Columbia Small Cap Value Discovery Fund
Third Quarter Report
January 31, 2026 (Unaudited)
  
Not FDIC or NCUA Insured
No Financial Institution Guarantee
May Lose Value
Portfolio of Investments
Columbia Small Cap Value Discovery Fund, January 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Common Stocks 99.2%
Issuer
Shares
Value ($)
Communication Services 1.9%
Diversified Telecommunication Services 0.2%
Bandwidth, Inc., Class A(a)
235,422
3,288,845
Entertainment 0.3%
Gaia, Inc.(a),(b)
664,149
2,251,465
Playstudios, Inc.(a)
2,335,384
1,481,801
Vivid Seats, Inc., Class A(a)
210,176
1,532,183
Total
5,265,449
Interactive Media & Services 0.6%
fuboTV, Inc.(a)
1,949,534
4,347,461
Webtoon Entertainment, Inc.(a)
688,173
8,320,012
Total
12,667,473
Media 0.8%
Criteo SA, ADR(a)
384,560
7,372,015
DoubleVerify Holdings, Inc.(a)
771,200
8,344,384
Ibotta, Inc.(a)
42,739
882,988
Total
16,599,387
Total Communication Services
37,821,154
Consumer Discretionary 13.1%
Automobile Components 1.4%
Fox Factory Holding Corp.(a)
287,670
5,293,128
Gentherm, Inc.(a)
270,788
8,654,384
Visteon Corp.
157,532
14,313,358
Total
28,260,870
Automobiles 0.5%
Winnebago Industries, Inc.
206,640
9,486,842
Broadline Retail 0.4%
Savers Value Village, Inc.(a)
765,690
7,932,548
Distributors 0.5%
Educational Development Corp.(a)
390,079
546,111
Gold.com, Inc.
197,610
10,246,078
Total
10,792,189
Diversified Consumer Services 0.5%
American Public Education, Inc.(a)
109,831
4,588,739
Kindercare Learning Cos, Inc.(a)
1,460,796
6,821,918
Total
11,410,657
Common Stocks (continued)
Issuer
Shares
Value ($)
Household Durables 4.1%
Beazer Homes USA, Inc.(a)
223,350
4,817,660
Cavco Industries, Inc.(a)
14,947
7,354,223
Century Communities, Inc.
205,929
12,969,408
Ethan Allen Interiors, Inc.
211,633
4,852,745
Hamilton Beach Brands Holding Co.
328,031
6,262,112
Helen of Troy Ltd.(a)
494,881
8,195,229
Hooker Furnishings Corp.
321,300
4,263,651
Legacy Housing Corp.(a)
301,886
6,264,134
Lifetime Brands, Inc.
661,547
2,083,873
Meritage Homes Corp.
338,270
23,513,148
Universal Electronics, Inc.(a)
626,665
2,475,327
Total
83,051,510
Leisure Products 1.6%
Malibu Boats, Inc., Class A(a)
228,085
7,412,762
Polaris, Inc.
248,428
15,859,644
YETI Holdings, Inc.(a)
192,536
8,800,821
Total
32,073,227
Specialty Retail 2.7%
Advance Auto Parts, Inc.
345,909
16,607,091
America’s Car-Mart, Inc.(a)
130,570
3,358,260
Brilliant Earth Group, Inc., Class A
579,224
903,590
Designer Brands, Inc.
942,724
5,976,870
National Vision Holdings, Inc.(a)
560,432
14,767,383
OneWater Marine, Inc., Class A(a)
249,760
3,316,813
Stitch Fix, Inc., Class A(a)
913,008
4,382,438
Zumiez, Inc.(a)
200,024
4,922,591
Total
54,235,036
Textiles, Apparel & Luxury Goods 1.4%
Carter’s, Inc.
262,320
9,078,895
Culp, Inc.(a)
625,675
2,202,376
Fossil Group, Inc.(a)
1,089,074
3,779,087
Movado Group, Inc.
394,872
9,003,082
Oxford Industries, Inc.
115,550
4,258,017
Total
28,321,457
Total Consumer Discretionary
265,564,336
2
Columbia Small Cap Value Discovery Fund  | 2026
Portfolio of Investments  (continued)
Columbia Small Cap Value Discovery Fund, January 31, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Consumer Staples 3.4%
Beverages 0.9%
Boston Beer Co., Inc. (The), Class A(a)
39,716
8,484,132
MGP Ingredients, Inc.
358,147
8,921,442
Total
17,405,574
Consumer Staples Distribution & Retail 1.1%
Andersons, Inc. (The)
250,726
15,542,505
Grocery Outlet Holding Corp.(a)
763,150
7,272,819
Total
22,815,324
Food Products 1.3%
Dole PLC
709,551
11,303,148
John B. Sanfilippo & Son, Inc.
86,650
7,009,985
Simply Good Foods Co. (The)(a)
487,260
9,145,870
Total
27,459,003
Personal Care Products 0.1%
Honest Co., Inc. (The)(a)
1,016,860
2,511,644
Total Consumer Staples
70,191,545
Energy 7.0%
Energy Equipment & Services 2.2%
Atlas Energy Solutions, Inc.
740,550
8,642,218
DMC Global Inc(a)
534,443
4,596,210
Natural Gas Services Group, Inc.
241,920
8,380,109
Pason Systems, Inc.
624,910
5,539,355
ProPetro Holding Corp.(a)
557,900
6,410,271
Tetra Technologies, Inc.(a)
948,762
10,815,887
Total
44,384,050
Oil, Gas & Consumable Fuels 4.8%
Ardmore Shipping Corp.
405,270
5,236,088
Delek U.S. Holdings, Inc.
383,300
11,311,183
Green Plains, Inc.(a)
562,890
6,450,720
Infinity Natural Resources, Inc., Class A(a)
340,430
5,406,028
Kinetik Holdings, Inc.
343,026
14,033,194
PBF Energy, Inc., Class A
449,800
15,050,308
Ring Energy, Inc.(a)
3,640,006
4,331,607
Scorpio Tankers, Inc.
283,690
18,048,358
Common Stocks (continued)
Issuer
Shares
Value ($)
Talos Energy, Inc.(a)
1,037,202
12,363,448
W&T Offshore, Inc.
2,255,736
4,894,947
Total
97,125,881
Total Energy
141,509,931
Financials 18.6%
Banks 7.3%
Banc of California, Inc.
883,510
17,652,530
Bank of Marin Bancorp
250,967
6,738,464
BankUnited, Inc.
407,926
19,364,247
Central Pacific Financial Corp.
183,654
5,981,611
CNB Financial Corp.
247,161
6,846,360
First Community Corp.
139,541
4,091,342
First Foundation, Inc.(a)
781,391
4,907,136
FirstSun Capital Bancorp(a)
98,995
3,908,323
Hilltop Holdings, Inc.
364,458
13,648,952
MVB Financial Corp.
172,592
4,873,998
Northrim BanCorp, Inc.
187,552
4,418,725
Provident Financial Holdings, Inc.
206,832
3,342,405
Riverview Bancorp, Inc.
647,304
3,346,562
Shore Bancshares, Inc.
264,470
5,016,996
Southern First Bancshares, Inc.(a)
192,362
10,568,368
Towne Bank
336,102
11,763,570
WaFd, Inc.
458,899
14,969,285
Western New England Bancorp, Inc.
512,349
6,880,847
Total
148,319,721
Capital Markets 0.7%
StoneX Group, Inc.(a)
123,257
13,836,831
Financial Services 6.1%
Alerus Financial Corp.
275,626
6,785,912
Banco Latinoamericano de Comercio Exterior SA,
Class E
216,568
10,497,051
Essent Group Ltd.
337,490
21,234,871
Euronet Worldwide, Inc.(a)
179,396
12,999,034
EVERTEC, Inc.
354,594
10,641,366
Flywire Corp.(a)
771,030
9,714,978
Pagseguro Digital Ltd., Class A
838,800
9,436,500
Payoneer Global, Inc.(a)
1,854,048
11,847,367
PennyMac Financial Services, Inc.
139,570
13,945,834
Columbia Small Cap Value Discovery Fund  | 2026
3
Portfolio of Investments  (continued)
Columbia Small Cap Value Discovery Fund, January 31, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Security National Financial Corp., Class A(a)
468,189
4,129,427
Western Union Co. (The)
1,461,790
13,696,972
Total
124,929,312
Insurance 2.4%
F&G Annuities & Life, Inc.
573,910
16,924,606
Global Indemnity Group LLC
243,244
7,037,049
Greenlight Capital Re Ltd., Class A(a)
467,443
6,483,434
Horace Mann Educators Corp.
246,941
11,065,426
Neptune Insurance Holdings, Inc., Class A(a)
326,807
8,333,579
Total
49,844,094
Mortgage Real Estate Investment Trusts (REITS) 2.1%
ARMOUR Residential REIT, Inc.
770,590
13,408,266
Dynex Capital, Inc.
803,690
11,155,217
Orchid Island Capital, Inc.
797,090
6,217,302
Two Harbors Investment Corp.
955,996
10,965,274
Total
41,746,059
Total Financials
378,676,017
Health Care 8.4%
Biotechnology 1.1%
Annexon, Inc.(a)
1,404,915
8,766,670
Apellis Pharmaceuticals, Inc.(a)
418,800
9,456,504
Atossa Therapeutics, Inc.(a)
2,753,014
1,555,453
Compass Pathways PLC, ADR(a)
406,210
2,717,545
Total
22,496,172
Health Care Equipment & Supplies 1.9%
Avanos Medical, Inc.(a)
352,900
4,700,628
Embecta Corp.
428,009
4,541,175
Inogen, Inc.(a)
583,811
3,444,485
Neogen Corp.(a)
1,093,310
11,173,628
Teleflex, Inc.
136,640
14,261,117
Total
38,121,033
Health Care Providers & Services 2.8%
Acadia Healthcare Co., Inc.(a)
396,740
5,332,186
Ardent Health, Inc.(a)
769,917
6,290,222
Astrana Health, Inc.(a)
310,560
7,062,134
Enhabit, Inc.(a)
625,693
6,651,116
Fulgent Genetics, Inc.(a)
359,279
9,413,110
Common Stocks (continued)
Issuer
Shares
Value ($)
PACS Group, Inc.(a)
528,918
17,856,272
Viemed Healthcare, Inc.(a)
513,130
3,935,707
Total
56,540,747
Health Care Technology 0.8%
Certara, Inc.(a)
854,780
7,513,516
Teladoc Health, Inc.(a)
1,079,410
5,882,785
TruBridge, Inc.(a)
211,071
4,084,224
Total
17,480,525
Life Sciences Tools & Services 1.5%
Azenta, Inc.(a)
297,320
11,559,801
Bruker Corp.
274,980
12,178,864
Codexis, Inc.(a)
2,412,790
2,991,860
Quanterix Corp.(a)
588,446
3,730,748
Total
30,461,273
Pharmaceuticals 0.3%
ANI Pharmaceuticals, Inc.(a)
80,884
6,620,355
Total Health Care
171,720,105
Industrials 17.6%
Aerospace & Defense 1.3%
Moog, Inc., Class A
84,632
25,842,381
Air Freight & Logistics 0.3%
Radiant Logistics, Inc.(a)
971,654
6,539,231
Building Products 1.2%
UFP Industries, Inc.
234,475
24,216,578
Commercial Services & Supplies 1.3%
ACCO Brands Corp.
812,452
3,176,687
Healthcare Services Group, Inc.(a)
527,806
9,933,309
HNI Corp.
270,522
12,928,247
Total
26,038,243
Electrical Equipment 1.3%
GrafTech International Ltd.(a)
251,211
3,795,792
Shoals Technologies Group, Inc., Class A(a)
1,139,230
10,754,331
Thermon(a)
253,846
11,486,532
Total
26,036,655
4
Columbia Small Cap Value Discovery Fund  | 2026
Portfolio of Investments  (continued)
Columbia Small Cap Value Discovery Fund, January 31, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Ground Transportation 3.1%
ArcBest Corp.
168,920
15,239,962
Heartland Express, Inc.
570,666
5,758,020
Knight-Swift Transportation Holdings, Inc.
369,590
20,364,409
Marten Transport Ltd.
610,170
7,505,091
Werner Enterprises, Inc.
417,120
14,286,360
Total
63,153,842
Machinery 4.8%
Energy Recovery, Inc.(a)
335,846
4,899,993
Gates Industrial Corp. PLC(a)
782,660
18,016,833
Greenbrier Companies, Inc. (The)
252,276
12,719,756
Hurco Companies, Inc.(a)
194,135
3,210,993
JBT Marel Corp.
166,440
26,182,676
Mayville Engineering Co., Inc.(a)
251,230
4,924,108
Nano Dimension Ltd., ADR(a)
3,495,689
6,222,327
Omega Flex, Inc.
145,286
4,792,985
Taylor Devices, Inc.(a)
73,270
5,329,660
Twin Disc, Inc.
304,360
5,231,948
Wabash National Corp.
606,790
6,146,783
Total
97,678,062
Marine Transportation 2.0%
Costamare Bulkers Holdings Ltd.(a)
270,124
4,465,150
Costamare, Inc.
581,470
9,757,066
Kirby Corp.(a)
178,851
21,043,609
Safe Bulkers, Inc.
913,397
5,215,497
Total
40,481,322
Passenger Airlines 0.6%
Alaska Air Group, Inc.(a)
258,300
13,129,389
Professional Services 1.5%
Alight, Inc., Class A
4,113,011
6,292,907
IBEX Ltd.(a)
200,882
7,472,810
Korn/Ferry International
227,425
15,799,215
Total
29,564,932
Trading Companies & Distributors 0.2%
BlueLinx Holdings, Inc.(a)
70,627
4,912,814
Total Industrials
357,593,449
Common Stocks (continued)
Issuer
Shares
Value ($)
Information Technology 6.4%
Electronic Equipment, Instruments & Components 4.0%
Airgain, Inc.(a)
505,606
2,133,657
Littelfuse, Inc.
64,130
20,762,729
Luna Innovations, Inc.(a)
1,559,039
2,245,016
Methode Electronics, Inc.
723,441
5,780,294
Rogers Corp.(a)
107,720
10,474,693
Vishay Intertechnology, Inc.
910,190
18,340,329
Vishay Precision Group, Inc.(a)
102,343
5,125,337
Vontier Corp.
464,670
17,425,125
Total
82,287,180
IT Services 1.1%
ASGN, Inc.(a)
276,129
14,383,560
BigCommerce Holdings, Inc.(a)
1,026,779
3,203,550
Grid Dynamics Holdings, Inc.(a)
495,860
4,100,762
Total
21,687,872
Semiconductors & Semiconductor Equipment 0.7%
Ichor Holdings Ltd.(a)
196,730
5,968,788
inTEST Corp.(a)
376,963
3,449,211
MagnaChip Semiconductor Corp.(a)
1,053,873
3,056,232
Valens Semiconductor Ltd.(a)
1,074,350
1,826,395
Total
14,300,626
Software 0.6%
Cognyte Software Ltd.(a)
543,972
4,912,067
Expensify, Inc., Class A(a)
1,346,614
1,952,590
Mitek Systems, Inc.(a)
487,730
4,887,055
Upland Software, Inc.(a)
972,993
1,294,081
Total
13,045,793
Total Information Technology
131,321,471
Materials 7.2%
Chemicals 2.4%
Aspen Aerogels, Inc.(a)
998,570
3,365,181
Chemours Co. LLC (The)
661,382
9,914,116
Ecovyst, Inc.(a)
943,330
10,008,731
Koppers Holdings, Inc.
155,658
4,585,685
Minerals Technologies, Inc.
219,740
14,450,102
Stepan Co.
114,001
6,567,598
Total
48,891,413
Columbia Small Cap Value Discovery Fund  | 2026
5
Portfolio of Investments  (continued)
Columbia Small Cap Value Discovery Fund, January 31, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Containers & Packaging 1.0%
Greif, Inc., Class A
182,217
12,868,165
Myers Industries, Inc.
353,860
7,314,286
Total
20,182,451
Metals & Mining 3.5%
Ampco-Pittsburgh Corp.(a)
842,085
4,690,413
Centerra Gold, Inc.
766,210
12,835,347
Compass Minerals International, Inc.(a)
253,340
6,328,433
Ferroglobe PLC
1,376,135
6,536,641
Metallus, Inc.(a)
425,428
8,487,289
Olympic Steel, Inc.
14,894
716,253
Ryerson Holding Corp.
253,227
7,146,066
Torex Gold Resources, Inc.
322,562
15,525,806
Vizsla Silver Corp.(a)
1,735,237
8,780,364
Total
71,046,612
Paper & Forest Products 0.3%
Clearwater Paper Corp.(a)
160,483
2,699,324
Magnera Corp.(a)
294,337
3,846,984
Total
6,546,308
Total Materials
146,666,784
Real Estate 14.0%
Diversified REITs 0.8%
American Assets Trust, Inc.
593,800
10,724,028
Armada Hoffler Properties, Inc.
918,950
6,405,082
Total
17,129,110
Health Care REITs 0.3%
Community Healthcare Trust, Inc.
355,320
6,139,930
Hotel & Resort REITs 1.5%
Chatham Lodging Trust
771,600
5,486,076
Park Hotels & Resorts, Inc.
985,380
10,770,203
RLJ Lodging Trust
1,788,290
13,286,995
Total
29,543,274
Industrial REITs 0.8%
Americold Realty Trust, Inc.
1,362,944
16,914,135
Common Stocks (continued)
Issuer
Shares
Value ($)
Office REITs 4.5%
Brandywine Realty Trust
3,281,339
9,286,189
COPT Defense Properties
538,530
16,592,109
Douglas Emmett, Inc.
1,133,680
11,971,661
Empire State Realty Trust, Inc., Class A
1,681,490
11,148,279
Highwoods Properties, Inc.
561,550
14,516,068
Kilroy Realty Corp.
383,980
13,239,630
Peakstone Realty Trust
312,918
4,887,779
Piedmont Realty Trust, Inc.
1,077,591
9,073,316
Total
90,715,031
Real Estate Management & Development 2.4%
Cushman & Wakefield Ltd.(a)
1,271,107
20,896,999
Douglas Elliman, Inc.(a)
1,374,251
3,710,478
Forestar Group, Inc.(a)
332,456
8,650,505
Newmark Group, Inc., Class A
852,242
15,195,475
Total
48,453,457
Retail REITs 2.1%
FrontView REIT, Inc.
292,420
4,798,612
Kite Realty Group Trust
823,900
19,353,411
Macerich Co. (The)
723,800
13,701,534
Saul Centers, Inc.
136,338
4,326,005
Total
42,179,562
Specialized REITs 1.6%
PotlatchDeltic Corp.
309,499
12,915,393
Rayonier, Inc.
453,307
10,308,201
Safehold, Inc.
714,860
10,086,675
Total
33,310,269
Total Real Estate
284,384,768
Utilities 1.6%
Gas Utilities 1.6%
National Fuel Gas Co.
308,620
25,846,925
RGC Resources, Inc.
292,937
6,359,662
Total
32,206,587
Total Utilities
32,206,587
Total Common Stocks
(Cost $1,620,781,025)
2,017,656,147
 
6
Columbia Small Cap Value Discovery Fund  | 2026
Portfolio of Investments  (continued)
Columbia Small Cap Value Discovery Fund, January 31, 2026 (Unaudited)
Exchange-Traded Equity Funds 0.5%
 
Shares
Value ($)
U.S. Small Cap 0.5%
iShares Russell 2000 Value ETF
52,425
10,164,159
Total Exchange-Traded Equity Funds
(Cost $10,031,752)
10,164,159
 
Money Market Funds 0.3%
 
 
 
Columbia Short-Term Cash Fund, 3.776%(b),(c)
5,625,752
5,624,064
Total Money Market Funds
(Cost $5,624,056)
5,624,064
Total Investments in Securities
(Cost: $1,636,436,833)
2,033,444,370
Other Assets & Liabilities, Net
265,060
Net Assets
2,033,709,430
Notes to Portfolio of Investments 
(a)
Non-income producing investment.
(b)
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%
 
134,632
471,504,029
(466,014,599
)
2
5,624,064
2,344
338,320
5,625,752
Gaia, Inc.†
 
5,768,386
114,927
(3,357,399
)
(274,450
)
—
(1,204,787
)
—
—
Total
5,903,018
(274,448
)
5,624,064
(1,202,443
)
338,320
 
†
Issuer was not an affiliate at the end of period.
 
(c)
The rate shown is the seven-day current annualized yield at January 31, 2026.
Abbreviation Legend 
ADR
American Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements included within the most recent financial statements and additional information.
Columbia Small Cap Value Discovery Fund  | 2026
7
You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
3QT287_04_T01_(03/26)