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Multi-Manager International Equity Strategies Fund
Third Quarter Report
May 31, 2024 (Unaudited)
  
Not FDIC or NCUA Insured
No Financial Institution Guarantee
May Lose Value
Portfolio of Investments
Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Common Stocks 97.2%
Issuer
Shares
Value ($)
Australia 0.3%
Aristocrat Leisure Ltd.
25,376
762,839
Aurizon Holdings Ltd.
25,745
63,264
Brambles Ltd.
65,698
624,495
REA Group Ltd.
1,360
170,079
Rio Tinto PLC, ADR
44,825
3,142,232
Wesfarmers Ltd.
51,918
2,252,266
Total
7,015,175
Austria 0.2%
Erste Group Bank AG
14,525
713,762
Erste Group Bank AG
1,942
95,559
OMV AG
63,123
3,190,143
voestalpine AG
5,143
150,531
Wienerberger AG
40,580
1,523,258
Total
5,673,253
Belgium 0.7%
Ageas SA/NV
1,900
94,215
Anheuser-Busch InBev SA/NV
260,976
16,465,398
Proximus SADP
143,898
1,134,456
Total
17,694,069
Brazil 1.9%
Banco Bradesco SA, ADR
1,459,070
3,589,312
MercadoLibre, Inc.(a)
21,862
37,724,630
Petroleo Brasileiro SA, ADR
342,230
5,321,677
Petroleo Brasileiro SA, ADR
252,230
3,735,526
Total
50,371,145
Canada 2.0%
AbCellera Biologics, Inc.(a)
289,836
1,136,157
Barrick Gold Corp.
372,120
6,359,531
Canadian Pacific Kansas City Ltd.
181,213
14,424,446
Constellation Software, Inc.
5,733
15,946,443
Lumine Group, Inc.(a),(b)
321,313
9,029,156
Shopify, Inc., Class A(a)
114,951
6,799,351
Total
53,695,084
Chile 0.0%
Antofagasta PLC
18,936
537,133
Common Stocks (continued)
Issuer
Shares
Value ($)
China 3.7%
Agricultural Bank of China Ltd., Class H
3,074,000
1,288,715
AviChina Industry & Technology Co., Ltd., Class H
766,000
347,572
Bank of Chongqing Co., Ltd., Class H
268,500
180,127
BYD Electronic International Co., Ltd.
205,000
890,511
China CITIC Bank Corp., Ltd., Class H
600,000
366,967
China Communications Services Corp., Ltd., Class H
290,000
139,503
China Construction Bank Corp., Class H
2,032,000
1,442,160
China Merchants Bank Co., Ltd., Class H
756,000
3,387,380
China Minsheng Banking Corp. Ltd., Class H
553,500
209,670
China Taiping Insurance Holdings Co., Ltd.
275,000
298,304
China Zheshang Bank Co., Ltd., Class H(a)
851,000
245,929
CIMC Enric Holdings Ltd.
216,000
218,487
COSCO Shipping Ports Ltd.
144,000
99,828
Dongfang Electric Corp., Ltd., Class H
432,000
698,104
Fuyao Glass Industry Group Co., Ltd. Class H
228,800
1,294,782
Greentown Management Holdings Co., Ltd.(b)
815,000
718,714
Haier Smart Home Co., Ltd., Class H
63,200
229,605
Industrial & Commercial Bank of China Ltd., Class H
805,000
456,063
Kweichow Moutai Co., Ltd., Class A
31,200
7,098,185
Lee & Man Paper Manufacturing Ltd.
1,224,000
377,399
Meituan, Class B(a)
313,870
4,276,850
Minth Group Ltd.
138,000
274,539
Ping An Insurance Group Co. of China Ltd., Class H
961,000
4,887,900
Pop Mart International Group, Ltd.(b)
63,400
302,517
Postal Savings Bank of China Co., Ltd.
788,000
446,041
Shandong Gold Mining Co., Ltd., Class H
635,750
1,367,477
Silergy Corp.
419,000
6,136,000
SITC International Holdings Co., Ltd.
70,000
179,570
Tencent Holdings Ltd.
782,900
36,321,544
Tencent Music Entertainment Group, ADR
977,783
14,128,964
Tianli International Holdings Ltd.
94,000
61,862
Yadea Group Holdings Ltd.
420,000
671,988
Yangzijiang Shipbuilding Holdings Ltd.
1,939,500
3,281,635
Zijin Mining Group Co., Ltd., Class H
2,276,000
4,834,031
Total
97,158,923
2
Multi-Manager International Equity Strategies Fund  | 2024
Portfolio of Investments  (continued)
Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Denmark 2.0%
Ambu A/S(a)
232,944
4,472,389
AP Moller - Maersk A/S, Class A
736
1,291,516
AP Moller - Maersk A/S, Class B
223
405,454
Demant A/S(a)
183,307
8,810,136
DSV A/S
90,557
13,943,001
Novo Nordisk A/S
38,060
5,156,678
Novonesis (Novozymes), Class B
248,554
14,824,170
Pandora A/S
25,014
4,108,809
Rockwool International A/S, Class B
402
169,138
Svitzer A/S(a)
170
6,665
Total
53,187,956
Finland 0.5%
KONE OYJ, Class B
154,838
7,899,695
Nokia OYJ
210,375
822,861
Nordea Bank
78,359
963,287
Nordea Bank Abp
109,002
1,340,442
Nordea Bank Abp
8,613
105,495
Wartsila OYJ
23,753
498,037
Total
11,629,817
France 9.2%
Air Liquide SA
73,282
14,427,321
Alstom SA
1,379,178
27,147,414
AXA SA
390,657
14,105,247
BNP Paribas SA
199,126
14,698,827
Carrefour SA
541,878
8,836,691
Cie de Saint-Gobain SA
142,087
12,545,059
Danone SA
467,352
30,139,489
Dassault Systemes SE
362,335
14,726,002
Edenred SE
237,348
11,075,017
Engie SA
663,892
11,247,404
Eurazeo SA
1,812
152,952
Kering SA
75,033
25,940,059
LVMH Moet Hennessy Louis Vuitton SE
9,528
7,619,962
Nexans SA
48,002
5,842,182
Orange SA
235,084
2,745,000
Sanofi SA
148,811
14,568,894
Sanofi SA, ADR
688
33,733
Common Stocks (continued)
Issuer
Shares
Value ($)
Sartorius Stedim Biotech
24,631
4,906,626
Societe Generale SA
33,655
1,008,063
TotalEnergies SE
96,871
7,097,205
TotalEnergies SE, ADR
97,052
7,096,442
VINCI SA
55,859
6,970,767
Total
242,930,356
Germany 9.5%
Adidas AG
6,227
1,577,116
Allianz SE, ADR
5,957
173,438
Allianz SE, Registered Shares
76,232
22,316,001
Bayer AG, Registered Shares
35,143
1,081,181
Bayerische Motoren Werke AG
139,061
14,184,571
Beiersdorf AG
16,006
2,509,375
BioNTech SE, ADR(a)
41,271
4,151,863
Brenntag SE
5,798
417,664
Commerzbank AG
48,690
826,727
Continental AG
5,196
354,131
Daimler Truck Holding AG
23,157
990,800
Deutsche Bank AG, Registered Shares
67,191
1,118,091
Deutsche Bank AG, Registered Shares
20,271
338,120
Deutsche Boerse AG
84,003
16,739,850
Deutsche Telekom AG, Registered Shares
859,343
20,894,336
E.ON SE
301,974
4,044,075
Evonik Industries AG
10,994
242,182
Fresenius Medical Care AG
7,601
324,216
Fresenius SE & Co. KGaA(a)
18,485
589,788
Heidelberg Materials AG
6,018
631,128
Henkel AG & Co. KGaA
37,852
3,033,083
Infineon Technologies AG
412,000
16,668,898
Mercedes-Benz Group AG, Registered Shares
92,503
6,713,619
MTU Aero Engines AG
1,287
321,490
Muenchener Rueckversicherungs-Gesellschaft AG in
Muenchen, Registered Shares
22,622
11,281,551
Puma SE
4,760
247,196
Rational AG
12,181
10,394,868
RWE AG
298,560
11,346,537
SAP SE
352,163
64,219,929
SAP SE, ADR
29,325
5,350,053
Scout24 SE
251,664
18,931,054
Multi-Manager International Equity Strategies Fund  | 2024
3
Portfolio of Investments  (continued)
Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Siemens AG, Registered Shares
42,813
8,251,831
Volkswagen AG
403
57,785
Total
250,322,547
Hong Kong 1.1%
AIA Group Ltd.
2,366,600
18,381,860
ASMPT Ltd.
116,500
1,393,230
C&D International Investment Group Ltd.
178,000
360,021
CK Hutchison Holdings Ltd.
245,500
1,198,797
Jardine Matheson Holdings Ltd.
33,100
1,219,882
Link REIT (The)
998,100
4,208,404
Swire Pacific Ltd., Class A
18,500
161,036
Techtronic Industries Co., Ltd.
79,500
977,990
WH Group Ltd.
350,000
238,510
Xinyi Glass Holdings Ltd.
64,000
79,304
Total
28,219,034
India 1.2%
HDFC Bank Ltd., ADR
251,781
14,575,602
Reliance Industries Ltd., GDR(b)
238,953
16,607,234
Total
31,182,836
Ireland 1.9%
AerCap Holdings NV
9,185
851,541
AIB Group PLC
60,862
346,347
Bank of Ireland Group PLC
65,569
753,589
Kingspan Group PLC
208,696
20,105,367
Ryanair Holdings PLC, ADR
236,515
28,769,684
Total
50,826,528
Israel 0.3%
Bank Hapoalim BM
58,590
538,979
Bank Leumi Le-Israel BM
80,660
671,089
Check Point Software Technologies Ltd.(a)
4,134
622,167
CyberArk Software Ltd.(a)
1,965
450,476
ICL Group Ltd.
11,685
55,270
Israel Chemicals Ltd.
29,658
140,276
Israel Discount Bank Ltd.
51,355
264,128
Mizrahi Tefahot Bank Ltd.
7,805
285,024
Monday.com Ltd.(a)
17,900
4,043,789
NiCE Ltd.(a)
2,602
480,471
Common Stocks (continued)
Issuer
Shares
Value ($)
Wix.com Ltd.(a)
2,551
410,966
Total
7,962,635
Italy 4.2%
Assicurazioni Generali SpA
522,680
13,453,051
Azimut Holding SpA
102,968
2,742,724
Banca Generali SpA
142,772
5,996,497
Banca IFIS SpA
11,623
255,952
Banca Mediolanum SpA
21,469
247,176
Banco BPM SpA
51,003
367,986
Buzzi Unicem SpA
6,093
257,604
Enel SpA
3,280,586
23,819,401
ENI SpA
727,056
11,483,408
ENI SpA, ADR
76,442
2,410,216
FinecoBank Banca Fineco SpA
723,044
11,726,732
Intesa Sanpaolo SpA
1,012,972
3,990,337
Leonardo SpA, ADR(a)
3,112
39,787
Leonardo-Finmeccanica SpA(a)
18,819
484,061
Mediobanca Banca di Credito Finanziario SpA
23,525
372,345
Nexi SpA(a)
26,887
178,975
Poste Italiane SpA
200,844
2,758,998
Prysmian SpA
10,009
658,290
Technoprobe SpA(a)
547,342
5,445,597
UniCredit SpA
608,585
24,229,376
Total
110,918,513
Japan 16.1%
AGC, Inc.
43,000
1,500,447
Air Water, Inc.
11,200
163,852
Aisin Corp.
6,300
235,110
Alfresa Holdings Corp.
20,900
294,331
Asahi Kasei Corp.
27,800
181,173
Awa Bank Ltd. (The)
2,300
42,687
Brother Industries Ltd.
33,000
635,135
Canon, Inc.
255,700
7,441,415
Chubu Electric Power Co., Inc.
282,500
3,902,956
Dai-ichi Life Holdings, Inc.
238,900
6,427,836
Daiwa Securities Group, Inc.
89,100
700,323
Denso Corp.
365,392
5,937,819
DIC Corp.
25,100
519,867
Disco Corp.
7,600
2,989,529
4
Multi-Manager International Equity Strategies Fund  | 2024
Portfolio of Investments  (continued)
Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Dowa Holdings
39,000
1,439,667
East Japan Railway Co.
118,200
2,049,773
Electric Power Development Co., Ltd.
176,800
2,970,418
ENEOS Holdings, Inc.
137,100
708,840
FANUC Corp.
1,108,350
31,025,033
FCC Co., Ltd.
28,300
404,498
Fuji Electric Co., Ltd.
5,600
334,078
FUJIFILM Holdings Corp.
154,600
3,530,411
Fujitsu Ltd.
752,600
10,898,378
Furukawa Electric Co., Ltd.
117,100
3,158,151
Hankyu Hanshin Holdings, Inc.
10,700
280,813
Hitachi Ltd.
46,000
4,737,434
Hokkaido Electric Power Co., Inc.
43,200
453,609
Honda Motor Co., Ltd.
1,062,800
12,034,846
Hyakujushi Bank Ltd. (The)
22,200
489,227
Idemitsu Kosan Co., Ltd.
45,000
308,141
Iida Group Holdings Co., Ltd.
37,900
517,278
Inpex Corp.
1,039,000
16,031,520
Isuzu Motors Ltd.
29,700
398,038
ITOCHU ENEX Co., Ltd.
41,600
408,345
Japan Electronic Materials Corp.
13,800
302,926
Japan Exchange Group, Inc.
31,600
742,757
Japan Petroleum Exploration Co., Ltd.
4,700
197,884
Japan Post Bank Co., Ltd.
69,300
686,474
Japan Post Holdings Co., Ltd.
302,300
2,919,155
Japan Post Insurance Co., Ltd.
78,800
1,518,585
Japan Tobacco, Inc.
8,200
232,656
JFE Holdings, Inc.
57,100
864,465
Kajima Corp.
16,900
287,147
Kansai Electric Power Co., Inc. (The)
32,200
582,730
Kawasaki Kisen Kaisha Ltd.
689,000
10,240,141
Keyence Corp.
18,500
8,339,088
Kirin Holdings Co., Ltd.
8,800
121,527
Kissei Pharmaceutical Co., Ltd.
4,300
86,335
Koito Manufacturing Co., Ltd.
11,400
161,675
Kyocera Corp.
173,300
1,964,508
Kyocera Corp., ADR
28,505
321,821
Kyowa Hakko Kirin Co., Ltd.
11,900
201,210
Lasertec Corp.
15,600
4,011,012
Common Stocks (continued)
Issuer
Shares
Value ($)
Makita Corp.
9,800
288,968
Mazda Motor Corp.
28,200
297,306
Mebuki Financial Group, Inc.
14,400
57,869
Megmilk Snow Brand Co., Ltd.
37,500
607,224
MEIJI Holdings Co., Ltd.
22,800
510,656
Mitsubishi Electric Corp.
419,000
7,281,105
Mitsubishi Heavy Industries Ltd.
144,500
1,264,051
Mitsubishi Logisnext Co., Ltd.
50,800
500,666
Mitsubishi Materials Corp.
36,300
709,277
Mitsubishi Motors Corp.
128,900
360,051
Mitsubishi Pencil Co., Ltd.
25,100
374,409
Mitsubishi UFJ Financial Group, Inc.
171,600
1,822,680
Mitsui & Co., Ltd.
151,300
7,703,322
Mitsui Mining & Smelting Co., Ltd.
60,600
1,960,583
Mitsui OSK Lines Ltd.
17,000
560,361
MonotaRO Co., Ltd
598,780
6,325,172
MS&AD Insurance Group Holdings, Inc.
406,500
8,455,166
Murata Manufacturing Co., Ltd.
909,400
17,201,678
NEC Corp.
16,600
1,235,667
NGK Insulators Ltd.
66,800
892,842
Nidec Corp.
113,744
5,669,960
Nihon M&A Center Holdings, Inc.
1,118,000
5,183,748
Nintendo Co., Ltd.
187,650
10,204,500
Nippon Express Holdings, Inc.
3,200
157,707
Nippon Yusen KK
21,800
691,018
Nissan Motor Co., Ltd.
113,900
407,377
Nitto Denko Corp.
19,300
1,477,610
Nomura Holdings, Inc.
512,900
3,114,957
Obayashi Corp.
22,500
261,933
Obic Co., Ltd.
3,200
415,438
OKUMA Corp.
5,400
231,217
Okumura Corp.
48,500
1,506,116
Olympus Corp.
30,200
476,626
Ono Pharmaceutical Co., Ltd.
9,500
137,568
ORIX Corp.
125,400
2,734,729
Osaka Gas Co., Ltd.
86,300
1,964,887
Otsuka Corp.
3,800
72,152
Otsuka Holdings Co., Ltd.
19,000
784,424
Panasonic Holdings Corp.
444,600
3,927,081
Multi-Manager International Equity Strategies Fund  | 2024
5
Portfolio of Investments  (continued)
Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
PCA Corp.
12,300
157,549
Press Kogyo Co., Ltd.
149,800
644,849
Recruit Holdings Co., Ltd.
177,400
8,955,488
Renesas Electronics Corp.
1,094,400
20,166,092
Ricoh Co., Ltd.
104,200
935,721
San-Ai Obbli Co., Ltd.
38,500
509,383
Sanshin Electronics Co., Ltd.
4,100
56,126
SCREEN Holdings Co., Ltd.
3,500
334,793
SCSK Corp.
37,900
718,406
Seikitokyu Kogyo Co., Ltd.
81,800
874,438
Seiko Epson Corp.
176,800
2,856,712
Sekisui Chemical Co., Ltd.
41,400
594,201
Sekisui House Ltd.
11,900
267,959
Seven & I Holdings Co., Ltd.
1,019,100
13,153,271
Shikoku Electric Power Co., Inc.
86,700
833,149
Shimano, Inc.
51,433
8,393,871
Shimizu Corp.
22,700
125,611
Shiseido Co., Ltd.
233,347
7,405,778
SMC Corp.
19,488
9,842,014
Sojitz Corp.
139,600
3,652,189
Sompo Holdings, Inc.
232,500
4,920,804
Sony Group Corp.
193,823
15,913,015
Stanley Electric Co., Ltd.
12,300
226,283
Starzen Co., Ltd.
2,300
41,248
Subaru Corp.
121,800
2,722,803
Sumiseki Holdings, Inc.
74,400
631,571
Sumitomo Corp.
25,800
671,381
Sumitomo Electric Industries Ltd.
31,500
511,227
Sumitomo Forestry Co., Ltd.
2,600
90,023
Sumitomo Metal Mining Co., Ltd.
227,000
7,389,938
Sumitomo Mitsui Financial Group, Inc.
46,800
3,063,019
Sumitomo Mitsui Trust Holdings, Inc.
37,200
864,884
Sumitomo Osaka Cement Co., Ltd.
19,000
471,278
Suntory Beverage & Food Ltd.
44,100
1,619,826
Suzuken Co., Ltd.
64,600
1,950,343
SWCC Corp.
16,700
511,454
T&D Holdings, Inc.
21,300
385,069
Taiheiyo Cement Corp.
4,500
112,376
Takara Standard Co., Ltd.
1,400
15,436
Common Stocks (continued)
Issuer
Shares
Value ($)
Takeda Pharmaceutical Co., Ltd.
554,100
14,752,907
Terumo Corp.
18,000
306,612
Tobu Railway Co., Ltd.
8,300
146,689
Tokai Rika Co., Ltd.
4,600
65,244
Tokio Marine Holdings, Inc.
121,100
4,195,547
Tokyo Electric Power Co. Holdings, Inc.(a)
419,600
2,519,055
Tokyo Electron Ltd.
66,700
14,164,321
Tokyo Gas Co., Ltd.
160,200
3,598,317
Tokyo Steel Manufacturing Co., Ltd.
157,300
1,570,383
TOPPAN Holdings, Inc.
6,700
173,548
TOTO Ltd.
9,100
228,330
Toyoda Gosei Co., Ltd.
3,600
70,045
Toyota Industries Corp.
7,000
660,175
Toyota Tsusho Corp.
10,600
647,331
Tsubakimoto Chain Co.
6,200
233,752
Wakita & Co., Ltd.
11,100
115,925
Yamaichi Electronics Co., Ltd.
6,800
149,833
Yamato Kogyo Co., Ltd.
1,700
88,863
Yamazen Corp.
142,900
1,278,793
Yokogawa Electric Corp.
51,300
1,321,328
Yuasa Trading Co., Ltd.
12,800
456,733
Total
424,094,484
Luxembourg 0.2%
ArcelorMittal SA
208,073
5,489,505
ArcelorMittal SA
14,513
381,864
Total
5,871,369
Netherlands 7.9%
ABN AMRO Bank NV
61,505
1,052,106
Adyen NV(a)
9,861
12,787,594
Aegon Ltd.
67,592
438,420
Akzo Nobel NV
300,203
21,057,054
ASM International NV
852
599,561
ASML Holding NV
33,340
31,898,753
ASML Holding NV
5,650
5,425,978
ASR Nederland NV
7,935
384,042
BE Semiconductor Industries NV
3,410
507,299
EXOR NV
92,229
10,357,385
Heineken NV
46,509
4,666,628
IMCD NV
80,836
12,336,003
6
Multi-Manager International Equity Strategies Fund  | 2024
Portfolio of Investments  (continued)
Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
ING Groep NV
1,130,975
20,205,284
ING Groep NV ADR
651,423
11,653,957
Koninklijke Philips NV(a)
712,188
19,453,325
NN Group NV
11,600
541,246
Shell PLC
173,515
6,262,983
Shell PLC
1,012,039
36,788,839
Topicus.com, Inc.
120,400
10,335,522
Wolters Kluwer NV
2,567
409,410
Wolters Kluwer NV, ADR
2,103
333,504
Total
207,494,893
New Zealand 0.0%
Xero Ltd.(a)
999
90,703
Norway 0.3%
Aker BP ASA
15,358
396,503
Aker Carbon Capture ASA(a)
3,187,398
2,252,529
DNB Bank ASA
34,916
682,599
Equinor ASA
52,687
1,529,384
Equinor ASA, ADR
96,750
2,819,295
Kongsberg Gruppen ASA
3,661
314,764
Norsk Hydro ASA
59,515
403,014
Yara International ASA
7,413
230,511
Total
8,628,599
Panama 0.2%
Copa Holdings SA, Class A
65,352
6,354,175
Portugal 0.0%
Galp Energia SGPS SA
21,373
449,456
Russian Federation —%
Gazprom PJSC(a),(c),(d),(e),(f)
1,247,200
0
GMK Norilskiy Nickel PAO(c),(d),(f)
2,020,100
0
Lukoil PJSC(c),(d),(e),(f)
31,251
—
MMC Norilsk Nickel PJSC, ADR(a),(c),(d),(f)
5
—
Rosneft Oil Co. PJSC(c),(d),(e),(f)
563,548
0
Sberbank of Russia PJSC(a),(c),(d),(e),(f),(g)
436,630
—
Total
0
Common Stocks (continued)
Issuer
Shares
Value ($)
Singapore 0.4%
Genting Singapore Ltd.
251,800
169,841
Jardine Cycle & Carriage Ltd.
4,400
84,136
Singapore Exchange
33,300
236,039
Singapore Technologies Engineering Ltd.
73,000
226,404
United Overseas Bank Ltd.
472,300
10,769,415
Total
11,485,835
South Africa 0.3%
Discovery Ltd.
1,227,405
7,167,104
South Korea 2.9%
Coupang, Inc., Class A(a)
416,953
9,481,511
Hana Financial Group, Inc.
44,584
1,990,926
Samsung Electronics Co., Ltd.
682,173
36,143,458
Samsung Electronics Co., Ltd. GDR
18,500
25,066,618
SK Hynix, Inc.
28,927
3,985,800
Total
76,668,313
Spain 2.6%
ACS Actividades de Construccion y Servicios SA
9,669
432,908
Aena SME SA
73,650
14,403,192
Amadeus IT Group SA, Class A
346,781
24,754,097
Banco Bilbao Vizcaya Argentaria SA
282,661
3,067,257
Banco Bilbao Vizcaya Argentaria SA, ADR
37,847
412,911
Banco Santander SA
780,667
4,117,044
Banco Santander SA, ADR
86,717
454,397
Bankinter SA
170,944
1,509,989
CaixaBank SA
781,597
4,476,264
Iberdrola SA
548,641
7,241,387
Industria de Diseno Textil SA
46,623
2,216,998
Mapfre SA
150,458
362,301
Repsol SA
317,486
5,182,866
Repsol SA, ADR
4,279
69,769
Total
68,701,380
Sweden 2.2%
Alfa Laval AB
11,686
543,091
ASSA ABLOY AB, Class B
83,794
2,462,459
Atlas Copco AB, Class B
1,229,888
20,419,348
Epiroc AB, Class B
713,081
13,393,146
H & M Hennes & Mauritz AB
191,402
3,384,412
Multi-Manager International Equity Strategies Fund  | 2024
7
Portfolio of Investments  (continued)
Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Industrivarden AB, Class A
15,012
534,418
Industrivarden AB, Class C
52,755
1,853,117
Investor AB, Class B
230,365
6,251,037
L E Lundbergforetagen AB, Class B
3,981
202,541
MIPS AB
81,084
3,305,752
Sandvik AB
46,589
1,028,695
Skandinaviska Enskilda Banken AB, Class A
73,021
1,040,315
Svenska Handelsbanken AB, Class A
67,757
637,635
Swedbank AB, Class A
39,473
821,881
Tele2 AB, Class B
23,564
230,453
Telefonaktiebolaget LM Ericsson, Class B
127,149
783,437
Telia Co. AB
92,388
240,390
Total
57,132,127
Switzerland 4.6%
ABB Ltd.
150,917
8,320,875
ABB Ltd.
16,146
889,106
ABB Ltd., ADR
29,986
1,647,731
Adecco Group AG, Registered Shares
7,049
267,515
Baloise Holding AG, Registered Shares
1,991
343,994
Cie Financiere Richemont SA, Class A, Registered
Shares
71,803
11,554,314
Coca-Cola HBC AG(a)
10,007
339,590
Glencore PLC
444,620
2,740,502
Glencore PLC
129,766
794,070
Holcim AG, Registered Shares(a)
131,835
11,581,697
Julius Baer Group Ltd.
88,822
5,335,659
Logitech International SA
34,321
3,432,443
Logitech International SA
50,704
5,074,934
Nestlé SA, Registered Shares
105,916
11,242,576
Novartis AG, ADR
66,175
6,824,628
Novartis AG, Registered Shares
115,170
11,919,860
Schindler Holding AG
1,487
386,828
SGS SA, Registered Shares
5,445
507,068
STMicroelectronics NV
13,139
554,842
STMicroelectronics NV
16,280
685,551
Swatch Group AG (The)
1,270
272,045
Swatch Group AG (The), Registered Shares
8,267
344,207
Swiss Life Holding AG, Registered Shares
3,382
2,364,441
Swiss Re AG
116,463
14,852,310
Common Stocks (continued)
Issuer
Shares
Value ($)
Temenos AG, Registered Shares
2,935
189,506
UBS AG
106,498
3,388,090
UBS Group AG, Registered Shares
51,241
1,633,563
Wizz Air Holdings PLC(a)
105,464
3,110,093
Zurich Insurance Group AG
18,886
9,939,829
Total
120,537,867
Taiwan 1.9%
Sea Ltd. ADR(a)
95,943
6,478,071
Taiwan Semiconductor Manufacturing Co., Ltd.
1,678,400
42,980,373
Total
49,458,444
Turkey 0.1%
Turkiye Garanti Bankasi AS
553,671
1,852,257
United Kingdom 14.8%
AstraZeneca PLC
160,056
24,880,551
Aviva PLC
137,740
846,013
B&M European Value Retail SA
767,514
5,365,845
Barclays Bank PLC
13,115,161
37,041,232
Barclays Bank PLC, ADR
236,383
2,682,947
Bellway PLC
19,437
669,283
BP PLC
5,910,787
36,974,843
BP PLC, ADR
431,860
16,224,980
British American Tobacco PLC
428,880
13,263,043
BT Group PLC
293,899
492,056
Compass Group PLC
240,267
6,745,783
Diageo PLC
637,493
21,462,722
Experian PLC
349,816
16,209,826
HSBC Holdings PLC, ADR
61,273
2,735,840
IG Group Holdings PLC
260,655
2,696,442
Kingfisher PLC
2,281,835
7,724,946
Legal & General Group PLC
3,062,142
9,820,744
Lloyds Banking Group PLC
2,748,417
1,961,989
NatWest Group PLC
2,320,804
9,388,340
Oxford Nanopore Technologies PLC(a)
973,427
1,330,938
Prudential PLC
2,548,685
24,413,009
Quilter PLC(b)
205,951
306,415
Quilter PLC(b)
226,122
339,424
Reckitt Benckiser Group PLC
418,280
23,939,571
RELX PLC
208,567
9,149,184
8
Multi-Manager International Equity Strategies Fund  | 2024
Portfolio of Investments  (continued)
Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
RELX PLC
278,573
12,220,982
RELX PLC, ADR
50,574
2,223,233
Rio Tinto Ltd.
10,470
900,572
Rio Tinto PLC
268,225
18,882,338
Rolls-Royce Holdings PLC(a)
8,177,562
47,764,068
Segro PLC
588,334
6,908,995
Standard Chartered PLC
631,103
6,286,159
Standard Chartered PLC
56,800
561,782
Unilever PLC
170,893
9,358,627
Vodafone Group PLC
4,132,412
3,995,217
Vodafone Group PLC, ADR
478,441
4,602,602
Total
390,370,541
United States 4.0%
CRH PLC
274,786
21,685,132
GSK PLC
865,652
19,423,516
GSK PLC, ADR
96,497
4,320,171
Roche Holding AG, Genusschein Shares
131,253
33,511,111
Spotify Technology SA(a)
34,765
10,317,557
Stellantis NV
301,972
6,696,122
Stellantis NV
114,668
2,540,589
Stellantis NV
329,924
7,347,407
Total
105,841,605
Total Common Stocks
(Cost $2,108,396,673)
2,561,524,156
 
Exchange-Traded Equity Funds 0.1%
 
Shares
Value ($)
Supra-National 0.0%
iShares MSCI Eurozone ETF
7,778
404,612
United States 0.1%
iShares MSCI EAFE ETF
39,044
3,169,592
Vanguard FTSE Developed Markets ETF
9,446
479,101
Total
3,648,693
Total Exchange-Traded Equity Funds
(Cost $3,799,247)
4,053,305
 
Preferred Stocks 0.6%
Issuer
 
Shares
Value ($)
Brazil 0.2%
Petroleo Brasileiro SA
783,100
5,795,438
Germany 0.4%
BMW AG
2,878
278,232
Henkel AG & Co. KGaA
7,757
702,245
Porsche Automobil Holding SE
6,749
372,400
Volkswagen AG
67,423
8,472,456
Total
9,825,333
Total Preferred Stocks
(Cost $14,754,925)
15,620,771
 
Rights 0.1%
Issuer
Shares
Value ($)
France 0.1%
Alstom SA(a)
1,379,178
1,479,118
Total Rights
(Cost $—)
1,479,118
 
Warrants —%
 
 
 
Canada —%
Constellation Software, Inc.(a),(c),(f)
5,743
0
Total Warrants
(Cost $—)
0
 
Money Market Funds 1.1%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 5.547%(h),(i)
28,511,859
28,506,156
Total Money Market Funds
(Cost $28,503,143)
28,506,156
Total Investments in Securities
(Cost $2,155,453,988)
2,611,183,506
Other Assets & Liabilities, Net
23,513,762
Net Assets
$2,634,697,268
Multi-Manager International Equity Strategies Fund  | 2024
9
Portfolio of Investments  (continued)
Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Notes to Portfolio of Investments 
(a)
Non-income producing investment.
(b)
Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2024, the total value of these securities amounted to $27,303,460, which represents 1.04% of total net assets.
(c)
Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2024, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(d)
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 May 31, 2024, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:
 
Security
Acquisition
Dates
Shares
Cost ($)
Value ($)
Gazprom PJSC
11/11/2020-06/10/2021
1,247,200
3,820,620
—
GMK Norilskiy Nickel PAO
08/07/2019-04/04/2024
2,020,100
4,978,804
—
Lukoil PJSC
03/30/2020-12/29/2021
31,251
2,094,074
—
MMC Norilsk Nickel PJSC, ADR
08/07/2019-11/22/2021
5
123
—
Rosneft Oil Co. PJSC
03/31/2020-03/16/2021
563,548
3,458,257
—
Sberbank of Russia PJSC
03/29/2021-04/08/2021
436,630
1,642,454
—
 
15,994,332
—
 
(e)
As a result of sanctions and restricted cross-border payments, certain income and/or principal has not been recognized by the Fund. The Fund will continue to monitor the net realizable value and record the income when it is considered collectible.
(f)
Valuation based on significant unobservable inputs.
(g)
On May 25, 2022, the Office of Foreign Assets Control (OFAC) license permitting the holding of the Sberbank position expired, and the position is now considered blocked property. As such the security has been segregated on the Fund’s books and records and cannot be sold or transferred at this time.
(h)
The rate shown is the seven-day current annualized yield at May 31, 2024.
(i)
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 May 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, 5.547%
 
35,781,258
408,131,449
(415,402,870
)
(3,681
)
28,506,156
4,971
1,298,695
28,511,859
Abbreviation Legend 
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
10
Multi-Manager International Equity Strategies Fund  | 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.
3QT302_08_P01_(07/24)