Columbia Balanced Fund (CBALX) NPORT-P Multisector Bond SMA Completion Portfolio (Nov 2023 report)

MULTISECTOR BOND SMA COMPLETION PORTFOLIO

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

PORTFOLIO OF INVESTMENTS

Multisector Bond SMA Completion Portfolio, November 30, 2023 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Residential Mortgage-Backed Securities - Agency 81.6%
Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Uniform Mortgage-Backed Security TBA(a)
12/13/2053		3.500	%		400,000		350,709
12/13/2053		4.000	%		750,000		680,845
12/13/2053		4.500	%		500,000		468,142
12/13/2053		5.000	%		500,000		481,131
Total Residential Mortgage-Backed Securities -Agency (Cost $1,932,161)							1,980,827

Money Market Funds 88.2%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 5.605%(b),(c)		2,139,552		2,139,124
Total Money Market Funds (Cost $2,138,529)				2,139,124
Total Investments in Securities (Cost: $4,070,690)				4,119,951
Other Assets & Liabilities, Net				(1,693,065	)
Net Assets				2,426,886

At November 30, 2023, securities and/or cash totaling $260,564 were pledged as collateral.

Investments in derivatives

Long futures contracts

Description

Number of contracts

Expiration date

Trading currency

Notional amount

Value/Unrealized appreciation ($)

Value/Unrealized depreciation ($)

U.S. Treasury 5-Year Note

17

03/2024

USD

1,816,477

9,702

—

Short futures contracts

Description

Number of contracts

Expiration date

Trading currency

Notional amount

Value/Unrealized appreciation ($)

Value/Unrealized depreciation ($)

U.S. Treasury Ultra Bond

(6

)

03/2024

USD

(738,000

)

—

(8,278

)

Cleared credit default swap contracts - sell protection
Reference entity	Counterparty		Maturity date		Receive fixed rate (%)		Payment frequency		Implied credit spread (%)*		Notional currency		Notional amount		Value ($)		Upfront payments ($)		Upfront receipts ($)		Unrealized appreciation ($)		Unrealized depreciation ($)
Markit CDX Emerging Markets Index, Series 40		Morgan Stanley		12/20/2028		1.000		Quarterly		1.907		USD		1,000,000		9,176		—		—		9,176		—
Markit CDX North America Investment Grade Index, Series 41		Morgan Stanley		12/20/2028		5.000		Quarterly		4.039		USD		1,485,000		61,679		—		—		61,679		—
Total																70,855		—		—		70,855		—

2 Multisector Bond SMA Completion Portfolio | First Quarter Report 2023

PORTFOLIO OF INVESTMENTS (continued)

Multisector Bond SMA Completion Portfolio, November 30, 2023 (Unaudited)

* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Notes to Portfolio of Investments

(a) Represents a security purchased on a when-issued basis.

(b) The rate shown is the seven-day current annualized yield at November 30, 2023.

(c) 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 November 30, 2023 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, 5.605%		1,158,101		1,240,068		(259,247	)	202		2,139,124		2		23,337		2,139,552

Abbreviation Legend

TBA To Be Announced

Currency Legend

USD US Dollar

Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

Multisector Bond SMA Completion Portfolio | First Quarter Report 2023 3

You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.

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