Columbia Small Cap Value and Inflection Fund
First Quarter Report
May 31, 2026 (Unaudited)
  
Not FDIC or NCUA Insured
No Financial Institution Guarantee
May Lose Value
Portfolio of Investments
Columbia Small Cap Value and Inflection Fund, May 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Common Stocks 99.4%
Issuer
Shares
Value ($)
Communication Services 2.1%
Entertainment 1.4%
Lionsgate Studios Corp.(a)
827,140
11,869,459
Media 0.7%
Magnite, Inc.(a)
459,390
6,583,059
Total Communication Services
18,452,518
Consumer Discretionary 11.2%
Automobile Components 0.8%
Patrick Industries, Inc.
71,618
6,482,861
Distributors 0.4%
Gold.com, Inc.
85,130
3,601,850
Diversified Consumer Services 1.2%
Laureate Education, Inc., Class A(a)
331,922
10,618,185
Household Durables 1.5%
Taylor Morrison Home Corp., Class A(a)
213,828
12,508,938
Leisure Products 1.8%
Polaris, Inc.
218,620
15,428,014
Specialty Retail 2.6%
National Vision Holdings, Inc.(a)
289,060
4,841,755
Urban Outfitters, Inc.(a)
90,060
6,542,859
Victoria’s Secret & Co.(a)
208,370
11,460,350
Total
22,844,964
Textiles, Apparel & Luxury Goods 2.9%
Carter’s, Inc.
111,150
4,289,278
Crocs, Inc.(a)
87,840
10,423,973
Kontoor Brands, Inc.
146,375
10,505,334
Total
25,218,585
Total Consumer Discretionary
96,703,397
Consumer Staples 3.4%
Food Products 1.2%
Darling Ingredients, Inc.(a)
98,690
5,832,579
Fresh Del Monte Produce, Inc.
138,294
4,444,769
Total
10,277,348
Common Stocks (continued)
Issuer
Shares
Value ($)
Household Products 2.2%
Central Garden & Pet Co., Class A(a)
225,859
7,708,568
Reynolds Consumer Products, Inc.
539,171
11,683,835
Total
19,392,403
Total Consumer Staples
29,669,751
Energy 7.6%
Energy Equipment & Services 2.7%
Kodiak Gas Services, Inc.
133,638
8,933,701
Precision Drilling Corp.(a)
40,510
3,621,594
Solaris Energy Infrastructure, Inc., Class A
154,480
10,742,539
Total
23,297,834
Oil, Gas & Consumable Fuels 4.9%
California Resources Corp.
181,990
10,790,187
Gulfport Energy Corp.(a)
50,954
8,590,335
Navigator Holdings Ltd.
250,362
5,432,855
PBF Energy, Inc., Class A
198,740
8,088,718
Teekay Tankers Ltd., Class A
137,900
9,701,265
Total
42,603,360
Total Energy
65,901,194
Financials 17.9%
Banks 8.0%
Banc of California, Inc.
568,400
10,924,648
Bank of NT Butterfield & Son Ltd. (The)
172,922
9,763,176
BankUnited, Inc.
319,378
14,815,945
Fulton Financial Corp.
649,913
14,096,613
Origin Bancorp, Inc.
107,230
5,110,582
Texas Capital Bancshares, Inc.(a)
145,155
14,441,471
Total
69,152,435
Capital Markets 1.8%
StoneX Group, Inc.(a)
137,637
15,601,154
Consumer Finance 0.7%
FirstCash Holdings, Inc.
28,220
6,205,860
2
Columbia Small Cap Value and Inflection Fund  | 2026
Portfolio of Investments  (continued)
Columbia Small Cap Value and Inflection Fund, May 31, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Financial Services 3.7%
Banco Latinoamericano de Comercio Exterior SA,
Class E
136,830
7,640,587
Essent Group Ltd.
230,673
13,353,660
NMI Holdings, Inc., Class A(a)
310,368
11,142,212
Total
32,136,459
Insurance 2.9%
Hamilton Insurance Group Ltd., Class B
356,980
10,570,178
Horace Mann Educators Corp.
169,110
7,733,400
Neptune Insurance Holdings, Inc., Class A(a)
254,070
7,131,745
Total
25,435,323
Mortgage Real Estate Investment Trusts (REITs) 0.8%
Dynex Capital, Inc.
539,190
7,057,997
Total Financials
155,589,228
Health Care 9.0%
Health Care Equipment & Supplies 3.3%
CONMED Corp.
132,330
4,724,181
ICU Medical, Inc.(a)
82,650
11,189,983
Neogen Corp.(a)
638,050
5,723,309
Omnicell, Inc.(a)
154,160
6,804,622
Total
28,442,095
Health Care Providers & Services 3.6%
AdaptHealth Corp.(a)
504,490
5,110,484
Ardent Health, Inc.(a)
453,580
4,186,543
Aveanna Healthcare Holdings, Inc.(a)
656,350
4,706,030
PACS Group, Inc.(a)
288,370
10,568,760
Pediatrix Medical Group, Inc.(a)
303,946
6,546,997
Total
31,118,814
Pharmaceuticals 2.1%
Amneal Pharmaceuticals, Inc.(a)
982,118
12,934,494
ANI Pharmaceuticals, Inc.(a)
69,990
5,494,915
Total
18,429,409
Total Health Care
77,990,318
Industrials 15.6%
Air Freight & Logistics 0.9%
HUB Group, Inc., Class A
194,510
8,079,945
Building Products 0.7%
UFP Industries, Inc.
77,530
6,279,930
Common Stocks (continued)
Issuer
Shares
Value ($)
Commercial Services & Supplies 2.9%
Healthcare Services Group, Inc.(a)
243,166
5,009,219
HNI Corp.
220,873
6,889,029
OPENLANE, Inc.(a)
348,380
13,273,278
Total
25,171,526
Electrical Equipment 1.4%
Shoals Technologies Group, Inc., Class A(a)
533,310
6,639,710
Sunrun, Inc.(a)
308,210
5,153,271
Total
11,792,981
Ground Transportation 1.2%
ArcBest Corp.
78,313
10,704,604
Machinery 3.5%
Astec Industries, Inc.
109,553
5,517,089
Helios Technologies, Inc.
74,220
6,166,940
Terex Corp.
152,801
8,889,962
Worthington Enterprises, Inc.
171,727
9,748,942
Total
30,322,933
Professional Services 0.9%
First Advantage Corp.(a)
492,590
7,881,440
Trading Companies & Distributors 4.1%
DNOW, Inc.(a)
588,242
7,523,615
Herc Holdings, Inc.
83,100
11,052,300
McGrath Rentcorp
66,207
7,215,901
Rush Enterprises, Inc., Class A
140,088
9,712,301
Total
35,504,117
Total Industrials
135,737,476
Information Technology 10.0%
Communications Equipment 2.4%
Digi International, Inc.(a)
128,690
8,596,492
Netscout Systems, Inc.(a)
284,803
11,853,501
Total
20,449,993
Columbia Small Cap Value and Inflection Fund  | 2026
3
Portfolio of Investments  (continued)
Columbia Small Cap Value and Inflection Fund, May 31, 2026 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Electronic Equipment, Instruments & Components 3.7%
Benchmark Electronics, Inc.
124,150
10,485,709
CTS Corp.
88,279
5,668,395
Insight Enterprises, Inc.(a)
59,046
6,281,314
Littelfuse, Inc.
9,082
4,240,113
Vishay Precision Group, Inc.(a)
45,477
5,698,723
Total
32,374,254
Semiconductors & Semiconductor Equipment 2.8%
Diodes, Inc.(a)
95,090
10,014,879
Synaptics, Inc.(a)
100,991
13,864,044
Total
23,878,923
Software 1.1%
Teradata Corp.(a)
287,465
9,788,183
Total Information Technology
86,491,353
Materials 8.1%
Chemicals 5.0%
Avient Corp.
218,830
7,750,959
Cabot Corp.
158,367
13,858,696
Chemours Co. (The)
274,870
6,091,119
Ecovyst, Inc.(a)
400,650
5,284,573
Minerals Technologies, Inc.
93,340
7,189,047
Stepan Co.
72,110
3,811,014
Total
43,985,408
Metals & Mining 3.1%
Commercial Metals Co.
200,480
15,246,504
Ryerson Holding Corp.
173,011
4,948,114
Torex Gold Resources, Inc.
140,560
6,445,583
Total
26,640,201
Total Materials
70,625,609
Real Estate 12.5%
Diversified REITs 2.3%
Broadstone Net Lease, Inc.
618,197
12,506,125
Global Net Lease, Inc.
815,140
7,637,862
Total
20,143,987
Hotel & Resort REITs 1.5%
DiamondRock Hospitality Co.
681,300
7,487,487
Xenia Hotels & Resorts, Inc.
338,854
5,885,894
Total
13,373,381
Common Stocks (continued)
Issuer
Shares
Value ($)
Industrial REITs 0.8%
Lineage, Inc.
154,210
6,848,466
Office REITs 2.1%
COPT Defense Properties
245,720
7,877,783
Cousins Properties, Inc.
396,760
10,637,136
Total
18,514,919
Real Estate Management & Development 2.3%
Cushman & Wakefield Ltd.(a)
827,694
10,296,514
Newmark Group, Inc., Class A
713,922
9,973,490
Total
20,270,004
Retail REITs 2.1%
Phillips Edison & Co., Inc.
443,440
17,804,116
Specialized REITs 1.4%
Rayonier, Inc.
567,217
11,849,163
Total Real Estate
108,804,036
Utilities 2.0%
Electric Utilities 1.3%
Portland General Electric Co.
224,351
11,244,472
Gas Utilities 0.7%
National Fuel Gas Co.
74,110
5,724,998
Total Utilities
16,969,470
Total Common Stocks
(Cost $700,660,176)
862,934,350
 
Exchange-Traded Equity Funds 0.5%
 
Shares
Value ($)
U.S. Small Cap 0.5%
iShares Russell 2000 Value ETF
20,390
4,360,809
Total Exchange-Traded Equity Funds
(Cost $4,267,615)
4,360,809
 
Money Market Funds 1.1%
 
 
 
Columbia Short-Term Cash Fund, 3.741%(b),(c)
9,831,270
9,827,337
Total Money Market Funds
(Cost $9,827,328)
9,827,337
Total Investments in Securities
(Cost: $714,755,119)
877,122,496
Other Assets & Liabilities, Net
(8,461,930
)
Net Assets
868,660,566
4
Columbia Small Cap Value and Inflection Fund  | 2026
Portfolio of Investments  (continued)
Columbia Small Cap Value and Inflection Fund, May 31, 2026 (Unaudited)
Notes to Portfolio of Investments 
(a)
Non-income producing investment.
(b)
The rate shown is the seven-day current annualized yield at May 31, 2026.
(c)
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 May 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, 3.741%
 
333,970
66,844,716
(57,351,321
)
(28
)
9,827,337
(164
)
52,701
9,831,270
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 and Inflection Fund  | 2026
5
You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
1QT230_(07/26)