Columbia Real Estate Equity Fund
First Quarter Report
March 31, 2024 (Unaudited)
Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value |
Portfolio of InvestmentsColumbia Real Estate Equity Fund, March 31, 2024 (Unaudited)(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.0% | ||
Issuer | Shares | Value ($) |
Real Estate 97.0% | ||
Data Center REITs 11.4% | ||
Digital Realty Trust, Inc. | 22,600 | 3,255,304 |
Equinix, Inc.(a) | 19,109 | 15,771,231 |
Total | 19,026,535 | |
Diversified REITs 1.2% | ||
American Assets Trust, Inc. | 10,600 | 232,246 |
Empire State Realty Trust, Inc., Class A | 179,900 | 1,822,387 |
Total | 2,054,633 | |
Health Care REITs 10.3% | ||
CareTrust REIT, Inc. | 16,300 | 397,231 |
Healthcare Realty Trust, Inc. | 74,200 | 1,049,930 |
Healthpeak Properties, Inc. | 114,337 | 2,143,819 |
Medical Properties Trust, Inc. | 104,400 | 490,680 |
National Health Investors, Inc. | 7,000 | 439,810 |
Omega Healthcare Investors, Inc. | 38,800 | 1,228,796 |
Sabra Health Care REIT, Inc. | 38,100 | 562,737 |
Ventas, Inc. | 61,800 | 2,690,772 |
Welltower, Inc.(a) | 87,648 | 8,189,829 |
Total | 17,193,604 | |
Hotel & Resort REITs 4.5% | ||
Apple Hospitality REIT, Inc. | 34,500 | 565,110 |
DiamondRock Hospitality Co. | 343,200 | 3,298,152 |
Park Hotels & Resorts, Inc. | 97,800 | 1,710,522 |
Ryman Hospitality Properties, Inc. | 9,700 | 1,121,417 |
Service Properties Trust | 28,700 | 194,586 |
Sunstone Hotel Investors, Inc. | 32,400 | 360,936 |
Xenia Hotels & Resorts, Inc. | 18,200 | 273,182 |
Total | 7,523,905 | |
Industrial REITs 16.0% | ||
Americold Realty Trust, Inc. | 44,600 | 1,111,432 |
EastGroup Properties, Inc. | 7,600 | 1,366,252 |
First Industrial Realty Trust, Inc. | 54,803 | 2,879,350 |
Innovative Industrial Properties, Inc. | 4,500 | 465,930 |
LXP Industrial Trust | 45,800 | 413,116 |
Prologis, Inc.(a) | 145,419 | 18,936,462 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Rexford Industrial Realty, Inc. | 32,500 | 1,634,750 |
Total | 26,807,292 | |
Multi-Family Residential REITs 12.8% | ||
Apartment Income REIT Corp. | 23,700 | 769,539 |
AvalonBay Communities, Inc.(a) | 40,753 | 7,562,127 |
Centerspace | 2,579 | 147,364 |
Elme Communities | 12,200 | 169,824 |
Equity Residential | 114,100 | 7,200,851 |
Essex Property Trust, Inc.(a) | 10,200 | 2,497,062 |
Independence Realty Trust, Inc. | 50,000 | 806,500 |
UDR, Inc. | 56,468 | 2,112,468 |
Veris Residential, Inc. | 10,700 | 162,747 |
Total | 21,428,482 | |
Office REITs 4.1% | ||
Alexandria Real Estate Equities, Inc. | 28,242 | 3,640,676 |
COPT Defense Properties | 18,600 | 449,562 |
Cousins Properties, Inc. | 25,400 | 610,616 |
Easterly Government Properties, Inc. | 26,800 | 308,468 |
Highwoods Properties, Inc. | 58,600 | 1,534,148 |
Hudson Pacific Properties, Inc. | 29,900 | 192,855 |
Piedmont Office Realty Trust, Inc. | 20,600 | 144,818 |
Total | 6,881,143 | |
Other Specialized REITs 5.1% | ||
EPR Properties | 21,100 | 895,695 |
Four Corners Property Trust, Inc. | 24,700 | 604,409 |
Iron Mountain, Inc. | 48,300 | 3,874,143 |
Lamar Advertising Co., Class A | 14,716 | 1,757,237 |
Outfront Media, Inc. | 26,900 | 451,651 |
VICI Properties, Inc. | 31,400 | 935,406 |
Total | 8,518,541 | |
Retail REITs 16.3% | ||
Brixmor Property Group, Inc. | 157,264 | 3,687,841 |
Federal Realty Investment Trust | 15,053 | 1,537,212 |
Kimco Realty Corp. | 224,300 | 4,398,523 |
Macerich Co. (The) | 34,800 | 599,604 |
Realty Income Corp.(a) | 129,157 | 6,987,394 |
Simon Property Group, Inc.(a) | 61,444 | 9,615,372 |
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Columbia Real Estate Equity Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Real Estate Equity Fund, March 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
SITE Centers Corp. | 32,382 | 474,396 |
Total | 27,300,342 | |
Self Storage REITs 8.7% | ||
CubeSmart | 36,700 | 1,659,574 |
Extra Space Storage, Inc.(a) | 39,465 | 5,801,355 |
Public Storage | 24,100 | 6,990,446 |
Total | 14,451,375 | |
Single-Family Residential REITs 5.8% | ||
Equity LifeStyle Properties, Inc. | 1,400 | 90,160 |
Invitation Homes, Inc. | 149,783 | 5,333,772 |
Sun Communities, Inc. | 32,815 | 4,219,353 |
Total | 9,643,285 | |
Telecom Tower REITs 0.8% | ||
SBA Communications Corp. | 6,300 | 1,365,210 |
Total Real Estate | 162,194,347 | |
Total Common Stocks (Cost: $119,098,329) | 162,194,347 | |
Money Market Funds 0.8% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.543%(b),(c) | 1,362,547 | 1,362,275 |
Total Money Market Funds (Cost: $1,362,050) | 1,362,275 | |
Total Investments in Securities (Cost $120,460,379) | 163,556,622 | |
Other Assets & Liabilities, Net | 3,762,763 | |
Net Assets | $167,319,385 |
At March 31, 2024, securities and/or cash totaling $29,996,156 were pledged as collateral.
Investments in derivatives
Swap arrangement - contracts for differences | ||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Cash & other receivable (payable) ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Appreciation on underlying contracts for differences (CFDs), accrued income on long CFDs, and SOFR less a spread of 40 basis points on short CFDs | Depreciation on underlying CFDs, accrued income on underlying short CFDs, and SOFR plus a spread of 40 basis points on long CFDs | Monthly | Goldman Sachs International | 03/24/2027 | USD | 52,395,383 | 127,758 | 172,688 | 300,446 | — |
The following table represents the contracts for differences underlying the swap arrangement as of March 31, 2024. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement:
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Long Equity Contracts for Differences | ||||
Real Estate | ||||
Diversified REITs | ||||
WP Carey, Inc. | 3,900 | 218,361 | 1,755 | 0.6 |
Broadstone Net Lease, Inc. | 202,400 | 3,015,760 | 155,848 | 51.9 |
Hotel & Resort REITs | ||||
Host Hotels & Resorts, Inc. | 109,405 | 2,300,796 | (38,301 ) | (12.7 ) |
Park Hotels & Resorts, Inc. | 105,900 | 1,811,949 | 40,242 | 13.4 |
Columbia Real Estate Equity Fund | First Quarter Report 2024
3
Portfolio of Investments (continued)Columbia Real Estate Equity Fund, March 31, 2024 (Unaudited)
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Office REITs | ||||
Kilroy Realty Corp. | 86,400 | 2,995,488 | 152,064 | 50.6 |
Boston Properties, Inc. | 26,600 | 1,665,160 | 72,086 | 24.0 |
NET Lease Office Properties | 2,147 | 49,381 | 1,718 | 0.6 |
Other Specialized REITs | ||||
VICI Properties, Inc. | 299,900 | 8,668,332 | 265,689 | 88.4 |
Retail REITs | ||||
Kite Realty Group Trust | 36,200 | 751,874 | 32,942 | 11.0 |
NNN REIT, Inc. | 29,300 | 1,214,778 | 37,504 | 12.5 |
Retail Opportunity Investments Corp. | 204,500 | 2,568,520 | 53,170 | 17.7 |
Total | 25,260,399 | 774,717 |
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Short Equity Contracts for Differences | ||||
Real Estate | ||||
Hotel & Resort REITs | ||||
RLJ Lodging Trust | (227,600 ) | (2,702,555 ) | 12,323 | 4.1 |
Industrial REITs | ||||
STAG Industrial Inc | (15,800 ) | (587,918 ) | (19,434 ) | (6.5 ) |
Terreno Realty Corp | (15,500 ) | (974,073 ) | (55,127 ) | (18.3 ) |
Multi-Family Residential REITs | ||||
Mid-America Apartment Communities, Inc. | (6,900 ) | (899,346 ) | (8,556 ) | (2.8 ) |
Camden Property Trust | (18,300 ) | (1,802,367 ) | 1,647 | 0.5 |
Office REITs | ||||
Paramount Group, Inc. | (373,200 ) | (1,720,452 ) | (29,856 ) | (9.9 ) |
JBG Smith Properties | (136,600 ) | (2,273,024 ) | 80,594 | 26.8 |
Douglas Emmett, Inc. | (144,200 ) | (1,894,788 ) | (105,266 ) | (35.0 ) |
Other Specialized REITs | ||||
Gaming and Leisure Properties, Inc. | (69,619 ) | (3,149,123 ) | (58,224 ) | (19.4 ) |
Retail REITs | ||||
Regency Centers Corp. | (10,100 ) | (597,254 ) | (14,402 ) | (4.8 ) |
Urban Edge Properties | (124,200 ) | (2,045,574 ) | (99,360 ) | (33.1 ) |
Phillips Edison & Co., Inc. | (50,300 ) | (1,773,075 ) | (31,186 ) | (10.4 ) |
Agree Realty Corp. | (29,100 ) | (1,647,933 ) | (14,259 ) | (4.7 ) |
Self Storage REITs | ||||
National Storage Affiliates Trust | (102,400 ) | (3,705,856 ) | (304,128 ) | (101.2 ) |
Telecom Tower REITs | ||||
American Tower Corp. | (6,900 ) | (1,361,646 ) | (1,725 ) | (0.6 ) |
Total | (27,134,984 ) | (646,959 ) |
Swap arrangement - contracts for differences | ||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Cash & other receivable (payable) ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Appreciation on underlying contracts for difference (CFDs), accrued income on long CFDs, and 1-Day Overnight Fed Funds Effective Rate less a spread of 35-103 basis points on short CFDs | Depreciation on underlying CFDs, accrued income on underlying short CFDs, and 1-Day Overnight Fed Funds Effective Rate plus a spread of 40 basis points on long CFDs | Monthly | Morgan Stanley | 08/06/2025 | USD | 17,992,564 | 491,643 | 71,542 | 563,185 | — |
The following table represents the contracts for differences underlying the swap arrangement as of March 31, 2024. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement:
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Columbia Real Estate Equity Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Real Estate Equity Fund, March 31, 2024 (Unaudited)
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Long Equity Contracts for Differences | ||||
Real Estate | ||||
Diversified REITs | ||||
Essential Properties Realty Trust, Inc. | 90,900 | 2,305,224 | 118,170 | 21.0 |
Industrial REITs | ||||
Rexford Industrial Realty, Inc. | 31,600 | 1,624,556 | (35,076 ) | (6.2 ) |
Office REITs | ||||
Highwoods Properties, Inc. | 59,700 | 1,459,068 | 103,878 | 18.4 |
Vornado Realty Trust | 118,700 | 3,023,289 | 391,710 | 69.6 |
Brandywine Realty Trust | 28,300 | 123,671 | 12,169 | 2.2 |
Self Storage REITs | ||||
Public Storage | 11,300 | 3,130,552 | 147,126 | 26.1 |
Single-Family Residential REITs | ||||
Sun Communities, Inc. | 1,000 | 130,990 | (2,410 ) | (0.4 ) |
Total | 11,797,350 | 735,567 |
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Short Equity Contracts for Differences | ||||
Real Estate | ||||
Hotel & Resort REITs | ||||
Pebblebrook Hotel Trust | (169,700 ) | (2,630,350 ) | 15,273 | 2.7 |
Office REITs | ||||
SL Green Realty Corp. | (43,600 ) | (2,202,672 ) | (200,996 ) | (35.7 ) |
Retail REITs | ||||
Tanger, Inc. | (48,100 ) | (1,362,192 ) | (58,201 ) | (10.3 ) |
Total | (6,195,214 ) | (243,924 ) |
Swap arrangement - contracts for differences | ||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Cash & other receivable (payable) ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Appreciation on underlying contracts for differences (CFDs), accrued income on long CFDs, and OBFR on short CFDs | Depreciation on underlying CFDs, accrued income on underlying short CFDs, and OBFR plus a spread of 46.5 basis points on long CFDs | Monthly | UBS | 11/03/2026 | USD | 208,995 | 11,505 | 4,703 | 16,208 | — |
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Long Equity Contracts for Differences | ||||
Real Estate | ||||
Self Storage REITs | ||||
Extra Space Storage, Inc. | 1,500 | 208,995 | 11,505 | 71.0 |
Total | 208,995 | 11,505 |
Reference index and values for swap contracts as of period end | ||
Reference index | Reference rate | |
1-Day Overnight Fed Funds Effective Rate | Overnight Federal Funds Effective Rate | 5.330% |
OBFR | Overnight Bank Funding Rate | 5.330% |
SOFR | Secured Overnight Financing Rate | 5.330% |
Columbia Real Estate Equity Fund | First Quarter Report 2024
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Portfolio of Investments (continued)Columbia Real Estate Equity Fund, March 31, 2024 (Unaudited)
Notes to Portfolio of Investments
(a) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2024. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 31, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.543% | ||||||||
6,170,898 | 14,101,766 | (18,909,861 ) | (528 ) | 1,362,275 | 469 | 63,666 | 1,362,547 |
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 in the most recent shareholder report.
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Columbia Real Estate Equity Fund | First Quarter Report 2024