Multi-Manager Directional Alternative Strategies Fund
Third Quarter Report
January 31, 2026 (Unaudited)
  
Not FDIC or NCUA Insured
No Financial Institution Guarantee
May Lose Value
Portfolio of Investments
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Common Stocks 54.5%
Issuer
Shares
Value ($)
Communication Services 2.1%
Diversified Telecommunication Services 0.1%
Deutsche Telekom AG, Registered Shares
6,188
207,659
Entertainment 1.0%
Spotify Technology SA(a),(b)
4,673
2,338,135
Walt Disney Co. (The)
6,175
696,540
Total
3,034,675
Interactive Media & Services 0.5%
Alphabet, Inc., Class A(b)
3,864
1,306,032
Media 0.4%
Informa PLC
45,077
543,981
Nexstar Media Group, Inc., Class A
2,075
440,689
Omnicom Group, Inc.
3,950
304,308
Total
1,288,978
Wireless Telecommunication Services 0.1%
T-Mobile US, Inc.(b)
1,673
329,932
Total Communication Services
6,167,276
Consumer Discretionary 3.3%
Automobile Components 0.1%
Aptiv PLC(a)
4,212
319,059
Broadline Retail 0.1%
eBay, Inc.(b)
3,103
283,056
Diversified Consumer Services 0.6%
Adtalem Global Education, Inc.(a)
3,005
311,168
frontdoor, Inc.(a),(b)
25,721
1,520,368
Total
1,831,536
Hotels, Restaurants & Leisure 1.3%
Booking Holdings, Inc.
197
985,363
Boyd Gaming Corp.
9,898
836,777
Darden Restaurants, Inc.
1,992
397,105
Flutter Entertainment PLC(a)
3,210
528,460
Restaurant Brands International, Inc.
4,570
306,144
Wyndham Hotels & Resorts, Inc.
6,504
473,426
Yum! Brands, Inc.
2,610
405,855
Total
3,933,130
Common Stocks (continued)
Issuer
Shares
Value ($)
Household Durables 0.2%
Lennar Corp., Class A
3,989
436,197
Specialty Retail 1.0%
AutoNation, Inc.(a)
1,690
346,416
AutoZone, Inc.(a)
131
485,262
Best Buy Co., Inc.
2,592
168,739
Home Depot, Inc. (The)
776
290,682
Lowe’s Companies, Inc.
656
175,191
Ross Stores, Inc.
2,467
465,399
TJX Companies, Inc. (The)
3,881
581,413
Valvoline, Inc.(a)
7,826
256,067
Total
2,769,169
Total Consumer Discretionary
9,572,147
Consumer Staples 2.3%
Beverages 0.7%
Coca-Cola Bottling Co. Consolidated
3,345
508,641
Coca-Cola Co. (The)
9,695
725,283
Coca-Cola Europacific Partners PLC
3,842
352,311
Primo Brands Corp., Class A(b)
16,088
304,707
Total
1,890,942
Consumer Staples Distribution & Retail 0.9%
BJ’s Wholesale Club Holdings, Inc.(a)
1,827
168,888
Maplebear, Inc.(a)
8,065
299,695
Sysco Corp.
7,806
654,533
U.S. Foods Holding Corp.(a),(b)
12,615
1,054,866
Walmart, Inc.
4,355
518,855
Total
2,696,837
Food Products 0.3%
Glanbia PLC
10,639
204,676
Kerry Group PLC, Class A
1,674
148,805
McCormick & Co., Inc.
5,804
358,861
Toyo Suisan Kaisha Ltd.
3,500
249,888
Total
962,230
2
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Tobacco 0.4%
British American Tobacco, ADR
7,865
477,248
Philip Morris International, Inc.(b)
4,005
718,658
Total
1,195,906
Total Consumer Staples
6,745,915
Energy 0.8%
Energy Equipment & Services 0.6%
Solaris Energy Infrastructure, Inc., Class A(b)
33,336
1,839,814
Oil, Gas & Consumable Fuels 0.2%
Cheniere Energy, Inc.
1,974
417,541
Rockpoint Gas Storage, Inc., Class A
12,808
258,671
Total
676,212
Total Energy
2,516,026
Financials 7.3%
Banks 2.8%
AIB Group PLC
22,990
256,985
Bank of America Corp.(b)
25,030
1,331,596
Danske Bank A/S
4,308
219,484
East West Bancorp, Inc.(b)
4,201
480,762
Fifth Third Bancorp(b)
7,086
355,859
Huntington Bancshares, Inc.(b)
25,766
450,390
ING Groep NV
16,735
493,531
JPMorgan Chase & Co.(b)
5,649
1,727,973
M&T Bank Corp.
2,024
448,458
NatWest Group PLC
49,816
454,062
Nordea Bank Abp
24,137
465,723
Wells Fargo & Co.(b)
18,624
1,685,286
Total
8,370,109
Capital Markets 1.0%
Blue Owl Capital, Inc.
14,302
195,079
Charles Schwab Corp. (The)
4,124
428,566
Evercore, Inc., Class A(b)
1,231
434,875
Goldman Sachs Group, Inc. (The)
316
295,590
Intercontinental Exchange, Inc.
1,490
258,932
LPL Financial Holdings, Inc.
2,290
834,705
Morgan Stanley
1,956
357,557
Total
2,805,304
Common Stocks (continued)
Issuer
Shares
Value ($)
Consumer Finance 0.5%
American Express Co.
1,177
414,504
Capital One Financial Corp.
1,143
250,237
Figure Technology Solutions, Inc., Class A(a)
11,888
676,190
Synchrony Financial(b)
3,627
263,429
Total
1,604,360
Financial Services 1.0%
Apollo Global Management, Inc.
2,302
309,711
Berkshire Hathaway, Inc., Class B(a)
1,081
519,453
Corpay, Inc.(a)
2,112
664,498
Equitable Holdings, Inc.
3,155
146,392
Fidelity National Information Services, Inc.
5,848
323,102
Visa, Inc., Class A
1,432
460,861
Voya Financial, Inc.
1,508
115,603
WEX, Inc.(a)
2,350
361,665
Total
2,901,285
Insurance 2.0%
Allstate Corp. (The)
2,207
439,171
Aon PLC, Class A
2,220
776,201
Arthur J Gallagher & Co.
1,336
333,158
Baldwin Insurance Group, Inc. (The), Class A(a)
7,818
171,370
Beazley PLC
23,311
362,149
Brown & Brown, Inc.
2,767
199,501
Chubb Ltd.
1,616
500,249
Everest Group Ltd.
1,017
336,912
First American Financial Corp.
3,344
211,274
Hiscox Ltd.
21,730
441,974
Markel Group, Inc.(a)
283
577,501
Progressive Corp. (The)
1,604
333,632
RenaissanceRe Holdings Ltd.
1,706
480,580
Travelers Companies, Inc. (The)
1,072
304,995
White Mountains Insurance Group Ltd.
186
380,357
Total
5,849,024
Total Financials
21,530,082
Multi-Manager Directional Alternative Strategies Fund  | 2026
3
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Health Care 8.7%
Biotechnology 2.5%
AbbVie, Inc.(b)
6,298
1,404,517
Amgen, Inc.(b)
2,526
863,589
Biogen, Inc.(a)
3,042
547,225
Grifols SA
10,318
132,009
Natera, Inc.(a),(b)
18,427
4,259,217
Veracyte, Inc.(a)
7,511
286,019
Total
7,492,576
Health Care Equipment & Supplies 2.0%
Abbott Laboratories(b)
2,114
231,060
Artivion, Inc.(a),(b)
48,511
1,977,794
Establishment Labs Holdings, Inc.(a),(b)
25,634
1,746,957
GE HealthCare Technologies, Inc.
5,912
466,871
Kestra Medical Technologies Ltd.(a)
40,637
1,002,515
Medtronic PLC
4,116
423,783
Stryker Corp.
134
49,521
Zimmer Biomet Holdings, Inc.
315
27,427
Total
5,925,928
Health Care Providers & Services 2.3%
Cencora, Inc.
1,541
553,558
Centene Corp.(a)
318
13,776
Cigna Group (The)(b)
1,490
408,424
CVS Health Corp.
8,450
629,694
DaVita, Inc.(a)
92
10,059
Elevance Health, Inc.(b)
292
100,956
GeneDx Holdings Corp.(a),(b)
23,423
2,254,698
HCA Healthcare, Inc.
446
217,769
Humana, Inc.
342
66,759
Labcorp Holdings, Inc.
1,393
378,227
McKesson Corp.
829
689,073
Molina Healthcare, Inc.(a)
173
31,069
Quest Diagnostics, Inc.
1,713
320,382
Tenet Healthcare Corp.(a)
1,379
261,017
UnitedHealth Group, Inc.
2,374
681,172
Total
6,616,633
Health Care Technology 0.5%
HeartFlow, Inc.(a),(b)
46,454
1,387,581
Common Stocks (continued)
Issuer
Shares
Value ($)
Life Sciences Tools & Services 0.4%
ICON PLC(a)
1,862
335,625
IQVIA Holdings, Inc.(a)
2,167
498,735
QIAGEN NV
4,197
225,253
Total
1,059,613
Pharmaceuticals 1.0%
AstraZeneca PLC
2,572
479,200
Bristol-Myers Squibb Co.
7,118
391,846
Ipsen SA
608
99,326
Johnson & Johnson(b)
4,453
1,011,944
Merck & Co., Inc.
447
49,291
Novartis AG, ADR
1,809
268,962
Novo Nordisk A/S, Class B
6,719
398,969
Pfizer, Inc.
601
15,890
Sandoz Group AG, ADR
3,195
253,127
Sanofi SA
214
20,185
UCB SA
42
12,799
Total
3,001,539
Total Health Care
25,483,870
Industrials 8.9%
Aerospace & Defense 0.8%
Airbus Group SE
2,181
499,340
Howmet Aerospace, Inc.(b)
3,130
651,290
L3Harris Technologies, Inc.
3,093
1,060,435
Total
2,211,065
Air Freight & Logistics 0.6%
CH Robinson Worldwide, Inc.
4,283
834,971
Expeditors International of Washington, Inc.
2,884
462,997
FedEx Corp.
1,526
491,754
Total
1,789,722
Building Products 1.0%
Allegion PLC
3,081
509,567
Builders FirstSource, Inc.(a)
4,475
511,940
Carrier Global Corp.
6,625
394,717
Masco Corp.
4,644
306,922
MasterBrand, Inc.(a),(b)
48,550
588,426
4
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Resideo Technologies, Inc.(a),(b)
9,346
320,194
UFP Industries, Inc.
4,329
447,099
Total
3,078,865
Commercial Services & Supplies 0.6%
Brink’s Co. (The)
7,953
1,010,349
HNI Corp.
13,835
661,175
Total
1,671,524
Construction & Engineering 0.9%
AECOM
5,308
511,851
Dycom Industries, Inc.(a),(b)
5,808
2,116,377
Total
2,628,228
Electrical Equipment 0.5%
Acuity, Inc.
1,167
360,883
AMETEK, Inc.
1,619
362,624
Hubbell, Inc.
1,334
650,912
Total
1,374,419
Ground Transportation 0.5%
Canadian Pacific Kansas City Ltd.
2,800
208,152
Old Dominion Freight Line, Inc.
2,712
469,718
Uber Technologies, Inc.(a)
8,792
703,800
Total
1,381,670
Industrial Conglomerates 0.4%
3M Co.
3,565
546,015
Honeywell International, Inc.
2,275
517,608
Siemens AG, Registered Shares
817
247,004
Total
1,310,627
Machinery 1.5%
Allison Transmission Holdings, Inc.
4,956
538,717
Cummins, Inc.
1,086
628,599
Dover Corp.
1,939
390,689
Esab Corp.
4,173
505,350
IDEX Corp.
2,768
549,586
IMI PLC
12,995
490,721
Nordson Corp.
1,731
475,211
Otis Worldwide Corp.
5,130
438,205
Parker-Hannifin Corp.
290
271,394
Total
4,288,472
Common Stocks (continued)
Issuer
Shares
Value ($)
Marine Transportation 0.1%
Matson, Inc.
1,986
318,356
Passenger Airlines 0.2%
Delta Air Lines, Inc.
4,364
287,544
United Airlines Holdings, Inc.(a)
3,333
341,032
Total
628,576
Professional Services 1.5%
Equifax, Inc.
2,283
459,796
Huron Consulting Group, Inc.(a)
3,327
562,263
Jacobs Solutions, Inc.
5,935
802,768
KBR, Inc.(b)
13,491
577,550
Leidos Holdings, Inc.
1,811
340,975
SS&C Technologies Holdings, Inc.
7,228
591,901
TriNet Group, Inc.
4,285
262,413
Upwork, Inc.(a),(b)
42,749
856,263
Total
4,453,929
Trading Companies & Distributors 0.3%
DNOW, Inc.(a),(b)
29,670
450,687
EquipmentShare.com, Inc., Class A(a)
3,802
118,242
Rexel SA
11,111
465,613
Total
1,034,542
Total Industrials
26,169,995
Information Technology 14.1%
Communications Equipment 1.2%
InterDigital, Inc.
2,239
730,899
Viavi Solutions, Inc.(a),(b)
118,422
2,896,602
Total
3,627,501
Electronic Equipment, Instruments & Components 2.1%
Advanced Energy Industries, Inc.(b)
9,474
2,419,281
Arrow Electronics, Inc.(a),(b)
1,995
264,317
CDW Corp.(b)
2,808
354,903
Celestica, Inc.(a)
1,512
424,857
Flex Ltd.(a)
20,014
1,261,682
Jabil, Inc.(b)
1,983
470,348
Keysight Technologies, Inc.(a)
2,742
593,177
Vontier Corp.
6,328
237,300
Zebra Technologies Corp., Class A(a)
1,195
280,801
Total
6,306,666
Multi-Manager Directional Alternative Strategies Fund  | 2026
5
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
IT Services 0.3%
Capgemini SE
1,657
257,462
EPAM Systems, Inc.(a)
3,183
663,974
Total
921,436
Semiconductors & Semiconductor Equipment 6.6%
Applied Materials, Inc.
1,651
532,150
Broadcom, Inc.(b)
3,632
1,203,282
Lam Research Corp.
4,851
1,132,515
Microchip Technology, Inc.
6,248
474,348
Micron Technology, Inc.
1,217
504,909
MKS, Inc.(b)
13,027
3,066,686
NXP Semiconductors NV
1,418
320,667
Qnity Electronics, Inc.
4,056
390,106
Silicon Motion Technology Corp., ADR(b)
51,912
6,173,894
SiTime Corp.(a),(b)
2,346
851,856
Tower Semiconductor Ltd.(a),(b)
34,391
4,633,499
Total
19,283,912
Software 3.0%
Adeia, Inc.(b)
26,229
474,483
Check Point Software Technologies Ltd.(a)
1,685
302,474
Gen Digital, Inc.(b)
21,923
525,933
JFrog Ltd.(a),(b)
94,807
5,195,423
NiCE Ltd., ADR(a)
2,188
232,825
Oracle Corp.(b)
1,829
301,017
Salesforce, Inc.
1,539
326,714
Samsara, Inc., Class A(a),(b)
32,253
904,697
Trimble Navigation Ltd.(a)
6,445
435,682
Total
8,699,248
Technology Hardware, Storage & Peripherals 0.9%
Dell Technologies, Inc.
2,071
237,005
NetApp, Inc.
3,819
367,960
Samsung Electronics Co., Ltd.
10,263
1,133,803
Seagate Technology Holdings PLC
2,343
955,218
Total
2,693,986
Total Information Technology
41,532,749
Common Stocks (continued)
Issuer
Shares
Value ($)
Materials 2.0%
Chemicals 0.4%
DuPont de Nemours, Inc.
8,114
356,367
Methanex Corp.
17,228
822,120
Total
1,178,487
Construction Materials 0.3%
CRH PLC
6,787
830,797
Containers & Packaging 0.1%
Ball Corp.
7,004
398,317
Metals & Mining 1.1%
Allied Gold Corp.(a)
9,862
311,218
Almonty Industries, Inc.(a)
28,400
320,636
Barrick Mining Corp.
10,872
497,829
Equinox Gold Corp.(a)
21,503
307,626
Freeport-McMoRan, Inc.
5,978
360,055
Osisko Gold Royalties Ltd.
10,755
424,071
Royal Gold, Inc.
3,601
948,179
Total
3,169,614
Paper & Forest Products 0.1%
Louisiana-Pacific Corp.
2,499
209,266
Total Materials
5,786,481
Real Estate 2.1%
Diversified REITs 0.2%
Essential Properties Realty Trust, Inc.
17,892
543,201
Office REITs 0.2%
BXP, Inc.
5,247
339,323
COPT Defense Properties
10,674
328,866
Total
668,189
Real Estate Management & Development 1.2%
Compass, Inc.(a),(b)
238,853
2,990,440
Jones Lang LaSalle, Inc.(a)
1,563
559,413
Total
3,549,853
Residential REITs 0.1%
Invitation Homes, Inc.
4,855
129,774
6
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Retail REITs 0.2%
Kimco Realty Corp.(b)
17,339
365,506
Regency Centers Corp.(b)
3,874
282,299
Total
647,805
Specialized REITs 0.2%
Extra Space Storage, Inc.
2,051
282,977
Lamar Advertising Co., Class A(b)
1,865
239,298
Total
522,275
Total Real Estate
6,061,097
Utilities 2.9%
Electric Utilities 2.1%
American Electric Power Co., Inc.(b)
3,768
451,312
Enel SpA
29,718
328,341
Entergy Corp.
8,109
777,572
FirstEnergy Corp.
15,216
720,326
NextEra Energy, Inc.
3,401
298,948
NRG Energy, Inc.
4,202
641,351
OGE Energy Corp.(b)
14,855
648,866
PPL Corp.(b)
15,980
579,275
Scottish & Southern Energy PLC
18,844
626,327
Southern Co. (The)
5,619
501,833
Xcel Energy, Inc.
7,824
595,093
Total
6,169,244
Independent Power and Renewable Electricity Producers 0.3%
Talen Energy Corp.(a)
1,539
536,126
Vistra Corp.
2,454
388,591
Total
924,717
Multi-Utilities 0.5%
CenterPoint Energy, Inc.(b)
15,052
597,414
NiSource, Inc.
16,068
711,652
Total
1,309,066
Total Utilities
8,403,027
Total Common Stocks
(Cost $110,466,619)
159,968,665
 
Exchange-Traded Equity Funds 17.3%
 
Shares
Value ($)
International 4.8%
iShares Core MSCI International Developed Markets
ETF
163,520
14,113,411
U.S. Mid Large Cap 12.5%
iShares Core S&P 500 ETF
52,780
36,683,684
Total Exchange-Traded Equity Funds
(Cost $42,703,973)
50,797,095
 
Warrants —%
Issuer
Shares
Value ($)
Information Technology —%
Software —%
Constellation Software, Inc.(a),(c),(d)
03/31/2040
100
—
Total Information Technology
—
Total Warrants
(Cost $—)
—
 
Call Option Contracts Purchased 0.3%
 
 
 
 
Value ($)
(Cost $1,520,348)
1,006,178
 
Put Option Contracts Purchased 0.7%
 
 
 
 
 
(Cost $1,927,229)
1,986,547
 
Money Market Funds 17.8%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 3.776%(e),(f)
52,137,428
52,121,787
Total Money Market Funds
(Cost $52,123,808)
52,121,787
Total Investments
(Cost $208,741,977)
265,880,272
 
Investments in Securities Sold Short
 
Common Stocks (32.5)%
Issuer
Shares
Value ($)
Communication Services (1.2)%
Diversified Telecommunication Services (0.8)%
AST SpaceMobile, Inc.(a)
(15,207
)
(1,691,171
)
Liberty Global Ltd., Class C(a)
(34,059
)
(377,374
)
Lumen Technologies, Inc.(a)
(20,659
)
(182,212
)
TELUS Corp.
(14,051
)
(196,063
)
Total
(2,446,820
)
Multi-Manager Directional Alternative Strategies Fund  | 2026
7
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
 
Common Stocks (continued)
Issuer
Shares
Value ($)
Interactive Media & Services (0.1)%
Grindr, Inc.(a)
(14,385
)
(162,838
)
Media (0.3)%
Dentsu, Inc.(a)
(17,300
)
(335,820
)
Fuji Media Holdings, Inc.
(14,100
)
(355,055
)
Newsmax, Inc.(a)
(20,603
)
(142,161
)
Total
(833,036
)
Total Communication Services
(3,442,694
)
Consumer Discretionary (2.3)%
Automobile Components (0.0)%
Nokian Renkaat OYJ
(5,182
)
(66,482
)
QuantumScape Corp.(a)
(5,233
)
(46,312
)
Total
(112,794
)
Automobiles (0.0)%
Livewire Group, Inc.(a)
(4,739
)
(11,089
)
Tesla, Inc.(a)
(71
)
(30,559
)
Total
(41,648
)
Diversified Consumer Services (0.6)%
Duolingo, Inc.(a)
(8,979
)
(1,203,725
)
Service Corp. International
(6,606
)
(531,320
)
Total
(1,735,045
)
Hotels, Restaurants & Leisure (0.8)%
Cava Group, Inc.(a)
(2,722
)
(165,008
)
Cracker Barrel Old Country Store, Inc.
(6,411
)
(193,100
)
Hilton Grand Vacations, Inc.(a)
(8,174
)
(368,729
)
Hyatt Hotels Corp., Class A
(2,118
)
(331,192
)
InterContinental Hotels Group PLC
(1,079
)
(145,773
)
MGM Resorts International(a)
(10,245
)
(343,617
)
Seaworld Entertainment, Inc.(a)
(3,530
)
(132,905
)
Shake Shack, Inc., Class A(a)
(1,760
)
(155,883
)
Texas Roadhouse, Inc.
(1,178
)
(211,875
)
Wendy’s Co. (The)
(23,808
)
(185,464
)
Total
(2,233,546
)
Household Durables (0.3)%
KB Home
(7,096
)
(408,304
)
LGI Homes, Inc.(a)
(5,080
)
(254,559
)
Meritage Homes Corp.
(3,770
)
(262,052
)
Total
(924,915
)
 
Common Stocks (continued)
Issuer
Shares
Value ($)
Leisure Products (0.1)%
Acushnet Holdings Corp.
(3,060
)
(296,637
)
Specialty Retail (0.4)%
CarMax, Inc.(a)
(3,316
)
(147,695
)
Carvana Co.(a)
(491
)
(196,945
)
Chewy, Inc., Class A(a)
(2,236
)
(65,090
)
Dick’s Sporting Goods, Inc.
(1,317
)
(266,034
)
Floor & Decor Holdings, Inc., Class A(a)
(1,718
)
(113,319
)
Tractor Supply Co.
(5,030
)
(255,926
)
Total
(1,045,009
)
Textiles, Apparel & Luxury Goods (0.1)%
Birkenstock Holding PLC(a)
(2,821
)
(106,521
)
Moncler SpA
(2,169
)
(126,374
)
NIKE, Inc., Class B
(2,044
)
(126,340
)
On Holding AG(a)
(1,858
)
(84,074
)
Total
(443,309
)
Total Consumer Discretionary
(6,832,903
)
Consumer Staples (1.0)%
Beverages (0.2)%
Becle SAB de CV
(122,400
)
(129,012
)
Brown-Forman Corp., Class B
(8,307
)
(227,362
)
National Beverage Corp.(a)
(4,671
)
(159,188
)
Treasury Wine Estates Ltd.
(33,658
)
(125,423
)
Total
(640,985
)
Consumer Staples Distribution & Retail (0.1)%
Costco Wholesale Corp.
(206
)
(193,691
)
United Natural Foods, Inc.(a)
(4,895
)
(182,241
)
Total
(375,932
)
Food Products (0.5)%
Campbell’s Co. (The)
(9,189
)
(257,108
)
Ezaki Glico Co., Ltd.
(5,300
)
(190,381
)
Hershey Co. (The)
(898
)
(174,886
)
Hormel Foods Corp.
(8,331
)
(205,026
)
Kikkoman Corp.
(9,400
)
(85,028
)
Kraft Heinz Co. (The)
(10,581
)
(251,193
)
Lotus Bakeries NV
(23
)
(271,162
)
Total
(1,434,784
)
8
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
 
Common Stocks (continued)
Issuer
Shares
Value ($)
Household Products (0.1)%
Church & Dwight Co., Inc.
(2,632
)
(253,330
)
Kimberly-Clark Corp.
(1,578
)
(157,784
)
Total
(411,114
)
Personal Care Products (0.1)%
Coty, Inc., Class A(a)
(38,657
)
(122,543
)
Total Consumer Staples
(2,985,358
)
Energy (0.1)%
Oil, Gas & Consumable Fuels (0.1)%
Occidental Petroleum Corp.
(3,090
)
(140,255
)
Repsol SA
(3,137
)
(61,802
)
Total
(202,057
)
Total Energy
(202,057
)
Financials (4.9)%
Banks (1.3)%
Aozora Bank Ltd.
(31,600
)
(511,954
)
Bank of Hawaii Corp.
(8,457
)
(632,414
)
Commonwealth Bank of Australia
(5,353
)
(554,147
)
CVB Financial Corp.
(11,825
)
(233,071
)
First Financial Bankshares, Inc.
(15,968
)
(508,102
)
Glacier Bancorp, Inc.
(15,626
)
(791,926
)
Texas Capital Bancshares, Inc.(a)
(4,730
)
(478,534
)
Total
(3,710,148
)
Capital Markets (1.7)%
Blackstone, Inc.
(2,944
)
(419,285
)
EQT AB
(17,187
)
(652,345
)
KKR & Co., Inc., Class A
(17,797
)
(2,033,485
)
Moelis & Co., Class A
(7,665
)
(549,351
)
StepStone Group, Inc., Class A
(4,141
)
(292,727
)
T Rowe Price Group, Inc.
(2,076
)
(219,392
)
TPG, Inc.
(11,865
)
(698,967
)
Total
(4,865,552
)
Consumer Finance (0.1)%
Goeasy Ltd.
(2,044
)
(187,820
)
SoFi Technologies, Inc.(a)
(12,146
)
(277,050
)
Total
(464,870
)
 
Common Stocks (continued)
Issuer
Shares
Value ($)
Financial Services (0.9)%
Apollo Global Management, Inc.
(17,797
)
(2,394,408
)
Jack Henry & Associates, Inc.
(727
)
(130,286
)
Toast, Inc. Class A(a)
(5,008
)
(155,799
)
Total
(2,680,493
)
Insurance (0.9)%
Cincinnati Financial Corp.
(1,200
)
(193,068
)
Kinsale Capital Group, Inc.
(3,226
)
(1,277,109
)
Lemonade, Inc.(a)
(1,733
)
(150,303
)
Lifenet Insurance Co.(a)
(19,000
)
(246,394
)
RLI Corp.
(2,089
)
(122,060
)
Selective Insurance Group, Inc.
(1,209
)
(101,653
)
Swiss Re AG
(1,270
)
(202,925
)
Trupanion, Inc.(a)
(1,836
)
(58,734
)
Zurich Insurance Group AG
(349
)
(248,286
)
Total
(2,600,532
)
Total Financials
(14,321,595
)
Health Care (6.6)%
Biotechnology (1.4)%
Alnylam Pharmaceuticals, Inc.(a)
(6,931
)
(2,343,094
)
Anavex Life Sciences Corp.(a)
(22,243
)
(104,542
)
ARS Pharmaceuticals, Inc.(a)
(11,978
)
(119,660
)
Ascendis Pharma A/S ADR(a)
(797
)
(180,202
)
Caris Life Sciences, Inc.(a)
(35,603
)
(824,566
)
Krystal Biotech, Inc.(a)
(314
)
(87,681
)
Madrigal Pharmaceuticals, Inc.(a)
(218
)
(106,670
)
Moderna, Inc.(a)
(3,486
)
(153,628
)
Recursion Pharmaceuticals, Inc., Class A(a)
(18,583
)
(77,863
)
TG Therapeutics, Inc.(a)
(3,136
)
(92,292
)
Total
(4,090,198
)
Health Care Equipment & Supplies (1.9)%
Abbott Laboratories
(32,619
)
(3,565,257
)
Ambu A/S
(4,979
)
(67,519
)
Carl Zeiss Meditec AG
(2,264
)
(75,141
)
Dexcom, Inc.(a)
(2,063
)
(150,681
)
Insulet Corp.(a)
(4,756
)
(1,216,632
)
Medline, Inc., Class A(a)
(3,065
)
(135,473
)
Multi-Manager Directional Alternative Strategies Fund  | 2026
9
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
 
Common Stocks (continued)
Issuer
Shares
Value ($)
Neogen Corp.(a)
(17,812
)
(182,039
)
TransMedics Group, Inc.(a)
(893
)
(119,640
)
Total
(5,512,382
)
Health Care Providers & Services (0.1)%
Hims & Hers Health, Inc.(a)
(2,080
)
(56,347
)
Hinge Health, Inc., Class A(a)
(3,033
)
(105,852
)
Omada Health, Inc.(a)
(6,411
)
(95,844
)
Total
(258,043
)
Health Care Technology (0.9)%
Claritev Corp.(a)
(1,978
)
(53,722
)
Doximity, Inc., Class A(a)
(31,545
)
(1,181,991
)
Veeva Systems Inc., Class A(a)
(7,165
)
(1,461,087
)
Total
(2,696,800
)
Life Sciences Tools & Services (0.1)%
10X Genomics, Inc., Class A(a)
(8,460
)
(170,892
)
Oxford Nanopore Technologies PLC(a)
(45,844
)
(97,765
)
Total
(268,657
)
Pharmaceuticals (2.2)%
Corcept Therapeutics, Inc.(a)
(1,671
)
(66,623
)
LENZ Therapeutics, Inc.(a)
(4,049
)
(64,055
)
Novo Nordisk A/S, ADR
(65,500
)
(3,892,665
)
Zoetis, Inc.
(19,125
)
(2,387,182
)
Total
(6,410,525
)
Total Health Care
(19,236,605
)
Industrials (3.5)%
Aerospace & Defense (0.9)%
Hexcel Corp.
(2,383
)
(197,336
)
Rocket Lab Corp.(a)
(30,888
)
(2,473,202
)
Total
(2,670,538
)
Building Products (1.0)%
Carrier Global Corp.
(36,150
)
(2,153,817
)
Hayward Holdings, Inc.(a)
(27,594
)
(445,367
)
Simpson Manufacturing Co., Inc.
(1,555
)
(274,893
)
Total
(2,874,077
)
Commercial Services & Supplies (0.1)%
Tetra Tech, Inc.
(8,223
)
(309,678
)
 
Common Stocks (continued)
Issuer
Shares
Value ($)
Construction & Engineering (0.1)%
Arcosa, Inc.
(1,938
)
(221,843
)
Electrical Equipment (0.1)%
GrafTech International Ltd.(a)
(3,836
)
(57,962
)
Regal Rexnord Corp.
(885
)
(142,928
)
Total
(200,890
)
Machinery (0.7)%
Alliance Laundry Holdings, Inc.(a)
(6,269
)
(138,419
)
Husqvarna AB
(27,058
)
(138,228
)
Kadant, Inc.
(223
)
(71,592
)
Kornit Digital Ltd.(a)
(3,813
)
(49,378
)
Proto Labs, Inc.(a)
(11,961
)
(629,747
)
Spirax-Sarco Engineering PLC
(707
)
(70,449
)
VAT Group AG
(1,434
)
(927,320
)
Total
(2,025,133
)
Marine Transportation (0.1)%
Kuehne + Nagel International AG, Registered
Shares
(862
)
(199,607
)
Mitsui OSK Lines Ltd.
(6,100
)
(191,204
)
Total
(390,811
)
Passenger Airlines (0.0)%
American Airlines Group, Inc.(a)
(10,463
)
(139,158
)
Professional Services (0.0)%
Dayforce, Inc.(a)
(2,483
)
(171,997
)
Trading Companies & Distributors (0.5)%
Fastenal Co.
(1,454
)
(63,045
)
Watsco, Inc.
(3,377
)
(1,305,042
)
Total
(1,368,087
)
Total Industrials
(10,372,212
)
Information Technology (10.7)%
Electronic Equipment, Instruments & Components (1.1)%
CDW Corp.
(7,177
)
(907,101
)
Cognex Corp.
(13,940
)
(540,036
)
Ingram Micro Holding Corp.
(10,563
)
(223,091
)
Novanta, Inc.(a)
(4,495
)
(604,757
)
Zebra Technologies Corp., Class A(a)
(3,582
)
(841,698
)
Total
(3,116,683
)
10
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
 
Common Stocks (continued)
Issuer
Shares
Value ($)
IT Services (2.1)%
Accenture PLC, Class A
(10,652
)
(2,808,293
)
Amdocs Ltd.
(2,207
)
(180,842
)
Cloudflare, Inc., Class A(a)
(16,675
)
(2,957,311
)
Infosys Ltd., ADR
(17,173
)
(301,901
)
Total
(6,248,347
)
Semiconductors & Semiconductor Equipment (0.8)%
Axcelis Technologies, Inc.(a)
(4,784
)
(421,327
)
Entegris, Inc.
(3,777
)
(445,950
)
Power Integrations, Inc.
(6,088
)
(279,683
)
Rambus, Inc.(a)
(10,738
)
(1,222,307
)
Total
(2,369,267
)
Software (3.5)%
Autodesk, Inc.(a)
(3,000
)
(758,610
)
AvePoint, Inc.(a)
(77,422
)
(900,418
)
Fortinet, Inc.(a)
(19,107
)
(1,552,635
)
Manhattan Associates, Inc.(a)
(5,932
)
(895,791
)
Palantir Technologies, Inc., Class A(a)
(17,869
)
(2,619,417
)
SAP SE, ADR
(8,308
)
(1,670,240
)
Unity Software, Inc.(a)
(60,787
)
(1,768,902
)
Total
(10,166,013
)
Technology Hardware, Storage & Peripherals (3.2)%
Dell Technologies, Inc., Class C
(44,064
)
(5,042,684
)
HP, Inc.
(71,051
)
(1,381,231
)
NetApp, Inc.
(32,274
)
(3,109,600
)
Total
(9,533,515
)
Total Information Technology
(31,433,825
)
Materials (0.7)%
Chemicals (0.1)%
BASF SE
(6,470
)
(350,764
)
Containers & Packaging (0.4)%
Amcor PLC
(7,410
)
(327,893
)
Greif, Inc., Class A
(6,927
)
(489,185
)
International Paper Co.
(9,545
)
(384,854
)
Total
(1,201,932
)
Paper & Forest Products (0.2)%
Stora Enso OYJ, Class R
(32,801
)
(377,605
)
Total Materials
(1,930,301
)
 
Common Stocks (continued)
Issuer
Shares
Value ($)
Real Estate (1.0)%
Diversified REITs (0.1)%
Nomura Real Estate Master Fund, Inc.
(333
)
(359,815
)
Industrial REITs (0.1)%
Segro PLC
(35,354
)
(368,338
)
Office REITs (0.2)%
SL Green Realty Corp.
(9,102
)
(407,588
)
Real Estate Management & Development (0.2)%
Aroundtown SA(a)
(43,400
)
(137,914
)
Sagax AB, Class B
(19,475
)
(429,446
)
Total
(567,360
)
Residential REITs (0.1)%
Mid-America Apartment Communities, Inc.
(2,473
)
(332,124
)
Retail REITs (0.2)%
Unibail-Rodamco-Westfield
(4,738
)
(523,857
)
Specialized REITs (0.1)%
Digital Realty Trust, Inc.
(2,000
)
(331,900
)
Total Real Estate
(2,890,982
)
Utilities (0.5)%
Electric Utilities (0.5)%
Constellation Energy Corp.
(2,387
)
(669,983
)
Fortis, Inc.
(8,594
)
(458,318
)
Verbund AG
(6,914
)
(507,319
)
Total
(1,635,620
)
Total Utilities
(1,635,620
)
Total Common Stocks
(Proceeds $101,004,372)
(95,284,152
)
 
Limited Partnerships (0.0)%
 
 
 
Energy (0.0)%
Oil, Gas & Consumable Fuels (0.0)%
Dorchester Minerals LP
(2,397
)
(60,908
)
Total Energy
(60,908
)
Total Limited Partnerships
(Proceeds $58,923)
(60,908
)
Multi-Manager Directional Alternative Strategies Fund  | 2026
11
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
 
Preferred Stocks (0.1)%
Issuer
 
Shares
Value ($)
Consumer Discretionary (0.1)%
Automobiles (0.1)%
Dr. Ing. h.c. F. Porsche AG
(4,492
)
(218,594
)
Total Consumer Discretionary
(218,594
)
Total Preferred Stocks
(Proceeds $353,926)
(218,594
)
 
Exchange-Traded Equity Funds (3.4)%
 
Shares
Value ($)
U.S. Mid Large Cap (0.6)%
VanEck Vectors Semiconductor ETF
(4,804
)
(1,938,222
)
Exchange-Traded Equity Funds (continued)
 
Shares
Value ($)
U.S. Small Mid Cap (2.8)%
State Street SPDR S&P Biotech ETF
(65,684
)
(8,194,079
)
Total Exchange-Traded Equity Funds
(Proceeds $8,453,759)
(10,132,301
)
Total Investments in Securities Sold Short
(Proceeds $109,870,980)
(105,695,955
)
Total Investments in Securities, Net of Securities Sold Short
160,184,317
Other Assets & Liabilities, Net
133,150,033
Net Assets
293,334,350
At January 31, 2026, securities and/or cash totaling $189,066,490 were pledged as collateral.
Investments in derivatives 
Call option contracts purchased
Description
Counterparty
Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Cost ($)
Value ($)
Amazon.com, Inc.
Morgan Stanley
USD
2,871,600
120
235.00
02/06/2026
132,845
137,100
Amazon.com, Inc.
Morgan Stanley
USD
2,823,740
118
250.00
02/06/2026
55,735
56,640
AST SpaceMobile, Inc.
Morgan Stanley
USD
756,228
68
112.00
02/06/2026
57,147
45,220
AST SpaceMobile, Inc.
Morgan Stanley
USD
1,323,399
119
130.00
02/20/2026
105,637
62,177
Carrier Global Corp.
Morgan Stanley
USD
1,769,526
297
60.00
02/20/2026
48,911
68,310
CDW Corp.
Morgan Stanley
USD
897,369
71
135.00
02/20/2026
16,692
15,620
Ciena Corp.
Morgan Stanley
USD
1,485,679
59
260.00
02/06/2026
62,495
42,775
Ciena Corp.
Morgan Stanley
USD
604,344
24
255.00
02/06/2026
24,780
21,240
Cirrus Logic, Inc.
Morgan Stanley
USD
1,551,046
119
130.00
02/20/2026
108,305
82,110
Cloudflare, Inc.
Morgan Stanley
USD
1,684,825
95
195.00
02/06/2026
55,318
6,935
Cloudflare, Inc.
Morgan Stanley
USD
425,640
24
205.00
02/06/2026
10,506
2,400
Cloudflare, Inc.
Morgan Stanley
USD
833,545
47
210.00
02/06/2026
16,912
1,199
Dell Technologies, Inc.
RBC Capital Markets
USD
1,361,836
119
120.00
02/06/2026
42,768
11,365
Doximity, Inc.
Morgan Stanley
USD
670,713
179
40.00
02/20/2026
48,247
46,987
Fortinet, Inc.
Morgan Stanley
USD
1,535,814
189
86.00
02/06/2026
42,244
42,903
Insulet Corp.
Morgan Stanley
USD
1,202,307
47
270.00
02/20/2026
38,280
36,660
Manhattan Associates, Inc.
Morgan Stanley
USD
724,848
48
170.00
02/20/2026
47,247
3,840
Novo Nordisk A/S
Morgan Stanley
USD
1,771,014
298
60.00
02/06/2026
47,577
60,345
Novo Nordisk A/S
Morgan Stanley
USD
707,217
119
61.00
02/06/2026
34,370
19,813
Novo Nordisk A/S
Morgan Stanley
USD
707,217
119
62.00
02/06/2026
22,934
16,779
Novo Nordisk A/S
Morgan Stanley
USD
707,217
119
63.00
02/06/2026
30,299
13,506
Palantir Technologies, Inc.
Morgan Stanley
USD
1,744,421
119
175.00
02/06/2026
71,610
10,413
Palantir Technologies, Inc.
Barclays
USD
1,319,310
90
175.00
02/06/2026
52,548
7,875
Rambus, Inc.
Morgan Stanley
USD
1,217,981
107
120.00
02/20/2026
73,084
78,110
Rocket Lab Corp.
Morgan Stanley
USD
1,145,001
143
92.00
02/06/2026
63,025
10,225
Rocket Lab Corp.
Morgan Stanley
USD
760,665
95
90.00
02/06/2026
40,855
9,310
Rocket Lab Corp.
Morgan Stanley
USD
568,497
71
95.00
02/06/2026
12,227
3,550
Sandisk Corp.
Morgan Stanley
USD
1,383,000
24
650.00
02/06/2026
61,582
27,480
Unity Software, Inc.
Morgan Stanley
USD
689,670
237
40.00
02/13/2026
54,878
10,191
Zoetis, Inc.
Morgan Stanley
USD
1,185,790
95
125.00
02/20/2026
41,290
55,100
Total
 
 
1,520,348
1,006,178
 
12
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Put option contracts purchased
Description
Counterparty
Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Cost ($)
Value ($)
Advanced Energy Industries, Inc.
Morgan Stanley
USD
2,145,024
84
230.00
02/20/2026
127,433
52,500
Amazon.com, Inc.
Morgan Stanley
USD
2,297,280
96
232.50
02/06/2026
56,930
55,920
CareDx, Inc.
Morgan Stanley
USD
369,900
180
17.50
02/20/2026
28,212
24,300
Carvana Co.
Morgan Stanley
USD
3,329,213
83
400.00
02/13/2026
134,167
184,675
Credo Technology Group Holding Ltd.
Morgan Stanley
USD
1,190,160
95
125.00
02/13/2026
81,604
79,325
DR Horton, Inc.
Morgan Stanley
USD
2,664,236
179
150.00
02/06/2026
73,000
65,335
F5, Inc.
Morgan Stanley
USD
2,618,295
95
250.00
02/20/2026
78,297
13,538
GeneDx Holdings Corp.
Morgan Stanley
USD
683,446
71
95.00
02/20/2026
41,552
42,600
Insmed, Inc.
Morgan Stanley
USD
1,866,753
119
160.00
02/20/2026
81,719
115,430
Manhattan Associates, Inc.
Morgan Stanley
USD
196,313
13
160.00
02/20/2026
8,281
14,495
MongoDB, Inc.
Morgan Stanley
USD
3,973,231
107
360.00
02/13/2026
114,184
120,107
ON Semiconductor Corp.
Morgan Stanley
USD
712,691
119
60.00
02/20/2026
26,716
42,840
Rubrik, Inc.
Morgan Stanley
USD
1,661,715
297
64.00
02/13/2026
100,393
250,965
Solaris Energy Infrastructure, Inc.
Morgan Stanley
USD
1,959,245
355
52.50
02/20/2026
160,344
136,675
Spotify Technology SA
Morgan Stanley
USD
2,401,680
48
490.00
02/20/2026
86,474
98,640
VanEck Semiconductor ETF
Morgan Stanley
USD
14,403,522
357
400.00
02/13/2026
397,267
353,430
VanEck Semiconductor ETF
Morgan Stanley
USD
9,562,002
237
405.00
02/13/2026
289,511
273,735
VanEck Semiconductor ETF
Morgan Stanley
USD
1,412,110
35
415.00
02/13/2026
41,145
62,037
Total
 
 
1,927,229
1,986,547
 
Call option contracts written
Description
Counterparty
Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Premium
received ($)
Value ($)
Establishment Labs Holdings, Inc.
Morgan Stanley
USD
(810,985
)
(119
)
82.50
02/20/2026
(18,518
)
(4,760
)
Insmed, Inc.
Morgan Stanley
USD
(1,866,753
)
(119
)
190.00
02/20/2026
(13,404
)
(16,660
)
Sandisk Corp.
Morgan Stanley
USD
(1,383,000
)
(24
)
730.00
02/06/2026
(19,841
)
(7,980
)
Total
 
 
(51,763
)
(29,400
)
 
Put option contracts written
Description
Counterparty
Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Premium
received ($)
Value ($)
Carvana Co.
Morgan Stanley
USD
(3,329,213
)
(83
)
360.00
02/13/2026
(52,868
)
(84,245
)
GeneDx Holdings Corp.
Morgan Stanley
USD
(683,446
)
(71
)
85.00
02/20/2026
(18,725
)
(22,188
)
Insmed, Inc.
Morgan Stanley
USD
(1,866,753
)
(119
)
150.00
02/20/2026
(27,032
)
(52,955
)
VanEck Semiconductor ETF
Morgan Stanley
USD
(4,801,174
)
(119
)
380.00
02/13/2026
(49,556
)
(50,278
)
Total
 
 
(148,181
)
(209,666
)
 
Multi-Manager Directional Alternative Strategies Fund  | 2026
13
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
SanDisk Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
4,551,158
1,857,319
(7,946
)
—
—
1,849,373
—
Total return on
SanDisk Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
480,039
195,903
(2,553
)
—
—
193,350
—
Total return on
Ionis
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
1,767,955
125,024
(3,087
)
—
—
121,937
—
Total return on
Ionis
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
1,248,254
88,272
(2,179
)
—
—
86,093
—
Total return on
Ionis
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
1,037,548
73,371
(1,811
)
—
—
71,560
—
Total return on
NVIDIA Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
2,180,068
47,552
(3,806
)
—
—
43,746
—
Total return on
Ionis
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
510,744
36,118
(892
)
—
—
35,226
—
Total return on
Ionis
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
469,668
33,213
(820
)
—
—
32,393
—
Total return on
DigitalOcean
Holdings, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
619,172
27,750
(1,081
)
—
—
26,669
—
Total return on
Establishment
Labs Holdings,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
687,699
22,833
(1,201
)
—
—
21,632
—
Total return on
Arrowhead
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
387,894
18,033
(677
)
—
—
17,356
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
1,024,281
18,843
(1,788
)
—
—
17,055
—
14
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
985,536
18,130
(1,721
)
—
—
16,409
—
Total return on
NVIDIA Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
730,430
15,932
(1,275
)
—
—
14,657
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
750,266
13,802
(1,310
)
—
—
12,492
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
746,459
13,732
(1,303
)
—
—
12,429
—
Total return on
BridgeBio
Pharma, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
1,047,965
13,880
(1,830
)
—
—
12,050
—
Total return on
Ionis
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
106,009
7,497
(185
)
—
—
7,312
—
Total return on
Establishment
Labs Holdings,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
229,475
7,619
(401
)
—
—
7,218
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
431,011
7,928
(752
)
—
—
7,176
—
Total return on
Establishment
Labs Holdings,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
226,968
7,536
(396
)
—
—
7,140
—
Total return on
Arrowhead
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
155,754
7,241
(272
)
—
—
6,969
—
Total return on
Arrowhead
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
155,158
7,213
(271
)
—
—
6,942
—
Total return on
Arrowhead
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
152,640
7,096
(266
)
—
—
6,830
—
Multi-Manager Directional Alternative Strategies Fund  | 2026
15
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
Arrowhead
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
151,448
7,040
(264
)
—
—
6,776
—
Total return on
Arrowhead
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
151,315
7,035
(264
)
—
—
6,771
—
Total return on
Amazon.com,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
2,286,528
10,752
(3,992
)
—
—
6,760
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
365,167
6,718
(638
)
—
—
6,080
—
Total return on
NVIDIA Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
291,798
6,364
(509
)
—
—
5,855
—
Total return on
Ionis
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
77,982
5,514
(136
)
—
—
5,378
—
Total return on
Alumis, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
432,425
6,083
(755
)
—
—
5,328
—
Total return on
Establishment
Labs Holdings,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
161,206
5,352
(281
)
—
—
5,071
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
291,036
5,354
(508
)
—
—
4,846
—
Total return on
Arrowhead
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
156,874
4,872
(164
)
—
—
4,708
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
204,811
3,768
(358
)
—
—
3,410
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
173,457
3,191
(303
)
—
—
2,888
—
16
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
BridgeBio
Pharma, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
214,519
2,842
(375
)
—
—
2,467
—
Total return on
BridgeBio
Pharma, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
211,316
2,799
(369
)
—
—
2,430
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
142,663
2,624
(249
)
—
—
2,375
—
Total return on
Kestra Medical
Technologies
Ltd.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
31,758
2,335
(55
)
—
—
2,280
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
129,337
2,380
(226
)
—
—
2,154
—
Total return on
Establishment
Labs Holdings,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
64,443
2,140
(113
)
—
—
2,027
—
Total return on
NVIDIA Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
93,151
2,032
(163
)
—
—
1,869
—
Total return on
Arrowhead
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
38,690
1,799
(68
)
—
—
1,731
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
86,561
1,592
(151
)
—
—
1,441
—
Total return on
Establishment
Labs Holdings,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
43,929
1,459
(77
)
—
—
1,382
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
82,081
1,510
(143
)
—
—
1,367
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
77,154
1,420
(135
)
—
—
1,285
—
Multi-Manager Directional Alternative Strategies Fund  | 2026
17
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
Bridgebio
Pharma, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
85,259
1,129
(149
)
—
—
980
—
Total return on
Guardant Health,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
50,503
929
(88
)
—
—
841
—
Total return on
NVIDIA Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
40,216
877
(70
)
—
—
807
—
Total return on
DigitalOcean
Holdings, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
15,547
697
(27
)
—
—
670
—
Total return on
SiTime Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
20,504
556
(36
)
—
—
520
—
Total return on
BridgeBio
Pharma, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
30,275
401
(53
)
—
—
348
—
Total return on
BridgeBio
Pharma, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
18,760
249
(33
)
—
—
216
—
Total return on
BridgeBio
Pharma, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
12,430
165
(22
)
—
—
143
—
Total return on
BridgeBio
Pharma, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
11,668
154
(20
)
—
—
134
—
Total return on
Insmed, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
2,867
(43
)
(5
)
—
—
—
(48
)
Total return on
Upwork, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
25,832
(154
)
(45
)
—
—
—
(199
)
Total return on
Solaris Energy
Infrastructure,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
54,624
(207
)
(95
)
—
—
—
(302
)
18
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
Dycom
Industries, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
86,293
(297
)
(151
)
—
—
—
(448
)
Total return on
Upwork, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
113,686
(678
)
(198
)
—
—
—
(876
)
Total return on
Upwork, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
119,691
(713
)
(209
)
—
—
—
(922
)
Total return on
Arrowhead
Pharmaceuticals,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
166,395
(904
)
(155
)
—
—
—
(1,059
)
Total return on
Dycom
Industries, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
205,495
(708
)
(359
)
—
—
—
(1,067
)
Total return on
Zeta Global
Holdings Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
12,754
(1,773
)
(22
)
—
—
—
(1,795
)
Total return on
Solaris Energy
Infrastructure,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
330,572
(1,253
)
(577
)
—
—
—
(1,830
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
56,317
(1,880
)
(98
)
—
—
—
(1,978
)
Total return on
Dycom
Industries, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
423,423
(1,459
)
(739
)
—
—
—
(2,198
)
Total return on
Insmed, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
139,521
(2,102
)
(244
)
—
—
—
(2,346
)
Total return on
Zeta Global
Holdings Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
18,904
(2,628
)
(33
)
—
—
—
(2,661
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
86,757
(2,896
)
(151
)
—
—
—
(3,047
)
Multi-Manager Directional Alternative Strategies Fund  | 2026
19
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
93,562
(3,123
)
(163
)
—
—
—
(3,286
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
94,825
(3,164
)
(166
)
—
—
—
(3,330
)
Total return on
Zeta Global
Holdings Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
31,938
(4,440
)
(56
)
—
—
—
(4,496
)
Total return on
Alumis, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
150,262
(4,329
)
(175
)
—
—
—
(4,504
)
Total return on
Dycom
Industries, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
870,247
(2,999
)
(1,519
)
—
—
—
(4,518
)
Total return on
Insmed, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
268,848
(4,052
)
(469
)
—
—
—
(4,521
)
Total return on
Insmed, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
288,279
(4,344
)
(503
)
—
—
—
(4,847
)
Total return on
Insmed, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
323,159
(4,870
)
(564
)
—
—
—
(5,434
)
Total return on
Solaris Energy
Infrastructure,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
982,962
(3,726
)
(1,716
)
—
—
—
(5,442
)
Total return on
Upwork, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
708,454
(4,219
)
(1,237
)
—
—
—
(5,456
)
Total return on
Artivion, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
97,489
(5,675
)
(170
)
—
—
—
(5,845
)
Total return on
MongoDB, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
123,766
(5,683
)
(216
)
—
—
—
(5,899
)
20
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
168,705
(5,630
)
(295
)
—
—
—
(5,925
)
Total return on
Samsara, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
33,335
(6,043
)
(58
)
—
—
—
(6,101
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
175,999
(5,874
)
(307
)
—
—
—
(6,181
)
Total return on
Artivion, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
107,359
(6,250
)
(187
)
—
—
—
(6,437
)
Total return on
Insmed, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
413,783
(6,236
)
(722
)
—
—
—
(6,958
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
28,698
(7,532
)
(50
)
—
—
—
(7,582
)
Total return on
HeartFlow, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
44,175
(7,644
)
(77
)
—
—
—
(7,721
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
220,987
(7,375
)
(386
)
—
—
—
(7,761
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
223,799
(7,469
)
(391
)
—
—
—
(7,860
)
Total return on
MongoDB, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
190,319
(8,739
)
(332
)
—
—
—
(9,071
)
Total return on
Zeta Global
Holdings Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
72,530
(10,083
)
(127
)
—
—
—
(10,210
)
Total return on
Samsara, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
57,077
(10,346
)
(100
)
—
—
—
(10,446
)
Multi-Manager Directional Alternative Strategies Fund  | 2026
21
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
41,384
(10,861
)
(104
)
—
—
—
(10,965
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
337,206
(11,254
)
(589
)
—
—
—
(11,843
)
Total return on
Insmed, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
722,927
(10,894
)
(1,262
)
—
—
—
(12,156
)
Total return on
Artivion, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
228,961
(13,328
)
(400
)
—
—
—
(13,728
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
393,115
(13,120
)
(686
)
—
—
—
(13,806
)
Total return on
Artivion, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
232,684
(13,545
)
(406
)
—
—
—
(13,951
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
54,590
(14,328
)
(95
)
—
—
—
(14,423
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
55,213
(14,491
)
(96
)
—
—
—
(14,587
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
418,421
(13,964
)
(731
)
—
—
—
(14,695
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
428,283
(14,293
)
(748
)
—
—
—
(15,041
)
Total return on
Carvana Co.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
117,524
(15,242
)
(205
)
—
—
—
(15,447
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
58,957
(15,473
)
(103
)
—
—
—
(15,576
)
22
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
449,187
(14,991
)
(784
)
—
—
—
(15,775
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
61,764
(16,210
)
(108
)
—
—
—
(16,318
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
63,948
(16,783
)
(112
)
—
—
—
(16,895
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
64,676
(16,974
)
(113
)
—
—
—
(17,087
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
65,299
(17,138
)
(114
)
—
—
—
(17,252
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
65,819
(17,274
)
(115
)
—
—
—
(17,389
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
66,547
(17,466
)
(116
)
—
—
—
(17,582
)
Total return on
Insmed, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
1,053,253
(15,871
)
(1,839
)
—
—
—
(17,710
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
67,275
(17,657
)
(117
)
—
—
—
(17,774
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
67,483
(17,711
)
(118
)
—
—
—
(17,829
)
Total return on
Compass, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
307,516
(17,590
)
(322
)
—
—
—
(17,912
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
69,771
(18,311
)
(122
)
—
—
—
(18,433
)
Multi-Manager Directional Alternative Strategies Fund  | 2026
23
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
70,187
(18,420
)
(123
)
—
—
—
(18,543
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
542,220
(18,096
)
(947
)
—
—
—
(19,043
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
543,727
(18,147
)
(949
)
—
—
—
(19,096
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
73,306
(19,239
)
(128
)
—
—
—
(19,367
)
Total return on
Zeta Global
Holdings Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
146,787
(20,406
)
(256
)
—
—
—
(20,662
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
81,728
(21,450
)
(143
)
—
—
—
(21,593
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
81,936
(21,505
)
(143
)
—
—
—
(21,648
)
Total return on
Insmed, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
1,289,609
(19,433
)
(2,251
)
—
—
—
(21,684
)
Total return on
Castle
Biosciences, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
657,868
(21,955
)
(1,149
)
—
—
—
(23,104
)
Total return on
Samsara, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
143,481
(26,008
)
(250
)
—
—
—
(26,258
)
Total return on
Carvana Co.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
215,692
(27,972
)
(377
)
—
—
—
(28,349
)
Total return on
Artivion, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
497,142
(28,940
)
(868
)
—
—
—
(29,808
)
24
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
Credo
Technology
Group Holding
Ltd.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
198,330
(31,707
)
(346
)
—
—
—
(32,053
)
Total return on
Zeta Global
Holdings Corp.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
253,889
(35,295
)
(443
)
—
—
—
(35,738
)
Total return on
MongoDB, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
788,908
(36,223
)
(1,377
)
—
—
—
(37,600
)
Total return on
Carvana Co.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
290,815
(37,715
)
(508
)
—
—
—
(38,223
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
147,132
(38,615
)
(257
)
—
—
—
(38,872
)
Total return on
Insmed, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
2,368,186
(35,686
)
(4,134
)
—
—
—
(39,820
)
Total return on
Carvana Co.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
307,868
(39,926
)
(538
)
—
—
—
(40,464
)
Total return on
Carvana Co.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
310,172
(40,225
)
(542
)
—
—
—
(40,767
)
Total return on
Carvana Co.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
312,938
(40,584
)
(546
)
—
—
—
(41,130
)
Total return on
Palvella
Therapeutics,
Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
170,007
(44,619
)
(447
)
—
—
—
(45,066
)
Total return on
Credo
Technology
Group Holding
Ltd.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
411,869
(65,846
)
(719
)
—
—
—
(66,565
)
Multi-Manager Directional Alternative Strategies Fund  | 2026
25
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
Carvana Co.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
897,794
(116,432
)
(1,567
)
—
—
—
(117,999
)
Total return on
MongoDB, Inc.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
2,593,240
(119,068
)
(4,527
)
—
—
—
(123,595
)
Total return on
Carvana Co.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
941,117
(122,050
)
(1,643
)
—
—
—
(123,693
)
Total return on
Credo
Technology
Group Holding
Ltd.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
807,336
(129,070
)
(1,409
)
—
—
—
(130,479
)
Total return on
Carvana Co.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
1,533,348
(198,855
)
(2,677
)
—
—
—
(201,532
)
Total return on
Carvana Co.
1-Day Overnight
Fed Funds
Effective Rate
plus 0.550%
Monthly
Morgan Stanley
07/24/2026
USD
1,399,313
(215,637
)
(2,447
)
—
—
—
(218,084
)
Total return on
AtkinsRealis
Group, Inc.
CABROVER plus
0.550%
Monthly
Morgan Stanley
07/27/2026
CAD
2,097,357
18,102
(1,772
)
—
—
16,330
—
Total return on
AtkinsRealis
Group, Inc.
CABROVER plus
0.550%
Monthly
Morgan Stanley
07/27/2026
CAD
1,021,288
8,815
(863
)
—
—
7,952
—
Total return on
AtkinsRealis
Group, Inc.
CABROVER plus
0.550%
Monthly
Morgan Stanley
07/27/2026
CAD
900,675
7,774
(761
)
—
—
7,013
—
Total return on
AtkinsRealis
Group, Inc.
CABROVER plus
0.550%
Monthly
Morgan Stanley
07/27/2026
CAD
731,232
6,311
(618
)
—
—
5,693
—
Total return on
AtkinsRealis
Group, Inc.
CABROVER plus
0.550%
Monthly
Morgan Stanley
07/27/2026
CAD
705,542
6,090
(605
)
—
—
5,485
—
Total return on
AtkinsRealis
Group, Inc.
CABROVER plus
0.550%
Monthly
Morgan Stanley
07/27/2026
CAD
475,367
4,103
(407
)
—
—
3,696
—
Total return on
AtkinsRealis
Group, Inc.
CABROVER plus
0.550%
Monthly
Morgan Stanley
07/27/2026
CAD
350,598
3,026
(300
)
—
—
2,726
—
26
Multi-Manager Directional Alternative Strategies Fund  | 2026
Portfolio of Investments  (continued)
Multi-Manager Directional Alternative Strategies Fund, January 31, 2026 (Unaudited)
Total return swap contracts (continued)
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Total return on
AtkinsRealis
Group, Inc.
CABROVER plus
0.550%
Monthly
Morgan Stanley
07/27/2026
CAD
132,513
1,144
(114
)
—
—
1,030
—
Total return on
AtkinsRealis
Group, Inc.
CABROVER plus
0.550%
Monthly
Morgan Stanley
07/27/2026
CAD
70,649
610
(60
)
—
—
550
—
Total return on
AtkinsRealis
Group, Inc.
CABROVER plus
0.550%
Monthly
Morgan Stanley
07/27/2026
CAD
41,558
359
(36
)
—
—
323
—
Total
 
 
 
 
 
698,870
(108,336
)
—
—
2,776,150
(2,185,616
)
 
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
3.640%
CABROVER
Bank of Canada Overnight Lending Rate
2.250%
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, 2026, 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, 2026.
(f)
Under 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 January 31, 2026 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, 3.776%
 
51,408,035
127,320,903
(126,609,009
)
1,858
52,121,787
(1,890
)
1,484,203
52,137,428
Abbreviation Legend 
ADR
American Depositary Receipt
Currency Legend 
CAD
Canadian Dollar
USD
US Dollar
Investments are valued using policies described in the Notes to Financial Statements included within the most recent financial statements and additional information.
Multi-Manager Directional Alternative Strategies Fund  | 2026
27
You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
3QT284_04_T01_(03/26)