Third Quarter Report
January 31, 2024 (Unaudited)
Multi-Manager Directional Alternative Strategies Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Portfolio of Investments
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
|
Common Stocks 66.8%
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Communication Services 5.3%
|
||
|
Diversified Telecommunication Services 0.2%
|
||
|
Deutsche Telekom AG, Registered Shares
|
16,851
|
413,656
|
|
Entertainment 0.7%
|
||
|
Live Nation Entertainment, Inc.(a),(b)
|
6,230
|
553,536
|
|
Sphere Entertainment Co.(a),(b)
|
2,798
|
98,993
|
|
Take-Two Interactive Software, Inc.(a)
|
4,766
|
786,056
|
|
Vivid Seats, Inc., Class A(a)
|
34,150
|
196,021
|
|
Warner Bros Discovery, Inc.(a)
|
26,484
|
265,370
|
|
Total
|
|
1,899,976
|
|
Interactive Media & Services 2.3%
|
||
|
Alphabet, Inc., Class A(a),(b)
|
18,633
|
2,610,483
|
|
Alphabet, Inc., Class C(a),(b)
|
10,863
|
1,540,373
|
|
Cars.com, Inc.(a)
|
26,746
|
466,183
|
|
Match Group, Inc.(a)
|
7,622
|
292,532
|
|
Meta Platforms, Inc., Class A(a),(b)
|
3,261
|
1,272,247
|
|
Total
|
|
6,181,818
|
|
Media 1.4%
|
||
|
Comcast Corp., Class A(b)
|
15,567
|
724,488
|
|
Fox Corp., Class A(b)
|
30,076
|
971,455
|
|
Fox Corp., Class B(b)
|
11,024
|
330,830
|
|
Informa PLC
|
51,908
|
509,817
|
|
Interpublic Group of Companies, Inc. (The)(b)
|
12,583
|
415,113
|
|
Nexstar Media Group, Inc., Class A(b)
|
2,331
|
414,242
|
|
TEGNA, Inc.
|
29,577
|
461,106
|
|
Total
|
|
3,827,051
|
|
Wireless Telecommunication Services 0.7%
|
||
|
T-Mobile US, Inc.(b)
|
4,933
|
795,347
|
|
Vodafone Group PLC
|
1,434,670
|
1,219,673
|
|
Total
|
|
2,015,020
|
|
Total Communication Services
|
14,337,521
|
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Consumer Discretionary 5.7%
|
||
|
Automobiles 0.9%
|
||
|
Ford Motor Co.(b)
|
42,950
|
503,374
|
|
General Motors Co.(b)
|
23,915
|
927,902
|
|
Mazda Motor Corp.
|
59,300
|
718,921
|
|
Stellantis NV
|
8,767
|
193,108
|
|
Volkswagen AG
|
162
|
22,871
|
|
Volvo Car AB, Class B(a)
|
44,577
|
116,212
|
|
Total
|
|
2,482,388
|
|
Broadline Retail 0.2%
|
||
|
Amazon.com, Inc.(a),(b)
|
694
|
107,709
|
|
eBay, Inc.(b)
|
11,088
|
455,384
|
|
Total
|
|
563,093
|
|
Distributors 0.3%
|
||
|
Genuine Parts Co.(b)
|
3,423
|
480,007
|
|
LKQ Corp.(b)
|
6,113
|
285,294
|
|
Total
|
|
765,301
|
|
Diversified Consumer Services 0.2%
|
||
|
frontdoor, Inc.(a)
|
17,781
|
582,506
|
|
Hotels, Restaurants & Leisure 2.1%
|
||
|
Booking Holdings, Inc.(a),(b)
|
411
|
1,441,570
|
|
Boyd Gaming Corp.
|
9,522
|
604,552
|
|
Entain PLC
|
28,839
|
351,271
|
|
Flutter Entertainment PLC(a)
|
3,249
|
666,877
|
|
Genting Singapore Ltd.
|
546,100
|
410,124
|
|
MGM Resorts International(a)
|
14,932
|
647,601
|
|
Restaurant Brands International, Inc.
|
9,029
|
704,984
|
|
Wyndham Hotels & Resorts, Inc.
|
6,799
|
529,846
|
|
Wynn Macau Ltd.(a)
|
429,600
|
323,407
|
|
Total
|
|
5,680,232
|
2
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024
Portfolio of Investments (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Household Durables 1.1%
|
||
|
D.R. Horton, Inc.(b)
|
3,974
|
567,924
|
|
Dream Finders Homes, Inc., Class A(a),(b)
|
10,107
|
332,217
|
|
Lennar Corp., Class A(b)
|
2,424
|
363,237
|
|
PulteGroup, Inc.(b)
|
10,847
|
1,134,162
|
|
Tempur Sealy International, Inc.(b)
|
10,402
|
518,956
|
|
Total
|
|
2,916,496
|
|
Specialty Retail 0.6%
|
||
|
AutoZone, Inc.(a)
|
167
|
461,276
|
|
Best Buy Co., Inc.(b)
|
2,264
|
164,117
|
|
Ross Stores, Inc.
|
4,096
|
574,587
|
|
TJX Companies, Inc. (The)
|
6,001
|
569,555
|
|
Total
|
|
1,769,535
|
|
Textiles, Apparel & Luxury Goods 0.3%
|
||
|
Capri Holdings Ltd.(a)
|
4,945
|
241,019
|
|
Crocs, Inc.(a)
|
1,979
|
200,829
|
|
Swatch Group AG (The), Registered Shares
|
6,572
|
299,020
|
|
Total
|
|
740,868
|
|
Total Consumer Discretionary
|
15,500,419
|
|
|
Consumer Staples 4.9%
|
||
|
Beverages 1.1%
|
||
|
Carlsberg AS, Class B
|
1,773
|
228,127
|
|
Coca-Cola Europacific Partners PLC(b)
|
8,801
|
606,389
|
|
Constellation Brands, Inc., Class A
|
1,104
|
270,568
|
|
Keurig Dr. Pepper, Inc.(b)
|
12,958
|
407,400
|
|
Molson Coors Beverage Co., Class B(b)
|
23,009
|
1,421,726
|
|
Total
|
|
2,934,210
|
|
Consumer Staples Distribution & Retail 1.3%
|
||
|
Albertsons Companies, Inc., Class A
|
20,981
|
445,217
|
|
Andersons, Inc. (The)(b)
|
978
|
51,551
|
|
Costco Wholesale Corp.(b)
|
433
|
300,883
|
|
Empire Co., Ltd., Class A
|
29,000
|
751,504
|
|
U.S. Foods Holding Corp.(a),(b)
|
11,557
|
531,738
|
|
Walgreens Boots Alliance, Inc.(b)
|
39,639
|
894,652
|
|
Walmart, Inc.
|
3,145
|
519,711
|
|
Total
|
|
3,495,256
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Food Products 0.4%
|
||
|
Bunge Global SA(b)
|
138
|
12,156
|
|
Campbell Soup Co.(b)
|
11,466
|
511,728
|
|
JM Smucker Co. (The)(b)
|
103
|
13,550
|
|
Kraft Heinz Co. (The)(b)
|
3,088
|
114,657
|
|
Nomad Foods Ltd.(a)
|
21,021
|
378,168
|
|
Wilmar International Ltd.
|
71,600
|
175,326
|
|
Total
|
|
1,205,585
|
|
Household Products 1.0%
|
||
|
Clorox Co. (The)(b)
|
3,638
|
528,419
|
|
Essity AB, Class B
|
11,270
|
264,657
|
|
Kimberly-Clark Corp.(b)
|
15,029
|
1,818,058
|
|
Total
|
|
2,611,134
|
|
Personal Care Products 0.2%
|
||
|
Unilever PLC
|
8,967
|
436,337
|
|
Tobacco 0.9%
|
||
|
Altria Group, Inc.(b)
|
42,441
|
1,702,733
|
|
Philip Morris International, Inc.(b)
|
7,991
|
725,982
|
|
Total
|
|
2,428,715
|
|
Total Consumer Staples
|
13,111,237
|
|
|
Energy 4.1%
|
||
|
Energy Equipment & Services 1.3%
|
||
|
Halliburton Co.(b)
|
6,531
|
232,830
|
|
Noble Corp PLC
|
14,127
|
623,424
|
|
NOV, Inc.
|
25,804
|
503,436
|
|
Schlumberger NV
|
19,044
|
927,443
|
|
Technip Energies NV
|
14,253
|
295,045
|
|
Tidewater, Inc.(a)
|
6,857
|
460,722
|
|
Weatherford International PLC(a)
|
5,496
|
492,167
|
|
Total
|
|
3,535,067
|
|
Oil, Gas & Consumable Fuels 2.8%
|
||
|
BP PLC, ADR
|
17,210
|
604,071
|
|
Canadian Natural Resources Ltd.
|
5,585
|
357,384
|
|
Cenovus Energy, Inc.
|
35,491
|
574,244
|
|
Chevron Corp.(b)
|
1,533
|
226,010
|
|
Coterra Energy, Inc.(b)
|
737
|
18,337
|
|
Dorian LPG Ltd.(b)
|
4,678
|
175,144
|
|
ENEOS Holdings, Inc.
|
216,600
|
874,751
|
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024
3
Portfolio of Investments (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Exxon Mobil Corp.(b)
|
5,493
|
564,735
|
|
Idemitsu Kosan Co., Ltd.
|
6,000
|
33,318
|
|
Imperial Oil Ltd.
|
9,200
|
530,671
|
|
Inpex Corp.
|
8,800
|
119,614
|
|
Kosmos Energy Ltd.(a),(b)
|
53,060
|
321,544
|
|
Marathon Petroleum Corp.(b)
|
4,925
|
815,580
|
|
MEG Energy Corp.(a)
|
16,807
|
317,776
|
|
Peabody Energy Corp.
|
15,474
|
413,156
|
|
Phillips 66(b)
|
6,510
|
939,458
|
|
Shell PLC, ADR
|
9,411
|
592,046
|
|
Spartan Delta Corp.
|
17,500
|
40,481
|
|
Vertex Energy, Inc.(a),(b)
|
4,432
|
6,471
|
|
Total
|
|
7,524,791
|
|
Total Energy
|
11,059,858
|
|
|
Financials 10.3%
|
||
|
Banks 5.8%
|
||
|
AIB Group PLC
|
44,946
|
197,422
|
|
Banca Monte dei Paschi di Siena SpA(a)
|
55,589
|
195,103
|
|
Banca Popolare dell’Emilia Romagna SC
|
147,034
|
530,331
|
|
Bank of America Corp.(b)
|
43,915
|
1,493,549
|
|
Bank of Georgia Group PLC
|
1,474
|
70,891
|
|
Bankinter SA
|
21,265
|
131,293
|
|
Barclays Bank PLC
|
532,955
|
990,405
|
|
Bendigo & Adelaide Bank Ltd.
|
1,992
|
12,727
|
|
Commerzbank AG
|
15,071
|
173,069
|
|
Danske Bank A/S
|
14,858
|
398,959
|
|
DBS Group Holdings Ltd.
|
6,400
|
151,586
|
|
East West Bancorp, Inc.(b)
|
8,889
|
647,208
|
|
Fifth Third Bancorp(b)
|
14,053
|
481,175
|
|
First Citizens BancShares Inc., Class A(b)
|
13
|
19,630
|
|
Hana Financial Group, Inc.
|
5,697
|
203,710
|
|
HSBC Holdings PLC
|
47,544
|
371,209
|
|
Huntington Bancshares, Inc.(b)
|
59,712
|
760,134
|
|
ING Groep NV
|
37,694
|
535,574
|
|
Intesa Sanpaolo SpA
|
352,428
|
1,085,935
|
|
JPMorgan Chase & Co.(b)
|
10,503
|
1,831,303
|
|
Mitsubishi UFJ Financial Group, Inc.
|
34,200
|
320,336
|
|
Mizuho Financial Group, Inc.
|
47,600
|
864,491
|
|
NatWest Group PLC
|
84,799
|
239,314
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
New York Community Bancorp, Inc.(b)
|
74,064
|
479,194
|
|
Nordea Bank Abp
|
45,311
|
558,408
|
|
Standard Chartered PLC
|
43,747
|
330,620
|
|
Sumitomo Mitsui Financial Group, Inc.
|
4,100
|
213,255
|
|
Tokyo Kiraboshi Financial Group, Inc.
|
8,100
|
236,936
|
|
United Overseas Bank Ltd.
|
12,500
|
263,482
|
|
Wells Fargo & Co.(b)
|
34,394
|
1,725,891
|
|
Total
|
|
15,513,140
|
|
Capital Markets 0.9%
|
||
|
Bank of New York Mellon Corp. (The)(b)
|
17,086
|
947,590
|
|
Charles Schwab Corp. (The)
|
3,912
|
246,143
|
|
Deutsche Bank AG, Registered Shares
|
12,056
|
155,736
|
|
Evercore, Inc., Class A(b)
|
1,688
|
289,880
|
|
Goldman Sachs Group, Inc. (The)
|
588
|
225,798
|
|
Morgan Stanley
|
6,529
|
569,590
|
|
Total
|
|
2,434,737
|
|
Consumer Finance 0.6%
|
||
|
American Express Co.
|
2,481
|
498,036
|
|
Discover Financial Services
|
5,715
|
603,047
|
|
SLM Corp.(b)
|
12,299
|
244,504
|
|
Synchrony Financial(b)
|
2,702
|
105,027
|
|
Total
|
|
1,450,614
|
|
Financial Services 1.0%
|
||
|
A-Mark Precious Metals, Inc.(b)
|
16,834
|
454,013
|
|
Berkshire Hathaway, Inc., Class B(a),(b)
|
2,330
|
894,114
|
|
Fiserv, Inc.(a)
|
1,589
|
225,431
|
|
FleetCor Technologies, Inc.(a)
|
1,582
|
458,669
|
|
Global Payments, Inc.(b)
|
2,643
|
352,127
|
|
Groupe Bruxelles Lambert NV
|
3,452
|
261,695
|
|
Helia Group Ltd.
|
45,433
|
146,095
|
|
Total
|
|
2,792,144
|
|
Insurance 2.0%
|
||
|
Aon PLC, Class A
|
2,242
|
669,080
|
|
Arthur J Gallagher & Co.
|
1,839
|
426,942
|
|
Beazley PLC
|
44,562
|
306,746
|
|
BRP Group, Inc., Class A(a)
|
7,644
|
171,531
|
|
Chubb Ltd.
|
2,172
|
532,140
|
|
Everest Group Ltd.
|
1,008
|
388,050
|
4
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024
Portfolio of Investments (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
James River Group Holdings Ltd.(b)
|
3,082
|
29,495
|
|
Markel Group, Inc.(a)
|
261
|
390,829
|
|
Power Corp. of Canada
|
14,600
|
425,582
|
|
Progressive Corp. (The)
|
3,420
|
609,615
|
|
RenaissanceRe Holdings Ltd.
|
2,163
|
494,959
|
|
Ryan Specialty Holdings, Inc., Class A(a)
|
4,355
|
188,659
|
|
Travelers Companies, Inc. (The)
|
1,693
|
357,832
|
|
White Mountains Insurance Group Ltd.
|
176
|
277,371
|
|
WR Berkley Corp.
|
2,728
|
223,369
|
|
Total
|
|
5,492,200
|
|
Total Financials
|
27,682,835
|
|
|
Health Care 8.5%
|
||
|
Biotechnology 2.2%
|
||
|
AbbVie, Inc.(b)
|
7,679
|
1,262,428
|
|
Alkermes PLC(a),(b)
|
16,818
|
454,927
|
|
Amgen, Inc.(b)
|
3,370
|
1,059,056
|
|
Arcturus Therapeutics Holdings, Inc.(a),(b)
|
10,852
|
357,790
|
|
Gilead Sciences, Inc.(b)
|
13,254
|
1,037,258
|
|
Incyte Corp.(a),(b)
|
19,957
|
1,172,873
|
|
Vertex Pharmaceuticals, Inc.(a),(b)
|
1,756
|
761,015
|
|
Total
|
|
6,105,347
|
|
Health Care Equipment & Supplies 0.7%
|
||
|
Abbott Laboratories(b)
|
8,577
|
970,488
|
|
Boston Scientific Corp.(a)
|
3,930
|
248,612
|
|
Envista Holdings Corp.(a),(b)
|
1,821
|
42,794
|
|
GE HealthCare Technologies, Inc.
|
297
|
21,788
|
|
Medtronic PLC(b)
|
2,208
|
193,288
|
|
Stryker Corp.
|
286
|
95,947
|
|
Zimmer Biomet Holdings, Inc.
|
3,430
|
430,808
|
|
Total
|
|
2,003,725
|
|
Health Care Providers & Services 3.5%
|
||
|
AdaptHealth Corp.(a),(b)
|
25,912
|
187,085
|
|
AMN Healthcare Services, Inc.(a)
|
5,528
|
409,127
|
|
Cencora, Inc.
|
2,101
|
488,861
|
|
Centene Corp.(a),(b)
|
10,265
|
773,057
|
|
Cigna Group (The)(b)
|
5,356
|
1,611,888
|
|
CVS Health Corp.(b)
|
24,596
|
1,829,204
|
|
Elevance Health, Inc.(b)
|
1,162
|
573,377
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
HCA Healthcare, Inc.
|
1,362
|
415,274
|
|
Henry Schein, Inc.(a)
|
2,032
|
152,075
|
|
Humana, Inc.(b)
|
1,444
|
545,919
|
|
Korian SA
|
46,026
|
116,314
|
|
McKesson Corp.
|
685
|
342,425
|
|
Molina Healthcare, Inc.(a)
|
378
|
134,734
|
|
R1 RCM, Inc.(a)
|
7,283
|
74,578
|
|
UnitedHealth Group, Inc.
|
3,365
|
1,722,005
|
|
Total
|
|
9,375,923
|
|
Life Sciences Tools & Services 0.5%
|
||
|
Avantor, Inc.(a),(b)
|
18,688
|
429,637
|
|
Fortrea Holdings, Inc.(a)
|
13,476
|
417,217
|
|
ICON PLC(a)
|
993
|
259,044
|
|
IQVIA Holdings, Inc.(a)
|
476
|
99,117
|
|
Thermo Fisher Scientific, Inc.
|
125
|
67,373
|
|
Total
|
|
1,272,388
|
|
Pharmaceuticals 1.6%
|
||
|
AstraZeneca PLC
|
1,807
|
239,566
|
|
Bristol-Myers Squibb Co.(b)
|
38,669
|
1,889,754
|
|
Johnson & Johnson
|
2,972
|
472,251
|
|
Merck & Co., Inc.
|
569
|
68,724
|
|
Novo Nordisk A/S
|
9,479
|
1,083,492
|
|
Pfizer, Inc.
|
719
|
19,470
|
|
Sanofi SA
|
3,592
|
359,723
|
|
Viatris, Inc.(b)
|
10,917
|
128,493
|
|
Total
|
|
4,261,473
|
|
Total Health Care
|
23,018,856
|
|
|
Industrials 12.6%
|
||
|
Aerospace & Defense 1.9%
|
||
|
Airbus Group SE
|
3,231
|
514,653
|
|
Boeing Co. (The)(a),(b)
|
2,204
|
465,132
|
|
BWX Technologies, Inc.
|
5,258
|
428,422
|
|
Curtiss-Wright Corp.
|
2,384
|
530,607
|
|
General Dynamics Corp.
|
2,060
|
545,880
|
|
Hexcel Corp.
|
3,342
|
221,875
|
|
Howmet Aerospace, Inc.(b)
|
14,339
|
806,712
|
|
Lockheed Martin Corp.(b)
|
1,430
|
614,056
|
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024
5
Portfolio of Investments (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
RTX Corp.
|
3,052
|
278,098
|
|
Textron, Inc.
|
7,337
|
621,517
|
|
Total
|
|
5,026,952
|
|
Air Freight & Logistics 0.7%
|
||
|
FedEx Corp.(b)
|
7,616
|
1,837,665
|
|
Building Products 1.5%
|
||
|
Advanced Drainage Systems, Inc.
|
3,954
|
515,681
|
|
Allegion PLC
|
4,068
|
503,985
|
|
Builders FirstSource, Inc.(a),(b)
|
7,669
|
1,332,335
|
|
Carlisle Companies, Inc.
|
709
|
222,810
|
|
Carrier Global Corp.(b)
|
771
|
42,181
|
|
Johnson Controls International PLC(b)
|
5,375
|
283,209
|
|
Masco Corp.
|
5,431
|
365,452
|
|
Owens Corning(b)
|
6,021
|
912,362
|
|
Total
|
|
4,178,015
|
|
Commercial Services & Supplies 0.5%
|
||
|
Brink’s Co. (The)
|
5,314
|
429,584
|
|
Clean Harbors, Inc.(a)
|
3,780
|
634,889
|
|
Mitie Group PLC
|
27,034
|
35,425
|
|
Securitas AB
|
30,608
|
297,328
|
|
Total
|
|
1,397,226
|
|
Construction & Engineering 0.5%
|
||
|
Aecon Group, Inc.
|
9,900
|
101,765
|
|
Eiffage SA
|
3,735
|
390,794
|
|
Valmont Industries, Inc.
|
1,379
|
311,254
|
|
WillScot Mobile Mini Holdings Corp.(a)
|
9,545
|
451,478
|
|
Total
|
|
1,255,291
|
|
Electrical Equipment 1.1%
|
||
|
Acuity Brands, Inc.
|
1,632
|
388,677
|
|
AMETEK, Inc.
|
4,675
|
757,584
|
|
Atkore, Inc.(a)
|
3,081
|
469,945
|
|
Eaton Corp. PLC
|
1,954
|
480,840
|
|
NEXTracker, Inc., Class A(a)
|
5,537
|
250,660
|
|
nVent Electric PLC
|
9,277
|
556,991
|
|
Sensata Technologies Holding
|
4,338
|
156,906
|
|
Total
|
|
3,061,603
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Industrial Conglomerates 0.9%
|
||
|
CK Hutchison Holdings Ltd.
|
214,500
|
1,107,854
|
|
General Electric Co.(b)
|
629
|
83,292
|
|
Jardine Cycle & Carriage Ltd.
|
10,900
|
210,327
|
|
Jardine Matheson Holdings Ltd.
|
8,700
|
349,341
|
|
Siemens AG, Registered Shares
|
3,186
|
570,370
|
|
Total
|
|
2,321,184
|
|
Machinery 2.8%
|
||
|
Allison Transmission Holdings, Inc.
|
8,535
|
516,709
|
|
Alstom SA
|
43,726
|
551,403
|
|
Andritz AG
|
6,831
|
420,533
|
|
CNH Industrial NV(b)
|
82,600
|
991,200
|
|
Daimler Truck Holding AG
|
8,458
|
302,265
|
|
Dover Corp.
|
3,455
|
517,490
|
|
Fortive Corp.
|
4,659
|
364,241
|
|
Hitachi Construction Machine Co., Ltd.
|
23,700
|
672,427
|
|
Hyster-Yale Materials Handling, Inc.(b)
|
302
|
19,847
|
|
Komatsu Ltd.
|
48,500
|
1,379,823
|
|
Otis Worldwide Corp.
|
6,737
|
595,820
|
|
PACCAR, Inc.(b)
|
885
|
88,845
|
|
Parker-Hannifin Corp.
|
684
|
317,718
|
|
Volvo AB
|
4,236
|
104,143
|
|
Westinghouse Air Brake Technologies Corp.(b)
|
4,886
|
642,851
|
|
Total
|
|
7,485,315
|
|
Marine Transportation 0.0%
|
||
|
AP Moller - Maersk A/S, Class B
|
10
|
18,438
|
|
Passenger Airlines 0.0%
|
||
|
Ryanair Holdings PLC, ADR
|
900
|
120,240
|
|
Professional Services 1.4%
|
||
|
Adecco Group AG, Registered Shares
|
14,478
|
626,073
|
|
Concentrix Corp.
|
3,978
|
353,525
|
|
FTI Consulting, Inc.(a),(b)
|
1,562
|
299,295
|
|
Huron Consulting Group, Inc.(a)
|
2,098
|
217,206
|
|
Jacobs Solutions, Inc.
|
4,275
|
576,142
|
|
Leidos Holdings, Inc.
|
3,139
|
346,765
|
|
Science Applications International Corp.
|
2,662
|
339,831
|
6
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024
Portfolio of Investments (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
SS&C Technologies Holdings, Inc.
|
9,764
|
595,799
|
|
TriNet Group, Inc.(a)
|
2,826
|
321,316
|
|
Total
|
|
3,675,952
|
|
Trading Companies & Distributors 1.3%
|
||
|
Beacon Roofing Supply, Inc.(a)
|
5,470
|
453,408
|
|
Ferguson PLC(b)
|
2,702
|
507,598
|
|
Mitsubishi Corp.
|
35,100
|
604,947
|
|
Mitsui & Co., Ltd.
|
15,800
|
640,805
|
|
Toyota Tsusho Corp.
|
12,800
|
838,802
|
|
WESCO International, Inc.(b)
|
2,976
|
516,395
|
|
Total
|
|
3,561,955
|
|
Total Industrials
|
33,939,836
|
|
|
Information Technology 9.3%
|
||
|
Communications Equipment 0.7%
|
||
|
Cisco Systems, Inc.(b)
|
37,991
|
1,906,388
|
|
Electronic Equipment, Instruments & Components 1.3%
|
||
|
Arrow Electronics, Inc.(a),(b)
|
2,220
|
246,753
|
|
CDW Corp.(b)
|
2,255
|
511,253
|
|
Celestica, Inc.(a)
|
16,061
|
551,856
|
|
Flex Ltd.(a)
|
31,793
|
754,766
|
|
Jabil, Inc.(b)
|
8,289
|
1,038,529
|
|
Zebra Technologies Corp., Class A(a)
|
1,776
|
425,441
|
|
Total
|
|
3,528,598
|
|
IT Services 0.4%
|
||
|
Capgemini SE
|
3,089
|
686,751
|
|
Cognizant Technology Solutions Corp., Class A
|
4,522
|
348,736
|
|
Total
|
|
1,035,487
|
|
Semiconductors & Semiconductor Equipment 3.0%
|
||
|
Advanced Micro Devices, Inc.(a)
|
4,568
|
766,008
|
|
Applied Materials, Inc.
|
3,474
|
570,778
|
|
Axcelis Technologies, Inc.(a),(b)
|
2,897
|
376,755
|
|
Broadcom, Inc.(b)
|
1,406
|
1,659,080
|
|
Lam Research Corp.
|
815
|
672,514
|
|
Microchip Technology, Inc.
|
7,337
|
624,966
|
|
Micron Technology, Inc.
|
5,785
|
496,064
|
|
NVIDIA Corp.(b)
|
2,707
|
1,665,536
|
|
NXP Semiconductors NV
|
1,883
|
396,503
|
|
QUALCOMM, Inc.(b)
|
1,300
|
193,063
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Shibaura Mechatronics Corp.
|
7,500
|
355,269
|
|
Teradyne, Inc.
|
2,836
|
273,929
|
|
Total
|
|
8,050,465
|
|
Software 2.6%
|
||
|
Adeia, Inc.
|
55,012
|
667,846
|
|
Adobe, Inc.(a),(b)
|
1,490
|
920,492
|
|
AppLovin Corp.(a),(b)
|
6,510
|
267,756
|
|
Check Point Software Technologies Ltd.(a),(b)
|
5,026
|
798,782
|
|
Gen Digital, Inc.(b)
|
27,669
|
649,668
|
|
Microsoft Corp.(b)
|
3,264
|
1,297,701
|
|
NiCE Ltd., ADR(a)
|
3,050
|
634,705
|
|
Oracle Corp.(b)
|
8,923
|
996,699
|
|
Sprinklr, Inc., Class A(a),(b)
|
2,731
|
34,083
|
|
Zoom Video Communications, Inc., Class A(a),(b)
|
12,817
|
828,107
|
|
Total
|
|
7,095,839
|
|
Technology Hardware, Storage & Peripherals 1.3%
|
||
|
Apple, Inc.(b)
|
8,120
|
1,497,328
|
|
Dell Technologies, Inc.
|
12,769
|
1,058,295
|
|
NetApp, Inc.
|
1,838
|
160,274
|
|
Samsung Electronics Co., Ltd.
|
10,906
|
592,597
|
|
Xerox Holdings Corp.(b)
|
941
|
17,371
|
|
Total
|
|
3,325,865
|
|
Total Information Technology
|
24,942,642
|
|
|
Materials 2.0%
|
||
|
Chemicals 0.2%
|
||
|
DuPont de Nemours, Inc.(b)
|
3,355
|
207,339
|
|
FMC Corp.
|
8,056
|
452,747
|
|
Total
|
|
660,086
|
|
Construction Materials 0.8%
|
||
|
CRH PLC
|
6,227
|
446,849
|
|
Heidelberg Materials AG
|
15,730
|
1,452,579
|
|
Holcim AG, Registered Shares(a)
|
2,211
|
168,874
|
|
Total
|
|
2,068,302
|
|
Containers & Packaging 0.2%
|
||
|
International Paper Co.(b)
|
12,831
|
459,735
|
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024
7
Portfolio of Investments (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Metals & Mining 0.8%
|
||
|
Dundee Precious Metals, Inc.
|
17,900
|
114,633
|
|
Hudbay Minerals, Inc.
|
36,529
|
202,961
|
|
IAMGOLD Corp.(a)
|
28,800
|
68,548
|
|
Olympic Steel, Inc.(b)
|
1,476
|
99,748
|
|
Rio Tinto Ltd.
|
15,561
|
1,338,984
|
|
Teck Resources Ltd., Class B
|
9,256
|
370,333
|
|
Torex Gold Resources, Inc.(a)
|
6,400
|
65,740
|
|
Total
|
|
2,260,947
|
|
Total Materials
|
5,449,070
|
|
|
Real Estate 1.1%
|
||
|
Hotel & Resort REITs 0.1%
|
||
|
Host Hotels & Resorts, Inc.(b)
|
6,494
|
124,815
|
|
Industrial REITs 0.1%
|
||
|
Americold Realty Trust, Inc.(b)
|
9,525
|
261,938
|
|
Real Estate Management & Development 0.2%
|
||
|
New World Development Co., Ltd.
|
536,000
|
656,950
|
|
Residential REITs 0.2%
|
||
|
Equity LifeStyle Properties, Inc.
|
1,642
|
111,147
|
|
Essex Property Trust, Inc.
|
1,750
|
408,222
|
|
Total
|
|
519,369
|
|
Retail REITs 0.2%
|
||
|
Kimco Realty Corp.
|
17,626
|
356,045
|
|
Regency Centers Corp.(b)
|
4,120
|
258,201
|
|
Total
|
|
614,246
|
|
Specialized REITs 0.3%
|
||
|
Equinix, Inc.(b)
|
65
|
53,935
|
|
Lamar Advertising Co., Class A(b)
|
3,201
|
335,081
|
|
VICI Properties, Inc.(b)
|
12,087
|
364,060
|
|
Total
|
|
753,076
|
|
Total Real Estate
|
2,930,394
|
|
|
Utilities 3.0%
|
||
|
Electric Utilities 2.5%
|
||
|
American Electric Power Co., Inc.(b)
|
6,608
|
516,349
|
|
Chubu Electric Power Co., Inc.
|
119,900
|
1,555,426
|
|
Enel SpA
|
60,286
|
411,354
|
|
Eversource Energy(b)
|
6,269
|
339,905
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
FirstEnergy Corp.
|
14,355
|
526,541
|
|
Kansai Electric Power Co., Inc. (The)
|
101,400
|
1,383,313
|
|
OGE Energy Corp.
|
14,761
|
490,656
|
|
PPL Corp.
|
21,841
|
572,234
|
|
Scottish & Southern Energy PLC
|
16,392
|
349,116
|
|
Southern Co. (The)
|
7,353
|
511,180
|
|
Total
|
|
6,656,074
|
|
Gas Utilities 0.0%
|
||
|
New Jersey Resources Corp.
|
3,064
|
125,103
|
|
Independent Power and Renewable Electricity Producers 0.0%
|
||
|
Clearway Energy, Inc., Class A(b)
|
1,530
|
34,364
|
|
Multi-Utilities 0.5%
|
||
|
CenterPoint Energy, Inc.
|
19,311
|
539,549
|
|
Centrica PLC
|
7,591
|
13,285
|
|
Consolidated Edison, Inc.(b)
|
1,430
|
129,987
|
|
NiSource, Inc.
|
21,997
|
571,262
|
|
Total
|
|
1,254,083
|
|
Total Utilities
|
8,069,624
|
|
|
Total Common Stocks
(Cost $150,683,543)
|
180,042,292
|
|
|
|
||
|
Exchange-Traded Equity Funds 16.2%
|
||
|
|
Shares
|
Value ($)
|
|
U.S. Large Cap 16.2%
|
||
|
iShares Core S&P 500 ETF
|
90,055
|
43,694,686
|
|
Total Exchange-Traded Equity Funds
(Cost $40,818,888)
|
43,694,686
|
|
|
Preferred Stocks 0.1%
|
|||
|
Issuer
|
|
Shares
|
Value ($)
|
|
Consumer Discretionary 0.1%
|
|||
|
Automobiles 0.1%
|
|||
|
BMW AG
|
|
1,736
|
169,625
|
|
Volkswagen AG
|
|
260
|
33,440
|
|
Total
|
|
|
203,065
|
|
Total Consumer Discretionary
|
203,065
|
||
8
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024
Portfolio of Investments (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
|
Preferred Stocks (continued)
|
|||
|
Issuer
|
|
Shares
|
Value ($)
|
|
Consumer Staples 0.0%
|
|||
|
Household Products 0.0%
|
|||
|
Henkel AG & Co. KGaA
|
|
173
|
13,262
|
|
Total Consumer Staples
|
13,262
|
||
|
Total Preferred Stocks
(Cost $194,848)
|
216,327
|
||
|
Warrants —%
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Information Technology —%
|
||
|
Software —%
|
||
|
Constellation Software, Inc.(a),(c),(d)
|
100
|
—
|
|
Total Information Technology
|
—
|
|
|
Total Warrants
(Cost $—)
|
—
|
|
|
|
||
|
Money Market Funds 18.1%
|
||
|
|
Shares
|
Value ($)
|
|
Columbia Short-Term Cash Fund, 5.541%(e),(f)
|
48,869,026
|
48,859,252
|
|
Total Money Market Funds
(Cost $48,850,172)
|
48,859,252
|
|
|
Total Investments
(Cost $240,547,451)
|
272,812,557
|
|
|
|
||
|
Investments in Securities Sold Short
|
||
|
|
||
|
Common Stocks (23.9)%
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Communication Services (1.7)%
|
||
|
Diversified Telecommunication Services (0.4)%
|
||
|
Cellnex Telecom SA
|
(9,445
)
|
(363,419
)
|
|
Globalstar, Inc.(a)
|
(12,138
)
|
(19,299
)
|
|
Infrastrutture Wireless Italiane SpA
|
(708
)
|
(8,561
)
|
|
JTOWER, Inc.(a)
|
(7,700
)
|
(237,214
)
|
|
Liberty Global Ltd., Class C(a)
|
(16,997
)
|
(355,917
)
|
|
Total
|
|
(984,410
)
|
|
Entertainment (0.4)%
|
||
|
Lions Gate Entertainment Corp.(a)
|
(26,962
)
|
(281,214
)
|
|
Roblox Corp. Class A(a)
|
(24,827
)
|
(963,536
)
|
|
Total
|
|
(1,244,750
)
|
|
|
||
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Interactive Media & Services (0.1)%
|
||
|
Angi, Inc.(a)
|
(43,572
)
|
(103,265
)
|
|
Rumble, Inc.(a)
|
(10,582
)
|
(72,487
)
|
|
Snap, Inc.(a)
|
(2,128
)
|
(33,814
)
|
|
Total
|
|
(209,566
)
|
|
Media (0.4)%
|
||
|
Clear Channel Outdoor Holdings, Inc.(a)
|
(198,531
)
|
(341,473
)
|
|
Dentsu, Inc.
|
(7,600
)
|
(201,714
)
|
|
Fox Corp., Class A
|
(5,336
)
|
(172,353
)
|
|
Septeni Holdings Co., Ltd.
|
(23,900
)
|
(80,024
)
|
|
Trade Desk, Inc. (The)(a)
|
(2,607
)
|
(178,397
)
|
|
ViacomCBS, Inc., Class B
|
(17,724
)
|
(258,593
)
|
|
Total
|
|
(1,232,554
)
|
|
Wireless Telecommunication Services (0.4)%
|
||
|
SoftBank Corp.
|
(23,200
)
|
(1,001,559
)
|
|
Total Communication Services
|
(4,672,839
)
|
|
|
Consumer Discretionary (3.7)%
|
||
|
Automobile Components (0.8)%
|
||
|
Koito Manufacturing Co., Ltd.
|
(1,100
)
|
(16,840
)
|
|
Luminar Technologies, Inc.(a)
|
(99,481
)
|
(270,589
)
|
|
Mobileye Global, Inc., Class A(a)
|
(6,036
)
|
(156,091
)
|
|
Nokian Renkaat OYJ
|
(70,131
)
|
(632,044
)
|
|
QuantumScape Corp.(a)
|
(130,662
)
|
(889,808
)
|
|
Solid Power, Inc.(a)
|
(64,915
)
|
(105,162
)
|
|
Total
|
|
(2,070,534
)
|
|
Automobiles (0.3)%
|
||
|
Lucid Group, Inc.(a)
|
(86,965
)
|
(293,941
)
|
|
Rivian Automotive, Inc.(a)
|
(41,441
)
|
(634,462
)
|
|
Total
|
|
(928,403
)
|
|
Broadline Retail (0.1)%
|
||
|
B&M European Value Retail SA
|
(25,689
)
|
(168,358
)
|
|
Rakuten Group, Inc.
|
(31,100
)
|
(136,615
)
|
|
Total
|
|
(304,973
)
|
|
Diversified Consumer Services (0.1)%
|
||
|
OneSpaWorld Holdings Ltd.(a)
|
(16,555
)
|
(225,645
)
|
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024
9
Portfolio of Investments (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
|
|
||
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Hotels, Restaurants & Leisure (1.2)%
|
||
|
Accor SA
|
(7,010
)
|
(276,850
)
|
|
Cheesecake Factory, Inc. (The)
|
(4,219
)
|
(145,007
)
|
|
Choice Hotels International, Inc.
|
(3,278
)
|
(397,031
)
|
|
GVC Holdings PLC
|
(52,872
)
|
(644,002
)
|
|
Hyatt Hotels Corp., Class A
|
(2,095
)
|
(268,935
)
|
|
Krispy Kreme, Inc.
|
(13,819
)
|
(183,655
)
|
|
Life Time Group Holdings, Inc.(a)
|
(11,556
)
|
(153,695
)
|
|
Marriott Vacations Worldwide Corp.
|
(1,824
)
|
(153,015
)
|
|
Playa Hotels & Resorts NV(a)
|
(29,944
)
|
(248,535
)
|
|
Portillo’s, Inc., Class A(a)
|
(5,418
)
|
(74,443
)
|
|
Sabre Corp.(a)
|
(71,213
)
|
(291,973
)
|
|
SJM Holdings Ltd.(a)
|
(1,160,000
)
|
(325,994
)
|
|
Soho House & Co., Inc., Class A(a)
|
(31,386
)
|
(193,024
)
|
|
Total
|
|
(3,356,159
)
|
|
Household Durables (0.3)%
|
||
|
KB Home
|
(5,238
)
|
(312,132
)
|
|
LGI Homes, Inc.(a)
|
(4,151
)
|
(489,860
)
|
|
Total
|
|
(801,992
)
|
|
Leisure Products (0.1)%
|
||
|
Acushnet Holdings Corp.
|
(3,629
)
|
(229,861
)
|
|
Specialty Retail (0.6)%
|
||
|
Dick’s Sporting Goods, Inc.
|
(2,372
)
|
(353,594
)
|
|
Five Below, Inc.(a)
|
(1,367
)
|
(245,322
)
|
|
Floor & Decor Holdings, Inc., Class A(a)
|
(4,761
)
|
(478,766
)
|
|
Lowe’s Companies, Inc.
|
(1,051
)
|
(223,695
)
|
|
Tractor Supply Co.
|
(1,206
)
|
(270,867
)
|
|
Total
|
|
(1,572,244
)
|
|
Textiles, Apparel & Luxury Goods (0.2)%
|
||
|
Figs, Inc.(a)
|
(25,303
)
|
(145,745
)
|
|
NIKE, Inc., Class B
|
(1,813
)
|
(184,074
)
|
|
Salvatore Ferragamo SpA
|
(6,579
)
|
(83,913
)
|
|
Total
|
|
(413,732
)
|
|
Total Consumer Discretionary
|
(9,903,543
)
|
|
|
|
||
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Consumer Staples (1.3)%
|
||
|
Beverages (0.4)%
|
||
|
Davide Campari-Milano NV
|
(21,138
)
|
(214,154
)
|
|
Duckhorn Portfolio, Inc. (The)(a)
|
(20,108
)
|
(173,532
)
|
|
National Beverage Corp.(a)
|
(8,679
)
|
(401,317
)
|
|
Treasury Wine Estates Ltd.
|
(30,299
)
|
(212,460
)
|
|
Total
|
|
(1,001,463
)
|
|
Consumer Staples Distribution & Retail (0.1)%
|
||
|
Ocado Group PLC(a)
|
(4,318
)
|
(29,578
)
|
|
Sprouts Farmers Market, Inc.(a)
|
(4,055
)
|
(204,250
)
|
|
Total
|
|
(233,828
)
|
|
Food Products (0.5)%
|
||
|
Freshpet, Inc.(a)
|
(6,552
)
|
(564,127
)
|
|
Hormel Foods Corp.
|
(11,706
)
|
(355,511
)
|
|
McCormick & Co., Inc.
|
(4,996
)
|
(340,528
)
|
|
TreeHouse Foods, Inc.(a)
|
(6,070
)
|
(255,547
)
|
|
Total
|
|
(1,515,713
)
|
|
Household Products (0.3)%
|
||
|
Kimberly-Clark Corp.
|
(4,089
)
|
(494,646
)
|
|
WD-40 Co.
|
(977
)
|
(253,024
)
|
|
Total
|
|
(747,670
)
|
|
Total Consumer Staples
|
(3,498,674
)
|
|
|
Energy (1.3)%
|
||
|
Oil, Gas & Consumable Fuels (1.3)%
|
||
|
CVR Energy, Inc.
|
(10,063
)
|
(339,425
)
|
|
Matador Resources Co.
|
(6,967
)
|
(382,419
)
|
|
NexGen Energy Ltd.(a)
|
(58,100
)
|
(445,111
)
|
|
NextDecade Corp.(a)
|
(84,786
)
|
(431,561
)
|
|
Occidental Petroleum Corp.
|
(13,161
)
|
(757,679
)
|
|
Permian Resources Corp.
|
(23,442
)
|
(315,998
)
|
|
Targa Resources Corp.
|
(5,524
)
|
(469,319
)
|
|
Uranium Energy Corp.(a)
|
(42,061
)
|
(321,346
)
|
|
Total
|
|
(3,462,858
)
|
|
Total Energy
|
(3,462,858
)
|
|
10
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024
Portfolio of Investments (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
|
|
||
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Financials (4.6)%
|
||
|
Banks (2.3)%
|
||
|
Aozora Bank Ltd.
|
(20,100
)
|
(441,856
)
|
|
Bank of Hawaii Corp.
|
(9,942
)
|
(628,633
)
|
|
Commerce Bancshares, Inc.
|
(13,451
)
|
(701,066
)
|
|
Commonwealth Bank of Australia
|
(12,698
)
|
(968,279
)
|
|
Community Bank System, Inc.
|
(12,636
)
|
(578,350
)
|
|
Cullen/Frost Bankers, Inc.
|
(2,901
)
|
(307,854
)
|
|
CVB Financial Corp.
|
(5,440
)
|
(91,229
)
|
|
First Financial Bankshares, Inc.
|
(23,681
)
|
(739,557
)
|
|
Glacier Bancorp, Inc.
|
(17,827
)
|
(689,192
)
|
|
Hang Seng Bank Ltd.
|
(49,200
)
|
(512,180
)
|
|
Texas Capital Bancshares, Inc.(a)
|
(3,837
)
|
(234,057
)
|
|
United Bankshares, Inc.
|
(7,676
)
|
(275,184
)
|
|
Total
|
|
(6,167,437
)
|
|
Capital Markets (1.0)%
|
||
|
AJ Bell PLC
|
(70,045
)
|
(280,862
)
|
|
Ashmore Group PLC
|
(160,191
)
|
(430,787
)
|
|
Avanza Bank Holding AB
|
(11,029
)
|
(221,545
)
|
|
Deutsche Bank AG
|
(21,805
)
|
(281,671
)
|
|
EQT AB
|
(16,912
)
|
(454,123
)
|
|
Moelis & Co., Class A
|
(4,582
)
|
(251,873
)
|
|
Moody’s Corp.
|
(369
)
|
(144,663
)
|
|
Onex Corp.
|
(1,600
)
|
(118,139
)
|
|
T Rowe Price Group, Inc.
|
(5,093
)
|
(552,336
)
|
|
Total
|
|
(2,735,999
)
|
|
Consumer Finance (0.2)%
|
||
|
Credit Acceptance Corp.(a)
|
(735
)
|
(397,687
)
|
|
Upstart Holdings, Inc.(a)
|
(6,003
)
|
(190,655
)
|
|
Total
|
|
(588,342
)
|
|
Financial Services (0.2)%
|
||
|
Edenred SE
|
(321
)
|
(19,173
)
|
|
Toast, Inc. Class A(a)
|
(27,370
)
|
(486,365
)
|
|
Total
|
|
(505,538
)
|
|
|
||
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Insurance (0.7)%
|
||
|
Cincinnati Financial Corp.
|
(2,446
)
|
(271,017
)
|
|
Erie Indemnity Co., Class A
|
(575
)
|
(198,852
)
|
|
Kinsale Capital Group, Inc.
|
(487
)
|
(193,616
)
|
|
Legal & General Group PLC
|
(235,650
)
|
(757,955
)
|
|
Lemonade, Inc.(a)
|
(1,963
)
|
(31,055
)
|
|
RLI Corp.
|
(2,589
)
|
(353,062
)
|
|
Trupanion, Inc.(a)
|
(2,747
)
|
(74,718
)
|
|
Total
|
|
(1,880,275
)
|
|
Mortgage Real Estate Investment Trusts (REITS) (0.2)%
|
||
|
Dynex Capital, Inc.
|
(51,148
)
|
(626,052
)
|
|
Total Financials
|
(12,503,643
)
|
|
|
Health Care (2.9)%
|
||
|
Biotechnology (1.0)%
|
||
|
Alnylam Pharmaceuticals, Inc.(a)
|
(5,112
)
|
(883,916
)
|
|
Argenx SE(a)
|
(850
)
|
(320,987
)
|
|
Ascendis Pharma A/S ADR(a)
|
(1,202
)
|
(156,176
)
|
|
Celldex Therapeutics, Inc.(a)
|
(3,944
)
|
(138,908
)
|
|
Karuna Therapeutics, Inc.(a)
|
(652
)
|
(204,350
)
|
|
Madrigal Pharmaceuticals, Inc.(a)
|
(655
)
|
(141,945
)
|
|
MoonLake Immunotherapeutics(a)
|
(1,477
)
|
(82,535
)
|
|
Myriad Genetics, Inc.(a)
|
(9,044
)
|
(193,451
)
|
|
Recursion Pharmaceuticals, Inc., Class A(a)
|
(15,306
)
|
(144,029
)
|
|
Rhythm Pharmaceuticals, Inc.(a)
|
(3,265
)
|
(144,019
)
|
|
StemRIM, Inc.(a)
|
(11,200
)
|
(41,365
)
|
|
TG Therapeutics, Inc.(a)
|
(8,146
)
|
(132,291
)
|
|
Twist Bioscience Corp.(a)
|
(4,081
)
|
(132,224
)
|
|
Total
|
|
(2,716,196
)
|
|
Health Care Equipment & Supplies (0.6)%
|
||
|
Ambu A/S(a)
|
(7,151
)
|
(118,614
)
|
|
Asahi Intecc Co., Ltd.
|
(38,900
)
|
(739,135
)
|
|
Insulet Corp.(a)
|
(729
)
|
(139,144
)
|
|
Neogen Corp.(a)
|
(8,032
)
|
(124,496
)
|
|
Olympus Corp.
|
(21,000
)
|
(310,877
)
|
|
Tandem Diabetes Care, Inc.(a)
|
(5,932
)
|
(135,250
)
|
|
Total
|
|
(1,567,516
)
|
|
Health Care Providers & Services (0.0)%
|
||
|
Guardant Health, Inc.(a)
|
(4,805
)
|
(105,374
)
|
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024
11
Portfolio of Investments (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
|
|
||
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Health Care Technology (0.1)%
|
||
|
Definitive Healthcare Corp.(a)
|
(16,541
)
|
(140,598
)
|
|
Doximity, Inc., Class A(a)
|
(4,741
)
|
(127,770
)
|
|
Total
|
|
(268,368
)
|
|
Life Sciences Tools & Services (0.1)%
|
||
|
Oxford Nanopore Technologies PLC(a)
|
(75,685
)
|
(153,753
)
|
|
Pharmaceuticals (1.1)%
|
||
|
Cassava Sciences, Inc.(a)
|
(4,220
)
|
(101,069
)
|
|
Catalent, Inc.(a)
|
(1,554
)
|
(80,248
)
|
|
Corcept Therapeutics, Inc.(a)
|
(4,816
)
|
(101,618
)
|
|
Daiichi Sankyo Co., Ltd.
|
(35,000
)
|
(1,047,866
)
|
|
Eisai Co., Ltd.
|
(19,500
)
|
(918,229
)
|
|
Intra-Cellular Therapies, Inc.(a)
|
(2,258
)
|
(152,054
)
|
|
Kyowa Hakko Kirin Co., Ltd.
|
(600
)
|
(9,451
)
|
|
Nippon Shinyaku Co., Ltd.
|
(3,600
)
|
(127,181
)
|
|
Phathom Pharmaceuticals, Inc.(a)
|
(18,874
)
|
(126,456
)
|
|
Pliant Therapeutics, Inc.(a)
|
(19,008
)
|
(340,623
)
|
|
Revance Therapeutics, Inc.(a)
|
(10,622
)
|
(53,429
)
|
|
Total
|
|
(3,058,224
)
|
|
Total Health Care
|
(7,869,431
)
|
|
|
Industrials (3.3)%
|
||
|
Aerospace & Defense (0.4)%
|
||
|
Airbus Group SE
|
(776
)
|
(123,606
)
|
|
Boeing Co. (The)(a)
|
(3,523
)
|
(743,494
)
|
|
Kratos Defense & Security Solutions, Inc.(a)
|
(8,974
)
|
(151,930
)
|
|
Virgin Galactic Holdings, Inc.(a)
|
(73,953
)
|
(131,636
)
|
|
Total
|
|
(1,150,666
)
|
|
Building Products (0.1)%
|
||
|
Hayward Holdings, Inc.(a)
|
(24,080
)
|
(301,482
)
|
|
Commercial Services & Supplies (0.1)%
|
||
|
Montrose Environmental Group, Inc.(a)
|
(9,915
)
|
(289,617
)
|
|
Construction & Engineering (0.0)%
|
||
|
Ferrovial SE
|
(2,771
)
|
(105,673
)
|
|
Electrical Equipment (0.9)%
|
||
|
Ballard Power Systems, Inc.(a)
|
(42,201
)
|
(138,112
)
|
|
Enovix Corp.(a)
|
(6,836
)
|
(63,643
)
|
|
Freyr Battery, Inc.(a)
|
(56,117
)
|
(75,758
)
|
|
|
||
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
FuelCell Energy, Inc.(a)
|
(121,797
)
|
(146,156
)
|
|
Furukawa Electric Co., Ltd.
|
(28,000
)
|
(509,333
)
|
|
Generac Holdings, Inc.(a)
|
(3,163
)
|
(359,538
)
|
|
ITM Power PLC(a)
|
(135,202
)
|
(101,917
)
|
|
Nidec Corp.
|
(6,300
)
|
(234,970
)
|
|
PowerCell Sweden AB(a)
|
(15,451
)
|
(60,278
)
|
|
Regal Rexnord Corp.
|
(4,002
)
|
(534,107
)
|
|
Vestas Wind Systems A/S(a)
|
(3,437
)
|
(96,906
)
|
|
Total
|
|
(2,320,718
)
|
|
Machinery (1.1)%
|
||
|
Husqvarna AB
|
(74,886
)
|
(582,531
)
|
|
Kornit Digital Ltd.(a)
|
(15,688
)
|
(268,422
)
|
|
Oshkosh Corp.
|
(5,901
)
|
(649,700
)
|
|
Proto Labs, Inc.(a)
|
(14,635
)
|
(528,177
)
|
|
Terex Corp.
|
(5,781
)
|
(355,127
)
|
|
VAT Group AG
|
(1,403
)
|
(653,138
)
|
|
Total
|
|
(3,037,095
)
|
|
Passenger Airlines (0.1)%
|
||
|
Joby Aviation, Inc.(a)
|
(29,451
)
|
(160,802
)
|
|
Professional Services (0.4)%
|
||
|
Dayforce, Inc.(a)
|
(3,346
)
|
(232,614
)
|
|
Exponent, Inc.
|
(3,632
)
|
(320,306
)
|
|
ManpowerGroup, Inc.
|
(2,644
)
|
(196,026
)
|
|
NV5 Global, Inc.(a)
|
(2,257
)
|
(236,737
)
|
|
Total
|
|
(985,683
)
|
|
Trading Companies & Distributors (0.1)%
|
||
|
Beijer Ref AB
|
(31,441
)
|
(428,069
)
|
|
Transportation Infrastructure (0.1)%
|
||
|
Atlas Arteria Ltd.
|
(70,207
)
|
(247,508
)
|
|
Total Industrials
|
(9,027,313
)
|
|
|
Information Technology (2.1)%
|
||
|
Electronic Equipment, Instruments & Components (0.4)%
|
||
|
Cognex Corp.
|
(10,369
)
|
(374,736
)
|
|
MicroVision, Inc.(a)
|
(62,123
)
|
(147,853
)
|
|
Novanta, Inc.(a)
|
(2,777
)
|
(429,185
)
|
|
Total
|
|
(951,774
)
|
12
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024
Portfolio of Investments (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
|
|
||
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
IT Services (0.1)%
|
||
|
Amdocs Ltd.
|
(2,699
)
|
(247,444
)
|
|
MongoDB, Inc.(a)
|
(101
)
|
(40,453
)
|
|
Total
|
|
(287,897
)
|
|
Semiconductors & Semiconductor Equipment (0.6)%
|
||
|
Advantest Corp.
|
(12,200
)
|
(485,534
)
|
|
Entegris, Inc.
|
(6,226
)
|
(732,800
)
|
|
GCL Technology Holdings Ltd.
|
(1,946,000
)
|
(223,912
)
|
|
Wolfspeed, Inc.(a)
|
(7,730
)
|
(251,612
)
|
|
Total
|
|
(1,693,858
)
|
|
Software (1.0)%
|
||
|
Blackline, Inc.(a)
|
(7,178
)
|
(421,205
)
|
|
Jamf Holding Corp.(a)
|
(26,275
)
|
(487,138
)
|
|
Palantir Technologies, Inc., Class A(a)
|
(75,191
)
|
(1,209,823
)
|
|
Unity Software, Inc.(a)
|
(17,812
)
|
(577,109
)
|
|
Total
|
|
(2,695,275
)
|
|
Total Information Technology
|
(5,628,804
)
|
|
|
Materials (1.4)%
|
||
|
Chemicals (0.6)%
|
||
|
Albemarle Corp.
|
(1,808
)
|
(207,450
)
|
|
Covestro AG(a)
|
(294
)
|
(15,525
)
|
|
Croda International PLC
|
(3,426
)
|
(207,364
)
|
|
Ganfeng Lithium Group Co., Ltd., Class H
|
(51,800
)
|
(138,374
)
|
|
PureCycle Technologies, Inc.(a)
|
(84,032
)
|
(329,405
)
|
|
Sumitomo Chemical Co., Ltd.
|
(92,300
)
|
(217,328
)
|
|
Symrise AG
|
(3,466
)
|
(357,600
)
|
|
Total
|
|
(1,473,046
)
|
|
Metals & Mining (0.8)%
|
||
|
De Grey Mining Ltd.(a)
|
(143,122
)
|
(113,894
)
|
|
Filo Corp.(a)
|
(11,000
)
|
(169,117
)
|
|
Ivanhoe Mines Ltd., Class A(a)
|
(74,600
)
|
(782,927
)
|
|
Lithium Americas Argentina Corp.(a)
|
(6,100
)
|
(27,042
)
|
|
Lynas Rare Earths Ltd.(a)
|
(32,275
)
|
(122,719
)
|
|
Mineral Resources Ltd.
|
(11,224
)
|
(432,896
)
|
|
MP Materials Corp.(a)
|
(15,039
)
|
(237,767
)
|
|
Pan American Silver Corp.
|
(25,300
)
|
(342,489
)
|
|
Total
|
|
(2,228,851
)
|
|
Total Materials
|
(3,701,897
)
|
|
|
|
||
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Real Estate (1.6)%
|
||
|
Diversified REITs (0.1)%
|
||
|
Nomura Real Estate Master Fund, Inc.
|
(190
)
|
(207,910
)
|
|
Industrial REITs (0.1)%
|
||
|
Segro PLC
|
(29,018
)
|
(322,276
)
|
|
Office REITs (0.2)%
|
||
|
Gecina SA
|
(2,065
)
|
(227,742
)
|
|
SL Green Realty Corp.
|
(6,356
)
|
(285,702
)
|
|
Total
|
|
(513,444
)
|
|
Real Estate Management & Development (0.9)%
|
||
|
CBRE Group, Inc.(a)
|
(4,672
)
|
(403,240
)
|
|
CoStar Group, Inc.(a)
|
(892
)
|
(74,464
)
|
|
Fastighets AB Balder, Class B(a)
|
(26,860
)
|
(178,278
)
|
|
Howard Hughes Holdings, Inc.(a)
|
(5,109
)
|
(409,129
)
|
|
LEG Immobilien SE(a)
|
(614
)
|
(50,950
)
|
|
Sagax AB, Class B
|
(41,165
)
|
(1,000,364
)
|
|
Seritage Growth Properties, Class A(a)
|
(11,312
)
|
(103,505
)
|
|
Zillow Group, Inc., Class C(a)
|
(2,579
)
|
(146,590
)
|
|
Total
|
|
(2,366,520
)
|
|
Residential REITs (0.1)%
|
||
|
Camden Property Trust
|
(1,978
)
|
(185,616
)
|
|
Mid-America Apartment Communities, Inc.
|
(1,874
)
|
(236,836
)
|
|
Total
|
|
(422,452
)
|
|
Retail REITs (0.1)%
|
||
|
Unibail-Rodamco-Westfield(a)
|
(2,639
)
|
(188,965
)
|
|
Specialized REITs (0.1)%
|
||
|
Digital Realty Trust, Inc.
|
(1,247
)
|
(175,153
)
|
|
Total Real Estate
|
(4,196,720
)
|
|
|
Total Common Stocks
(Proceeds $67,775,289)
|
(64,465,722
)
|
|
|
Preferred Stocks (0.1)%
|
|||
|
Issuer
|
|
Shares
|
Value ($)
|
|
Consumer Discretionary (0.1)%
|
|||
|
Automobiles (0.1)%
|
|||
|
Porsche Automobil Holding SE
|
|
(3,959
)
|
(197,649
)
|
|
Total Consumer Discretionary
|
(197,649
)
|
||
|
Total Preferred Stocks
(Proceeds $198,996)
|
(197,649
)
|
||
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024
13
Portfolio of Investments (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2024 (Unaudited)
|
Warrants (0.0)%
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Health Care (0.0)%
|
||
|
Pharmaceuticals (0.0)%
|
||
|
Cassava Sciences, Inc.(a)
|
(1,449
)
|
(10,071
)
|
|
Total Health Care
|
(10,071
)
|
|
|
Total Warrants
(Proceeds $15,435)
|
(10,071
)
|
|
|
Total Investments in Securities Sold Short
(Proceeds $67,989,720)
|
(64,673,442
)
|
|
|
Total Investments in Securities, Net of Securities Sold Short
|
208,139,115
|
|
|
Other Assets & Liabilities, Net
|
|
61,407,006
|
|
Net Assets
|
269,546,121
|
|
At January 31, 2024, securities and/or cash totaling $134,404,696 were pledged as collateral.
Investments in derivatives
|
Call option contracts written
|
||||||||
|
Description
|
Counterparty
|
Trading
currency
|
Notional
amount
|
Number of
contracts
|
Exercise
price/Rate
|
Expiration
date
|
Premium
received ($)
|
Value ($)
|
|
Restaurant Brands International, Inc.
|
Morgan Stanley
|
USD
|
(242,048
)
|
(31
)
|
75.00
|
2/16/2024
|
(9,051
)
|
(11,935
)
|
|
Ross Stores, Inc.
|
Morgan Stanley
|
USD
|
(224,448
)
|
(16
)
|
135.00
|
2/16/2024
|
(7,312
)
|
(10,080
)
|
|
Total
|
|
|
|
|
|
|
(16,363
)
|
(22,015
)
|
Notes to Portfolio of Investments
|
(a)
|
Non-income producing investment.
|
|
(b)
|
This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or
derivative contracts.
|
|
(c)
|
Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2024,
the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
|
|
(d)
|
Valuation based on significant unobservable inputs.
|
|
(e)
|
The rate shown is the seven-day current annualized yield at January 31, 2024.
|
|
(f)
|
As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these
affiliated companies during the period ended January 31, 2024 are as follows:
|
|
Affiliated issuers
|
Beginning
of period($)
|
Purchases($)
|
Sales($)
|
Net change in
unrealized
appreciation
(depreciation)($)
|
End of
period($)
|
Realized gain
(loss)($)
|
Dividends($)
|
End of
period shares
|
|
Columbia Short-Term Cash Fund, 5.541%
|
||||||||
|
|
33,247,325
|
245,722,751
|
(230,116,222
)
|
5,398
|
48,859,252
|
(3,743
)
|
1,582,712
|
48,869,026
|
Abbreviation Legend
|
ADR
|
American Depositary Receipt
|
Currency Legend
|
USD
|
US Dollar
|
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
14
Multi-Manager Directional Alternative Strategies Fund | Third Quarter Report 2024