Portfolio of Investments
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 97.7% | ||
| Issuer | Shares | Value ($) |
| Communication Services 1.4% | ||
| Diversified Telecommunication Services 0.2% | ||
| Bandwidth, Inc., Class A(a) | 22,874 | 2,705,766 |
| Interactive Media & Services 0.3% | ||
| Bumble, Inc., Class A(a) | 10,067 | 480,397 |
| Eventbrite, Inc., Class A(a) | 86,899 | 1,764,050 |
| MediaAlpha, Inc.(a) | 35,217 | 1,490,383 |
| Total | 3,734,830 | |
| Media 0.9% | ||
| Cardlytics, Inc.(a) | 19,718 | 2,100,953 |
| Emerald Holding, Inc.(a) | 195,700 | 1,105,705 |
| Entravision Communications Corp., Class A | 62,400 | 291,408 |
| Gray Television, Inc. | 65,158 | 1,515,575 |
| MDC Partners, Inc., Class A(a) | 88,900 | 414,274 |
| MSG Networks, Inc., Class A(a) | 31,200 | 481,104 |
| New York Times Co. (The), Class A | 42,644 | 1,826,016 |
| Nexstar Media Group, Inc., Class A | 16,600 | 2,521,706 |
| TEGNA, Inc. | 148,510 | 2,879,609 |
| Total | 13,136,350 | |
| Total Communication Services | 19,576,946 | |
| Consumer Discretionary 13.4% | ||
| Auto Components 2.6% | ||
| Adient PLC(a) | 23,800 | 1,191,428 |
| American Axle & Manufacturing Holdings, Inc.(a) | 124,464 | 1,393,997 |
| Cooper Tire & Rubber Co. | 17,600 | 1,045,088 |
| Dana, Inc. | 183,912 | 4,989,532 |
| Dorman Products, Inc.(a) | 42,205 | 4,320,948 |
| Fox Factory Holding Corp.(a) | 89,342 | 13,890,894 |
| Goodyear Tire & Rubber Co. (The)(a) | 128,177 | 2,541,750 |
| Modine Manufacturing Co.(a) | 73,557 | 1,293,868 |
| Motorcar Parts of America, Inc.(a) | 35,000 | 817,950 |
| Standard Motor Products, Inc. | 17,731 | 798,249 |
| Stoneridge, Inc.(a) | 36,697 | 1,117,057 |
| Tenneco, Inc.(a) | 87,816 | 1,376,955 |
| Total | 34,777,716 | |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Automobiles 0.2% | ||
| Winnebago Industries, Inc. | 43,770 | 3,237,229 |
| Diversified Consumer Services 0.6% | ||
| Bright Horizons Family Solutions, Inc.(a) | 10,160 | 1,404,417 |
| Graham Holdings Co., Class B | 3,170 | 2,100,252 |
| Grand Canyon Education, Inc.(a) | 40,161 | 3,652,241 |
| H&R Block, Inc. | 44,500 | 1,104,490 |
| Total | 8,261,400 | |
| Hotels, Restaurants & Leisure 2.8% | ||
| Boyd Gaming Corp.(a) | 92,674 | 5,967,279 |
| Brinker International, Inc.(a) | 8,500 | 522,325 |
| Caesars Entertainment, Inc.(a) | 29,553 | 3,175,470 |
| Del Taco Restaurants, Inc. | 60,079 | 610,403 |
| Dine Brands Global, Inc.(a) | 49,843 | 4,732,593 |
| Golden Entertainment, Inc.(a) | 39,109 | 1,667,608 |
| Hilton Grand Vacations, Inc.(a) | 25,800 | 1,179,834 |
| International Game Technology PLC(a) | 127,600 | 3,095,576 |
| Jack in the Box, Inc. | 6,600 | 749,760 |
| Marriott Vacations Worldwide Corp.(a) | 17,900 | 3,083,991 |
| Penn National Gaming, Inc.(a) | 12,978 | 1,063,807 |
| Planet Fitness, Inc., Class A(a) | 35,039 | 2,760,022 |
| Red Rock Resorts, Inc., Class A(a) | 31,000 | 1,387,250 |
| Six Flags Entertainment Corp.(a) | 50,836 | 2,309,479 |
| Texas Roadhouse, Inc. | 42,602 | 4,290,447 |
| Travel + Leisure Co. | 12,800 | 833,920 |
| Total | 37,429,764 | |
| Household Durables 2.3% | ||
| Century Communities, Inc.(a) | 42,866 | 3,488,435 |
| Ethan Allen Interiors, Inc. | 36,800 | 1,062,416 |
| Green Brick Partners, Inc.(a) | 89,500 | 2,088,930 |
| Helen of Troy Ltd.(a) | 17,211 | 3,622,571 |
| Hooker Furniture Corp. | 19,600 | 702,660 |
| KB Home | 59,600 | 2,789,876 |
| La-Z-Boy, Inc. | 44,861 | 1,849,619 |
| LGI Homes, Inc.(a) | 5,300 | 958,293 |
| M/I Homes, Inc.(a) | 35,309 | 2,489,991 |
| Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 | 1 |
Portfolio of Investments (continued)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Meritage Homes Corp.(a) | 24,720 | 2,661,602 |
| Sonos, Inc.(a) | 69,170 | 2,559,290 |
| Taylor Morrison Home Corp., Class A(a) | 36,100 | 1,069,282 |
| TopBuild Corp.(a) | 2,800 | 554,540 |
| Tri Pointe Homes, Inc.(a) | 199,517 | 4,812,350 |
| Universal Electronics, Inc.(a) | 17,482 | 875,149 |
| Total | 31,585,004 | |
| Internet & Direct Marketing Retail 0.6% | ||
| Figs, Inc., Class A(a) | 36,784 | 1,256,174 |
| Magnite, Inc.(a) | 19,300 | 573,210 |
| PetMed Express, Inc. | 7,900 | 228,310 |
| RealReal, Inc. (The)(a) | 86,803 | 1,516,448 |
| Revolve Group, Inc.(a) | 38,600 | 2,139,984 |
| ThredUp, Inc., Class A(a) | 83,495 | 1,969,647 |
| Total | 7,683,773 | |
| Leisure Products 0.1% | ||
| Johnson Outdoors, Inc., Class A | 12,466 | 1,523,221 |
| Multiline Retail 0.4% | ||
| Big Lots, Inc. | 41,758 | 2,544,733 |
| Dillard’s, Inc., Class A | 2,700 | 356,157 |
| Franchise Group, Inc. | 14,900 | 550,406 |
| Macy’s, Inc.(a) | 111,100 | 2,030,908 |
| Total | 5,482,204 | |
| Specialty Retail 3.4% | ||
| Abercrombie & Fitch Co., Class A(a) | 13,960 | 596,092 |
| American Eagle Outfitters, Inc. | 96,200 | 3,408,366 |
| Asbury Automotive Group, Inc.(a) | 4,800 | 951,792 |
| Caleres, Inc. | 63,276 | 1,586,962 |
| Cato Corp. (The), Class A(a) | 57,600 | 890,496 |
| Children’s Place, Inc. (The)(a) | 34,100 | 3,170,959 |
| Floor & Decor Holdings, Inc.(a) | 25,185 | 2,475,937 |
| Foot Locker, Inc. | 8,600 | 544,294 |
| Genesco, Inc.(a) | 89,625 | 4,929,375 |
| Group 1 Automotive, Inc. | 6,400 | 1,020,672 |
| Hibbett Sports, Inc.(a) | 37,924 | 3,214,438 |
| Leslie’s, Inc.(a) | 35,037 | 1,021,679 |
| Lithia Motors, Inc., Class A | 11,515 | 4,053,165 |
| MarineMax, Inc.(a) | 35,552 | 1,828,440 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| National Vision Holdings, Inc.(a) | 81,469 | 4,046,565 |
| ODP Corp. (The)(a) | 18,130 | 793,006 |
| OneWater Marine, Inc., Class A(a) | 18,300 | 901,092 |
| Penske Automotive Group, Inc. | 6,700 | 573,453 |
| Petco Health & Wellness Co., Inc.(a) | 209,129 | 4,736,772 |
| Rent-A-Center, Inc. | 12,600 | 778,806 |
| Sonic Automotive, Inc., Class A | 20,000 | 964,600 |
| Sportsman’s Warehouse Holdings, Inc.(a) | 57,300 | 1,019,940 |
| Tilly’s, Inc.(a) | 20,200 | 275,932 |
| Urban Outfitters, Inc.(a) | 14,100 | 552,156 |
| Zumiez, Inc.(a) | 40,489 | 1,774,228 |
| Total | 46,109,217 | |
| Textiles, Apparel & Luxury Goods 0.4% | ||
| Carter’s, Inc. | 11,810 | 1,207,454 |
| Culp, Inc. | 16,200 | 264,384 |
| G-III Apparel Group Ltd.(a) | 16,600 | 548,464 |
| Movado Group, Inc. | 54,842 | 1,520,769 |
| Rocky Brands, Inc. | 6,100 | 355,752 |
| Vera Bradley, Inc.(a) | 71,200 | 817,376 |
| Total | 4,714,199 | |
| Total Consumer Discretionary | 180,803,727 | |
| Consumer Staples 2.4% | ||
| Food & Staples Retailing 1.2% | ||
| BJ’s Wholesale Club Holdings, Inc.(a) | 41,500 | 1,858,785 |
| Grocery Outlet Holding Corp.(a) | 57,105 | 1,945,568 |
| Ingles Markets, Inc., Class A | 12,900 | 799,026 |
| Natural Grocers by Vitamin Cottage, Inc. | 43,900 | 526,361 |
| Performance Food Group, Inc.(a) | 82,487 | 4,135,073 |
| Sprouts Farmers Market, Inc.(a) | 19,600 | 521,360 |
| The Chefs’ Warehouse(a) | 54,700 | 1,682,572 |
| United Natural Foods, Inc.(a) | 93,200 | 3,537,872 |
| Village Super Market, Inc., Class A | 19,500 | 470,145 |
| Weis Markets, Inc. | 9,100 | 463,008 |
| Total | 15,939,770 | |
| Food Products 0.4% | ||
| B&G Foods, Inc. | 24,500 | 749,700 |
| Freshpet, Inc.(a) | 30,031 | 5,310,081 |
| Total | 6,059,781 | |
| 2 | Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 |
Portfolio of Investments (continued)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Household Products 0.6% | ||
| Central Garden & Pet Co.(a) | 14,000 | 769,020 |
| Central Garden & Pet Co., Class A(a) | 43,831 | 2,211,274 |
| Energizer Holdings, Inc. | 5,800 | 267,032 |
| Spectrum Brands Holdings, Inc. | 14,416 | 1,281,438 |
| WD-40 Co. | 13,350 | 3,268,080 |
| Total | 7,796,844 | |
| Personal Products 0.2% | ||
| BellRing Brands, Inc., Class A(a) | 47,500 | 1,362,300 |
| Nu Skin Enterprises, Inc., Class A | 9,500 | 571,520 |
| Usana Health Sciences, Inc.(a) | 7,100 | 750,754 |
| Total | 2,684,574 | |
| Total Consumer Staples | 32,480,969 | |
| Energy 3.7% | ||
| Energy Equipment & Services 1.1% | ||
| Cactus, Inc., Class A | 15,300 | 536,112 |
| ChampionX Corp.(a) | 30,600 | 810,900 |
| Core Laboratories NV | 8,700 | 363,660 |
| Dril-Quip, Inc.(a) | 15,600 | 523,068 |
| Frank’s International NV(a) | 274,800 | 923,328 |
| Helix Energy Solutions Group, Inc.(a) | 148,900 | 778,747 |
| Helmerich & Payne, Inc. | 67,100 | 1,895,575 |
| Hoegh LNG Partners LP | 19,500 | 325,260 |
| Liberty Oilfield Services, Inc., Class A(a) | 65,900 | 985,864 |
| Matrix Service Co.(a) | 55,147 | 601,102 |
| NexTier Oilfield Solutions, Inc.(a) | 231,417 | 983,522 |
| Oceaneering International, Inc.(a) | 72,473 | 1,034,190 |
| Oil States International, Inc.(a) | 34,100 | 219,263 |
| ProPetro Holding Corp.(a) | 196,910 | 1,957,285 |
| Select Energy Services, Inc., Class A(a) | 203,654 | 1,156,755 |
| Solaris Oilfield Infrastructure, Inc., Class A | 125,755 | 1,256,293 |
| TechnipFMC PLC(a) | 26,000 | 223,340 |
| Total | 14,574,264 | |
| Oil, Gas & Consumable Fuels 2.6% | ||
| Berry Corp. | 123,200 | 783,552 |
| Bonanza Creek Energy, Inc.(a) | 29,300 | 1,258,728 |
| Cimarex Energy Co. | 52,500 | 3,556,875 |
| CVR Energy, Inc.(a) | 11,500 | 238,625 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Devon Energy Corp. | 101,900 | 2,706,464 |
| Earthstone Energy, Inc., Class A(a) | 102,200 | 982,142 |
| Equitrans Midstream Corp. | 129,500 | 1,067,080 |
| Green Plains, Inc.(a) | 9,300 | 296,577 |
| HollyFrontier Corp. | 13,900 | 451,333 |
| Kosmos Energy Ltd.(a) | 262,900 | 836,022 |
| Matador Resources Co. | 96,200 | 2,947,568 |
| Murphy Oil Corp. | 50,100 | 1,086,669 |
| Northern Oil and Gas, Inc.(a) | 67,700 | 1,232,817 |
| Oasis Petroleum, Inc. | 13,900 | 1,231,679 |
| Ovintiv, Inc. | 148,700 | 3,959,881 |
| PDC Energy, Inc.(a) | 65,377 | 2,760,217 |
| Penn Virginia Corp.(a) | 133,250 | 2,569,060 |
| Range Resources Corp.(a) | 97,600 | 1,323,456 |
| Renewable Energy Group, Inc.(a) | 18,832 | 1,150,070 |
| REX American Resources Corp.(a) | 7,300 | 701,019 |
| SM Energy Co. | 36,946 | 735,225 |
| Whiting Petroleum Corp.(a) | 26,700 | 1,222,593 |
| World Fuel Services Corp. | 73,972 | 2,273,160 |
| Total | 35,370,812 | |
| Total Energy | 49,945,076 | |
| Financials 18.2% | ||
| Banks 10.7% | ||
| 1st Source Corp. | 25,701 | 1,271,428 |
| Amalgamated Financial Corp. | 20,200 | 328,654 |
| Ameris Bancorp | 61,500 | 3,378,810 |
| Associated Banc-Corp. | 128,264 | 2,948,789 |
| Atlantic Union Bankshares Corp. | 93,900 | 3,851,778 |
| Bancorp, Inc. (The)(a) | 229,086 | 5,553,045 |
| BancorpSouth Bank | 34,316 | 1,049,383 |
| BankUnited, Inc. | 22,500 | 1,075,275 |
| Banner Corp. | 32,581 | 1,906,966 |
| Bar Harbor Bankshares | 16,100 | 490,084 |
| Berkshire Hills Bancorp, Inc. | 43,300 | 1,201,575 |
| BOK Financial Corp. | 6,600 | 600,864 |
| Brookline Bancorp, Inc. | 48,900 | 824,454 |
| Bryn Mawr Bank Corp. | 9,400 | 449,320 |
| Cadence BanCorp | 118,294 | 2,647,420 |
| Camden National Corp. | 7,100 | 338,102 |
| Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 | 3 |
Portfolio of Investments (continued)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Cathay General Bancorp | 153,530 | 6,399,130 |
| Central Pacific Financial Corp. | 73,237 | 2,029,397 |
| CIT Group, Inc. | 19,700 | 1,043,706 |
| Civista Bancshares, Inc. | 12,500 | 296,750 |
| CNB Financial Corp. | 9,400 | 228,514 |
| Community Bank System, Inc. | 41,400 | 3,358,368 |
| Community Trust Bancorp, Inc. | 26,297 | 1,161,801 |
| ConnectOne Bancorp, Inc. | 28,500 | 789,165 |
| CrossFirst Bankshares, Inc.(a) | 36,800 | 541,328 |
| Customers Bancorp, Inc.(a) | 35,300 | 1,336,105 |
| Dime Community Bancshares, Inc. | 35,116 | 1,218,876 |
| Eagle Bancorp, Inc. | 18,800 | 1,074,232 |
| Equity Bancshares, Inc., Class A(a) | 22,900 | 752,494 |
| FB Financial Corp. | 17,068 | 714,296 |
| Financial Institutions, Inc. | 31,873 | 1,024,079 |
| First BanCorp | 88,000 | 1,125,520 |
| First BanCorp | 22,311 | 989,939 |
| First Busey Corp. | 23,300 | 624,207 |
| First Business Financial Services, Inc. | 13,400 | 367,294 |
| First Commonwealth Financial Corp. | 147,218 | 2,230,353 |
| First Financial Bancorp | 30,500 | 776,835 |
| First Financial Bankshares, Inc. | 63,665 | 3,205,533 |
| First Financial Corp. | 17,800 | 807,764 |
| First Hawaiian, Inc. | 36,300 | 1,022,208 |
| First Internet Bancorp | 17,000 | 576,640 |
| First Merchants Corp. | 45,040 | 2,087,154 |
| First Midwest Bancorp, Inc. | 36,500 | 763,945 |
| First of Long Island Corp. (The) | 25,800 | 580,500 |
| Flushing Financial Corp. | 47,400 | 1,107,738 |
| FNB Corp. | 59,900 | 803,259 |
| Fulton Financial Corp. | 58,254 | 1,009,542 |
| Great Southern Bancorp, Inc. | 19,320 | 1,091,387 |
| Great Western Bancorp, Inc. | 89,930 | 3,009,058 |
| Hancock Whitney Corp. | 116,322 | 5,759,102 |
| Hanmi Financial Corp. | 50,100 | 1,051,098 |
| Heartland Financial U.S.A., Inc. | 13,952 | 694,112 |
| Hilltop Holdings, Inc. | 63,385 | 2,354,753 |
| HomeTrust Bancshares, Inc. | 9,600 | 272,352 |
| Hope Bancorp, Inc. | 71,700 | 1,097,010 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Horizon Bancorp, Inc. | 25,400 | 469,900 |
| Independent Bank Corp. | 31,900 | 2,603,359 |
| Independent Bank Corp. | 40,403 | 941,390 |
| Independent Bank Group, Inc. | 36,700 | 2,890,125 |
| International Bancshares Corp. | 56,394 | 2,616,682 |
| Investors Bancorp, Inc. | 52,400 | 779,712 |
| Lakeland Bancorp, Inc. | 68,312 | 1,298,611 |
| Live Oak Bancshares, Inc. | 12,200 | 739,076 |
| Mercantile Bank Corp. | 15,100 | 487,730 |
| Metropolitan Bank Holding Corp.(a) | 8,800 | 561,528 |
| Midland States Bancorp, Inc. | 34,700 | 966,742 |
| MidWestOne Financial Group, Inc. | 15,900 | 501,486 |
| Northrim BanCorp, Inc. | 8,200 | 357,110 |
| OceanFirst Financial Corp. | 32,100 | 709,731 |
| Orrstown Financial Services, Inc. | 11,300 | 285,212 |
| Pacific Premier Bancorp, Inc. | 62,894 | 2,891,237 |
| PacWest Bancorp | 26,800 | 1,210,556 |
| Peapack-Gladstone Financial Corp. | 41,763 | 1,387,367 |
| Peoples Bancorp, Inc. | 7,100 | 230,608 |
| Pinnacle Financial Partners, Inc. | 13,136 | 1,194,325 |
| Popular, Inc. | 54,600 | 4,455,906 |
| Preferred Bank | 28,799 | 1,966,684 |
| Primis Financial Corp. | 35,100 | 517,023 |
| QCR Holdings, Inc. | 9,786 | 467,869 |
| RBB Bancorp | 18,200 | 444,080 |
| Renasant Corp. | 64,500 | 2,852,190 |
| Republic Bancorp, Inc. | 7,900 | 366,955 |
| S&T Bancorp, Inc. | 31,100 | 1,055,223 |
| Sandy Spring Bancorp, Inc. | 87,312 | 4,056,516 |
| Sierra Bancorp | 12,300 | 340,956 |
| Simmons First National Corp., Class A | 11,400 | 347,700 |
| Synovus Financial Corp. | 21,300 | 1,046,256 |
| Texas Capital Bancshares, Inc.(a) | 14,800 | 1,019,424 |
| Towne Bank | 24,400 | 781,532 |
| Trico Bancshares | 16,720 | 801,724 |
| TriState Capital Holdings, Inc.(a) | 19,700 | 452,903 |
| Triumph Bancorp, Inc.(a) | 37,200 | 3,115,500 |
| Trustmark Corp. | 78,257 | 2,625,522 |
| UMB Financial Corp. | 39,500 | 3,820,045 |
| 4 | Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 |
Portfolio of Investments (continued)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Umpqua Holdings Corp. | 40,100 | 765,108 |
| Univest Corporation of Pennsylvania | 37,568 | 1,095,483 |
| Valley National Bancorp | 37,500 | 537,000 |
| Washington Trust Bancorp, Inc. | 11,000 | 604,890 |
| Webster Financial Corp. | 17,500 | 991,900 |
| Wintrust Financial Corp. | 39,377 | 3,166,698 |
| Total | 144,109,065 | |
| Capital Markets 2.4% | ||
| BrightSphere Investment Group, Inc. | 36,700 | 817,309 |
| Cowen, Inc. | 122,059 | 4,800,581 |
| Diamond Hill Investment Group, Inc. | 3,200 | 561,312 |
| Evercore, Inc., Class A | 42,661 | 6,222,534 |
| Federated Hermes, Inc., Class B | 65,513 | 2,083,313 |
| Focus Financial Partners, Inc., Class A(a) | 95,344 | 4,832,987 |
| Greenhill & Co., Inc. | 44,334 | 771,855 |
| Houlihan Lokey, Inc. | 30,000 | 2,246,700 |
| Lazard Ltd., Class A | 23,700 | 1,118,166 |
| Oppenheimer Holdings, Inc., Class A | 15,868 | 792,924 |
| Stifel Financial Corp. | 72,721 | 5,038,111 |
| StoneX Group, Inc.(a) | 12,220 | 827,294 |
| Victory Capital Holdings, Inc., Class A | 28,400 | 852,568 |
| Virtu Financial, Inc. Class A | 27,101 | 825,225 |
| Total | 31,790,879 | |
| Consumer Finance 0.5% | ||
| Encore Capital Group, Inc.(a) | 20,835 | 964,452 |
| Navient Corp. | 53,400 | 975,618 |
| Nelnet, Inc., Class A | 16,385 | 1,237,395 |
| SLM Corp. | 175,300 | 3,549,825 |
| Total | 6,727,290 | |
| Insurance 1.8% | ||
| Ambac Financial Group, Inc.(a) | 53,100 | 801,279 |
| American Equity Investment Life Holding Co. | 25,700 | 783,850 |
| AMERISAFE, Inc. | 45,753 | 2,998,194 |
| Argo Group International Holdings Ltd. | 72,800 | 3,904,992 |
| Axis Capital Holdings Ltd. | 19,700 | 1,056,708 |
| Brighthouse Financial, Inc.(a) | 16,300 | 793,158 |
| CNO Financial Group, Inc. | 38,163 | 1,013,609 |
| Employers Holdings, Inc. | 58,268 | 2,458,910 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Enstar Group Ltd.(a) | 4,100 | 1,040,949 |
| Global Indemnity Group LLC | 14,200 | 453,548 |
| Hanover Insurance Group, Inc. (The) | 7,500 | 1,046,175 |
| Horace Mann Educators Corp. | 26,604 | 1,060,701 |
| James River Group Holdings Ltd. | 15,800 | 551,736 |
| Lemonade, Inc.(a) | 6,957 | 629,400 |
| National Western Life Group, Inc., Class A | 3,500 | 857,570 |
| ProAssurance Corp. | 100,929 | 2,457,621 |
| SiriusPoint Ltd.(a) | 72,400 | 761,648 |
| State Auto Financial Corp. | 26,500 | 500,850 |
| Stewart Information Services Corp. | 19,500 | 1,176,825 |
| Total | 24,347,723 | |
| Mortgage Real Estate Investment Trusts (REITS) 0.7% | ||
| Apollo Commercial Real Estate Finance, Inc. | 20,900 | 327,085 |
| Arlington Asset Investment Corp., Class A(a) | 65,900 | 268,213 |
| Blackstone Mortgage Trust, Inc. | 76,200 | 2,440,686 |
| Colony Credit Real Estate, Inc. | 90,700 | 857,115 |
| Granite Point Mortgage Trust, Inc. | 29,400 | 422,772 |
| Great Ajax Corp. | 49,161 | 619,429 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 49,600 | 2,440,816 |
| MFA Financial, Inc. | 74,900 | 327,313 |
| Starwood Property Trust, Inc. | 75,400 | 1,914,406 |
| TPG RE Finance Trust, Inc. | 23,700 | 309,048 |
| Total | 9,926,883 | |
| Thrifts & Mortgage Finance 2.1% | ||
| Axos Financial, Inc.(a) | 118,444 | 5,615,430 |
| Bridgewater Bancshares, Inc.(a) | 19,000 | 329,840 |
| Essent Group Ltd. | 11,300 | 540,592 |
| Federal Agricultural Mortgage Corp. | 8,000 | 811,680 |
| FS Bancorp, Inc. | 4,500 | 320,310 |
| HomeStreet, Inc. | 49,238 | 2,216,695 |
| Luther Burbank Corp. | 36,600 | 444,324 |
| Meridian Bancorp, Inc. | 13,400 | 295,470 |
| MGIC Investment Corp. | 175,500 | 2,583,360 |
| NMI Holdings, Inc., Class A(a) | 49,283 | 1,192,156 |
| Northfield Bancorp, Inc. | 32,600 | 551,918 |
| Premier Financial Corp. | 14,800 | 451,400 |
| Provident Financial Services, Inc. | 33,600 | 848,736 |
| Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 | 5 |
Portfolio of Investments (continued)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Radian Group, Inc. | 107,700 | 2,514,795 |
| Southern Missouri Bancorp, Inc. | 7,900 | 349,180 |
| Territorial Bancorp, Inc. | 9,600 | 250,752 |
| TrustCo Bank Corp. | 37,826 | 1,480,123 |
| Washington Federal, Inc. | 80,352 | 2,678,936 |
| WSFS Financial Corp. | 91,068 | 4,845,728 |
| Total | 28,321,425 | |
| Total Financials | 245,223,265 | |
| Health Care 11.9% | ||
| Biotechnology 4.6% | ||
| ACADIA Pharmaceuticals, Inc.(a) | 35,105 | 784,246 |
| ADC Therapeutics SA(a) | 60,935 | 1,319,243 |
| Alector, Inc.(a) | 53,148 | 946,034 |
| Alkermes PLC(a) | 41,525 | 941,372 |
| Allogene Therapeutics, Inc.(a) | 25,392 | 652,574 |
| Amicus Therapeutics, Inc.(a) | 189,085 | 1,750,927 |
| Apellis Pharmaceuticals, Inc.(a) | 17,200 | 968,016 |
| Arcutis Biotherapeutics, Inc.(a) | 19,300 | 508,555 |
| Arena Pharmaceuticals, Inc.(a) | 18,100 | 1,106,091 |
| Arrowhead Pharmaceuticals, Inc.(a) | 42,519 | 3,086,879 |
| Atara Biotherapeutics, Inc.(a) | 107,888 | 1,462,961 |
| Avrobio, Inc.(a) | 75,527 | 678,988 |
| Biohaven Pharmaceutical Holding Co., Ltd.(a) | 33,655 | 2,927,985 |
| Blueprint Medicines Corp.(a) | 29,266 | 2,673,449 |
| BridgeBio Pharma, Inc.(a) | 36,312 | 2,149,670 |
| CareDx, Inc.(a) | 12,650 | 1,017,060 |
| Clementia Pharmaceuticals, Inc.(a),(b),(c),(d) | 134,864 | 0 |
| Coherus Biosciences, Inc.(a) | 166,186 | 2,187,008 |
| FibroGen, Inc.(a) | 41,196 | 875,415 |
| G1 Therapeutics, Inc.(a) | 50,032 | 1,086,695 |
| Generation Bio Co.(a) | 21,546 | 738,166 |
| Halozyme Therapeutics, Inc.(a) | 99,479 | 4,119,425 |
| Heron Therapeutics, Inc.(a) | 83,620 | 1,109,637 |
| Intercept Pharmaceuticals, Inc.(a) | 19,620 | 326,281 |
| Iovance Biotherapeutics, Inc.(a) | 18,000 | 334,260 |
| Kronos Bio, Inc.(a) | 38,034 | 928,410 |
| Ligand Pharmaceuticals, Inc.(a) | 21,123 | 2,486,177 |
| Mirati Therapeutics, Inc.(a) | 8,236 | 1,302,523 |
| Natera, Inc.(a) | 51,490 | 4,847,269 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Novavax, Inc.(a) | 11,400 | 1,682,868 |
| Olema Pharmaceuticals, Inc.(a) | 17,800 | 497,688 |
| Orchard Therapeutics PLC, ADR(a) | 70,837 | 370,478 |
| PMV Pharmaceuticals, Inc.(a) | 28,072 | 965,677 |
| REGENXBIO, Inc.(a) | 46,435 | 1,637,762 |
| Relay Therapeutics, Inc.(a) | 38,129 | 1,224,704 |
| Revolution Medicines, Inc.(a) | 32,488 | 971,716 |
| Rubius Therapeutics, Inc.(a) | 51,206 | 1,250,963 |
| Sage Therapeutics, Inc.(a) | 16,589 | 1,154,594 |
| Sana Biotechnology, Inc.(a) | 33,949 | 711,911 |
| Silverback Therapeutics, Inc.(a) | 18,400 | 506,552 |
| Twist Bioscience Corp.(a) | 28,761 | 3,086,343 |
| Vanda Pharmaceuticals, Inc.(a) | 27,300 | 482,937 |
| Vericel Corp.(a) | 61,577 | 3,479,101 |
| Total | 61,338,610 | |
| Health Care Equipment & Supplies 3.6% | ||
| Angiodynamics, Inc.(a) | 60,357 | 1,395,454 |
| CONMED Corp. | 32,050 | 4,412,964 |
| Integer Holdings Corp.(a) | 12,910 | 1,167,968 |
| iRhythm Technologies, Inc.(a) | 24,509 | 1,849,449 |
| LeMaitre Vascular, Inc. | 87,011 | 4,455,833 |
| Merit Medical Systems, Inc.(a) | 128,007 | 7,723,942 |
| Mesa Laboratories, Inc. | 23,109 | 5,686,201 |
| Neogen Corp.(a) | 78,509 | 7,247,166 |
| Nevro Corp.(a) | 21,221 | 3,198,005 |
| NuVasive, Inc.(a) | 50,569 | 3,448,806 |
| Orthofix Medical, Inc.(a) | 23,736 | 966,055 |
| Outset Medical, Inc.(a) | 30,401 | 1,467,456 |
| Shockwave Medical, Inc.(a) | 28,152 | 5,064,545 |
| Total | 48,083,844 | |
| Health Care Providers & Services 1.1% | ||
| 1Life Healthcare, Inc.(a) | 31,177 | 1,153,549 |
| Acadia Healthcare Co., Inc.(a) | 43,504 | 2,799,917 |
| Accolade, Inc.(a) | 35,877 | 1,811,430 |
| Amedisys, Inc.(a) | 11,996 | 3,099,406 |
| Hanger, Inc.(a) | 86,248 | 2,227,786 |
| Mednax, Inc.(a) | 19,500 | 623,610 |
| National Research Corp., Class A | 32,343 | 1,546,966 |
| 6 | Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 |
Portfolio of Investments (continued)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| R1 RCM, Inc.(a) | 81,200 | 1,879,780 |
| Signify Health, Inc., Class A(a) | 5,793 | 146,563 |
| Total | 15,289,007 | |
| Health Care Technology 1.4% | ||
| Computer Programs & Systems, Inc. | 33,005 | 1,068,372 |
| Evolent Health, Inc., Class A(a) | 94,279 | 1,831,841 |
| HealthStream, Inc.(a) | 41,705 | 1,091,837 |
| Omnicell, Inc.(a) | 55,471 | 7,710,469 |
| Simulations Plus, Inc. | 61,044 | 3,221,902 |
| Vocera Communications, Inc.(a) | 135,646 | 4,573,983 |
| Total | 19,498,404 | |
| Life Sciences Tools & Services 0.8% | ||
| Berkeley Lights, Inc.(a) | 16,976 | 738,456 |
| Personalis, Inc.(a) | 61,081 | 1,373,711 |
| Repligen Corp.(a) | 41,675 | 7,610,272 |
| Seer, Inc.(a) | 21,891 | 647,536 |
| Total | 10,369,975 | |
| Pharmaceuticals 0.4% | ||
| Arvinas, Inc.(a) | 36,117 | 2,627,151 |
| Revance Therapeutics, Inc.(a) | 75,573 | 2,237,716 |
| Taro Pharmaceutical Industries Ltd.(a) | 13,700 | 972,974 |
| Total | 5,837,841 | |
| Total Health Care | 160,417,681 | |
| Industrials 21.9% | ||
| Aerospace & Defense 1.5% | ||
| AAR Corp.(a) | 26,500 | 1,106,375 |
| Axon Enterprise, Inc.(a) | 39,121 | 5,500,022 |
| Mercury Systems, Inc.(a) | 109,854 | 7,189,944 |
| Moog, Inc., Class A | 34,993 | 3,156,369 |
| National Presto Industries, Inc. | 7,300 | 740,366 |
| Triumph Group, Inc.(a) | 33,388 | 641,717 |
| Vectrus, Inc.(a) | 20,100 | 1,025,502 |
| Total | 19,360,295 | |
| Air Freight & Logistics 0.1% | ||
| Forward Air Corp. | 5,100 | 494,139 |
| HUB Group, Inc., Class A(a) | 17,165 | 1,198,289 |
| Total | 1,692,428 | |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Airlines 0.4% | ||
| Allegiant Travel Co.(a) | 4,800 | 1,063,008 |
| Frontier Group Holdings, Inc.(a) | 90,313 | 1,925,473 |
| Skywest, Inc.(a) | 48,600 | 2,382,858 |
| Spirit Airlines, Inc.(a) | 13,500 | 482,085 |
| Total | 5,853,424 | |
| Building Products 3.0% | ||
| AAON, Inc. | 82,612 | 5,473,045 |
| Advanced Drainage Systems, Inc. | 43,777 | 4,965,187 |
| Apogee Enterprises, Inc. | 14,100 | 535,941 |
| Armstrong Flooring, Inc.(a) | 90,400 | 547,824 |
| AZEK Co., Inc. (The)(a) | 87,770 | 3,820,628 |
| Griffon Corp. | 12,300 | 323,367 |
| Masonite International Corp.(a) | 35,880 | 4,289,454 |
| Quanex Building Products Corp. | 48,932 | 1,303,059 |
| Resideo Technologies, Inc.(a) | 36,900 | 1,103,310 |
| Simpson Manufacturing Co., Inc. | 86,105 | 9,671,314 |
| Trex Company, Inc.(a) | 79,509 | 7,744,972 |
| UFP Industries, Inc. | 4,400 | 349,888 |
| Total | 40,127,989 | |
| Commercial Services & Supplies 1.9% | ||
| ABM Industries, Inc. | 10,800 | 538,812 |
| ACCO Brands Corp. | 111,900 | 1,019,409 |
| ACV Auctions, Inc., Class A(a) | 23,706 | 614,459 |
| Casella Waste Systems, Inc., Class A(a) | 133,681 | 9,014,110 |
| Clean Harbors, Inc.(a) | 20,506 | 1,909,109 |
| Ennis, Inc. | 33,400 | 700,064 |
| Herman Miller, Inc. | 11,500 | 549,700 |
| Interface, Inc. | 138,570 | 2,264,234 |
| Kimball International, Inc., Class B | 94,186 | 1,254,557 |
| Knoll, Inc. | 41,200 | 1,071,200 |
| MSA Safety, Inc. | 19,815 | 3,330,109 |
| Steelcase, Inc., Class A | 185,166 | 2,679,352 |
| US Ecology, Inc.(a) | 6,800 | 269,484 |
| Total | 25,214,599 | |
| Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 | 7 |
Portfolio of Investments (continued)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Construction & Engineering 2.2% | ||
| API Group Corp.(a) | 104,000 | 2,199,600 |
| Comfort Systems U.S.A., Inc. | 10,300 | 853,870 |
| Construction Partners, Inc., Class A(a) | 201,299 | 6,483,841 |
| EMCOR Group, Inc. | 49,120 | 6,194,523 |
| Fluor Corp.(a) | 44,300 | 819,550 |
| Great Lakes Dredge & Dock Corp.(a) | 73,600 | 1,075,296 |
| MasTec, Inc.(a) | 39,900 | 4,641,567 |
| MYR Group, Inc.(a) | 25,688 | 2,235,883 |
| Northwest Pipe Co.(a) | 17,909 | 566,999 |
| Primoris Services Corp. | 89,277 | 2,838,116 |
| Sterling Construction Co., Inc.(a) | 20,300 | 456,750 |
| Tutor Perini Corp.(a) | 50,500 | 781,740 |
| Valmont Industries, Inc. | 4,000 | 992,000 |
| Total | 30,139,735 | |
| Electrical Equipment 1.3% | ||
| Acuity Brands, Inc. | 3,500 | 650,125 |
| Array Technologies, Inc.(a) | 100,817 | 1,643,317 |
| Atkor, Inc.(a) | 3,600 | 277,920 |
| AZZ, Inc. | 19,600 | 1,048,404 |
| Bloom Energy Corp., Class A(a) | 161,121 | 3,894,295 |
| Encore Wire Corp. | 13,900 | 1,142,580 |
| EnerSys | 12,000 | 1,130,880 |
| GrafTech International Ltd. | 79,000 | 1,049,120 |
| Powell Industries, Inc. | 16,300 | 560,068 |
| Preformed Line Products Co. | 7,400 | 550,708 |
| Regal Beloit Corp. | 8,431 | 1,199,141 |
| Shoals Technologies Group, Inc., Class A(a) | 50,481 | 1,393,276 |
| Thermon(a) | 53,300 | 929,019 |
| Vertiv Holdings Co. | 93,704 | 2,325,733 |
| Total | 17,794,586 | |
| Industrial Conglomerates 0.2% | ||
| Carlisle Companies, Inc. | 15,203 | 2,923,841 |
| Machinery 4.7% | ||
| Altra Industrial Motion Corp. | 43,900 | 2,883,791 |
| Astec Industries, Inc. | 18,538 | 1,270,409 |
| Blue Bird Corp.(a) | 31,900 | 834,504 |
| Columbus McKinnon Corp. | 27,533 | 1,395,923 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Crane Co. | 24,113 | 2,302,550 |
| Douglas Dynamics, Inc. | 110,685 | 4,853,537 |
| EnPro Industries, Inc. | 11,800 | 1,085,482 |
| ESCO Technologies, Inc. | 44,962 | 4,255,204 |
| Evoqua Water Technologies Corp.(a) | 47,600 | 1,481,312 |
| Flowserve Corp. | 13,400 | 568,026 |
| Graco, Inc. | 33,200 | 2,513,904 |
| Graham Corp. | 15,700 | 230,633 |
| Greenbrier Companies, Inc. (The) | 21,732 | 965,118 |
| Helios Technologies, Inc. | 64,955 | 4,615,053 |
| Hillenbrand, Inc. | 68,654 | 3,130,622 |
| Hyster-Yale Materials Handling, Inc. | 10,100 | 763,459 |
| ITT, Inc. | 45,121 | 4,236,862 |
| John Bean Technologies Corp. | 64,765 | 9,328,103 |
| Kennametal, Inc. | 13,900 | 521,389 |
| Lydall, Inc.(a) | 28,955 | 1,053,383 |
| Meritor, Inc.(a) | 39,800 | 1,034,800 |
| Miller Industries, Inc. | 23,409 | 979,667 |
| Mueller Industries, Inc. | 42,295 | 1,963,757 |
| Mueller Water Products, Inc., Class A | 39,400 | 570,118 |
| Omega Flex, Inc. | 23,801 | 3,499,937 |
| RBC Bearings, Inc.(a) | 31,977 | 6,260,777 |
| TriMas Corp.(a) | 7,900 | 256,118 |
| Wabash National Corp. | 61,500 | 980,925 |
| Total | 63,835,363 | |
| Marine 0.1% | ||
| Matson, Inc. | 12,700 | 821,055 |
| Professional Services 2.5% | ||
| BGSF, Inc. | 20,800 | 246,896 |
| CBIZ, Inc.(a) | 16,000 | 531,360 |
| Exponent, Inc. | 78,216 | 7,135,646 |
| FTI Consulting, Inc.(a) | 3,500 | 481,425 |
| GP Strategies Corp.(a) | 24,300 | 429,867 |
| Heidrick & Struggles International, Inc. | 40,715 | 1,752,374 |
| Huron Consulting Group, Inc.(a) | 23,544 | 1,288,092 |
| ICF International, Inc. | 31,200 | 2,742,480 |
| KBR, Inc. | 114,700 | 4,672,878 |
| Kelly Services, Inc., Class A(a) | 30,300 | 777,801 |
| Kforce, Inc. | 59,500 | 3,731,245 |
| 8 | Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 |
Portfolio of Investments (continued)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Korn/Ferry International | 28,599 | 1,870,660 |
| Mantech International Corp., Class A | 31,931 | 2,778,316 |
| Resources Connection, Inc. | 57,500 | 838,350 |
| Science Applications International Corp. | 19,100 | 1,716,326 |
| TrueBlue, Inc.(a) | 111,477 | 3,024,371 |
| Total | 34,018,087 | |
| Road & Rail 1.1% | ||
| ArcBest Corp. | 54,065 | 4,208,420 |
| Ryder System, Inc. | 15,288 | 1,250,405 |
| Saia, Inc.(a) | 22,861 | 5,261,688 |
| Schneider National, Inc., Class B | 55,660 | 1,363,113 |
| Universal Logistics Holdings, Inc. | 18,300 | 457,500 |
| Werner Enterprises, Inc. | 34,194 | 1,640,970 |
| Total | 14,182,096 | |
| Trading Companies & Distributors 2.9% | ||
| Applied Industrial Technologies, Inc. | 56,791 | 5,563,246 |
| Beacon Roofing Supply, Inc.(a) | 38,300 | 2,169,312 |
| DXP Enterprises, Inc.(a) | 58,552 | 1,808,671 |
| EVI Industries, Inc.(a) | 36,580 | 1,099,961 |
| H&E Equipment Services, Inc. | 52,356 | 1,958,114 |
| Herc Holdings Inc(a) | 46,934 | 5,398,349 |
| NOW, Inc.(a) | 171,156 | 1,792,003 |
| Rush Enterprises, Inc., Class A | 70,379 | 3,364,116 |
| SiteOne Landscape Supply, Inc.(a) | 67,693 | 11,645,904 |
| Triton International Ltd. | 58,000 | 3,146,500 |
| WESCO International, Inc.(a) | 11,410 | 1,215,964 |
| Total | 39,162,140 | |
| Total Industrials | 295,125,638 | |
| Information Technology 15.1% | ||
| Communications Equipment 0.3% | ||
| Casa Systems, Inc.(a) | 24,300 | 210,924 |
| Ciena Corp.(a) | 31,826 | 1,682,641 |
| Comtech Telecommunications Corp. | 42,400 | 1,072,296 |
| Digi International, Inc.(a) | 43,524 | 825,215 |
| NETGEAR, Inc.(a) | 6,600 | 256,608 |
| Total | 4,047,684 | |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Electronic Equipment, Instruments & Components 2.9% | ||
| Avnet, Inc. | 22,900 | 1,008,974 |
| Belden, Inc. | 21,300 | 1,077,780 |
| ePlus, Inc.(a) | 5,100 | 482,307 |
| Fabrinet(a) | 15,982 | 1,433,426 |
| II-VI, Inc.(a) | 54,974 | 3,703,598 |
| Insight Enterprises, Inc.(a) | 10,400 | 1,086,592 |
| Itron, Inc.(a) | 46,532 | 4,436,826 |
| Kimball Electronics, Inc.(a) | 23,400 | 523,692 |
| Littelfuse, Inc. | 13,504 | 3,527,785 |
| Methode Electronics, Inc. | 22,100 | 1,069,198 |
| Novanta, Inc.(a) | 49,569 | 6,888,604 |
| PC Connection, Inc. | 15,800 | 770,882 |
| Plexus Corp.(a) | 21,020 | 2,076,986 |
| Rogers Corp.(a) | 20,025 | 3,751,684 |
| Sanmina Corp.(a) | 49,013 | 2,063,937 |
| Scansource, Inc.(a) | 33,100 | 1,010,543 |
| Vishay Intertechnology, Inc. | 136,196 | 3,278,238 |
| Vishay Precision Group, Inc.(a) | 14,123 | 460,410 |
| Total | 38,651,462 | |
| IT Services 0.9% | ||
| BM Technologies, Inc.(a) | 8,263 | 106,179 |
| Cass Information Systems, Inc. | 18,300 | 835,029 |
| Computer Services, Inc. | 27,520 | 1,645,146 |
| CSG Systems International, Inc. | 5,400 | 237,816 |
| DigitalOcean Holdings, Inc.(a) | 34,706 | 1,459,040 |
| I3 Verticals, Inc.(a) | 53,594 | 1,665,166 |
| LiveRamp Holdings, Inc.(a) | 33,391 | 1,677,564 |
| MAXIMUS, Inc. | 18,641 | 1,727,461 |
| Repay Holdings Corp.(a) | 87,280 | 1,982,129 |
| Sykes Enterprises, Inc.(a) | 18,700 | 783,904 |
| Total | 12,119,434 | |
| Semiconductors & Semiconductor Equipment 3.4% | ||
| Amkor Technology, Inc. | 115,329 | 2,433,442 |
| Brooks Automation, Inc. | 17,958 | 1,833,332 |
| Cohu, Inc.(a) | 45,000 | 1,674,900 |
| Cree, Inc.(a) | 31,862 | 3,186,519 |
| Diodes, Inc.(a) | 75,864 | 5,740,629 |
| Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 | 9 |
Portfolio of Investments (continued)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Entegris, Inc. | 34,974 | 4,002,774 |
| Kulicke & Soffa Industries, Inc. | 30,800 | 1,598,520 |
| MagnaChip Semiconductor Corp.(a) | 111,800 | 2,649,660 |
| MKS Instruments, Inc. | 23,840 | 4,487,403 |
| NVE Corp. | 6,600 | 461,076 |
| Photronics, Inc.(a) | 203,398 | 2,754,009 |
| Semtech Corp.(a) | 36,001 | 2,268,063 |
| SMART Global Holdings, Inc.(a) | 49,200 | 2,332,080 |
| SolarEdge Technologies, Inc.(a) | 11,168 | 2,881,456 |
| Synaptics, Inc.(a) | 17,800 | 2,248,674 |
| Ultra Clean Holdings, Inc.(a) | 88,738 | 4,998,611 |
| Total | 45,551,148 | |
| Software 7.5% | ||
| ACI Worldwide, Inc.(a) | 134,539 | 5,147,462 |
| Altair Engineering, Inc., Class A(a) | 98,568 | 6,640,526 |
| Anaplan, Inc.(a) | 50,618 | 2,607,333 |
| Bill.com Holdings, Inc.(a) | 7,525 | 1,120,623 |
| Blackline, Inc.(a) | 92,187 | 9,584,682 |
| Bottomline Technologies de, Inc.(a) | 39,415 | 1,473,333 |
| Cerence, Inc.(a) | 11,100 | 1,055,943 |
| CyberArk Software Ltd.(a) | 13,880 | 1,756,375 |
| Descartes Systems Group, Inc. (The)(a) | 126,060 | 7,366,946 |
| Digital Turbine, Inc.(a) | 29,976 | 1,983,512 |
| Duck Creek Technologies, Inc.(a) | 60,672 | 2,385,016 |
| Ebix, Inc. | 16,900 | 463,060 |
| Elastic NV(a) | 22,913 | 2,708,546 |
| Envestnet, Inc.(a) | 45,049 | 3,242,177 |
| Everbridge, Inc.(a) | 24,674 | 2,899,195 |
| Five9, Inc.(a) | 20,525 | 3,634,977 |
| Globant SA(a) | 15,168 | 3,304,652 |
| JFrog Ltd.(a) | 34,189 | 1,427,391 |
| Medallia, Inc.(a) | 50,891 | 1,306,372 |
| Model N, Inc.(a) | 185,025 | 6,599,842 |
| Paylocity Holding Corp.(a) | 31,050 | 5,273,221 |
| PROS Holdings, Inc.(a) | 111,350 | 4,940,599 |
| Q2 Holdings, Inc.(a) | 52,904 | 5,022,177 |
| Smartsheet, Inc., Class A(a) | 45,210 | 2,671,007 |
| SPS Commerce, Inc.(a) | 73,700 | 6,917,482 |
| Verint Systems, Inc.(a) | 30,414 | 1,402,390 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Vertex, Inc.(a) | 217,612 | 4,180,327 |
| Viant Technology, Inc., Class A(a) | 28,115 | 820,677 |
| Workiva, Inc.(a) | 28,750 | 2,728,375 |
| Xperi Holding Corp. | 49,600 | 1,062,432 |
| Total | 101,726,650 | |
| Technology Hardware, Storage & Peripherals 0.1% | ||
| Diebold, Inc.(a) | 32,200 | 435,988 |
| Super Micro Computer, Inc.(a) | 30,300 | 1,052,622 |
| Total | 1,488,610 | |
| Total Information Technology | 203,584,988 | |
| Materials 4.1% | ||
| Chemicals 1.9% | ||
| American Vanguard Corp. | 40,100 | 737,439 |
| Balchem Corp. | 40,811 | 5,346,241 |
| Cabot Corp. | 46,688 | 2,968,423 |
| FutureFuel Corp. | 17,600 | 180,752 |
| Hawkins, Inc. | 7,000 | 238,140 |
| HB Fuller Co. | 4,800 | 331,776 |
| Koppers Holdings, Inc.(a) | 42,820 | 1,484,570 |
| Kraton Performance Polymers, Inc.(a) | 56,700 | 1,924,965 |
| Livent Corp.(a) | 84,800 | 1,654,448 |
| Orion Engineered Carbons SA(a) | 211,796 | 4,286,751 |
| PQ Group Holdings, Inc. | 33,400 | 545,756 |
| Tredegar Corp. | 30,500 | 464,820 |
| Trinseo SA | 15,400 | 1,000,076 |
| Tronox Holdings PLC, Class A | 104,734 | 2,459,154 |
| WR Grace & Co. | 4,500 | 308,340 |
| Zymergen, Inc.(a) | 38,600 | 1,249,868 |
| Total | 25,181,519 | |
| Construction Materials 0.4% | ||
| Summit Materials, Inc., Class A(a) | 88,600 | 3,085,052 |
| U.S. Concrete, Inc.(a) | 35,843 | 2,042,693 |
| Total | 5,127,745 | |
| Metals & Mining 1.2% | ||
| Alcoa Corp.(a) | 57,900 | 2,296,893 |
| Arconic Corp.(a) | 79,400 | 2,871,898 |
| Cleveland-Cliffs, Inc.(a) | 115,100 | 2,315,812 |
| Commercial Metals Co. | 16,100 | 506,667 |
| 10 | Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 |
Portfolio of Investments (continued)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Haynes International, Inc. | 15,210 | 529,308 |
| Hecla Mining Co. | 123,000 | 1,107,000 |
| Kaiser Aluminum Corp. | 9,047 | 1,170,591 |
| Materion Corp. | 29,000 | 2,286,650 |
| Schnitzer Steel Industries, Inc., Class A | 8,300 | 452,184 |
| United States Steel Corp. | 63,900 | 1,656,927 |
| Warrior Met Coal, Inc. | 31,800 | 581,940 |
| Worthington Industries, Inc. | 7,400 | 491,138 |
| Total | 16,267,008 | |
| Paper & Forest Products 0.6% | ||
| Boise Cascade Co. | 77,268 | 5,098,915 |
| Domtar Corp.(a) | 18,700 | 1,014,101 |
| Glatfelter Corp. | 97,352 | 1,436,916 |
| Mercer International, Inc. | 41,300 | 612,892 |
| Total | 8,162,824 | |
| Total Materials | 54,739,096 | |
| Real Estate 3.7% | ||
| Equity Real Estate Investment Trusts (REITS) 2.9% | ||
| Alexander’s, Inc. | 2,700 | 732,132 |
| American Assets Trust, Inc. | 66,400 | 2,426,920 |
| Centerspace | 17,800 | 1,267,182 |
| CubeSmart | 36,852 | 1,613,749 |
| EastGroup Properties, Inc. | 6,564 | 1,037,637 |
| First Industrial Realty Trust, Inc. | 105,958 | 5,365,713 |
| Healthcare Realty Trust, Inc. | 42,346 | 1,284,778 |
| Hudson Pacific Properties, Inc. | 56,200 | 1,629,238 |
| National Storage Affiliates Trust | 31,494 | 1,451,873 |
| Pebblebrook Hotel Trust | 31,500 | 704,025 |
| Piedmont Office Realty Trust, Inc. | 38,265 | 707,520 |
| PotlatchDeltic Corp. | 28,048 | 1,688,490 |
| PS Business Parks, Inc. | 15,300 | 2,370,888 |
| Sabra Health Care REIT, Inc. | 121,846 | 2,128,650 |
| Seritage Growth Properties, Class A(a) | 34,500 | 582,360 |
| SITE Centers Corp. | 105,604 | 1,580,892 |
| STAG Industrial, Inc. | 68,569 | 2,448,599 |
| Sunstone Hotel Investors, Inc.(a) | 233,800 | 2,936,528 |
| Tanger Factory Outlet Centers, Inc. | 264,592 | 4,638,298 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Terreno Realty Corp. | 27,359 | 1,740,579 |
| UMH Properties, Inc. | 58,830 | 1,247,784 |
| Total | 39,583,835 | |
| Real Estate Management & Development 0.8% | ||
| FirstService Corp. | 50,750 | 8,241,293 |
| Newmark Group, Inc., Class A | 93,398 | 1,204,834 |
| RE/MAX Holdings, Inc., Class A | 6,600 | 231,066 |
| RMR Group, Inc. (The), Class A | 27,100 | 1,060,152 |
| Total | 10,737,345 | |
| Total Real Estate | 50,321,180 | |
| Utilities 1.9% | ||
| Electric Utilities 0.7% | ||
| Allete, Inc. | 14,500 | 998,905 |
| Hawaiian Electric Industries, Inc. | 23,200 | 998,760 |
| Otter Tail Corp. | 20,800 | 997,776 |
| PNM Resources, Inc. | 20,300 | 997,136 |
| Portland General Electric Co. | 104,609 | 5,014,955 |
| Total | 9,007,532 | |
| Gas Utilities 0.8% | ||
| New Jersey Resources Corp. | 43,000 | 1,836,960 |
| ONE Gas, Inc. | 24,000 | 1,783,680 |
| South Jersey Industries, Inc. | 129,400 | 3,449,804 |
| Southwest Gas Holdings, Inc. | 27,780 | 1,833,758 |
| Spire, Inc. | 13,800 | 988,908 |
| Star Group LP | 42,400 | 443,080 |
| Total | 10,336,190 | |
| Independent Power and Renewable Electricity Producers 0.2% | ||
| Clearway Energy, Inc., Class C | 73,729 | 1,978,149 |
| Sunnova Energy International, Inc.(a) | 48,000 | 1,401,600 |
| Total | 3,379,749 | |
| Multi-Utilities 0.2% | ||
| Avista Corp. | 22,300 | 1,010,859 |
| NorthWestern Corp. | 15,285 | 968,305 |
| Unitil Corp. | 14,564 | 798,835 |
| Total | 2,777,999 | |
| Total Utilities | 25,501,470 | |
| Total Common Stocks (Cost $904,299,633) | 1,317,720,036 | |
| Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 | 11 |
Portfolio of Investments (continued)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
| Exchange-Traded Equity Funds 0.1% | ||
| Shares | Value ($) | |
| U.S. Small Cap 0.1% | ||
| iShares Russell 2000 Value ETF | 5,100 | 854,403 |
| Total Exchange-Traded Equity Funds (Cost $831,803) | 854,403 | |
| Limited Partnerships 0.2% | ||
| Issuer | Shares | Value ($) |
| Energy 0.1% | ||
| Oil, Gas & Consumable Fuels 0.1% | ||
| BP Midstream Partners LP | 23,500 | 332,290 |
| Rattler Midstream LP | 51,800 | 545,972 |
| Shell Midstream Partners LP | 38,300 | 553,052 |
| Total | 1,431,314 | |
| Total Energy | 1,431,314 | |
| Financials 0.0% | ||
| Thrifts & Mortgage Finance 0.0% | ||
| America First Multifamily Investors LP | 60,100 | 377,428 |
| Total Financials | 377,428 | |
| Materials 0.0% | ||
| Chemicals 0.0% | ||
| Westlake Chemical Partners LP | 18,400 | 498,824 |
| Total Materials | 498,824 | |
| Limited Partnerships (continued) | ||
| Issuer | Shares | Value ($) |
| Utilities 0.1% | ||
| Gas Utilities 0.1% | ||
| Suburban Propane Partners LP | 66,700 | 980,490 |
| Total Utilities | 980,490 | |
| Total Limited Partnerships (Cost $2,849,153) | 3,288,056 | |
| Money Market Funds 2.0% | ||
| Shares | Value ($) | |
| Columbia Short-Term Cash Fund, 0.042%(e),(f) | 27,075,867 | 27,073,160 |
| Total Money Market Funds (Cost $27,073,183) | 27,073,160 | |
| Total Investments in Securities (Cost: $935,053,772) | 1,348,935,655 | |
| Other Assets & Liabilities, Net | (99,148) | |
| Net Assets | 1,348,836,507 | |
Notes to Portfolio of Investments
| (a) | Non-income producing investment. |
| (b) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2021, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets. |
| (c) | Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund’s Board of Trustees. At May 31, 2021, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows: |
| Security | Acquisition Dates | Shares | Cost ($) | Value ($) |
| Clementia Pharmaceuticals, Inc. | 04/23/2019 | 134,864 | — | 0 |
| (d) | Valuation based on significant unobservable inputs. |
| (e) | The rate shown is the seven-day current annualized yield at May 31, 2021. |
| 12 | Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 |
Portfolio of Investments (continued)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Multi-Manager Small Cap Equity Strategies Fund, May 31, 2021 (Unaudited)
Notes to Portfolio of Investments (continued)
| (f) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended May 31, 2021 are as follows: |
| Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
| Columbia Short-Term Cash Fund, 0.042% | ||||||||
| 20,297,996 | 210,025,859 | (203,250,652) | (43) | 27,073,160 | (869) | 16,430 | 27,075,867 | |
Abbreviation Legend
| ADR | American Depositary Receipt |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
| Multi-Manager Small Cap Equity Strategies Fund | Quarterly Report 2021 | 13 |
You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
3QT102_08_L01_(07/21)