N-CSR 1 f25813d1.htm COLUMBIA FUNDS SERIES TRUST I Columbia Funds 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:  April 30 

  

Date of reporting period:  April 30, 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. 


Annual Report
April 30, 2023 
Multi-Manager Directional 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 Directional 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 Directional Alternative Strategies Fund  |  Annual Report 2023

Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks capital appreciation.
Portfolio management
Allspring Global Investments, LLC
Harindra de Silva, CFA
David Krider, CFA
Boston Partners Global Investors, Inc.
Joseph Feeney, Jr., CFA
Scott Burgess, CFA
J.P. Morgan Investment Management Inc.
Rick Singh
Average annual total returns (%) (for the period ended April 30, 2023)
    Inception 1 Year 5 Years Life  
Institutional Class* 01/03/17 -3.44 1.57 3.33  
HFRX Equity Hedge Index   0.22 2.80 3.94  
Wilshire Liquid Alternative Equity Hedge Index   0.83 3.11 3.48  
MSCI World Index (Net)   3.18 8.14 10.15  
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/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 from October 17, 2016 (the inception date of the Fund) through 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 Fund’s performance prior to February 17, 2022, reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund’s current subadvisers and strategies had been in place for the prior periods, results shown may have been different.
The HFRX Equity Hedge Index strategies maintain positions both long and short in primarily equity and equity derivative securities. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested in equities, both long and short. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.
The Wilshire Liquid Alternative Equity Hedge Index measures the performance of the equity hedge strategy component of the Wilshire Liquid Alternative Index℠. Equity hedge investment strategies predominantly invest in long and short equities. The Wilshire Liquid Alternative Equity Hedge Index (WLIQAEH) is designed to provide a broad measure of the liquid alternative equity hedge market.
The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI World 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.
Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023
3

Fund at a Glance   (continued)
(Unaudited)
Performance of a hypothetical $10,000 investment (October 17, 2016 — April 30, 2023)
The chart above shows the change in value of a hypothetical $10,000 investment in Institutional Class shares of Multi-Manager Directional Alternative Strategies Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown — long positions (%) (at April 30, 2023)
Common Stocks 122.8
Exchange-Traded Equity Funds 1.7
Preferred Stocks 0.1
Put Option Contracts Purchased 0.1
Money Market Funds(a) 18.1
Total 142.8
    
(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 including option contracts 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 April 30, 2023)
Common Stocks (42.8)
Percentages indicated are based upon total investments including option contracts purchased, net of investments sold short and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown — long positions (%) (at April 30, 2023)
Communication Services 4.0
Consumer Discretionary 10.8
Consumer Staples 9.0
Energy 6.6
Financials 14.1
Health Care 15.5
Industrials 12.9
Information Technology 15.2
Materials 3.5
Real Estate 2.4
Utilities 6.0
Total 100.0
Percentages indicated are based upon total long equity investments. The Fund’s portfolio composition is subject to change.
 
4 Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023

Fund at a Glance   (continued)
(Unaudited)
Equity sector breakdown — short positions (%) (at April 30, 2023)
Communication Services (3.8)
Consumer Discretionary (17.7)
Consumer Staples (5.3)
Energy (6.8)
Financials (14.2)
Health Care (8.5)
Industrials (21.6)
Information Technology (10.7)
Materials (6.3)
Real Estate (4.7)
Utilities (0.4)
Total (100.0)
Percentages indicated are based upon total short equity investments. The Fund’s portfolio composition is subject to change.
Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023
5

Manager Discussion of Fund Performance
(Unaudited)
During the 12-month period ended April 30, 2023, the Fund was managed by three independent money management firms and each invested a portion of the portfolio’s assets. As of April 30, 2023, Allspring Global Investments, LLC (Allspring), Boston Partners Global Investors, Inc. doing business as Boston Partners (Boston Partners) and J.P. Morgan Investment Management Inc. (JPMorgan) managed approximately 30.06%, 39.74% and 30.20% of the Fund’s assets, respectively.
For the 12-month period that ended April 30, 2023, Institutional Class shares of Multi-Manager Directional Alternative Strategies Fund returned -3.44%. During the same time period, the Fund underperformed the HFRX Equity Hedge Index, which returned 0.22%, and the Wilshire Liquid Alternative Equity Hedge Index, which returned 0.83%. The Fund also underperformed the MSCI World Index (Net), which returned 3.18% during the 12-month period.
The Fund’s subadvisers employ a variety of alternative investment strategies, involving strategies, techniques and practices designed to seek capital appreciation through participation in the broad equity and other markets while hedging overall market exposure relative to traditional long-only equity strategies. Generally, the Fund seeks to provide higher risk-adjusted returns with lower volatility compared to equity markets
Market overview
U.S. equities performed unevenly over the 12-months ending April 30, 2023, ending with a wide range of mixed results. Sentiment was driven largely by expectations around the course of inflation and corresponding action by the U.S. Federal Reserve (Fed), which hiked rates eight times by a combined 450 percentage points over the course of the period. Some upside early in the period was sparked by investors’ interpretation of Fed Chair Powell’s remarks after the Federal Open Market Committee (FOMC) announced an anticipated 75-basis point rate hike at the end of July, which followed a 75-basis point hike in June. (A basis point is 1/100 of a percent.) What many seemingly heard were hints that rate hikes would slow in concert with softening economic growth. That takeaway evaporated a month later when Fed chair Jerome Powell spoke at a symposium in Jackson Hole, Wyoming and prioritized fighting inflation no matter how much pain the economy might suffer. His inflation-fighting resolve was confirmed by additional 75-basis point hikes in September and November and a 50-basis point hike in December, along with a forecast showing no expectations for rate cuts until 2024.
Despite the rate-hike headwinds in late 2022, equities attempted to rally moving into the final four months of the period. Growth stocks led the way, in stark contrast to their performance relative to value in 2022, as market participants seemed to be warming up yet again to the notion of a softer landing, based on better-than-expected earnings, as well as constructive inflation and economic data. Markets reversed course during February 2023, as a blowout January employment report and continued higher-for-longer messaging from the Fed dampened sentiment, along with mixed earnings reports and geopolitical uncertainties. In March, banking sector turmoil dominated headlines as two banks failed quickly. While intervention to guarantee uninsured deposits and to provide emergency liquidity helped to limit any broader banking contagion, regional bank stocks still suffered. However, this bank crisis brought with it a rate reprieve and heightened expectations for a Fed pivot, providing a tailwind for technology and other growth-oriented stocks. In addition, strong earnings reports from large technology companies, such as Meta Platforms and Microsoft, were especially supportive, as were healthy consumer trends and guidance suggesting a possible soft-landing for the economy. Bullish investors also focused on potential for the Fed to signal a pause following another 25-basis point hike at its May 2023 meeting. Less constructive was the first read of first-quarter GDP, which showed a larger-than-expected deceleration to a 1.1% seasonally adjusted annual rate. Additional sources of concern included narrowing equity market leadership, the political stalemate on the debt ceiling and spending cuts and the UK’s decision to block Microsoft’s acquisition of Activision. Also, although some bank earnings reports were better than feared, news that First Republic Bank would be put into receivership at the end of the period heightened concerns that turmoil may continue in the banking sector.
Global equities, as measured by the MSCI World Index (Net), posted positive returns for the period, moving higher early in the period but moving significantly higher in later 2022 and early 2023 as concerns over the Russia/Ukraine conflict, general uncertainty surrounding inflation and rising interest rates seemed to abate. Early in the period, global markets continued to display volatility as investors responded to global political tensions, and a hawkish Fed. U.S equities underperformed global stocks during the last quarter of 2022, but the big news was that the U.S. dollar weakened notably against other developed market currencies for the first time in a long time.
6 Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023

Manager Discussion of Fund Performance  (continued)
(Unaudited)
Allspring
Our portion of the Fund underperformed its custom benchmark, composed of 50% MSCI World Index (Net)/50% FTSE Three-Month U.S. Treasury Bill Index, due primarily to sector exposures in our portion of the Fund.
Our portion of the Fund utilizes short positions to pursue downside protection, risk hedging, and also to enhance stock selection. Our Global Long/Short strategy attempts to achieve a consistent 100% Long/30% Short structure at all times.
Notable detractors in our portion of the Fund during the period
Our portion of the Fund maintained an overweight position to lower beta sectors and an underweight position to high beta sectors. During this period, low beta sectors substantially underperformed the market and high beta sectors substantially outperformed the market.
Short positions in aerospace and defense company Rolls-Royce Holdings PLC and long positions in real estate investment trust Medical Properties Trust, Inc. and energy producer Uniper SE were the largest negative contributors to performance. These holdings exhibited factor exposures which were not rewarded by the market environment.
In addition, underweight exposures to the information technology and health care sectors were the greatest negative contributors from a sector weighting perspective.
Country allocations that had negative contributions were the United Kingdom and Italy.
Stock selection within Germany also detracted.
Notable contributors in our portion of the Fund during the period
Our stock selection model performed reasonably well during most of the period, as stocks we forecasted to do well outperformed stocks we thought would do poorly. This was primarily the result of favoring certain valuation characteristics which outperformed during the trailing 12-month period. Specifically, an emphasis to companies with strong book value and earnings relative to their price positively impacted results as these characteristics were rewarded by investors.
Short positions within our portion of the Fund in food retailer Ocado Group PLC, electric vehicle manufacturer Rivian Automotive, Inc. and online payments platform Affirm Holdings, Inc. were the largest positive contributors to performance. These holdings exhibited factor exposures which were rewarded by the market environment.
In addition, an underweight exposure to the communication services sector was the greatest positive contributor from a sector weighting perspective.
Countries allocations that made positive contributions within our portion of the Fund were underweight positions to the Netherlands, Germany and Japan.
In addition, while an underweight position in the United States detracted slightly from performance, stock selection was particularly strong within the United States and added significant value overall.
Overweight positions to Denmark and strong stock selection in Japan also contributed during the period.
Boston Partners
Our portion of the Fund outperformed its benchmark, the S&P 500 Index, for the 12 months that ended April 30, 2023, primarily a result of positive security selection and sector allocation. Our portion of the Fund is populated with long positions in statistically inexpensive companies, and short positions in expensive companies, which overall was a slight headwind to performance. Value stocks, as measured by the Russell 3000 Value Index, rose 0.67% for the one-year period ending April 30, 2023, while growth stocks, as measured by the Russell 3000 Growth Index gained 2.25%. Despite the value headwind, the long portfolio performed in line with the S&P 500 Index while the short portfolio fell in price and contributed positively to returns.
Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023
7

Manager Discussion of Fund Performance  (continued)
(Unaudited)
Notable contributors in our portion of the Fund during the period
The Fund’s outperformance relative to its benchmark was a result of positive security selection and sector allocation.
Long positions in the industrials, energy and consumer discretionary stocks were the top contributors to performance during the reporting period.
Within the industrials sector, positions in defense-related companies including Howmet Aerospace, Inc., BWX Technologies, Inc. and Curtiss-Wright Corp. outperformed as the Ukrainian conflict resulted in increased defense spending in the United States and Europe.
In the energy sector, positions in refiner Marathon Petroleum Corp. and oil services company Schlumberger NV outperformed during the 12-month period as they reported strong earnings and have been returning cash to shareholders.
Within the consumer discretionary sector, a position in AutoZone, Inc. contributed as the company continued to gain share with commercial customers resulting in better-than expected sales and earnings.
Short positions in the financials, real estate and information technology sectors were significant positive contributors.
In the financials sector, capital markets shorts were down sharply, led by investment banking company Credit Suisse Group AG.
In the real estate sector, a short position in WeWork, Inc., a company which provides coworking office space, was down significantly as free cash flow losses accelerated and cash on their balance sheet dwindled.
In the information technology sector, high P/E software shorts continued to see multiple compression as long-term interest rates moved higher.
Notable detractors in our portion of the Fund during the period
Long positions in the information technology, real estate and financials sectors detracted from performance during the reporting period.
Within the information technology sector, IT services company Cognizant Technology Solutions Corp. underperformed due to declining sales.
In real estate, apartment real estate investment trust (REIT) operator Essex Property Trust, Inc. experienced softening in lease rates on the West Coast.
In the financial sector, regional banks Fifth Third Bancorp and KeyCorp detracted as future net interest margins were in doubt as funding costs rose.
Short positions in the consumer discretionary and industrials sectors were the top detractors to performance in our portion of the Fund during the period.
Within the consumer discretionary sector, shorts in fast-casual restaurants Wingstop, Inc. and Chipotle Mexican Grill, Inc. and household durable firm La-Z-Boy, Inc. detracted.
Within industrials, a short position in General Electric Co. rose on aerospace segment strength, but free cash flow at the company remained elusive.
JPMorgan
Our portion of the Fund underperformed its custom benchmark, composed of 50% S&P 500 Index/50% FTSE Three-Month U.S. Treasury Bill Index. The rally in higher stocks during the period hindered performance in the short portfolio. The long portfolio remained conservatively postured with notable positions in macro-agnostic companies such as managed care, utilities and payment processors. These businesses, which tend to have defensive profiles, lagged as the market moved higher to start 2023.
8 Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023

Manager Discussion of Fund Performance  (continued)
(Unaudited)
Notable detractors in our portion of the Fund during the period
The short portfolio was the largest detractor during the period.
Short positions within the industrials and consumer discretionary sectors detracted.
Within the long portfolio, positions in the consumer discretionary sector were the most notable detractors during the period.
Top individual detractors included a modest long position in Amazon.com, Inc., a long position in NIO, Inc., as well as a short position in Old Dominion Freight Line, Inc.
Notable contributors in our portion of the Fund during the period
Long positions within utilities contributed.
Short positions in the real estate sector contributed.
Top individual contributors include long positions in Fiserv, Inc., Ferrari NV and Constellation Energy Corp. The position in Constellation Energy was closed during the period.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole.  The Fund is managed by multiple advisers independently of one another, which may result in contradicting trades (i.e., with no net benefit to the Fund), while increasing transaction costs. As a non-diversified fund, fewer investments could have a greater effect on performance. Alternative investments cover a broad range of strategies and structures designed to be low or non-correlated to traditional equity and fixed-income markets with along-term expectation of illiquidity. Alternative investments involve substantial risks and are more volatile than traditional investments, making them more suitable for investors with an above-average tolerance for risk. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in fund value. Short positions (where the underlying asset is not owned) can create unlimited risk. The Fund’s use of leverage allows for investment exposure in excess of net assets, thereby magnifying volatility of returns and risk of loss. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market issuers. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Fixed-income securities present issuer default risk. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. See the Fund’s prospectus for more information on these and other risks. 
The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023
9

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
November 1, 2022 — April 30, 2023
  Account value at the
beginning of the
period ($)
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 1,002.00 1,011.72 12.81 12.87 2.61
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.
10 Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023

Portfolio of Investments
April 30, 2023
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 86.6%
Issuer Shares Value ($)
Communication Services 3.5%
Diversified Telecommunication Services 0.4%
Bandwidth, Inc., Class A(a),(b) 24,434 297,362
Deutsche Telekom AG, Registered Shares 26,991 650,800
Total   948,162
Entertainment 0.9%
Activision Blizzard, Inc.(a) 10,413 809,194
Bollore SA 74,044 500,194
Live Nation Entertainment, Inc.(a),(b) 4,355 295,182
Netflix, Inc.(a),(b) 1,233 406,804
Take-Two Interactive Software, Inc.(a) 3,312 411,649
Total   2,423,023
Interactive Media & Services 0.9%
Alphabet, Inc., Class A(a),(b) 14,869 1,596,038
Alphabet, Inc., Class C(a),(b) 3,666 396,735
Meta Platforms, Inc., Class A(a) 1,853 445,313
Total   2,438,086
Media 1.1%
Future PLC 31,653 449,151
Interpublic Group of Companies, Inc. (The)(b) 13,605 486,107
Nexstar Media Group, Inc., Class A 8,611 1,493,578
TEGNA, Inc. 28,353 484,836
Total   2,913,672
Wireless Telecommunication Services 0.2%
T-Mobile US, Inc.(a) 2,744 394,862
Total Communication Services 9,117,805
Consumer Discretionary 9.3%
Auto Components 0.0%
Holley, Inc.(a),(b) 38,808 93,527
Automobiles 0.7%
Mazda Motor Corp. 139,000 1,257,879
NIO, Inc., ADR(a) 4,937 38,854
Tesla, Inc.(a) 3,641 598,253
Total   1,894,986
Common Stocks (continued)
Issuer Shares Value ($)
Broadline Retail 0.9%
Alibaba Group Holding Ltd., ADR(a) 14,109 1,194,891
Amazon.com, Inc.(a) 3,696 389,743
eBay, Inc. 7,484 347,482
MercadoLibre, Inc.(a),(b) 306 390,912
Total   2,323,028
Distributors 0.1%
LKQ Corp.(b) 5,860 338,298
Diversified Consumer Services 0.3%
frontdoor, Inc.(a) 10,244 280,276
H&R Block, Inc. 10,407 352,901
Perdoceo Education Corp.(a),(b) 1,681 21,820
Total   654,997
Hotels, Restaurants & Leisure 4.1%
Booking Holdings, Inc.(a),(b) 621 1,668,199
Boyd Gaming Corp. 7,507 520,986
Domino’s Pizza, Inc.(b) 1,220 387,313
Entain PLC 23,316 424,847
Flutter Entertainment PLC(a) 4,045 810,609
Genting Singapore Ltd. 757,300 644,255
International Game Technology PLC 14,271 401,586
Marriott International, Inc., Class A 13,530 2,291,170
Restaurant Brands International, Inc. 9,095 637,832
Royal Caribbean Cruises Ltd.(a) 30,481 1,994,372
Wyndham Hotels & Resorts, Inc. 6,651 453,731
Wynn Macau Ltd.(a) 480,800 520,173
Total   10,755,073
Household Durables 0.8%
Garmin Ltd. 1,384 135,867
Mohawk Industries, Inc.(a) 3,445 364,826
NVR, Inc.(a) 140 817,600
Tempur Sealy International, Inc.(b) 12,653 474,108
Whirlpool Corp.(b) 1,404 195,984
Total   1,988,385
Leisure Products 0.2%
Topgolf Callaway Brands Corp.(a),(b) 17,775 394,072
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023
11

Portfolio of Investments  (continued)
April 30, 2023
Common Stocks (continued)
Issuer Shares Value ($)
Specialty Retail 1.8%
Arhaus, Inc.(a),(b) 21,491 172,358
AutoZone, Inc.(a),(b) 830 2,210,547
O’Reilly Automotive, Inc.(a) 629 576,988
Ross Stores, Inc. 5,817 620,848
TJX Companies, Inc. (The) 6,582 518,793
ZOZO, Inc. 20,800 437,723
Total   4,537,257
Textiles, Apparel & Luxury Goods 0.4%
lululemon athletica, Inc.(a),(b) 2,790 1,060,005
Total Consumer Discretionary 24,039,628
Consumer Staples 7.8%
Beverages 1.6%
Brown-Forman Corp., Class B 24,515 1,595,681
Coca-Cola Europacific Partners PLC(b) 22,525 1,452,187
Keurig Dr. Pepper, Inc.(b) 32,094 1,049,474
Total   4,097,342
Consumer Staples Distribution & Retail 2.9%
Albertsons Companies, Inc., Class A 21,921 458,149
Dollar General Corp. 3,258 721,517
Jeronimo Martins SGPS SA 27,703 699,091
Kesko OYJ, Class B 9,170 191,175
Kroger Co. (The) 8,564 416,467
U.S. Foods Holding Corp.(a),(b) 14,227 546,317
Walgreens Boots Alliance, Inc.(b) 5,133 180,938
Walmart, Inc. 28,034 4,232,293
Total   7,445,947
Food Products 2.2%
Cal-Maine Foods, Inc.(b) 10,170 483,075
ConAgra Foods, Inc.(b) 47,007 1,784,386
Hershey Co. (The)(b) 4,387 1,197,914
Kraft Heinz Co. (The)(b) 17,115 672,106
Mowi ASA 26,916 513,538
Nomad Foods Ltd.(a) 13,772 258,914
WH Group Ltd. 1,608,000 895,236
Total   5,805,169
Common Stocks (continued)
Issuer Shares Value ($)
Household Products 0.8%
Clorox Co. (The)(b) 1,803 298,613
Kimberly-Clark Corp.(b) 7,399 1,072,041
Procter & Gamble Co. (The) 5,021 785,184
Total   2,155,838
Tobacco 0.3%
Philip Morris International, Inc. 7,661 765,870
Total Consumer Staples 20,270,166
Energy 5.7%
Energy Equipment & Services 0.9%
Halliburton Co.(b) 27,334 895,189
Noble Corp PLC(a) 15,881 610,624
Schlumberger NV 19,210 948,014
Total   2,453,827
Oil, Gas & Consumable Fuels 4.8%
ARC Resources Ltd. 85,500 1,062,084
BP PLC, ADR 16,750 674,690
Canadian Natural Resources Ltd. 11,463 698,899
Cenovus Energy, Inc. 45,361 761,346
HF Sinclair Corp.(b) 21,025 927,413
Kosmos Energy Ltd.(a),(b) 50,863 325,523
Marathon Petroleum Corp.(b) 17,155 2,092,910
MEG Energy Corp.(a) 35,802 596,150
Peabody Energy Corp.(a) 20,708 497,406
Phillips 66(b) 12,042 1,192,158
Saras SpA(a) 231,136 298,834
Shell PLC, ADR 10,977 680,354
Texas Pacific Land Corp.(b) 229 338,382
TORM PLC 15,315 479,352
Valero Energy Corp.(b) 15,436 1,770,046
Total   12,395,547
Total Energy 14,849,374
Financials 12.2%
Banks 3.3%
Bank of America Corp.(b) 42,097 1,232,600
DBS Group Holdings Ltd. 6,200 153,202
East West Bancorp, Inc.(b) 8,522 440,502
Fifth Third Bancorp(b) 20,171 528,480
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023

Portfolio of Investments  (continued)
April 30, 2023
Common Stocks (continued)
Issuer Shares Value ($)
Hana Financial Group, Inc. 5,461 171,605
Huntington Bancshares, Inc.(b) 58,429 654,405
ING Groep NV 22,373 277,476
JPMorgan Chase & Co.(b) 10,070 1,392,077
NatWest Group PLC 81,285 267,761
Nordea Bank Abp 43,435 482,531
Regions Financial Corp. 12,865 234,915
Truist Financial Corp. 15,922 518,739
UniCredit SpA 36,655 726,336
United Overseas Bank Ltd. 12,000 254,856
Wells Fargo & Co. 32,970 1,310,557
Total   8,646,042
Capital Markets 0.9%
Charles Schwab Corp. (The) 3,750 195,900
Goldman Sachs Group, Inc. (The) 875 300,510
Hargreaves Lansdown PLC 41,128 416,390
Partners Group Holding AG 1,111 1,078,485
S&P Global, Inc.(b) 382 138,506
UBS Group AG, Registered Shares 12,166 246,361
Total   2,376,152
Consumer Finance 0.3%
Discover Financial Services 3,956 409,327
SLM Corp.(b) 15,065 226,276
Synchrony Financial(b) 2,590 76,431
Total   712,034
Financial Services 5.0%
Berkshire Hathaway, Inc., Class B(a) 10,791 3,545,383
Fiserv, Inc.(a),(b) 37,041 4,523,447
FleetCor Technologies, Inc.(a) 3,426 732,890
Industrivarden AB, Class C 25,633 731,989
MasterCard, Inc., Class A(b) 3,686 1,400,791
Visa, Inc., Class A(b) 9,244 2,151,356
Total   13,085,856
Insurance 2.7%
Allstate Corp. (The)(b) 4,037 467,323
American International Group, Inc.(b) 2,768 146,815
Aon PLC, Class A 1,742 566,464
Arthur J Gallagher & Co. 1,795 373,468
Common Stocks (continued)
Issuer Shares Value ($)
Chubb Ltd. 1,731 348,900
Everest Re Group Ltd. 1,222 461,916
Fairfax Financial Holdings Ltd. 600 419,294
Hartford Financial Services Group, Inc. (The)(b) 2,043 145,033
MetLife, Inc.(b) 15,922 976,496
Prudential Financial, Inc.(b) 14,092 1,226,004
RenaissanceRe Holdings Ltd. 3,155 679,618
Sampo OYJ, Class A 8,786 445,581
White Mountains Insurance Group Ltd. 169 242,032
WR Berkley Corp. 7,413 436,774
Total   6,935,718
Total Financials 31,755,802
Health Care 13.5%
Biotechnology 2.9%
AbbVie, Inc.(b) 8,138 1,229,815
Amgen, Inc. 3,931 942,418
Arcturus Therapeutics Holdings, Inc.(a),(b) 4,537 120,775
Catalyst Pharmaceuticals, Inc.(a),(b) 21,626 344,286
Eagle Pharmaceuticals, Inc.(a),(b) 11,047 310,200
Gilead Sciences, Inc.(b) 19,795 1,627,347
Halozyme Therapeutics, Inc.(a),(b) 7,466 239,883
Incyte Corp.(a),(b) 7,168 533,371
Kiniksa Pharmaceuticals(a),(b) 27,381 294,346
United Therapeutics Corp.(a),(b) 2,772 637,920
Vertex Pharmaceuticals, Inc.(a),(b) 3,050 1,039,226
Vir Biotechnology, Inc.(a),(b) 4,063 102,184
Total   7,421,771
Health Care Equipment & Supplies 1.0%
Abbott Laboratories(b) 503 55,566
Boston Scientific Corp.(a) 4,730 246,528
Envista Holdings Corp.(a),(b) 8,128 312,847
IDEXX Laboratories, Inc.(a),(b) 837 411,938
Medtronic PLC 2,414 219,553
Stryker Corp.(b) 727 217,845
Zimmer Biomet Holdings, Inc. 8,681 1,201,798
Total   2,666,075
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023
13

Portfolio of Investments  (continued)
April 30, 2023
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Providers & Services 5.8%
Amedisys, Inc.(a) 846 67,934
AmerisourceBergen Corp. 455 75,917
Centene Corp.(a),(b) 12,338 850,458
Cigna Group (The)(b) 6,281 1,590,915
CVS Health Corp.(b) 13,079 958,821
Elevance Health, Inc.(b) 1,355 635,021
HCA Healthcare, Inc. 1,080 310,316
Humana, Inc. 4,801 2,546,883
Molina Healthcare, Inc.(a) 362 107,836
R1 RCM, Inc.(a) 12,226 190,603
UnitedHealth Group, Inc.(b) 15,882 7,815,373
Total   15,150,077
Life Sciences Tools & Services 1.1%
Avantor, Inc.(a),(b) 19,434 378,574
ICON PLC(a) 1,818 350,311
IQVIA Holdings, Inc.(a) 1,656 311,709
Mettler-Toledo International, Inc.(a),(b) 8 11,932
Sartorius Stedim Biotech 4,732 1,267,696
Sotera Health Co.(a) 11,051 185,325
Syneos Health, Inc.(a) 969 38,043
Thermo Fisher Scientific, Inc. 333 184,782
Total   2,728,372
Pharmaceuticals 2.7%
AstraZeneca PLC 2,962 435,897
Bristol-Myers Squibb Co.(b) 16,501 1,101,772
Harmony Biosciences Holdings, Inc.(a),(b) 21,802 702,896
Johnson & Johnson(b) 3,086 505,178
Merck & Co., Inc. 548 63,278
Nippon Shinyaku Co., Ltd. 10,000 457,287
Novo Nordisk A/S, Class B 12,010 1,997,918
Otsuka Holdings Co., Ltd. 9,600 326,599
Pfizer, Inc. 2,060 80,113
Roche Holding AG 1,188 402,021
Sanofi 5,342 575,698
Common Stocks (continued)
Issuer Shares Value ($)
SIGA Technologies, Inc.(b) 21,545 125,607
UCB SA 2,376 220,867
Total   6,995,131
Total Health Care 34,961,426
Industrials 11.2%
Aerospace & Defense 1.6%
Airbus Group SE 3,097 433,687
Axon Enterprise, Inc.(a),(b) 1,179 248,427
BWX Technologies, Inc. 8,283 534,916
Curtiss-Wright Corp. 2,145 364,285
Hexcel Corp. 5,775 416,262
Howmet Aerospace, Inc.(b) 15,229 674,493
Lockheed Martin Corp.(b) 2,010 933,545
Textron, Inc. 7,035 470,923
Total   4,076,538
Air Freight & Logistics 0.1%
United Parcel Service, Inc., Class B(b) 863 155,176
Building Products 0.8%
Advanced Drainage Systems, Inc. 1,538 131,837
Allegion PLC 3,901 430,983
Carlisle Companies, Inc. 1,664 359,174
Lennox International, Inc. 2,584 728,456
Masco Corp. 5,288 282,961
Resideo Technologies, Inc.(a),(b) 13,793 245,515
Total   2,178,926
Commercial Services & Supplies 0.9%
Brink’s Co. (The) 3,991 250,834
Clean Harbors, Inc.(a) 4,647 674,559
Copart, Inc.(a) 6,679 527,975
Ritchie Bros. Auctioneers, Inc. 200 11,443
Rollins, Inc.(b) 19,516 824,551
Total   2,289,362
Construction & Engineering 0.7%
ACS Actividades de Construccion y Servicios SA 23,361 803,207
Eiffage SA 3,582 426,344
Taisei Corp. 4,900 166,653
Valmont Industries, Inc. 1,322 384,120
Total   1,780,324
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023

Portfolio of Investments  (continued)
April 30, 2023
Common Stocks (continued)
Issuer Shares Value ($)
Electrical Equipment 1.1%
Acuity Brands, Inc. 2,330 366,696
AMETEK, Inc. 4,484 618,478
Eaton Corp. PLC 2,894 483,645
Encore Wire Corp.(b) 931 145,543
Hubbell, Inc.(b) 1,979 532,984
nVent Electric PLC 12,143 509,156
Sensata Technologies Holding 4,158 180,665
Total   2,837,167
Industrial Conglomerates 0.3%
CK Hutchison Holdings Ltd. 53,500 357,670
Siemens AG, Registered Shares 3,052 503,068
Total   860,738
Machinery 3.1%
AGCO Corp. 2,067 256,184
Allison Transmission Holdings, Inc. 7,959 388,320
Andritz AG 6,549 425,330
Caterpillar, Inc.(b) 4,230 925,524
Daimler Truck Holding AG(a) 12,973 428,667
Deere & Co. 1,122 424,138
Dover Corp. 2,718 397,263
Fortive Corp. 8,261 521,187
Mitsubishi Heavy Industries Ltd. 24,100 913,878
Otis Worldwide Corp. 6,264 534,319
PACCAR, Inc.(b) 15,428 1,152,317
Parker-Hannifin Corp. 2,100 682,248
Volvo AB 6,272 132,817
Wabash National Corp.(b) 20,466 525,362
Westinghouse Air Brake Technologies Corp.(b) 4,684 457,486
Total   8,165,040
Marine Transportation 0.2%
AP Moller - Maersk A/S, Class A 313 559,391
Passenger Airlines 0.1%
Deutsche Lufthansa AG, Registered Shares(a) 30,306 325,787
Professional Services 1.7%
ASGN, Inc.(a) 4,970 355,802
BayCurrent Consulting, Inc. 29,100 1,011,516
Concentrix Corp. 3,815 368,186
Common Stocks (continued)
Issuer Shares Value ($)
FTI Consulting, Inc.(a),(b) 3,805 686,803
Leidos Holdings, Inc. 3,863 360,263
Science Applications International Corp. 7,659 781,448
SS&C Technologies Holdings, Inc. 8,948 523,816
TransUnion(b) 4,896 336,894
Total   4,424,728
Trading Companies & Distributors 0.5%
Ferguson PLC 2,931 412,744
Titan Machinery, Inc.(a),(b) 7,461 233,902
WESCO International, Inc. 3,795 546,480
Total   1,193,126
Transportation Infrastructure 0.1%
Grupo Aeroportuario del Pacifico SAB de CV 18,200 323,611
Total Industrials 29,169,914
Information Technology 13.1%
Communications Equipment 0.4%
Cisco Systems, Inc.(b) 18,190 859,478
Juniper Networks, Inc. 8,301 250,275
Total   1,109,753
Electronic Equipment, Instruments & Components 0.6%
Arrow Electronics, Inc.(a),(b) 2,129 243,622
Flex Ltd.(a),(b) 29,953 616,133
Jabil, Inc.(b) 10,061 786,267
Total   1,646,022
IT Services 1.2%
Accenture PLC, Class A(b) 2,517 705,490
Amdocs Ltd. 2,062 188,157
Capgemini SE 2,962 540,142
Cognizant Technology Solutions Corp., Class A 6,698 399,938
VeriSign, Inc.(a),(b) 6,585 1,460,553
Total   3,294,280
Semiconductors & Semiconductor Equipment 6.0%
Advanced Micro Devices, Inc.(a) 4,380 391,441
Applied Materials, Inc. 3,331 376,503
ASML Holding NV 545 345,864
Axcelis Technologies, Inc.(a),(b) 1,874 221,694
Broadcom, Inc.(b) 1,808 1,132,712
First Solar, Inc.(a),(b) 5,174 944,669
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023
15

Portfolio of Investments  (continued)
April 30, 2023
Common Stocks (continued)
Issuer Shares Value ($)
KLA Corp. 583 225,353
Lam Research Corp. 780 408,782
Lattice Semiconductor Corp.(a),(b) 2,031 161,871
Microchip Technology, Inc.(b) 14,616 1,066,822
Micron Technology, Inc. 5,547 357,005
NVIDIA Corp.(b) 11,516 3,195,575
NXP Semiconductors NV 20,580 3,369,769
QUALCOMM, Inc.(b) 2,743 320,382
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 32,560 2,744,808
Teradyne, Inc. 2,721 248,645
Total   15,511,895
Software 2.7%
Adobe, Inc.(a),(b) 3,610 1,362,992
Check Point Software Technologies Ltd.(a) 4,585 583,946
Constellation Software, Inc. 200 391,456
Dropbox, Inc., Class A(a),(b) 38,455 782,175
Fair Isaac Corp.(a),(b) 550 400,372
Gen Digital, Inc.(b) 16,541 292,279
Microsoft Corp.(b) 8,781 2,698,050
Oracle Corp.(b) 4,645 439,974
Total   6,951,244
Technology Hardware, Storage & Peripherals 2.2%
Apple, Inc.(b) 12,657 2,147,640
Dell Technologies, Inc. 12,241 532,361
NetApp, Inc.(b) 20,591 1,294,968
Seagate Technology Holdings PLC 27,550 1,619,113
Western Digital Corp.(a) 1,629 56,103
Total   5,650,185
Total Information Technology 34,163,379
Materials 3.0%
Chemicals 2.0%
Albemarle Corp.(b) 3,835 711,239
Corteva, Inc.(b) 14,536 888,440
DuPont de Nemours, Inc.(b) 6,531 455,341
EMS-Chemie Holding AG, Registered Shares 556 456,644
FMC Corp. 5,299 654,851
Olin Corp. 3,490 193,346
Common Stocks (continued)
Issuer Shares Value ($)
Solvay SA 14,542 1,745,311
Tosoh Corp. 4,700 62,794
Total   5,167,966
Construction Materials 0.0%
Holcim Ltd., Registered Shares(a) 129 8,523
Containers & Packaging 0.2%
Avery Dennison Corp. 2,350 410,028
Packaging Corp. of America 200 27,052
Total   437,080
Metals & Mining 0.8%
Glencore PLC 69,825 412,151
Norsk Hydro ASA 52,862 389,015
Pilbara Minerals Ltd. 141,125 401,672
Rio Tinto Ltd. 5,013 375,998
Steel Dynamics, Inc.(b) 5,837 606,756
Total   2,185,592
Total Materials 7,799,161
Real Estate 2.1%
Hotel & Resort REITs 0.1%
Host Hotels & Resorts, Inc.(b) 13,275 214,657
Industrial REITs 0.1%
Americold Realty Trust, Inc.(b) 10,221 302,439
Real Estate Management & Development 0.1%
Swire Pacific Ltd., Class A 45,500 361,185
Residential REITs 0.2%
Equity LifeStyle Properties, Inc. 3,085 212,556
Essex Property Trust, Inc. 1,679 368,927
Total   581,483
Retail REITs 0.7%
Link REIT (The) 237,800 1,555,424
Regency Centers Corp.(b) 3,951 242,710
Total   1,798,134
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023

Portfolio of Investments  (continued)
April 30, 2023
Common Stocks (continued)
Issuer Shares Value ($)
Specialized REITs 0.9%
Lamar Advertising Co., Class A 4,128 436,247
Public Storage(b) 4,851 1,430,221
VICI Properties, Inc. 10,263 348,326
Total   2,214,794
Total Real Estate 5,472,692
Utilities 5.2%
Electric Utilities 4.2%
American Electric Power Co., Inc.(b) 2,957 273,286
Chubu Electric Power Co., Inc. 197,800 2,205,938
Elia Group SA/NV 1,058 145,073
Entergy Corp. 4,816 518,105
FirstEnergy Corp. 10,089 401,542
Kansai Electric Power Co., Inc. (The) 190,800 2,059,632
NextEra Energy, Inc. 15,034 1,152,055
NRG Energy, Inc.(b) 252 8,611
PG&E Corp.(a) 241,690 4,135,316
Total   10,899,558
Gas Utilities 0.3%
Naturgy Energy Group SA 16,049 499,706
Tokyo Gas Co., Ltd. 7,600 155,671
Total   655,377
Independent Power and Renewable Electricity Producers 0.4%
AES Corp. (The) 15,624 369,664
Brookfield Renewable Corp., Class A 14,100 471,128
Clearway Energy, Inc., Class A(b) 11,381 329,821
Total   1,170,613
Multi-Utilities 0.3%
CenterPoint Energy, Inc. 15,859 483,224
Consolidated Edison, Inc.(b) 2,359 232,291
Total   715,515
Total Utilities 13,441,063
Total Common Stocks
(Cost $203,642,686)
225,040,410
Exchange-Traded Equity Funds 1.2%
  Shares Value ($)
U.S. Large Cap 1.2%
SPDR S&P 500 ETF Trust 7,683 3,195,590
Total Exchange-Traded Equity Funds
(Cost $3,112,637)
3,195,590
    
Preferred Stocks 0.1%
Issuer   Shares Value ($)
Consumer Discretionary 0.1%
Automobiles 0.1%
BMW AG   1,717 182,508
Total Consumer Discretionary 182,508
Total Preferred Stocks
(Cost $129,055)
182,508
    
Put Option Contracts Purchased 0.1%
        Value ($)
(Cost $236,506) 100,820
    
Money Market Funds 12.8%
  Shares Value ($)
Columbia Short-Term Cash Fund, 5.046%(c),(d) 33,260,630 33,247,325
Total Money Market Funds
(Cost $33,243,643)
33,247,325
Total Investments
(Cost $240,364,527)
261,766,653
Investments in Securities Sold Short
 
Common Stocks (30.2)%
Issuer Shares Value ($)
Communication Services (1.2)%
Diversified Telecommunication Services (0.3)%
AT&T, Inc. (14,661) (259,060)
Proximus SADP (7,948) (67,753)
Telia Co. AB (129,140) (359,548)
Total   (686,361)
Entertainment (0.3)%
Lions Gate Entertainment Corp.(a) (22,755) (261,683)
Madison Square Garden Entertainment Corp.(a) (2,363) (76,254)
Roblox Corp. Class A(a) (8,074) (287,434)
Warner Music Group Corp., Class A (5,407) (164,751)
Total   (790,122)
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023
17

Portfolio of Investments  (continued)
April 30, 2023
Common Stocks (continued)
Issuer Shares Value ($)
Interactive Media & Services (0.3)%
Angi, Inc.(a) (80,923) (186,123)
Rumble, Inc.(a) (6,685) (53,213)
Snap, Inc.(a) (59,493) (518,184)
Total   (757,520)
Media (0.3)%
Clear Channel Outdoor Holdings, Inc.(a) (126,403) (160,532)
iHeartMedia, Inc., Class A(a) (13,584) (47,137)
ViacomCBS, Inc., Class B (23,692) (552,734)
Total   (760,403)
Total Communication Services (2,994,406)
Consumer Discretionary (5.3)%
Auto Components (0.3)%
Nokian Renkaat OYJ (40,770) (397,196)
QuantumScape Corp.(a) (58,254) (407,778)
Total   (804,974)
Automobiles (0.4)%
Lucid Group, Inc.(a) (80,619) (640,115)
Rivian Automotive, Inc.(a) (33,649) (431,380)
Total   (1,071,495)
Broadline Retail (0.2)%
Etsy, Inc.(a) (1,655) (167,205)
Rakuten Group, Inc. (85,800) (427,966)
Total   (595,171)
Diversified Consumer Services (0.1)%
Pearson PLC (16,468) (183,220)
WW International, Inc.(a) (26,178) (218,586)
Total   (401,806)
Hotels, Restaurants & Leisure (1.7)%
Accor SA(a) (5,702) (202,290)
Carnival Corp.(a) (27,262) (251,083)
Cheesecake Factory, Inc. (The) (5,409) (182,229)
Chipotle Mexican Grill, Inc.(a) (153) (316,346)
Choice Hotels International, Inc. (2,843) (362,539)
Delivery Hero SE(a) (25,930) (1,036,453)
DoorDash, Inc., Class A(a) (1,251) (76,549)
Genius Sports Ltd.(a) (16,530) (61,326)
Golden Entertainment, Inc., ADR(a) (3,940) (166,110)
Common Stocks (continued)
Issuer Shares Value ($)
Hyatt Hotels Corp., Class A(a) (2,258) (258,089)
Krispy Kreme, Inc. (8,704) (133,868)
Life Time Group Holdings, Inc.(a) (12,249) (254,657)
Portillo’s, Inc., Class A(a) (6,249) (135,103)
Sabre Corp.(a) (43,368) (173,472)
Scientific Games Corp.(a) (1,981) (119,435)
Shake Shack, Inc., Class A(a) (2,374) (130,119)
Soho House & Co., Inc., Class A(a) (22,864) (149,302)
Wingstop, Inc. (1,689) (337,986)
Total   (4,346,956)
Household Durables (0.6)%
Electrolux AB, Class B (6,428) (96,967)
LGI Homes, Inc.(a) (2,541) (301,871)
Mohawk Industries, Inc.(a) (11,945) (1,264,976)
Total   (1,663,814)
Leisure Products (0.2)%
Acushnet Holdings Corp. (5,378) (269,599)
Mattel, Inc.(a) (7,737) (139,266)
Total   (408,865)
Specialty Retail (1.4)%
Dick’s Sporting Goods, Inc. (3,480) (504,635)
Five Below, Inc.(a) (1,214) (239,595)
Floor & Decor Holdings, Inc., Class A(a) (3,517) (349,379)
Home Depot, Inc. (The) (4,710) (1,415,543)
Lowe’s Companies, Inc. (1,346) (279,739)
Overstock.com, Inc.(a) (17,966) (365,788)
Revolve Group, Inc.(a) (3,983) (82,249)
RH(a) (363) (92,612)
Stitch Fix, Inc., Class A(a) (13,661) (46,584)
Wayfair, Inc., Class A(a) (1,796) (62,555)
Williams-Sonoma Inc (774) (93,685)
Total   (3,532,364)
Textiles, Apparel & Luxury Goods (0.4)%
Adidas AG (5,495) (967,702)
Lululemon Athletica, Inc.(a) (169) (64,208)
Total   (1,031,910)
Total Consumer Discretionary (13,857,355)
 
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023

Portfolio of Investments  (continued)
April 30, 2023
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Staples (1.6)%
Beverages (0.2)%
Coca-Cola Bottlers Japan Holdings, Inc. (24,200) (260,785)
National Beverage Corp.(a) (6,413) (318,726)
Total   (579,511)
Consumer Staples Distribution & Retail (0.2)%
Walgreens Boots Alliance, Inc. (11,883) (418,876)
Food Products (0.6)%
B&G Foods, Inc. (14,013) (224,769)
Beyond Meat, Inc.(a) (6,095) (82,526)
Freshpet, Inc.(a) (4,308) (297,123)
Hormel Foods Corp. (8,646) (349,644)
Kagome Co., Ltd. (4,900) (119,015)
Kellogg Co. (2,650) (184,891)
McCormick & Co., Inc. (3,692) (324,342)
Total   (1,582,310)
Household Products (0.6)%
Central Garden & Pet Co., Class A(a) (7,466) (263,774)
Clorox Co. (The) (1,540) (255,055)
Kimberly-Clark Corp. (4,237) (613,899)
WD-40 Co. (2,188) (416,595)
Total   (1,549,323)
Personal Care Products (0.0)%
Euglena Co., Ltd.(a) (8,700) (56,984)
Total Consumer Staples (4,187,004)
Energy (2.1)%
Energy Equipment & Services (0.0)%
Petrofac Ltd.(a) (32,896) (29,539)
Oil, Gas & Consumable Fuels (2.1)%
Callon Petroleum Co.(a) (7,672) (254,250)
Cameco Corp. (28,000) (769,827)
Capricorn Energy PLC(a) (71,919) (198,303)
Chesapeake Energy Corp. (3,601) (297,731)
Comstock Resources, Inc. (25,588) (294,262)
Denison Mines Corp.(a) (27,200) (29,913)
Energy Fuels, Inc.(a) (85,700) (487,058)
Gevo, Inc.(a) (225,410) (261,475)
Kinetik Holdings, Inc. (3,732) (114,946)
Common Stocks (continued)
Issuer Shares Value ($)
Matador Resources Co. (5,366) (263,095)
NexGen Energy Ltd.(a) (165,400) (643,361)
NextDecade Corp.(a) (60,547) (377,208)
Occidental Petroleum Corp. (9,469) (582,627)
Permian Resources Corp. (19,094) (199,532)
Tellurian, Inc.(a) (205,633) (291,999)
Vital Energy, Inc.(a) (5,219) (242,840)
Total   (5,308,427)
Total Energy (5,337,966)
Financials (4.3)%
Banks (1.5)%
Bank of Hawaii Corp. (7,344) (355,670)
Commerce Bancshares, Inc. (9,465) (528,603)
Commonwealth Bank of Australia (9,379) (620,666)
Community Bank System, Inc. (9,334) (466,327)
Cullen/Frost Bankers, Inc. (2,145) (236,486)
CVB Financial Corp. (4,016) (60,120)
First Financial Bankshares, Inc. (17,490) (511,757)
Glacier Bancorp, Inc. (9,651) (320,703)
Hang Seng Bank Ltd. (36,200) (536,587)
United Bankshares, Inc. (5,670) (187,847)
Westamerica Bancorporation (1,042) (42,211)
Total   (3,866,977)
Capital Markets (0.8)%
Ashmore Group PLC (118,312) (362,650)
B. Riley Financial, Inc. (12,990) (409,185)
Coinbase Global, Inc., Class A(a) (613) (32,973)
Credit Suisse Group AG, Registered Shares (151,146) (136,008)
Deutsche Bank AG (17,648) (193,999)
Moody’s Corp. (1,493) (467,488)
T Rowe Price Group, Inc. (4,966) (557,831)
Total   (2,160,134)
Consumer Finance (0.3)%
Ally Financial, Inc. (11,994) (316,402)
Credit Acceptance Corp.(a) (544) (266,288)
SoFi Technologies, Inc.(a) (37,105) (231,164)
Total   (813,854)
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023
19

Portfolio of Investments  (continued)
April 30, 2023
Common Stocks (continued)
Issuer Shares Value ($)
Financial Services (0.5)%
Affirm Holdings, Inc.(a) (3,848) (37,941)
Kinnevik AB, Class B(a) (4,334) (71,199)
Rocket Cos, Inc., Class A(a) (14,091) (125,551)
Toast, Inc. Class A(a) (50,525) (919,555)
Total   (1,154,246)
Insurance (1.2)%
Aegon NV (221,523) (1,010,749)
Brown & Brown, Inc. (2,512) (161,748)
Cincinnati Financial Corp. (2,226) (236,935)
Erie Indemnity Co., Class A (929) (201,899)
Kinsale Capital Group, Inc. (963) (314,622)
Prudential PLC (35,025) (535,919)
RLI Corp. (3,300) (458,865)
Selective Insurance Group, Inc. (1,223) (117,812)
Trupanion, Inc.(a) (2,026) (71,133)
Total   (3,109,682)
Total Financials (11,104,893)
Health Care (2.6)%
Biotechnology (0.7)%
Alnylam Pharmaceuticals, Inc.(a) (3,700) (737,040)
Argenx SE(a) (1,218) (469,841)
Ascendis Pharma A/S ADR(a) (1,592) (111,376)
Celldex Therapeutics, Inc.(a) (2,912) (91,553)
Idorsia Ltd.(a) (8,322) (80,428)
Karuna Therapeutics, Inc.(a) (699) (138,710)
Mirati Therapeutics, Inc.(a) (1,175) (52,064)
Myriad Genetics, Inc.(a) (6,677) (142,153)
Total   (1,823,165)
Health Care Equipment & Supplies (0.4)%
Ambu A/S(a) (5,280) (83,954)
Figs, Inc.(a) (18,686) (134,539)
Glaukos Corp.(a) (2,613) (124,144)
Neogen Corp.(a) (10,759) (185,270)
Novocure Ltd.(a) (5,870) (386,833)
Tandem Diabetes Care, Inc.(a) (2,680) (106,074)
Total   (1,020,814)
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Providers & Services (0.1)%
Guardant Health, Inc.(a) (3,547) (80,020)
ModivCare, Inc.(a) (1,376) (87,514)
Total   (167,534)
Health Care Technology (0.2)%
Definitive Healthcare Corp.(a) (12,214) (130,690)
Doximity, Inc., Class A(a) (5,389) (198,046)
GoodRx Holdings, Inc., Class A(a) (27,750) (129,592)
Teladoc Health, Inc.(a) (7,069) (187,541)
Total   (645,869)
Life Sciences Tools & Services (0.4)%
Oxford Nanopore Technologies PLC(a) (28,353) (81,808)
Waters Corp.(a) (2,632) (790,547)
West Pharmaceutical Services (411) (148,470)
Total   (1,020,825)
Pharmaceuticals (0.8)%
Cassava Sciences, Inc.(a) (12,646) (293,640)
Corcept Therapeutics, Inc.(a) (5,658) (127,475)
Eisai Co., Ltd. (17,300) (998,267)
Hikma Pharmaceuticals PLC (1,395) (32,309)
Intra-Cellular Therapies, Inc.(a) (2,984) (185,456)
Nippon Shinyaku Co., Ltd. (2,700) (123,467)
Revance Therapeutics, Inc.(a) (3,942) (125,474)
Ventyx Biosciences, Inc.(a) (2,870) (107,912)
Total   (1,994,000)
Total Health Care (6,672,207)
Industrials (6.5)%
Aerospace & Defense (0.8)%
AeroVironment, Inc.(a) (2,633) (265,117)
Airbus Group SE (2,531) (354,427)
Boeing Co. (The)(a) (4,638) (959,046)
Kratos Defense & Security Solutions, Inc.(a) (33,651) (434,098)
Total   (2,012,688)
Air Freight & Logistics (0.5)%
FedEx Corp. (3,598) (819,553)
InPost SA(a) (46,265) (496,555)
Total   (1,316,108)
 
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023

Portfolio of Investments  (continued)
April 30, 2023
Common Stocks (continued)
Issuer Shares Value ($)
Building Products (0.9)%
Allegion PLC (803) (88,715)
AZEK Co., Inc. (The)(a) (20,956) (568,746)
Hayward Holdings, Inc.(a) (33,687) (405,592)
Johnson Controls International PLC (6,591) (394,405)
Masco Corp. (18,315) (980,036)
Total   (2,437,494)
Commercial Services & Supplies (0.1)%
Healthcare Services Group, Inc. (10,484) (163,655)
Construction & Engineering (0.4)%
Ameresco, Inc., Class A(a) (5,669) (235,830)
Ferrovial SA (14,004) (439,073)
WorleyParsons Ltd. (28,976) (291,136)
Total   (966,039)
Electrical Equipment (1.0)%
Array Technologies, Inc.(a) (23,104) (472,477)
Generac Holdings, Inc.(a) (4,194) (428,711)
Nidec Corp. (4,700) (232,566)
NuScale Power Corp.(a) (19,273) (170,952)
Plug Power, Inc.(a) (80,416) (726,156)
PowerCell Sweden AB(a) (25,953) (220,300)
Regal Rexnord Corp. (2,957) (384,883)
Vestas Wind Systems A/S(a) (3,486) (96,460)
Total   (2,732,505)
Ground Transportation (0.6)%
JB Hunt Transport Services, Inc. (8,091) (1,418,271)
U-Haul Holding Co. (3,790) (205,039)
Total   (1,623,310)
Industrial Conglomerates (0.3)%
General Electric Co. (5,459) (540,277)
Investment AB Latour, Class B (6,584) (142,555)
Total   (682,832)
Machinery (1.7)%
Husqvarna AB (55,308) (477,376)
Kennametal, Inc. (15,204) (394,696)
Makita Corp. (15,600) (440,087)
Oshkosh Corp. (4,359) (333,550)
Pentair PLC (7,176) (416,782)
Common Stocks (continued)
Issuer Shares Value ($)
Proto Labs, Inc.(a) (7,014) (201,793)
Stanley Black & Decker, Inc. (21,323) (1,841,028)
VAT Group AG (1,037) (365,843)
Total   (4,471,155)
Passenger Airlines (0.2)%
Joby Aviation, Inc.(a) (121,700) (526,961)
Total Industrials (16,932,747)
Information Technology (3.2)%
Communications Equipment (0.0)%
Infinera Corp.(a) (21,802) (138,007)
Electronic Equipment, Instruments & Components (0.3)%
Cognex Corp. (6,389) (304,692)
Itron, Inc.(a) (4,566) (243,824)
Novanta, Inc.(a) (1,976) (302,012)
Total   (850,528)
Semiconductors & Semiconductor Equipment (1.1)%
Entegris, Inc. (8,453) (633,299)
GCL Technology Holdings Ltd.(a) (1,519,000) (381,407)
Micron Technology, Inc. (15,448) (994,233)
REC Silicon ASA(a) (2,517) (3,786)
Wolfspeed, Inc.(a) (17,244) (802,708)
Total   (2,815,433)
Software (1.2)%
Appfolio, Inc., Class A(a) (2,606) (363,850)
BlackBerry Ltd.(a) (53,327) (208,508)
Blackline, Inc.(a) (5,301) (295,319)
BrainChip Holdings Ltd.(a) (1,373,946) (371,928)
Ceridian HCM Holding, Inc.(a) (2,473) (156,986)
Guidewire Software, Inc.(a) (4,631) (352,836)
Jamf Holding Corp.(a) (19,404) (367,124)
Palantir Technologies, Inc., Class A(a) (55,534) (430,388)
Unity Software, Inc.(a) (11,980) (323,101)
Wisetech Global Ltd. (6,422) (294,164)
Total   (3,164,204)
Technology Hardware, Storage & Peripherals (0.6)%
Western Digital Corp.(a) (41,987) (1,446,032)
Total Information Technology (8,414,204)
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023
21

Portfolio of Investments  (continued)
April 30, 2023
Common Stocks (continued)
Issuer Shares Value ($)
Materials (1.9)%
Chemicals (1.1)%
CF Industries Holdings, Inc. (19,158) (1,371,330)
Huntsman Corp. (7,319) (196,076)
JSR Corp. (17,300) (401,420)
Mitsui Chemicals, Inc. (11,300) (285,901)
Sherwin-Williams Co. (The) (2,078) (493,608)
Sociedad Quimica y Minera de Chile SA, ADR (1,995) (134,622)
Total   (2,882,957)
Construction Materials (0.0)%
Siam Cement PCL (The), NVDR (13,200) (121,629)
Containers & Packaging (0.1)%
Ball Corp. (2,664) (141,672)
Metals & Mining (0.7)%
Alcoa Corp. (23,740) (881,704)
Allkem Ltd.(a) (43,627) (358,287)
Filo Mining Corp.(a) (10,500) (174,683)
Kumba Iron Ore Ltd. (8,256) (200,759)
Leo Lithium Ltd.(a) (112,261) (39,428)
Southern Copper Corp. (1,810) (139,062)
Total   (1,793,923)
Total Materials (4,940,181)
Real Estate (1.4)%
Diversified REITs (0.1)%
Nomura Real Estate Master Fund, Inc. (171) (200,088)
Industrial REITs (0.1)%
Rexford Industrial Realty, Inc. (1,331) (74,230)
Segro PLC (18,801) (197,935)
Total   (272,165)
Office REITs (0.6)%
Alexandria Real Estate Equities, Inc. (1,178) (146,284)
Boston Properties, Inc. (14,295) (762,781)
SL Green Realty Corp. (8,750) (207,113)
Vornado Realty Trust (39,325) (590,268)
Total   (1,706,446)
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate Management & Development (0.2)%
Aroundtown SA (9,073) (12,361)
Howard Hughes Corp. (The)(a) (3,774) (291,995)
IWG PLC(a) (8,218) (17,551)
Zillow Group, Inc., Class C(a) (3,585) (156,091)
Total   (477,998)
Residential REITs (0.2)%
AvalonBay Communities, Inc. (1,379) (248,730)
Camden Property Trust (1,497) (164,745)
Mid-America Apartment Communities, Inc. (1,357) (208,707)
Total   (622,182)
Retail REITs (0.1)%
Unibail-Rodamco-Westfield(a) (3,110) (166,777)
Specialized REITs (0.1)%
Digital Realty Trust, Inc. (2,173) (215,453)
Total Real Estate (3,661,109)
Utilities (0.1)%
Electric Utilities (0.1)%
Avangrid, Inc. (8,705) (350,463)
Total Utilities (350,463)
Total Common Stocks
(Proceeds $84,817,354)
(78,452,535)
Total Investments in Securities Sold Short
(Proceeds $84,817,354)
(78,452,535)
Total Investments in Securities, Net of Securities Sold Short 183,314,118
Other Assets & Liabilities, Net   76,448,881
Net Assets 259,762,999
 
At April 30, 2023, securities and/or cash totaling $155,221,964 were pledged as collateral.
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Multi-Manager Directional Alternative Strategies Fund  | Annual Report 2023

Portfolio of Investments  (continued)
April 30, 2023
Investments in derivatives
Put option contracts purchased
Description Counterparty Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Cost ($) Value ($)
NASDAQ 100 Index Citi USD 13,245,990 10 11,800.00 06/16/2023 154,419 65,450
S&P 500 Index Citi USD 3,752,532 9 4,000.00 06/16/2023 82,087 35,370
Total             236,506 100,820
    
Call option contracts written
Description Counterparty Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Premium
received ($)
Value ($)
Allstate Corp. Morgan Stanley USD (231,520) (20) 120.00 5/19/2023 (4,763) (3,150)
AutoZone, Inc. Morgan Stanley USD (266,331) (1) 2,750.00 5/19/2023 (2,609) (1,470)
Canadian Natural Resources Ltd. Morgan Stanley USD (524,342) (86) 55.00 6/16/2023 (62,734) (59,770)
Restaurant Brands International, Inc. Morgan Stanley USD (385,715) (55) 70.00 5/19/2023 (6,104) (9,900)
Total             (76,210) (74,290)
    
Put option contracts written
Description Counterparty Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Premium
received ($)
Value ($)
Revolve Group, Inc. Morgan Stanley USD (16,520) (8) 20.00 05/19/2023 (816) (1,020)
Revolve Group, Inc. Morgan Stanley USD (16,520) (8) 22.50 05/19/2023 (1,656) (2,120)
Total             (2,472) (3,140)
    
Total return swap contracts