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Columbia Real Estate Equity Fund
First Quarter Report
March 31, 2024 (Unaudited)
  
Not FDIC or NCUA Insured
No Financial Institution Guarantee
May Lose Value
Portfolio of Investments
Columbia Real Estate Equity Fund, March 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Common Stocks 97.0%
Issuer
Shares
Value ($)
Real Estate 97.0%
Data Center REITs 11.4%
Digital Realty Trust, Inc.
22,600
3,255,304
Equinix, Inc.(a)
19,109
15,771,231
Total
19,026,535
Diversified REITs 1.2%
American Assets Trust, Inc.
10,600
232,246
Empire State Realty Trust, Inc., Class A
179,900
1,822,387
Total
2,054,633
Health Care REITs 10.3%
CareTrust REIT, Inc.
16,300
397,231
Healthcare Realty Trust, Inc.
74,200
1,049,930
Healthpeak Properties, Inc.
114,337
2,143,819
Medical Properties Trust, Inc.
104,400
490,680
National Health Investors, Inc.
7,000
439,810
Omega Healthcare Investors, Inc.
38,800
1,228,796
Sabra Health Care REIT, Inc.
38,100
562,737
Ventas, Inc.
61,800
2,690,772
Welltower, Inc.(a)
87,648
8,189,829
Total
17,193,604
Hotel & Resort REITs 4.5%
Apple Hospitality REIT, Inc.
34,500
565,110
DiamondRock Hospitality Co.
343,200
3,298,152
Park Hotels & Resorts, Inc.
97,800
1,710,522
Ryman Hospitality Properties, Inc.
9,700
1,121,417
Service Properties Trust
28,700
194,586
Sunstone Hotel Investors, Inc.
32,400
360,936
Xenia Hotels & Resorts, Inc.
18,200
273,182
Total
7,523,905
Industrial REITs 16.0%
Americold Realty Trust, Inc.
44,600
1,111,432
EastGroup Properties, Inc.
7,600
1,366,252
First Industrial Realty Trust, Inc.
54,803
2,879,350
Innovative Industrial Properties, Inc.
4,500
465,930
LXP Industrial Trust
45,800
413,116
Prologis, Inc.(a)
145,419
18,936,462
Common Stocks (continued)
Issuer
Shares
Value ($)
Rexford Industrial Realty, Inc.
32,500
1,634,750
Total
26,807,292
Multi-Family Residential REITs 12.8%
Apartment Income REIT Corp.
23,700
769,539
AvalonBay Communities, Inc.(a)
40,753
7,562,127
Centerspace
2,579
147,364
Elme Communities
12,200
169,824
Equity Residential
114,100
7,200,851
Essex Property Trust, Inc.(a)
10,200
2,497,062
Independence Realty Trust, Inc.
50,000
806,500
UDR, Inc.
56,468
2,112,468
Veris Residential, Inc.
10,700
162,747
Total
21,428,482
Office REITs 4.1%
Alexandria Real Estate Equities, Inc.
28,242
3,640,676
COPT Defense Properties
18,600
449,562
Cousins Properties, Inc.
25,400
610,616
Easterly Government Properties, Inc.
26,800
308,468
Highwoods Properties, Inc.
58,600
1,534,148
Hudson Pacific Properties, Inc.
29,900
192,855
Piedmont Office Realty Trust, Inc.
20,600
144,818
Total
6,881,143
Other Specialized REITs 5.1%
EPR Properties
21,100
895,695
Four Corners Property Trust, Inc.
24,700
604,409
Iron Mountain, Inc.
48,300
3,874,143
Lamar Advertising Co., Class A
14,716
1,757,237
Outfront Media, Inc.
26,900
451,651
VICI Properties, Inc.
31,400
935,406
Total
8,518,541
Retail REITs 16.3%
Brixmor Property Group, Inc.
157,264
3,687,841
Federal Realty Investment Trust
15,053
1,537,212
Kimco Realty Corp.
224,300
4,398,523
Macerich Co. (The)
34,800
599,604
Realty Income Corp.(a)
129,157
6,987,394
Simon Property Group, Inc.(a)
61,444
9,615,372
2
Columbia Real Estate Equity Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Real Estate Equity Fund, March 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
SITE Centers Corp.
32,382
474,396
Total
27,300,342
Self Storage REITs 8.7%
CubeSmart
36,700
1,659,574
Extra Space Storage, Inc.(a)
39,465
5,801,355
Public Storage
24,100
6,990,446
Total
14,451,375
Single-Family Residential REITs 5.8%
Equity LifeStyle Properties, Inc.
1,400
90,160
Invitation Homes, Inc.
149,783
5,333,772
Sun Communities, Inc.
32,815
4,219,353
Total
9,643,285
Telecom Tower REITs 0.8%
SBA Communications Corp.
6,300
1,365,210
Total Real Estate
162,194,347
Total Common Stocks
(Cost: $119,098,329)
162,194,347
 
Money Market Funds 0.8%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 5.543%(b),(c)
1,362,547
1,362,275
Total Money Market Funds
(Cost: $1,362,050)
1,362,275
Total Investments in Securities
(Cost $120,460,379)
163,556,622
Other Assets & Liabilities, Net
 
3,762,763
Net Assets
$167,319,385
At March 31, 2024, securities and/or cash totaling $29,996,156 were pledged as collateral.
Investments in derivatives 
Swap arrangement - contracts for differences
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Cash & other
receivable
(payable) ($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Appreciation on underlying contracts
for differences (CFDs), accrued
income on long CFDs, and SOFR
less a spread of 40 basis points
on short CFDs
Depreciation on underlying CFDs,
accrued income on underlying
short CFDs, and SOFR plus a
spread of 40 basis points on long
CFDs
Monthly
Goldman Sachs
International
03/24/2027
USD
52,395,383
127,758
172,688
300,446
—
The following table represents the contracts for differences underlying the swap arrangement as of March 31, 2024. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement: 
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Long Equity Contracts for Differences
Real Estate
Diversified REITs
WP Carey, Inc.
3,900
218,361
1,755
0.6
Broadstone Net Lease, Inc.
202,400
3,015,760
155,848
51.9
Hotel & Resort REITs
Host Hotels & Resorts, Inc.
109,405
2,300,796
(38,301
)
(12.7
)
Park Hotels & Resorts, Inc.
105,900
1,811,949
40,242
13.4
Columbia Real Estate Equity Fund  | First Quarter Report 2024
3
Portfolio of Investments  (continued)
Columbia Real Estate Equity Fund, March 31, 2024 (Unaudited)
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Office REITs
Kilroy Realty Corp.
86,400
2,995,488
152,064
50.6
Boston Properties, Inc.
26,600
1,665,160
72,086
24.0
NET Lease Office Properties
2,147
49,381
1,718
0.6
Other Specialized REITs
VICI Properties, Inc.
299,900
8,668,332
265,689
88.4
Retail REITs
Kite Realty Group Trust
36,200
751,874
32,942
11.0
NNN REIT, Inc.
29,300
1,214,778
37,504
12.5
Retail Opportunity Investments Corp.
204,500
2,568,520
53,170
17.7
Total
 
25,260,399
774,717
 
 
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Short Equity Contracts for Differences
Real Estate
Hotel & Resort REITs
RLJ Lodging Trust
(227,600
)
(2,702,555
)
12,323
4.1
Industrial REITs
STAG Industrial Inc
(15,800
)
(587,918
)
(19,434
)
(6.5
)
Terreno Realty Corp
(15,500
)
(974,073
)
(55,127
)
(18.3
)
Multi-Family Residential REITs
Mid-America Apartment Communities, Inc.
(6,900
)
(899,346
)
(8,556
)
(2.8
)
Camden Property Trust
(18,300
)
(1,802,367
)
1,647
0.5
Office REITs
Paramount Group, Inc.
(373,200
)
(1,720,452
)
(29,856
)
(9.9
)
JBG Smith Properties
(136,600
)
(2,273,024
)
80,594
26.8
Douglas Emmett, Inc.
(144,200
)
(1,894,788
)
(105,266
)
(35.0
)
Other Specialized REITs
Gaming and Leisure Properties, Inc.
(69,619
)
(3,149,123
)
(58,224
)
(19.4
)
Retail REITs
Regency Centers Corp.
(10,100
)
(597,254
)
(14,402
)
(4.8
)
Urban Edge Properties
(124,200
)
(2,045,574
)
(99,360
)
(33.1
)
Phillips Edison & Co., Inc.
(50,300
)
(1,773,075
)
(31,186
)
(10.4
)
Agree Realty Corp.
(29,100
)
(1,647,933
)
(14,259
)
(4.7
)
Self Storage REITs
National Storage Affiliates Trust
(102,400
)
(3,705,856
)
(304,128
)
(101.2
)
Telecom Tower REITs
American Tower Corp.
(6,900
)
(1,361,646
)
(1,725
)
(0.6
)
Total
 
(27,134,984
)
(646,959
)
 
 
Swap arrangement - contracts for differences
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Cash & other
receivable
(payable) ($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Appreciation on underlying contracts
for difference (CFDs), accrued
income on long CFDs, and 1-Day
Overnight Fed Funds Effective Rate
less a spread of 35-103 basis
points on short CFDs
Depreciation on underlying CFDs,
accrued income on underlying
short CFDs, and 1-Day Overnight
Fed Funds Effective Rate plus a
spread of 40 basis points on long
CFDs
Monthly
Morgan Stanley
08/06/2025
USD
17,992,564
491,643
71,542
563,185
—
The following table represents the contracts for differences underlying the swap arrangement as of March 31, 2024. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement:
 
4
Columbia Real Estate Equity Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Real Estate Equity Fund, March 31, 2024 (Unaudited)
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Long Equity Contracts for Differences
Real Estate
Diversified REITs
Essential Properties Realty Trust, Inc.
90,900
2,305,224
118,170
21.0
Industrial REITs
Rexford Industrial Realty, Inc.
31,600
1,624,556
(35,076
)
(6.2
)
Office REITs
Highwoods Properties, Inc.
59,700
1,459,068
103,878
18.4
Vornado Realty Trust
118,700
3,023,289
391,710
69.6
Brandywine Realty Trust
28,300
123,671
12,169
2.2
Self Storage REITs
Public Storage
11,300
3,130,552
147,126
26.1
Single-Family Residential REITs
Sun Communities, Inc.
1,000
130,990
(2,410
)
(0.4
)
Total
 
11,797,350
735,567
 
 
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Short Equity Contracts for Differences
Real Estate
Hotel & Resort REITs
Pebblebrook Hotel Trust
(169,700
)
(2,630,350
)
15,273
2.7
Office REITs
SL Green Realty Corp.
(43,600
)
(2,202,672
)
(200,996
)
(35.7
)
Retail REITs
Tanger, Inc.
(48,100
)
(1,362,192
)
(58,201
)
(10.3
)
Total
 
(6,195,214
)
(243,924
)
 
 
Swap arrangement - contracts for differences
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Cash & other
receivable
(payable) ($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Appreciation on underlying contracts
for differences (CFDs), accrued
income on long CFDs, and OBFR on
short CFDs
Depreciation on underlying CFDs,
accrued income on underlying short
CFDs, and OBFR plus a spread of
46.5 basis points on long CFDs
Monthly
UBS
11/03/2026
USD
208,995
11,505
4,703
16,208
—
 
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Long Equity Contracts for Differences
Real Estate
Self Storage REITs
Extra Space Storage, Inc.
1,500
208,995
11,505
71.0
Total
 
208,995
11,505
 
 
Reference index and values for swap contracts as of period end
Reference index
 
Reference rate
1-Day Overnight Fed Funds Effective Rate
Overnight Federal Funds Effective Rate
5.330%
OBFR
Overnight Bank Funding Rate
5.330%
SOFR
Secured Overnight Financing Rate
5.330%
Columbia Real Estate Equity Fund  | First Quarter Report 2024
5
Portfolio of Investments  (continued)
Columbia Real Estate Equity Fund, March 31, 2024 (Unaudited)
Notes to Portfolio of Investments 
(a)
This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(b)
The rate shown is the seven-day current annualized yield at March 31, 2024.
(c)
As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 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, 5.543%
 
6,170,898
14,101,766
(18,909,861
)
(528
)
1,362,275
469
63,666
1,362,547
Abbreviation Legend 
OBFR
Overnight Bank Funding Rate
SOFR
Secured Overnight Financing Rate
Currency Legend 
USD
US Dollar
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
6
Columbia Real Estate Equity Fund  | First Quarter Report 2024
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You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
1QT212_12_P01_(05/24)