# EDGAR Filing Document

**Accession Number:** 0000773757
**File Stem:** 0001193125-25-269212
**Filing Date:** 2025-11
**Character Count:** 616520
**Document Hash:** e5f3b15077d59b28efd48b04a1efffcc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-269212.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001193125-25-269212

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLUMBIA FUNDS SERIES TRUST I
- **CENTRAL INDEX KEY:** 0000773757

**ORGANIZATION NAME:**
- **EIN:** 363376651
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04367
- **FILM NUMBER:** 251457759

**BUSINESS ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 800-345-6611

**MAIL ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COLUMBIA FUNDS TRUST IX
- **DATE OF NAME CHANGE:** 20031107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIBERTY STEIN ROE FUNDS MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 19991025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STEINROE MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Multi-Manager Alternative Strategies Fund (Series ID: S000036207)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000179757 | Multi-Manager Alternative Strategies Fund Institutional Class | CZAMX           |

?xml version='1.0' encoding='ASCII'? 4875fb13-d193-49fe-bd39-838b2931a9f2

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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#### FORM N-CSR

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#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-04367

#### Columbia Funds Series Trust I
(Exact name of registrant as specified in charter)

------

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Michael G. Clarke

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 345-6611

#### Date of fiscal year end:

#### Last Day of August

#### Date of reporting period:

#### August 31, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders

Multi-Manager Alternative Strategies Fund

Institutional Class / CZAMX

![FundLogo](images_1975.jpg)

Annual Shareholder Report \| August 31, 2025

This annual shareholder report contains important information about Multi-Manager Alternative Strategies Fund (the Fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

This report describes certain changes to the Fund that are planned or have occurred since the beginning of the reporting period.

#### What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $128 | 1.28% |

---

#### Management's Discussion of Fund Performance
The performance of Institutional Class shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

**Strategy** \| The Fund's unconstrained fixed income strategies performed well relative to the Fund's benchmark, by keeping interest rate exposure low, while focusing risk more on the credit markets.

**Credit allocations** \| Positive contributions to the Fund's performance were driven by exposure to a range of fixed income credit sectors. These included investment grade and high yield corporate bonds, non-agency mortgage-backed securities, and commercial mortgage-backed securities.

**Currency** \| Positive contributions also came from currency positioning. The Fund took advantage of the fall in the US dollar by having exposure to the euro. After falling initially, the euro has since rallied for most of the year. Some modest exposures to emerging market currencies also helped generate positive relative returns over the course of the year.

Top Performance Detractors

**Strategy** I The Fund's managed futures strategies, which are quantitative and primarily employ a trend following approach, drove relative underperformance during the one-year period. The market environment was not conducive to managed futures strategies due to the lack of sustained trends, as well as the prevalence of abrupt, sharp reversals across markets. Trend reversals around October 2024, driven by changes in momentum in the U.S. presidential race, and around April 2025, due to tariff announcements, were particularly challenging to navigate.

**Asset classes** \| The Fund's managed futures strategies incurred losses across all major asset classes. Equity and fixed income were the largest detractors. In equities, long positioning across global indices at the start of April accounted for a large portion of the losses as tariff announcements sent risk assets lower. In fixed income, long positioning in U.S. government bonds drove losses in October as the resurgence of the Republican party in the U.S. presidential election polls drove yields higher.

#### Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in the Fund during the stated time period.

Growth of $10,000

![Fund Performance - Growth of 10K](chartimages_3820878.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional Class(a) | 0.24 | 2.44 | 1.62 |
| FTSE Three-Month U.S. Treasury Bill Index | 4.69 | 3.03 | 2.09 |
| Bloomberg Global Aggregate Index | 3.47 | (1.76) | 1.13 |

---

<sup>(a)</sup><sup>The returns shown for periods prior to January 3, 2017 (including Since Fund Inception returns, if shown) include the returns of Class A. Class A shares were offered prior to the Fund's Institutional Class shares but have since been merged into the Fund's Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visitcolumbiathreadneedleus.com/investment-products/mutual-funds/appended-performancefor more information.</sup>

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$501955424 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1604 |
| **Management services fees<br>(represents 1.10% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$5267106 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;126% |

---

#### Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Derivative Exposure

---

| | |
|:---|:---|
|  | **Long** |
| Commodity-Related Investment Risk | 7.8% |
| Equity Risk | 14.9% |
| Foreign Exchange Risk | 49.3% |
| Interest Rate Risk | 43.8% |
|  | **Short** |
| Commodity-Related Investment Risk | 5.6% |
| Equity Risk | 0.1% |
| Foreign Exchange Risk | 33.8% |
| Interest Rate Risk | 36.2% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3820867.jpg)

#### Certain Fund Changes
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

MidOcean Credit Fund Management, L.P. (MidOcean) is expected to begin serving as subadviser to a portion of the Fund's portfolio in the fourth quarter of 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 1-800-345-6611 or by sending an e-mail to serviceinquiries@columbiathreadneedle.com.

![TSR - QR Code](images_1986.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

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

Multi-Manager Alternative Strategies Fund \| Institutional Class \| ASR100_08_(10/25)

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Item 2. Code of Ethics.

The registrant has adopted a code of ethics (the "Code") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.

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Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager qualify as "audit committee financial experts," as such term is defined in Form N-CSR. Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett and Ms. Yeager, are also each "independent" members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.

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Item 4. Principal Accountant Fees and Services.

The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Amount billed to the registrant ($)** | &nbsp;&nbsp;**Amount billed to the registrant ($)** | &nbsp;&nbsp;**Amount billed to the registrant's <br> investment advisor ($)** | &nbsp;&nbsp;**Amount billed to the registrant's <br> investment advisor ($)** |
|  | &nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;**August 31, 2024** | &nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;**August 31, 2024** |
| &nbsp;&nbsp;Audit fees <sup>(a)</sup> | &nbsp;&nbsp;53565 | &nbsp;&nbsp;52005 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Audit-related fees <sup>(b)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Tax fees <sup>(c)</sup> | &nbsp;&nbsp;22159 | &nbsp;&nbsp;13795 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;All other fees <sup>(d)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Non-audit fees <sup>(g)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;474000 | &nbsp;&nbsp;581000 |

---

(a) Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.

(c) Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice, tax planning and foreign tax filings, if applicable.

(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant's Audit Committee is required to pre-approve the engagement of the registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

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Item 5. Audit Committee of Listed Registrants.

Not applicable.

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Item 6. Investments.

(a) The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.

(b) Not applicable.

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Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](img33ba150e1.jpg)

Multi-Manager Alternative Strategies Fund

**Annual Financial Statements and Additional Information**

August 31, 2025

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| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| [Consolidated Portfolio of Investments](#xx_749dbddb-387e-4cb1-abcd-4a6105ebf9d1_POI-CommonContent-Date-1_1) | 3 |
| [Consolidated Statement of Assets and Liabilities](#xx_749dbddb-387e-4cb1-abcd-4a6105ebf9d1_FS-CommonContent-Date-1_1) | 48 |
| [Consolidated Statement of Operations](#xx_749dbddb-387e-4cb1-abcd-4a6105ebf9d1_FS-CommonContent-Date-1_2) | 49 |
| [Consolidated Statement of Changes in Net Assets](#xx_749dbddb-387e-4cb1-abcd-4a6105ebf9d1_FS-CommonContent-Date-1_3) | 50 |
| [Consolidated Financial Highlights](#xx_749dbddb-387e-4cb1-abcd-4a6105ebf9d1_FIHI-CommonContent-Date-1_1) | 51 |
| [Notes to Consolidated Financial Statements](#xx_749dbddb-387e-4cb1-abcd-4a6105ebf9d1_NTF-CommonContent-Date-1_1) | 52 |
| [Report of Independent Registered Public Accounting Firm](#xx_749dbddb-387e-4cb1-abcd-4a6105ebf9d1_AUD-CommonContent-Date-1_1) | 69 |
| [Approval of Management and Subadvisory Agreements](#xx_749dbddb-387e-4cb1-abcd-4a6105ebf9d1_CCH-CommonContent-Date-1_1) | 70 |

---

Multi-Manager Alternative Strategies Fund \| 2025

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Consolidated Portfolio of Investments

August 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 4.6%** | **Asset-Backed Securities - Non-Agency 4.6%** | **Asset-Backed Securities - Non-Agency 4.6%** | **Asset-Backed Securities - Non-Agency 4.6%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| AIMCO CLO<sup>(a),(b)</sup>  | AIMCO CLO<sup>(a),(b)</sup>  | AIMCO CLO<sup>(a),(b)</sup>  | AIMCO CLO<sup>(a),(b)</sup>  |
| Series 2015-ARRR Class BR3 | Series 2015-ARRR Class BR3 | Series 2015-ARRR Class BR3 | Series 2015-ARRR Class BR3 |
| 3-month Term SOFR + 1.700% <br>Floor 1.700% <br>10/17/2034<br>| &nbsp;&nbsp; 6.022% | 525000 | &nbsp;&nbsp; 525000 |
| AIMCO CLO<sup>(a),(c)</sup>  | AIMCO CLO<sup>(a),(c)</sup>  | AIMCO CLO<sup>(a),(c)</sup>  | AIMCO CLO<sup>(a),(c)</sup>  |
| Subordinated Series 2017-AA Class SUB | Subordinated Series 2017-AA Class SUB | Subordinated Series 2017-AA Class SUB | Subordinated Series 2017-AA Class SUB |
| 04/20/2034 | &nbsp;&nbsp; 0.000% | 900000 | &nbsp;&nbsp; 508062 |
| AIMCO CLO Ltd.<sup>(a),(b)</sup>  | AIMCO CLO Ltd.<sup>(a),(b)</sup>  | AIMCO CLO Ltd.<sup>(a),(b)</sup>  | AIMCO CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2024-10A Class BRR | Series 2024-10A Class BRR | Series 2024-10A Class BRR | Series 2024-10A Class BRR |
| 3-month Term SOFR + 1.750% <br>Floor 1.750% <br>07/22/2037<br>| &nbsp;&nbsp; 6.082% | 450000 | &nbsp;&nbsp; 451403 |
| Aligned Data Centers Issuer LLC<sup>(a)</sup>  | Aligned Data Centers Issuer LLC<sup>(a)</sup>  | Aligned Data Centers Issuer LLC<sup>(a)</sup>  | Aligned Data Centers Issuer LLC<sup>(a)</sup>  |
| Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 |
| 08/15/2046 | &nbsp;&nbsp; 1.937% | 388000 | &nbsp;&nbsp; 377285 |
| Allegro CLO Ltd.<sup>(a),(b)</sup>  | Allegro CLO Ltd.<sup>(a),(b)</sup>  | Allegro CLO Ltd.<sup>(a),(b)</sup>  | Allegro CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2016 Class C | Series 2016 Class C | Series 2016 Class C | Series 2016 Class C |
| 3-month Term SOFR + 2.700% <br>Floor 2.700% <br>04/25/2037<br>| &nbsp;&nbsp; 7.019% | 550000 | &nbsp;&nbsp; 553472 |
| Series 2024-2A Class B1 | Series 2024-2A Class B1 | Series 2024-2A Class B1 | Series 2024-2A Class B1 |
| 3-month Term SOFR + 1.900% <br>Floor 1.900% <br>07/24/2037<br>| &nbsp;&nbsp; 6.219% | 500000 | &nbsp;&nbsp; 501725 |
| ALLO Issuer LLC<sup>(a)</sup>  | ALLO Issuer LLC<sup>(a)</sup>  | ALLO Issuer LLC<sup>(a)</sup>  | ALLO Issuer LLC<sup>(a)</sup>  |
| Series 2023-1A Class C | Series 2023-1A Class C | Series 2023-1A Class C | Series 2023-1A Class C |
| 06/20/2053 | &nbsp;&nbsp; 12.180% | 163000 | &nbsp;&nbsp; 174946 |
| Series 2024-1A Class C | Series 2024-1A Class C | Series 2024-1A Class C | Series 2024-1A Class C |
| 07/20/2054 | &nbsp;&nbsp; 11.190% | 342200 | &nbsp;&nbsp; 372242 |
| Series 2025-1A Class C | Series 2025-1A Class C | Series 2025-1A Class C | Series 2025-1A Class C |
| 04/20/2055 | &nbsp;&nbsp; 8.100% | 425000 | &nbsp;&nbsp; 434080 |
| AMMC CLO Ltd.<sup>(a),(b)</sup>  | AMMC CLO Ltd.<sup>(a),(b)</sup>  | AMMC CLO Ltd.<sup>(a),(b)</sup>  | AMMC CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2016-18A Class BR | Series 2016-18A Class BR | Series 2016-18A Class BR | Series 2016-18A Class BR |
| 3-month Term SOFR + 1.862% <br>05/26/2031<br>| &nbsp;&nbsp; 6.084% | 467331 | &nbsp;&nbsp; 468483 |
| AutoNation Finance Trust<sup>(a)</sup>  | AutoNation Finance Trust<sup>(a)</sup>  | AutoNation Finance Trust<sup>(a)</sup>  | AutoNation Finance Trust<sup>(a)</sup>  |
| Subordinated Series 202 Class C | Subordinated Series 202 Class C | Subordinated Series 202 Class C | Subordinated Series 202 Class C |
| 12/10/2030 | &nbsp;&nbsp; 5.190% | 105000 | &nbsp;&nbsp; 107003 |
| Subordinated Series 2025-1A Class D | Subordinated Series 2025-1A Class D | Subordinated Series 2025-1A Class D | Subordinated Series 2025-1A Class D |
| 09/10/2032 | &nbsp;&nbsp; 5.630% | 65000 | &nbsp;&nbsp; 66188 |
| Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup>  |
| Series 2021-2A Class D | Series 2021-2A Class D | Series 2021-2A Class D | Series 2021-2A Class D |
| 02/20/2028 | &nbsp;&nbsp; 4.080% | 355000 | &nbsp;&nbsp; 344504 |
| Series 2024-2A Class D | Series 2024-2A Class D | Series 2024-2A Class D | Series 2024-2A Class D |
| 10/20/2028 | &nbsp;&nbsp; 7.430% | 365000 | &nbsp;&nbsp; 370649 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Bayview Opportunity Master Fund VII<sup>(a),(b)</sup>  | Bayview Opportunity Master Fund VII<sup>(a),(b)</sup>  | Bayview Opportunity Master Fund VII<sup>(a),(b)</sup>  | Bayview Opportunity Master Fund VII<sup>(a),(b)</sup>  |
| Series 2024-EDU1 Class E | Series 2024-EDU1 Class E | Series 2024-EDU1 Class E | Series 2024-EDU1 Class E |
| 30-day Average SOFR + 3.500% <br>06/25/2047<br>| &nbsp;&nbsp; 7.848% | 426359 | &nbsp;&nbsp; 432922 |
| Bear Mountain Park CLO Ltd.<sup>(a),(b)</sup>  | Bear Mountain Park CLO Ltd.<sup>(a),(b)</sup>  | Bear Mountain Park CLO Ltd.<sup>(a),(b)</sup>  | Bear Mountain Park CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2022-1A Class BR | Series 2022-1A Class BR | Series 2022-1A Class BR | Series 2022-1A Class BR |
| 3-month Term SOFR + 1.750% <br>Floor 1.750% <br>07/15/2037<br>| &nbsp;&nbsp; 6.068% | 500000 | &nbsp;&nbsp; 501738 |
| BlueMountain CLO Ltd.<sup>(a),(b)</sup>  | BlueMountain CLO Ltd.<sup>(a),(b)</sup>  | BlueMountain CLO Ltd.<sup>(a),(b)</sup>  | BlueMountain CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2016-3A Class BR | Series 2016-3A Class BR | Series 2016-3A Class BR | Series 2016-3A Class BR |
| 3-month Term SOFR + 1.962% <br>Floor 1.700% <br>11/15/2030<br>| &nbsp;&nbsp; 6.173% | 525000 | &nbsp;&nbsp; 525790 |
| BlueMountain Fuji US CLO II Ltd.<sup>(a),(b)</sup>  | BlueMountain Fuji US CLO II Ltd.<sup>(a),(b)</sup>  | BlueMountain Fuji US CLO II Ltd.<sup>(a),(b)</sup>  | BlueMountain Fuji US CLO II Ltd.<sup>(a),(b)</sup>  |
| Series 2017-2A Class A2 | Series 2017-2A Class A2 | Series 2017-2A Class A2 | Series 2017-2A Class A2 |
| 3-month Term SOFR + 1.862% <br>Floor 1.600% <br>10/20/2030<br>| &nbsp;&nbsp; 6.187% | 500000 | &nbsp;&nbsp; 500778 |
| Carvana Auto Receivables Trust<sup>(a),(d)</sup>  | Carvana Auto Receivables Trust<sup>(a),(d)</sup>  | Carvana Auto Receivables Trust<sup>(a),(d)</sup>  | Carvana Auto Receivables Trust<sup>(a),(d)</sup>  |
| Series 2023-N3 Class R | Series 2023-N3 Class R | Series 2023-N3 Class R | Series 2023-N3 Class R |
| 09/10/2030 | &nbsp;&nbsp; 0.000% | 2000 | &nbsp;&nbsp; 298261 |
| CIFC Funding Ltd.<sup>(a),(b)</sup>  | CIFC Funding Ltd.<sup>(a),(b)</sup>  | CIFC Funding Ltd.<sup>(a),(b)</sup>  | CIFC Funding Ltd.<sup>(a),(b)</sup>  |
| Series 2023-2A Class B | Series 2023-2A Class B | Series 2023-2A Class B | Series 2023-2A Class B |
| 3-month Term SOFR + 2.600% <br>Floor 2.600% <br>01/21/2037<br>| &nbsp;&nbsp; 6.926% | 450000 | &nbsp;&nbsp; 452262 |
| Cloud Capital Holdco LP<sup>(a)</sup>  | Cloud Capital Holdco LP<sup>(a)</sup>  | Cloud Capital Holdco LP<sup>(a)</sup>  | Cloud Capital Holdco LP<sup>(a)</sup>  |
| Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 |
| 11/22/2049 | &nbsp;&nbsp; 5.781% | 270000 | &nbsp;&nbsp; 275858 |
| Conseco Finance Securitizations Corp.<sup>(b)</sup>  | Conseco Finance Securitizations Corp.<sup>(b)</sup>  | Conseco Finance Securitizations Corp.<sup>(b)</sup>  | Conseco Finance Securitizations Corp.<sup>(b)</sup>  |
| Series 2001-4 Class M1 | Series 2001-4 Class M1 | Series 2001-4 Class M1 | Series 2001-4 Class M1 |
| 1-month Term SOFR + 1.864% <br>Floor 1.750%, Cap 15.000% <br>09/01/2033<br>| &nbsp;&nbsp; 6.145% | 147690 | &nbsp;&nbsp; 147697 |
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC<sup>(a)</sup>  | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC<sup>(a)</sup>  | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC<sup>(a)</sup>  | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC<sup>(a)</sup>  |
| Series 2025-1A Class C | Series 2025-1A Class C | Series 2025-1A Class C | Series 2025-1A Class C |
| 05/20/2055 | &nbsp;&nbsp; 9.408% | 420000 | &nbsp;&nbsp; 440827 |
| DataBank Issuer LLC<sup>(a)</sup>  | DataBank Issuer LLC<sup>(a)</sup>  | DataBank Issuer LLC<sup>(a)</sup>  | DataBank Issuer LLC<sup>(a)</sup>  |
| Series 2023-1 Class A2 | Series 2023-1 Class A2 | Series 2023-1 Class A2 | Series 2023-1 Class A2 |
| 02/25/2053 | &nbsp;&nbsp; 5.116% | 230000 | &nbsp;&nbsp; 229608 |
| DB Master Finance LLC<sup>(a)</sup>  | DB Master Finance LLC<sup>(a)</sup>  | DB Master Finance LLC<sup>(a)</sup>  | DB Master Finance LLC<sup>(a)</sup>  |
| Series 2019-1A Class A2II | Series 2019-1A Class A2II | Series 2019-1A Class A2II | Series 2019-1A Class A2II |
| 05/20/2049 | &nbsp;&nbsp; 4.021% | 178600 | &nbsp;&nbsp; 177851 |
| Domino's Pizza Master Issuer LLC<sup>(a),(e)</sup>  | Domino's Pizza Master Issuer LLC<sup>(a),(e)</sup>  | Domino's Pizza Master Issuer LLC<sup>(a),(e)</sup>  | Domino's Pizza Master Issuer LLC<sup>(a),(e)</sup>  |
| Series 2025-1A Class A2II | Series 2025-1A Class A2II | Series 2025-1A Class A2II | Series 2025-1A Class A2II |
| 07/25/2055 | &nbsp;&nbsp; 5.217% | 120000 | &nbsp;&nbsp; 120562 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Elmwood CLO Ltd.<sup>(a),(b)</sup>  | Elmwood CLO Ltd.<sup>(a),(b)</sup>  | Elmwood CLO Ltd.<sup>(a),(b)</sup>  | Elmwood CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2024-6A Class B | Series 2024-6A Class B | Series 2024-6A Class B | Series 2024-6A Class B |
| 3-month Term SOFR + 1.750% <br>Floor 1.750% <br>07/17/2037<br>| &nbsp;&nbsp; 6.072% | 500000 | &nbsp;&nbsp; 501866 |
| Flexential Issuer<sup>(a)</sup>  | Flexential Issuer<sup>(a)</sup>  | Flexential Issuer<sup>(a)</sup>  | Flexential Issuer<sup>(a)</sup>  |
| Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 |
| 11/27/2051 | &nbsp;&nbsp; 3.250% | 430000 | &nbsp;&nbsp; 418408 |
| Hertz Vehicle Financing III LLC<sup>(a)</sup>  | Hertz Vehicle Financing III LLC<sup>(a)</sup>  | Hertz Vehicle Financing III LLC<sup>(a)</sup>  | Hertz Vehicle Financing III LLC<sup>(a)</sup>  |
| Subordinated Series 2023-1A Class C | Subordinated Series 2023-1A Class C | Subordinated Series 2023-1A Class C | Subordinated Series 2023-1A Class C |
| 06/25/2027 | &nbsp;&nbsp; 6.910% | 650000 | &nbsp;&nbsp; 655289 |
| Higley Park CLO Ltd.<sup>(a),(c),(f)</sup>  | Higley Park CLO Ltd.<sup>(a),(c),(f)</sup>  | Higley Park CLO Ltd.<sup>(a),(c),(f)</sup>  | Higley Park CLO Ltd.<sup>(a),(c),(f)</sup>  |
| Subordinated Series 2025-1A Class SUB | Subordinated Series 2025-1A Class SUB | Subordinated Series 2025-1A Class SUB | Subordinated Series 2025-1A Class SUB |
| 07/24/2038 | &nbsp;&nbsp; 0.000% | 450000 | &nbsp;&nbsp; 405000 |
| Hotwire Funding LLC<sup>(a)</sup>  | Hotwire Funding LLC<sup>(a)</sup>  | Hotwire Funding LLC<sup>(a)</sup>  | Hotwire Funding LLC<sup>(a)</sup>  |
| Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 |
| 06/20/2054 | &nbsp;&nbsp; 5.893% | 235000 | &nbsp;&nbsp; 239261 |
| Huntington Bank Auto Credit-Linked Notes<sup>(a),(b)</sup>  | Huntington Bank Auto Credit-Linked Notes<sup>(a),(b)</sup>  | Huntington Bank Auto Credit-Linked Notes<sup>(a),(b)</sup>  | Huntington Bank Auto Credit-Linked Notes<sup>(a),(b)</sup>  |
| Subordinated Series 2024-2 Class C | Subordinated Series 2024-2 Class C | Subordinated Series 2024-2 Class C | Subordinated Series 2024-2 Class C |
| 30-day Average SOFR + 2.600% <br>10/20/2032<br>| &nbsp;&nbsp; 6.945% | 324805 | &nbsp;&nbsp; 326065 |
| Invesco US CLO Ltd.<sup>(a),(c)</sup>  | Invesco US CLO Ltd.<sup>(a),(c)</sup>  | Invesco US CLO Ltd.<sup>(a),(c)</sup>  | Invesco US CLO Ltd.<sup>(a),(c)</sup>  |
| Series 2024-4 Class Y | Series 2024-4 Class Y | Series 2024-4 Class Y | Series 2024-4 Class Y |
| 01/15/2038 | &nbsp;&nbsp; 0.000% | 600000 | &nbsp;&nbsp; 13942 |
| Subordinated Series 2024-4 | Subordinated Series 2024-4 | Subordinated Series 2024-4 | Subordinated Series 2024-4 |
| 01/15/2038 | &nbsp;&nbsp; 3.000% | 600000 | &nbsp;&nbsp; 468569 |
| J.G. Wentworth XXXVII LLC<sup>(a)</sup>  | J.G. Wentworth XXXVII LLC<sup>(a)</sup>  | J.G. Wentworth XXXVII LLC<sup>(a)</sup>  | J.G. Wentworth XXXVII LLC<sup>(a)</sup>  |
| Subordinated Series 2016-1A Class B | Subordinated Series 2016-1A Class B | Subordinated Series 2016-1A Class B | Subordinated Series 2016-1A Class B |
| 06/17/2069 | &nbsp;&nbsp; 5.190% | 536430 | &nbsp;&nbsp; 498281 |
| Jersey Mike's Funding LLC<sup>(a)</sup>  | Jersey Mike's Funding LLC<sup>(a)</sup>  | Jersey Mike's Funding LLC<sup>(a)</sup>  | Jersey Mike's Funding LLC<sup>(a)</sup>  |
| Series 2024-1 Class A2 | Series 2024-1 Class A2 | Series 2024-1 Class A2 | Series 2024-1 Class A2 |
| 02/15/2055 | &nbsp;&nbsp; 5.636% | 353225 | &nbsp;&nbsp; 363003 |
| JG Wentworth XXII LLC<sup>(a)</sup>  | JG Wentworth XXII LLC<sup>(a)</sup>  | JG Wentworth XXII LLC<sup>(a)</sup>  | JG Wentworth XXII LLC<sup>(a)</sup>  |
| Series 2010-3A Class A | Series 2010-3A Class A | Series 2010-3A Class A | Series 2010-3A Class A |
| 12/15/2048 | &nbsp;&nbsp; 3.820% | 89953 | &nbsp;&nbsp; 89091 |
| LCM Ltd.<sup>(a),(b)</sup>  | LCM Ltd.<sup>(a),(b)</sup>  | LCM Ltd.<sup>(a),(b)</sup>  | LCM Ltd.<sup>(a),(b)</sup>  |
| Series 37A Class CR | Series 37A Class CR | Series 37A Class CR | Series 37A Class CR |
| 3-month Term SOFR + 1.900% <br>Floor 1.900% <br>04/15/2034<br>| &nbsp;&nbsp; 6.218% | 525000 | &nbsp;&nbsp; 523994 |
| Magnetite Xlii Ltd.<sup>(a)</sup>  | Magnetite Xlii Ltd.<sup>(a)</sup>  | Magnetite Xlii Ltd.<sup>(a)</sup>  | Magnetite Xlii Ltd.<sup>(a)</sup>  |
| Series 2024-42A Class | Series 2024-42A Class | Series 2024-42A Class | Series 2024-42A Class |
| 01/25/2038 | &nbsp;&nbsp; 3.000% | 450000 | &nbsp;&nbsp; 354717 |
| MetroNet Infrastructure Issuer LLC<sup>(a)</sup>  | MetroNet Infrastructure Issuer LLC<sup>(a)</sup>  | MetroNet Infrastructure Issuer LLC<sup>(a)</sup>  | MetroNet Infrastructure Issuer LLC<sup>(a)</sup>  |
| Series 2025-2 Class B | Series 2025-2 Class B | Series 2025-2 Class B | Series 2025-2 Class B |
| 08/20/2055 | &nbsp;&nbsp; 5.590% | 335000 | &nbsp;&nbsp; 337978 |
| OCCU Auto Receivables Trust<sup>(a)</sup>  | OCCU Auto Receivables Trust<sup>(a)</sup>  | OCCU Auto Receivables Trust<sup>(a)</sup>  | OCCU Auto Receivables Trust<sup>(a)</sup>  |
| Series 2022-1 Class A3 | Series 2022-1 Class A3 | Series 2022-1 Class A3 | Series 2022-1 Class A3 |
| 10/15/2027 | &nbsp;&nbsp; 5.500% | 76508 | &nbsp;&nbsp; 76616 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| OCP CLO Ltd.<sup>(a),(c)</sup>  | OCP CLO Ltd.<sup>(a),(c)</sup>  | OCP CLO Ltd.<sup>(a),(c)</sup>  | OCP CLO Ltd.<sup>(a),(c)</sup>  |
| Subordinated Series 2015-9A | Subordinated Series 2015-9A | Subordinated Series 2015-9A | Subordinated Series 2015-9A |
| 01/15/2037 | &nbsp;&nbsp; 0.000% | 1100000 | &nbsp;&nbsp; 453314 |
| Palmer Square CLO Ltd.<sup>(a),(b)</sup>  | Palmer Square CLO Ltd.<sup>(a),(b)</sup>  | Palmer Square CLO Ltd.<sup>(a),(b)</sup>  | Palmer Square CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2015-1A Class BR5 | Series 2015-1A Class BR5 | Series 2015-1A Class BR5 | Series 2015-1A Class BR5 |
| 3-month Term SOFR + 1.900% <br>Floor 1.900% <br>05/21/2034<br>| &nbsp;&nbsp; 6.115% | 510000 | &nbsp;&nbsp; 511517 |
| Park Avenue Institutional Advisers CLO Ltd.<sup>(a),(b)</sup>  | Park Avenue Institutional Advisers CLO Ltd.<sup>(a),(b)</sup>  | Park Avenue Institutional Advisers CLO Ltd.<sup>(a),(b)</sup>  | Park Avenue Institutional Advisers CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 |
| 3-month Term SOFR + 2.012% <br>Floor 1.750% <br>01/20/2034<br>| &nbsp;&nbsp; 6.337% | 250000 | &nbsp;&nbsp; 250000 |
| Park Avenue Institutional Advisers CLO Ltd.<sup>(a),(b),(e)</sup>  | Park Avenue Institutional Advisers CLO Ltd.<sup>(a),(b),(e)</sup>  | Park Avenue Institutional Advisers CLO Ltd.<sup>(a),(b),(e)</sup>  | Park Avenue Institutional Advisers CLO Ltd.<sup>(a),(b),(e)</sup>  |
| Series 2021-1A Class CR | Series 2021-1A Class CR | Series 2021-1A Class CR | Series 2021-1A Class CR |
| 3-month Term SOFR + 3.150% <br>Floor 3.150% <br>01/20/2034<br>| &nbsp;&nbsp; 4.196% | 450000 | &nbsp;&nbsp; 450000 |
| Rad CLO Ltd.<sup>(a),(b)</sup>  | Rad CLO Ltd.<sup>(a),(b)</sup>  | Rad CLO Ltd.<sup>(a),(b)</sup>  | Rad CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2023-22A Class D | Series 2023-22A Class D | Series 2023-22A Class D | Series 2023-22A Class D |
| 3-month Term SOFR + 5.000% <br>Floor 5.000% <br>01/20/2037<br>| &nbsp;&nbsp; 9.326% | 250000 | &nbsp;&nbsp; 252034 |
| Series 2024-7A Class B1R | Series 2024-7A Class B1R | Series 2024-7A Class B1R | Series 2024-7A Class B1R |
| 3-month Term SOFR + 1.900% <br>Floor 1.900% <br>04/17/2036<br>| &nbsp;&nbsp; 6.222% | 500000 | &nbsp;&nbsp; 500497 |
| Rockford Tower CLO Ltd.<sup>(a),(b)</sup>  | Rockford Tower CLO Ltd.<sup>(a),(b)</sup>  | Rockford Tower CLO Ltd.<sup>(a),(b)</sup>  | Rockford Tower CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2017-3A Class B | Series 2017-3A Class B | Series 2017-3A Class B | Series 2017-3A Class B |
| 3-month Term SOFR + 1.732% <br>Floor 1.470% <br>10/20/2030<br>| &nbsp;&nbsp; 6.057% | 450000 | &nbsp;&nbsp; 450474 |
| Series 2021-1A Class B | Series 2021-1A Class B | Series 2021-1A Class B | Series 2021-1A Class B |
| 3-month Term SOFR + 1.912% <br>Floor 1.650% <br>07/20/2034<br>| &nbsp;&nbsp; 6.237% | 448279 | &nbsp;&nbsp; 449018 |
| SLM Student Loan Trust<sup>(b)</sup>  | SLM Student Loan Trust<sup>(b)</sup>  | SLM Student Loan Trust<sup>(b)</sup>  | SLM Student Loan Trust<sup>(b)</sup>  |
| Series 2008-2 Class B | Series 2008-2 Class B | Series 2008-2 Class B | Series 2008-2 Class B |
| 90-day Average SOFR + 1.462% <br>Floor 1.200% <br>01/25/2083<br>| &nbsp;&nbsp; 5.802% | 740000 | &nbsp;&nbsp; 749903 |
| Series 2008-4 Class A4 | Series 2008-4 Class A4 | Series 2008-4 Class A4 | Series 2008-4 Class A4 |
| 90-day Average SOFR + 1.912% <br>Floor 1.650% <br>07/25/2026<br>| &nbsp;&nbsp; 6.252% | 110093 | &nbsp;&nbsp; 110355 |
| Series 2008-7 Class B | Series 2008-7 Class B | Series 2008-7 Class B | Series 2008-7 Class B |
| 90-day Average SOFR + 2.112% <br>Floor 1.850% <br>07/26/2083<br>| &nbsp;&nbsp; 6.452% | 500000 | &nbsp;&nbsp; 500328 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Series 2012-1 Class A3 | Series 2012-1 Class A3 | Series 2012-1 Class A3 | Series 2012-1 Class A3 |
| 30-day Average SOFR + 1.064% <br>Floor 0.950% <br>09/25/2028<br>| &nbsp;&nbsp; 5.415% | 221586 | &nbsp;&nbsp; 216685 |
| Subordinated Series 2004-10 Class B | Subordinated Series 2004-10 Class B | Subordinated Series 2004-10 Class B | Subordinated Series 2004-10 Class B |
| 90-day Average SOFR + 0.632% <br>Floor 0.370% <br>01/25/2040<br>| &nbsp;&nbsp; 4.995% | 206605 | &nbsp;&nbsp; 178064 |
| Subordinated Series 2012-7 Class B | Subordinated Series 2012-7 Class B | Subordinated Series 2012-7 Class B | Subordinated Series 2012-7 Class B |
| 30-day Average SOFR + 1.914% <br>Floor 1.800% <br>09/25/2043<br>| &nbsp;&nbsp; 6.265% | 550000 | &nbsp;&nbsp; 539290 |
| Switch ABS Issuer LLC<sup>(a)</sup>  | Switch ABS Issuer LLC<sup>(a)</sup>  | Switch ABS Issuer LLC<sup>(a)</sup>  | Switch ABS Issuer LLC<sup>(a)</sup>  |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 06/25/2054 | &nbsp;&nbsp; 5.436% | 500000 | &nbsp;&nbsp; 503155 |
| Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C |
| 06/25/2054 | &nbsp;&nbsp; 10.033% | 370000 | &nbsp;&nbsp; 388818 |
| Taco Bell Funding LLC<sup>(a)</sup>  | Taco Bell Funding LLC<sup>(a)</sup>  | Taco Bell Funding LLC<sup>(a)</sup>  | Taco Bell Funding LLC<sup>(a)</sup>  |
| Series 2016-1A Class A23 | Series 2016-1A Class A23 | Series 2016-1A Class A23 | Series 2016-1A Class A23 |
| 05/25/2046 | &nbsp;&nbsp; 4.970% | 553125 | &nbsp;&nbsp; 553229 |
| Textainer Marine Containers VII Ltd.<sup>(a)</sup>  | Textainer Marine Containers VII Ltd.<sup>(a)</sup>  | Textainer Marine Containers VII Ltd.<sup>(a)</sup>  | Textainer Marine Containers VII Ltd.<sup>(a)</sup>  |
| Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A |
| 04/20/2046 | &nbsp;&nbsp; 2.230% | 506333 | &nbsp;&nbsp; 474951 |
| T-Mobile US Trust<sup>(a)</sup>  | T-Mobile US Trust<sup>(a)</sup>  | T-Mobile US Trust<sup>(a)</sup>  | T-Mobile US Trust<sup>(a)</sup>  |
| Series 2022-1A Class A | Series 2022-1A Class A | Series 2022-1A Class A | Series 2022-1A Class A |
| 05/22/2028 | &nbsp;&nbsp; 4.910% | 69798 | &nbsp;&nbsp; 69856 |
| Vantage Data Centers LLC<sup>(a)</sup>  | Vantage Data Centers LLC<sup>(a)</sup>  | Vantage Data Centers LLC<sup>(a)</sup>  | Vantage Data Centers LLC<sup>(a)</sup>  |
| Series 2020-1A Class A2 | Series 2020-1A Class A2 | Series 2020-1A Class A2 | Series 2020-1A Class A2 |
| 09/15/2045 | &nbsp;&nbsp; 1.645% | 395000 | &nbsp;&nbsp; 395000 |
| Zayo Issuer LLC<sup>(a)</sup>  | Zayo Issuer LLC<sup>(a)</sup>  | Zayo Issuer LLC<sup>(a)</sup>  | Zayo Issuer LLC<sup>(a)</sup>  |
| Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 |
| 03/20/2055 | &nbsp;&nbsp; 5.648% | 270000 | &nbsp;&nbsp; 275792 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $22,733,472) | Total Asset-Backed Securities — Non-Agency <br>(Cost $22,733,472) | Total Asset-Backed Securities — Non-Agency <br>(Cost $22,733,472) | &nbsp;&nbsp; **22903556** |
| **Commercial Mortgage-Backed Securities - Agency 0.2%** | **Commercial Mortgage-Backed Securities - Agency 0.2%** | **Commercial Mortgage-Backed Securities - Agency 0.2%** | **Commercial Mortgage-Backed Securities - Agency 0.2%** |
| Federal Home Loan Mortgage Corp. Multifamily Pass-Through REMIC Trust<sup>(c),(g)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Pass-Through REMIC Trust<sup>(c),(g)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Pass-Through REMIC Trust<sup>(c),(g)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Pass-Through REMIC Trust<sup>(c),(g)</sup>  |
| Series 2019-P002 Class X | Series 2019-P002 Class X | Series 2019-P002 Class X | Series 2019-P002 Class X |
| 07/25/2033 | &nbsp;&nbsp; 1.138% | 705000 | &nbsp;&nbsp; 38050 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c),(g)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c),(g)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c),(g)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c),(g)</sup>  |
| CMO Series K057 Class X1 | CMO Series K057 Class X1 | CMO Series K057 Class X1 | CMO Series K057 Class X1 |
| 07/25/2026 | &nbsp;&nbsp; 1.288% | 4529777 | &nbsp;&nbsp; 36998 |
| Series 2018-K732 Class X3 | Series 2018-K732 Class X3 | Series 2018-K732 Class X3 | Series 2018-K732 Class X3 |
| 05/25/2046 | &nbsp;&nbsp; 3.332% | 832532 | &nbsp;&nbsp; 55 |
| Series K051 Class X3 | Series K051 Class X3 | Series K051 Class X3 | Series K051 Class X3 |
| 10/25/2043 | &nbsp;&nbsp; 1.688% | 2099984 | &nbsp;&nbsp; 1685 |
| Series K060 Class X3 | Series K060 Class X3 | Series K060 Class X3 | Series K060 Class X3 |
| 12/25/2044 | &nbsp;&nbsp; 1.963% | 1349985 | &nbsp;&nbsp; 27435 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Series KC07 Class X1 | Series KC07 Class X1 | Series KC07 Class X1 | Series KC07 Class X1 |
| 09/25/2026 | &nbsp;&nbsp; 0.847% | 3233428 | &nbsp;&nbsp; 22145 |
| Series KL05 Class X1HG | Series KL05 Class X1HG | Series KL05 Class X1HG | Series KL05 Class X1HG |
| 12/25/2027 | &nbsp;&nbsp; 1.368% | 2400000 | &nbsp;&nbsp; 59500 |
| Series KLU3 Class X1 | Series KLU3 Class X1 | Series KLU3 Class X1 | Series KLU3 Class X1 |
| 01/25/2031 | &nbsp;&nbsp; 2.071% | 1555940 | &nbsp;&nbsp; 113478 |
| Series KS06 Class X | Series KS06 Class X | Series KS06 Class X | Series KS06 Class X |
| 08/25/2026 | &nbsp;&nbsp; 1.075% | 2086565 | &nbsp;&nbsp; 5879 |
| Series Q004 Class XFL | Series Q004 Class XFL | Series Q004 Class XFL | Series Q004 Class XFL |
| 05/25/2044 | &nbsp;&nbsp; 1.224% | 755733 | &nbsp;&nbsp; 28803 |
| Federal National Mortgage Association<sup>(c),(g)</sup>  | Federal National Mortgage Association<sup>(c),(g)</sup>  | Federal National Mortgage Association<sup>(c),(g)</sup>  | Federal National Mortgage Association<sup>(c),(g)</sup>  |
| Series 2016-M11B Class X2 | Series 2016-M11B Class X2 | Series 2016-M11B Class X2 | Series 2016-M11B Class X2 |
| 07/25/2039 | &nbsp;&nbsp; 3.035% | 344364 | &nbsp;&nbsp; 4746 |
| Series 2016-M4 Class X2 | Series 2016-M4 Class X2 | Series 2016-M4 Class X2 | Series 2016-M4 Class X2 |
| 01/25/2039 | &nbsp;&nbsp; 2.724% | 250440 | &nbsp;&nbsp; 9305 |
| Series 2019-M29 Class X4 | Series 2019-M29 Class X4 | Series 2019-M29 Class X4 | Series 2019-M29 Class X4 |
| 03/25/2029 | &nbsp;&nbsp; 0.700% | 4300000 | &nbsp;&nbsp; 88113 |
| Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(g)</sup>  | Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(g)</sup>  | Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(g)</sup>  | Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(g)</sup>  |
| Series K096 Class X3 (FHLMC) | Series K096 Class X3 (FHLMC) | Series K096 Class X3 (FHLMC) | Series K096 Class X3 (FHLMC) |
| 07/25/2029 | &nbsp;&nbsp; 2.112% | 3390000 | &nbsp;&nbsp; 225359 |
| FREMF Mortgage Trust<sup>(a),(b)</sup>  | FREMF Mortgage Trust<sup>(a),(b)</sup>  | FREMF Mortgage Trust<sup>(a),(b)</sup>  | FREMF Mortgage Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2019-KF71 Class B | Subordinated Series 2019-KF71 Class B | Subordinated Series 2019-KF71 Class B | Subordinated Series 2019-KF71 Class B |
| 30-day Average SOFR + 2.414% <br>Floor 2.300% <br>10/25/2029<br>| &nbsp;&nbsp; 6.756% | 241274 | &nbsp;&nbsp; 225350 |
| Government National Mortgage Association<sup>(c),(g)</sup>  | Government National Mortgage Association<sup>(c),(g)</sup>  | Government National Mortgage Association<sup>(c),(g)</sup>  | Government National Mortgage Association<sup>(c),(g)</sup>  |
| CMO Series 2014-103 Class IO | CMO Series 2014-103 Class IO | CMO Series 2014-103 Class IO | CMO Series 2014-103 Class IO |
| 05/16/2055 | &nbsp;&nbsp; 0.187% | 999118 | &nbsp;&nbsp; 4926 |
| Series 2012-4 Class IO | Series 2012-4 Class IO | Series 2012-4 Class IO | Series 2012-4 Class IO |
| 05/16/2052 | &nbsp;&nbsp; 0.000% | 1318216 | &nbsp;&nbsp; 13 |
| Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $1,268,318) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $1,268,318) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $1,268,318) | &nbsp;&nbsp; **891840** |
| **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **6.9%** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **6.9%** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **6.9%** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **6.9%** |
| 1211 Avenue of the Americas Trust<sup>(a),(c)</sup>  | 1211 Avenue of the Americas Trust<sup>(a),(c)</sup>  | 1211 Avenue of the Americas Trust<sup>(a),(c)</sup>  | 1211 Avenue of the Americas Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2015-1211 Class B | Subordinated Series 2015-1211 Class B | Subordinated Series 2015-1211 Class B | Subordinated Series 2015-1211 Class B |
| 08/10/2035 | &nbsp;&nbsp; 4.230% | 380000 | &nbsp;&nbsp; 358150 |
| 225 Liberty Street Trust<sup>(a),(c),(g)</sup>  | 225 Liberty Street Trust<sup>(a),(c),(g)</sup>  | 225 Liberty Street Trust<sup>(a),(c),(g)</sup>  | 225 Liberty Street Trust<sup>(a),(c),(g)</sup>  |
| Series 2016-225L Class X | Series 2016-225L Class X | Series 2016-225L Class X | Series 2016-225L Class X |
| 02/10/2036 | &nbsp;&nbsp; 1.030% | 5000000 | &nbsp;&nbsp; 281 |
| 245 Park Avenue Trust<sup>(a)</sup>  | 245 Park Avenue Trust<sup>(a)</sup>  | 245 Park Avenue Trust<sup>(a)</sup>  | 245 Park Avenue Trust<sup>(a)</sup>  |
| Series 2017-245P Class A | Series 2017-245P Class A | Series 2017-245P Class A | Series 2017-245P Class A |
| 06/05/2037 | &nbsp;&nbsp; 3.508% | 288000 | &nbsp;&nbsp; 281743 |
| 245 Park Avenue Trust<sup>(a),(c)</sup>  | 245 Park Avenue Trust<sup>(a),(c)</sup>  | 245 Park Avenue Trust<sup>(a),(c)</sup>  | 245 Park Avenue Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2017-245P Class E | Subordinated Series 2017-245P Class E | Subordinated Series 2017-245P Class E | Subordinated Series 2017-245P Class E |
| 06/05/2037 | &nbsp;&nbsp; 3.779% | 550000 | &nbsp;&nbsp; 519175 |
| BAMLL Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  | BAMLL Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  | BAMLL Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  | BAMLL Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  |
| Series 2018-PARK Class A | Series 2018-PARK Class A | Series 2018-PARK Class A | Series 2018-PARK Class A |
| 08/10/2038 | &nbsp;&nbsp; 4.227% | 95000 | &nbsp;&nbsp; 92649 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| BBCMS Trust<sup>(a),(c)</sup>  | BBCMS Trust<sup>(a),(c)</sup>  | BBCMS Trust<sup>(a),(c)</sup>  | BBCMS Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2015-SRCH Class D | Subordinated Series 2015-SRCH Class D | Subordinated Series 2015-SRCH Class D | Subordinated Series 2015-SRCH Class D |
| 08/10/2035 | &nbsp;&nbsp; 4.957% | 450000 | &nbsp;&nbsp; 422993 |
| BFLD Trust<sup>(a),(b)</sup>  | BFLD Trust<sup>(a),(b)</sup>  | BFLD Trust<sup>(a),(b)</sup>  | BFLD Trust<sup>(a),(b)</sup>  |
| Series 2021-FPM Class A | Series 2021-FPM Class A | Series 2021-FPM Class A | Series 2021-FPM Class A |
| 1-month Term SOFR + 1.714% <br>Floor 1.600% <br>06/15/2038<br>| &nbsp;&nbsp; 6.078% | 288000 | &nbsp;&nbsp; 288000 |
| BGME Trust<sup>(a),(c)</sup>  | BGME Trust<sup>(a),(c)</sup>  | BGME Trust<sup>(a),(c)</sup>  | BGME Trust<sup>(a),(c)</sup>  |
| Series 2021-VR Class C | Series 2021-VR Class C | Series 2021-VR Class C | Series 2021-VR Class C |
| 01/10/2043 | &nbsp;&nbsp; 3.094% | 425000 | &nbsp;&nbsp; 324551 |
| BOCA Commercial Mortgage Trust<sup>(a),(b)</sup>  | BOCA Commercial Mortgage Trust<sup>(a),(b)</sup>  | BOCA Commercial Mortgage Trust<sup>(a),(b)</sup>  | BOCA Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2024-BOCA Class A | Series 2024-BOCA Class A | Series 2024-BOCA Class A | Series 2024-BOCA Class A |
| 1-month Term SOFR + 1.921% <br>Floor 1.921% <br>08/15/2041<br>| &nbsp;&nbsp; 6.284% | 195000 | &nbsp;&nbsp; 195851 |
| BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2021-CIP Class A | Series 2021-CIP Class A | Series 2021-CIP Class A | Series 2021-CIP Class A |
| 1-month Term SOFR + 1.035% <br>Floor 0.921% <br>12/15/2038<br>| &nbsp;&nbsp; 5.399% | 373849 | &nbsp;&nbsp; 373737 |
| Series 2021-VOLT Class A | Series 2021-VOLT Class A | Series 2021-VOLT Class A | Series 2021-VOLT Class A |
| 1-month Term SOFR + 0.814% <br>Floor 0.700% <br>09/15/2036<br>| &nbsp;&nbsp; 5.178% | 372999 | &nbsp;&nbsp; 372436 |
| Series 2024-AIRC Class C | Series 2024-AIRC Class C | Series 2024-AIRC Class C | Series 2024-AIRC Class C |
| 1-month Term SOFR + 2.590% <br>Floor 2.590% <br>08/15/2039<br>| &nbsp;&nbsp; 6.932% | 421288 | &nbsp;&nbsp; 422736 |
| Series 2024-XL5 Class A | Series 2024-XL5 Class A | Series 2024-XL5 Class A | Series 2024-XL5 Class A |
| 1-month Term SOFR + 1.392% <br>Floor 1.392% <br>03/15/2041<br>| &nbsp;&nbsp; 5.755% | 231252 | &nbsp;&nbsp; 231541 |
| Subordinated CMO Series 2021-VOLT Class F | Subordinated CMO Series 2021-VOLT Class F | Subordinated CMO Series 2021-VOLT Class F | Subordinated CMO Series 2021-VOLT Class F |
| 1-month Term SOFR + 2.514% <br>Floor 2.400% <br>09/15/2036<br>| &nbsp;&nbsp; 6.878% | 237363 | &nbsp;&nbsp; 236399 |
| Subordinated Series 2021-SOAR Class E | Subordinated Series 2021-SOAR Class E | Subordinated Series 2021-SOAR Class E | Subordinated Series 2021-SOAR Class E |
| 1-month Term SOFR + 1.914% <br>Floor 1.800% <br>06/15/2038<br>| &nbsp;&nbsp; 6.278% | 350695 | &nbsp;&nbsp; 350586 |
| Subordinated Series 2021-VOLT Class E | Subordinated Series 2021-VOLT Class E | Subordinated Series 2021-VOLT Class E | Subordinated Series 2021-VOLT Class E |
| 1-month Term SOFR + 2.114% <br>Floor 2.000% <br>09/15/2036<br>| &nbsp;&nbsp; 6.478% | 484414 | &nbsp;&nbsp; 482446 |
| Subordinated Series 2022-LP2 Class C | Subordinated Series 2022-LP2 Class C | Subordinated Series 2022-LP2 Class C | Subordinated Series 2022-LP2 Class C |
| 1-month Term SOFR + 1.560% <br>Floor 1.562% <br>02/15/2039<br>| &nbsp;&nbsp; 5.925% | 318500 | &nbsp;&nbsp; 318201 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated Series 2025-SPOT Class E | Subordinated Series 2025-SPOT Class E | Subordinated Series 2025-SPOT Class E | Subordinated Series 2025-SPOT Class E |
| 1-month Term SOFR + 3.690% <br>Floor 3.690% <br>04/15/2040<br>| &nbsp;&nbsp; 8.053% | 474207 | &nbsp;&nbsp; 473911 |
| BX Trust<sup>(a),(b)</sup>  | BX Trust<sup>(a),(b)</sup>  | BX Trust<sup>(a),(b)</sup>  | BX Trust<sup>(a),(b)</sup>  |
| 1-month Term SOFR + 2.090% <br>Floor 2.090% <br>03/15/2041<br>| &nbsp;&nbsp; 6.453% | 356000 | &nbsp;&nbsp; 356668 |
| Series 2025-VLT6 Class E | Series 2025-VLT6 Class E | Series 2025-VLT6 Class E | Series 2025-VLT6 Class E |
| 1-month Term SOFR + 3.191% <br>Floor 3.191% <br>03/15/2042<br>| &nbsp;&nbsp; 7.554% | 406000 | &nbsp;&nbsp; 404477 |
| Subordinated Series 2021-LBA Class DJV | Subordinated Series 2021-LBA Class DJV | Subordinated Series 2021-LBA Class DJV | Subordinated Series 2021-LBA Class DJV |
| 1-month Term SOFR + 1.714% <br>Floor 1.600% <br>02/15/2036<br>| &nbsp;&nbsp; 6.078% | 550000 | &nbsp;&nbsp; 547257 |
| Subordinated Series 2021-LBA Class EJV | Subordinated Series 2021-LBA Class EJV | Subordinated Series 2021-LBA Class EJV | Subordinated Series 2021-LBA Class EJV |
| 1-month Term SOFR + 2.114% <br>Floor 2.000% <br>02/15/2036<br>| &nbsp;&nbsp; 6.478% | 240000 | &nbsp;&nbsp; 238803 |
| Subordinated Series 2024-BIO Class D | Subordinated Series 2024-BIO Class D | Subordinated Series 2024-BIO Class D | Subordinated Series 2024-BIO Class D |
| 1-month Term SOFR + 3.639% <br>02/15/2041<br>| &nbsp;&nbsp; 8.002% | 463000 | &nbsp;&nbsp; 458435 |
| Subordinated Series 2025-TAIL Class D | Subordinated Series 2025-TAIL Class D | Subordinated Series 2025-TAIL Class D | Subordinated Series 2025-TAIL Class D |
| 1-month Term SOFR + 2.450% <br>Floor 2.450% <br>06/15/2035<br>| &nbsp;&nbsp; 6.792% | 315000 | &nbsp;&nbsp; 315097 |
| BX Trust<sup>(a)</sup>  | BX Trust<sup>(a)</sup>  | BX Trust<sup>(a)</sup>  | BX Trust<sup>(a)</sup>  |
| Series 2019-OC11 Class E | Series 2019-OC11 Class E | Series 2019-OC11 Class E | Series 2019-OC11 Class E |
| 12/09/2041 | &nbsp;&nbsp; 4.076% | 250000 | &nbsp;&nbsp; 228981 |
| Series 2022-CLS Class A | Series 2022-CLS Class A | Series 2022-CLS Class A | Series 2022-CLS Class A |
| 10/13/2027 | &nbsp;&nbsp; 5.760% | 150000 | &nbsp;&nbsp; 151860 |
| BXHPP Trust<sup>(a),(b)</sup>  | BXHPP Trust<sup>(a),(b)</sup>  | BXHPP Trust<sup>(a),(b)</sup>  | BXHPP Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2021-FILM Class C | Subordinated Series 2021-FILM Class C | Subordinated Series 2021-FILM Class C | Subordinated Series 2021-FILM Class C |
| 1-month Term SOFR + 1.214% <br>Floor 1.100% <br>08/15/2036<br>| &nbsp;&nbsp; 5.578% | 600000 | &nbsp;&nbsp; 542553 |
| BXP Trust<sup>(a),(c)</sup>  | BXP Trust<sup>(a),(c)</sup>  | BXP Trust<sup>(a),(c)</sup>  | BXP Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2017-GM Class D | Subordinated Series 2017-GM Class D | Subordinated Series 2017-GM Class D | Subordinated Series 2017-GM Class D |
| 06/13/2039 | &nbsp;&nbsp; 3.539% | 630000 | &nbsp;&nbsp; 603941 |
| CHI Commercial Mortgage Trust<sup>(a),(c)</sup>  | CHI Commercial Mortgage Trust<sup>(a),(c)</sup>  | CHI Commercial Mortgage Trust<sup>(a),(c)</sup>  | CHI Commercial Mortgage Trust<sup>(a),(c)</sup>  |
| Series 2025-SFT Class D | Series 2025-SFT Class D | Series 2025-SFT Class D | Series 2025-SFT Class D |
| 04/15/2042 | &nbsp;&nbsp; 7.569% | 560000 | &nbsp;&nbsp; 574653 |
| Citigroup Commercial Mortgage Trust<sup>(c),(g)</sup>  | Citigroup Commercial Mortgage Trust<sup>(c),(g)</sup>  | Citigroup Commercial Mortgage Trust<sup>(c),(g)</sup>  | Citigroup Commercial Mortgage Trust<sup>(c),(g)</sup>  |
| Series 2016-P3 Class XA | Series 2016-P3 Class XA | Series 2016-P3 Class XA | Series 2016-P3 Class XA |
| 04/15/2049 | &nbsp;&nbsp; 1.806% | 7692967 | &nbsp;&nbsp; 34467 |
| Citigroup Commercial Mortgage Trust<sup>(a),(c)</sup>  | Citigroup Commercial Mortgage Trust<sup>(a),(c)</sup>  | Citigroup Commercial Mortgage Trust<sup>(a),(c)</sup>  | Citigroup Commercial Mortgage Trust<sup>(a),(c)</sup>  |
| Series 2023-SMRT Class A | Series 2023-SMRT Class A | Series 2023-SMRT Class A | Series 2023-SMRT Class A |
| 06/10/2028 | &nbsp;&nbsp; 6.015% | 135000 | &nbsp;&nbsp; 139385 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| COMM Mortgage Trust<sup>(a),(c),(g)</sup>  | COMM Mortgage Trust<sup>(a),(c),(g)</sup>  | COMM Mortgage Trust<sup>(a),(c),(g)</sup>  | COMM Mortgage Trust<sup>(a),(c),(g)</sup>  |
| Series 2020-SBX Class X | Series 2020-SBX Class X | Series 2020-SBX Class X | Series 2020-SBX Class X |
| 01/10/2038 | &nbsp;&nbsp; 0.662% | 11501000 | &nbsp;&nbsp; 6299 |
| Commercial Mortgage Trust<sup>(c),(g)</sup>  | Commercial Mortgage Trust<sup>(c),(g)</sup>  | Commercial Mortgage Trust<sup>(c),(g)</sup>  | Commercial Mortgage Trust<sup>(c),(g)</sup>  |
| Series 2012-CR4 Class XA | Series 2012-CR4 Class XA | Series 2012-CR4 Class XA | Series 2012-CR4 Class XA |
| 10/15/2045 | &nbsp;&nbsp; 1.289% | 672393 | &nbsp;&nbsp; 11715 |
| Commercial Mortgage Trust<sup>(a)</sup>  | Commercial Mortgage Trust<sup>(a)</sup>  | Commercial Mortgage Trust<sup>(a)</sup>  | Commercial Mortgage Trust<sup>(a)</sup>  |
| Series 2016-787S Class A | Series 2016-787S Class A | Series 2016-787S Class A | Series 2016-787S Class A |
| 02/10/2036 | &nbsp;&nbsp; 3.545% | 500000 | &nbsp;&nbsp; 495385 |
| CoreVest American Finance Trust<sup>(a),(c),(g)</sup>  | CoreVest American Finance Trust<sup>(a),(c),(g)</sup>  | CoreVest American Finance Trust<sup>(a),(c),(g)</sup>  | CoreVest American Finance Trust<sup>(a),(c),(g)</sup>  |
| Series 2019-3 Class XA | Series 2019-3 Class XA | Series 2019-3 Class XA | Series 2019-3 Class XA |
| 10/15/2052 | &nbsp;&nbsp; 2.153% | 25114 | &nbsp;&nbsp; 176 |
| Series 2020-1 Class XA | Series 2020-1 Class XA | Series 2020-1 Class XA | Series 2020-1 Class XA |
| 03/15/2050 | &nbsp;&nbsp; 2.429% | 147731 | &nbsp;&nbsp; 5556 |
| CoreVest American Finance Trust<sup>(a)</sup>  | CoreVest American Finance Trust<sup>(a)</sup>  | CoreVest American Finance Trust<sup>(a)</sup>  | CoreVest American Finance Trust<sup>(a)</sup>  |
| Series 2020-1 Class A2 | Series 2020-1 Class A2 | Series 2020-1 Class A2 | Series 2020-1 Class A2 |
| 03/15/2050 | &nbsp;&nbsp; 2.296% | 124283 | &nbsp;&nbsp; 117148 |
| CRSNT Trust<sup>(a),(b)</sup>  | CRSNT Trust<sup>(a),(b)</sup>  | CRSNT Trust<sup>(a),(b)</sup>  | CRSNT Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2021-MOON Class C | Subordinated Series 2021-MOON Class C | Subordinated Series 2021-MOON Class C | Subordinated Series 2021-MOON Class C |
| 1-month Term SOFR + 1.664% <br>Floor 1.550% <br>04/15/2036<br>| &nbsp;&nbsp; 6.028% | 492000 | &nbsp;&nbsp; 484620 |
| CSAIL Commercial Mortgage Trust<sup>(c),(g)</sup>  | CSAIL Commercial Mortgage Trust<sup>(c),(g)</sup>  | CSAIL Commercial Mortgage Trust<sup>(c),(g)</sup>  | CSAIL Commercial Mortgage Trust<sup>(c),(g)</sup>  |
| Series 2015-C3 Class XA | Series 2015-C3 Class XA | Series 2015-C3 Class XA | Series 2015-C3 Class XA |
| 08/15/2048 | &nbsp;&nbsp; 0.435% | 1110236 | &nbsp;&nbsp; 12 |
| CSMC Trust<sup>(a),(c)</sup>  | CSMC Trust<sup>(a),(c)</sup>  | CSMC Trust<sup>(a),(c)</sup>  | CSMC Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2021-B33 Class B | Subordinated Series 2021-B33 Class B | Subordinated Series 2021-B33 Class B | Subordinated Series 2021-B33 Class B |
| 10/10/2043 | &nbsp;&nbsp; 3.766% | 423000 | &nbsp;&nbsp; 375264 |
| DBGS Mortgage Trust<sup>(a),(b)</sup>  | DBGS Mortgage Trust<sup>(a),(b)</sup>  | DBGS Mortgage Trust<sup>(a),(b)</sup>  | DBGS Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2021-W52 Class C | Series 2021-W52 Class C | Series 2021-W52 Class C | Series 2021-W52 Class C |
| 1-month Term SOFR + 1.650% <br>Floor 2.300% <br>10/15/2036<br>| &nbsp;&nbsp; 6.777% | 520000 | &nbsp;&nbsp; 503278 |
| DBGS Mortgage Trust<sup>(c)</sup>  | DBGS Mortgage Trust<sup>(c)</sup>  | DBGS Mortgage Trust<sup>(c)</sup>  | DBGS Mortgage Trust<sup>(c)</sup>  |
| Subordinated Series 2018-C1 Class AM | Subordinated Series 2018-C1 Class AM | Subordinated Series 2018-C1 Class AM | Subordinated Series 2018-C1 Class AM |
| 10/15/2051 | &nbsp;&nbsp; 4.764% | 542000 | &nbsp;&nbsp; 527916 |
| Del Amo Fashion Center Trust<sup>(a),(c)</sup>  | Del Amo Fashion Center Trust<sup>(a),(c)</sup>  | Del Amo Fashion Center Trust<sup>(a),(c)</sup>  | Del Amo Fashion Center Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2017-AMO Class C | Subordinated Series 2017-AMO Class C | Subordinated Series 2017-AMO Class C | Subordinated Series 2017-AMO Class C |
| 06/05/2035 | &nbsp;&nbsp; 3.757% | 420000 | &nbsp;&nbsp; 396198 |
| DOLP Trust<sup>(a),(c)</sup>  | DOLP Trust<sup>(a),(c)</sup>  | DOLP Trust<sup>(a),(c)</sup>  | DOLP Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2021-NYC Class D | Subordinated Series 2021-NYC Class D | Subordinated Series 2021-NYC Class D | Subordinated Series 2021-NYC Class D |
| 05/10/2041 | &nbsp;&nbsp; 3.704% | 500000 | &nbsp;&nbsp; 434502 |
| DROP Mortgage Trust<sup>(a),(b)</sup>  | DROP Mortgage Trust<sup>(a),(b)</sup>  | DROP Mortgage Trust<sup>(a),(b)</sup>  | DROP Mortgage Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2021-FILE Class B | Subordinated Series 2021-FILE Class B | Subordinated Series 2021-FILE Class B | Subordinated Series 2021-FILE Class B |
| 1-month Term SOFR + 1.814% <br>Floor 1.700% <br>10/15/2043<br>| &nbsp;&nbsp; 6.178% | 311000 | &nbsp;&nbsp; 293895 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| ELP Commercial Mortgage Trust<sup>(a),(b)</sup>  | ELP Commercial Mortgage Trust<sup>(a),(b)</sup>  | ELP Commercial Mortgage Trust<sup>(a),(b)</sup>  | ELP Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2021-ELP Class C | Subordinated Series 2021-ELP Class C | Subordinated Series 2021-ELP Class C | Subordinated Series 2021-ELP Class C |
| 1-month Term SOFR + 1.434% <br>Floor 1.320% <br>11/15/2038<br>| &nbsp;&nbsp; 5.797% | 347108 | &nbsp;&nbsp; 346782 |
| Extended Stay America Trust<sup>(a),(b)</sup>  | Extended Stay America Trust<sup>(a),(b)</sup>  | Extended Stay America Trust<sup>(a),(b)</sup>  | Extended Stay America Trust<sup>(a),(b)</sup>  |
| Series 2021-ESH Class F | Series 2021-ESH Class F | Series 2021-ESH Class F | Series 2021-ESH Class F |
| 1-month Term SOFR + 3.814% <br>Floor 3.700% <br>07/15/2038<br>| &nbsp;&nbsp; 8.178% | 425448 | &nbsp;&nbsp; 425443 |
| FirstKey Homes Trust<sup>(a)</sup>  | FirstKey Homes Trust<sup>(a)</sup>  | FirstKey Homes Trust<sup>(a)</sup>  | FirstKey Homes Trust<sup>(a)</sup>  |
| Series 2020-SFR2 Class A | Series 2020-SFR2 Class A | Series 2020-SFR2 Class A | Series 2020-SFR2 Class A |
| 10/19/2037 | &nbsp;&nbsp; 1.266% | 188729 | &nbsp;&nbsp; 187401 |
| Series 2021-SFR2 Class F2 | Series 2021-SFR2 Class F2 | Series 2021-SFR2 Class F2 | Series 2021-SFR2 Class F2 |
| 09/17/2038 | &nbsp;&nbsp; 3.157% | 850000 | &nbsp;&nbsp; 818886 |
| Series 2021-SFR3 Class F2 | Series 2021-SFR3 Class F2 | Series 2021-SFR3 Class F2 | Series 2021-SFR3 Class F2 |
| 12/17/2038 | &nbsp;&nbsp; 3.832% | 820000 | &nbsp;&nbsp; 802204 |
| Grace Trust<sup>(a)</sup>  | Grace Trust<sup>(a)</sup>  | Grace Trust<sup>(a)</sup>  | Grace Trust<sup>(a)</sup>  |
| Subordinated Series 2020-GRCE Class B | Subordinated Series 2020-GRCE Class B | Subordinated Series 2020-GRCE Class B | Subordinated Series 2020-GRCE Class B |
| 12/10/2040 | &nbsp;&nbsp; 2.600% | 500000 | &nbsp;&nbsp; 443812 |
| Great Wolf Trust<sup>(a),(b)</sup>  | Great Wolf Trust<sup>(a),(b)</sup>  | Great Wolf Trust<sup>(a),(b)</sup>  | Great Wolf Trust<sup>(a),(b)</sup>  |
| Series 2024-WOLF Class B | Series 2024-WOLF Class B | Series 2024-WOLF Class B | Series 2024-WOLF Class B |
| 1-month Term SOFR + 2.091% <br>Floor 2.091% <br>03/15/2039<br>| &nbsp;&nbsp; 6.454% | 540000 | &nbsp;&nbsp; 542362 |
| Series 2024-WOLF Class C | Series 2024-WOLF Class C | Series 2024-WOLF Class C | Series 2024-WOLF Class C |
| 1-month Term SOFR + 2.391% <br>Floor 2.391% <br>03/15/2039<br>| &nbsp;&nbsp; 6.754% | 360000 | &nbsp;&nbsp; 361800 |
| Series 2024-WOLF Class F | Series 2024-WOLF Class F | Series 2024-WOLF Class F | Series 2024-WOLF Class F |
| 1-month Term SOFR + 4.438% <br>Floor 4.438% <br>03/15/2039<br>| &nbsp;&nbsp; 8.801% | 430000 | &nbsp;&nbsp; 432688 |
| GS Mortgage Securities Corp II<sup>(a),(c)</sup>  | GS Mortgage Securities Corp II<sup>(a),(c)</sup>  | GS Mortgage Securities Corp II<sup>(a),(c)</sup>  | GS Mortgage Securities Corp II<sup>(a),(c)</sup>  |
| Series 2017-375H Class A | Series 2017-375H Class A | Series 2017-375H Class A | Series 2017-375H Class A |
| 09/10/2037 | &nbsp;&nbsp; 3.591% | 460000 | &nbsp;&nbsp; 444788 |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| Series 2015-GS1 Class AS | Series 2015-GS1 Class AS | Series 2015-GS1 Class AS | Series 2015-GS1 Class AS |
| 11/10/2048 | &nbsp;&nbsp; 4.037% | 475000 | &nbsp;&nbsp; 461408 |
| Hilton USA Trust<sup>(a),(c)</sup>  | Hilton USA Trust<sup>(a),(c)</sup>  | Hilton USA Trust<sup>(a),(c)</sup>  | Hilton USA Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2016-HHV Class F | Subordinated Series 2016-HHV Class F | Subordinated Series 2016-HHV Class F | Subordinated Series 2016-HHV Class F |
| 11/05/2038 | &nbsp;&nbsp; 4.333% | 450000 | &nbsp;&nbsp; 436202 |
| Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  |
| Series 2019-1 Class B | Series 2019-1 Class B | Series 2019-1 Class B | Series 2019-1 Class B |
| 09/17/2039 | &nbsp;&nbsp; 3.157% | 76218 | &nbsp;&nbsp; 74153 |
| Hudson Yards Mortgage Trust<sup>(a),(c)</sup>  | Hudson Yards Mortgage Trust<sup>(a),(c)</sup>  | Hudson Yards Mortgage Trust<sup>(a),(c)</sup>  | Hudson Yards Mortgage Trust<sup>(a),(c)</sup>  |
| Series 2019-55HY Class F | Series 2019-55HY Class F | Series 2019-55HY Class F | Series 2019-55HY Class F |
| 12/10/2041 | &nbsp;&nbsp; 3.041% | 85000 | &nbsp;&nbsp; 73018 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| ILPT Commercial Mortgage Trust<sup>(a),(c)</sup>  | ILPT Commercial Mortgage Trust<sup>(a),(c)</sup>  | ILPT Commercial Mortgage Trust<sup>(a),(c)</sup>  | ILPT Commercial Mortgage Trust<sup>(a),(c)</sup>  |
| Series 2025-LPF2 Class E | Series 2025-LPF2 Class E | Series 2025-LPF2 Class E | Series 2025-LPF2 Class E |
| 07/15/2042 | &nbsp;&nbsp; 8.472% | 845000 | &nbsp;&nbsp; 871570 |
| INTOWN Mortgage Trust<sup>(a),(b)</sup>  | INTOWN Mortgage Trust<sup>(a),(b)</sup>  | INTOWN Mortgage Trust<sup>(a),(b)</sup>  | INTOWN Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2025-STAY Class B | Series 2025-STAY Class B | Series 2025-STAY Class B | Series 2025-STAY Class B |
| 1-month Term SOFR + 1.750% <br>Floor 1.750% <br>03/15/2042<br>| &nbsp;&nbsp; 6.113% | 245000 | &nbsp;&nbsp; 244542 |
| Series 2025-STAY Class C | Series 2025-STAY Class C | Series 2025-STAY Class C | Series 2025-STAY Class C |
| 1-month Term SOFR + 2.250% <br>Floor 2.250% <br>03/15/2042<br>| &nbsp;&nbsp; 6.613% | 105000 | &nbsp;&nbsp; 104738 |
| JPMBB Commercial Mortgage Securities Trust<sup>(c),(g)</sup>  | JPMBB Commercial Mortgage Securities Trust<sup>(c),(g)</sup>  | JPMBB Commercial Mortgage Securities Trust<sup>(c),(g)</sup>  | JPMBB Commercial Mortgage Securities Trust<sup>(c),(g)</sup>  |
| Series 2014-C23 Class XA | Series 2014-C23 Class XA | Series 2014-C23 Class XA | Series 2014-C23 Class XA |
| 09/15/2047 | &nbsp;&nbsp; 0.486% | 175897 | &nbsp;&nbsp; 5 |
| JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a)</sup>  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a)</sup>  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a)</sup>  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a)</sup>  |
| Series 2019-OSB Class A | Series 2019-OSB Class A | Series 2019-OSB Class A | Series 2019-OSB Class A |
| 06/05/2039 | &nbsp;&nbsp; 3.397% | 375000 | &nbsp;&nbsp; 354294 |
| JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a),(b)</sup>  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a),(b)</sup>  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a),(b)</sup>  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2022-NLP Class H | Subordinated Series 2022-NLP Class H | Subordinated Series 2022-NLP Class H | Subordinated Series 2022-NLP Class H |
| 1-month Term SOFR + 5.010% <br>Floor 5.010% <br>04/15/2037<br>| &nbsp;&nbsp; 9.623% | 224544 | &nbsp;&nbsp; 187713 |
| Life Mortgage Trust<sup>(a),(b)</sup>  | Life Mortgage Trust<sup>(a),(b)</sup>  | Life Mortgage Trust<sup>(a),(b)</sup>  | Life Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2022-BMR2 Class A1 | Series 2022-BMR2 Class A1 | Series 2022-BMR2 Class A1 | Series 2022-BMR2 Class A1 |
| 1-month Term SOFR + 1.295% <br>Floor 1.295% <br>05/15/2039<br>| &nbsp;&nbsp; 5.658% | 530000 | &nbsp;&nbsp; 515422 |
| Series 2022-BMR2 Class B | Series 2022-BMR2 Class B | Series 2022-BMR2 Class B | Series 2022-BMR2 Class B |
| 1-month Term SOFR + 1.794% <br>Floor 1.794% <br>05/15/2039<br>| &nbsp;&nbsp; 6.157% | 605000 | &nbsp;&nbsp; 561429 |
| MHC Commercial Mortgage Trust<sup>(a),(b)</sup>  | MHC Commercial Mortgage Trust<sup>(a),(b)</sup>  | MHC Commercial Mortgage Trust<sup>(a),(b)</sup>  | MHC Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2021-MHC Class B | Subordinated Series 2021-MHC Class B | Subordinated Series 2021-MHC Class B | Subordinated Series 2021-MHC Class B |
| 1-month Term SOFR + 1.215% <br>Floor 1.101% <br>04/15/2038<br>| &nbsp;&nbsp; 5.579% | 432000 | &nbsp;&nbsp; 432540 |
| MHC Trust<sup>(a),(b)</sup>  | MHC Trust<sup>(a),(b)</sup>  | MHC Trust<sup>(a),(b)</sup>  | MHC Trust<sup>(a),(b)</sup>  |
| Series 2021-MHC2 Class E | Series 2021-MHC2 Class E | Series 2021-MHC2 Class E | Series 2021-MHC2 Class E |
| 1-month Term SOFR + 2.064% <br>05/15/2038<br>| &nbsp;&nbsp; 6.428% | 600000 | &nbsp;&nbsp; 600937 |
| Morgan Stanley Bank of America Merrill Lynch Trust<sup>(c),(g)</sup>  | Morgan Stanley Bank of America Merrill Lynch Trust<sup>(c),(g)</sup>  | Morgan Stanley Bank of America Merrill Lynch Trust<sup>(c),(g)</sup>  | Morgan Stanley Bank of America Merrill Lynch Trust<sup>(c),(g)</sup>  |
| Series 2015-C26 Class XA | Series 2015-C26 Class XA | Series 2015-C26 Class XA | Series 2015-C26 Class XA |
| 10/15/2048 | &nbsp;&nbsp; 0.824% | 2165771 | &nbsp;&nbsp; 98 |
| Series 2016-C31 Class XA | Series 2016-C31 Class XA | Series 2016-C31 Class XA | Series 2016-C31 Class XA |
| 11/15/2049 | &nbsp;&nbsp; 1.396% | 1937126 | &nbsp;&nbsp; 15297 |
| Natixis Commercial Mortgage Securities Trust<sup>(a),(c),(g)</sup>  | Natixis Commercial Mortgage Securities Trust<sup>(a),(c),(g)</sup>  | Natixis Commercial Mortgage Securities Trust<sup>(a),(c),(g)</sup>  | Natixis Commercial Mortgage Securities Trust<sup>(a),(c),(g)</sup>  |
| Series 2020-2PAC Class XA | Series 2020-2PAC Class XA | Series 2020-2PAC Class XA | Series 2020-2PAC Class XA |
| 12/15/2038 | &nbsp;&nbsp; 1.540% | 745814 | &nbsp;&nbsp; 13788 |
| Series 2020-2PAC Class XB | Series 2020-2PAC Class XB | Series 2020-2PAC Class XB | Series 2020-2PAC Class XB |
| 12/15/2038 | &nbsp;&nbsp; 1.102% | 2665000 | &nbsp;&nbsp; 34464 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Natixis Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  | Natixis Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  | Natixis Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  | Natixis Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  | Natixis Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2018-ALXA Class E | Subordinated Series 2018-ALXA Class E | Subordinated Series 2018-ALXA Class E | Subordinated Series 2018-ALXA Class E | Subordinated Series 2018-ALXA Class E |
| 01/15/2043 | &nbsp;&nbsp; 4.460% |  | 60000 | &nbsp;&nbsp; 50687 |
| NRTH Mortgage Trust<sup>(a),(b)</sup>  | NRTH Mortgage Trust<sup>(a),(b)</sup>  | NRTH Mortgage Trust<sup>(a),(b)</sup>  | NRTH Mortgage Trust<sup>(a),(b)</sup>  | NRTH Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2024-PARK Class A | Series 2024-PARK Class A | Series 2024-PARK Class A | Series 2024-PARK Class A | Series 2024-PARK Class A |
| 1-month Term SOFR + 1.641% <br>03/15/2041<br>| &nbsp;&nbsp; 5.983% |  | 362000 | &nbsp;&nbsp; 362013 |
| NYC Commercial Mortgage Trust<sup>(a),(b)</sup>  | NYC Commercial Mortgage Trust<sup>(a),(b)</sup>  | NYC Commercial Mortgage Trust<sup>(a),(b)</sup>  | NYC Commercial Mortgage Trust<sup>(a),(b)</sup>  | NYC Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2025-3BP Class A | Series 2025-3BP Class A | Series 2025-3BP Class A | Series 2025-3BP Class A | Series 2025-3BP Class A |
| 1-month Term SOFR + 1.213% <br>02/15/2042<br>| &nbsp;&nbsp; 5.555% |  | 270000 | &nbsp;&nbsp; 269470 |
| Series 2025-3BP Class D | Series 2025-3BP Class D | Series 2025-3BP Class D | Series 2025-3BP Class D | Series 2025-3BP Class D |
| 1-month Term SOFR + 2.441% <br>02/15/2042<br>| &nbsp;&nbsp; 6.783% |  | 425000 | &nbsp;&nbsp; 422238 |
| One New York Plaza Trust<sup>(a),(b)</sup>  | One New York Plaza Trust<sup>(a),(b)</sup>  | One New York Plaza Trust<sup>(a),(b)</sup>  | One New York Plaza Trust<sup>(a),(b)</sup>  | One New York Plaza Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2020-1NYP Class AJ | Subordinated Series 2020-1NYP Class AJ | Subordinated Series 2020-1NYP Class AJ | Subordinated Series 2020-1NYP Class AJ | Subordinated Series 2020-1NYP Class AJ |
| 1-month Term SOFR + 1.364% <br>Floor 1.250% <br>01/15/2036<br>| &nbsp;&nbsp; 5.728% |  | 372000 | &nbsp;&nbsp; 357120 |
| PGA Trust<sup>(a),(b)</sup>  | PGA Trust<sup>(a),(b)</sup>  | PGA Trust<sup>(a),(b)</sup>  | PGA Trust<sup>(a),(b)</sup>  | PGA Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2024-RSR2 Class B | Subordinated Series 2024-RSR2 Class B | Subordinated Series 2024-RSR2 Class B | Subordinated Series 2024-RSR2 Class B | Subordinated Series 2024-RSR2 Class B |
| 1-month Term SOFR + 2.390% <br>Floor 2.390% <br>06/15/2039<br>| &nbsp;&nbsp; 6.813% |  | 670000 | &nbsp;&nbsp; 669789 |
| Progress Residential Trust<sup>(a),(c)</sup>  | Progress Residential Trust<sup>(a),(c)</sup>  | Progress Residential Trust<sup>(a),(c)</sup>  | Progress Residential Trust<sup>(a),(c)</sup>  | Progress Residential Trust<sup>(a),(c)</sup>  |
| Series 2024-SFR5 Class E2 | Series 2024-SFR5 Class E2 | Series 2024-SFR5 Class E2 | Series 2024-SFR5 Class E2 | Series 2024-SFR5 Class E2 |
| 08/09/2029 | &nbsp;&nbsp; 3.625% |  | 740000 | &nbsp;&nbsp; 681603 |
| Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  |
| Subordinated Series 2021-SFR7 Class E2 | Subordinated Series 2021-SFR7 Class E2 | Subordinated Series 2021-SFR7 Class E2 | Subordinated Series 2021-SFR7 Class E2 | Subordinated Series 2021-SFR7 Class E2 |
| 08/17/2040 | &nbsp;&nbsp; 2.640% |  | 788000 | &nbsp;&nbsp; 747008 |
| Subordinated Series 2021-SFR9 Class E1 | Subordinated Series 2021-SFR9 Class E1 | Subordinated Series 2021-SFR9 Class E1 | Subordinated Series 2021-SFR9 Class E1 | Subordinated Series 2021-SFR9 Class E1 |
| 11/17/2040 | &nbsp;&nbsp; 2.811% |  | 910000 | &nbsp;&nbsp; 855759 |
| Subordinated Series 2024-SFR3 Class D | Subordinated Series 2024-SFR3 Class D | Subordinated Series 2024-SFR3 Class D | Subordinated Series 2024-SFR3 Class D | Subordinated Series 2024-SFR3 Class D |
| 06/17/2041 | &nbsp;&nbsp; 3.500% |  | 450000 | &nbsp;&nbsp; 424349 |
| RIDE<sup>(a),(c)</sup>  | RIDE<sup>(a),(c)</sup>  | RIDE<sup>(a),(c)</sup>  | RIDE<sup>(a),(c)</sup>  | RIDE<sup>(a),(c)</sup>  |
| Series 2025-SHRE Class D | Series 2025-SHRE Class D | Series 2025-SHRE Class D | Series 2025-SHRE Class D | Series 2025-SHRE Class D |
| 02/14/2035 | &nbsp;&nbsp; 6.297% |  | 400000 | &nbsp;&nbsp; 406734 |
| ROCK Trust<sup>(a)</sup>  | ROCK Trust<sup>(a)</sup>  | ROCK Trust<sup>(a)</sup>  | ROCK Trust<sup>(a)</sup>  | ROCK Trust<sup>(a)</sup>  |
| Series 2024-CNTR Class E | Series 2024-CNTR Class E | Series 2024-CNTR Class E | Series 2024-CNTR Class E | Series 2024-CNTR Class E |
| 11/13/2041 | &nbsp;&nbsp; 8.819% |  | 570000 | &nbsp;&nbsp; 601980 |
| SCOTT Trust<sup>(a)</sup>  | SCOTT Trust<sup>(a)</sup>  | SCOTT Trust<sup>(a)</sup>  | SCOTT Trust<sup>(a)</sup>  | SCOTT Trust<sup>(a)</sup>  |
| Subordinated Series 2023-SFS Class AS | Subordinated Series 2023-SFS Class AS | Subordinated Series 2023-SFS Class AS | Subordinated Series 2023-SFS Class AS | Subordinated Series 2023-SFS Class AS |
| 03/15/2040 | &nbsp;&nbsp; 6.204% |  | 100000 | &nbsp;&nbsp; 101514 |
| Sequoia Logistics DAC<sup>(a),(b)</sup>  | Sequoia Logistics DAC<sup>(a),(b)</sup>  | Sequoia Logistics DAC<sup>(a),(b)</sup>  | Sequoia Logistics DAC<sup>(a),(b)</sup>  | Sequoia Logistics DAC<sup>(a),(b)</sup>  |
| Series 2025-1A Class E | Series 2025-1A Class E | Series 2025-1A Class E | Series 2025-1A Class E | Series 2025-1A Class E |
| 3-month EURIBOR + 3.800% <br>02/17/2037<br>| &nbsp;&nbsp; 5.927% | EUR | 260000 | &nbsp;&nbsp; 302653 |
| SFAVE Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  | SFAVE Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  | SFAVE Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  | SFAVE Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  | SFAVE Commercial Mortgage Securities Trust<sup>(a),(c)</sup>  |
| Series 2015-5AVE Class A2A | Series 2015-5AVE Class A2A | Series 2015-5AVE Class A2A | Series 2015-5AVE Class A2A | Series 2015-5AVE Class A2A |
| 01/05/2043 | &nbsp;&nbsp; 3.659% |  | 425000 | &nbsp;&nbsp; 362019 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Series 2015-5AVE Class A2B | Series 2015-5AVE Class A2B | Series 2015-5AVE Class A2B | Series 2015-5AVE Class A2B | Series 2015-5AVE Class A2B |
| 01/05/2043 | &nbsp;&nbsp; 4.144% |  | 35000 | &nbsp;&nbsp; 30374 |
| Subordinated Series 2015-5AVE Class C | Subordinated Series 2015-5AVE Class C | Subordinated Series 2015-5AVE Class C | Subordinated Series 2015-5AVE Class C | Subordinated Series 2015-5AVE Class C |
| 01/05/2043 | &nbsp;&nbsp; 4.534% |  | 345000 | &nbsp;&nbsp; 277218 |
| SMRT Commercial Mortgage Trust<sup>(a),(b)</sup>  | SMRT Commercial Mortgage Trust<sup>(a),(b)</sup>  | SMRT Commercial Mortgage Trust<sup>(a),(b)</sup>  | SMRT Commercial Mortgage Trust<sup>(a),(b)</sup>  | SMRT Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2022-MINI Class B | Subordinated Series 2022-MINI Class B | Subordinated Series 2022-MINI Class B | Subordinated Series 2022-MINI Class B | Subordinated Series 2022-MINI Class B |
| 1-month Term SOFR + 1.350% <br>Floor 1.350% <br>01/15/2039<br>| &nbsp;&nbsp; 5.713% |  | 350000 | &nbsp;&nbsp; 348250 |
| Subordinated Series 2022-MINI Class D | Subordinated Series 2022-MINI Class D | Subordinated Series 2022-MINI Class D | Subordinated Series 2022-MINI Class D | Subordinated Series 2022-MINI Class D |
| 1-month Term SOFR + 1.950% <br>Floor 1.950% <br>01/15/2039<br>| &nbsp;&nbsp; 6.313% |  | 430000 | &nbsp;&nbsp; 427313 |
| Subordinated Series 2022-MINI Class E | Subordinated Series 2022-MINI Class E | Subordinated Series 2022-MINI Class E | Subordinated Series 2022-MINI Class E | Subordinated Series 2022-MINI Class E |
| 1-month Term SOFR + 2.700% <br>Floor 2.700% <br>01/15/2039<br>| &nbsp;&nbsp; 7.063% |  | 350000 | &nbsp;&nbsp; 346500 |
| SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  | SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  | SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  | SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  | SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2025-DATA Class E | Series 2025-DATA Class E | Series 2025-DATA Class E | Series 2025-DATA Class E | Series 2025-DATA Class E |
| 1-month Term SOFR + 3.340% <br>Floor 3.290% <br>03/15/2042<br>| &nbsp;&nbsp; 7.682% |  | 625000 | &nbsp;&nbsp; 622660 |
| Tricon Residential Trust<sup>(a)</sup>  | Tricon Residential Trust<sup>(a)</sup>  | Tricon Residential Trust<sup>(a)</sup>  | Tricon Residential Trust<sup>(a)</sup>  | Tricon Residential Trust<sup>(a)</sup>  |
| Subordinated Series 2021-SFR1 Class F | Subordinated Series 2021-SFR1 Class F | Subordinated Series 2021-SFR1 Class F | Subordinated Series 2021-SFR1 Class F | Subordinated Series 2021-SFR1 Class F |
| 07/17/2038 | &nbsp;&nbsp; 3.692% |  | 670000 | &nbsp;&nbsp; 658420 |
| UK Logistics DAC<sup>(a),(b)</sup>  | UK Logistics DAC<sup>(a),(b)</sup>  | UK Logistics DAC<sup>(a),(b)</sup>  | UK Logistics DAC<sup>(a),(b)</sup>  | UK Logistics DAC<sup>(a),(b)</sup>  |
| Series 2025-1A Class E | Series 2025-1A Class E | Series 2025-1A Class E | Series 2025-1A Class E | Series 2025-1A Class E |
| SONIA + 5.500% <br>05/17/2035<br>| &nbsp;&nbsp; 9.470% | GBP | 223109 | &nbsp;&nbsp; 292696 |
| VMC Finance LLC<sup>(a),(b)</sup>  | VMC Finance LLC<sup>(a),(b)</sup>  | VMC Finance LLC<sup>(a),(b)</sup>  | VMC Finance LLC<sup>(a),(b)</sup>  | VMC Finance LLC<sup>(a),(b)</sup>  |
| Series 2021-FL4 Class B | Series 2021-FL4 Class B | Series 2021-FL4 Class B | Series 2021-FL4 Class B | Series 2021-FL4 Class B |
| 1-month Term SOFR + 1.914% <br>Floor 1.800% <br>06/18/2036<br>| &nbsp;&nbsp; 6.278% |  | 285097 | &nbsp;&nbsp; 282279 |
| Wells Fargo Commercial Mortgage Trust<sup>(a),(c)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(c)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(c)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(c)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(c)</sup>  |
| Series 2024-SVEN Class D | Series 2024-SVEN Class D | Series 2024-SVEN Class D | Series 2024-SVEN Class D | Series 2024-SVEN Class D |
| 06/10/2037 | &nbsp;&nbsp; 6.534% |  | 667000 | &nbsp;&nbsp; 679757 |
| Wells Fargo Commercial Mortgage Trust<sup>(c)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(c)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(c)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(c)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(c)</sup>  |
| Subordinated Series 2018-C47 Class AS | Subordinated Series 2018-C47 Class AS | Subordinated Series 2018-C47 Class AS | Subordinated Series 2018-C47 Class AS | Subordinated Series 2018-C47 Class AS |
| 09/15/2061 | &nbsp;&nbsp; 4.673% |  | 560000 | &nbsp;&nbsp; 557886 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $34,543,415) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $34,543,415) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $34,543,415) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $34,543,415) | &nbsp;&nbsp; **34920000** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks 0.0%** | **Common Stocks 0.0%** | **Common Stocks 0.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| **Real Estate Management & Development 0.0%** | **Real Estate Management & Development 0.0%** | **Real Estate Management & Development 0.0%** |
| China Aoyuan Group Ltd.<sup>(i)</sup> <br>| &nbsp;&nbsp; 30741 | &nbsp;&nbsp; 461 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **461** |
| Total Common Stocks <br>(Cost $620) | Total Common Stocks <br>(Cost $620) | &nbsp;&nbsp; **461** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Convertible Bonds**<sup>(h)</sup> **1.3%** | **Convertible Bonds**<sup>(h)</sup> **1.3%** | **Convertible Bonds**<sup>(h)</sup> **1.3%** | **Convertible Bonds**<sup>(h)</sup> **1.3%** | **Convertible Bonds**<sup>(h)</sup> **1.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Banking 0.6%** | **Banking 0.6%** | **Banking 0.6%** | **Banking 0.6%** | **Banking 0.6%** |
| Barclays PLC<sup>(j),(k)</sup>  | Barclays PLC<sup>(j),(k)</sup>  | Barclays PLC<sup>(j),(k)</sup>  | Barclays PLC<sup>(j),(k)</sup>  | Barclays PLC<sup>(j),(k)</sup>  |
|  | &nbsp;&nbsp; 7.625% |  | 408000 | &nbsp;&nbsp; 422682 |
| BNP Paribas SA<sup>(a),(j),(k)</sup>  | BNP Paribas SA<sup>(a),(j),(k)</sup>  | BNP Paribas SA<sup>(a),(j),(k)</sup>  | BNP Paribas SA<sup>(a),(j),(k)</sup>  | BNP Paribas SA<sup>(a),(j),(k)</sup>  |
|  | &nbsp;&nbsp; 7.375% |  | 500000 | &nbsp;&nbsp; 512948 |
| HSBC Holdings PLC<sup>(j),(k)</sup>  | HSBC Holdings PLC<sup>(j),(k)</sup>  | HSBC Holdings PLC<sup>(j),(k)</sup>  | HSBC Holdings PLC<sup>(j),(k)</sup>  | HSBC Holdings PLC<sup>(j),(k)</sup>  |
|  | &nbsp;&nbsp; 6.950% |  | 555000 | &nbsp;&nbsp; 568157 |
| Societe Generale SA<sup>(a),(j),(k)</sup>  | Societe Generale SA<sup>(a),(j),(k)</sup>  | Societe Generale SA<sup>(a),(j),(k)</sup>  | Societe Generale SA<sup>(a),(j),(k)</sup>  | Societe Generale SA<sup>(a),(j),(k)</sup>  |
|  | &nbsp;&nbsp; 8.125% |  | 700000 | &nbsp;&nbsp; 725488 |
| UBS Group AG<sup>(a),(j),(k)</sup>  | UBS Group AG<sup>(a),(j),(k)</sup>  | UBS Group AG<sup>(a),(j),(k)</sup>  | UBS Group AG<sup>(a),(j),(k)</sup>  | UBS Group AG<sup>(a),(j),(k)</sup>  |
|  | &nbsp;&nbsp; 7.000% |  | 580000 | &nbsp;&nbsp; 590337 |
|  | &nbsp;&nbsp; 7.125% |  | 370000 | &nbsp;&nbsp; 376080 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3195692** |
| **Electric 0.5%** | **Electric 0.5%** | **Electric 0.5%** | **Electric 0.5%** | **Electric 0.5%** |
| CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| 08/15/2026 | &nbsp;&nbsp; 4.250% |  | 430000 | &nbsp;&nbsp; 469990 |
| CenterPoint Energy, Inc.<sup>(a)</sup>  | CenterPoint Energy, Inc.<sup>(a)</sup>  | CenterPoint Energy, Inc.<sup>(a)</sup>  | CenterPoint Energy, Inc.<sup>(a)</sup>  | CenterPoint Energy, Inc.<sup>(a)</sup>  |
| 08/01/2028 | &nbsp;&nbsp; 3.000% |  | 325000 | &nbsp;&nbsp; 326673 |
| FirstEnergy Corp.<sup>(a)</sup>  | FirstEnergy Corp.<sup>(a)</sup>  | FirstEnergy Corp.<sup>(a)</sup>  | FirstEnergy Corp.<sup>(a)</sup>  | FirstEnergy Corp.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 3.875% |  | 420000 | &nbsp;&nbsp; 444360 |
| Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) |
| 06/15/2027 | &nbsp;&nbsp; 4.500% |  | 375000 | &nbsp;&nbsp; 412312 |
| Southern Co. (The)<sup>(a)</sup>  | Southern Co. (The)<sup>(a)</sup>  | Southern Co. (The)<sup>(a)</sup>  | Southern Co. (The)<sup>(a)</sup>  | Southern Co. (The)<sup>(a)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 3.250% |  | 245000 | &nbsp;&nbsp; 246593 |
| TXNM Energy, Inc. | TXNM Energy, Inc. | TXNM Energy, Inc. | TXNM Energy, Inc. | TXNM Energy, Inc. |
| 06/01/2054 | &nbsp;&nbsp; 5.750% |  | 265000 | &nbsp;&nbsp; 346700 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2246628** |
| **Food and Beverage 0.0%** | **Food and Beverage 0.0%** | **Food and Beverage 0.0%** | **Food and Beverage 0.0%** | **Food and Beverage 0.0%** |
| Davide Campari-Milano NV<sup>(a)</sup>  | Davide Campari-Milano NV<sup>(a)</sup>  | Davide Campari-Milano NV<sup>(a)</sup>  | Davide Campari-Milano NV<sup>(a)</sup>  | Davide Campari-Milano NV<sup>(a)</sup>  |
| 01/17/2029 | &nbsp;&nbsp; 2.375% | EUR | 100000 | &nbsp;&nbsp; 114721 |
| **Lodging 0.1%** | **Lodging 0.1%** | **Lodging 0.1%** | **Lodging 0.1%** | **Lodging 0.1%** |
| Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. |
| 12/15/2027 | &nbsp;&nbsp; 3.250% |  | 335000 | &nbsp;&nbsp; 319428 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Convertible Bonds**<sup>(h)</sup> **(continued)** | **Convertible Bonds**<sup>(h)</sup> **(continued)** | **Convertible Bonds**<sup>(h)</sup> **(continued)** | **Convertible Bonds**<sup>(h)</sup> **(continued)** | **Convertible Bonds**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** |
| Burlington Stores, Inc. | Burlington Stores, Inc. | Burlington Stores, Inc. | Burlington Stores, Inc. | Burlington Stores, Inc. |
| 12/15/2027 | &nbsp;&nbsp; 1.250% |  | 235000 | &nbsp;&nbsp; 355015 |
| **Technology 0.0%** | **Technology 0.0%** | **Technology 0.0%** | **Technology 0.0%** | **Technology 0.0%** |
| Worldline SA<sup>(a),(d)</sup>  | Worldline SA<sup>(a),(d)</sup>  | Worldline SA<sup>(a),(d)</sup>  | Worldline SA<sup>(a),(d)</sup>  | Worldline SA<sup>(a),(d)</sup>  |
| 07/30/2026 | &nbsp;&nbsp; 0.000% | EUR | 197938 | &nbsp;&nbsp; 223694 |
| Total Convertible Bonds <br>(Cost $5,988,366) | Total Convertible Bonds <br>(Cost $5,988,366) | Total Convertible Bonds <br>(Cost $5,988,366) | Total Convertible Bonds <br>(Cost $5,988,366) | &nbsp;&nbsp; **6455178** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks 0.5%** | **Convertible Preferred Stocks 0.5%** | **Convertible Preferred Stocks 0.5%** | **Convertible Preferred Stocks 0.5%** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** |
| **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** |
| Boeing Co. (The) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4300 | &nbsp;&nbsp; 321038 |
| **Trading Companies & Distributors 0.1%** | **Trading Companies & Distributors 0.1%** | **Trading Companies & Distributors 0.1%** | **Trading Companies & Distributors 0.1%** |
| QXO, Inc. | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 13350 | &nbsp;&nbsp; 768799 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **1089837** |
| **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** |
| **Technology Hardware, Storage & Peripherals 0.1%** | **Technology Hardware, Storage & Peripherals 0.1%** | **Technology Hardware, Storage & Peripherals 0.1%** | **Technology Hardware, Storage & Peripherals 0.1%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 5750 | &nbsp;&nbsp; 363121 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **363121** |
| **Utilities 0.2%** | **Utilities 0.2%** | **Utilities 0.2%** | **Utilities 0.2%** |
| **Electric Utilities 0.2%** | **Electric Utilities 0.2%** | **Electric Utilities 0.2%** | **Electric Utilities 0.2%** |
| Nextera Energy, Inc. | &nbsp;&nbsp; 7.234% | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 925404 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **925404** |
| Total Convertible Preferred Stocks <br>(Cost $2,106,266) | Total Convertible Preferred Stocks <br>(Cost $2,106,266) | Total Convertible Preferred Stocks <br>(Cost $2,106,266) | &nbsp;&nbsp; **2378362** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **22.1%** | **Corporate Bonds & Notes**<sup>(h)</sup> **22.1%** | **Corporate Bonds & Notes**<sup>(h)</sup> **22.1%** | **Corporate Bonds & Notes**<sup>(h)</sup> **22.1%** | **Corporate Bonds & Notes**<sup>(h)</sup> **22.1%** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **ABS Other 0.1%** | **ABS Other 0.1%** | **ABS Other 0.1%** | **ABS Other 0.1%** | **ABS Other 0.1%** |
| American Tower Trust #1<sup>(a)</sup>  | American Tower Trust #1<sup>(a)</sup>  | American Tower Trust #1<sup>(a)</sup>  | American Tower Trust #1<sup>(a)</sup>  | American Tower Trust #1<sup>(a)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 5.490% |  | 410000 | &nbsp;&nbsp; 416435 |
| SBA Tower Trust<sup>(a)</sup>  | SBA Tower Trust<sup>(a)</sup>  | SBA Tower Trust<sup>(a)</sup>  | SBA Tower Trust<sup>(a)</sup>  | SBA Tower Trust<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 6.599% |  | 240000 | &nbsp;&nbsp; 246006 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **662441** |
| **Aerospace & Defense 0.6%** | **Aerospace & Defense 0.6%** | **Aerospace & Defense 0.6%** | **Aerospace & Defense 0.6%** | **Aerospace & Defense 0.6%** |
| Airbus SE<sup>(a)</sup>  | Airbus SE<sup>(a)</sup>  | Airbus SE<sup>(a)</sup>  | Airbus SE<sup>(a)</sup>  | Airbus SE<sup>(a)</sup>  |
| 06/09/2030 | &nbsp;&nbsp; 1.625% | EUR | 100000 | &nbsp;&nbsp; 111533 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| ATI, Inc. | ATI, Inc. | ATI, Inc. | ATI, Inc. | ATI, Inc. |
| 08/15/2030 | &nbsp;&nbsp; 7.250% |  | 92000 | &nbsp;&nbsp; 96885 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 05/01/2030 | &nbsp;&nbsp; 5.150% |  | 600000 | &nbsp;&nbsp; 614894 |
| 05/01/2050 | &nbsp;&nbsp; 5.805% |  | 290000 | &nbsp;&nbsp; 278857 |
| TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  |
| 12/01/2031 | &nbsp;&nbsp; 7.125% |  | 730000 | &nbsp;&nbsp; 761388 |
| 01/15/2033 | &nbsp;&nbsp; 6.000% |  | 260000 | &nbsp;&nbsp; 262916 |
| 05/31/2033 | &nbsp;&nbsp; 6.375% |  | 268000 | &nbsp;&nbsp; 271731 |
| 01/31/2034 | &nbsp;&nbsp; 6.250% |  | 115000 | &nbsp;&nbsp; 118006 |
| 01/31/2034 | &nbsp;&nbsp; 6.750% |  | 250000 | &nbsp;&nbsp; 258114 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2774324** |
| **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** |
| American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
| Series 2016-2 Class AA | Series 2016-2 Class AA | Series 2016-2 Class AA | Series 2016-2 Class AA | Series 2016-2 Class AA |
| 06/15/2028 | &nbsp;&nbsp; 3.200% |  | 151750 | &nbsp;&nbsp; 146053 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  |
| 04/20/2029 | &nbsp;&nbsp; 5.750% |  | 715000 | &nbsp;&nbsp; 719161 |
| Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
| 06/10/2028 | &nbsp;&nbsp; 2.500% |  | 65785 | &nbsp;&nbsp; 62482 |
| JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  |
| 09/20/2031 | &nbsp;&nbsp; 9.875% |  | 345000 | &nbsp;&nbsp; 342735 |
| JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
| Series 2020-1 Class A | Series 2020-1 Class A | Series 2020-1 Class A | Series 2020-1 Class A | Series 2020-1 Class A |
| 11/15/2032 | &nbsp;&nbsp; 4.000% |  | 282213 | &nbsp;&nbsp; 264597 |
| United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.625% |  | 190000 | &nbsp;&nbsp; 187162 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1722190** |
| **Apartment REIT 0.0%** | **Apartment REIT 0.0%** | **Apartment REIT 0.0%** | **Apartment REIT 0.0%** | **Apartment REIT 0.0%** |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 04/15/2052 | &nbsp;&nbsp; 4.300% |  | 210000 | &nbsp;&nbsp; 161667 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 01/15/2034 | &nbsp;&nbsp; 2.700% |  | 35000 | &nbsp;&nbsp; 29344 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **191011** |
| **Automotive 0.6%** | **Automotive 0.6%** | **Automotive 0.6%** | **Automotive 0.6%** | **Automotive 0.6%** |
| Allison Transmission. Inc.<sup>(a)</sup>  | Allison Transmission. Inc.<sup>(a)</sup>  | Allison Transmission. Inc.<sup>(a)</sup>  | Allison Transmission. Inc.<sup>(a)</sup>  | Allison Transmission. Inc.<sup>(a)</sup>  |
| 01/30/2031 | &nbsp;&nbsp; 3.750% |  | 100000 | &nbsp;&nbsp; 92234 |
| Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
| 02/12/2032 | &nbsp;&nbsp; 3.250% |  | 1740000 | &nbsp;&nbsp; 1490932 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 02/16/2028 | &nbsp;&nbsp; 2.900% |  | 200000 | &nbsp;&nbsp; 189589 |
| 10/09/2028 | &nbsp;&nbsp; 5.625% | GBP | 215000 | &nbsp;&nbsp; 289961 |
| General Motors Financial Co., Inc.<sup>(j),(k)</sup>  | General Motors Financial Co., Inc.<sup>(j),(k)</sup>  | General Motors Financial Co., Inc.<sup>(j),(k)</sup>  | General Motors Financial Co., Inc.<sup>(j),(k)</sup>  | General Motors Financial Co., Inc.<sup>(j),(k)</sup>  |
|  | &nbsp;&nbsp; 6.500% |  | 200000 | &nbsp;&nbsp; 196907 |
| Subordinated | Subordinated | Subordinated | Subordinated | Subordinated |
|  | &nbsp;&nbsp; 5.700% |  | 110000 | &nbsp;&nbsp; 107705 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Volkswagen Financial Services AG<sup>(a)</sup>  | Volkswagen Financial Services AG<sup>(a)</sup>  | Volkswagen Financial Services AG<sup>(a)</sup>  | Volkswagen Financial Services AG<sup>(a)</sup>  | Volkswagen Financial Services AG<sup>(a)</sup>  |
| 11/19/2031 | &nbsp;&nbsp; 3.875% | EUR | 200000 | &nbsp;&nbsp; 237202 |
| Volkswagen Group of America Finance LLC<sup>(a)</sup>  | Volkswagen Group of America Finance LLC<sup>(a)</sup>  | Volkswagen Group of America Finance LLC<sup>(a)</sup>  | Volkswagen Group of America Finance LLC<sup>(a)</sup>  | Volkswagen Group of America Finance LLC<sup>(a)</sup>  |
| 03/25/2032 | &nbsp;&nbsp; 5.650% |  | 60000 | &nbsp;&nbsp; 61437 |
| 03/27/2035 | &nbsp;&nbsp; 5.800% |  | 60000 | &nbsp;&nbsp; 61133 |
| Volkswagen International Finance NV<sup>(a),(j),(k)</sup>  | Volkswagen International Finance NV<sup>(a),(j),(k)</sup>  | Volkswagen International Finance NV<sup>(a),(j),(k)</sup>  | Volkswagen International Finance NV<sup>(a),(j),(k)</sup>  | Volkswagen International Finance NV<sup>(a),(j),(k)</sup>  |
|  | &nbsp;&nbsp; 7.875% | EUR | 200000 | &nbsp;&nbsp; 267654 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2994754** |
| **Banking 2.9%** | **Banking 2.9%** | **Banking 2.9%** | **Banking 2.9%** | **Banking 2.9%** |
| American Express Co.<sup>(j),(k)</sup>  | American Express Co.<sup>(j),(k)</sup>  | American Express Co.<sup>(j),(k)</sup>  | American Express Co.<sup>(j),(k)</sup>  | American Express Co.<sup>(j),(k)</sup>  |
|  | &nbsp;&nbsp; 3.550% |  | 85000 | &nbsp;&nbsp; 83002 |
| American Express Co.<sup>(k)</sup>  | American Express Co.<sup>(k)</sup>  | American Express Co.<sup>(k)</sup>  | American Express Co.<sup>(k)</sup>  | American Express Co.<sup>(k)</sup>  |
| 07/20/2033 | &nbsp;&nbsp; 4.918% |  | 170000 | &nbsp;&nbsp; 172084 |
| Bank of America Corp.<sup>(j),(k)</sup>  | Bank of America Corp.<sup>(j),(k)</sup>  | Bank of America Corp.<sup>(j),(k)</sup>  | Bank of America Corp.<sup>(j),(k)</sup>  | Bank of America Corp.<sup>(j),(k)</sup>  |
|  | &nbsp;&nbsp; 4.375% |  | 80000 | &nbsp;&nbsp; 78258 |
| Bank of America Corp.<sup>(k)</sup>  | Bank of America Corp.<sup>(k)</sup>  | Bank of America Corp.<sup>(k)</sup>  | Bank of America Corp.<sup>(k)</sup>  | Bank of America Corp.<sup>(k)</sup>  |
| 02/04/2028 | &nbsp;&nbsp; 2.551% |  | 110000 | &nbsp;&nbsp; 107404 |
| 06/14/2029 | &nbsp;&nbsp; 2.087% |  | 50000 | &nbsp;&nbsp; 47235 |
| 10/24/2031 | &nbsp;&nbsp; 1.922% |  | 475000 | &nbsp;&nbsp; 419397 |
| 03/11/2032 | &nbsp;&nbsp; 2.651% |  | 135000 | &nbsp;&nbsp; 122648 |
| 04/22/2032 | &nbsp;&nbsp; 2.687% |  | 490000 | &nbsp;&nbsp; 444446 |
| Bank of Montreal<sup>(j),(k)</sup>  | Bank of Montreal<sup>(j),(k)</sup>  | Bank of Montreal<sup>(j),(k)</sup>  | Bank of Montreal<sup>(j),(k)</sup>  | Bank of Montreal<sup>(j),(k)</sup>  |
|  | &nbsp;&nbsp; 6.875% |  | 355000 | &nbsp;&nbsp; 357908 |
| Bank of Montreal<sup>(k)</sup>  | Bank of Montreal<sup>(k)</sup>  | Bank of Montreal<sup>(k)</sup>  | Bank of Montreal<sup>(k)</sup>  | Bank of Montreal<sup>(k)</sup>  |
| 11/26/2082 | &nbsp;&nbsp; 7.325% | CAD | 580000 | &nbsp;&nbsp; 446872 |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
| 11/26/2084 | &nbsp;&nbsp; 7.300% |  | 785000 | &nbsp;&nbsp; 822712 |
| Bank of Nova Scotia (The)<sup>(k)</sup>  | Bank of Nova Scotia (The)<sup>(k)</sup>  | Bank of Nova Scotia (The)<sup>(k)</sup>  | Bank of Nova Scotia (The)<sup>(k)</sup>  | Bank of Nova Scotia (The)<sup>(k)</sup>  |
| 10/27/2082 | &nbsp;&nbsp; 8.625% |  | 415000 | &nbsp;&nbsp; 440440 |
| Canadian Imperial Bank of Commerce<sup>(k)</sup>  | Canadian Imperial Bank of Commerce<sup>(k)</sup>  | Canadian Imperial Bank of Commerce<sup>(k)</sup>  | Canadian Imperial Bank of Commerce<sup>(k)</sup>  | Canadian Imperial Bank of Commerce<sup>(k)</sup>  |
| 10/28/2085 | &nbsp;&nbsp; 7.000% |  | 445000 | &nbsp;&nbsp; 451793 |
| Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
| 05/29/2030 | &nbsp;&nbsp; 4.914% |  | 240000 | &nbsp;&nbsp; 246381 |
| Citigroup, Inc.<sup>(k)</sup>  | Citigroup, Inc.<sup>(k)</sup>  | Citigroup, Inc.<sup>(k)</sup>  | Citigroup, Inc.<sup>(k)</sup>  | Citigroup, Inc.<sup>(k)</sup>  |
| 05/01/2032 | &nbsp;&nbsp; 2.561% |  | 195000 | &nbsp;&nbsp; 175111 |
| ConnectOne Bancorp, Inc.<sup>(k)</sup>  | ConnectOne Bancorp, Inc.<sup>(k)</sup>  | ConnectOne Bancorp, Inc.<sup>(k)</sup>  | ConnectOne Bancorp, Inc.<sup>(k)</sup>  | ConnectOne Bancorp, Inc.<sup>(k)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated | Subordinated |
| 06/01/2035 | &nbsp;&nbsp; 8.125% |  | 270000 | &nbsp;&nbsp; 272702 |
| First Citizens BancShares, Inc.<sup>(k)</sup>  | First Citizens BancShares, Inc.<sup>(k)</sup>  | First Citizens BancShares, Inc.<sup>(k)</sup>  | First Citizens BancShares, Inc.<sup>(k)</sup>  | First Citizens BancShares, Inc.<sup>(k)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated | Subordinated |
| 03/12/2040 | &nbsp;&nbsp; 6.254% |  | 395000 | &nbsp;&nbsp; 397289 |
| First Interstate BancSystem, Inc.<sup>(k)</sup>  | First Interstate BancSystem, Inc.<sup>(k)</sup>  | First Interstate BancSystem, Inc.<sup>(k)</sup>  | First Interstate BancSystem, Inc.<sup>(k)</sup>  | First Interstate BancSystem, Inc.<sup>(k)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated | Subordinated |
| 06/15/2035 | &nbsp;&nbsp; 7.625% |  | 180000 | &nbsp;&nbsp; 182155 |
| Five Star Bancorp<sup>(a),(k)</sup>  | Five Star Bancorp<sup>(a),(k)</sup>  | Five Star Bancorp<sup>(a),(k)</sup>  | Five Star Bancorp<sup>(a),(k)</sup>  | Five Star Bancorp<sup>(a),(k)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated | Subordinated |
| 09/01/2032 | &nbsp;&nbsp; 6.000% |  | 95000 | &nbsp;&nbsp; 90889 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Goldman Sachs Group, Inc. (The)<sup>(k)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(k)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(k)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(k)</sup>  |
| 01/27/2032 | &nbsp;&nbsp; 1.992% | 200000 | &nbsp;&nbsp; 175585 |
| HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  |
| SOFR + 1.570% <br>05/13/2031<br>| &nbsp;&nbsp; 5.910% | 580000 | &nbsp;&nbsp; 588412 |
| Independent Bank Group, Inc.<sup>(k)</sup>  | Independent Bank Group, Inc.<sup>(k)</sup>  | Independent Bank Group, Inc.<sup>(k)</sup>  | Independent Bank Group, Inc.<sup>(k)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 08/15/2034 | &nbsp;&nbsp; 8.375% | 140000 | &nbsp;&nbsp; 145684 |
| JPMorgan Chase & Co.<sup>(j),(k)</sup>  | JPMorgan Chase & Co.<sup>(j),(k)</sup>  | JPMorgan Chase & Co.<sup>(j),(k)</sup>  | JPMorgan Chase & Co.<sup>(j),(k)</sup>  |
|  | &nbsp;&nbsp; 3.650% | 85000 | &nbsp;&nbsp; 83944 |
| JPMorgan Chase & Co.<sup>(k)</sup>  | JPMorgan Chase & Co.<sup>(k)</sup>  | JPMorgan Chase & Co.<sup>(k)</sup>  | JPMorgan Chase & Co.<sup>(k)</sup>  |
| 04/22/2027 | &nbsp;&nbsp; 1.578% | 285000 | &nbsp;&nbsp; 280089 |
| 04/26/2028 | &nbsp;&nbsp; 4.323% | 90000 | &nbsp;&nbsp; 90110 |
| 06/01/2029 | &nbsp;&nbsp; 2.069% | 615000 | &nbsp;&nbsp; 581615 |
| 10/22/2035 | &nbsp;&nbsp; 4.946% | 120000 | &nbsp;&nbsp; 119338 |
| Morgan Stanley<sup>(k)</sup>  | Morgan Stanley<sup>(k)</sup>  | Morgan Stanley<sup>(k)</sup>  | Morgan Stanley<sup>(k)</sup>  |
| 07/20/2029 | &nbsp;&nbsp; 5.449% | 250000 | &nbsp;&nbsp; 258051 |
| 02/13/2032 | &nbsp;&nbsp; 1.794% | 45000 | &nbsp;&nbsp; 39031 |
| Morgan Stanley Private Bank NA<sup>(k)</sup>  | Morgan Stanley Private Bank NA<sup>(k)</sup>  | Morgan Stanley Private Bank NA<sup>(k)</sup>  | Morgan Stanley Private Bank NA<sup>(k)</sup>  |
| 07/06/2028 | &nbsp;&nbsp; 4.466% | 510000 | &nbsp;&nbsp; 512152 |
| PNC Financial Services Group, Inc. (The)<sup>(k)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(k)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(k)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(k)</sup>  |
| 10/20/2034 | &nbsp;&nbsp; 6.875% | 45000 | &nbsp;&nbsp; 50515 |
| Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. |
| 03/13/2028 | &nbsp;&nbsp; 7.250% | 215000 | &nbsp;&nbsp; 226154 |
| Provident Financial Services, Inc.<sup>(k)</sup>  | Provident Financial Services, Inc.<sup>(k)</sup>  | Provident Financial Services, Inc.<sup>(k)</sup>  | Provident Financial Services, Inc.<sup>(k)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/15/2034 | &nbsp;&nbsp; 9.000% | 210000 | &nbsp;&nbsp; 219598 |
| Royal Bank of Canada<sup>(j),(k)</sup>  | Royal Bank of Canada<sup>(j),(k)</sup>  | Royal Bank of Canada<sup>(j),(k)</sup>  | Royal Bank of Canada<sup>(j),(k)</sup>  |
|  | &nbsp;&nbsp; 4.200%<br> CAD | 800000 | &nbsp;&nbsp; 534852 |
| Royal Bank of Canada<sup>(k)</sup>  | Royal Bank of Canada<sup>(k)</sup>  | Royal Bank of Canada<sup>(k)</sup>  | Royal Bank of Canada<sup>(k)</sup>  |
| 05/02/2084 | &nbsp;&nbsp; 7.500% | 610000 | &nbsp;&nbsp; 638824 |
| 11/24/2084 | &nbsp;&nbsp; 6.350% | 515000 | &nbsp;&nbsp; 498493 |
| Santander UK Group Holdings PLC<sup>(k)</sup>  | Santander UK Group Holdings PLC<sup>(k)</sup>  | Santander UK Group Holdings PLC<sup>(k)</sup>  | Santander UK Group Holdings PLC<sup>(k)</sup>  |
| 06/14/2027 | &nbsp;&nbsp; 1.673% | 110000 | &nbsp;&nbsp; 107634 |
| Southside Bancshares, Inc.<sup>(k)</sup>  | Southside Bancshares, Inc.<sup>(k)</sup>  | Southside Bancshares, Inc.<sup>(k)</sup>  | Southside Bancshares, Inc.<sup>(k)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 08/15/2035 | &nbsp;&nbsp; 7.000% | 365000 | &nbsp;&nbsp; 365089 |
| Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) |
| 09/09/2025 | &nbsp;&nbsp; 2.667%<br> CAD | 601000 | &nbsp;&nbsp; 437576 |
| Toronto-Dominion Bank (The)<sup>(k)</sup>  | Toronto-Dominion Bank (The)<sup>(k)</sup>  | Toronto-Dominion Bank (The)<sup>(k)</sup>  | Toronto-Dominion Bank (The)<sup>(k)</sup>  |
| 10/31/2082 | &nbsp;&nbsp; 8.125% | 630000 | &nbsp;&nbsp; 662608 |
| US Bancorp<sup>(j),(k)</sup>  | US Bancorp<sup>(j),(k)</sup>  | US Bancorp<sup>(j),(k)</sup>  | US Bancorp<sup>(j),(k)</sup>  |
|  | &nbsp;&nbsp; 3.700% | 345000 | &nbsp;&nbsp; 332802 |
| Webster Financial Corp.<sup>(k)</sup>  | Webster Financial Corp.<sup>(k)</sup>  | Webster Financial Corp.<sup>(k)</sup>  | Webster Financial Corp.<sup>(k)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 11/01/2030 | &nbsp;&nbsp; 3.875% | 255000 | &nbsp;&nbsp; 252488 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Wells Fargo & Co.<sup>(k)</sup>  | Wells Fargo & Co.<sup>(k)</sup>  | Wells Fargo & Co.<sup>(k)</sup>  | Wells Fargo & Co.<sup>(k)</sup>  | Wells Fargo & Co.<sup>(k)</sup>  |
| 06/02/2028 | &nbsp;&nbsp; 2.393% |  | 140000 | &nbsp;&nbsp; 135730 |
| 07/25/2029 | &nbsp;&nbsp; 5.574% |  | 1050000 | &nbsp;&nbsp; 1088358 |
| 01/23/2035 | &nbsp;&nbsp; 5.499% |  | 5000 | &nbsp;&nbsp; 5156 |
| Wells Fargo & Co.<sup>(a),(k)</sup>  | Wells Fargo & Co.<sup>(a),(k)</sup>  | Wells Fargo & Co.<sup>(a),(k)</sup>  | Wells Fargo & Co.<sup>(a),(k)</sup>  | Wells Fargo & Co.<sup>(a),(k)</sup>  |
| 07/22/2032 | &nbsp;&nbsp; 3.900% | EUR | 205000 | &nbsp;&nbsp; 246964 |
| Western Alliance Ban corp.<sup>(k)</sup>  | Western Alliance Ban corp.<sup>(k)</sup>  | Western Alliance Ban corp.<sup>(k)</sup>  | Western Alliance Ban corp.<sup>(k)</sup>  | Western Alliance Ban corp.<sup>(k)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated | Subordinated |
| 06/15/2031 | &nbsp;&nbsp; 3.000% |  | 490000 | &nbsp;&nbsp; 467471 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **14503049** |
| **Brokerage/Asset Managers/Exchanges 0.2%** | **Brokerage/Asset Managers/Exchanges 0.2%** | **Brokerage/Asset Managers/Exchanges 0.2%** | **Brokerage/Asset Managers/Exchanges 0.2%** | **Brokerage/Asset Managers/Exchanges 0.2%** |
| Jane Street Group/Finance, Inc.<sup>(a)</sup>  | Jane Street Group/Finance, Inc.<sup>(a)</sup>  | Jane Street Group/Finance, Inc.<sup>(a)</sup>  | Jane Street Group/Finance, Inc.<sup>(a)</sup>  | Jane Street Group/Finance, Inc.<sup>(a)</sup>  |
| 11/01/2032 | &nbsp;&nbsp; 6.125% |  | 30000 | &nbsp;&nbsp; 30140 |
| 05/01/2033 | &nbsp;&nbsp; 6.750% |  | 105000 | &nbsp;&nbsp; 108640 |
| Jane Street Group/JSG Finance, Inc.<sup>(a)</sup>  | Jane Street Group/JSG Finance, Inc.<sup>(a)</sup>  | Jane Street Group/JSG Finance, Inc.<sup>(a)</sup>  | Jane Street Group/JSG Finance, Inc.<sup>(a)</sup>  | Jane Street Group/JSG Finance, Inc.<sup>(a)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 4.500% |  | 95000 | &nbsp;&nbsp; 91703 |
| 04/30/2031 | &nbsp;&nbsp; 7.125% |  | 80000 | &nbsp;&nbsp; 83715 |
| OMERS Finance Trust<sup>(a)</sup>  | OMERS Finance Trust<sup>(a)</sup>  | OMERS Finance Trust<sup>(a)</sup>  | OMERS Finance Trust<sup>(a)</sup>  | OMERS Finance Trust<sup>(a)</sup>  |
| 03/26/2031 | &nbsp;&nbsp; 4.750% |  | 250000 | &nbsp;&nbsp; 259101 |
| 01/28/2035 | &nbsp;&nbsp; 3.250% | EUR | 260000 | &nbsp;&nbsp; 302638 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **875937** |
| **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** |
| Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  |
| 03/01/2032 | &nbsp;&nbsp; 6.375% |  | 150000 | &nbsp;&nbsp; 154684 |
| 03/01/2033 | &nbsp;&nbsp; 6.750% |  | 189000 | &nbsp;&nbsp; 195799 |
| Stanley Black & Decker, Inc.<sup>(k)</sup>  | Stanley Black & Decker, Inc.<sup>(k)</sup>  | Stanley Black & Decker, Inc.<sup>(k)</sup>  | Stanley Black & Decker, Inc.<sup>(k)</sup>  | Stanley Black & Decker, Inc.<sup>(k)</sup>  |
| 03/15/2060 | &nbsp;&nbsp; 6.707% |  | 870000 | &nbsp;&nbsp; 874729 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1225212** |
| **Cable and Satellite 0.8%** | **Cable and Satellite 0.8%** | **Cable and Satellite 0.8%** | **Cable and Satellite 0.8%** | **Cable and Satellite 0.8%** |
| Cable One, Inc.<sup>(a)</sup>  | Cable One, Inc.<sup>(a)</sup>  | Cable One, Inc.<sup>(a)</sup>  | Cable One, Inc.<sup>(a)</sup>  | Cable One, Inc.<sup>(a)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 4.000% |  | 75000 | &nbsp;&nbsp; 61988 |
| CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 5.000% |  | 94000 | &nbsp;&nbsp; 93268 |
| 03/01/2030 | &nbsp;&nbsp; 4.750% |  | 15000 | &nbsp;&nbsp; 14429 |
| 02/01/2031 | &nbsp;&nbsp; 4.250% |  | 110000 | &nbsp;&nbsp; 101508 |
| Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| 06/01/2034 | &nbsp;&nbsp; 6.550% |  | 150000 | &nbsp;&nbsp; 159057 |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 02/01/2032 | &nbsp;&nbsp; 2.300% |  | 20000 | &nbsp;&nbsp; 16932 |
| 02/01/2034 | &nbsp;&nbsp; 6.650% |  | 40000 | &nbsp;&nbsp; 42659 |
| 04/01/2048 | &nbsp;&nbsp; 5.750% |  | 340000 | &nbsp;&nbsp; 303179 |
| 07/01/2049 | &nbsp;&nbsp; 5.125% |  | 690000 | &nbsp;&nbsp; 559875 |
| 04/01/2051 | &nbsp;&nbsp; 3.700% |  | 255000 | &nbsp;&nbsp; 164105 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  |
| 01/31/2029 | &nbsp;&nbsp; 11.750% | 307000 | &nbsp;&nbsp; 281755 |
| 02/01/2029 | &nbsp;&nbsp; 6.500% | 136000 | &nbsp;&nbsp; 107101 |
| 01/15/2030 | &nbsp;&nbsp; 5.750% | 36000 | &nbsp;&nbsp; 16891 |
| 12/01/2030 | &nbsp;&nbsp; 4.625% | 55000 | &nbsp;&nbsp; 24138 |
| DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  |
| 11/15/2027 | &nbsp;&nbsp; 11.750% | 127000 | &nbsp;&nbsp; 134330 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 11/30/2029 | &nbsp;&nbsp; 10.750% | 68000 | &nbsp;&nbsp; 73201 |
| Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  |
| 08/01/2027 | &nbsp;&nbsp; 5.000% | 330000 | &nbsp;&nbsp; 328634 |
| 07/01/2030 | &nbsp;&nbsp; 4.125% | 635000 | &nbsp;&nbsp; 590717 |
| Virgin Media Secured Finance PLC<sup>(a)</sup>  | Virgin Media Secured Finance PLC<sup>(a)</sup>  | Virgin Media Secured Finance PLC<sup>(a)</sup>  | Virgin Media Secured Finance PLC<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 5.500% | 590000 | &nbsp;&nbsp; 581408 |
| 08/15/2030 | &nbsp;&nbsp; 4.500% | 200000 | &nbsp;&nbsp; 187699 |
| VZ Secured Financing BV<sup>(a)</sup>  | VZ Secured Financing BV<sup>(a)</sup>  | VZ Secured Financing BV<sup>(a)</sup>  | VZ Secured Financing BV<sup>(a)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 5.000% | 340000 | &nbsp;&nbsp; 301592 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4144466** |
| **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** |
| Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 4.500% | 200000 | &nbsp;&nbsp; 141076 |
| EverArc Escrow Sarl<sup>(a)</sup>  | EverArc Escrow Sarl<sup>(a)</sup>  | EverArc Escrow Sarl<sup>(a)</sup>  | EverArc Escrow Sarl<sup>(a)</sup>  |
| 10/30/2029 | &nbsp;&nbsp; 5.000% | 212000 | &nbsp;&nbsp; 207688 |
| International Flavors & Fragrances, Inc.<sup>(a)</sup>  | International Flavors & Fragrances, Inc.<sup>(a)</sup>  | International Flavors & Fragrances, Inc.<sup>(a)</sup>  | International Flavors & Fragrances, Inc.<sup>(a)</sup>  |
| 11/01/2030 | &nbsp;&nbsp; 2.300% | 455000 | &nbsp;&nbsp; 406721 |
| 11/15/2040 | &nbsp;&nbsp; 3.268% | 5000 | &nbsp;&nbsp; 3743 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **759228** |
| **Construction Machinery 0.1%** | **Construction Machinery 0.1%** | **Construction Machinery 0.1%** | **Construction Machinery 0.1%** |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 07/15/2030 | &nbsp;&nbsp; 4.000% | 285000 | &nbsp;&nbsp; 272204 |
| 02/15/2031 | &nbsp;&nbsp; 3.875% | 475000 | &nbsp;&nbsp; 447834 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **720038** |
| **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** |
| Match Group, Inc.<sup>(a)</sup>  | Match Group, Inc.<sup>(a)</sup>  | Match Group, Inc.<sup>(a)</sup>  | Match Group, Inc.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 4.125% | 150000 | &nbsp;&nbsp; 141300 |
| OT Midco, Inc.<sup>(a)</sup>  | OT Midco, Inc.<sup>(a)</sup>  | OT Midco, Inc.<sup>(a)</sup>  | OT Midco, Inc.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 10.000% | 255000 | &nbsp;&nbsp; 175634 |
| Raven Acquisition Holdings LLC<sup>(a)</sup>  | Raven Acquisition Holdings LLC<sup>(a)</sup>  | Raven Acquisition Holdings LLC<sup>(a)</sup>  | Raven Acquisition Holdings LLC<sup>(a)</sup>  |
| 11/15/2031 | &nbsp;&nbsp; 6.875% | 100000 | &nbsp;&nbsp; 102091 |
| Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |
| 02/24/2035 | &nbsp;&nbsp; 5.250% | 315000 | &nbsp;&nbsp; 316790 |
| Staples, Inc.<sup>(a)</sup>  | Staples, Inc.<sup>(a)</sup>  | Staples, Inc.<sup>(a)</sup>  | Staples, Inc.<sup>(a)</sup>  |
| 09/01/2029 | &nbsp;&nbsp; 10.750% | 45000 | &nbsp;&nbsp; 43168 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 09/15/2034 | &nbsp;&nbsp; 4.800% |  | 210000 | &nbsp;&nbsp; 207523 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **986506** |
| **Consumer Products 0.3%** | **Consumer Products 0.3%** | **Consumer Products 0.3%** | **Consumer Products 0.3%** | **Consumer Products 0.3%** |
| Edgewell Personal Care Co.<sup>(a)</sup>  | Edgewell Personal Care Co.<sup>(a)</sup>  | Edgewell Personal Care Co.<sup>(a)</sup>  | Edgewell Personal Care Co.<sup>(a)</sup>  | Edgewell Personal Care Co.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 5.500% |  | 94000 | &nbsp;&nbsp; 93593 |
| 04/01/2029 | &nbsp;&nbsp; 4.125% |  | 10000 | &nbsp;&nbsp; 9526 |
| Energizer Holdings, Inc.<sup>(a)</sup>  | Energizer Holdings, Inc.<sup>(a)</sup>  | Energizer Holdings, Inc.<sup>(a)</sup>  | Energizer Holdings, Inc.<sup>(a)</sup>  | Energizer Holdings, Inc.<sup>(a)</sup>  |
| 12/31/2027 | &nbsp;&nbsp; 6.500% |  | 150000 | &nbsp;&nbsp; 151435 |
| 03/31/2029 | &nbsp;&nbsp; 4.375% |  | 40000 | &nbsp;&nbsp; 38307 |
| Galderma Finance Europe BV<sup>(a)</sup>  | Galderma Finance Europe BV<sup>(a)</sup>  | Galderma Finance Europe BV<sup>(a)</sup>  | Galderma Finance Europe BV<sup>(a)</sup>  | Galderma Finance Europe BV<sup>(a)</sup>  |
| 03/20/2030 | &nbsp;&nbsp; 3.500% | EUR | 370000 | &nbsp;&nbsp; 439549 |
| MajorDrive Holdings IV LLC<sup>(a)</sup>  | MajorDrive Holdings IV LLC<sup>(a)</sup>  | MajorDrive Holdings IV LLC<sup>(a)</sup>  | MajorDrive Holdings IV LLC<sup>(a)</sup>  | MajorDrive Holdings IV LLC<sup>(a)</sup>  |
| 06/01/2029 | &nbsp;&nbsp; 6.375% |  | 85000 | &nbsp;&nbsp; 68732 |
| Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  |
| 03/31/2032 | &nbsp;&nbsp; 6.500% |  | 105000 | &nbsp;&nbsp; 106842 |
| Prestige Brands, Inc.<sup>(a)</sup>  | Prestige Brands, Inc.<sup>(a)</sup>  | Prestige Brands, Inc.<sup>(a)</sup>  | Prestige Brands, Inc.<sup>(a)</sup>  | Prestige Brands, Inc.<sup>(a)</sup>  |
| 04/01/2031 | &nbsp;&nbsp; 3.750% |  | 207000 | &nbsp;&nbsp; 190718 |
| Spectrum Brands, Inc.<sup>(a)</sup>  | Spectrum Brands, Inc.<sup>(a)</sup>  | Spectrum Brands, Inc.<sup>(a)</sup>  | Spectrum Brands, Inc.<sup>(a)</sup>  | Spectrum Brands, Inc.<sup>(a)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 3.875% |  | 272000 | &nbsp;&nbsp; 217769 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1316471** |
| **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA |
| 09/15/2027 | &nbsp;&nbsp; 0.375% | EUR | 100000 | &nbsp;&nbsp; 112158 |
| Vertical US Newco, Inc.<sup>(a)</sup>  | Vertical US Newco, Inc.<sup>(a)</sup>  | Vertical US Newco, Inc.<sup>(a)</sup>  | Vertical US Newco, Inc.<sup>(a)</sup>  | Vertical US Newco, Inc.<sup>(a)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 5.250% |  | 100000 | &nbsp;&nbsp; 99676 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **211834** |
| **Electric 1.7%** | **Electric 1.7%** | **Electric 1.7%** | **Electric 1.7%** | **Electric 1.7%** |
| AES Corp. (The)<sup>(k)</sup>  | AES Corp. (The)<sup>(k)</sup>  | AES Corp. (The)<sup>(k)</sup>  | AES Corp. (The)<sup>(k)</sup>  | AES Corp. (The)<sup>(k)</sup>  |
| 01/15/2055 | &nbsp;&nbsp; 7.600% |  | 1350000 | &nbsp;&nbsp; 1389180 |
| Alliant Energy Finance LLC<sup>(a)</sup>  | Alliant Energy Finance LLC<sup>(a)</sup>  | Alliant Energy Finance LLC<sup>(a)</sup>  | Alliant Energy Finance LLC<sup>(a)</sup>  | Alliant Energy Finance LLC<sup>(a)</sup>  |
| 03/01/2032 | &nbsp;&nbsp; 3.600% |  | 405000 | &nbsp;&nbsp; 370447 |
| Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.750% |  | 205000 | &nbsp;&nbsp; 211610 |
| American Electric Power Co., Inc.<sup>(k)</sup>  | American Electric Power Co., Inc.<sup>(k)</sup>  | American Electric Power Co., Inc.<sup>(k)</sup>  | American Electric Power Co., Inc.<sup>(k)</sup>  | American Electric Power Co., Inc.<sup>(k)</sup>  |
| 12/15/2054 | &nbsp;&nbsp; 6.950% |  | 670000 | &nbsp;&nbsp; 713111 |
| Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
| 05/15/2034 | &nbsp;&nbsp; 6.150% |  | 360000 | &nbsp;&nbsp; 381275 |
| CMS Energy Corp.<sup>(k)</sup>  | CMS Energy Corp.<sup>(k)</sup>  | CMS Energy Corp.<sup>(k)</sup>  | CMS Energy Corp.<sup>(k)</sup>  | CMS Energy Corp.<sup>(k)</sup>  |
| 06/01/2055 | &nbsp;&nbsp; 6.500% |  | 140000 | &nbsp;&nbsp; 142763 |
| Dominion Energy, Inc.<sup>(k)</sup>  | Dominion Energy, Inc.<sup>(k)</sup>  | Dominion Energy, Inc.<sup>(k)</sup>  | Dominion Energy, Inc.<sup>(k)</sup>  | Dominion Energy, Inc.<sup>(k)</sup>  |
| 06/01/2054 | &nbsp;&nbsp; 7.000% |  | 435000 | &nbsp;&nbsp; 466748 |
| 02/01/2055 | &nbsp;&nbsp; 6.875% |  | 335000 | &nbsp;&nbsp; 350583 |
| 05/15/2055 | &nbsp;&nbsp; 6.625% |  | 355000 | &nbsp;&nbsp; 364024 |
| 02/15/2056 | &nbsp;&nbsp; 6.000% |  | 300000 | &nbsp;&nbsp; 302813 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Duke Energy Corp.<sup>(k)</sup>  | Duke Energy Corp.<sup>(k)</sup>  | Duke Energy Corp.<sup>(k)</sup>  | Duke Energy Corp.<sup>(k)</sup>  | Duke Energy Corp.<sup>(k)</sup>  |
| 09/01/2054 | &nbsp;&nbsp; 6.450% |  | 90000 | &nbsp;&nbsp; 93206 |
| E.ON SE<sup>(a)</sup>  | E.ON SE<sup>(a)</sup>  | E.ON SE<sup>(a)</sup>  | E.ON SE<sup>(a)</sup>  | E.ON SE<sup>(a)</sup>  |
| 11/07/2031 | &nbsp;&nbsp; 0.625% | EUR | 170000 | &nbsp;&nbsp; 173145 |
| Emera, Inc.<sup>(k)</sup>  | Emera, Inc.<sup>(k)</sup>  | Emera, Inc.<sup>(k)</sup>  | Emera, Inc.<sup>(k)</sup>  | Emera, Inc.<sup>(k)</sup>  |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
| 06/15/2076 | &nbsp;&nbsp; 6.750% |  | 700000 | &nbsp;&nbsp; 705505 |
| Eurogrid GmbH<sup>(a)</sup>  | Eurogrid GmbH<sup>(a)</sup>  | Eurogrid GmbH<sup>(a)</sup>  | Eurogrid GmbH<sup>(a)</sup>  | Eurogrid GmbH<sup>(a)</sup>  |
| 05/15/2032 | &nbsp;&nbsp; 1.113% | EUR | 100000 | &nbsp;&nbsp; 101245 |
| 04/21/2033 | &nbsp;&nbsp; 0.741% | EUR | 100000 | &nbsp;&nbsp; 95235 |
| Evergy Missouri West, Inc.<sup>(a)</sup>  | Evergy Missouri West, Inc.<sup>(a)</sup>  | Evergy Missouri West, Inc.<sup>(a)</sup>  | Evergy Missouri West, Inc.<sup>(a)</sup>  | Evergy Missouri West, Inc.<sup>(a)</sup>  |
| 06/01/2034 | &nbsp;&nbsp; 5.650% |  | 480000 | &nbsp;&nbsp; 490245 |
| Exelon Corp.<sup>(k)</sup>  | Exelon Corp.<sup>(k)</sup>  | Exelon Corp.<sup>(k)</sup>  | Exelon Corp.<sup>(k)</sup>  | Exelon Corp.<sup>(k)</sup>  |
| 03/15/2055 | &nbsp;&nbsp; 6.500% |  | 525000 | &nbsp;&nbsp; 542693 |
| FirstEnergy Transmission LLC<sup>(a)</sup>  | FirstEnergy Transmission LLC<sup>(a)</sup>  | FirstEnergy Transmission LLC<sup>(a)</sup>  | FirstEnergy Transmission LLC<sup>(a)</sup>  | FirstEnergy Transmission LLC<sup>(a)</sup>  |
| 09/15/2028 | &nbsp;&nbsp; 2.866% |  | 229000 | &nbsp;&nbsp; 220017 |
| Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.750% |  | 170000 | &nbsp;&nbsp; 176036 |
| NextEra Energy Capital Holdings, Inc.<sup>(k)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(k)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(k)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(k)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(k)</sup>  |
| 08/15/2055 | &nbsp;&nbsp; 6.500% |  | 190000 | &nbsp;&nbsp; 199210 |
| NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
| 05/15/2027 | &nbsp;&nbsp; 3.200% |  | 520000 | &nbsp;&nbsp; 512738 |
| Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) |
| 07/01/2026 | &nbsp;&nbsp; 3.250% |  | 184000 | &nbsp;&nbsp; 182365 |
| Southern Co. (The)<sup>(k)</sup>  | Southern Co. (The)<sup>(k)</sup>  | Southern Co. (The)<sup>(k)</sup>  | Southern Co. (The)<sup>(k)</sup>  | Southern Co. (The)<sup>(k)</sup>  |
| 03/15/2055 | &nbsp;&nbsp; 6.750% |  | 340000 | &nbsp;&nbsp; 356021 |
| Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
| 11/01/2051 | &nbsp;&nbsp; 3.250% |  | 85000 | &nbsp;&nbsp; 54748 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **8594963** |
| **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** |
| Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 7.000% |  | 175000 | &nbsp;&nbsp; 182913 |
| **Finance Companies 0.4%** | **Finance Companies 0.4%** | **Finance Companies 0.4%** | **Finance Companies 0.4%** | **Finance Companies 0.4%** |
| AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust |
| 10/29/2028 | &nbsp;&nbsp; 3.000% |  | 250000 | &nbsp;&nbsp; 240466 |
| AerCap Ireland Capital DAC/Global Aviation Trust<sup>(k)</sup>  | AerCap Ireland Capital DAC/Global Aviation Trust<sup>(k)</sup>  | AerCap Ireland Capital DAC/Global Aviation Trust<sup>(k)</sup>  | AerCap Ireland Capital DAC/Global Aviation Trust<sup>(k)</sup>  | AerCap Ireland Capital DAC/Global Aviation Trust<sup>(k)</sup>  |
| 03/10/2055 | &nbsp;&nbsp; 6.950% |  | 330000 | &nbsp;&nbsp; 345371 |
| 01/31/2056 | &nbsp;&nbsp; 6.500% |  | 320000 | &nbsp;&nbsp; 328854 |
| Air Lease Corp.<sup>(j),(k)</sup>  | Air Lease Corp.<sup>(j),(k)</sup>  | Air Lease Corp.<sup>(j),(k)</sup>  | Air Lease Corp.<sup>(j),(k)</sup>  | Air Lease Corp.<sup>(j),(k)</sup>  |
|  | &nbsp;&nbsp; 4.125% |  | 255000 | &nbsp;&nbsp; 249315 |
| Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  |
| 11/18/2027 | &nbsp;&nbsp; 2.528% |  | 399000 | &nbsp;&nbsp; 382613 |
| FirstCash, Inc.<sup>(a)</sup>  | FirstCash, Inc.<sup>(a)</sup>  | FirstCash, Inc.<sup>(a)</sup>  | FirstCash, Inc.<sup>(a)</sup>  | FirstCash, Inc.<sup>(a)</sup>  |
| 03/01/2032 | &nbsp;&nbsp; 6.875% |  | 100000 | &nbsp;&nbsp; 103830 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  |
| 02/15/2027 | &nbsp;&nbsp; 8.000% |  | 260000 | &nbsp;&nbsp; 266902 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1917351** |
| **Food and Beverage 1.2%** | **Food and Beverage 1.2%** | **Food and Beverage 1.2%** | **Food and Beverage 1.2%** | **Food and Beverage 1.2%** |
| Becle SAB de CV<sup>(a)</sup>  | Becle SAB de CV<sup>(a)</sup>  | Becle SAB de CV<sup>(a)</sup>  | Becle SAB de CV<sup>(a)</sup>  | Becle SAB de CV<sup>(a)</sup>  |
| 10/14/2031 | &nbsp;&nbsp; 2.500% |  | 335000 | &nbsp;&nbsp; 284281 |
| Bimbo Bakeries USA, Inc.<sup>(a)</sup>  | Bimbo Bakeries USA, Inc.<sup>(a)</sup>  | Bimbo Bakeries USA, Inc.<sup>(a)</sup>  | Bimbo Bakeries USA, Inc.<sup>(a)</sup>  | Bimbo Bakeries USA, Inc.<sup>(a)</sup>  |
| 01/09/2036 | &nbsp;&nbsp; 5.375% |  | 440000 | &nbsp;&nbsp; 442301 |
| Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 6.000% |  | 630000 | &nbsp;&nbsp; 636994 |
| JBS SA/Food Co./Finance, Inc. | JBS SA/Food Co./Finance, Inc. | JBS SA/Food Co./Finance, Inc. | JBS SA/Food Co./Finance, Inc. | JBS SA/Food Co./Finance, Inc. |
| 04/01/2033 | &nbsp;&nbsp; 5.750% |  | 124000 | &nbsp;&nbsp; 128313 |
| JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl |
| 03/15/2034 | &nbsp;&nbsp; 6.750% |  | 82000 | &nbsp;&nbsp; 89953 |
| JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. |
| 12/01/2031 | &nbsp;&nbsp; 3.750% |  | 390000 | &nbsp;&nbsp; 367396 |
| 01/15/2032 | &nbsp;&nbsp; 3.625% |  | 320000 | &nbsp;&nbsp; 295873 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 03/15/2033 | &nbsp;&nbsp; 3.250% | EUR | 345000 | &nbsp;&nbsp; 391529 |
| 01/26/2039 | &nbsp;&nbsp; 6.875% |  | 200000 | &nbsp;&nbsp; 217562 |
| 06/01/2046 | &nbsp;&nbsp; 4.375% |  | 620000 | &nbsp;&nbsp; 493290 |
| Kraft Heinz Foods Co.<sup>(a)</sup>  | Kraft Heinz Foods Co.<sup>(a)</sup>  | Kraft Heinz Foods Co.<sup>(a)</sup>  | Kraft Heinz Foods Co.<sup>(a)</sup>  | Kraft Heinz Foods Co.<sup>(a)</sup>  |
| 08/01/2039 | &nbsp;&nbsp; 7.125% |  | 240000 | &nbsp;&nbsp; 266677 |
| MARB BondCo PLC<sup>(a)</sup>  | MARB BondCo PLC<sup>(a)</sup>  | MARB BondCo PLC<sup>(a)</sup>  | MARB BondCo PLC<sup>(a)</sup>  | MARB BondCo PLC<sup>(a)</sup>  |
| 01/29/2031 | &nbsp;&nbsp; 3.950% |  | 400000 | &nbsp;&nbsp; 361055 |
| Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  |
| 03/01/2035 | &nbsp;&nbsp; 5.200% |  | 415000 | &nbsp;&nbsp; 418745 |
| Mondelez International Holdings Netherlands BV<sup>(a)</sup>  | Mondelez International Holdings Netherlands BV<sup>(a)</sup>  | Mondelez International Holdings Netherlands BV<sup>(a)</sup>  | Mondelez International Holdings Netherlands BV<sup>(a)</sup>  | Mondelez International Holdings Netherlands BV<sup>(a)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 0.875% | EUR | 100000 | &nbsp;&nbsp; 102578 |
| Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 4.250% |  | 220000 | &nbsp;&nbsp; 213206 |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| 07/01/2033 | &nbsp;&nbsp; 6.250% |  | 275000 | &nbsp;&nbsp; 290046 |
| Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  |
| 12/15/2029 | &nbsp;&nbsp; 5.500% |  | 225000 | &nbsp;&nbsp; 224477 |
| 09/15/2031 | &nbsp;&nbsp; 4.500% |  | 65000 | &nbsp;&nbsp; 60623 |
| 03/01/2033 | &nbsp;&nbsp; 6.375% |  | 575000 | &nbsp;&nbsp; 582089 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **5866988** |
| **Gaming 0.5%** | **Gaming 0.5%** | **Gaming 0.5%** | **Gaming 0.5%** | **Gaming 0.5%** |
| Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 6.500% |  | 30000 | &nbsp;&nbsp; 30759 |
| FDJ United<sup>(a)</sup>  | FDJ United<sup>(a)</sup>  | FDJ United<sup>(a)</sup>  | FDJ United<sup>(a)</sup>  | FDJ United<sup>(a)</sup>  |
| 11/21/2033 | &nbsp;&nbsp; 3.375% | EUR | 100000 | &nbsp;&nbsp; 114549 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| GLP Capital LP/Financing II, Inc. | GLP Capital LP/Financing II, Inc. | GLP Capital LP/Financing II, Inc. | GLP Capital LP/Financing II, Inc. | GLP Capital LP/Financing II, Inc. |
| 04/15/2026 | &nbsp;&nbsp; 5.375% |  | 90000 | &nbsp;&nbsp; 90275 |
| 06/01/2028 | &nbsp;&nbsp; 5.750% |  | 80000 | &nbsp;&nbsp; 82315 |
| 01/15/2029 | &nbsp;&nbsp; 5.300% |  | 20000 | &nbsp;&nbsp; 20379 |
| 01/15/2031 | &nbsp;&nbsp; 4.000% |  | 105000 | &nbsp;&nbsp; 100174 |
| Great Canadian Gaming Corp./Raptor LLC<sup>(a)</sup>  | Great Canadian Gaming Corp./Raptor LLC<sup>(a)</sup>  | Great Canadian Gaming Corp./Raptor LLC<sup>(a)</sup>  | Great Canadian Gaming Corp./Raptor LLC<sup>(a)</sup>  | Great Canadian Gaming Corp./Raptor LLC<sup>(a)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 8.750% |  | 80000 | &nbsp;&nbsp; 76772 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 06/15/2028 | &nbsp;&nbsp; 5.625% |  | 405000 | &nbsp;&nbsp; 414327 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 10/15/2028 | &nbsp;&nbsp; 4.750% |  | 20000 | &nbsp;&nbsp; 19882 |
| 04/15/2032 | &nbsp;&nbsp; 6.500% |  | 65000 | &nbsp;&nbsp; 66660 |
| Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.125% |  | 185000 | &nbsp;&nbsp; 172392 |
| VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| 05/15/2032 | &nbsp;&nbsp; 5.125% |  | 395000 | &nbsp;&nbsp; 395982 |
| 04/01/2035 | &nbsp;&nbsp; 5.625% |  | 360000 | &nbsp;&nbsp; 364052 |
| VICI Properties LP/Note Co., Inc.<sup>(a)</sup>  | VICI Properties LP/Note Co., Inc.<sup>(a)</sup>  | VICI Properties LP/Note Co., Inc.<sup>(a)</sup>  | VICI Properties LP/Note Co., Inc.<sup>(a)</sup>  | VICI Properties LP/Note Co., Inc.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 4.500% |  | 29000 | &nbsp;&nbsp; 28939 |
| 08/15/2030 | &nbsp;&nbsp; 4.125% |  | 450000 | &nbsp;&nbsp; 434890 |
| Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  |
| 07/01/2032 | &nbsp;&nbsp; 9.250% |  | 163000 | &nbsp;&nbsp; 172056 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2584403** |
| **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** |
| 180 Medical, Inc.<sup>(a)</sup>  | 180 Medical, Inc.<sup>(a)</sup>  | 180 Medical, Inc.<sup>(a)</sup>  | 180 Medical, Inc.<sup>(a)</sup>  | 180 Medical, Inc.<sup>(a)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 3.875% |  | 311000 | &nbsp;&nbsp; 298671 |
| American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
| 03/08/2031 | &nbsp;&nbsp; 3.000% | EUR | 220000 | &nbsp;&nbsp; 256188 |
| Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 8.375% |  | 60000 | &nbsp;&nbsp; 62610 |
| Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings |
| 11/15/2026 | &nbsp;&nbsp; 2.650% |  | 500000 | &nbsp;&nbsp; 490622 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 03/25/2038 | &nbsp;&nbsp; 4.780% |  | 35000 | &nbsp;&nbsp; 32246 |
| 03/25/2048 | &nbsp;&nbsp; 5.050% |  | 185000 | &nbsp;&nbsp; 158836 |
| CVS Health Corp.<sup>(k)</sup>  | CVS Health Corp.<sup>(k)</sup>  | CVS Health Corp.<sup>(k)</sup>  | CVS Health Corp.<sup>(k)</sup>  | CVS Health Corp.<sup>(k)</sup>  |
| 03/10/2055 | &nbsp;&nbsp; 7.000% |  | 305000 | &nbsp;&nbsp; 317862 |
| Hackensack Meridian Health, Inc. | Hackensack Meridian Health, Inc. | Hackensack Meridian Health, Inc. | Hackensack Meridian Health, Inc. | Hackensack Meridian Health, Inc. |
| 07/01/2057 | &nbsp;&nbsp; 4.500% |  | 300000 | &nbsp;&nbsp; 247569 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 09/15/2025 | &nbsp;&nbsp; 7.580% |  | 125000 | &nbsp;&nbsp; 125114 |
| 12/01/2027 | &nbsp;&nbsp; 7.050% |  | 115000 | &nbsp;&nbsp; 121470 |
| 09/01/2028 | &nbsp;&nbsp; 5.625% |  | 100000 | &nbsp;&nbsp; 103146 |
| 09/01/2030 | &nbsp;&nbsp; 3.500% |  | 739000 | &nbsp;&nbsp; 704650 |
| 04/01/2034 | &nbsp;&nbsp; 5.600% |  | 680000 | &nbsp;&nbsp; 698397 |
| Lonza Finance International NV<sup>(a)</sup>  | Lonza Finance International NV<sup>(a)</sup>  | Lonza Finance International NV<sup>(a)</sup>  | Lonza Finance International NV<sup>(a)</sup>  | Lonza Finance International NV<sup>(a)</sup>  |
| 09/04/2034 | &nbsp;&nbsp; 3.500% | EUR | 105000 | &nbsp;&nbsp; 121647 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| ModivCare, Inc.<sup>(a),(l),(m)</sup>  | ModivCare, Inc.<sup>(a),(l),(m)</sup>  | ModivCare, Inc.<sup>(a),(l),(m)</sup>  | ModivCare, Inc.<sup>(a),(l),(m)</sup>  | ModivCare, Inc.<sup>(a),(l),(m)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 5.000% |  | 390600 | &nbsp;&nbsp; 12206 |
| Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 5.250% |  | 25000 | &nbsp;&nbsp; 24761 |
| New York and Presbyterian Hospital (The) | New York and Presbyterian Hospital (The) | New York and Presbyterian Hospital (The) | New York and Presbyterian Hospital (The) | New York and Presbyterian Hospital (The) |
| 08/01/2036 | &nbsp;&nbsp; 3.563% |  | 390000 | &nbsp;&nbsp; 340232 |
| Option Care Health, Inc.<sup>(a)</sup>  | Option Care Health, Inc.<sup>(a)</sup>  | Option Care Health, Inc.<sup>(a)</sup>  | Option Care Health, Inc.<sup>(a)</sup>  | Option Care Health, Inc.<sup>(a)</sup>  |
| 10/31/2029 | &nbsp;&nbsp; 4.375% |  | 160000 | &nbsp;&nbsp; 154162 |
| Rede D'or Finance SARL<sup>(a)</sup>  | Rede D'or Finance SARL<sup>(a)</sup>  | Rede D'or Finance SARL<sup>(a)</sup>  | Rede D'or Finance SARL<sup>(a)</sup>  | Rede D'or Finance SARL<sup>(a)</sup>  |
| 01/22/2030 | &nbsp;&nbsp; 4.500% |  | 200000 | &nbsp;&nbsp; 190598 |
| Sartorius Finance BV<sup>(a)</sup>  | Sartorius Finance BV<sup>(a)</sup>  | Sartorius Finance BV<sup>(a)</sup>  | Sartorius Finance BV<sup>(a)</sup>  | Sartorius Finance BV<sup>(a)</sup>  |
| 09/14/2035 | &nbsp;&nbsp; 4.875% | EUR | 100000 | &nbsp;&nbsp; 123845 |
| Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 9.000% |  | 215000 | &nbsp;&nbsp; 227856 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| 02/10/2028 | &nbsp;&nbsp; 4.700% |  | 510000 | &nbsp;&nbsp; 517838 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| 10/01/2049 | &nbsp;&nbsp; 1.875% | EUR | 120000 | &nbsp;&nbsp; 87708 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **5418234** |
| **Healthcare Insurance 0.4%** | **Healthcare Insurance 0.4%** | **Healthcare Insurance 0.4%** | **Healthcare Insurance 0.4%** | **Healthcare Insurance 0.4%** |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 12/15/2029 | &nbsp;&nbsp; 4.625% |  | 135000 | &nbsp;&nbsp; 130076 |
| 02/15/2030 | &nbsp;&nbsp; 3.375% |  | 470000 | &nbsp;&nbsp; 428909 |
| 10/15/2030 | &nbsp;&nbsp; 3.000% |  | 585000 | &nbsp;&nbsp; 517244 |
| 03/01/2031 | &nbsp;&nbsp; 2.500% |  | 445000 | &nbsp;&nbsp; 379439 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| 05/01/2035 | &nbsp;&nbsp; 5.550% |  | 170000 | &nbsp;&nbsp; 171624 |
| Molina Healthcare, Inc.<sup>(a)</sup>  | Molina Healthcare, Inc.<sup>(a)</sup>  | Molina Healthcare, Inc.<sup>(a)</sup>  | Molina Healthcare, Inc.<sup>(a)</sup>  | Molina Healthcare, Inc.<sup>(a)</sup>  |
| 01/15/2033 | &nbsp;&nbsp; 6.250% |  | 205000 | &nbsp;&nbsp; 206846 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1834138** |
| **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| 01/15/2028 | &nbsp;&nbsp; 3.625% |  | 63000 | &nbsp;&nbsp; 61790 |
| 03/15/2031 | &nbsp;&nbsp; 2.050% |  | 16000 | &nbsp;&nbsp; 13736 |
| Healthcare Trust of America Holdings LP | Healthcare Trust of America Holdings LP | Healthcare Trust of America Holdings LP | Healthcare Trust of America Holdings LP | Healthcare Trust of America Holdings LP |
| 02/15/2030 | &nbsp;&nbsp; 3.100% |  | 10000 | &nbsp;&nbsp; 9402 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **84928** |
| **Independent Energy 1.2%** | **Independent Energy 1.2%** | **Independent Energy 1.2%** | **Independent Energy 1.2%** | **Independent Energy 1.2%** |
| Aker BP ASA<sup>(a)</sup>  | Aker BP ASA<sup>(a)</sup>  | Aker BP ASA<sup>(a)</sup>  | Aker BP ASA<sup>(a)</sup>  | Aker BP ASA<sup>(a)</sup>  |
| 10/01/2034 | &nbsp;&nbsp; 5.125% |  | 310000 | &nbsp;&nbsp; 300370 |
| Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  |
| 07/01/2031 | &nbsp;&nbsp; 8.750% |  | 470000 | &nbsp;&nbsp; 483647 |
| Continental Resources, Inc.<sup>(a)</sup>  | Continental Resources, Inc.<sup>(a)</sup>  | Continental Resources, Inc.<sup>(a)</sup>  | Continental Resources, Inc.<sup>(a)</sup>  | Continental Resources, Inc.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.750% |  | 476000 | &nbsp;&nbsp; 488346 |
| 04/01/2032 | &nbsp;&nbsp; 2.875% |  | 888000 | &nbsp;&nbsp; 762563 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Encana Corp. | Encana Corp. | Encana Corp. | Encana Corp. | Encana Corp. |
| 08/15/2034 | &nbsp;&nbsp; 6.500% |  | 495000 | &nbsp;&nbsp; 521197 |
| 02/01/2038 | &nbsp;&nbsp; 6.500% |  | 450000 | &nbsp;&nbsp; 462891 |
| EQT Corp.<sup>(a)</sup>  | EQT Corp.<sup>(a)</sup>  | EQT Corp.<sup>(a)</sup>  | EQT Corp.<sup>(a)</sup>  | EQT Corp.<sup>(a)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 3.625% |  | 870000 | &nbsp;&nbsp; 813003 |
| EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. |
| 02/01/2034 | &nbsp;&nbsp; 5.750% |  | 175000 | &nbsp;&nbsp; 181234 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 09/01/2030 | &nbsp;&nbsp; 6.625% |  | 550000 | &nbsp;&nbsp; 585108 |
| 01/01/2031 | &nbsp;&nbsp; 6.125% |  | 285000 | &nbsp;&nbsp; 297966 |
| 05/01/2031 | &nbsp;&nbsp; 7.500% |  | 195000 | &nbsp;&nbsp; 217984 |
| 09/15/2036 | &nbsp;&nbsp; 6.450% |  | 90000 | &nbsp;&nbsp; 93179 |
| Petrorio Luxembourg Sarl<sup>(a)</sup>  | Petrorio Luxembourg Sarl<sup>(a)</sup>  | Petrorio Luxembourg Sarl<sup>(a)</sup>  | Petrorio Luxembourg Sarl<sup>(a)</sup>  | Petrorio Luxembourg Sarl<sup>(a)</sup>  |
| 06/09/2026 | &nbsp;&nbsp; 6.125% |  | 200000 | &nbsp;&nbsp; 200052 |
| Var Energi ASA<sup>(a)</sup>  | Var Energi ASA<sup>(a)</sup>  | Var Energi ASA<sup>(a)</sup>  | Var Energi ASA<sup>(a)</sup>  | Var Energi ASA<sup>(a)</sup>  |
| 05/22/2035 | &nbsp;&nbsp; 6.500% |  | 340000 | &nbsp;&nbsp; 355251 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **5762791** |
| **Integrated Energy 0.3%** | **Integrated Energy 0.3%** | **Integrated Energy 0.3%** | **Integrated Energy 0.3%** | **Integrated Energy 0.3%** |
| Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |
| 02/07/2028 | &nbsp;&nbsp; 3.500% | CAD | 215000 | &nbsp;&nbsp; 156464 |
| 11/15/2039 | &nbsp;&nbsp; 6.750% |  | 983000 | &nbsp;&nbsp; 1064625 |
| 06/15/2047 | &nbsp;&nbsp; 5.400% |  | 310000 | &nbsp;&nbsp; 276749 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1497838** |
| **Leisure 0.3%** | **Leisure 0.3%** | **Leisure 0.3%** | **Leisure 0.3%** | **Leisure 0.3%** |
| Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 5.750% | EUR | 160000 | &nbsp;&nbsp; 202627 |
| Live Nation Entertainment, Inc.<sup>(a)</sup>  | Live Nation Entertainment, Inc.<sup>(a)</sup>  | Live Nation Entertainment, Inc.<sup>(a)</sup>  | Live Nation Entertainment, Inc.<sup>(a)</sup>  | Live Nation Entertainment, Inc.<sup>(a)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 4.750% |  | 89000 | &nbsp;&nbsp; 88258 |
| NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  |
| 02/01/2032 | &nbsp;&nbsp; 6.750% |  | 380000 | &nbsp;&nbsp; 392080 |
| Royal Caribbean Cruises Ltd.<sup>(a)</sup>  | Royal Caribbean Cruises Ltd.<sup>(a)</sup>  | Royal Caribbean Cruises Ltd.<sup>(a)</sup>  | Royal Caribbean Cruises Ltd.<sup>(a)</sup>  | Royal Caribbean Cruises Ltd.<sup>(a)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 6.000% |  | 575000 | &nbsp;&nbsp; 589981 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1272946** |
| **Life Insurance 0.0%** | **Life Insurance 0.0%** | **Life Insurance 0.0%** | **Life Insurance 0.0%** | **Life Insurance 0.0%** |
| Athene Global Funding<sup>(a)</sup>  | Athene Global Funding<sup>(a)</sup>  | Athene Global Funding<sup>(a)</sup>  | Athene Global Funding<sup>(a)</sup>  | Athene Global Funding<sup>(a)</sup>  |
| 03/08/2027 | &nbsp;&nbsp; 3.205% |  | 95000 | &nbsp;&nbsp; 93169 |
| 08/19/2028 | &nbsp;&nbsp; 1.985% |  | 10000 | &nbsp;&nbsp; 9365 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **102534** |
| **Lodging 0.2%** | **Lodging 0.2%** | **Lodging 0.2%** | **Lodging 0.2%** | **Lodging 0.2%** |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 01/15/2030 | &nbsp;&nbsp; 4.875% |  | 351000 | &nbsp;&nbsp; 350251 |
| Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 3.625% |  | 165000 | &nbsp;&nbsp; 150537 |
| 09/15/2033 | &nbsp;&nbsp; 5.750% |  | 220000 | &nbsp;&nbsp; 221951 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Travel + Leisure Co.<sup>(a)</sup>  | Travel + Leisure Co.<sup>(a)</sup>  | Travel + Leisure Co.<sup>(a)</sup>  | Travel + Leisure Co.<sup>(a)</sup>  |
| 12/01/2029 | &nbsp;&nbsp; 4.500% | 250000 | &nbsp;&nbsp; 242244 |
| 09/01/2033 | &nbsp;&nbsp; 6.125% | 140000 | &nbsp;&nbsp; 140479 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1105462** |
| **Media and Entertainment 0.3%** | **Media and Entertainment 0.3%** | **Media and Entertainment 0.3%** | **Media and Entertainment 0.3%** |
| AMC Networks, Inc.<sup>(a)</sup>  | AMC Networks, Inc.<sup>(a)</sup>  | AMC Networks, Inc.<sup>(a)</sup>  | AMC Networks, Inc.<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 10.250% | 100000 | &nbsp;&nbsp; 104050 |
| Getty Images, Inc.<sup>(a)</sup>  | Getty Images, Inc.<sup>(a)</sup>  | Getty Images, Inc.<sup>(a)</sup>  | Getty Images, Inc.<sup>(a)</sup>  |
| 02/21/2030 | &nbsp;&nbsp; 11.250% | 105000 | &nbsp;&nbsp; 98240 |
| News Corp.<sup>(a)</sup>  | News Corp.<sup>(a)</sup>  | News Corp.<sup>(a)</sup>  | News Corp.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 3.875% | 745000 | &nbsp;&nbsp; 718788 |
| Scripps Escrow II, Inc.<sup>(a)</sup>  | Scripps Escrow II, Inc.<sup>(a)</sup>  | Scripps Escrow II, Inc.<sup>(a)</sup>  | Scripps Escrow II, Inc.<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 3.875% | 125000 | &nbsp;&nbsp; 110805 |
| Sinclair Television Group, Inc.<sup>(a)</sup>  | Sinclair Television Group, Inc.<sup>(a)</sup>  | Sinclair Television Group, Inc.<sup>(a)</sup>  | Sinclair Television Group, Inc.<sup>(a)</sup>  |
| 02/15/2033 | &nbsp;&nbsp; 8.125% | 65000 | &nbsp;&nbsp; 66611 |
| Snap, Inc.<sup>(a)</sup>  | Snap, Inc.<sup>(a)</sup>  | Snap, Inc.<sup>(a)</sup>  | Snap, Inc.<sup>(a)</sup>  |
| 03/01/2033 | &nbsp;&nbsp; 6.875% | 170000 | &nbsp;&nbsp; 172057 |
| 03/15/2034 | &nbsp;&nbsp; 6.875% | 100000 | &nbsp;&nbsp; 100248 |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| 03/15/2042 | &nbsp;&nbsp; 5.050% | 145000 | &nbsp;&nbsp; 97730 |
| 03/15/2052 | &nbsp;&nbsp; 5.141% | 103000 | &nbsp;&nbsp; 64311 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1532840** |
| **Metals and Mining 0.6%** | **Metals and Mining 0.6%** | **Metals and Mining 0.6%** | **Metals and Mining 0.6%** |
| Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 6.750% | 985000 | &nbsp;&nbsp; 995806 |
| 05/01/2033 | &nbsp;&nbsp; 7.375% | 385000 | &nbsp;&nbsp; 383938 |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 08/01/2030 | &nbsp;&nbsp; 4.625% | 265000 | &nbsp;&nbsp; 265436 |
| 03/15/2043 | &nbsp;&nbsp; 5.450% | 1190000 | &nbsp;&nbsp; 1124135 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2769315** |
| **Midstream 1.5%** | **Midstream 1.5%** | **Midstream 1.5%** | **Midstream 1.5%** |
| AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 9.375% | 238000 | &nbsp;&nbsp; 245635 |
| 06/01/2030 | &nbsp;&nbsp; 9.500% | 81000 | &nbsp;&nbsp; 84809 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 03/01/2031 | &nbsp;&nbsp; 4.000% | 515000 | &nbsp;&nbsp; 496476 |
| Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  |
| 11/15/2033 | &nbsp;&nbsp; 6.036% | 275000 | &nbsp;&nbsp; 291054 |
| Enbridge, Inc.<sup>(k)</sup>  | Enbridge, Inc.<sup>(k)</sup>  | Enbridge, Inc.<sup>(k)</sup>  | Enbridge, Inc.<sup>(k)</sup>  |
| 06/27/2054 | &nbsp;&nbsp; 7.200% | 360000 | &nbsp;&nbsp; 374486 |
| 01/15/2084 | &nbsp;&nbsp; 8.500% | 465000 | &nbsp;&nbsp; 526686 |
| Energy Transfer LP<sup>(j),(k)</sup>  | Energy Transfer LP<sup>(j),(k)</sup>  | Energy Transfer LP<sup>(j),(k)</sup>  | Energy Transfer LP<sup>(j),(k)</sup>  |
|  | &nbsp;&nbsp; 6.625% | 336000 | &nbsp;&nbsp; 334348 |
|  | &nbsp;&nbsp; 7.125% | 420000 | &nbsp;&nbsp; 430752 |
| Energy Transfer LP<sup>(k)</sup>  | Energy Transfer LP<sup>(k)</sup>  | Energy Transfer LP<sup>(k)</sup>  | Energy Transfer LP<sup>(k)</sup>  |
| 05/15/2054 | &nbsp;&nbsp; 8.000% | 485000 | &nbsp;&nbsp; 515830 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Ferrellgas LP/Finance Corp.<sup>(a)</sup>  | Ferrellgas LP/Finance Corp.<sup>(a)</sup>  | Ferrellgas LP/Finance Corp.<sup>(a)</sup>  | Ferrellgas LP/Finance Corp.<sup>(a)</sup>  | Ferrellgas LP/Finance Corp.<sup>(a)</sup>  |
| 04/01/2026 | &nbsp;&nbsp; 5.375% |  | 200000 | &nbsp;&nbsp; 197678 |
| 04/01/2029 | &nbsp;&nbsp; 5.875% |  | 219000 | &nbsp;&nbsp; 202654 |
| Global Partners LP/Finance Corp. | Global Partners LP/Finance Corp. | Global Partners LP/Finance Corp. | Global Partners LP/Finance Corp. | Global Partners LP/Finance Corp. |
| 01/15/2029 | &nbsp;&nbsp; 6.875% |  | 150000 | &nbsp;&nbsp; 152195 |
| Global Partners LP/GLP Finance Corp.<sup>(a)</sup>  | Global Partners LP/GLP Finance Corp.<sup>(a)</sup>  | Global Partners LP/GLP Finance Corp.<sup>(a)</sup>  | Global Partners LP/GLP Finance Corp.<sup>(a)</sup>  | Global Partners LP/GLP Finance Corp.<sup>(a)</sup>  |
| 07/01/2033 | &nbsp;&nbsp; 7.125% |  | 84000 | &nbsp;&nbsp; 85930 |
| NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  | NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  | NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  | NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  | NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.375% |  | 105000 | &nbsp;&nbsp; 106707 |
| South Bow Canadian Infrastructure Holdings Ltd.<sup>(k)</sup>  | South Bow Canadian Infrastructure Holdings Ltd.<sup>(k)</sup>  | South Bow Canadian Infrastructure Holdings Ltd.<sup>(k)</sup>  | South Bow Canadian Infrastructure Holdings Ltd.<sup>(k)</sup>  | South Bow Canadian Infrastructure Holdings Ltd.<sup>(k)</sup>  |
| 03/01/2055 | &nbsp;&nbsp; 7.500% |  | 265000 | &nbsp;&nbsp; 279635 |
| TMS Issuer Sarl<sup>(a)</sup>  | TMS Issuer Sarl<sup>(a)</sup>  | TMS Issuer Sarl<sup>(a)</sup>  | TMS Issuer Sarl<sup>(a)</sup>  | TMS Issuer Sarl<sup>(a)</sup>  |
| 08/23/2032 | &nbsp;&nbsp; 5.780% |  | 300000 | &nbsp;&nbsp; 312730 |
| TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
| 03/01/2034 | &nbsp;&nbsp; 4.625% |  | 5000 | &nbsp;&nbsp; 4820 |
| TransCanada PipeLines Ltd.<sup>(k)</sup>  | TransCanada PipeLines Ltd.<sup>(k)</sup>  | TransCanada PipeLines Ltd.<sup>(k)</sup>  | TransCanada PipeLines Ltd.<sup>(k)</sup>  | TransCanada PipeLines Ltd.<sup>(k)</sup>  |
| 06/01/2065 | &nbsp;&nbsp; 7.000% |  | 250000 | &nbsp;&nbsp; 254100 |
| Transcanada Trust<sup>(k)</sup>  | Transcanada Trust<sup>(k)</sup>  | Transcanada Trust<sup>(k)</sup>  | Transcanada Trust<sup>(k)</sup>  | Transcanada Trust<sup>(k)</sup>  |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
| 03/07/2082 | &nbsp;&nbsp; 5.600% |  | 455000 | &nbsp;&nbsp; 444465 |
| TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 8.500% |  | 100000 | &nbsp;&nbsp; 105162 |
| Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  |
| 08/15/2029 | &nbsp;&nbsp; 3.875% |  | 196000 | &nbsp;&nbsp; 187926 |
| Venture Global LNG, Inc.<sup>(a),(j),(k)</sup>  | Venture Global LNG, Inc.<sup>(a),(j),(k)</sup>  | Venture Global LNG, Inc.<sup>(a),(j),(k)</sup>  | Venture Global LNG, Inc.<sup>(a),(j),(k)</sup>  | Venture Global LNG, Inc.<sup>(a),(j),(k)</sup>  |
|  | &nbsp;&nbsp; 9.000% |  | 809000 | &nbsp;&nbsp; 804757 |
| Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 7.000% |  | 78000 | &nbsp;&nbsp; 80353 |
| 02/01/2032 | &nbsp;&nbsp; 9.875% |  | 177000 | &nbsp;&nbsp; 192744 |
| Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  |
| 01/15/2036 | &nbsp;&nbsp; 6.750% |  | 290000 | &nbsp;&nbsp; 304438 |
| Western Midstream Operating LP<sup>(k)</sup>  | Western Midstream Operating LP<sup>(k)</sup>  | Western Midstream Operating LP<sup>(k)</sup>  | Western Midstream Operating LP<sup>(k)</sup>  | Western Midstream Operating LP<sup>(k)</sup>  |
| 02/01/2030 | &nbsp;&nbsp; 4.050% |  | 285000 | &nbsp;&nbsp; 276909 |
| Williams Cos, Inc. (The) | Williams Cos, Inc. (The) | Williams Cos, Inc. (The) | Williams Cos, Inc. (The) | Williams Cos, Inc. (The) |
| 09/30/2035 | &nbsp;&nbsp; 5.300% |  | 342000 | &nbsp;&nbsp; 341897 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **7635176** |
| **Natural Gas 0.2%** | **Natural Gas 0.2%** | **Natural Gas 0.2%** | **Natural Gas 0.2%** | **Natural Gas 0.2%** |
| KeySpan Gas East Corp.<sup>(a)</sup>  | KeySpan Gas East Corp.<sup>(a)</sup>  | KeySpan Gas East Corp.<sup>(a)</sup>  | KeySpan Gas East Corp.<sup>(a)</sup>  | KeySpan Gas East Corp.<sup>(a)</sup>  |
| 03/06/2033 | &nbsp;&nbsp; 5.994% |  | 225000 | &nbsp;&nbsp; 235586 |
| National Gas Transmission PLC<sup>(a)</sup>  | National Gas Transmission PLC<sup>(a)</sup>  | National Gas Transmission PLC<sup>(a)</sup>  | National Gas Transmission PLC<sup>(a)</sup>  | National Gas Transmission PLC<sup>(a)</sup>  |
| 04/05/2030 | &nbsp;&nbsp; 4.250% | EUR | 200000 | &nbsp;&nbsp; 245303 |
| Northwest Natural Holding Co.<sup>(k)</sup>  | Northwest Natural Holding Co.<sup>(k)</sup>  | Northwest Natural Holding Co.<sup>(k)</sup>  | Northwest Natural Holding Co.<sup>(k)</sup>  | Northwest Natural Holding Co.<sup>(k)</sup>  |
| 09/15/2055 | &nbsp;&nbsp; 7.000% |  | 415000 | &nbsp;&nbsp; 420372 |
| Sempra<sup>(k)</sup>  | Sempra<sup>(k)</sup>  | Sempra<sup>(k)</sup>  | Sempra<sup>(k)</sup>  | Sempra<sup>(k)</sup>  |
| 04/01/2055 | &nbsp;&nbsp; 6.550% |  | 310000 | &nbsp;&nbsp; 305832 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1207093** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Office REIT 0.1%** | **Office REIT 0.1%** | **Office REIT 0.1%** | **Office REIT 0.1%** | **Office REIT 0.1%** |
| Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| 11/01/2027 | &nbsp;&nbsp; 3.950% |  | 272000 | &nbsp;&nbsp; 260202 |
| 02/15/2028 | &nbsp;&nbsp; 5.950% |  | 5000 | &nbsp;&nbsp; 4894 |
| 01/15/2030 | &nbsp;&nbsp; 3.250% |  | 65000 | &nbsp;&nbsp; 55055 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **320151** |
| **Oil Field Services 0.1%** | **Oil Field Services 0.1%** | **Oil Field Services 0.1%** | **Oil Field Services 0.1%** | **Oil Field Services 0.1%** |
| Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 8.375% |  | 77714 | &nbsp;&nbsp; 79664 |
| Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 8.750% |  | 63750 | &nbsp;&nbsp; 67471 |
| USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 7.125% |  | 180000 | &nbsp;&nbsp; 184507 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **331642** |
| **Other Financial Institutions 0.1%** | **Other Financial Institutions 0.1%** | **Other Financial Institutions 0.1%** | **Other Financial Institutions 0.1%** | **Other Financial Institutions 0.1%** |
| Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. |
| 01/15/2029 | &nbsp;&nbsp; 9.750% |  | 101000 | &nbsp;&nbsp; 100443 |
| 06/15/2030 | &nbsp;&nbsp; 9.000% |  | 250000 | &nbsp;&nbsp; 238288 |
| Vonovia SE<sup>(a)</sup>  | Vonovia SE<sup>(a)</sup>  | Vonovia SE<sup>(a)</sup>  | Vonovia SE<sup>(a)</sup>  | Vonovia SE<sup>(a)</sup>  |
| 09/01/2032 | &nbsp;&nbsp; 0.750% | EUR | 200000 | &nbsp;&nbsp; 194391 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **533122** |
| **Other Industry 0.2%** | **Other Industry 0.2%** | **Other Industry 0.2%** | **Other Industry 0.2%** | **Other Industry 0.2%** |
| Adtalem Global Education, Inc.<sup>(a)</sup>  | Adtalem Global Education, Inc.<sup>(a)</sup>  | Adtalem Global Education, Inc.<sup>(a)</sup>  | Adtalem Global Education, Inc.<sup>(a)</sup>  | Adtalem Global Education, Inc.<sup>(a)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 5.500% |  | 103000 | &nbsp;&nbsp; 102583 |
| AECOM<sup>(a)</sup>  | AECOM<sup>(a)</sup>  | AECOM<sup>(a)</sup>  | AECOM<sup>(a)</sup>  | AECOM<sup>(a)</sup>  |
| 08/01/2033 | &nbsp;&nbsp; 6.000% |  | 432000 | &nbsp;&nbsp; 440011 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>(a)</sup>  | Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>(a)</sup>  | Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>(a)</sup>  | Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>(a)</sup>  | Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>(a)</sup>  |
| 05/21/2030 | &nbsp;&nbsp; 7.000% |  | 73000 | &nbsp;&nbsp; 75423 |
| Grand Canyon University | Grand Canyon University | Grand Canyon University | Grand Canyon University | Grand Canyon University |
| 10/01/2028 | &nbsp;&nbsp; 5.125% |  | 110000 | &nbsp;&nbsp; 107911 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **725928** |
| **Other REIT 0.3%** | **Other REIT 0.3%** | **Other REIT 0.3%** | **Other REIT 0.3%** | **Other REIT 0.3%** |
| American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| 02/01/2031 | &nbsp;&nbsp; 3.375% |  | 155000 | &nbsp;&nbsp; 139895 |
| BW Real Estate, Inc.<sup>(a),(k)</sup>  | BW Real Estate, Inc.<sup>(a),(k)</sup>  | BW Real Estate, Inc.<sup>(a),(k)</sup>  | BW Real Estate, Inc.<sup>(a),(k)</sup>  | BW Real Estate, Inc.<sup>(a),(k)</sup>  |
| 12/31/2079 | &nbsp;&nbsp; 9.500% |  | 120000 | &nbsp;&nbsp; 122087 |
| Digital Dutch Finco BV<sup>(a)</sup>  | Digital Dutch Finco BV<sup>(a)</sup>  | Digital Dutch Finco BV<sup>(a)</sup>  | Digital Dutch Finco BV<sup>(a)</sup>  | Digital Dutch Finco BV<sup>(a)</sup>  |
| 03/15/2035 | &nbsp;&nbsp; 3.875% | EUR | 220000 | &nbsp;&nbsp; 253899 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| 10/15/2031 | &nbsp;&nbsp; 2.400% |  | 30000 | &nbsp;&nbsp; 26316 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 12/15/2029 | &nbsp;&nbsp; 3.375% |  | 155000 | &nbsp;&nbsp; 147001 |
| 09/15/2030 | &nbsp;&nbsp; 3.500% |  | 115000 | &nbsp;&nbsp; 108119 |
| 06/15/2032 | &nbsp;&nbsp; 5.700% |  | 305000 | &nbsp;&nbsp; 313410 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Lexington Realty Trust | Lexington Realty Trust | Lexington Realty Trust | Lexington Realty Trust | Lexington Realty Trust |
| 09/15/2030 | &nbsp;&nbsp; 2.700% |  | 135000 | &nbsp;&nbsp; 122897 |
| Lineage OP LP<sup>(a)</sup>  | Lineage OP LP<sup>(a)</sup>  | Lineage OP LP<sup>(a)</sup>  | Lineage OP LP<sup>(a)</sup>  | Lineage OP LP<sup>(a)</sup>  |
| 07/15/2030 | &nbsp;&nbsp; 5.250% |  | 195000 | &nbsp;&nbsp; 196666 |
| Prologis Euro Finance LLC | Prologis Euro Finance LLC | Prologis Euro Finance LLC | Prologis Euro Finance LLC | Prologis Euro Finance LLC |
| 05/05/2034 | &nbsp;&nbsp; 4.000% | EUR | 125000 | &nbsp;&nbsp; 150145 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1580435** |
| **Other Utility 0.1%** | **Other Utility 0.1%** | **Other Utility 0.1%** | **Other Utility 0.1%** | **Other Utility 0.1%** |
| Suez SACA<sup>(a)</sup>  | Suez SACA<sup>(a)</sup>  | Suez SACA<sup>(a)</sup>  | Suez SACA<sup>(a)</sup>  | Suez SACA<sup>(a)</sup>  |
| 05/24/2034 | &nbsp;&nbsp; 2.875% | EUR | 100000 | &nbsp;&nbsp; 109424 |
| Yorkshire Water Finance PLC<sup>(a)</sup>  | Yorkshire Water Finance PLC<sup>(a)</sup>  | Yorkshire Water Finance PLC<sup>(a)</sup>  | Yorkshire Water Finance PLC<sup>(a)</sup>  | Yorkshire Water Finance PLC<sup>(a)</sup>  |
| 11/18/2034 | &nbsp;&nbsp; 6.375% | GBP | 155000 | &nbsp;&nbsp; 213025 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **322449** |
| **Packaging 0.4%** | **Packaging 0.4%** | **Packaging 0.4%** | **Packaging 0.4%** | **Packaging 0.4%** |
| Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| 03/17/2028 | &nbsp;&nbsp; 4.800% |  | 315000 | &nbsp;&nbsp; 318422 |
| Amcor Group Finance PLC | Amcor Group Finance PLC | Amcor Group Finance PLC | Amcor Group Finance PLC | Amcor Group Finance PLC |
| 05/23/2029 | &nbsp;&nbsp; 5.450% |  | 190000 | &nbsp;&nbsp; 196634 |
| Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup>  | Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup>  | Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup>  | Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup>  | Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup>  |
| 08/15/2026 | &nbsp;&nbsp; 4.125% |  | 60000 | &nbsp;&nbsp; 57673 |
| 08/15/2027 | &nbsp;&nbsp; 5.250% |  | 206000 | &nbsp;&nbsp; 90644 |
| 08/15/2027 | &nbsp;&nbsp; 5.250% |  | 20000 | &nbsp;&nbsp; 8720 |
| Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
| 03/15/2026 | &nbsp;&nbsp; 4.875% |  | 86000 | &nbsp;&nbsp; 85892 |
| 08/15/2030 | &nbsp;&nbsp; 2.875% |  | 775000 | &nbsp;&nbsp; 700957 |
| Berry Global Escrow Corp.<sup>(a)</sup>  | Berry Global Escrow Corp.<sup>(a)</sup>  | Berry Global Escrow Corp.<sup>(a)</sup>  | Berry Global Escrow Corp.<sup>(a)</sup>  | Berry Global Escrow Corp.<sup>(a)</sup>  |
| 07/15/2026 | &nbsp;&nbsp; 4.875% |  | 24000 | &nbsp;&nbsp; 24002 |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 04/15/2028 | &nbsp;&nbsp; 5.500% |  | 360000 | &nbsp;&nbsp; 371022 |
| 01/15/2034 | &nbsp;&nbsp; 5.650% |  | 120000 | &nbsp;&nbsp; 124735 |
| Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.625% |  | 20000 | &nbsp;&nbsp; 20287 |
| Sealed Air Corp.<sup>(a)</sup>  | Sealed Air Corp.<sup>(a)</sup>  | Sealed Air Corp.<sup>(a)</sup>  | Sealed Air Corp.<sup>(a)</sup>  | Sealed Air Corp.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.000% |  | 175000 | &nbsp;&nbsp; 173706 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2172694** |
| **Paper 0.0%** | **Paper 0.0%** | **Paper 0.0%** | **Paper 0.0%** | **Paper 0.0%** |
| Clearwater Paper Corp.<sup>(a)</sup>  | Clearwater Paper Corp.<sup>(a)</sup>  | Clearwater Paper Corp.<sup>(a)</sup>  | Clearwater Paper Corp.<sup>(a)</sup>  | Clearwater Paper Corp.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.750% |  | 100000 | &nbsp;&nbsp; 94672 |
| Graphic Packaging International LLC<sup>(a)</sup>  | Graphic Packaging International LLC<sup>(a)</sup>  | Graphic Packaging International LLC<sup>(a)</sup>  | Graphic Packaging International LLC<sup>(a)</sup>  | Graphic Packaging International LLC<sup>(a)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 4.750% |  | 93000 | &nbsp;&nbsp; 92226 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **186898** |
| **Pharmaceuticals 0.4%** | **Pharmaceuticals 0.4%** | **Pharmaceuticals 0.4%** | **Pharmaceuticals 0.4%** | **Pharmaceuticals 0.4%** |
| 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 10.000% |  | 200000 | &nbsp;&nbsp; 207947 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Allergan Funding SCS | Allergan Funding SCS | Allergan Funding SCS | Allergan Funding SCS | Allergan Funding SCS |
| 11/15/2028 | &nbsp;&nbsp; 2.625% | EUR | 100000 | &nbsp;&nbsp; 113525 |
| Bayer US Finance II LLC<sup>(a)</sup>  | Bayer US Finance II LLC<sup>(a)</sup>  | Bayer US Finance II LLC<sup>(a)</sup>  | Bayer US Finance II LLC<sup>(a)</sup>  | Bayer US Finance II LLC<sup>(a)</sup>  |
| 12/15/2025 | &nbsp;&nbsp; 4.250% |  | 100000 | &nbsp;&nbsp; 99817 |
| 12/15/2028 | &nbsp;&nbsp; 4.375% |  | 174000 | &nbsp;&nbsp; 173242 |
| 06/25/2038 | &nbsp;&nbsp; 4.625% |  | 520000 | &nbsp;&nbsp; 464222 |
| 07/15/2044 | &nbsp;&nbsp; 4.400% |  | 86000 | &nbsp;&nbsp; 67293 |
| Bayer US Finance LLC<sup>(a)</sup>  | Bayer US Finance LLC<sup>(a)</sup>  | Bayer US Finance LLC<sup>(a)</sup>  | Bayer US Finance LLC<sup>(a)</sup>  | Bayer US Finance LLC<sup>(a)</sup>  |
| 11/21/2053 | &nbsp;&nbsp; 6.875% |  | 120000 | &nbsp;&nbsp; 126818 |
| Grifols SA<sup>(a)</sup>  | Grifols SA<sup>(a)</sup>  | Grifols SA<sup>(a)</sup>  | Grifols SA<sup>(a)</sup>  | Grifols SA<sup>(a)</sup>  |
| 05/01/2030 | &nbsp;&nbsp; 7.500% | EUR | 296000 | &nbsp;&nbsp; 364940 |
| Kevlar SpA<sup>(a)</sup>  | Kevlar SpA<sup>(a)</sup>  | Kevlar SpA<sup>(a)</sup>  | Kevlar SpA<sup>(a)</sup>  | Kevlar SpA<sup>(a)</sup>  |
| 09/01/2029 | &nbsp;&nbsp; 6.500% |  | 321000 | &nbsp;&nbsp; 315867 |
| Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
| 12/01/2032 | &nbsp;&nbsp; 6.000% |  | 172000 | &nbsp;&nbsp; 176830 |
| 10/01/2046 | &nbsp;&nbsp; 4.100% |  | 25000 | &nbsp;&nbsp; 18233 |
| Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV |
| 12/01/2030 | &nbsp;&nbsp; 5.750% |  | 39000 | &nbsp;&nbsp; 39836 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2168570** |
| **Property & Casualty 0.2%** | **Property & Casualty 0.2%** | **Property & Casualty 0.2%** | **Property & Casualty 0.2%** | **Property & Casualty 0.2%** |
| Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 6.750% |  | 185000 | &nbsp;&nbsp; 188811 |
| Aon Corp. | Aon Corp. | Aon Corp. | Aon Corp. | Aon Corp. |
| 05/15/2030 | &nbsp;&nbsp; 2.800% |  | 230000 | &nbsp;&nbsp; 215692 |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| 06/19/2039 | &nbsp;&nbsp; 2.375% | GBP | 250000 | &nbsp;&nbsp; 229053 |
| Farmers Exchange Capital III<sup>(a),(k)</sup>  | Farmers Exchange Capital III<sup>(a),(k)</sup>  | Farmers Exchange Capital III<sup>(a),(k)</sup>  | Farmers Exchange Capital III<sup>(a),(k)</sup>  | Farmers Exchange Capital III<sup>(a),(k)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated | Subordinated |
| 10/15/2054 | &nbsp;&nbsp; 5.454% |  | 300000 | &nbsp;&nbsp; 276093 |
| Farmers Insurance Exchange<sup>(a),(k)</sup>  | Farmers Insurance Exchange<sup>(a),(k)</sup>  | Farmers Insurance Exchange<sup>(a),(k)</sup>  | Farmers Insurance Exchange<sup>(a),(k)</sup>  | Farmers Insurance Exchange<sup>(a),(k)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated | Subordinated |
| 11/01/2057 | &nbsp;&nbsp; 4.747% |  | 100000 | &nbsp;&nbsp; 82972 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **992621** |
| **Railroads 0.0%** | **Railroads 0.0%** | **Railroads 0.0%** | **Railroads 0.0%** | **Railroads 0.0%** |
| Pacific National Finance Pty Ltd. | Pacific National Finance Pty Ltd. | Pacific National Finance Pty Ltd. | Pacific National Finance Pty Ltd. | Pacific National Finance Pty Ltd. |
| 09/24/2029 | &nbsp;&nbsp; 3.700% | AUD | 240000 | &nbsp;&nbsp; 146401 |
| **Refining 0.0%** | **Refining 0.0%** | **Refining 0.0%** | **Refining 0.0%** | **Refining 0.0%** |
| MC Brazil Downstream Trading SARL<sup>(a)</sup>  | MC Brazil Downstream Trading SARL<sup>(a)</sup>  | MC Brazil Downstream Trading SARL<sup>(a)</sup>  | MC Brazil Downstream Trading SARL<sup>(a)</sup>  | MC Brazil Downstream Trading SARL<sup>(a)</sup>  |
| 06/30/2031 | &nbsp;&nbsp; 7.250% |  | 200686 | &nbsp;&nbsp; 170895 |
| **Restaurants 0.5%** | **Restaurants 0.5%** | **Restaurants 0.5%** | **Restaurants 0.5%** | **Restaurants 0.5%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 3.875% |  | 335000 | &nbsp;&nbsp; 326214 |
| 02/15/2029 | &nbsp;&nbsp; 3.500% |  | 260000 | &nbsp;&nbsp; 247756 |
| BCPE Flavor Debt Merger Sub LLC/Issuer, Inc.<sup>(a)</sup>  | BCPE Flavor Debt Merger Sub LLC/Issuer, Inc.<sup>(a)</sup>  | BCPE Flavor Debt Merger Sub LLC/Issuer, Inc.<sup>(a)</sup>  | BCPE Flavor Debt Merger Sub LLC/Issuer, Inc.<sup>(a)</sup>  | BCPE Flavor Debt Merger Sub LLC/Issuer, Inc.<sup>(a)</sup>  |
| 07/01/2032 | &nbsp;&nbsp; 9.500% |  | 165000 | &nbsp;&nbsp; 171113 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| McDonald's Corp.<sup>(a)</sup>  | McDonald's Corp.<sup>(a)</sup>  | McDonald's Corp.<sup>(a)</sup>  | McDonald's Corp.<sup>(a)</sup>  | McDonald's Corp.<sup>(a)</sup>  |
| 03/07/2035 | &nbsp;&nbsp; 4.250% | EUR | 100000 | &nbsp;&nbsp; 121920 |
| Papa John's International, Inc.<sup>(a)</sup>  | Papa John's International, Inc.<sup>(a)</sup>  | Papa John's International, Inc.<sup>(a)</sup>  | Papa John's International, Inc.<sup>(a)</sup>  | Papa John's International, Inc.<sup>(a)</sup>  |
| 09/15/2029 | &nbsp;&nbsp; 3.875% |  | 110000 | &nbsp;&nbsp; 105742 |
| Yum! Brands, Inc.<sup>(a)</sup>  | Yum! Brands, Inc.<sup>(a)</sup>  | Yum! Brands, Inc.<sup>(a)</sup>  | Yum! Brands, Inc.<sup>(a)</sup>  | Yum! Brands, Inc.<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 4.750% |  | 290000 | &nbsp;&nbsp; 287980 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 03/15/2031 | &nbsp;&nbsp; 3.625% |  | 760000 | &nbsp;&nbsp; 707356 |
| 01/31/2032 | &nbsp;&nbsp; 4.625% |  | 300000 | &nbsp;&nbsp; 290555 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2258636** |
| **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** |
| Crocs, Inc.<sup>(a)</sup>  | Crocs, Inc.<sup>(a)</sup>  | Crocs, Inc.<sup>(a)</sup>  | Crocs, Inc.<sup>(a)</sup>  | Crocs, Inc.<sup>(a)</sup>  |
| 08/15/2031 | &nbsp;&nbsp; 4.125% |  | 110000 | &nbsp;&nbsp; 98742 |
| EZCORP, Inc.<sup>(a)</sup>  | EZCORP, Inc.<sup>(a)</sup>  | EZCORP, Inc.<sup>(a)</sup>  | EZCORP, Inc.<sup>(a)</sup>  | EZCORP, Inc.<sup>(a)</sup>  |
| 04/01/2032 | &nbsp;&nbsp; 7.375% |  | 175000 | &nbsp;&nbsp; 184648 |
| Magic MergeCo, Inc.<sup>(a)</sup>  | Magic MergeCo, Inc.<sup>(a)</sup>  | Magic MergeCo, Inc.<sup>(a)</sup>  | Magic MergeCo, Inc.<sup>(a)</sup>  | Magic MergeCo, Inc.<sup>(a)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 5.250% |  | 235000 | &nbsp;&nbsp; 186588 |
| 05/01/2029 | &nbsp;&nbsp; 7.875% |  | 51000 | &nbsp;&nbsp; 34832 |
| Rent-A-Center, Inc.<sup>(a)</sup>  | Rent-A-Center, Inc.<sup>(a)</sup>  | Rent-A-Center, Inc.<sup>(a)</sup>  | Rent-A-Center, Inc.<sup>(a)</sup>  | Rent-A-Center, Inc.<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 6.375% |  | 225000 | &nbsp;&nbsp; 220809 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **725619** |
| **Supranational 0.5%** | **Supranational 0.5%** | **Supranational 0.5%** | **Supranational 0.5%** | **Supranational 0.5%** |
| Asian Development Bank | Asian Development Bank | Asian Development Bank | Asian Development Bank | Asian Development Bank |
| 01/22/2029 | &nbsp;&nbsp; 3.625% | NOK | 3000000 | &nbsp;&nbsp; 295746 |
| Asian Infrastructure Investment Bank (The)<sup>(a)</sup>  | Asian Infrastructure Investment Bank (The)<sup>(a)</sup>  | Asian Infrastructure Investment Bank (The)<sup>(a)</sup>  | Asian Infrastructure Investment Bank (The)<sup>(a)</sup>  | Asian Infrastructure Investment Bank (The)<sup>(a)</sup>  |
| 12/15/2025 | &nbsp;&nbsp; 0.200% | GBP | 245000 | &nbsp;&nbsp; 327455 |
| European Bank for Reconstruction & Development | European Bank for Reconstruction & Development | European Bank for Reconstruction & Development | European Bank for Reconstruction & Development | European Bank for Reconstruction & Development |
| 10/26/2027 | &nbsp;&nbsp; 6.300% | INR | 15300000 | &nbsp;&nbsp; 172497 |
| Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
| 10/06/2030 | &nbsp;&nbsp; 7.350% | INR | 27000000 | &nbsp;&nbsp; 314018 |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
| 03/16/2026 | &nbsp;&nbsp; 1.250% | NOK | 1410000 | &nbsp;&nbsp; 138116 |
| 04/24/2028 | &nbsp;&nbsp; 6.850% | INR | 15500000 | &nbsp;&nbsp; 176612 |
| 04/17/2030 | &nbsp;&nbsp; 6.500% | INR | 24400000 | &nbsp;&nbsp; 274185 |
| 08/08/2034 | &nbsp;&nbsp; 1.200% | EUR | 289000 | &nbsp;&nbsp; 293164 |
| International Development Association<sup>(a)</sup>  | International Development Association<sup>(a)</sup>  | International Development Association<sup>(a)</sup>  | International Development Association<sup>(a)</sup>  | International Development Association<sup>(a)</sup>  |
| 02/17/2027 | &nbsp;&nbsp; 1.750% | NOK | 900000 | &nbsp;&nbsp; 86704 |
| International Finance Corp. | International Finance Corp. | International Finance Corp. | International Finance Corp. | International Finance Corp. |
| 09/10/2025 | &nbsp;&nbsp; 0.375% | NZD | 367000 | &nbsp;&nbsp; 216309 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2294806** |
| **Technology 1.2%** | **Technology 1.2%** | **Technology 1.2%** | **Technology 1.2%** | **Technology 1.2%** |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 05/06/2033 | &nbsp;&nbsp; 3.000% | EUR | 244000 | &nbsp;&nbsp; 283896 |
| Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| 05/15/2032 | &nbsp;&nbsp; 6.500% |  | 85000 | &nbsp;&nbsp; 88064 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 6.375% |  | 215000 | &nbsp;&nbsp; 222117 |
| Cloud Software Group, Inc,<sup>(a)</sup>  | Cloud Software Group, Inc,<sup>(a)</sup>  | Cloud Software Group, Inc,<sup>(a)</sup>  | Cloud Software Group, Inc,<sup>(a)</sup>  | Cloud Software Group, Inc,<sup>(a)</sup>  |
| 08/15/2033 | &nbsp;&nbsp; 6.625% |  | 545000 | &nbsp;&nbsp; 552513 |
| Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  |
| 06/30/2032 | &nbsp;&nbsp; 8.250% |  | 200000 | &nbsp;&nbsp; 213822 |
| Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 7.375% |  | 85000 | &nbsp;&nbsp; 78595 |
| CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.250% |  | 640000 | &nbsp;&nbsp; 642188 |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 04/01/2028 | &nbsp;&nbsp; 4.750% |  | 315000 | &nbsp;&nbsp; 319273 |
| 04/01/2030 | &nbsp;&nbsp; 5.000% |  | 205000 | &nbsp;&nbsp; 209944 |
| 07/15/2046 | &nbsp;&nbsp; 8.350% |  | 275000 | &nbsp;&nbsp; 350871 |
| Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
| 11/22/2034 | &nbsp;&nbsp; 3.625% | EUR | 130000 | &nbsp;&nbsp; 147904 |
| Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  |
| 01/25/2031 | &nbsp;&nbsp; 5.500% |  | 60000 | &nbsp;&nbsp; 62190 |
| Gartner, Inc.<sup>(a)</sup>  | Gartner, Inc.<sup>(a)</sup>  | Gartner, Inc.<sup>(a)</sup>  | Gartner, Inc.<sup>(a)</sup>  | Gartner, Inc.<sup>(a)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 3.750% |  | 300000 | &nbsp;&nbsp; 282344 |
| Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl<sup>(a)</sup>  | Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl<sup>(a)</sup>  | Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl<sup>(a)</sup>  | Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl<sup>(a)</sup>  | Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 8.750% |  | 100000 | &nbsp;&nbsp; 102723 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 08/12/2031 | &nbsp;&nbsp; 2.000% |  | 50000 | &nbsp;&nbsp; 43306 |
| 02/10/2053 | &nbsp;&nbsp; 5.700% |  | 45000 | &nbsp;&nbsp; 41325 |
| MSCI, Inc.<sup>(a)</sup>  | MSCI, Inc.<sup>(a)</sup>  | MSCI, Inc.<sup>(a)</sup>  | MSCI, Inc.<sup>(a)</sup>  | MSCI, Inc.<sup>(a)</sup>  |
| 09/01/2030 | &nbsp;&nbsp; 3.625% |  | 635000 | &nbsp;&nbsp; 605477 |
| 02/15/2031 | &nbsp;&nbsp; 3.875% |  | 275000 | &nbsp;&nbsp; 262411 |
| 11/01/2031 | &nbsp;&nbsp; 3.625% |  | 345000 | &nbsp;&nbsp; 322085 |
| 08/15/2033 | &nbsp;&nbsp; 3.250% |  | 90000 | &nbsp;&nbsp; 79619 |
| NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.125% |  | 110000 | &nbsp;&nbsp; 108728 |
| Open Text Corp.<sup>(a)</sup>  | Open Text Corp.<sup>(a)</sup>  | Open Text Corp.<sup>(a)</sup>  | Open Text Corp.<sup>(a)</sup>  | Open Text Corp.<sup>(a)</sup>  |
| 12/01/2027 | &nbsp;&nbsp; 6.900% |  | 70000 | &nbsp;&nbsp; 72691 |
| Open Text Holdings, Inc.<sup>(a)</sup>  | Open Text Holdings, Inc.<sup>(a)</sup>  | Open Text Holdings, Inc.<sup>(a)</sup>  | Open Text Holdings, Inc.<sup>(a)</sup>  | Open Text Holdings, Inc.<sup>(a)</sup>  |
| 12/01/2031 | &nbsp;&nbsp; 4.125% |  | 35000 | &nbsp;&nbsp; 32239 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 04/01/2027 | &nbsp;&nbsp; 2.800% |  | 100000 | &nbsp;&nbsp; 97882 |
| 08/03/2028 | &nbsp;&nbsp; 4.800% |  | 215000 | &nbsp;&nbsp; 218960 |
| Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| 04/15/2032 | &nbsp;&nbsp; 5.350% |  | 415000 | &nbsp;&nbsp; 428842 |
| Sabre GLBL, Inc.<sup>(a)</sup>  | Sabre GLBL, Inc.<sup>(a)</sup>  | Sabre GLBL, Inc.<sup>(a)</sup>  | Sabre GLBL, Inc.<sup>(a)</sup>  | Sabre GLBL, Inc.<sup>(a)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 10.750% |  | 40000 | &nbsp;&nbsp; 38917 |
| Xerox Corp.<sup>(a)</sup>  | Xerox Corp.<sup>(a)</sup>  | Xerox Corp.<sup>(a)</sup>  | Xerox Corp.<sup>(a)</sup>  | Xerox Corp.<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 10.250% |  | 215000 | &nbsp;&nbsp; 223250 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **6132176** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Tobacco 0.2%** | **Tobacco 0.2%** | **Tobacco 0.2%** | **Tobacco 0.2%** | **Tobacco 0.2%** |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 02/04/2028 | &nbsp;&nbsp; 4.875% |  | 165000 | &nbsp;&nbsp; 167484 |
| Imperial Brands Finance PLC<sup>(a)</sup>  | Imperial Brands Finance PLC<sup>(a)</sup>  | Imperial Brands Finance PLC<sup>(a)</sup>  | Imperial Brands Finance PLC<sup>(a)</sup>  | Imperial Brands Finance PLC<sup>(a)</sup>  |
| 06/30/2028 | &nbsp;&nbsp; 4.500% |  | 540000 | &nbsp;&nbsp; 542943 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 06/06/2029 | &nbsp;&nbsp; 2.750% | EUR | 105000 | &nbsp;&nbsp; 122328 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **832755** |
| **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** |
| Aurizon Network Pty Ltd.<sup>(a)</sup>  | Aurizon Network Pty Ltd.<sup>(a)</sup>  | Aurizon Network Pty Ltd.<sup>(a)</sup>  | Aurizon Network Pty Ltd.<sup>(a)</sup>  | Aurizon Network Pty Ltd.<sup>(a)</sup>  |
| 09/02/2030 | &nbsp;&nbsp; 2.900% | AUD | 250000 | &nbsp;&nbsp; 148204 |
| Heathrow Funding Ltd.<sup>(a)</sup>  | Heathrow Funding Ltd.<sup>(a)</sup>  | Heathrow Funding Ltd.<sup>(a)</sup>  | Heathrow Funding Ltd.<sup>(a)</sup>  | Heathrow Funding Ltd.<sup>(a)</sup>  |
| 10/08/2030 | &nbsp;&nbsp; 1.125% | EUR | 110000 | &nbsp;&nbsp; 116352 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **264556** |
| **Whole Business 0.0%** | **Whole Business 0.0%** | **Whole Business 0.0%** | **Whole Business 0.0%** | **Whole Business 0.0%** |
| AA Bond Co., Ltd.<sup>(a)</sup>  | AA Bond Co., Ltd.<sup>(a)</sup>  | AA Bond Co., Ltd.<sup>(a)</sup>  | AA Bond Co., Ltd.<sup>(a)</sup>  | AA Bond Co., Ltd.<sup>(a)</sup>  |
| 01/31/2028 | &nbsp;&nbsp; 8.450% | GBP | 100000 | &nbsp;&nbsp; 143684 |
| **Wireless 0.9%** | **Wireless 0.9%** | **Wireless 0.9%** | **Wireless 0.9%** | **Wireless 0.9%** |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 03/15/2030 | &nbsp;&nbsp; 4.900% |  | 195000 | &nbsp;&nbsp; 198923 |
| 06/15/2030 | &nbsp;&nbsp; 2.100% |  | 175000 | &nbsp;&nbsp; 157348 |
| 04/15/2031 | &nbsp;&nbsp; 2.700% |  | 75000 | &nbsp;&nbsp; 68034 |
| 05/16/2031 | &nbsp;&nbsp; 4.625% | EUR | 185000 | &nbsp;&nbsp; 231718 |
| Cellnex Finance Co. SA<sup>(a)</sup>  | Cellnex Finance Co. SA<sup>(a)</sup>  | Cellnex Finance Co. SA<sup>(a)</sup>  | Cellnex Finance Co. SA<sup>(a)</sup>  | Cellnex Finance Co. SA<sup>(a)</sup>  |
| 09/15/2032 | &nbsp;&nbsp; 2.000% | EUR | 200000 | &nbsp;&nbsp; 211400 |
| Global Switch Finance BV<sup>(a)</sup>  | Global Switch Finance BV<sup>(a)</sup>  | Global Switch Finance BV<sup>(a)</sup>  | Global Switch Finance BV<sup>(a)</sup>  | Global Switch Finance BV<sup>(a)</sup>  |
| 10/07/2030 | &nbsp;&nbsp; 1.375% | EUR | 150000 | &nbsp;&nbsp; 166833 |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| 02/15/2027 | &nbsp;&nbsp; 3.875% |  | 505000 | &nbsp;&nbsp; 496553 |
| 02/01/2029 | &nbsp;&nbsp; 3.125% |  | 475000 | &nbsp;&nbsp; 446431 |
| Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  |
| 03/20/2028 | &nbsp;&nbsp; 5.152% |  | 690250 | &nbsp;&nbsp; 694529 |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 04/15/2026 | &nbsp;&nbsp; 2.625% |  | 69000 | &nbsp;&nbsp; 68255 |
| 04/15/2027 | &nbsp;&nbsp; 3.750% |  | 20000 | &nbsp;&nbsp; 19867 |
| 02/01/2028 | &nbsp;&nbsp; 4.750% |  | 118000 | &nbsp;&nbsp; 118239 |
| 02/15/2031 | &nbsp;&nbsp; 2.875% |  | 125000 | &nbsp;&nbsp; 114838 |
| 04/15/2031 | &nbsp;&nbsp; 3.500% |  | 265000 | &nbsp;&nbsp; 250849 |
| 03/15/2032 | &nbsp;&nbsp; 2.700% |  | 220000 | &nbsp;&nbsp; 194883 |
| Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  |
| 01/31/2031 | &nbsp;&nbsp; 4.250% |  | 630000 | &nbsp;&nbsp; 581417 |
| 07/15/2031 | &nbsp;&nbsp; 4.500% | GBP | 185000 | &nbsp;&nbsp; 227934 |
| 07/15/2031 | &nbsp;&nbsp; 4.750% |  | 231000 | &nbsp;&nbsp; 215993 |
| 04/15/2032 | &nbsp;&nbsp; 5.625% | EUR | 205000 | &nbsp;&nbsp; 246236 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **4710280** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(h)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Wirelines 0.3%** | **Wirelines 0.3%** | **Wirelines 0.3%** | **Wirelines 0.3%** | **Wirelines 0.3%** |
| Altice Financing SA<sup>(a)</sup>  | Altice Financing SA<sup>(a)</sup>  | Altice Financing SA<sup>(a)</sup>  | Altice Financing SA<sup>(a)</sup>  | Altice Financing SA<sup>(a)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 9.625% |  | 125000 | &nbsp;&nbsp; 116404 |
| 08/15/2029 | &nbsp;&nbsp; 5.750% |  | 186000 | &nbsp;&nbsp; 147460 |
| Cogent Communications Group LLC/Finance, Inc.<sup>(a)</sup>  | Cogent Communications Group LLC/Finance, Inc.<sup>(a)</sup>  | Cogent Communications Group LLC/Finance, Inc.<sup>(a)</sup>  | Cogent Communications Group LLC/Finance, Inc.<sup>(a)</sup>  | Cogent Communications Group LLC/Finance, Inc.<sup>(a)</sup>  |
| 07/01/2032 | &nbsp;&nbsp; 6.500% |  | 20000 | &nbsp;&nbsp; 19065 |
| Cogent Communications Group, Inc.<sup>(a)</sup>  | Cogent Communications Group, Inc.<sup>(a)</sup>  | Cogent Communications Group, Inc.<sup>(a)</sup>  | Cogent Communications Group, Inc.<sup>(a)</sup>  | Cogent Communications Group, Inc.<sup>(a)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 7.000% |  | 90000 | &nbsp;&nbsp; 89691 |
| Consolidated Communications, Inc.<sup>(a)</sup>  | Consolidated Communications, Inc.<sup>(a)</sup>  | Consolidated Communications, Inc.<sup>(a)</sup>  | Consolidated Communications, Inc.<sup>(a)</sup>  | Consolidated Communications, Inc.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.000% |  | 20000 | &nbsp;&nbsp; 20225 |
| 10/01/2028 | &nbsp;&nbsp; 6.500% |  | 110000 | &nbsp;&nbsp; 111937 |
| Front Range BidCo, Inc.<sup>(a)</sup>  | Front Range BidCo, Inc.<sup>(a)</sup>  | Front Range BidCo, Inc.<sup>(a)</sup>  | Front Range BidCo, Inc.<sup>(a)</sup>  | Front Range BidCo, Inc.<sup>(a)</sup>  |
| 03/01/2027 | &nbsp;&nbsp; 4.000% |  | 235000 | &nbsp;&nbsp; 227523 |
| Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 8.625% |  | 391000 | &nbsp;&nbsp; 415225 |
| Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 8.250% |  | 145000 | &nbsp;&nbsp; 151039 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1298569** |
| Total Corporate Bonds & Notes <br>(Cost $109,393,028) | Total Corporate Bonds & Notes <br>(Cost $109,393,028) | Total Corporate Bonds & Notes <br>(Cost $109,393,028) | Total Corporate Bonds & Notes <br>(Cost $109,393,028) | &nbsp;&nbsp; **110770261** |
| **Foreign Government Obligations**<sup>(h),(n)</sup> **7.6%** | **Foreign Government Obligations**<sup>(h),(n)</sup> **7.6%** | **Foreign Government Obligations**<sup>(h),(n)</sup> **7.6%** | **Foreign Government Obligations**<sup>(h),(n)</sup> **7.6%** | **Foreign Government Obligations**<sup>(h),(n)</sup> **7.6%** |
| **Australia 1.3%** | **Australia 1.3%** | **Australia 1.3%** | **Australia 1.3%** | **Australia 1.3%** |
| Airservices Australia | Airservices Australia | Airservices Australia | Airservices Australia | Airservices Australia |
| 11/15/2028 | &nbsp;&nbsp; 5.400% | AUD | 480000 | &nbsp;&nbsp; 327106 |
| 05/15/2030 | &nbsp;&nbsp; 2.200% | AUD | 450000 | &nbsp;&nbsp; 269227 |
| NBN Co., Ltd.<sup>(a)</sup>  | NBN Co., Ltd.<sup>(a)</sup>  | NBN Co., Ltd.<sup>(a)</sup>  | NBN Co., Ltd.<sup>(a)</sup>  | NBN Co., Ltd.<sup>(a)</sup>  |
| 08/28/2031 | &nbsp;&nbsp; 5.000% | AUD | 1070000 | &nbsp;&nbsp; 720139 |
| 03/06/2035 | &nbsp;&nbsp; 5.350% | AUD | 570000 | &nbsp;&nbsp; 383556 |
| New South Wales Treasury Corp.<sup>(a)</sup>  | New South Wales Treasury Corp.<sup>(a)</sup>  | New South Wales Treasury Corp.<sup>(a)</sup>  | New South Wales Treasury Corp.<sup>(a)</sup>  | New South Wales Treasury Corp.<sup>(a)</sup>  |
| 09/20/2035 | &nbsp;&nbsp; 4.750% | AUD | 635000 | &nbsp;&nbsp; 411080 |
| 02/20/2036 | &nbsp;&nbsp; 4.250% | AUD | 845000 | &nbsp;&nbsp; 520313 |
| 02/20/2037 | &nbsp;&nbsp; 4.750% | AUD | 380000 | &nbsp;&nbsp; 240889 |
| 02/24/2038 | &nbsp;&nbsp; 5.250% | AUD | 535000 | &nbsp;&nbsp; 350646 |
| Queensland Treasury Corp.<sup>(a)</sup>  | Queensland Treasury Corp.<sup>(a)</sup>  | Queensland Treasury Corp.<sup>(a)</sup>  | Queensland Treasury Corp.<sup>(a)</sup>  | Queensland Treasury Corp.<sup>(a)</sup>  |
| 05/21/2035 | &nbsp;&nbsp; 3.250% | EUR | 200000 | &nbsp;&nbsp; 233171 |
| 07/21/2036 | &nbsp;&nbsp; 5.250% | AUD | 955000 | &nbsp;&nbsp; 633113 |
| 08/13/2038 | &nbsp;&nbsp; 5.250% | AUD | 335000 | &nbsp;&nbsp; 216670 |
| South Australian Government Financing Authority<sup>(a)</sup>  | South Australian Government Financing Authority<sup>(a)</sup>  | South Australian Government Financing Authority<sup>(a)</sup>  | South Australian Government Financing Authority<sup>(a)</sup>  | South Australian Government Financing Authority<sup>(a)</sup>  |
| 05/24/2034 | &nbsp;&nbsp; 1.750% | AUD | 280000 | &nbsp;&nbsp; 144007 |
| Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
| 12/20/2032 | &nbsp;&nbsp; 4.250% | AUD | 510000 | &nbsp;&nbsp; 328983 |
| 11/20/2034 | &nbsp;&nbsp; 2.250% | AUD | 215000 | &nbsp;&nbsp; 113107 |
| 09/15/2036 | &nbsp;&nbsp; 4.750% | AUD | 980000 | &nbsp;&nbsp; 621235 |
| 09/15/2038 | &nbsp;&nbsp; 5.250% | AUD | 540000 | &nbsp;&nbsp; 349742 |
| 11/20/2040 | &nbsp;&nbsp; 5.000% | AUD | 430000 | &nbsp;&nbsp; 264302 |
| 11/20/2041 | &nbsp;&nbsp; 2.250% | AUD | 405000 | &nbsp;&nbsp; 169773 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **6297059** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** |
| Republic of Austria Government Bond<sup>(a)</sup>  | Republic of Austria Government Bond<sup>(a)</sup>  | Republic of Austria Government Bond<sup>(a)</sup>  | Republic of Austria Government Bond<sup>(a)</sup>  | Republic of Austria Government Bond<sup>(a)</sup>  |
| 02/20/2033 | &nbsp;&nbsp; 2.900% | EUR | 175000 | &nbsp;&nbsp; 205969 |
| **Brazil 0.6%** | **Brazil 0.6%** | **Brazil 0.6%** | **Brazil 0.6%** | **Brazil 0.6%** |
| Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F |
| 01/01/2027 | &nbsp;&nbsp; 10.000% | BRL | 14540000 | &nbsp;&nbsp; 2607628 |
| Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond |
| 03/15/2034 | &nbsp;&nbsp; 6.125% |  | 200000 | &nbsp;&nbsp; 201452 |
| 03/15/2035 | &nbsp;&nbsp; 6.625% |  | 200000 | &nbsp;&nbsp; 204643 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3013723** |
| **Canada 0.5%** | **Canada 0.5%** | **Canada 0.5%** | **Canada 0.5%** | **Canada 0.5%** |
| Canadian Government Bond | Canadian Government Bond | Canadian Government Bond | Canadian Government Bond | Canadian Government Bond |
| 02/01/2026 | &nbsp;&nbsp; 4.500% | CAD | 95000 | &nbsp;&nbsp; 69685 |
| 09/01/2029 | &nbsp;&nbsp; 3.500% | CAD | 465000 | &nbsp;&nbsp; 346917 |
| 12/01/2030 | &nbsp;&nbsp; 0.500% | CAD | 100000 | &nbsp;&nbsp; 64107 |
| CPPIB Capital, Inc.<sup>(a)</sup>  | CPPIB Capital, Inc.<sup>(a)</sup>  | CPPIB Capital, Inc.<sup>(a)</sup>  | CPPIB Capital, Inc.<sup>(a)</sup>  | CPPIB Capital, Inc.<sup>(a)</sup>  |
| 12/01/2031 | &nbsp;&nbsp; 2.250% | CAD | 155000 | &nbsp;&nbsp; 105751 |
| Ontario Teachers' Finance Trust<sup>(a)</sup>  | Ontario Teachers' Finance Trust<sup>(a)</sup>  | Ontario Teachers' Finance Trust<sup>(a)</sup>  | Ontario Teachers' Finance Trust<sup>(a)</sup>  | Ontario Teachers' Finance Trust<sup>(a)</sup>  |
| 04/16/2031 | &nbsp;&nbsp; 2.000% |  | 465000 | &nbsp;&nbsp; 418560 |
| Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia |
| 07/06/2033 | &nbsp;&nbsp; 4.200% |  | 350000 | &nbsp;&nbsp; 346907 |
| Province of Ontario<sup>(a)</sup>  | Province of Ontario<sup>(a)</sup>  | Province of Ontario<sup>(a)</sup>  | Province of Ontario<sup>(a)</sup>  | Province of Ontario<sup>(a)</sup>  |
| 01/31/2034 | &nbsp;&nbsp; 3.100% | EUR | 185000 | &nbsp;&nbsp; 216254 |
| Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
| 06/02/2045 | &nbsp;&nbsp; 3.450% | CAD | 500000 | &nbsp;&nbsp; 308667 |
| Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
| 09/08/2033 | &nbsp;&nbsp; 4.500% |  | 436000 | &nbsp;&nbsp; 440428 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2317276** |
| **Chile 0.2%** | **Chile 0.2%** | **Chile 0.2%** | **Chile 0.2%** | **Chile 0.2%** |
| Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  |
| 02/02/2033 | &nbsp;&nbsp; 5.125% |  | 200000 | &nbsp;&nbsp; 196757 |
| 01/26/2036 | &nbsp;&nbsp; 6.440% |  | 204000 | &nbsp;&nbsp; 215297 |
| 11/04/2044 | &nbsp;&nbsp; 4.875% |  | 490000 | &nbsp;&nbsp; 411260 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **823314** |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| 04/15/2031 | &nbsp;&nbsp; 3.125% |  | 580000 | &nbsp;&nbsp; 498525 |
| **Costa Rica 0.0%** | **Costa Rica 0.0%** | **Costa Rica 0.0%** | **Costa Rica 0.0%** | **Costa Rica 0.0%** |
| Costa Rica Government International Bond<sup>(a)</sup>  | Costa Rica Government International Bond<sup>(a)</sup>  | Costa Rica Government International Bond<sup>(a)</sup>  | Costa Rica Government International Bond<sup>(a)</sup>  | Costa Rica Government International Bond<sup>(a)</sup>  |
| 04/03/2034 | &nbsp;&nbsp; 6.550% |  | 200000 | &nbsp;&nbsp; 211377 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Czech Republic 0.3%** | **Czech Republic 0.3%** | **Czech Republic 0.3%** | **Czech Republic 0.3%** | **Czech Republic 0.3%** |
| Czech Republic Government Bond | Czech Republic Government Bond | Czech Republic Government Bond | Czech Republic Government Bond | Czech Republic Government Bond |
| 10/24/2034 | &nbsp;&nbsp; 4.250% | CZK | 8440000 | &nbsp;&nbsp; 402282 |
| 05/30/2035 | &nbsp;&nbsp; 3.500% | CZK | 26950000 | &nbsp;&nbsp; 1209713 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1611995** |
| **Finland 0.1%** | **Finland 0.1%** | **Finland 0.1%** | **Finland 0.1%** | **Finland 0.1%** |
| Finland Government Bond<sup>(a)</sup>  | Finland Government Bond<sup>(a)</sup>  | Finland Government Bond<sup>(a)</sup>  | Finland Government Bond<sup>(a)</sup>  | Finland Government Bond<sup>(a)</sup>  |
| 09/15/2033 | &nbsp;&nbsp; 3.000% | EUR | 445000 | &nbsp;&nbsp; 524062 |
| **France 0.0%** | **France 0.0%** | **France 0.0%** | **France 0.0%** | **France 0.0%** |
| Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  |
| 06/17/2044 | &nbsp;&nbsp; 4.750% | EUR | 100000 | &nbsp;&nbsp; 116004 |
| **Germany 0.2%** | **Germany 0.2%** | **Germany 0.2%** | **Germany 0.2%** | **Germany 0.2%** |
| Bundesrepublik Deutschland Bundesanleihe<sup>(a),(d)</sup>  | Bundesrepublik Deutschland Bundesanleihe<sup>(a),(d)</sup>  | Bundesrepublik Deutschland Bundesanleihe<sup>(a),(d)</sup>  | Bundesrepublik Deutschland Bundesanleihe<sup>(a),(d)</sup>  | Bundesrepublik Deutschland Bundesanleihe<sup>(a),(d)</sup>  |
| 08/15/2031 | &nbsp;&nbsp; 0.000% | EUR | 265000 | &nbsp;&nbsp; 270621 |
| 05/15/2035 | &nbsp;&nbsp; 0.000% | EUR | 175000 | &nbsp;&nbsp; 157746 |
| Bundesrepublik Deutschland Bundesanleihe<sup>(a)</sup>  | Bundesrepublik Deutschland Bundesanleihe<sup>(a)</sup>  | Bundesrepublik Deutschland Bundesanleihe<sup>(a)</sup>  | Bundesrepublik Deutschland Bundesanleihe<sup>(a)</sup>  | Bundesrepublik Deutschland Bundesanleihe<sup>(a)</sup>  |
| 02/15/2034 | &nbsp;&nbsp; 2.200% | EUR | 330000 | &nbsp;&nbsp; 374606 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **802973** |
| **Guatemala 0.0%** | **Guatemala 0.0%** | **Guatemala 0.0%** | **Guatemala 0.0%** | **Guatemala 0.0%** |
| Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  |
| 08/10/2029 | &nbsp;&nbsp; 5.250% |  | 200000 | &nbsp;&nbsp; 201536 |
| **Hungary 0.0%** | **Hungary 0.0%** | **Hungary 0.0%** | **Hungary 0.0%** | **Hungary 0.0%** |
| Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  |
| 09/22/2031 | &nbsp;&nbsp; 2.125% |  | 200000 | &nbsp;&nbsp; 170064 |
| **India 0.3%** | **India 0.3%** | **India 0.3%** | **India 0.3%** | **India 0.3%** |
| India Government Bond | India Government Bond | India Government Bond | India Government Bond | India Government Bond |
| 04/18/2029 | &nbsp;&nbsp; 7.100% | INR | 77000000 | &nbsp;&nbsp; 896089 |
| 10/07/2029 | &nbsp;&nbsp; 6.450% | INR | 11000000 | &nbsp;&nbsp; 125312 |
| 07/12/2031 | &nbsp;&nbsp; 6.100% | INR | 7990000 | &nbsp;&nbsp; 88874 |
| Indian Railway Finance Corp., Ltd.<sup>(a)</sup>  | Indian Railway Finance Corp., Ltd.<sup>(a)</sup>  | Indian Railway Finance Corp., Ltd.<sup>(a)</sup>  | Indian Railway Finance Corp., Ltd.<sup>(a)</sup>  | Indian Railway Finance Corp., Ltd.<sup>(a)</sup>  |
| 02/13/2030 | &nbsp;&nbsp; 3.249% |  | 200000 | &nbsp;&nbsp; 190249 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1300524** |
| **Indonesia 1.0%** | **Indonesia 1.0%** | **Indonesia 1.0%** | **Indonesia 1.0%** | **Indonesia 1.0%** |
| Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
| 03/12/2033 | &nbsp;&nbsp; 1.100% | EUR | 100000 | &nbsp;&nbsp; 98610 |
| 03/12/2051 | &nbsp;&nbsp; 3.050% |  | 400000 | &nbsp;&nbsp; 262619 |
| Indonesia Treasury Bond | Indonesia Treasury Bond | Indonesia Treasury Bond | Indonesia Treasury Bond | Indonesia Treasury Bond |
| 09/15/2026 | &nbsp;&nbsp; 8.375% | IDR | 4278000000 | &nbsp;&nbsp; 267637 |
| 04/15/2027 | &nbsp;&nbsp; 5.125% | IDR | 1504000000 | &nbsp;&nbsp; 91115 |
| 05/15/2028 | &nbsp;&nbsp; 6.125% | IDR | 773000000 | &nbsp;&nbsp; 47638 |
| 08/15/2028 | &nbsp;&nbsp; 6.375% | IDR | 11991000000 | &nbsp;&nbsp; 745194 |
| 03/15/2029 | &nbsp;&nbsp; 9.000% | IDR | 2298000000 | &nbsp;&nbsp; 154338 |
| 07/15/2030 | &nbsp;&nbsp; 6.500% | IDR | 6212000000 | &nbsp;&nbsp; 389327 |
| 02/15/2031 | &nbsp;&nbsp; 6.500% | IDR | 11637000000 | &nbsp;&nbsp; 727386 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 05/15/2031 | &nbsp;&nbsp; 8.750% | IDR | 5001000000 | &nbsp;&nbsp; 343552 |
| 04/15/2032 | &nbsp;&nbsp; 6.375% | IDR | 12795000000 | &nbsp;&nbsp; 789408 |
| 05/15/2033 | &nbsp;&nbsp; 6.625% | IDR | 2025000000 | &nbsp;&nbsp; 125251 |
| 02/15/2034 | &nbsp;&nbsp; 6.625% | IDR | 5976000000 | &nbsp;&nbsp; 370145 |
| 06/15/2035 | &nbsp;&nbsp; 7.500% | IDR | 3470000000 | &nbsp;&nbsp; 226755 |
| PT Pertamina Persero<sup>(a)</sup>  | PT Pertamina Persero<sup>(a)</sup>  | PT Pertamina Persero<sup>(a)</sup>  | PT Pertamina Persero<sup>(a)</sup>  | PT Pertamina Persero<sup>(a)</sup>  |
| 08/25/2030 | &nbsp;&nbsp; 3.100% |  | 200000 | &nbsp;&nbsp; 187215 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **4826190** |
| **Israel 0.0%** | **Israel 0.0%** | **Israel 0.0%** | **Israel 0.0%** | **Israel 0.0%** |
| Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
| 02/19/2030 | &nbsp;&nbsp; 5.375% |  | 200000 | &nbsp;&nbsp; 205313 |
| **Japan 0.3%** | **Japan 0.3%** | **Japan 0.3%** | **Japan 0.3%** | **Japan 0.3%** |
| Japan Government Twenty-Year Bond | Japan Government Twenty-Year Bond | Japan Government Twenty-Year Bond | Japan Government Twenty-Year Bond | Japan Government Twenty-Year Bond |
| 12/20/2025 | &nbsp;&nbsp; 2.100% | JPY | 207400000 | &nbsp;&nbsp; 1418017 |
| **Kazakhstan 0.0%** | **Kazakhstan 0.0%** | **Kazakhstan 0.0%** | **Kazakhstan 0.0%** | **Kazakhstan 0.0%** |
| KazMunayGas National Co. JSC<sup>(a)</sup>  | KazMunayGas National Co. JSC<sup>(a)</sup>  | KazMunayGas National Co. JSC<sup>(a)</sup>  | KazMunayGas National Co. JSC<sup>(a)</sup>  | KazMunayGas National Co. JSC<sup>(a)</sup>  |
| 04/24/2030 | &nbsp;&nbsp; 5.375% |  | 215000 | &nbsp;&nbsp; 219533 |
| **Mexico 0.2%** | **Mexico 0.2%** | **Mexico 0.2%** | **Mexico 0.2%** | **Mexico 0.2%** |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 05/24/2031 | &nbsp;&nbsp; 2.659% |  | 248000 | &nbsp;&nbsp; 218405 |
| 05/19/2033 | &nbsp;&nbsp; 4.875% |  | 227000 | &nbsp;&nbsp; 216731 |
| 02/12/2034 | &nbsp;&nbsp; 3.500% |  | 200000 | &nbsp;&nbsp; 170620 |
| 02/09/2035 | &nbsp;&nbsp; 6.350% |  | 200000 | &nbsp;&nbsp; 206802 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **812558** |
| **New Zealand 0.8%** | **New Zealand 0.8%** | **New Zealand 0.8%** | **New Zealand 0.8%** | **New Zealand 0.8%** |
| New Zealand Government Bond | New Zealand Government Bond | New Zealand Government Bond | New Zealand Government Bond | New Zealand Government Bond |
| 05/15/2032 | &nbsp;&nbsp; 2.000% | NZD | 585000 | &nbsp;&nbsp; 305019 |
| 05/15/2034 | &nbsp;&nbsp; 4.250% | NZD | 1865000 | &nbsp;&nbsp; 1099795 |
| 05/15/2035 | &nbsp;&nbsp; 4.500% | NZD | 1251000 | &nbsp;&nbsp; 746540 |
| 05/15/2036 | &nbsp;&nbsp; 4.250% | NZD | 248000 | &nbsp;&nbsp; 143657 |
| 05/15/2041 | &nbsp;&nbsp; 1.750% | NZD | 1020000 | &nbsp;&nbsp; 395162 |
| New Zealand Government Bond<sup>(a)</sup>  | New Zealand Government Bond<sup>(a)</sup>  | New Zealand Government Bond<sup>(a)</sup>  | New Zealand Government Bond<sup>(a)</sup>  | New Zealand Government Bond<sup>(a)</sup>  |
| 04/14/2033 | &nbsp;&nbsp; 3.500% | NZD | 1350000 | &nbsp;&nbsp; 763968 |
| New Zealand Local Government Funding Agency Bond | New Zealand Local Government Funding Agency Bond | New Zealand Local Government Funding Agency Bond | New Zealand Local Government Funding Agency Bond | New Zealand Local Government Funding Agency Bond |
| 08/01/2028 | &nbsp;&nbsp; 4.700% | AUD | 295000 | &nbsp;&nbsp; 197610 |
| 04/14/2033 | &nbsp;&nbsp; 3.500% | NZD | 352000 | &nbsp;&nbsp; 195196 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3846947** |
| **Norway 0.3%** | **Norway 0.3%** | **Norway 0.3%** | **Norway 0.3%** | **Norway 0.3%** |
| City of Oslo, Norway | City of Oslo, Norway | City of Oslo, Norway | City of Oslo, Norway | City of Oslo, Norway |
| 06/11/2029 | &nbsp;&nbsp; 3.990% | NOK | 4000000 | &nbsp;&nbsp; 395944 |
| Norway Government Bond<sup>(a)</sup>  | Norway Government Bond<sup>(a)</sup>  | Norway Government Bond<sup>(a)</sup>  | Norway Government Bond<sup>(a)</sup>  | Norway Government Bond<sup>(a)</sup>  |
| 05/18/2032 | &nbsp;&nbsp; 2.125% | NOK | 11195000 | &nbsp;&nbsp; 1002643 |
| 08/15/2033 | &nbsp;&nbsp; 3.000% | NOK | 970000 | &nbsp;&nbsp; 90725 |
| 06/12/2035 | &nbsp;&nbsp; 3.750% | NOK | 2395000 | &nbsp;&nbsp; 234528 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1723840** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Panama 0.0%** | **Panama 0.0%** | **Panama 0.0%** | **Panama 0.0%** | **Panama 0.0%** |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| 02/14/2035 | &nbsp;&nbsp; 6.400% |  | 200000 | &nbsp;&nbsp; 201161 |
| **Paraguay 0.0%** | **Paraguay 0.0%** | **Paraguay 0.0%** | **Paraguay 0.0%** | **Paraguay 0.0%** |
| Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  |
| 04/28/2031 | &nbsp;&nbsp; 4.950% |  | 200000 | &nbsp;&nbsp; 199845 |
| **Philippines 0.7%** | **Philippines 0.7%** | **Philippines 0.7%** | **Philippines 0.7%** | **Philippines 0.7%** |
| Philippine Government Bond | Philippine Government Bond | Philippine Government Bond | Philippine Government Bond | Philippine Government Bond |
| 02/28/2029 | &nbsp;&nbsp; 6.250% | PHP | 18900000 | &nbsp;&nbsp; 336564 |
| 05/19/2029 | &nbsp;&nbsp; 6.500% | PHP | 16650000 | &nbsp;&nbsp; 298050 |
| 07/27/2030 | &nbsp;&nbsp; 6.375% | PHP | 47150000 | &nbsp;&nbsp; 845271 |
| 09/15/2032 | &nbsp;&nbsp; 6.750% | PHP | 30240000 | &nbsp;&nbsp; 554561 |
| 04/28/2035 | &nbsp;&nbsp; 6.375% | PHP | 17560000 | &nbsp;&nbsp; 316058 |
| 09/30/2035 | &nbsp;&nbsp; 8.000% | PHP | 9720000 | &nbsp;&nbsp; 195356 |
| Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond |
| 05/17/2027 | &nbsp;&nbsp; 0.875% | EUR | 535000 | &nbsp;&nbsp; 609904 |
| 05/05/2030 | &nbsp;&nbsp; 2.457% |  | 300000 | &nbsp;&nbsp; 277014 |
| 01/14/2036 | &nbsp;&nbsp; 6.250% | PHP | 10000000 | &nbsp;&nbsp; 172185 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3604963** |
| **Qatar 0.1%** | **Qatar 0.1%** | **Qatar 0.1%** | **Qatar 0.1%** | **Qatar 0.1%** |
| Qatar Government International Bond<sup>(a)</sup>  | Qatar Government International Bond<sup>(a)</sup>  | Qatar Government International Bond<sup>(a)</sup>  | Qatar Government International Bond<sup>(a)</sup>  | Qatar Government International Bond<sup>(a)</sup>  |
| 03/14/2049 | &nbsp;&nbsp; 4.817% |  | 280000 | &nbsp;&nbsp; 256317 |
| Qatar Petroleum<sup>(a)</sup>  | Qatar Petroleum<sup>(a)</sup>  | Qatar Petroleum<sup>(a)</sup>  | Qatar Petroleum<sup>(a)</sup>  | Qatar Petroleum<sup>(a)</sup>  |
| 07/12/2031 | &nbsp;&nbsp; 2.250% |  | 465000 | &nbsp;&nbsp; 412957 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **669274** |
| **Romania 0.1%** | **Romania 0.1%** | **Romania 0.1%** | **Romania 0.1%** | **Romania 0.1%** |
| Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  |
| 03/27/2032 | &nbsp;&nbsp; 3.625% |  | 200000 | &nbsp;&nbsp; 175612 |
| 03/24/2035 | &nbsp;&nbsp; 5.750% |  | 68000 | &nbsp;&nbsp; 64512 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **240124** |
| **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** |
| Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
| 06/22/2030 | &nbsp;&nbsp; 5.875% |  | 200000 | &nbsp;&nbsp; 201321 |
| 04/20/2032 | &nbsp;&nbsp; 5.875% |  | 250000 | &nbsp;&nbsp; 247903 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **449224** |
| **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** |
| Abu Dhabi Government International Bond<sup>(a)</sup>  | Abu Dhabi Government International Bond<sup>(a)</sup>  | Abu Dhabi Government International Bond<sup>(a)</sup>  | Abu Dhabi Government International Bond<sup>(a)</sup>  | Abu Dhabi Government International Bond<sup>(a)</sup>  |
| 04/16/2050 | &nbsp;&nbsp; 3.875% |  | 200000 | &nbsp;&nbsp; 157841 |
| Finance Department Government of Sharjah<sup>(a)</sup>  | Finance Department Government of Sharjah<sup>(a)</sup>  | Finance Department Government of Sharjah<sup>(a)</sup>  | Finance Department Government of Sharjah<sup>(a)</sup>  | Finance Department Government of Sharjah<sup>(a)</sup>  |
| 11/23/2032 | &nbsp;&nbsp; 6.500% |  | 200000 | &nbsp;&nbsp; 213289 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **371130** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** | **Foreign Government Obligations**<sup>(h),(n)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **United Kingdom 0.3%** | **United Kingdom 0.3%** | **United Kingdom 0.3%** | **United Kingdom 0.3%** | **United Kingdom 0.3%** |
| United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  |
| 07/22/2029 | &nbsp;&nbsp; 4.125% | GBP | 317000 | &nbsp;&nbsp; 430089 |
| 10/22/2031 | &nbsp;&nbsp; 4.000% | GBP | 80000 | &nbsp;&nbsp; 106607 |
| 01/31/2033 | &nbsp;&nbsp; 3.250% | GBP | 300000 | &nbsp;&nbsp; 375191 |
| 07/31/2034 | &nbsp;&nbsp; 4.250% | GBP | 300000 | &nbsp;&nbsp; 394135 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1306022** |
| **Uruguay 0.0%** | **Uruguay 0.0%** | **Uruguay 0.0%** | **Uruguay 0.0%** | **Uruguay 0.0%** |
| Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond |
| 02/14/2037 | &nbsp;&nbsp; 5.442% |  | 100000 | &nbsp;&nbsp; 103308 |
| Total Foreign Government Obligations <br>(Cost $38,285,052) | Total Foreign Government Obligations <br>(Cost $38,285,052) | Total Foreign Government Obligations <br>(Cost $38,285,052) | Total Foreign Government Obligations <br>(Cost $38,285,052) | &nbsp;&nbsp; **38291850** |
| **Municipal Bonds 0.2%** | **Municipal Bonds 0.2%** | **Municipal Bonds 0.2%** | **Municipal Bonds 0.2%** | **Municipal Bonds 0.2%** |
| **Issue Description** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Airport 0.0%** | **Airport 0.0%** | **Airport 0.0%** | **Airport 0.0%** | **Airport 0.0%** |
| County of Miami-Dade Aviation | County of Miami-Dade Aviation | County of Miami-Dade Aviation | County of Miami-Dade Aviation | County of Miami-Dade Aviation |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Taxable | Taxable | Taxable | Taxable | Taxable |
| Series 2020B | Series 2020B | Series 2020B | Series 2020B | Series 2020B |
| 10/01/2035 | &nbsp;&nbsp; 2.857% |  | 85000 | &nbsp;&nbsp; 71550 |
| **Local General Obligation 0.0%** | **Local General Obligation 0.0%** | **Local General Obligation 0.0%** | **Local General Obligation 0.0%** | **Local General Obligation 0.0%** |
| Medina Valley Independent School District | Medina Valley Independent School District | Medina Valley Independent School District | Medina Valley Independent School District | Medina Valley Independent School District |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 02/15/2050 | &nbsp;&nbsp; 4.750% |  | 75000 | &nbsp;&nbsp; 73227 |
| Northwest Independent School District | Northwest Independent School District | Northwest Independent School District | Northwest Independent School District | Northwest Independent School District |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 02/15/2055 | &nbsp;&nbsp; 5.000% |  | 115000 | &nbsp;&nbsp; 116178 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **189405** |
| **Special Non Property Tax 0.2%** | **Special Non Property Tax 0.2%** | **Special Non Property Tax 0.2%** | **Special Non Property Tax 0.2%** | **Special Non Property Tax 0.2%** |
| New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Fiscal 2025 | Fiscal 2025 | Fiscal 2025 | Fiscal 2025 | Fiscal 2025 |
| Subordinated Series 2024D | Subordinated Series 2024D | Subordinated Series 2024D | Subordinated Series 2024D | Subordinated Series 2024D |
| 05/01/2050 | &nbsp;&nbsp; 5.000% |  | 90000 | &nbsp;&nbsp; 90758 |
| Subordinated Series 2025E | Subordinated Series 2025E | Subordinated Series 2025E | Subordinated Series 2025E | Subordinated Series 2025E |
| 11/01/2053 | &nbsp;&nbsp; 5.000% |  | 360000 | &nbsp;&nbsp; 362105 |
| New York State Dormitory Authority | New York State Dormitory Authority | New York State Dormitory Authority | New York State Dormitory Authority | New York State Dormitory Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Series 2025A | Series 2025A | Series 2025A | Series 2025A | Series 2025A |
| 03/15/2054 | &nbsp;&nbsp; 5.000% |  | 150000 | &nbsp;&nbsp; 150903 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| New York State Thruway Authority | New York State Thruway Authority | New York State Thruway Authority | New York State Thruway Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Climate Bond Certified | Climate Bond Certified | Climate Bond Certified | Climate Bond Certified |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 03/15/2056 | &nbsp;&nbsp; 5.000% | 85000 | &nbsp;&nbsp; 85395 |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 03/15/2059 | &nbsp;&nbsp; 5.000% | 130000 | &nbsp;&nbsp; 130299 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **819460** |
| Total Municipal Bonds <br>(Cost $1,096,788) | Total Municipal Bonds <br>(Cost $1,096,788) | Total Municipal Bonds <br>(Cost $1,096,788) | &nbsp;&nbsp; **1080415** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Preferred Stocks 0.6%** | **Preferred Stocks 0.6%** | **Preferred Stocks 0.6%** | **Preferred Stocks 0.6%** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Financials 0.6%** | **Financials 0.6%** | **Financials 0.6%** | **Financials 0.6%** |
| **Banks 0.6%** | **Banks 0.6%** | **Banks 0.6%** | **Banks 0.6%** |
| Bank of Hawaii Corp. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11850 | &nbsp;&nbsp; 315210 |
| Citizens Financial Group, Inc.<sup>(k)</sup> <br>| &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 31975 | &nbsp;&nbsp; 806409 |
| Comerica, Inc.<sup>(k)</sup> <br>| &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 27575 | &nbsp;&nbsp; 697648 |
| First Busey Corp. | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 12125 | &nbsp;&nbsp; 305065 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 457 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 230958 |
| UMB Financial Corp.<sup>(k)</sup> <br>| &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 18525 | &nbsp;&nbsp; 486281 |
| Wintrust Financial Corp.<sup>(k)</sup> <br>| &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10275 | &nbsp;&nbsp; 271363 |
| Total |  |  | &nbsp;&nbsp; 3113391 |
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **3113391** |
| Total Preferred Stocks <br>(Cost $3,036,067) | Total Preferred Stocks <br>(Cost $3,036,067) | Total Preferred Stocks <br>(Cost $3,036,067) | &nbsp;&nbsp; **3113391** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 10.7%** | **Residential Mortgage-Backed Securities - Agency 10.7%** | **Residential Mortgage-Backed Securities - Agency 10.7%** | **Residential Mortgage-Backed Securities - Agency 10.7%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Fannie Mae REMICS<sup>(b),(g)</sup>  | Fannie Mae REMICS<sup>(b),(g)</sup>  | Fannie Mae REMICS<sup>(b),(g)</sup>  | Fannie Mae REMICS<sup>(b),(g)</sup>  |
| CMO Series 2024-98 Class SC | CMO Series 2024-98 Class SC | CMO Series 2024-98 Class SC | CMO Series 2024-98 Class SC |
| -1.0 x 30-day Average SOFR + <br> 5.950% <br>Cap 5.950% <br>12/25/2054<br>| &nbsp;&nbsp; 1.602% | 878234 | &nbsp;&nbsp; 92188 |
| CMO Series 2024-98 Class SE | CMO Series 2024-98 Class SE | CMO Series 2024-98 Class SE | CMO Series 2024-98 Class SE |
| 30-day Average SOFR + 5.980% <br>Cap 5.980% <br>12/25/2054<br>| &nbsp;&nbsp; 1.632% | 581933 | &nbsp;&nbsp; 63755 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| CMO Series 2024-98 Class SG | CMO Series 2024-98 Class SG | CMO Series 2024-98 Class SG | CMO Series 2024-98 Class SG |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>11/25/2054<br>| &nbsp;&nbsp; 1.652% | 673621 | &nbsp;&nbsp; 69841 |
| CMO Series 2025-49 Class SC | CMO Series 2025-49 Class SC | CMO Series 2025-49 Class SC | CMO Series 2025-49 Class SC |
| -1.0 x 30-day Average SOFR + <br> 5.200% <br>Cap 5.200% <br>06/25/2055<br>| &nbsp;&nbsp; 0.852% | 1585083 | &nbsp;&nbsp; 89062 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 03/01/2052 | &nbsp;&nbsp; 2.000% | 775995 | &nbsp;&nbsp; 617843 |
| 05/01/2052 | &nbsp;&nbsp; 2.500% | 1245330 | &nbsp;&nbsp; 1034717 |
| 05/01/2052- <br>10/01/2052<br>| &nbsp;&nbsp; 3.000% | 2398521 | &nbsp;&nbsp; 2081551 |
| 08/01/2052- <br>10/01/2052<br>| &nbsp;&nbsp; 4.000% | 1773025 | &nbsp;&nbsp; 1657619 |
| 10/01/2052 | &nbsp;&nbsp; 4.500% | 1973761 | &nbsp;&nbsp; 1904603 |
| 06/01/2053- <br>08/01/2053<br>| &nbsp;&nbsp; 5.000% | 1830996 | &nbsp;&nbsp; 1810612 |
| 10/01/2054- <br>02/01/2055<br>| &nbsp;&nbsp; 6.000% | 1995662 | &nbsp;&nbsp; 2052216 |
| 02/01/2055 | &nbsp;&nbsp; 5.500% | 396439 | &nbsp;&nbsp; 402968 |
| Federal Home Loan Mortgage Corp.<sup>(g)</sup>  | Federal Home Loan Mortgage Corp.<sup>(g)</sup>  | Federal Home Loan Mortgage Corp.<sup>(g)</sup>  | Federal Home Loan Mortgage Corp.<sup>(g)</sup>  |
| STRIPS | STRIPS | STRIPS | STRIPS |
| 03/15/2052 | &nbsp;&nbsp; 2.000% | 2680447 | &nbsp;&nbsp; 361652 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 09/01/2051- <br>05/01/2053<br>| &nbsp;&nbsp; 2.500% | 1968861 | &nbsp;&nbsp; 1638051 |
| 12/01/2051- <br>02/01/2052<br>| &nbsp;&nbsp; 2.000% | 2405245 | &nbsp;&nbsp; 1916904 |
| 08/01/2052- <br>02/01/2053<br>| &nbsp;&nbsp; 4.000% | 1223938 | &nbsp;&nbsp; 1144282 |
| 06/01/2053- <br>08/01/2053<br>| &nbsp;&nbsp; 4.500% | 3079541 | &nbsp;&nbsp; 2965822 |
| 02/01/2054- <br>01/01/2055<br>| &nbsp;&nbsp; 5.500% | 5596409 | &nbsp;&nbsp; 5672210 |
| 01/01/2055 | &nbsp;&nbsp; 6.000% | 530545 | &nbsp;&nbsp; 549193 |
| Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  |
| CMO Series 2013-5 Class GF | CMO Series 2013-5 Class GF | CMO Series 2013-5 Class GF | CMO Series 2013-5 Class GF |
| 30-day Average SOFR + 1.214% <br>Floor 1.100%, Cap 5.000% <br>10/25/2042<br>| &nbsp;&nbsp; 5.000% | 197812 | &nbsp;&nbsp; 192447 |
| Federal National Mortgage Association<sup>(g)</sup>  | Federal National Mortgage Association<sup>(g)</sup>  | Federal National Mortgage Association<sup>(g)</sup>  | Federal National Mortgage Association<sup>(g)</sup>  |
| CMO Series 436 Class C32 | CMO Series 436 Class C32 | CMO Series 436 Class C32 | CMO Series 436 Class C32 |
| 10/25/2052 | &nbsp;&nbsp; 2.000% | 1080799 | &nbsp;&nbsp; 142012 |
| STRIPS | STRIPS | STRIPS | STRIPS |
| 11/25/2050- <br>10/25/2052<br>| &nbsp;&nbsp; 2.000% | 5216542 | &nbsp;&nbsp; 686072 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Freddie Mac REMICS<sup>(b),(g)</sup>  | Freddie Mac REMICS<sup>(b),(g)</sup>  | Freddie Mac REMICS<sup>(b),(g)</sup>  | Freddie Mac REMICS<sup>(b),(g)</sup>  |
| CMO Series 5468 Class SE | CMO Series 5468 Class SE | CMO Series 5468 Class SE | CMO Series 5468 Class SE |
| -1.0 x 30-day Average SOFR + <br> 5.350% <br>Cap 5.350% <br>10/25/2054<br>| &nbsp;&nbsp; 1.002% | 1900995 | &nbsp;&nbsp; 151953 |
| CMO Series 5496 Class S | CMO Series 5496 Class S | CMO Series 5496 Class S | CMO Series 5496 Class S |
| -1.0 x 30-day Average SOFR + <br> 5.900% <br>Cap 5.900% <br>01/25/2055<br>| &nbsp;&nbsp; 1.552% | 2155340 | &nbsp;&nbsp; 175549 |
| CMO Series 5512 Class LS | CMO Series 5512 Class LS | CMO Series 5512 Class LS | CMO Series 5512 Class LS |
| -1.0 x 30-day Average SOFR + <br> 5.896% <br>Cap 5.896% <br>03/25/2055<br>| &nbsp;&nbsp; 1.548% | 2636695 | &nbsp;&nbsp; 206768 |
| CMO Series 5544 Class SD | CMO Series 5544 Class SD | CMO Series 5544 Class SD | CMO Series 5544 Class SD |
| -1.0 x 30-day Average SOFR + <br> 5.050% <br>Cap 5.050% <br>06/25/2055<br>| &nbsp;&nbsp; 0.702% | 2937687 | &nbsp;&nbsp; 204818 |
| Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  |
| CMO Series 5546B Class AS | CMO Series 5546B Class AS | CMO Series 5546B Class AS | CMO Series 5546B Class AS |
| -1.5 x 30-day Average SOFR + <br> 10.500% <br>Cap 10.500% <br>06/25/2055<br>| &nbsp;&nbsp; 3.977% | 312370 | &nbsp;&nbsp; 298938 |
| CMO Series 5547 Class S | CMO Series 5547 Class S | CMO Series 5547 Class S | CMO Series 5547 Class S |
| -1.5 x 30-day Average SOFR + <br> 10.575% <br>Cap 10.575% <br>06/25/2055<br>| &nbsp;&nbsp; 4.052% | 311714 | &nbsp;&nbsp; 298389 |
| CMO Series 5548B Class S | CMO Series 5548B Class S | CMO Series 5548B Class S | CMO Series 5548B Class S |
| -1.7 x 30-day Average SOFR + <br> 11.667% <br>Cap 11.667% <br>06/25/2055<br>| &nbsp;&nbsp; 4.419% | 313149 | &nbsp;&nbsp; 304383 |
| CMO Series 5549 Class JS | CMO Series 5549 Class JS | CMO Series 5549 Class JS | CMO Series 5549 Class JS |
| -1.5 x 30-day Average SOFR + <br> 10.500% <br>Cap 10.500% <br>06/25/2055<br>| &nbsp;&nbsp; 3.977% | 95857 | &nbsp;&nbsp; 91807 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 08/20/2052- <br>11/20/2052<br>| &nbsp;&nbsp; 4.000% | 534781 | &nbsp;&nbsp; 503056 |
| 09/20/2052- <br>10/20/2054<br>| &nbsp;&nbsp; 4.500% | 2252906 | &nbsp;&nbsp; 2180754 |
| Government National Mortgage Association<sup>(g)</sup>  | Government National Mortgage Association<sup>(g)</sup>  | Government National Mortgage Association<sup>(g)</sup>  | Government National Mortgage Association<sup>(g)</sup>  |
| CMO Series 2017-136 Class IO | CMO Series 2017-136 Class IO | CMO Series 2017-136 Class IO | CMO Series 2017-136 Class IO |
| 09/20/2047 | &nbsp;&nbsp; 5.000% | 447480 | &nbsp;&nbsp; 93655 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| CMO Series 2018-63 Class IO | CMO Series 2018-63 Class IO | CMO Series 2018-63 Class IO | CMO Series 2018-63 Class IO |
| 09/20/2047 | &nbsp;&nbsp; 4.000% | 614808 | &nbsp;&nbsp; 112185 |
| Government National Mortgage Association<sup>(b),(g)</sup>  | Government National Mortgage Association<sup>(b),(g)</sup>  | Government National Mortgage Association<sup>(b),(g)</sup>  | Government National Mortgage Association<sup>(b),(g)</sup>  |
| CMO Series 2024-151 Class ES | CMO Series 2024-151 Class ES | CMO Series 2024-151 Class ES | CMO Series 2024-151 Class ES |
| -1.0 x 30-day Average SOFR + <br> 5.400% <br>Cap 5.400% <br>09/20/2054<br>| &nbsp;&nbsp; 1.055% | 1281190 | &nbsp;&nbsp; 73648 |
| CMO Series 2024-154 Class SB | CMO Series 2024-154 Class SB | CMO Series 2024-154 Class SB | CMO Series 2024-154 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.400% <br>Cap 5.400% <br>09/20/2054<br>| &nbsp;&nbsp; 1.055% | 1399906 | &nbsp;&nbsp; 89931 |
| CMO Series 2024-160 Class KS | CMO Series 2024-160 Class KS | CMO Series 2024-160 Class KS | CMO Series 2024-160 Class KS |
| -1.0 x 30-day Average SOFR + <br> 5.480% <br>Cap 5.480% <br>10/20/2054<br>| &nbsp;&nbsp; 1.135% | 2838056 | &nbsp;&nbsp; 177020 |
| Government National Mortgage Association TBA<sup>(e)</sup>  | Government National Mortgage Association TBA<sup>(e)</sup>  | Government National Mortgage Association TBA<sup>(e)</sup>  | Government National Mortgage Association TBA<sup>(e)</sup>  |
| 09/23/2054 | &nbsp;&nbsp; 5.000% | 2525000 | &nbsp;&nbsp; 2499351 |
| 09/22/2055- <br>10/20/2055<br>| &nbsp;&nbsp; 3.500% | 2225000 | &nbsp;&nbsp; 2022398 |
| 09/22/2055 | &nbsp;&nbsp; 4.000% | 1750000 | &nbsp;&nbsp; 1632306 |
| 09/22/2055 | &nbsp;&nbsp; 4.500% | 1200000 | &nbsp;&nbsp; 1155573 |
| 09/22/2055 | &nbsp;&nbsp; 5.500% | 3225000 | &nbsp;&nbsp; 3248673 |
| Uniform Mortgage-Backed Security TBA<sup>(e)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(e)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(e)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(e)</sup>  |
| 09/15/2055 | &nbsp;&nbsp; 2.000% | 75000 | &nbsp;&nbsp; 59548 |
| 09/15/2055 | &nbsp;&nbsp; 3.000% | 200000 | &nbsp;&nbsp; 173242 |
| 09/15/2055 | &nbsp;&nbsp; 4.000% | 4100000 | &nbsp;&nbsp; 3825500 |
| 09/15/2055 | &nbsp;&nbsp; 4.500% | 4275000 | &nbsp;&nbsp; 4111300 |
| 09/15/2055 | &nbsp;&nbsp; 5.000% | 2950000 | &nbsp;&nbsp; 2909076 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $53,045,215) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $53,045,215) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $53,045,215) | &nbsp;&nbsp; **53745441** |
| **Residential Mortgage-Backed Securities - Non-Agency 11.9%** | **Residential Mortgage-Backed Securities - Non-Agency 11.9%** | **Residential Mortgage-Backed Securities - Non-Agency 11.9%** | **Residential Mortgage-Backed Securities - Non-Agency 11.9%** |
| ABFC Trust<sup>(b)</sup>  | ABFC Trust<sup>(b)</sup>  | ABFC Trust<sup>(b)</sup>  | ABFC Trust<sup>(b)</sup>  |
| CMO Series 2007-WMC1 Class A1A | CMO Series 2007-WMC1 Class A1A | CMO Series 2007-WMC1 Class A1A | CMO Series 2007-WMC1 Class A1A |
| 1-month Term SOFR + 1.364% <br>Floor 1.250% <br>06/25/2037<br>| &nbsp;&nbsp; 5.687% | 560079 | &nbsp;&nbsp; 398227 |
| ACRA Trust<sup>(a),(c)</sup>  | ACRA Trust<sup>(a),(c)</sup>  | ACRA Trust<sup>(a),(c)</sup>  | ACRA Trust<sup>(a),(c)</sup>  |
| CMO Series 2024-NQM1 Class M1A | CMO Series 2024-NQM1 Class M1A | CMO Series 2024-NQM1 Class M1A | CMO Series 2024-NQM1 Class M1A |
| 10/25/2064 | &nbsp;&nbsp; 6.191% | 640000 | &nbsp;&nbsp; 646388 |
| Alternative Loan Trust<sup>(c)</sup>  | Alternative Loan Trust<sup>(c)</sup>  | Alternative Loan Trust<sup>(c)</sup>  | Alternative Loan Trust<sup>(c)</sup>  |
| CMO Series 2005-43 Class 1A | CMO Series 2005-43 Class 1A | CMO Series 2005-43 Class 1A | CMO Series 2005-43 Class 1A |
| 10/25/2035 | &nbsp;&nbsp; 4.102% | 142896 | &nbsp;&nbsp; 121820 |
| Alternative Loan Trust<sup>(b)</sup>  | Alternative Loan Trust<sup>(b)</sup>  | Alternative Loan Trust<sup>(b)</sup>  | Alternative Loan Trust<sup>(b)</sup>  |
| CMO Series 2005-59 Class 1A1 | CMO Series 2005-59 Class 1A1 | CMO Series 2005-59 Class 1A1 | CMO Series 2005-59 Class 1A1 |
| 1-month Term SOFR + 0.774% <br>Floor 0.660%, Cap 11.000% <br>11/20/2035<br>| &nbsp;&nbsp; 5.115% | 594724 | &nbsp;&nbsp; 569635 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| CMO Series 2007-OH3 Class A1B | CMO Series 2007-OH3 Class A1B | CMO Series 2007-OH3 Class A1B | CMO Series 2007-OH3 Class A1B |
| 1-month Term SOFR + 0.554% <br>Floor 0.440%, Cap 10.000% <br>09/25/2047<br>| &nbsp;&nbsp; 4.877% | 362999 | &nbsp;&nbsp; 348501 |
| American Home Mortgage Investment Trust<sup>(b)</sup>  | American Home Mortgage Investment Trust<sup>(b)</sup>  | American Home Mortgage Investment Trust<sup>(b)</sup>  | American Home Mortgage Investment Trust<sup>(b)</sup>  |
| CMO Series 2005-1 Class 6A | CMO Series 2005-1 Class 6A | CMO Series 2005-1 Class 6A | CMO Series 2005-1 Class 6A |
| 6-month Term SOFR + 2.428% <br>Floor 2.000%, Cap 11.000% <br>06/25/2045<br>| &nbsp;&nbsp; 6.445% | 13261 | &nbsp;&nbsp; 13202 |
| Arroyo Mortgage Trust<sup>(a),(c)</sup>  | Arroyo Mortgage Trust<sup>(a),(c)</sup>  | Arroyo Mortgage Trust<sup>(a),(c)</sup>  | Arroyo Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-1 Class A1 | CMO Series 2019-1 Class A1 | CMO Series 2019-1 Class A1 | CMO Series 2019-1 Class A1 |
| 01/25/2049 | &nbsp;&nbsp; 3.805% | 31963 | &nbsp;&nbsp; 31124 |
| Banc of America Funding Trust<sup>(a),(c)</sup>  | Banc of America Funding Trust<sup>(a),(c)</sup>  | Banc of America Funding Trust<sup>(a),(c)</sup>  | Banc of America Funding Trust<sup>(a),(c)</sup>  |
| Subordinated CMO Series 2014-R6 Class 2A13 | Subordinated CMO Series 2014-R6 Class 2A13 | Subordinated CMO Series 2014-R6 Class 2A13 | Subordinated CMO Series 2014-R6 Class 2A13 |
| 07/26/2036 | &nbsp;&nbsp; 4.712% | 288302 | &nbsp;&nbsp; 287111 |
| Bear Stearns Mortgage Funding Trust<sup>(b)</sup>  | Bear Stearns Mortgage Funding Trust<sup>(b)</sup>  | Bear Stearns Mortgage Funding Trust<sup>(b)</sup>  | Bear Stearns Mortgage Funding Trust<sup>(b)</sup>  |
| CMO Series 2006-AR3 Class 1A1 | CMO Series 2006-AR3 Class 1A1 | CMO Series 2006-AR3 Class 1A1 | CMO Series 2006-AR3 Class 1A1 |
| 1-month Term SOFR + 0.294% <br>Floor 0.180%, Cap 10.500% <br>10/25/2036<br>| &nbsp;&nbsp; 4.797% | 232427 | &nbsp;&nbsp; 202299 |
| CMO Series 2006-AR4 Class A1 | CMO Series 2006-AR4 Class A1 | CMO Series 2006-AR4 Class A1 | CMO Series 2006-AR4 Class A1 |
| 1-month Term SOFR + 0.534% <br>Floor 0.420%, Cap 10.500% <br>12/25/2036<br>| &nbsp;&nbsp; 4.857% | 278624 | &nbsp;&nbsp; 272010 |
| CMO Series 2007-AR3 Class 21A1 | CMO Series 2007-AR3 Class 21A1 | CMO Series 2007-AR3 Class 21A1 | CMO Series 2007-AR3 Class 21A1 |
| 1-month Term SOFR + 0.414% <br>Floor 0.300%, Cap 10.500% <br>04/25/2037<br>| &nbsp;&nbsp; 4.746% | 249611 | &nbsp;&nbsp; 227064 |
| CMO Series 2007-AR5 Class 2A2 | CMO Series 2007-AR5 Class 2A2 | CMO Series 2007-AR5 Class 2A2 | CMO Series 2007-AR5 Class 2A2 |
| 1-month Term SOFR + 0.344% <br>Floor 0.230%, Cap 10.500% <br>06/25/2037<br>| &nbsp;&nbsp; 4.897% | 713970 | &nbsp;&nbsp; 638065 |
| Carrington Mortgage Loan Trust<sup>(b)</sup>  | Carrington Mortgage Loan Trust<sup>(b)</sup>  | Carrington Mortgage Loan Trust<sup>(b)</sup>  | Carrington Mortgage Loan Trust<sup>(b)</sup>  |
| CMO Series 2007-FRE1 Class A3 | CMO Series 2007-FRE1 Class A3 | CMO Series 2007-FRE1 Class A3 | CMO Series 2007-FRE1 Class A3 |
| 1-month Term SOFR + 0.374% <br>Floor 0.260%, Cap 14.500% <br>02/25/2037<br>| &nbsp;&nbsp; 4.697% | 528608 | &nbsp;&nbsp; 508812 |
| Centex Home Equity Loan Trust<sup>(b)</sup>  | Centex Home Equity Loan Trust<sup>(b)</sup>  | Centex Home Equity Loan Trust<sup>(b)</sup>  | Centex Home Equity Loan Trust<sup>(b)</sup>  |
| CMO Series 2005-A Class M1 | CMO Series 2005-A Class M1 | CMO Series 2005-A Class M1 | CMO Series 2005-A Class M1 |
| 1-month Term SOFR + 0.834% <br>Floor 0.720% <br>01/25/2035<br>| &nbsp;&nbsp; 5.157% | 10333 | &nbsp;&nbsp; 10330 |
| CIM Trust<sup>(a),(c)</sup>  | CIM Trust<sup>(a),(c)</sup>  | CIM Trust<sup>(a),(c)</sup>  | CIM Trust<sup>(a),(c)</sup>  |
| CMO Series 2020-R6 Class A1 | CMO Series 2020-R6 Class A1 | CMO Series 2020-R6 Class A1 | CMO Series 2020-R6 Class A1 |
| 12/25/2060 | &nbsp;&nbsp; 2.250% | 619589 | &nbsp;&nbsp; 555850 |
| CMO Series 2021-R3 Class A1A | CMO Series 2021-R3 Class A1A | CMO Series 2021-R3 Class A1A | CMO Series 2021-R3 Class A1A |
| 06/25/2057 | &nbsp;&nbsp; 1.951% | 807849 | &nbsp;&nbsp; 743621 |
| CMO Series 2023-R3 Class A1A | CMO Series 2023-R3 Class A1A | CMO Series 2023-R3 Class A1A | CMO Series 2023-R3 Class A1A |
| 01/25/2063 | &nbsp;&nbsp; 4.500% | 489261 | &nbsp;&nbsp; 466075 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| CIM Trust<sup>(a),(k)</sup>  | CIM Trust<sup>(a),(k)</sup>  | CIM Trust<sup>(a),(k)</sup>  | CIM Trust<sup>(a),(k)</sup>  |
| CMO Series 2025-R1 Class A1 | CMO Series 2025-R1 Class A1 | CMO Series 2025-R1 Class A1 | CMO Series 2025-R1 Class A1 |
| 02/25/2099 | &nbsp;&nbsp; 5.000% | 603946 | &nbsp;&nbsp; 598434 |
| Citigroup Mortgage Loan Trust, Inc.<sup>(c)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(c)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(c)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(c)</sup>  |
| CMO Series 2006-AR2 Class 1A1 | CMO Series 2006-AR2 Class 1A1 | CMO Series 2006-AR2 Class 1A1 | CMO Series 2006-AR2 Class 1A1 |
| 03/25/2036 | &nbsp;&nbsp; 5.781% | 194666 | &nbsp;&nbsp; 145472 |
| Citigroup Mortgage Loan Trust, Inc.<sup>(b)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(b)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(b)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(b)</sup>  |
| CMO Series 2006-WFH3 Class M2 | CMO Series 2006-WFH3 Class M2 | CMO Series 2006-WFH3 Class M2 | CMO Series 2006-WFH3 Class M2 |
| 1-month Term SOFR + 0.564% <br>Floor 0.450% <br>10/25/2036<br>| &nbsp;&nbsp; 4.887% | 41959 | &nbsp;&nbsp; 41934 |
| COLT Mortgage Loan Trust<sup>(a),(c)</sup>  | COLT Mortgage Loan Trust<sup>(a),(c)</sup>  | COLT Mortgage Loan Trust<sup>(a),(c)</sup>  | COLT Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2022-5 Class A1 | CMO Series 2022-5 Class A1 | CMO Series 2022-5 Class A1 | CMO Series 2022-5 Class A1 |
| 04/25/2067 | &nbsp;&nbsp; 4.550% | 139832 | &nbsp;&nbsp; 141601 |
| CMO Series 2024-7 Class B1 | CMO Series 2024-7 Class B1 | CMO Series 2024-7 Class B1 | CMO Series 2024-7 Class B1 |
| 12/26/2069 | &nbsp;&nbsp; 7.152% | 360000 | &nbsp;&nbsp; 365263 |
| COLT Mortgage Loan Trust<sup>(a),(k)</sup>  | COLT Mortgage Loan Trust<sup>(a),(k)</sup>  | COLT Mortgage Loan Trust<sup>(a),(k)</sup>  | COLT Mortgage Loan Trust<sup>(a),(k)</sup>  |
| CMO Series 2023-1 Class A1 | CMO Series 2023-1 Class A1 | CMO Series 2023-1 Class A1 | CMO Series 2023-1 Class A1 |
| 04/25/2068 | &nbsp;&nbsp; 6.048% | 281713 | &nbsp;&nbsp; 282821 |
| Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  |
| CMO Series 2022-R01 Class 1M1 | CMO Series 2022-R01 Class 1M1 | CMO Series 2022-R01 Class 1M1 | CMO Series 2022-R01 Class 1M1 |
| 30-day Average SOFR + 1.000% <br>12/25/2041<br>| &nbsp;&nbsp; 5.348% | 12512 | &nbsp;&nbsp; 12516 |
| CMO Series 2022-R03 Class 1M1 | CMO Series 2022-R03 Class 1M1 | CMO Series 2022-R03 Class 1M1 | CMO Series 2022-R03 Class 1M1 |
| 30-day Average SOFR + 2.100% <br>03/25/2042<br>| &nbsp;&nbsp; 6.448% | 11875 | &nbsp;&nbsp; 12059 |
| CMO Series 2022-R04 Class 1M1 | CMO Series 2022-R04 Class 1M1 | CMO Series 2022-R04 Class 1M1 | CMO Series 2022-R04 Class 1M1 |
| 30-day Average SOFR + 2.000% <br>03/25/2042<br>| &nbsp;&nbsp; 6.348% | 20908 | &nbsp;&nbsp; 21227 |
| CMO Series 2022-R05 Class 2M2 | CMO Series 2022-R05 Class 2M2 | CMO Series 2022-R05 Class 2M2 | CMO Series 2022-R05 Class 2M2 |
| 30-day Average SOFR + 3.000% <br>04/25/2042<br>| &nbsp;&nbsp; 7.348% | 645000 | &nbsp;&nbsp; 661449 |
| CMO Series 2022-R06 Class 1M1 | CMO Series 2022-R06 Class 1M1 | CMO Series 2022-R06 Class 1M1 | CMO Series 2022-R06 Class 1M1 |
| 30-day Average SOFR + 2.750% <br>05/25/2042<br>| &nbsp;&nbsp; 7.098% | 44676 | &nbsp;&nbsp; 45595 |
| CMO Series 2022-R09 Class 2M1 | CMO Series 2022-R09 Class 2M1 | CMO Series 2022-R09 Class 2M1 | CMO Series 2022-R09 Class 2M1 |
| 30-day Average SOFR + 2.500% <br>09/25/2042<br>| &nbsp;&nbsp; 6.848% | 79518 | &nbsp;&nbsp; 80715 |
| CMO Series 2023-R01 Class 1M1 | CMO Series 2023-R01 Class 1M1 | CMO Series 2023-R01 Class 1M1 | CMO Series 2023-R01 Class 1M1 |
| 30-day Average SOFR + 2.400% <br>12/25/2042<br>| &nbsp;&nbsp; 6.748% | 81753 | &nbsp;&nbsp; 83755 |
| CMO Series 2023-R03 Class 2M2 | CMO Series 2023-R03 Class 2M2 | CMO Series 2023-R03 Class 2M2 | CMO Series 2023-R03 Class 2M2 |
| 30-day Average SOFR + 3.900% <br>04/25/2043<br>| &nbsp;&nbsp; 8.248% | 285000 | &nbsp;&nbsp; 302124 |
| CMO Series 2023-R06 Class 1M2 | CMO Series 2023-R06 Class 1M2 | CMO Series 2023-R06 Class 1M2 | CMO Series 2023-R06 Class 1M2 |
| 30-day Average SOFR + 2.700% <br>07/25/2043<br>| &nbsp;&nbsp; 7.048% | 120000 | &nbsp;&nbsp; 123965 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| CMO Series 2024-R02 Class 1M1 | CMO Series 2024-R02 Class 1M1 | CMO Series 2024-R02 Class 1M1 | CMO Series 2024-R02 Class 1M1 |
| 30-day Average SOFR + 1.100% <br>Floor 1.100% <br>02/25/2044<br>| &nbsp;&nbsp; 5.448% | 236720 | &nbsp;&nbsp; 236770 |
| CMO Series 2025-R02 Class 1M2 | CMO Series 2025-R02 Class 1M2 | CMO Series 2025-R02 Class 1M2 | CMO Series 2025-R02 Class 1M2 |
| 30-day Average SOFR + 1.600% <br>Floor 1.600% <br>02/25/2045<br>| &nbsp;&nbsp; 5.948% | 355000 | &nbsp;&nbsp; 355778 |
| CMO Series 2025-R04 Class 1M1 | CMO Series 2025-R04 Class 1M1 | CMO Series 2025-R04 Class 1M1 | CMO Series 2025-R04 Class 1M1 |
| 30-day Average SOFR + 1.200% <br>05/25/2045<br>| &nbsp;&nbsp; 5.548% | 271006 | &nbsp;&nbsp; 271448 |
| Subordinated CMO Series 2022-R01 Class 1B2 | Subordinated CMO Series 2022-R01 Class 1B2 | Subordinated CMO Series 2022-R01 Class 1B2 | Subordinated CMO Series 2022-R01 Class 1B2 |
| 30-day Average SOFR + 6.000% <br>12/25/2041<br>| &nbsp;&nbsp; 10.348% | 550000 | &nbsp;&nbsp; 576224 |
| Countrywide Asset-Backed Certificates<sup>(b)</sup>  | Countrywide Asset-Backed Certificates<sup>(b)</sup>  | Countrywide Asset-Backed Certificates<sup>(b)</sup>  | Countrywide Asset-Backed Certificates<sup>(b)</sup>  |
| CMO Series 2007-13 Class 2A1 | CMO Series 2007-13 Class 2A1 | CMO Series 2007-13 Class 2A1 | CMO Series 2007-13 Class 2A1 |
| 1-month Term SOFR + 1.014% <br>Floor 0.900% <br>10/25/2047<br>| &nbsp;&nbsp; 5.337% | 113402 | &nbsp;&nbsp; 105403 |
| CMO Series 2007-13 Class 2A2 | CMO Series 2007-13 Class 2A2 | CMO Series 2007-13 Class 2A2 | CMO Series 2007-13 Class 2A2 |
| 1-month Term SOFR + 0.914% <br>Floor 0.800% <br>10/25/2047<br>| &nbsp;&nbsp; 5.237% | 298282 | &nbsp;&nbsp; 278590 |
| Credit Suisse Mortgage Trust<sup>(a),(k)</sup>  | Credit Suisse Mortgage Trust<sup>(a),(k)</sup>  | Credit Suisse Mortgage Trust<sup>(a),(k)</sup>  | Credit Suisse Mortgage Trust<sup>(a),(k)</sup>  |
| CMO Series 2019-NQM1 Class A1 | CMO Series 2019-NQM1 Class A1 | CMO Series 2019-NQM1 Class A1 | CMO Series 2019-NQM1 Class A1 |
| 10/25/2059 | &nbsp;&nbsp; 2.656% | 5681 | &nbsp;&nbsp; 5608 |
| CSMC Trust<sup>(a),(c)</sup>  | CSMC Trust<sup>(a),(c)</sup>  | CSMC Trust<sup>(a),(c)</sup>  | CSMC Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-RPL4 Class A1 | CMO Series 2021-RPL4 Class A1 | CMO Series 2021-RPL4 Class A1 | CMO Series 2021-RPL4 Class A1 |
| 12/27/2060 | &nbsp;&nbsp; 4.118% | 1021408 | &nbsp;&nbsp; 1048864 |
| CWABS Asset-Backed Certificates Trust<sup>(b)</sup>  | CWABS Asset-Backed Certificates Trust<sup>(b)</sup>  | CWABS Asset-Backed Certificates Trust<sup>(b)</sup>  | CWABS Asset-Backed Certificates Trust<sup>(b)</sup>  |
| CMO Series 2004-10 Class MV4 | CMO Series 2004-10 Class MV4 | CMO Series 2004-10 Class MV4 | CMO Series 2004-10 Class MV4 |
| 1-month Term SOFR + 1.689% <br>Floor 1.575% <br>12/25/2034<br>| &nbsp;&nbsp; 6.012% | 678441 | &nbsp;&nbsp; 620885 |
| Domino's Pizza Master Issuer LLC<sup>(a)</sup>  | Domino's Pizza Master Issuer LLC<sup>(a)</sup>  | Domino's Pizza Master Issuer LLC<sup>(a)</sup>  | Domino's Pizza Master Issuer LLC<sup>(a)</sup>  |
| CMO Series 2015-1A Class A2II | CMO Series 2015-1A Class A2II | CMO Series 2015-1A Class A2II | CMO Series 2015-1A Class A2II |
| 10/25/2045 | &nbsp;&nbsp; 4.474% | 231875 | &nbsp;&nbsp; 231703 |
| Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-NQM3 Class M1B | CMO Series 2025-NQM3 Class M1B | CMO Series 2025-NQM3 Class M1B | CMO Series 2025-NQM3 Class M1B |
| 08/25/2070 | &nbsp;&nbsp; 6.451% | 520000 | &nbsp;&nbsp; 524576 |
| Fannie Mae Connecticut Avenue Securities<sup>(a),(b)</sup>  | Fannie Mae Connecticut Avenue Securities<sup>(a),(b)</sup>  | Fannie Mae Connecticut Avenue Securities<sup>(a),(b)</sup>  | Fannie Mae Connecticut Avenue Securities<sup>(a),(b)</sup>  |
| Subordinated CMO Series 2021-R02 Class 2B2 | Subordinated CMO Series 2021-R02 Class 2B2 | Subordinated CMO Series 2021-R02 Class 2B2 | Subordinated CMO Series 2021-R02 Class 2B2 |
| 30-day Average SOFR + 6.200% <br>11/25/2041<br>| &nbsp;&nbsp; 10.548% | 80000 | &nbsp;&nbsp; 83432 |
| Federal Home Loan Mortgage Corp.<sup>(g)</sup>  | Federal Home Loan Mortgage Corp.<sup>(g)</sup>  | Federal Home Loan Mortgage Corp.<sup>(g)</sup>  | Federal Home Loan Mortgage Corp.<sup>(g)</sup>  |
| CMO Series 2023-400 Class C9 | CMO Series 2023-400 Class C9 | CMO Series 2023-400 Class C9 | CMO Series 2023-400 Class C9 |
| 03/25/2052 | &nbsp;&nbsp; 2.000% | 459904 | &nbsp;&nbsp; 62295 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| First Franklin Mortgage Loan Trust<sup>(b)</sup>  | First Franklin Mortgage Loan Trust<sup>(b)</sup>  | First Franklin Mortgage Loan Trust<sup>(b)</sup>  | First Franklin Mortgage Loan Trust<sup>(b)</sup>  |
| CMO Series 2006-FF9 Class 2A4 | CMO Series 2006-FF9 Class 2A4 | CMO Series 2006-FF9 Class 2A4 | CMO Series 2006-FF9 Class 2A4 |
| 1-month Term SOFR + 0.614% <br>Floor 0.500% <br>06/25/2036<br>| &nbsp;&nbsp; 4.937% | 1200000 | &nbsp;&nbsp; 1105957 |
| First NLC Trust<sup>(b)</sup>  | First NLC Trust<sup>(b)</sup>  | First NLC Trust<sup>(b)</sup>  | First NLC Trust<sup>(b)</sup>  |
| CMO Series 2005-4 Class A4 | CMO Series 2005-4 Class A4 | CMO Series 2005-4 Class A4 | CMO Series 2005-4 Class A4 |
| 1-month Term SOFR + 0.894% <br>Floor 0.780%, Cap 14.000% <br>02/25/2036<br>| &nbsp;&nbsp; 5.217% | 150149 | &nbsp;&nbsp; 147707 |
| Flagstar Mortgage Trust<sup>(a),(c)</sup>  | Flagstar Mortgage Trust<sup>(a),(c)</sup>  | Flagstar Mortgage Trust<sup>(a),(c)</sup>  | Flagstar Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-5INV Class A5 | CMO Series 2021-5INV Class A5 | CMO Series 2021-5INV Class A5 | CMO Series 2021-5INV Class A5 |
| 07/25/2051 | &nbsp;&nbsp; 2.500% | 939050 | &nbsp;&nbsp; 844027 |
| Freddie Mac STACR Remic Trust<sup>(a),(b)</sup>  | Freddie Mac STACR Remic Trust<sup>(a),(b)</sup>  | Freddie Mac STACR Remic Trust<sup>(a),(b)</sup>  | Freddie Mac STACR Remic Trust<sup>(a),(b)</sup>  |
| CMO Series 2025-HQA1 Class M1 | CMO Series 2025-HQA1 Class M1 | CMO Series 2025-HQA1 Class M1 | CMO Series 2025-HQA1 Class M1 |
| 30-day Average SOFR + 1.150% <br>02/25/2045<br>| &nbsp;&nbsp; 5.498% | 287915 | &nbsp;&nbsp; 288174 |
| CMO Series 2025-HQA1 Class M2 | CMO Series 2025-HQA1 Class M2 | CMO Series 2025-HQA1 Class M2 | CMO Series 2025-HQA1 Class M2 |
| 30-day Average SOFR + 1.650% <br>02/25/2045<br>| &nbsp;&nbsp; 5.998% | 260000 | &nbsp;&nbsp; 260726 |
| Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup>  |
| CMO Series 2022-DNA3 Class M1A | CMO Series 2022-DNA3 Class M1A | CMO Series 2022-DNA3 Class M1A | CMO Series 2022-DNA3 Class M1A |
| 30-day Average SOFR + 2.000% <br>04/25/2042<br>| &nbsp;&nbsp; 6.348% | 67386 | &nbsp;&nbsp; 68165 |
| CMO Series 2022-DNA4 Class M1A | CMO Series 2022-DNA4 Class M1A | CMO Series 2022-DNA4 Class M1A | CMO Series 2022-DNA4 Class M1A |
| 30-day Average SOFR + 2.200% <br>05/25/2042<br>| &nbsp;&nbsp; 6.548% | 208224 | &nbsp;&nbsp; 210935 |
| CMO Series 2022-DNA4 Class M1B | CMO Series 2022-DNA4 Class M1B | CMO Series 2022-DNA4 Class M1B | CMO Series 2022-DNA4 Class M1B |
| 30-day Average SOFR + 3.350% <br>05/25/2042<br>| &nbsp;&nbsp; 7.698% | 285000 | &nbsp;&nbsp; 295788 |
| CMO Series 2022-DNA7 Class M1A | CMO Series 2022-DNA7 Class M1A | CMO Series 2022-DNA7 Class M1A | CMO Series 2022-DNA7 Class M1A |
| 30-day Average SOFR + 2.500% <br>03/25/2052<br>| &nbsp;&nbsp; 6.848% | 51974 | &nbsp;&nbsp; 52596 |
| CMO Series 2022-HQA1 Class M1B | CMO Series 2022-HQA1 Class M1B | CMO Series 2022-HQA1 Class M1B | CMO Series 2022-HQA1 Class M1B |
| 30-day Average SOFR + 3.500% <br>03/25/2042<br>| &nbsp;&nbsp; 7.848% | 280000 | &nbsp;&nbsp; 289013 |
| CMO Series 2022-HQA3 Class M1B | CMO Series 2022-HQA3 Class M1B | CMO Series 2022-HQA3 Class M1B | CMO Series 2022-HQA3 Class M1B |
| 30-day Average SOFR + 3.550% <br>08/25/2042<br>| &nbsp;&nbsp; 7.898% | 130000 | &nbsp;&nbsp; 136092 |
| CMO Series 2024-HQA1 Class M2 | CMO Series 2024-HQA1 Class M2 | CMO Series 2024-HQA1 Class M2 | CMO Series 2024-HQA1 Class M2 |
| 30-day Average SOFR + 2.000% <br>03/25/2044<br>| &nbsp;&nbsp; 6.348% | 670000 | &nbsp;&nbsp; 677981 |
| Subordinated CMO Series 2021-HQA3 Class B2 | Subordinated CMO Series 2021-HQA3 Class B2 | Subordinated CMO Series 2021-HQA3 Class B2 | Subordinated CMO Series 2021-HQA3 Class B2 |
| 30-day Average SOFR + 6.250% <br>09/25/2041<br>| &nbsp;&nbsp; 10.598% | 425000 | &nbsp;&nbsp; 441786 |
| Subordinated CMO Series 2022-DNA6 Class M1A | Subordinated CMO Series 2022-DNA6 Class M1A | Subordinated CMO Series 2022-DNA6 Class M1A | Subordinated CMO Series 2022-DNA6 Class M1A |
| 30-day Average SOFR + 2.150% <br>09/25/2042<br>| &nbsp;&nbsp; 6.498% | 146796 | &nbsp;&nbsp; 147751 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Fremont Home Loan Trust<sup>(b)</sup>  | Fremont Home Loan Trust<sup>(b)</sup>  | Fremont Home Loan Trust<sup>(b)</sup>  | Fremont Home Loan Trust<sup>(b)</sup>  |
| CMO Series 2005-D Class M1 | CMO Series 2005-D Class M1 | CMO Series 2005-D Class M1 | CMO Series 2005-D Class M1 |
| 1-month Term SOFR + 0.729% <br>Floor 0.615% <br>11/25/2035<br>| &nbsp;&nbsp; 5.052% | 628104 | &nbsp;&nbsp; 576920 |
| GCAT Trust<sup>(a),(c)</sup>  | GCAT Trust<sup>(a),(c)</sup>  | GCAT Trust<sup>(a),(c)</sup>  | GCAT Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-RPL1 Class B2 | CMO Series 2019-RPL1 Class B2 | CMO Series 2019-RPL1 Class B2 | CMO Series 2019-RPL1 Class B2 |
| 10/25/2068 | &nbsp;&nbsp; 3.750% | 700000 | &nbsp;&nbsp; 602259 |
| GCAT Trust<sup>(a),(k)</sup>  | GCAT Trust<sup>(a),(k)</sup>  | GCAT Trust<sup>(a),(k)</sup>  | GCAT Trust<sup>(a),(k)</sup>  |
| CMO Series 2022-NQM4 Class A1 | CMO Series 2022-NQM4 Class A1 | CMO Series 2022-NQM4 Class A1 | CMO Series 2022-NQM4 Class A1 |
| 08/25/2067 | &nbsp;&nbsp; 5.269% | 146485 | &nbsp;&nbsp; 146096 |
| GE-WMC Asset-Backed Pass-Through Certificates<sup>(b)</sup>  | GE-WMC Asset-Backed Pass-Through Certificates<sup>(b)</sup>  | GE-WMC Asset-Backed Pass-Through Certificates<sup>(b)</sup>  | GE-WMC Asset-Backed Pass-Through Certificates<sup>(b)</sup>  |
| CMO Series 2005-1 Class M1 | CMO Series 2005-1 Class M1 | CMO Series 2005-1 Class M1 | CMO Series 2005-1 Class M1 |
| 1-month Term SOFR + 0.774% <br>Floor 0.660% <br>10/25/2035<br>| &nbsp;&nbsp; 5.097% | 114325 | &nbsp;&nbsp; 112674 |
| GMACM Mortgage Loan Trust<sup>(c)</sup>  | GMACM Mortgage Loan Trust<sup>(c)</sup>  | GMACM Mortgage Loan Trust<sup>(c)</sup>  | GMACM Mortgage Loan Trust<sup>(c)</sup>  |
| CMO Series 2006-AR1 Class 1A1 | CMO Series 2006-AR1 Class 1A1 | CMO Series 2006-AR1 Class 1A1 | CMO Series 2006-AR1 Class 1A1 |
| 04/19/2036 | &nbsp;&nbsp; 3.795% | 359495 | &nbsp;&nbsp; 297970 |
| GS Mortgage-Backed Securities Corp. Trust<sup>(a),(c)</sup>  | GS Mortgage-Backed Securities Corp. Trust<sup>(a),(c)</sup>  | GS Mortgage-Backed Securities Corp. Trust<sup>(a),(c)</sup>  | GS Mortgage-Backed Securities Corp. Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-PJ4 Class A4 | CMO Series 2021-PJ4 Class A4 | CMO Series 2021-PJ4 Class A4 | CMO Series 2021-PJ4 Class A4 |
| 09/25/2051 | &nbsp;&nbsp; 2.500% | 574065 | &nbsp;&nbsp; 466338 |
| GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup>  |
| CMO Series 2020-RPL1 Class M2 | CMO Series 2020-RPL1 Class M2 | CMO Series 2020-RPL1 Class M2 | CMO Series 2020-RPL1 Class M2 |
| 07/25/2059 | &nbsp;&nbsp; 3.703% | 800000 | &nbsp;&nbsp; 703621 |
| GSAMP Trust<sup>(b)</sup>  | GSAMP Trust<sup>(b)</sup>  | GSAMP Trust<sup>(b)</sup>  | GSAMP Trust<sup>(b)</sup>  |
| CMO Series 2005-WMC3 Class A2C | CMO Series 2005-WMC3 Class A2C | CMO Series 2005-WMC3 Class A2C | CMO Series 2005-WMC3 Class A2C |
| 1-month Term SOFR + 0.774% <br>Floor 0.660% <br>12/25/2035<br>| &nbsp;&nbsp; 5.097% | 432202 | &nbsp;&nbsp; 423208 |
| CMO Series 2007-FM2 Class A1 | CMO Series 2007-FM2 Class A1 | CMO Series 2007-FM2 Class A1 | CMO Series 2007-FM2 Class A1 |
| 1-month Term SOFR + 0.254% <br>Floor 0.140% <br>01/25/2037<br>| &nbsp;&nbsp; 4.577% | 689529 | &nbsp;&nbsp; 425494 |
| HarborView Mortgage Loan Trust<sup>(b)</sup>  | HarborView Mortgage Loan Trust<sup>(b)</sup>  | HarborView Mortgage Loan Trust<sup>(b)</sup>  | HarborView Mortgage Loan Trust<sup>(b)</sup>  |
| CMO Series 2007-6 Class 1A1A | CMO Series 2007-6 Class 1A1A | CMO Series 2007-6 Class 1A1A | CMO Series 2007-6 Class 1A1A |
| 1-month Term SOFR + 0.314% <br>Floor 0.200%, Cap 10.500% <br>08/19/2037<br>| &nbsp;&nbsp; 4.668% | 411341 | &nbsp;&nbsp; 348001 |
| Home Equity Asset Trust<sup>(b)</sup>  | Home Equity Asset Trust<sup>(b)</sup>  | Home Equity Asset Trust<sup>(b)</sup>  | Home Equity Asset Trust<sup>(b)</sup>  |
| Series 2005-2 Class M6 | Series 2005-2 Class M6 | Series 2005-2 Class M6 | Series 2005-2 Class M6 |
| 1-month Term SOFR + 1.314% <br>Floor 1.200% <br>07/25/2035<br>| &nbsp;&nbsp; 5.637% | 479079 | &nbsp;&nbsp; 475213 |
| HomeBanc Mortgage Trust<sup>(b)</sup>  | HomeBanc Mortgage Trust<sup>(b)</sup>  | HomeBanc Mortgage Trust<sup>(b)</sup>  | HomeBanc Mortgage Trust<sup>(b)</sup>  |
| CMO Series 2005-3 Class M4 | CMO Series 2005-3 Class M4 | CMO Series 2005-3 Class M4 | CMO Series 2005-3 Class M4 |
| 1-month Term SOFR + 1.119% <br>Floor 1.005%, Cap 11.500% <br>07/25/2035<br>| &nbsp;&nbsp; 5.107% | 602776 | &nbsp;&nbsp; 605923 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| HSI Asset Securitization Corp. Trust<sup>(b)</sup>  | HSI Asset Securitization Corp. Trust<sup>(b)</sup>  | HSI Asset Securitization Corp. Trust<sup>(b)</sup>  | HSI Asset Securitization Corp. Trust<sup>(b)</sup>  |
| CMO Series 2005-I1 Class 2A4 | CMO Series 2005-I1 Class 2A4 | CMO Series 2005-I1 Class 2A4 | CMO Series 2005-I1 Class 2A4 |
| 1-month Term SOFR + 0.894% <br>Floor 0.780% <br>11/25/2035<br>| &nbsp;&nbsp; 5.217% | 373726 | &nbsp;&nbsp; 347471 |
| CMO Series 2006-HE2 Class 1A | CMO Series 2006-HE2 Class 1A | CMO Series 2006-HE2 Class 1A | CMO Series 2006-HE2 Class 1A |
| 1-month Term SOFR + 0.374% <br>Floor 0.260% <br>12/25/2036<br>| &nbsp;&nbsp; 4.697% | 1097578 | &nbsp;&nbsp; 406686 |
| Impac CMB Trust<sup>(b)</sup>  | Impac CMB Trust<sup>(b)</sup>  | Impac CMB Trust<sup>(b)</sup>  | Impac CMB Trust<sup>(b)</sup>  |
| CMO Series 2004-8 Class 2A1 (FGIC) | CMO Series 2004-8 Class 2A1 (FGIC) | CMO Series 2004-8 Class 2A1 (FGIC) | CMO Series 2004-8 Class 2A1 (FGIC) |
| 1-month Term SOFR + 0.814% <br>Floor 0.700%, Cap 11.000% <br>10/25/2034<br>| &nbsp;&nbsp; 5.137% | 17747 | &nbsp;&nbsp; 17716 |
| Impac Secured Assets Trust<sup>(b)</sup>  | Impac Secured Assets Trust<sup>(b)</sup>  | Impac Secured Assets Trust<sup>(b)</sup>  | Impac Secured Assets Trust<sup>(b)</sup>  |
| CMO Series 2006-5 Class 1A1C | CMO Series 2006-5 Class 1A1C | CMO Series 2006-5 Class 1A1C | CMO Series 2006-5 Class 1A1C |
| 1-month Term SOFR + 0.654% <br>Floor 0.540%, Cap 11.500% <br>02/25/2037<br>| &nbsp;&nbsp; 4.977% | 428954 | &nbsp;&nbsp; 395201 |
| IndyMac INDX Mortgage Loan Trust<sup>(b)</sup>  | IndyMac INDX Mortgage Loan Trust<sup>(b)</sup>  | IndyMac INDX Mortgage Loan Trust<sup>(b)</sup>  | IndyMac INDX Mortgage Loan Trust<sup>(b)</sup>  |
| CMO Series 2006-AR2 Class 1A1A | CMO Series 2006-AR2 Class 1A1A | CMO Series 2006-AR2 Class 1A1A | CMO Series 2006-AR2 Class 1A1A |
| 1-month Term SOFR + 0.554% <br>Floor 0.440% <br>04/25/2046<br>| &nbsp;&nbsp; 4.877% | 592601 | &nbsp;&nbsp; 537799 |
| CMO Series 2006-AR2 Class 1A1B | CMO Series 2006-AR2 Class 1A1B | CMO Series 2006-AR2 Class 1A1B | CMO Series 2006-AR2 Class 1A1B |
| 1-month Term SOFR + 0.534% <br>Floor 0.420% <br>04/25/2046<br>| &nbsp;&nbsp; 4.857% | 546285 | &nbsp;&nbsp; 495630 |
| JPMorgan Alternative Loan Trust<sup>(b)</sup>  | JPMorgan Alternative Loan Trust<sup>(b)</sup>  | JPMorgan Alternative Loan Trust<sup>(b)</sup>  | JPMorgan Alternative Loan Trust<sup>(b)</sup>  |
| CMO Series 2006-A1 Class 1A1 | CMO Series 2006-A1 Class 1A1 | CMO Series 2006-A1 Class 1A1 | CMO Series 2006-A1 Class 1A1 |
| 1-month Term SOFR + 0.574% <br>Floor 0.460%, Cap 11.500% <br>03/25/2036<br>| &nbsp;&nbsp; 4.897% | 197326 | &nbsp;&nbsp; 185262 |
| CMO Series 2007-S1 Class A2 | CMO Series 2007-S1 Class A2 | CMO Series 2007-S1 Class A2 | CMO Series 2007-S1 Class A2 |
| 1-month Term SOFR + 0.794% <br>Floor 0.680%, Cap 11.500% <br>04/25/2047<br>| &nbsp;&nbsp; 5.117% | 114533 | &nbsp;&nbsp; 110305 |
| JPMorgan Mortgage Acquisition Corp.<sup>(b)</sup>  | JPMorgan Mortgage Acquisition Corp.<sup>(b)</sup>  | JPMorgan Mortgage Acquisition Corp.<sup>(b)</sup>  | JPMorgan Mortgage Acquisition Corp.<sup>(b)</sup>  |
| CMO Series 2005-OPT2 Class M5 | CMO Series 2005-OPT2 Class M5 | CMO Series 2005-OPT2 Class M5 | CMO Series 2005-OPT2 Class M5 |
| 1-month Term SOFR + 1.089% <br>Floor 0.975% <br>12/25/2035<br>| &nbsp;&nbsp; 5.412% | 900000 | &nbsp;&nbsp; 845790 |
| JPMorgan Mortgage Acquisition Trust<sup>(b)</sup>  | JPMorgan Mortgage Acquisition Trust<sup>(b)</sup>  | JPMorgan Mortgage Acquisition Trust<sup>(b)</sup>  | JPMorgan Mortgage Acquisition Trust<sup>(b)</sup>  |
| CMO Series 2006-FRE1 Class M1 | CMO Series 2006-FRE1 Class M1 | CMO Series 2006-FRE1 Class M1 | CMO Series 2006-FRE1 Class M1 |
| 1-month Term SOFR + 0.699% <br>Floor 0.585% <br>05/25/2035<br>| &nbsp;&nbsp; 5.022% | 85186 | &nbsp;&nbsp; 84352 |
| CMO Series 2007-HE1 Class AV4 | CMO Series 2007-HE1 Class AV4 | CMO Series 2007-HE1 Class AV4 | CMO Series 2007-HE1 Class AV4 |
| 1-month Term SOFR + 0.394% <br>Floor 0.280% <br>03/25/2047<br>| &nbsp;&nbsp; 4.717% | 1032263 | &nbsp;&nbsp; 972689 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Series 2007-CH5 Class M1 | Series 2007-CH5 Class M1 | Series 2007-CH5 Class M1 | Series 2007-CH5 Class M1 |
| 1-month Term SOFR + 0.384% <br>Floor 0.270% <br>06/25/2037<br>| &nbsp;&nbsp; 4.707% | 309278 | &nbsp;&nbsp; 300401 |
| JPMorgan Mortgage Trust Series<sup>(a),(c)</sup>  | JPMorgan Mortgage Trust Series<sup>(a),(c)</sup>  | JPMorgan Mortgage Trust Series<sup>(a),(c)</sup>  | JPMorgan Mortgage Trust Series<sup>(a),(c)</sup>  |
| CMO Series 2025-CES1 Class A3 | CMO Series 2025-CES1 Class A3 | CMO Series 2025-CES1 Class A3 | CMO Series 2025-CES1 Class A3 |
| 05/25/2055 | &nbsp;&nbsp; 6.067% | 530000 | &nbsp;&nbsp; 537665 |
| Legacy Mortgage Asset Trust<sup>(a),(k)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(k)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(k)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(k)</sup>  |
| CMO Series 2021-GS5 Class A1 | CMO Series 2021-GS5 Class A1 | CMO Series 2021-GS5 Class A1 | CMO Series 2021-GS5 Class A1 |
| 07/25/2067 | &nbsp;&nbsp; 2.250% | 770488 | &nbsp;&nbsp; 770687 |
| Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
| CMO Series 2006-1 Class 1A5 | CMO Series 2006-1 Class 1A5 | CMO Series 2006-1 Class 1A5 | CMO Series 2006-1 Class 1A5 |
| 02/25/2036 | &nbsp;&nbsp; 5.500% | 495506 | &nbsp;&nbsp; 222183 |
| Lehman XS Trust<sup>(b)</sup>  | Lehman XS Trust<sup>(b)</sup>  | Lehman XS Trust<sup>(b)</sup>  | Lehman XS Trust<sup>(b)</sup>  |
| CMO Series 2006-15 Class A4 | CMO Series 2006-15 Class A4 | CMO Series 2006-15 Class A4 | CMO Series 2006-15 Class A4 |
| 1-month Term SOFR + 0.454% <br>Floor 0.340% <br>10/25/2036<br>| &nbsp;&nbsp; 4.777% | 577257 | &nbsp;&nbsp; 517466 |
| CMO Series 2006-2N Class 2A1 | CMO Series 2006-2N Class 2A1 | CMO Series 2006-2N Class 2A1 | CMO Series 2006-2N Class 2A1 |
| 1-year MTA + 1.010% <br>Floor 1.010% <br>02/25/2036<br>| &nbsp;&nbsp; 6.173% | 390217 | &nbsp;&nbsp; 348663 |
| CMO Series 2007-16N Class 2A2 | CMO Series 2007-16N Class 2A2 | CMO Series 2007-16N Class 2A2 | CMO Series 2007-16N Class 2A2 |
| 1-month Term SOFR + 1.814% <br>Floor 1.700% <br>09/25/2047<br>| &nbsp;&nbsp; 6.137% | 422304 | &nbsp;&nbsp; 379000 |
| Series 2006-19 Class A3 | Series 2006-19 Class A3 | Series 2006-19 Class A3 | Series 2006-19 Class A3 |
| 1-month Term SOFR + 0.614% <br>Floor 0.500% <br>12/25/2036<br>| &nbsp;&nbsp; 4.937% | 534867 | &nbsp;&nbsp; 505106 |
| Long Beach Mortgage Loan Trust<sup>(b)</sup>  | Long Beach Mortgage Loan Trust<sup>(b)</sup>  | Long Beach Mortgage Loan Trust<sup>(b)</sup>  | Long Beach Mortgage Loan Trust<sup>(b)</sup>  |
| CMO Series 2006-10 Class 2A3 | CMO Series 2006-10 Class 2A3 | CMO Series 2006-10 Class 2A3 | CMO Series 2006-10 Class 2A3 |
| 1-month Term SOFR + 0.434% <br>Floor 0.320% <br>11/25/2036<br>| &nbsp;&nbsp; 4.757% | 1727285 | &nbsp;&nbsp; 506669 |
| CMO Series 2006-4 Class 1A | CMO Series 2006-4 Class 1A | CMO Series 2006-4 Class 1A | CMO Series 2006-4 Class 1A |
| 1-month Term SOFR + 0.414% <br>Floor 0.300% <br>05/25/2036<br>| &nbsp;&nbsp; 4.737% | 908708 | &nbsp;&nbsp; 473901 |
| Mastr Asset Backed Securities Trust<sup>(b)</sup>  | Mastr Asset Backed Securities Trust<sup>(b)</sup>  | Mastr Asset Backed Securities Trust<sup>(b)</sup>  | Mastr Asset Backed Securities Trust<sup>(b)</sup>  |
| CMO Series 2005-WF1 Class M6 | CMO Series 2005-WF1 Class M6 | CMO Series 2005-WF1 Class M6 | CMO Series 2005-WF1 Class M6 |
| 1-month Term SOFR + 1.104% <br>Floor 0.990% <br>06/25/2035<br>| &nbsp;&nbsp; 5.427% | 615085 | &nbsp;&nbsp; 612398 |
| MFA Trust<sup>(a),(c)</sup>  | MFA Trust<sup>(a),(c)</sup>  | MFA Trust<sup>(a),(c)</sup>  | MFA Trust<sup>(a),(c)</sup>  |
| Subordinated CMO Series 2023-INV2 Class B1 | Subordinated CMO Series 2023-INV2 Class B1 | Subordinated CMO Series 2023-INV2 Class B1 | Subordinated CMO Series 2023-INV2 Class B1 |
| 10/25/2058 | &nbsp;&nbsp; 7.942% | 650000 | &nbsp;&nbsp; 654869 |
| Mill City Mortgage Loan Trust<sup>(a),(c)</sup>  | Mill City Mortgage Loan Trust<sup>(a),(c)</sup>  | Mill City Mortgage Loan Trust<sup>(a),(c)</sup>  | Mill City Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-GS1 Class B2 | CMO Series 2019-GS1 Class B2 | CMO Series 2019-GS1 Class B2 | CMO Series 2019-GS1 Class B2 |
| 07/25/2059 | &nbsp;&nbsp; 0.000% | 800000 | &nbsp;&nbsp; 653020 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Morgan Stanley ABS Capital I, Inc. Trust<sup>(b)</sup>  | Morgan Stanley ABS Capital I, Inc. Trust<sup>(b)</sup>  | Morgan Stanley ABS Capital I, Inc. Trust<sup>(b)</sup>  | Morgan Stanley ABS Capital I, Inc. Trust<sup>(b)</sup>  |
| CMO Series 2005-WMC1 Class M3 | CMO Series 2005-WMC1 Class M3 | CMO Series 2005-WMC1 Class M3 | CMO Series 2005-WMC1 Class M3 |
| 1-month Term SOFR + 0.894% <br>Floor 0.780% <br>01/25/2035<br>| &nbsp;&nbsp; 5.217% | 154411 | &nbsp;&nbsp; 155837 |
| CMO Series 2007-HE2 Class A2B | CMO Series 2007-HE2 Class A2B | CMO Series 2007-HE2 Class A2B | CMO Series 2007-HE2 Class A2B |
| 1-month Term SOFR + 0.204% <br>Floor 0.090% <br>01/25/2037<br>| &nbsp;&nbsp; 4.617% | 1106280 | &nbsp;&nbsp; 504411 |
| CMO Series 2007-NC3 Class A2D | CMO Series 2007-NC3 Class A2D | CMO Series 2007-NC3 Class A2D | CMO Series 2007-NC3 Class A2D |
| 1-month Term SOFR + 0.374% <br>Floor 0.260% <br>05/25/2037<br>| &nbsp;&nbsp; 4.697% | 577799 | &nbsp;&nbsp; 443501 |
| Morgan Stanley Mortgage Loan Trust<sup>(b)</sup>  | Morgan Stanley Mortgage Loan Trust<sup>(b)</sup>  | Morgan Stanley Mortgage Loan Trust<sup>(b)</sup>  | Morgan Stanley Mortgage Loan Trust<sup>(b)</sup>  |
| CMO Series 2005-5AR Class 1M6 | CMO Series 2005-5AR Class 1M6 | CMO Series 2005-5AR Class 1M6 | CMO Series 2005-5AR Class 1M6 |
| 1-month Term SOFR + 1.239% <br>Floor 1.125% <br>09/25/2035<br>| &nbsp;&nbsp; 5.562% | 500000 | &nbsp;&nbsp; 491723 |
| NMLT Trust<sup>(a),(c)</sup>  | NMLT Trust<sup>(a),(c)</sup>  | NMLT Trust<sup>(a),(c)</sup>  | NMLT Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-INV1 Class A1 | CMO Series 2021-INV1 Class A1 | CMO Series 2021-INV1 Class A1 | CMO Series 2021-INV1 Class A1 |
| 05/25/2056 | &nbsp;&nbsp; 1.185% | 764075 | &nbsp;&nbsp; 674304 |
| OBX Trust<sup>(a),(c)</sup>  | OBX Trust<sup>(a),(c)</sup>  | OBX Trust<sup>(a),(c)</sup>  | OBX Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 |
| 05/25/2061 | &nbsp;&nbsp; 1.101% | 976052 | &nbsp;&nbsp; 807476 |
| CMO Series 2021-NQM3 Class A1 | CMO Series 2021-NQM3 Class A1 | CMO Series 2021-NQM3 Class A1 | CMO Series 2021-NQM3 Class A1 |
| 07/25/2061 | &nbsp;&nbsp; 1.054% | 1045449 | &nbsp;&nbsp; 861137 |
| Option One Mortgage Loan Trust<sup>(b)</sup>  | Option One Mortgage Loan Trust<sup>(b)</sup>  | Option One Mortgage Loan Trust<sup>(b)</sup>  | Option One Mortgage Loan Trust<sup>(b)</sup>  |
| CMO Series 2007-5 Class 2A2 | CMO Series 2007-5 Class 2A2 | CMO Series 2007-5 Class 2A2 | CMO Series 2007-5 Class 2A2 |
| 1-month Term SOFR + 0.284% <br>Floor 0.170% <br>05/25/2037<br>| &nbsp;&nbsp; 4.607% | 765465 | &nbsp;&nbsp; 407321 |
| CMO Series 2007-5 Class 2A3 | CMO Series 2007-5 Class 2A3 | CMO Series 2007-5 Class 2A3 | CMO Series 2007-5 Class 2A3 |
| 1-month Term SOFR + 0.344% <br>Floor 0.230% <br>05/25/2037<br>| &nbsp;&nbsp; 4.667% | 1393600 | &nbsp;&nbsp; 715302 |
| Series 2006-3 Class 1A1 | Series 2006-3 Class 1A1 | Series 2006-3 Class 1A1 | Series 2006-3 Class 1A1 |
| 1-month Term SOFR + 0.254% <br>Floor 0.140% <br>02/25/2037<br>| &nbsp;&nbsp; 4.717% | 820261 | &nbsp;&nbsp; 528370 |
| PRKCM Trust<sup>(a),(c)</sup>  | PRKCM Trust<sup>(a),(c)</sup>  | PRKCM Trust<sup>(a),(c)</sup>  | PRKCM Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-AFC2 Class A1 | CMO Series 2021-AFC2 Class A1 | CMO Series 2021-AFC2 Class A1 | CMO Series 2021-AFC2 Class A1 |
| 11/25/2056 | &nbsp;&nbsp; 2.071% | 904010 | &nbsp;&nbsp; 804596 |
| PRPM LLC<sup>(a),(c)</sup>  | PRPM LLC<sup>(a),(c)</sup>  | PRPM LLC<sup>(a),(c)</sup>  | PRPM LLC<sup>(a),(c)</sup>  |
| CMO Series 2024-RPL1 Class A3 | CMO Series 2024-RPL1 Class A3 | CMO Series 2024-RPL1 Class A3 | CMO Series 2024-RPL1 Class A3 |
| 12/25/2064 | &nbsp;&nbsp; 4.189% | 700000 | &nbsp;&nbsp; 677912 |
| PRPM LLC<sup>(a),(k)</sup>  | PRPM LLC<sup>(a),(k)</sup>  | PRPM LLC<sup>(a),(k)</sup>  | PRPM LLC<sup>(a),(k)</sup>  |
| CMO Series 2025-RCF3 Class A3 | CMO Series 2025-RCF3 Class A3 | CMO Series 2025-RCF3 Class A3 | CMO Series 2025-RCF3 Class A3 |
| 07/25/2055 | &nbsp;&nbsp; 5.250% | 570000 | &nbsp;&nbsp; 560917 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| RALI Series Trust<sup>(b)</sup>  | RALI Series Trust<sup>(b)</sup>  | RALI Series Trust<sup>(b)</sup>  | RALI Series Trust<sup>(b)</sup>  |
| CMO Series 2006-QA6 Class A3 | CMO Series 2006-QA6 Class A3 | CMO Series 2006-QA6 Class A3 | CMO Series 2006-QA6 Class A3 |
| 1-month Term SOFR + 0.494% <br>Floor 0.380% <br>07/25/2036<br>| &nbsp;&nbsp; 4.817% | 241764 | &nbsp;&nbsp; 221977 |
| CMO Series 2007-QH6 Class A1 | CMO Series 2007-QH6 Class A1 | CMO Series 2007-QH6 Class A1 | CMO Series 2007-QH6 Class A1 |
| 1-month Term SOFR + 0.494% <br>Floor 0.380% <br>07/25/2037<br>| &nbsp;&nbsp; 4.817% | 234981 | &nbsp;&nbsp; 219441 |
| RALI Trust<sup>(b)</sup>  | RALI Trust<sup>(b)</sup>  | RALI Trust<sup>(b)</sup>  | RALI Trust<sup>(b)</sup>  |
| CMO Series 2006-QO10 Class A1 | CMO Series 2006-QO10 Class A1 | CMO Series 2006-QO10 Class A1 | CMO Series 2006-QO10 Class A1 |
| 1-month Term SOFR + 0.434% <br>Floor 0.320% <br>01/25/2037<br>| &nbsp;&nbsp; 4.757% | 494448 | &nbsp;&nbsp; 443135 |
| Series 2007-QO1 Class A1 | Series 2007-QO1 Class A1 | Series 2007-QO1 Class A1 | Series 2007-QO1 Class A1 |
| 1-month Term SOFR + 0.414% <br>Floor 0.300% <br>02/25/2047<br>| &nbsp;&nbsp; 4.737% | 749172 | &nbsp;&nbsp; 674380 |
| RAMP Trust<sup>(b)</sup>  | RAMP Trust<sup>(b)</sup>  | RAMP Trust<sup>(b)</sup>  | RAMP Trust<sup>(b)</sup>  |
| CMO Series 2006-RZ2 Class M1 | CMO Series 2006-RZ2 Class M1 | CMO Series 2006-RZ2 Class M1 | CMO Series 2006-RZ2 Class M1 |
| 1-month Term SOFR + 0.609% <br>Floor 0.495%, Cap 14.000% <br>05/25/2036<br>| &nbsp;&nbsp; 4.932% | 323163 | &nbsp;&nbsp; 317142 |
| RASC Trust<sup>(b)</sup>  | RASC Trust<sup>(b)</sup>  | RASC Trust<sup>(b)</sup>  | RASC Trust<sup>(b)</sup>  |
| Series 2007-KS1 Class A4 | Series 2007-KS1 Class A4 | Series 2007-KS1 Class A4 | Series 2007-KS1 Class A4 |
| 1-month Term SOFR + 0.554% <br>Floor 0.440%, Cap 14.000% <br>01/25/2037<br>| &nbsp;&nbsp; 4.877% | 921587 | &nbsp;&nbsp; 896188 |
| RCKT Mortgage Trust<sup>(a)</sup>  | RCKT Mortgage Trust<sup>(a)</sup>  | RCKT Mortgage Trust<sup>(a)</sup>  | RCKT Mortgage Trust<sup>(a)</sup>  |
| CMO Series 2024-CES3 Class A2 | CMO Series 2024-CES3 Class A2 | CMO Series 2024-CES3 Class A2 | CMO Series 2024-CES3 Class A2 |
| 05/25/2044 | &nbsp;&nbsp; 6.682% | 570000 | &nbsp;&nbsp; 576333 |
| RCKT Mortgage Trust<sup>(a),(k)</sup>  | RCKT Mortgage Trust<sup>(a),(k)</sup>  | RCKT Mortgage Trust<sup>(a),(k)</sup>  | RCKT Mortgage Trust<sup>(a),(k)</sup>  |
| CMO Series 2024-CES8 Class A2 | CMO Series 2024-CES8 Class A2 | CMO Series 2024-CES8 Class A2 | CMO Series 2024-CES8 Class A2 |
| 11/25/2044 | &nbsp;&nbsp; 5.659% | 670000 | &nbsp;&nbsp; 674374 |
| RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
| CMO Series 2006-S10 Class 1A1 | CMO Series 2006-S10 Class 1A1 | CMO Series 2006-S10 Class 1A1 | CMO Series 2006-S10 Class 1A1 |
| 10/25/2036 | &nbsp;&nbsp; 6.000% | 452294 | &nbsp;&nbsp; 367759 |
| Saxon Asset Securities Trust<sup>(b)</sup>  | Saxon Asset Securities Trust<sup>(b)</sup>  | Saxon Asset Securities Trust<sup>(b)</sup>  | Saxon Asset Securities Trust<sup>(b)</sup>  |
| Series 2007-2 Class A2D | Series 2007-2 Class A2D | Series 2007-2 Class A2D | Series 2007-2 Class A2D |
| 1-month Term SOFR + 0.414% <br>Floor 0.300% <br>05/25/2047<br>| &nbsp;&nbsp; 4.737% | 506515 | &nbsp;&nbsp; 368520 |
| SG Residential Mortgage Trust<sup>(a),(c)</sup>  | SG Residential Mortgage Trust<sup>(a),(c)</sup>  | SG Residential Mortgage Trust<sup>(a),(c)</sup>  | SG Residential Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 |
| 12/25/2061 | &nbsp;&nbsp; 1.737% | 750957 | &nbsp;&nbsp; 649008 |
| Soundview Home Loan Trust<sup>(b)</sup>  | Soundview Home Loan Trust<sup>(b)</sup>  | Soundview Home Loan Trust<sup>(b)</sup>  | Soundview Home Loan Trust<sup>(b)</sup>  |
| CMO Series 2006-OPT5 Class 1A1 | CMO Series 2006-OPT5 Class 1A1 | CMO Series 2006-OPT5 Class 1A1 | CMO Series 2006-OPT5 Class 1A1 |
| 1-month Term SOFR + 0.394% <br>Floor 0.280% <br>07/25/2036<br>| &nbsp;&nbsp; 4.717% | 153265 | &nbsp;&nbsp; 149098 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Structured Adjustable Rate Mortgage Loan Trust<sup>(b)</sup>  | Structured Adjustable Rate Mortgage Loan Trust<sup>(b)</sup>  | Structured Adjustable Rate Mortgage Loan Trust<sup>(b)</sup>  | Structured Adjustable Rate Mortgage Loan Trust<sup>(b)</sup>  |
| Series 2007-4 Class 1A2 | Series 2007-4 Class 1A2 | Series 2007-4 Class 1A2 | Series 2007-4 Class 1A2 |
| 1-month Term SOFR + 0.554% <br>Floor 0.440% <br>05/25/2037<br>| &nbsp;&nbsp; 4.877% | 668692 | &nbsp;&nbsp; 611462 |
| Structured Asset Investment Loan Trust<sup>(b)</sup>  | Structured Asset Investment Loan Trust<sup>(b)</sup>  | Structured Asset Investment Loan Trust<sup>(b)</sup>  | Structured Asset Investment Loan Trust<sup>(b)</sup>  |
| CMO Series 2004-6 Class A3 | CMO Series 2004-6 Class A3 | CMO Series 2004-6 Class A3 | CMO Series 2004-6 Class A3 |
| 1-month Term SOFR + 0.914% <br>Floor 0.800% <br>07/25/2034<br>| &nbsp;&nbsp; 5.237% | 231393 | &nbsp;&nbsp; 240198 |
| Structured Asset Mortgage Investments II Trust<sup>(b)</sup>  | Structured Asset Mortgage Investments II Trust<sup>(b)</sup>  | Structured Asset Mortgage Investments II Trust<sup>(b)</sup>  | Structured Asset Mortgage Investments II Trust<sup>(b)</sup>  |
| CMO Series 2006-AR7 Class A1A | CMO Series 2006-AR7 Class A1A | CMO Series 2006-AR7 Class A1A | CMO Series 2006-AR7 Class A1A |
| 1-month Term SOFR + 0.534% <br>Floor 0.420%, Cap 10.500% <br>08/25/2036<br>| &nbsp;&nbsp; 4.857% | 597904 | &nbsp;&nbsp; 492542 |
| CMO Series 2006-AR8 Class A1A | CMO Series 2006-AR8 Class A1A | CMO Series 2006-AR8 Class A1A | CMO Series 2006-AR8 Class A1A |
| 1-month Term SOFR + 0.514% <br>Floor 0.400%, Cap 10.500% <br>10/25/2036<br>| &nbsp;&nbsp; 4.837% | 243481 | &nbsp;&nbsp; 218173 |
| Structured Asset Securities Corp Mortgage Loan Trust<sup>(b)</sup>  | Structured Asset Securities Corp Mortgage Loan Trust<sup>(b)</sup>  | Structured Asset Securities Corp Mortgage Loan Trust<sup>(b)</sup>  | Structured Asset Securities Corp Mortgage Loan Trust<sup>(b)</sup>  |
| CMO Series 2005-2XS Class M1 | CMO Series 2005-2XS Class M1 | CMO Series 2005-2XS Class M1 | CMO Series 2005-2XS Class M1 |
| 1-month Term SOFR + 0.819% <br>Floor 0.705%, Cap 11.000% <br>02/25/2035<br>| &nbsp;&nbsp; 5.142% | 756186 | &nbsp;&nbsp; 722958 |
| Thornburg Mortgage Securities Trust<sup>(b)</sup>  | Thornburg Mortgage Securities Trust<sup>(b)</sup>  | Thornburg Mortgage Securities Trust<sup>(b)</sup>  | Thornburg Mortgage Securities Trust<sup>(b)</sup>  |
| CMO Series 2004-3 Class A | CMO Series 2004-3 Class A | CMO Series 2004-3 Class A | CMO Series 2004-3 Class A |
| 1-month Term SOFR + 0.854% <br>Floor 0.740%, Cap 11.000% <br>09/25/2034<br>| &nbsp;&nbsp; 5.177% | 250763 | &nbsp;&nbsp; 235082 |
| Towd Point Mortgage Trust<sup>(a),(c)</sup>  | Towd Point Mortgage Trust<sup>(a),(c)</sup>  | Towd Point Mortgage Trust<sup>(a),(c)</sup>  | Towd Point Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2017-4 Class A2 | CMO Series 2017-4 Class A2 | CMO Series 2017-4 Class A2 | CMO Series 2017-4 Class A2 |
| 06/25/2057 | &nbsp;&nbsp; 3.000% | 900000 | &nbsp;&nbsp; 854145 |
| CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 |
| 12/25/2058 | &nbsp;&nbsp; 3.750% | 275000 | &nbsp;&nbsp; 238670 |
| CMO Series 2024-CES6 Class M1 | CMO Series 2024-CES6 Class M1 | CMO Series 2024-CES6 Class M1 | CMO Series 2024-CES6 Class M1 |
| 11/25/2064 | &nbsp;&nbsp; 6.102% | 620000 | &nbsp;&nbsp; 629284 |
| Series 2018-2 Class M1 | Series 2018-2 Class M1 | Series 2018-2 Class M1 | Series 2018-2 Class M1 |
| 03/25/2058 | &nbsp;&nbsp; 3.500% | 900000 | &nbsp;&nbsp; 855158 |
| Subordinated CMO Series 2017-2 Class B1 | Subordinated CMO Series 2017-2 Class B1 | Subordinated CMO Series 2017-2 Class B1 | Subordinated CMO Series 2017-2 Class B1 |
| 04/25/2057 | &nbsp;&nbsp; 4.174% | 760000 | &nbsp;&nbsp; 731562 |
| Towd Point Mortgage Trust<sup>(a),(b)</sup>  | Towd Point Mortgage Trust<sup>(a),(b)</sup>  | Towd Point Mortgage Trust<sup>(a),(b)</sup>  | Towd Point Mortgage Trust<sup>(a),(b)</sup>  |
| CMO Series 2019-HY3 Class M1 | CMO Series 2019-HY3 Class M1 | CMO Series 2019-HY3 Class M1 | CMO Series 2019-HY3 Class M1 |
| 1-month Term SOFR + 1.614% <br>Floor 1.500% <br>10/25/2059<br>| &nbsp;&nbsp; 5.937% | 650000 | &nbsp;&nbsp; 665144 |
| Verus Securitization Trust<sup>(a),(k)</sup>  | Verus Securitization Trust<sup>(a),(k)</sup>  | Verus Securitization Trust<sup>(a),(k)</sup>  | Verus Securitization Trust<sup>(a),(k)</sup>  |
| CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 |
| 01/25/2067 | &nbsp;&nbsp; 2.724% | 126793 | &nbsp;&nbsp; 119577 |
| CMO Series 2022-8 Class A3 | CMO Series 2022-8 Class A3 | CMO Series 2022-8 Class A3 | CMO Series 2022-8 Class A3 |
| 09/25/2067 | &nbsp;&nbsp; 6.127% | 74149 | &nbsp;&nbsp; 74337 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| CMO Series 2022-INV1 Class A1 | CMO Series 2022-INV1 Class A1 | CMO Series 2022-INV1 Class A1 | CMO Series 2022-INV1 Class A1 |
| 08/25/2067 | &nbsp;&nbsp; 5.041% | 297928 | &nbsp;&nbsp; 296575 |
| CMO Series 2023-4 Class A1 | CMO Series 2023-4 Class A1 | CMO Series 2023-4 Class A1 | CMO Series 2023-4 Class A1 |
| 05/25/2068 | &nbsp;&nbsp; 5.811% | 529237 | &nbsp;&nbsp; 529501 |
| CMO Series 2024-1 Class A1 | CMO Series 2024-1 Class A1 | CMO Series 2024-1 Class A1 | CMO Series 2024-1 Class A1 |
| 01/25/2069 | &nbsp;&nbsp; 5.712% | 60972 | &nbsp;&nbsp; 61273 |
| Verus Securitization Trust<sup>(a),(c)</sup>  | Verus Securitization Trust<sup>(a),(c)</sup>  | Verus Securitization Trust<sup>(a),(c)</sup>  | Verus Securitization Trust<sup>(a),(c)</sup>  |
| Subordinated CMO Series 2023-2 Class B1 | Subordinated CMO Series 2023-2 Class B1 | Subordinated CMO Series 2023-2 Class B1 | Subordinated CMO Series 2023-2 Class B1 |
| 03/25/2068 | &nbsp;&nbsp; 7.444% | 550000 | &nbsp;&nbsp; 550268 |
| Subordinated CMO Series 2024-2 Class B1 | Subordinated CMO Series 2024-2 Class B1 | Subordinated CMO Series 2024-2 Class B1 | Subordinated CMO Series 2024-2 Class B1 |
| 02/25/2069 | &nbsp;&nbsp; 7.864% | 472000 | &nbsp;&nbsp; 480510 |
| WaMu Asset-Backed Certificates Trust<sup>(b)</sup>  | WaMu Asset-Backed Certificates Trust<sup>(b)</sup>  | WaMu Asset-Backed Certificates Trust<sup>(b)</sup>  | WaMu Asset-Backed Certificates Trust<sup>(b)</sup>  |
| CMO Series 2007-HE1 Class 2A4 | CMO Series 2007-HE1 Class 2A4 | CMO Series 2007-HE1 Class 2A4 | CMO Series 2007-HE1 Class 2A4 |
| 1-month Term SOFR + 0.574% <br>Floor 0.460% <br>01/25/2037<br>| &nbsp;&nbsp; 4.897% | 1017615 | &nbsp;&nbsp; 458989 |
| WaMu Mortgage Pass-Through Certificates<sup>(b)</sup>  | WaMu Mortgage Pass-Through Certificates<sup>(b)</sup>  | WaMu Mortgage Pass-Through Certificates<sup>(b)</sup>  | WaMu Mortgage Pass-Through Certificates<sup>(b)</sup>  |
| CMO Series 2005-AR8 Class 2AC2 | CMO Series 2005-AR8 Class 2AC2 | CMO Series 2005-AR8 Class 2AC2 | CMO Series 2005-AR8 Class 2AC2 |
| 1-month Term SOFR + 1.034% <br>Floor 0.920%, Cap 10.500% <br>07/25/2045<br>| &nbsp;&nbsp; 5.357% | 275317 | &nbsp;&nbsp; 261501 |
| WaMu Mortgage Pass-Through Certificates Trust<sup>(b)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(b)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(b)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(b)</sup>  |
| CMO Series 2005-AR15 Class A1A1 | CMO Series 2005-AR15 Class A1A1 | CMO Series 2005-AR15 Class A1A1 | CMO Series 2005-AR15 Class A1A1 |
| 1-month Term SOFR + 0.634% <br>Floor 0.520%, Cap 10.500% <br>11/25/2045<br>| &nbsp;&nbsp; 4.957% | 830258 | &nbsp;&nbsp; 797691 |
| CMO Series 2007-OA4 Class 1A | CMO Series 2007-OA4 Class 1A | CMO Series 2007-OA4 Class 1A | CMO Series 2007-OA4 Class 1A |
| 1-year MTA + 0.770% <br>Floor 0.770% <br>05/25/2047<br>| &nbsp;&nbsp; 4.923% | 467615 | &nbsp;&nbsp; 409120 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Trust<sup>(b)</sup>  | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust<sup>(b)</sup>  | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust<sup>(b)</sup>  | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust<sup>(b)</sup>  |
| CMO Series 2006-AR2 Class A1A | CMO Series 2006-AR2 Class A1A | CMO Series 2006-AR2 Class A1A | CMO Series 2006-AR2 Class A1A |
| 1-year MTA + 0.940% <br>Floor 0.940% <br>04/25/2046<br>| &nbsp;&nbsp; 5.093% | 186847 | &nbsp;&nbsp; 166588 |
| Wells Fargo Home Equity Asset-Backed Securities Trust<sup>(b)</sup>  | Wells Fargo Home Equity Asset-Backed Securities Trust<sup>(b)</sup>  | Wells Fargo Home Equity Asset-Backed Securities Trust<sup>(b)</sup>  | Wells Fargo Home Equity Asset-Backed Securities Trust<sup>(b)</sup>  |
| CMO Series 2007-1 Class A3 | CMO Series 2007-1 Class A3 | CMO Series 2007-1 Class A3 | CMO Series 2007-1 Class A3 |
| 1-month Term SOFR + 0.754% <br>Floor 0.640% <br>03/25/2037<br>| &nbsp;&nbsp; 5.077% | 900000 | &nbsp;&nbsp; 845589 |
| Wells Fargo Mortgage Backed Securities Trust | Wells Fargo Mortgage Backed Securities Trust | Wells Fargo Mortgage Backed Securities Trust | Wells Fargo Mortgage Backed Securities Trust |
| CMO Series 2007-7 Class A39 | CMO Series 2007-7 Class A39 | CMO Series 2007-7 Class A39 | CMO Series 2007-7 Class A39 |
| 06/25/2037 | &nbsp;&nbsp; 6.000% | 633927 | &nbsp;&nbsp; 591735 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $60,395,284) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $60,395,284) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $60,395,284) | &nbsp;&nbsp; **59719778** |

---

---

| | | |
|:---|:---|:---|
| **Rights 0.1%** | **Rights 0.1%** | **Rights 0.1%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| **Biotechnology 0.1%** | **Biotechnology 0.1%** | **Biotechnology 0.1%** |
| Albireo Pharma, Inc., CVR<sup>(f),(i),(o),(p)</sup> <br>| &nbsp;&nbsp; 37853 | &nbsp;&nbsp; 103172 |
| Concert Pharmaceuticals, Inc., CVR<sup>(f),(i),(o),(p)</sup> <br>| &nbsp;&nbsp; 173147 | &nbsp;&nbsp; 81154 |
| Total |  | &nbsp;&nbsp; 184326 |
| **Health Care Equipment & Supplies 0.0%** | **Health Care Equipment & Supplies 0.0%** | **Health Care Equipment & Supplies 0.0%** |
| Abiomed, Inc., CVR<sup>(f),(i),(o),(p)</sup> <br>| &nbsp;&nbsp; 15541 | &nbsp;&nbsp; 24866 |
| **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** |
| Cincor Pharma, Inc.<sup>(f),(i),(o),(p)</sup> <br>| &nbsp;&nbsp; 44405 | &nbsp;&nbsp; 177620 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **386812** |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| **Paper & Forest Products 0.0%** | **Paper & Forest Products 0.0%** | **Paper & Forest Products 0.0%** |
| Resolute Forest Products, Inc.<sup>(f),(i),(o),(p)</sup> <br>| &nbsp;&nbsp; 76222 | &nbsp;&nbsp; 114333 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **114333** |
| Total Rights <br>(Cost $381,037) | Total Rights <br>(Cost $381,037) | &nbsp;&nbsp; **501145** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans 2.9%** | **Senior Loans 2.9%** | **Senior Loans 2.9%** | **Senior Loans 2.9%** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** |
| Dynasty Acquisition Co., Inc.<sup>(b),(q)</sup>  | Dynasty Acquisition Co., Inc.<sup>(b),(q)</sup>  | Dynasty Acquisition Co., Inc.<sup>(b),(q)</sup>  | Dynasty Acquisition Co., Inc.<sup>(b),(q)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 2.000% <br>10/31/2031<br>| &nbsp;&nbsp; 6.316% | 147048 | &nbsp;&nbsp; 147267 |
| Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan |
| 1-month Term SOFR + 2.000% <br>10/31/2031<br>| &nbsp;&nbsp; 6.316% | 55932 | &nbsp;&nbsp; 56016 |
| TransDigm, Inc.<sup>(b),(q)</sup>  | TransDigm, Inc.<sup>(b),(q)</sup>  | TransDigm, Inc.<sup>(b),(q)</sup>  | TransDigm, Inc.<sup>(b),(q)</sup>  |
| Tranche J Term Loan | Tranche J Term Loan | Tranche J Term Loan | Tranche J Term Loan |
| 3-month Term SOFR + 2.500% <br>02/28/2031<br>| &nbsp;&nbsp; 6.796% | 148500 | &nbsp;&nbsp; 148593 |
| Tranche K Term Loan | Tranche K Term Loan | Tranche K Term Loan | Tranche K Term Loan |
| 3-month Term SOFR + 2.750% <br>03/22/2030<br>| &nbsp;&nbsp; 7.046% | 54312 | &nbsp;&nbsp; 54438 |
| Tranche L Term Loan | Tranche L Term Loan | Tranche L Term Loan | Tranche L Term Loan |
| 3-month Term SOFR + 2.500% <br>01/19/2032<br>| &nbsp;&nbsp; 6.796% | 148875 | &nbsp;&nbsp; 148969 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **555283** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** |
| AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(b),(q)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(b),(q)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(b),(q)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.250% <br>04/20/2028<br>| &nbsp;&nbsp; 6.575% | 132917 | &nbsp;&nbsp; 132440 |
| 3-month Term SOFR + 3.250% <br>05/28/2032<br>| &nbsp;&nbsp; 7.575% | 354113 | &nbsp;&nbsp; 355773 |
| AS Mileage Plan IP Ltd.<sup>(b),(q)</sup>  | AS Mileage Plan IP Ltd.<sup>(b),(q)</sup>  | AS Mileage Plan IP Ltd.<sup>(b),(q)</sup>  | AS Mileage Plan IP Ltd.<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 1.750% <br>10/15/2031<br>| &nbsp;&nbsp; 6.075% | 248125 | &nbsp;&nbsp; 248512 |
| JetBlue Airways Corp.<sup>(b),(q)</sup>  | JetBlue Airways Corp.<sup>(b),(q)</sup>  | JetBlue Airways Corp.<sup>(b),(q)</sup>  | JetBlue Airways Corp.<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.750% <br>Floor 0.500% <br>08/27/2029<br>| &nbsp;&nbsp; 9.069% | 431737 | &nbsp;&nbsp; 407128 |
| United AirLines, Inc.<sup>(b),(q)</sup>  | United AirLines, Inc.<sup>(b),(q)</sup>  | United AirLines, Inc.<sup>(b),(q)</sup>  | United AirLines, Inc.<sup>(b),(q)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.000% <br>02/22/2031<br>| &nbsp;&nbsp; 6.196% | 401575 | &nbsp;&nbsp; 401776 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1545629** |
| **Automotive 0.1%** | **Automotive 0.1%** | **Automotive 0.1%** | **Automotive 0.1%** |
| Clarios Global LP<sup>(b),(q)</sup>  | Clarios Global LP<sup>(b),(q)</sup>  | Clarios Global LP<sup>(b),(q)</sup>  | Clarios Global LP<sup>(b),(q)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 2.750% <br>01/28/2032<br>| &nbsp;&nbsp; 7.066% | 640000 | &nbsp;&nbsp; 640000 |
| **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** |
| Quikrete Holdings, Inc.<sup>(b),(q)</sup>  | Quikrete Holdings, Inc.<sup>(b),(q)</sup>  | Quikrete Holdings, Inc.<sup>(b),(q)</sup>  | Quikrete Holdings, Inc.<sup>(b),(q)</sup>  |
| Tranche B3 1st Lien Term Loan | Tranche B3 1st Lien Term Loan | Tranche B3 1st Lien Term Loan | Tranche B3 1st Lien Term Loan |
| 1-month Term SOFR + 2.250% <br>02/10/2032<br>| &nbsp;&nbsp; 6.566% | 892762 | &nbsp;&nbsp; 892209 |
| **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** |
| United Rentals North America, Inc.<sup>(b),(q)</sup>  | United Rentals North America, Inc.<sup>(b),(q)</sup>  | United Rentals North America, Inc.<sup>(b),(q)</sup>  | United Rentals North America, Inc.<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 1.500% <br>02/14/2031<br>| &nbsp;&nbsp; 5.816% | 197500 | &nbsp;&nbsp; 198405 |
| **Electric 0.2%** | **Electric 0.2%** | **Electric 0.2%** | **Electric 0.2%** |
| Long Ridge Energy LLC<sup>(b),(q)</sup>  | Long Ridge Energy LLC<sup>(b),(q)</sup>  | Long Ridge Energy LLC<sup>(b),(q)</sup>  | Long Ridge Energy LLC<sup>(b),(q)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 4.500% <br>02/19/2032<br>| &nbsp;&nbsp; 8.796% | 408975 | &nbsp;&nbsp; 403691 |
| NRG Energy, Inc.<sup>(b),(q)</sup>  | NRG Energy, Inc.<sup>(b),(q)</sup>  | NRG Energy, Inc.<sup>(b),(q)</sup>  | NRG Energy, Inc.<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 1.750% <br>04/16/2031<br>| &nbsp;&nbsp; 6.065% | 716269 | &nbsp;&nbsp; 716849 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1120540** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Environmental 0.1%** | **Environmental 0.1%** | **Environmental 0.1%** | **Environmental 0.1%** |
| Clean Harbors, Inc.<sup>(b),(q)</sup>  | Clean Harbors, Inc.<sup>(b),(q)</sup>  | Clean Harbors, Inc.<sup>(b),(q)</sup>  | Clean Harbors, Inc.<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 1.750% <br>10/08/2028<br>| &nbsp;&nbsp; 6.066% | 312340 | &nbsp;&nbsp; 314389 |
| **Food and Beverage 0.1%** | **Food and Beverage 0.1%** | **Food and Beverage 0.1%** | **Food and Beverage 0.1%** |
| Aramark Intermediate HoldCo Corp.<sup>(b),(q)</sup>  | Aramark Intermediate HoldCo Corp.<sup>(b),(q)</sup>  | Aramark Intermediate HoldCo Corp.<sup>(b),(q)</sup>  | Aramark Intermediate HoldCo Corp.<sup>(b),(q)</sup>  |
| Tranche B8 Term Loan | Tranche B8 Term Loan | Tranche B8 Term Loan | Tranche B8 Term Loan |
| 3-month Term SOFR + 2.000% <br>06/22/2030<br>| &nbsp;&nbsp; 6.283% | 270984 | &nbsp;&nbsp; 271209 |
| Tranche B9 Term Loan | Tranche B9 Term Loan | Tranche B9 Term Loan | Tranche B9 Term Loan |
| 1-month Term SOFR + 1.750% <br>04/06/2028<br>| &nbsp;&nbsp; 6.066% | 64000 | &nbsp;&nbsp; 64013 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **335222** |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| Medline Borrower LP<sup>(b),(q)</sup>  | Medline Borrower LP<sup>(b),(q)</sup>  | Medline Borrower LP<sup>(b),(q)</sup>  | Medline Borrower LP<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.000% <br>10/23/2030<br>| &nbsp;&nbsp; 6.316% | 759709 | &nbsp;&nbsp; 759709 |
| **Independent Energy 0.1%** | **Independent Energy 0.1%** | **Independent Energy 0.1%** | **Independent Energy 0.1%** |
| Hilcorp Energy I LP<sup>(b),(q)</sup>  | Hilcorp Energy I LP<sup>(b),(q)</sup>  | Hilcorp Energy I LP<sup>(b),(q)</sup>  | Hilcorp Energy I LP<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.000% <br>02/11/2030<br>| &nbsp;&nbsp; 6.366% | 443887 | &nbsp;&nbsp; 443887 |
| **Leisure 0.1%** | **Leisure 0.1%** | **Leisure 0.1%** | **Leisure 0.1%** |
| Formula One Management Ltd.<sup>(b),(q)</sup>  | Formula One Management Ltd.<sup>(b),(q)</sup>  | Formula One Management Ltd.<sup>(b),(q)</sup>  | Formula One Management Ltd.<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.000% <br>Floor 0.500% <br>09/30/2031<br>| &nbsp;&nbsp; 6.291% | 89000 | &nbsp;&nbsp; 88926 |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.000% <br>Floor 0.500% <br>09/30/2031<br>| &nbsp;&nbsp; 6.296% | 179000 | &nbsp;&nbsp; 178852 |
| UFC Holdings LLC<sup>(b),(q)</sup>  | UFC Holdings LLC<sup>(b),(q)</sup>  | UFC Holdings LLC<sup>(b),(q)</sup>  | UFC Holdings LLC<sup>(b),(q)</sup>  |
| Tranche B4 1st Lien Term Loan | Tranche B4 1st Lien Term Loan | Tranche B4 1st Lien Term Loan | Tranche B4 1st Lien Term Loan |
| 3-month Term SOFR + 2.250% <br>11/21/2031<br>| &nbsp;&nbsp; 6.465% | 415910 | &nbsp;&nbsp; 416887 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **684665** |
| **Lodging 0.2%** | **Lodging 0.2%** | **Lodging 0.2%** | **Lodging 0.2%** |
| Hilton Domestic Operating Co., Inc.<sup>(b),(q)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(b),(q)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(b),(q)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(b),(q)</sup>  |
| Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan |
| 1-month Term SOFR + 1.750% <br>11/08/2030<br>| &nbsp;&nbsp; 6.081% | 360000 | &nbsp;&nbsp; 360435 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Travel + Leisure Co.<sup>(b),(q)</sup>  | Travel + Leisure Co.<sup>(b),(q)</sup>  | Travel + Leisure Co.<sup>(b),(q)</sup>  | Travel + Leisure Co.<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>Floor 0.500% <br>12/14/2029<br>| &nbsp;&nbsp; 6.816% | 591277 | &nbsp;&nbsp; 592294 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **952729** |
| **Other Financial Institutions 0.2%** | **Other Financial Institutions 0.2%** | **Other Financial Institutions 0.2%** | **Other Financial Institutions 0.2%** |
| Opal Bidco SAS<sup>(b),(q)</sup>  | Opal Bidco SAS<sup>(b),(q)</sup>  | Opal Bidco SAS<sup>(b),(q)</sup>  | Opal Bidco SAS<sup>(b),(q)</sup>  |
| Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan |
| 6-month Term SOFR + 3.250% <br>04/28/2032<br>| &nbsp;&nbsp; 7.435% | 760000 | &nbsp;&nbsp; 763800 |
| **Other Industry 0.2%** | **Other Industry 0.2%** | **Other Industry 0.2%** | **Other Industry 0.2%** |
| AECOM<sup>(b),(q)</sup>  | AECOM<sup>(b),(q)</sup>  | AECOM<sup>(b),(q)</sup>  | AECOM<sup>(b),(q)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 1.750% <br>04/18/2031<br>| &nbsp;&nbsp; 6.066% | 440536 | &nbsp;&nbsp; 442945 |
| Gloves Buyer, Inc.<sup>(b),(q)</sup>  | Gloves Buyer, Inc.<sup>(b),(q)</sup>  | Gloves Buyer, Inc.<sup>(b),(q)</sup>  | Gloves Buyer, Inc.<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 4.000% <br>Floor 0.750% <br>05/21/2032<br>| &nbsp;&nbsp; 8.316% | 485000 | &nbsp;&nbsp; 477119 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **920064** |
| **Packaging 0.1%** | **Packaging 0.1%** | **Packaging 0.1%** | **Packaging 0.1%** |
| Clydesdale Acquisition Holdings, Inc.<sup>(b),(q),(r),(s)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b),(q),(r),(s)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b),(q),(r),(s)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b),(q),(r),(s)</sup>  |
| Delayed Draw Tranche B 1st Lien Term Loan | Delayed Draw Tranche B 1st Lien Term Loan | Delayed Draw Tranche B 1st Lien Term Loan | Delayed Draw Tranche B 1st Lien Term Loan |
| 3-month Term SOFR + 1.625% <br>04/01/2032<br>| &nbsp;&nbsp; 1.803% | 7360 | &nbsp;&nbsp; 7351 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b),(q)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b),(q)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b),(q)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b),(q)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 1-month Term SOFR + 3.250% <br>04/01/2032<br>| &nbsp;&nbsp; 7.566% | 420995 | &nbsp;&nbsp; 420452 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **427803** |
| **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** |
| Organon & Co.<sup>(b),(q)</sup>  | Organon & Co.<sup>(b),(q)</sup>  | Organon & Co.<sup>(b),(q)</sup>  | Organon & Co.<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.250% <br>05/19/2031<br>| &nbsp;&nbsp; 6.573% | 145000 | &nbsp;&nbsp; 141013 |
| **Restaurants 0.2%** | **Restaurants 0.2%** | **Restaurants 0.2%** | **Restaurants 0.2%** |
| 1011778 BC ULC<sup>(b),(q)</sup>  | 1011778 BC ULC<sup>(b),(q)</sup>  | 1011778 BC ULC<sup>(b),(q)</sup>  | 1011778 BC ULC<sup>(b),(q)</sup>  |
| Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan |
| 1-month Term SOFR + 1.750% <br>09/20/2030<br>| &nbsp;&nbsp; 6.066% | 787050 | &nbsp;&nbsp; 783611 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| KFC Holding Co./Yum! Brands<sup>(b),(q)</sup>  | KFC Holding Co./Yum! Brands<sup>(b),(q)</sup>  | KFC Holding Co./Yum! Brands<sup>(b),(q)</sup>  | KFC Holding Co./Yum! Brands<sup>(b),(q)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 1.750% <br>03/15/2028<br>| &nbsp;&nbsp; 6.224% | 327509 | &nbsp;&nbsp; 328635 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1112246** |
| **Retailers 0.2%** | **Retailers 0.2%** | **Retailers 0.2%** | **Retailers 0.2%** |
| Great Outdoors Group LLC<sup>(b),(q)</sup>  | Great Outdoors Group LLC<sup>(b),(q)</sup>  | Great Outdoors Group LLC<sup>(b),(q)</sup>  | Great Outdoors Group LLC<sup>(b),(q)</sup>  |
| Tranche B3 Term Loan | Tranche B3 Term Loan | Tranche B3 Term Loan | Tranche B3 Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.750% <br>01/23/2032<br>| &nbsp;&nbsp; 7.566% | 940275 | &nbsp;&nbsp; 942156 |
| **Technology 0.4%** | **Technology 0.4%** | **Technology 0.4%** | **Technology 0.4%** |
| CACI International, Inc.<sup>(b),(q)</sup>  | CACI International, Inc.<sup>(b),(q)</sup>  | CACI International, Inc.<sup>(b),(q)</sup>  | CACI International, Inc.<sup>(b),(q)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 1.750% <br>10/30/2031<br>| &nbsp;&nbsp; 6.101% | 612112 | &nbsp;&nbsp; 612112 |
| Clearwater Analytics LLC<sup>(b),(q)</sup>  | Clearwater Analytics LLC<sup>(b),(q)</sup>  | Clearwater Analytics LLC<sup>(b),(q)</sup>  | Clearwater Analytics LLC<sup>(b),(q)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 6-month Term SOFR + 2.250% <br>04/21/2032<br>| &nbsp;&nbsp; 6.460% | 430000 | &nbsp;&nbsp; 430271 |
| Cloud Software Group, Inc.<sup>(b),(q)</sup>  | Cloud Software Group, Inc.<sup>(b),(q)</sup>  | Cloud Software Group, Inc.<sup>(b),(q)</sup>  | Cloud Software Group, Inc.<sup>(b),(q)</sup>  |
| Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan |
| 3-month Term SOFR + 3.250% <br>03/21/2031<br>| &nbsp;&nbsp; 7.476% | 512425 | &nbsp;&nbsp; 513598 |
| Kaseya, Inc.<sup>(b),(q)</sup>  | Kaseya, Inc.<sup>(b),(q)</sup>  | Kaseya, Inc.<sup>(b),(q)</sup>  | Kaseya, Inc.<sup>(b),(q)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.250% <br>03/20/2032<br>| &nbsp;&nbsp; 7.566% | 384038 | &nbsp;&nbsp; 384625 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1940606** |
| Total Senior Loans <br>(Cost $14,729,491) | Total Senior Loans <br>(Cost $14,729,491) | Total Senior Loans <br>(Cost $14,729,491) | &nbsp;&nbsp; **14690355** |
| **U.S. Treasury Obligations 3.0%** | **U.S. Treasury Obligations 3.0%** | **U.S. Treasury Obligations 3.0%** | **U.S. Treasury Obligations 3.0%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 01/31/2027 | &nbsp;&nbsp; 1.500% | 222000 | &nbsp;&nbsp; 215175 |
| 05/31/2027 | &nbsp;&nbsp; 2.625% | 125000 | &nbsp;&nbsp; 122798 |
| 05/15/2032 | &nbsp;&nbsp; 2.875% | 220000 | &nbsp;&nbsp; 206663 |
| 08/15/2032 | &nbsp;&nbsp; 2.750% | 1335000 | &nbsp;&nbsp; 1239464 |
| 02/15/2033 | &nbsp;&nbsp; 3.500% | 1320000 | &nbsp;&nbsp; 1279575 |
| 08/15/2035 | &nbsp;&nbsp; 4.250% | 67000 | &nbsp;&nbsp; 67136 |
| 02/15/2042 | &nbsp;&nbsp; 2.375% | 175000 | &nbsp;&nbsp; 126629 |
| 11/15/2042 | &nbsp;&nbsp; 2.750% | 590000 | &nbsp;&nbsp; 445727 |
| 02/15/2049 | &nbsp;&nbsp; 3.000% | 2760000 | &nbsp;&nbsp; 2004450 |
| 02/15/2050 | &nbsp;&nbsp; 2.000% | 620000 | &nbsp;&nbsp; 357953 |
| 08/15/2052 | &nbsp;&nbsp; 3.000% | 95000 | &nbsp;&nbsp; 67168 |
| 02/15/2053 | &nbsp;&nbsp; 3.625% | 500000 | &nbsp;&nbsp; 400234 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| U.S. Treasury<sup>(e)</sup>  | U.S. Treasury<sup>(e)</sup>  | U.S. Treasury<sup>(e)</sup>  | U.S. Treasury<sup>(e)</sup>  |
| 08/31/2027 | &nbsp;&nbsp; 3.625% | 2865000 | &nbsp;&nbsp; 2873553 |
| 08/31/2030 | &nbsp;&nbsp; 3.625% | 5645000 | &nbsp;&nbsp; 5611055 |
| Total U.S. Treasury Obligations <br>(Cost $15,541,121) | Total U.S. Treasury Obligations <br>(Cost $15,541,121) | Total U.S. Treasury Obligations <br>(Cost $15,541,121) | &nbsp;&nbsp; **15017580** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 29.4%** | **Money Market Funds 29.4%** | **Money Market Funds 29.4%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.463%<sup>(t),(u)</sup> <br>| &nbsp;&nbsp; 147528483 | &nbsp;&nbsp; 147484225 |
| Total Money Market Funds <br>(Cost $147,489,871) | Total Money Market Funds <br>(Cost $147,489,871) | &nbsp;&nbsp; **147484225** |
| **Total Investments in Securities** <br>**(Cost: $510,033,411)** | **Total Investments in Securities** <br>**(Cost: $510,033,411)** | &nbsp;&nbsp; **511963838** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(10008414)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **501955424** |

---

At August 31, 2025, securities and/or cash totaling $14,130,605 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 81,855,306 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 554,335 USD | Barclays | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3541)<br>|
| 7,011,469 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 367,927 USD | Barclays | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7175)<br>|
| 3,114,451 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 2,433,374 USD | Barclays | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3273 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,733,641 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,478,125 EUR | Barclays | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2824)<br>|
| 1,346,007 USD | &nbsp;&nbsp;&nbsp;&nbsp; 199,121,048 JPY | Barclays | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11080 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 883,543 USD | &nbsp;&nbsp;&nbsp;&nbsp; 16,783,353 MXN | Barclays | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14339 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 517,223 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,305,467 NOK | Barclays | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10615 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 928,299 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,194,248 SGD | Barclays | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3532 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,965,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3,467,828 USD | Barclays | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6056)<br>|
| 864,099 USD | &nbsp;&nbsp;&nbsp;&nbsp; 741,250 EUR | Barclays | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4375 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 741,250 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 868,533 USD | BNY Capital Markets | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 739,176 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 871,726 USD | Citi | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6185 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 20,903,066 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 2,067,468 USD | Citi | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12168)<br>|
| 1,478,101 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 901,140 USD | Citi | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 28693 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 746,774 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,148,689 AUD | Citi | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5168 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 860,838 USD | &nbsp;&nbsp;&nbsp;&nbsp; 739,062 EUR | Citi | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4571 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,809,370 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,321,421 SGD | Citi | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1957 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 262,483 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 306,817 USD | Citi | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (995)<br>|
| 358,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 486,445 USD | Citi | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2415 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 578,772 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 768,688 USD | Goldman Sachs | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13686)<br>|
| 126,184,564 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 855,161 USD | Goldman Sachs | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4836)<br>|
| 33,712,285 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 1,749,911 USD | Goldman Sachs | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (53640)<br>|
| 1,083,821 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 852,483 USD | Goldman Sachs | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6814 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,309,306 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,125,237 EUR | Goldman Sachs | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8296 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,538,173 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,147,064 GBP | Goldman Sachs | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12408 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 691,349 USD | &nbsp;&nbsp;&nbsp;&nbsp; 13,139,097 MXN | Goldman Sachs | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11570 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 450,030 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,551,205 NOK | Goldman Sachs | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2768 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 928,299 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,190,637 SGD | Goldman Sachs | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 908,973 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,158,776 SGD | Goldman Sachs | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4819)<br>|
| 1,482,500 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1,732,031 USD | Goldman Sachs | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4914)<br>|
| 452,101 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 298,848 USD | Goldman Sachs | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2783 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,238,303 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4,991,174 USD | Goldman Sachs | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20930 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 100,566 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 117,283 USD | Goldman Sachs | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (650)<br>|
| 159,659 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 214,343 USD | Goldman Sachs | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1523)<br>|
| 637,544 USD | &nbsp;&nbsp;&nbsp;&nbsp; 540,702 EUR | Goldman Sachs | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3466)<br>|
| 1,108,764 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1,308,130 USD | HSBC | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9818 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,772,127 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 2,960,208 USD | HSBC | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16946 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,610,503 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,250,475 EUR | HSBC | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 24700 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,363,459 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,734,981 SGD | HSBC | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9712)<br>|
| 1,482,500 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1,739,363 USD | HSBC | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2417 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 138,040,614 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 USD | JPMorgan | 09/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 708 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 100,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 138,574,699 KRW | JPMorgan | 09/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (324)<br>|
| 543,488 BRL | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 USD | JPMorgan | 09/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (240)<br>|
| 100,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 563,437 BRL | JPMorgan | 09/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3920 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 17,537,160 INR | &nbsp;&nbsp;&nbsp;&nbsp; 200,000 USD | JPMorgan | 09/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1228 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 138,768,348 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 USD | JPMorgan | 09/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 200,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 17,408,465 INR | JPMorgan | 09/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2686)<br>|
| 100,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 138,422,385 KRW | JPMorgan | 09/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (424)<br>|
| 1,381,474,135 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 1,000,000 USD | JPMorgan | 09/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6132 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 139,684,617 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 USD | JPMorgan | 09/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (493)<br>|
| 1,099,997 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,517,135,181 KRW | JPMorgan | 09/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8531)<br>|
| 386,423,980 CLP | &nbsp;&nbsp;&nbsp;&nbsp; 400,000 USD | JPMorgan | 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 812,587,569 COP | &nbsp;&nbsp;&nbsp;&nbsp; 200,000 USD | JPMorgan | 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2168)<br>|
| 333,364,120 INR | &nbsp;&nbsp;&nbsp;&nbsp; 3,800,000 USD | JPMorgan | 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22257 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 399,999 USD | &nbsp;&nbsp;&nbsp;&nbsp; 386,222,216 CLP | JPMorgan | 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (524)<br>|
| 200,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 821,809,700 COP | JPMorgan | 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4463 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,799,992 USD | &nbsp;&nbsp;&nbsp;&nbsp; 333,759,415 INR | JPMorgan | 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17770)<br>|
| 1,516,658,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 1,100,000 USD | JPMorgan | 09/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8278 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,099,997 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,528,322,170 KRW | JPMorgan | 09/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 806,654,155 COP | &nbsp;&nbsp;&nbsp;&nbsp; 200,000 USD | JPMorgan | 09/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (608)<br>|
| 3,055,084 TWD | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 USD | JPMorgan | 09/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>|
| 200,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 809,856,600 COP | JPMorgan | 09/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 100,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,978,668 TWD | JPMorgan | 09/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2467)<br>|
| 402,223,775 COP | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 USD | JPMorgan | 09/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 403,716,463 COP | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 USD | JPMorgan | 09/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (369)<br>|
| 122,856,860 INR | &nbsp;&nbsp;&nbsp;&nbsp; 1,400,000 USD | JPMorgan | 09/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8230 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 277,105,230 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 200,000 USD | JPMorgan | 09/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 200,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 813,188,000 COP | JPMorgan | 09/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2169 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 399,999 USD | &nbsp;&nbsp;&nbsp;&nbsp; 11,948,524 TWD | JPMorgan | 09/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8637)<br>|
| 336,346 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 221,419 USD | JPMorgan | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1244 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 13,633 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 8,871 USD | JPMorgan | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>|
| 2,587,115 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3,049,418 USD | JPMorgan | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20023 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 749,462 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 863,696 USD | JPMorgan | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13891)<br>|
| 33,323,778 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 227,893 USD | JPMorgan | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,927,352 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 369,479 USD | JPMorgan | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1123)<br>|
| 836,514 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,286,421 AUD | JPMorgan | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5589 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,312,248 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,125,237 EUR | JPMorgan | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5354 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 617,742 USD | &nbsp;&nbsp;&nbsp;&nbsp; 91,309,385 JPY | JPMorgan | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4567 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,200,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 3,736,245 CAD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26573)<br>|
| 447,047 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 250,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,479,122 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 2,500,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3998)<br>|
| 5,140,648 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 2,500,000 GBP | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14214 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,600,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 341,598,360 JPY | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27378)<br>|
| 5,800,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 3,764,997 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32062)<br>|
| 359,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 400,000 AUD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 179,819 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 200,000 AUD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (121)<br>|
| 7,771,376 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 4,875,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 46366 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,211,432 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 750,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4408)<br>|
| 2,800,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 298,406,000 JPY | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5794)<br>|
| 2,900,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 2,115,871 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2315 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,800,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 3,485,357 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12943)<br>|
| 938,136 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 1,000,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3877)<br>|
| 250,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 312,577 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (599)<br>|
| 95,476,594 CLP | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1243 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 386,178,964 CLP | &nbsp;&nbsp;&nbsp;&nbsp; 400,000 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 13,616,554 CNH | &nbsp;&nbsp;&nbsp;&nbsp; 1,900,000 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15410)<br>|
| 5,250,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4,898,586 CHF | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13008)<br>|
| 600,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 520,663 GBP | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1057 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,000,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 864,062 GBP | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3251)<br>|
| 300,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 119,469,530 HUF | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 833 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 200,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 79,420,340 HUF | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (111)<br>|
| 400,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1,716,992 PLN | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2549 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 100,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 426,251 PLN | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (185)<br>|
| 4,625,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 51,666,460 SEK | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 48162 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,250,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3,793,686 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13141)<br>|
| 750,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 803,406 CHF | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7455)<br>|
| 778,010 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 900,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2448 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,662,060 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 6,500,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40586)<br>|
| 625,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 124,148,903 JPY | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1688 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 125,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 24,775,600 JPY | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
| 812,500 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1,098,873 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 497 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,000,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 2,689,062 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14632)<br>|
| 39,670,810 HUF | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 160,747,440 HUF | &nbsp;&nbsp;&nbsp;&nbsp; 400,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5400)<br>|
| 67,951,720 HUF | &nbsp;&nbsp;&nbsp;&nbsp; 200,000 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (342)<br>|
| 1,362,726 ILS | &nbsp;&nbsp;&nbsp;&nbsp; 400,000 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8315)<br>|
| 61,052,775 INR | &nbsp;&nbsp;&nbsp;&nbsp; 700,002 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8604 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 21,360,404 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 200,000 CAD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 546,701,893 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 3,000,000 CHF | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30061 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 611,912,962 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 3,600,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 44055 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 17,219,918 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (292)<br>|
| 560,999,413 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 2,875,000 GBP | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 61010 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 223,461,184 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 1,125,000 GBP | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2992)<br>|
| 112,500,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 764,789 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2367)<br>|
| 2,000,000 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 107,283 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 12,500,000 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 663,756 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4619)<br>|
| 32,675,429 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 2,750,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29799)<br>|
| 30,500,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 28,696,468 SEK | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,000,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 3,739,080 SEK | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2429)<br>|
| 3,039,633 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 300,000 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2421)<br>|
| 13,812,793 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 12,600,000 AUD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 94327 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,554,123 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 1,400,000 AUD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (954)<br>|
| 3,800,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 329,262,236 JPY | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1945 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,400,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 120,308,768 JPY | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6092)<br>|
| 4,300,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 2,563,520 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 24992 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 1,754,729 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16337)<br>|
| 855,250 PLN | &nbsp;&nbsp;&nbsp;&nbsp; 200,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (384)<br>|
| 4,785,475 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 500,000 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6234)<br>|
| 144,447,073 TRY | &nbsp;&nbsp;&nbsp;&nbsp; 3,400,000 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (51937)<br>|
| 1,815,057 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,800,000 AUD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18006 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 524,499 USD | &nbsp;&nbsp;&nbsp;&nbsp; 800,000 AUD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (766)<br>|
| 5,677,540 USD | &nbsp;&nbsp;&nbsp;&nbsp; 7,800,000 CAD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7196 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,876,454 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,125,000 CHF | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 38248 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 200,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 193,121,158 CLP | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (242)<br>|
| 12,000,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 85,845,840 CNH | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75738 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 200,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 807,390,200 COP | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 100,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,102,304 CZK | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 614 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,784,032 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,125,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 47710 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,171,958 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,000,000 EUR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (626)<br>|
| 6,319,093 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,750,000 GBP | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 102180 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 762,089 USD | &nbsp;&nbsp;&nbsp;&nbsp; 562,500 GBP | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1675)<br>|
| 3,600,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,247,088,050 HUF | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 76793 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 100,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 33,836,870 HUF | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (239)<br>|
| 2,000,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 6,865,917 ILS | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 57244 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 100,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 333,054 ILS | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (207)<br>|
| 1,107,366 USD | &nbsp;&nbsp;&nbsp;&nbsp; 162,500,000 JPY | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 749 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 598,058 USD | &nbsp;&nbsp;&nbsp;&nbsp; 87,500,000 JPY | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1380)<br>|
| 1,477,379 USD | &nbsp;&nbsp;&nbsp;&nbsp; 28,000,000 MXN | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19781 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,043,887 USD | &nbsp;&nbsp;&nbsp;&nbsp; 19,500,000 MXN | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1222)<br>|
| 3,200,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 32,820,442 NOK | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65387 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,651,370 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,800,000 NZD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1625 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,200,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 11,868,563 PLN | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 56310 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,800,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 27,028,520 SEK | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 59229 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,200,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 9,237,622 SGD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10784 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,200,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 50,844,284 TRY | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15056 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,000,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 71,368,505 ZAR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40670 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,300,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 22,853,625 ZAR | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6097)<br>|
| 14,159,370 ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 800,000 USD | JPMorgan | 09/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1661)<br>|
| 96,642,896 CLP | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 USD | JPMorgan | 09/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 61,067,970 INR | &nbsp;&nbsp;&nbsp;&nbsp; 700,002 USD | JPMorgan | 09/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8531 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 17,426,740 INR | &nbsp;&nbsp;&nbsp;&nbsp; 200,000 USD | JPMorgan | 09/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2678 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,019,108 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 741,256 USD | JPMorgan | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1625)<br>|
| 52,558,512 INR | &nbsp;&nbsp;&nbsp;&nbsp; 600,001 USD | JPMorgan | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4912 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 100,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 96,292,665 CLP | JPMorgan | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (397)<br>|
| 862,116 USD | &nbsp;&nbsp;&nbsp;&nbsp; 741,250 EUR | JPMorgan | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6357 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 404,114,463 COP | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 USD | JPMorgan | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (320)<br>|
| 1,526,844,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 1,100,000 USD | JPMorgan | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (861)<br>|
| 100,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 96,092,295 CLP | JPMorgan | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (603)<br>|
| 100,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 402,728,000 COP | JPMorgan | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| 408,174,472 COP | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 USD | JPMorgan | 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1317)<br>|
| 334,120,320 INR | &nbsp;&nbsp;&nbsp;&nbsp; 3,800,000 USD | JPMorgan | 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17676 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 52,726,448 INR | &nbsp;&nbsp;&nbsp;&nbsp; 600,001 USD | JPMorgan | 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3125 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 100,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,048,227 TWD | JPMorgan | 10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 96,325,335 CLP | &nbsp;&nbsp;&nbsp;&nbsp; 100,000 USD | JPMorgan | 10/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 752,864 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 884,558 USD | Morgan Stanley | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2989 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 978,723 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1,142,649 USD | Morgan Stanley | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3391)<br>|
| 622,180 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 827,226 USD | Morgan Stanley | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13826)<br>|
| 31,309,377 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 214,166 USD | Morgan Stanley | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 816,575 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,377,799 NZD | Morgan Stanley | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3331)<br>|
| 990,608 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,269,616 SGD | Morgan Stanley | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,010,179 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,284,657 EUR | Morgan Stanley | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9865 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 899,355 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1,033,498 USD | Royal Bank of Canada | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19606)<br>|
| 66,925,556 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 460,861 USD | Royal Bank of Canada | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4737 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,084,358 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 852,483 USD | Royal Bank of Canada | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6395 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,051,865 USD | &nbsp;&nbsp;&nbsp;&nbsp; 892,754 EUR | Royal Bank of Canada | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6491)<br>|
| 475,985 USD | &nbsp;&nbsp;&nbsp;&nbsp; 70,003,124 JPY | Royal Bank of Canada | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1113 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,020,642 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 741,256 USD | Royal Bank of Canada | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2744)<br>|
| 741,250 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 864,401 USD | Royal Bank of Canada | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4072)<br>|
| 741,256 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,026,364 CAD | Royal Bank of Canada | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6914 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,725,239 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,482,500 EUR | Royal Bank of Canada | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11706 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,213,681 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 1,456,255 USD | Standard Chartered | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7160 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 749,462 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 862,920 USD | Standard Chartered | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14667)<br>|
| 6,927,352 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 368,417 USD | Standard Chartered | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2184)<br>|
| 1,082,269 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 852,483 USD | Standard Chartered | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8025 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 421,052 USD | &nbsp;&nbsp;&nbsp;&nbsp; 63,167,633 JPY | Standard Chartered | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9460 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 386,582 USD | &nbsp;&nbsp;&nbsp;&nbsp; 56,574,362 JPY | Standard Chartered | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1006)<br>|
| 517,223 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,290,994 NOK | Standard Chartered | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9175 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 928,299 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,194,781 SGD | Standard Chartered | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3948 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 422,021 USD | &nbsp;&nbsp;&nbsp;&nbsp; 537,820 SGD | Standard Chartered | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2378)<br>|
| 90,853,150 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 633,684 USD | State Street | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14484 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 54,547,511 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 371,661 USD | State Street | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (102)<br>|
| 8,282,200 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 444,524 USD | State Street | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,063,325 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 162,731 USD | State Street | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1152)<br>|
| 862,634 USD | &nbsp;&nbsp;&nbsp;&nbsp; 739,062 EUR | State Street | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2775 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 904,685 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,169,208 SGD | State Street | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7609 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 500,955 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 689,284 USD | UBS | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12102 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,078,839 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 3,190,202 USD | UBS | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7622 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 669,901 USD | &nbsp;&nbsp;&nbsp;&nbsp; 502,737 GBP | UBS | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9690 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 450,030 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,557,338 NOK | UBS | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3378 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,809,370 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,322,733 SGD | UBS | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2980 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 741,256 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,028,244 CAD | UBS | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8285 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,733,478 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,482,500 EUR | UBS | 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3468 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1596650 | &nbsp;&nbsp;&nbsp;&nbsp; (651038)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| 3-Month Aluminum | 1 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 65375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>|
| 3-Month Aluminum | 24 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1568820 | &nbsp;&nbsp;&nbsp;&nbsp; 28247 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Aluminum | 2 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 130775 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| 3-Month Aluminum | 1 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 65388 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| 3-Month Copper | 6 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1484736 | &nbsp;&nbsp;&nbsp;&nbsp; 30015 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month CORRA | 1 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 243850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (198)<br>|
| 3-Month Euro Euribor | 41 | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 10055250 | &nbsp;&nbsp;&nbsp;&nbsp; 24049 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Euro Euribor | 19 | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4659750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5197)<br>|
| 3-Month Euro Euribor | 71 | 06/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 17417188 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18569)<br>|
| 3-Month Euro Euribor | 56 | 06/2027 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 13713000 | &nbsp;&nbsp;&nbsp;&nbsp; 9642 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Euro Euribor | 4 | 09/2027 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 978800 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Euro Euribor | 20 | 06/2028 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4884500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2655)<br>|
| 3-Month Euro Euribor | 1 | 12/2028 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 243975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| 3-Month Nickel | 1 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 92316 | &nbsp;&nbsp;&nbsp;&nbsp; 2462 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Nickel | 2 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 184656 | &nbsp;&nbsp;&nbsp;&nbsp; 2579 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Nickel | 2 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 184680 | &nbsp;&nbsp;&nbsp;&nbsp; 2783 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Nickel | 2 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 184896 | &nbsp;&nbsp;&nbsp;&nbsp; 3839 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Nickel | 3 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 277347 | &nbsp;&nbsp;&nbsp;&nbsp; 5866 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Nickel | 5 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 462510 | &nbsp;&nbsp;&nbsp;&nbsp; 6011 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Nickel | 6 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 555156 | &nbsp;&nbsp;&nbsp;&nbsp; 6854 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month SOFR | 17 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4112088 | &nbsp;&nbsp;&nbsp;&nbsp; 2640 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Zinc | 1 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 70606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (648)<br>|
| 3-Month Zinc | 4 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 282145 | &nbsp;&nbsp;&nbsp;&nbsp; 4783 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Zinc | 3 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 211425 | &nbsp;&nbsp;&nbsp;&nbsp; 1526 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 90-Day AUD Bank Bill | 15 | 09/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 14884391 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Australian 10-Year Bond | 61 | 09/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 6935676 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14078)<br>|
| Australian 3-Year Bond | 23 | 09/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 2468512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5302)<br>|
| Australian 3-Year Bond | 130 | 09/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 13952461 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12090)<br>|
| Brazilian Real | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 18300 | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Brazilian Real | 46 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 841800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1189)<br>|
| Brent Crude | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 67480 | &nbsp;&nbsp;&nbsp;&nbsp; 579 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** |
| **Description** | **Number of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br> **date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading**<br> **currency**<br>| &nbsp;&nbsp;&nbsp; **Notional**<br> **amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **depreciation ($)**<br>|
| Brent Crude | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 67480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| Brent Crude | 4 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 269920 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13410)<br>|
| British Pound | 41 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3462706 | &nbsp;&nbsp;&nbsp;&nbsp; 2574 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| British Pound | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 84456 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| British Pound | 3 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 253369 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (441)<br>|
| CAC40 Index | 6 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 462810 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7922)<br>|
| CAC40 Index | 6 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 462810 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14890)<br>|
| Canadian Government 5-Year Bond | 2 | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 228580 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class III Milk | 3 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 107040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1167)<br>|
| Cocoa | 1 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 77100 | &nbsp;&nbsp;&nbsp;&nbsp; 9145 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cocoa | 1 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 77100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| Cocoa | 1 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 75020 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4072)<br>|
| Cocoa | 2 | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 104640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5482)<br>|
| Coffee | 3 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 434363 | &nbsp;&nbsp;&nbsp;&nbsp; 49118 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Coffee | 2 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 289575 | &nbsp;&nbsp;&nbsp;&nbsp; 5367 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Coffee | 5 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 701063 | &nbsp;&nbsp;&nbsp;&nbsp; 90776 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Consumer Discretionary Select Sector Index <br> E-mini<br>| 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 234340 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1611)<br>|
| Consumer Staples Select Sector Index E-mini | 3 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 244260 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1294)<br>|
| Copper | 1 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 248006 | &nbsp;&nbsp;&nbsp;&nbsp; 2215 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Crude Palm Oil | 11 | 10/2025 | MYR | &nbsp;&nbsp;&nbsp;&nbsp; 1195425 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10066)<br>|
| Crude Palm Oil | 26 | 11/2025 | MYR | &nbsp;&nbsp;&nbsp;&nbsp; 2847000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26535)<br>|
| Crude Palm Oil | 30 | 12/2025 | MYR | &nbsp;&nbsp;&nbsp;&nbsp; 3306000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26175)<br>|
| Crude Palm Oil | 11 | 01/2026 | MYR | &nbsp;&nbsp;&nbsp;&nbsp; 1216875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9025)<br>|
| DAX Index | 1 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 598950 | &nbsp;&nbsp;&nbsp;&nbsp; 6960 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| DAX Index | 3 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1796850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33831)<br>|
| DAX Index Mini | 1 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 119790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2132)<br>|
| DJIA Index E-mini | 7 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1596035 | &nbsp;&nbsp;&nbsp;&nbsp; 45084 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| DJIA Index E-mini | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 228005 | &nbsp;&nbsp;&nbsp;&nbsp; 674 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| DJIA Micro E-mini | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 22801 | &nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ECX Emissions EUA | 1 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 72990 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1192)<br>|
| Euro FX | 43 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6294394 | &nbsp;&nbsp;&nbsp;&nbsp; 101170 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro FX | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 146381 | &nbsp;&nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro FX Micro E-mini | 3 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 43914 | &nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro STOXX 50 Index | 2 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 91240 | &nbsp;&nbsp;&nbsp;&nbsp; 2931 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro STOXX 50 Index | 14 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 750680 | &nbsp;&nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro STOXX 50 Index | 2 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 107240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1884)<br>|
| Euro STOXX 50 Index | 16 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 857920 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7713)<br>|
| Euro STOXX Banks Index | 53 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 595455 | &nbsp;&nbsp;&nbsp;&nbsp; 73121 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro/Japanese Yen | 1 | 09/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 21483750 | &nbsp;&nbsp;&nbsp;&nbsp; 2672 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-BTP | 8 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 962000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8432)<br>|
| Euro-BTP | 61 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7335250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47539)<br>|
| Euro-Bund | 14 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1813700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25867)<br>|
| Feeder Cattle | 15 | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2733563 | &nbsp;&nbsp;&nbsp;&nbsp; 58316 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE 100 Index | 21 | 09/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1935885 | &nbsp;&nbsp;&nbsp;&nbsp; 66471 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE 100 Index | 21 | 09/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1935885 | &nbsp;&nbsp;&nbsp;&nbsp; 12860 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE 100 Index | 8 | 09/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 737480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2266)<br>|
| FTSE China A50 Index | 102 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1528470 | &nbsp;&nbsp;&nbsp;&nbsp; 3166 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE China A50 Index | 7 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 104895 | &nbsp;&nbsp;&nbsp;&nbsp; 1954 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE China A50 Index | 86 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1288710 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1505)<br>|
| FTSE Taiwan Index | 13 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1043120 | &nbsp;&nbsp;&nbsp;&nbsp; 4027 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE Taiwan Index | 11 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 882640 | &nbsp;&nbsp;&nbsp;&nbsp; 1888 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE/JSE Top 40 Index | 26 | 09/2025 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 24475100 | &nbsp;&nbsp;&nbsp;&nbsp; 80006 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE/JSE Top 40 Index | 9 | 09/2025 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 8472150 | &nbsp;&nbsp;&nbsp;&nbsp; 16327 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE/MIB Index | 2 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 422480 | &nbsp;&nbsp;&nbsp;&nbsp; 30383 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE/MIB Index | 1 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 211240 | &nbsp;&nbsp;&nbsp;&nbsp; 6244 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE/MIB Index | 3 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 633720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11940)<br>|
| FTSE/MIB Index Mini | 11 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 464728 | &nbsp;&nbsp;&nbsp;&nbsp; 30217 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** |
| **Description** | **Number of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br> **date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading**<br> **currency**<br>| &nbsp;&nbsp;&nbsp; **Notional**<br> **amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **depreciation ($)**<br>|
| Gas Oil | 4 | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 269000 | &nbsp;&nbsp;&nbsp;&nbsp; 7471 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gas Oil | 7 | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 470750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17648)<br>|
| Gas Oil | 3 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 195300 | &nbsp;&nbsp;&nbsp;&nbsp; 5322 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gas Oil | 2 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 130200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (252)<br>|
| Gas Oil | 1 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 64625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (126)<br>|
| Gold | 6 | 04/2026 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 97308000 | &nbsp;&nbsp;&nbsp;&nbsp; 20312 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gold | 17 | 06/2026 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 276080000 | &nbsp;&nbsp;&nbsp;&nbsp; 28434 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gold 100 oz. | 5 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1758050 | &nbsp;&nbsp;&nbsp;&nbsp; 31866 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gold 100 oz. | 2 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 703220 | &nbsp;&nbsp;&nbsp;&nbsp; 5467 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gold 100 oz. | 2 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 708920 | &nbsp;&nbsp;&nbsp;&nbsp; 19497 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 10 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1496850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11993)<br>|
| IBEX 35 Index | 9 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1347165 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16586)<br>|
| IBEX 35 Index Mini | 1 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 14969 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (432)<br>|
| IFSC Nifty 50 Index | 21 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1031226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16097)<br>|
| Industrials Select Sector Index | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 153120 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2511)<br>|
| JPX-Nikkei Index 400 | 1 | 09/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 2752000 | &nbsp;&nbsp;&nbsp;&nbsp; 817 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KLCI Index | 8 | 09/2025 | MYR | &nbsp;&nbsp;&nbsp;&nbsp; 619200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2111)<br>|
| Korea 3-Year Bond | 543 | 09/2025 | KRW | &nbsp;&nbsp;&nbsp;&nbsp; 58285620000 | &nbsp;&nbsp;&nbsp;&nbsp; 44653 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| KOSPI 200 Index Mini | 6 | 09/2025 | KRW | &nbsp;&nbsp;&nbsp;&nbsp; 129180000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1213)<br>|
| Lean Hogs | 15 | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 570150 | &nbsp;&nbsp;&nbsp;&nbsp; 17097 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lean Hogs | 14 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 489440 | &nbsp;&nbsp;&nbsp;&nbsp; 11889 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lean Hogs | 4 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 139840 | &nbsp;&nbsp;&nbsp;&nbsp; 1516 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lean Hogs | 10 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 358500 | &nbsp;&nbsp;&nbsp;&nbsp; 11408 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Live Cattle | 22 | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2108920 | &nbsp;&nbsp;&nbsp;&nbsp; 291012 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Live Cattle | 19 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1829890 | &nbsp;&nbsp;&nbsp;&nbsp; 228438 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Live Cattle | 13 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1252030 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4818)<br>|
| Live Cattle | 19 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1841100 | &nbsp;&nbsp;&nbsp;&nbsp; 212918 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Live Cattle | 10 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 969800 | &nbsp;&nbsp;&nbsp;&nbsp; 74308 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Materials Select Sector Index E-mini | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 97890 | &nbsp;&nbsp;&nbsp;&nbsp; 2669 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mexican Peso | 107 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2863855 | &nbsp;&nbsp;&nbsp;&nbsp; 74524 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mexican Peso | 2 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 53530 | &nbsp;&nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mexican Peso | 7 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 187355 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| MSCI EAFE Index | 17 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2312935 | &nbsp;&nbsp;&nbsp;&nbsp; 47244 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI EAFE Index | 15 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2040825 | &nbsp;&nbsp;&nbsp;&nbsp; 36158 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI EAFE Index | 5 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 680275 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5951)<br>|
| MSCI Emerging Markets Index | 57 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3604965 | &nbsp;&nbsp;&nbsp;&nbsp; 126326 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index | 9 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 569205 | &nbsp;&nbsp;&nbsp;&nbsp; 11843 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI Singapore Index | 31 | 09/2025 | SGD | &nbsp;&nbsp;&nbsp;&nbsp; 1376555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4520)<br>|
| MSCI Singapore Index | 31 | 09/2025 | SGD | &nbsp;&nbsp;&nbsp;&nbsp; 1376555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5666)<br>|
| NASDAQ 100 Index E-mini | 4 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1876940 | &nbsp;&nbsp;&nbsp;&nbsp; 74557 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NASDAQ 100 Index E-mini | 3 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1407705 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8964)<br>|
| Nikkei 225 Index | 6 | 09/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 256140000 | &nbsp;&nbsp;&nbsp;&nbsp; 95645 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nikkei 225 Index | 7 | 09/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 149432500 | &nbsp;&nbsp;&nbsp;&nbsp; 51880 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nikkei 225 Index | 4 | 09/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 170760000 | &nbsp;&nbsp;&nbsp;&nbsp; 43375 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nikkei 225 Index | 3 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 631500 | &nbsp;&nbsp;&nbsp;&nbsp; 30768 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nikkei 225 Index Mini | 22 | 09/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 93918000 | &nbsp;&nbsp;&nbsp;&nbsp; 20817 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Norwegian Krone | 8 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1591600 | &nbsp;&nbsp;&nbsp;&nbsp; 2192 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NY Harbor ULSD Heat Oil | 3 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 285995 | &nbsp;&nbsp;&nbsp;&nbsp; 8525 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NY Harbor ULSD Heat Oil | 5 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 476658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1447)<br>|
| NY Harbor ULSD Heat Oil | 6 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 565816 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6104)<br>|
| OMXS30 Index | 24 | 09/2025 | SEK | &nbsp;&nbsp;&nbsp;&nbsp; 6319800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (715)<br>|
| Palladium | 1 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 112400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (682)<br>|
| Palladium | 2 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 224800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3245)<br>|
| Platinum | 6 | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 411150 | &nbsp;&nbsp;&nbsp;&nbsp; 40101 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Platinum | 3 | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 205575 | &nbsp;&nbsp;&nbsp;&nbsp; 11630 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Platinum | 2 | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 137050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (409)<br>|
| Platinum | 2 | 06/2026 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 5866000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1992)<br>|
| Primary Aluminum | 7 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 458019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1153)<br>|

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** |
| **Description** | **Number of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br> **date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading**<br> **currency**<br>| &nbsp;&nbsp;&nbsp; **Notional**<br> **amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **depreciation ($)**<br>|
| RBOB Gasoline | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 82694 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| RBOB Gasoline | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 82694 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (708)<br>|
| RBOB Gasoline | 5 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 413469 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2155)<br>|
| RBOB Gasoline | 1 | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 80363 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| RBOB Gasoline | 2 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 157391 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1259)<br>|
| RBOB Gasoline | 2 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 155963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (230)<br>|
| Robusta Coffee | 1 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 47030 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>|
| Rubber | 3 | 01/2026 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 4732500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (939)<br>|
| Russell 2000 Index E-mini | 11 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1303390 | &nbsp;&nbsp;&nbsp;&nbsp; 26145 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 7 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 829430 | &nbsp;&nbsp;&nbsp;&nbsp; 22855 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index Micro E-Mini | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 11849 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 9 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2912738 | &nbsp;&nbsp;&nbsp;&nbsp; 72993 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 3 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 970913 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (617)<br>|
| S&P 500 Index Micro E-mini | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 32364 | &nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P Mid 400 Index E-mini | 2 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 651700 | &nbsp;&nbsp;&nbsp;&nbsp; 12209 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 15 | 09/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 5087100 | &nbsp;&nbsp;&nbsp;&nbsp; 159557 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 9 | 09/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 3052260 | &nbsp;&nbsp;&nbsp;&nbsp; 147027 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SGX TSI Iron Ore China 62% | 31 | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 320757 | &nbsp;&nbsp;&nbsp;&nbsp; 8709 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SGX TSI Iron Ore China 62% | 79 | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 817413 | &nbsp;&nbsp;&nbsp;&nbsp; 3785 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SGX USD/CNH FX | 1 | 09/2025 | CNH | &nbsp;&nbsp;&nbsp;&nbsp; 712180 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (592)<br>|
| Short Term Euro-BTP | 19 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2046775 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9568)<br>|
| Short Term Euro-BTP | 208 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 22406800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (48935)<br>|
| Silver | 4 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 814460 | &nbsp;&nbsp;&nbsp;&nbsp; 53108 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Silver | 5 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1018075 | &nbsp;&nbsp;&nbsp;&nbsp; 40832 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Silver | 4 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 824040 | &nbsp;&nbsp;&nbsp;&nbsp; 30883 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| South African Rand | 61 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1727825 | &nbsp;&nbsp;&nbsp;&nbsp; 15157 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| South African Rand | 2 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 56650 | &nbsp;&nbsp;&nbsp;&nbsp; 772 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Oil | 9 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 281556 | &nbsp;&nbsp;&nbsp;&nbsp; 2635 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Oil | 5 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 156420 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2279)<br>|
| Soybean Oil | 19 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 594396 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19908)<br>|
| Soybean Oil | 6 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 188712 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5335)<br>|
| Soybean Oil | 2 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 63240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2668)<br>|
| SPI 200 Index | 15 | 09/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 3351375 | &nbsp;&nbsp;&nbsp;&nbsp; 92149 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPI 200 Index | 24 | 09/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 5362200 | &nbsp;&nbsp;&nbsp;&nbsp; 90929 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| STOXX 600 Insurance Index | 1 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 24405 | &nbsp;&nbsp;&nbsp;&nbsp; 1171 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| STOXX 600 Insurance Index | 1 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 24405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (827)<br>|
| STOXX 600 Utilities Index | 9 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 194985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4810)<br>|
| STOXX Europe 600 Bank Index | 10 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 149525 | &nbsp;&nbsp;&nbsp;&nbsp; 15073 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| STOXX Europe 600 Index | 59 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1625745 | &nbsp;&nbsp;&nbsp;&nbsp; 4884 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| STOXX Europe 600 Index | 12 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 330660 | &nbsp;&nbsp;&nbsp;&nbsp; 991 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| STOXX Europe 600 Index | 2 | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 55110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (576)<br>|
| Swedish Krona | 7 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1481200 | &nbsp;&nbsp;&nbsp;&nbsp; 9660 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swiss Franc | 5 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 782688 | &nbsp;&nbsp;&nbsp;&nbsp; 6773 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swiss Franc | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 156538 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2758)<br>|
| Swiss Franc | 5 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 782688 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11152)<br>|
| Technology Select Sector Index E-mini | 2 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 529200 | &nbsp;&nbsp;&nbsp;&nbsp; 8847 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Thai SET50 Index | 95 | 09/2025 | THB | &nbsp;&nbsp;&nbsp;&nbsp; 15184800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5172)<br>|
| TOPIX Index | 10 | 09/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 307250000 | &nbsp;&nbsp;&nbsp;&nbsp; 76206 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| TOPIX Index Mini | 17 | 09/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 52232500 | &nbsp;&nbsp;&nbsp;&nbsp; 29016 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 62 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6975000 | &nbsp;&nbsp;&nbsp;&nbsp; 20159 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 11 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1237500 | &nbsp;&nbsp;&nbsp;&nbsp; 3281 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 2-Year Note | 67 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 13972117 | &nbsp;&nbsp;&nbsp;&nbsp; 17807 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 153 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 16748719 | &nbsp;&nbsp;&nbsp;&nbsp; 39917 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 76 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8319625 | &nbsp;&nbsp;&nbsp;&nbsp; 16502 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| White Sugar #5 | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 24635 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>|
| White Sugar #5 | 6 | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 143310 | &nbsp;&nbsp;&nbsp;&nbsp; 2983 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| WIG 20 Index | 25 | 09/2025 | PLN | &nbsp;&nbsp;&nbsp;&nbsp; 1404500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3364)<br>|
| WTI Crude | 1 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 64010 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>|

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** |
| **Description** | **Number of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br> **date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading**<br> **currency**<br>| &nbsp;&nbsp;&nbsp; **Notional**<br> **amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **depreciation ($)**<br>|
| WTI Crude | 2 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 128020 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8208)<br>|
| Yen Denominated Nikkei 225 Index | 2 | 09/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 42080000 | &nbsp;&nbsp;&nbsp;&nbsp; 3751 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Yuan Offshore Renminbi | 1 | 09/2025 | CNH | &nbsp;&nbsp;&nbsp;&nbsp; 711250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (842)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3569360 | &nbsp;&nbsp;&nbsp;&nbsp; (574303)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| 10-Year Mini Japanese Government Bond | (3) | 09/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; (41271000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2057 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1-Month SOFR | (11) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (4409061)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1213 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Copper | (1) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (247550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Euro Euribor | (25) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (6127500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 972 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Euro Euribor | (35) | 09/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (8585063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Lead | (22) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1093472)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11413)<br>|
| 3-Month Nickel | (3) | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (276546)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2318 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Nickel | (1) | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (92243)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1256)<br>|
| 3-Month Nickel | (3) | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (276767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9718)<br>|
| 3-Month Nickel | (1) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (92304)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1974)<br>|
| 3-Month Nickel | (2) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (184778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1185)<br>|
| 3-Month Nickel | (1) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (92401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (574)<br>|
| 3-Month Nickel | (3) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (277237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5358)<br>|
| 3-Month Nickel | (1) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (92436)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2350)<br>|
| 3-Month Nickel | (4) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (369768)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10503)<br>|
| 3-Month SOFR | (62) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (14915650)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16057)<br>|
| 3-Month SONIA | (67) | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (16105963)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11132 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month Zinc | (1) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (70475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (141)<br>|
| 90-Day AUD Bank Bill | (10) | 12/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (9918802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Australian 3-Year Bond | (3) | 09/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (321980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| Australian Dollar | (4) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (261900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4701)<br>|
| Brent Crude | (3) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (202440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (903)<br>|
| Brent Crude | (2) | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (133780)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (862)<br>|
| Brent Crude | (2) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (133000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (692)<br>|
| Canadian Dollar | (31) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2259900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (20339)<br>|
| Canadian Government 10-Year Bond | (13) | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; (1566630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4768)<br>|
| Canadian Government 10-Year Bond | (75) | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; (9038250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27990)<br>|
| Canola | (13) | 11/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; (162864)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2935 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Canola | (4) | 01/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; (51064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 727 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cocoa | (1) | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (53020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3084 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Copper | (1) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (114763)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (852)<br>|
| Copper | (2) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (232150)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1778)<br>|
| Corn | (10) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (210125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11189 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | (55) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1155688)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5677 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | (40) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (840500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17549)<br>|
| Corn | (27) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (590963)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16315 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | (45) | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1007438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cotton | (17) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (565590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9430 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cotton | (11) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (365970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8299 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cotton | (6) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (205320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2341 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Energy Select Sector Index E-mini | (2) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (189120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9633)<br>|
| Euro-Bobl | (23) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (2701580)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5880)<br>|
| Euro-Bobl | (56) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (6577760)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13006)<br>|
| Euro-Bobl | (5) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (590600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2564)<br>|
| Euro-BTP | (18) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (2164500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Bund | (8) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (1036400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Bund | (9) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (1165950)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3886)<br>|
| Euro-Bund | (37) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (4793350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7691)<br>|
| Euro-Bund | (14) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (1799420)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8454)<br>|

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** |
| **Description** | **Number of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration**<br> **date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading**<br> **currency**<br>| &nbsp;&nbsp;&nbsp; **Notional**<br> **amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **depreciation ($)**<br>|
| Euro-Buxl 30-Year | (9) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (1025640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33087 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Buxl 30-Year | (7) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (797720)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10292 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Buxl 30-Year | (4) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (455840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2231)<br>|
| Euro-Buxl 30-Year | (2) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (226880)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (732)<br>|
| Euro-OAT | (49) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (5973590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 86171 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-OAT | (5) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (609550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11491 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-OAT | (24) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (2925840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11399 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Schatz | (20) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (2141200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| Euro-Schatz | (62) | 09/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (6637720)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1244)<br>|
| FCOJ-A | (1) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (36683)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3178 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gas Oil | (2) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (132600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4402)<br>|
| Gold E-micro | (1) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (35161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1276)<br>|
| Hard Red Winter Wheat | (13) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (337838)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18931 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hard Red Winter Wheat | (8) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (207900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4756 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hard Red Winter Wheat | (58) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1507275)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2223)<br>|
| Hard Red Winter Wheat | (10) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (270375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2902 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IFSC Nifty 50 Index | (1) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (49106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1135 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Indian Rupee | (49) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1109458)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8833 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Indian Rupee Standard | (1) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (56645)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 654 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Japanese 10-Year Government Bond | (10) | 09/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; (1375400000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51205 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Japanese 10-Year Government Bond | (1) | 09/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; (137540000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (549)<br>|
| Japanese Yen | (1) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (85169)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1271)<br>|
| Japanese Yen | (29) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2469894)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26387)<br>|
| Long Gilt | (44) | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (3982880)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1201 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Long Gilt | (21) | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (1900920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2073)<br>|
| Lumber | (1) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (16211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Maize | (3) | 11/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (28350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Milling Wheat | (60) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (582000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1845 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Milling Wheat | (47) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (472350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2802 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Milling Wheat | (18) | 05/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (185400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1047 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | (18) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (539460)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51589 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | (23) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (689310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28867)<br>|
| Natural Gas | (5) | 09/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (120637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11027 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | (5) | 09/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (120637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (175)<br>|
| Natural Gas | (7) | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (233310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21758 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | (5) | 10/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (124080)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15856 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | (6) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (234840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6480)<br>|
| Natural Gas E-mini | (12) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (89910)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4242)<br>|
| New Zealand Dollar | (1) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (59045)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 818 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| New Zealand Dollar | (25) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1476125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18089)<br>|
| Nickel | (3) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (278273)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1569)<br>|
| Oat | (2) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (33650)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Rapeseed | (18) | 10/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (416250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10045 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Rapeseed | (14) | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (328300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6795 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Real Estate Select Sector Index E-mini | (3) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (155363)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2329)<br>|
| Rough Rice | (4) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (97360)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5361 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Rough Rice | (1) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (24340)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (602)<br>|
| South Korean Won | (1) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (17980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean | (1) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (52725)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3027)<br>|
| Soybean | (42) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2214450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45994)<br>|
| Soybean | (22) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1179750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14462)<br>|
| Soybean | (14) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (760900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1292 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | (22) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (635800)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23075 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | (32) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (924800)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6728 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | (5) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (144500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3788)<br>|
| Soybean Meal | (29) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (849120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9145)<br>|
| Sugar #11 | (6) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (110006)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | (12) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (220013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1887)<br>|

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** |
| **Description** | **Number of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration**<br> **date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading**<br> **currency**<br>| &nbsp;&nbsp;&nbsp; **Notional**<br> **amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **depreciation ($)**<br>|
| Sugar #11 | (31) | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (590587)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3646 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | (1) | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (19051)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | (6) | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (114307)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (294)<br>|
| U.S. Dollar Index | (24) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2344560)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10891 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | (5) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (571250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1009 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | (2) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (228500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (521)<br>|
| U.S. Long Bond | (17) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1942250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2837)<br>|
| U.S. Treasury 10-Year Note | (30) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (3375000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8337)<br>|
| U.S. Treasury 2-Year Note | (22) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (4587859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1597)<br>|
| U.S. Treasury Ultra 10-Year Note | (20) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2288125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8159)<br>|
| U.S. Treasury Ultra 10-Year Note | (174) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (19906688)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (139481)<br>|
| U.S. Treasury Ultra Bond | (58) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (6760625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18331 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | (17) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1981563)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4230 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Volatility Index | (4) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (68596)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4816 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wheat | (34) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (908225)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24798 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wheat | (33) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (881513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3761)<br>|
| Wheat | (21) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (579600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3891 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wheat | (7) | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (196875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1528)<br>|
| WTI Crude | (2) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (128020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1972)<br>|
| WTI Crude | (1) | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (63460)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (291)<br>|
| WTI Crude | (4) | 10/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (253840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6747)<br>|
| WTI Crude | (2) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (125980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2432)<br>|
| WTI Crude | (4) | 11/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (251960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6087)<br>|
| WTI Crude | (3) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (188100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3845)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 579062 | &nbsp;&nbsp;&nbsp;&nbsp; (563045)<br>|

---

**Notes to Consolidated Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 August 31, 2025, the total value of these securities amounted to $148,366,529, which represents 29.56% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. The interest rate shown was the current rate as of August
 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, the interest rate of which adjusts periodically
 based on changes in current interest rates and prepayments on the underlying pool
 of assets. The interest rate shown was the current rate as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Zero coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents interest only securities which have the right to receive the monthly interest
 payments on an underlying pool of mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Principal amounts are denominated in United States Dollars unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Perpetual security with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents a variable rate security with a step coupon where the rate adjusts according
 to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the
 current rate as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Payment-in-kind security. Interest can be paid by issuing additional par of the security
 or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Represents a security in default.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Represents fair value as determined in good faith under procedures approved by the
 Board of Trustees. At August 31, 2025, the total value of these securities amounted to $501,145, which represents 0.10% of total net assets.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

**Notes to Consolidated Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(p) 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 August 31, 2025, the total market value of these securities amounted to $501,145, which represents 0.10% of total net assets. Additional information on these securities is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| Abiomed, Inc., CVR | 12/21/2022 | &nbsp;&nbsp; 15541 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24866 |
| Albireo Pharma, Inc., CVR | 01/09/2023-01/23/2023 | &nbsp;&nbsp; 37853 | &nbsp;&nbsp; 80907 | &nbsp;&nbsp; 103172 |
| Cincor Pharma, Inc. | 01/09/2023-02/23/2023 | &nbsp;&nbsp; 44405 | &nbsp;&nbsp; 135473 | &nbsp;&nbsp; 177620 |
| Concert Pharmaceuticals, Inc., CVR | 01/19/2023-03/02/2023 | &nbsp;&nbsp; 173147 | &nbsp;&nbsp; 63478 | &nbsp;&nbsp; 81154 |
| Resolute Forest Products, Inc. | 07/06/2022-12/29/2022 | &nbsp;&nbsp; 76222 | &nbsp;&nbsp; 101179 | &nbsp;&nbsp; 114333 |
|  |  |  | &nbsp;&nbsp; 381037 | &nbsp;&nbsp; 501145 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(q) The stated interest rate represents the weighted average interest rate at August 31,
 2025 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated
 base lending rate and spread and the reset period. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on
 a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from
 excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities
 of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower
 prior to the disposition of a senior loan.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Represents a security purchased on a forward commitment basis.

&nbsp;&nbsp;&nbsp;&nbsp;(s) At August 31, 2025, the Fund had unfunded senior loan commitments pursuant to the
 terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated
 rate in the loan agreement.

---

| | |
|:---|:---|
| **Borrower** | **Unfunded Commitment ($)** |
| Clydesdale Acquisition Holdings, Inc. <br>Delayed Draw Tranche B 1st Lien Term Loan <br>04/01/2032 1.803%<br>| 7139 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(t) The rate shown is the seven-day current annualized yield at August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(u) Under Section 2(a)(3) of the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund.
 The value of the holdings and transactions in these affiliated companies during the year ended August 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.463% | Columbia Short-Term Cash Fund, 4.463% | Columbia Short-Term Cash Fund, 4.463% | Columbia Short-Term Cash Fund, 4.463% | Columbia Short-Term Cash Fund, 4.463% | Columbia Short-Term Cash Fund, 4.463% | Columbia Short-Term Cash Fund, 4.463% | Columbia Short-Term Cash Fund, 4.463% | Columbia Short-Term Cash Fund, 4.463% |
|  | 151518200 | &nbsp;&nbsp; 269428869 | &nbsp;&nbsp; (273452638)<br>| &nbsp;&nbsp; (10206)<br>| &nbsp;&nbsp; 147484225 | &nbsp;&nbsp; (5683)<br>| &nbsp;&nbsp; 6302196 | &nbsp;&nbsp; 147528483 |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| BNY | Bank of New York |
| CMO | Collateralized Mortgage Obligation |
| CVR | Contingent Value Rights |
| EURIBOR | Euro Interbank Offered Rate |
| FGIC | Financial Guaranty Insurance Corporation |
| FHLMC | Federal Home Loan Mortgage Corporation |
| MTA | Monthly Treasury Average |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| TBA | To Be Announced |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canada Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Yuan Offshore Renminbi |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | US Dollar |
| ZAR | South African Rand |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

**Fair value measurements (continued)**

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 22498556 | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 22903556 |
| Commercial Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 891840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 891840 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 34920000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34920000 |
| Common Stocks |  |  |  |  |
| Real Estate |  | &nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
| Total Common Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 6455178 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6455178 |
| Convertible Preferred Stocks |  |  |  |  |
| Industrials |  | &nbsp;&nbsp;&nbsp;&nbsp; 1089837 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1089837 |
| Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp; 363121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 363121 |
| Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp; 925404 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 925404 |
| Total Convertible Preferred Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 2378362 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2378362 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 110770261 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110770261 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 38291850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38291850 |
| Municipal Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 1080415 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1080415 |
| Preferred Stocks |  |  |  |  |
| Financials | 3113391 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3113391 |
| Total Preferred Stocks | 3113391 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3113391 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 53745441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53745441 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 59719778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59719778 |
| Rights |  |  |  |  |
| Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 386812 | &nbsp;&nbsp;&nbsp;&nbsp; 386812 |
| Materials |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114333 | &nbsp;&nbsp;&nbsp;&nbsp; 114333 |
| Total Rights |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 501145 | &nbsp;&nbsp;&nbsp;&nbsp; 501145 |
| Senior Loans |  | &nbsp;&nbsp;&nbsp;&nbsp; 14690355 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14690355 |
| U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 15017580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15017580 |
| Money Market Funds | 147484225 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147484225 |
| Total Investments in Securities | 150597616 | &nbsp;&nbsp;&nbsp;&nbsp; 360460077 | &nbsp;&nbsp;&nbsp;&nbsp; 906145 | &nbsp;&nbsp;&nbsp;&nbsp; 511963838 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 1596650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1596650 |
| Futures Contracts | 4148422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4148422 |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (651038)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (651038)<br>|
| Futures Contracts | (1137348)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1137348)<br>|
| Total | 153608690 | &nbsp;&nbsp;&nbsp;&nbsp; 361405689 | &nbsp;&nbsp;&nbsp;&nbsp; 906145 | &nbsp;&nbsp;&nbsp;&nbsp; 515920524 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

August 31, 2025

**Fair value measurements (continued)**

See the Consolidated Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

Derivative instruments are valued at unrealized appreciation (depreciation).

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Statement of Assets and Liabilities

August 31, 2025

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $362,543,540) | $364479613 |
| Affiliated issuers (cost $147,489,871) | 147484225 |
| Cash | 40500 |
| Foreign currency (cost $1,005,107) | 1005798 |
| Cash collateral held at broker for: |  |
| Forward foreign currency exchange contracts | 1790000 |
| Margin deposits on: |  |
| Futures contracts | 12340605 |
| Unrealized appreciation on forward foreign currency exchange contracts | 1596650 |
| Receivable for: |  |
| Investments sold | 1484175 |
| Investments sold on a delayed delivery basis  | 9525749 |
| Capital shares sold | 229255 |
| Dividends | 490196 |
| Interest | 3453999 |
| Foreign tax reclaims | 35077 |
| Variation margin for futures contracts | 704947 |
| Prepaid expenses | 5023 |
| Deferred compensation of board members | 129629 |
| Total assets | 544795441 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 651038 |
| Payable for: |  |
| Investments purchased | 537660 |
| Investments purchased on a delayed delivery basis | 40205271 |
| Capital shares redeemed | 267648 |
| Variation margin for futures contracts | 877755 |
| Foreign capital gains taxes deferred | 13290 |
| Management services fees | 15141 |
| Transfer agent fees | 41856 |
| Compensation of board members | 1479 |
| Other expenses | 66782 |
| Deferred compensation of board members | 162097 |
| Total liabilities | 42840017 |
| **Net assets applicable to outstanding capital stock** | **$501955424** |
| **Represented by** |  |
| Paid in capital | 588819853 |
| Total distributable earnings (loss) | (86864429)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$501955424** |
| **Institutional Class** |  |
| Net assets | $501955424 |
| Shares outstanding | 54779952 |
| Net asset value per share | $9.16 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

------

Consolidated Statement of Operations

Year Ended August 31, 2025

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $173205 |
| Dividends — affiliated issuers | 6302196 |
| Interest | 19011043 |
| Interfund lending | 7844 |
| Foreign taxes withheld | (88186)<br>|
| Total income | 25406102 |
| Expenses: |  |
| Management services fees | 5267106 |
| Transfer agent fees |  |
| Institutional Class | 535071 |
| Custodian fees | 81618 |
| Printing and postage fees | 43615 |
| Registration fees | 49572 |
| Accounting services fees | 64500 |
| Legal fees | 23408 |
| Interest on collateral | 2165 |
| Compensation of chief compliance officer | 81 |
| Compensation of board members | 15957 |
| Deferred compensation of board members | 6454 |
| Other | 47767 |
| Total expenses | 6137314 |
| **Net investment income** | 19268788 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (1240671)<br>|
| Investments — affiliated issuers | (5683)<br>|
| Foreign currency translations | 947304 |
| Forward foreign currency exchange contracts | (5320936)<br>|
| Futures contracts | (16507791)<br>|
| Swap contracts | 88259 |
| Net realized loss | (22039518)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 2778394 |
| Investments — affiliated issuers | (10206)<br>|
| Foreign currency translations | 20033 |
| Forward foreign currency exchange contracts | 1486350 |
| Futures contracts | 121707 |
| Swap contracts | 9354 |
| Foreign capital gains tax | (13290)<br>|
| Net change in unrealized appreciation (depreciation) | 4392342 |
| Net realized and unrealized loss | (17647176)<br>|
| **Net increase in net assets resulting from operations** | **$1621612** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

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Consolidated Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**August 31, 2025**<br>| **Year Ended** <br>**August 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $19268788 | &nbsp;&nbsp; $18567919 |
| Net realized loss | (22039518)<br>| &nbsp;&nbsp; (18534277)<br>|
| Net change in unrealized appreciation (depreciation) | 4392342 | &nbsp;&nbsp; 17469967 |
| Net increase in net assets resulting from operations | 1621612 | &nbsp;&nbsp; 17503609 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Institutional Class | (10000535)<br>| &nbsp;&nbsp; (10963938)<br>|
| Total distributions to shareholders | (10000535)<br>| &nbsp;&nbsp; (10963938)<br>|
| Increase in net assets from capital stock activity | 33615933 | &nbsp;&nbsp; 31764125 |
| Total increase in net assets | 25237010 | &nbsp;&nbsp; 38303796 |
| Net assets at beginning of year | 476718414 | &nbsp;&nbsp; 438414618 |
| **Net assets at end of year** | **$501955424** | &nbsp;&nbsp; **$476718414** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **August 31, 2025**  | **August 31, 2025**  | **August 31, 2024**  | **August 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Institutional Class |  |  |  |  |
| Shares sold | 13169569 | &nbsp;&nbsp;&nbsp;&nbsp; 119721156 | &nbsp;&nbsp;&nbsp;&nbsp; 12929244 | &nbsp;&nbsp;&nbsp;&nbsp; 120024413 |
| Distributions reinvested | 1096550 | &nbsp;&nbsp;&nbsp;&nbsp; 10000535 | &nbsp;&nbsp;&nbsp;&nbsp; 1215514 | &nbsp;&nbsp;&nbsp;&nbsp; 10963938 |
| Shares redeemed | (10587782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (96105758)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10732618)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (99224226)<br>|
| Net increase | 3678337 | &nbsp;&nbsp;&nbsp;&nbsp; 33615933 | &nbsp;&nbsp;&nbsp;&nbsp; 3412140 | &nbsp;&nbsp;&nbsp;&nbsp; 31764125 |
| **Total net increase** | **3678337** | &nbsp;&nbsp;&nbsp;&nbsp; **33615933** | &nbsp;&nbsp;&nbsp;&nbsp; **3412140** | &nbsp;&nbsp;&nbsp;&nbsp; **31764125** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

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Consolidated Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
| **Institutional Class** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Per share data** |  |  |  |  |  |
| Net asset value, beginning of period | $9.33 | &nbsp;&nbsp;&nbsp; $9.19 | &nbsp;&nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp; $9.68 | &nbsp;&nbsp;&nbsp; $9.38 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 0.26 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Total from investment operations | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| **Distributions to shareholders** |  |  |  |  |  |
| Distributions from net investment income | (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Distributions from net realized gains |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions to shareholders | (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net asset value, end of period | $9.16 | &nbsp;&nbsp;&nbsp; $9.33 | &nbsp;&nbsp;&nbsp; $9.19 | &nbsp;&nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp; $9.68 |
| Total return | 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.12<br> %<br>|
| **Ratios to average net assets** |  |  |  |  |  |
| Total gross expenses<sup>(c)</sup> <br>| 1.28 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %<sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %<sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36 %<sup>(d),(e)</sup><br>|
| Total net expenses<sup>(c),(f)</sup> <br>| 1.28 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %<sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %<sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36 %<sup>(d),(e)</sup><br>|
| Net investment income  | 4.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $501955 | &nbsp;&nbsp;&nbsp; $476718 | &nbsp;&nbsp;&nbsp; $438415 | &nbsp;&nbsp;&nbsp; $534369 | &nbsp;&nbsp;&nbsp; $524920 |
| Portfolio turnover | 126<br> %<br>| &nbsp;&nbsp;&nbsp; 141<br> %<br>| &nbsp;&nbsp;&nbsp; 200<br> %<br>| &nbsp;&nbsp;&nbsp; 171<br> %<br>| &nbsp;&nbsp;&nbsp; 203<br> %<br>|

---

---

| | |
|:---|:---|
| **Notes to Consolidated Financial Highlights** | **Notes to Consolidated Financial Highlights** |
| (a) | Includes income resulting from special dividends. The effect of these amounted to: |

---

---

| | | |
|:---|:---|:---|
| **Class**  | **Net investment income per share ($)** | **Net investment income ratio (%)** |
| **Year Ended 8/31/2023** |  |  |
| Institutional Class | 0.01 | 0.08 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculation of the net gain (loss) per share (both realized and unrealized) does not
 correlate to the aggregate realized and unrealized gain (loss) presented in the Consolidated Statement of Operations due to timing of Fund shares sold and redeemed
 in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for
 the share class.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly
 bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios include interest on collateral expense which is less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratios include dividends and interest on securities sold short. If dividends and interest
 on securities sold short had been excluded, expenses would have been lower by:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **8/31/2025** | **8/31/2024** | **8/31/2023** | **8/31/2022** | **8/31/2021** |
| Institutional Class | —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) Total net expenses include the impact of certain fee waivers/expense reimbursements
 made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements

August 31, 2025

Note 1. Organization

Multi-Manager Alternative Strategies Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Basis for consolidation**

ASGM Offshore Fund, Ltd. and ASMF Offshore Fund, Ltd. (each, a Subsidiary) are each a Cayman Islands exempted company and wholly-owned subsidiary of the Fund. Each Subsidiary acts as an investment vehicle in order to effect certain investment strategies consistent with the Fund's investment objective and policies as stated in its current prospectus and statement of additional information. In accordance with the Memorandum and Articles of Association of the Subsidiary (the Articles), the Fund owns the sole issued share of each Subsidiary and retains all rights associated with such share, including the right to receive notice of, attend and vote at general meetings of the Subsidiaries, rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiaries. The consolidated financial statements (financial statements) include the accounts of the consolidated Fund and each respective Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and each Subsidiary. All intercompany transactions and balances have been eliminated in the consolidation process.

At August 31, 2025, each Subsidiary's financial statement information is as follows:

---

| | | |
|:---|:---|:---|
|  | **ASGM Offshore Fund, Ltd.** | **ASMF Offshore Fund, Ltd.** |
| % of consolidated fund net assets | 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>|
| Net assets | $3044294 | &nbsp;&nbsp;&nbsp;&nbsp; $10540589 |
| Net investment income (loss)  | 143413 | &nbsp;&nbsp;&nbsp;&nbsp; 332205 |
| Net realized gain (loss)  | (2327378)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1250695)<br>|
| Net change in unrealized appreciation (depreciation) | (438457)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 320745 |

---

The financial statements present the portfolio holdings, financial position and results of operations of the Fund and the Subsidiaries on a consolidated basis.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. (Ameriprise Financial) or its affiliates, and to group retirement plan recordkeeping platforms that have an agreement with (i) Columbia Management Investment Distributors, Inc. or an affiliate thereof that specifically authorizes the group retirement plan recordkeeper to offer and/or service Institutional 3 Class shares within such platform, provided also that Fund shares are held in an omnibus account and (ii) Wilshire Associates, appointed or serving as investment manager or consultant to the recordkeeper's group retirement platform. The Fund does not currently offer Institutional 3 Class shares. The Fund offers the share class listed in the Consolidated Statement of Assets and Liabilities which is not subject to any front-end sales charge or contingent deferred sales charge.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

August 31, 2025

**Segment reporting**

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of the ASU 2023-07 is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures.

The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

August 31, 2025

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Consolidated Portfolio of Investments.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Consolidated Statement of Operations.

**Derivative instruments**

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Consolidated Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

August 31, 2025

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk in respect of over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities.

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

August 31, 2025

**Forward foreign currency exchange contracts** 

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, to generate total return through long and short positions versus the U.S. dollar and to generate alpha. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Consolidated Statement of Assets and Liabilities.

**Futures contracts**

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market, to manage exposure to the commodities, government bonds and currency markets and to generate alpha. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Consolidated Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Consolidated Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities.

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Consolidated Portfolio of Investments and cash deposited is recorded in the Consolidated Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty stands between the Fund and the relevant buyer/seller on the

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

August 31, 2025

other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.

**Interest rate and inflation rate swap contracts**

The Fund entered into interest rate swap transactions or inflation rate swap contracts (together, rate swaps) to gain exposure to or protect itself from market rate changes and to hedge the portfolio risk associated with some or all of the Fund's securities. These instruments may be used for other purposes in future periods. A rate swap is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a notional amount. Certain rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard rate swap is generally the difference between a floating market interest rate or floating rate linked to an inflation index versus a fixed interest rate as applied to the notional amount.

Rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the rate swap is terminated.

**Effects of derivative transactions in the financial statements**

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Consolidated Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Consolidated Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Consolidated Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at August 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Consolidated statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,695,317<br> \*<br>|
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1596650 |
| Foreign exchange risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 238,410<br> \*<br>|
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 437,957<br> \*<br>|
| Commodity-related investment risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,776,738<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 5745072 |

---

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Consolidated statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 191,075<br> \*<br>|
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 651038 |
| Foreign exchange risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 87,782<br> \*<br>|
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 456,523<br> \*<br>|
| Commodity-related investment risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 401,968<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 1788386 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Consolidated Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Consolidated Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Consolidated Statement of Operations for the year ended August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Commodity-related investment risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3404599)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3404599)<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5000965)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5000965)<br>|
| Foreign exchange risk | &nbsp;&nbsp; (5320936)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1240678)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6561614)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6861549)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88259 | &nbsp;&nbsp;&nbsp;&nbsp; (6773290)<br>|
| Total | &nbsp;&nbsp; (5320936)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16507791)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88259 | &nbsp;&nbsp;&nbsp;&nbsp; (21740468)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Commodity-related investment risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (118806)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (118806)<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134453 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134453 |
| Foreign exchange risk | &nbsp;&nbsp; 1486350 | &nbsp;&nbsp;&nbsp;&nbsp; 75067 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1561417 |
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30993 | &nbsp;&nbsp;&nbsp;&nbsp; 9354 | &nbsp;&nbsp;&nbsp;&nbsp; 40347 |
| Total | &nbsp;&nbsp; 1486350 | &nbsp;&nbsp;&nbsp;&nbsp; 121707 | &nbsp;&nbsp;&nbsp;&nbsp; 9354 | &nbsp;&nbsp;&nbsp;&nbsp; 1617411 |

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended August 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 418428838 |
| Futures contracts — short | 280469023 |

---

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 2152828 | &nbsp;&nbsp;&nbsp;&nbsp; (2358934)<br>|
| Interest rate swap contracts | &nbsp;&nbsp; 17551 | &nbsp;&nbsp;&nbsp;&nbsp; (2751)<br>|

---

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

August 31, 2025

**Investments in senior loans** 

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Consolidated Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

**Asset- and mortgage-backed securities** 

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

**Delayed delivery securities**

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

**To be announced securities** 

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

August 31, 2025

dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

**Interest only and principal only securities** 

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Consolidated Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Consolidated Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

August 31, 2025

**Offsetting of assets and liabilities** 

The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements with counterparties as well as any related collateral received or pledged by the Fund as of August 31, 2025:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays** <br>**($)**<br>| **BNY** <br>**Capital** <br>**Markets** <br>**($)**<br>| **Citi** <br>**($)**<sup>(a)</sup> <br>| **Citi** <br>**($)**<sup>(a)</sup> <br>| **Goldman** <br>**Sachs** <br>**($)**<sup>(a)</sup> <br>| **Goldman** <br>**Sachs** <br>**($)**<sup>(a)</sup> <br>| **HSBC** <br>**($)**<br>| **JPMorgan** <br>**($)**<sup>(a)</sup> <br>| **JPMorgan** <br>**($)**<sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <br>**($)**<br>| **Royal Bank** <br>**of** <br>**Canada** <br>**($)**<br>| **Standard** <br>**Chartered** <br>**($)**<br>| **State** <br>**Street** <br>**($)**<br>| **UBS** <br>**($)**<br>| **Total** <br>**($)**<br>|
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | $47214<br>| 60<br>| 2415<br>| 46574<br>| 23713<br>| 42570<br>| 53881<br>| 1180180<br>| 43913<br>| 13664<br>| 30865<br>| 37768<br>| 26308<br>| 47525<br>| 1596650<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | 19596<br>| -<br>| 995<br>| 12168<br>| 5639<br>| 81895<br>| 9712<br>| 429390<br>| 16693<br>| 20548<br>| 32913<br>| 20235<br>| 1254<br>| -<br>| 651038<br>|
| **Total financial and derivative net assets** | **27618**<br>| **60**<br>| **1420**<br>| **34406**<br>| **18074**<br>| **(39325)**<br>| **44169**<br>| **750790**<br>| **27220**<br>| **(6884)**<br>| **(2048)**<br>| **17533**<br>| **25054**<br>| **47525**<br>| **945612**<br>|
| Total collateral received (pledged) <sup>(b)</sup> <br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>|
| **Net amount** <sup>(c)</sup> <br>| $**27618**<br>| **60**<br>| **1420**<br>| **34406**<br>| **18074**<br>| **(39325)**<br>| **44169**<br>| **750790**<br>| **27220**<br>| **(6884)**<br>| **(2048)**<br>| **17533**<br>| **25054**<br>| **47525**<br>| **945612**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exposure can only be netted across transactions governed under the same master agreement
 with the same legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In some instances, the actual collateral received and/or pledged may be more than
 the amount shown due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the net amount due from/(to) counterparties in the event of default.

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

August 31, 2025

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

**Income recognition**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

The value of additional securities received as an income payment through a payment-in-kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Consolidated Statement of Operations.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Consolidated Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

August 31, 2025

**Federal income tax status**

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Consolidated Statement of Assets and Liabilities.

**Distributions to shareholders**

Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

**Recent accounting pronouncements and regulatory updates**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 1.10% to 0.95% as the Fund's net assets increase. The effective management services fee rate for the year ended August 31, 2025 was 1.10% of the Fund's average daily net assets.

Multi-Manager Alternative Strategies Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

August 31, 2025

**Subadvisory agreements**

The Investment Manager has entered into Subadvisory Agreements with AlphaSimplex Group, LLC, Crabel Capital Management, LLC, Manulife Investment Management (US) LLC and TCW Investment Management Company LLC, each of which subadvises a portion of the assets of the Fund. MidOcean Credit Fund Management, L.P. (MidOcean) is expected to begin serving as subadviser to a portion of the Fund's portfolio in the fourth quarter of 2025. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Consolidated Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Consolidated Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Consolidated Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Transfer agency fees**

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees.

For the year ended August 31, 2025, the Fund's effective transfer agency fee rate as a percentage of average daily net assets was as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Institutional Class | 0.11 |

---

Multi-Manager Alternative Strategies Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

August 31, 2025

**Distribution and service fees**

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Fund does not pay the Distributor a fee for the distribution services it provides to the Fund.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**December 31, 2025 (%)**<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At August 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, derivative investments, passive foreign investment company (pfic) holdings, tax straddles, investments in partnerships and/or grantor trusts, investments in certain convertible securities, deemed distributions, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees' deferred compensation, non-deductible expenses, investments in commodity subsidiaries, swap investments, foreign capital gains tax and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Excess of distributions** <br>**over net investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| (5874156)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6028282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (154126)<br>|

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Consolidated Statement of Operations, and net assets were not affected by this reclassification.

Multi-Manager Alternative Strategies Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

August 31, 2025

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended August 31, 2025** | **Year Ended August 31, 2025** | **Year Ended August 31, 2025** | **Year Ended August 31, 2024** | **Year Ended August 31, 2024** | **Year Ended August 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 10000535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10963938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10963938 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 3290260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36313421)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45498918)<br>|

---

At August 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 563336102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2577109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48076027)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45498918)<br>|

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at August 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended August 31, 2025, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (1230032)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35083389)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36313421)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $463,127,540 and $431,718,761, respectively, for the year ended August 31, 2025, of which $334,705,097 and $305,272,234, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Consolidated Financial Highlights.

Brokerage commissions paid to brokers affiliated with the Investment Manager of the Fund were $5,245 for the year ended August 31, 2025.

Note 6. Affiliated money market fund

The Fund invests significantly in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Consolidated Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund

Multi-Manager Alternative Strategies Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

August 31, 2025

rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended August 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 4171429 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Consolidated Statement of Operations. The Fund had no outstanding interfund loans at August 31, 2025.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Consolidated Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended August 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's NAV may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances,

Multi-Manager Alternative Strategies Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

August 31, 2025

such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At August 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted below, there were no items requiring adjustment of the financial statements or additional disclosure.

The Board of Trustees of the Fund approved a custody agreement with State Street Bank and Trust Company (State Street). The transition of custody services to State Street is expected to be completed by December, 2026. In addition, the Board approved the engagement by the Investment Manager of State Street as sub-administrator. In such capacity, and subject to the supervision and direction of the Investment Manager, State Street will provide certain sub-administration services to the Fund, including fund accounting and financial reporting services.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Multi-Manager Alternative Strategies Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Series Trust I and Shareholders of Multi-Manager Alternative Strategies Fund**

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Multi-Manager Alternative Strategies Fund and its subsidiaries (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of August 31, 2025, the related consolidated statement of operations for the year ended August 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

October 24, 2025

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Multi-Manager Alternative Strategies Fund \| 2025

------

Approval of Management and Subadvisory

Agreements

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Multi-Manager Alternative Strategies Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under the subadvisory agreements (the Subadvisory Agreements) between the Investment Manager and each of AlphaSimplex Group, LLC (AlphaSimplex), Crabel Capital Management, LLC (Crabel), Manulife Investment Management (US) LLC (Manulife) and TCW Investment Management Company LLC (TCW) (collectively, the Renewal Subadvisers), the Renewal Subadvisers provide portfolio management and related services for the Fund.

The Fund's Board of Trustees (the Board) at its June 26, 2025 meeting (the June Meeting), considered the initial approval of the Subadvisory Agreement between the Investment Manager and MidOcean Credit Fund Management, L.P. (MidOcean) with respect to the Fund. At the June Meeting, independent legal counsel (Independent Legal Counsel) to the independent Board members (the Independent Trustees) reviewed with the Board the legal standards for consideration by directors/trustees of advisory and subadvisory agreements and referred to the various written materials and oral presentations received by the Board and its Contracts, Compliance, and Investment Review Committees in connection with the Board's evaluation of MidOcean's proposed services.

The Trustees held discussions with the Investment Manager and MidOcean and reviewed and considered various written materials and oral presentations in connection with the evaluation of MidOcean's proposed services, including the reports from management with respect to the fees and terms of the proposed Subadvisory Agreement and MidOcean's investment strategy/style and performance and from the Compliance Committee, with respect to the code of ethics and compliance program of MidOcean. In considering the Subadvisory Agreement, the Board reviewed, among other things:

• Terms of the Subadvisory Agreement;

• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreement;

• Descriptions of various services proposed to be performed by MidOcean under the Subadvisory Agreement, including portfolio management and portfolio trading practices;

• Information regarding the experience and resources of MidOcean, including information regarding senior management, portfolio managers, and other personnel;

• Information regarding the capabilities of MidOcean's compliance program; and

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including a majority of the Independent Trustees, upon the recommendation of the Investment Manager, unanimously approved the Subadvisory Agreement between the Investment Manager and MidOcean with respect to the Fund on June 26, 2025.

On an annual basis, the Board, including the Independent Trustees, considers renewal of the Management Agreement and the Subadvisory Agreements (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by Independent Legal Counsel, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

Multi-Manager Alternative Strategies Fund \| 2025

------

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

The Board, at the June Meeting, considered the renewal of each of the Advisory Agreements for additional one-year terms (except for the MidOcean Subadvisory Agreement, which was proposed for initial approval). At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement and each of the Subadvisory Agreements, except the MidOcean Subadvisory Agreement (the Renewal Subadvisory Agreements and, together with the Management Agreement, the Renewal Advisory Agreements), which was separately considered for initial approval. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Renewal Advisory Agreements;

• Subadvisory fees payable by the Investment Manager under the Renewal Subadvisory Agreements;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager and the Renewal Subadvisers under the Renewal Advisory Agreements, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager and Renewal Subadvisers, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Renewal Advisory Agreements.

Nature, extent and quality of services provided by the Investment Manager and the Subadvisers

When considering the approval of the Subadvisory Agreement with MidOcean, the Board considered its analysis of the reports and presentations received by it, detailing the services proposed to be performed by MidOcean as a subadviser for the Fund, as well as the history, reputation, expertise, resources and capabilities, and the qualifications of the personnel of MidOcean. The Board considered the diligence and selection process undertaken by the Investment Manager to select MidOcean, including the Investment Manager's rationale for recommending MidOcean, and the process for monitoring MidOcean's ongoing performance of services for the Fund. The Board observed that MidOcean's compliance program had

Multi-Manager Alternative Strategies Fund \| 2025

------

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

been reviewed by the Fund's Chief Compliance Officer and was determined by him to be reasonably designed to prevent violation of the federal securities laws by the Fund. The Board also observed that information had been presented regarding MidOcean's ability to carry out its responsibilities under the proposed Subadvisory Agreement. The Board also considered the information provided by management regarding the personnel, risk controls, philosophy, and investment processes of MidOcean. The Board also noted the presentation by MidOcean to the Board's Investment Review Committee.

The Board also discussed the acceptability of the terms of the proposed Subadvisory Agreement. Independent Legal Counsel noted that the proposed Subadvisory Agreement was generally similar in scope and form to subadvisory agreements applicable to other subadvised Funds.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund supported the approval of the Subadvisory Agreement with MidOcean.

When considering the renewal of the Renewal Advisory Agreements, the Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadvisers whose agreements were up for renewal, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Renewal Advisory Agreements, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring each Renewal Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered each Renewal Subadviser's organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered each Renewal Subadviser's capability and wherewithal to carry out its responsibilities under the applicable Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Renewal Subadvisory Agreements, including the scope of services required to be performed. The Board noted that the terms of the Renewal Subadvisory Agreements are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Renewal Subadvisory Agreements. The Board took into account the Investment Manager's representation that each Renewal Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager's subadvisory oversight team.

Multi-Manager Alternative Strategies Fund \| 2025

------

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Renewal Advisory Agreements supported the continuation of the Management Agreement and each of the Subadvisory Agreements up for renewal.

Investment performance

When considering the approval of the Subadvisory Agreement with MidOcean, the Board observed MidOcean's relevant performance results versus the industry benchmarks, versus the other subadvisers of the Fund and versus peers over various periods, noting competitive results versus peers and industry benchmarks over certain of the 1-,3- and 5-year periods ended December 31, 2024. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of MidOcean, in light of other considerations, supported the approval of the Subadvisory Agreement.

When considering each of the Renewal Advisory Agreements, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.

Additionally, the Board reviewed the performance of each Renewal Subadviser and the Investment Manager's process for monitoring such Subadvisers' performance. The Board considered, in particular, management's rationale for recommending the continued retention of each Renewal Subadviser and management's representations that the Investment Manager's profitability is not the key factor driving their recommendation to select, renew or terminate a Renewal Subadviser.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's and Renewal Subadvisers' performance and reputation generally and the Investment Manager's evaluation of each Renewal Subadviser's contribution to the Fund's broader investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Renewal Subadvisers, in light of other considerations, supported the continuation of the Management Agreement and each of the Subadvisory Agreements up for renewal.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

When considering the approval of the Subadvisory Agreement with MidOcean, the Board reviewed the proposed level of subadvisory fees under the proposed Subadvisory Agreement, noting that the proposed subadvisory fees payable to MidOcean would be paid by the Investment Manager and would not impact the fees paid by the Fund. The Trustees observed that management fees, which were not proposed to change, remained within the range of other peers and that the Fund's expense ratio also remained within the range of other peers.

Additionally, the Board considered the expected decrease in the total profitability of the Investment Manager and its affiliates in connection with the hiring of MidOcean. Because the Subadvisory Agreement was negotiated at arm's length by the Investment Manager, which is responsible for payments to the subadviser thereunder, the Board did not consider the profitability to MidOcean from its relationship with the Fund.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the proposed level of subadvisory fees, anticipated costs of services provided and the expected profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the approval of the Subadvisory Agreement with MidOcean.

Multi-Manager Alternative Strategies Fund \| 2025

------

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

When considering the Renewal Advisory Agreements, the Board reviewed comparative fees and the costs of services provided under each of the Renewal Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports.

Additionally, the Board reviewed the level of subadvisory fees paid to each Renewal Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing each Renewal Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement and each of the Subadvisory Agreements up for renewal.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Renewal Subadvisory Agreements were negotiated at arm's length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Board did not consider the profitability to each Renewal Subadviser from its relationship with the Fund.

With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and each of the Subadvisory Agreements up for renewal.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth.

When considering the approval of the Subadvisory Agreement with MidOcean, the Board also considered the economies of scale that may be realized by the Investment Manager and its affiliates as the Fund grows and took note of the extent to which shareholders might also benefit from such growth. The Board considered, in this regard, the expected decrease in profitability to the Investment Manager from its management agreement with the Fund as a result of the proposed engagement of MidOcean. The Board took into account, in this regard, the significant oversight services provided by the

Multi-Manager Alternative Strategies Fund \| 2025

------

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

Investment Manager to the Fund. The Board also observed that fees to be paid under the Subadvisory Agreement would not impact fees paid by the Fund (as subadvisory fees are paid by the Investment Manager and not the Fund). The Board observed that the Fund's management agreement with the Investment Manager continues to provide for sharing of economies of scale as management fees decline as assets increase at pre-established breakpoints.

When considering the Renewal Advisory Agreements, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the Subadvisory Agreement with MidOcean and to continue the Management Agreement and each of the Renewal Subadvisory Agreements on June 26, 2025. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Subadvisory Agreement with MidOcean appeared fair and reasonable in light of the services proposed to be provided and approved the Subadvisory Agreement. On June 26, 2025, the Board, including all of the Independent Trustees, also determined that fees payable under each of the Renewal Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Renewal Advisory Agreements.

Multi-Manager Alternative Strategies Fund \| 2025

------

**Multi-Manager Alternative Strategies Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](img795c007d2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to** 

columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

ANN100_08_R01_(10/25)

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The fees and expenses of the independent trustees are included in "Compensation of board members" and "Deferred compensation of board members" on each Fund's Consolidated Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR. Additionally, the compensation paid by the Trust to the Chief Compliance Officer is included in "Compensation of chief compliance officer" on each Fund's Consolidated Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

------

Item 16. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are effective and adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

[(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.](Code_of_Ethics.htm)

[(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](302_Certification.htm)

[(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.](906_Certification.htm)

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;(registrant) | &nbsp;&nbsp;Columbia Funds Series Trust I |
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Michael G. Clarke |
|  | &nbsp;&nbsp;Michael G. Clarke, President and Principal Executive Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;October 24, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Michael G. Clarke |
|  | &nbsp;&nbsp;Michael G. Clarke, President and Principal Executive Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;October 24, 2025 |
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Charles H. Chiesa |
|  | &nbsp;&nbsp;Charles H. Chiesa, Treasurer, Chief Financial Officer, Chief Accounting |
|  | &nbsp;&nbsp;Officer and Principal Financial Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;October 24, 2025 |

---

------

## Ex-99.Cert

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: October 24, 2025 | /s/ Michael G. Clarke |
|  | Michael G. Clarke, President and Principal |
|  | Executive Officer |

---

I, Charles H. Chiesa, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: October 24, 2025 | /s/ Charles H. Chiesa |
|  | Charles H. Chiesa, Treasurer, Chief Financial |
|  | Officer, Chief Accounting Officer and Principal |
|  | Financial Officer |

---

------

## Ex-99.Code

![Image is missing](gfzovr7qk0nt9d1dju9tq.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

---

| | |
|:---|:---|
|  | **COLUMBIA FUNDS** |
| &nbsp;&nbsp;**Applicable Regulatory Authority** | &nbsp;&nbsp;&nbsp;Section 406 of the Sarbanes-Oxley Act of 2002; |
|  | &nbsp;&nbsp;&nbsp;Item 2 of Form N-CSR |
| &nbsp;&nbsp;**Related Policies** | &nbsp;&nbsp;&nbsp;Overview and Implementation of Compliance Program |
|  | &nbsp;&nbsp;&nbsp;Policy |
| &nbsp;&nbsp;**Requires Annual Board Approval** | &nbsp;&nbsp;&nbsp;No but Covered Officers Must provide annual |
|  | &nbsp;&nbsp;&nbsp;certification |
| &nbsp;&nbsp;**Last Reviewed by AMC** | &nbsp;&nbsp;&nbsp;September 2025 |

---

**<u>Overview and Statement</u>**

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Whether it has adopted a code of ethics that applies to the investment company's principal executive officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any amendments to, or waivers from, the code of ethics relating to such officers.

The Board of the Columbia Funds ("Columbia Board") has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Funds holds their principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the Overview and Implementation of Compliance Program Policy.

**<u>Policy</u>**

The Board has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Covered Officers/Purpose of the Code**

This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 1 of 9

![Image is missing](g34l94bwdeoimgvdcjgwa.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.Administration of the Code**

The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code

Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Managing Conflicts of Interest**

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser (Columbia Management Investment Advisers, LLC ("CMIA") for the Columbia Funds, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 2 of 9

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Funds that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Funds covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Funds. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer, or a member of his or her family, rather than the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Service as a director on the board of a public or private company or service as a public official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The receipt of a non-de minimus gift when the gift is in relation to doing business directly or indirectly with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The receipt of entertainment from any company with which the Fund has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than the Primary Service Providers or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure and Compliance

It is the responsibility of each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as the business and financial operations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To adhere to and, within his or her area of responsibility, promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Reporting and Accountability by Covered Officers** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he or she has received, read and understands the Code, using the form attached as Appendix A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.

The Fund will follow the policy set forth below in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so notify the person(s) reporting the potential violation, and no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the Code Officer or the CLO to the Fund's Audit

Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other Policies

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Disclosure of Amendments to the Code

Any amendments will, to the extent required, be disclosed in accordance with law.

&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**Reporting Requirements**

Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

**Monitoring/Oversight/Escalation**

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

**Recordkeeping**

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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**Appendix A**

**INITIAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**Covered Officer Name and Title: <u>_______________________________________________</u>**

(please print)

<u>____________________________________________________________________________</u>

SignatureDate

Please return this completed form to the CLO (_______) within one week from the date of your

review of these documents. Thank you!

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**Appendix B**

**ANNUAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.

______________________________________________________________

______________________________________________________________

______________________________________________________________

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.[<sup>1</sup>](#div2e5fd436-5946-426b-a80b-851fd3a5af5b)

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**Covered Officer Name and Title: <u>_______________________________________________</u>**

(please print)

<u>____________________________________________________________________________</u>

SignatureDate

Please return this completed form to the CLO (_______) within one week from the date of your

receipt of a request to complete and return it. Thank you!

1It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.

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## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Series Trust I (the "Trust") on Form N-CSR for the period ending August 31, 2025 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| Date: October 24, 2025  | <u>/s/ Michael G. Clarke&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Michael G. Clarke, President and Principal Executive Officer  |

---

---

| | |
|:---|:---|
| Date: October 24, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Charles H. Chiesa</u>  |
|  | Charles H. Chiesa, Treasurer, Chief Financial Officer,  |
|  | Chief Accounting Officer and Principal Financial Officer  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.

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