Columbia Small Cap Growth Fund
Third Quarter Report
May 31, 2025 (Unaudited)
  
Not FDIC or NCUA Insured
No Financial Institution Guarantee
May Lose Value
Portfolio of Investments
Columbia Small Cap Growth Fund, May 31, 2025 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Common Stocks 99.5%
Issuer
Shares
Value ($)
Communication Services 3.3%
Entertainment 2.5%
Cinemark Holdings, Inc.
243,765
8,231,944
IMAX Corp.(a)
1,656,669
46,138,232
Total
54,370,176
Media 0.8%
MNTN, Inc.(a)
659,455
16,638,049
Total Communication Services
71,008,225
Consumer Discretionary 10.5%
Broadline Retail 2.3%
Ollie’s Bargain Outlet Holdings, Inc.(a)
445,183
49,615,645
Hotels, Restaurants & Leisure 5.9%
Cava Group, Inc.(a)
233,862
19,005,965
Dutch Bros, Inc., Class A(a)
565,643
40,839,425
Kura Sushi USA, Inc., Class A(a)
247,293
16,336,175
Portillo’s, Inc., Class A(a)
1,005,944
12,071,328
Red Rock Resorts, Inc., Class A
142,175
6,834,352
Texas Roadhouse, Inc.
172,561
33,685,633
Total
128,772,878
Specialty Retail 2.3%
Academy Sports & Outdoors, Inc.
308,244
12,610,262
Boot Barn Holdings, Inc.(a)
231,189
37,061,909
Total
49,672,171
Total Consumer Discretionary
228,060,694
Consumer Staples 4.5%
Beverages 1.8%
Celsius Holdings, Inc.(a)
1,039,234
39,366,184
Consumer Staples Distribution & Retail 2.7%
Casey’s General Stores, Inc.
41,087
17,986,245
Sprouts Farmers Market, Inc.(a)
229,171
39,614,499
Total
57,600,744
Total Consumer Staples
96,966,928
Common Stocks (continued)
Issuer
Shares
Value ($)
Energy 3.3%
Oil, Gas & Consumable Fuels 3.3%
Antero Resources Corp.(a)
1,144,973
42,879,239
Hallador Energy Co.(a)
1,001,052
17,268,147
Uranium Energy Corp.(a)
1,844,080
10,935,394
Total
71,082,780
Total Energy
71,082,780
Financials 5.0%
Banks 0.7%
Axos Financial, Inc.(a)
241,325
16,781,740
Capital Markets 3.7%
Hamilton Lane, Inc., Class A
254,795
37,964,455
Moelis & Co., ADR, Class A
380,881
21,752,114
Perella Weinberg Partners
1,184,006
20,566,184
Total
80,282,753
Insurance 0.6%
Goosehead Insurance, Inc., Class A
118,087
12,784,099
Total Financials
109,848,592
Health Care 20.1%
Biotechnology 6.5%
Akero Therapeutics, Inc.(a)
151,428
7,518,400
Blueprint Medicines Corp.(a)
109,044
11,051,609
BridgeBio Pharma, Inc.(a)
294,855
10,098,784
Insmed, Inc.(a)
424,640
29,610,147
Janux Therapeutics, Inc.(a)
211,241
5,027,536
Merus NV(a)
181,335
10,167,454
Mirum Pharmaceuticals, Inc.(a)
137,880
6,130,145
MoonLake Immunotherapeutics(a)
170,045
6,633,455
Natera, Inc.(a)
236,827
37,354,723
Nuvalent, Inc., Class A(a)
225,662
16,836,642
Total
140,428,895
Health Care Equipment & Supplies 4.4%
Glaukos Corp.(a)
468,885
44,211,167
ICU Medical, Inc.(a)
328,235
44,265,772
Integer Holdings Corp.(a)
60,688
7,207,307
Total
95,684,246
2
Columbia Small Cap Growth Fund  | 2025
Portfolio of Investments  (continued)
Columbia Small Cap Growth Fund, May 31, 2025 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Health Care Providers & Services 4.8%
Chemed Corp.
66,152
38,026,815
GeneDx Holdings Corp.(a)
185,100
13,182,822
Guardant Health, Inc.(a)
218,814
8,888,225
Hims & Hers Health, Inc., Class A(a)
206,305
11,668,611
Hinge Health, Inc., Class A(a)
51,699
2,007,989
RadNet, Inc.(a)
543,120
31,223,969
Total
104,998,431
Life Sciences Tools & Services 3.7%
Adaptive Biotechnologies Corp.(a)
1,995,269
18,994,961
Bio-Techne Corp.
510,829
24,724,124
Caris Life Sciences, Inc.(a),(b),(c),(d)
2,777,778
11,083,334
DNA Script(a),(b),(c),(d)
11,675
965,064
Repligen Corp.(a)
203,063
23,975,648
Total
79,743,131
Pharmaceuticals 0.7%
Axsome Therapeutics, Inc.(a)
50,260
5,285,342
Corcept Therapeutics, Inc.(a)
118,354
9,179,536
Total
14,464,878
Total Health Care
435,319,581
Industrials 26.0%
Aerospace & Defense 7.0%
Aerovironment, Inc.(a)
284,301
50,614,107
Karman Holdings, Inc.(a)
573,512
24,580,724
Kratos Defense & Security Solutions, Inc.(a)
1,439,550
53,104,999
Rocket Lab Corp.(a)
886,669
23,753,863
Total
152,053,693
Building Products 3.9%
AAON, Inc.
664,348
63,970,069
Simpson Manufacturing Co., Inc.
138,579
21,576,750
Total
85,546,819
Commercial Services & Supplies 1.5%
VSE Corp.
245,749
31,969,488
Construction & Engineering 2.3%
MasTec, Inc.(a)
317,769
49,549,720
Common Stocks (continued)
Issuer
Shares
Value ($)
Ground Transportation 2.7%
Lyft, Inc., Class A(a)
887,187
13,520,730
Saia, Inc.(a)
127,813
33,795,035
XPO, Inc.(a)
94,279
10,731,779
Total
58,047,544
Machinery 3.6%
RBC Bearings, Inc.(a)
214,097
78,331,670
Marine Transportation 0.6%
Matson, Inc.
108,782
12,276,049
Passenger Airlines 1.1%
Sun Country Airlines Holdings, Inc.(a)
2,019,692
23,388,033
Trading Companies & Distributors 3.3%
FTAI Aviation Ltd.
113,004
13,238,419
SiteOne Landscape Supply, Inc.(a)
256,714
29,986,762
WESCO International, Inc.
173,254
29,087,614
Total
72,312,795
Total Industrials
563,475,811
Information Technology 19.4%
Communications Equipment 2.9%
InterDigital, Inc.
129,127
28,054,132
Lumentum Holdings, Inc.(a)
471,133
34,053,493
Total
62,107,625
Electronic Equipment, Instruments & Components 2.3%
Coherent Corp.(a)
376,992
28,511,905
Vontier Corp.
600,801
21,478,636
Total
49,990,541
Semiconductors & Semiconductor Equipment 6.2%
Astera Labs, Inc.(a)
666,975
60,507,972
Rigetti Computing, Inc.(a)
544,852
6,598,158
Semtech Corp.(a)
595,042
22,212,918
SiTime Corp.(a)
227,322
44,571,024
Total
133,890,072
Software 7.6%
ACI Worldwide, Inc.(a)
585,331
27,077,412
Alkami Technology, Inc.(a)
894,632
25,622,261
Clearwater Analytics Holdings, Inc., Class A(a)
350,429
8,094,910
CyberArk Software Ltd.(a)
69,076
26,440,911
Columbia Small Cap Growth Fund  | 2025
3
Portfolio of Investments  (continued)
Columbia Small Cap Growth Fund, May 31, 2025 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
D-Wave Quantum, Inc.(a)
289,452
4,726,751
Klaviyo, Inc.(a)
432,512
14,705,408
Procore Technologies, Inc.(a)
157,849
10,602,717
Q2 Holdings, Inc.(a)
415,480
36,362,810
Unity Software, Inc.(a)
478,800
12,487,104
Total
166,120,284
Technology Hardware, Storage & Peripherals 0.4%
IonQ, Inc.(a)
229,727
9,267,187
Total Information Technology
421,375,709
Materials 4.0%
Construction Materials 1.2%
Knife River Corp.(a)
269,610
25,370,301
Metals & Mining 2.8%
Carpenter Technology Corp.
260,909
61,313,615
Total Materials
86,683,916
Real Estate 0.9%
Real Estate Management & Development 0.9%
Zillow Group, Inc., Class A(a)
309,241
20,462,477
Total Real Estate
20,462,477
Common Stocks (continued)
Issuer
Shares
Value ($)
Utilities 2.5%
Independent Power and Renewable Electricity Producers 2.5%
Talen Energy Corp.(a)
224,247
54,705,056
Total Utilities
54,705,056
Total Common Stocks
(Cost $1,846,043,014)
2,158,989,769
 
Money Market Funds 0.3%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 4.495%(e),(f)
5,125,217
5,123,679
Total Money Market Funds
(Cost $5,123,497)
5,123,679
Total Investments in Securities
(Cost: $1,851,166,511)
2,164,113,448
Other Assets & Liabilities, Net
5,053,357
Net Assets
2,169,166,805
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 May 31, 2025, the total value of these securities amounted to $12,048,398, which represents 0.56% 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 May 31, 2025, the total market value of these securities amounted to $12,048,398, which represents 0.56% of total net assets. Additional information on these securities is as follows:
 
Security
Acquisition
Dates
Shares
Cost ($)
Value ($)
Caris Life Sciences, Inc.
05/11/2021
2,777,778
22,520,810
11,083,334
DNA Script
10/01/2021
11,675
10,180,303
965,064
 
32,701,113
12,048,398
 
4
Columbia Small Cap Growth Fund  | 2025
Portfolio of Investments  (continued)
Columbia Small Cap Growth Fund, May 31, 2025 (Unaudited)
Notes to Portfolio of Investments (continued)
(d)
Valuation based on significant unobservable inputs.
(e)
The rate shown is the seven-day current annualized yield at May 31, 2025.
(f)
Under Section 2(a)(3) of the Investment Company Act of 1940, 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, 2025 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, 4.495%
 
19,518,889
853,346,883
(867,740,012
)
(2,081
)
5,123,679
3,278
1,208,611
5,125,217
Abbreviation Legend 
ADR
American Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Columbia Small Cap Growth Fund  | 2025
5
You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
3QT226_08_R01_(07/25)