1,556,375
Wells Fargo Mortgage-Backed Securities Trust(a),(f)
CMO Series 2019-1 Class A1
11/25/2048 3.940%   45,048 42,896
Subordinated CMO Series 2018-1 Class B3
07/25/2047 3.664%   1,071,132 884,057
Subordinated CMO Series 2020-1 Class B3
12/25/2049 3.368%   1,900,025 1,535,126
Total Residential Mortgage-Backed Securities - Non-Agency
(Cost $502,873,328) 		466,987,940
 
The accompanying Notes to Financial Statements are an integral part of this statement.
74 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans 0.6%
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Aerospace & Defense 0.0%
TransDigm, Inc.(b),(r),(u)
Tranche 1 Term Loan
1-month Term SOFR + 3.250%
08/10/2028 		7.825%   822,938 820,371
Airlines 0.0%
United AirLines, Inc.(b),(u)
Tranche B Term Loan
3-month USD LIBOR + 3.750%
Floor 0.750%
04/21/2028 		8.568%   1,082,338 1,078,961
Automotive 0.0%
Clarios Global LP(b),(u)
1st Lien Term Loan
1-month USD LIBOR + 3.250%
04/30/2026 		7.885%   836,524 831,430
Brokerage/Asset Managers/Exchanges 0.0%
Deerfield Dakota Holdings LLC(b),(u)
1st Lien Term Loan
1-month Term SOFR + 3.750%
Floor 1.000%
04/09/2027 		8.368%   720,125 689,742
Cable and Satellite 0.1%
Charter Communications Operating LLC(b),(u)
Tranche B2 Term Loan
1-month Term SOFR + 1.750%
02/01/2027 		6.368%   242,481 240,178
CSC Holdings LLC(b),(u)
Term Loan
3-month USD LIBOR + 2.500%
04/15/2027 		7.088%   2,700,668 2,427,225
CSC Holdings LLC(b),(r),(u)
Term Loan
1-month Term SOFR + 4.500%
01/17/2028 		9.063%   1,937,273 1,811,350
DirectTV Financing LLC(b),(u)
Term Loan
1-month USD LIBOR + 5.000%
Floor 0.750%
08/02/2027 		9.635%   1,286,875 1,250,173
Virgin Media Bristol LLC(b),(u)
Tranche N Term Loan
3-month USD LIBOR + 2.500%
01/31/2028 		7.088%   1,250,000 1,224,550
Total 6,953,476
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Consumer Cyclical Services 0.0%
Amentum Government Services Holdings LLC(b),(u)
Tranche 1 1st Lien Term Loan
1-month USD LIBOR + 4.000%
01/29/2027 		8.519%   310,489 306,478
Arches Buyer, Inc.(b),(u)
Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
12/06/2027 		7.968%   72,622 68,265
Pre-Paid Legal Services, Inc.(b),(u)
1st Lien Term Loan
1-month USD LIBOR + 3.750%
Floor 0.500%
12/15/2028 		8.385%   503,970 495,780
Prime Security Services Borrower LLC(b),(u)
Tranche B1 1st Lien Term Loan
1-month USD LIBOR + 2.750%
Floor 0.750%
09/23/2026 		7.517%   450,848 449,721
Safe Fleet Holdings LLC(b),(u)
Term Loan
1-month Term SOFR + 3.750%
Floor 0.500%
02/23/2029 		8.411%   169,371 165,313
Spin Holdco, Inc.(b),(u)
Term Loan
1-month USD LIBOR + 4.000%
Floor 0.750%
03/04/2028 		8.765%   729,272 612,486
TruGreen LP(b),(u)
1st Lien Term Loan
1-month USD LIBOR + 4.000%
Floor 0.750%
11/02/2027 		8.635%   287,518 263,079
Total 2,361,122
Consumer Products 0.0%
Acuity Specialty Products, Inc.(b),(u)
1st Lien Term Loan
3-month USD LIBOR + 4.000%
Floor 1.000%
08/12/2024 		8.730%   279,128 219,116
Osmosis Buyer Ltd.(b),(u)
Tranche B Term Loan
1-month USD LIBOR + 3.750%
Floor 0.500%
07/31/2028 		8.315%   342,833 329,243
Total 548,359
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
75
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Finance Companies 0.0%
Avolon Borrower 1 LLC(b),(u)
Tranche B3 Term Loan
3-month USD LIBOR + 1.750%
Floor 0.750%
01/15/2025 		6.348%   175,812 175,538
Tranche B5 Term Loan
1-month USD LIBOR + 2.250%
Floor 0.500%
12/01/2027 		6.848%   1,969,849 1,967,998
Total 2,143,536
Food and Beverage 0.0%
Hostess Brands LLC(b),(u)
Tranche B 1st Lien Term Loan
3-month USD LIBOR + 2.250%
Floor 0.750%
08/03/2025 		7.075%   436,237 435,103
Naked Juice LLC(b),(u)
1st Lien Term Loan
3-month Term SOFR + 3.250%
Floor 0.500%
01/24/2029 		7.930%   1,556,814 1,411,516
2nd Lien Term Loan
1-month Term SOFR + 6.000%
Floor 0.500%
01/24/2030 		10.680%   76,405 58,068
Total 1,904,687
Gaming 0.0%
Fertitta Entertainment LLC(b),(u)
Tranche B Term Loan
1-month Term SOFR + 4.000%
Floor 0.500%
01/27/2029 		8.618%   543,668 528,380
Light and Wonder International, Inc.(b),(u)
Tranche B Term Loan
1-month Term SOFR + 3.000%
Floor 0.500%
04/14/2029 		7.662%   456,496 454,213
Total 982,593
Health Care 0.1%
Avantor Funding, Inc.(b),(u)
Tranche B5 Term Loan
1-month USD LIBOR + 2.250%
Floor 0.500%
11/08/2027 		6.885%   781,113 779,378
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Bausch & Lomb Corp.(b),(u)
Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
05/10/2027 		7.842%   219,018 213,935
Gainwell Acquisition Corp.(b),(u)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 4.000%
Floor 0.750%
10/01/2027 		8.730%   742,424 714,769
ICON PLC(b),(u)
Term Loan
3-month USD LIBOR + 2.250%
07/03/2028 		7.000%   376,205 375,596
3-month USD LIBOR + 2.250%
07/03/2028 		7.000%   93,732 93,580
Medline Borrower LP(b),(u)
Term Loan
1-month USD LIBOR + 3.250%
Floor 0.500%
10/23/2028 		7.885%   496,250 478,052
Total 2,655,310
Independent Energy 0.0%
Ascent Resources Utica Holdings(b),(u)
2nd Lien Term Loan
1-month USD LIBOR + 10.000%
Floor 1.000%
11/01/2025 		10.000%   287,000 304,220
Leisure 0.0%
Crown Finance US, Inc.(b),(r),(u),(v)
Debtor in Possession Term Loan
1-month Term SOFR + 10.000%
Floor 1.000%
09/07/2023 		14.664%   829,533 844,258
Formula One Management Ltd.(b),(r),(u)
Tranche B 1st Lien Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
01/15/2030 		7.868%   52,090 52,181
William Morris Endeavor Entertainment LLC(b),(u)
Tranche B1 1st Lien Term Loan
3-month USD LIBOR + 2.750%
05/18/2025 		7.390%   90,054 89,523
Total 985,962
 
The accompanying Notes to Financial Statements are an integral part of this statement.
76 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Media and Entertainment 0.0%
Diamond Sports Group LLC(b),(u)
1st Lien Term Loan
1-month Term SOFR + 8.000%
Floor 1.000%
05/25/2026 		12.775%   331,326 308,687
2nd Lien Term Loan
1-month Term SOFR + 3.250%
08/24/2026 		8.025%   5,285,834 598,779
Total 907,466
Other Financial Institutions 0.0%
Trans Union LLC(b),(u)
Tranche B5 Term Loan
3-month USD LIBOR + 1.750%
11/16/2026 		6.385%   621,512 616,720
Tranche B6 Term Loan
1-month USD LIBOR + 2.250%
Floor 0.500%
12/01/2028 		6.885%   254,231 252,556
Total 869,276
Other Industry 0.0%
Adtalem Global Education, Inc.(b),(u)
Tranche B Term Loan
1-month USD LIBOR + 4.000%
Floor 0.750%
08/12/2028 		8.635%   432,404 431,245
Artera Services LLC(b),(u)
1st Lien Term Loan
3-month USD LIBOR + 3.250%
Floor 1.000%
03/06/2025 		7.980%   449,104 374,041
Total 805,286
Packaging 0.0%
Berry Global, Inc.(b),(u)
Tranche Z Term Loan
1-month USD LIBOR + 1.750%
07/01/2026 		6.325%   2,213,651 2,206,346
Pharmaceuticals 0.1%
Elanco Animal Health, Inc.(b),(u)
Term Loan
1-month USD LIBOR + 1.750%
08/01/2027 		6.316%   1,861,644 1,821,749
Grifols Worldwide Operations Ltd.(b),(u)
Tranche B Term Loan
1-month USD LIBOR + 2.000%
11/15/2027 		6.635%   1,353,536 1,318,006
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Horizon Therapeutics USA, Inc.(b),(u)
Tranche B2 Term Loan
1-month USD LIBOR + 1.750%
Floor 0.500%
03/15/2028 		6.375%   1,053,707 1,052,305
Jazz Pharmaceuticals PLC(b),(u)
Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
05/05/2028 		8.135%   1,207,379 1,205,013
Organon & Co.(b),(u)
Term Loan
1-month USD LIBOR + 3.000%
Floor 0.500%
06/02/2028 		7.750%   3,304,759 3,263,449
Total 8,660,522
Property & Casualty 0.1%
Acrisure LLC(b),(u)
1st Lien Term Loan
1-month USD LIBOR + 3.500%
02/15/2027 		8.135%   907,952 866,122
AmWINS Group, Inc.(b),(u)
Term Loan
1-month USD LIBOR + 2.250%
Floor 0.750%
02/19/2028 		6.885%   2,445,037 2,403,178
Asurion LLC(b),(u)
Tranche B7 Term Loan
3-month USD LIBOR + 3.000%
11/03/2024 		7.635%   338,033 336,644
Total 3,605,944
Restaurants 0.0%
1011778 BC ULC(b),(u)
Tranche B4 Term Loan
3-month USD LIBOR + 1.750%
11/19/2026 		6.385%   545,013 539,661
KFC Holding Co./Yum! Brands(b),(u)
Tranche B Term Loan
1-month USD LIBOR + 1.750%
03/15/2028 		6.348%   367,252 364,957
Total 904,618
Retailers 0.0%
Michaels Companies, Inc. (The)(b),(u)
Tranche B Term Loan
1-month USD LIBOR + 4.250%
Floor 0.750%
04/15/2028 		8.980%   1,970,000 1,800,087
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
77
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Technology 0.1%
athenahealth Group, Inc.(b),(r),(u),(w)
Delayed Draw Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
02/15/2029 		3.500%   188,947 174,304
athenahealth Group, Inc.(b),(u)
Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
02/15/2029 		8.061%   1,541,934 1,422,434
Central Parent, Inc.(b),(u)
1st Lien Term Loan
1-month Term SOFR + 4.500%
Floor 0.500%
07/06/2029 		9.080%   482,176 480,319
Coherent Corp.(b),(u)
Tranche B Term Loan
1-month USD LIBOR + 2.750%
Floor 0.500%
07/02/2029 		7.385%   140,001 139,126
CommScope, Inc.(b),(u)
Term Loan
3-month USD LIBOR + 3.250%
04/06/2026 		7.885%   1,707,859 1,655,769
DTI Holdco, Inc.(b),(u)
1st Lien Term Loan
1-month Term SOFR + 4.750%
Floor 0.750%
04/26/2029 		9.426%   87,741 81,709
Entegris, Inc.(b),(u)
Tranche B Term Loan
1-month Term SOFR + 3.000%
07/06/2029 		7.588%   450,000 450,468
Ingram Micro, Inc.(b),(u)
Term Loan
1-month USD LIBOR + 3.500%
Floor 0.500%
06/30/2028 		8.230%   197,387 196,153
Open Text Corp.(b),(r),(u)
Tranche B Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
08/27/2029 		8.218%   179,945 179,580
Oracle Corp.(b),(u)
Tranche 1 Term Loan
1-month Term SOFR + 1.600%
08/16/2027 		6.147%   2,505,973 2,480,913
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Peraton Corp.(b),(u)
Tranche B 1st Lien Term Loan
3-month USD LIBOR + 3.750%
Floor 0.750%
02/01/2028 		8.385%   2,604,220 2,576,147
Project Alpha Intermediate Holding, Inc.(b),(u)
Term Loan
1-month USD LIBOR + 4.000%
04/26/2024 		8.640%   283,553 282,742
Proofpoint, Inc.(b),(u)
1st Lien Term Loan
1-month USD LIBOR + 3.250%
Floor 0.500%
08/31/2028 		8.203%   159,847 155,141
RealPage, Inc.(b),(u)
1st Lien Term Loan
1-month USD LIBOR + 3.000%
Floor 0.500%
04/24/2028 		7.635%   134,320 129,921
Total 10,404,726
Wireless 0.1%
Digicel International Finance Ltd.(b),(u)
Tranche B 1st Lien Term Loan
3-month USD LIBOR + 3.250%
05/27/2024 		7.885%   2,725,574 2,337,862
SBA Senior Finance II LLC(b),(u)
Term Loan
3-month USD LIBOR + 1.750%
04/11/2025 		6.410%   711,475 709,995
Total 3,047,857
Wirelines 0.0%
Frontier Communications Corp.(b),(u)
Tranche B Term Loan
1-month USD LIBOR + 3.750%
Floor 0.750%
05/01/2028 		8.500%   209,867 204,784
Telenet Financing USD LLC(b),(u)
Tranche AR Term Loan
6-month USD LIBOR + 2.000%
04/30/2028 		6.588%   750,000 732,188
 
The accompanying Notes to Financial Statements are an integral part of this statement.
78 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Senior Loans (continued)
Borrower Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Zayo Group Holdings, Inc.(b),(u)
Term Loan
1-month Term SOFR + 4.250%
Floor 0.500%
03/09/2027 		8.868%   305,028 258,782
1-month USD LIBOR + 3.000%
03/09/2027 		7.635%   1,613,487 1,338,613
Total 2,534,367
Total Senior Loans
(Cost $60,096,776) 		58,006,264
Treasury Bills 1.7%
Issuer Yield   Principal
Amount ($) 		Value ($)
United States 1.7%
U.S. Treasury Bills
03/14/2023 4.540%   14,500,000 14,474,771
03/16/2023 4.260%   4,000,000 3,992,548
04/18/2023 4.740%   15,000,000 14,905,205
07/27/2023 4.870%   12,050,000 11,815,255
08/03/2023 4.910%   5,202,000 5,095,051
08/10/2023 4.950%   25,650,000 25,095,705
U.S. Treasury Bills(s)
05/18/2023 4.700%   102,290,000 101,258,892
Total 176,637,427
Total Treasury Bills
(Cost $177,049,494) 		176,637,427
U.S. Government & Agency Obligations 0.1%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Federal National Mortgage Association(i)
STRIPS
05/15/2030 0.000%   295,000 215,931
Residual Funding Corp.(i)
STRIPS
01/15/2030 0.000%   7,351,000 5,406,752
04/15/2030 0.000%   425,000 309,176
Resolution Funding Corp.(i)
STRIPS
04/15/2030 0.000%   3,000,000 2,194,430
Tennessee Valley Authority Principal STRIP(i)
09/15/2024 0.000%   445,000 408,014
Total U.S. Government & Agency Obligations
(Cost $9,314,653) 		8,534,303
U.S. Treasury Obligations 13.9%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
U.S. Treasury
01/15/2024 0.125%   20,000,000 19,149,219
01/31/2025 4.125%   60,720,000 59,932,537
02/28/2025 4.625%   131,346,000 130,925,283
02/15/2026 4.000%   83,704,000 82,546,531
12/31/2027 3.875%   102,120,000 100,628,091
01/31/2028 3.500%   25,289,000 24,520,452
02/29/2028 4.000%   170,465,000 169,213,148
03/31/2028 1.250%   2,775,000 2,405,795
02/28/2030 4.000%   1,318,000 1,312,852
11/15/2032 4.125%   16,287,000 16,551,664
02/15/2033 3.500%   41,966,300 40,589,281
11/15/2040 1.375%   31,900,000 20,959,297
08/15/2041 1.750%   63,675,000 44,134,734
11/15/2041 2.000%   242,979,000 175,514,362
02/15/2042 2.375%   86,590,000 66,606,652
05/15/2042 3.250%   55,630,000 49,189,089
11/15/2042 2.750%   32,165,000 26,134,062
11/15/2042 4.000%   280,000 276,150
02/15/2043 3.875%   71,949,900 69,847,614
05/15/2043 2.875%   335,000 277,055
08/15/2047 2.750%   16,000,000 12,727,500
02/15/2049 3.000%   23,060,000 19,301,941
08/15/2049 2.250%   9,030,000 6,479,025
11/15/2049 2.375%   9,395,000 6,933,216
05/15/2050 1.250%   40,235,000 22,330,425
11/15/2050 1.625%   31,720,000 19,453,281
11/15/2051 1.875%   880,000 572,825
08/15/2052 3.000%   13,040,000 10,978,050
11/15/2052 4.000%   34,664,100 35,303,219
02/15/2053 3.500%   61,970,000 59,036,108
U.S. Treasury(s)
05/15/2041 2.250%   100,850,000 76,630,242
08/15/2043 3.625%   6,850,000 6,376,922
05/15/2045 3.000%   10,035,000 8,379,225
U.S. Treasury(i)
STRIPS
11/15/2038 0.000%   2,860,000 1,481,726
02/15/2039 0.000%   2,670,000 1,367,853
05/15/2039 0.000%   4,595,000 2,329,629
11/15/2039 0.000%   7,400,000 3,677,164
02/15/2040 0.000%   5,735,000 2,812,838
11/15/2040 0.000%   3,590,000 1,709,878
02/15/2041 0.000%   5,100,000 2,396,602
05/15/2041 0.000%   250,000 116,543
08/15/2041 0.000%   4,455,000 2,055,913
11/15/2041 0.000%   3,500,000 1,597,832
05/15/2042 0.000%   400,000 178,250
08/15/2042 0.000%   5,510,000 2,428,059
11/15/2043 0.000%   9,279,000 3,890,656
02/15/2044 0.000%   980,000 405,896
08/15/2044 0.000%   1,255,000 508,765
02/15/2045 0.000%   8,770,000 3,580,969
02/15/2045 0.000%   695,000 276,507
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
79
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
U.S. Treasury Obligations (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
U.S. Treasury(i),(s)
STRIPS
05/15/2043 0.000%   18,965,000 8,099,388
Total U.S. Treasury Obligations
(Cost $1,599,277,280) 		1,424,130,315
    
Money Market Funds 8.9%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(x),(y) 913,219,011 912,853,723
Total Money Market Funds
(Cost $912,873,181) 		912,853,723
Total Investments in Securities
(Cost: $12,027,158,366) 		11,096,634,935
Other Assets & Liabilities, Net   (890,444,209)
Net Assets 10,206,190,726
At February 28, 2023, securities and/or cash totaling $57,953,214 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
572,247 EUR 623,022 USD Morgan Stanley 03/17/2023 17,176 —
    
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
U.S. Long Bond 214 06/2023 USD 26,796,813 — (137,669)
U.S. Long Bond 401 06/2023 USD 50,212,719 — (205,641)
U.S. Treasury 10-Year Note 168 06/2023 USD 18,758,250 — (37,192)
U.S. Treasury 10-Year Note 804 06/2023 USD 89,771,625 — (227,789)
U.S. Treasury 10-Year Note 1,965 06/2023 USD 219,404,531 — (370,681)
U.S. Treasury 2-Year Note 423 06/2023 USD 86,176,336 — (152,767)
U.S. Treasury 2-Year Note 2,513 06/2023 USD 511,964,850 — (1,438,549)
U.S. Treasury 2-Year Note 3,491 06/2023 USD 711,209,428 — (1,966,206)
U.S. Treasury 5-Year Note 757 06/2023 USD 81,040,399 — (413,708)
U.S. Treasury 5-Year Note 2,074 06/2023 USD 222,031,423 — (598,442)
U.S. Treasury Ultra 10-Year Note 640 06/2023 USD 75,000,000 — (107,098)
U.S. Treasury Ultra Bond 373 06/2023 USD 50,378,313 — (154,344)
U.S. Treasury Ultra Bond 819 06/2023 USD 110,616,188 — (656,237)
U.S. Treasury Ultra Bond 762 06/2023 USD 102,917,625 — (1,079,208)
Total         — (7,545,531)
    
Short futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
U.S. Long Bond (1,011) 06/2023 USD (126,596,156) 666,356 —
U.S. Treasury 5-Year Note (464) 06/2023 USD (49,673,375) 135,993 —
U.S. Treasury Ultra 10-Year Note (285) 06/2023 USD (33,398,438) 92,926 —
The accompanying Notes to Financial Statements are an integral part of this statement.
80 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Short futures contracts (continued)
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
U.S. Treasury Ultra 10-Year Note (4) 06/2023 USD (468,750) 3,387 —
U.S. Treasury Ultra 10-Year Note (3) 06/2023 USD (351,563) — (1,011)
Total         898,662 (1,011)
    
Cleared interest rate swap contracts
Fund receives Fund pays Payment
frequency 		Counterparty Maturity
date 		Notional
currency 		Notional
amount 		Value
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Fixed rate of 1.390% 3-Month USD LIBOR Receives SemiAnnually, Pays Quarterly Citi 09/28/2025 USD 223,000,000 (13,616,421) — — — (13,616,421)
3-Month USD LIBOR Fixed rate of 1.870% Receives Quarterly, Pays SemiAnnually Citi 09/28/2053 USD 19,000,000 5,530,179 — — 5,530,179 —
Total             (8,086,242) — — 5,530,179 (13,616,421)
    
Reference index and values for swap contracts as of period end
Reference index   Reference rate
3-Month USD LIBOR London Interbank Offered Rate 4.971%
Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At February 28, 2023, the total value of these securities amounted to $2,854,996,924, which represents 27.97% of total net assets.
(b) Variable rate security. The interest rate shown was the current rate as of February 28, 2023.
(c) Represents a security purchased on a when-issued basis.
(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2023, the total value of these securities amounted to $15,033,799, which represents 0.15% of total net assets.
(e) Valuation based on significant unobservable inputs.
(f) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of February 28, 2023.
(g) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.
(h) Represents principal only securities which have the right to receive the principal portion only on an underlying pool of mortgage loans.
(i) Zero coupon bond.
(j) Non-income producing investment.
(k) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of February 28, 2023.
(l) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(m) Principal amounts are denominated in United States Dollars unless otherwise noted.
(n) Principal and interest may not be guaranteed by a governmental entity.
(o) Represents a security in default.
(p) Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At February 28, 2023, the total value of these securities amounted to $2,535,322, which represents 0.02% of total net assets.
(q) Includes comparable securities held to satisfy future delivery requirements of the following open forward sale commitments at February 28, 2023:
    
Security description Principal
amount ($) 		Settlement
date 		Proceeds
receivable ($) 		Value ($)
Federal National Mortgage Association        
03/13/2053 3.500% (1,500,000) 03/13/2053 (1,379,942) (1,365,352)
Federal National Mortgage Association        
03/13/2053 3.000% (1,500,000) 03/13/2053 (1,349,297) (1,319,209)
Uniform Mortgage-Backed Security TBA        
03/13/2053 2.500% (500,000) 03/13/2053 (432,031) (423,496)
Total       (3,108,057)
    
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
81
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Notes to Portfolio of Investments  (continued)
(r) Represents a security purchased on a forward commitment basis.
(s) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(t) Represents a variable rate security where the coupon adjusts periodically through an auction process.
(u) The stated interest rate represents the weighted average interest rate at February 28, 2023 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.
(v) The borrower filed for protection under Chapter 11 of the U.S. Federal Bankruptcy Code.
(w) At February 28, 2023, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.
    
Borrower Unfunded Commitment ($)
athenahealth Group, Inc.
Delayed Draw Term Loan
02/15/2029 3.500% 		188,947
    
(x) The rate shown is the seven-day current annualized yield at February 28, 2023.
(y) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  1,202,908,828 3,242,156,569 (3,532,182,539) (29,135) 912,853,723 144,364 20,126,692 913,219,011
Abbreviation Legend
BAM Build America Mutual Assurance Co.
BIG Bond Investors Guarantee
CMO Collateralized Mortgage Obligation
CMT Constant Maturity Treasury
CVR Contingent Value Rights
EURIBOR Euro Interbank Offered Rate
FHLMC Federal Home Loan Mortgage Corporation
LIBID London Interbank Bid Rate
LIBOR London Interbank Offered Rate
MTA Monthly Treasury Average
SOFR Secured Overnight Financing Rate
STRIPS Separate Trading of Registered Interest and Principal Securities
TBA To Be Announced
Currency Legend
EUR Euro
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in
The accompanying Notes to Financial Statements are an integral part of this statement.
82 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Asset-Backed Securities — Non-Agency — 1,197,896,515 3,135,411 1,201,031,926
Commercial Mortgage-Backed Securities - Agency — 96,710,042 — 96,710,042
Commercial Mortgage-Backed Securities - Non-Agency — 611,453,471 — 611,453,471
Common Stocks        
Communication Services — — 9 9
Energy — — 190 190
Financials — 2,174,081 — 2,174,081
Total Common Stocks — 2,174,081 199 2,174,280
Convertible Bonds — 2,976,637 — 2,976,637
Corporate Bonds & Notes — 3,308,590,110 8,878,000 3,317,468,110
Foreign Government Obligations — 160,098,364 — 160,098,364
Inflation-Indexed Bonds — 6,794,377 — 6,794,377
Municipal Bonds — 37,759,412 — 37,759,412
Residential Mortgage-Backed Securities - Agency — 2,613,018,344 — 2,613,018,344
Residential Mortgage-Backed Securities - Non-Agency — 450,851,569 16,136,371 466,987,940
Senior Loans — 58,006,264 — 58,006,264
Treasury Bills — 176,637,427 — 176,637,427
U.S. Government & Agency Obligations — 8,534,303 — 8,534,303
U.S. Treasury Obligations — 1,424,130,315 — 1,424,130,315
Money Market Funds 912,853,723 — — 912,853,723
Total Investments in Securities 912,853,723 10,155,631,231 28,149,981 11,096,634,935
Forward Sale Commitments — (3,108,057) — (3,108,057)
Investments in Derivatives        
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
83
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Asset        
Forward Foreign Currency Exchange Contracts — 17,176 — 17,176
Futures Contracts 898,662 — — 898,662
Swap Contracts — 5,530,179 — 5,530,179
Liability        
Futures Contracts (7,546,542) — — (7,546,542)
Swap Contracts — (13,616,421) — (13,616,421)
Total 906,205,843 10,144,454,108 28,149,981 11,078,809,932
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
84 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $11,114,285,185) $10,183,781,212
Affiliated issuers (cost $912,873,181) 912,853,723
Cash 364,201
Foreign currency (cost $1,422,246) 1,401,539
Cash collateral held at broker for:  
TBA 12,809,081
Margin deposits on:  
Futures contracts 17,965,233
Swap contracts 4,742,158
Unrealized appreciation on forward foreign currency exchange contracts 17,176
Receivable for:  
Investments sold 93,049,658
Investments sold on a delayed delivery basis 306,555,888
Capital shares sold 43,498,457
Dividends 3,592,267
Interest 60,997,349
Foreign tax reclaims 272,612
Variation margin for futures contracts 307,474
Variation margin for swap contracts 45,542
Expense reimbursement due from Investment Manager 3,361
Prepaid expenses 73,171
Trustees’ deferred compensation plan 415,871
Other assets 133,254
Total assets 11,642,879,227
Liabilities  
Forward sale commitments, at value (proceeds receivable $3,161,270) 3,108,057
Cash collateral due to broker for:  
TBA 15,000
Payable for:  
Investments purchased 108,189,001
Investments purchased on a delayed delivery basis 1,275,123,751
Capital shares purchased 15,686,128
Distributions to shareholders 32,982,588
Variation margin for futures contracts 447,577
Variation margin for swap contracts 23,250
Interest on forward sale commitments 11,833
Management services fees 124,285
Transfer agent fees 300,314
Compensation of board members 117,597
Compensation of chief compliance officer 964
Other expenses 142,285
Trustees’ deferred compensation plan 415,871
Total liabilities 1,436,688,501
Net assets applicable to outstanding capital stock $10,206,190,726
Represented by  
Paid in capital 12,018,583,381
Total distributable earnings (loss) (1,812,392,655)
Total - representing net assets applicable to outstanding capital stock $10,206,190,726
Institutional Class  
Net assets $10,206,182,306
Shares outstanding 1,188,204,589
Net asset value per share $8.59
Institutional 3 Class  
Net assets $8,420
Shares outstanding 978
Net asset value per share $8.61
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
85
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $54,199
Dividends — affiliated issuers 20,126,692
Interest 190,360,203
Interfund lending 4,418
Foreign taxes withheld (9,990)
Total income 210,535,522
Expenses:  
Management services fees 22,500,464
Transfer agent fees  
Institutional Class 2,213,873
Institutional 3 Class 1
Compensation of board members 89,777
Custodian fees 92,196
Printing and postage fees 143,230
Registration fees 113,204
Audit fees 25,342
Legal fees 75,624
Interest on collateral 15,632
Compensation of chief compliance officer 964
Other 74,666
Total expenses 25,344,973
Fees waived or expenses reimbursed by Investment Manager and its affiliates (601,715)
Total net expenses 24,743,258
Net investment income 185,792,264
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (207,400,260)
Investments — affiliated issuers 144,364
Foreign currency translations 2,382
Forward foreign currency exchange contracts (15,598)
Futures contracts (100,839,942)
Securities sold short 78,008
Swap contracts (2,599,250)
Net realized loss (310,630,296)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (98,069,873)
Investments — affiliated issuers (29,135)
Foreign currency translations 56,366
Forward sale commitments 53,213
Forward foreign currency exchange contracts (7,389)
Futures contracts 2,650,826
Swap contracts (4,728,646)
Net change in unrealized appreciation (depreciation) (100,074,638)
Net realized and unrealized loss (410,704,934)
Net decrease in net assets resulting from operations $(224,912,670)
The accompanying Notes to Financial Statements are an integral part of this statement.
86 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment income $185,792,264 $226,585,063
Net realized loss (310,630,296) (517,719,951)
Net change in unrealized appreciation (depreciation) (100,074,638) (1,105,323,702)
Net decrease in net assets resulting from operations (224,912,670) (1,396,458,590)
Distributions to shareholders    
Net investment income and net realized gains    
Institutional Class (192,027,231) (261,010,283)
Institutional 3 Class (160) (236)
Total distributions to shareholders (192,027,391) (261,010,519)
Increase (decrease) in net assets from capital stock activity (25,763,581) 1,442,995,396
Total decrease in net assets (442,703,642) (214,473,713)
Net assets at beginning of period 10,648,894,368 10,863,368,081
Net assets at end of period $10,206,190,726 $10,648,894,368
    
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Institutional Class        
Subscriptions 90,915,855 785,255,326 319,164,611 3,047,317,715
Distributions reinvested 22,374,342 192,027,231 26,909,143 261,010,283
Redemptions (116,490,468) (1,003,046,138) (193,550,074) (1,865,332,602)
Net increase (decrease) (3,200,271) (25,763,581) 152,523,680 1,442,995,396
Total net increase (decrease) (3,200,271) (25,763,581) 152,523,680 1,442,995,396
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
87
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $8.94 0.16 (0.35) (0.19) (0.16) — (0.16)
Year Ended 8/31/2022 $10.46 0.21 (1.49) (1.28) (0.20) (0.04) (0.24)
Year Ended 8/31/2021 $10.76 0.19 (0.05) 0.14 (0.20) (0.24) (0.44)
Year Ended 8/31/2020 $10.38 0.27 0.42 0.69 (0.28) (0.03) (0.31)
Year Ended 8/31/2019 $9.80 0.30 0.59 0.89 (0.31) — (0.31)
Year Ended 8/31/2018 $10.17 0.26 (0.38) (0.12) (0.25) (0.00)(c) (0.25)
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $8.96 0.16 (0.35) (0.19) (0.16) — (0.16)
Year Ended 8/31/2022 $10.47 0.21 (1.48) (1.27) (0.20) (0.04) (0.24)
Year Ended 8/31/2021 $10.77 0.20 (0.06) 0.14 (0.20) (0.24) (0.44)
Year Ended 8/31/2020(g) $10.23 0.19 0.53 0.72 (0.18) — (0.18)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Rounds to zero.
(d) Annualized.
(e) Ratios include interest on collateral expense which is less than 0.01%.
(f) Ratios include interfund lending expense which is less than 0.01%.
(g) Institutional 3 Class shares commenced operations on December 18, 2019. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
88 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $8.59 (2.07%) 0.50%(d),(e) 0.49%(d),(e) 3.68%(d) 157% $10,206,182
Year Ended 8/31/2022 $8.94 (12.40%) 0.50%(e) 0.49%(e) 2.15% 284% $10,648,886
Year Ended 8/31/2021 $10.46 1.36% 0.50%(e) 0.49%(e) 1.86% 232% $10,863,358
Year Ended 8/31/2020 $10.76 6.77% 0.51% 0.49% 2.59% 184% $9,404,198
Year Ended 8/31/2019 $10.38 9.33% 0.52%(f) 0.52%(f) 3.05% 219% $8,398,508
Year Ended 8/31/2018 $9.80 (1.16%) 0.52% 0.52% 2.66% 228% $7,969,883
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $8.61 (2.07%) 0.46%(d),(e) 0.46%(d),(e) 3.70%(d) 157% $8
Year Ended 8/31/2022 $8.96 (12.28%) 0.46%(e) 0.46%(e) 2.16% 284% $9
Year Ended 8/31/2021 $10.47 1.37% 0.47%(e) 0.45%(e) 1.89% 232% $10
Year Ended 8/31/2020(g) $10.77 7.11% 0.48%(d) 0.46%(d) 2.53%(d) 184% $11
The accompanying Notes to Financial Statements are an integral part of this statement.
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89
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Multi-Manager Total Return Bond Strategies Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares 
The Trust may issue an unlimited number of shares (without par value). The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. (Ameriprise Financial) or its affiliates. The Fund offers each of the share classes listed in the Statement of Assets and Liabilities which are not subject to any front-end sales charge or contingent deferred sales charge.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange
90 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may
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91
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
92 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities. These instruments may be used for other purposes in future periods.
The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.
The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to hedge against market volatility. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.
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93
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.
Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index, to increase or decrease its credit exposure to a specific debt security or a basket of debt securities, as a protection buyer to reduce overall credit exposure and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.
As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).
Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.
Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.
Interest rate and inflation rate swap contracts
The Fund entered into interest rate swap transactions and/or inflation rate swap contracts to produce incremental earnings, to manage interest rate and market risk exposure to produce incremental earnings, to gain exposure to or protect itself from market rate changes and to hedge the portfolio risk associated with some or all of the Fund’s securities. These instruments may be used for other purposes in future periods. An interest rate swap or inflation rate swap, as applicable, is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a nominal amount. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.
Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.
94 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2023:
  Asset derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 17,176
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 898,662*
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 5,530,179*
Total   6,446,017
    
  Liability derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Interest rate risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 7,546,542*
Interest rate risk Component of total distributable earnings (loss) — unrealized depreciation on swap contracts 13,616,421*
Total   21,162,963
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended February 28, 2023:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — (2,598,937) (2,598,937)
Foreign exchange risk (15,598) — — (15,598)
Interest rate risk — (100,839,942) (313) (100,840,255)
Total (15,598) (100,839,942) (2,599,250) (103,454,790)
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — (1,196,025) (1,196,025)
Foreign exchange risk (7,389) — — (7,389)
Interest rate risk — 2,650,826 (3,532,621) (881,795)
Total (7,389) 2,650,826 (4,728,646) (2,085,209)
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95
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended February 28, 2023:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 2,263,963,128
Futures contracts — short 213,206,532
Credit default swap contracts — buy protection 37,835,000
    
Derivative instrument Average unrealized
appreciation ($)* 		Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 8,588 (220)
Interest rate swap contracts 5,256,473 (12,054,135)
    
* Based on the ending quarterly outstanding amounts for the six months ended February 28, 2023.
Investments in senior loans
The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.
The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund’s Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.
Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.
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Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.
Forward sale commitments
The Fund may enter into forward sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of forward sale commitments are not received until the contractual settlement date. While a forward sale commitment is outstanding, equivalent deliverable securities or an offsetting forward purchase commitment deliverable on or before the sale commitment date are used to satisfy the commitment.
Unsettled forward sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Security Valuation” above. The forward sale commitment is “marked-to-market” daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the market price established at the date the commitment was entered into.
Mortgage dollar roll transactions
The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund’s portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.
Treasury inflation protected securities
The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.
Interest only and principal only securities 
The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security’s interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive
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Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of February 28, 2023:
  Citi ($) Morgan
Stanley ($) 		Total ($)
Assets      
Centrally cleared interest rate swap contracts (a) 45,542 - 45,542
Forward foreign currency exchange contracts - 17,176 17,176
Total Assets 45,542 17,176 62,718
Liabilities      
Centrally cleared interest rate swap contracts (a) 23,250 - 23,250
Total financial and derivative net assets 22,292 17,176 39,468
Total collateral received (pledged) (b) - - -
Net amount (c) 22,292 17.176 39,468
    
(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.
(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c) Represents the net amount due from/(to) counterparties in the event of default.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a
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Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.
The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
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99
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of their portion of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.50% to 0.34% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 0.45% of the Fund’s average daily net assets.
Subadvisory agreements
The Investment Manager has entered into Subadvisory Agreements with Loomis, Sayles & Company, L.P., PGIM, Inc., the asset management arm of Prudential Financial (PGIM Fixed Income), TCW Investment Management Company LLC and Voya Investment Management Co. LLC, each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s determination. Each subadviser’s proportionate share of investments in the Fund may also vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund’s assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
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Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares.
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Institutional Class 0.04
Institutional 3 Class 0.02
Distribution and service fees
The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Fund does not pay the Distributor a fee for the distribution services it provides to the Fund.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  Fee rate(s) contractual
through
December 31, 2023
Institutional Class 0.49%
Institutional 3 Class 0.47
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is
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101
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
(depreciation) ($)
12,023,997,000 21,881,000 (967,068,000) (945,187,000)
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at August 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
No expiration
short-term ($) 		No expiration
long-term ($) 		Total ($)
(350,681,507) (178,135,050) (528,816,557)
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $15,786,168,552 and $15,821,418,765, respectively, for the six months ended February 28, 2023, of which $14,054,966,925 and $13,885,282,831, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
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Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended February 28, 2023 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Lender 7,240,000 4.50 5
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
Note 9. Significant risks
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.
Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.
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Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market’s assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private
104 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.
Shareholder concentration risk
At February 28, 2023, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
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105
 Approval of Subadvisory Agreement Amendment
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Multi-Manager Total Return Bond Strategies Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under the subadvisory agreements (the Subadvisory Agreements) between the Investment Manager and each of Loomis, Sayles & Company, L.P., PGIM, Inc. (PGIM), TCW Investment Management Company LLC and Voya Investment Management Co. LLC (Voya) (collectively, the Subadvisers), the Subadvisers provide portfolio management and related services for the Fund. At their meeting on November 4, 2022, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), approved amendments to (i) the Subadvisory Agreement between the Investment Manager and PGIM (the PGIM Subadvisory Agreement) and (ii) the Subadvisory Agreement between the Investment Manager and Voya (the Voya Subadvisory Agreement), each for the purpose of reducing the fees payable thereunder by the Investment Manager to PGIM and Voya, respectively.
The Independent Trustees considered how the amendment to the PGIM Subadvisory Agreement and the amendment to the Voya Subadvisory Agreement would reduce the subadvisory fee rate paid by the Investment Manager to PGIM and Voya, respectively, under the current subadvisory agreements. The Independent Trustees also considered that the Investment Manager had confirmed that there would not be any change to the nature or quality of the subadvisory services provided as a result of entering into the amendments, and that the PGIM Subadvisory Agreement, as amended, and the Voya Subadvisory Agreement, as amended, were each substantially similar to the current subadvisory agreements in place except for the reduced fee. The Independent Trustees reviewed the performance of the Fund and each of the Subadvisers, as well as the level of management fees and total expenses paid by the Fund. The Independent Trustees noted that no management fees were proposed to change and that the level of services provided by the Investment Manager was also not proposed to change. The Independent Trustees also noted that the Contracts Committee, as part of the 2023 15(c) process, would further review the continued reasonableness of each Fund’s management fee, including taking into account the reduced subadvisory fee levels.
The Independent Trustees noted the discussion, which is described below, relating to the renewal and approval of the advisory and subadvisory agreements for the Fund at the Contracts Committee and Board meetings in June 2022 (the June Meeting) and, in that connection, the discussion by independent legal counsel of the Board’s responsibilities pursuant to Sections 15(c) and 36(b) of the 1940 Act and the factors that should be considered in determining whether to approve or renew an investment management agreement. The Independent Trustees considered that they should apply these factors in considering the amendments to the PGIM Subadvisory Agreement and the Voya Subadvisory Agreement. The Independent Trustees also considered that they should take into account the variety of written materials and oral presentations they received at their meetings in November 2022 as well as all of the information previously considered at the June Meeting regarding the proposed 15(c) renewal of the existing Funds’ advisory and subadvisory agreements.
After considering the factors described above relating to the amendments of the PGIM Subadvisory Agreement and the Voya Subadvisory Agreement, and taking into account all of the factors considered, as described below, as part of the approval of the continuance of the Fund’s current PGIM Subadvisory Agreement and Voya Subadvisory Agreement in June 2022, the Board, including all of the Independent Trustees, approved the proposed amendments to each of the PGIM Subadvisory Agreement and the Voya Subadvisory Agreement.
General conclusions in connection with the Trustees’ previous approval of the continuance of the fund’s existing advisory agreements
On an annual basis, the Board, including the Independent Trustees, considers renewal of the Management Agreement and the Subadvisory Agreements (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment
106 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Approval of Subadvisory Agreement Amendment  (continued)
(Unaudited)
Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.
The Board, at its June 23, 2022 Board meeting, considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:
• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;
• Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
• The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
• Terms of the Advisory Agreements;
• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreements;
• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
• Descriptions of various services performed by the Investment Manager and the Subadvisers under the Advisory Agreements, including portfolio management and portfolio trading practices;
• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
• Information regarding the resources of the Investment Manager and Subadvisers, including information regarding senior management, portfolio managers and other personnel;
• Information regarding the capabilities of the Investment Manager and the Subadvisers with respect to compliance monitoring services;
• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
• Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.
Nature, extent and quality of services provided by the Investment Manager and the Subadvisers
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadvisers, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
107
Approval of Subadvisory Agreement Amendment  (continued)
(Unaudited)
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated Subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2022 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial’s acquisition of BMO Financial Group’s Europe, Middle East, and Africa (EMEA) asset management business.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring each Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
The Board considered each Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered each Subadviser’s capability and wherewithal to carry out its responsibilities under the applicable Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreements, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreements are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreements. The Board took into account the Investment Manager’s representation that each Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager’s subadvisory oversight team and their significant resources added in recent years.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and the Subadvisory Agreements.
Investment performance
In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund’s performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median based on information provided by Broadridge.
Additionally, the Board reviewed the performance of each of the Subadvisers and the Investment Manager’s process for monitoring such Subadvisers’ performance. The Board considered, in particular, management’s rationale for recommending the continued retention of each Subadviser and management’s representations that the Investment Manager’s profitability is not the key factor driving their recommendation to select, renew or terminate the Subadvisers.
108 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
Approval of Subadvisory Agreement Amendment  (continued)
(Unaudited)
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s and Subadvisers’ performance and reputation generally and the Investment Manager’s evaluation of each Subadviser’s contribution to the Fund’s broader investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadvisers, in light of other considerations, supported the continuation of the Management Agreement and the Subadvisory Agreements.
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.
Additionally, the Board reviewed the level of subadvisory fees paid to each Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing each Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Subadvisory Agreements.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Subadvisory Agreements were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Board did not consider the profitability to each Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreements.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds and to the Investment Manager as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation
Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
109
Approval of Subadvisory Agreement Amendment  (continued)
(Unaudited)
arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement provided for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the Subadvisory Agreements did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and the Subadvisory Agreements. In reaching its conclusions, no single factor was determinative.
On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.
110 Multi-Manager Total Return Bond Strategies Fund  | Semiannual Report 2023
[THIS PAGE INTENTIONALLY LEFT BLANK]
Multi-Manager Total Return Bond Strategies Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR101_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Multi-Manager Small Cap Equity Strategies Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Multi-Manager Small Cap Equity Strategies Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks long-term capital appreciation.
Portfolio management
Columbia Management Investment Advisers, LLC
Jarl Ginsberg, CFA, CAIA
Christian Stadlinger, Ph.D., CFA
Conestoga Capital Advisors, LLC
Robert Mitchell
Joseph Monahan, CFA
Hotchkis and Wiley Capital Management, LLC
Judd Peters, CFA
Ryan Thomes, CFA
J.P. Morgan Investment Management Inc.
Eytan Shapiro, CFA
Matthew Cohen
Jacobs Levy Equity Management, Inc.
Bruce Jacobs, Ph.D.
Kenneth Levy, CFA
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Institutional Class* 01/03/17 5.40 -5.91 7.13 9.51
Institutional 3 Class* 12/18/19 5.48 -5.63 7.25 9.57
Russell 2000 Index   3.63 -6.02 6.01 9.06
All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Returns shown for periods prior to the inception date of each class include the returns of the Fund’s Class A shares for the period prior to January 3, 2017, and for Institutional 3 Class shares, include the returns of the Fund’s Institutional Class shares for the period from January 3, 2017 through the inception date of the class. Class A shares were offered prior to the Fund’s Institutional Class shares but have since been merged into the Fund’s Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes the securities of approximately 2,000 of the smallest companies in the Russell 3000 Index based on a combination of their market capitalization and current index membership.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown (%) (at February 28, 2023)
Common Stocks 97.5
Exchange-Traded Equity Funds 0.8
Money Market Funds 1.7
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2023)
Communication Services 0.8
Consumer Discretionary 10.6
Consumer Staples 2.6
Energy 4.9
Financials 18.7
Health Care 12.8
Industrials 23.6
Information Technology 15.2
Materials 3.8
Real Estate 4.7
Utilities 2.3
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Institutional Class 1,000.00 1,000.00 1,054.00 1,019.89 5.04 4.96 0.99
Institutional 3 Class 1,000.00 1,000.00 1,054.80 1,020.78 4.13 4.06 0.81
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. Participants in wrap fee programs pay other fees that are not included in the above table. Please refer to the wrap program documents for information about the fees charged.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
5
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.4%
Issuer Shares Value ($)
Communication Services 0.8%
Diversified Telecommunication Services 0.0%
Bandwidth, Inc., Class A(a) 18,589 295,565
Entertainment 0.0%
Playtika Holding Corp.(a) 44,929 431,318
Interactive Media & Services 0.3%
Bumble, Inc., Class A(a) 49,381 1,194,033
DHI Group, Inc.(a) 24,341 103,206
Outbrain, Inc.(a) 23,100 102,102
QuinStreet, Inc.(a) 59,069 1,002,401
TrueCar, Inc.(a) 74,591 173,797
Ziff Davis, Inc.(a) 23,890 1,886,832
Total   4,462,371
Media 0.3%
Cardlytics, Inc.(a) 25,353 138,174
Emerald Holding, Inc.(a) 94,500 360,045
Nexstar Media Group, Inc., Class A 18,421 3,424,464
Quotient Technology, Inc.(a) 75,975 287,185
Stagwell, Inc.(a) 169,300 1,161,398
TEGNA, Inc. 16,600 288,840
Total   5,660,106
Wireless Telecommunication Services 0.2%
Spok Holdings, Inc. 31,860 318,282
Telephone and Data Systems, Inc. 195,470 2,480,514
United States Cellular Corp.(a) 43,375 1,046,639
Total   3,845,435
Total Communication Services 14,694,795
Consumer Discretionary 10.3%
Auto Components 1.5%
Adient PLC(a) 109,396 4,673,397
American Axle & Manufacturing Holdings, Inc.(a) 228,351 2,009,489
Dana, Inc. 84,929 1,345,275
Fox Factory Holding Corp.(a) 99,948 11,743,890
Goodyear Tire & Rubber Co. (The)(a) 448,476 5,094,688
LCI Industries 7,922 893,681
Common Stocks (continued)
Issuer Shares Value ($)
Lear Corp. 11,579 1,617,007
Modine Manufacturing Co.(a) 22,168 541,121
Total   27,918,548
Automobiles 0.2%
Thor Industries, Inc. 13,500 1,228,365
Winnebago Industries, Inc. 30,382 1,931,080
Total   3,159,445
Distributors 0.0%
Funko, Inc., Class A(a) 84,000 908,040
Diversified Consumer Services 0.5%
2U, Inc.(a) 177,613 1,591,413
Adtalem Global Education, Inc.(a) 24,045 940,640
American Public Education, Inc.(a) 8,272 91,323
Bright Horizons Family Solutions, Inc.(a) 25,805 2,034,466
Graham Holdings Co., Class B 500 313,330
Grand Canyon Education, Inc.(a) 898 101,735
Laureate Education, Inc., Class A 268,173 3,180,532
Perdoceo Education Corp.(a) 94,036 1,296,286
Total   9,549,725
Hotels, Restaurants & Leisure 2.6%
Bloomin’ Brands, Inc. 33,700 879,570
Bluegreen Vacations Holding Corp. 6,525 216,434
Boyd Gaming Corp. 42,640 2,777,143
Brinker International, Inc.(a) 93,200 3,541,600
Dine Brands Global, Inc. 11,800 904,706
El Pollo Loco Holdings, Inc. 30,200 361,494
International Game Technology PLC 197,480 5,245,069
Jack in the Box, Inc. 4,700 368,480
Life Time Group Holdings, Inc.(a) 183,109 3,308,780
Light & Wonder, Inc.(a) 56,146 3,515,301
Marriott Vacations Worldwide Corp. 21,549 3,296,782
Papa John’s International, Inc. 30,925 2,596,154
Planet Fitness, Inc., Class A(a) 52,187 4,229,756
Red Rock Resorts, Inc., Class A 46,350 2,024,104
Ruth’s Hospitality Group, Inc. 62,400 1,163,760
SeaWorld Entertainment, Inc.(a) 47,947 3,097,376
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Six Flags Entertainment Corp.(a) 75,454 1,991,986
Texas Roadhouse, Inc. 52,137 5,293,991
Travel + Leisure Co. 30,200 1,266,890
Xponential Fitness, Inc., Class A(a) 18,695 474,666
Total   46,554,042
Household Durables 1.1%
Century Communities, Inc. 16,300 974,903
GoPro, Inc., Class A(a) 394,950 2,049,790
Green Brick Partners, Inc.(a) 28,300 882,960
Helen of Troy Ltd.(a) 24,611 2,773,414
Hooker Furnishings Corp. 49,500 1,088,257
KB Home 132,187 4,662,235
La-Z-Boy, Inc. 30,400 984,352
M/I Homes, Inc.(a) 17,408 1,006,879
Meritage Homes Corp.(a) 9,100 993,993
Sonos, Inc.(a) 128,897 2,504,469
Taylor Morrison Home Corp., Class A(a) 27,900 999,657
Tri Pointe Homes, Inc.(a) 41,200 982,208
Tupperware Brands Corp.(a) 22,119 90,688
Universal Electronics, Inc.(a) 11,337 144,207
VOXX International Corp.(a) 12,693 145,081
Total   20,283,093
Internet & Direct Marketing Retail 0.2%
1-800-Flowers.com, Inc., Class A(a) 96,453 954,885
1stdibs.com, Inc.(a) 12,849 65,273
Global-e Online Ltd.(a) 60,059 1,699,669
Lands’ End, Inc.(a) 35,730 271,548
Total   2,991,375
Leisure Products 0.3%
JAKKS Pacific, Inc.(a) 41,733 807,116
Johnson Outdoors, Inc., Class A 22,000 1,426,920
Latham Group, Inc.(a) 242,800 772,104
Vista Outdoor, Inc.(a) 59,700 1,705,032
Total   4,711,172
Multiline Retail 0.1%
Macy’s, Inc. 108,700 2,224,002
Common Stocks (continued)
Issuer Shares Value ($)
Specialty Retail 3.4%
Aaron’s Co., Inc. (The) 141,863 2,035,734
Abercrombie & Fitch Co., Class A(a) 104,026 3,059,405
American Eagle Outfitters, Inc. 152,629 2,193,279
Asbury Automotive Group, Inc.(a) 4,200 953,820
Barnes & Noble Education, Inc.(a) 23,835 49,100
Big 5 Sporting Goods Corp. 2,400 21,192
Boot Barn Holdings, Inc.(a) 13,200 1,022,340
Burlington Stores, Inc.(a) 8,265 1,770,776
Cato Corp. (The), Class A 51,700 478,225
Citi Trends, Inc.(a) 30,099 843,976
Container Store Group, Inc. (The)(a) 61,501 267,529
Floor & Decor Holdings, Inc., Class A(a) 25,725 2,361,812
Foot Locker, Inc. 193,779 8,472,018
Genesco, Inc.(a) 81,252 3,653,902
Group 1 Automotive, Inc. 23,400 5,173,038
Haverty Furniture Companies, Inc. 42,328 1,597,459
Hibbett, Inc. 71,522 5,144,578
Lithia Motors, Inc., Class A 10,061 2,567,366
LL Flooring Holdings, Inc.(a) 156,700 791,335
MarineMax, Inc.(a) 34,300 1,151,794
National Vision Holdings, Inc.(a) 94,578 3,533,434
OneWater Marine, Inc., Class A(a) 37,000 1,029,340
Petco Health & Wellness Co., Inc.(a) 233,523 2,405,287
Signet Jewelers Ltd. 54,328 3,890,971
Sleep Number Corp.(a) 26,137 1,041,821
Sonic Automotive, Inc., Class A 26,800 1,524,652
Tilly’s, Inc.(a) 56,805 493,067
TravelCenters of America, Inc.(a) 15,600 1,315,860
Upbound Group, Inc. 59,500 1,597,575
Urban Outfitters, Inc.(a) 15,300 412,335
Zumiez, Inc.(a) 14,700 341,922
Total   61,194,942
Textiles, Apparel & Luxury Goods 0.4%
Carter’s, Inc. 3,900 294,021
Crocs, Inc.(a) 19,815 2,411,684
G-III Apparel Group Ltd.(a) 79,500 1,320,892
Kontoor Brands, Inc. 7,100 370,265
Lakeland Industries, Inc. 32,300 489,991
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Movado Group, Inc. 21,110 730,828
Steven Madden Ltd. 28,800 1,045,440
Unifi, Inc.(a) 30,659 317,321
Vera Bradley, Inc.(a) 111,009 588,348
Total   7,568,790
Total Consumer Discretionary 187,063,174
Consumer Staples 2.5%
Food & Staples Retailing 1.1%
Andersons, Inc. (The) 47,707 2,176,870
BJ’s Wholesale Club Holdings, Inc.(a) 21,380 1,535,084
Grocery Outlet Holding Corp.(a) 124,248 3,360,908
Natural Grocers by Vitamin Cottage, Inc. 44,900 493,002
Performance Food Group, Inc.(a) 52,491 2,970,466
Rite Aid Corp.(a) 45,700 176,402
The Chefs’ Warehouse(a) 119,741 3,897,570
United Natural Foods, Inc.(a) 118,211 4,814,734
Total   19,425,036
Food Products 0.5%
B&G Foods, Inc. 75,800 960,386
Fresh Del Monte Produce, Inc. 13,799 431,633
Freshpet, Inc.(a) 45,822 2,849,212
Hain Celestial Group, Inc. (The)(a) 28,335 505,213
TreeHouse Foods, Inc.(a) 90,927 4,436,328
Total   9,182,772
Household Products 0.2%
Central Garden & Pet Co.(a) 19,800 801,900
WD-40 Co. 21,625 3,750,424
Total   4,552,324
Personal Products 0.7%
BellRing Brands, Inc.(a) 57,368 1,771,524
Edgewell Personal Care Co. 80,181 3,423,729
elf Beauty, Inc.(a) 33,627 2,513,618
Herbalife Nutrition Ltd.(a) 60,040 1,161,774
Medifast, Inc. 8,300 930,679
Nature’s Sunshine Products, Inc.(a) 7,517 81,484
Nu Skin Enterprises, Inc., Class A 23,800 948,192
Usana Health Sciences, Inc.(a) 17,500 1,063,650
Total   11,894,650
Common Stocks (continued)
Issuer Shares Value ($)
Tobacco 0.0%
Vector Group Ltd. 51,240 679,955
Total Consumer Staples 45,734,737
Energy 4.8%
Energy Equipment & Services 1.7%
Cactus, Inc., Class A 106,577 4,897,213
ChampionX Corp. 29,500 901,815
Dril-Quip, Inc.(a) 47,700 1,633,725
Expro Group Holdings NV(a) 50,449 1,146,706
Helix Energy Solutions Group, Inc.(a) 113,700 941,436
Helmerich & Payne, Inc. 55,050 2,316,504
Liberty Energy, Inc., Class A 60,600 924,150
Matrix Service Co.(a) 15,787 99,932
National Energy Services Reunited Corp.(a) 151,800 980,628
Newpark Resources, Inc.(a) 247,400 1,095,982
NexTier Oilfield Solutions, Inc.(a) 102,600 936,738
Noble Corp PLC(a) 10,500 437,745
Precision Drilling Corp.(a) 18,300 1,042,917
ProFrac Holding Corp., Class A(a) 37,758 722,310
ProPetro Holding Corp.(a) 327,001 2,880,879
Solaris Oilfield Infrastructure, Inc., Class A 90,100 804,593
TechnipFMC PLC(a) 196,301 3,001,442
Tidewater, Inc.(a) 28,100 1,372,404
Transocean Ltd.(a) 613,677 4,289,602
Total   30,426,721
Oil, Gas & Consumable Fuels 3.1%
Alto Ingredients, Inc.(a) 97,500 284,700
Berry Corp. 169,500 1,598,385
California Resources Corp. 27,200 1,147,840
Chord Energy Corp. 28,111 3,784,303
Civitas Resources, Inc. 96,118 6,744,600
Crescent Energy Co., Class A 147,400 1,700,996
Denbury, Inc.(a) 10,900 908,733
Equitrans Midstream Corp. 519,141 3,130,420
Golar LNG Ltd.(a) 159,870 3,649,832
Kinetik Holdings, Inc. 37,400 1,112,650
Kosmos Energy Ltd.(a) 222,700 1,752,649
Matador Resources Co. 109,573 5,893,932
 
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Murphy Oil Corp. 75,051 2,928,490
Northern Oil and Gas, Inc. 39,500 1,226,080
Par Pacific Holdings, Inc.(a) 40,400 1,122,312
PBF Energy, Inc., Class A 55,935 2,444,919
Permian Resources Corp. 149,800 1,619,338
Plains GP Holdings LP, Class A(a) 7,247 100,806
Ranger Oil Corp. 27,600 1,145,400
REX American Resources Corp.(a) 60,401 1,993,837
SM Energy Co. 105,076 3,100,793
Talos Energy, Inc.(a) 50,600 901,186
Teekay Tankers Ltd., Class A(a) 66,174 2,987,756
Vertex Energy, Inc.(a) 119,700 1,133,559
Vital Energy, Inc.(a) 17,400 894,186
W&T Offshore, Inc.(a) 97,269 545,679
World Fuel Services Corp. 101,387 2,783,073
Total   56,636,454
Total Energy 87,063,175
Financials 18.2%
Banks 10.0%
1st Source Corp. 21,984 1,095,243
ACNB Corp. 10,900 403,736
Amalgamated Financial Corp. 16,307 384,030
Amerant Bancorp, Inc. 1,740 49,416
American National Bankshares, Inc. 5,180 174,307
Ameris Bancorp 113,182 5,418,022
Associated Banc-Corp. 307,027 7,107,675
Atlantic Union Bankshares Corp. 144,468 5,411,771
Banc of California, Inc. 80,035 1,404,614
Bancorp, Inc. (The)(a) 142,990 4,946,024
Bank of Marin Bancorp 17,678 512,662
BankUnited, Inc. 115,162 4,079,038
Bankwell Financial Group, Inc. 3,283 99,081
Banner Corp. 14,913 939,221
Bar Harbor Bankshares 6,962 207,955
Baycom Corp. 24,826 509,678
BCB Bancorp, Inc. 26,939 467,392
Berkshire Hills Bancorp, Inc. 58,709 1,706,084
Brookline Bancorp, Inc. 62,400 808,704
Business First Bancshares, Inc. 4,812 100,282
Common Stocks (continued)
Issuer Shares Value ($)
Byline Bancorp, Inc. 18,969 467,586
Cadence Bank 32,450 861,872
Camden National Corp. 18,400 757,160
Capital Bancorp, Inc. 7,476 151,838
Capital City Bank Group, Inc. 9,850 351,349
Capstar Financial Holdings, Inc. 16,510 285,623
Carter Bankshares, Inc.(a) 12,045 209,222
Cathay General Bancorp 156,055 6,697,881
Central Pacific Financial Corp. 102,987 2,309,998
Central Valley Community Bancorp 23,915 610,072
Civista Bancshares, Inc. 19,700 420,201
CNB Financial Corp. 28,609 682,039
Columbia Banking System, Inc. 52,900 1,572,717
Community Bank System, Inc. 57,412 3,505,003
Community Financial Corp. (The) 4,100 163,180
Community Trust Bancorp, Inc. 36,660 1,567,215
ConnectOne Bancorp, Inc. 65,100 1,578,675
CrossFirst Bankshares, Inc.(a) 34,900 493,835
Customers Bancorp, Inc.(a) 109,824 3,382,579
Eagle Bancorp, Inc. 36,700 1,607,827
Enterprise Financial Services Corp. 13,300 724,318
FB Financial Corp. 38,526 1,452,045
Financial Institutions, Inc. 26,325 657,072
First BanCorp 305,609 4,434,387
First Bancshares, Inc. (The) 6,802 212,971
First Busey Corp. 45,000 1,086,300
First Business Financial Services, Inc. 15,336 543,201
First Commonwealth Financial Corp. 165,129 2,643,715
First Financial Bankshares, Inc. 110,408 4,049,765
First Financial Corp. 25,258 1,110,089
First Hawaiian, Inc. 58,200 1,591,770
First Internet Bancorp 39,731 1,073,134
First Merchants Corp. 21,131 864,681
First Mid Bancshares, Inc. 15,200 471,048
First of Long Island Corp. (The) 35,165 598,508
Flushing Financial Corp. 56,100 1,091,706
FNB Corp. 87,900 1,254,333
Great Southern Bancorp, Inc. 18,534 1,078,493
Guaranty Bancshares, Inc. 6,540 204,113
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
9
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Hancock Whitney Corp. 97,524 4,790,379
Hanmi Financial Corp. 100,281 2,368,637
HarborOne Bancorp, Inc. 47,224 645,552
Heartland Financial U.S.A., Inc. 11,817 584,232
Heritage Commerce Corp. 9,375 113,531
Heritage Financial Corp. 34,822 970,489
Hilltop Holdings, Inc. 42,700 1,416,359
HomeStreet, Inc. 91,201 2,301,001
HomeTrust Bancshares, Inc. 13,228 387,184
Hope Bancorp, Inc. 118,900 1,523,109
Horizon Bancorp, Inc. 97,524 1,484,315
Independent Bank Corp. 44,186 3,520,740
Independent Bank Corp. 80,615 1,777,561
Independent Bank Group, Inc. 40,299 2,371,999
Investar Holding Corp. 15,700 309,290
Lakeland Bancorp, Inc. 61,900 1,191,575
Live Oak Bancshares, Inc. 24,179 835,626
Macatawa Bank Corp. 50,779 553,999
Mercantile Bank Corp. 25,253 873,501
Meta Financial Group, Inc. 41,322 2,107,835
Midland States Bancorp, Inc. 50,950 1,326,738
MidWestOne Financial Group, Inc. 17,849 536,184
National Bank Holdings Corp., Class A 5,186 209,981
National Bankshares, Inc. 11,100 464,313
NBT Bancorp, Inc. 17,425 707,281
Nicolet Bankshares, Inc.(a) 10,847 807,668
Northeast Bank 7,600 335,008
Northrim BanCorp, Inc. 8,200 430,582
OceanFirst Financial Corp. 87,920 2,085,462
OFG Bancorp 46,835 1,424,721
Old Second Bancorp, Inc. 23,657 392,233
Pacific Premier Bancorp, Inc. 96,852 3,139,942
PacWest Bancorp 61,400 1,703,850
Parke Bancorp, Inc. 10,300 210,223
PCB Bancorp 23,900 436,414
Peapack-Gladstone Financial Corp. 17,501 650,162
Pinnacle Financial Partners, Inc. 27,435 2,032,659
Popular, Inc. 21,900 1,563,660
Preferred Bank 25,234 1,776,474
Common Stocks (continued)
Issuer Shares Value ($)
Premier Financial Corp. 44,300 1,099,526
Primis Financial Corp. 53,017 620,829
QCR Holdings, Inc. 17,863 955,492
RBB Bancorp 33,581 663,561
Renasant Corp. 64,452 2,318,983
Republic Bancorp, Inc. 8,500 378,250
S&T Bancorp, Inc. 9,620 358,441
Sandy Spring Bancorp, Inc. 132,821 4,376,452
Sierra Bancorp 30,121 608,745
Simmons First National Corp., Class A 73,500 1,633,905
SmartFinancial, Inc. 7,629 208,272
South Plains Financial, Inc. 7,841 206,140
South State Corp. 18,373 1,482,334
Southern First Bancshares, Inc.(a) 11,697 470,804
Stellar Bancorp, Inc. 4,994 146,074
Texas Capital Bancshares, Inc.(a) 85,606 5,669,685
Third Coast Bancshares, Inc.(a) 6,980 128,781
Towne Bank 29,752 902,378
Trico Bancshares 17,323 874,985
Triumph Financial, Inc.(a) 34,000 2,068,900
Trustmark Corp. 30,998 911,341
UMB Financial Corp. 86,869 7,875,544
United Bankshares, Inc. 46,158 1,881,862
United Community Banks, Inc. 5,862 194,091
Univest Corporation of Pennsylvania 34,181 963,904
Washington Federal, Inc. 78,861 2,765,655
Washington Trust Bancorp, Inc. 20,000 840,000
Wintrust Financial Corp. 13,900 1,280,607
Total   180,888,466
Capital Markets 1.9%
Artisan Partners Asset Management, Inc., Class A 33,400 1,101,198
Diamond Hill Investment Group, Inc. 4,500 785,700
Evercore, Inc., Class A 55,136 7,232,740
Federated Hermes, Inc., Class B 39,200 1,542,520
Focus Financial Partners, Inc., Class A(a) 144,284 7,482,568
GCM Grosvenor, Inc., Class A 12,837 105,649
Greenhill & Co., Inc. 45,634 512,926
Houlihan Lokey, Inc., Class A 45,375 4,342,388
Janus Henderson Group PLC 58,500 1,606,410
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Perella Weinberg Partners 82,600 835,086
Silvercrest Asset Management Group, Inc., Class A 17,600 313,104
Stifel Financial Corp. 35,930 2,401,202
StoneX Group, Inc.(a) 16,870 1,701,002
Victory Capital Holdings, Inc., Class A 34,400 1,168,224
Virtu Financial, Inc. Class A 82,600 1,518,188
Virtus Investment Partners, Inc. 5,600 1,178,408
Total   33,827,313
Consumer Finance 1.0%
Bread Financial Holdings, Inc. 41,200 1,692,084
Encore Capital Group, Inc.(a) 19,007 982,282
Enova International, Inc.(a) 57,451 2,800,736
Ezcorp, Inc., Class A(a) 122,241 1,078,166
Green Dot Corp., Class A(a) 76,897 1,455,660
LendingClub Corp.(a) 129,280 1,215,232
Navient Corp. 241,278 4,355,068
PROG Holdings, Inc.(a) 62,278 1,539,512
Regional Management Corp. 5,333 168,096
SLM Corp. 223,116 3,208,408
World Acceptance Corp.(a) 3,378 315,370
Total   18,810,614
Diversified Financial Services 0.2%
A-Mark Precious Metals, Inc. 23,230 680,871
Jackson Financial, Inc., Class A 88,418 4,012,409
Total   4,693,280
Insurance 2.8%
American Equity Investment Life Holding Co. 145,986 6,080,317
AMERISAFE, Inc. 72,206 3,938,115
Argo Group International Holdings Ltd. 127,400 3,700,970
Assured Guaranty Ltd. 23,400 1,460,394
Axis Capital Holdings Ltd. 19,200 1,165,824
Bright Health Group, Inc.(a) 165,236 143,755
Brighthouse Financial, Inc.(a) 26,777 1,548,514
CNO Financial Group, Inc. 253,317 6,489,982
Donegal Group, Inc., Class A 10,194 156,682
Employers Holdings, Inc. 60,689 2,695,198
Enstar Group Ltd.(a) 6,000 1,467,060
Greenlight Capital Re Ltd., Class A(a) 33,100 303,858
Common Stocks (continued)
Issuer Shares Value ($)
Horace Mann Educators Corp. 41,304 1,526,596
James River Group Holdings Ltd. 37,577 905,606
Kemper Corp. 25,700 1,583,120
Kinsale Capital Group, Inc. 6,659 2,122,223
Lincoln National Corp. 12,320 390,790
Mercury General Corp. 21,800 742,290
National Western Life Group, Inc., Class A 3,300 890,307
Oscar Health, Inc., Class A(a) 16,315 90,385
Primerica, Inc. 2,400 460,656
ProAssurance Corp. 76,516 1,521,903
Reinsurance Group of America, Inc. 16,799 2,426,952
Safety Insurance Group, Inc. 9,000 726,210
Selectquote, Inc.(a) 437,151 1,022,933
SiriusPoint Ltd.(a) 256,490 1,821,079
Stewart Information Services Corp. 64,832 2,754,712
United Fire Group, Inc. 28,438 811,621
White Mountains Insurance Group Ltd. 800 1,154,856
Total   50,102,908
Mortgage Real Estate Investment Trusts (REITS) 0.4%
Apollo Commercial Real Estate Finance, Inc. 24,300 279,207
BrightSpire Capital, Inc. 42,900 317,031
Granite Point Mortgage Trust, Inc. 67,300 403,127
Great Ajax Corp. 53,261 446,327
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 64,757 2,034,018
MFA Financial, Inc. 37,425 400,822
New York Mortgage Trust, Inc. 256,300 684,321
Starwood Property Trust, Inc. 117,383 2,249,058
TPG RE Finance Trust, Inc. 50,600 429,594
Total   7,243,505
Thrifts & Mortgage Finance 1.9%
Axos Financial, Inc.(a) 87,400 4,141,886
Bridgewater Bancshares, Inc.(a) 25,304 372,222
Capitol Federal Financial, Inc. 99,100 831,449
Columbia Financial, Inc.(a) 9,321 196,673
Enact Holdings, Inc. 33,700 817,225
Essent Group Ltd. 38,500 1,653,575
FS Bancorp, Inc. 10,780 387,326
Home Bancorp, Inc. 10,889 430,660
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
11
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Kearny Financial Corp. 89,300 896,572
Luther Burbank Corp. 41,400 481,482
Merchants Bancorp 22,493 680,413
MGIC Investment Corp. 341,049 4,692,834
New York Community Bancorp, Inc. 177,200 1,573,536
NMI Holdings, Inc., Class A(a) 62,000 1,447,080
Northeast Community Bancorp, Inc. 25,700 402,462
Northfield Bancorp, Inc. 60,170 885,101
Ocwen Financial Corp.(a) 3,789 123,749
Provident Bancorp, Inc. 12,716 116,606
Provident Financial Services, Inc. 73,952 1,726,779
Radian Group, Inc. 221,392 4,726,719
Southern Missouri Bancorp, Inc. 13,912 643,847
Territorial Bancorp, Inc. 12,700 291,846
TrustCo Bank Corp. 37,272 1,396,209
Waterstone Financial, Inc. 42,558 685,184
William Penn Bancorp 13,100 155,497
WSFS Financial Corp. 87,900 4,387,089
Total   34,144,021
Total Financials 329,710,107
Health Care 12.5%
Biotechnology 4.7%
2seventy bio, Inc.(a) 9,768 131,770
ACADIA Pharmaceuticals, Inc.(a) 89,391 1,849,500
ADC Therapeutics SA(a) 107,219 385,988
Agios Pharmaceuticals, Inc.(a) 129,771 3,284,504
Alector, Inc.(a) 94,761 809,259
Allogene Therapeutics, Inc.(a) 124,236 788,899
Amicus Therapeutics, Inc.(a) 337,615 4,453,142
AnaptysBio, Inc.(a) 45,385 1,130,086
Anika Therapeutics, Inc.(a) 15,492 491,096
Apellis Pharmaceuticals, Inc.(a) 51,844 3,394,745
Arcutis Biotherapeutics, Inc.(a) 59,780 967,240
Arrowhead Pharmaceuticals, Inc.(a) 83,263 2,689,395
ARS Pharmaceuticals, Inc.(a) 63,453 566,001
Atara Biotherapeutics, Inc.(a) 271,931 1,101,321
BioCryst Pharmaceuticals, Inc.(a) 100,634 890,611
bluebird bio, Inc.(a) 76,190 396,188
Blueprint Medicines Corp.(a) 48,277 2,045,496
Common Stocks (continued)
Issuer Shares Value ($)
C4 Therapeutics, Inc.(a) 70,560 371,851
Century Therapeutics, Inc.(a) 1,000 4,510
Chimerix, Inc.(a) 117,394 185,483
Clementia Pharmaceuticals, Inc.(a),(b),(c),(d) 134,864 0
Coherus Biosciences, Inc.(a) 212,603 1,439,322
Deciphera Pharmaceuticals, Inc.(a) 58,958 854,891
Dyne Therapeutics, Inc.(a) 39,011 502,462
Emergent BioSolutions, Inc.(a) 201,062 2,489,148
Enanta Pharmaceuticals, Inc.(a) 22,579 1,095,082
EQRx, Inc.(a) 163,644 369,835
Erasca, Inc.(a) 19,275 69,390
Exelixis, Inc.(a) 164,925 2,816,919
FibroGen, Inc.(a) 48,998 1,087,756
G1 Therapeutics, Inc.(a) 108,326 392,140
Halozyme Therapeutics, Inc.(a) 115,901 5,562,089
Heron Therapeutics, Inc.(a) 348,624 826,239
Ideaya Biosciences, Inc.(a) 64,154 1,132,318
Immunocore Holdings PLC, ADR(a) 12,659 694,346
Insmed, Inc.(a) 43,319 882,841
Instil Bio, Inc.(a) 91,258 70,917
Invivyd, Inc.(a) 25,243 43,923
Iovance Biotherapeutics, Inc.(a) 138,901 1,012,588
Ironwood Pharmaceuticals, Inc.(a) 130,500 1,470,735
iTeos Therapeutics, Inc.(a) 46,947 831,431
IVERIC bio, Inc.(a) 49,754 1,033,888
KalVista Pharmaceuticals, Inc.(a) 12,336 90,423
Kiniksa Pharmaceuticals(a) 60,692 780,499
Kinnate Biopharma, Inc.(a) 3,800 20,064
Kodiak Sciences, Inc.(a) 21,539 140,004
Kronos Bio, Inc.(a) 133,015 231,446
Lyell Immunopharma, Inc.(a) 93,891 201,866
MacroGenics, Inc.(a) 27,510 167,536
Mersana Therapeutics, Inc.(a) 46,151 279,675
MiMedx Group, Inc.(a) 19,700 94,757
Monte Rosa Therapeutics, Inc.(a) 6,154 37,416
Natera, Inc.(a) 69,403 3,369,516
Nurix Therapeutics, Inc.(a) 40,144 378,558
Organogenesis Holdings, Inc.(a) 165,700 405,965
PMV Pharmaceuticals, Inc.(a) 80,295 578,927
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Praxis Precision Medicines, Inc.(a) 54,688 167,619
Precigen, Inc.(a) 45,324 57,108
Protagonist Therapeutics, Inc.(a) 16,513 267,841
PTC Therapeutics, Inc.(a) 72,801 3,179,220
REGENXBIO, Inc.(a) 101,716 2,263,181
Relay Therapeutics, Inc.(a) 102,756 1,659,509
Revolution Medicines, Inc.(a) 75,695 2,025,598
Sage Therapeutics, Inc.(a) 81,032 3,374,172
Sana Biotechnology, Inc.(a) 61,781 226,736
Sangamo Therapeutics, Inc.(a) 16,027 48,882
Sutro Biopharma, Inc.(a) 128,483 724,644
Tango Therapeutics, Inc.(a) 52,444 274,282
Travere Therapeutics, Inc.(a) 87,252 1,933,504
Twist Bioscience Corp.(a) 97,371 1,894,840
Ultragenyx Pharmaceutical, Inc.(a) 43,132 1,918,943
Vanda Pharmaceuticals, Inc.(a) 299,490 1,928,716
Vericel Corp.(a) 167,999 5,108,850
Verve Therapeutics, Inc.(a) 56,106 1,066,014
Total   85,511,656
Health Care Equipment & Supplies 3.7%
Angiodynamics, Inc.(a) 59,671 738,727
Avanos Medical, Inc.(a) 7,058 198,118
CONMED Corp. 41,306 3,973,224
Cue Health, Inc.(a) 31,046 66,749
Haemonetics Corp.(a) 55,222 4,294,615
Inogen, Inc.(a) 9,718 152,281
iRhythm Technologies, Inc.(a) 35,972 4,233,185
LeMaitre Vascular, Inc. 137,636 6,896,940
Merit Medical Systems, Inc.(a) 176,051 12,425,680
Mesa Laboratories, Inc. 42,109 7,433,081
Neogen Corp.(a) 362,868 6,419,135
Nevro Corp.(a) 25,341 796,721
Omnicell, Inc.(a) 98,471 5,360,761
OraSure Technologies, Inc.(a) 177,580 1,120,530
Orthofix Medical, Inc.(a) 58,792 1,211,115
Outset Medical, Inc.(a) 157,652 3,596,042
Shockwave Medical, Inc.(a) 26,888 5,115,173
Tactile Systems Technology, Inc.(a) 26,628 384,775
Common Stocks (continued)
Issuer Shares Value ($)
Varex Imaging Corp.(a) 42,807 757,256
Zimvie, Inc.(a) 95,525 1,087,074
Total   66,261,182
Health Care Providers & Services 1.0%
Acadia Healthcare Co., Inc.(a) 48,567 3,521,593
Accolade, Inc.(a) 213,753 2,374,796
AdaptHealth Corp.(a) 144,461 2,309,931
Amedisys, Inc.(a) 27,527 2,531,108
Cano Health, Inc.(a) 512,179 845,095
Cross Country Healthcare, Inc.(a) 14,331 379,055
National HealthCare Corp. 15,800 880,376
National Research Corp., Class A 54,318 2,453,001
Premier, Inc. 44,600 1,435,674
Select Medical Holdings Corp. 36,800 1,000,592
Total   17,731,221
Health Care Technology 1.3%
Computer Programs & Systems, Inc.(a) 39,523 1,186,085
Definitive Healthcare Corp.(a) 229,000 2,615,180
Evolent Health, Inc., Class A(a) 155,517 5,444,650
Health Catalyst, Inc.(a) 194,315 2,712,637
HealthStream, Inc.(a) 21,581 553,553
NextGen Healthcare, Inc.(a) 25,469 461,244
Simulations Plus, Inc. 162,994 6,200,292
Veradigm, Inc.(a) 227,438 3,777,745
Total   22,951,386
Life Sciences Tools & Services 0.9%
Azenta, Inc.(a) 93,276 4,093,884
Berkeley Lights, Inc.(a) 228,929 400,626
Harvard Bioscience, Inc.(a) 8,964 25,368
Personalis, Inc.(a) 136,731 411,560
Repligen Corp.(a) 39,000 6,800,430
Seer, Inc.(a) 61,405 251,146
Stevanato Group SpA 220,075 4,786,631
Total   16,769,645
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
13
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Pharmaceuticals 0.9%
Amylyx Pharmaceuticals, Inc.(a) 24,639 857,930
Arvinas, Inc.(a) 61,256 1,877,497
Atea Pharmaceuticals, Inc.(a) 42,293 149,717
Athira Pharma, Inc.(a) 35,142 108,237
Intra-Cellular Therapies, Inc.(a) 56,311 2,760,928
Nektar Therapeutics(a) 323,308 446,165
NGM Biopharmaceuticals, Inc.(a) 79,712 377,835
Phibro Animal Health Corp., Class A 42,300 664,533
Prestige Consumer Healthcare, Inc.(a) 48,203 2,904,231
Revance Therapeutics, Inc.(a) 154,723 5,368,888
Taro Pharmaceutical Industries Ltd.(a) 39,400 1,190,668
Theravance Biopharma, Inc.(a) 14,850 160,380
Total   16,867,009
Total Health Care 226,092,099
Industrials 22.9%
Aerospace & Defense 2.2%
AerSale Corp.(a) 68,054 1,351,553
Astra Space, Inc.(a) 235,817 134,416
Astronics Corp.(a) 42,172 642,701
Axon Enterprise, Inc.(a) 52,821 10,580,575
Hexcel Corp. 67,572 4,929,377
Mercury Systems, Inc.(a) 152,543 7,984,101
Moog, Inc., Class A 56,278 5,550,136
National Presto Industries, Inc. 16,100 1,104,943
Parsons Corp.(a) 117,642 5,297,419
V2X, Inc.(a) 37,100 1,720,327
Total   39,295,548
Air Freight & Logistics 0.1%
Atlas Air Worldwide Holdings, Inc.(a) 10,000 1,008,100
Forward Air Corp. 10,600 1,094,026
Radiant Logistics, Inc.(a) 25,369 144,096
Total   2,246,222
Airlines 0.2%
Frontier Group Holdings, Inc.(a) 129,205 1,519,451
JetBlue Airways Corp.(a) 220,321 1,828,664
Total   3,348,115
Common Stocks (continued)
Issuer Shares Value ($)
Building Products 2.5%
AAON, Inc. 162,787 14,807,106
Advanced Drainage Systems, Inc. 24,999 2,218,161
AZZ, Inc. 36,400 1,479,660
Insteel Industries, Inc. 36,100 1,073,975
JELD-WEN Holding, Inc.(a) 133,964 1,761,627
PGT, Inc.(a) 15,200 321,480
Quanex Building Products Corp. 45,753 1,187,290
Resideo Technologies, Inc.(a) 170,495 3,126,878
Simpson Manufacturing Co., Inc. 125,085 13,491,668
Trex Company, Inc.(a) 105,300 5,383,989
UFP Industries, Inc. 3,794 324,501
Total   45,176,335
Commercial Services & Supplies 2.4%
ABM Industries, Inc. 115,000 5,567,150
ACCO Brands Corp. 195,100 1,106,217
ACV Auctions, Inc., Class A(a) 207,779 2,543,215
BrightView Holdings, Inc.(a) 32,979 208,427
Brink’s Co. (The) 19,100 1,246,275
Casella Waste Systems, Inc., Class A(a) 245,733 19,122,942
CoreCivic, Inc.(a) 322,785 3,134,242
Harsco Corp.(a) 86,704 733,516
Healthcare Services Group, Inc. 75,600 1,003,212
Interface, Inc. 95,300 840,546
Kimball International, Inc., Class B 139,746 965,645
MillerKnoll, Inc. 61,200 1,460,844
MSA Safety, Inc. 34,671 4,658,049
Steelcase, Inc., Class A 98,602 775,998
Viad Corp.(a) 15,716 404,058
Total   43,770,336
Construction & Engineering 1.9%
API Group Corp.(a) 228,800 5,374,512
Argan, Inc. 10,090 392,097
Construction Partners, Inc., Class A(a) 327,524 8,859,524
EMCOR Group, Inc. 42,957 7,183,270
Fluor Corp.(a) 42,500 1,558,475
Great Lakes Dredge & Dock Corp.(a) 10,304 59,093
MasTec, Inc.(a) 22,772 2,225,280
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Primoris Services Corp. 47,061 1,294,177
Sterling Infrastructure, Inc.(a) 9,200 353,832
Tutor Perini Corp.(a) 203,262 1,648,455
Valmont Industries, Inc. 14,681 4,658,722
Total   33,607,437
Electrical Equipment 1.2%
Bloom Energy Corp., Class A(a) 303,315 6,578,902
Encore Wire Corp. 32,189 6,212,799
EnerSys 11,700 1,061,073
GrafTech International Ltd. 200,100 1,130,565
NEXTracker, Inc., Class A(a) 19,444 591,876
Powell Industries, Inc. 19,695 873,473
Preformed Line Products Co. 5,000 445,825
Shoals Technologies Group, Inc., Class A(a) 152,556 3,743,724
Thermon(a) 40,200 1,063,290
Vertiv Holdings Co. 51,069 829,871
Total   22,531,398
Machinery 5.1%
AGCO Corp. 7,396 1,041,431
Allison Transmission Holdings, Inc. 30,200 1,434,500
Astec Industries, Inc. 25,129 1,131,559
Barnes Group, Inc. 23,200 977,648
Blue Bird Corp.(a) 25,600 519,936
Chart Industries, Inc.(a) 23,176 3,093,996
Columbus McKinnon Corp. 28,800 1,069,056
Douglas Dynamics, Inc. 158,910 5,925,754
Enerpac Tool Group Corp. 38,600 1,039,498
ESCO Technologies, Inc. 72,987 6,801,659
Evoqua Water Technologies Corp.(a) 242,809 11,790,805
Flowserve Corp. 46,900 1,626,961
Gates Industrial Corp. PLC(a) 64,100 899,964
Greenbrier Companies, Inc. (The) 49,132 1,577,628
Helios Technologies, Inc. 115,811 7,845,037
Hillenbrand, Inc. 27,200 1,282,208
Hillman Solutions Corp.(a) 412,855 3,670,281
Hyster-Yale Materials Handling, Inc. 8,200 319,062
ITT, Inc. 44,037 4,002,523
John Bean Technologies Corp. 88,130 9,772,736
Manitowoc Co., Inc. (The)(a) 82,894 1,567,526
Common Stocks (continued)
Issuer Shares Value ($)
Miller Industries, Inc. 17,800 495,018
Mueller Industries, Inc. 12,100 895,037
Mueller Water Products, Inc., Class A 78,100 1,083,247
Omega Flex, Inc. 40,251 4,684,411
Proto Labs, Inc.(a) 77,016 2,421,383
RBC Bearings, Inc.(a) 41,877 9,623,753
REV Group, Inc. 32,193 376,336
Timken Co. (The) 19,400 1,657,730
Trinity Industries, Inc. 58,431 1,630,809
Wabash National Corp. 112,962 3,095,159
Total   93,352,651
Marine 0.2%
Matson, Inc. 15,500 1,030,905
Star Bulk Carriers Corp. 96,400 2,362,764
Total   3,393,669
Professional Services 2.5%
Alight, Inc., Class A(a) 223,924 2,149,671
Barrett Business Services, Inc. 10,746 1,031,401
BGSF, Inc. 15,300 216,342
Exponent, Inc. 152,991 15,742,774
Heidrick & Struggles International, Inc. 68,613 2,355,484
ICF International, Inc. 36,123 3,593,877
KBR, Inc. 146,693 8,084,251
Kelly Services, Inc., Class A 78,652 1,315,848
Kforce, Inc. 17,400 1,087,326
Korn/Ferry International 27,800 1,553,742
ManpowerGroup, Inc. 10,600 899,728
Resources Connection, Inc. 95,546 1,725,561
Science Applications International Corp. 38,203 4,073,968
TrueBlue, Inc.(a) 116,074 2,170,584
Total   46,000,557
Road & Rail 1.1%
ArcBest Corp. 78,121 7,515,240
Covenant Logistics Group, Inc., Class A 27,611 956,721
Heartland Express, Inc. 228,769 3,690,044
Lyft, Inc., Class A(a) 80,728 807,280
PAM Transportation Services, Inc.(a) 16,700 484,300
Saia, Inc.(a) 16,810 4,553,325
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
15
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
TuSimple Holdings, Inc., Class A(a) 81,635 156,739
Werner Enterprises, Inc. 19,502 905,868
Total   19,069,517
Trading Companies & Distributors 3.5%
Air Lease Corp. 65,643 2,841,029
Alta Equipment Group, Inc. 8,403 158,060
Applied Industrial Technologies, Inc. 44,090 6,298,697
Beacon Roofing Supply, Inc.(a) 50,954 3,312,010
BlueLinx Holdings, Inc.(a) 14,300 1,206,777
Boise Cascade Co. 48,556 3,355,705
Core & Main, Inc., Class A(a) 137,742 3,210,766
FTAI Aviation Ltd. 99,712 2,519,722
Global Industrial Co. 17,527 493,035
Herc Holdings Inc 31,874 4,576,788
NOW, Inc.(a) 79,926 1,027,049
Rush Enterprises, Inc., Class A 71,916 4,076,199
SiteOne Landscape Supply, Inc.(a) 83,551 12,393,955
Titan Machinery, Inc.(a) 25,272 1,157,205
Transcat, Inc.(a) 52,188 4,696,398
Triton International Ltd. 50,300 3,467,682
Univar, Inc.(a) 113,306 3,937,383
WESCO International, Inc.(a) 23,325 3,862,154
Xometry, Inc., Class A(a) 55,677 1,693,138
Total   64,283,752
Total Industrials 416,075,537
Information Technology 14.8%
Communications Equipment 0.5%
Aviat Networks, Inc.(a) 7,339 260,755
Ciena Corp.(a) 65,474 3,157,156
Comtech Telecommunications Corp. 33,068 528,757
Digi International, Inc.(a) 2,075 69,243
Extreme Networks, Inc.(a) 152,001 2,845,459
Inseego Corp.(a) 92,847 83,144
InterDigital, Inc. 17,700 1,291,923
NETGEAR, Inc.(a) 27,568 498,981
Netscout Systems, Inc.(a) 6,043 171,863
Ribbon Communications, Inc.(a) 114,490 510,625
Total   9,417,906
Common Stocks (continued)
Issuer Shares Value ($)
Electronic Equipment, Instruments & Components 2.7%
Avnet, Inc. 31,700 1,417,307
Belden, Inc. 18,600 1,569,468
Benchmark Electronics, Inc. 53,270 1,267,293
Coherent Corp.(a) 100,941 4,353,585
ePlus, Inc.(a) 19,400 1,050,898
Fabrinet(a) 15,042 1,833,169
FARO Technologies, Inc.(a) 23,203 631,122
Insight Enterprises, Inc.(a) 9,800 1,312,416
IPG Photonics Corp.(a) 12,400 1,528,176
Itron, Inc.(a) 65,030 3,626,723
Kimball Electronics, Inc.(a) 45,434 1,136,304
Knowles Corp.(a) 106,881 1,814,839
Littelfuse, Inc. 7,814 2,021,716
nLight, Inc.(a) 60,471 683,322
Novanta, Inc.(a) 91,079 14,291,206
Ouster, Inc.(a) 118,547 142,257
PC Connection, Inc. 11,000 481,800
Plexus Corp.(a) 14,576 1,397,693
Sanmina Corp.(a) 19,900 1,203,154
Scansource, Inc.(a) 33,996 1,059,995
TTM Technologies, Inc.(a) 79,000 1,049,910
Vishay Intertechnology, Inc. 201,156 4,270,542
Vontier Corp. 62,300 1,630,391
Total   49,773,286
IT Services 1.3%
Cass Information Systems, Inc. 24,000 1,160,400
DigitalOcean Holdings, Inc.(a) 52,606 1,682,340
Euronet Worldwide, Inc.(a) 14,100 1,534,785
ExlService Holdings, Inc.(a) 39,340 6,471,823
Flywire Corp.(a) 44,624 1,103,552
Globant SA(a) 12,142 2,004,401
International Money Express, Inc.(a) 60,900 1,555,995
MAXIMUS, Inc. 12,100 993,168
Paysafe Ltd.(a) 60,995 1,216,240
Rackspace Technology, Inc.(a) 154,809 363,801
Remitly Global, Inc.(a) 149,770 2,191,135
TTEC Holdings, Inc. 21,800 877,668
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Unisys Corp.(a) 99,620 496,108
Verra Mobility Corp.(a) 68,500 1,180,255
Total   22,831,671
Semiconductors & Semiconductor Equipment 1.9%
ACM Research, Inc., Class A(a) 134,800 1,399,224
Allegro MicroSystems, Inc.(a) 54,999 2,402,356
Amkor Technology, Inc. 55,478 1,429,113
Cirrus Logic, Inc.(a) 33,206 3,411,917
Credo Technology Group Holding Ltd.(a) 77,729 824,705
Diodes, Inc.(a) 51,869 4,755,869
Impinj, Inc.(a) 13,070 1,733,343
MaxLinear, Inc., Class A(a) 27,700 947,617
MKS Instruments, Inc. 19,340 1,874,626
Photronics, Inc.(a) 59,400 1,046,628
Power Integrations, Inc. 25,528 2,099,678
Rambus, Inc.(a) 131,779 5,828,585
Semtech Corp.(a) 48,500 1,494,285
Ultra Clean Holdings, Inc.(a) 77,600 2,472,336
Wolfspeed, Inc.(a) 28,604 2,116,124
Total   33,836,406
Software 8.1%
ACI Worldwide, Inc.(a) 63,800 1,649,230
Adeia, Inc. 120,789 1,190,980
Altair Engineering, Inc., Class A(a) 158,243 10,137,047
Blackline, Inc.(a) 149,309 10,206,763
Blend Labs, Inc., Class A(a) 319,421 504,685
Box, Inc., Class A(a) 71,064 2,369,984
Cerence, Inc.(a) 179,154 4,905,237
Clear Secure, Inc., Class A 76,672 2,356,897
Clearwater Analytics Holdings, Inc., Class A(a) 226,775 3,902,798
Confluent, Inc., Class A(a) 92,348 2,252,368
Consensus Cloud Solutions, Inc.(a) 15,178 622,905
CyberArk Software Ltd.(a) 27,634 4,000,574
Descartes Systems Group, Inc. (The)(a) 192,485 14,182,295
Dropbox, Inc., Class A(a) 69,997 1,427,939
Ebix, Inc. 51,400 893,332
Elastic NV(a) 31,603 1,865,209
Envestnet, Inc.(a) 63,821 3,989,451
Everbridge, Inc.(a) 47,276 1,544,980
Common Stocks (continued)
Issuer Shares Value ($)
Five9, Inc.(a) 34,788 2,296,008
HashiCorp, Inc., Class A(a) 85,987 2,510,820
Informatica, Inc., Class A(a) 52,426 904,349
Intelligent Systems Corp.(a) 11,900 395,913
Jamf Holding Corp.(a) 18,500 392,570
JFrog Ltd.(a) 72,151 1,659,473
Latch, Inc.(a) 28,600 22,594
Model N, Inc.(a) 276,900 9,193,080
NCR Corp.(a) 48,000 1,225,440
New Relic, Inc.(a) 53,421 3,898,130
Nutanix, Inc., Class A(a) 102,149 2,885,709
ON24, Inc.(a) 17,351 167,264
Paycor HCM, Inc.(a) 359,487 8,904,493
PowerSchool Holdings, Inc., Class A(a) 11,541 264,866
PROS Holdings, Inc.(a) 227,048 5,923,682
Q2 Holdings, Inc.(a) 132,990 4,292,917
SecureWorks Corp., Class A(a) 9,338 70,689
SentinelOne, Inc., Class A(a) 121,874 1,948,765
Smartsheet, Inc., Class A(a) 75,359 3,317,303
SolarWinds Corp.(a) 77,714 662,123
Sprout Social, Inc., Class A(a) 22,209 1,354,305
SPS Commerce, Inc.(a) 102,400 15,425,536
Telos Corp.(a) 211,800 819,666
Upland Software, Inc.(a) 63,538 367,885
Vertex, Inc.(a) 321,591 5,010,388
Workiva, Inc., Class A(a) 57,155 5,098,226
Xperi, Inc.(a) 4,360 50,968
Total   147,065,836
Technology Hardware, Storage & Peripherals 0.3%
Avid Technology, Inc.(a) 40,653 1,181,376
Quantum Corp.(a) 48,960 55,325
Super Micro Computer, Inc.(a) 23,407 2,293,184
Xerox Holdings Corp. 143,083 2,359,439
Total   5,889,324
Total Information Technology 268,814,429
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
17
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Materials 3.7%
Chemicals 1.8%
AdvanSix, Inc. 36,388 1,497,366
Ashland, Inc. 24,300 2,473,254
Avient Corp. 29,737 1,297,425
Balchem Corp. 69,057 8,977,410
Cabot Corp. 69,068 5,492,978
Chase Corp. 9,700 950,018
Ecovyst, Inc.(a) 291,147 2,923,116
Hawkins, Inc. 7,000 284,690
HB Fuller Co. 41,800 2,915,968
Ingevity Corp.(a) 4,600 379,776
Koppers Holdings, Inc. 6,410 230,055
Minerals Technologies, Inc. 15,100 917,325
NewMarket Corp. 1,000 343,500
Rayonier Advanced Materials, Inc.(a) 119,669 981,286
Trinseo PLC 114,532 2,654,852
Valhi, Inc. 4,967 117,668
Total   32,436,687
Containers & Packaging 0.4%
Myers Industries, Inc. 38,500 994,840
O-I Glass, Inc.(a) 234,252 5,205,079
TriMas Corp. 35,000 1,049,650
Total   7,249,569
Metals & Mining 1.3%
Arconic Corp.(a) 50,706 1,340,667
ATI, Inc.(a) 97,275 3,954,229
Constellium SE(a) 53,700 858,663
Kaiser Aluminum Corp. 12,647 1,003,160
Materion Corp. 41,000 4,578,880
Novagold Resources, Inc.(a) 53,851 301,027
Olympic Steel, Inc. 10,100 530,250
Ryerson Holding Corp. 113,170 4,066,198
Schnitzer Steel Industries, Inc., Class A 39,848 1,302,631
SunCoke Energy, Inc. 83,563 794,684
Tredegar Corp. 85,900 998,158
Common Stocks (continued)
Issuer Shares Value ($)
Warrior Met Coal, Inc. 69,529 2,660,875
Worthington Industries, Inc. 6,200 374,728
Total   22,764,150
Paper & Forest Products 0.2%
Clearwater Paper Corp.(a) 23,861 920,796
Louisiana-Pacific Corp. 25,900 1,515,409
Mercer International, Inc. 95,100 1,025,178
Sylvamo Corp. 18,235 899,533
Total   4,360,916
Total Materials 66,811,322
Real Estate 4.6%
Equity Real Estate Investment Trusts (REITS) 3.5%
Alexander’s, Inc. 4,500 985,095
American Assets Trust, Inc. 88,600 2,235,378
Apple Hospitality REIT, Inc. 497,355 8,211,331
Armada Hoffler Properties, Inc. 38,136 488,903
Braemar Hotels & Resorts, Inc. 172,000 801,520
Chatham Lodging Trust 41,243 503,577
CTO Realty Growth, Inc. 14,153 248,810
CubeSmart 56,279 2,644,550
Diversified Healthcare Trust 161,900 158,662
Empire State Realty Trust, Inc., Class A 195,700 1,426,653
Equity Commonwealth 165,696 3,517,726
First Industrial Realty Trust, Inc. 52,894 2,790,158
Hersha Hospitality Trust 100,456 839,812
Kite Realty Group Trust 210,709 4,576,599
NetSTREIT Corp. 88,735 1,791,560
Park Hotels & Resorts, Inc. 121,300 1,667,875
Pebblebrook Hotel Trust 110,300 1,573,981
Piedmont Office Realty Trust, Inc. 107,973 987,953
Rayonier, Inc. 88,074 2,957,525
RLJ Lodging Trust 338,593 3,839,645
Ryman Hospitality Properties, Inc. 46,370 4,301,745
STAG Industrial, Inc. 82,998 2,792,053
Sunstone Hotel Investors, Inc. 291,486 3,081,007
Tanger Factory Outlet Centers, Inc. 226,946 4,287,010
Terreno Realty Corp. 71,465 4,445,838
Xenia Hotels & Resorts, Inc. 163,239 2,291,875
Total   63,446,841
 
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate Management & Development 1.1%
Cushman & Wakefield PLC(a) 106,900 1,383,286
Douglas Elliman, Inc. 176,161 743,399
FirstService Corp. 80,950 11,108,769
Forestar Group, Inc.(a) 19,656 280,491
Marcus & Millichap, Inc. 47,800 1,642,886
RE/MAX Holdings, Inc., Class A 86,900 1,606,781
RMR Group, Inc. (The), Class A 40,500 1,139,670
Seritage Growth Properties, Class A(a) 118,300 1,429,064
Zillow Group, Inc., Class A(a) 7,245 299,581
Total   19,633,927
Total Real Estate 83,080,768
Utilities 2.3%
Electric Utilities 0.8%
Allete, Inc. 33,840 2,070,669
Hawaiian Electric Industries, Inc. 35,400 1,431,930
NRG Energy, Inc. 51,701 1,695,276
Otter Tail Corp. 23,700 1,680,093
PNM Resources, Inc. 29,400 1,440,600
Portland General Electric Co. 126,671 6,054,874
Total   14,373,442
Gas Utilities 0.9%
New Jersey Resources Corp. 109,303 5,577,732
Northwest Natural Holding Co. 49,971 2,415,598
ONE Gas, Inc. 76,052 6,096,329
Southwest Gas Holdings, Inc. 22,500 1,417,725
Spire, Inc. 20,300 1,429,120
Total   16,936,504
Independent Power and Renewable Electricity Producers 0.3%
Altus Power, Inc.(a) 28,921 195,795
Clearway Energy, Inc., Class C 115,872 3,639,539
Vistra Corp. 84,147 1,850,393
Total   5,685,727
Common Stocks (continued)
Issuer Shares Value ($)
Multi-Utilities 0.3%
Avista Corp. 36,600 1,504,992
Black Hills Corp. 22,600 1,387,866
NorthWestern Corp. 25,700 1,484,946
Total   4,377,804
Total Utilities 41,373,477
Total Common Stocks
(Cost $1,699,409,616) 		1,766,513,620
Exchange-Traded Equity Funds 0.8%
  Shares Value ($)
Sector 0.3%
SPDR S&P Biotech ETF(a) 72,299 5,989,972
U.S. Small Cap 0.5%
iShares Russell 2000 ETF 44,100 8,298,738
Total Exchange-Traded Equity Funds
(Cost $14,730,339) 		14,288,710
Money Market Funds 1.7%
Columbia Short-Term Cash Fund, 4.748%(e),(f) 31,590,159 31,577,523
Total Money Market Funds
(Cost $31,578,185) 		31,577,523
Total Investments in Securities
(Cost: $1,745,718,140) 		1,812,379,853
Other Assets & Liabilities, Net   1,099,884
Net Assets 1,813,479,737
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
19
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2023, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund’s Board of Trustees. At February 28, 2023, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:
    
Security Acquisition
Dates 		Shares Cost ($) Value ($)
Clementia Pharmaceuticals, Inc. 04/23/2019 134,864 — —
    
(d) Valuation based on significant unobservable inputs.
(e) The rate shown is the seven-day current annualized yield at February 28, 2023.
(f) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  14,327,819 251,361,076 (234,110,837) (535) 31,577,523 733 524,713 31,590,159
Abbreviation Legend
ADR American Depositary Receipt
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 14,694,795 — — 14,694,795
Consumer Discretionary 187,063,174 — — 187,063,174
Consumer Staples 45,734,737 — — 45,734,737
Energy 87,063,175 — — 87,063,175
Financials 329,710,107 — — 329,710,107
Health Care 226,092,099 — 0* 226,092,099
Industrials 416,075,537 — — 416,075,537
Information Technology 268,814,429 — — 268,814,429
Materials 66,811,322 — — 66,811,322
Real Estate 83,080,768 — — 83,080,768
Utilities 41,373,477 — — 41,373,477
Total Common Stocks 1,766,513,620 — 0* 1,766,513,620
Exchange-Traded Equity Funds 14,288,710 — — 14,288,710
Money Market Funds 31,577,523 — — 31,577,523
Total Investments in Securities 1,812,379,853 — 0* 1,812,379,853
    
* Rounds to zero.
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
21
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,714,139,955) $1,780,802,330
Affiliated issuers (cost $31,578,185) 31,577,523
Receivable for:  
Investments sold 3,564,614
Capital shares sold 1,738,399
Dividends 2,093,080
Foreign tax reclaims 4,699
Expense reimbursement due from Investment Manager 9,227
Prepaid expenses 12,124
Trustees’ deferred compensation plan 108,787
Other assets 35,201
Total assets 1,819,945,984
Liabilities  
Payable for:  
Investments purchased 3,608,876
Capital shares purchased 2,229,395
Management services fees 40,308
Transfer agent fees 400,630
Compensation of board members 25,856
Compensation of chief compliance officer 121
Other expenses 52,274
Trustees’ deferred compensation plan 108,787
Total liabilities 6,466,247
Net assets applicable to outstanding capital stock $1,813,479,737
Represented by  
Paid in capital 1,776,649,118
Total distributable earnings (loss) 36,830,619
Total - representing net assets applicable to outstanding capital stock $1,813,479,737
Institutional Class  
Net assets $1,813,477,320
Shares outstanding 121,905,348
Net asset value per share $14.88
Institutional 3 Class  
Net assets $2,417
Shares outstanding 163
Net asset value per share(a) $14.86
    
(a) Net asset value per share rounds to this amount due to fractional shares outstanding.
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $9,831,776
Dividends — affiliated issuers 524,713
Foreign taxes withheld (18,198)
Total income 10,338,291
Expenses:  
Management services fees 5,367,180
Transfer agent fees  
Institutional Class 2,153,111
Compensation of board members 18,060
Custodian fees 38,475
Printing and postage fees 172,299
Registration fees 38,034
Audit fees 27,318
Legal fees 14,844
Compensation of chief compliance officer 121
Other 12,905
Total expenses 7,842,347
Fees waived or expenses reimbursed by Investment Manager and its affiliates (1,419,869)
Total net expenses 6,422,478
Net investment income 3,915,813
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (10,238,528)
Investments — affiliated issuers 733
Net realized loss (10,237,795)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 61,303,006
Investments — affiliated issuers (535)
Net change in unrealized appreciation (depreciation) 61,302,471
Net realized and unrealized gain 51,064,676
Net increase in net assets resulting from operations $54,980,489
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
23
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment income $3,915,813 $1,845,505
Net realized gain (loss) (10,237,795) 138,601,938
Net change in unrealized appreciation (depreciation) 61,302,471 (363,318,981)
Net increase (decrease) in net assets resulting from operations 54,980,489 (222,871,538)
Distributions to shareholders    
Net investment income and net realized gains    
Institutional Class (116,769,103) (213,409,162)
Institutional 3 Class (236) (529)
Total distributions to shareholders (116,769,339) (213,409,691)
Increase in net assets from capital stock activity 590,164,655 237,772,579
Total increase (decrease) in net assets 528,375,805 (198,508,650)
Net assets at beginning of period 1,285,103,932 1,483,612,582
Net assets at end of period $1,813,479,737 $1,285,103,932
    
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Institutional Class        
Subscriptions 38,437,041 584,981,457 21,496,910 377,218,941
Distributions reinvested 8,364,549 116,769,103 11,448,989 213,409,162
Redemptions (7,520,954) (111,585,905) (18,945,152) (352,855,524)
Net increase 39,280,636 590,164,655 14,000,747 237,772,579
Total net increase 39,280,636 590,164,655 14,000,747 237,772,579
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
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Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
25
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $15.55 0.04 0.71 0.75 (0.05) (1.37) (1.42)
Year Ended 8/31/2022 $21.62 0.02 (2.85) (2.83) (0.01) (3.23) (3.24)
Year Ended 8/31/2021 $14.76 0.00(e) 6.92 6.92 (0.06) — (0.06)
Year Ended 8/31/2020 $14.39 0.04 0.80 0.84 (0.05) (0.42) (0.47)
Year Ended 8/31/2019 $17.75 0.03 (2.37) (2.34) (0.02) (1.00) (1.02)
Year Ended 8/31/2018 $15.18 (0.01) 3.80 3.79 (0.01) (1.21) (1.22)
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $15.55 0.05 0.71 0.76 (0.08) (1.37) (1.45)
Year Ended 8/31/2022 $21.58 0.05 (2.83) (2.78) (0.02) (3.23) (3.25)
Year Ended 8/31/2021 $14.73 0.03 6.90 6.93 (0.08) — (0.08)
Year Ended 8/31/2020(g) $15.37 0.04 (0.68)(h) (0.64) — — —
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) Ratios include interfund lending expense which is less than 0.01%.
(e) Rounds to zero.
(f) Ratios include line of credit interest expense which is less than 0.01%.
(g) Institutional 3 Class shares commenced operations on December 18, 2019. Per share data and total return reflect activity from that date.
(h) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
The accompanying Notes to Financial Statements are an integral part of this statement.
26 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $14.88 5.40% 1.21%(c) 0.99%(c) 0.60%(c) 21% $1,813,477
Year Ended 8/31/2022 $15.55 (15.57%) 1.17%(d) 0.99%(d) 0.13% 59% $1,285,101
Year Ended 8/31/2021 $21.62 46.94% 1.13% 0.99% 0.01% 59% $1,483,609
Year Ended 8/31/2020 $14.76 5.76% 1.09% 0.99% 0.26% 83% $1,167,589
Year Ended 8/31/2019 $14.39 (12.85%) 1.06% 1.05% 0.22% 97% $1,664,350
Year Ended 8/31/2018 $17.75 26.26% 1.17%(f) 1.09%(f) (0.04%) 82% $1,794,886
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $14.86 5.48% 0.90%(c) 0.81%(c) 0.74%(c) 21% $2
Year Ended 8/31/2022 $15.55 (15.33%) 0.84%(d) 0.81%(d) 0.30% 59% $3
Year Ended 8/31/2021 $21.58 47.18% 0.86% 0.81% 0.16% 59% $4
Year Ended 8/31/2020(g) $14.73 (4.16%) 0.86%(c) 0.81%(c) 0.38%(c) 83% $2
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
27
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Multi-Manager Small Cap Equity Strategies Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares 
The Trust may issue an unlimited number of shares (without par value). The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. (Ameriprise Financial) or its affiliates. The Fund offers each of the share classes listed in the Statement of Assets and Liabilities which are not subject to any front-end sales charge or contingent deferred sales charge.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
28 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
29
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of their portion of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.87% to 0.75% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 0.83% of the Fund’s average daily net assets.
Subadvisory agreements
The Investment Manager has entered into Subadvisory Agreements with Conestoga Capital Advisors, LLC, Hotchkis and Wiley Capital Management, LLC, J.P. Morgan Investment Management Inc. and Jacobs Levy Equity Management, Inc., each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s determination. Each subadviser’s proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund’s assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain
30 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares.
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Institutional Class 0.33
Institutional 3 Class 0.02
Distribution and service fees
The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Fund does not pay the Distributor a fee for the distribution services it provides to the Fund.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
31
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  Fee rate(s) contractual
through
December 31, 2023
Institutional Class 0.99%
Institutional 3 Class 0.81
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
1,745,718,000 197,144,000 (130,482,000) 66,662,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $741,016,994 and $280,061,762, respectively, for the six months ended February 28, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
32 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months ended February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
Note 9. Significant risks
Industrials sector risk
The Fund is more susceptible to the particular risks that may affect companies in the industrials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events and economic conditions and risks for environmental damage and product liability claims.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
33
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Shareholder concentration risk
At February 28, 2023, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly
34 Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
(10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
Multi-Manager Small Cap Equity Strategies Fund  | Semiannual Report 2023
35
Multi-Manager Small Cap Equity Strategies Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR102_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Multi-Manager International Equity Strategies Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
If you elect to receive the shareholder report for Multi-Manager International Equity Strategies Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Multi-Manager International Equity Strategies Fund  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks long-term capital appreciation.
Portfolio management
Arrowstreet Capital, Limited Partnership
Peter Rathjens, Ph.D.  
Manolis Liodakis, Ph.D., M.B.A.
John Campbell, Ph.D.
Derek Vance, CFA
Christopher Malloy, Ph.D.
Baillie Gifford Overseas Limited
Donald Farquharson, CFA
Andrew Stobart  
Jenny Davis
Tom Walsh, CFA  
Chris Davies
Steve Vaughan, CFA
Causeway Capital Management LLC
Sarah Ketterer, M.B.A.
Harry Hartford 
Conor Muldoon, CFA, M.B.A
Alessandro Valentini, CFA, M.B.A.  
Jonathan Eng, M.B.A.  
Ellen Lee, M.B.A.
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year Life
Institutional Class 05/17/18 16.04 -1.80 3.42
Institutional 3 Class* 12/18/19 16.06 -1.64 3.51
MSCI EAFE Index (Net)   12.58 -3.14 2.52
All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information
The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Equity sector breakdown (%) (at February 28, 2023)
Communication Services 4.5
Consumer Discretionary 10.8
Consumer Staples 9.0
Energy 6.1
Financials 15.6
Health Care 9.7
Industrials 19.4
Information Technology 15.3
Materials 6.3
Real Estate 0.0(a)
Utilities 3.3
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
4 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Fund at a Glance   (continued)
(Unaudited)
Country breakdown (%) (at February 28, 2023)
Argentina 1.4
Australia 0.5
Austria 0.2
Belgium 1.1
Brazil 0.8
Canada 2.5
China 2.4
Denmark 1.8
Finland 0.9
France 11.7
Germany 10.0
Hong Kong 2.1
Ireland 3.1
Israel 0.1
Italy 4.1
Japan 16.8
Jersey 0.0(a)
Luxembourg 0.0(a)
Netherlands 7.0
Norway 0.7
Panama 0.3
Portugal 0.0(a)
Russian Federation 0.0(a)
Singapore 0.0(a)
South Africa 0.4
South Korea 2.9
Spain 3.7
Sweden 2.4
Switzerland 6.6
Taiwan 1.2
Turkey 0.6
United Kingdom 13.2
United States(b) 1.5
Total 100.0
    
(a) Rounds to zero.
(b) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
5
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Institutional Class 1,000.00 1,000.00 1,160.40 1,019.93 5.25 4.91 0.98
Institutional 3 Class 1,000.00 1,000.00 1,160.60 1,020.68 4.45 4.16 0.83
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. Participants in wrap fee programs pay other fees that are not included in the above table. Please refer to the wrap program documents for information about the fees charged.
6 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 92.4%
Issuer Shares Value ($)
Argentina 1.4%
MercadoLibre, Inc.(a) 25,222 30,770,840
Australia 0.5%
Aurizon Holdings Ltd. 25,745 57,209
Cochlear Ltd. 29,468 4,394,406
Coles Group Ltd. 41,640 508,575
Estia Health 703,546 983,569
GrainCorp Ltd. 200,172 1,055,541
Metcash Ltd. 71,054 194,252
South32 Ltd. 366,863 1,065,893
Treasury Wine Estates Ltd. 138,024 1,298,191
Yancoal Australia Ltd. 467,517 1,841,128
Total 11,398,764
Austria 0.2%
OMV AG 63,123 3,074,563
Wienerberger AG 40,580 1,261,484
Total 4,336,047
Belgium 1.0%
Anheuser-Busch InBev SA/NV 347,655 21,088,272
Proximus SADP 164,188 1,511,984
Total 22,600,256
Brazil 0.6%
Banco Bradesco SA, ADR 1,619,665 4,097,752
Petroleo Brasileiro SA, ADR 457,463 5,073,265
Petroleo Brasileiro SA, ADR 341,818 3,336,144
Total 12,507,161
Canada 2.3%
AbCellera Biologics, Inc.(a) 243,042 2,041,553
Alimentation Couche-Tard, Inc. 237,817 11,156,223
Canadian National Railway Co. 109,982 12,526,422
Constellation Software, Inc. 5,577 9,589,252
Eldorado Gold Corp.(a) 6,213 57,905
Lumine Group, Inc.(a),(b),(c) 16,733 171,295
Ritchie Bros. Auctioneers, Inc. 71,103 4,349,370
Shopify, Inc., Class A(a) 133,849 5,506,548
Common Stocks (continued)
Issuer Shares Value ($)
Topicus.com, Inc.(a) 111,713 7,263,596
Total 52,662,164
China 2.2%
Alibaba Group Holding Ltd.(a) 507,132 5,574,113
Beijing Capital International Airport Co., Ltd., Class H(a) 6,456,000 4,725,696
China Communications Services Corp., Ltd., Class H 148,000 57,542
China Construction Bank Corp., ADR 30,522 371,758
China Construction Bank Corp., Class H 3,764,000 2,300,849
China Minsheng Banking Corp. Ltd., Class H 553,500 191,154
Dongfeng Motor Group Co., Ltd. 510,000 260,542
Everbright Securities Co., Ltd., Class H 545,200 376,050
GF Securities Co., Ltd. 52,800 74,966
Hangzhou Steam Turbine Power Group Co., Ltd., Class B 76,600 110,859
Kingboard Chemical Holdings Ltd. 256,000 913,954
Meituan, Class B(a) 418,930 7,270,502
Ping An Insurance Group Co. of China Ltd., Class H 940,500 6,420,357
SITC International Holdings Co., Ltd. 125,000 261,494
Tencent Holdings Ltd. 293,300 12,884,202
Tencent Music Entertainment Group, ADR(a) 877,602 6,617,119
WuXi Biologics Cayman, Inc.(a) 339,500 2,376,553
Zhongliang Holdings Group Co., Ltd.(a),(d) 1,455,500 133,656
Total 50,921,366
Denmark 1.7%
Ambu A/S(a) 209,577 3,071,156
AP Moller - Maersk A/S, Class A 778 1,778,269
AP Moller - Maersk A/S, Class B 1,115 2,597,223
Chr. Hansen Holding A/S 96,434 6,685,387
DSV A/S 66,494 12,082,376
Novo Nordisk A/S, Class B 34,177 4,827,681
Novozymes AS, Class B 171,524 8,261,269
Total 39,303,361
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Finland 0.8%
KONE OYJ, Class B 179,760 9,335,238
Nordea Bank 181,450 2,296,508
Nordea Bank Abp 522,777 6,624,751
Total 18,256,497
France 11.0%
Air Liquide SA 74,171 11,784,024
Alstom SA 652,139 19,139,130
AXA SA 527,985 16,637,595
BNP Paribas SA 298,541 20,871,356
Capgemini SE 2,987 560,171
Carrefour SA 487,229 9,632,256
Christian Dior SE 743 616,983
Cie Generale des Etablissements Michelin SCA 32,425 1,018,666
Credit Agricole SA 66,932 815,736
Danone SA 552,073 31,033,333
Dassault Systemes SE 341,366 13,173,388
Edenred 218,404 12,293,154
Engie SA 742,015 10,828,504
Kering SA 19,109 11,204,013
Nexans SA 42,661 4,113,062
Orange SA 609,272 6,955,633
Pernod Ricard SA 44,567 9,297,186
Sanofi 169,243 15,823,938
Sanofi, ADR 99,187 4,646,911
Sartorius Stedim Biotech 21,393 6,967,631
TotalEnergies SE 255,041 15,737,107
TotalEnergies SE, ADR 206,952 12,812,398
Valeo 196,520 4,082,653
VINCI SA 97,313 11,065,253
Total 251,110,081
Germany 8.6%
Allianz SE, Registered Shares 48,247 11,329,045
Bayer AG, Registered Shares 191,557 11,374,895
Bayerische Motoren Werke AG 139,061 14,346,292
Beiersdorf AG 16,006 1,910,246
Beiersdorf AG, ADR 11,780 280,482
BioNTech SE, ADR 41,797 5,435,700
Common Stocks (continued)
Issuer Shares Value ($)
Continental AG 5,345 383,729
Deutsche Boerse AG 76,725 13,378,848
Deutsche Lufthansa AG, Registered Shares(a) 31,714 328,581
Deutsche Post AG 134,221 5,676,337
Deutsche Telekom AG, Registered Shares 1,325,742 29,753,722
Evonik Industries AG 21,069 449,860
Fresenius Medical Care AG & Co. KGaA 30,955 1,209,584
Fresenius SE & Co. KGaA 54,215 1,491,845
Henkel AG & Co. KGaA 37,852 2,617,276
Infineon Technologies AG 29,351 1,038,333
Mercedes-Benz Group AG, Registered Shares 140,192 10,744,703
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares 22,622 7,792,766
Rational AG 15,784 10,469,409
RWE AG 290,659 12,337,677
SAP SE 363,513 41,299,071
Scout24 SE 233,509 12,797,739
Total 196,446,140
Hong Kong 2.0%
AIA Group Ltd. 2,206,200 23,447,532
ASMPT Ltd. 116,500 994,023
CK Hutchison Holdings Ltd. 245,500 1,465,942
CK Hutchison Holdings Ltd., ADR 4,406 26,128
Far East Horizon Ltd. 46,000 40,690
Futu Holdings Ltd., ADR(a) 50,442 2,482,251
Genertec Universal Medical Group Co., Ltd. 2,389,000 1,379,300
Hong Kong Exchanges and Clearing Ltd. 212,980 8,530,417
Jardine Matheson Holdings Ltd. 33,100 1,640,756
Sands China Ltd.(a) 955,200 3,315,130
WH Group Ltd. 350,000 203,675
Xinyi Glass Holdings Ltd. 723,000 1,351,826
Total 44,877,670
Ireland 3.0%
CRH PLC 338,913 15,943,133
Kingspan Group PLC 53,898 3,498,415
Kingspan Group PLC 138,469 9,064,425
Ryanair Holdings PLC, ADR(a) 419,691 38,934,734
Total 67,440,707
 
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Israel 0.1%
Bank Hapoalim BM 22,181 185,527
Bank Leumi Le-Israel BM 80,660 627,093
Israel Chemicals Ltd. 33,989 246,671
Mizrahi Tefahot Bank Ltd. 7,805 232,097
Total 1,291,388
Italy 3.9%
Anima Holding SpA 152,720 659,744
Assicurazioni Generali SpA 7,190 142,214
Azimut Holding SpA 47,157 1,118,846
Banca Mediolanum SpA 21,469 208,003
Enel SpA 4,530,693 25,415,207
ENI SpA 833,106 11,766,815
ENI SpA, ADR 76,442 2,167,895
FinecoBank Banca Fineco SpA 655,127 11,320,910
Poste Italiane SpA 25,199 271,715
UniCredit SpA 1,723,380 35,257,844
Total 88,329,193
Japan 15.9%
AGC, Inc. 43,000 1,590,858
Air Water, Inc. 20,200 242,862
Alfresa Holdings Corp. 20,900 252,404
Anritsu Corp. 224,000 2,044,689
Asahi Group Holdings Ltd. 80,600 2,850,366
Asahi Yukizai Corp. 10,000 206,597
Awa Bank Ltd. (The) 42,200 688,969
Brother Industries Ltd. 89,300 1,313,509
Canon, Inc. 279,600 6,017,620
Chori Co., Ltd. 11,400 219,198
Chubu Electric Power Co., Inc. 282,500 2,925,076
Dai Nippon Toryo Co., Ltd. 13,700 85,514
Daicel Corp. 248,800 1,727,432
Dai-ichi Life Holdings, Inc. 238,900 5,096,769
Daiken Corp. 8,300 134,939
Dainichiseika Color & Chemicals Manufacturing Co., Ltd. 2,100 28,435
Denso Corp. 186,373 9,909,208
Disco Corp. 100 31,356
Electric Power Development Co., Ltd. 176,800 2,817,856
Common Stocks (continued)
Issuer Shares Value ($)
ENEOS Holdings, Inc. 164,400 565,188
Enomoto Co., Ltd. 84,100 1,143,683
FANUC Corp. 221,850 37,708,060
FUJIFILM Holdings Corp. 72,100 3,363,601
Fujitsu Ltd. 34,200 4,392,247
Furukawa Electric Co., Ltd. 47,300 826,803
Gunma Bank Ltd. (The) 195,100 732,317
Hakuhodo DY Holdings, Inc. 30,300 337,788
Harima Chemicals Group, Inc. 10,800 71,983
Hokkaido Electric Power Co., Inc. 43,200 149,599
Honda Motor Co., Ltd. 468,900 12,192,890
Honda Motor Co., Ltd. ADR 18,004 467,564
Hoya Corp. 14,300 1,415,739
Hoya Corp., ADR 4,532 446,062
Hyakugo Bank Ltd. (The) 112,600 346,512
Idemitsu Kosan Co., Ltd. 10,500 232,381
Inpex Corp. 1,039,000 10,893,283
ITOCHU ENEX Co., Ltd. 44,900 366,367
Iwaki Co., Ltd. 34,700 335,322
Japan Exchange Group, Inc. 468,703 6,990,520
Japan Petroleum Exploration Co., Ltd. 4,700 169,344
Japan Post Holdings Co., Ltd. 123,300 1,096,037
Japan Post Insurance Co., Ltd. 40,300 699,702
Kajima Corp. 126,700 1,514,195
Kamigumi Co., Ltd. 2,800 55,371
Kao Corp. 70,500 2,626,264
Kawasaki Heavy Industries Ltd. 30,300 662,120
Kawasaki Kisen Kaisha Ltd. 47,400 1,135,145
KDDI Corp. 40,900 1,196,647
Keyence Corp. 32,800 14,177,057
Kirin Holdings Co., Ltd. 315,800 4,727,049
Kissei Pharmaceutical Co., Ltd. 30,900 555,682
Konoike Transport Co., Ltd. 7,600 83,515
Kuraray Co., Ltd. 277,900 2,492,616
Kyocera Corp. 91,300 4,493,416
Kyocera Corp., ADR 20,155 993,138
Lixil Corp. 7,500 119,567
Mazda Motor Corp. 28,200 252,307
Mebuki Financial Group, Inc. 367,600 988,178
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
9
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Megmilk Snow Brand Co., Ltd. 37,500 486,564
Mitsubishi Electric Corp. 374,600 4,209,462
Mitsubishi Heavy Industries Ltd. 16,500 608,019
Mitsubishi Pencil Co., Ltd. 28,900 312,732
Mitsui & Co., Ltd. 101,700 2,854,299
Mitsui Chemicals, Inc. 57,000 1,375,132
Mitsui OSK Lines Ltd. 341,300 8,914,794
MonotaRO Co., Ltd 538,980 7,330,864
MS&AD Insurance Group Holdings, Inc. 32,100 1,050,445
Murata Manufacturing Co., Ltd. 312,600 16,732,661
NGK Insulators Ltd. 66,800 886,699
NH Foods Ltd. 7,400 204,331
Nidec Corp. 108,044 5,483,178
Nintendo Co., Ltd. 158,650 5,939,393
Nippon Electric Glass Co., Ltd. 104,300 1,941,198
Nippon Express Holdings, Inc. 3,800 211,983
Nippon Sanso Holdings Corp. 60,900 1,085,726
Nippon Steel Corp. 72,200 1,613,509
Nippon Yusen KK 416,800 10,833,880
Nishi-Nippon Financial Holdings, Inc. 5,600 47,756
Nissan Motor Co., Ltd. 573,400 2,226,157
Nomura Holdings, Inc. 219,100 902,978
NS United Kaiun Kaisha Ltd. 6,100 197,809
NTT Data Corp. 22,700 314,955
Obic Co., Ltd. 2,300 336,972
Okinawa Electric Power Co., Inc. (The) 51,600 390,227
Okumura Corp. 45,100 1,087,930
ORIX Corp. 159,400 2,856,927
Osaka Gas Co., Ltd. 96,300 1,564,234
Pigeon Corp. 23,400 360,956
Press Kogyo Co., Ltd. 64,300 226,612
Qol Holdings Co., Ltd. 27,500 240,512
Renesas Electronics Corp.(a) 58,900 760,841
Ricoh Co., Ltd. 104,200 809,522
Rohm Co., Ltd. 3,600 277,246
San-Ai Obbli Co., Ltd. 38,500 394,714
Sanshin Electronics Co., Ltd. 4,600 87,040
SCSK Corp. 15,000 217,651
Seikitokyu Kogyo Co., Ltd. 83,600 511,331
Common Stocks (continued)
Issuer Shares Value ($)
Seiko Epson Corp. 176,800 2,437,666
Seino Holdings Corp. 12,100 124,899
Shikoku Electric Power Co., Inc. 86,700 464,673
Shimadzu Corp. 4,000 115,516
Shimano, Inc. 47,733 7,422,483
Shin-Etsu Chemical Co., Ltd. 49,600 6,876,106
Shiseido Co., Ltd. 212,847 9,807,474
SMC Corp. 17,888 9,092,583
Sojitz Corp. 114,500 2,198,140
Sompo Holdings, Inc. 74,900 3,215,540
Sony Group Corp. 148,323 12,402,248
Starzen Co., Ltd. 2,300 37,048
Sumco Corp. 453,200 6,253,446
Sumitomo Chemical Co., Ltd. 193,000 676,271
Sumitomo Heavy Industries Ltd. 4,100 96,526
Sumitomo Mitsui Financial Group, Inc. 227,200 9,922,702
Sumitomo Pharma Co., Ltd. 6,400 40,071
Suntory Beverage & Food Ltd. 44,100 1,546,986
Suzuken Co., Ltd. 64,600 1,631,319
Taisho Pharmaceutical Holdings Co., Ltd. 4,800 189,230
Takara Standard Co., Ltd. 6,700 70,795
Takeda Pharmaceutical Co., Ltd. 480,400 14,807,994
Tama Home Co., Ltd. 56,800 1,416,635
Teijin Ltd. 149,900 1,557,549
Tokuyama Corp. 4,400 70,141
Tokyo Electric Power Co. Holdings, Inc.(a) 81,300 269,372
Tokyo Electron Ltd. 42,100 14,444,596
Tokyo Gas Co., Ltd. 203,300 3,921,140
Tokyo Steel Manufacturing Co., Ltd. 5,000 55,262
Toray Industries, Inc. 530,900 3,039,623
Tosoh Corp. 6,600 89,821
Toyo Seikan Group Holdings Ltd. 23,900 311,007
Toyota Tsusho Corp. 10,600 432,305
Trend Micro, Inc. 3,500 164,572
Tsubakimoto Chain Co. 6,200 145,239
Wakita & Co., Ltd. 14,700 121,681
Yamaichi Electronics Co., Ltd. 6,800 91,441
Yamazen Corp. 42,900 329,816
Yokogawa Electric Corp. 18,400 274,809
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Yuasa Trading Co., Ltd. 14,000 376,076
Total 361,626,956
Jersey 0.0%
Glencore PLC, ADR 7,458 88,452
Luxembourg 0.0%
ArcelorMittal, Registered Shares 9,034 273,278
Tenaris SA 45,374 746,500
Total 1,019,778
Netherlands 6.6%
Adyen NV(a) 5,690 8,065,177
Akzo Nobel NV 232,311 16,994,696
ArcelorMittal SA 178,474 5,355,903
ASML Holding NV 52,984 32,657,037
ASML Holding NV 5,296 3,271,498
ASR Nederland NV 18,633 848,004
EXOR NV(a) 87,714 7,237,669
IMCD NV 99,854 15,806,015
ING Groep NV 946,283 13,243,345
Iveco Group NV(a) 101,464 957,831
Just Eat Takeaway.com NV(a) 46,217 1,001,783
Koninklijke Philips NV 784,699 12,811,616
NN Group NV, ADR 14,369 289,823
Prosus NV(a) 79,128 5,672,625
SBM Offshore NV 3,515 51,437
Shell PLC 442,757 13,410,393
Shell PLC 72,724 2,210,077
Stellantis NV 381,518 6,649,622
Stellantis NV 198,845 3,478,654
Wolters Kluwer NV, ADR 2,199 254,051
Total 150,267,256
Norway 0.7%
Aker BP ASA 16,962 455,271
Aker Carbon Capture ASA(a) 3,288,146 4,937,308
Equinor ASA 52,687 1,612,926
Equinor ASA, ADR 96,750 2,951,842
Norsk Hydro ASA 64,690 470,863
Yara International ASA 94,485 4,491,705
Total 14,919,915
Common Stocks (continued)
Issuer Shares Value ($)
Panama 0.3%
Copa Holdings SA, Class A(a) 80,801 7,461,972
Portugal 0.0%
Galp Energia SGPS SA 18,095 220,750
Jeronimo Martins SGPS SA 14,252 292,536
Sonae SGPS SA 361,654 396,248
Total 909,534
Russian Federation —%
Gazprom PJSC(b),(c),(e) 1,247,200 0
Lukoil PJSC(b),(c),(e) 31,251 —
Magnit PJSC(a),(b),(c),(e) 63,585 —
MMC Norilsk Nickel PJSC(b),(c),(e) 20,201 —
MMC Norilsk Nickel PJSC, ADR(a),(b),(c),(e) 5 —
Rosneft Oil Co. PJSC(b),(c),(e) 563,548 0
Sberbank of Russia PJSC(a),(b),(c),(e),(f) 436,630 0
Total 0
Singapore 0.0%
Yangzijiang Shipbuilding Holdings Ltd. 746,500 714,251
South Africa 0.4%
Discovery Ltd.(a) 1,148,094 9,361,670
South Korea 2.7%
Coupang, Inc.(a) 364,506 5,653,488
Hana Financial Group, Inc. 44,584 1,529,110
Kia Motors Corp. 1,493 84,847
NHN Corp.(a) 13,915 304,399
Samsung Electronics Co., Ltd. 593,925 27,174,994
Samsung Electronics Co., Ltd. GDR 12,869 14,727,499
SK Hynix, Inc. 186,938 12,634,165
Total 62,108,502
Spain 3.5%
Aena SME SA(a) 89,760 13,886,467
Amadeus IT Group SA, Class A(a) 477,584 30,031,867
Banco Bilbao Vizcaya Argentaria SA 282,661 2,197,134
Banco Bilbao Vizcaya Argentaria SA, ADR 37,847 293,693
Banco Santander SA 780,667 3,073,804
Banco Santander SA, ADR 86,717 339,064
CaixaBank SA 387,739 1,664,902
Iberdrola SA 710,796 8,148,162
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
11
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Industria de Diseno Textil SA 427,850 13,180,675
Mapfre SA 150,458 322,792
Repsol SA 317,486 5,020,992
Repsol SA, ADR 4,279 67,929
Telefonica SA 510,253 2,081,567
Total 80,309,048
Sweden 2.3%
Atlas Copco AB, Class B 1,317,872 13,883,123
Electrolux AB 65,640 794,292
Epiroc AB, Class B 673,019 11,072,457
Essity AB, Class B 112,482 3,033,932
H & M Hennes & Mauritz AB 191,402 2,411,740
MIPS AB 81,783 3,683,191
SSAB AB, Class B 516,664 3,534,194
Swedbank AB, Class A 351,358 7,179,137
Tele2 AB, Class B 81,057 745,060
Telia Co. AB 2,252,687 5,817,306
Total 52,154,432
Switzerland 6.3%
Baloise Holding AG, Registered Shares 544 90,591
Cie Financiere Richemont SA, Class A, Registered Shares 141,495 21,379,378
Kuehne & Nagel International AG 22,413 5,738,567
Nestlé SA, Registered Shares 133,948 15,092,008
Novartis AG, Registered Shares 388,564 32,701,595
Roche Holding AG, Genusschein Shares 126,218 36,393,570
Swatch Group AG (The) 15,549 5,410,975
Swatch Group AG (The), Registered Shares 944 60,134
Swiss Life Holding AG, Registered Shares 3,595 2,163,298
Swiss Re AG 116,463 12,166,619
Wizz Air Holdings PLC(a) 94,700 2,931,062
Zurich Insurance Group AG 17,319 8,215,325
Total 142,343,122
Taiwan 1.1%
Evergreen Marine Corp. Taiwan Ltd. 130,800 668,419
Sea Ltd. ADR(a) 52,972 3,310,220
Taiwan Semiconductor Manufacturing Co., Ltd. 1,338,400 22,142,350
Total 26,120,989
Common Stocks (continued)
Issuer Shares Value ($)
Turkey 0.5%
Borusan Yatirim ve Pazarlama AS 7,388 335,384
Dogus Otomotiv Servis ve Ticaret AS 5,863 52,447
Haci Omer Sabanci Holding AS 924,263 2,132,538
KOC Holding AS 380,488 1,558,493
TAV Havalimanlari Holding AS(a) 62,801 249,159
Torunlar Gayrimenkul Yatirim Ortakligi AS(a) 211,603 173,565
Turk Hava Yollari AO(a) 741,496 5,633,990
Turkiye Garanti Bankasi AS 619,004 761,801
Turkiye Is Bankasi AS 1,781,340 1,069,051
Turkiye Sinai Kalkinma Bankasi AS(a) 307,733 64,541
Total 12,030,969
United Kingdom 12.4%
Anglo American PLC 166,636 5,758,063
AstraZeneca PLC 130,281 16,972,760
Barclays Bank PLC 8,041,895 16,876,627
Barclays Bank PLC, ADR 272,611 2,306,289
BP PLC 2,060,032 13,537,568
BP PLC, ADR 339,577 13,447,249
British American Tobacco PLC 148,586 5,623,355
British American Tobacco, ADR 141,195 5,373,882
Compass Group PLC 646,869 14,943,843
Experian PLC 323,445 10,904,668
GSK PLC 664,871 11,389,853
GSK PLC, ADR 232,055 7,952,525
Lloyds Banking Group PLC, ADR 59,638 150,884
Oxford Nanopore Technologies PLC(a) 1,013,579 2,546,590
Prudential PLC 1,553,120 23,736,256
Reckitt Benckiser Group PLC 345,099 23,944,700
RELX PLC 390,917 11,788,296
RELX PLC 269,450 8,131,534
Rio Tinto PLC 434,978 29,850,172
Rolls-Royce Holdings PLC(a) 23,517,603 40,974,704
Smith & Nephew PLC, ADR 22,303 637,197
Unilever PLC 325,231 16,192,444
Total 283,039,459
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
United States 0.4%
Diversified Energy Co. PLC 74,249 93,061
Spotify Technology SA(a) 44,122 5,131,389
Tenaris SA, ADR 92,304 3,046,955
Total 8,271,405
Total Common Stocks
(Cost $1,928,802,835) 		2,104,999,345
Exchange-Traded Equity Funds 0.2%
  Shares Value ($)
United States 0.2%
iShares MSCI EAFE ETF 21,799 1,511,761
iShares MSCI Eurozone ETF 50,967 2,221,142
Total 3,732,903
Total Exchange-Traded Equity Funds
(Cost $3,427,876) 		3,732,903
    
Preferred Stocks 1.0%
Issuer   Shares Value ($)
Brazil 0.2%
Petroleo Brasileiro SA   783,100 3,823,174
Germany 0.8%
BMW AG   2,878 272,593
Henkel AG & Co. KGaA   111,078 8,080,743
Porsche Automobil Holding SE   10,386 589,497
Preferred Stocks (continued)
Issuer   Shares Value ($)
Volkswagen AG   67,423 9,177,999
Total 18,120,832
Total Preferred Stocks
(Cost $21,392,946) 		21,944,006
    
Warrants 0.0%
Issuer Shares Value ($)
Switzerland 0.0%
Cie Financiere Richemont SA(a) 43,768 51,117
Total Warrants
(Cost $11,703) 		51,117
Money Market Funds 0.8%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(g),(h) 19,278,880 19,271,168
Total Money Market Funds
(Cost $19,269,697) 		19,271,168
Total Investments in Securities
(Cost $1,972,905,057) 		2,149,998,539
Other Assets & Liabilities, Net   128,541,138
Net Assets $2,278,539,677
 
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2023, the total value of these securities amounted to $171,295, which represents 0.01% of total net assets.
(c) Valuation based on significant unobservable inputs.
(d) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At February 28, 2023, the total value of these securities amounted to $133,656, which represents 0.01% of total net assets.
(e) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund’s Board of Trustees. At February 28, 2023, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:
    
Security Acquisition
Dates 		Shares Cost ($) Value ($)
Gazprom PJSC 11/11/2020-06/10/2021 1,247,200 3,820,620 —
Lukoil PJSC 03/30/2020-12/29/2021 31,251 2,094,074 —
Magnit PJSC 05/23/2018-11/22/2021 63,585 5,002,872 —
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
13
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Notes to Portfolio of Investments  (continued)
Security Acquisition
Dates 		Shares Cost ($) Value ($)
MMC Norilsk Nickel PJSC 08/07/2019-11/22/2021 20,201 4,978,804 —
MMC Norilsk Nickel PJSC, ADR 08/07/2019-11/22/2021 5 123 —
Rosneft Oil Co. PJSC 03/31/2020-03/16/2021 563,548 3,458,257 —
Sberbank of Russia PJSC 03/29/2021-04/08/2021 436,630 1,642,454 —
      20,997,204 —
    
(f) On May 25, 2022, the Office of Foreign Assets Control (OFAC) license permitting the holding of the Sberbank position expired, and the position is now considered blocked property. As such the security has been segregated on the Fund’s books and records and cannot be sold or transferred at this time.
(g) The rate shown is the seven-day current annualized yield at February 28, 2023.
(h) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  72,917,032 215,086,541 (268,728,130) (4,275) 19,271,168 14,284 794,594 19,278,880
Abbreviation Legend
ADR American Depositary Receipt
GDR Global Depositary Receipt
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Argentina 30,770,840 — — 30,770,840
Australia — 11,398,764 — 11,398,764
Austria — 4,336,047 — 4,336,047
Belgium — 22,600,256 — 22,600,256
Brazil 12,507,161 — — 12,507,161
Canada 52,490,869 — 171,295 52,662,164
China 6,617,119 44,304,247 — 50,921,366
Denmark — 39,303,361 — 39,303,361
Finland — 18,256,497 — 18,256,497
France 17,459,309 233,650,772 — 251,110,081
Germany 5,435,700 191,010,440 — 196,446,140
Hong Kong 2,482,251 42,395,419 — 44,877,670
Ireland 38,934,734 28,505,973 — 67,440,707
Israel — 1,291,388 — 1,291,388
Italy 2,167,895 86,161,298 — 88,329,193
Japan 467,564 361,159,392 — 361,626,956
Jersey — 88,452 — 88,452
Luxembourg 273,278 746,500 — 1,019,778
Netherlands 3,271,498 146,995,758 — 150,267,256
Norway 2,951,842 11,968,073 — 14,919,915
Panama 7,461,972 — — 7,461,972
Portugal — 909,534 — 909,534
Russian Federation — — 0* 0*
Singapore — 714,251 — 714,251
South Africa — 9,361,670 — 9,361,670
South Korea 5,653,488 56,455,014 — 62,108,502
Spain 632,757 79,676,291 — 80,309,048
Sweden — 52,154,432 — 52,154,432
Switzerland — 142,343,122 — 142,343,122
Taiwan 3,310,220 22,810,769 — 26,120,989
Turkey — 12,030,969 — 12,030,969
United Kingdom 29,868,026 253,171,433 — 283,039,459
United States 8,178,344 93,061 — 8,271,405
Total Common Stocks 230,934,867 1,873,893,183 171,295 2,104,999,345
Exchange-Traded Equity Funds 3,732,903 — — 3,732,903
Preferred Stocks        
Brazil 3,823,174 — — 3,823,174
Germany — 18,120,832 — 18,120,832
Total Preferred Stocks 3,823,174 18,120,832 — 21,944,006
Warrants        
Switzerland — 51,117 — 51,117
Total Warrants — 51,117 — 51,117
Money Market Funds 19,271,168 — — 19,271,168
Total Investments in Securities 257,762,112 1,892,065,132 171,295 2,149,998,539
    
* Rounds to zero.
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
15
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,953,635,360) $2,130,727,371
Affiliated issuers (cost $19,269,697) 19,271,168
Cash 6,750
Foreign currency (cost $226,771) 227,827
Receivable for:  
Investments sold 119,553,758
Capital shares sold 2,109,985
Dividends 3,533,802
Foreign tax reclaims 7,179,480
Prepaid expenses 17,579
Trustees’ deferred compensation plan 47,031
Other assets 34,202
Total assets 2,282,708,953
Liabilities  
Payable for:  
Investments purchased 556,611
Capital shares purchased 3,008,950
Management services fees 49,293
Transfer agent fees 288,723
Compensation of board members 35,112
Compensation of chief compliance officer 211
Other expenses 183,345
Trustees’ deferred compensation plan 47,031
Total liabilities 4,169,276
Net assets applicable to outstanding capital stock $2,278,539,677
Represented by  
Paid in capital 2,258,175,679
Total distributable earnings (loss) 20,363,998
Total - representing net assets applicable to outstanding capital stock $2,278,539,677
Institutional Class  
Net assets $2,278,537,033
Shares outstanding 215,050,578
Net asset value per share $10.60
Institutional 3 Class  
Net assets $2,644
Shares outstanding 249
Net asset value per share $10.62
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
17
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $20,745,414
Dividends — affiliated issuers 794,594
Foreign taxes withheld (1,944,028)
Total income 19,595,980
Expenses:  
Management services fees 8,809,697
Transfer agent fees  
Institutional Class 1,769,324
Compensation of board members 24,720
Custodian fees 149,722
Printing and postage fees 121,379
Registration fees 51,994
Audit fees 17,720
Legal fees 21,191
Interest on interfund lending 1,587
Compensation of chief compliance officer 211
Other 110,956
Total expenses 11,078,501
Fees waived or expenses reimbursed by Investment Manager and its affiliates (61,681)
Total net expenses 11,016,820
Net investment income 8,579,160
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (59,548,452)
Investments — affiliated issuers 14,284
Foreign currency translations (423,227)
Net realized loss (59,957,395)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 393,886,402
Investments — affiliated issuers (4,275)
Foreign currency translations 530,986
Net change in unrealized appreciation (depreciation) 394,413,113
Net realized and unrealized gain 334,455,718
Net increase in net assets resulting from operations $343,034,878
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment income $8,579,160 $56,311,926
Net realized loss (59,957,395) (52,434,209)
Net change in unrealized appreciation (depreciation) 394,413,113 (702,781,171)
Net increase (decrease) in net assets resulting from operations 343,034,878 (698,903,454)
Distributions to shareholders    
Net investment income and net realized gains    
Institutional Class (53,998,519) (90,994,416)
Institutional 3 Class (64) (100)
Total distributions to shareholders (53,998,583) (90,994,516)
Increase (decrease) in net assets from capital stock activity (247,254,689) 495,046,513
Total increase (decrease) in net assets 41,781,606 (294,851,457)
Net assets at beginning of period 2,236,758,071 2,531,609,528
Net assets at end of period $2,278,539,677 $2,236,758,071
    
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Institutional Class        
Subscriptions 12,552,806 122,700,936 78,383,736 910,675,109
Distributions reinvested 5,526,972 53,998,519 7,919,444 90,994,416
Redemptions (41,947,740) (423,954,144) (47,240,328) (506,623,012)
Net increase (decrease) (23,867,962) (247,254,689) 39,062,852 495,046,513
Total net increase (decrease) (23,867,962) (247,254,689) 39,062,852 495,046,513
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
19
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $9.36 0.04 1.44 1.48 (0.24) — (0.24)
Year Ended 8/31/2022 $12.67 0.24 (3.17) (2.93) (0.14) (0.24) (0.38)
Year Ended 8/31/2021 $10.02 0.15 2.65 2.80 (0.15) — (0.15)
Year Ended 8/31/2020 $9.06 0.11 1.10 1.21 (0.25) — (0.25)
Year Ended 8/31/2019 $9.67 0.23 (0.77) (0.54) (0.07) — (0.07)
Year Ended 8/31/2018(f) $10.00 0.04 (0.37) (0.33) — — —
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $9.39 0.05 1.44 1.49 (0.26) — (0.26)
Year Ended 8/31/2022 $12.69 0.26 (3.16) (2.90) (0.16) (0.24) (0.40)
Year Ended 8/31/2021 $10.05 0.17 2.63 2.80 (0.16) — (0.16)
Year Ended 8/31/2020(g) $10.04 0.10 (0.09)(h) 0.01 — — —
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) Ratios include interfund lending expense which is less than 0.01%.
(e) Ratios include line of credit interest expense which is less than 0.01%.
(f) Institutional Class shares commenced operations on May 17, 2018. Per share data and total return reflect activity from that date.
(g) Institutional 3 Class shares commenced operations on December 18, 2019. Per share data and total return reflect activity from that date.
(h) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional Class
Six Months Ended 2/28/2023 (Unaudited) $10.60 16.04% 0.99%(c),(d) 0.98%(c),(d) 0.77%(c) 17% $2,278,537
Year Ended 8/31/2022 $9.36 (23.66%) 0.96%(d) 0.96%(d) 2.20% 59% $2,236,756
Year Ended 8/31/2021 $12.67 28.10% 0.99%(d) 0.99%(d) 1.24% 82% $2,531,606
Year Ended 8/31/2020 $10.02 13.34% 1.00%(d),(e) 0.98%(d),(e) 1.22% 89% $2,045,267
Year Ended 8/31/2019 $9.06 (5.53%) 1.02%(d) 1.02%(d) 2.54% 63% $1,901,132
Year Ended 8/31/2018(f) $9.67 (3.30%) 1.05%(c) 1.05%(c) 1.51%(c) 17% $2,043,274
Institutional 3 Class
Six Months Ended 2/28/2023 (Unaudited) $10.62 16.06% 0.83%(c),(d) 0.83%(c),(d) 0.93%(c) 17% $3
Year Ended 8/31/2022 $9.39 (23.42%) 0.80%(d) 0.80%(d) 2.34% 59% $2
Year Ended 8/31/2021 $12.69 28.07% 0.83%(d) 0.81%(d) 1.43% 82% $3
Year Ended 8/31/2020(g) $10.05 0.10% 0.86%(c),(d) 0.84%(c),(d) 1.57%(c) 89% $3
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
21
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Multi-Manager International Equity Strategies Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares 
The Trust may issue an unlimited number of shares (without par value). The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. (Ameriprise Financial) or its affiliates. The Fund offers each of the share classes listed in the Statement of Assets and Liabilities which are not subject to any front-end sales charge or contingent deferred sales charge.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
22 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
23
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of their portion of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.87% to 0.67% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2023 was 0.79% of the Fund’s average daily net assets.
24 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Subadvisory agreements 
The Investment Manager has entered into Subadvisory Agreements with Arrowstreet Capital, Limited Partnership, Baillie Gifford Overseas Limited and Causeway Capital Management LLC, each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s determination. Each subadviser’s proportionate share of the investments in the Fund may also vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund’s assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares.
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Institutional Class 0.16
Institutional 3 Class 0.02
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
25
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Distribution and service fees
The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Fund does not pay the Distributor a fee for the distribution services it provides to the Fund.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  January 1, 2023
through
December 31, 2023 		Prior to
January 1, 2023
Institutional Class 0.99% 0.99%
Institutional 3 Class 0.85 0.87
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
1,972,905,000 314,364,000 (137,270,000) 177,094,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at August 31, 2022 as arising on September 1, 2022.
Late year
ordinary losses ($) 		Post-October
capital losses ($)
— 43,210,363
26 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $368,925,160 and $722,473,063, respectively, for the six months ended February 28, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended February 28, 2023 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Borrower 2,800,000 5.10 4
Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
27
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
Note 9. Significant risks
Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer’s country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.
Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund.
Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.
Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, significant private or public debt problems in a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The departure of the United Kingdom (UK) from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.
28 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Shareholder concentration risk
At February 28, 2023, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to
Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
29
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
30 Multi-Manager International Equity Strategies Fund  | Semiannual Report 2023
[THIS PAGE INTENTIONALLY LEFT BLANK]
Multi-Manager International Equity Strategies Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR302_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Overseas SMA Completion Portfolio
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
Overseas SMA Completion Portfolio (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investment-products/managed-accounts/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investment-products/managed-accounts/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investment-products/managed-accounts/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Overseas SMA Completion Portfolio  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks long-term capital appreciation.
The Fund is intended to be used as part of a broader separately managed account (SMA) program. The objective of the Fund is intended to be evaluated in the context of the broader SMA program. The Fund is not designed to be used as a stand-alone investment.
Portfolio management
Fred Copper, CFA
Co-Portfolio Manager
Managed Fund since 2019
Daisuke Nomoto, CMA (SAAJ)
Co-Portfolio Manager
Managed Fund since 2019
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year Life
Overseas SMA Completion Portfolio 09/12/19 14.38 -3.74 4.36
MSCI EAFE Value Index (Net)   15.68 0.61 4.46
All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investment-products/managed-accounts/ or calling 800.345.6611.
The Fund is only offered to SMA clients as described in the Fund’s prospectus. The Fund’s performance does not reflect any payments to SMA program sponsors or the Investment Manager of any applicable fees by clients in SMA programs and will differ from the performance of a participant’s overall SMA. For more information about your SMA’s performance, please contact your SMA program sponsor or financial intermediary.
The MSCI EAFE Value Index (Net) is a subset of the MSCI EAFE Index (Net), and constituents of the index include securities from Europe, Australasia and the Far East. The index generally represents approximately 50% of the free-float adjusted market capitalization of the MSCI EAFE Index (Net), and consists of those securities classified by MSCI Inc. as most representing the value style, such as, higher book value-to-price ratios, higher forward earnings-to-price ratios, higher dividend yields and lower forecasted growth rates than securities representing the growth style.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Value Index (Net) which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Overseas SMA Completion Portfolio  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Equity sector breakdown (%) (at February 28, 2023)
Communication Services 6.4
Consumer Discretionary 2.7
Consumer Staples 10.3
Energy 6.8
Financials 32.1
Health Care 3.1
Industrials 14.1
Information Technology 9.1
Materials 6.4
Real Estate 0.9
Utilities 8.1
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Country breakdown (%) (at February 28, 2023)
Australia 3.6
Canada 3.0
China 3.4
Finland 2.7
France 3.7
Germany 4.8
Greece 2.8
Ireland 3.3
Israel 4.5
Japan 19.4
Netherlands 6.8
Norway 2.5
Singapore 7.5
South Korea 2.1
Spain 3.5
Sweden 1.8
Taiwan 3.3
United Kingdom 14.9
United States(a) 6.4
Total 100.0
    
(a) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
 
4 Overseas SMA Completion Portfolio  | Semiannual Report 2023
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Overseas SMA Completion Portfolio 1,000.00 1,000.00 1,143.80 1,024.79 0.00 0.00 0.00
Expenses paid during the period are equal to the annualized expense ratio as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Overseas SMA Completion Portfolio  | Semiannual Report 2023
5
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.8%
Issuer Shares Value ($)
Australia 3.6%
Northern Star Resources Ltd. 27,184 189,726
Canada 3.0%
Alimentation Couche-Tard, Inc. 3,331 156,260
China 3.4%
Guangdong Investment Ltd. 178,000 179,876
Finland 2.7%
UPM-Kymmene OYJ 3,931 142,446
France 3.7%
Eiffage SA 1,781 195,463
Germany 4.8%
Duerr AG 4,439 167,100
E.ON SE 7,717 84,199
Total 251,299
Greece 2.8%
Piraeus Financial Holdings SA(a) 58,514 148,347
Ireland 3.4%
Amarin Corp. PLC, ADR(a) 994 2,018
Bank of Ireland Group PLC 15,840 174,511
Total 176,529
Israel 4.5%
Bank Hapoalim BM 16,737 139,992
Bezeq Israeli Telecommunication Corp., Ltd. 71,769 99,340
Total 239,332
Japan 19.5%
Dai-ichi Life Holdings, Inc. 10,300 219,743
Daiwabo Holdings Co., Ltd. 11,800 182,353
ITOCHU Corp. 1,700 50,814
Kinden Corp. 6,800 76,350
MatsukiyoCocokara & Co. 5,300 246,297
Mebuki Financial Group, Inc. 26,200 70,430
Ship Healthcare Holdings, Inc. 7,300 131,757
Takuma Co., Ltd. 4,800 48,332
Total 1,026,076
Common Stocks (continued)
Issuer Shares Value ($)
Netherlands 6.8%
ABN AMRO Bank NV 3,769 66,508
ASR Nederland NV 6,406 291,543
Total 358,051
Norway 2.5%
Leroy Seafood Group ASA 26,224 130,037
Singapore 7.5%
BW LPG Ltd. 12,838 112,305
Venture Corp., Ltd. 22,300 283,982
Total 396,287
South Korea 2.1%
Hyundai Home Shopping Network Corp. 724 28,188
Youngone Corp.(a) 2,599 83,682
Total 111,870
Spain 3.6%
Endesa SA 7,769 152,350
Tecnicas Reunidas SA(a) 3,002 34,395
Total 186,745
Sweden 1.8%
Samhallsbyggnadsbolaget i Norden AB 27,684 45,173
Stillfront Group AB(a) 27,911 51,382
Total 96,555
Taiwan 3.4%
Fubon Financial Holding Co., Ltd. 90,195 176,369
United Kingdom 14.9%
BT Group PLC 105,782 177,339
Crest Nicholson Holdings PLC 8,650 25,420
DCC PLC 3,376 187,491
John Wood Group PLC(a) 13,470 31,667
Just Group PLC 156,773 165,003
TP Icap Group PLC 85,511 198,514
Total 785,434
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Overseas SMA Completion Portfolio  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
United States 3.8%
Diversified Energy Co. PLC 139,105 174,350
Insmed, Inc.(a) 1,099 22,398
Quotient Ltd.(a) 41 2
Sage Therapeutics, Inc.(a) 132 5,496
Total 202,246
Total Common Stocks
(Cost $5,014,525) 		5,148,948
Money Market Funds 2.6%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(b),(c) 134,117 134,063
Total Money Market Funds
(Cost $134,056) 		134,063
Total Investments in Securities
(Cost $5,148,581) 		5,283,011
Other Assets & Liabilities, Net   (18,431)
Net Assets $5,264,580
 
At February 28, 2023, securities and/or cash totaling $3,407 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
MSCI EAFE Index 1 03/2023 USD 102,330 3,423 —
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) The rate shown is the seven-day current annualized yield at February 28, 2023.
(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  223,418 1,017,367 (1,106,729) 7 134,063 9 3,262 134,117
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
The accompanying Notes to Financial Statements are an integral part of this statement.
Overseas SMA Completion Portfolio  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Australia — 189,726 — 189,726
Canada 156,260 — — 156,260
China — 179,876 — 179,876
Finland — 142,446 — 142,446
France — 195,463 — 195,463
Germany — 251,299 — 251,299
Greece — 148,347 — 148,347
Ireland 2,018 174,511 — 176,529
Israel — 239,332 — 239,332
Japan — 1,026,076 — 1,026,076
Netherlands — 358,051 — 358,051
Norway — 130,037 — 130,037
Singapore — 396,287 — 396,287
South Korea — 111,870 — 111,870
Spain — 186,745 — 186,745
Sweden — 96,555 — 96,555
Taiwan — 176,369 — 176,369
United Kingdom — 785,434 — 785,434
United States 27,894 174,352 — 202,246
Total Common Stocks 186,172 4,962,776 — 5,148,948
Money Market Funds 134,063 — — 134,063
Total Investments in Securities 320,235 4,962,776 — 5,283,011
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Overseas SMA Completion Portfolio  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Derivatives        
Asset        
Futures Contracts 3,423 — — 3,423
Total 323,658 4,962,776 — 5,286,434
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
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9
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $5,014,525) $5,148,948
Affiliated issuers (cost $134,056) 134,063
Margin deposits on:  
Futures contracts 3,407
Receivable for:  
Dividends 4,274
Foreign tax reclaims 10,700
Expense reimbursement due from Investment Manager 319
Prepaid expenses 1,284
Trustees’ deferred compensation plan 6,587
Total assets 5,309,582
Liabilities  
Payable for:  
Variation margin for futures contracts 805
Transfer agent fees 9
Compensation of board members 13,045
Compensation of chief compliance officer 1
Audit fees 13,941
State registration fees 6,891
Other expenses 3,723
Trustees’ deferred compensation plan 6,587
Total liabilities 45,002
Net assets applicable to outstanding capital stock $5,264,580
Represented by  
Paid in capital 5,829,582
Total distributable earnings (loss) (565,002)
Total - representing net assets applicable to outstanding capital stock $5,264,580
Shares outstanding 433,015
Net asset value per share 12.16
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Overseas SMA Completion Portfolio  | Semiannual Report 2023
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $53,627
Dividends — affiliated issuers 3,262
Foreign taxes withheld (5,806)
Total income 51,083
Expenses:  
Transfer agent fees 151
Compensation of board members 8,782
Custodian fees 7,425
Printing and postage fees 2,751
Registration fees 14,801
Audit fees 15,886
Legal fees 6,195
Interest on interfund lending 81
Other 2,407
Total expenses 58,479
Fees waived or expenses reimbursed by Investment Manager and its affiliates (58,398)
Total net expenses 81
Net investment income 51,002
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (168,683)
Investments — affiliated issuers 9
Foreign currency translations (1,087)
Futures contracts 3,777
Net realized loss (165,984)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 773,183
Investments — affiliated issuers 7
Foreign currency translations 637
Futures contracts 12,818
Net change in unrealized appreciation (depreciation) 786,645
Net realized and unrealized gain 620,661
Net increase in net assets resulting from operations $671,663
The accompanying Notes to Financial Statements are an integral part of this statement.
Overseas SMA Completion Portfolio  | Semiannual Report 2023
11
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment income $51,002 $244,520
Net realized loss (165,984) (431,230)
Net change in unrealized appreciation (depreciation) 786,645 (1,905,004)
Net increase (decrease) in net assets resulting from operations 671,663 (2,091,714)
Distributions to shareholders    
Net investment income and net realized gains (201,999) (487,293)
Total distributions to shareholders (201,999) (487,293)
Decrease in net assets from capital stock activity (128,097) (520,215)
Total increase (decrease) in net assets 341,567 (3,099,222)
Net assets at beginning of period 4,923,013 8,022,235
Net assets at end of period $5,264,580 $4,923,013
    
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
         
Subscriptions 39,304 462,609 189,016 2,457,612
Distributions reinvested 17,519 201,999 36,122 487,293
Redemptions (69,489) (792,705) (292,218) (3,465,120)
Total net decrease (12,666) (128,097) (67,080) (520,215)
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Overseas SMA Completion Portfolio  | Semiannual Report 2023
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended August 31,
2022 2021 2020 (a)
Per share data        
Net asset value, beginning of period $11.05 $15.65 $12.14 $12.00
Income from investment operations:        
Net investment income 0.12 0.45 0.41 0.31
Net realized and unrealized gain (loss) 1.44 (4.10) 3.30 0.01
Total from investment operations 1.56 (3.65) 3.71 0.32
Less distributions to shareholders from:        
Net investment income (0.45) (0.51) (0.19) (0.18)
Net realized gains — (0.44) (0.01) —
Total distributions to shareholders (0.45) (0.95) (0.20) (0.18)
Net asset value, end of period $12.16 $11.05 $15.65 $12.14
Total return 14.38% (24.44%) 30.77% 2.57%
Ratios to average net assets        
Total gross expenses(b) 2.36%(c),(d) 1.60%(e),(f) 1.73% 5.92%(c)
Total net expenses(b),(g) 0.00%(c),(d),(h) 0.00%(e),(f) 0.00%(h) 0.00%(c),(h)
Net investment income 2.06%(c) 3.39% 2.81% 2.79%(c)
Supplemental data        
Portfolio turnover 19% 53% 33% 47%
Net assets, end of period (in thousands) $5,265 $4,923 $8,022 $2,296
    
Notes to Financial Highlights
(a) The Fund commenced operations on September 12, 2019. Per share data and total return reflect activity from that date.
(b) 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.
(c) Annualized.
(d) Ratios include interfund lending expense which is less than 0.01%.
(e) Ratios include interest on collateral expense which is less than 0.01%.
(f) Ratios include line of credit interest expense which is less than 0.01%.
(g) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(h) Rounds to zero.
The accompanying Notes to Financial Statements are an integral part of this statement.
Overseas SMA Completion Portfolio  | Semiannual Report 2023
13
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Overseas SMA Completion Portfolio (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). Shares of the Fund may only be purchased and held by or on behalf of separately managed account (SMA) clients.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
14 Overseas SMA Completion Portfolio  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA
Overseas SMA Completion Portfolio  | Semiannual Report 2023
15
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
16 Overseas SMA Completion Portfolio  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2023:
  Asset derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 3,423*
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended February 28, 2023:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Equity risk 3,777
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Equity risk 12,818
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended February 28, 2023:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 150,155
    
* Based on the ending quarterly outstanding amounts for the six months ended February 28, 2023.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported,
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17
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund.
Determination of net asset value
The net asset value per share of the Fund is computed by dividing the value of the net assets of the Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent, at the close of regular trading (ordinarily 4:00 p.m. Eastern Time) every day the New York Stock Exchange is open.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
18 Overseas SMA Completion Portfolio  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund does not pay a management fee to Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). However, Fund shares may only be purchased and held by or on behalf of SMAs where the Investment Manager has an agreement with the SMA program sponsor (the Program Sponsor), or directly with the SMA client, to provide investment management services to the Program Sponsor or the SMA. SMAs pay a fee directly, or indirectly through Program Sponsors, to the Investment Manager for providing investment management services to the Program Sponsor or the SMA, including on assets that may be invested in the Fund.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees.
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19
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rate as a percentage of average daily net assets was 0.01%.
Distribution and service fees
The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Fund does not pay the Distributor a fee for the distribution services it provides to the Fund.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2023, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, including indirect expenses of the underlying funds, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rate of 0.00% of the Fund’s average daily net assets.
Under the agreement governing this fee waiver and/or expense reimbursement arrangement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
5,149,000 649,000 (512,000) 137,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at August 31, 2022 as arising on September 1, 2022.
Late year
ordinary losses ($) 		Post-October
capital losses ($)
— 487,433
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
20 Overseas SMA Completion Portfolio  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $928,164 and $1,059,684, respectively, for the six months ended February 28, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended February 28, 2023 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Borrower 300,000 4.85 2
Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
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21
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 9. Significant risks
Completion funds risk
Investors should be aware that the investments made by the Fund and the results achieved by the Fund at any given time are not expected to be the same as those made by other funds for which the Investment Manager serves as investment adviser, including funds with names, investment objectives and policies similar to the Fund. This may be attributable to a wide variety of factors, including, but not limited to, the use of a differentiated investment strategy. The Fund is intended to be used as part of a broader SMA program. The performance and objectives of the Fund should be evaluated in the context of the broader SMA program. The Fund is not designed to be used as a stand-alone investment. Please contact your SMA program sponsor or financial intermediary for more information.
Financial sector risk
The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.
Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer’s country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.
Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund.
Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in
22 Overseas SMA Completion Portfolio  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.
Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, significant private or public debt problems in a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The departure of the United Kingdom (UK) from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Non-diversification risk
A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.
Shareholder concentration risk
At February 28, 2023, two unaffiliated shareholders of record owned 55.8% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 44.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a
Overseas SMA Completion Portfolio  | Semiannual Report 2023
23
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
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Overseas SMA Completion Portfolio
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investment-products/managed-accounts/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investment-products/managed-accounts/
SAR307_08_N01_(04/23)

Semiannual Report
February 28, 2023 (Unaudited)
Multisector Bond SMA Completion Portfolio
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
Multisector Bond SMA Completion Portfolio (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investment-products/managed-accounts/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investment-products/managed-accounts/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investment-products/managed-accounts/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Multisector Bond SMA Completion Portfolio  |  Semiannual Report 2023
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks total return, consisting of current income and capital appreciation.
The Fund is intended to be used as part of a broader separately managed account (SMA) program. The objective of the Fund is intended to be evaluated in the context of the broader SMA program. The Fund is not designed to be used as a stand-alone investment.
Portfolio management
Gene Tannuzzo, CFA
Lead Portfolio Manager
Managed Fund since 2019
Jason Callan
Portfolio Manager
Managed Fund since 2019
Alex Christensen, CFA
Portfolio Manager
Managed Fund since 2021
Average annual total returns (%) (for the period ended February 28, 2023)
    Inception 6 Months
cumulative 		1 Year Life
Multisector Bond SMA Completion Portfolio 10/29/19 7.59 2.26 2.51
Bloomberg U.S. Aggregate Bond Index   -2.13 -9.72 -2.15
All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investment-products/managed-accounts/ or calling 800.345.6611.
The Fund is only offered to SMA clients as described in the Fund’s prospectus. The Fund’s performance does not reflect any payments to SMA program sponsors or the Investment Manager of any applicable fees by clients in SMA programs and will differ from the performance of a participant’s overall SMA. For more information about your SMA’s performance, please contact your SMA program sponsor or financial intermediary.
The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
3
Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown (%) (at February 28, 2023)
Money Market Funds(a) 26.2
Residential Mortgage-Backed Securities - Agency 50.0
Treasury Bills 23.8
Total 100.0
    
(a) Includes investments in Money Market Funds, including investing for the purpose of covering obligations relating to the Fund’s investment in derivatives. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial Statements.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Quality breakdown (%) (at February 28, 2023)
AAA rating 100.0
Total 100.0
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.
Market exposure through derivatives investments (% of notional exposure) (at February 28, 2023)(a)
  Long Short Net
Fixed Income Derivative Contracts 154.2 (54.2) 100.0
Total Notional Market Value of Derivative Contracts 154.2 (54.2) 100.0
(a) The Fund has market exposure (long and/or short) to fixed income through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments, and Note 2 of the Notes to Financial Statements.
 
4 Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2022 — February 28, 2023
  Account value at the
beginning of the
period ($) 		Account value at the
end of the
period ($) 		Expenses paid during
the period ($) 		Fund’s annualized
expense ratio (%) 		Effective expenses
paid during the
period ($) 		Fund’s effective
annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual Actual Hypothetical Actual
Multisector Bond SMA Completion Portfolio 1,000.00 1,000.00 1,075.90 1,024.84 (0.05) (0.05) (0.01) 0.00 0.00 0.00
Expenses paid during the period are equal to the annualized expense ratio as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Effective expenses paid during the period and the Fund’s effective annualized expense ratio include expenses borne directly to the Fund plus the Fund’s pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of the underlying funds as of the underlying fund’s most recent shareholder report.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
5
Portfolio of Investments
February 28, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Residential Mortgage-Backed Securities - Agency 90.6%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Uniform Mortgage-Backed Security TBA(a)
03/13/2053 3.500%   400,000 364,094
03/13/2053 4.000%   750,000 703,945
03/13/2053 4.500%   500,000 481,719
03/13/2053 5.000%   500,000 491,484
Total Residential Mortgage-Backed Securities - Agency
(Cost $2,078,249) 		2,041,242
Treasury Bills 43.1%
Issuer Yield   Principal
Amount ($) 		Value ($)
United States 43.1%
U.S. Treasury Bills
10/05/2023 4.850%   1,000,000 971,700
Total Treasury Bills
(Cost $973,507) 		971,700
Money Market Funds 47.5%
  Shares Value ($)
Columbia Short-Term Cash Fund, 4.748%(b),(c) 1,070,370 1,069,942
Total Money Market Funds
(Cost $1,069,682) 		1,069,942
Total Investments in Securities
(Cost: $4,121,438) 		4,082,884
Other Assets & Liabilities, Net   (1,830,230)
Net Assets 2,252,654
At February 28, 2023, securities and/or cash totaling $288,014 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
U.S. Treasury 10-Year Note 7 06/2023 USD 781,594 696 —
    
Short futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
U.S. Treasury 2-Year Note (5) 06/2023 USD (1,018,633) 2,216 —
U.S. Treasury Ultra Bond (1) 06/2023 USD (135,063) 225 —
Total         2,441 —
    
Cleared credit default swap contracts - sell protection
Reference
entity 		Counterparty Maturity
date 		Receive
fixed
rate
(%) 		Payment
frequency 		Implied
credit
spread
(%)* 		Notional
currency 		Notional
amount 		Value
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 38 Morgan Stanley 12/20/2027 1.000 Quarterly 2.405 USD 1,000,000 21,284 — — 21,284 —
Markit CDX North America High Yield Index, Series 39 Morgan Stanley 12/20/2027 5.000 Quarterly 4.596 USD 1,500,000 95,356 — — 95,356 —
Total               116,640 — — 116,640 —
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Notes to Portfolio of Investments
(a) Represents a security purchased on a when-issued basis.
(b) The rate shown is the seven-day current annualized yield at February 28, 2023.
(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended February 28, 2023 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, 4.748%
  2,543,132 2,385,928 (3,859,133) 15 1,069,942 223 25,869 1,070,370
Abbreviation Legend
TBA To Be Announced
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The accompanying Notes to Financial Statements are an integral part of this statement.
Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
7
Portfolio of Investments  (continued)
February 28, 2023 (Unaudited)
Fair value measurements  (continued)
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Residential Mortgage-Backed Securities - Agency — 2,041,242 — 2,041,242
Treasury Bills — 971,700 — 971,700
Money Market Funds 1,069,942 — — 1,069,942
Total Investments in Securities 1,069,942 3,012,942 — 4,082,884
Investments in Derivatives        
Asset        
Futures Contracts 3,137 — — 3,137
Swap Contracts — 116,640 — 116,640
Total 1,073,079 3,129,582 — 4,202,661
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
Statement of Assets and Liabilities
February 28, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $3,051,756) $3,012,942
Affiliated issuers (cost $1,069,682) 1,069,942
Margin deposits on:  
Futures contracts 9,737
Swap contracts 278,277
Receivable for:  
Dividends 3,765
Interest 3,050
Variation margin for futures contracts 539
Variation margin for swap contracts 87
Expense reimbursement due from Investment Manager 378
Prepaid expenses 1,281
Trustees’ deferred compensation plan 5,567
Total assets 4,385,565
Liabilities  
Payable for:  
Investments purchased on a delayed delivery basis 2,081,298
Variation margin for swap contracts 681
Transfer agent fees 24
Compensation of board members 13,101
Other expenses 32,240
Trustees’ deferred compensation plan 5,567
Total liabilities 2,132,911
Net assets applicable to outstanding capital stock $2,252,654
Represented by  
Paid in capital 3,590,222
Total distributable earnings (loss) (1,337,568)
Total - representing net assets applicable to outstanding capital stock $2,252,654
Shares outstanding 184,079
Net asset value per share 12.24
The accompanying Notes to Financial Statements are an integral part of this statement.
Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
9
Statement of Operations
Six Months Ended February 28, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — affiliated issuers $25,869
Interest 22,274
Total income 48,143
Expenses:  
Transfer agent fees 101
Compensation of board members 8,781
Custodian fees 8,714
Printing and postage fees 2,704
Registration fees 18,958
Audit fees 21,401
Legal fees 6,177
Other 2,447
Total expenses 69,283
Fees waived or expenses reimbursed by Investment Manager and its affiliates (69,361)
Total net expenses (78)
Net investment income 48,221
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 9,300
Investments — affiliated issuers 223
Futures contracts (24,570)
Swap contracts (91,615)
Net realized loss (106,662)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (18,558)
Investments — affiliated issuers 15
Futures contracts 3,137
Swap contracts 259,493
Net change in unrealized appreciation (depreciation) 244,087
Net realized and unrealized gain 137,425
Net increase in net assets resulting from operations $185,646
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
Statement of Changes in Net Assets
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended
August 31, 2022
Operations    
Net investment income $48,221 $368,732
Net realized loss (106,662) (1,177,937)
Net change in unrealized appreciation (depreciation) 244,087 (344,448)
Net increase (decrease) in net assets resulting from operations 185,646 (1,153,653)
Distributions to shareholders    
Net investment income and net realized gains (44,401) (549,674)
Total distributions to shareholders (44,401) (549,674)
Decrease in net assets from capital stock activity (895,543) (17,569,714)
Total decrease in net assets (754,298) (19,273,041)
Net assets at beginning of period 3,006,952 22,279,993
Net assets at end of period $2,252,654 $3,006,952
    
  Six Months Ended Year Ended
  February 28, 2023 (Unaudited) August 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
         
Subscriptions — — 1,212,097 15,118,959
Distributions reinvested 3,674 44,401 44,574 549,674
Redemptions (79,245) (939,944) (2,748,178) (33,238,347)
Total net decrease (75,571) (895,543) (1,491,507) (17,569,714)
The accompanying Notes to Financial Statements are an integral part of this statement.
Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
11
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Six Months Ended
February 28, 2023
(Unaudited) 		Year Ended August 31,
2022 2021 2020 (a)
Per share data        
Net asset value, beginning of period $11.58 $12.72 $11.73 $12.00
Income from investment operations:        
Net investment income 0.22 0.21 0.05 0.12
Net realized and unrealized gain (loss) 0.66 (0.99) 0.99 (0.26)
Total from investment operations 0.88 (0.78) 1.04 (0.14)
Less distributions to shareholders from:        
Net investment income (0.22) (0.27) (0.05) (0.13)
Net realized gains — (0.09) — —
Total distributions to shareholders (0.22) (0.36) (0.05) (0.13)
Net asset value, end of period $12.24 $11.58 $12.72 $11.73
Total return 7.59% (6.21%) 8.91% (1.16%)
Ratios to average net assets        
Total gross expenses(b) 5.43%(c) 0.62%(d) 3.72%(d) 5.21%(c)
Total net expenses(b),(e) (0.01)%(c),(f) 0.00%(d) 0.00%(d),(g) 0.00%(c)
Net investment income 3.78%(c) 1.66% 0.37% 1.28%(c)
Supplemental data        
Portfolio turnover 596% 372% 15% 0%
Net assets, end of period (in thousands) $2,253 $3,007 $22,280 $2,054
    
Notes to Financial Highlights
(a) The Fund commenced operations on October 29, 2019. Per share data and total return reflect activity from that date.
(b) 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.
(c) Annualized.
(d) Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by:
    
Class 8/31/2022 8/31/2021
No Class 0.01% less than 0.01%
    
(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(f) Had indirect expenses been included in the total gross expense ratio, the total net expense ratio would have been 0.00%.
(g) Rounds to zero.
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
Notes to Financial Statements
February 28, 2023 (Unaudited)
Note 1. Organization
Multisector Bond SMA Completion Portfolio (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). Shares of the Fund may only be purchased and held by or on behalf of separately managed account (SMA) clients.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
13
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a
14 Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.
Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
15
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.
Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.
As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).
As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.
As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.
Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.
Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.
16 Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2023:
  Asset derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 116,640*
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 3,137*
Total   119,777
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended February 28, 2023:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk — (91,615) (91,615)
Interest rate risk (24,570) — (24,570)
Total (24,570) (91,615) (116,185)
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk — 259,493 259,493
Interest rate risk 3,137 — 3,137
Total 3,137 259,493 262,630
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended February 28, 2023:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 390,797
Futures contracts — short 576,848
Credit default swap contracts — sell protection 2,750,000
    
* Based on the ending quarterly outstanding amounts for the six months ended February 28, 2023.
Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.
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17
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.
In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.
Mortgage dollar roll transactions
The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund’s portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of February 28, 2023:
  Morgan
Stanley ($)
Assets  
Centrally cleared credit default swap contracts (a) 87
Liabilities  
Centrally cleared credit default swap contracts (a) 681
Total financial and derivative net assets (594)
Total collateral received (pledged) (b) (594)
Net amount (c) -
    
(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.
(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c) Represents the net amount due from/(to) counterparties in the event of default.
18 Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund.
Determination of net asset value
The net asset value per share of the Fund is computed by dividing the value of the net assets of the Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent, at the close of regular trading (ordinarily 4:00 p.m. Eastern Time) every day the New York Stock Exchange is open.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
19
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund does not pay a management fee to Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). However, Fund shares may only be purchased and held by or on behalf of SMAs where the Investment Manager has an agreement with the SMA program sponsor (the Program Sponsor), or directly with the SMA client, to provide investment management services to the Program Sponsor or the SMA. SMAs pay a fee directly, or indirectly through Program Sponsors, to the Investment Manager for providing investment management services to the Program Sponsor or the SMA, including on assets that may be invested in the Fund.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees.
20 Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
For the six months ended February 28, 2023, the Fund’s annualized effective transfer agency fee rate as a percentage of average daily net assets was 0.01%.
Distribution and service fees
The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Fund does not pay the Distributor a fee for the distribution services it provides to the Fund.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2023, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, including indirect expenses of the underlying funds, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rate of 0.00% of the Fund’s average daily net assets.
Under the agreement governing this fee waiver and/or expense reimbursement arrangement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
4,121,000 120,000 (38,000) 82,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at August 31, 2022 as arising on September 1, 2022.
Late year
ordinary losses ($) 		Post-October
capital losses ($)
3,741 1,312,208
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
21
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $11,343,854 and $10,203,908, respectively, for the six months ended February 28, 2023, of which $11,343,854 and $10,203,908, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests significantly in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months ended February 28, 2023.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.
The Fund had no borrowings during the six months ended February 28, 2023.
22 Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Note 9. Significant risks
Completion funds risk
Investors should be aware that the investments made by the Fund and the results achieved by the Fund at any given time are not expected to be the same as those made by other funds for which the Investment Manager serves as investment adviser, including funds with names, investment objectives and policies similar to the Fund. This may be attributable to a wide variety of factors, including, but not limited to, the use of a differentiated investment strategy. The Fund is intended to be used as part of a broader SMA program. The performance and objectives of the Fund should be evaluated in the context of the broader SMA program. The Fund is not designed to be used as a stand-alone investment. Please contact your SMA program sponsor or financial intermediary for more information.
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.
Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Leverage risk
Leverage occurs when the Fund increases its assets available for investment using borrowings, short sales, derivatives, or similar instruments or techniques. The use of leverage may produce volatility and may exaggerate changes in the Fund’s net asset value and in the return on the Fund’s portfolio, which may increase the risk that the Fund will lose more than it has invested. Because short sales involve borrowing securities and then selling them, the Fund’s short sales effectively leverage the Fund’s assets. The Fund’s assets that are used as collateral to secure the Fund’s obligations to return the securities sold short may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase the collateral. Leverage can create an interest expense that may lower the Fund’s overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund’s volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity.
Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
23
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Money market fund investment risk
An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Investment Manager would otherwise redeem shares. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund’s investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.
Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities
24 Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
Notes to Financial Statements  (continued)
February 28, 2023 (Unaudited)
that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market’s assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.
Non-diversification risk
A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.
Shareholder concentration risk
At February 28, 2023, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
Multisector Bond SMA Completion Portfolio  | Semiannual Report 2023
25
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
Multisector Bond SMA Completion Portfolio
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investment-products/managed-accounts/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investment-products/managed-accounts/
SAR308_08_N01_(04/23)

Item 2. Code of Ethics. 

  

Not applicable for semiannual reports. 

  

Item 3. Audit Committee Financial Expert. 

  

Not applicable for semiannual reports. 

  

Item 4. Principal Accountant Fees and Services.   

  

Not applicable for semiannual reports. 

  

Item 5. Audit Committee of Listed Registrants.   

  

Not applicable. 

  

Item 6. Investments 

  

(a)

The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR. 

  

(b)

Not applicable.  

  

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.   

  

Not applicable. 

  

Item 8. Portfolio Managers of Closed-End Management Investment Companies. 

  

Not applicable. 

  

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. 

  

Not applicable. 

  

Item 10. Submission of Matters to a Vote of Security Holders. 

  

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors. 

  

Item 11. Controls and Procedures.   

  

(a)

The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.  

  

(b)

There was no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. 

  

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies 

  

Not applicable. 

  

Item 13. Exhibits.  

  

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports. 

  

(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. 

  

(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 Funds Series Trust I 

  

  

By (Signature and Title)   

/s/ Daniel J. Beckman 

  

Daniel J. Beckman, President and Principal Executive Officer 

  

  

Date 

April 21, 2023 

  

  

  

  

  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. 

  

By (Signature and Title)   

/s/ Daniel J. Beckman 

  

Daniel J. Beckman, President and Principal Executive Officer 

  

  

Date 

April 21, 2023 

  

By (Signature and Title) 

  /s/ Michael G. Clarke 

  

Michael G. Clarke, Chief Financial Officer,  

  

Principal Financial Officer and Senior Vice President 

  

  

Date  

April 21, 2023 

  

By (Signature and Title) 

  /s/ Joseph Beranek 

  

Joseph Beranek, Treasurer, Chief Accounting  

  

Officer and Principal Financial Officer 

  

  

Date  

April 21, 2023 

  

  


 EX-99.CERT 2 f25467d2.htm SECTION 302 CERTIFICATION SECTION 302 CERTIFICATION

I, Daniel J. Beckman, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;

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 registrant's 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 registrant's 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 registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's 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 registrant's 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 registrant's internal control over financial reporting.

Date: April 21, 2023

/s/ Daniel J. Beckman

 

 

Daniel J. Beckman, President and Principal

 

Executive Officer

I, Michael G. Clarke, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;

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 registrant's 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 registrant's 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 registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's 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 registrant's 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 registrant's internal control over financial reporting.

Date: April 21, 2023

 

/s/ Michael G. Clarke

 

 

 

Michael G. Clarke, Chief Financial Officer,

 

Principal Financial Officer and Senior Vice

 

President

I, Joseph Beranek, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;

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 registrant's 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 registrant's 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 registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's 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 registrant's 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 registrant's internal control over financial reporting.

Date: April 21, 2023

 

/s/ Joseph Beranek

 

 

Joseph Beranek, Treasurer, Chief Accounting

 

Officer and Principal Financial Officer


EX-99.906 CERT 3 f25467d3.htm SECTION 906 CERTIFICATION SECTION 906 CERTIFICATION

CERTIFICATION PURSUANT TO SECTION 906 OF 

THE SARBANES-OXLEY ACT OF 2002 

  

In connection with the Certified Shareholder Report of Columbia Funds Series Trust I (the “Trust”) on Form N-CSR for the period ending February 28, 2023 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: April 21, 2023 

/s/ Daniel J. Beckman      

  

Daniel J. Beckman, President and Principal Executive Officer 

  

Date: April 21, 2023 

  /s/ Michael G. Clarke 

  

Michael G. Clarke, Chief Financial Officer,  

  

Principal Financial Officer and Senior Vice President 

  

Date: April 21, 2023 

  /s/ Joseph Beranek 

  

Joseph Beranek, Treasurer, Chief Accounting  

  

Officer and Principal 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. 

  


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