Columbia Real Estate Equity Fund
First Quarter Report
March 31, 2026 (Unaudited)
  
Not FDIC or NCUA Insured
No Financial Institution Guarantee
May Lose Value
Portfolio of Investments
Columbia Real Estate Equity Fund, March 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Common Stocks 96.6%
Issuer
Shares
Value ($)
Real Estate 96.6%
Data Center REITs 12.7%
Digital Realty Trust, Inc.
24,649
4,441,996
Equinix, Inc.(a)
12,519
12,271,625
Total
16,713,621
Diversified REITs 2.8%
American Assets Trust, Inc.
5,544
102,065
Federal Realty Investment Trust
31,953
3,393,728
Global Net Lease, Inc.
21,236
198,769
Total
3,694,562
Health Care REITs 21.1%
Alexandria Real Estate Equities, Inc.
19,126
887,829
American Healthcare REIT, Inc.
44,514
2,099,280
CareTrust REIT, Inc.
59,426
2,177,963
Diversified Healthcare Trust
23,404
155,403
Healthpeak Properties, Inc.
78,851
1,295,522
LTC Properties, Inc.
5,700
211,812
Medical Properties Trust, Inc.
54,003
250,034
National Health Investors, Inc.
5,215
421,685
Sila Realty Trust, Inc.
6,091
144,235
Ventas, Inc.
50,932
4,165,219
Welltower, Inc.(a)
81,050
16,024,395
Total
27,833,377
Hotel & Resort REITs 3.6%
Apple Hospitality REIT, Inc.
29,200
336,092
DiamondRock Hospitality Co.
25,400
237,998
Host Hotels & Resorts, Inc.
143,000
2,739,880
Park Hotels & Resorts, Inc.
22,090
232,608
Pebblebrook Hotel Trust
11,756
148,478
Ryman Hospitality Properties, Inc.
6,782
625,775
Service Properties Trust
28,700
38,889
Sunstone Hotel Investors, Inc.
26,900
242,369
Xenia Hotels & Resorts, Inc.
9,964
147,766
Total
4,749,855
Common Stocks (continued)
Issuer
Shares
Value ($)
Industrial REITs 14.3%
Americold Realty Trust, Inc.
30,919
354,332
EastGroup Properties, Inc.
11,158
2,065,234
First Industrial Realty Trust, Inc.
13,647
789,479
Innovative Industrial Properties, Inc.
4,500
225,720
LXP Industrial Trust
27,919
1,291,533
Prologis, Inc.(a)
100,090
13,229,896
STAG Industrial, Inc.
23,200
836,592
Total
18,792,786
Multi-Family Residential REITs 8.2%
AvalonBay Communities, Inc.(a)
15,395
2,514,773
Camden Property Trust
12,177
1,189,206
Centerspace
2,579
148,163
Elme Communities
12,200
24,522
Equity Residential
58,185
3,441,643
Essex Property Trust, Inc.(a)
7,244
1,753,048
Independence Realty Trust, Inc.
103,644
1,543,259
Veris Residential, Inc.
12,100
228,327
Total
10,842,941
Office REITs 1.7%
Cousins Properties, Inc.
18,029
406,914
Douglas Emmett, Inc.
17,541
165,236
Easterly Government Properties, Inc.
4,765
102,114
Empire State Realty Trust, Inc., Class A
15,998
83,190
Hudson Pacific Properties, Inc.(b)
4,271
25,242
NET Lease Office Properties
2,147
24,733
Piedmont Realty Trust, Inc.(b)
5,645
37,088
SL Green Realty Corp.
7,629
281,815
Vornado Realty Trust
41,741
1,084,849
Total
2,211,181
Other Specialized REITs 5.4%
Four Corners Property Trust, Inc.
13,700
324,005
Gaming and Leisure Properties, Inc.
30,909
1,371,432
Iron Mountain, Inc.
31,228
3,189,628
Lamar Advertising Co., Class A
10,014
1,268,373
Millrose Properties, Inc.
15,900
445,200
Outfront Media, Inc.
16,584
439,476
2
Columbia Real Estate Equity Fund  | 2026
Portfolio of Investments  (continued)
Columbia Real Estate Equity Fund, March 31, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Safehold, Inc.
6,288
85,077
Total
7,123,191
Real Estate Development 0.8%
Janus Living, Inc., Class A1(b)
45,645
1,075,853
Retail REITs 15.4%
Acadia Realty Trust
17,300
330,776
Brixmor Property Group, Inc.
32,685
941,328
Curbline Properties Corp.
87,077
2,245,716
Getty Realty Corp.
6,400
203,520
InvenTrust Properties Corp.
72,200
2,199,212
Kimco Realty Corp.
71,099
1,597,595
Kite Realty Group Trust
23,330
572,751
Macerich Co. (The)
135,090
2,553,201
NetSTREIT Corp.
9,187
172,991
NNN REIT, Inc.
21,316
895,911
Phillips Edison & Co., Inc.
14,130
528,745
Realty Income Corp.
56,377
3,449,145
Simon Property Group, Inc.(a)
24,543
4,578,006
Total
20,268,897
Self Storage REITs 5.8%
CubeSmart
24,470
896,826
Extra Space Storage, Inc.(a)
23,265
3,050,739
National Storage Affiliates Trust
8,530
321,922
Public Storage
12,663
3,430,153
Total
7,699,640
Common Stocks (continued)
Issuer
Shares
Value ($)
Single-Family Residential REITs 4.0%
Equity LifeStyle Properties, Inc.
46,093
2,877,125
Invitation Homes, Inc.
94,325
2,343,976
Total
5,221,101
Telecom Tower REITs 0.8%
American Tower Corp.
5,800
1,000,964
Total Real Estate
127,227,969
Total Common Stocks
(Cost: $90,498,976)
127,227,969
 
Money Market Funds 3.0%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 3.790%(c),(d)
3,949,982
3,948,402
Total Money Market Funds
(Cost: $3,948,394)
3,948,402
Total Investments in Securities
(Cost $94,447,370)
131,176,371
Other Assets & Liabilities, Net
550,583
Net Assets
$131,726,954
At March 31, 2026, securities and/or cash totaling $17,030,651 were pledged as collateral.
Investments in derivatives 
Swap arrangement - contracts for differences
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Cash & other
receivable
(payable) ($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Appreciation on underlying
contracts for differences
(CFDs), accrued income on
long CFDs, and SOFR less a
spread of 40 basis points on
short CFDs
Depreciation on underlying CFDs,
accrued income on underlying
short CFDs, and SOFR plus a
spread of 40 basis points on
long CFDs
Monthly
Goldman Sachs
International
03/21/2029
USD
19,132,670
(246,050
)
86,546
—
(159,504
)
The following table represents the contracts for differences underlying the swap arrangement as of March 31, 2026. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement: 
Columbia Real Estate Equity Fund  | 2026
3
Portfolio of Investments  (continued)
Columbia Real Estate Equity Fund, March 31, 2026 (Unaudited)
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Long Equity Contracts for Differences
Real Estate
Diversified REITs
Broadstone Net Lease, Inc.
56,141
1,102,048
(76,352
)
47.9
Hotel & Resort REITs
Host Hotels & Resorts, Inc.
34,214
640,144
15,396
(9.7
)
Industrial REITs
Rexford Industrial Realty, Inc.
27,974
974,055
(58,466
)
36.7
Lineage, Inc.
7,452
277,587
(33,459
)
21.0
Office REITs
Highwoods Properties, Inc.
13,385
287,242
(669
)
0.4
BXP, Inc.
32,193
1,683,372
(12,555
)
7.9
Other Specialized REITs
Gaming and Leisure Properties, Inc.
82,935
3,941,901
(262,075
)
164.3
Retail REITs
Realty Income Corp.
22,020
1,429,538
(82,355
)
51.6
Single-Family Residential REITs
Invitation Homes, Inc.
75,020
1,883,752
(19,505
)
12.2
Total
12,219,639
(530,040
)
 
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Short Equity Contracts for Differences
Real Estate
Diversified REITs
WP Carey, Inc.
(14,567
)
(1,044,891
)
54,918
(34.4
)
Health Care REITs
Omega Healthcare Investors, Inc.
(4,185
)
(190,849
)
7,462
(4.7
)
Sabra Health Care REIT, Inc.
(58,100
)
(1,198,609
)
81,346
(51.0
)
Healthcare Realty Trust, Inc.
(40,137
)
(728,487
)
46,559
(29.2
)
Office REITs
Kilroy Realty Corp.
(21,727
)
(622,696
)
9,777
(6.1
)
Other Specialized REITs
EPR Properties
(3,860
)
(217,125
)
24,279
(15.2
)
Retail REITs
Regency Centers Corp.
(16,923
)
(1,309,671
)
29,277
(18.4
)
Single-Family Residential REITs
American Homes 4 Rent, Class A
(56,244
)
(1,600,704
)
30,372
(19.0
)
Total
(6,913,032
)
283,990
 
Swap arrangement - contracts for differences
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Cash & other
receivable
(payable) ($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Appreciation on underlying
contracts for difference (CFDs),
accrued income on long CFDs,
and 1-Day Overnight Fed Funds
Effective Rate less a spread of
35 basis points on short CFDs
Depreciation on underlying CFDs,
accrued income on underlying
short CFDs, and 1-Day
Overnight Fed Funds Effective
Rate plus a spread of 40 basis
points on long CFDs
Monthly
Morgan Stanley
08/04/2027
USD
3,867,181
(216,797
)
2,561
—
(214,236
)
The following table represents the contracts for differences underlying the swap arrangement as of March 31, 2026. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement: 
4
Columbia Real Estate Equity Fund  | 2026
Portfolio of Investments  (continued)
Columbia Real Estate Equity Fund, March 31, 2026 (Unaudited)
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Long Equity Contracts for Differences
Real Estate
Diversified REITs
Essential Properties Realty Trust, Inc.
62,767
2,071,939
(166,332
)
77.6
Office REITs
Brandywine Realty Trust
28,300
82,070
(5,377
)
2.5
Single-Family Residential REITs
Sun Communities, Inc.
8,228
1,110,368
(73,970
)
34.5
Total
3,264,377
(245,679
)
 
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Short Equity Contracts for Differences
Real Estate
Retail REITs
Tanger, Inc.
(16,890
)
(602,804
)
28,882
(13.5
)
Total
(602,804
)
28,882
 
Swap arrangement - contracts for differences
Fund receives
Fund pays
Payment
frequency
Counterparty
Maturity
date
Notional
currency
Notional
amount
Value
($)
Cash & other
receivable
(payable) ($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Appreciation on underlying
contracts for differences
(CFDs), accrued income on long
CFDs, and OBFR on short CFDs
Depreciation on underlying CFDs,
accrued income on underlying
short CFDs, and OBFR plus a
spread of 46.5 basis points on
long CFDs
Monthly
UBS
11/03/2026
USD
14,591,507
219,336
(78,717
)
140,619
—
The following table represents the contracts for differences underlying the swap arrangement as of March 31, 2026. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement:
 
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Long Equity Contracts for Differences
Real Estate
Office REITs
Vornado Realty Trust
30,698
779,729
18,112
12.9
Retail REITs
Agree Realty Corp.
46,492
3,498,523
6,044
4.3
Self Storage REITs
SmartStop Self Storage REIT, Inc.
45,644
1,488,907
(106,807
)
(76.0
)
Total
5,767,159
(82,651
)
 
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Short Equity Contracts for Differences
Real Estate
Hotel & Resort REITs
RLJ Lodging Trust
(250,951
)
(1,894,680
)
32,624
23.2
Industrial REITs
Terreno Realty Corp
(21,188
)
(1,334,420
)
33,053
23.5
Multi-Family Residential REITs
UDR, Inc.
(10,456
)
(372,547
)
19,343
13.8
Office REITs
Corporate Office Properties Trust
(19,808
)
(633,262
)
27,137
19.3
JBG Smith Properties
(31,328
)
(444,858
)
(12,845
)
(9.1
)
Other Specialized REITs
VICI Properties, Inc.
(23,536
)
(673,600
)
30,597
21.8
Columbia Real Estate Equity Fund  | 2026
5
Portfolio of Investments  (continued)
Columbia Real Estate Equity Fund, March 31, 2026 (Unaudited)
Description
Shares
Notional Amount ($)
Appreciation (Depreciation) ($)
(%)
Retail REITs
Urban Edge Properties
(119,938
)
(2,499,508
)
103,147
73.4
Telecom Tower REITs
Crown Castle International Corp.
(11,100
)
(971,472
)
68,931
49.0
Total
(8,824,347
)
301,987
 
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%
OBFR
Overnight Bank Funding Rate
3.640%
SOFR
Secured Overnight Financing Rate
3.630%
Notes to Portfolio of Investments 
(a)
This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or derivative contracts.
(b)
Non-income producing investment.
(c)
The rate shown is the seven-day current annualized yield at March 31, 2026.
(d)
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 March 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, 3.790%
 
2,165,366
10,158,933
(8,375,862
)
(35
)
3,948,402
(120
)
28,482
3,949,982
Abbreviation Legend 
OBFR
Overnight Bank Funding Rate
SOFR
Secured Overnight Financing Rate
Currency Legend 
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.
6
Columbia Real Estate Equity Fund  | 2026
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1QT212_(05/26)