UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09645
Columbia Funds Series Trust
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: April 30
Date of reporting period: April 30, 2024
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.
Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value |
3 | |
5 | |
8 | |
9 | |
19 | |
20 | |
21 | |
24 | |
28 | |
37 | |
38 | |
38 | |
44 |
Average annual total returns (%) (for the period ended April 30, 2024) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 09/09/02 | 1.85 | 0.82 | 1.77 |
Including sales charges | -1.17 | 0.22 | 1.46 | ||
Advisor Class | 03/19/13 | 2.21 | 1.09 | 2.03 | |
Institutional Class | 08/19/02 | 2.21 | 1.09 | 2.03 | |
Institutional 2 Class | 11/08/12 | 2.12 | 1.11 | 2.08 | |
Institutional 3 Class* | 03/01/17 | 2.28 | 1.18 | 2.10 | |
Bloomberg California 3-15 Year Blend Municipal Bond Index | 1.69 | 1.26 | 2.11 | ||
Bloomberg 3-15 Year Blend Municipal Bond Index | 1.75 | 1.37 | 2.22 |
Quality breakdown (%) (at April 30, 2024) | |
AAA rating | 1.1 |
AA rating | 51.0 |
A rating | 28.0 |
BBB rating | 12.0 |
BB rating | 1.3 |
Not rated | 6.6 |
Total | 100.0 |
November 1, 2023 — April 30, 2024 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,048.80 | 1,021.23 | 3.72 | 3.67 | 0.73 |
Advisor Class | 1,000.00 | 1,000.00 | 1,051.30 | 1,022.48 | 2.45 | 2.41 | 0.48 |
Institutional Class | 1,000.00 | 1,000.00 | 1,050.20 | 1,022.48 | 2.45 | 2.41 | 0.48 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,050.40 | 1,022.53 | 2.40 | 2.36 | 0.47 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,050.50 | 1,022.77 | 2.14 | 2.11 | 0.42 |
Floating Rate Notes 0.4% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Variable Rate Demand Notes 0.4% | ||||
New York City Transitional Finance Authority(a),(b) | ||||
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2018 (JPMorgan Chase Bank) | ||||
08/01/2042 | 3.800% | 1,000,000 | 1,000,000 | |
Total Floating Rate Notes (Cost $1,000,000) | 1,000,000 | |||
Municipal Bonds 99.6% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Airport 13.4% | ||||
City of Los Angeles Department of Airports(c) | ||||
Refunding Revenue Bonds | ||||
Series 2018B | ||||
05/15/2028 | 5.000% | 2,000,000 | 2,115,292 | |
Revenue Bonds | ||||
Los Angeles International Airport | ||||
Subordinated Series 2019 | ||||
05/15/2038 | 5.000% | 3,500,000 | 3,644,408 | |
City of Los Angeles Department of Airports | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2015C | ||||
05/15/2029 | 5.000% | 2,410,000 | 2,453,063 | |
Subordinated Series 2019 | ||||
05/15/2035 | 5.000% | 1,485,000 | 1,634,723 | |
05/15/2037 | 5.000% | 840,000 | 914,160 | |
Revenue Bonds | ||||
Subordinated Series 2017B | ||||
05/15/2029 | 5.000% | 330,000 | 350,480 | |
05/15/2030 | 5.000% | 500,000 | 531,195 | |
County of Sacramento Airport System(c) | ||||
Refunding Revenue Bonds | ||||
Series 2018C | ||||
07/01/2028 | 5.000% | 3,090,000 | 3,252,247 | |
County of Sacramento Airport System | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2016B | ||||
07/01/2036 | 5.000% | 1,750,000 | 1,805,246 | |
Subordinated Series 2018E | ||||
07/01/2029 | 5.000% | 1,035,000 | 1,113,494 | |
07/01/2034 | 5.000% | 1,000,000 | 1,076,473 | |
San Diego County Regional Airport Authority | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2017A | ||||
07/01/2033 | 5.000% | 1,000,000 | 1,059,241 | |
07/01/2034 | 5.000% | 700,000 | 741,273 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
San Diego County Regional Airport Authority(c) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2019B | ||||
07/01/2036 | 5.000% | 1,540,000 | 1,622,089 | |
Subordinated Series 2020 | ||||
07/01/2036 | 5.000% | 495,000 | 525,926 | |
07/01/2039 | 5.000% | 400,000 | 418,097 | |
Revenue Bonds | ||||
Subordinated Series 2021B | ||||
07/01/2039 | 4.000% | 250,000 | 243,347 | |
San Francisco City & County Airport Commission - San Francisco International Airport | ||||
Refunding Revenue Bonds | ||||
2nd Series 2016A | ||||
05/01/2026 | 5.000% | 1,975,000 | 2,045,869 | |
San Francisco Airport Commission Project | ||||
Series 2019 | ||||
05/01/2036 | 5.000% | 3,205,000 | 3,503,975 | |
San Francisco City & County Airport Commission - San Francisco International Airport(c) | ||||
Revenue Bonds | ||||
Series 2019E | ||||
05/01/2037 | 5.000% | 4,450,000 | 4,666,495 | |
San Francisco City & County Airport Commission-San Francisco International Airport(c) | ||||
Refunding Revenue Bonds | ||||
Second Series 2023C | ||||
05/01/2037 | 5.500% | 1,750,000 | 1,983,688 | |
Revenue Bonds | ||||
Series 2019A | ||||
05/01/2038 | 5.000% | 1,470,000 | 1,533,839 | |
Total | 37,234,620 | |||
Charter Schools 4.6% | ||||
California Infrastructure & Economic Development Bank | ||||
Revenue Bonds | ||||
Equitable School Revolving Fund | ||||
Series 2019 | ||||
11/01/2039 | 5.000% | 275,000 | 288,544 | |
California School Finance Authority(d) | ||||
Refunding Revenue Bonds | ||||
Aspire Public Schools | ||||
Series 2016 | ||||
08/01/2030 | 5.000% | 1,380,000 | 1,394,231 | |
08/01/2031 | 5.000% | 850,000 | 858,473 | |
Revenue Bonds | ||||
Alliance College-Ready Public Schools | ||||
Series 2015 | ||||
07/01/2030 | 5.000% | 3,400,000 | 3,425,841 | |
Aspire Public Schools Obligation Group | ||||
Series 2021 | ||||
08/01/2036 | 4.000% | 325,000 | 308,886 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Green Dot Public School Project | ||||
Series 2015A | ||||
08/01/2035 | 5.000% | 1,010,000 | 1,019,461 | |
Series 2018 | ||||
08/01/2038 | 5.000% | 1,000,000 | 1,011,353 | |
KIPP Los Angeles Projects | ||||
Series 2015A | ||||
07/01/2035 | 5.000% | 1,250,000 | 1,268,171 | |
Series 2017 | ||||
07/01/2037 | 5.000% | 3,090,000 | 3,170,984 | |
Total | 12,745,944 | |||
Disposal 0.6% | ||||
California Municipal Finance Authority(c) | ||||
Revenue Bonds | ||||
Republic Services, Inc. | ||||
Series 2024 (Mandatory Put 03/01/24) | ||||
02/28/2054 | 3.875% | 1,000,000 | 992,255 | |
California Municipal Finance Authority(c),(e) | ||||
Revenue Bonds | ||||
Republic Services, Inc. Project | ||||
Series 2023 (Mandatory Put 09/01/33) | ||||
09/01/2053 | 4.375% | 750,000 | 770,044 | |
Total | 1,762,299 | |||
Higher Education 8.0% | ||||
California Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Loma Linda University | ||||
Series 2017A | ||||
04/01/2034 | 5.000% | 1,485,000 | 1,539,729 | |
04/01/2035 | 5.000% | 2,000,000 | 2,072,824 | |
Series 2018-A | ||||
12/01/2036 | 5.000% | 1,000,000 | 1,044,486 | |
Revenue Bonds | ||||
Chapman University | ||||
Series 2015 | ||||
04/01/2026 | 5.000% | 1,000,000 | 1,012,281 | |
Green Bonds - Loyola Marymount University | ||||
Series 2018 | ||||
10/01/2036 | 5.000% | 760,000 | 803,803 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Azusa Pacific University | ||||
Series 2015B | ||||
04/01/2025 | 5.000% | 395,000 | 392,809 | |
04/01/2026 | 5.000% | 1,000,000 | 991,425 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Biola University | ||||
Series 2017 | ||||
10/01/2031 | 5.000% | 540,000 | 560,773 | |
10/01/2032 | 5.000% | 615,000 | 637,920 | |
10/01/2033 | 5.000% | 625,000 | 647,537 | |
10/01/2034 | 5.000% | 570,000 | 589,915 | |
California Lutheran University | ||||
Series 2018 | ||||
10/01/2035 | 5.000% | 225,000 | 233,633 | |
10/01/2036 | 5.000% | 250,000 | 258,431 | |
Revenue Bonds | ||||
National University | ||||
Series 2019A | ||||
04/01/2035 | 5.000% | 1,780,000 | 1,901,939 | |
04/01/2036 | 5.000% | 1,120,000 | 1,192,128 | |
California Municipal Finance Authority(d) | ||||
Revenue Bonds | ||||
California Baptist University | ||||
Series 2016A | ||||
11/01/2026 | 4.000% | 750,000 | 740,620 | |
California State University | ||||
Revenue Bonds | ||||
Series 2023A | ||||
11/01/2041 | 5.000% | 1,000,000 | 1,123,897 | |
California Statewide Communities Development Authority(d) | ||||
Refunding Revenue Bonds | ||||
California Baptist University | ||||
Series 2017A | ||||
11/01/2032 | 5.000% | 1,135,000 | 1,158,181 | |
University of California | ||||
Refunding Revenue Bonds | ||||
Series 2023BN | ||||
05/15/2039 | 5.000% | 2,500,000 | 2,834,240 | |
Series 2024BS | ||||
05/15/2038 | 5.000% | 2,000,000 | 2,309,936 | |
Total | 22,046,507 | |||
Hospital 7.0% | ||||
California Health Facilities Financing Authority | ||||
Refunding Revenue Bonds | ||||
El Camino Hospital | ||||
Series 2015A | ||||
02/01/2027 | 5.000% | 1,500,000 | 1,517,493 | |
Scripps Health | ||||
Series 2024A | ||||
11/15/2039 | 5.000% | 2,000,000 | 2,267,751 | |
Sutter Health | ||||
Series 2017A | ||||
11/15/2033 | 5.000% | 1,000,000 | 1,057,901 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Children’s Hospital of Orange County | ||||
Series 2024 | ||||
11/01/2042 | 5.000% | 500,000 | 557,805 | |
El Camino Hospital | ||||
Series 2017 | ||||
02/01/2033 | 5.000% | 2,500,000 | 2,620,381 | |
02/01/2034 | 5.000% | 500,000 | 524,162 | |
Kaiser Permanente | ||||
Subordinated Series 2017A-1-G | ||||
11/01/2027 | 5.000% | 1,875,000 | 2,005,632 | |
Lucile Salter Packard Children’s Hospital | ||||
Series 2017 | ||||
11/15/2034 | 5.000% | 250,000 | 265,052 | |
11/15/2035 | 5.000% | 270,000 | 285,675 | |
Sutter Health | ||||
Series 2018A | ||||
11/15/2034 | 5.000% | 1,000,000 | 1,056,433 | |
California Statewide Communities Development Authority | ||||
Revenue Bonds | ||||
Green - Marin General Hospital Project | ||||
Series 2018 | ||||
08/01/2033 | 5.000% | 425,000 | 438,371 | |
08/01/2034 | 5.000% | 650,000 | 671,570 | |
Methodist Hospital of Southern California | ||||
Series 2018 | ||||
01/01/2036 | 5.000% | 3,000,000 | 3,195,359 | |
California Statewide Communities Development Authority(e) | ||||
Revenue Bonds | ||||
Kaiser Permanente | ||||
Series 2019 (Mandatory Put 11/01/29) | ||||
04/01/2036 | 5.000% | 1,410,000 | 1,539,314 | |
City of Upland | ||||
Refunding Certificate of Participation | ||||
San Antonio Regional Hospital | ||||
Series 2017 | ||||
01/01/2034 | 5.000% | 500,000 | 518,819 | |
01/01/2036 | 4.000% | 1,000,000 | 953,590 | |
Total | 19,475,308 | |||
Human Service Provider 0.4% | ||||
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Harbor Regional Center Project | ||||
Series 2015 | ||||
11/01/2032 | 5.000% | 1,120,000 | 1,140,339 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Joint Power Authority 2.0% | ||||
Northern California Transmission Agency | ||||
Refunding Revenue Bonds | ||||
California-Oregon Project | ||||
Series 2016 | ||||
05/01/2032 | 5.000% | 1,500,000 | 1,557,087 | |
Southern California Public Power Authority(f) | ||||
Revenue Bonds | ||||
Southern Transmission System | ||||
Series 2024 | ||||
07/01/2041 | 5.000% | 3,550,000 | 4,014,762 | |
Total | 5,571,849 | |||
Local Appropriation 2.5% | ||||
Anaheim Public Financing Authority | ||||
Refunding Revenue Bonds | ||||
Anaheim Public Improvement Projects | ||||
Series 2019 BAM | ||||
09/01/2031 | 5.000% | 1,470,000 | 1,601,305 | |
Fresno Joint Powers Financing Authority | ||||
Refunding Revenue Bonds | ||||
Master Lease Project | ||||
Series 2017A (AGM) | ||||
04/01/2033 | 5.000% | 1,000,000 | 1,053,390 | |
Los Angeles County Public Works Financing Authority | ||||
Revenue Bonds | ||||
Green Bonds - LACMA Building for the Permanent Collection Project | ||||
Series 2020A | ||||
12/01/2037 | 4.000% | 2,415,000 | 2,499,583 | |
San Rafael Joint Powers Financing Authority | ||||
Revenue Bonds | ||||
Public Safety Facilities Project | ||||
Series 2018 | ||||
06/01/2033 | 5.000% | 850,000 | 921,941 | |
06/01/2034 | 5.000% | 775,000 | 840,370 | |
Total | 6,916,589 | |||
Local General Obligation 8.1% | ||||
Bellevue Union School District(g) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election of 2008 | ||||
Series 2011A (AGM) | ||||
08/01/2030 | 0.000% | 585,000 | 472,047 | |
08/01/2031 | 0.000% | 615,000 | 478,685 | |
City of San Jose | ||||
Unlimited General Obligation Bonds | ||||
Series 2021A | ||||
09/01/2040 | 5.000% | 1,000,000 | 1,108,808 | |
Conejo Valley Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2018B | ||||
08/01/2032 | 4.000% | 2,000,000 | 2,063,983 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Corona-Norco Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Election of 2014 | ||||
Series 2018B | ||||
08/01/2034 | 4.000% | 500,000 | 520,816 | |
Encinitas Union School District(e) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election of 2010 | ||||
Series 2011 | ||||
08/01/2035 | 6.750% | 500,000 | 647,694 | |
Long Beach Unified School District(g) | ||||
Unlimited General Obligation Bonds | ||||
Series 2015D-1 | ||||
08/01/2031 | 0.000% | 1,375,000 | 1,028,886 | |
Los Angeles Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Election of 2008 | ||||
Series 2018B-1 | ||||
07/01/2032 | 5.000% | 4,000,000 | 4,266,601 | |
Monterey Peninsula Community College District(g) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2016 | ||||
08/01/2028 | 0.000% | 2,125,000 | 1,838,344 | |
Napa Valley Community College District(e) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2018 | ||||
08/01/2034 | 4.000% | 1,595,000 | 1,613,837 | |
Oakland Unified School District/Alameda County | ||||
Unlimited General Obligation Bonds | ||||
Series 2015A | ||||
08/01/2025 | 5.000% | 650,000 | 662,920 | |
Pomona Unified School District(g) | ||||
Unlimited General Obligation Bonds | ||||
Election of 2008 | ||||
Series 2016G (AGM) | ||||
08/01/2032 | 0.000% | 1,000,000 | 750,974 | |
Rancho Santiago Community College District(g) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election of 2002 | ||||
Series 2006C (AGM) | ||||
09/01/2031 | 0.000% | 3,785,000 | 2,958,215 | |
Rescue Union School District(g) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election of 1998 | ||||
Series 2005 (NPFGC) | ||||
09/01/2026 | 0.000% | 1,100,000 | 1,012,445 | |
Santa Monica Community College District | ||||
Unlimited General Obligation Bonds | ||||
Election of 2016 | ||||
Series 2018A | ||||
08/01/2034 | 4.000% | 500,000 | 517,982 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Sierra Kings Health Care District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
08/01/2028 | 5.000% | 1,000,000 | 1,008,933 | |
08/01/2032 | 5.000% | 1,500,000 | 1,514,836 | |
Total | 22,466,006 | |||
Multi-Family 1.1% | ||||
California Housing Finance | ||||
Revenue Bonds | ||||
Series 2019-2 Class A | ||||
03/20/2033 | 4.000% | 1,114,718 | 1,109,760 | |
California Municipal Finance Authority | ||||
Revenue Bonds | ||||
Bowles Hall Foundation | ||||
Series 2015A | ||||
06/01/2035 | 5.000% | 400,000 | 404,206 | |
California Statewide Communities Development Authority | ||||
Revenue Bonds | ||||
Lancer Educational Student Housing Project | ||||
Series 2019 | ||||
06/01/2034 | 5.000% | 375,000 | 385,474 | |
Series 2017 | ||||
05/15/2032 | 5.000% | 1,000,000 | 1,030,800 | |
Total | 2,930,240 | |||
Municipal Power 8.1% | ||||
City of Redding Electric System | ||||
Refunding Revenue Bonds | ||||
Series 2017 | ||||
06/01/2029 | 5.000% | 1,250,000 | 1,323,373 | |
City of Riverside Electric | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
10/01/2037 | 5.000% | 1,000,000 | 1,082,694 | |
City of Vernon Electric System | ||||
Refunding Revenue Bonds | ||||
Series 2022A | ||||
08/01/2039 | 5.000% | 425,000 | 447,609 | |
Los Angeles Department of Water & Power | ||||
Refunding Revenue Bonds | ||||
Power System | ||||
Series 2017B | ||||
07/01/2029 | 5.000% | 3,580,000 | 3,769,916 | |
Series 2023D | ||||
07/01/2041 | 5.000% | 6,000,000 | 6,720,907 | |
Revenue Bonds | ||||
Series 2023B | ||||
07/01/2040 | 5.000% | 2,000,000 | 2,251,220 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Los Angeles Department of Water & Power System | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
07/01/2035 | 5.000% | 1,750,000 | 1,866,261 | |
Redding Joint Powers Financing Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
06/01/2031 | 5.000% | 1,045,000 | 1,077,994 | |
Sacramento Municipal Utility District | ||||
Revenue Bonds | ||||
Electric | ||||
Series 2020H | ||||
08/15/2033 | 5.000% | 1,000,000 | 1,133,129 | |
Green Bonds | ||||
Series 2023K | ||||
08/15/2040 | 5.000% | 500,000 | 564,530 | |
08/15/2041 | 5.000% | 400,000 | 448,266 | |
Turlock Irrigation District | ||||
Refunding Revenue Bonds | ||||
Series 2020 | ||||
01/01/2038 | 5.000% | 1,650,000 | 1,802,701 | |
Total | 22,488,600 | |||
Other Bond Issue 1.0% | ||||
California Infrastructure & Economic Development Bank | ||||
Refunding Revenue Bonds | ||||
Salvation Army Western Territory (The) | ||||
Series 2016 | ||||
09/01/2033 | 4.000% | 400,000 | 405,031 | |
09/01/2034 | 4.000% | 600,000 | 607,464 | |
Walt Disney Family Museum | ||||
Series 2016 | ||||
02/01/2032 | 4.000% | 350,000 | 354,176 | |
02/01/2033 | 4.000% | 500,000 | 505,478 | |
City of Long Beach Marina System | ||||
Revenue Bonds | ||||
Series 2015 | ||||
05/15/2028 | 5.000% | 635,000 | 639,459 | |
County of San Diego | ||||
Refunding Revenue Bonds | ||||
Sanford Burnham Prebys Medical Discovery Group | ||||
Series 2015 | ||||
11/01/2025 | 5.000% | 350,000 | 356,885 | |
Total | 2,868,493 | |||
Ports 0.3% | ||||
City of Long Beach Harbor | ||||
Revenue Bonds | ||||
Series 2019A | ||||
05/15/2036 | 5.000% | 700,000 | 770,404 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Prepaid Gas 3.2% | ||||
California Community Choice Financing Authority | ||||
Revenue Bonds | ||||
Clean Energy Project | ||||
Series 2023 (Mandatory Put 04/01/30) | ||||
11/01/2054 | 5.250% | 1,000,000 | 1,064,095 | |
Series 2024 (Mandatory Put 04/01/32) | ||||
05/01/2054 | 5.000% | 2,000,000 | 2,114,554 | |
Green Bonds - Clean Energy Project | ||||
Series 2023 (Mandatory Put 08/01/29) | ||||
12/01/2053 | 5.000% | 1,000,000 | 1,047,242 | |
M-S-R Energy Authority | ||||
Revenue Bonds | ||||
Series 2009B | ||||
11/01/2029 | 6.125% | 1,650,000 | 1,747,401 | |
Series 2009C | ||||
11/01/2039 | 6.500% | 2,350,000 | 2,930,993 | |
Total | 8,904,285 | |||
Recreation 0.6% | ||||
Del Mar Race Track Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
10/01/2025 | 5.000% | 1,665,000 | 1,668,676 | |
Refunded / Escrowed 8.2% | ||||
California Educational Facilities Authority | ||||
Revenue Bonds | ||||
University of Southern California | ||||
Series 2009C Escrowed to Maturity | ||||
10/01/2024 | 5.250% | 3,000,000 | 3,020,314 | |
California Municipal Finance Authority | ||||
Prerefunded 02/01/25 Revenue Bonds | ||||
Community Medical Centers | ||||
Series 2015A | ||||
02/01/2027 | 5.000% | 1,200,000 | 1,211,936 | |
Refunding Revenue Bonds | ||||
Retirement Housing Foundation | ||||
Series 2017 Escrowed to Maturity | ||||
11/15/2029 | 5.000% | 390,000 | 428,718 | |
11/15/2030 | 5.000% | 600,000 | 670,183 | |
11/15/2032 | 5.000% | 850,000 | 974,926 | |
California School Finance Authority(d) | ||||
Revenue Bonds | ||||
River Springs Charter School Project | ||||
Series 2015 Escrowed to Maturity | ||||
07/01/2025 | 5.250% | 605,000 | 610,152 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
California Statewide Communities Development Authority | ||||
Prerefunded 02/15/26 Revenue Bonds | ||||
Enloe Medical Center | ||||
Series 2015 | ||||
08/15/2030 | 5.000% | 1,990,000 | 2,048,129 | |
Prerefunded 07/01/24 Revenue Bonds | ||||
Huntington Memorial Hospital | ||||
Series 2014B | ||||
07/01/2033 | 5.000% | 2,300,000 | 2,304,431 | |
Prerefunded 10/01/24 Revenue Bonds | ||||
Henry Mayo Newhall Memorial Hospital | ||||
Series 2014A (AGM) | ||||
10/01/2027 | 5.000% | 1,000,000 | 1,005,137 | |
City of Los Angeles Department of Airports | ||||
Prerefunded 05/15/29 Refunding Revenue Bonds | ||||
Subordinated Series 2019 | ||||
05/15/2035 | 5.000% | 2,490,000 | 2,738,345 | |
05/15/2037 | 5.000% | 1,410,000 | 1,550,629 | |
Golden State Tobacco Securitization Corp. | ||||
Prerefunded 06/01/25 Asset-Backed Revenue Bonds | ||||
Series 2015A | ||||
06/01/2033 | 5.000% | 4,000,000 | 4,072,982 | |
Refunding Revenue Bonds | ||||
Series 2017A-1 Escrowed to Maturity | ||||
06/01/2024 | 5.000% | 2,000,000 | 2,002,067 | |
Total | 22,637,949 | |||
Retirement Communities 3.4% | ||||
California Health Facilities Financing Authority | ||||
Refunding Revenue Bonds | ||||
Northern California Presbyterian Homes | ||||
Series 2015 | ||||
07/01/2028 | 5.000% | 310,000 | 316,753 | |
07/01/2029 | 5.000% | 300,000 | 306,557 | |
Revenue Bonds | ||||
Episcopal Communities & Services | ||||
Series 2024 | ||||
11/15/2038 | 5.000% | 500,000 | 534,693 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
HumanGood Obligation Group | ||||
Series 2019A | ||||
10/01/2034 | 4.000% | 500,000 | 497,207 | |
10/01/2035 | 4.000% | 1,000,000 | 984,542 | |
California Public Finance Authority(d) | ||||
Revenue Bonds | ||||
Enso Village Project - Green Bonds - TEMPS 70 | ||||
Series 2021 | ||||
11/15/2028 | 2.375% | 1,680,000 | 1,633,679 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
California Statewide Communities Development Authority | ||||
Refunding Revenue Bonds | ||||
American Baptist Homes West | ||||
Series 2015 | ||||
10/01/2024 | 5.000% | 2,575,000 | 2,577,768 | |
10/01/2026 | 5.000% | 1,000,000 | 1,008,605 | |
Front Porch Communities & Services | ||||
Series 2017 | ||||
04/01/2030 | 5.000% | 150,000 | 155,199 | |
Series 2021 | ||||
04/01/2039 | 4.000% | 750,000 | 731,180 | |
Revenue Bonds | ||||
Viamonte Senior Living 1, Inc. | ||||
Series 2018 | ||||
07/01/2035 | 4.000% | 300,000 | 308,293 | |
07/01/2036 | 4.000% | 430,000 | 440,509 | |
Total | 9,494,985 | |||
Sales Tax 1.2% | ||||
California Statewide Communities Development Authority | ||||
Certificate of Participation | ||||
Total Road Improvement Program | ||||
Series 2018B (AGM) | ||||
12/01/2035 | 5.000% | 1,405,000 | 1,521,648 | |
City of Sacramento Transient Occupancy | ||||
Revenue Bonds | ||||
Convention Center Complex | ||||
Subordinated Series 2018 | ||||
06/01/2035 | 5.000% | 615,000 | 652,829 | |
06/01/2036 | 5.000% | 1,180,000 | 1,248,034 | |
Total | 3,422,511 | |||
Special Non Property Tax 0.2% | ||||
Berkeley Joint Powers Financing Authority | ||||
Revenue Bonds | ||||
Series 2016 (BAM) | ||||
06/01/2033 | 4.000% | 415,000 | 420,340 | |
06/01/2034 | 4.000% | 250,000 | 253,130 | |
Total | 673,470 | |||
Special Property Tax 11.6% | ||||
Carson Public Financing Authority | ||||
Revenue Bonds | ||||
Series 2019 | ||||
09/02/2026 | 5.000% | 650,000 | 664,997 | |
City & County of San Francisco Community Facilities District No. 2016-1 | ||||
Special Tax Bonds | ||||
Series 2021 | ||||
09/01/2041 | 4.000% | 745,000 | 684,417 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Irvine | ||||
Refunding Special Assessment Bonds | ||||
Limited Obligation Reassessment District | ||||
Series 2015 | ||||
09/02/2025 | 5.000% | 1,295,000 | 1,316,296 | |
Special Assessment Refunding Bonds | ||||
Series 2019 | ||||
09/02/2032 | 5.000% | 340,000 | 365,540 | |
Concord Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Series 2014 (BAM) | ||||
03/01/2025 | 5.000% | 840,000 | 847,456 | |
Emeryville Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Series 2014A (AGM) | ||||
09/01/2030 | 5.000% | 815,000 | 818,439 | |
09/01/2031 | 5.000% | 590,000 | 592,491 | |
Garden Grove Agency Community Development Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Garden Grove Community Project | ||||
Series 2016 (BAM) | ||||
10/01/2030 | 5.000% | 1,040,000 | 1,075,081 | |
10/01/2031 | 5.000% | 1,640,000 | 1,694,703 | |
Inglewood Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Merged Redevelopment Project | ||||
Subordinated Series 2017 (BAM) | ||||
05/01/2032 | 5.000% | 500,000 | 523,588 | |
05/01/2033 | 5.000% | 1,000,000 | 1,047,805 | |
Irvine Facilities Financing Authority | ||||
Special Tax Bonds | ||||
Irvine Great Park Infrastructure Project | ||||
Series 2023 | ||||
09/01/2040 | 5.000% | 2,000,000 | 2,238,780 | |
Irvine Unified School District | ||||
Refunding Special Tax Bonds | ||||
Series 2015 | ||||
09/01/2030 | 5.000% | 2,065,000 | 2,100,153 | |
09/01/2031 | 5.000% | 2,720,000 | 2,766,547 | |
Oakley Redevelopment Agency | ||||
Refunding Tax Allocation Bonds | ||||
Oakley Redevelopment Project Area | ||||
Series 2018 (BAM) | ||||
09/01/2032 | 5.000% | 335,000 | 363,624 | |
09/01/2033 | 5.000% | 730,000 | 791,120 | |
09/01/2034 | 5.000% | 500,000 | 541,170 | |
Orange County Community Facilities District | ||||
Special Tax Bonds | ||||
Rienda Phase 2B | ||||
Series 2023 | ||||
08/15/2043 | 5.250% | 1,350,000 | 1,380,366 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Palm Desert Redevelopment Agency | ||||
Refunding Tax Allocation Bonds | ||||
Series 2017A (BAM) | ||||
10/01/2029 | 5.000% | 890,000 | 933,945 | |
10/01/2030 | 5.000% | 350,000 | 367,745 | |
Poway Unified School District Public Financing Authority | ||||
Special Tax Refunding Bonds | ||||
Series 2015B | ||||
09/01/2026 | 5.000% | 990,000 | 1,013,937 | |
Riverside County Public Financing Authority | ||||
Tax Allocation Bonds | ||||
Project Area #1-Desert Communities | ||||
Series 2016 (BAM) | ||||
10/01/2031 | 4.000% | 1,000,000 | 1,002,203 | |
San Francisco City & County Redevelopment Agency | ||||
Refunding Tax Allocation Bonds | ||||
Mission Bay North Redevelopment Project | ||||
Series 2016 | ||||
08/01/2030 | 5.000% | 275,000 | 286,500 | |
08/01/2031 | 5.000% | 355,000 | 369,859 | |
Mission Bay South Redevelopment Project | ||||
Series 2016 | ||||
08/01/2031 | 5.000% | 670,000 | 698,043 | |
08/01/2032 | 5.000% | 580,000 | 604,194 | |
San Mateo Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Series 2015A | ||||
08/01/2028 | 5.000% | 1,860,000 | 1,897,565 | |
08/01/2029 | 5.000% | 1,000,000 | 1,019,929 | |
Tustin Community Facilities District | ||||
Refunding Special Tax Bonds | ||||
Legacy Villages of Columbus #06-1 | ||||
Series 2015 | ||||
09/01/2029 | 5.000% | 1,200,000 | 1,223,624 | |
Tustin Community Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Series 2016 | ||||
09/01/2032 | 4.000% | 2,295,000 | 2,321,442 | |
Vista Redevelopment Agency Successor Agency | ||||
Tax Allocation Refunding Bonds | ||||
Series 2015B1 (AGM) | ||||
09/01/2026 | 5.000% | 700,000 | 714,597 | |
Total | 32,266,156 | |||
State Appropriated 4.6% | ||||
California State Public Works Board | ||||
Refunding Revenue Bonds | ||||
Various Capital Projects | ||||
Series 2023 | ||||
09/01/2038 | 5.000% | 2,000,000 | 2,252,615 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Various Purpose | ||||
Series 2022A | ||||
08/01/2036 | 5.000% | 5,040,000 | 5,628,465 | |
Revenue Bonds | ||||
Green Bonds | ||||
Series 2021 | ||||
11/01/2037 | 4.000% | 2,665,000 | 2,763,747 | |
May Lee State Office Complex | ||||
Series 2024 | ||||
04/01/2040 | 5.000% | 2,000,000 | 2,240,577 | |
Total | 12,885,404 | |||
State General Obligation 2.1% | ||||
State of California | ||||
Unlimited General Obligation Bonds | ||||
Series 2019 | ||||
11/01/2029 | 5.000% | 2,165,000 | 2,387,545 | |
04/01/2031 | 5.000% | 1,000,000 | 1,092,794 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2023 | ||||
10/01/2039 | 5.000% | 1,000,000 | 1,122,996 | |
Various Purpose | ||||
Series 2021 | ||||
10/01/2028 | 5.000% | 1,205,000 | 1,301,819 | |
Total | 5,905,154 | |||
Tobacco 0.8% | ||||
California County Tobacco Securitization Agency | ||||
Refunding Revenue Bonds | ||||
Series 2020A | ||||
06/01/2032 | 5.000% | 250,000 | 273,494 | |
06/01/2033 | 5.000% | 250,000 | 273,223 | |
06/01/2034 | 4.000% | 200,000 | 207,149 | |
Tobacco Securitization Authority of Southern California | ||||
Refunding Revenue Bonds | ||||
San Diego County Tobacco Asset Securitization Corp. | ||||
Series 2019 | ||||
06/01/2030 | 5.000% | 1,220,000 | 1,325,723 | |
Total | 2,079,589 | |||
Transportation 0.2% | ||||
Peninsula Corridor Joint Powers Board | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
10/01/2036 | 5.000% | 315,000 | 344,537 | |
10/01/2037 | 5.000% | 300,000 | 325,333 | |
Total | 669,870 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Turnpike / Bridge / Toll Road 2.2% | ||||
Bay Area Toll Authority | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2017 | ||||
04/01/2031 | 4.000% | 2,000,000 | 2,040,071 | |
Foothill-Eastern Transportation Corridor Agency(g) | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
01/15/2033 | 0.000% | 5,000,000 | 3,555,383 | |
Riverside County Transportation Commission | ||||
Refunding Revenue Bonds | ||||
RCTC 91 Express Lanes | ||||
Series 2021 | ||||
06/01/2038 | 4.000% | 375,000 | 381,074 | |
Total | 5,976,528 | |||
Water & Sewer 4.2% | ||||
Beaumont Public Improvement Authority | ||||
Revenue Bonds | ||||
Series 2018-A (AGM) | ||||
09/01/2035 | 5.000% | 830,000 | 874,441 | |
City of Riverside Water | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
10/01/2032 | 5.000% | 1,500,000 | 1,656,712 | |
City of Tulare Sewer | ||||
Refunding Revenue Bonds | ||||
Series 2015 (AGM) | ||||
11/15/2025 | 5.000% | 700,000 | 716,192 | |
11/15/2026 | 5.000% | 1,000,000 | 1,023,131 | |
Livermore Valley Water Financing Authority | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
07/01/2034 | 4.000% | 920,000 | 942,079 | |
Los Angeles Department of Water & Power Water System | ||||
Refunding Revenue Bonds | ||||
Series 2022D | ||||
07/01/2040 | 5.000% | 2,500,000 | 2,805,830 | |
Series 2023A | ||||
07/01/2040 | 5.000% | 500,000 | 567,605 | |
Mountain House Public Financing Authority | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Subordinated Series 2020B (BAM) | ||||
12/01/2035 | 4.000% | 1,000,000 | 1,035,704 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Santa Paula Utility Authority | ||||
Refunding Revenue Bonds | ||||
Series 2019 (AGM) | ||||
02/01/2034 | 4.000% | 575,000 | 593,058 | |
02/01/2036 | 4.000% | 1,325,000 | 1,348,538 | |
Total | 11,563,290 | |||
Total Municipal Bonds (Cost $279,137,847) | 276,565,065 |
Money Market Funds 0.3% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.515%(h) | 939,191 | 939,285 |
Total Money Market Funds (Cost $939,191) | 939,285 | |
Total Investments in Securities (Cost: $281,077,038) | 278,504,350 | |
Other Assets & Liabilities, Net | (945,121 ) | |
Net Assets | 277,559,229 |
(a) | The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity. |
(b) | Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2024. |
(c) | Income from this security may be subject to alternative minimum tax. |
(d) | 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 April 30, 2024, the total value of these securities amounted to $16,600,032, which represents 5.98% of total net assets. |
(e) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of April 30, 2024. |
(f) | Represents a security purchased on a when-issued basis. |
(g) | Zero coupon bond. |
(h) | The rate shown is the seven-day current annualized yield at April 30, 2024. |
AGM | Assured Guaranty Municipal Corporation |
BAM | Build America Mutual Assurance Co. |
NPFGC | National Public Finance Guarantee Corporation |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 1,000,000 | — | 1,000,000 |
Municipal Bonds | — | 276,565,065 | — | 276,565,065 |
Money Market Funds | 939,285 | — | — | 939,285 |
Total Investments in Securities | 939,285 | 277,565,065 | — | 278,504,350 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $281,077,038) | $278,504,350 |
Cash | 1,202 |
Receivable for: | |
Capital shares sold | 729,411 |
Dividends | 1,861 |
Interest | 3,623,169 |
Expense reimbursement due from Investment Manager | 773 |
Prepaid expenses | 4,603 |
Total assets | 282,865,369 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 3,994,780 |
Capital shares redeemed | 562,518 |
Distributions to shareholders | 618,785 |
Management services fees | 3,560 |
Distribution and/or service fees | 221 |
Transfer agent fees | 12,983 |
Compensation of board members | 584 |
Other expenses | 5,969 |
Deferred compensation of board members | 106,740 |
Total liabilities | 5,306,140 |
Net assets applicable to outstanding capital stock | $277,559,229 |
Represented by | |
Paid in capital | 292,803,884 |
Total distributable earnings (loss) | (15,244,655 ) |
Total - representing net assets applicable to outstanding capital stock | $277,559,229 |
Class A | |
Net assets | $32,130,343 |
Shares outstanding | 3,293,943 |
Net asset value per share | $9.75 |
Maximum sales charge | 3.00% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $10.05 |
Advisor Class | |
Net assets | $13,611,936 |
Shares outstanding | 1,399,563 |
Net asset value per share | $9.73 |
Institutional Class | |
Net assets | $149,369,093 |
Shares outstanding | 15,336,032 |
Net asset value per share | $9.74 |
Institutional 2 Class | |
Net assets | $7,951,198 |
Shares outstanding | 819,520 |
Net asset value per share | $9.70 |
Institutional 3 Class | |
Net assets | $74,496,659 |
Shares outstanding | 7,656,609 |
Net asset value per share | $9.73 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $51,654 |
Interest | 9,361,471 |
Total income | 9,413,125 |
Expenses: | |
Management services fees | 1,391,286 |
Distribution and/or service fees | |
Class A | 90,002 |
Class C | 24,308 |
Transfer agent fees | |
Class A | 25,318 |
Advisor Class | 9,051 |
Class C | 1,695 |
Institutional Class | 105,025 |
Institutional 2 Class | 5,426 |
Institutional 3 Class | 5,181 |
Custodian fees | 2,374 |
Printing and postage fees | 16,608 |
Registration fees | 16,200 |
Accounting services fees | 30,993 |
Legal fees | 15,280 |
Interest on interfund lending | 844 |
Compensation of chief compliance officer | 53 |
Compensation of board members | 13,814 |
Deferred compensation of board members | 22,585 |
Other | 15,747 |
Total expenses | 1,791,790 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (313,959 ) |
Expense reduction | (20 ) |
Total net expenses | 1,477,811 |
Net investment income | 7,935,314 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (1,592,738 ) |
Net realized loss | (1,592,738 ) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (752,281 ) |
Net change in unrealized appreciation (depreciation) | (752,281 ) |
Net realized and unrealized loss | (2,345,019 ) |
Net increase in net assets resulting from operations | $5,590,295 |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |
Operations | ||
Net investment income | $7,935,314 | $8,642,866 |
Net realized loss | (1,592,738 ) | (6,312,604 ) |
Net change in unrealized appreciation (depreciation) | (752,281 ) | 7,873,119 |
Net increase in net assets resulting from operations | 5,590,295 | 10,203,381 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (873,674 ) | (1,020,973 ) |
Advisor Class | (343,274 ) | (187,364 ) |
Class C | (40,848 ) | (61,373 ) |
Institutional Class | (3,987,695 ) | (4,812,440 ) |
Institutional 2 Class | (254,711 ) | (208,125 ) |
Institutional 3 Class | (2,388,239 ) | (2,371,668 ) |
Total distributions to shareholders | (7,888,441 ) | (8,661,943 ) |
Decrease in net assets from capital stock activity | (33,855,804 ) | (100,881,238 ) |
Total decrease in net assets | (36,153,950 ) | (99,339,800 ) |
Net assets at beginning of year | 313,713,179 | 413,052,979 |
Net assets at end of year | $277,559,229 | $313,713,179 |
Year Ended | Year Ended | |||
April 30, 2024 | April 30, 2023 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 1,246,404 | 12,145,689 | 1,388,101 | 13,484,325 |
Distributions reinvested | 83,290 | 810,458 | 96,307 | 938,350 |
Shares redeemed | (2,495,941 ) | (24,008,550 ) | (1,570,463 ) | (15,256,743 ) |
Net decrease | (1,166,247 ) | (11,052,403 ) | (86,055 ) | (834,068 ) |
Advisor Class | ||||
Shares sold | 280,713 | 2,744,464 | 1,127,065 | 10,749,141 |
Distributions reinvested | 35,290 | 342,914 | 19,271 | 187,120 |
Shares redeemed | (123,653 ) | (1,194,502 ) | (114,264 ) | (1,106,916 ) |
Net increase | 192,350 | 1,892,876 | 1,032,072 | 9,829,345 |
Class C | ||||
Shares sold | 35,755 | 352,215 | 61,305 | 594,796 |
Distributions reinvested | 3,662 | 35,632 | 5,920 | 57,628 |
Shares redeemed | (364,588 ) | (3,561,970 ) | (188,806 ) | (1,846,248 ) |
Net decrease | (325,171 ) | (3,174,123 ) | (121,581 ) | (1,193,824 ) |
Institutional Class | ||||
Shares sold | 4,351,712 | 42,189,058 | 11,042,139 | 107,049,493 |
Distributions reinvested | 378,308 | 3,679,754 | 311,400 | 3,032,847 |
Shares redeemed | (4,271,275 ) | (41,287,790 ) | (32,069,479 ) | (313,176,375 ) |
Net increase (decrease) | 458,745 | 4,581,022 | (20,715,940 ) | (203,094,035 ) |
Institutional 2 Class | ||||
Shares sold | 432,453 | 4,226,334 | 679,936 | 6,601,469 |
Distributions reinvested | 26,181 | 253,435 | 21,332 | 206,883 |
Shares redeemed | (512,601 ) | (4,905,336 ) | (730,653 ) | (7,065,394 ) |
Net decrease | (53,967 ) | (425,567 ) | (29,385 ) | (257,042 ) |
Institutional 3 Class | ||||
Shares sold | 457,945 | 4,434,689 | 17,610,722 | 172,173,489 |
Distributions reinvested | 18,894 | 183,616 | 17,727 | 172,176 |
Shares redeemed | (3,116,248 ) | (30,295,914 ) | (8,020,896 ) | (77,677,279 ) |
Net increase (decrease) | (2,639,409 ) | (25,677,609 ) | 9,607,553 | 94,668,386 |
Total net decrease | (3,533,699 ) | (33,855,804 ) | (10,313,336 ) | (100,881,238 ) |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Class A | ||||||
Year Ended 4/30/2024 | $9.81 | 0.24 | (0.06 ) | 0.18 | (0.24 ) | (0.24 ) |
Year Ended 4/30/2023 | $9.77 | 0.23 | 0.04 | 0.27 | (0.23 ) | (0.23 ) |
Year Ended 4/30/2022 | $10.71 | 0.21 | (0.94 ) | (0.73 ) | (0.21 ) | (0.21 ) |
Year Ended 4/30/2021 | $10.24 | 0.22 | 0.47 | 0.69 | (0.22 ) | (0.22 ) |
Year Ended 4/30/2020 | $10.46 | 0.24 | (0.22 ) | 0.02 | (0.24 ) | (0.24 ) |
Advisor Class | ||||||
Year Ended 4/30/2024 | $9.78 | 0.26 | (0.05 ) | 0.21 | (0.26 ) | (0.26 ) |
Year Ended 4/30/2023 | $9.75 | 0.25 | 0.03 | 0.28 | (0.25 ) | (0.25 ) |
Year Ended 4/30/2022 | $10.68 | 0.23 | (0.93 ) | (0.70 ) | (0.23 ) | (0.23 ) |
Year Ended 4/30/2021 | $10.21 | 0.25 | 0.47 | 0.72 | (0.25 ) | (0.25 ) |
Year Ended 4/30/2020 | $10.43 | 0.27 | (0.22 ) | 0.05 | (0.27 ) | (0.27 ) |
Institutional Class | ||||||
Year Ended 4/30/2024 | $9.79 | 0.26 | (0.05 ) | 0.21 | (0.26 ) | (0.26 ) |
Year Ended 4/30/2023 | $9.75 | 0.25 | 0.04 | 0.29 | (0.25 ) | (0.25 ) |
Year Ended 4/30/2022 | $10.69 | 0.23 | (0.94 ) | (0.71 ) | (0.23 ) | (0.23 ) |
Year Ended 4/30/2021 | $10.21 | 0.25 | 0.48 | 0.73 | (0.25 ) | (0.25 ) |
Year Ended 4/30/2020 | $10.44 | 0.27 | (0.23 ) | 0.04 | (0.27 ) | (0.27 ) |
Institutional 2 Class | ||||||
Year Ended 4/30/2024 | $9.76 | 0.26 | (0.06 ) | 0.20 | (0.26 ) | (0.26 ) |
Year Ended 4/30/2023 | $9.72 | 0.25 | 0.04 | 0.29 | (0.25 ) | (0.25 ) |
Year Ended 4/30/2022 | $10.66 | 0.24 | (0.94 ) | (0.70 ) | (0.24 ) | (0.24 ) |
Year Ended 4/30/2021 | $10.18 | 0.26 | 0.48 | 0.74 | (0.26 ) | (0.26 ) |
Year Ended 4/30/2020 | $10.41 | 0.27 | (0.22 ) | 0.05 | (0.28 ) | (0.28 ) |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 4/30/2024 | $9.75 | 1.85% | 0.84% (c) | 0.73% (c),(d) | 2.45% | 12% | $32,130 |
Year Ended 4/30/2023 | $9.81 | 2.76% | 0.83% (c) | 0.73% (c),(d) | 2.31% | 12% | $43,752 |
Year Ended 4/30/2022 | $9.77 | (6.96% ) | 0.85% | 0.74% (d) | 1.96% | 8% | $44,427 |
Year Ended 4/30/2021 | $10.71 | 6.80% | 0.87% | 0.75% (d) | 2.09% | 5% | $34,289 |
Year Ended 4/30/2020 | $10.24 | 0.17% | 0.86% | 0.75% (d) | 2.30% | 6% | $31,402 |
Advisor Class | |||||||
Year Ended 4/30/2024 | $9.73 | 2.21% | 0.59% (c) | 0.48% (c),(d) | 2.70% | 12% | $13,612 |
Year Ended 4/30/2023 | $9.78 | 2.92% | 0.58% (c) | 0.48% (c),(d) | 2.63% | 12% | $11,806 |
Year Ended 4/30/2022 | $9.75 | (6.65% ) | 0.60% | 0.49% (d) | 2.21% | 8% | $1,707 |
Year Ended 4/30/2021 | $10.68 | 7.08% | 0.62% | 0.50% (d) | 2.34% | 5% | $2,961 |
Year Ended 4/30/2020 | $10.21 | 0.41% | 0.61% | 0.50% (d) | 2.54% | 6% | $2,354 |
Institutional Class | |||||||
Year Ended 4/30/2024 | $9.74 | 2.21% | 0.59% (c) | 0.48% (c),(d) | 2.70% | 12% | $149,369 |
Year Ended 4/30/2023 | $9.79 | 3.02% | 0.58% (c) | 0.48% (c),(d) | 2.52% | 12% | $145,710 |
Year Ended 4/30/2022 | $9.75 | (6.74% ) | 0.60% | 0.49% (d) | 2.21% | 8% | $347,070 |
Year Ended 4/30/2021 | $10.69 | 7.18% | 0.62% | 0.50% (d) | 2.34% | 5% | $388,017 |
Year Ended 4/30/2020 | $10.21 | 0.31% | 0.61% | 0.50% (d) | 2.54% | 6% | $382,665 |
Institutional 2 Class | |||||||
Year Ended 4/30/2024 | $9.70 | 2.12% | 0.57% (c) | 0.47% (c) | 2.72% | 12% | $7,951 |
Year Ended 4/30/2023 | $9.76 | 3.03% | 0.56% (c) | 0.46% (c) | 2.58% | 12% | $8,524 |
Year Ended 4/30/2022 | $9.72 | (6.72% ) | 0.55% | 0.44% | 2.25% | 8% | $8,777 |
Year Ended 4/30/2021 | $10.66 | 7.26% | 0.56% | 0.44% | 2.40% | 5% | $13,265 |
Year Ended 4/30/2020 | $10.18 | 0.37% | 0.55% | 0.44% | 2.60% | 6% | $10,846 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Institutional 3 Class | ||||||
Year Ended 4/30/2024 | $9.78 | 0.27 | (0.05 ) | 0.22 | (0.27 ) | (0.27 ) |
Year Ended 4/30/2023 | $9.74 | 0.26 | 0.04 | 0.30 | (0.26 ) | (0.26 ) |
Year Ended 4/30/2022 | $10.68 | 0.24 | (0.94 ) | (0.70 ) | (0.24 ) | (0.24 ) |
Year Ended 4/30/2021 | $10.21 | 0.26 | 0.47 | 0.73 | (0.26 ) | (0.26 ) |
Year Ended 4/30/2020 | $10.43 | 0.28 | (0.22 ) | 0.06 | (0.28 ) | (0.28 ) |
Notes to Financial Highlights | |
(a) | 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. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 4/30/2024 | $9.73 | 2.28% | 0.52% (c) | 0.42% (c) | 2.76% | 12% | $74,497 |
Year Ended 4/30/2023 | $9.78 | 3.09% | 0.52% (c) | 0.42% (c) | 2.68% | 12% | $100,733 |
Year Ended 4/30/2022 | $9.74 | (6.66% ) | 0.50% | 0.39% | 2.31% | 8% | $6,708 |
Year Ended 4/30/2021 | $10.68 | 7.19% | 0.51% | 0.39% | 2.45% | 5% | $5,348 |
Year Ended 4/30/2020 | $10.21 | 0.52% | 0.50% | 0.39% | 2.64% | 6% | $5,307 |
Effective rate (%) | |
Class A | 0.07 |
Advisor Class | 0.07 |
Class C | 0.07 (a) |
Institutional Class | 0.07 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
(a) | Unannualized. |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75 (a) | 4,118 |
Class C | — | 1.00 (b) | — |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
September 1, 2023 through August 31, 2024 | Prior to September 1, 2023 | |
Class A | 0.73 % | 0.75 % |
Advisor Class | 0.48 | 0.50 |
Institutional Class | 0.48 | 0.50 |
Institutional 2 Class | 0.47 | 0.47 |
Institutional 3 Class | 0.42 | 0.42 |
Excess of distributions over net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(181 ) | 182 | (1 ) |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
13,141 | 7,875,300 | — | 7,888,441 | 14,808 | 8,647,135 | — | 8,661,943 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
— | 655,287 | — | (12,601,465 ) | (2,572,952 ) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
281,077,302 | 1,921,145 | (4,494,097 ) | (2,572,952 ) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(5,259,899 ) | (7,341,566 ) | (12,601,465 ) | — |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 2,650,000 | 5.73 | 2 |
Exempt- interest dividends | |
99.83% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 161 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Trustee of Gerald Rauenhorst 1982 Trusts, since 2020; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 161 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Chair since 2023; Trustee since 2007 | President, Springboard – Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 161 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee, since 2017 and Audit Committee Chair, since November 2023); Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) (financial services company), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 161 | Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, January 2020-December 2023; Adjunct Professor of Finance, Bentley University January 2018-April 2023; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 159 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 159 | Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Professor Emeritus of Economics and Management, Bentley University, since 2023; Professor of Economics and Management, Bentley University, 1976-2023; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 161 | Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 161 | Trustee, Catholic Schools Foundation, since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Trustee since 1996 | Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 161 | Director, SpartanNash Company (food distributor), since November 2013 (Chair of the Board, since May 2021); Director, Aircastle Limited (aircraft leasing), since August 2006 (Chair of Audit Committee); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 159 | None |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 161 | Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 161 | Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 159 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 161 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, June 2022-June 2023 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | President and Principal Executive Officer of the Columbia Funds, since June 2021; Vice President, Columbia Management Investment Advisers, LLC, since April 2015; formerly, Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, April 2015 – December 2023; President and Principal Executive Officer, Columbia Acorn/Wanger Funds, since July 2021 | 161 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc., since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC, since January 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher, Hacker and Moffett and Mses. Blatz, Carlton, Carrig, Flynn, Paglia, and Yeager serve as directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
** | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009); Senior Vice President (2019); Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2024) for CFST, CFST I, CFST II, CFVIT and CFVST II | Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023. |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, TAM UK International Holdings Limited, since July 2021; formerly Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, March 2013 – December 2022 and December 2008 – December 2022, respectively; senior executive of various entities affiliated with Columbia Threadneedle Investments. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value |
3 | |
5 | |
7 | |
8 | |
20 | |
21 | |
22 | |
24 | |
28 | |
37 | |
38 | |
38 | |
44 |
Average annual total returns (%) (for the period ended April 30, 2024) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/02/93 | 2.23 | 0.74 | 0.74 |
Including sales charges | 1.22 | 0.55 | 0.64 | ||
Advisor Class | 03/19/13 | 2.48 | 0.99 | 1.02 | |
Institutional Class | 10/07/93 | 2.48 | 0.99 | 1.00 | |
Institutional 2 Class | 11/08/12 | 2.43 | 1.02 | 1.06 | |
Institutional 3 Class* | 03/01/17 | 2.58 | 1.08 | 1.06 | |
Bloomberg 1-5 Year Municipal Bond Index | 2.07 | 1.04 | 1.19 |
Quality breakdown (%) (at April 30, 2024) | |
AAA rating | 9.8 |
AA rating | 37.7 |
A rating | 34.5 |
BBB rating | 10.1 |
BB rating | 1.0 |
Not rated | 6.9 |
Total | 100.0 |
Top Ten States/Territories (%) (at April 30, 2024) | |
New York | 15.9 |
Texas | 8.1 |
New Jersey | 6.3 |
Massachusetts | 6.1 |
California | 4.8 |
Illinois | 4.8 |
Pennsylvania | 4.0 |
Virginia | 3.2 |
Wisconsin | 3.2 |
Alabama | 3.1 |
November 1, 2023 — April 30, 2024 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,030.10 | 1,021.68 | 3.23 | 3.22 | 0.64 |
Advisor Class | 1,000.00 | 1,000.00 | 1,031.40 | 1,022.92 | 1.97 | 1.96 | 0.39 |
Institutional Class | 1,000.00 | 1,000.00 | 1,031.40 | 1,022.92 | 1.97 | 1.96 | 0.39 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,031.70 | 1,023.17 | 1.72 | 1.71 | 0.34 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,032.90 | 1,023.37 | 1.52 | 1.51 | 0.30 |
Floating Rate Notes 0.2% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
New York 0.2% | ||||
New York City Water & Sewer System(a),(b) | ||||
Revenue Bonds | ||||
2nd General Resolution | ||||
Series 2013 (JPMorgan Chase Bank) | ||||
06/15/2050 | 3.800% | 700,000 | 700,000 | |
Total Floating Rate Notes (Cost $700,000) | 700,000 | |||
Municipal Bonds 95.4% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Alabama 3.1% | ||||
Black Belt Energy Gas District | ||||
Refunding Revenue Bonds | ||||
Series 2022D1 (Mandatory Put 06/01/27) | ||||
07/01/2052 | 4.000% | 3,000,000 | 3,008,334 | |
Revenue Bonds | ||||
Project No. 4 | ||||
Series 2019A-1 (Mandatory Put 12/01/25) | ||||
12/01/2049 | 4.000% | 2,000,000 | 2,001,404 | |
County of Jefferson Sewer | ||||
Refunding Revenue Bonds | ||||
Series 2024 | ||||
10/01/2028 | 5.000% | 1,750,000 | 1,861,574 | |
10/01/2029 | 5.000% | 1,500,000 | 1,619,754 | |
Industrial Development Board of the City of Mobile | ||||
Senior Revenue Bonds | ||||
Alabama Power Co. - Barry Plant Project | ||||
Series 2020 (Mandatory Put 06/26/25) | ||||
06/01/2034 | 1.000% | 1,150,000 | 1,107,935 | |
Lower Alabama Gas District (The) | ||||
Revenue Bonds | ||||
Gas Project | ||||
Series 2020 (Mandatory Put 12/01/25) | ||||
12/01/2050 | 4.000% | 600,000 | 599,426 | |
Total | 10,198,427 | |||
Arizona 2.4% | ||||
Chandler Industrial Development Authority(c) | ||||
Revenue Bonds | ||||
Intel Corp. Project | ||||
Series 2022-1 (Mandatory Put 09/01/27) | ||||
09/01/2042 | 5.000% | 5,000,000 | 5,105,663 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Phoenix Civic Improvement Corp.(c) | ||||
Revenue Bonds | ||||
Junior Lien - Airport | ||||
Series 2019B | ||||
07/01/2026 | 5.000% | 990,000 | 1,013,214 | |
Coconino County Pollution Control Corp. | ||||
Refunding Revenue Bonds | ||||
Nevada Power Co. | ||||
Series 2023 (Mandatory Put 03/31/26) | ||||
09/01/2032 | 4.125% | 500,000 | 495,234 | |
Maricopa County Industrial Development Authority(d) | ||||
Refunding Revenue Bonds | ||||
Banner Health Obligation | ||||
Series 2019 (Mandatory Put 10/18/24) | ||||
Muni Swap Index Yield + 0.570% 01/01/2035 | 4.340% | 1,275,000 | 1,273,577 | |
Total | 7,887,688 | |||
California 4.8% | ||||
Anaheim Public Financing Authority | ||||
Refunding Revenue Bonds | ||||
Anaheim Public Improvement Projects | ||||
Series 2019 | ||||
09/01/2028 | 5.000% | 1,000,000 | 1,068,972 | |
California Infrastructure & Economic Development Bank(c),(e) | ||||
Revenue Bonds | ||||
Brightline West Passenger Rail Project | ||||
Series 2024 (Mandatory Put 01/30/25) | ||||
01/01/2050 | 3.950% | 2,400,000 | 2,399,897 | |
California Municipal Finance Authority(c) | ||||
Revenue Bonds | ||||
Republic Services, Inc. | ||||
Series 2024 (Mandatory Put 03/01/24) | ||||
02/28/2054 | 3.875% | 1,000,000 | 992,255 | |
California Public Finance Authority | ||||
Refunding Revenue Bonds | ||||
Henry Mayo Newhall Hospital | ||||
Series 2021 | ||||
10/15/2025 | 4.000% | 400,000 | 396,310 | |
City of Vernon Electric System | ||||
Refunding Revenue Bonds | ||||
Series 2022A | ||||
08/01/2026 | 5.000% | 600,000 | 614,536 | |
Corona-Norco Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation | ||||
Series 2002D (AGM) | ||||
09/01/2027 | 0.000% | 2,000,000 | 1,777,820 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Los Angeles Unified School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2024A | ||||
07/01/2029 | 5.000% | 3,000,000 | 3,294,833 | |
San Francisco City & County Airport Commission - San Francisco International Airport(c) | ||||
Refunding Revenue Bonds | ||||
Second Series 2023A | ||||
05/01/2028 | 5.000% | 5,000,000 | 5,258,479 | |
Total | 15,803,102 | |||
Colorado 3.0% | ||||
City & County of Denver Airport System(c) | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
11/15/2030 | 5.000% | 1,925,000 | 2,003,438 | |
Revenue Bonds | ||||
Series 2022A | ||||
11/15/2028 | 5.000% | 5,000,000 | 5,289,723 | |
Colorado Health Facilities Authority | ||||
Revenue Bonds | ||||
Aberdeen Ridge | ||||
Series 2021B | ||||
05/15/2028 | 2.125% | 1,750,000 | 1,656,982 | |
E-470 Public Highway Authority(d) | ||||
Refunding Revenue Bonds | ||||
Series 2021B (Mandatory Put 09/01/24) | ||||
0.7 x SOFR + 0.350% 09/01/2039 | 3.914% | 1,000,000 | 998,437 | |
Total | 9,948,580 | |||
Connecticut 0.2% | ||||
State of Connecticut Special Tax | ||||
Revenue Bonds | ||||
Series 2022A | ||||
07/01/2027 | 5.000% | 500,000 | 527,256 | |
District of Columbia 1.4% | ||||
District of Columbia Housing Finance Agency | ||||
Revenue Bonds | ||||
Faircliff Plaza East Apartments Project | ||||
Series 2022 (FHA) (Mandatory Put 12/01/25) | ||||
12/01/2026 | 5.000% | 1,450,000 | 1,464,568 | |
Metropolitan Washington Airports Authority Aviation(c) | ||||
Refunding Revenue Bonds | ||||
Series 2020A | ||||
10/01/2025 | 5.000% | 3,000,000 | 3,045,597 | |
Total | 4,510,165 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Florida 2.7% | ||||
City of Pompano Beach | ||||
Revenue Bonds | ||||
John Knox Village Project | ||||
Series 2021 | ||||
01/01/2027 | 1.450% | 1,310,000 | 1,242,241 | |
County of Miami-Dade Seaport Department(c) | ||||
Refunding Revenue Bonds | ||||
Series 2023A | ||||
10/01/2027 | 5.000% | 1,650,000 | 1,714,135 | |
Duval County Public Schools | ||||
Certificate of Participation | ||||
Series 2022 (AGM) | ||||
07/01/2026 | 5.000% | 2,125,000 | 2,197,565 | |
Greater Orlando Aviation Authority(c) | ||||
Revenue Bonds | ||||
Series 2019A | ||||
10/01/2025 | 5.000% | 2,000,000 | 2,032,328 | |
Miami-Dade County Housing Finance Authority | ||||
Revenue Bonds | ||||
Cutler Vista | ||||
Series 2023 (Mandatory Put 09/01/25) | ||||
03/01/2027 | 5.000% | 1,000,000 | 1,010,059 | |
St. Johns County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Vicar’s Landing Project | ||||
Series 2021 | ||||
12/15/2024 | 4.000% | 145,000 | 144,224 | |
12/15/2025 | 4.000% | 180,000 | 177,417 | |
Village Community Development District No. 13 | ||||
Special Assessment Bonds | ||||
Series 2021 | ||||
05/01/2026 | 1.800% | 400,000 | 384,674 | |
Total | 8,902,643 | |||
Georgia 1.7% | ||||
Development Authority of Burke County (The) | ||||
Refunding Revenue Bonds | ||||
Georgia Power Co. Plant Vogtle Project | ||||
Series 2022 (Mandatory Put 08/19/25) | ||||
12/01/2049 | 2.875% | 750,000 | 732,337 | |
Georgia Power Company Plant Vogtle Project | ||||
Series 2024 (Mandatory Put 03/12/27) | ||||
10/31/2053 | 3.375% | 350,000 | 345,183 | |
Georgia State Road & Tollway Authority(e),(f) | ||||
Revenue Bonds | ||||
I-75 S Express Lanes Project | ||||
Series 2014 Escrowed to Maturity | ||||
06/01/2024 | 0.000% | 305,000 | 303,930 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Main Street Natural Gas, Inc. | ||||
Revenue Bonds | ||||
Series 2019A | ||||
05/15/2024 | 5.000% | 1,250,000 | 1,250,237 | |
Series 2022B (Mandatory Put 06/01/29) | ||||
12/01/2052 | 5.000% | 2,000,000 | 2,076,852 | |
Series 2023C (Mandatory Put 09/01/30) | ||||
09/01/2053 | 5.000% | 1,000,000 | 1,052,892 | |
Total | 5,761,431 | |||
Guam 0.7% | ||||
Guam Power Authority(g) | ||||
Refunding Revenue Bonds | ||||
Series 2022A | ||||
10/01/2025 | 5.000% | 2,375,000 | 2,394,443 | |
Illinois 4.8% | ||||
Illinois Development Finance Authority(f) | ||||
Revenue Bonds | ||||
Regency Park | ||||
Series 1991 Escrowed to Maturity | ||||
07/15/2025 | 0.000% | 2,010,000 | 1,922,140 | |
Illinois Finance Authority | ||||
Refunding Revenue Bonds | ||||
Lifespace Communities, Inc. | ||||
Series 2015 | ||||
05/15/2024 | 5.000% | 450,000 | 449,852 | |
Illinois Finance Authority(b) | ||||
Refunding Revenue Bonds | ||||
OSF Healthcare System | ||||
Series 2020 (Mandatory Put 11/15/24) | ||||
05/15/2050 | 5.000% | 4,250,000 | 4,250,644 | |
Illinois Finance Authority(d) | ||||
Refunding Revenue Bonds | ||||
Presbyterian Homes | ||||
Series 2021 (Mandatory Put 05/01/26) | ||||
Muni Swap Index Yield + 0.700% 05/01/2042 | 4.470% | 1,250,000 | 1,227,572 | |
Illinois Housing Development Authority | ||||
Revenue Bonds | ||||
Senior | ||||
Series 2016A | ||||
10/01/2031 | 3.125% | 915,000 | 853,596 | |
State of Illinois | ||||
Unlimited General Obligation Bonds | ||||
Series 2021A | ||||
03/01/2025 | 5.000% | 500,000 | 504,368 | |
Series 2023B | ||||
05/01/2028 | 5.000% | 300,000 | 315,687 | |
05/01/2032 | 5.000% | 3,500,000 | 3,855,191 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2022B | ||||
03/01/2025 | 5.000% | 2,400,000 | 2,420,185 | |
Total | 15,799,235 | |||
Indiana 0.9% | ||||
City of Whiting(c) | ||||
Refunding Revenue Bonds | ||||
BP Products North America | ||||
Series 2019 (Mandatory Put 06/05/26) | ||||
12/01/2044 | 5.000% | 1,000,000 | 1,016,624 | |
Indianapolis Local Public Improvement Bond Bank(c) | ||||
Refunding Revenue Bonds | ||||
Indianapolis Airport | ||||
Series 2019 | ||||
01/01/2026 | 5.000% | 1,050,000 | 1,067,272 | |
Indianapolis Airport Authority Project | ||||
Series 2023 | ||||
01/01/2030 | 5.000% | 1,000,000 | 1,067,173 | |
Total | 3,151,069 | |||
Iowa 1.0% | ||||
Iowa Finance Authority(c) | ||||
Revenue Bonds | ||||
Geno NW Iowa RNG, LLC Renewable Natural Gas Project | ||||
Series 2024 (Citibank NA) (Mandatory Put 04/01/26) | ||||
12/31/2041 | 3.875% | 2,450,000 | 2,437,682 | |
PEFA, Inc. | ||||
Revenue Bonds | ||||
Series 2019 (Mandatory Put 09/01/26) | ||||
09/01/2049 | 5.000% | 1,000,000 | 1,018,373 | |
Total | 3,456,055 | |||
Kentucky 2.3% | ||||
City of Henderson(c),(e) | ||||
Revenue Bonds | ||||
Pratt Paper LLC Project | ||||
Series 2022 | ||||
01/01/2032 | 3.700% | 1,000,000 | 965,572 | |
Kenton County School District Finance Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2015B | ||||
10/01/2025 | 3.000% | 1,995,000 | 1,965,521 | |
Kentucky Interlocal School Transportation Association | ||||
Refunding Certificate of Participation | ||||
Series 2021 | ||||
03/01/2025 | 1.250% | 1,330,000 | 1,282,204 | |
03/01/2026 | 1.250% | 1,085,000 | 1,012,419 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Kentucky Public Energy Authority(d) | ||||
Revenue Bonds | ||||
Series 2019A-2 (Mandatory Put 06/01/25) | ||||
0.7 x SOFR + 1.234% 12/01/2049 | 4.798% | 1,000,000 | 999,072 | |
Kentucky Public Energy Authority | ||||
Revenue Bonds | ||||
Series 2020A (Mandatory Put 06/01/26) | ||||
12/01/2050 | 4.000% | 1,355,000 | 1,344,260 | |
Total | 7,569,048 | |||
Louisiana 1.1% | ||||
Louisiana Local Government Environmental Facilities & Community Development Authority | ||||
Refunding Revenue Bonds | ||||
Entergy Louisiana LLC Project | ||||
Series 2021 | ||||
06/01/2030 | 2.000% | 1,250,000 | 1,078,171 | |
Louisiana Public Facilities Authority(c),(e) | ||||
Revenue Bonds | ||||
Elementus Minerals LLC Project | ||||
Series 2023 (Mandatory Put 11/01/25) | ||||
10/01/2043 | 5.000% | 2,500,000 | 2,511,742 | |
Total | 3,589,913 | |||
Maryland 2.3% | ||||
Maryland Community Development Administration | ||||
Revenue Bonds | ||||
Series 2021B | ||||
03/01/2027 | 0.900% | 860,000 | 786,011 | |
Maryland Economic Development Corp.(c) | ||||
Revenue Bonds | ||||
Green Bonds - Purple Line Light Rail Project | ||||
Series 2022 | ||||
11/12/2028 | 5.000% | 2,000,000 | 2,032,560 | |
State of Maryland Department of Transportation | ||||
Refunding Revenue Bonds | ||||
Series 2022B | ||||
12/01/2027 | 5.000% | 1,205,000 | 1,282,727 | |
Revenue Bonds | ||||
2nd Issue | ||||
Series 2018 | ||||
10/01/2024 | 5.000% | 3,420,000 | 3,438,491 | |
Total | 7,539,789 | |||
Massachusetts 3.9% | ||||
Berkshire Regional Transit Authority | ||||
Revenue Notes | ||||
RAN Series 2023 | ||||
07/25/2024 | 4.500% | 3,500,000 | 3,500,229 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Berklee College of Music | ||||
Series 2016 | ||||
10/01/2029 | 5.000% | 1,000,000 | 1,032,149 | |
Massachusetts Educational Financing Authority(c) | ||||
Revenue Bonds | ||||
Education Loan | ||||
Series 2014-I | ||||
01/01/2025 | 5.000% | 3,000,000 | 3,019,128 | |
Senior Series 2020B | ||||
07/01/2026 | 5.000% | 1,250,000 | 1,270,479 | |
Senior Series 2022B | ||||
07/01/2025 | 5.000% | 250,000 | 253,079 | |
07/01/2029 | 5.000% | 825,000 | 858,593 | |
Massachusetts Housing Finance Agency | ||||
Revenue Bonds | ||||
Sustainability Bonds | ||||
Series 2022-D3 (FHA) | ||||
12/01/2026 | 3.300% | 1,000,000 | 986,198 | |
Massachusetts Port Authority(c) | ||||
Refunding Revenue Bonds | ||||
BosFuel Project | ||||
Series 2019A | ||||
07/01/2026 | 5.000% | 1,000,000 | 1,024,284 | |
BOSFUEL Project | ||||
Series 2019A | ||||
07/01/2025 | 5.000% | 1,000,000 | 1,007,699 | |
Total | 12,951,838 | |||
Michigan 1.6% | ||||
Michigan Finance Authority | ||||
Refunding Revenue Bonds | ||||
McLaren Health Care | ||||
Series 2021D-1 | ||||
10/15/2026 | 0.900% | 2,495,000 | 2,330,050 | |
10/15/2027 | 1.100% | 1,650,000 | 1,517,360 | |
Michigan Finance Authority(h) | ||||
Refunding Revenue Bonds | ||||
Trinity Health | ||||
Series 2019 (Mandatory Put 02/01/25) | ||||
12/01/2044 | 5.000% | 1,605,000 | 1,617,283 | |
Total | 5,464,693 | |||
Minnesota 0.6% | ||||
City of Wayzata | ||||
Refunding Revenue Bonds | ||||
Folkstone Senior Living Co. | ||||
Series 2019 | ||||
08/01/2024 | 3.000% | 100,000 | 99,775 | |
08/01/2025 | 3.000% | 200,000 | 197,726 | |
08/01/2026 | 3.000% | 250,000 | 244,721 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Minnesota Housing Finance Agency(c) | ||||
Revenue Bonds | ||||
Series 2020A (GNMA) | ||||
07/01/2024 | 1.450% | 115,000 | 114,066 | |
Series 2020D (GNMA) | ||||
07/01/2026 | 1.650% | 360,000 | 334,708 | |
Series 2020H | ||||
07/01/2024 | 0.700% | 190,000 | 188,319 | |
01/01/2025 | 0.800% | 340,000 | 329,681 | |
07/01/2025 | 0.850% | 360,000 | 341,493 | |
Total | 1,850,489 | |||
Mississippi 0.9% | ||||
County of Warren(c) | ||||
Refunding Revenue Bonds | ||||
International Paper Co. Project | ||||
Series 2020 (Mandatory Put 06/16/25) | ||||
08/01/2027 | 1.600% | 1,000,000 | 971,985 | |
Mississippi Business Finance Corp.(c) | ||||
Revenue Bonds | ||||
Waste Management, Inc. Project | ||||
Series 2019 (Mandatory Put 06/03/24) | ||||
03/01/2027 | 2.200% | 1,250,000 | 1,247,544 | |
State of Mississippi Gaming Tax | ||||
Revenue Bonds | ||||
Series 2019A | ||||
10/15/2024 | 5.000% | 750,000 | 752,596 | |
Total | 2,972,125 | |||
Missouri 1.3% | ||||
Kansas City Industrial Development Authority(c) | ||||
Revenue Bonds | ||||
Kansas City International Airport | ||||
Series 2019 | ||||
03/01/2028 | 5.000% | 3,810,000 | 3,964,379 | |
Missouri Development Finance Board | ||||
Refunding Revenue Bonds | ||||
Crackerneck Creek Project | ||||
Series 2021 | ||||
03/01/2026 | 5.000% | 300,000 | 301,504 | |
Total | 4,265,883 | |||
Nebraska 0.6% | ||||
Gretna Public Schools | ||||
Unlimited General Obligation Bonds | ||||
Series 2022B | ||||
12/15/2027 | 5.000% | 2,080,000 | 2,126,101 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Nevada 0.1% | ||||
State of Nevada Department of Business & Industry(e) | ||||
Revenue Bonds | ||||
Somerset Academy | ||||
Series 2018A | ||||
12/15/2029 | 4.500% | 465,000 | 460,328 | |
New Hampshire 1.1% | ||||
New Hampshire Business Finance Authority | ||||
Refunding Revenue Bonds | ||||
Springpoint Senior Living | ||||
Series 2021 | ||||
01/01/2025 | 4.000% | 290,000 | 287,611 | |
01/01/2026 | 4.000% | 265,000 | 260,515 | |
New Hampshire Business Finance Authority(c),(d) | ||||
Refunding Revenue Bonds | ||||
Waste Management, Inc. Project | ||||
Series 2018 (Mandatory Put 07/01/24) | ||||
Muni Swap Index Yield + 0.375% 10/01/2033 | 4.145% | 2,000,000 | 1,997,187 | |
New Hampshire Business Finance Authority(c) | ||||
Refunding Revenue Bonds | ||||
Waste Management, Inc. Project | ||||
Series 2019 (Mandatory Put 07/01/24) | ||||
07/01/2027 | 2.150% | 1,000,000 | 996,205 | |
Total | 3,541,518 | |||
New Jersey 6.3% | ||||
Camden County Improvement Authority (The) | ||||
Revenue Bonds | ||||
Northgate I Apartment Project | ||||
Series 2024 (FHA) (Mandatory Put 03/01/26) | ||||
03/01/2027 | 5.000% | 975,000 | 991,031 | |
City of Newark | ||||
Unlimited General Obligation Notes | ||||
BAN Series 2023B | ||||
09/27/2024 | 5.000% | 2,000,000 | 2,002,493 | |
New Jersey Economic Development Authority(c) | ||||
Refunding Revenue Bonds | ||||
New Jersey-American Water Company, Inc. Project | ||||
Series 2020 | ||||
12/01/2025 | 0.850% | 2,750,000 | 2,545,619 | |
New Jersey Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015XX | ||||
06/15/2026 | 4.250% | 2,355,000 | 2,355,768 | |
New Jersey Health Care Facilities Financing Authority | ||||
Refunding Revenue Bonds | ||||
Hospital Asset Transformation Program | ||||
Series 2017 | ||||
10/01/2031 | 5.000% | 2,000,000 | 2,101,648 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Hospital Asset Transformation Project | ||||
Series 2017 | ||||
10/01/2026 | 5.000% | 650,000 | 668,063 | |
New Jersey Higher Education Student Assistance Authority(c) | ||||
Revenue Bonds | ||||
Series 2015-1A | ||||
12/01/2027 | 4.000% | 1,295,000 | 1,287,668 | |
Series 2017-1A | ||||
12/01/2024 | 5.000% | 3,750,000 | 3,772,148 | |
Series 2023B | ||||
12/01/2028 | 5.000% | 4,000,000 | 4,138,586 | |
Senior Revenue Bonds | ||||
Series 2022B | ||||
12/01/2024 | 5.000% | 885,000 | 890,227 | |
Total | 20,753,251 | |||
New Mexico 0.6% | ||||
City of Farmington | ||||
Refunding Revenue Bonds | ||||
Public Service Co. of New Mexico San Juan Project | ||||
Series 2020 (Mandatory Put 06/01/24) | ||||
06/01/2040 | 1.150% | 2,000,000 | 1,994,236 | |
New York 15.6% | ||||
City of New York | ||||
Unlimited General Obligation Bonds | ||||
Series 2024A | ||||
08/01/2029 | 5.000% | 2,345,000 | 2,560,172 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2023C | ||||
08/01/2027 | 5.000% | 7,000,000 | 7,375,715 | |
Huntington Local Development Corp. | ||||
Revenue Bonds | ||||
Fountaingate Garden Project | ||||
Series 2021B | ||||
07/01/2027 | 4.000% | 970,000 | 935,566 | |
Long Island Power Authority | ||||
Refunding Revenue Bonds | ||||
Series 2023F | ||||
09/01/2029 | 5.000% | 3,000,000 | 3,309,411 | |
New York City Transitional Finance Authority | ||||
Revenue Bonds | ||||
Subordinated Series 2018A-2 | ||||
11/01/2027 | 5.000% | 3,235,000 | 3,441,533 | |
New York Liberty Development Corp. | ||||
Refunding Revenue Bonds | ||||
Green Bonds - 4 World Trade Center Project | ||||
Series 2021 | ||||
11/15/2031 | 1.900% | 950,000 | 800,755 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Series 2023A | ||||
03/15/2029 | 5.000% | 3,250,000 | 3,534,689 | |
Revenue Bonds | ||||
Series 2024A | ||||
03/15/2031 | 5.000% | 1,700,000 | 1,907,881 | |
New York State Thruway Authority | ||||
Refunding Revenue Bonds | ||||
Series 2024P | ||||
01/01/2027 | 5.000% | 3,000,000 | 3,139,801 | |
New York Transportation Development Corp.(c) | ||||
Refunding Revenue Bonds | ||||
American Airlines, Inc. Project | ||||
Series 2021 | ||||
08/01/2026 | 2.250% | 1,550,000 | 1,500,236 | |
Revenue Bonds | ||||
LaGuardia Airport Terminal B Redevelopment Project | ||||
Series 2016 | ||||
07/01/2030 | 5.000% | 1,255,000 | 1,255,575 | |
Port Authority of New York & New Jersey(c) | ||||
Refunding Revenue Bonds | ||||
Series 2018-207 | ||||
09/15/2029 | 5.000% | 5,000,000 | 5,219,441 | |
Series 2021-223 | ||||
07/15/2026 | 5.000% | 4,130,000 | 4,230,156 | |
Revenue Bonds | ||||
Consolidated One Hundred Eighty Four | ||||
Series 2014-25A | ||||
09/01/2028 | 5.000% | 1,275,000 | 1,279,269 | |
State of New York Mortgage Agency(c) | ||||
Refunding Revenue Bonds | ||||
Social Bonds | ||||
Series 2021-235 | ||||
04/01/2026 | 1.050% | 1,275,000 | 1,168,448 | |
10/01/2026 | 1.150% | 1,335,000 | 1,205,045 | |
04/01/2027 | 1.300% | 2,705,000 | 2,417,510 | |
Revenue Bonds | ||||
Social Bonds | ||||
Series 2021-240 | ||||
10/01/2024 | 0.850% | 1,970,000 | 1,930,166 | |
04/01/2025 | 0.950% | 2,485,000 | 2,380,007 | |
10/01/2025 | 1.050% | 1,000,000 | 935,204 | |
04/01/2026 | 1.200% | 1,220,000 | 1,122,966 | |
Total | 51,649,546 | |||
North Carolina 1.6% | ||||
North Carolina Eastern Municipal Power Agency(i) | ||||
Revenue Bonds | ||||
Series 1993 (FGIC) | ||||
01/01/2025 | 3.100% | 600,000 | 592,421 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
North Carolina Housing Finance Agency | ||||
Revenue Bonds | ||||
Home Ownership | ||||
Series 2021-47 (GNMA) | ||||
01/01/2028 | 1.050% | 1,580,000 | 1,372,602 | |
North Carolina Turnpike Authority | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2017 | ||||
01/01/2025 | 5.000% | 1,500,000 | 1,511,822 | |
Series 2018 | ||||
01/01/2025 | 5.000% | 1,110,000 | 1,118,748 | |
North Carolina Turnpike Authority(f) | ||||
Refunding Revenue Bonds | ||||
Series 2016C | ||||
07/01/2026 | 0.000% | 780,000 | 704,724 | |
Total | 5,300,317 | |||
North Dakota 0.8% | ||||
North Dakota Housing Finance Agency(c) | ||||
Refunding Revenue Bonds | ||||
Social Bonds | ||||
Series 2021C | ||||
07/01/2024 | 0.800% | 1,685,000 | 1,670,509 | |
01/01/2025 | 0.950% | 975,000 | 943,865 | |
Total | 2,614,374 | |||
Ohio 2.1% | ||||
City of Columbus | ||||
Unlimited General Obligation Bonds | ||||
Series 2023A | ||||
08/15/2024 | 5.000% | 725,000 | 727,483 | |
Ohio Air Quality Development Authority(c) | ||||
Refunding Revenue Bonds | ||||
Duke Energy Corp. Project | ||||
Series 2022 (Mandatory Put 06/01/27) | ||||
11/01/2039 | 4.250% | 2,500,000 | 2,503,251 | |
Ohio Turnpike & Infrastructure Commission | ||||
Refunding Revenue Bonds | ||||
Junior Lien - Infrastructure Projects | ||||
Series 2022 | ||||
02/15/2026 | 5.000% | 1,250,000 | 1,285,722 | |
State of Ohio | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2022A | ||||
06/15/2028 | 5.000% | 2,250,000 | 2,421,146 | |
Total | 6,937,602 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Oklahoma 1.8% | ||||
Oklahoma County Independent School District No. 89 Oklahoma City | ||||
Unlimited General Obligation Bonds | ||||
Series 2023A | ||||
07/01/2027 | 3.000% | 6,000,000 | 5,880,302 | |
Oregon 0.1% | ||||
State of Oregon Housing & Community Services Department(h) | ||||
Revenue Bonds | ||||
Plaza Los Amigos Apartments Project | ||||
Series 2022 (Mandatory Put 02/01/25) | ||||
02/01/2026 | 3.000% | 500,000 | 494,626 | |
Pennsylvania 3.9% | ||||
Geisinger Authority | ||||
Refunding Revenue Bonds | ||||
Geisinger Health System Obligated Group | ||||
Series 2020 (Mandatory Put 02/15/27) | ||||
04/01/2043 | 5.000% | 3,350,000 | 3,448,577 | |
Pennsylvania Higher Education Assistance Agency(c) | ||||
Revenue Bonds | ||||
Series 2021A | ||||
06/01/2027 | 5.000% | 1,315,000 | 1,342,957 | |
Pennsylvania Housing Finance Agency(c) | ||||
Refunding Revenue Bonds | ||||
Social Bonds | ||||
Series 2021-134B | ||||
10/01/2025 | 5.000% | 800,000 | 806,977 | |
Pennsylvania Housing Finance Agency | ||||
Revenue Bonds | ||||
Series 2019-129 | ||||
10/01/2034 | 2.950% | 1,500,000 | 1,352,236 | |
Series 2020-132A | ||||
04/01/2026 | 1.450% | 1,400,000 | 1,305,206 | |
10/01/2026 | 1.500% | 1,500,000 | 1,383,237 | |
Pennsylvania Turnpike Commission | ||||
Refunding Revenue Bonds | ||||
Series 2022B | ||||
12/01/2026 | 5.000% | 275,000 | 286,697 | |
Redevelopment Authority of the City of Philadelphia(c) | ||||
Refunding Revenue Bonds | ||||
Series 2015B | ||||
04/15/2027 | 5.000% | 2,010,000 | 2,035,674 | |
Southeastern Pennsylvania Transportation Authority | ||||
Revenue Bonds | ||||
Asset Improvement Program | ||||
Series 2022 | ||||
06/01/2027 | 5.000% | 1,000,000 | 1,051,011 | |
Total | 13,012,572 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Puerto Rico 0.8% | ||||
Commonwealth of Puerto Rico(g) | ||||
Unlimited General Obligation Bonds | ||||
Series 2021-A1 | ||||
07/01/2025 | 5.375% | 2,500,000 | 2,516,838 | |
Rhode Island 1.3% | ||||
Rhode Island Housing & Mortgage Finance Corp.(c) | ||||
Refunding Revenue Bonds | ||||
Homeownership Opportunity | ||||
Series 2016 | ||||
04/01/2026 | 2.600% | 1,235,000 | 1,200,987 | |
10/01/2026 | 2.650% | 1,575,000 | 1,525,674 | |
Rhode Island Student Loan Authority(c) | ||||
Revenue Bonds | ||||
Senior Program | ||||
Series 2019A | ||||
12/01/2024 | 5.000% | 875,000 | 879,467 | |
12/01/2035 | 2.875% | 630,000 | 621,029 | |
Total | 4,227,157 | |||
South Carolina 0.2% | ||||
South Carolina Jobs-Economic Development Authority(c) | ||||
Revenue Bonds | ||||
International Paper Co. Project | ||||
Series 2023 (Mandatory Put 04/01/26) | ||||
04/01/2033 | 4.000% | 850,000 | 849,666 | |
Tennessee 0.4% | ||||
Metropolitan Government of Nashville & Davidson County Electric | ||||
Refunding Revenue Bonds | ||||
Series 2024B | ||||
05/15/2029 | 5.000% | 1,200,000 | 1,313,146 | |
Texas 7.1% | ||||
City of Houston Airport System(c) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2023A (AGM) | ||||
07/01/2031 | 5.000% | 3,250,000 | 3,548,372 | |
City of Houston Combined Utility System(j) | ||||
Refunding Revenue Bonds | ||||
First Lien | ||||
Subordinated Series 2024A | ||||
11/15/2029 | 5.000% | 500,000 | 548,787 | |
County of Collin | ||||
Limited General Obligation Bonds | ||||
Series 2023 | ||||
02/15/2028 | 5.000% | 1,000,000 | 1,066,758 | |
County of Harris Toll Road | ||||
Refunding Revenue Bonds | ||||
Series 2023A | ||||
08/15/2028 | 5.000% | 500,000 | 538,240 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Dallas Fort Worth International Airport | ||||
Refunding Revenue Bonds | ||||
Series 2023B | ||||
11/01/2031 | 5.000% | 2,000,000 | 2,256,879 | |
Denton Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
08/15/2029 | 5.000% | 1,750,000 | 1,918,986 | |
Harris County Cultural Education Facilities Finance Corp. | ||||
Revenue Bonds | ||||
Baylor College of Medicine | ||||
Series 2024 | ||||
05/15/2029 | 5.000% | 1,250,000 | 1,348,355 | |
Harris County Cultural Education Facilities Finance Corp.(d) | ||||
Revenue Bonds | ||||
Natus Medical, Inc. | ||||
Series 2019 (Mandatory Put 12/04/24) | ||||
Muni Swap Index Yield + 0.570% 12/01/2049 | 4.340% | 2,000,000 | 1,996,145 | |
Matagorda County Navigation District No. 1 | ||||
Refunding Revenue Bonds | ||||
Central Power & Light | ||||
Series 2023 | ||||
05/01/2030 | 4.250% | 2,500,000 | 2,487,073 | |
North Texas Tollway Authority | ||||
Refunding Revenue Bonds | ||||
Series 2023A | ||||
01/01/2027 | 5.000% | 1,950,000 | 2,036,192 | |
Plano Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
02/15/2028 | 5.000% | 1,750,000 | 1,873,938 | |
Port Beaumont Navigation District(c),(e) | ||||
Revenue Bonds | ||||
Jefferson Gulf Coast Energy Project | ||||
Series 2021 | ||||
01/01/2026 | 1.875% | 700,000 | 665,412 | |
Spring Branch Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2022 | ||||
02/01/2025 | 5.000% | 1,000,000 | 1,010,602 | |
Texas Home Collaborative | ||||
Revenue Bonds | ||||
1518 Apartments | ||||
Series 2023 (FHA) (Mandatory Put 10/01/26) | ||||
10/01/2041 | 5.000% | 1,725,000 | 1,766,777 | |
Texas Municipal Gas Acquisition & Supply Corp. III | ||||
Refunding Revenue Bonds | ||||
Senior | ||||
Series 2021 | ||||
12/15/2028 | 5.000% | 500,000 | 514,985 | |
Total | 23,577,501 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Utah 1.1% | ||||
City of Salt Lake City Airport(c) | ||||
Revenue Bonds | ||||
Series 2018A | ||||
07/01/2025 | 5.000% | 2,685,000 | 2,713,279 | |
Intermountain Power Agency | ||||
Revenue Bonds | ||||
Series 2023A | ||||
07/01/2029 | 5.000% | 750,000 | 822,183 | |
Total | 3,535,462 | |||
Vermont 1.0% | ||||
Vermont Student Assistance Corp.(c) | ||||
Revenue Bonds | ||||
Student Loan | ||||
Senior Series 2018A | ||||
06/15/2025 | 5.000% | 1,010,000 | 1,016,383 | |
06/15/2026 | 5.000% | 1,375,000 | 1,397,736 | |
Series 2022A | ||||
06/15/2028 | 5.000% | 985,000 | 1,013,304 | |
Total | 3,427,423 | |||
Virginia 3.2% | ||||
Amelia County Industrial Development Authority(c) | ||||
Refunding Revenue Bonds | ||||
Waste Management, Inc. Project | ||||
Series 2021 | ||||
04/01/2027 | 1.450% | 1,750,000 | 1,601,692 | |
Fairfax County Redevelopment & Housing Authority(h) | ||||
Revenue Bonds | ||||
Dominion Square North Project | ||||
Series 2023 (Mandatory Put 01/01/28) | ||||
01/01/2045 | 5.000% | 2,750,000 | 2,836,570 | |
Henrico County Economic Development Authority(i) | ||||
Revenue Bonds | ||||
Registered Savrs | ||||
Series 1992 Escrowed to Maturity (AGM) | ||||
08/23/2027 | 7.403% | 700,000 | 700,000 | |
Virginia Beach Development Authority | ||||
Revenue Bonds | ||||
TEMPS 50 - Westminster-Canterbury on Chesapeake Bay | ||||
Series 2023 | ||||
09/01/2029 | 5.375% | 1,000,000 | 1,034,756 | |
Virginia Housing Development Authority | ||||
Revenue Bonds | ||||
Series 2023E2 (Mandatory Put 07/01/25) | ||||
07/01/2055 | 3.900% | 1,825,000 | 1,814,489 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Virginia Small Business Financing Authority | ||||
Refunding Revenue Bonds | ||||
LifeSpire of Virginia | ||||
Series 2021 | ||||
12/01/2024 | 3.000% | 220,000 | 217,828 | |
12/01/2025 | 3.000% | 230,000 | 224,309 | |
12/01/2026 | 3.000% | 235,000 | 226,718 | |
Virginia Small Business Financing Authority(c) | ||||
Revenue Bonds | ||||
Pure Salmon Virginia LLC Project | ||||
Series 2023 (Mandatory Put 11/15/24) | ||||
11/01/2052 | 5.000% | 2,000,000 | 1,998,372 | |
Total | 10,654,734 | |||
Washington 1.8% | ||||
City of Seattle | ||||
Unlimited General Obligation Bonds | ||||
Series 2015 | ||||
12/01/2031 | 4.000% | 1,810,000 | 1,818,630 | |
Douglas County Public Utility District No. 1 Wells Hydroelectric Project(c) | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
09/01/2027 | 5.000% | 830,000 | 840,788 | |
Port of Seattle(c) | ||||
Refunding Revenue Bonds | ||||
Intermediate Lien | ||||
Series 2022 | ||||
08/01/2028 | 5.000% | 1,500,000 | 1,573,918 | |
Revenue Bonds | ||||
Series 2018A | ||||
05/01/2028 | 5.000% | 1,715,000 | 1,767,146 | |
Total | 6,000,482 | |||
Wisconsin 3.2% | ||||
Public Finance Authority(c) | ||||
Refunding Revenue Bonds | ||||
Waste Management, Inc. Project | ||||
Series 2016 | ||||
05/01/2027 | 2.875% | 5,350,000 | 5,139,191 | |
State of Wisconsin | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2022-4 | ||||
05/01/2026 | 5.000% | 1,230,000 | 1,271,372 | |
Wisconsin Department of Transportation | ||||
Refunding Revenue Bonds | ||||
Series 2017-1 | ||||
07/01/2028 | 5.000% | 1,185,000 | 1,249,366 | |
Wisconsin Health & Educational Facilities Authority(e) | ||||
Revenue Bonds | ||||
Forensic Science and Protective Medicine Collaboration, Inc. Project | ||||
Series 2024 | ||||
08/01/2027 | 5.000% | 2,500,000 | 2,543,060 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Wisconsin Housing & Economic Development Authority | ||||
Revenue Bonds | ||||
Social Bonds | ||||
Series 2021C (GNMA) | ||||
03/01/2025 | 0.700% | 425,000 | 408,442 | |
Total | 10,611,431 | |||
Total Municipal Bonds (Cost $322,906,213) | 316,022,485 | |||
Municipal Short Term 3.6% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Massachusetts 2.1% | ||||
Brockton Area Transit Authority | ||||
Revenue Notes | ||||
RAN Series 2023 | ||||
07/26/2024 | 4.340% | 2,500,000 | 2,500,055 | |
Merrimack Valley Regional Transit Authority | ||||
Revenue Notes | ||||
RAN Series 2023 | ||||
06/21/2024 | 4.320% | 3,000,000 | 3,000,050 | |
Pioneer Valley Transit Authority | ||||
Revenue Notes | ||||
RAN Series 2023 | ||||
07/12/2024 | 4.250% | 1,500,000 | 1,501,016 | |
Total | 7,001,121 | |||
Texas 0.9% | ||||
Mission Economic Development Corp.(c) | ||||
Refunding Revenue Bonds | ||||
Republic Services, Inc. Project | ||||
Series 2019 (Mandatory Put 05/01/24) | ||||
01/01/2026 | 4.100% | 3,000,000 | 3,000,000 |
Municipal Short Term (continued) | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
West Virginia 0.6% | ||||
West Virginia Economic Development Authority(c) | ||||
Revenue Bonds | ||||
Allegheny Metallurgical Project | ||||
Series 2023 (Mandatory Put 08/01/24) | ||||
01/01/2048 | 4.760% | 1,875,000 | 1,873,139 | |
Total Municipal Short Term (Cost $11,884,704) | 11,874,260 |
Money Market Funds 0.0% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.515%(k) | 134,063 | 134,076 |
Total Money Market Funds (Cost $134,063) | 134,076 | |
Total Investments in Securities (Cost $335,624,980) | 328,730,821 | |
Other Assets & Liabilities, Net | 2,646,328 | |
Net Assets | $331,377,149 |
(a) | The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity. |
(b) | Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2024. |
(c) | Income from this security may be subject to alternative minimum tax. |
(d) | Variable rate security. The interest rate shown was the current rate as of April 30, 2024. |
(e) | 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 April 30, 2024, the total value of these securities amounted to $9,849,941, which represents 2.97% of total net assets. |
(f) | Zero coupon bond. |
(g) | Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At April 30, 2024, the total value of these securities amounted to $4,911,281, which represents 1.48% of total net assets. |
(h) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of April 30, 2024. |
(i) | Represents a variable rate security where the coupon adjusts periodically through an auction process. |
(j) | Represents a security purchased on a when-issued basis. |
(k) | The rate shown is the seven-day current annualized yield at April 30, 2024. |
AGM | Assured Guaranty Municipal Corporation |
BAN | Bond Anticipation Note |
FGIC | Financial Guaranty Insurance Corporation |
FHA | Federal Housing Authority |
GNMA | Government National Mortgage Association |
RAN | Revenue Anticipation Note |
SOFR | Secured Overnight Financing Rate |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 700,000 | — | 700,000 |
Municipal Bonds | — | 316,022,485 | — | 316,022,485 |
Municipal Short Term | — | 11,874,260 | — | 11,874,260 |
Money Market Funds | 134,076 | — | — | 134,076 |
Total Investments in Securities | 134,076 | 328,596,745 | — | 328,730,821 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $335,624,980) | $328,730,821 |
Cash | 5,213 |
Receivable for: | |
Capital shares sold | 472,442 |
Dividends | 6,256 |
Interest | 4,173,669 |
Expense reimbursement due from Investment Manager | 1,598 |
Prepaid expenses | 5,378 |
Total assets | 333,395,377 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 549,845 |
Capital shares redeemed | 513,092 |
Distributions to shareholders | 737,120 |
Management services fees | 3,897 |
Distribution and/or service fees | 390 |
Transfer agent fees | 13,072 |
Compensation of board members | 617 |
Other expenses | 10,308 |
Deferred compensation of board members | 189,887 |
Total liabilities | 2,018,228 |
Net assets applicable to outstanding capital stock | $331,377,149 |
Represented by | |
Paid in capital | 360,493,130 |
Total distributable earnings (loss) | (29,115,981 ) |
Total - representing net assets applicable to outstanding capital stock | $331,377,149 |
Class A | |
Net assets | $57,297,758 |
Shares outstanding | 5,711,867 |
Net asset value per share | $10.03 |
Maximum sales charge | 1.00% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $10.13 |
Advisor Class | |
Net assets | $32,052,446 |
Shares outstanding | 3,192,297 |
Net asset value per share | $10.04 |
Institutional Class | |
Net assets | $51,406,399 |
Shares outstanding | 5,124,270 |
Net asset value per share | $10.03 |
Institutional 2 Class | |
Net assets | $38,463,541 |
Shares outstanding | 3,836,778 |
Net asset value per share | $10.02 |
Institutional 3 Class | |
Net assets | $152,157,005 |
Shares outstanding | 15,174,837 |
Net asset value per share | $10.03 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $107,675 |
Interest | 11,501,141 |
Total income | 11,608,816 |
Expenses: | |
Management services fees | 1,776,438 |
Distribution and/or service fees | |
Class A | 156,242 |
Class C | 16,175 |
Transfer agent fees | |
Class A | 59,201 |
Advisor Class | 40,649 |
Class C | 1,537 |
Institutional Class | 71,501 |
Institutional 2 Class | 22,504 |
Institutional 3 Class | 10,222 |
Custodian fees | 11,128 |
Printing and postage fees | 22,629 |
Registration fees | 92,198 |
Accounting services fees | 41,499 |
Legal fees | 16,689 |
Interest on interfund lending | 488 |
Compensation of chief compliance officer | 72 |
Compensation of board members | 15,518 |
Deferred compensation of board members | 37,977 |
Other | 18,620 |
Total expenses | 2,411,287 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (811,709 ) |
Fees waived by transfer agent | |
Institutional 3 Class | (10,222 ) |
Expense reduction | (40 ) |
Total net expenses | 1,589,316 |
Net investment income | 10,019,500 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (6,479,419 ) |
Net realized loss | (6,479,419 ) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 6,300,714 |
Net change in unrealized appreciation (depreciation) | 6,300,714 |
Net realized and unrealized loss | (178,705 ) |
Net increase in net assets resulting from operations | $9,840,795 |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | |
Operations | ||
Net investment income | $10,019,500 | $10,896,166 |
Net realized loss | (6,479,419 ) | (9,757,479 ) |
Net change in unrealized appreciation (depreciation) | 6,300,714 | 10,999,980 |
Net increase in net assets resulting from operations | 9,840,795 | 12,138,667 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (1,358,541 ) | (1,082,213 ) |
Advisor Class | (1,031,854 ) | (1,166,399 ) |
Class C | (23,020 ) | (15,490 ) |
Institutional Class | (1,801,300 ) | (1,802,650 ) |
Institutional 2 Class | (1,306,397 ) | (1,919,571 ) |
Institutional 3 Class | (4,472,439 ) | (5,127,128 ) |
Total distributions to shareholders | (9,993,551 ) | (11,113,451 ) |
Decrease in net assets from capital stock activity | (162,897,521 ) | (279,514,603 ) |
Total decrease in net assets | (163,050,277 ) | (278,489,387 ) |
Net assets at beginning of year | 494,427,426 | 772,916,813 |
Net assets at end of year | $331,377,149 | $494,427,426 |
Year Ended | Year Ended | |||
April 30, 2024 | April 30, 2023 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 1,243,511 | 12,464,562 | 4,585,621 | 45,834,971 |
Distributions reinvested | 123,429 | 1,236,260 | 96,989 | 970,581 |
Shares redeemed | (2,729,251 ) | (27,349,098 ) | (5,500,323 ) | (55,086,454 ) |
Net decrease | (1,362,311 ) | (13,648,276 ) | (817,713 ) | (8,280,902 ) |
Advisor Class | ||||
Shares sold | 635,099 | 6,372,716 | 2,469,079 | 24,718,526 |
Distributions reinvested | 38,042 | 381,358 | 37,417 | 374,803 |
Shares redeemed | (2,771,725 ) | (27,837,267 ) | (4,874,214 ) | (48,813,606 ) |
Net decrease | (2,098,584 ) | (21,083,193 ) | (2,367,718 ) | (23,720,277 ) |
Class C | ||||
Shares sold | 65,861 | 661,745 | 176,278 | 1,758,839 |
Distributions reinvested | 2,187 | 21,871 | 1,550 | 15,472 |
Shares redeemed | (272,205 ) | (2,722,718 ) | (134,605 ) | (1,349,669 ) |
Net increase (decrease) | (204,157 ) | (2,039,102 ) | 43,223 | 424,642 |
Institutional Class | ||||
Shares sold | 1,139,480 | 11,413,888 | 8,779,942 | 88,100,889 |
Distributions reinvested | 152,703 | 1,528,243 | 158,885 | 1,590,760 |
Shares redeemed | (5,624,683 ) | (56,455,189 ) | (10,229,746 ) | (102,553,635 ) |
Net decrease | (4,332,500 ) | (43,513,058 ) | (1,290,919 ) | (12,861,986 ) |
Institutional 2 Class | ||||
Shares sold | 1,807,793 | 18,109,467 | 3,513,896 | 35,210,315 |
Distributions reinvested | 95,659 | 957,451 | 167,520 | 1,674,858 |
Shares redeemed | (4,297,920 ) | (43,059,572 ) | (10,211,677 ) | (102,561,819 ) |
Net decrease | (2,394,468 ) | (23,992,654 ) | (6,530,261 ) | (65,676,646 ) |
Institutional 3 Class | ||||
Shares sold | 453,631 | 4,529,862 | 1,365,780 | 13,631,656 |
Distributions reinvested | 13,736 | 137,574 | 13,572 | 135,824 |
Shares redeemed | (6,331,504 ) | (63,288,674 ) | (18,325,146 ) | (183,166,914 ) |
Net decrease | (5,864,137 ) | (58,621,238 ) | (16,945,794 ) | (169,399,434 ) |
Total net decrease | (16,256,157 ) | (162,897,521 ) | (27,909,182 ) | (279,514,603 ) |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Class A | ||||||
Year Ended 4/30/2024 | $10.03 | 0.22 | 0.00 (c),(d) | 0.22 | (0.22 ) | (0.22 ) |
Year Ended 4/30/2023 | $10.01 | 0.14 | 0.03 | 0.17 | (0.15 ) | (0.15 ) |
Year Ended 4/30/2022 | $10.46 | 0.07 | (0.45 ) | (0.38 ) | (0.07 ) | (0.07 ) |
Year Ended 4/30/2021 | $10.26 | 0.11 | 0.20 | 0.31 | (0.11 ) | (0.11 ) |
Year Ended 4/30/2020 | $10.35 | 0.15 | (0.08 ) | 0.07 | (0.16 ) | (0.16 ) |
Advisor Class | ||||||
Year Ended 4/30/2024 | $10.04 | 0.24 | 0.01 (c) | 0.25 | (0.25 ) | (0.25 ) |
Year Ended 4/30/2023 | $10.02 | 0.16 | 0.03 | 0.19 | (0.17 ) | (0.17 ) |
Year Ended 4/30/2022 | $10.48 | 0.10 | (0.47 ) | (0.37 ) | (0.09 ) | (0.09 ) |
Year Ended 4/30/2021 | $10.27 | 0.13 | 0.21 | 0.34 | (0.13 ) | (0.13 ) |
Year Ended 4/30/2020 | $10.36 | 0.18 | (0.09 ) | 0.09 | (0.18 ) | (0.18 ) |
Institutional Class | ||||||
Year Ended 4/30/2024 | $10.03 | 0.24 | 0.01 (c) | 0.25 | (0.25 ) | (0.25 ) |
Year Ended 4/30/2023 | $10.01 | 0.16 | 0.03 | 0.19 | (0.17 ) | (0.17 ) |
Year Ended 4/30/2022 | $10.46 | 0.09 | (0.45 ) | (0.36 ) | (0.09 ) | (0.09 ) |
Year Ended 4/30/2021 | $10.26 | 0.13 | 0.20 | 0.33 | (0.13 ) | (0.13 ) |
Year Ended 4/30/2020 | $10.35 | 0.18 | (0.09 ) | 0.09 | (0.18 ) | (0.18 ) |
Institutional 2 Class | ||||||
Year Ended 4/30/2024 | $10.03 | 0.25 | (0.01 ) | 0.24 | (0.25 ) | (0.25 ) |
Year Ended 4/30/2023 | $10.01 | 0.17 | 0.03 | 0.20 | (0.18 ) | (0.18 ) |
Year Ended 4/30/2022 | $10.46 | 0.09 | (0.44 ) | (0.35 ) | (0.10 ) | (0.10 ) |
Year Ended 4/30/2021 | $10.25 | 0.14 | 0.21 | 0.35 | (0.14 ) | (0.14 ) |
Year Ended 4/30/2020 | $10.35 | 0.18 | (0.09 ) | 0.09 | (0.19 ) | (0.19 ) |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 4/30/2024 | $10.03 | 2.23% | 0.84% (e) | 0.64% (e),(f) | 2.18% | 22% | $57,298 |
Year Ended 4/30/2023 | $10.03 | 1.67% | 0.83% (e) | 0.65% (e),(f) | 1.41% | 48% | $70,963 |
Year Ended 4/30/2022 | $10.01 | (3.68% ) | 0.81% | 0.66% (f) | 0.63% | 69% | $79,026 |
Year Ended 4/30/2021 | $10.46 | 2.99% | 0.81% | 0.66% (f) | 1.02% | 46% | $72,327 |
Year Ended 4/30/2020 | $10.26 | 0.63% | 0.80% (e) | 0.66% (e),(f) | 1.48% | 58% | $61,987 |
Advisor Class | |||||||
Year Ended 4/30/2024 | $10.04 | 2.48% | 0.59% (e) | 0.39% (e),(f) | 2.42% | 22% | $32,052 |
Year Ended 4/30/2023 | $10.04 | 1.92% | 0.58% (e) | 0.40% (e),(f) | 1.65% | 48% | $53,125 |
Year Ended 4/30/2022 | $10.02 | (3.53% ) | 0.57% | 0.41% (f) | 0.93% | 69% | $76,764 |
Year Ended 4/30/2021 | $10.48 | 3.34% | 0.56% | 0.41% (f) | 1.26% | 46% | $1,899 |
Year Ended 4/30/2020 | $10.27 | 0.89% | 0.55% (e) | 0.41% (e),(f) | 1.72% | 58% | $1,701 |
Institutional Class | |||||||
Year Ended 4/30/2024 | $10.03 | 2.48% | 0.59% (e) | 0.39% (e),(f) | 2.41% | 22% | $51,406 |
Year Ended 4/30/2023 | $10.03 | 1.92% | 0.58% (e) | 0.40% (e),(f) | 1.64% | 48% | $94,875 |
Year Ended 4/30/2022 | $10.01 | (3.44% ) | 0.56% | 0.41% (f) | 0.88% | 69% | $107,620 |
Year Ended 4/30/2021 | $10.46 | 3.25% | 0.56% | 0.41% (f) | 1.27% | 46% | $94,743 |
Year Ended 4/30/2020 | $10.26 | 0.89% | 0.55% (e) | 0.41% (e),(f) | 1.72% | 58% | $86,870 |
Institutional 2 Class | |||||||
Year Ended 4/30/2024 | $10.02 | 2.43% | 0.54% (e) | 0.34% (e) | 2.48% | 22% | $38,464 |
Year Ended 4/30/2023 | $10.03 | 1.97% | 0.52% (e) | 0.35% (e) | 1.69% | 48% | $62,470 |
Year Ended 4/30/2022 | $10.01 | (3.40% ) | 0.51% | 0.37% | 0.92% | 69% | $127,702 |
Year Ended 4/30/2021 | $10.46 | 3.39% | 0.53% | 0.37% | 1.31% | 46% | $86,120 |
Year Ended 4/30/2020 | $10.25 | 0.83% | 0.51% (e) | 0.37% (e) | 1.77% | 58% | $71,372 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Institutional 3 Class | ||||||
Year Ended 4/30/2024 | $10.03 | 0.25 | 0.01 (c) | 0.26 | (0.26 ) | (0.26 ) |
Year Ended 4/30/2023 | $10.01 | 0.17 | 0.03 | 0.20 | (0.18 ) | (0.18 ) |
Year Ended 4/30/2022 | $10.46 | 0.10 | (0.45 ) | (0.35 ) | (0.10 ) | (0.10 ) |
Year Ended 4/30/2021 | $10.25 | 0.14 | 0.21 | 0.35 | (0.14 ) | (0.14 ) |
Year Ended 4/30/2020 | $10.35 | 0.19 | (0.10 ) | 0.09 | (0.19 ) | (0.19 ) |
Notes to Financial Highlights | |
(a) | 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. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | 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 Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. |
(d) | Rounds to zero. |
(e) | Ratios include interfund lending expense which is less than 0.01%. |
(f) | The benefits derived from expense reductions had an impact of less than 0.01%. |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 4/30/2024 | $10.03 | 2.58% | 0.50% (e) | 0.30% (e) | 2.52% | 22% | $152,157 |
Year Ended 4/30/2023 | $10.03 | 2.02% | 0.48% (e) | 0.30% (e) | 1.71% | 48% | $210,950 |
Year Ended 4/30/2022 | $10.01 | (3.36% ) | 0.47% | 0.32% | 0.97% | 69% | $380,197 |
Year Ended 4/30/2021 | $10.46 | 3.44% | 0.48% | 0.32% | 1.37% | 46% | $448,774 |
Year Ended 4/30/2020 | $10.25 | 0.88% | 0.46% (e) | 0.32% (e) | 1.82% | 58% | $511,085 |
Effective rate (%) | |
Class A | 0.09 |
Advisor Class | 0.10 |
Class C | 0.09 (a) |
Institutional Class | 0.10 |
Institutional 2 Class | 0.04 |
Institutional 3 Class | 0.00 |
(a) | Unannualized. |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 1.00 | 0.50 (a) | 33,649 |
Class C | — | 1.00 (b) | 203 |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
September 1, 2023 through August 31, 2024 | Prior to September 1, 2023 | |
Class A | 0.65 % | 0.65 % |
Advisor Class | 0.40 | 0.40 |
Institutional Class | 0.40 | 0.40 |
Institutional 2 Class | 0.35 | 0.34 |
Institutional 3 Class | 0.30 | 0.29 |
Year Ended April 30, 2024 | Year Ended April 30, 2023 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
34,913 | 9,958,638 | — | 9,993,551 | 36,898 | 11,076,553 | — | 11,113,451 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
— | 829,832 | — | (22,124,646 ) | (6,894,159 ) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
335,624,980 | 342,404 | (7,236,563 ) | (6,894,159 ) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(8,557,166 ) | (13,567,480 ) | (22,124,646 ) | — |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 1,500,000 | 5.86 | 2 |
Exempt- interest dividends | |
99.65% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 161 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Trustee of Gerald Rauenhorst 1982 Trusts, since 2020; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 161 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Chair since 2023; Trustee since 2007 | President, Springboard – Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 161 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee, since 2017 and Audit Committee Chair, since November 2023); Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) (financial services company), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 161 | Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, January 2020-December 2023; Adjunct Professor of Finance, Bentley University January 2018-April 2023; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 159 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 159 | Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Professor Emeritus of Economics and Management, Bentley University, since 2023; Professor of Economics and Management, Bentley University, 1976-2023; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 161 | Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 161 | Trustee, Catholic Schools Foundation, since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Trustee since 1996 | Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 161 | Director, SpartanNash Company (food distributor), since November 2013 (Chair of the Board, since May 2021); Director, Aircastle Limited (aircraft leasing), since August 2006 (Chair of Audit Committee); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 159 | None |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 161 | Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 161 | Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 159 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 161 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, June 2022-June 2023 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | President and Principal Executive Officer of the Columbia Funds, since June 2021; Vice President, Columbia Management Investment Advisers, LLC, since April 2015; formerly, Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, April 2015 – December 2023; President and Principal Executive Officer, Columbia Acorn/Wanger Funds, since July 2021 | 161 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc., since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC, since January 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher, Hacker and Moffett and Mses. Blatz, Carlton, Carrig, Flynn, Paglia, and Yeager serve as directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
** | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009); Senior Vice President (2019); Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2024) for CFST, CFST I, CFST II, CFVIT and CFVST II | Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023. |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, TAM UK International Holdings Limited, since July 2021; formerly Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, March 2013 – December 2022 and December 2008 – December 2022, respectively; senior executive of various entities affiliated with Columbia Threadneedle Investments. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
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.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, Sandra L. Yeager, and Douglas A. Hacker, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, Ms. Yeager, and Mr. Hacker are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.
Item 4. Principal Accountant Fees and Services.
Fee information below is disclosed for the series of the relevant registrant whose reports to shareholders are included in this annual filing.
(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended April 30, 2024 and April 30, 2023 are approximately as follows:
2024 | 2023 |
$72,492 | $160,650 |
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. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended April 30, 2024 and April 30, 2023 are approximately as follows:
2024 | 2023 |
$0 | $0 |
Audit-Related Fees, if any, 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.
During the fiscal years ended April 30, 2024 and April 30, 2023, there were no Audit-Related Fees billed by the registrant’s principal accountant 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 for an engagement that related directly to the operations and financial reporting of the registrant.
(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended April 30, 2024 and April 30, 2023 are approximately as follows:
2024 | 2023 |
$62,150 | $63,200 |
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 and tax planning.
During the fiscal years ended April 30, 2024 and April 30, 2023, there were no Tax Fees billed by the registrant’s principal accountant 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 for an engagement that related directly to the operations and financial reporting of the registrant.
(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended April 30, 2024 and April 30, 2023 are approximately as follows:
2024 | 2023 |
$0 | $0 |
All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
Aggregate All Other Fees billed by the registrant’s principal accountant 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 for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended April 30, 2024 and April 30, 2023 are approximately as follows:
2024 | 2023 |
$581,000 | $577,000 |
In fiscal years 2024 and 2023, All Other Fees primarily consists of fees billed for internal control examinations of the registrant’s transfer agent and investment adviser.
(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.
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(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 for the fiscal years ended April 30, 2024 and April 30, 2023 are approximately as follows:
2024 | 2023 |
$643,150 | $640,200 |
(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.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
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 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. 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 directors.
Item 11. 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 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
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.
(registrant) | Columbia Funds Series Trust |
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By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
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Date | June 20, 2024 |
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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.
By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
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Date | June 20, 2024 |
By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, Chief Financial Officer, |
| Treasurer, Chief Accounting Officer, Principal Financial Officer and Senior Vice President |
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Date | June 20, 2024 |
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