Multi-Manager Large Cap Growth Strategies Fund
First Quarter Report
June 30, 2025 (Unaudited)
  
Not FDIC or NCUA Insured
No Financial Institution Guarantee
May Lose Value
Portfolio of Investments
Multi-Manager Large Cap Growth Strategies Fund, June 30, 2025 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Common Stocks 99.0%
Issuer
Shares
Value ($)
Communication Services 18.8%
Diversified Telecommunication Services 0.0%
Iridium Communications, Inc.
15,615
471,104
Entertainment 6.8%
Liberty Media Corp.-Liberty Formula One,
Class A(a)
8,244
782,850
Netflix, Inc.(a)
180,618
241,870,983
Sea Ltd. ADR(a)
33,284
5,323,443
Spotify Technology SA(a)
18,265
14,015,465
Walt Disney Co. (The)
363,914
45,128,975
Total
307,121,716
Interactive Media & Services 11.7%
Alphabet, Inc., Class A
743,858
131,090,095
Alphabet, Inc., Class C
432,036
76,638,866
Meta Platforms, Inc., Class A
436,494
322,171,857
Total
529,900,818
Media 0.3%
Trade Desk, Inc. (The), Class A(a)
175,292
12,619,271
Total Communication Services
850,112,909
Consumer Discretionary 13.4%
Automobiles 3.7%
Tesla, Inc.(a)
527,384
167,528,802
Broadline Retail 5.8%
Alibaba Group Holding Ltd., ADR
142,749
16,189,164
Amazon.com, Inc.(a)
1,048,807
230,097,768
MercadoLibre, Inc.(a)
6,999
18,292,796
Total
264,579,728
Diversified Consumer Services 0.4%
Duolingo, Inc.(a)
12,843
5,265,887
Grand Canyon Education, Inc.(a)
61,462
11,616,318
Total
16,882,205
Hotels, Restaurants & Leisure 2.7%
Booking Holdings, Inc.
7,447
43,112,470
DoorDash, Inc., Class A(a)
83,104
20,485,967
Expedia Group, Inc.
20,777
3,504,664
McDonald’s Corp.
34,998
10,225,366
Common Stocks (continued)
Issuer
Shares
Value ($)
Royal Caribbean Cruises Ltd.
7,258
2,272,770
Starbucks Corp.
264,002
24,190,503
Yum China Holdings, Inc.
90,345
4,039,325
Yum! Brands, Inc.
99,092
14,683,453
Total
122,514,518
Household Durables 0.1%
D.R. Horton, Inc.
47,337
6,102,686
Specialty Retail 0.4%
AutoZone, Inc.(a)
1,376
5,108,028
Carvana Co.(a)
28,331
9,546,414
O’Reilly Automotive, Inc.(a)
48,045
4,330,296
Total
18,984,738
Textiles, Apparel & Luxury Goods 0.3%
NIKE, Inc., Class B
175,032
12,434,273
Total Consumer Discretionary
609,026,950
Consumer Staples 2.9%
Beverages 1.3%
Coca-Cola Co. (The)
215,718
15,262,048
Monster Beverage Corp.(a)
673,423
42,183,217
Total
57,445,265
Consumer Staples Distribution & Retail 1.1%
Costco Wholesale Corp.
29,482
29,185,411
Walmart, Inc.
238,457
23,316,326
Total
52,501,737
Tobacco 0.5%
Philip Morris International, Inc.
127,710
23,259,822
Total Consumer Staples
133,206,824
Energy 0.1%
Oil, Gas & Consumable Fuels 0.1%
Cheniere Energy, Inc.
15,432
3,758,001
Total Energy
3,758,001
Financials 8.1%
Banks 0.7%
NU Holdings Ltd., Class A(a)
2,021,040
27,728,669
Popular, Inc.
15,363
1,693,156
Total
29,421,825
2
Multi-Manager Large Cap Growth Strategies Fund  | 2025
Portfolio of Investments  (continued)
Multi-Manager Large Cap Growth Strategies Fund, June 30, 2025 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Capital Markets 2.3%
Blackstone, Inc.
31,540
4,717,753
Charles Schwab Corp. (The)
83,987
7,662,974
FactSet Research Systems, Inc.
37,726
16,874,085
Goldman Sachs Group, Inc. (The)
22,667
16,042,569
Intercontinental Exchange, Inc.
19,603
3,596,563
KKR & Co., Inc., Class A
26,911
3,579,970
Moody’s Corp.
23,127
11,600,272
Robinhood Markets, Inc., Class A(a)
91,305
8,548,887
SEI Investments Co.
214,912
19,311,992
Tradeweb Markets, Inc., Class A
24,983
3,657,511
XP, Inc., Class A
389,577
7,869,456
Total
103,462,032
Financial Services 5.1%
Berkshire Hathaway, Inc., Class B(a)
17,908
8,699,169
Block, Inc., Class A(a)
182,018
12,364,483
MasterCard, Inc., Class A
109,456
61,507,705
PayPal Holdings, Inc.(a)
165,085
12,269,117
Visa, Inc., Class A
380,152
134,972,967
Total
229,813,441
Insurance 0.0%
Primerica, Inc.
7,868
2,153,236
Total Financials
364,850,534
Health Care 9.2%
Biotechnology 3.3%
AbbVie, Inc.
211,132
39,190,322
Exact Sciences Corp.(a)
41,387
2,199,305
Exelixis, Inc.(a)
155,491
6,853,266
Gilead Sciences, Inc.
70,486
7,814,783
Insmed, Inc.(a)
61,187
6,157,860
Natera, Inc.(a)
43,449
7,340,274
Neurocrine Biosciences, Inc.(a)
107,674
13,533,545
Regeneron Pharmaceuticals, Inc.
49,179
25,818,975
Vertex Pharmaceuticals, Inc.(a)
97,270
43,304,604
Total
152,212,934
Common Stocks (continued)
Issuer
Shares
Value ($)
Health Care Equipment & Supplies 2.1%
Abbott Laboratories
115,470
15,705,075
DexCom, Inc.(a)
150,379
13,126,583
Edwards Lifesciences Corp.(a)
44,665
3,493,249
Inspire Medical Systems, Inc.(a)
27,182
3,527,408
Insulet Corp.(a)
22,574
7,092,299
Intuitive Surgical, Inc.(a)
63,058
34,266,348
Penumbra, Inc.(a)
12,690
3,256,635
ResMed, Inc.
52,829
13,629,882
Total
94,097,479
Health Care Providers & Services 0.3%
McKesson Corp.
17,533
12,847,832
Health Care Technology 0.8%
Doximity, Inc., Class A(a)
36,164
2,218,300
Veeva Systems Inc., Class A(a)
116,235
33,473,355
Total
35,691,655
Life Sciences Tools & Services 0.6%
Illumina, Inc.(a)
106,394
10,151,051
Thermo Fisher Scientific, Inc.
37,684
15,279,355
Total
25,430,406
Pharmaceuticals 2.1%
Eli Lilly & Co.
33,923
26,443,996
Johnson & Johnson
42,489
6,490,195
Merck & Co., Inc.
149,818
11,859,593
Novartis AG, ADR
143,194
17,327,906
Novo Nordisk A/S, ADR
324,501
22,397,059
Roche Holding AG, ADR
325,747
13,267,675
Total
97,786,424
Total Health Care
418,066,730
Industrials 6.8%
Aerospace & Defense 3.5%
Boeing Co. (The)(a)
367,494
77,001,018
General Electric Co.
115,472
29,721,338
HEICO Corp.
44,405
14,564,840
HEICO Corp., Class A
35,153
9,095,839
Howmet Aerospace, Inc.
58,862
10,955,984
Multi-Manager Large Cap Growth Strategies Fund  | 2025
3
Portfolio of Investments  (continued)
Multi-Manager Large Cap Growth Strategies Fund, June 30, 2025 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
RTX Corp.
32,317
4,718,928
TransDigm Group, Inc.
7,420
11,283,149
Total
157,341,096
Air Freight & Logistics 0.3%
Expeditors International of Washington, Inc.
143,185
16,358,886
Building Products 1.0%
Armstrong World Industries, Inc.
69,758
11,331,490
Trane Technologies PLC
79,144
34,618,377
Total
45,949,867
Commercial Services & Supplies 0.3%
Cintas Corp.
55,137
12,288,383
Construction & Engineering 0.1%
EMCOR Group, Inc.
651
348,213
Quanta Services, Inc.
16,623
6,284,824
Total
6,633,037
Electrical Equipment 0.1%
Eaton Corp. PLC
11,192
3,995,432
Ground Transportation 0.5%
Lyft, Inc., Class A(a)
655,938
10,337,583
Uber Technologies, Inc.(a)
120,945
11,284,169
Total
21,621,752
Industrial Conglomerates 0.4%
3M Co.
121,416
18,484,372
Machinery 0.5%
Deere & Co.
43,528
22,133,553
Trading Companies & Distributors 0.1%
W.W. Grainger, Inc.
4,297
4,469,911
Total Industrials
309,276,289
Information Technology 39.3%
Communications Equipment 0.5%
Arista Networks, Inc.(a)
218,269
22,331,102
Electronic Equipment, Instruments & Components 0.3%
Amphenol Corp., Class A
143,064
14,127,570
IT Services 2.2%
Cloudflare, Inc.(a)
47,761
9,353,037
International Business Machines Corp.
97,868
28,849,529
Shopify, Inc., Class A(a)
437,444
50,459,165
Common Stocks (continued)
Issuer
Shares
Value ($)
Snowflake, Inc., Class A(a)
29,756
6,658,500
Twilio, Inc., Class A(a)
35,338
4,394,634
Total
99,714,865
Semiconductors & Semiconductor Equipment 15.7%
ASML Holding NV
853
683,586
Broadcom, Inc.
481,739
132,791,355
Lam Research Corp.
129,206
12,576,912
Marvell Technology, Inc.
98,888
7,653,931
Monolithic Power Systems, Inc.
5,117
3,742,471
NVIDIA Corp.
3,333,851
526,715,120
QUALCOMM, Inc.
115,413
18,380,674
Taiwan Semiconductor Manufacturing Co., Ltd.,
ADR
32,785
7,425,475
Total
709,969,524
Software 16.2%
AppLovin Corp.(a)
39,546
13,844,264
Atlassian Corp., Class A(a)
7,827
1,589,586
Autodesk, Inc.(a)
144,401
44,702,218
Crowdstrike Holdings, Inc., Class A(a)
13,381
6,815,077
Fair Isaac Corp.(a)
4,842
8,850,982
Guidewire Software, Inc.(a)
17,132
4,033,729
HubSpot, Inc.(a)
8,854
4,928,402
Intuit, Inc.
19,480
15,343,032
Microsoft Corp.
788,579
392,247,080
Nutanix, Inc., Class A(a)
139,560
10,667,966
Oracle Corp.
546,369
119,452,655
Palantir Technologies, Inc., Class A(a)
53,156
7,246,226
Palo Alto Networks, Inc.(a)
32,452
6,640,977
Pegasystems, Inc.
16,244
879,288
Salesforce, Inc.
144,912
39,516,053
ServiceNow, Inc.(a)
41,496
42,661,208
Synopsys, Inc.(a)
6,209
3,183,230
Workday, Inc., Class A(a)
50,313
12,075,120
Total
734,677,093
Technology Hardware, Storage & Peripherals 4.4%
Apple, Inc.
979,952
201,056,752
Total Information Technology
1,781,876,906
4
Multi-Manager Large Cap Growth Strategies Fund  | 2025
Portfolio of Investments  (continued)
Multi-Manager Large Cap Growth Strategies Fund, June 30, 2025 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Materials 0.2%
Metals & Mining 0.2%
Southern Copper Corp.
85,949
8,695,460
Total Materials
8,695,460
Real Estate 0.0%
Retail REITs 0.0%
Simon Property Group, Inc.
9,371
1,506,482
Total Real Estate
1,506,482
Utilities 0.2%
Electric Utilities 0.1%
NRG Energy, Inc.
29,197
4,688,454
Independent Power and Renewable Electricity Producers 0.1%
Vistra Corp.
12,910
2,502,087
Total Utilities
7,190,541
Total Common Stocks
(Cost $4,292,991,490)
4,487,567,626
 
Exchange-Traded Equity Funds 0.2%
 
Shares
Value ($)
U.S. Large Cap 0.2%
Natixis Loomis Sayles Focused Growth ETF(a)
202,420
8,468,038
Total Exchange-Traded Equity Funds
(Cost $8,056,822)
8,468,038
 
Money Market Funds 0.7%
 
 
 
Columbia Short-Term Cash Fund, 4.473%(b),(c)
31,574,299
31,567,984
Total Money Market Funds
(Cost $31,565,076)
31,567,984
Total Investments in Securities
(Cost: $4,332,613,388)
4,527,603,648
Other Assets & Liabilities, Net
3,406,226
Net Assets
4,531,009,874
Notes to Portfolio of Investments 
(a)
Non-income producing investment.
(b)
The rate shown is the seven-day current annualized yield at June 30, 2025.
(c)
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 June 30, 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, 4.473%
 
—
58,217,517
(26,652,441
)
2,908
31,567,984
717
86,429
31,574,299
Abbreviation Legend 
ADR
American Depositary Receipt
Investments are valued using policies described below:
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
Multi-Manager Large Cap Growth Strategies 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.
1QT327_03_R01_(08/25)