MULTI-MANAGER SMALL CAP EQUITY STRATEGIES FUND

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

PORTFOLIO OF INVESTMENTS

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 96.9%
Issuer	Shares		Value ($)
Communication Services 0.8%
Diversified Telecommunication Services 0.0%
ATN International, Inc.		3,700		112,628
Bandwidth, Inc., Class A(a)		27,111		297,679
Total				410,307
Entertainment 0.1%
Playstudios, Inc.(a)		16,075		38,419
Playtika Holding Corp.(a)		31,480		273,561
Roku, Inc.(a)		2,422		252,373
Total				564,353
Interactive Media & Services 0.1%
DHI Group, Inc.(a)		9,618		23,660
Outbrain, Inc.(a)		21,963		83,679
TrueCar, Inc.(a)		43,157		120,408
Vimeo, Inc.(a)		123,971		436,378
Ziff Davis, Inc.(a)		14,837		946,897
Total				1,611,022
Media 0.6%
Advantage Solutions, Inc.(a)		66,424		182,666
Cardlytics, Inc.(a)		18,524		147,451
Emerald Holding, Inc.(a)		94,500		479,115
Nexstar Media Group, Inc., Class A		11,429		1,622,118
PubMatic, Inc., Class A(a)		18,365		306,879
Scholastic Corp.		33,619		1,277,186
Stagwell, Inc.(a)		432,694		2,172,124
TEGNA, Inc.		84,600		1,296,918
WideOpenWest, Inc.(a)		76,767		307,068
Total				7,791,525
Wireless Telecommunication Services 0.0%
Spok Holdings, Inc.		5,437		91,124
Total Communication Services				10,468,331

Common Stocks (continued)
Issuer	Shares		Value ($)
Consumer Discretionary 9.9%
Automobile Components 1.5%
Adient PLC(a)		144,612		4,656,506
American Axle & Manufacturing Holdings, Inc.(a)		46,540		323,918
Atmus Filtration Technologies, Inc.(a)		59,400		1,299,672
Cooper-Standard Holding, Inc.(a)		5,398		95,761
Dana, Inc.		221,505		2,926,081
Fox Factory Holding Corp.(a)		68,535		4,284,123
Goodyear Tire & Rubber Co. (The)(a)		144,218		2,003,188
LCI Industries		15,051		1,633,184
Phinia, Inc.		50,500		1,287,750
Stoneridge, Inc.(a)		21,725		347,600
Visteon Corp.(a)		21,567		2,559,356
Total				21,417,139
Automobiles 0.1%
Winnebago Industries, Inc.		23,700		1,531,731
Broadline Retail 0.3%
1stdibs.com, Inc.(a)		15,157		64,721
Global-e Online Ltd.(a)		78,445		2,686,741
Kohl’s Corp.		24,500		574,525
Macy’s, Inc.		49,300		781,898
Total				4,107,885
Diversified Consumer Services 0.4%
2U, Inc.(a)		186,176		182,899
Adtalem Global Education, Inc.(a)		25,400		1,447,038
Bright Horizons Family Solutions, Inc.(a)		28,983		2,534,274
Chegg, Inc.(a)		98,396		977,072
Graham Holdings Co., Class B		1,100		689,865
Total				5,831,148
Hotels, Restaurants & Leisure 2.1%
Bloomin’ Brands, Inc.		42,700		996,618
Boyd Gaming Corp.		58,734		3,468,243
Brinker International, Inc.(a)		17,400		626,574
Cava Group, Inc.(a)		18,637		633,844
Dave & Buster’s Entertainment, Inc.(a)		15,300		627,912
Denny’s Corp.(a)		65,200		618,748

2    Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Dine Brands Global, Inc.		20,600		895,482
El Pollo Loco Holdings, Inc.(a)		81,800		679,758
International Game Technology PLC		59,625		1,593,776
Life Time Group Holdings, Inc.(a)		174,583		2,646,678
Light & Wonder, Inc.(a)		27,323		2,415,900
Marriott Vacations Worldwide Corp.		15,307		1,115,880
Papa John’s International, Inc.		34,290		2,237,080
Planet Fitness, Inc., Class A(a)		30,773		2,090,718
Red Rock Resorts, Inc., Class A		23,204		1,033,274
SeaWorld Entertainment, Inc.(a)		5,900		288,510
Six Flags Entertainment Corp.(a)		106,840		2,660,316
Texas Roadhouse, Inc.		28,940		3,257,486
Travel + Leisure Co.		27,800		990,792
Xponential Fitness, Inc., Class A(a)		17,480		238,777
Total				29,116,366
Household Durables 1.7%
Century Communities, Inc.		9,700		699,758
GoPro, Inc., Class A(a)		416,908		1,505,038
Green Brick Partners, Inc.(a)		5,600		265,720
Helen of Troy Ltd.(a)		10,137		1,064,689
Hooker Furnishings Corp.		8,636		154,412
KB Home		117,091		6,100,441
Landsea Homes Corp.(a)		43,169		445,072
La-Z-Boy, Inc.		30,400		1,069,776
M/I Homes, Inc.(a)		9,508		1,003,189
Meritage Homes Corp.		7,631		1,078,260
Sonos, Inc.(a)		160,249		2,419,760
Taylor Morrison Home Corp., Class A(a)		103,547		4,669,970
Tri Pointe Homes, Inc.(a)		89,640		2,615,695
Universal Electronics, Inc.(a)		24,107		187,794
VOXX International Corp.(a)		5,906		63,431
Total				23,343,005
Leisure Products 0.4%
Funko, Inc., Class A(a)		216,362		1,402,026
JAKKS Pacific, Inc.(a)		34,633		1,019,595
Johnson Outdoors, Inc., Class A		24,800		1,302,992
Latham Group, Inc.(a)		15,137		34,210
Solo Brands, Inc., Class A(a)		6,600		34,386

Common Stocks (continued)
Issuer	Shares		Value ($)
Vista Outdoor, Inc.(a)		47,200		1,331,512
YETI Holdings, Inc.(a)		14,500		618,280
Total				5,743,001
Specialty Retail 2.7%
1-800-Flowers.com, Inc., Class A(a)		57,965		511,831
Aaron’s Co., Inc. (The)		194,732		1,715,589
Advance Auto Parts, Inc.		12,500		634,875
American Eagle Outfitters, Inc.		92,995		1,769,695
Asbury Automotive Group, Inc.(a)		4,700		986,154
Burlington Stores, Inc.(a)		9,848		1,670,122
Cato Corp. (The), Class A		51,700		357,764
Designer Brands, Inc.		45,800		533,112
Floor & Decor Holdings, Inc., Class A(a)		24,838		2,277,893
Gap, Inc. (The)		46,890		941,082
Genesco, Inc.(a)		57,076		2,132,930
Group 1 Automotive, Inc.		11,781		3,323,420
Haverty Furniture Companies, Inc.		30,700		962,138
Hibbett, Inc.		19,100		1,194,705
Lands’ End, Inc.(a)		37,585		265,350
Leslie’s, Inc.(a)		477,541		2,354,277
Lithia Motors, Inc., Class A		11,059		2,952,642
LL Flooring Holdings, Inc.(a)		184,200		644,700
MarineMax, Inc.(a)		33,000		984,390
OneWater Marine, Inc., Class A(a)		44,200		1,186,770
PetMed Express, Inc.		140,093		970,845
Revolve Group, Inc.(a)		21,400		285,048
Signet Jewelers Ltd.		29,267		2,405,162
Sleep Number Corp.(a)		95,937		972,801
Sonic Automotive, Inc., Class A		70,426		3,610,741
ThredUp, Inc., Class A(a)		36,767		71,696
Tilly’s, Inc.(a)		25,493		210,827
Urban Outfitters, Inc.(a)		8,600		307,020
Zumiez, Inc.(a)		57,087		1,077,803
Total				37,311,382
Textiles, Apparel & Luxury Goods 0.7%
Carter’s, Inc.		8,200		559,158
Figs, Inc., Class A(a)		40,031		290,625
G-III Apparel Group Ltd.(a)		141,194		4,062,151
Hanesbrands, Inc.(a)		185,300		674,492

Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023     3

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Kontoor Brands, Inc.		26,833		1,475,010
Movado Group, Inc.		27,462		718,131
Oxford Industries, Inc.		2,900		262,247
Steven Madden Ltd.		20,600		781,152
Unifi, Inc.(a)		27,463		178,510
Vera Bradley, Inc.(a)		38,303		287,656
Wolverine World Wide, Inc.		32,441		278,019
Total				9,567,151
Total Consumer Discretionary				137,968,808
Consumer Staples 2.8%
Consumer Staples Distribution & Retail 0.8%
Andersons, Inc. (The)		67,401		3,360,614
Grocery Outlet Holding Corp.(a)		88,684		2,501,776
Natural Grocers by Vitamin Cottage, Inc.		23,400		367,146
Performance Food Group, Inc.(a)		35,628		2,317,601
SpartanNash Co.		39,706		880,282
The Chefs’ Warehouse(a)		64,624		1,738,385
Total				11,165,804
Food Products 0.4%
B&G Foods, Inc.		73,800		681,912
Cal-Maine Foods, Inc.		7,000		335,440
Freshpet, Inc.(a)		51,024		3,620,153
TreeHouse Foods, Inc.(a)		38,351		1,561,269
Total				6,198,774
Household Products 0.5%
Central Garden & Pet Co.(a)		14,500		588,410
Energizer Holdings, Inc.		32,400		999,216
WD-40 Co.		19,275		4,662,237
Total				6,249,863
Personal Care Products 1.0%
BellRing Brands, Inc.(a)		99,092		5,241,967
Edgewell Personal Care Co.		28,600		995,566
elf Beauty, Inc.(a)		29,366		3,467,831
Herbalife Ltd.(a)		93,900		1,209,432
Honest Co., Inc. (The)(a)		101,236		241,954
Medifast, Inc.		18,200		1,208,116
Nature’s Sunshine Products, Inc.(a)		14,906		255,340

Common Stocks (continued)
Issuer	Shares		Value ($)
Nu Skin Enterprises, Inc., Class A		35,300		600,806
Usana Health Sciences, Inc.(a)		14,600		689,996
Total				13,911,008
Tobacco 0.1%
Vector Group Ltd.		149,900		1,605,429
Total Consumer Staples				39,130,878
Energy 6.4%
Energy Equipment & Services 1.7%
Atlas Energy Solutions, Inc.		83,592		1,426,079
Bristow Group, Inc.(a)		1,724		44,393
Cactus, Inc., Class A		85,255		3,622,485
Dril-Quip, Inc.(a)		52,500		1,166,550
Expro Group Holdings NV(a)		83,449		1,297,632
Forum Energy Technologies, Inc.(a)		38,800		844,676
Helix Energy Solutions Group, Inc.(a)		156,302		1,456,735
Helmerich & Payne, Inc.		22,779		825,283
Liberty Energy, Inc., Class A		45,700		907,145
National Energy Services Reunited Corp.(a)		151,800		721,050
Newpark Resources, Inc.(a)		196,501		1,365,682
Oil States International, Inc.(a)		75,218		518,252
Patterson-UTI Energy, Inc.		130,555		1,528,799
Precision Drilling Corp.(a)		20,600		1,190,680
ProPetro Holding Corp.(a)		100,600		916,466
Solaris Oilfield Infrastructure, Inc., Class A		115,000		984,400
TechnipFMC PLC		173,354		3,591,895
Transocean Ltd.(a)		178,298		1,133,975
Total				23,542,177
Oil, Gas & Consumable Fuels 4.7%
Baytex Energy Corp.		338,988		1,305,104
Berry Corp.		354,826		2,547,651
California Resources Corp.		99,245		5,082,336
Callon Petroleum Co.(a)		68,300		2,135,741
Centrus Energy Corp. Class A(a)		7,724		386,354
Chord Energy Corp.		24,902		4,037,610
Civitas Resources, Inc.		31,645		2,173,695
CNX Resources Corp.(a)		110,058		2,295,810
CONSOL Energy, Inc.		11,074		1,181,264
Crescent Energy Co., Class A		107,700		1,227,780

4    Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
CVR Energy, Inc.		52,023		1,652,771
Delek U.S. Holdings, Inc.		69,620		1,889,487
DHT Holdings, Inc.		68,136		678,634
Dorian LPG Ltd.		10,752		455,455
Equitrans Midstream Corp.		139,400		1,307,572
Golar LNG Ltd.		76,932		1,656,346
Gulfport Energy Corp.(a)		24,830		3,402,703
Kinetik Holdings, Inc.		18,900		687,204
Kosmos Energy Ltd.(a)		176,500		1,198,435
Matador Resources Co.		83,195		4,815,327
Murphy Oil Corp.		46,191		1,975,589
Northern Oil and Gas, Inc.		32,900		1,231,118
Par Pacific Holdings, Inc.(a)		95,136		3,260,311
Permian Resources Corp.		140,556		1,846,906
REX American Resources Corp.(a)		34,359		1,684,278
Scorpio Tankers, Inc.		40,637		2,230,565
SM Energy Co.		101,039		3,783,910
Talos Energy, Inc.(a)		161,325		2,245,644
Teekay Tankers Ltd., Class A		40,642		2,019,501
VAALCO Energy, Inc.		106,000		492,900
Vertex Energy, Inc.(a)		294,200		994,396
Vital Energy, Inc.(a)		26,400		1,183,776
World Kinect Corp.		118,148		2,485,834
Total				65,552,007
Total Energy				89,094,184
Financials 16.1%
Banks 9.0%
1st Source Corp.		5,100		246,483
Amalgamated Financial Corp.		12,600		264,600
Amerant Bancorp, Inc.		7,756		160,627
Ameris Bancorp		64,397		2,742,024
Associated Banc-Corp.		50,308		892,464
Atlantic Union Bankshares Corp.		64,430		1,969,625
Axos Financial, Inc.(a)		44,932		1,719,548
Bancorp, Inc. (The)(a)		67,573		2,636,023
Bank of Marin Bancorp		44,800		861,504
BankUnited, Inc.		180,699		4,985,485
Bankwell Financial Group, Inc.		3,614		97,433
Baycom Corp.		24,299		507,849

Common Stocks (continued)
Issuer	Shares		Value ($)
BCB Bancorp, Inc.		42,973		497,627
Berkshire Hills Bancorp, Inc.		62,028		1,298,246
Bridgewater Bancshares, Inc.(a)		27,600		286,212
Brookline Bancorp, Inc.		92,100		877,713
Byline Bancorp, Inc.		20,493		409,655
Cadence Bank		25,050		627,502
Cambridge Bancorp		10,200		595,986
Camden National Corp.		18,400		621,000
Capital Bancorp, Inc.		7,852		166,227
Capital City Bank Group, Inc.		10,445		279,299
Capitol Federal Financial, Inc.		47,800		257,642
Carter Bankshares, Inc.(a)		2,393		29,984
Cathay General Bancorp		75,370		2,764,572
Central Pacific Financial Corp.		84,345		1,481,942
Central Valley Community Bancorp		18,600		320,106
Civista Bancshares, Inc.		19,700		308,305
CNB Financial Corp.		20,900		425,106
Columbia Banking System, Inc.		40,700		912,901
Community Trust Bancorp, Inc.		37,570		1,494,910
ConnectOne Bancorp, Inc.		83,168		1,635,083
CrossFirst Bankshares, Inc.(a)		34,900		391,578
Customers Bancorp, Inc.(a)		82,660		3,725,486
CVB Financial Corp.		38,600		690,168
Dime Community Bancshares, Inc.		48,900		982,890
Eagle Bancorp, Inc.		50,600		1,201,244
Eastern Bankshares, Inc.		102,140		1,221,594
Equity Bancshares, Inc., Class A		1,519		38,324
FB Financial Corp.		57,662		1,935,137
Financial Institutions, Inc.		32,173		558,523
First BanCorp		231,695		3,475,425
First Busey Corp.		24,900		540,330
First Business Financial Services, Inc.		10,107		353,543
First Financial Bankshares, Inc.		26,792		703,290
First Financial Corp.		32,616		1,247,562
First Foundation, Inc.		211,805		1,245,413
First Hawaiian, Inc.		45,200		888,180
First Internet Bancorp		53,658		1,177,257
First Interstate Bancsystem, Inc.		22,300		577,347
First Merchants Corp.		23,631		724,763

Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023     5

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
First Mid Bancshares, Inc.		20,700		641,493
First of Long Island Corp. (The)		47,800		543,964
Five Star Bancorp		2,905		66,379
Flushing Financial Corp.		61,200		864,756
FS Bancorp, Inc.		11,090		336,582
Great Southern Bancorp, Inc.		11,945		606,925
Guaranty Bancshares, Inc.		6,868		205,285
Hancock Whitney Corp.		48,455		1,998,769
Hanmi Financial Corp.		107,210		1,783,974
HarborOne Bancorp, Inc.		49,789		549,173
HBT Financial, Inc.		2,577		48,319
Heartland Financial U.S.A., Inc.		9,500		293,835
Heritage Commerce Corp.		2,550		21,650
Heritage Financial Corp.		17,600		313,632
Hilltop Holdings, Inc.		100,457		2,958,459
Home Bancorp, Inc.		10,692		389,723
HomeStreet, Inc.		141,220		953,235
HomeTrust Bancshares, Inc.		13,659		315,250
Hope Bancorp, Inc.		119,300		1,169,140
Horizon Bancorp, Inc.		82,096		894,025
Independent Bank Corp.		32,270		1,840,035
Independent Bank Corp.		69,474		1,502,028
Independent Bank Group, Inc.		15,000		580,200
Investar Holding Corp.		15,700		172,857
Kearny Financial Corp.		126,490		999,271
Lakeland Bancorp, Inc.		54,800		678,972
Live Oak Bancshares, Inc.		24,179		812,414
Luther Burbank Corp.(a)		41,400		354,798
Macatawa Bank Corp.		19,046		184,937
Mercantile Bank Corp.		20,663		710,601
Metropolitan Bank Holding Corp.(a)		13,688		533,421
Midland States Bancorp, Inc.		51,963		1,173,325
MidWestOne Financial Group, Inc.		16,100		339,066
MVB Financial Corp.		1,548		30,945
New York Community Bancorp, Inc.		176,412		1,660,037
Northeast Bank		7,600		389,652
Northeast Community Bancorp, Inc.		25,700		430,989
Northfield Bancorp, Inc.		61,216		584,001
Northrim BanCorp, Inc.		8,200		404,834

Common Stocks (continued)
Issuer	Shares		Value ($)
OceanFirst Financial Corp.		92,093		1,276,409
OFG Bancorp		45,777		1,536,276
Old Second Bancorp, Inc.		3,364		47,399
Pacific Premier Bancorp, Inc.		26,400		594,528
PacWest Bancorp		169,000		1,274,260
Parke Bancorp, Inc.		14,400		260,064
Pathward Financial, Inc.		2,133		105,775
PCB Bancorp		23,900		370,450
Peapack-Gladstone Financial Corp.		18,511		459,813
Pinnacle Financial Partners, Inc.		19,703		1,429,847
Popular, Inc.		19,100		1,409,389
Preferred Bank		27,429		1,690,449
Premier Financial Corp.		48,300		964,551
Primis Financial Corp.		53,887		539,409
Provident Bancorp, Inc.(a)		13,562		132,365
Provident Financial Services, Inc.		60,100		914,722
QCR Holdings, Inc.		18,851		936,518
RBB Bancorp		34,099		521,033
Renasant Corp.		59,722		1,626,827
Sandy Spring Bancorp, Inc.		45,100		993,102
Shore Bancshares, Inc.		25,947		309,807
Sierra Bancorp		21,764		407,857
Simmons First National Corp., Class A		62,000		991,380
SmartFinancial, Inc.		6,163		131,703
South Plains Financial, Inc.		8,250		214,500
South State Corp.		8,414		623,057
Southern First Bancshares, Inc.(a)		11,654		342,395
Southside Bancshares, Inc.		4,298		117,894
Synovus Financial Corp.		9,500		292,505
Territorial Bancorp, Inc.		12,700		101,473
Texas Capital Bancshares, Inc.(a)		71,554		3,926,884
Third Coast Bancshares, Inc.(a)		7,472		126,650
Towne Bank		23,400		614,484
Triumph Financial, Inc.(a)		21,447		1,455,608
TrustCo Bank Corp.		29,460		790,706
Trustmark Corp.		32,729		749,821
UMB Financial Corp.		55,059		3,945,528
Univest Corporation of Pennsylvania		31,300		591,257
Valley National Bancorp		98,100		892,710

6    Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Veritex Holdings, Inc.		43,618		834,849
WaFd, Inc.		36,744		982,167
Washington Trust Bancorp, Inc.		37,200		994,728
Western Alliance Bancorp		59,822		3,064,083
Wintrust Financial Corp.		7,400		633,958
WSFS Financial Corp.		47,591		1,835,585
Zions Bancorp		36,400		1,296,932
Total				125,740,395
Capital Markets 1.4%
Diamond Hill Investment Group, Inc.		4,300		690,537
Donnelley Financial Solutions, Inc.(a)		23,338		1,377,409
Evercore, Inc., Class A		28,814		4,251,506
Federated Hermes, Inc., Class B		41,200		1,310,984
Hamilton Lane, Inc., Class A		14,712		1,439,569
Houlihan Lokey, Inc., Class A		23,155		2,494,256
Janus Henderson Group PLC		49,600		1,299,024
Perella Weinberg Partners		82,600		968,072
Robinhood Markets, Inc., Class A(a)		18,951		166,769
Stifel Financial Corp.		23,538		1,436,289
StoneX Group, Inc.(a)		26,061		1,593,139
TPG, Inc.		13,762		481,670
Virtu Financial, Inc. Class A		66,500		1,195,670
Virtus Investment Partners, Inc.		6,700		1,310,654
Total				20,015,548
Consumer Finance 1.1%
Bread Financial Holdings, Inc.		66,108		1,857,635
Enova International, Inc.(a)		16,120		664,144
Ezcorp, Inc., Class A(a)		129,220		1,059,604
Green Dot Corp., Class A(a)		76,205		611,164
LendingClub Corp.(a)		267,560		1,685,628
LendingTree, Inc.(a)		4,195		74,252
Navient Corp.		237,064		4,060,906
Oportun Financial Corp.(a)		24,091		62,637
PRA Group, Inc.(a)		37,885		702,009
PROG Holdings, Inc.(a)		65,205		1,777,488
Regional Management Corp.		5,715		126,416
SLM Corp.		135,735		2,040,097
Total				14,721,980

Common Stocks (continued)
Issuer	Shares		Value ($)
Financial Services 1.7%
AvidXchange Holdings, Inc.(a)		305,518		3,259,877
Banco Latinoamericano de Comercio Exterior SA, Class E		4,837		117,878
Enact Holdings, Inc.		47,200		1,307,912
Essent Group Ltd.		27,100		1,310,014
Euronet Worldwide, Inc.(a)		3,400		296,548
Flywire Corp.(a)		59,134		1,377,822
Jackson Financial, Inc., Class A		64,364		3,072,094
Merchants Bancorp		25,192		847,711
MGIC Investment Corp.		175,933		3,094,661
NCR Atleos Corp.(a)		19,750		438,648
NMI Holdings, Inc., Class A(a)		43,500		1,196,250
Ocwen Financial Corp.(a)		3,703		95,648
Paysafe Ltd.(a)		69,384		701,472
PennyMac Financial Services, Inc.		6,801		529,050
Radian Group, Inc.		121,207		3,116,232
Remitly Global, Inc.(a)		160,620		3,459,755
Waterstone Financial, Inc.		2,386		29,133
Total				24,250,705
Insurance 2.5%
Ambac Financial Group, Inc.(a)		44,400		654,900
AMERISAFE, Inc.		24,928		1,200,533
Assured Guaranty Ltd.		15,500		1,052,605
Axis Capital Holdings Ltd.		32,400		1,825,416
Brighthouse Financial, Inc.(a)		24,486		1,274,007
CNO Financial Group, Inc.		138,629		3,673,669
Donegal Group, Inc., Class A		8,101		115,277
eHealth, Inc.(a)		7,728		57,419
Employers Holdings, Inc.		60,329		2,311,204
Enstar Group Ltd.(a)		4,700		1,290,808
Fidelis Insurance Holdings Ltd.(a)		3,945		48,129
Hanover Insurance Group, Inc. (The)		8,137		1,011,429
Hippo Holdings, Inc.(a)		2,219		18,972
Horace Mann Educators Corp.		63,004		2,108,114
James River Group Holdings Ltd.		39,731		356,784
Kemper Corp.		30,000		1,326,900
Lincoln National Corp.		97,003		2,306,731
Mercury General Corp.		64,217		2,392,083

Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023    7

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
ProAssurance Corp.		126,238		1,561,564
Reinsurance Group of America, Inc.		17,738		2,892,358
Safety Insurance Group, Inc.		9,000		692,370
Selectquote, Inc.(a)		8,914		11,232
SiriusPoint Ltd.(a)		94,000		1,003,920
Skyward Specialty Insurance Group, Inc.(a)		46,380		1,516,626
Stewart Information Services Corp.		26,900		1,271,025
United Fire Group, Inc.		19,691		411,345
Universal Insurance Holdings, Inc.		40,236		682,403
White Mountains Insurance Group Ltd.		860		1,317,451
Total				34,385,274
Mortgage Real Estate Investment Trusts (REITS) 0.4%
Apollo Commercial Real Estate Finance, Inc.		53,400		575,652
Blackstone Mortgage Trust, Inc.		64,929		1,440,125
BrightSpire Capital, Inc.		42,900		291,291
Claros Mortgage Trust, Inc.		25,100		306,471
Granite Point Mortgage Trust, Inc.		110,300		606,650
Great Ajax Corp.		63,492		300,317
Starwood Property Trust, Inc.		55,356		1,099,924
TPG RE Finance Trust, Inc.		116,700		689,697
Total				5,310,127
Total Financials				224,424,029
Health Care 11.2%
Biotechnology 4.3%
2seventy bio, Inc.(a)		122,166		223,564
Aadi Bioscience, Inc.(a)		13,026		68,517
ACELYRIN, Inc.(a)		81,563		548,103
Agios Pharmaceuticals, Inc.(a)		61,083		1,357,875
Alector, Inc.(a)		89,906		487,291
Allogene Therapeutics, Inc.(a)		150,175		352,911
Amicus Therapeutics, Inc.(a)		327,251		3,606,306
Anika Therapeutics, Inc.(a)		8,225		180,210
Apellis Pharmaceuticals, Inc.(a)		29,345		1,580,815
Arcturus Therapeutics Holdings, Inc.(a)		8,225		196,906
Arcus Biosciences, Inc.(a)		21,638		325,868
Arrowhead Pharmaceuticals, Inc.(a)		80,470		1,705,964
bluebird bio, Inc.(a)		267,400		1,021,468
Blueprint Medicines Corp.(a)		52,738		3,672,674
C4 Therapeutics, Inc.(a)		54,250		88,427

Common Stocks (continued)
Issuer	Shares		Value ($)
CareDx, Inc.(a)		161,690		1,570,010
Century Therapeutics, Inc.(a)		25,228		34,562
Clementia Pharmaceuticals, Inc.(a),(b),(c),(d)		134,864		0
Deciphera Pharmaceuticals, Inc.(a)		34,084		429,799
Design Therapeutics, Inc.(a)		47,862		114,869
Eagle Pharmaceuticals, Inc.(a)		4,761		27,852
Editas Medicine, Inc.(a)		22,886		240,990
Emergent BioSolutions, Inc.(a)		622,239		1,331,591
Enanta Pharmaceuticals, Inc.(a)		59,369		554,506
Erasca, Inc.(a)		42,725		72,633
Exelixis, Inc.(a)		130,146		2,838,484
Fate Therapeutics, Inc.(a)		236,948		590,001
FibroGen, Inc.(a)		283,932		156,844
Halozyme Therapeutics, Inc.(a)		100,384		3,875,826
Ideaya Biosciences, Inc.(a)		18,000		566,100
Insmed, Inc.(a)		20,800		520,416
Ironwood Pharmaceuticals, Inc.(a)		347,469		3,439,943
iTeos Therapeutics, Inc.(a)		49,546		463,751
Kodiak Sciences, Inc.(a)		25,227		61,049
MacroGenics, Inc.(a)		28,970		237,844
Natera, Inc.(a)		67,078		3,753,014
Nurix Therapeutics, Inc.(a)		62,273		387,338
Organogenesis Holdings, Inc.(a)		24,360		62,118
PMV Pharmaceuticals, Inc.(a)		120,519		275,989
PTC Therapeutics, Inc.(a)		60,763		1,398,764
REGENXBIO, Inc.(a)		164,277		3,206,687
Relay Therapeutics, Inc.(a)		383,615		3,034,395
Revolution Medicines, Inc.(a)		118,635		2,767,755
Sage Therapeutics, Inc.(a)		52,877		1,035,332
Sangamo Therapeutics, Inc.(a)		155,073		66,681
Stoke Therapeutics, Inc.(a)		31,815		120,579
Sutro Biopharma, Inc.(a)		113,726		296,825
Travere Therapeutics, Inc.(a)		75,159		471,999
Twist Bioscience Corp.(a)		120,646		2,901,536
Vanda Pharmaceuticals, Inc.(a)		178,969		665,765
Vaxcyte, Inc.(a)		13,434		695,478
Vericel Corp.(a)		136,659		4,856,861
Verve Therapeutics, Inc.(a)		65,201		735,467
Vir Biotechnology, Inc.(a)		31,203		296,116

8    Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Y-mAbs Therapeutics, Inc.(a)		30,341		188,418
Zymeworks, Inc.(a)		39,142		347,190
Total				60,108,276
Health Care Equipment & Supplies 2.8%
Angiodynamics, Inc.(a)		109,724		716,498
CONMED Corp.		10,487		1,124,940
Cue Health, Inc.(a)		20,228		7,039
Cutera, Inc.(a)		41,691		70,875
Establishment Labs Holdings, Inc.(a)		34,530		885,694
Haemonetics Corp.(a)		20,027		1,619,583
Inari Medical, Inc.(a)		52,724		3,147,096
Inogen, Inc.(a)		63,506		369,605
iRhythm Technologies, Inc.(a)		34,726		2,961,433
LeMaitre Vascular, Inc.		116,916		6,161,473
LivaNova PLC(a)		9,375		420,469
Merit Medical Systems, Inc.(a)		123,610		8,845,532
Neogen Corp.(a)		362,583		6,153,033
Omnicell, Inc.(a)		47,030		1,568,921
OraSure Technologies, Inc.(a)		35,933		263,030
Orthofix Medical, Inc.(a)		22,730		251,166
Outset Medical, Inc.(a)		147,762		774,273
Shockwave Medical, Inc.(a)		8,043		1,403,906
Tandem Diabetes Care, Inc.(a)		25,401		514,116
Varex Imaging Corp.(a)		11,696		220,470
Zimvie, Inc.(a)		79,153		747,996
Total				38,227,148
Health Care Providers & Services 0.8%
Acadia Healthcare Co., Inc.(a)		33,369		2,435,603
Accolade, Inc.(a)		203,138		1,773,395
Addus HomeCare Corp.(a)		3,226		281,307
Castle Biosciences, Inc.(a)		50,127		1,002,039
Cross Country Healthcare, Inc.(a)		4,450		90,202
National HealthCare Corp.		8,300		635,531
National Research Corp., Class A		47,953		1,986,693
Premier, Inc.		63,600		1,309,524
Progyny, Inc.(a)		18,667		641,398
Select Medical Holdings Corp.		30,100		680,260
Tenet Healthcare Corp.(a)		9,710		670,087
Total				11,506,039

Common Stocks (continued)
Issuer	Shares		Value ($)
Health Care Technology 1.2%
American Well Corp., Class A(a)		268,512		341,010
Computer Programs & Systems, Inc.(a)		96,348		1,012,617
Definitive Healthcare Corp.(a)		248,380		2,049,135
Evolent Health, Inc., Class A(a)		164,405		4,570,459
Health Catalyst, Inc.(a)		176,755		1,269,101
HealthStream, Inc.		12,975		324,375
Sharecare, Inc.(a)		84,864		79,569
Simulations Plus, Inc.		134,584		5,275,693
Veradigm, Inc.(a)		183,592		2,107,636
Total				17,029,595
Life Sciences Tools & Services 1.4%
Azenta, Inc.(a)		76,306		4,301,369
Codexis, Inc.(a)		73,390		173,200
Mesa Laboratories, Inc.		34,359		2,933,228
Quanterix Corp.(a)		3,959		94,897
Repligen Corp.(a)		33,990		5,344,928
Seer, Inc.(a)		67,359		108,448
Stevanato Group SpA		239,795		6,328,190
Total				19,284,260
Pharmaceuticals 0.7%
Amneal Pharmaceuticals, Inc.(a)		215,567		929,094
Arvinas, Inc.(a)		58,997		1,296,164
Atea Pharmaceuticals, Inc.(a)		45,249		135,294
Athira Pharma, Inc.(a)		102		147
Cara Therapeutics, Inc.(a)		152,284		147,243
Intra-Cellular Therapies, Inc.(a)		59,777		3,668,514
Nektar Therapeutics(a)		468,634		229,631
NGM Biopharmaceuticals, Inc.(a)		92,503		69,090
Nuvation Bio, Inc.(a)		56,519		70,084
Phathom Pharmaceuticals, Inc.(a)		73,011		510,347
Phibro Animal Health Corp., Class A		70,100		672,259
Prestige Consumer Healthcare, Inc.(a)		15,229		873,383
Revance Therapeutics, Inc.(a)		141,658		959,025
SIGA Technologies, Inc.		101,658		552,003
Zevra Therapeutics, Inc.(a)		1,843		8,773
Total				10,121,051
Total Health Care				156,276,369

Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023    9

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Industrials 24.3%
Aerospace & Defense 1.4%
AerSale Corp.(a)		61,900		863,505
Axon Enterprise, Inc.(a)		19,000		4,367,530
Hexcel Corp.		56,973		3,948,799
Kaman Corp.		33,562		680,302
Mercury Systems, Inc.(a)		124,428		4,266,636
Moog, Inc., Class A		22,815		3,194,328
National Presto Industries, Inc.		12,300		919,056
V2X, Inc.(a)		21,600		915,840
Total				19,155,996
Air Freight & Logistics 0.1%
Forward Air Corp.		20,600		1,308,718
Radiant Logistics, Inc.(a)		14,450		86,844
Total				1,395,562
Building Products 4.0%
AAON, Inc.		270,580		16,938,308
Advanced Drainage Systems, Inc.		24,350		2,949,028
Armstrong World Industries, Inc.		12,300		1,043,163
AZZ, Inc.		26,700		1,312,839
CSW Industrials, Inc.		20,025		3,551,033
Insteel Industries, Inc.		47,207		1,605,982
JELD-WEN Holding, Inc.(a)		60,554		967,653
Quanex Building Products Corp.		12,090		372,251
Resideo Technologies, Inc.(a)		160,307		2,633,844
Simpson Manufacturing Co., Inc.		105,134		17,554,224
Trex Company, Inc.(a)		91,280		6,414,246
Total				55,342,571
Commercial Services & Supplies 2.9%
ABM Industries, Inc.		76,212		3,123,930
ACCO Brands Corp.		185,700		999,066
ACV Auctions, Inc., Class A(a)		172,863		2,701,849
Brady Corp., Class A		17,800		1,001,606
BrightView Holdings, Inc.(a)		44,750		341,890
Brink’s Co. (The)		15,000		1,183,500
Casella Waste Systems, Inc., Class A(a)		208,348		16,851,186
CoreCivic, Inc.(a)		87,406		1,264,765
Ennis, Inc.		26,400		560,472

Common Stocks (continued)
Issuer	Shares		Value ($)
Enviri Corp.(a)		105,828		624,385
Healthcare Services Group, Inc.(a)		102,500		995,275
HNI Corp.		30,700		1,199,449
Interface, Inc.		146,021		1,476,272
MillerKnoll, Inc.		56,300		1,452,540
MSA Safety, Inc.		26,872		4,679,490
Quad/Graphics, Inc.(a)		50,800		234,188
Steelcase, Inc., Class A		157,102		1,933,926
Total				40,623,789
Construction & Engineering 2.1%
API Group Corp.(a)		78,963		2,396,527
Argan, Inc.		10,634		495,970
Construction Partners, Inc., Class A(a)		226,714		9,512,919
EMCOR Group, Inc.		23,221		4,934,927
Fluor Corp.(a)		117,349		4,462,782
Great Lakes Dredge & Dock Corp.(a)		11,689		78,550
Limbach Holdings, Inc.(a)		7,205		274,655
MasTec, Inc.(a)		21,959		1,331,594
Matrix Service Co.(a)		20,441		203,592
Primoris Services Corp.		29,734		902,724
Tutor Perini Corp.(a)		251,342		2,103,733
Valmont Industries, Inc.		10,736		2,357,304
Total				29,055,277
Electrical Equipment 0.8%
Babcock & Wilcox Enterprises, Inc.(a)		20,867		29,631
Bloom Energy Corp., Class A(a)		161,975		2,338,919
GrafTech International Ltd.		372,400		919,828
NEXTracker, Inc., Class A(a)		60,597		2,462,662
Powell Industries, Inc.		21,907		1,821,786
Preformed Line Products Co.		3,000		373,830
Shoals Technologies Group, Inc., Class A(a)		124,942		1,730,447
Thermon(a)		31,100		937,665
Vicor Corp.(a)		25,126		918,858
Total				11,533,626

10    Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Ground Transportation 0.8%
ArcBest Corp.		46,820		5,580,476
Covenant Logistics Group, Inc., Class A		18,187		774,221
Heartland Express, Inc.		120,100		1,611,742
Marten Transport Ltd.		36,600		689,910
PAM Transportation Services, Inc.(a)		16,700		314,962
Saia, Inc.(a)		6,252		2,440,718
TuSimple Holdings, Inc., Class A(a)		71,245		60,629
Total				11,472,658
Machinery 5.2%
AGCO Corp.		14,130		1,604,179
Astec Industries, Inc.		26,507		824,103
Barnes Group, Inc.		54,596		1,440,242
Chart Industries, Inc.(a)		16,735		2,176,052
Columbus McKinnon Corp.		28,600		998,712
Douglas Dynamics, Inc.		129,775		3,545,453
Enerpac Tool Group Corp.		20,600		562,380
ESCO Technologies, Inc.		62,062		6,515,269
Federal Signal Corp.		81,150		5,594,481
Flowserve Corp.		34,400		1,316,144
Gates Industrial Corp. PLC(a)		70,000		858,200
Greenbrier Companies, Inc. (The)		68,246		2,573,557
Helios Technologies, Inc.		120,496		4,624,636
Hillenbrand, Inc.		64,858		2,512,599
Hillman Solutions Corp.(a)		442,780		3,241,150
Hyliion Holdings Corp.(a)		87,844		49,957
ITT, Inc.		42,671		4,619,989
John Bean Technologies Corp.		73,435		7,585,835
Luxfer Holdings PLC, ADR		32,749		270,179
Manitowoc Co., Inc. (The)(a)		87,904		1,259,664
Miller Industries, Inc.		11,600		460,984
Mueller Industries, Inc.		22,200		921,966
Mueller Water Products, Inc., Class A		65,500		870,495
Omega Flex, Inc.		20,724		1,461,456
Park-Ohio Holdings Corp.		1,857		42,284
Proto Labs, Inc.(a)		46,038		1,666,576
RBC Bearings, Inc.(a)		35,317		9,102,604
REV Group, Inc.		33,986		536,639
Terex Corp.		54,716		2,708,442

Common Stocks (continued)
Issuer	Shares		Value ($)
Titan International, Inc.(a)		88,556		1,157,427
Trinity Industries, Inc.		44,983		1,122,776
Wabash National Corp.		46,000		1,008,320
Total				73,232,750
Marine Transportation 0.1%
Matson, Inc.		9,700		928,969
Professional Services 3.4%
Alight, Inc., Class A(a)		177,300		1,356,345
Barrett Business Services, Inc.		5,276		580,096
BGSF, Inc.		15,300		151,929
Concentrix Corp.		15,300		1,438,047
Conduent, Inc.(a)		202,389		615,262
ExlService Holdings, Inc.(a)		88,596		2,513,468
Exponent, Inc.		127,326		9,799,009
Heidrick & Struggles International, Inc.		69,833		1,898,061
HireRight Holdings Corp.(a)		41,978		552,011
ICF International, Inc.		16,400		2,295,180
KBR, Inc.		76,628		3,959,369
Kelly Services, Inc., Class A		78,349		1,628,876
Kforce, Inc.		14,600		1,017,620
Korn/Ferry International		25,500		1,319,370
ManpowerGroup, Inc.		15,800		1,172,518
Mistras Group, Inc.(a)		13,130		86,921
Parsons Corp.(a)		32,420		2,019,442
Paycor HCM, Inc.(a)		301,551		6,395,897
RCM Technologies, Inc.(a)		16,200		437,562
Resources Connection, Inc.		126,916		1,726,057
Science Applications International Corp.		17,085		2,005,950
Sterling Check Corp.(a)		11,797		149,350
TrueBlue, Inc.(a)		162,146		2,260,315
TTEC Holdings, Inc.		54,700		1,023,984
Verra Mobility Corp.(a)		29,000		582,320
Total				46,984,959
Trading Companies & Distributors 3.5%
Air Lease Corp.		55,223		2,142,100
Applied Industrial Technologies, Inc.		35,231		5,639,426
Beacon Roofing Supply, Inc.(a)		24,719		1,986,419
Boise Cascade Co.		36,071		3,942,560

Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023    11

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Core & Main, Inc., Class A(a)		59,204		2,073,916
FTAI Aviation Ltd.		95,629		3,940,871
Global Industrial Co.		18,754		667,830
GMS, Inc.(a)		23,187		1,568,369
Herc Holdings Inc		16,097		1,990,555
MRC Global, Inc.(a)		26,700		276,078
NOW, Inc.(a)		112,362		1,120,249
Rush Enterprises, Inc., Class A		101,098		4,010,538
SiteOne Landscape Supply, Inc.(a)		73,898		10,406,316
Titan Machinery, Inc.(a)		28,600		653,796
Transcat, Inc.(a)		45,563		4,464,263
WESCO International, Inc.		24,563		3,828,144
Total				48,711,430
Total Industrials				338,437,587
Information Technology 15.5%
Communications Equipment 0.7%
Cambium Networks Corp.(a)		127,124		593,669
Ciena Corp.(a)		27,406		1,256,565
Comtech Telecommunications Corp.		39,193		462,869
Digi International, Inc.(a)		214,620		5,052,155
DZS, Inc.(a)		14,218		22,891
Extreme Networks, Inc.(a)		43,359		699,814
Harmonic, Inc.(a)		28,978		320,497
NETGEAR, Inc.(a)		73,101		997,098
Ribbon Communications, Inc.(a)		135,584		288,794
Total				9,694,352
Electronic Equipment, Instruments & Components 2.3%
Avnet, Inc.		27,700		1,295,252
Belden, Inc.		17,600		1,169,344
Benchmark Electronics, Inc.		43,294		1,080,185
Coherent Corp.(a)		45,700		1,681,303
Daktronics, Inc.(a)		80,099		835,433
ePlus, Inc.(a)		15,800		1,002,984
FARO Technologies, Inc.(a)		49,177		903,381
Itron, Inc.(a)		18,000		1,212,840
Kimball Electronics, Inc.(a)		40,200		990,528
Knowles Corp.(a)		74,427		1,181,157
Littelfuse, Inc.		8,684		2,021,635
Methode Electronics, Inc.		9,218		218,743

Common Stocks (continued)
Issuer	Shares		Value ($)
Novanta, Inc.(a)		66,609		9,621,004
PC Connection, Inc.		11,600		691,708
Plexus Corp.(a)		12,376		1,260,991
Sanmina Corp.(a)		26,100		1,307,871
Scansource, Inc.(a)		43,371		1,449,893
TTM Technologies, Inc.(a)		89,000		1,335,890
Vishay Intertechnology, Inc.		86,888		1,931,520
Vontier Corp.		36,800		1,241,264
Total				32,432,926
IT Services 0.6%
Brightcove, Inc.(a)		10,010		24,525
DigitalOcean Holdings, Inc.(a)		50,557		1,497,498
DXC Technology Co.(a)		28,280		654,117
Edgio, Inc.(a)		42,371		19,622
Globant SA(a)		8,505		1,877,904
Kyndryl Holdings, Inc.(a)		37,070		668,372
Rackspace Technology, Inc.(a)		39,636		49,941
Squarespace, Inc., Class A(a)		88,338		2,476,114
Unisys Corp.(a)		105,408		504,904
Total				7,772,997
Semiconductors & Semiconductor Equipment 1.7%
Allegro MicroSystems, Inc.(a)		62,236		1,694,064
Axcelis Technologies, Inc.(a)		9,061		1,126,101
Cirrus Logic, Inc.(a)		13,200		1,002,012
Credo Technology Group Holding Ltd.(a)		126,188		2,260,027
Diodes, Inc.(a)		24,600		1,633,932
MACOM Technology Solutions Holdings, Inc.(a)		11,388		956,364
MaxLinear, Inc.(a)		36,700		687,391
MKS Instruments, Inc.		18,889		1,559,287
Onto Innovation, Inc.(a)		10,827		1,526,715
Photronics, Inc.(a)		42,700		902,251
Power Integrations, Inc.		24,600		1,879,686
Rambus, Inc.(a)		91,330		6,180,301
Semtech Corp.(a)		76,800		1,257,216
SMART Global Holdings, Inc.(a)		41,119		685,043
Ultra Clean Holdings, Inc.(a)		23,318		632,851
Total				23,983,241

12    Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Software 9.5%
ACI Worldwide, Inc.(a)		52,200		1,395,828
Adeia, Inc.		118,061		1,084,981
Altair Engineering, Inc., Class A(a)		132,663		9,612,761
American Software, Inc., Class A		22,768		226,086
Appfolio, Inc., Class A(a)		2,880		545,040
Blackbaud, Inc.(a)		18,096		1,361,543
Blackline, Inc.(a)		128,266		7,420,188
Box, Inc., Class A(a)		134,062		3,508,403
Clear Secure, Inc., Class A		87,762		1,871,964
Clearwater Analytics Holdings, Inc., Class A(a)		332,785		7,091,648
Confluent, Inc., Class A(a)		110,842		2,352,067
CS Disco, Inc.(a)		32,975		196,201
CyberArk Software Ltd.(a)		19,005		3,787,126
Descartes Systems Group, Inc. (The)(a)		158,910		12,878,066
Dropbox, Inc., Class A(a)		95,715		2,697,249
E2open Parent Holdings, Inc.(a)		281,588		1,024,980
Ebix, Inc.		39,000		153,660
Elastic NV(a)		30,434		2,445,676
Envestnet, Inc.(a)		24,935		948,278
EverCommerce, Inc.(a)		16,135		150,378
Five9, Inc.(a)		38,706		2,950,171
Gitlab, Inc., Class A(a)		22,853		1,104,714
Guidewire Software, Inc.(a)		10,993		1,098,640
HashiCorp, Inc., Class A(a)		112,899		2,418,297
JFrog Ltd.(a)		59,184		1,596,784
Klaviyo, Inc.(a)		44,811		1,327,750
LiveRamp Holdings, Inc.(a)		49,585		1,644,239
MeridianLink, Inc.(a)		36,865		701,172
Model N, Inc.(a)		229,270		5,261,747
NCR Voyix Corp.(a)		53,800		843,584
Nutanix, Inc., Class A(a)		69,685		3,002,727
ON24, Inc.		18,488		140,694
PowerSchool Holdings, Inc., Class A(a)		60,563		1,412,329
Progress Software Corp.		20,686		1,114,148
PROS Holdings, Inc.(a)		192,325		7,029,479
Q2 Holdings, Inc.(a)		108,965		3,870,437
SecureWorks Corp., Class A(a)		8,127		48,599
SentinelOne, Inc., Class A(a)		160,338		3,060,852

Common Stocks (continued)
Issuer	Shares		Value ($)
Smartsheet, Inc., Class A(a)		72,937		3,091,070
SolarWinds Corp.(a)		68,055		788,757
SPS Commerce, Inc.(a)		69,945		12,050,125
Telos Corp.(a)		244,900		1,006,539
Upland Software, Inc.(a)		97,209		458,827
Vertex, Inc.(a)		271,166		7,608,918
Workiva, Inc., Class A(a)		74,176		7,133,506
Xperi, Inc.(a)		58,246		601,099
Total				132,117,327
Technology Hardware, Storage & Peripherals 0.7%
CPI Card Group, Inc.(a)		33,400		594,186
Quantum Corp.(a)		37,013		11,078
Super Micro Computer, Inc.(a)		24,189		6,614,966
Turtle Beach Corp.(a)		27,931		315,899
Xerox Holdings Corp.		123,590		1,729,024
Total				9,265,153
Total Information Technology				215,265,996
Materials 3.7%
Chemicals 1.8%
AdvanSix, Inc.		35,100		917,163
Alto Ingredients, Inc.(a)		352,800		860,832
American Vanguard Corp.		21,100		197,918
Avient Corp.		43,847		1,506,145
Balchem Corp.		58,107		7,247,105
Cabot Corp.		34,302		2,603,522
Core Molding Technologies, Inc.(a)		20,537		369,461
Ecovyst, Inc.(a)		276,616		2,633,384
Hawkins, Inc.		7,000		430,080
HB Fuller Co.		21,421		1,621,141
Ingevity Corp.(a)		30,700		1,190,853
Innospec, Inc.		8,800		924,616
Minerals Technologies, Inc.		22,000		1,378,080
NewMarket Corp.		600		318,306
Origin Materials, Inc.(a)		254,068		173,452
Rayonier Advanced Materials, Inc.(a)		118,813		392,083
Trinseo PLC		334,659		1,934,329
Valhi, Inc.		1,968		26,725
Total				24,725,195

Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023    13

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Construction Materials 0.1%
Knife River Corp.(a)		16,708		997,133
Containers & Packaging 0.2%
Myers Industries, Inc.		57,100		1,006,102
O-I Glass, Inc.(a)		81,775		1,206,999
Ranpak Holdings Corp.(a)		62,405		255,861
TriMas Corp.		33,400		856,042
Total				3,325,004
Metals & Mining 1.4%
Alpha Metallurgical Resources, Inc.		3,345		938,473
ATI, Inc.(a)		21,975		965,801
Carpenter Technology Corp.		23,800		1,685,278
Compass Minerals International, Inc.		38,000		922,640
Constellium SE(a)		89,446		1,556,360
Kaiser Aluminum Corp.		16,947		991,061
Lifezone Metals Ltd.(a)		22,800		222,528
Materion Corp.		16,387		1,853,534
Olympic Steel, Inc.		22,099		1,249,256
Ramaco Resources, Inc., Class A		22,312		372,610
Ryerson Holding Corp.		61,073		1,891,431
Schnitzer Steel Industries, Inc., Class A		42,050		1,077,742
SunCoke Energy, Inc.		82,273		765,962
Tredegar Corp.		180,913		850,291
Warrior Met Coal, Inc.		70,765		3,960,717
Worthington Enterprises, Inc.		3,900		279,630
Total				19,583,314
Paper & Forest Products 0.2%
Clearwater Paper Corp.(a)		24,156		847,151
Louisiana-Pacific Corp.		10,061		613,620
Mercer International, Inc.		129,000		1,235,820
Sylvamo Corp.		12,700		638,556
Total				3,335,147
Total Materials				51,965,793
Real Estate 4.3%
Diversified REITs 0.1%
Armada Hoffler Properties, Inc.		24,606		270,174
Empire State Realty Trust, Inc., Class A		165,100		1,479,296
Total				1,749,470

Common Stocks (continued)
Issuer	Shares		Value ($)
Hotel & Resort REITs 1.1%
Apple Hospitality REIT, Inc.		98,555		1,642,912
Braemar Hotels & Resorts, Inc.		286,700		602,070
Chatham Lodging Trust		43,669		432,760
Park Hotels & Resorts, Inc.		91,300		1,353,979
Pebblebrook Hotel Trust		120,084		1,531,071
RLJ Lodging Trust		357,562		3,822,338
Sunstone Hotel Investors, Inc.		307,849		3,041,548
Xenia Hotels & Resorts, Inc.		206,031		2,515,638
Total				14,942,316
Industrial REITs 0.5%
First Industrial Realty Trust, Inc.		28,697		1,350,194
STAG Industrial, Inc.		40,678		1,458,306
Terreno Realty Corp.		62,654		3,578,170
Total				6,386,670
Office REITs 0.4%
Equity Commonwealth		174,991		3,288,081
Orion Office REIT, Inc.		129,474		668,086
SL Green Realty Corp.		57,500		2,102,775
Total				6,058,942
Real Estate Management & Development 1.6%
Compass, Inc.(a)		231,083		513,004
Cushman & Wakefield PLC(a)		144,200		1,183,882
DigitalBridge Group, Inc.		88,600		1,529,236
Douglas Elliman, Inc.		357,812		697,733
FirstService Corp.		67,345		10,567,777
Forestar Group, Inc.(a)		39,548		1,207,401
Kennedy-Wilson Holdings, Inc.		41,841		474,895
Marcus & Millichap, Inc.		37,600		1,293,816
Opendoor Technologies, Inc.(a)		190,244		572,635
RE/MAX Holdings, Inc., Class A		211,669		1,947,355
RMR Group, Inc. (The), Class A		12,637		301,140
Seritage Growth Properties, Class A(a)		151,500		1,361,985
Total				21,650,859
Residential REITs 0.0%
Centerspace		7,989		426,133

14    Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 2023 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Retail REITs 0.4%
Alexander’s, Inc.		5,400		993,384
Kite Realty Group Trust		109,355		2,309,578
Tanger, Inc.		99,300		2,478,528
Total				5,781,490
Specialized REITs 0.2%
CubeSmart		47,081		1,871,940
Rayonier, Inc.		48,400		1,484,912
Total				3,356,852
Total Real Estate				60,352,732
Utilities 1.9%
Electric Utilities 0.7%
Allete, Inc.		23,600		1,309,328
NRG Energy, Inc.		54,614		2,612,734
Otter Tail Corp.		17,300		1,320,163
PNM Resources, Inc.		31,400		1,305,298
Portland General Electric Co.		74,794		3,071,041
Total				9,618,564
Gas Utilities 0.6%
New Jersey Resources Corp.		40,309		1,701,040
Northwest Natural Holding Co.		44,023		1,612,122
ONE Gas, Inc.		57,199		3,296,379
Southwest Gas Holdings, Inc.		21,900		1,294,509
Spire, Inc.		21,400		1,305,614
Total				9,209,664
Independent Power and Renewable Electricity Producers 0.3%
Clearway Energy, Inc., Class C		50,384		1,258,088
Vistra Corp.		82,246		2,912,331
Total				4,170,419

Common Stocks (continued)
Issuer	Shares		Value ($)
Multi-Utilities 0.3%
Avista Corp.		38,500		1,307,075
Black Hills Corp.		25,400		1,310,386
Northwestern Energy Group, Inc.		25,900		1,303,029
Total				3,920,490
Total Utilities				26,919,137
Total Common Stocks (Cost $1,394,990,635)				1,350,303,844

Exchange-Traded Equity Funds 0.6%
	Shares		Value ($)
Sector 0.2%
SPDR S&P Biotech ETF		39,420		2,976,998
U.S. Small Cap 0.4%
iShares Russell 2000 Value ETF		37,000		5,141,890
Total Exchange-Traded Equity Funds (Cost $7,872,904)				8,118,888
Money Market Funds 6.0%
Columbia Short-Term Cash Fund, 5.605%(e),(f)		83,238,581		83,221,934
Total Money Market Funds (Cost $83,221,933)				83,221,934
Total Investments in Securities (Cost: $1,486,085,472)				1,441,644,666
Other Assets & Liabilities, Net				(48,220,782	)
Net Assets				1,393,423,884

Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023    15

PORTFOLIO OF INVESTMENTS (continued)

Multi-Manager Small Cap Equity Strategies Fund, November 30, 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 November 30, 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 November 30, 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 November 30, 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 November 30, 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, 5.605%		23,214,851		149,025,858		(89,017,919	)		(856	)		83,221,934		2,943		329,102		83,238,581

Abbreviation Legend

ADR American Depositary Receipt

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

16    Multi-Manager Small Cap Equity Strategies Fund | First Quarter Report 2023

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