Multi-Manager International Equity Strategies Fund
Third Quarter Report
May 31, 2024 (Unaudited)
Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value |
Portfolio of InvestmentsMulti-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.2% | ||
Issuer | Shares | Value ($) |
Australia 0.3% | ||
Aristocrat Leisure Ltd. | 25,376 | 762,839 |
Aurizon Holdings Ltd. | 25,745 | 63,264 |
Brambles Ltd. | 65,698 | 624,495 |
REA Group Ltd. | 1,360 | 170,079 |
Rio Tinto PLC, ADR | 44,825 | 3,142,232 |
Wesfarmers Ltd. | 51,918 | 2,252,266 |
Total | 7,015,175 | |
Austria 0.2% | ||
Erste Group Bank AG | 14,525 | 713,762 |
Erste Group Bank AG | 1,942 | 95,559 |
OMV AG | 63,123 | 3,190,143 |
voestalpine AG | 5,143 | 150,531 |
Wienerberger AG | 40,580 | 1,523,258 |
Total | 5,673,253 | |
Belgium 0.7% | ||
Ageas SA/NV | 1,900 | 94,215 |
Anheuser-Busch InBev SA/NV | 260,976 | 16,465,398 |
Proximus SADP | 143,898 | 1,134,456 |
Total | 17,694,069 | |
Brazil 1.9% | ||
Banco Bradesco SA, ADR | 1,459,070 | 3,589,312 |
MercadoLibre, Inc.(a) | 21,862 | 37,724,630 |
Petroleo Brasileiro SA, ADR | 342,230 | 5,321,677 |
Petroleo Brasileiro SA, ADR | 252,230 | 3,735,526 |
Total | 50,371,145 | |
Canada 2.0% | ||
AbCellera Biologics, Inc.(a) | 289,836 | 1,136,157 |
Barrick Gold Corp. | 372,120 | 6,359,531 |
Canadian Pacific Kansas City Ltd. | 181,213 | 14,424,446 |
Constellation Software, Inc. | 5,733 | 15,946,443 |
Lumine Group, Inc.(a),(b) | 321,313 | 9,029,156 |
Shopify, Inc., Class A(a) | 114,951 | 6,799,351 |
Total | 53,695,084 | |
Chile 0.0% | ||
Antofagasta PLC | 18,936 | 537,133 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
China 3.7% | ||
Agricultural Bank of China Ltd., Class H | 3,074,000 | 1,288,715 |
AviChina Industry & Technology Co., Ltd., Class H | 766,000 | 347,572 |
Bank of Chongqing Co., Ltd., Class H | 268,500 | 180,127 |
BYD Electronic International Co., Ltd. | 205,000 | 890,511 |
China CITIC Bank Corp., Ltd., Class H | 600,000 | 366,967 |
China Communications Services Corp., Ltd., Class H | 290,000 | 139,503 |
China Construction Bank Corp., Class H | 2,032,000 | 1,442,160 |
China Merchants Bank Co., Ltd., Class H | 756,000 | 3,387,380 |
China Minsheng Banking Corp. Ltd., Class H | 553,500 | 209,670 |
China Taiping Insurance Holdings Co., Ltd. | 275,000 | 298,304 |
China Zheshang Bank Co., Ltd., Class H(a) | 851,000 | 245,929 |
CIMC Enric Holdings Ltd. | 216,000 | 218,487 |
COSCO Shipping Ports Ltd. | 144,000 | 99,828 |
Dongfang Electric Corp., Ltd., Class H | 432,000 | 698,104 |
Fuyao Glass Industry Group Co., Ltd. Class H | 228,800 | 1,294,782 |
Greentown Management Holdings Co., Ltd.(b) | 815,000 | 718,714 |
Haier Smart Home Co., Ltd., Class H | 63,200 | 229,605 |
Industrial & Commercial Bank of China Ltd., Class H | 805,000 | 456,063 |
Kweichow Moutai Co., Ltd., Class A | 31,200 | 7,098,185 |
Lee & Man Paper Manufacturing Ltd. | 1,224,000 | 377,399 |
Meituan, Class B(a) | 313,870 | 4,276,850 |
Minth Group Ltd. | 138,000 | 274,539 |
Ping An Insurance Group Co. of China Ltd., Class H | 961,000 | 4,887,900 |
Pop Mart International Group, Ltd.(b) | 63,400 | 302,517 |
Postal Savings Bank of China Co., Ltd. | 788,000 | 446,041 |
Shandong Gold Mining Co., Ltd., Class H | 635,750 | 1,367,477 |
Silergy Corp. | 419,000 | 6,136,000 |
SITC International Holdings Co., Ltd. | 70,000 | 179,570 |
Tencent Holdings Ltd. | 782,900 | 36,321,544 |
Tencent Music Entertainment Group, ADR | 977,783 | 14,128,964 |
Tianli International Holdings Ltd. | 94,000 | 61,862 |
Yadea Group Holdings Ltd. | 420,000 | 671,988 |
Yangzijiang Shipbuilding Holdings Ltd. | 1,939,500 | 3,281,635 |
Zijin Mining Group Co., Ltd., Class H | 2,276,000 | 4,834,031 |
Total | 97,158,923 |
2
Multi-Manager International Equity Strategies Fund | 2024
Portfolio of Investments (continued)Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Denmark 2.0% | ||
Ambu A/S(a) | 232,944 | 4,472,389 |
AP Moller - Maersk A/S, Class A | 736 | 1,291,516 |
AP Moller - Maersk A/S, Class B | 223 | 405,454 |
Demant A/S(a) | 183,307 | 8,810,136 |
DSV A/S | 90,557 | 13,943,001 |
Novo Nordisk A/S | 38,060 | 5,156,678 |
Novonesis (Novozymes), Class B | 248,554 | 14,824,170 |
Pandora A/S | 25,014 | 4,108,809 |
Rockwool International A/S, Class B | 402 | 169,138 |
Svitzer A/S(a) | 170 | 6,665 |
Total | 53,187,956 | |
Finland 0.5% | ||
KONE OYJ, Class B | 154,838 | 7,899,695 |
Nokia OYJ | 210,375 | 822,861 |
Nordea Bank | 78,359 | 963,287 |
Nordea Bank Abp | 109,002 | 1,340,442 |
Nordea Bank Abp | 8,613 | 105,495 |
Wartsila OYJ | 23,753 | 498,037 |
Total | 11,629,817 | |
France 9.2% | ||
Air Liquide SA | 73,282 | 14,427,321 |
Alstom SA | 1,379,178 | 27,147,414 |
AXA SA | 390,657 | 14,105,247 |
BNP Paribas SA | 199,126 | 14,698,827 |
Carrefour SA | 541,878 | 8,836,691 |
Cie de Saint-Gobain SA | 142,087 | 12,545,059 |
Danone SA | 467,352 | 30,139,489 |
Dassault Systemes SE | 362,335 | 14,726,002 |
Edenred SE | 237,348 | 11,075,017 |
Engie SA | 663,892 | 11,247,404 |
Eurazeo SA | 1,812 | 152,952 |
Kering SA | 75,033 | 25,940,059 |
LVMH Moet Hennessy Louis Vuitton SE | 9,528 | 7,619,962 |
Nexans SA | 48,002 | 5,842,182 |
Orange SA | 235,084 | 2,745,000 |
Sanofi SA | 148,811 | 14,568,894 |
Sanofi SA, ADR | 688 | 33,733 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Sartorius Stedim Biotech | 24,631 | 4,906,626 |
Societe Generale SA | 33,655 | 1,008,063 |
TotalEnergies SE | 96,871 | 7,097,205 |
TotalEnergies SE, ADR | 97,052 | 7,096,442 |
VINCI SA | 55,859 | 6,970,767 |
Total | 242,930,356 | |
Germany 9.5% | ||
Adidas AG | 6,227 | 1,577,116 |
Allianz SE, ADR | 5,957 | 173,438 |
Allianz SE, Registered Shares | 76,232 | 22,316,001 |
Bayer AG, Registered Shares | 35,143 | 1,081,181 |
Bayerische Motoren Werke AG | 139,061 | 14,184,571 |
Beiersdorf AG | 16,006 | 2,509,375 |
BioNTech SE, ADR(a) | 41,271 | 4,151,863 |
Brenntag SE | 5,798 | 417,664 |
Commerzbank AG | 48,690 | 826,727 |
Continental AG | 5,196 | 354,131 |
Daimler Truck Holding AG | 23,157 | 990,800 |
Deutsche Bank AG, Registered Shares | 67,191 | 1,118,091 |
Deutsche Bank AG, Registered Shares | 20,271 | 338,120 |
Deutsche Boerse AG | 84,003 | 16,739,850 |
Deutsche Telekom AG, Registered Shares | 859,343 | 20,894,336 |
E.ON SE | 301,974 | 4,044,075 |
Evonik Industries AG | 10,994 | 242,182 |
Fresenius Medical Care AG | 7,601 | 324,216 |
Fresenius SE & Co. KGaA(a) | 18,485 | 589,788 |
Heidelberg Materials AG | 6,018 | 631,128 |
Henkel AG & Co. KGaA | 37,852 | 3,033,083 |
Infineon Technologies AG | 412,000 | 16,668,898 |
Mercedes-Benz Group AG, Registered Shares | 92,503 | 6,713,619 |
MTU Aero Engines AG | 1,287 | 321,490 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | 22,622 | 11,281,551 |
Puma SE | 4,760 | 247,196 |
Rational AG | 12,181 | 10,394,868 |
RWE AG | 298,560 | 11,346,537 |
SAP SE | 352,163 | 64,219,929 |
SAP SE, ADR | 29,325 | 5,350,053 |
Scout24 SE | 251,664 | 18,931,054 |
Multi-Manager International Equity Strategies Fund | 2024
3
Portfolio of Investments (continued)Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Siemens AG, Registered Shares | 42,813 | 8,251,831 |
Volkswagen AG | 403 | 57,785 |
Total | 250,322,547 | |
Hong Kong 1.1% | ||
AIA Group Ltd. | 2,366,600 | 18,381,860 |
ASMPT Ltd. | 116,500 | 1,393,230 |
C&D International Investment Group Ltd. | 178,000 | 360,021 |
CK Hutchison Holdings Ltd. | 245,500 | 1,198,797 |
Jardine Matheson Holdings Ltd. | 33,100 | 1,219,882 |
Link REIT (The) | 998,100 | 4,208,404 |
Swire Pacific Ltd., Class A | 18,500 | 161,036 |
Techtronic Industries Co., Ltd. | 79,500 | 977,990 |
WH Group Ltd. | 350,000 | 238,510 |
Xinyi Glass Holdings Ltd. | 64,000 | 79,304 |
Total | 28,219,034 | |
India 1.2% | ||
HDFC Bank Ltd., ADR | 251,781 | 14,575,602 |
Reliance Industries Ltd., GDR(b) | 238,953 | 16,607,234 |
Total | 31,182,836 | |
Ireland 1.9% | ||
AerCap Holdings NV | 9,185 | 851,541 |
AIB Group PLC | 60,862 | 346,347 |
Bank of Ireland Group PLC | 65,569 | 753,589 |
Kingspan Group PLC | 208,696 | 20,105,367 |
Ryanair Holdings PLC, ADR | 236,515 | 28,769,684 |
Total | 50,826,528 | |
Israel 0.3% | ||
Bank Hapoalim BM | 58,590 | 538,979 |
Bank Leumi Le-Israel BM | 80,660 | 671,089 |
Check Point Software Technologies Ltd.(a) | 4,134 | 622,167 |
CyberArk Software Ltd.(a) | 1,965 | 450,476 |
ICL Group Ltd. | 11,685 | 55,270 |
Israel Chemicals Ltd. | 29,658 | 140,276 |
Israel Discount Bank Ltd. | 51,355 | 264,128 |
Mizrahi Tefahot Bank Ltd. | 7,805 | 285,024 |
Monday.com Ltd.(a) | 17,900 | 4,043,789 |
NiCE Ltd.(a) | 2,602 | 480,471 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Wix.com Ltd.(a) | 2,551 | 410,966 |
Total | 7,962,635 | |
Italy 4.2% | ||
Assicurazioni Generali SpA | 522,680 | 13,453,051 |
Azimut Holding SpA | 102,968 | 2,742,724 |
Banca Generali SpA | 142,772 | 5,996,497 |
Banca IFIS SpA | 11,623 | 255,952 |
Banca Mediolanum SpA | 21,469 | 247,176 |
Banco BPM SpA | 51,003 | 367,986 |
Buzzi Unicem SpA | 6,093 | 257,604 |
Enel SpA | 3,280,586 | 23,819,401 |
ENI SpA | 727,056 | 11,483,408 |
ENI SpA, ADR | 76,442 | 2,410,216 |
FinecoBank Banca Fineco SpA | 723,044 | 11,726,732 |
Intesa Sanpaolo SpA | 1,012,972 | 3,990,337 |
Leonardo SpA, ADR(a) | 3,112 | 39,787 |
Leonardo-Finmeccanica SpA(a) | 18,819 | 484,061 |
Mediobanca Banca di Credito Finanziario SpA | 23,525 | 372,345 |
Nexi SpA(a) | 26,887 | 178,975 |
Poste Italiane SpA | 200,844 | 2,758,998 |
Prysmian SpA | 10,009 | 658,290 |
Technoprobe SpA(a) | 547,342 | 5,445,597 |
UniCredit SpA | 608,585 | 24,229,376 |
Total | 110,918,513 | |
Japan 16.1% | ||
AGC, Inc. | 43,000 | 1,500,447 |
Air Water, Inc. | 11,200 | 163,852 |
Aisin Corp. | 6,300 | 235,110 |
Alfresa Holdings Corp. | 20,900 | 294,331 |
Asahi Kasei Corp. | 27,800 | 181,173 |
Awa Bank Ltd. (The) | 2,300 | 42,687 |
Brother Industries Ltd. | 33,000 | 635,135 |
Canon, Inc. | 255,700 | 7,441,415 |
Chubu Electric Power Co., Inc. | 282,500 | 3,902,956 |
Dai-ichi Life Holdings, Inc. | 238,900 | 6,427,836 |
Daiwa Securities Group, Inc. | 89,100 | 700,323 |
Denso Corp. | 365,392 | 5,937,819 |
DIC Corp. | 25,100 | 519,867 |
Disco Corp. | 7,600 | 2,989,529 |
4
Multi-Manager International Equity Strategies Fund | 2024
Portfolio of Investments (continued)Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Dowa Holdings | 39,000 | 1,439,667 |
East Japan Railway Co. | 118,200 | 2,049,773 |
Electric Power Development Co., Ltd. | 176,800 | 2,970,418 |
ENEOS Holdings, Inc. | 137,100 | 708,840 |
FANUC Corp. | 1,108,350 | 31,025,033 |
FCC Co., Ltd. | 28,300 | 404,498 |
Fuji Electric Co., Ltd. | 5,600 | 334,078 |
FUJIFILM Holdings Corp. | 154,600 | 3,530,411 |
Fujitsu Ltd. | 752,600 | 10,898,378 |
Furukawa Electric Co., Ltd. | 117,100 | 3,158,151 |
Hankyu Hanshin Holdings, Inc. | 10,700 | 280,813 |
Hitachi Ltd. | 46,000 | 4,737,434 |
Hokkaido Electric Power Co., Inc. | 43,200 | 453,609 |
Honda Motor Co., Ltd. | 1,062,800 | 12,034,846 |
Hyakujushi Bank Ltd. (The) | 22,200 | 489,227 |
Idemitsu Kosan Co., Ltd. | 45,000 | 308,141 |
Iida Group Holdings Co., Ltd. | 37,900 | 517,278 |
Inpex Corp. | 1,039,000 | 16,031,520 |
Isuzu Motors Ltd. | 29,700 | 398,038 |
ITOCHU ENEX Co., Ltd. | 41,600 | 408,345 |
Japan Electronic Materials Corp. | 13,800 | 302,926 |
Japan Exchange Group, Inc. | 31,600 | 742,757 |
Japan Petroleum Exploration Co., Ltd. | 4,700 | 197,884 |
Japan Post Bank Co., Ltd. | 69,300 | 686,474 |
Japan Post Holdings Co., Ltd. | 302,300 | 2,919,155 |
Japan Post Insurance Co., Ltd. | 78,800 | 1,518,585 |
Japan Tobacco, Inc. | 8,200 | 232,656 |
JFE Holdings, Inc. | 57,100 | 864,465 |
Kajima Corp. | 16,900 | 287,147 |
Kansai Electric Power Co., Inc. (The) | 32,200 | 582,730 |
Kawasaki Kisen Kaisha Ltd. | 689,000 | 10,240,141 |
Keyence Corp. | 18,500 | 8,339,088 |
Kirin Holdings Co., Ltd. | 8,800 | 121,527 |
Kissei Pharmaceutical Co., Ltd. | 4,300 | 86,335 |
Koito Manufacturing Co., Ltd. | 11,400 | 161,675 |
Kyocera Corp. | 173,300 | 1,964,508 |
Kyocera Corp., ADR | 28,505 | 321,821 |
Kyowa Hakko Kirin Co., Ltd. | 11,900 | 201,210 |
Lasertec Corp. | 15,600 | 4,011,012 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Makita Corp. | 9,800 | 288,968 |
Mazda Motor Corp. | 28,200 | 297,306 |
Mebuki Financial Group, Inc. | 14,400 | 57,869 |
Megmilk Snow Brand Co., Ltd. | 37,500 | 607,224 |
MEIJI Holdings Co., Ltd. | 22,800 | 510,656 |
Mitsubishi Electric Corp. | 419,000 | 7,281,105 |
Mitsubishi Heavy Industries Ltd. | 144,500 | 1,264,051 |
Mitsubishi Logisnext Co., Ltd. | 50,800 | 500,666 |
Mitsubishi Materials Corp. | 36,300 | 709,277 |
Mitsubishi Motors Corp. | 128,900 | 360,051 |
Mitsubishi Pencil Co., Ltd. | 25,100 | 374,409 |
Mitsubishi UFJ Financial Group, Inc. | 171,600 | 1,822,680 |
Mitsui & Co., Ltd. | 151,300 | 7,703,322 |
Mitsui Mining & Smelting Co., Ltd. | 60,600 | 1,960,583 |
Mitsui OSK Lines Ltd. | 17,000 | 560,361 |
MonotaRO Co., Ltd | 598,780 | 6,325,172 |
MS&AD Insurance Group Holdings, Inc. | 406,500 | 8,455,166 |
Murata Manufacturing Co., Ltd. | 909,400 | 17,201,678 |
NEC Corp. | 16,600 | 1,235,667 |
NGK Insulators Ltd. | 66,800 | 892,842 |
Nidec Corp. | 113,744 | 5,669,960 |
Nihon M&A Center Holdings, Inc. | 1,118,000 | 5,183,748 |
Nintendo Co., Ltd. | 187,650 | 10,204,500 |
Nippon Express Holdings, Inc. | 3,200 | 157,707 |
Nippon Yusen KK | 21,800 | 691,018 |
Nissan Motor Co., Ltd. | 113,900 | 407,377 |
Nitto Denko Corp. | 19,300 | 1,477,610 |
Nomura Holdings, Inc. | 512,900 | 3,114,957 |
Obayashi Corp. | 22,500 | 261,933 |
Obic Co., Ltd. | 3,200 | 415,438 |
OKUMA Corp. | 5,400 | 231,217 |
Okumura Corp. | 48,500 | 1,506,116 |
Olympus Corp. | 30,200 | 476,626 |
Ono Pharmaceutical Co., Ltd. | 9,500 | 137,568 |
ORIX Corp. | 125,400 | 2,734,729 |
Osaka Gas Co., Ltd. | 86,300 | 1,964,887 |
Otsuka Corp. | 3,800 | 72,152 |
Otsuka Holdings Co., Ltd. | 19,000 | 784,424 |
Panasonic Holdings Corp. | 444,600 | 3,927,081 |
Multi-Manager International Equity Strategies Fund | 2024
5
Portfolio of Investments (continued)Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
PCA Corp. | 12,300 | 157,549 |
Press Kogyo Co., Ltd. | 149,800 | 644,849 |
Recruit Holdings Co., Ltd. | 177,400 | 8,955,488 |
Renesas Electronics Corp. | 1,094,400 | 20,166,092 |
Ricoh Co., Ltd. | 104,200 | 935,721 |
San-Ai Obbli Co., Ltd. | 38,500 | 509,383 |
Sanshin Electronics Co., Ltd. | 4,100 | 56,126 |
SCREEN Holdings Co., Ltd. | 3,500 | 334,793 |
SCSK Corp. | 37,900 | 718,406 |
Seikitokyu Kogyo Co., Ltd. | 81,800 | 874,438 |
Seiko Epson Corp. | 176,800 | 2,856,712 |
Sekisui Chemical Co., Ltd. | 41,400 | 594,201 |
Sekisui House Ltd. | 11,900 | 267,959 |
Seven & I Holdings Co., Ltd. | 1,019,100 | 13,153,271 |
Shikoku Electric Power Co., Inc. | 86,700 | 833,149 |
Shimano, Inc. | 51,433 | 8,393,871 |
Shimizu Corp. | 22,700 | 125,611 |
Shiseido Co., Ltd. | 233,347 | 7,405,778 |
SMC Corp. | 19,488 | 9,842,014 |
Sojitz Corp. | 139,600 | 3,652,189 |
Sompo Holdings, Inc. | 232,500 | 4,920,804 |
Sony Group Corp. | 193,823 | 15,913,015 |
Stanley Electric Co., Ltd. | 12,300 | 226,283 |
Starzen Co., Ltd. | 2,300 | 41,248 |
Subaru Corp. | 121,800 | 2,722,803 |
Sumiseki Holdings, Inc. | 74,400 | 631,571 |
Sumitomo Corp. | 25,800 | 671,381 |
Sumitomo Electric Industries Ltd. | 31,500 | 511,227 |
Sumitomo Forestry Co., Ltd. | 2,600 | 90,023 |
Sumitomo Metal Mining Co., Ltd. | 227,000 | 7,389,938 |
Sumitomo Mitsui Financial Group, Inc. | 46,800 | 3,063,019 |
Sumitomo Mitsui Trust Holdings, Inc. | 37,200 | 864,884 |
Sumitomo Osaka Cement Co., Ltd. | 19,000 | 471,278 |
Suntory Beverage & Food Ltd. | 44,100 | 1,619,826 |
Suzuken Co., Ltd. | 64,600 | 1,950,343 |
SWCC Corp. | 16,700 | 511,454 |
T&D Holdings, Inc. | 21,300 | 385,069 |
Taiheiyo Cement Corp. | 4,500 | 112,376 |
Takara Standard Co., Ltd. | 1,400 | 15,436 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Takeda Pharmaceutical Co., Ltd. | 554,100 | 14,752,907 |
Terumo Corp. | 18,000 | 306,612 |
Tobu Railway Co., Ltd. | 8,300 | 146,689 |
Tokai Rika Co., Ltd. | 4,600 | 65,244 |
Tokio Marine Holdings, Inc. | 121,100 | 4,195,547 |
Tokyo Electric Power Co. Holdings, Inc.(a) | 419,600 | 2,519,055 |
Tokyo Electron Ltd. | 66,700 | 14,164,321 |
Tokyo Gas Co., Ltd. | 160,200 | 3,598,317 |
Tokyo Steel Manufacturing Co., Ltd. | 157,300 | 1,570,383 |
TOPPAN Holdings, Inc. | 6,700 | 173,548 |
TOTO Ltd. | 9,100 | 228,330 |
Toyoda Gosei Co., Ltd. | 3,600 | 70,045 |
Toyota Industries Corp. | 7,000 | 660,175 |
Toyota Tsusho Corp. | 10,600 | 647,331 |
Tsubakimoto Chain Co. | 6,200 | 233,752 |
Wakita & Co., Ltd. | 11,100 | 115,925 |
Yamaichi Electronics Co., Ltd. | 6,800 | 149,833 |
Yamato Kogyo Co., Ltd. | 1,700 | 88,863 |
Yamazen Corp. | 142,900 | 1,278,793 |
Yokogawa Electric Corp. | 51,300 | 1,321,328 |
Yuasa Trading Co., Ltd. | 12,800 | 456,733 |
Total | 424,094,484 | |
Luxembourg 0.2% | ||
ArcelorMittal SA | 208,073 | 5,489,505 |
ArcelorMittal SA | 14,513 | 381,864 |
Total | 5,871,369 | |
Netherlands 7.9% | ||
ABN AMRO Bank NV | 61,505 | 1,052,106 |
Adyen NV(a) | 9,861 | 12,787,594 |
Aegon Ltd. | 67,592 | 438,420 |
Akzo Nobel NV | 300,203 | 21,057,054 |
ASM International NV | 852 | 599,561 |
ASML Holding NV | 33,340 | 31,898,753 |
ASML Holding NV | 5,650 | 5,425,978 |
ASR Nederland NV | 7,935 | 384,042 |
BE Semiconductor Industries NV | 3,410 | 507,299 |
EXOR NV | 92,229 | 10,357,385 |
Heineken NV | 46,509 | 4,666,628 |
IMCD NV | 80,836 | 12,336,003 |
6
Multi-Manager International Equity Strategies Fund | 2024
Portfolio of Investments (continued)Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
ING Groep NV | 1,130,975 | 20,205,284 |
ING Groep NV ADR | 651,423 | 11,653,957 |
Koninklijke Philips NV(a) | 712,188 | 19,453,325 |
NN Group NV | 11,600 | 541,246 |
Shell PLC | 173,515 | 6,262,983 |
Shell PLC | 1,012,039 | 36,788,839 |
Topicus.com, Inc. | 120,400 | 10,335,522 |
Wolters Kluwer NV | 2,567 | 409,410 |
Wolters Kluwer NV, ADR | 2,103 | 333,504 |
Total | 207,494,893 | |
New Zealand 0.0% | ||
Xero Ltd.(a) | 999 | 90,703 |
Norway 0.3% | ||
Aker BP ASA | 15,358 | 396,503 |
Aker Carbon Capture ASA(a) | 3,187,398 | 2,252,529 |
DNB Bank ASA | 34,916 | 682,599 |
Equinor ASA | 52,687 | 1,529,384 |
Equinor ASA, ADR | 96,750 | 2,819,295 |
Kongsberg Gruppen ASA | 3,661 | 314,764 |
Norsk Hydro ASA | 59,515 | 403,014 |
Yara International ASA | 7,413 | 230,511 |
Total | 8,628,599 | |
Panama 0.2% | ||
Copa Holdings SA, Class A | 65,352 | 6,354,175 |
Portugal 0.0% | ||
Galp Energia SGPS SA | 21,373 | 449,456 |
Russian Federation —% | ||
Gazprom PJSC(a),(c),(d),(e),(f) | 1,247,200 | 0 |
GMK Norilskiy Nickel PAO(c),(d),(f) | 2,020,100 | 0 |
Lukoil PJSC(c),(d),(e),(f) | 31,251 | — |
MMC Norilsk Nickel PJSC, ADR(a),(c),(d),(f) | 5 | — |
Rosneft Oil Co. PJSC(c),(d),(e),(f) | 563,548 | 0 |
Sberbank of Russia PJSC(a),(c),(d),(e),(f),(g) | 436,630 | — |
Total | 0 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Singapore 0.4% | ||
Genting Singapore Ltd. | 251,800 | 169,841 |
Jardine Cycle & Carriage Ltd. | 4,400 | 84,136 |
Singapore Exchange | 33,300 | 236,039 |
Singapore Technologies Engineering Ltd. | 73,000 | 226,404 |
United Overseas Bank Ltd. | 472,300 | 10,769,415 |
Total | 11,485,835 | |
South Africa 0.3% | ||
Discovery Ltd. | 1,227,405 | 7,167,104 |
South Korea 2.9% | ||
Coupang, Inc., Class A(a) | 416,953 | 9,481,511 |
Hana Financial Group, Inc. | 44,584 | 1,990,926 |
Samsung Electronics Co., Ltd. | 682,173 | 36,143,458 |
Samsung Electronics Co., Ltd. GDR | 18,500 | 25,066,618 |
SK Hynix, Inc. | 28,927 | 3,985,800 |
Total | 76,668,313 | |
Spain 2.6% | ||
ACS Actividades de Construccion y Servicios SA | 9,669 | 432,908 |
Aena SME SA | 73,650 | 14,403,192 |
Amadeus IT Group SA, Class A | 346,781 | 24,754,097 |
Banco Bilbao Vizcaya Argentaria SA | 282,661 | 3,067,257 |
Banco Bilbao Vizcaya Argentaria SA, ADR | 37,847 | 412,911 |
Banco Santander SA | 780,667 | 4,117,044 |
Banco Santander SA, ADR | 86,717 | 454,397 |
Bankinter SA | 170,944 | 1,509,989 |
CaixaBank SA | 781,597 | 4,476,264 |
Iberdrola SA | 548,641 | 7,241,387 |
Industria de Diseno Textil SA | 46,623 | 2,216,998 |
Mapfre SA | 150,458 | 362,301 |
Repsol SA | 317,486 | 5,182,866 |
Repsol SA, ADR | 4,279 | 69,769 |
Total | 68,701,380 | |
Sweden 2.2% | ||
Alfa Laval AB | 11,686 | 543,091 |
ASSA ABLOY AB, Class B | 83,794 | 2,462,459 |
Atlas Copco AB, Class B | 1,229,888 | 20,419,348 |
Epiroc AB, Class B | 713,081 | 13,393,146 |
H & M Hennes & Mauritz AB | 191,402 | 3,384,412 |
Multi-Manager International Equity Strategies Fund | 2024
7
Portfolio of Investments (continued)Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Industrivarden AB, Class A | 15,012 | 534,418 |
Industrivarden AB, Class C | 52,755 | 1,853,117 |
Investor AB, Class B | 230,365 | 6,251,037 |
L E Lundbergforetagen AB, Class B | 3,981 | 202,541 |
MIPS AB | 81,084 | 3,305,752 |
Sandvik AB | 46,589 | 1,028,695 |
Skandinaviska Enskilda Banken AB, Class A | 73,021 | 1,040,315 |
Svenska Handelsbanken AB, Class A | 67,757 | 637,635 |
Swedbank AB, Class A | 39,473 | 821,881 |
Tele2 AB, Class B | 23,564 | 230,453 |
Telefonaktiebolaget LM Ericsson, Class B | 127,149 | 783,437 |
Telia Co. AB | 92,388 | 240,390 |
Total | 57,132,127 | |
Switzerland 4.6% | ||
ABB Ltd. | 150,917 | 8,320,875 |
ABB Ltd. | 16,146 | 889,106 |
ABB Ltd., ADR | 29,986 | 1,647,731 |
Adecco Group AG, Registered Shares | 7,049 | 267,515 |
Baloise Holding AG, Registered Shares | 1,991 | 343,994 |
Cie Financiere Richemont SA, Class A, Registered Shares | 71,803 | 11,554,314 |
Coca-Cola HBC AG(a) | 10,007 | 339,590 |
Glencore PLC | 444,620 | 2,740,502 |
Glencore PLC | 129,766 | 794,070 |
Holcim AG, Registered Shares(a) | 131,835 | 11,581,697 |
Julius Baer Group Ltd. | 88,822 | 5,335,659 |
Logitech International SA | 34,321 | 3,432,443 |
Logitech International SA | 50,704 | 5,074,934 |
Nestlé SA, Registered Shares | 105,916 | 11,242,576 |
Novartis AG, ADR | 66,175 | 6,824,628 |
Novartis AG, Registered Shares | 115,170 | 11,919,860 |
Schindler Holding AG | 1,487 | 386,828 |
SGS SA, Registered Shares | 5,445 | 507,068 |
STMicroelectronics NV | 13,139 | 554,842 |
STMicroelectronics NV | 16,280 | 685,551 |
Swatch Group AG (The) | 1,270 | 272,045 |
Swatch Group AG (The), Registered Shares | 8,267 | 344,207 |
Swiss Life Holding AG, Registered Shares | 3,382 | 2,364,441 |
Swiss Re AG | 116,463 | 14,852,310 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Temenos AG, Registered Shares | 2,935 | 189,506 |
UBS AG | 106,498 | 3,388,090 |
UBS Group AG, Registered Shares | 51,241 | 1,633,563 |
Wizz Air Holdings PLC(a) | 105,464 | 3,110,093 |
Zurich Insurance Group AG | 18,886 | 9,939,829 |
Total | 120,537,867 | |
Taiwan 1.9% | ||
Sea Ltd. ADR(a) | 95,943 | 6,478,071 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,678,400 | 42,980,373 |
Total | 49,458,444 | |
Turkey 0.1% | ||
Turkiye Garanti Bankasi AS | 553,671 | 1,852,257 |
United Kingdom 14.8% | ||
AstraZeneca PLC | 160,056 | 24,880,551 |
Aviva PLC | 137,740 | 846,013 |
B&M European Value Retail SA | 767,514 | 5,365,845 |
Barclays Bank PLC | 13,115,161 | 37,041,232 |
Barclays Bank PLC, ADR | 236,383 | 2,682,947 |
Bellway PLC | 19,437 | 669,283 |
BP PLC | 5,910,787 | 36,974,843 |
BP PLC, ADR | 431,860 | 16,224,980 |
British American Tobacco PLC | 428,880 | 13,263,043 |
BT Group PLC | 293,899 | 492,056 |
Compass Group PLC | 240,267 | 6,745,783 |
Diageo PLC | 637,493 | 21,462,722 |
Experian PLC | 349,816 | 16,209,826 |
HSBC Holdings PLC, ADR | 61,273 | 2,735,840 |
IG Group Holdings PLC | 260,655 | 2,696,442 |
Kingfisher PLC | 2,281,835 | 7,724,946 |
Legal & General Group PLC | 3,062,142 | 9,820,744 |
Lloyds Banking Group PLC | 2,748,417 | 1,961,989 |
NatWest Group PLC | 2,320,804 | 9,388,340 |
Oxford Nanopore Technologies PLC(a) | 973,427 | 1,330,938 |
Prudential PLC | 2,548,685 | 24,413,009 |
Quilter PLC(b) | 205,951 | 306,415 |
Quilter PLC(b) | 226,122 | 339,424 |
Reckitt Benckiser Group PLC | 418,280 | 23,939,571 |
RELX PLC | 208,567 | 9,149,184 |
8
Multi-Manager International Equity Strategies Fund | 2024
Portfolio of Investments (continued)Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
RELX PLC | 278,573 | 12,220,982 |
RELX PLC, ADR | 50,574 | 2,223,233 |
Rio Tinto Ltd. | 10,470 | 900,572 |
Rio Tinto PLC | 268,225 | 18,882,338 |
Rolls-Royce Holdings PLC(a) | 8,177,562 | 47,764,068 |
Segro PLC | 588,334 | 6,908,995 |
Standard Chartered PLC | 631,103 | 6,286,159 |
Standard Chartered PLC | 56,800 | 561,782 |
Unilever PLC | 170,893 | 9,358,627 |
Vodafone Group PLC | 4,132,412 | 3,995,217 |
Vodafone Group PLC, ADR | 478,441 | 4,602,602 |
Total | 390,370,541 | |
United States 4.0% | ||
CRH PLC | 274,786 | 21,685,132 |
GSK PLC | 865,652 | 19,423,516 |
GSK PLC, ADR | 96,497 | 4,320,171 |
Roche Holding AG, Genusschein Shares | 131,253 | 33,511,111 |
Spotify Technology SA(a) | 34,765 | 10,317,557 |
Stellantis NV | 301,972 | 6,696,122 |
Stellantis NV | 114,668 | 2,540,589 |
Stellantis NV | 329,924 | 7,347,407 |
Total | 105,841,605 | |
Total Common Stocks (Cost $2,108,396,673) | 2,561,524,156 | |
Exchange-Traded Equity Funds 0.1% | ||
Shares | Value ($) | |
Supra-National 0.0% | ||
iShares MSCI Eurozone ETF | 7,778 | 404,612 |
United States 0.1% | ||
iShares MSCI EAFE ETF | 39,044 | 3,169,592 |
Vanguard FTSE Developed Markets ETF | 9,446 | 479,101 |
Total | 3,648,693 | |
Total Exchange-Traded Equity Funds (Cost $3,799,247) | 4,053,305 |
Preferred Stocks 0.6% | |||
Issuer | Shares | Value ($) | |
Brazil 0.2% | |||
Petroleo Brasileiro SA | 783,100 | 5,795,438 | |
Germany 0.4% | |||
BMW AG | 2,878 | 278,232 | |
Henkel AG & Co. KGaA | 7,757 | 702,245 | |
Porsche Automobil Holding SE | 6,749 | 372,400 | |
Volkswagen AG | 67,423 | 8,472,456 | |
Total | 9,825,333 | ||
Total Preferred Stocks (Cost $14,754,925) | 15,620,771 |
Rights 0.1% | ||
Issuer | Shares | Value ($) |
France 0.1% | ||
Alstom SA(a) | 1,379,178 | 1,479,118 |
Total Rights (Cost $—) | 1,479,118 | |
Warrants —% | ||
Canada —% | ||
Constellation Software, Inc.(a),(c),(f) | 5,743 | 0 |
Total Warrants (Cost $—) | 0 | |
Money Market Funds 1.1% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.547%(h),(i) | 28,511,859 | 28,506,156 |
Total Money Market Funds (Cost $28,503,143) | 28,506,156 | |
Total Investments in Securities (Cost $2,155,453,988) | 2,611,183,506 | |
Other Assets & Liabilities, Net | 23,513,762 | |
Net Assets | $2,634,697,268 |
Multi-Manager International Equity Strategies Fund | 2024
9
Portfolio of Investments (continued)Multi-Manager International Equity Strategies Fund, May 31, 2024 (Unaudited)
Notes to Portfolio of Investments
(a) | Non-income producing investment. |
(b) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2024, the total value of these securities amounted to $27,303,460, which represents 1.04% of total net assets. |
(c) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2024, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets. |
(d) | 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 approved by the Fund’s Board of Trustees. At May 31, 2024, 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 ($) |
Gazprom PJSC | 11/11/2020-06/10/2021 | 1,247,200 | 3,820,620 | — |
GMK Norilskiy Nickel PAO | 08/07/2019-04/04/2024 | 2,020,100 | 4,978,804 | — |
Lukoil PJSC | 03/30/2020-12/29/2021 | 31,251 | 2,094,074 | — |
MMC Norilsk Nickel PJSC, ADR | 08/07/2019-11/22/2021 | 5 | 123 | — |
Rosneft Oil Co. PJSC | 03/31/2020-03/16/2021 | 563,548 | 3,458,257 | — |
Sberbank of Russia PJSC | 03/29/2021-04/08/2021 | 436,630 | 1,642,454 | — |
15,994,332 | — |
(e) | As a result of sanctions and restricted cross-border payments, certain income and/or principal has not been recognized by the Fund. The Fund will continue to monitor the net realizable value and record the income when it is considered collectible. |
(f) | Valuation based on significant unobservable inputs. |
(g) | On May 25, 2022, the Office of Foreign Assets Control (OFAC) license permitting the holding of the Sberbank position expired, and the position is now considered blocked property. As such the security has been segregated on the Fund’s books and records and cannot be sold or transferred at this time. |
(h) | The rate shown is the seven-day current annualized yield at May 31, 2024. |
(i) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended May 31, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.547% | ||||||||
35,781,258 | 408,131,449 | (415,402,870 ) | (3,681 ) | 28,506,156 | 4,971 | 1,298,695 | 28,511,859 |
Abbreviation Legend
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
10
Multi-Manager International Equity Strategies Fund | 2024