Multi-Manager Alternative Strategies Fund

C000110858 Fund Overview

Multi-Manager Alternative Strategies Fund is a US mutual fund managed by Columbia Funds Series Trust I, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Columbia Funds Series Trust I
• Category: Alternative
• Assets under management: $615.66M
• SEC CIK: 0000773757
• SEC series ID: S000036207
• Share class ID: C000110858

C000110858 Investment Objective and Strategy

Multi-Manager Alternative Strategies Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Columbia Funds Series Trust I.

Investment objective

Multi-Manager Alternative Strategies Fund (the Fund) seeks capital appreciation with an emphasis on absolute (positive) returns.

Principal investment strategy

The Fund pursues its investment objective by allocating the Funds assets among different asset managers that use multiple investment styles and strategies across different markets. The Funds investment manager, Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), and investment subadvisers (Subadvisers) each provide day-to-day portfolio management for a portion of the Funds assets, or sleeve of the Fund. The Investment Manager and the Subadvisers employ a variety of investment strategies, techniques and practices that are designed to seek positive returns, with a low correlation to the performance of the broad equity and fixed income markets over a complete market cycle, which can be measured from market peak to peak or from market trough to trough.

Columbia Management is responsible for providing day-to-day portfolio management of a sleeve and is also responsible for oversight of the Subadvisers. The Funds Subadvisers are AQR Capital Management, LLC (AQR), Manulife Asset Management (US) LLC (Manulife), TCW Investment Management Company LLC (TCW) and Water Island Capital, LLC (Water Island). Columbia Management, subject to the oversight of the Funds Board of Trustees, determines the allocation of the Funds assets to each sleeve, and may change these allocations at any time. Columbia Management and the Subadvisers act independently of each other and use their own methodologies for selecting investments. The Subadvisers investment strategies and techniques may involve seeking exposure to capital markets; seeking to exploit disparities or inefficiencies in markets, geographical areas and companies; seeking to take advantage of security mispricings or anticipated price movements; and/or seeking to benefit from cyclical themes and relationships or special situations and events (such as mergers, acquisitions or reorganizations).

Such strategies are subject to risks that are relatively unrelated to the broad equity and fixed income markets. The Fund may employ both long (an ordinary purchase) and short (described below) positions in equity securities (including common stock, preferred stock and convertible securities), fixed-income securities (including sovereign and quasi-sovereign debt obligations, corporate bonds, notes and debentures), derivative instruments (including futures, forwards, swaps and commodity-linked investments) and exchange-traded funds (ETFs). When the Fund takes a short position, it typically sells a currency, security or other asset that it has borrowed in anticipation of a decline in the price of the asset. A sleeve may at any time have either a net long exposure or a net short exposure to markets, and neither the sleeves nor the Funds portfolio as a whole will be managed to maintain any fixed net long or net short market exposure.

To close out a short position, the Fund buys back the same security or other asset in the market and returns it to the lender. If the price of the security or other asset falls sufficiently, the Fund will make money. If it instead increases in price, the Fund will lose money. The Fund may invest in early stage companies and initial public offerings (IPOs). The Fund may invest in companies of any market capitalization and may invest without limitation in foreign securities or instruments and currencies, including investments in emerging market instruments. The Fund may invest in fixed income securities of any maturity (and does not seek to maintain a particular dollar-weighted average maturity) and of any credit quality, including investments that are rated below investment-grade (commonly referred to as high yield securities or junk bonds) or, if unrated, deemed by the Investment Manager or applicable Subadviser, as the case may be, to be of comparable quality.

The Fund may also engage in repurchase agreements and reverse repurchase agreements. The Fund may invest in private placements. It is anticipated that the Fund will make substantial use of derivatives, including both exchange-traded and over-the-counter (OTC) instruments. The Fund may invest in forward contracts (including foreign currency contracts and forward interest rate agreements), futures (including commodity-linked, currency, equity, index, interest rate, and other bond futures), options (including options on currencies, equities, and interest rates), structured investments (including commodity-linked structured notes), swaps (including equity swaps, swaps on commodity, equity and fixed income/bond futures, and credit default, cross-currency, interest rate and total return swaps) and options on swaps (commonly known as swaptions).

The Fund may use these derivatives in an effort to implement the Funds strategy, to produce incremental earnings and enhance total return, to hedge existing positions, to increase market or credit exposure (including using derivatives as a substitute for the purchase or sale of the underlying security or other asset), to manage certain investment risks and/or as a substitute for the purchase or sale of securities, currencies or commodities, and/or to change the Funds effective duration. One or more of the strategies used by the Fund and the Subsidiary (as defined below) may result in leveraged exposure in general and to one or more specific asset classes. The Fund may invest in securities and instruments, including derivatives, indirectly through an offshore, wholly-owned subsidiary organized under the laws of the Cayman Islands (the Subsidiary), managed by Columbia Management and subadvised by AQR.

The Subsidiary has substantially the same investment objective as the Fund and its investments are consistent with the Funds investment restrictions applied on a look through basis. The Subsidiary invests mainly in futures and/or swaps, including, but not limited to, commodity-related futures, swaps and swaps on commodity futures, but they may also make any other investments the Fund may make, including investments intended to serve as margin or collateral for the Subsidiarys derivative positions. Unlike the Fund (which is subject to limitations under U.S. federal tax laws), the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Fund and its Subsidiary will comply on a consolidated basis with asset coverage or segregation requirements. AQR is expected to invest no more than 25% of the total assets of its sleeve in the Subsidiary that it subadvises, and the Fund, in the aggregate, will not invest more than 25% of its total assets in the Subsidiary.

The Fund expects to hold a significant amount of cash, U.S. Treasury securities, money market instruments (which may include investments in one or more affiliated or unaffiliated money market funds or similar vehicles), other high-quality, short-term investments or mortgage-backed securities, or other liquid assets to meet its segregation obligations as a result of its investments in derivatives. The Subsidiarys commodity-linked investments are expected to produce leveraged exposure to the performance of the commodities markets. In addition to its investments in commodity-linked derivative instruments, the Fund may, through investments in the Subsidiary, invest directly in physical commodities, including but not limited to, gold, silver, platinum and palladium. Each sleeve managers investment strategy may involve the frequent trading of portfolio securities or instruments, which may increase brokerage and other transaction costs and have adverse tax consequences.

C000110858 Holdings

Top 10 holdings of Multi-Manager Alternative Strategies Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000110858 holdings

C000110858 Portfolio Allocation

Asset-class allocation of Multi-Manager Alternative Strategies Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000110858 Costs and Fees

C000110858 costs about $152 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.52%
• Gross expense ratio: 1.52%
• Portfolio turnover: 126%
• Brokerage commissions: 0.02 bps of average net assets (SEC N-CEN)

C000110858 Cashflows

Over the 12 months to 2026-05, Multi-Manager Alternative Strategies Fund had net inflows of $98.17M, from monthly SEC N-PORT filings.

C000110858 Debt Constituents

Largest debt holdings of Multi-Manager Alternative Strategies Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000110858 Prospectus and SEC Filings

Official Multi-Manager Alternative Strategies Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-12-22
• Prospectus (485BPOS) — filed 2024-12-23
• Prospectus (485BPOS) — filed 2023-12-21
• Portfolio holdings (N-PORT) — filed 2026-07-29
• Portfolio holdings (N-PORT) — filed 2026-04-27
• Portfolio holdings (N-PORT) — filed 2026-01-28
• Annual census (N-CEN) — filed 2024-11-08
• Annual census (N-CEN) — filed 2023-11-13

Related Funds

Other Alternative funds tracked on ABC INVEST:

• iShares 0-3 Month Treasury Bond ETF (SGOV)
• Vanguard Short-Term Inflation-Protected Securities Index Fund (VTAPX)
• SPDR® Bloomberg Barclays 1-3 Month T-Bill ETF (BIL)
• Vanguard Inflation-Protected Securities Fund (VIPSX)
• iShares 0-1 Year Treasury Bond ETF (SHV)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.