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 811-04367
Columbia Funds Series Trust I
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
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
290 Congress Street
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: October 31
Date of reporting period: October 31, 2023
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.
October 31, 2023
3 | |
5 | |
7 | |
8 | |
18 | |
19 | |
20 | |
22 | |
26 | |
37 | |
38 | |
38 | |
44 |
(Unaudited)
Average annual total returns (%) (for the period ended October 31, 2023) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 06/16/86 | 0.89 | -0.79 | 1.54 |
Including sales charges | -2.13 | -1.39 | 1.24 | ||
Advisor Class | 03/19/13 | 1.09 | -0.55 | 1.78 | |
Class C | Excluding sales charges | 08/01/97 | 0.38 | -1.26 | 1.07 |
Including sales charges | -0.59 | -1.26 | 1.07 | ||
Institutional Class | 09/19/05 | 1.09 | -0.56 | 1.77 | |
Institutional 2 Class* | 03/01/16 | 1.09 | -0.57 | 1.73 | |
Institutional 3 Class* | 03/01/17 | 1.16 | -0.50 | 1.74 | |
Bloomberg California Municipal Bond Index | 2.72 | 1.03 | 2.24 | ||
Bloomberg Municipal Bond Index | 2.64 | 1.00 | 2.12 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 3 |
(Unaudited)
Quality breakdown (%) (at October 31, 2023) | |
AAA rating | 0.5 |
AA rating | 27.7 |
A rating | 24.5 |
BBB rating | 18.4 |
BB rating | 2.5 |
Not rated | 26.4 |
Total | 100.0 |
4 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
(Unaudited)
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 5 |
(Unaudited)
• | The primary detractor from the Fund’s performance during the period was a position in the bonds of the Puerto Rico Electric Power Authority. The utility company entered bankruptcy in July 2017 with just over $8 billion in outstanding debt. In late June 2023, the bankruptcy court issued a surprise ruling that bondholders can claim just a percentage of the outstanding debt’s value that was much lower than expected. Bondholders have begun to work on an appeal. |
• | Security selection in tobacco bonds, and bonds rated A and BBB also detracted from the Fund’s results. |
• | Overweighted allocations relative to the benchmark in municipal bonds with maturities of 30 years and longer and in airport bonds further weighed on the Fund’s relative performance. |
• | The Fund’s overweighted positions in lower quality bonds, specifically in non-rated and BBB rated municipal bonds, were key contributors to Fund performance versus its benchmark. |
• | Security selection in the special tax, charter school and hospital sectors, along with selections in municipal bonds with maturities of 22-25 years and in AAA rated bonds also benefited Fund performance during the period. |
6 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
(Unaudited)
May 1, 2023 — October 31, 2023 | |||||||
Account value at the beginning of the period ($) | 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 | 926.10 | 1,021.76 | 3.58 | 3.76 | 0.73 |
Advisor Class | 1,000.00 | 1,000.00 | 927.10 | 1,022.78 | 2.60 | 2.73 | 0.53 |
Class C | 1,000.00 | 1,000.00 | 923.80 | 1,019.21 | 6.03 | 6.33 | 1.23 |
Institutional Class | 1,000.00 | 1,000.00 | 927.10 | 1,022.78 | 2.60 | 2.73 | 0.53 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 927.20 | 1,022.78 | 2.60 | 2.73 | 0.53 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 927.40 | 1,023.03 | 2.36 | 2.47 | 0.48 |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 7 |
October 31, 2023
Floating Rate Notes 0.5% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Variable Rate Demand Notes 0.5% | ||||
City of Murray(a),(b) | ||||
Revenue Bonds | ||||
IHC Health Services, Inc. | ||||
Series 2005A (JPMorgan Chase Bank) | ||||
05/15/2037 | 3.870% | 600,000 | 600,000 | |
New York City Water & Sewer System(a),(b) | ||||
Revenue Bonds | ||||
2nd General Resolution | ||||
Series 2013 (JPMorgan Chase Bank) | ||||
06/15/2050 | 3.950% | 1,100,000 | 1,100,000 | |
Total | 1,700,000 | |||
Total Floating Rate Notes (Cost $1,700,000) | 1,700,000 | |||
Municipal Bonds 98.2% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Airport 4.2% | ||||
City of Los Angeles Department of Airports(c) | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Subordinated Series 2023 | ||||
05/15/2037 | 5.000% | 1,630,000 | 1,631,637 | |
Revenue Bonds | ||||
Los Angeles International Airport | ||||
Subordinated Series 2017 | ||||
05/15/2041 | 5.000% | 1,500,000 | 1,456,145 | |
San Diego County Regional Airport Authority(c) | ||||
Revenue Bonds | ||||
Private Activity | ||||
Series 2023 | ||||
07/01/2048 | 5.000% | 2,500,000 | 2,397,264 | |
San Francisco City & County Airport Commission - San Francisco International Airport(c) | ||||
Refunding Revenue Bonds | ||||
SFO Fuel Co., LLC | ||||
Series 2019 | ||||
01/01/2047 | 5.000% | 1,000,000 | 959,364 | |
Revenue Bonds | ||||
San Francisco International Airport | ||||
Series 2016 | ||||
05/01/2041 | 5.000% | 1,305,000 | 1,265,472 | |
Unrefunded Revenue Bonds | ||||
Series 2014A | ||||
05/01/2044 | 5.000% | 3,000,000 | 2,870,236 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
San Francisco City & County Airport Commission-San Francisco International Airport(c),(d) | ||||
Refunding Revenue Bonds | ||||
Second Series 2023C | ||||
05/01/2048 | 5.750% | 3,000,000 | 3,117,458 | |
Total | 13,697,576 | |||
Charter Schools 8.9% | ||||
California Infrastructure & Economic Development Bank | ||||
Revenue Bonds | ||||
Equitable School Revolving Fund | ||||
Series 2022 | ||||
11/01/2057 | 5.000% | 3,000,000 | 2,727,130 | |
California Infrastructure & Economic Development Bank(e) | ||||
Revenue Bonds | ||||
WFCS Portfolio Project | ||||
Series 2021 | ||||
01/01/2056 | 5.000% | 1,300,000 | 916,585 | |
Wonderful Foundations Charter School Portfolio Projects | ||||
Series 2020 | ||||
01/01/2055 | 5.000% | 2,200,000 | 1,558,367 | |
California Infrastructure & Economic Development Bank(e),(f) | ||||
Revenue Bonds | ||||
WFCS Portfolio Project | ||||
Subordinated Series 2021 | ||||
01/01/2061 | 0.000% | 19,500,000 | 832,094 | |
California Public Finance Authority | ||||
Revenue Bonds | ||||
Laverne Elementary Prep Academy Project | ||||
Series 2019 | ||||
06/15/2039 | 5.000% | 870,000 | 758,548 | |
06/15/2049 | 5.000% | 1,400,000 | 1,135,109 | |
California School Finance Authority(e) | ||||
Refunding Revenue Bonds | ||||
Classical Academies Oceanside Project | ||||
Series 2022 | ||||
10/01/2061 | 5.000% | 3,500,000 | 2,950,629 | |
Ivy Academia Project | ||||
Series 2021A | ||||
06/01/2061 | 4.000% | 1,000,000 | 597,612 | |
Revenue Bonds | ||||
Alliance College-Ready Public Schools | ||||
Series 2015 | ||||
07/01/2035 | 5.000% | 3,010,000 | 2,977,297 | |
07/01/2045 | 5.000% | 1,705,000 | 1,525,151 | |
Aspire Public Schools | ||||
Series 2022 | ||||
08/01/2061 | 5.000% | 4,000,000 | 3,456,665 |
8 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Girls Athletic Leadership School | ||||
Series 2021 | ||||
06/01/2051 | 4.000% | 1,000,000 | 645,262 | |
06/01/2061 | 4.000% | 2,890,000 | 1,749,670 | |
Green Dot Public School Project | ||||
Series 2015A | ||||
08/01/2035 | 5.000% | 1,510,000 | 1,508,372 | |
Series 2018 | ||||
08/01/2048 | 5.000% | 1,750,000 | 1,535,909 | |
Hawking Steam Charter School Project | ||||
Series 2022 | ||||
07/01/2062 | 5.500% | 1,775,000 | 1,579,218 | |
KIPP Los Angeles Projects | ||||
Series 2014A | ||||
07/01/2044 | 5.125% | 1,000,000 | 950,410 | |
Series 2015A | ||||
07/01/2045 | 5.000% | 1,000,000 | 929,231 | |
Santa Clarita Valley International School Project | ||||
Series 2021 | ||||
06/01/2061 | 4.000% | 1,175,000 | 761,549 | |
Total | 29,094,808 | |||
Disposal 0.2% | ||||
California Municipal Finance Authority(c) | ||||
Revenue Bonds | ||||
Republic Services, Inc. Project | ||||
Series 2023 (Mandatory Put 09/01/33) | ||||
08/31/2053 | 4.375% | 750,000 | 710,546 | |
Higher Education 4.7% | ||||
California Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Loma Linda University | ||||
Series 2017A | ||||
04/01/2047 | 5.000% | 4,250,000 | 4,109,630 | |
University of the Pacific | ||||
Series 2015 | ||||
11/01/2036 | 5.000% | 2,000,000 | 2,008,638 | |
California Public Finance Authority(e) | ||||
Revenue Bonds | ||||
California University of Science and Medicine | ||||
Series 2019 | ||||
07/01/2054 | 6.250% | 3,000,000 | 3,059,734 | |
California Statewide Communities Development Authority(e) | ||||
Revenue Bonds | ||||
California Baptist University | ||||
Series 2014A | ||||
11/01/2043 | 6.375% | 3,000,000 | 3,001,010 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Lancer Plaza Project | ||||
Series 2013 | ||||
11/01/2033 | 5.625% | 1,400,000 | 1,386,830 | |
11/01/2043 | 5.875% | 1,875,000 | 1,766,838 | |
Total | 15,332,680 | |||
Hospital 14.6% | ||||
California Health Facilities Financing Authority | ||||
Refunding Revenue Bonds | ||||
El Camino Hospital | ||||
Series 2015A | ||||
02/01/2040 | 5.000% | 2,000,000 | 1,988,514 | |
PIH Health | ||||
Series 2020A | ||||
06/01/2050 | 4.000% | 4,500,000 | 3,535,687 | |
Revenue Bonds | ||||
City of Hope Obligated Group | ||||
Series 2019 | ||||
11/15/2045 | 4.000% | 8,000,000 | 6,533,566 | |
El Camino Hospital | ||||
Series 2017 | ||||
02/01/2047 | 5.000% | 4,000,000 | 3,930,781 | |
Kaiser Permanente | ||||
Subordinated Series 2017A-2 | ||||
11/01/2044 | 4.000% | 7,000,000 | 6,272,745 | |
Subordinated Series 2020A-2 | ||||
11/01/2051 | 4.000% | 1,000,000 | 851,781 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Community Medical Centers | ||||
Series 2017A | ||||
02/01/2047 | 5.000% | 2,000,000 | 1,885,102 | |
Revenue Bonds | ||||
Clincas Del Camino Real, Inc. | ||||
Series 2020 | ||||
03/01/2050 | 4.000% | 5,000,000 | 3,248,466 | |
California Public Finance Authority | ||||
Refunding Revenue Bonds | ||||
Henry Mayo Newhall Memorial Hospital | ||||
Series 2017 | ||||
10/15/2047 | 5.000% | 4,000,000 | 3,638,281 | |
California Statewide Communities Development Authority | ||||
Refunding Revenue Bonds | ||||
Adventist Health System | ||||
Series 2018 | ||||
03/01/2042 | 4.000% | 5,000,000 | 4,178,323 | |
Adventist Health System West | ||||
Series 2015 | ||||
03/01/2035 | 5.000% | 1,850,000 | 1,859,362 |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 9 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Loma Linda University Medical Center | ||||
Series 2014 | ||||
12/01/2054 | 5.500% | 2,660,000 | 2,530,356 | |
California Statewide Communities Development Authority(e) | ||||
Revenue Bonds | ||||
Loma Linda University Medical Center | ||||
Series 2018 | ||||
12/01/2058 | 5.500% | 3,000,000 | 2,740,030 | |
City of Upland | ||||
Refunding Certificate of Participation | ||||
San Antonio Regional Hospital | ||||
Series 2017 | ||||
01/01/2042 | 4.000% | 3,000,000 | 2,366,905 | |
Regents of the University of California Medical Center | ||||
Revenue Bonds | ||||
Series 2022P | ||||
05/15/2053 | 4.000% | 2,500,000 | 2,121,039 | |
Washington Township Health Care District | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
07/01/2048 | 4.000% | 500,000 | 371,046 | |
Total | 48,051,984 | |||
Human Service Provider 1.7% | ||||
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Harbor Regional Center Project | ||||
Series 2015 | ||||
11/01/2039 | 5.000% | 2,000,000 | 2,020,888 | |
Inland Regional Center Project | ||||
Series 2015 | ||||
06/15/2045 | 5.000% | 3,500,000 | 3,518,044 | |
Total | 5,538,932 | |||
Local Appropriation 0.7% | ||||
City of Modesto | ||||
Certificate of Participation | ||||
Community Center Refinancing Project | ||||
Series 1993A (AMBAC) | ||||
11/01/2023 | 5.000% | 295,000 | 295,001 | |
Sacramento City Schools Joint Powers Financing Authority | ||||
Refunding Revenue Bonds | ||||
Series 2006A (BAM) | ||||
03/01/2040 | 5.000% | 2,000,000 | 2,003,327 | |
Total | 2,298,328 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Local General Obligation 13.4% | ||||
Alameda Unified School District-Alameda County | ||||
Unlimited General Obligation Bonds | ||||
Election of 2014 | ||||
Series 2019C | ||||
08/01/2042 | 3.000% | 1,000,000 | 722,568 | |
Carlsbad Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Election of 2018 | ||||
Series 2019A | ||||
08/01/2048 | 3.125% | 2,750,000 | 1,953,457 | |
Series 2021B | ||||
08/01/2046 | 3.000% | 3,175,000 | 2,184,513 | |
08/01/2050 | 2.375% | 3,000,000 | 1,639,730 | |
Cerritos Community College District | ||||
Unlimited General Obligation Bonds | ||||
Series 2019C | ||||
08/01/2044 | 3.000% | 5,000,000 | 3,609,783 | |
Chaffey Joint Union High School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2019D | ||||
08/01/2034 | 0.000% | 500,000 | 310,186 | |
08/01/2035 | 0.000% | 660,000 | 388,082 | |
08/01/2036 | 0.000% | 1,000,000 | 553,013 | |
Coast Community College District(f) | ||||
Unlimited General Obligation Bonds | ||||
Election of 2012 | ||||
Series 2019F | ||||
08/01/2041 | 0.000% | 2,125,000 | 830,626 | |
08/01/2043 | 0.000% | 7,250,000 | 2,513,594 | |
Compton Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Compton Unified School District | ||||
Series 2019B (BAM) | ||||
06/01/2036 | 0.000% | 2,750,000 | 1,465,200 | |
Conejo Valley Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2015A (AGM) | ||||
08/01/2029 | 0.000% | 1,650,000 | 1,278,005 | |
08/01/2030 | 0.000% | 1,000,000 | 733,345 | |
East Side Union High School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2003B (NPFGC) | ||||
08/01/2026 | 5.250% | 360,000 | 374,021 | |
El Monte Union High School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2021E | ||||
06/01/2046 | 0.000% | 2,765,000 | 797,368 | |
Fremont Union High School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2021A | ||||
08/01/2037 | 3.000% | 2,045,000 | 1,651,866 |
10 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Glendale Community College District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2020B | ||||
08/01/2044 | 0.000% | 1,550,000 | 481,829 | |
02/01/2045 | 0.000% | 1,250,000 | 376,424 | |
Long Beach Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2015D-1 | ||||
08/01/2032 | 0.000% | 1,500,000 | 1,004,205 | |
Manteca Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election of 2004 | ||||
Series 2006 (NPFGC) | ||||
08/01/2032 | 0.000% | 5,440,000 | 3,692,093 | |
Monterey Peninsula Community College District(f) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2016 | ||||
08/01/2032 | 0.000% | 3,500,000 | 2,381,533 | |
08/01/2033 | 0.000% | 2,000,000 | 1,295,648 | |
Mount San Antonio Community College District(f) | ||||
Unlimited General Obligation Bonds | ||||
Election of 2008 | ||||
Series 2021E | ||||
08/01/2046 | 0.000% | 8,230,000 | 2,499,245 | |
Pomona Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2016G (AGM) | ||||
08/01/2033 | 0.000% | 1,000,000 | 642,904 | |
08/01/2034 | 0.000% | 1,610,000 | 992,520 | |
Poway Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Improvement District No. 2007-1-A | ||||
Series 2009 | ||||
08/01/2030 | 0.000% | 2,295,000 | 1,730,431 | |
San Diego Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation Bonds | ||||
Series 2016I | ||||
07/01/2034 | 0.000% | 5,000,000 | 3,009,330 | |
San Diego Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2019B | ||||
07/01/2048 | 3.250% | 5,000,000 | 3,600,385 | |
Sierra Kings Health Care District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
08/01/2037 | 5.000% | 1,500,000 | 1,448,421 | |
Total | 44,160,325 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Multi-Family 14.1% | ||||
California Community Housing Agency(e) | ||||
Revenue Bonds | ||||
Junior Bonds | ||||
Series 2021A-2 | ||||
02/01/2043 | 4.000% | 3,000,000 | 2,303,185 | |
The Arbors | ||||
Series 2020A | ||||
08/01/2050 | 5.000% | 3,500,000 | 2,915,280 | |
California Housing Finance Agency | ||||
Revenue Bonds | ||||
Series 2021-1A | ||||
11/20/2035 | 3.500% | 4,379,684 | 3,790,370 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Caritas Projects | ||||
Series 2017A | ||||
08/15/2042 | 4.000% | 1,000,000 | 844,087 | |
Revenue Bonds | ||||
Bowles Hall Foundation | ||||
Series 2015A | ||||
06/01/2050 | 5.000% | 1,250,000 | 1,154,912 | |
Caritas Affordable Housing | ||||
Series 2014 | ||||
08/15/2049 | 5.250% | 3,500,000 | 3,441,710 | |
Subordinated Series 2014 | ||||
08/15/2049 | 5.875% | 1,000,000 | 946,056 | |
CMFA Special Finance Agency(e) | ||||
Revenue Bonds | ||||
Junior Bonds - Latitude33 | ||||
Series 2021A | ||||
12/01/2045 | 4.000% | 3,000,000 | 2,146,420 | |
Junior Bonds - Solana at Grand | ||||
Series 2021A-2 | ||||
08/01/2045 | 4.000% | 3,000,000 | 2,200,155 | |
CMFA Special Finance Agency VIII(e) | ||||
Revenue Bonds | ||||
Elan Huntington Beach | ||||
Series 2021 | ||||
08/01/2047 | 4.000% | 1,900,000 | 1,410,458 | |
CSCDA Community Improvement Authority(e) | ||||
Revenue Bonds | ||||
Jefferson-Anaheim Social Bonds | ||||
Series 2021 | ||||
08/01/2056 | 3.125% | 2,500,000 | 1,526,671 | |
Parallel-Anaheim Social Bonds | ||||
Series 2021 | ||||
08/01/2056 | 4.000% | 1,760,000 | 1,198,340 |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 11 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Pasadena Portfolio Social Bonds | ||||
Series 2021 | ||||
12/01/2056 | 3.000% | 2,000,000 | 1,186,058 | |
12/01/2056 | 4.000% | 1,000,000 | 638,793 | |
Social Bonds | ||||
Series 2021A-2 | ||||
10/01/2056 | 4.000% | 3,000,000 | 1,946,030 | |
Social Bonds - Mezzanine Lien - 777 Place-Pomona | ||||
Series 2021 | ||||
05/01/2057 | 4.000% | 2,000,000 | 1,258,673 | |
Social Bonds - Mezzanine Lien - Park Crossing Apartments | ||||
Series 2021 | ||||
12/01/2048 | 4.000% | 2,000,000 | 1,305,722 | |
Social Bonds - Mezzanine Lien - Westgate Phase 1-Pasadena | ||||
Series 2021 | ||||
06/01/2057 | 4.000% | 2,000,000 | 1,177,183 | |
Social Bonds - Millennium South Bay-Hawthorne | ||||
Series 2021 | ||||
07/01/2058 | 4.000% | 2,000,000 | 1,221,641 | |
Social Bonds - Monterey Station-Pomona | ||||
Series 2021 | ||||
07/01/2058 | 4.000% | 2,000,000 | 1,214,686 | |
Social Bonds - Senior Lien - Park Crossing Apartments | ||||
Series 2021 | ||||
12/01/2058 | 3.250% | 1,500,000 | 872,863 | |
The Link - Glendale Social Bonds | ||||
Subordinated Series 2021 | ||||
07/01/2056 | 4.000% | 3,500,000 | 2,227,206 | |
Union South Bay Social Bonds | ||||
Series 2021 | ||||
07/01/2056 | 4.000% | 2,000,000 | 1,308,370 | |
Federal Home Loan Mortgage Corp. Multifamily ML Certificates | ||||
Revenue Bonds | ||||
Series 2019-ML05 | ||||
11/25/2033 | 3.350% | 3,752,757 | 3,196,099 | |
Freddie Mac Multifamily Certificates | ||||
Revenue Bonds | ||||
Series 2021-ML10 Class A (FHLMC) | ||||
06/25/2038 | 2.046% | 2,431,646 | 1,692,447 | |
Hastings Campus Housing Finance Authority | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2020A | ||||
07/01/2061 | 5.000% | 4,000,000 | 3,060,759 | |
Total | 46,184,174 | |||
Municipal Power 1.3% | ||||
Guam Power Authority(g) | ||||
Refunding Revenue Bonds | ||||
Series 2022A | ||||
10/01/2043 | 5.000% | 3,000,000 | 2,801,785 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Puerto Rico Electric Power Authority(g),(h) | ||||
Revenue Bonds | ||||
Series 2010XX | ||||
07/01/2040 | 0.000% | 1,965,000 | 491,250 | |
Series 2012A | ||||
07/01/2042 | 0.000% | 4,250,000 | 1,062,500 | |
Total | 4,355,535 | |||
Other Bond Issue 0.6% | ||||
City of Long Beach Marina System | ||||
Revenue Bonds | ||||
Series 2015 | ||||
05/15/2040 | 5.000% | 2,000,000 | 1,891,626 | |
Prepaid Gas 3.7% | ||||
California Community Choice Financing Authority | ||||
Revenue Bonds | ||||
Green Bonds - Clean Energy Project | ||||
Series 2023 (Mandatory Put 03/01/31) | ||||
01/31/2054 | 5.000% | 7,000,000 | 6,973,452 | |
Series 2023 (Mandatory Put 08/01/29) | ||||
12/01/2053 | 5.000% | 1,000,000 | 993,451 | |
California Community Choice Financing Authority(i) | ||||
Revenue Bonds | ||||
Green Bonds - Clean Energy Project | ||||
Series 2023 (Mandatory Put 11/01/30) | ||||
09/30/2054 | 5.500% | 3,000,000 | 3,090,045 | |
M-S-R Energy Authority | ||||
Revenue Bonds | ||||
Series 2009B | ||||
11/01/2034 | 7.000% | 1,000,000 | 1,162,473 | |
Total | 12,219,421 | |||
Refunded / Escrowed 1.4% | ||||
California School Finance Authority(e) | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
River Springs Charter School Project | ||||
Series 2015 | ||||
07/01/2046 | 6.375% | 1,000,000 | 1,041,049 | |
07/01/2046 | 6.375% | 155,000 | 160,326 | |
Prerefunded 08/01/25 Revenue Bonds | ||||
Aspire Public Schools | ||||
Series 2016 | ||||
08/01/2041 | 5.000% | 150,000 | 153,083 | |
Glendale Unified School District(f) | ||||
Prerefunded 09/01/25 Unlimited General Obligation Bonds | ||||
Series 2015B | ||||
09/01/2031 | 0.000% | 1,900,000 | 1,356,761 | |
Prerefunded 09/01/25 Unlimited General Obligation Refunding Bonds | ||||
Series 2015B | ||||
09/01/2032 | 0.000% | 1,000,000 | 679,804 |
12 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Riverside Community College District(f) | ||||
Prerefunded 02/01/25 Unlimited General Obligation Bonds | ||||
Election of 2004 | ||||
Series 2015E | ||||
08/01/2030 | 0.000% | 600,000 | 446,346 | |
08/01/2031 | 0.000% | 1,000,000 | 706,092 | |
Total | 4,543,461 | |||
Resource Recovery 0.0% | ||||
California Municipal Finance Authority(c),(e),(h) | ||||
Revenue Bonds | ||||
UTS Renewable Energy-Waste Water Facilities | ||||
Series 2011 | ||||
12/01/2032 | 0.000% | 2,745,000 | 54,900 | |
Retirement Communities 3.9% | ||||
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
HumanGood Obligation Group | ||||
Series 2019A | ||||
10/01/2044 | 4.000% | 2,500,000 | 2,021,244 | |
Revenue Bonds | ||||
HumanGood California Obligated Group | ||||
Series 2021 | ||||
10/01/2046 | 4.000% | 2,000,000 | 1,580,655 | |
10/01/2049 | 4.000% | 2,500,000 | 1,931,026 | |
California Public Finance Authority(e) | ||||
Revenue Bonds | ||||
Enso Village Project - Green Bonds | ||||
Series 2021 | ||||
11/15/2046 | 5.000% | 1,000,000 | 823,108 | |
11/15/2056 | 5.000% | 1,000,000 | 782,622 | |
California Statewide Communities Development Authority | ||||
Refunding Revenue Bonds | ||||
American Baptist Homes West | ||||
Series 2015 | ||||
10/01/2045 | 5.000% | 3,155,000 | 2,860,068 | |
Front Porch Communities & Services | ||||
Series 2017 | ||||
04/01/2047 | 4.000% | 1,750,000 | 1,376,315 | |
Series 2021 | ||||
04/01/2046 | 3.000% | 1,000,000 | 656,752 | |
04/01/2051 | 3.000% | 1,250,000 | 767,778 | |
Total | 12,799,568 | |||
Sales Tax 3.9% | ||||
Commonwealth of Puerto Rico(f),(g) | ||||
Revenue Notes | ||||
Series 2022 | ||||
11/01/2051 | 0.000% | 1,945,522 | 984,921 | |
Subordinated Series 2022 | ||||
11/01/2043 | 0.000% | 876,694 | 436,155 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Puerto Rico Sales Tax Financing Corp.(f),(g) | ||||
Revenue Bonds | ||||
Series 2018A-1 | ||||
07/01/2046 | 0.000% | 27,900,000 | 6,915,749 | |
Puerto Rico Sales Tax Financing Corp.(g) | ||||
Revenue Bonds | ||||
Series 2019A1 | ||||
07/01/2058 | 5.000% | 5,000,000 | 4,365,039 | |
Total | 12,701,864 | |||
Special Non Property Tax 0.1% | ||||
Puerto Rico Highway & Transportation Authority(f),(g) | ||||
Revenue Bonds | ||||
Series 2022B | ||||
07/01/2032 | 0.000% | 198,983 | 126,852 | |
Series 2022C | ||||
07/01/2053 | 0.000% | 340,377 | 217,842 | |
Total | 344,694 | |||
Special Property Tax 8.4% | ||||
Bakersfield Redevelopment Agency | ||||
Tax Allocation Bonds | ||||
Old Town Kern Pioneer | ||||
Series 2009A | ||||
08/01/2029 | 7.500% | 915,000 | 916,880 | |
Southeast Bakersfield | ||||
Series 2009B | ||||
08/01/2029 | 7.250% | 430,000 | 430,860 | |
Chula Vista Municipal Financing Authority | ||||
Refunding Special Tax Bonds | ||||
Series 2015A | ||||
09/01/2035 | 5.000% | 2,460,000 | 2,500,322 | |
09/01/2036 | 5.000% | 2,435,000 | 2,468,577 | |
City & County of San Francisco Infrastructure & Revitalization Financing District No. 1(e) | ||||
Tax Allocation Bonds | ||||
Facilities Increment - Treasure Island | ||||
Series 2022 | ||||
09/01/2052 | 5.000% | 1,000,000 | 833,907 | |
City of Dublin | ||||
Special Tax Bonds | ||||
Improvement Area No. 3 | ||||
Series 2021 | ||||
09/01/2045 | 4.000% | 850,000 | 663,134 | |
09/01/2051 | 4.000% | 865,000 | 639,907 | |
City of Irvine | ||||
Special Tax Bonds | ||||
Community Facilities District 2013-3 | ||||
Series 2014 | ||||
09/01/2039 | 5.000% | 750,000 | 745,290 | |
09/01/2044 | 5.000% | 2,525,000 | 2,426,882 |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 13 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Yucaipa | ||||
Refunding Special Tax Bonds | ||||
Community Facilities District No. 98-1 | ||||
Series 2011 | ||||
09/01/2030 | 5.375% | 1,500,000 | 1,500,911 | |
Elk Grove Unified School District | ||||
Refunding Special Tax Bonds | ||||
Community Facilities District No. 1 | ||||
Series 1995 (AMBAC) | ||||
12/01/2024 | 6.500% | 905,000 | 916,872 | |
Inland Valley Development Agency | ||||
Refunding Tax Allocation Bonds | ||||
Series 2014A | ||||
09/01/2044 | 5.000% | 5,000,000 | 4,787,485 | |
Irvine Facilities Financing Authority | ||||
Special Tax Bonds | ||||
Irvine Great Park Infrastructure Project | ||||
Series 2023 (BAM) | ||||
09/01/2058 | 4.000% | 1,000,000 | 840,157 | |
Irvine Unified School District | ||||
Special Tax Bonds | ||||
Community Facilities District Number 09-1 | ||||
Series 2019A | ||||
09/01/2040 | 4.000% | 685,000 | 574,227 | |
Jurupa Public Financing Authority | ||||
Refunding Special Tax Bonds | ||||
Series 2014A | ||||
09/01/2042 | 5.000% | 1,000,000 | 1,002,797 | |
Pittsburg Successor Agency Redevelopment Agency(f) | ||||
Tax Allocation Bonds | ||||
Los Medanos Community Development Project | ||||
Series 1999 (AMBAC) | ||||
08/01/2024 | 0.000% | 2,100,000 | 2,033,227 | |
River Islands Public Financing Authority | ||||
Special Tax Refunding Bonds | ||||
Improvement Area No. 1 | ||||
Series 2022A-1 (AGM) | ||||
09/01/2052 | 5.250% | 1,000,000 | 1,024,955 | |
San Francisco City & County Redevelopment Agency | ||||
Tax Allocation Bonds | ||||
Mission Bay South Redevelopment Project | ||||
Series 2014A | ||||
08/01/2043 | 5.000% | 1,000,000 | 1,002,727 | |
Santa Monica Redevelopment Agency | ||||
Tax Allocation Bonds | ||||
Earthquake Recovery Redevelopment | ||||
Series 2011 | ||||
07/01/2036 | 5.875% | 1,250,000 | 1,251,967 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Tracy Community Facilities District(d) | ||||
Special Tax Bonds | ||||
Series 2023 | ||||
09/01/2053 | 5.875% | 1,000,000 | 981,087 | |
Total | 27,542,171 | |||
State Appropriated 1.5% | ||||
California State Public Works Board | ||||
Revenue Bonds | ||||
Series 2014B | ||||
10/01/2039 | 5.000% | 1,000,000 | 1,004,301 | |
Various Correctional Facilities | ||||
Series 2014A | ||||
09/01/2039 | 5.000% | 3,895,000 | 3,910,335 | |
Total | 4,914,636 | |||
State General Obligation 1.9% | ||||
State of California | ||||
Unlimited General Obligation Bonds | ||||
Series 2019 | ||||
04/01/2045 | 3.250% | 3,650,000 | 2,851,485 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2023 | ||||
10/01/2050 | 4.000% | 4,000,000 | 3,471,069 | |
Unrefunded Unlimited General Obligation Bonds | ||||
Series 2004 | ||||
04/01/2029 | 5.300% | 2,000 | 2,002 | |
Total | 6,324,556 | |||
Tobacco 2.8% | ||||
California County Tobacco Securitization Agency(f) | ||||
Refunding Revenue Bonds | ||||
Capital Allocation | ||||
Subordinated Series 2020B-2 | ||||
06/01/2055 | 0.000% | 17,780,000 | 2,454,111 | |
Sonoma County Securitization Corp. | ||||
Series 2020 | ||||
06/01/2055 | 0.000% | 10,000,000 | 1,550,666 | |
Golden State Tobacco Securitization Corp.(f) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2021B-2 | ||||
06/01/2066 | 0.000% | 40,000,000 | 3,267,356 | |
Tobacco Securitization Authority of Northern California(f) | ||||
Refunding Revenue Bonds | ||||
Sacramento County Tobacco Securitization Corp. Senior Bonds | ||||
Series 2021 | ||||
06/01/2060 | 0.000% | 5,000,000 | 591,733 |
14 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Tobacco Securitization Authority of Southern California(f) | ||||
Refunding Revenue Bonds | ||||
San Diego County Tobacco Asset Securitization Corp. | ||||
Series 2019 | ||||
06/01/2054 | 0.000% | 7,000,000 | 1,200,349 | |
Total | 9,064,215 | |||
Turnpike / Bridge / Toll Road 3.3% | ||||
Foothill-Eastern Transportation Corridor Agency(f) | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
01/15/2033 | 0.000% | 5,000,000 | 3,210,559 | |
Foothill-Eastern Transportation Corridor Agency | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2019B-2 | ||||
01/15/2053 | 3.500% | 5,000,000 | 3,570,592 | |
Riverside County Transportation Commission(f) | ||||
Revenue Bonds | ||||
Capital Appreciation - Senior Lien | ||||
Series 2013B | ||||
06/01/2032 | 0.000% | 2,055,000 | 1,350,931 | |
06/01/2033 | 0.000% | 2,940,000 | 1,839,278 | |
Unrefunded Revenue Bonds | ||||
Senior Lien | ||||
Series 2013 | ||||
06/01/2029 | 0.000% | 1,265,000 | 965,303 | |
Total | 10,936,663 | |||
Water & Sewer 2.9% | ||||
City of Riverside Sewer | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
08/01/2040 | 5.000% | 3,185,000 | 3,211,821 | |
Metropolitan Water District of Southern California | ||||
Revenue Bonds | ||||
Series 2023A | ||||
04/01/2053 | 5.000% | 5,000,000 | 5,173,863 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority(e),(g) | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2020A | ||||
07/01/2047 | 5.000% | 1,425,000 | 1,262,436 | |
Total | 9,648,120 | |||
Total Municipal Bonds (Cost $400,171,893) | 322,410,783 | |||
Municipal Short Term 1.2% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Disposal 0.6% | ||||
California Municipal Finance Authority(c) | ||||
Refunding Revenue Bonds | ||||
Republic Services, Inc. Project | ||||
Series 2021 (Mandatory Put 04/01/24) | ||||
06/30/2041 | 4.700% | 2,000,000 | 2,000,184 | |
Other Bond Issue 0.6% | ||||
California Infrastructure & Economic Development Bank(c),(e) | ||||
Revenue Bonds | ||||
Series 2023 (Mandatory Put 08/15/24) | ||||
01/01/2050 | 7.970% | 2,000,000 | 2,006,167 | |
Total Municipal Short Term (Cost $4,000,000) | 4,006,351 |
Money Market Funds 0.7% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.823%(j) | 2,242,260 | 2,242,260 |
Total Money Market Funds (Cost $2,242,260) | 2,242,260 | |
Total Investments in Securities (Cost: $408,114,153) | 330,359,394 | |
Other Assets & Liabilities, Net | (1,851,961) | |
Net Assets | 328,507,433 |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 15 |
October 31, 2023
(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 October 31, 2023. |
(c) | Income from this security may be subject to alternative minimum tax. |
(d) | Represents a security purchased on a when-issued basis. |
(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 October 31, 2023, the total value of these securities amounted to $71,603,795, which represents 21.80% 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 October 31, 2023, the total value of these securities amounted to $18,664,529, which represents 5.68% of total net assets. |
(h) | Represents a security in default. |
(i) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of October 31, 2023. |
(j) | The rate shown is the seven-day current annualized yield at October 31, 2023. |
AGM | Assured Guaranty Municipal Corporation |
AMBAC | Ambac Assurance Corporation |
BAM | Build America Mutual Assurance Co. |
FHLMC | Federal Home Loan Mortgage Corporation |
NPFGC | National Public Finance Guarantee Corporation |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
16 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
October 31, 2023
The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2023:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 1,700,000 | — | 1,700,000 |
Municipal Bonds | — | 322,410,783 | — | 322,410,783 |
Municipal Short Term | — | 4,006,351 | — | 4,006,351 |
Money Market Funds | 2,242,260 | — | — | 2,242,260 |
Total Investments in Securities | 2,242,260 | 328,117,134 | — | 330,359,394 |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 17 |
October 31, 2023
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $408,114,153) | $330,359,394 |
Cash | 28,585 |
Receivable for: | |
Capital shares sold | 1,307,005 |
Dividends | 4,420 |
Interest | 3,761,199 |
Trustees’ fees | 119,404 |
Expense reimbursement due from Investment Manager | 344 |
Prepaid expenses | 6,429 |
Total assets | 335,586,780 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 4,091,000 |
Capital shares redeemed | 1,664,635 |
Distributions to shareholders | 1,115,826 |
Management services fees | 4,215 |
Distribution and/or service fees | 1,367 |
Transfer agent fees | 16,695 |
Trustees’ fees | 158,692 |
Other expenses | 26,917 |
Total liabilities | 7,079,347 |
Net assets applicable to outstanding capital stock | $328,507,433 |
Represented by | |
Paid in capital | 428,613,175 |
Total distributable earnings (loss) | (100,105,742) |
Total - representing net assets applicable to outstanding capital stock | $328,507,433 |
Class A | |
Net assets | $209,810,665 |
Shares outstanding | 8,733,589 |
Net asset value per share | $24.02 |
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) | $24.76 |
Advisor Class | |
Net assets | $3,044,110 |
Shares outstanding | 126,612 |
Net asset value per share | $24.04 |
Class C | |
Net assets | $11,261,271 |
Shares outstanding | 468,764 |
Net asset value per share | $24.02 |
Institutional Class | |
Net assets | $88,154,033 |
Shares outstanding | 3,667,968 |
Net asset value per share | $24.03 |
Institutional 2 Class | |
Net assets | $1,607,499 |
Shares outstanding | 66,787 |
Net asset value per share | $24.07 |
Institutional 3 Class | |
Net assets | $14,629,855 |
Shares outstanding | 605,499 |
Net asset value per share | $24.16 |
18 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
Year Ended October 31, 2023
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $53,459 |
Interest | 16,412,405 |
Total income | 16,465,864 |
Expenses: | |
Management services fees | 1,822,917 |
Distribution and/or service fees | |
Class A | 492,244 |
Class C | 90,370 |
Transfer agent fees | |
Class A | 157,185 |
Advisor Class | 2,809 |
Class C | 8,249 |
Institutional Class | 67,955 |
Institutional 2 Class | 1,044 |
Institutional 3 Class | 1,171 |
Trustees’ fees | 25,898 |
Custodian fees | 10,768 |
Printing and postage fees | 18,019 |
Registration fees | 16,846 |
Accounting services fees | 30,090 |
Legal fees | 18,608 |
Interest on interfund lending | 6,987 |
Compensation of chief compliance officer | 80 |
Other | 17,096 |
Total expenses | 2,788,336 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (144,008) |
Expense reduction | (180) |
Total net expenses | 2,644,148 |
Net investment income | 13,821,716 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (12,331,721) |
Futures contracts | (988,353) |
Net realized loss | (13,320,074) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 9,230,231 |
Net change in unrealized appreciation (depreciation) | 9,230,231 |
Net realized and unrealized loss | (4,089,843) |
Net increase in net assets resulting from operations | $9,731,873 |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 19 |
Year Ended October 31, 2023 | Year Ended October 31, 2022 | |
Operations | ||
Net investment income | $13,821,716 | $17,527,268 |
Net realized loss | (13,320,074) | (5,894,945) |
Net change in unrealized appreciation (depreciation) | 9,230,231 | (123,902,832) |
Net increase (decrease) in net assets resulting from operations | 9,731,873 | (112,270,509) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (8,607,160) | (9,691,959) |
Advisor Class | (162,141) | (180,482) |
Class C | (387,072) | (451,207) |
Institutional Class | (3,921,274) | (8,598,967) |
Institutional 2 Class | (64,814) | (79,201) |
Institutional 3 Class | (674,836) | (361,157) |
Total distributions to shareholders | (13,817,297) | (19,362,973) |
Decrease in net assets from capital stock activity | (93,022,368) | (192,601,017) |
Total decrease in net assets | (97,107,792) | (324,234,499) |
Net assets at beginning of year | 425,615,225 | 749,849,724 |
Net assets at end of year | $328,507,433 | $425,615,225 |
20 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
Year Ended | Year Ended | |||
October 31, 2023 | October 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 1,045,784 | 27,271,614 | 1,239,979 | 34,868,694 |
Distributions reinvested | 283,957 | 7,366,590 | 293,274 | 8,252,780 |
Shares redeemed | (2,646,032) | (68,834,069) | (2,624,523) | (73,106,204) |
Net decrease | (1,316,291) | (34,195,865) | (1,091,270) | (29,984,730) |
Advisor Class | ||||
Shares sold | 45,528 | 1,173,934 | 109,216 | 3,021,317 |
Distributions reinvested | 6,230 | 161,819 | 6,389 | 180,165 |
Shares redeemed | (106,480) | (2,728,797) | (140,609) | (3,921,442) |
Net decrease | (54,722) | (1,393,044) | (25,004) | (719,960) |
Class C | ||||
Shares sold | 132,047 | 3,459,018 | 136,655 | 3,824,037 |
Distributions reinvested | 13,385 | 346,961 | 14,146 | 398,874 |
Shares redeemed | (191,661) | (4,979,029) | (273,732) | (7,587,303) |
Net decrease | (46,229) | (1,173,050) | (122,931) | (3,364,392) |
Institutional Class | ||||
Shares sold | 2,067,971 | 54,112,792 | 2,798,983 | 79,536,336 |
Distributions reinvested | 119,493 | 3,103,979 | 182,653 | 5,179,555 |
Shares redeemed | (4,168,062) | (108,802,621) | (9,037,144) | (254,322,821) |
Net decrease | (1,980,598) | (51,585,850) | (6,055,508) | (169,606,930) |
Institutional 2 Class | ||||
Shares sold | 150,703 | 4,011,067 | 1,779 | 53,945 |
Distributions reinvested | 2,484 | 64,511 | 2,796 | 78,899 |
Shares redeemed | (164,029) | (4,282,190) | (15,749) | (454,784) |
Net decrease | (10,842) | (206,612) | (11,174) | (321,940) |
Institutional 3 Class | ||||
Shares sold | 217,645 | 5,724,487 | 784,968 | 20,951,222 |
Distributions reinvested | 7,702 | 200,993 | 10,105 | 289,120 |
Shares redeemed | (398,191) | (10,393,427) | (357,169) | (9,843,407) |
Net increase (decrease) | (172,844) | (4,467,947) | 437,904 | 11,396,935 |
Total net decrease | (3,581,526) | (93,022,368) | (6,867,983) | (192,601,017) |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 21 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 10/31/2023 | $24.66 | 0.91 | (0.64) | 0.27 | (0.91) | — | (0.91) |
Year Ended 10/31/2022 | $31.08 | 0.82 | (6.34) | (5.52) | (0.82) | (0.08) | (0.90) |
Year Ended 10/31/2021 | $30.83 | 0.74 | 0.37 | 1.11 | (0.74) | (0.12) | (0.86) |
Year Ended 10/31/2020(e) | $31.12 | 0.81 | 0.01(f) | 0.82 | (0.81) | (0.30) | (1.11) |
Year Ended 10/31/2019(e) | $29.49 | 1.00 | 1.71 | 2.71 | (1.00) | (0.08) | (1.08) |
Advisor Class | |||||||
Year Ended 10/31/2023 | $24.68 | 0.96 | (0.64) | 0.32 | (0.96) | — | (0.96) |
Year Ended 10/31/2022 | $31.11 | 0.88 | (6.35) | (5.47) | (0.88) | (0.08) | (0.96) |
Year Ended 10/31/2021 | $30.86 | 0.80 | 0.37 | 1.17 | (0.80) | (0.12) | (0.92) |
Year Ended 10/31/2020(e) | $31.14 | 0.89 | 0.01(f) | 0.90 | (0.88) | (0.30) | (1.18) |
Year Ended 10/31/2019(e) | $29.50 | 1.04 | 1.72 | 2.76 | (1.04) | (0.08) | (1.12) |
Class C | |||||||
Year Ended 10/31/2023 | $24.66 | 0.78 | (0.64) | 0.14 | (0.78) | — | (0.78) |
Year Ended 10/31/2022 | $31.08 | 0.68 | (6.34) | (5.66) | (0.68) | (0.08) | (0.76) |
Year Ended 10/31/2021 | $30.83 | 0.58 | 0.37 | 0.95 | (0.58) | (0.12) | (0.70) |
Year Ended 10/31/2020(e) | $31.12 | 0.67 | 0.01(f) | 0.68 | (0.67) | (0.30) | (0.97) |
Year Ended 10/31/2019(e) | $29.49 | 0.84 | 1.71 | 2.55 | (0.84) | (0.08) | (0.92) |
Institutional Class | |||||||
Year Ended 10/31/2023 | $24.67 | 0.96 | (0.64) | 0.32 | (0.96) | — | (0.96) |
Year Ended 10/31/2022 | $31.09 | 0.87 | (6.33) | (5.46) | (0.88) | (0.08) | (0.96) |
Year Ended 10/31/2021 | $30.85 | 0.80 | 0.36 | 1.16 | (0.80) | (0.12) | (0.92) |
Year Ended 10/31/2020(e) | $31.13 | 0.88 | 0.02(f) | 0.90 | (0.88) | (0.30) | (1.18) |
Year Ended 10/31/2019(e) | $29.50 | 1.08 | 1.67 | 2.75 | (1.04) | (0.08) | (1.12) |
Institutional 2 Class | |||||||
Year Ended 10/31/2023 | $24.71 | 0.97 | (0.64) | 0.33 | (0.97) | — | (0.97) |
Year Ended 10/31/2022 | $31.14 | 0.89 | (6.36) | (5.47) | (0.88) | (0.08) | (0.96) |
Year Ended 10/31/2021 | $30.89 | 0.81 | 0.37 | 1.18 | (0.81) | (0.12) | (0.93) |
Year Ended 10/31/2020(e) | $31.18 | 0.90 | 0.00(f),(h) | 0.90 | (0.89) | (0.30) | (1.19) |
Year Ended 10/31/2019(e) | $29.54 | 1.00 | 1.80 | 2.80 | (1.08) | (0.08) | (1.16) |
22 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
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 10/31/2023 | $24.02 | 0.89% | 0.77%(c) | 0.73%(c),(d) | 3.50% | 24% | $209,811 |
Year Ended 10/31/2022 | $24.66 | (18.07%) | 0.77%(c) | 0.73%(c),(d) | 2.88% | 18% | $247,853 |
Year Ended 10/31/2021 | $31.08 | 3.61% | 0.80% | 0.74%(d) | 2.35% | 14% | $346,280 |
Year Ended 10/31/2020(e) | $30.83 | 2.69% | 0.81% | 0.78%(d) | 2.64% | 30% | $329,728 |
Year Ended 10/31/2019(e) | $31.12 | 9.31% | 0.82%(c) | 0.80%(c),(d) | 3.26% | 37% | $347,854 |
Advisor Class | |||||||
Year Ended 10/31/2023 | $24.04 | 1.09% | 0.57%(c) | 0.53%(c),(d) | 3.69% | 24% | $3,044 |
Year Ended 10/31/2022 | $24.68 | (17.92%) | 0.55%(c) | 0.53%(c),(d) | 3.07% | 18% | $4,476 |
Year Ended 10/31/2021 | $31.11 | 3.82% | 0.55% | 0.54%(d) | 2.55% | 14% | $6,418 |
Year Ended 10/31/2020(e) | $30.86 | 3.03% | 0.56% | 0.54%(d) | 2.88% | 30% | $4,506 |
Year Ended 10/31/2019(e) | $31.14 | 9.59% | 0.57%(c) | 0.54%(c),(d) | 3.37% | 37% | $6,206 |
Class C | |||||||
Year Ended 10/31/2023 | $24.02 | 0.38% | 1.27%(c) | 1.23%(c),(d) | 3.00% | 24% | $11,261 |
Year Ended 10/31/2022 | $24.66 | (18.48%) | 1.37%(c) | 1.23%(c),(d) | 2.37% | 18% | $12,701 |
Year Ended 10/31/2021 | $31.08 | 3.09% | 1.55% | 1.24%(d) | 1.86% | 14% | $19,828 |
Year Ended 10/31/2020(e) | $30.83 | 2.22% | 1.56% | 1.24%(d),(g) | 2.19% | 30% | $23,783 |
Year Ended 10/31/2019(e) | $31.12 | 8.82% | 1.57%(c) | 1.25%(c),(d),(g) | 2.82% | 37% | $31,410 |
Institutional Class | |||||||
Year Ended 10/31/2023 | $24.03 | 1.09% | 0.57%(c) | 0.53%(c),(d) | 3.69% | 24% | $88,154 |
Year Ended 10/31/2022 | $24.67 | (17.90%) | 0.55%(c) | 0.53%(c),(d) | 3.00% | 18% | $139,361 |
Year Ended 10/31/2021 | $31.09 | 3.78% | 0.55% | 0.54%(d) | 2.54% | 14% | $363,917 |
Year Ended 10/31/2020(e) | $30.85 | 3.00% | 0.56% | 0.54%(d) | 2.87% | 30% | $260,443 |
Year Ended 10/31/2019(e) | $31.13 | 9.58% | 0.57%(c) | 0.55%(c),(d) | 3.49% | 37% | $192,055 |
Institutional 2 Class | |||||||
Year Ended 10/31/2023 | $24.07 | 1.09% | 0.56%(c) | 0.53%(c) | 3.66% | 24% | $1,607 |
Year Ended 10/31/2022 | $24.71 | (17.89%) | 0.54%(c) | 0.52%(c) | 3.09% | 18% | $1,918 |
Year Ended 10/31/2021 | $31.14 | 3.83% | 0.54% | 0.52% | 2.57% | 14% | $2,765 |
Year Ended 10/31/2020(e) | $30.89 | 2.89% | 0.54% | 0.52% | 2.92% | 30% | $2,283 |
Year Ended 10/31/2019(e) | $31.18 | 9.59% | 0.56%(c) | 0.53%(c) | 3.29% | 37% | $3,302 |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 23 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 10/31/2023 | $24.80 | 0.98 | (0.64) | 0.34 | (0.98) | — | (0.98) |
Year Ended 10/31/2022 | $31.26 | 0.91 | (6.39) | (5.48) | (0.90) | (0.08) | (0.98) |
Year Ended 10/31/2021 | $31.01 | 0.82 | 0.38 | 1.20 | (0.83) | (0.12) | (0.95) |
Year Ended 10/31/2020(e) | $31.29 | 0.91 | 0.02(f) | 0.93 | (0.91) | (0.30) | (1.21) |
Year Ended 10/31/2019(e) | $29.65 | 1.08 | 1.72 | 2.80 | (1.08) | (0.08) | (1.16) |
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%. |
(e) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
(f) | 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. |
(g) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by: |
10/31/2020 | 10/31/2019 | |
Class C | 0.25% | 0.30% |
(h) | Rounds to zero. |
24 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
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 10/31/2023 | $24.16 | 1.16% | 0.51%(c) | 0.47%(c) | 3.75% | 24% | $14,630 |
Year Ended 10/31/2022 | $24.80 | (17.86%) | 0.49%(c) | 0.47%(c) | 3.23% | 18% | $19,306 |
Year Ended 10/31/2021 | $31.26 | 3.88% | 0.48% | 0.47% | 2.62% | 14% | $10,641 |
Year Ended 10/31/2020(e) | $31.01 | 3.07% | 0.49% | 0.47% | 2.94% | 30% | $8,284 |
Year Ended 10/31/2019(e) | $31.29 | 9.63% | 0.50%(c) | 0.48%(c) | 3.55% | 37% | $6,648 |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 25 |
October 31, 2023
26 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 27 |
October 31, 2023
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | (988,353) |
Derivative instrument | Average notional amounts ($) |
Futures contracts — short | 8,145,677 |
28 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 29 |
October 31, 2023
30 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Effective rate (%) | |
Class A | 0.06 |
Advisor Class | 0.06 |
Class C | 0.06 |
Institutional Class | 0.06 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 19,893 |
Class C | — | 1.00(b) | 219 |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 31 |
October 31, 2023
March 1, 2023 through February 29, 2024 | Prior to March 1, 2023 | |
Class A | 0.74% | 0.74% |
Advisor Class | 0.54 | 0.54 |
Class C | 1.24 | 1.24 |
Institutional Class | 0.54 | 0.54 |
Institutional 2 Class | 0.53 | 0.52 |
Institutional 3 Class | 0.48 | 0.47 |
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
112,728 | (112,731) | 3 |
32 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Year Ended October 31, 2023 | Year Ended October 31, 2022 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
43,700 | 13,773,597 | — | 13,817,297 | 1,346,728 | 17,499,893 | 516,353 | 19,362,974 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
— | 3,842,309 | — | (22,438,002) | (80,236,230) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
410,595,624 | 683,020 | (80,919,250) | (80,236,230) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(17,207,182) | (5,230,820) | (22,438,002) | — |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 33 |
October 31, 2023
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 2,500,000 | 4.87 | 22 |
34 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 35 |
October 31, 2023
36 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 37 |
Exempt- interest dividends | |
99.68% |
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 | 170 | 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 |
38 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
(Unaudited)
Independent trustees (continued)
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; 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 | 170 | 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 | 170 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), 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 | 170 | 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, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | 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 |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 39 |
(Unaudited)
Independent trustees (continued)
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 | 168 | 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 | 170 | 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 | 170 | 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 | 170 | Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; 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 | 168 | None |
40 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
(Unaudited)
Independent trustees (continued)
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 | 168 | Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; 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. | 170 | 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 | 168 | 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 |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 41 |
(Unaudited)
Independent trustees (continued)
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 |
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 | 170 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |
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 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021; Co-President and Principal Executive Officer, Columbia Acorn/Wanger Funds, since July 2021 | 170 | 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; Director, Columbia Threadneedle Canada, Inc., since December 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 and Hacker 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. |
42 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
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) and Senior Vice President (2019) | 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. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |
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, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
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. |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 43 |
(Unaudited)
Fund officers (continued)
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 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; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company. |
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
44 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
(Unaudited)
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 45 |
(Unaudited)
Investment performance
46 | Columbia Strategic California Municipal Income Fund | Annual Report 2023 |
(Unaudited)
Economies of scale
Columbia Strategic California Municipal Income Fund | Annual Report 2023 | 47 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
October 31, 2023
3 | |
5 | |
7 | |
8 | |
32 | |
34 | |
35 | |
38 | |
42 | |
52 | |
53 | |
53 | |
59 |
(Unaudited)
Average annual total returns (%) (for the period ended October 31, 2023) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/25/02 | 2.35 | 0.92 | 1.60 |
Including sales charges | -0.69 | 0.32 | 1.29 | ||
Advisor Class | 03/19/13 | 2.56 | 1.13 | 1.81 | |
Class C | Excluding sales charges | 11/25/02 | 1.74 | 0.30 | 0.98 |
Including sales charges | 0.75 | 0.30 | 0.98 | ||
Institutional Class | 06/14/93 | 2.56 | 1.13 | 1.81 | |
Institutional 2 Class | 11/08/12 | 2.64 | 1.20 | 1.89 | |
Institutional 3 Class* | 03/01/17 | 2.70 | 1.23 | 1.88 | |
Class V | Excluding sales charges | 06/26/00 | 2.41 | 0.98 | 1.65 |
Including sales charges | -2.50 | 0.01 | 1.15 | ||
Bloomberg 3-15 Year Blend Municipal Bond Index | 2.49 | 1.27 | 1.97 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 3 |
(Unaudited)
Quality breakdown (%) (at October 31, 2023) | |
AAA rating | 3.5 |
AA rating | 31.5 |
A rating | 45.4 |
BBB rating | 12.2 |
BB rating | 4.1 |
CCC rating | 0.5 |
Not rated | 2.8 |
Total | 100.0 |
Top Ten States/Territories (%) (at October 31, 2023) | |
Illinois | 16.2 |
California | 12.0 |
Texas | 9.3 |
New York | 6.3 |
Florida | 5.2 |
Massachusetts | 4.0 |
Pennsylvania | 3.7 |
District of Columbia | 3.5 |
New Jersey | 3.4 |
Michigan | 3.2 |
4 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
• | The Fund maintained a below benchmark duration for the entire 12-month period. After initially declining during the first three months, interest rates rose meaningfully during the remainder of the period. The below benchmark positioning helped to limit price declines as rates increased. Having a below benchmark exposure to interest rates in the six months during the period in which returns were negative aided the Fund in outperforming in five of them. |
• | Portfolio return was positive due to the high level of income or yield, which more than offset price declines that occurred during the period. |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 5 |
(Unaudited)
• | The Fund maintained a barbell maturity profile, with additional exposure to bonds maturing in the 0–2 year and 17+ year range. This positioning benefited the Fund during the period as the best municipal bond returns were produced in the very shortest and longest maturities. (A barbell strategy focuses allocations on the longest and shortest ends of the maturity spectrum, giving the appearance of a barbell shape.) |
• | An overweighted allocation to the lower investment-grade and non-investment grade quality segments contributed to Fund results as these areas outperformed higher quality segments during the period. |
• | At the sector level, the Fund’s state general obligation municipal bond exposure performed very well as holdings in Illinois, the largest issuer exposure in the portfolio, performed well. |
• | Hospitals, toll roads and refunded bonds, which all represent meaningful weights in the portfolio, also outperformed, contributing positively to Fund performance. |
• | The Fund’s exposure to CCRCs detracted from performance during the period. CCRCs have struggled with financial operating performance since 2022, due in large part to the increase in labor costs. We have focused on the Fund’s exposure to identify and reduce exposure to those CCRC issuers we believe will not rebound in 2024. |
• | Other sectors that performed poorly for the Fund during the period were transportation and public power. The lackluster performance was not due to fundamental issues but rather the timing of Fund purchases during the period. We believe these purchases will perform better going forward. |
• | The Fund’s zero-coupon bonds underperformed their benchmark counterparts during the period. Relative to the benchmark’s zero-coupon bonds, the portfolio’s holdings are of a higher quality and are roughly fifty percent shorter in terms of maturity, and duration which contributed to their relative underperformance. |
6 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
May 1, 2023 — October 31, 2023 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 973.50 | 1,022.37 | 3.07 | 3.14 | 0.61 |
Advisor Class | 1,000.00 | 1,000.00 | 975.50 | 1,023.39 | 2.06 | 2.11 | 0.41 |
Class C | 1,000.00 | 1,000.00 | 971.60 | 1,019.31 | 6.08 | 6.23 | 1.21 |
Institutional Class | 1,000.00 | 1,000.00 | 975.50 | 1,023.39 | 2.06 | 2.11 | 0.41 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 974.80 | 1,023.85 | 1.61 | 1.65 | 0.32 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 975.10 | 1,024.05 | 1.41 | 1.44 | 0.28 |
Class V | 1,000.00 | 1,000.00 | 973.70 | 1,022.63 | 2.82 | 2.89 | 0.56 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 7 |
October 31, 2023
Floating Rate Notes 0.6% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Massachusetts 0.3% | ||||
JPMorgan Chase Putters/Drivers Trust(a),(b),(c),(d) | ||||
Tax-Exempt Preferred | ||||
Series 2020-5033 (JPMorgan Chase Bank) | ||||
11/16/2024 | 4.550% | 5,000,000 | 5,000,000 | |
Minnesota 0.0% | ||||
City of Minneapolis(c),(d) | ||||
Revenue Bonds | ||||
Fairview Health Services | ||||
Series 2018 (Wells Fargo Bank NA) | ||||
11/15/2048 | 3.950% | 500,000 | 500,000 | |
New York 0.3% | ||||
New York City Transitional Finance Authority(c),(d) | ||||
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2012C (JPMorgan Chase Bank) | ||||
11/01/2036 | 3.950% | 2,000,000 | 2,000,000 | |
New York City Water & Sewer System(c),(d) | ||||
Revenue Bonds | ||||
2nd General Resolution | ||||
Series 2013 (JPMorgan Chase Bank) | ||||
06/15/2050 | 3.950% | 2,500,000 | 2,500,000 | |
Total | 4,500,000 | |||
Utah 0.0% | ||||
City of Murray(c),(d) | ||||
Revenue Bonds | ||||
IHC Health Services, Inc. | ||||
Series 2005A (JPMorgan Chase Bank) | ||||
05/15/2037 | 3.870% | 500,000 | 500,000 | |
Total Floating Rate Notes (Cost $10,500,000) | 10,500,000 | |||
Municipal Bonds 98.4% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Alabama 2.0% | ||||
Black Belt Energy Gas District(e) | ||||
Prerefunded 11/30/23 Revenue Bonds | ||||
Series 2018B-1 | ||||
0.7 x 1-month Term SOFR + 0.900% 11/30/2048 | 4.585% | 4,000,000 | 3,999,934 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Black Belt Energy Gas District | ||||
Revenue Bonds | ||||
Project No. 5 | ||||
Series 2020A-1 (Mandatory Put 10/01/26) | ||||
10/01/2049 | 4.000% | 11,500,000 | 11,143,101 | |
Series 2023A (Mandatory Put 10/01/30) | ||||
01/01/2054 | 5.250% | 9,000,000 | 9,009,166 | |
UAB Medicine Finance Authority | ||||
Refunding Revenue Bonds | ||||
University of Alabama - Medicine | ||||
Series 2017B2 | ||||
09/01/2036 | 5.000% | 2,340,000 | 2,358,186 | |
09/01/2037 | 5.000% | 2,030,000 | 2,035,674 | |
09/01/2041 | 5.000% | 1,020,000 | 994,296 | |
Revenue Bonds | ||||
University of Alabama - Medicine | ||||
Series 2019 | ||||
09/01/2044 | 4.000% | 2,470,000 | 2,108,018 | |
Total | 31,648,375 | |||
Alaska 0.2% | ||||
Alaska Housing Finance Corp. | ||||
Prerefunded 12/01/24 Revenue Bonds | ||||
State Capital Project Bonds II | ||||
Series 2014 | ||||
12/01/2028 | 5.000% | 2,500,000 | 2,530,512 | |
06/01/2029 | 5.000% | 1,000,000 | 1,012,204 | |
Total | 3,542,716 | |||
Arizona 2.2% | ||||
Arizona Industrial Development Authority(a) | ||||
Refunding Revenue Bonds | ||||
Arizona Agribusiness & Equine Center, Inc. Project | ||||
Series 2017B | ||||
03/01/2037 | 5.000% | 1,250,000 | 1,118,300 | |
03/01/2042 | 5.000% | 1,000,000 | 846,273 | |
Revenue Bonds | ||||
Cadence Campus Project | ||||
Series 2020A | ||||
07/15/2030 | 4.000% | 535,000 | 496,156 | |
07/15/2040 | 4.000% | 925,000 | 728,150 | |
07/15/2050 | 4.000% | 1,600,000 | 1,117,364 | |
Doral Academy Nevada - Fire Mesa | ||||
Series 2019A | ||||
07/15/2029 | 3.550% | 995,000 | 900,716 | |
07/15/2049 | 5.000% | 3,350,000 | 2,762,216 |
8 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Lone Mountain Campus Projects | ||||
Series 2019 | ||||
12/15/2029 | 3.750% | 485,000 | 437,390 | |
12/15/2039 | 5.000% | 400,000 | 352,975 | |
12/15/2049 | 5.000% | 700,000 | 567,301 | |
Pinecrest Academy - Horizon | ||||
Series 2018 | ||||
07/15/2038 | 5.750% | 1,750,000 | 1,736,128 | |
Arizona State University | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2019A | ||||
07/01/2037 | 5.000% | 7,800,000 | 8,067,177 | |
Industrial Development Authority of the City of Phoenix (The)(a) | ||||
Revenue Bonds | ||||
FAC-Legacy Traditional Schools Project | ||||
Series 2016 | ||||
07/01/2031 | 5.000% | 3,000,000 | 2,947,399 | |
La Paz County Industrial Development Authority | ||||
Revenue Bonds | ||||
Charter School Solutions - Harmony Public Schools Project | ||||
Series 2016 | ||||
02/15/2036 | 5.000% | 2,800,000 | 2,664,084 | |
02/15/2046 | 5.000% | 1,000,000 | 850,927 | |
Series 2018 | ||||
02/15/2048 | 5.000% | 1,185,000 | 995,142 | |
Maricopa County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Horizon Community Learning Center | ||||
Series 2016 | ||||
07/01/2035 | 5.000% | 2,325,000 | 2,115,702 | |
Revenue Bonds | ||||
Reid Traditional Schools Project | ||||
Series 2016 | ||||
07/01/2036 | 5.000% | 750,000 | 723,911 | |
Maricopa County Industrial Development Authority(a) | ||||
Refunding Revenue Bonds | ||||
Legacy Traditional Schools Project | ||||
Series 2019 | ||||
07/01/2039 | 5.000% | 1,000,000 | 900,213 | |
Paradise Schools Project | ||||
Series 2016 | ||||
07/01/2047 | 5.000% | 1,225,000 | 1,043,701 | |
Salt River Project Agricultural Improvement & Power District | ||||
Revenue Bonds | ||||
Series 2023A | ||||
01/01/2043 | 5.000% | 3,000,000 | 3,087,030 | |
Total | 34,458,255 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Arkansas 0.1% | ||||
University of Arkansas | ||||
Prerefunded 11/01/24 Revenue Bonds | ||||
Various Facilities - Fayetteville Campus | ||||
Series 2015 | ||||
11/01/2030 | 5.000% | 1,000,000 | 1,011,294 | |
California 11.9% | ||||
Alvord Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
2007 Election | ||||
Series 2011B (AGM) | ||||
08/01/2046 | 0.000% | 1,150,000 | 1,163,213 | |
Bay Area Toll Authority(e) | ||||
Revenue Bonds | ||||
San Francisco Bay Area Toll Bridge | ||||
Series 2013 (Mandatory Put 04/01/27) | ||||
Muni Swap Index Yield + 1.250% 04/01/2036 | 5.340% | 5,000,000 | 4,995,497 | |
Burbank Unified School District(f) | ||||
Prerefunded 02/01/25 Unlimited General Obligation Bonds | ||||
Convertible | ||||
Series 2015A | ||||
08/01/2031 | 0.000% | 1,325,000 | 1,346,059 | |
California Educational Facilities Authority | ||||
Revenue Bonds | ||||
Chapman University | ||||
Series 2015 | ||||
04/01/2028 | 5.000% | 1,000,000 | 1,017,598 | |
04/01/2029 | 5.000% | 1,650,000 | 1,672,409 | |
04/01/2030 | 5.000% | 1,700,000 | 1,720,345 | |
California Health Facilities Financing Authority | ||||
Prerefunded 11/15/25 Revenue Bonds | ||||
Sutter Health Obligation Group | ||||
Series 2016A | ||||
11/15/2033 | 5.000% | 5,000,000 | 5,114,964 | |
Refunding Revenue Bonds | ||||
Children’s Hospital | ||||
Series 2017A | ||||
08/15/2042 | 5.000% | 1,000,000 | 940,849 | |
El Camino Hospital | ||||
Series 2015A | ||||
02/01/2029 | 5.000% | 1,485,000 | 1,503,289 | |
Revenue Bonds | ||||
El Camino Hospital | ||||
Series 2017 | ||||
02/01/2034 | 5.000% | 1,750,000 | 1,782,155 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Community Medical Centers | ||||
Series 2017A | ||||
02/01/2042 | 5.000% | 1,500,000 | 1,452,160 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 9 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
National University | ||||
Series 2019A | ||||
04/01/2037 | 5.000% | 1,470,000 | 1,474,841 | |
California School Finance Authority(a) | ||||
Refunding Revenue Bonds | ||||
Aspire Public Schools | ||||
Series 2016 | ||||
08/01/2036 | 5.000% | 1,910,000 | 1,884,393 | |
Revenue Bonds | ||||
Aspire Public Schools Obligation Group | ||||
Series 2021 | ||||
08/01/2041 | 4.000% | 500,000 | 410,368 | |
California State Public Works Board | ||||
Refunding Revenue Bonds | ||||
Various Capital Projects | ||||
Series 2023 | ||||
09/01/2037 | 5.000% | 4,800,000 | 5,127,371 | |
09/01/2038 | 5.000% | 1,000,000 | 1,059,866 | |
Revenue Bonds | ||||
Various Capital Projects | ||||
Series 2013I | ||||
11/01/2029 | 5.000% | 2,500,000 | 2,505,222 | |
11/01/2031 | 5.500% | 2,930,000 | 2,938,517 | |
Various Correctional Facilities | ||||
Series 2014A | ||||
09/01/2031 | 5.000% | 15,350,000 | 15,454,068 | |
California Statewide Communities Development Authority | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Henry Mayo Newhall Memorial Hospital | ||||
Series 2014A (AGM) | ||||
10/01/2034 | 5.000% | 5,000,000 | 5,064,929 | |
Revenue Bonds | ||||
Methodist Hospital of Southern California | ||||
Series 2018 | ||||
01/01/2038 | 5.000% | 3,000,000 | 2,863,450 | |
Series 2017 | ||||
05/15/2033 | 5.000% | 1,350,000 | 1,354,742 | |
05/15/2034 | 5.000% | 1,000,000 | 1,001,904 | |
05/15/2035 | 5.000% | 2,200,000 | 2,198,044 | |
City of Los Angeles Department of Airports(b) | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Subordinated Series 2023 | ||||
05/15/2039 | 5.250% | 2,000,000 | 2,037,899 | |
05/15/2040 | 5.250% | 1,320,000 | 1,341,448 | |
Los Angeles International Airport | ||||
Subordinated Series 2022 | ||||
05/15/2029 | 5.000% | 2,060,000 | 2,109,623 | |
Revenue Bonds | ||||
Series 2020C | ||||
05/15/2030 | 5.000% | 5,000,000 | 5,163,577 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Tulare Sewer | ||||
Refunding Revenue Bonds | ||||
Series 2015 (AGM) | ||||
11/15/2030 | 5.000% | 1,910,000 | 1,946,536 | |
11/15/2031 | 5.000% | 1,000,000 | 1,019,180 | |
11/15/2032 | 5.000% | 1,610,000 | 1,640,803 | |
City of Upland | ||||
Refunding Certificate of Participation | ||||
San Antonio Regional Hospital | ||||
Series 2017 | ||||
01/01/2035 | 4.000% | 1,000,000 | 874,668 | |
Del Mar Race Track Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
10/01/2035 | 5.000% | 2,665,000 | 2,419,169 | |
Escondido Union High School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election of 2008 | ||||
Series 2009A (AGM) | ||||
08/01/2031 | 0.000% | 480,000 | 344,298 | |
Escondido Union High School District(g) | ||||
Unlimited General Obligation Bonds | ||||
Convertible | ||||
Series 2011 | ||||
08/01/2032 | 5.450% | 1,250,000 | 1,286,726 | |
Fresno Unified School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2002A (MBIA) | ||||
08/01/2026 | 6.000% | 1,650,000 | 1,685,152 | |
Golden State Tobacco Securitization Corp. | ||||
Prerefunded 06/01/25 Asset-Backed Revenue Bonds | ||||
Series 2015A | ||||
06/01/2033 | 5.000% | 5,250,000 | 5,355,856 | |
Prerefunded 06/01/27 Revenue Bonds | ||||
Series 2017A-1 | ||||
06/01/2028 | 5.000% | 1,000,000 | 1,046,557 | |
06/01/2029 | 5.000% | 1,000,000 | 1,046,557 | |
Hartnell Community College District(f) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Capital Appreciation Serial Bonds | ||||
Series 2015A | ||||
08/01/2035 | 0.000% | 2,650,000 | 1,524,589 | |
Lakeside Union School District/Kern County(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election | ||||
Series 2009 Escrowed to Maturity (AGM) | ||||
09/01/2027 | 0.000% | 5,000 | 4,336 | |
Los Angeles County Sanitation Districts Financing Authority | ||||
Refunding Revenue Bonds | ||||
Capital Projects - District #14 | ||||
Subordinated Series 2015 | ||||
10/01/2033 | 5.000% | 4,000,000 | 4,075,216 |
10 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Manteca Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election of 2004 | ||||
Series 2006 (NPFGC) | ||||
08/01/2024 | 0.000% | 5,000,000 | 4,847,750 | |
Mount Diablo Unified School District(g) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election of 2010 | ||||
Series 2010A (AGM) | ||||
08/01/2035 | 5.750% | 2,125,000 | 2,177,292 | |
M-S-R Energy Authority | ||||
Revenue Bonds | ||||
Series 2009A | ||||
11/01/2039 | 6.500% | 4,940,000 | 5,558,372 | |
Norman Y Mineta San Jose International Airport SJC | ||||
Refunding Revenue Bonds | ||||
Series 2017B | ||||
03/01/2042 | 5.000% | 1,665,000 | 1,678,979 | |
Norman Y. Mineta San Jose International Airport(b) | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
03/01/2041 | 5.000% | 1,000,000 | 969,817 | |
Pasadena Public Financing Authority(f) | ||||
Revenue Bonds | ||||
Capital Appreciation - Rose Bowl | ||||
Series 2010A | ||||
03/01/2029 | 0.000% | 2,000,000 | 1,575,744 | |
Pico Rivera Water Authority | ||||
Revenue Bonds | ||||
Water System Project | ||||
Series 1999A (NPFGC) | ||||
05/01/2029 | 5.500% | 1,980,000 | 2,036,175 | |
Rancho Santiago Community College District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election of 2002 | ||||
Series 2006C (AGM) | ||||
09/01/2031 | 0.000% | 28,000,000 | 19,928,700 | |
Sacramento Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Subordinated Series 2015A (BAM) | ||||
12/01/2027 | 5.000% | 235,000 | 240,095 | |
12/01/2028 | 5.000% | 425,000 | 433,870 | |
12/01/2030 | 5.000% | 1,000,000 | 1,018,489 | |
12/01/2031 | 5.000% | 2,000,000 | 2,033,097 | |
San Francisco City & County Airport Commission - San Francisco International Airport(b) | ||||
Revenue Bonds | ||||
Series 2019E | ||||
05/01/2045 | 5.000% | 13,500,000 | 12,974,531 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
San Joaquin Hills Transportation Corridor Agency(f) | ||||
Revenue Bonds | ||||
Senior Lien | ||||
Series 1993 Escrowed to Maturity | ||||
01/01/2025 | 0.000% | 22,405,000 | 21,424,627 | |
San Jose Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election of 2002 | ||||
Series 2006C (NPFGC) | ||||
08/01/2027 | 0.000% | 1,495,000 | 1,280,318 | |
State of California | ||||
Unlimited General Obligation Bonds | ||||
Series 2015 | ||||
03/01/2033 | 5.000% | 2,500,000 | 2,524,718 | |
Tustin Community Facilities District | ||||
Refunding Special Tax Bonds | ||||
Legacy Villages of Columbus #06-1 | ||||
Series 2015 | ||||
09/01/2031 | 5.000% | 1,000,000 | 1,012,902 | |
09/01/2033 | 5.000% | 1,250,000 | 1,264,759 | |
Vallejo City Unified School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2002A (MBIA) | ||||
08/01/2025 | 5.900% | 690,000 | 695,309 | |
WateReuse Finance Authority | ||||
Refunding Revenue Bonds | ||||
Vallejo Sanitation and Flood | ||||
Series 2014 (BAM) | ||||
05/01/2036 | 5.500% | 2,635,000 | 2,651,870 | |
Total | 187,295,857 | |||
Colorado 3.0% | ||||
Arkansas River Power Authority | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
10/01/2038 | 5.000% | 2,250,000 | 2,145,671 | |
City & County of Denver | ||||
Revenue Bonds | ||||
Series 2018A-1 | ||||
08/01/2041 | 5.000% | 8,000,000 | 8,062,086 | |
City & County of Denver Airport System(b) | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
11/15/2030 | 5.000% | 5,010,000 | 5,079,186 | |
Series 2022D | ||||
11/15/2039 | 5.750% | 2,250,000 | 2,380,243 | |
System | ||||
Subordinated Series 2018A | ||||
12/01/2048 | 5.000% | 3,000,000 | 2,808,693 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 11 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Colorado Health Facilities Authority | ||||
Prerefunded 06/01/27 Revenue Bonds | ||||
Evangelical Lutheran Good Samaritan Society | ||||
Series 2017 | ||||
06/01/2030 | 5.000% | 2,000,000 | 2,073,368 | |
06/01/2047 | 5.000% | 1,000,000 | 1,036,684 | |
Refunding Revenue Bonds | ||||
CommonSpirit Health | ||||
Series 2019A | ||||
08/01/2044 | 4.000% | 2,000,000 | 1,609,984 | |
08/01/2049 | 4.000% | 2,265,000 | 1,749,601 | |
Covenant Retirement Communities | ||||
Series 2015 | ||||
12/01/2023 | 5.000% | 215,000 | 214,923 | |
12/01/2026 | 5.000% | 1,860,000 | 1,838,738 | |
12/01/2028 | 5.000% | 1,000,000 | 979,739 | |
12/01/2030 | 5.000% | 1,400,000 | 1,359,272 | |
Revenue Bonds | ||||
Parkview Medical Center, Inc. Project | ||||
Series 2020 | ||||
09/01/2045 | 4.000% | 1,000,000 | 786,429 | |
09/01/2050 | 4.000% | 1,500,000 | 1,129,098 | |
Denver City & County School District No. 1 | ||||
Unlimited General Obligation Bonds | ||||
Series 2021 | ||||
12/01/2039 | 5.000% | 5,000,000 | 5,198,181 | |
E-470 Public Highway Authority(e) | ||||
Refunding Revenue Bonds | ||||
Series 2021B (Mandatory Put 09/01/24) | ||||
0.7 x SOFR + 0.350% 09/01/2039 | 3.908% | 2,000,000 | 1,990,861 | |
Park Creek Metropolitan District | ||||
Refunding Revenue Bonds | ||||
Senior Limited Property Tax | ||||
Series 2015 | ||||
12/01/2030 | 5.000% | 1,895,000 | 1,917,219 | |
Refunding Tax Allocation Bonds | ||||
Limited Property Tax | ||||
Series 2015 | ||||
12/01/2032 | 5.000% | 1,500,000 | 1,514,320 | |
Regional Transportation District | ||||
Certificate of Participation | ||||
Series 2015 | ||||
06/01/2027 | 5.000% | 2,925,000 | 2,971,931 | |
Total | 46,846,227 | |||
Connecticut 1.3% | ||||
Connecticut State Health & Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Fairfield University | ||||
Series 2018S | ||||
07/01/2029 | 5.000% | 1,000,000 | 1,033,796 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
State of Connecticut | ||||
Revenue Bonds | ||||
Special Tax Obligation | ||||
Series 2020 | ||||
05/01/2040 | 5.000% | 2,130,000 | 2,189,050 | |
Unlimited General Obligation Bonds | ||||
Series 2016A | ||||
03/15/2027 | 5.000% | 2,155,000 | 2,213,167 | |
Series 2017A | ||||
04/15/2034 | 5.000% | 3,000,000 | 3,089,809 | |
Series 2019A | ||||
04/15/2036 | 5.000% | 2,200,000 | 2,297,915 | |
Social Bonds | ||||
Series 2022F | ||||
11/15/2038 | 5.000% | 2,000,000 | 2,096,556 | |
University of Connecticut | ||||
Revenue Bonds | ||||
Series 2016A | ||||
03/15/2032 | 5.000% | 2,000,000 | 2,042,018 | |
Series 2017A | ||||
01/15/2033 | 5.000% | 4,000,000 | 4,090,348 | |
Series 2019A | ||||
11/01/2036 | 5.000% | 1,485,000 | 1,526,547 | |
Total | 20,579,206 | |||
Delaware 0.2% | ||||
City of Wilmington | ||||
Unlimited General Obligation Bonds | ||||
Series 2013A | ||||
10/01/2025 | 5.000% | 3,715,000 | 3,716,628 | |
District of Columbia 3.5% | ||||
District of Columbia | ||||
Refunding Revenue Bonds | ||||
Children’s Hospital | ||||
Series 2015 | ||||
07/15/2030 | 5.000% | 3,000,000 | 3,025,466 | |
Friendship Public Charter School | ||||
Series 2016 | ||||
06/01/2036 | 5.000% | 4,815,000 | 4,645,123 | |
06/01/2046 | 5.000% | 1,385,000 | 1,211,540 | |
Revenue Bonds | ||||
KIPP DC Project | ||||
Series 2019 | ||||
07/01/2044 | 4.000% | 3,480,000 | 2,832,572 | |
Unlimited General Obligation Bonds | ||||
Series 2023A | ||||
01/01/2039 | 5.000% | 1,000,000 | 1,047,247 |
12 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Metropolitan Washington Airports Authority(b) | ||||
Refunding Revenue Bonds | ||||
Airport System | ||||
Series 2019A | ||||
10/01/2037 | 5.000% | 5,000,000 | 4,926,362 | |
Series 2023A | ||||
10/01/2039 | 5.250% | 1,400,000 | 1,425,117 | |
Metropolitan Washington Airports Authority Dulles Toll Road | ||||
Refunding Revenue Bonds | ||||
Dulles Metrorail | ||||
Subordinated Series 2019 | ||||
10/01/2049 | 4.000% | 3,000,000 | 2,344,380 | |
Metropolitan Washington Airports Authority Dulles Toll Road(f) | ||||
Revenue Bonds | ||||
Capital Appreciation - 2nd Senior Lien | ||||
Series 2009B (AGM) | ||||
10/01/2024 | 0.000% | 20,980,000 | 20,207,065 | |
10/01/2025 | 0.000% | 7,500,000 | 6,923,029 | |
10/01/2026 | 0.000% | 5,000,000 | 4,423,486 | |
Washington Convention & Sports Authority | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
10/01/2030 | 5.000% | 1,500,000 | 1,553,346 | |
Total | 54,564,733 | |||
Florida 5.1% | ||||
Central Florida Expressway Authority | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2017 (BAM) | ||||
07/01/2041 | 4.000% | 4,000,000 | 3,427,911 | |
City of Atlantic Beach | ||||
Revenue Bonds | ||||
Fleet Landing Project | ||||
Series 2018 | ||||
11/15/2048 | 5.000% | 1,750,000 | 1,425,674 | |
Series 2018A | ||||
11/15/2043 | 5.000% | 1,085,000 | 919,136 | |
City of Lakeland Department of Electric Utilities | ||||
Refunding Revenue Bonds | ||||
Series 2010 (AGM) | ||||
10/01/2028 | 5.250% | 1,250,000 | 1,331,573 | |
City of Orlando Tourist Development Tax | ||||
Refunding Revenue Bonds | ||||
Senior Lien - Tourist Development | ||||
Series 2017 (AGM) | ||||
11/01/2035 | 5.000% | 2,270,000 | 2,275,417 | |
City of Tampa(f) | ||||
Revenue Bonds | ||||
Capital Appreciation | ||||
Series 2020A | ||||
09/01/2034 | 0.000% | 650,000 | 361,233 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
County of Broward Airport System(b) | ||||
Revenue Bonds | ||||
Series 2015A | ||||
10/01/2026 | 5.000% | 750,000 | 749,789 | |
10/01/2031 | 5.000% | 1,000,000 | 990,486 | |
County of Miami-Dade Aviation | ||||
Refunding Revenue Bonds | ||||
Series 2014B | ||||
10/01/2025 | 5.000% | 800,000 | 806,533 | |
10/01/2032 | 5.000% | 6,620,000 | 6,572,913 | |
County of Miami-Dade Aviation(b) | ||||
Revenue Bonds | ||||
Series 2019A | ||||
10/01/2044 | 4.000% | 1,000,000 | 820,320 | |
County of Miami-Dade Rickenbacker Causeway | ||||
Revenue Bonds | ||||
Series 2014 | ||||
10/01/2033 | 5.000% | 1,215,000 | 1,216,777 | |
County of Miami-Dade Seaport Department(b) | ||||
Refunding Revenue Bonds | ||||
Series 2023A | ||||
10/01/2039 | 5.000% | 3,000,000 | 2,954,246 | |
County of Miami-Dade Water & Sewer System | ||||
Revenue Bonds | ||||
Series 2017A | ||||
10/01/2033 | 5.000% | 2,000,000 | 2,023,031 | |
County of Osceola Transportation(f) | ||||
Refunding Revenue Bonds | ||||
Series 2020A-2 | ||||
10/01/2034 | 0.000% | 1,850,000 | 1,040,691 | |
Series 2020A-2 (AGM) | ||||
10/01/2030 | 0.000% | 1,200,000 | 841,267 | |
Emerald Coast Utilities Authority | ||||
Refunding Revenue Bonds | ||||
Utility System | ||||
Series 2015 (BAM) | ||||
01/01/2032 | 5.000% | 1,445,000 | 1,457,808 | |
Halifax Hospital Medical Center | ||||
Refunding Revenue Bonds | ||||
Series 2016 | ||||
06/01/2026 | 5.000% | 1,525,000 | 1,548,655 | |
06/01/2027 | 5.000% | 1,295,000 | 1,307,654 | |
Hillsborough County Aviation Authority | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Tampa International Airport | ||||
Subordinated Series 2015B | ||||
10/01/2031 | 5.000% | 1,600,000 | 1,615,742 | |
10/01/2032 | 5.000% | 2,300,000 | 2,322,629 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 13 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Miami-Dade County Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
University of Miami | ||||
Series 2015A | ||||
04/01/2031 | 5.000% | 2,000,000 | 2,006,130 | |
Mid-Bay Bridge Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
10/01/2030 | 5.000% | 2,150,000 | 2,153,021 | |
Monroe County School District | ||||
Refunding Certificate of Participation | ||||
Series 2018A | ||||
06/01/2034 | 5.000% | 1,000,000 | 1,045,828 | |
Orange County School Board | ||||
Refunding Certificate of Participation | ||||
Series 2016C | ||||
08/01/2033 | 5.000% | 5,000,000 | 5,109,903 | |
Palm Beach County Health Facilities Authority | ||||
Revenue Bonds | ||||
Lifespace Communities, Inc. | ||||
Series 2018 | ||||
05/15/2036 | 5.000% | 2,550,000 | 2,149,650 | |
05/15/2037 | 5.000% | 2,500,000 | 2,061,362 | |
Pasco County School Board | ||||
Refunding Certificate of Participation | ||||
Series 2015A | ||||
08/01/2026 | 5.000% | 4,620,000 | 4,697,321 | |
08/01/2027 | 5.000% | 2,500,000 | 2,540,995 | |
Polk County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Carpenter’s Home Estates | ||||
Series 2019 | ||||
01/01/2029 | 5.000% | 590,000 | 571,702 | |
01/01/2039 | 5.000% | 300,000 | 262,237 | |
01/01/2049 | 5.000% | 1,000,000 | 791,452 | |
Sarasota County Health Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Village of Isle Project | ||||
Series 2016 | ||||
01/01/2030 | 5.000% | 750,000 | 718,466 | |
01/01/2031 | 5.000% | 935,000 | 887,905 | |
01/01/2032 | 5.000% | 1,100,000 | 1,035,138 | |
Sarasota County Public Hospital District | ||||
Revenue Bonds | ||||
Memorial Hospital District | ||||
Series 2018 | ||||
07/01/2041 | 5.000% | 5,000,000 | 4,870,395 | |
School Board of Miami-Dade County (The) | ||||
Refunding Certificate of Participation | ||||
Series 2015A | ||||
05/01/2030 | 5.000% | 2,500,000 | 2,525,653 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Southeast Overtown Park West Community Redevelopment Agency(a) | ||||
Tax Allocation Bonds | ||||
Series 2014A-1 | ||||
03/01/2030 | 5.000% | 2,925,000 | 2,925,394 | |
St. Johns County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Vicar’s Landing Project | ||||
Series 2021 | ||||
12/15/2041 | 4.000% | 500,000 | 363,309 | |
12/15/2046 | 4.000% | 500,000 | 338,840 | |
12/15/2050 | 4.000% | 500,000 | 325,425 | |
Sterling Hill Community Development District(h) | ||||
Special Assessment Bonds | ||||
Series 2003B | ||||
11/01/2010 | 0.000% | 137,787 | 70,271 | |
Volusia County Educational Facility Authority | ||||
Refunding Revenue Bonds | ||||
Embry Riddle Aeronautical University | ||||
Series 2020 | ||||
10/15/2044 | 5.000% | 5,850,000 | 5,754,004 | |
Revenue Bonds | ||||
Series 2015B | ||||
10/15/2030 | 5.000% | 1,510,000 | 1,518,393 | |
Total | 80,732,279 | |||
Georgia 2.8% | ||||
City of Atlanta Department of Aviation | ||||
Refunding Revenue Bonds | ||||
General | ||||
Subordinated Series 2014 | ||||
01/01/2033 | 5.000% | 1,000,000 | 1,001,556 | |
City of Atlanta Water & Wastewater | ||||
Revenue Bonds | ||||
Series 2018B | ||||
11/01/2043 | 5.000% | 3,000,000 | 2,999,115 | |
Fulton County Development Authority | ||||
Refunding Revenue Bonds | ||||
Spelman College | ||||
Series 2015 | ||||
06/01/2032 | 5.000% | 3,630,000 | 3,660,655 | |
Gainesville & Hall County Development Authority | ||||
Refunding Revenue Bonds | ||||
Riverside Military Academy | ||||
Series 2017 | ||||
03/01/2027 | 5.000% | 410,000 | 378,990 | |
03/01/2037 | 5.000% | 2,500,000 | 1,903,591 | |
03/01/2052 | 5.125% | 2,925,000 | 1,926,583 | |
Gainesville & Hall County Hospital Authority | ||||
Refunding Revenue Bonds | ||||
Northeast Georgia Health System, Inc. Project | ||||
Series 2017 | ||||
02/15/2037 | 5.000% | 2,000,000 | 2,015,818 |
14 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Northeast Georgia Health Systems, Inc. | ||||
Series 2017 | ||||
02/15/2036 | 5.000% | 1,500,000 | 1,518,802 | |
02/15/2042 | 5.000% | 3,000,000 | 2,913,481 | |
Series 2020 | ||||
02/15/2040 | 4.000% | 7,000,000 | 6,090,619 | |
Georgia State Road & Tollway Authority(a),(f) | ||||
Prerefunded 06/01/24 Revenue Bonds | ||||
I-75 S Express Lanes Project | ||||
Series 2014 | ||||
06/01/2034 | 0.000% | 3,750,000 | 1,981,082 | |
Revenue Bonds | ||||
I-75 S Express Lanes Project | ||||
Series 2014 Escrowed to Maturity | ||||
06/01/2024 | 0.000% | 210,000 | 205,193 | |
Main Street Natural Gas, Inc.(e) | ||||
Prerefunded 12/01/23 Revenue Bonds | ||||
Series 2018D | ||||
0.7 x 1-month Term SOFR + 0.830% 07/31/2048 | 4.515% | 500,000 | 499,747 | |
Series 2018E | ||||
Muni Swap Index Yield + 0.570% 07/31/2048 | 4.660% | 10,000,000 | 9,994,470 | |
Main Street Natural Gas, Inc. | ||||
Revenue Bonds | ||||
Series 2019A | ||||
05/15/2030 | 5.000% | 2,750,000 | 2,730,611 | |
05/15/2031 | 5.000% | 4,000,000 | 3,966,690 | |
Total | 43,787,003 | |||
Guam 0.1% | ||||
Territory of Guam(i) | ||||
Refunding Revenue Bonds | ||||
Section 30 | ||||
Series 2016A | ||||
12/01/2032 | 5.000% | 1,310,000 | 1,308,927 | |
12/01/2033 | 5.000% | 1,000,000 | 996,479 | |
Total | 2,305,406 | |||
Idaho 0.1% | ||||
Idaho Health Facilities Authority | ||||
Revenue Bonds | ||||
Terraces of Boise Project | ||||
Series 2021 | ||||
10/01/2031 | 3.800% | 2,100,000 | 1,703,641 | |
Illinois 16.0% | ||||
Chicago Board of Education | ||||
Revenue Bonds | ||||
Series 2017 | ||||
04/01/2046 | 6.000% | 1,500,000 | 1,508,105 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2018 | ||||
04/01/2042 | 5.000% | 1,500,000 | 1,373,367 | |
04/01/2046 | 5.000% | 1,250,000 | 1,113,174 | |
Chicago Housing Authority | ||||
Revenue Bonds | ||||
Series 2018A (HUD) | ||||
01/01/2037 | 5.000% | 2,500,000 | 2,517,972 | |
Chicago Midway International Airport | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Series 2014B | ||||
01/01/2029 | 5.000% | 3,000,000 | 3,007,976 | |
Chicago O’Hare International Airport | ||||
General Obligation Refunding Bonds | ||||
Senior Lien | ||||
Series 2016B | ||||
01/01/2033 | 5.000% | 2,000,000 | 2,016,927 | |
Refunding Revenue Bonds | ||||
General Senior Lien | ||||
Series 2017B | ||||
01/01/2038 | 5.000% | 2,290,000 | 2,265,133 | |
Chicago O’Hare International Airport(b) | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2018 | ||||
01/01/2037 | 5.000% | 1,200,000 | 1,175,676 | |
Series 2018A | ||||
01/01/2038 | 5.000% | 4,250,000 | 4,153,602 | |
01/01/2039 | 5.000% | 1,250,000 | 1,216,562 | |
Series 2022 | ||||
01/01/2038 | 5.000% | 1,000,000 | 978,297 | |
01/01/2039 | 5.000% | 1,215,000 | 1,183,737 | |
01/01/2040 | 5.000% | 1,770,000 | 1,713,990 | |
Series 2015A | ||||
01/01/2026 | 5.000% | 1,500,000 | 1,499,260 | |
01/01/2031 | 5.000% | 1,000,000 | 990,952 | |
Chicago Park District | ||||
Limited General Obligation Bonds | ||||
Series 2016A | ||||
01/01/2040 | 5.000% | 1,000,000 | 969,412 | |
Limited General Obligation Refunding Bonds | ||||
Series 2016B | ||||
01/01/2031 | 5.000% | 1,790,000 | 1,800,028 | |
Chicago Transit Authority | ||||
Revenue Bonds | ||||
Second Lien | ||||
Series 2017 | ||||
12/01/2046 | 5.000% | 3,000,000 | 2,883,327 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 15 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Chicago Transit Authority Sales Tax Receipts Fund | ||||
Refunding Revenue Bonds | ||||
Second Lien | ||||
Junior Subordinated Series 2020A | ||||
12/01/2050 | 4.000% | 3,000,000 | 2,313,002 | |
City of Chicago | ||||
Unlimited General Obligation Bonds | ||||
Series 2017A | ||||
01/01/2038 | 6.000% | 10,000,000 | 10,239,389 | |
Series 2019A | ||||
01/01/2040 | 5.000% | 6,500,000 | 6,285,745 | |
01/01/2044 | 5.000% | 11,750,000 | 11,067,001 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2020A | ||||
01/01/2028 | 5.000% | 6,000,000 | 6,107,834 | |
City of Chicago Wastewater Transmission | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Junior Subordinated Series 2017B | ||||
01/01/2032 | 5.000% | 2,000,000 | 2,007,318 | |
01/01/2035 | 5.000% | 3,310,000 | 3,325,107 | |
Series 2015C | ||||
01/01/2031 | 5.000% | 3,715,000 | 3,719,395 | |
01/01/2039 | 5.000% | 500,000 | 467,648 | |
Series 2017B | ||||
01/01/2033 | 5.000% | 2,500,000 | 2,517,632 | |
City of Chicago Waterworks | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Series 2016 | ||||
11/01/2025 | 5.000% | 2,000,000 | 2,033,228 | |
11/01/2027 | 5.000% | 3,750,000 | 3,808,020 | |
Revenue Bonds | ||||
2nd Lien | ||||
Junior Subordinated Series 2016A-1 | ||||
11/01/2027 | 5.000% | 1,000,000 | 1,015,472 | |
11/01/2029 | 5.000% | 1,000,000 | 1,012,603 | |
Series 2016A-1 | ||||
11/01/2028 | 5.000% | 1,000,000 | 1,015,022 | |
City of Springfield Electric | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2015 | ||||
03/01/2028 | 5.000% | 1,000,000 | 1,006,090 | |
03/01/2029 | 5.000% | 1,000,000 | 1,005,449 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Cook County Community Consolidated School District No. 65 Evanston(f) | ||||
Unlimited General Obligation Bonds | ||||
Limited Tax | ||||
Series 2014 | ||||
12/01/2027 | 0.000% | 300,000 | 245,736 | |
12/01/2029 | 0.000% | 400,000 | 295,440 | |
12/01/2030 | 0.000% | 1,130,000 | 791,030 | |
12/01/2031 | 0.000% | 1,500,000 | 993,975 | |
Cook County School District No. 144 Prairie Hills(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation | ||||
Series 2011C (AGM) | ||||
12/01/2028 | 0.000% | 2,830,000 | 2,224,953 | |
12/01/2029 | 0.000% | 2,580,000 | 1,926,047 | |
Cook County School District No. 83 Mannheim | ||||
Unlimited General Obligation Bonds | ||||
School | ||||
Series 2013 | ||||
06/01/2033 | 5.625% | 2,980,000 | 3,276,629 | |
County of Cook | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2016A | ||||
11/15/2028 | 5.000% | 3,150,000 | 3,229,910 | |
11/15/2031 | 5.000% | 2,750,000 | 2,773,641 | |
County of Cook Sales Tax | ||||
Refunding Revenue Bonds | ||||
Series 2018 | ||||
11/15/2035 | 5.250% | 1,520,000 | 1,566,119 | |
11/15/2036 | 5.250% | 3,000,000 | 3,071,370 | |
Illinois Finance Authority | ||||
Improvement Refunding Bonds | ||||
Chicago International | ||||
Series 2017 | ||||
12/01/2037 | 5.000% | 1,000,000 | 931,240 | |
12/01/2047 | 5.000% | 1,000,000 | 851,298 | |
Prerefunded 01/01/27 Revenue Bonds | ||||
Edward-Elmhurst Healthcare | ||||
Series 2017 | ||||
01/01/2036 | 5.000% | 2,000,000 | 2,066,564 | |
Prerefunded 01/01/28 Revenue Bonds | ||||
Edward-Elmhurst Healthcare | ||||
Series 2018 | ||||
01/01/2044 | 5.000% | 5,000,000 | 5,217,636 | |
Prerefunded 05/15/25 Revenue Bonds | ||||
Plymouth Place | ||||
Series 2015 | ||||
05/15/2030 | 5.000% | 1,000,000 | 1,016,607 | |
Refunding Revenue Bonds | ||||
OSF Healthcare System | ||||
Series 2015A | ||||
11/15/2026 | 5.000% | 1,000,000 | 1,008,983 | |
11/15/2027 | 5.000% | 500,000 | 504,281 |
16 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Plymouth Place | ||||
Series 2015 Escrowed to Maturity | ||||
05/15/2025 | 5.000% | 430,000 | 434,166 | |
Rush University Medical Center | ||||
Series 2015A | ||||
11/15/2032 | 5.000% | 10,000,000 | 10,004,003 | |
Series 2018A | ||||
05/15/2043 | 5.000% | 5,000,000 | 4,787,073 | |
Revenue Bonds | ||||
University of Illinois at Urbana-Champaign Project | ||||
Series 2019 | ||||
10/01/2049 | 5.000% | 1,250,000 | 1,145,173 | |
Illinois Municipal Electric Agency | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
02/01/2030 | 5.000% | 12,060,000 | 12,184,643 | |
Illinois State Toll Highway Authority | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
12/01/2032 | 5.000% | 7,790,000 | 7,894,247 | |
Series 2019A | ||||
01/01/2031 | 5.000% | 500,000 | 523,731 | |
Revenue Bonds | ||||
Series 2014C | ||||
01/01/2032 | 5.000% | 9,600,000 | 9,653,087 | |
Unrefunded Revenue Bonds | ||||
Series 2016A | ||||
12/01/2031 | 4.000% | 5,000,000 | 4,975,779 | |
Kane McHenry Cook & De Kalb Counties Unit School District No. 300 | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
01/01/2024 | 5.000% | 1,000,000 | 1,001,257 | |
01/01/2026 | 5.000% | 4,000,000 | 4,025,955 | |
Metropolitan Pier & Exposition Authority(f) | ||||
Refunding Revenue Bonds | ||||
Capital Appreciation - McCormick Place Expansion Project | ||||
Series 1996A (NPFGC) | ||||
06/15/2024 | 0.000% | 1,000,000 | 972,065 | |
Revenue Bonds | ||||
McCormick Place Expansion Project | ||||
Series 2002 Escrowed to Maturity (NPFGC) | ||||
12/14/2023 | 0.000% | 775,000 | 771,350 | |
Unrefunded Revenue Bonds | ||||
McCormick Place Expansion Project | ||||
Series 2002 (NPFGC) | ||||
12/15/2023 | 0.000% | 60,000 | 59,685 | |
Railsplitter Tobacco Settlement Authority | ||||
Prerefunded 06/01/26 Revenue Bonds | ||||
Series 2017 | ||||
05/31/2027 | 5.000% | 4,185,000 | 4,284,809 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Sales Tax Securitization Corp. | ||||
Refunding Revenue Bonds | ||||
Sales Tax Securitization | ||||
Series 2017 | ||||
01/01/2029 | 5.000% | 1,000,000 | 1,029,319 | |
01/01/2030 | 5.000% | 1,450,000 | 1,486,785 | |
Senior Lien | ||||
Series 2020A | ||||
01/01/2030 | 5.000% | 2,000,000 | 2,094,160 | |
Series 2018A | ||||
01/01/2031 | 5.000% | 2,000,000 | 2,043,447 | |
Series 2018C | ||||
01/01/2043 | 5.250% | 5,000,000 | 5,021,586 | |
South Suburban College Community School District No. 510(f) | ||||
Limited General Obligation Bonds | ||||
Capital Appreciation - Limited Tax | ||||
Series 2009 (AGM) | ||||
12/01/2025 | 0.000% | 1,000,000 | 905,145 | |
Southwestern Illinois Development Authority | ||||
Revenue Bonds | ||||
Local Government - Southwestern Illinois Flood Prevention District Council Project | ||||
Subordinated Series 2016 | ||||
10/15/2029 | 5.000% | 1,780,000 | 1,810,292 | |
10/15/2032 | 5.000% | 1,335,000 | 1,356,966 | |
State of Illinois | ||||
Revenue Bonds | ||||
Junior Obligations | ||||
Series 2018B | ||||
06/15/2034 | 5.000% | 5,000,000 | 5,038,818 | |
Unlimited General Obligation Bonds | ||||
Series 2014 | ||||
02/01/2031 | 5.250% | 5,000,000 | 4,971,201 | |
Series 2016 | ||||
06/01/2026 | 5.000% | 5,000,000 | 5,079,958 | |
11/01/2030 | 5.000% | 1,000,000 | 1,013,073 | |
Series 2019B | ||||
11/01/2034 | 4.000% | 5,000,000 | 4,625,882 | |
Series 2020 | ||||
05/01/2039 | 5.500% | 4,000,000 | 4,092,146 | |
05/01/2045 | 5.750% | 2,000,000 | 2,039,850 | |
Series 2020C | ||||
05/01/2030 | 5.500% | 1,500,000 | 1,569,933 | |
Series 2021A | ||||
03/01/2038 | 4.000% | 3,000,000 | 2,636,241 | |
Series 2023B | ||||
05/01/2040 | 5.250% | 1,690,000 | 1,690,303 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2016 | ||||
02/01/2026 | 5.000% | 7,000,000 | 7,097,002 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 17 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2018A | ||||
10/01/2029 | 5.000% | 2,400,000 | 2,463,084 | |
Series 2018B | ||||
10/01/2027 | 5.000% | 2,300,000 | 2,355,264 | |
10/01/2029 | 5.000% | 5,000,000 | 5,131,425 | |
Will County School District No. 114 Manhattan(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation | ||||
Series 2005 (NPFGC) | ||||
12/01/2023 | 0.000% | 1,285,000 | 1,279,907 | |
Total | 252,853,721 | |||
Indiana 0.6% | ||||
City of Indianapolis Thermal Energy System | ||||
Refunding Revenue Bonds | ||||
1st Lien | ||||
Series 2014A | ||||
10/01/2032 | 5.000% | 1,400,000 | 1,413,210 | |
City of Rockport | ||||
Refunding Revenue Bonds | ||||
Power Company Project | ||||
Series 2018A | ||||
06/01/2025 | 3.050% | 2,100,000 | 2,048,591 | |
Indiana Finance Authority | ||||
Revenue Bonds | ||||
BHI Senior Living | ||||
Series 2016A | ||||
11/15/2046 | 5.250% | 2,500,000 | 2,213,504 | |
Series 2018 | ||||
11/15/2038 | 5.000% | 2,000,000 | 1,833,340 | |
Ohio Valley Electric Corp. Project | ||||
Series 2020 | ||||
11/01/2030 | 3.000% | 2,000,000 | 1,769,504 | |
11/01/2030 | 3.000% | 1,000,000 | 884,752 | |
Total | 10,162,901 | |||
Iowa 0.5% | ||||
Iowa Finance Authority | ||||
Revenue Bonds | ||||
Lifespace Communities, Inc. | ||||
Series 2016 | ||||
05/15/2036 | 5.000% | 4,065,000 | 3,426,795 | |
Series 2018A | ||||
05/15/2043 | 5.000% | 1,000,000 | 760,836 | |
Northcrest, Inc. Project | ||||
Series 2018A | ||||
03/01/2048 | 5.000% | 1,250,000 | 966,903 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
PEFA, Inc. | ||||
Revenue Bonds | ||||
Series 2019 (Mandatory Put 09/01/26) | ||||
09/01/2049 | 5.000% | 3,000,000 | 2,979,559 | |
Total | 8,134,093 | |||
Kentucky 1.5% | ||||
Kentucky Economic Development Finance Authority | ||||
Revenue Bonds | ||||
Baptist Healthcare Systems | ||||
Series 2017B | ||||
08/15/2041 | 5.000% | 3,500,000 | 3,405,741 | |
Kentucky Municipal Power Agency | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
09/01/2029 | 5.000% | 4,000,000 | 4,029,495 | |
Kentucky Public Energy Authority(e) | ||||
Revenue Bonds | ||||
Series 2019A-2 (Mandatory Put 06/01/25) | ||||
0.7 x 1-month Term SOFR + 1.120% 12/01/2049 | 4.805% | 7,000,000 | 6,980,997 | |
Louisville/Jefferson County Metropolitan Government | ||||
Refunding Revenue Bonds | ||||
Norton Healthcare, Inc. | ||||
Series 2016 | ||||
10/01/2030 | 5.000% | 1,300,000 | 1,308,112 | |
10/01/2031 | 5.000% | 3,500,000 | 3,518,304 | |
Paducah Electric Plant Board | ||||
Refunding Revenue Bonds | ||||
Series 2016A (AGM) | ||||
10/01/2027 | 5.000% | 2,000,000 | 2,048,032 | |
10/01/2028 | 5.000% | 1,850,000 | 1,893,919 | |
Total | 23,184,600 | |||
Louisiana 0.4% | ||||
City of Bossier City Utilities | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Series 2014 | ||||
10/01/2031 | 5.000% | 1,160,000 | 1,171,933 | |
City of Shreveport Water & Sewer | ||||
Refunding Revenue Bonds | ||||
Series 2014A (BAM) | ||||
12/01/2025 | 4.000% | 2,210,000 | 2,213,016 | |
Louisiana Public Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Ochsner Clinic Foundation Project | ||||
Series 2017 | ||||
05/15/2042 | 5.000% | 2,500,000 | 2,399,965 | |
Total | 5,784,914 |
18 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Maine 0.2% | ||||
Maine Health & Higher Educational Facilities Authority | ||||
Revenue Bonds | ||||
Main Health Services | ||||
Series 2018A | ||||
07/01/2043 | 5.000% | 3,500,000 | 3,406,218 | |
Maryland 1.0% | ||||
County of Anne Arundel | ||||
Limited General Obligation Bonds | ||||
Consolidated General Improvements | ||||
Series 2019 | ||||
10/01/2031 | 5.000% | 3,500,000 | 3,743,964 | |
Maryland Economic Development Corp. | ||||
Tax Allocation Bonds | ||||
Port Covington Project | ||||
Series 2020 | ||||
09/01/2030 | 3.250% | 500,000 | 447,990 | |
Maryland Health & Higher Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Meritus Medical Center Issue | ||||
Series 2015 | ||||
07/01/2028 | 5.000% | 1,300,000 | 1,306,089 | |
State of Maryland | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2017B | ||||
08/01/2026 | 5.000% | 10,000,000 | 10,351,241 | |
Total | 15,849,284 | |||
Massachusetts 3.7% | ||||
Commonwealth of Massachusetts | ||||
Limited General Obligation Bonds | ||||
Consolidated Loan of 2023 | ||||
Series 2023 | ||||
05/01/2040 | 5.000% | 870,000 | 912,709 | |
Series 2018A | ||||
01/01/2035 | 5.000% | 10,000,000 | 10,418,327 | |
Series 2019A | ||||
01/01/2037 | 5.000% | 850,000 | 881,466 | |
01/01/2039 | 5.000% | 3,960,000 | 4,050,555 | |
Limited General Obligation Refunding Bonds | ||||
Series 2023C | ||||
08/01/2040 | 5.000% | 5,000,000 | 5,250,324 | |
Massachusetts Bay Transportation Authority(f) | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
07/01/2029 | 0.000% | 3,500,000 | 2,665,601 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Massachusetts Bay Transportation Authority Sales Tax | ||||
Revenue Bonds | ||||
Sustainability Bonds | ||||
Subordinated Series 2017 | ||||
07/01/2046 | 5.000% | 4,465,000 | 4,463,864 | |
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Emerson College | ||||
Series 2017A | ||||
01/01/2034 | 5.000% | 1,000,000 | 1,003,726 | |
Foxborough Regional Charter | ||||
Series 2017 | ||||
07/01/2037 | 5.000% | 1,400,000 | 1,287,247 | |
Lahey Clinic Obligation | ||||
Series 2015F | ||||
08/15/2031 | 5.000% | 2,490,000 | 2,518,732 | |
08/15/2032 | 5.000% | 4,120,000 | 4,167,729 | |
08/15/2033 | 5.000% | 3,000,000 | 3,033,780 | |
Simmons University | ||||
Series 2018L | ||||
10/01/2034 | 5.000% | 2,390,000 | 2,371,659 | |
10/01/2035 | 5.000% | 2,000,000 | 1,967,165 | |
Revenue Bonds | ||||
UMass Boston Student Housing Project | ||||
Series 2016 | ||||
10/01/2032 | 5.000% | 1,300,000 | 1,290,723 | |
10/01/2036 | 5.000% | 4,600,000 | 4,380,947 | |
Massachusetts Development Finance Agency(a) | ||||
Refunding Revenue Bonds | ||||
Newbridge Charles, Inc. | ||||
Series 2017 | ||||
10/01/2032 | 4.000% | 2,000,000 | 1,723,096 | |
10/01/2037 | 5.000% | 500,000 | 445,866 | |
10/01/2047 | 5.000% | 500,000 | 408,539 | |
Revenue Bonds | ||||
Linden Ponds, Inc. Facility | ||||
Series 2018 | ||||
11/15/2033 | 5.000% | 975,000 | 974,022 | |
Massachusetts Port Authority(b) | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
07/01/2040 | 5.000% | 4,000,000 | 3,944,989 | |
Total | 58,161,066 | |||
Michigan 3.2% | ||||
Fraser Public School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
05/01/2025 | 5.000% | 1,700,000 | 1,729,049 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 19 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Great Lakes Water Authority Sewage Disposal System | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2018B | ||||
07/01/2029 | 5.000% | 3,600,000 | 3,807,477 | |
Marshall Public Schools | ||||
Unlimited General Obligation Refunding Bonds | ||||
Marshall Public School District | ||||
Series 2015 | ||||
11/01/2028 | 4.000% | 1,380,000 | 1,381,610 | |
11/01/2029 | 4.000% | 940,000 | 940,196 | |
Michigan Finance Authority | ||||
Refunding Revenue Bonds | ||||
Henry Ford Health System | ||||
Series 2016 | ||||
11/15/2041 | 5.000% | 1,000,000 | 963,164 | |
Local Government Loan Program - Great Lakes Water Authority | ||||
Series 2015 | ||||
07/01/2029 | 5.000% | 950,000 | 960,945 | |
07/01/2032 | 5.000% | 1,500,000 | 1,517,282 | |
07/01/2034 | 5.000% | 500,000 | 503,602 | |
Senior Lien - Great Lakes Water Authority | ||||
Series 2014C-6 | ||||
07/01/2033 | 5.000% | 800,000 | 803,661 | |
Series 2014H-1 | ||||
10/01/2026 | 5.000% | 3,300,000 | 3,323,755 | |
Revenue Bonds | ||||
Local Government Loan Program - Great Lakes Water Authority | ||||
Series 2015 | ||||
07/01/2026 | 5.000% | 175,000 | 177,213 | |
07/01/2027 | 5.000% | 600,000 | 607,778 | |
07/01/2033 | 5.000% | 5,000,000 | 5,041,600 | |
Multimodal-McLaren Health Care | ||||
Series 2019 | ||||
02/15/2044 | 4.000% | 4,000,000 | 3,374,322 | |
Senior Lien - Great Lakes Water Authority | ||||
Series 2014 (AGM) | ||||
07/01/2029 | 5.000% | 1,500,000 | 1,507,745 | |
07/01/2030 | 5.000% | 1,500,000 | 1,508,039 | |
Series 2014C-3 (AGM) | ||||
07/01/2032 | 5.000% | 1,000,000 | 1,005,294 | |
Michigan State University | ||||
Refunding Revenue Bonds | ||||
Series 2023A | ||||
08/15/2040 | 5.000% | 5,550,000 | 5,797,153 | |
Michigan Strategic Fund(b) | ||||
Revenue Bonds | ||||
I-75 Improvement Project | ||||
Series 2018 | ||||
12/31/2043 | 5.000% | 3,400,000 | 3,146,529 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Royal Oak Hospital Finance Authority | ||||
Prerefunded 03/01/24 Revenue Bonds | ||||
William Beaumont Hospital | ||||
Series 2014D | ||||
09/01/2032 | 5.000% | 4,075,000 | 4,085,535 | |
Wayne County Airport Authority(b) | ||||
Refunding Revenue Bonds | ||||
Series 2015F | ||||
12/01/2026 | 5.000% | 3,000,000 | 2,999,349 | |
Wayne County Airport Authority | ||||
Revenue Bonds | ||||
Detroit Metro | ||||
Series 2018 | ||||
12/01/2036 | 5.000% | 3,205,000 | 3,240,332 | |
Series 2015D | ||||
12/01/2030 | 5.000% | 1,250,000 | 1,249,150 | |
Total | 49,670,780 | |||
Minnesota 1.0% | ||||
City of Maple Grove | ||||
Refunding Revenue Bonds | ||||
Maple Grove Hospital Corp. | ||||
Series 2017 | ||||
05/01/2029 | 5.000% | 2,720,000 | 2,740,619 | |
Duluth Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Essentia Health Obligation Group | ||||
Series 2018 | ||||
02/15/2043 | 5.000% | 1,000,000 | 942,533 | |
Revenue Bonds | ||||
Benedictine Health System | ||||
Series 2021 | ||||
07/01/2036 | 4.000% | 3,000,000 | 2,339,453 | |
Housing & Redevelopment Authority of The City of St. Paul | ||||
Refunding Revenue Bonds | ||||
Fairview Health Services | ||||
Series 2017 | ||||
11/15/2029 | 5.000% | 1,050,000 | 1,064,693 | |
HealthPartners Obligation Group | ||||
Series 2015 | ||||
07/01/2028 | 5.000% | 6,400,000 | 6,433,012 | |
Watertown-Mayer Independent School District No. 111(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2020A | ||||
02/01/2030 | 0.000% | 2,475,000 | 1,840,668 | |
Woodbury Housing & Redevelopment Authority | ||||
Revenue Bonds | ||||
St. Therese of Woodbury | ||||
Series 2014 | ||||
12/01/2034 | 5.000% | 1,000,000 | 912,284 | |
Total | 16,273,262 |
20 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Mississippi 0.8% | ||||
Mississippi Business Finance Corp. | ||||
Refunding Revenue Bonds | ||||
Pollution Control Project | ||||
Series 2019 | ||||
09/01/2028 | 3.200% | 4,000,000 | 3,792,274 | |
Mississippi Hospital Equipment & Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Forrest County General Hospital Project | ||||
Series 2019 | ||||
01/01/2039 | 4.000% | 1,500,000 | 1,281,855 | |
01/01/2040 | 4.000% | 1,100,000 | 925,244 | |
State of Mississippi | ||||
Revenue Bonds | ||||
Series 2015E | ||||
10/15/2029 | 5.000% | 3,500,000 | 3,528,108 | |
State of Mississippi Gaming Tax | ||||
Revenue Bonds | ||||
Series 2019A | ||||
10/15/2036 | 5.000% | 3,395,000 | 3,414,972 | |
Total | 12,942,453 | |||
Missouri 1.3% | ||||
Health & Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Mosaic Health System | ||||
Series 2019 | ||||
02/15/2044 | 4.000% | 2,000,000 | 1,608,215 | |
02/15/2049 | 4.000% | 2,500,000 | 1,983,497 | |
Health & Educational Facilities Authority of the State of Missouri | ||||
Refunding Revenue Bonds | ||||
CoxHealth | ||||
Series 2015A | ||||
11/15/2028 | 5.000% | 6,210,000 | 6,195,631 | |
St. Luke’s Health Systems, Inc. | ||||
Series 2016 | ||||
11/15/2034 | 5.000% | 3,000,000 | 3,029,112 | |
Kansas City Industrial Development Authority(b) | ||||
Revenue Bonds | ||||
Kansas City International Airport | ||||
Series 2019 | ||||
03/01/2046 | 5.000% | 2,000,000 | 1,881,616 | |
Lee’s Summit Industrial Development Authority | ||||
Revenue Bonds | ||||
John Knox Village Project | ||||
Series 2016A | ||||
08/15/2036 | 5.000% | 1,100,000 | 949,474 | |
08/15/2051 | 5.000% | 2,405,000 | 1,788,840 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Missouri Joint Municipal Electric Utility Commission | ||||
Refunding Revenue Bonds | ||||
Prairie State Project | ||||
Series 2015A | ||||
12/01/2029 | 5.000% | 2,000,000 | 2,022,675 | |
St. Louis County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Friendship Village St. Louis | ||||
Series 2017 | ||||
09/01/2048 | 5.000% | 1,000,000 | 788,510 | |
St. Andrew’s Resources for Seniors Obligated Group | ||||
Series 2015 | ||||
12/01/2025 | 5.000% | 625,000 | 616,020 | |
Total | 20,863,590 | |||
Nebraska 1.3% | ||||
Nebraska Public Power District | ||||
General Refunding Revenue Bonds | ||||
Series 2016B | ||||
01/01/2037 | 5.000% | 7,435,000 | 7,486,077 | |
Omaha Public Power District(j) | ||||
Revenue Bonds | ||||
Series 2023A | ||||
02/01/2038 | 5.000% | 1,200,000 | 1,265,016 | |
Public Power Generation Agency | ||||
Refunding Revenue Bonds | ||||
Whelan Energy Center Unit | ||||
Series 2015 | ||||
01/01/2027 | 5.000% | 11,865,000 | 11,966,799 | |
Total | 20,717,892 | |||
Nevada 0.9% | ||||
City of Carson City | ||||
Refunding Revenue Bonds | ||||
Carson Tahoe Regional Medical Center | ||||
Series 2017 | ||||
09/01/2031 | 5.000% | 1,000,000 | 992,268 | |
09/01/2033 | 5.000% | 1,000,000 | 986,288 | |
County of Clark | ||||
Revenue Bonds | ||||
Series 2023 | ||||
07/01/2039 | 5.000% | 5,000,000 | 5,175,048 | |
County of Clark Department of Aviation | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2017A-2 | ||||
07/01/2040 | 5.000% | 4,000,000 | 3,953,817 | |
System - Lien | ||||
Subordinated Series 2014 (AGM) | ||||
07/01/2029 | 5.000% | 1,200,000 | 1,199,537 | |
07/01/2030 | 5.000% | 1,000,000 | 999,453 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 21 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
State of Nevada Department of Business & Industry(a) | ||||
Revenue Bonds | ||||
Somerset Academy | ||||
Series 2018A | ||||
12/15/2029 | 4.500% | 465,000 | 437,171 | |
Total | 13,743,582 | |||
New Jersey 3.3% | ||||
New Jersey Economic Development Authority | ||||
Prerefunded 12/15/26 Revenue Bonds | ||||
Series 2016BBB | ||||
06/15/2030 | 5.500% | 2,500,000 | 2,625,585 | |
Revenue Bonds | ||||
Transportation Project | ||||
Series 2020 | ||||
11/01/2036 | 5.000% | 5,000,000 | 5,105,203 | |
New Jersey Transportation Trust Fund Authority(f) | ||||
Capital Appreciation Revenue Bonds | ||||
Transportation System | ||||
Series 2006C (AGM) | ||||
12/15/2029 | 0.000% | 3,060,000 | 2,345,091 | |
Revenue Bonds | ||||
Capital Appreciation - Transportation System | ||||
Series 2006C | ||||
12/15/2024 | 0.000% | 440,000 | 420,354 | |
New Jersey Transportation Trust Fund Authority | ||||
Refunding Revenue Bonds | ||||
Federal Highway Reimbursement | ||||
Series 2018 | ||||
06/15/2030 | 5.000% | 1,000,000 | 1,016,198 | |
06/15/2031 | 5.000% | 1,000,000 | 1,014,965 | |
Transportation System | ||||
Series 2018A | ||||
12/15/2034 | 5.000% | 1,500,000 | 1,537,662 | |
Series 2019 | ||||
12/15/2033 | 5.000% | 3,000,000 | 3,111,307 | |
Revenue Bonds | ||||
Series 2019BB | ||||
06/15/2036 | 4.000% | 1,000,000 | 933,670 | |
06/15/2044 | 4.000% | 2,500,000 | 2,138,336 | |
06/15/2050 | 4.000% | 3,500,000 | 2,905,531 | |
Series 2020AA | ||||
06/15/2038 | 4.000% | 1,000,000 | 912,054 | |
Transportation Program | ||||
Series 2019 | ||||
06/15/2037 | 5.000% | 4,465,000 | 4,518,916 | |
Transportation System | ||||
Series 2014D | ||||
06/15/2032 | 5.000% | 5,000,000 | 5,015,899 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
New Jersey Turnpike Authority | ||||
Refunding Revenue Bonds | ||||
Series 2017E | ||||
01/01/2029 | 5.000% | 1,500,000 | 1,571,297 | |
Series 2017G | ||||
01/01/2035 | 5.000% | 6,000,000 | 6,215,581 | |
Revenue Bonds | ||||
Series 2015E | ||||
01/01/2031 | 5.000% | 500,000 | 503,367 | |
Tobacco Settlement Financing Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
06/01/2031 | 5.000% | 2,750,000 | 2,832,626 | |
06/01/2032 | 5.000% | 2,000,000 | 2,058,204 | |
06/01/2033 | 5.000% | 1,500,000 | 1,541,927 | |
06/01/2034 | 5.000% | 2,000,000 | 2,054,086 | |
06/01/2046 | 5.250% | 2,440,000 | 2,395,578 | |
Total | 52,773,437 | |||
New Mexico 0.2% | ||||
City of Santa Fe | ||||
Revenue Bonds | ||||
El Castillo Retirement Project | ||||
Series 2019 | ||||
05/15/2044 | 5.000% | 1,350,000 | 1,058,140 | |
County of Bernalillo | ||||
Refunding Revenue Bonds | ||||
Series 1998 | ||||
04/01/2027 | 5.250% | 2,205,000 | 2,264,065 | |
Total | 3,322,205 | |||
New York 5.9% | ||||
Buffalo & Erie County Industrial Land Development Corp. | ||||
Refunding Revenue Bonds | ||||
Charter School For Applied Technologies Project | ||||
Series 2017 | ||||
06/01/2035 | 5.000% | 1,000,000 | 993,294 | |
Revenue Bonds | ||||
Tapestry-Charter School Project | ||||
Series 2017 | ||||
08/01/2037 | 5.000% | 1,300,000 | 1,172,566 | |
08/01/2047 | 5.000% | 1,000,000 | 836,553 | |
City of New York | ||||
Unlimited General Obligation Bonds | ||||
Series 2018E-1 | ||||
03/01/2034 | 5.250% | 3,000,000 | 3,138,390 | |
03/01/2035 | 5.250% | 2,500,000 | 2,605,319 | |
03/01/2037 | 5.000% | 1,120,000 | 1,140,978 | |
Subordinated Series 2023E-1 | ||||
04/01/2043 | 5.250% | 6,000,000 | 6,219,772 |
22 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Hudson Yards Infrastructure Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
02/15/2034 | 5.000% | 5,000,000 | 5,117,576 | |
Long Island Power Authority | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2023E | ||||
09/01/2037 | 5.000% | 900,000 | 943,828 | |
09/01/2038 | 5.000% | 1,500,000 | 1,555,103 | |
Metropolitan Transportation Authority | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Series 2017C-1 | ||||
11/15/2034 | 5.000% | 1,815,000 | 1,836,995 | |
Revenue Bonds | ||||
Series 2016C-1 | ||||
11/15/2036 | 5.000% | 2,325,000 | 2,308,189 | |
Metropolitan Transportation Authority(e) | ||||
Refunding Revenue Bonds | ||||
Transportation | ||||
Subordinated Series 2021 (AGM) (Mandatory Put 04/01/24) | ||||
0.7 x SOFR + 0.550% 11/01/2032 | 4.108% | 2,250,000 | 2,249,387 | |
New York City Transitional Finance Authority | ||||
Refunding Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2015C | ||||
11/01/2026 | 5.000% | 1,000,000 | 1,013,377 | |
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2016B-1 | ||||
08/01/2034 | 5.000% | 4,000,000 | 4,078,816 | |
Subordinated Series 2017F-1 | ||||
05/01/2038 | 5.000% | 4,000,000 | 4,038,543 | |
Subordinated Series 2018 | ||||
08/01/2036 | 5.000% | 5,555,000 | 5,692,711 | |
New York Power Authority(j) | ||||
Revenue Bonds | ||||
Green Transmission Project | ||||
Series 2023A (AGM) | ||||
11/15/2039 | 5.250% | 400,000 | 427,249 | |
New York State Dormitory Authority(a) | ||||
Refunding Revenue Bonds | ||||
Garnet Health Medical Center | ||||
Series 2017 | ||||
12/01/2035 | 5.000% | 500,000 | 448,867 | |
Orange Regional Medical Center | ||||
Series 2017 | ||||
12/01/2037 | 5.000% | 500,000 | 440,429 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Memorial Sloan-Kettering Cancer Center | ||||
Series 2017 | ||||
07/01/2035 | 4.000% | 1,500,000 | 1,422,309 | |
North Shore - Long Island Jewish Obligation Group | ||||
Series 2015A | ||||
05/01/2031 | 5.000% | 9,830,000 | 9,860,298 | |
Series 2018A | ||||
03/15/2037 | 5.250% | 1,695,000 | 1,766,264 | |
New York State Urban Development Corp. | ||||
Revenue Bonds | ||||
Series 2023A | ||||
03/15/2035 | 5.000% | 5,000,000 | 5,417,556 | |
New York Transportation Development Corp.(b) | ||||
Revenue Bonds | ||||
Delta Air Lines, Inc. LaGuardia | ||||
Series 2020 | ||||
10/01/2035 | 5.000% | 6,000,000 | 5,690,518 | |
10/01/2045 | 4.375% | 1,500,000 | 1,235,061 | |
LaGuardia Airport Terminal B | ||||
Series 2016 (AGM) | ||||
07/01/2032 | 4.000% | 2,500,000 | 2,362,999 | |
New York Transportation Development Corp.(b),(j) | ||||
Revenue Bonds | ||||
LaGuardia Airport Terminal C&D | ||||
Series 2023 | ||||
04/01/2035 | 6.000% | 2,500,000 | 2,585,837 | |
Port Authority of New York & New Jersey(b) | ||||
Refunding Revenue Bonds | ||||
Consolidated Bonds | ||||
Series 2022 | ||||
08/01/2039 | 5.000% | 2,000,000 | 1,989,613 | |
Series 2023-238 | ||||
07/15/2038 | 5.000% | 4,300,000 | 4,296,150 | |
Series 2023-242 | ||||
12/01/2038 | 5.000% | 1,400,000 | 1,398,772 | |
State of New York | ||||
Unlimited General Obligation Bonds | ||||
Series 2023B | ||||
03/15/2039 | 5.000% | 2,155,000 | 2,262,166 | |
Triborough Bridge & Tunnel Authority | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Series 2023C | ||||
11/15/2040 | 5.250% | 1,000,000 | 1,049,869 | |
MTA Bridges and Tunnels | ||||
Series 2023 | ||||
11/15/2038 | 5.000% | 1,000,000 | 1,035,427 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 23 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
TBTA Capital Lockbox - City Sales Tax | ||||
Series 2023A | ||||
05/15/2040 | 5.000% | 875,000 | 904,963 | |
Triborough Bridge & Tunnel Authority(e) | ||||
Refunding Revenue Bonds | ||||
MTA Bridges and Tunnels | ||||
Series 2021 (Mandatory Put 02/01/24) | ||||
0.7 x SOFR + 0.380% 01/01/2032 | 3.938% | 1,960,000 | 1,954,185 | |
TSASC, Inc. | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
06/01/2036 | 5.000% | 1,000,000 | 1,008,783 | |
06/01/2041 | 5.000% | 1,000,000 | 978,220 | |
Total | 93,476,932 | |||
North Carolina 1.2% | ||||
North Carolina Capital Facilities Finance Agency | ||||
Refunding Revenue Bonds | ||||
The Arc of North Carolina | ||||
Series 2017 | ||||
10/01/2034 | 5.000% | 2,325,000 | 2,163,555 | |
North Carolina Medical Care Commission | ||||
Refunding Revenue Bonds | ||||
Presbyterian Homes | ||||
Series 2016C | ||||
10/01/2031 | 4.000% | 1,000,000 | 944,651 | |
Sharon Towers | ||||
Series 2019A | ||||
07/01/2029 | 4.000% | 1,970,000 | 1,784,785 | |
Revenue Bonds | ||||
Presbyterian Homes | ||||
Series 2020 | ||||
10/01/2045 | 4.000% | 660,000 | 517,100 | |
10/01/2045 | 5.000% | 1,500,000 | 1,396,066 | |
North Carolina Municipal Power Agency No. 1 | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
01/01/2031 | 5.000% | 2,000,000 | 2,023,509 | |
North Carolina Turnpike Authority | ||||
Revenue Bonds | ||||
Senior Lien - Triangle Expressway | ||||
Series 2019 | ||||
01/01/2049 | 5.000% | 1,500,000 | 1,431,853 | |
State of North Carolina | ||||
Refunding Revenue Bonds | ||||
Series 2014B | ||||
06/01/2025 | 5.000% | 5,000,000 | 5,096,189 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
University of North Carolina at Greensboro | ||||
Refunding Revenue Bonds | ||||
General | ||||
Series 2017 | ||||
04/01/2035 | 4.000% | 1,200,000 | 1,125,168 | |
04/01/2036 | 4.000% | 1,000,000 | 926,253 | |
University of North Carolina at Wilmington | ||||
Refunding Revenue Bonds | ||||
Student Housing Projects | ||||
Series 2016 | ||||
06/01/2031 | 4.000% | 2,040,000 | 1,981,868 | |
Total | 19,390,997 | |||
Ohio 0.7% | ||||
Cleveland Department of Public Utilities Division of Water | ||||
Prerefunded 01/01/24 Revenue Bonds | ||||
Series 2015Y | ||||
01/01/2029 | 4.000% | 1,000,000 | 1,000,032 | |
01/01/2030 | 4.000% | 1,000,000 | 1,000,032 | |
County of Franklin | ||||
Revenue Bonds | ||||
OPRS Communities | ||||
Series 2016C | ||||
07/01/2029 | 5.000% | 2,000,000 | 1,931,007 | |
County of Miami | ||||
Improvement Refunding Bonds | ||||
Kettering Health Network | ||||
Series 2019 | ||||
08/01/2045 | 5.000% | 2,220,000 | 2,138,776 | |
State of Ohio | ||||
Unlimited General Obligation Bonds | ||||
Series 2022A | ||||
03/01/2037 | 5.000% | 1,000,000 | 1,063,767 | |
03/01/2038 | 5.000% | 1,500,000 | 1,576,404 | |
03/01/2039 | 5.000% | 2,000,000 | 2,090,696 | |
Total | 10,800,714 | |||
Oklahoma 0.3% | ||||
Norman Regional Hospital Authority | ||||
Refunding Revenue Bonds | ||||
Series 2016 | ||||
09/01/2027 | 5.000% | 2,000,000 | 1,994,065 | |
Tulsa County Industrial Authority | ||||
Refunding Revenue Bonds | ||||
Montereau, Inc. Project | ||||
Series 2017 | ||||
11/15/2037 | 5.250% | 2,750,000 | 2,585,913 | |
11/15/2045 | 5.250% | 250,000 | 222,211 | |
Total | 4,802,189 |
24 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Oregon 0.6% | ||||
Hospital Facilities Authority of Multnomah County | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Mirabella at South Waterfront | ||||
Series 2014A | ||||
10/01/2034 | 5.125% | 1,000,000 | 1,008,262 | |
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2017A | ||||
06/15/2033 | 0.000% | 7,160,000 | 4,525,527 | |
State of Oregon Department of Transportation | ||||
Revenue Bonds | ||||
Series 2022A | ||||
11/15/2038 | 5.000% | 2,000,000 | 2,105,317 | |
11/15/2039 | 5.000% | 2,145,000 | 2,246,598 | |
Total | 9,885,704 | |||
Pennsylvania 3.7% | ||||
Berks County Industrial Development Authority | ||||
Prerefunded 05/15/25 Revenue Bonds | ||||
Highlands at Wyomissing | ||||
Series 2018 | ||||
05/15/2043 | 5.000% | 350,000 | 361,879 | |
Prerefunded 05/15/25 Revenue Bonds | ||||
Highlands at Wyomissing | ||||
Series 2018 | ||||
05/14/2038 | 5.000% | 255,000 | 263,655 | |
Refunding Revenue Bonds | ||||
Highlands at Wyomissing | ||||
Series 2017 | ||||
05/15/2032 | 5.000% | 1,050,000 | 1,015,979 | |
05/15/2047 | 5.000% | 1,630,000 | 1,340,661 | |
Revenue Bonds | ||||
Highlands at Wyomissing | ||||
Series 2017 | ||||
05/15/2042 | 5.000% | 1,655,000 | 1,418,376 | |
Bucks County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Pennswood Village Project | ||||
Series 2018 | ||||
10/01/2037 | 5.000% | 1,250,000 | 1,174,652 | |
Commonwealth Financing Authority | ||||
Revenue Bonds | ||||
Tobacco Master Settlement Payment | ||||
Series 2018 | ||||
06/01/2029 | 5.000% | 1,500,000 | 1,542,285 | |
06/01/2032 | 5.000% | 1,000,000 | 1,023,403 | |
06/01/2033 | 5.000% | 1,250,000 | 1,278,362 | |
06/01/2034 | 5.000% | 1,000,000 | 1,021,408 | |
06/01/2035 | 5.000% | 1,000,000 | 1,018,512 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Cumberland County Municipal Authority | ||||
Prerefunded 01/01/25 Revenue Bonds | ||||
Diakon Lutheran Social Ministries | ||||
Series 2015 | ||||
01/01/2027 | 5.000% | 750,000 | 758,138 | |
01/01/2028 | 5.000% | 1,175,000 | 1,187,749 | |
Refunding Revenue Bonds | ||||
Diakon Lutheran | ||||
Series 2015 | ||||
01/01/2027 | 5.000% | 1,440,000 | 1,434,081 | |
01/01/2028 | 5.000% | 2,170,000 | 2,154,584 | |
Delaware River Joint Toll Bridge Commission | ||||
Revenue Bonds | ||||
Series 2017 | ||||
07/01/2033 | 5.000% | 2,250,000 | 2,305,770 | |
Delaware River Port Authority | ||||
Revenue Bonds | ||||
Series 2018A | ||||
01/01/2036 | 5.000% | 2,000,000 | 2,080,723 | |
Geisinger Authority | ||||
Refunding Revenue Bonds | ||||
Geisinger Health System | ||||
Series 2017 | ||||
02/15/2039 | 5.000% | 2,500,000 | 2,463,415 | |
Lancaster County Hospital Authority | ||||
Revenue Bonds | ||||
Moravian Manors, Inc. Project | ||||
Series 2019A | ||||
06/15/2044 | 5.000% | 1,000,000 | 798,136 | |
Lancaster County Solid Waste Management Authority | ||||
Prerefunded 12/15/23 Revenue Bonds | ||||
Series 2013A | ||||
12/15/2029 | 5.250% | 3,100,000 | 3,104,797 | |
Montgomery County Higher Education and Health Authority | ||||
Refunding Revenue Bonds | ||||
Thomas Jefferson University Project | ||||
Series 2019 | ||||
09/01/2044 | 4.000% | 1,000,000 | 837,848 | |
Montgomery County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Acts Retirement - Life Communities | ||||
Series 2016 | ||||
11/15/2036 | 5.000% | 4,315,000 | 4,147,048 | |
Meadowood Senior Living Project | ||||
Series 2018 | ||||
12/01/2038 | 5.000% | 1,000,000 | 909,947 | |
Northampton County General Purpose Authority | ||||
Refunding Revenue Bonds | ||||
St. Luke’s University Health Network | ||||
Series 2016 | ||||
08/15/2026 | 5.000% | 3,770,000 | 3,817,672 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 25 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Pennsylvania Economic Development Financing Authority(b) | ||||
Revenue Bonds | ||||
The PennDOT Major Bridges Package One Project | ||||
Series 2022 | ||||
06/30/2039 | 5.500% | 5,690,000 | 5,792,989 | |
Pennsylvania Turnpike Commission | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2017-3 | ||||
12/01/2037 | 4.000% | 2,975,000 | 2,665,124 | |
Revenue Bonds | ||||
Series 2017A-1 | ||||
12/01/2037 | 5.000% | 1,250,000 | 1,276,851 | |
Series 2018A-2 | ||||
12/01/2036 | 5.000% | 2,500,000 | 2,579,805 | |
Subordinated Series 2017A | ||||
12/01/2042 | 5.500% | 3,000,000 | 3,037,505 | |
Subordinated Series 2017B-1 | ||||
06/01/2042 | 5.000% | 5,450,000 | 5,420,163 | |
Total | 58,231,517 | |||
Rhode Island 0.1% | ||||
Rhode Island Turnpike & Bridge Authority | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
10/01/2033 | 5.000% | 1,300,000 | 1,317,889 | |
South Carolina 3.0% | ||||
County of Florence | ||||
Refunding Revenue Bonds | ||||
McLeod Regional Medical Center Project | ||||
Series 2014 | ||||
11/01/2031 | 5.000% | 3,610,000 | 3,622,941 | |
11/01/2032 | 5.000% | 5,000,000 | 5,014,927 | |
Patriots Energy Group Financing Agency | ||||
Revenue Bonds | ||||
Series 2018A (Mandatory Put 02/01/24) | ||||
10/01/2048 | 4.000% | 2,500,000 | 2,491,435 | |
Patriots Energy Group Financing Agency(e) | ||||
Revenue Bonds | ||||
Series 2018B (Mandatory Put 02/01/24) | ||||
0.7 x 1-month Term SOFR + 0.860% 10/01/2048 | 4.545% | 8,000,000 | 7,999,919 | |
South Carolina Jobs-Economic Development Authority | ||||
Prerefunded 11/01/24 Revenue Bonds | ||||
York Preparatory Academy Project | ||||
Series 2014A | ||||
11/01/2033 | 7.000% | 590,000 | 605,476 | |
Refunding Revenue Bonds | ||||
Episcopal Home Still Hopes | ||||
Series 2018 | ||||
04/01/2038 | 5.000% | 2,000,000 | 1,706,861 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Prisma Health Obligated Group | ||||
Series 2018 | ||||
05/01/2036 | 5.000% | 7,000,000 | 6,972,906 | |
Revenue Bonds | ||||
Lutheran Homes of South Carolina Obligation Group | ||||
Series 2013 | ||||
05/01/2028 | 5.000% | 3,500,000 | 3,270,924 | |
Wofford College Project | ||||
Series 2019 | ||||
04/01/2038 | 5.000% | 930,000 | 931,212 | |
South Carolina Jobs-Economic Development Authority(a) | ||||
Revenue Bonds | ||||
Series 2015A | ||||
08/15/2025 | 4.500% | 260,000 | 250,833 | |
South Carolina Public Service Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
12/01/2026 | 5.000% | 7,000,000 | 7,033,876 | |
Series 2016A | ||||
12/01/2030 | 5.000% | 4,000,000 | 4,036,346 | |
Series 2016B | ||||
12/01/2032 | 5.000% | 3,265,000 | 3,290,728 | |
Total | 47,228,384 | |||
South Dakota 0.3% | ||||
South Dakota Health & Educational Facilities Authority | ||||
Revenue Bonds | ||||
Regional Health | ||||
Series 2017 | ||||
09/01/2029 | 5.000% | 1,700,000 | 1,726,248 | |
09/01/2030 | 5.000% | 2,250,000 | 2,282,365 | |
Total | 4,008,613 | |||
Tennessee 0.5% | ||||
Chattanooga Health Educational & Housing Facility Board | ||||
Refunding Revenue Bonds | ||||
Student Housing - CDFI Phase I | ||||
Series 2015 | ||||
10/01/2029 | 5.000% | 1,000,000 | 1,006,116 | |
Knox County Health Educational & Housing Facility Board | ||||
Refunding Revenue Bonds | ||||
Covenant Health Services | ||||
Series 2016A | ||||
01/01/2042 | 5.000% | 5,815,000 | 5,414,023 | |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | ||||
Revenue Bonds | ||||
Vanderbilt University Medical Center | ||||
Series 2016 | ||||
07/01/2031 | 5.000% | 1,000,000 | 1,011,057 | |
Total | 7,431,196 |
26 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Texas 9.2% | ||||
Austin Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
08/01/2039 | 5.000% | 2,000,000 | 2,074,405 | |
08/01/2040 | 5.000% | 3,000,000 | 3,091,781 | |
Bexar County Health Facilities Development Corp. | ||||
Refunding Revenue Bonds | ||||
Army Retirement Residence Foundation | ||||
Series 2018 | ||||
07/15/2033 | 5.000% | 1,000,000 | 903,222 | |
Bexar County Hospital District | ||||
Limited General Obligation Refunding Bonds | ||||
Series 2019 | ||||
02/15/2034 | 5.000% | 1,000,000 | 1,038,694 | |
02/15/2038 | 5.000% | 1,250,000 | 1,274,207 | |
Central Texas Regional Mobility Authority | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
Senior Lien | ||||
Series 2015A | ||||
01/01/2030 | 5.000% | 1,550,000 | 1,576,590 | |
Central Texas Regional Mobility Authority(f) | ||||
Revenue Bonds | ||||
Capital Appreciation | ||||
Series 2010 | ||||
01/01/2025 | 0.000% | 1,000,000 | 943,912 | |
Central Texas Turnpike System | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2015C | ||||
08/15/2031 | 5.000% | 7,500,000 | 7,406,155 | |
08/15/2032 | 5.000% | 6,000,000 | 5,903,549 | |
08/15/2034 | 5.000% | 10,240,000 | 9,992,292 | |
City of Austin Airport System | ||||
Revenue Bonds | ||||
Series 2017A | ||||
11/15/2035 | 5.000% | 1,000,000 | 1,004,741 | |
City of Austin Electric Utility | ||||
Refunding Revenue Bonds | ||||
Series 2023 | ||||
11/15/2040 | 5.000% | 5,000,000 | 5,178,327 | |
City of Beaumont Waterworks & Sewer System | ||||
Prerefunded 09/01/25 Revenue Bonds | ||||
Subordinated Series 2015A (BAM) | ||||
09/01/2030 | 5.000% | 1,000,000 | 1,010,479 | |
Refunding Revenue Bonds | ||||
Subordinated Series 2015A (BAM) | ||||
09/01/2026 | 5.000% | 1,000,000 | 1,012,855 | |
09/01/2027 | 5.000% | 600,000 | 607,852 | |
City of Garland Electric Utility System | ||||
Refunding Revenue Bonds | ||||
Series 2019 | ||||
03/01/2037 | 5.000% | 1,700,000 | 1,738,645 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Houston | ||||
Refunding Revenue Bonds | ||||
Convention & Entertainment Facilities | ||||
Series 2014 | ||||
09/01/2030 | 5.000% | 1,000,000 | 1,005,553 | |
Series 2015 | ||||
09/01/2027 | 5.000% | 1,215,000 | 1,222,636 | |
09/01/2029 | 5.000% | 1,500,000 | 1,508,939 | |
City of Houston Airport System | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2018B | ||||
07/01/2030 | 5.000% | 1,375,000 | 1,425,877 | |
Subordinated Series 2018D | ||||
07/01/2035 | 5.000% | 2,500,000 | 2,579,060 | |
City of Houston Airport System(b) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2023A (AGM) | ||||
07/01/2040 | 5.250% | 3,780,000 | 3,824,557 | |
City of Houston Combined Utility System | ||||
Refunding Revenue Bonds | ||||
1st Lien | ||||
Series 2016B | ||||
11/15/2034 | 5.000% | 10,000,000 | 10,177,160 | |
City of Houston Hotel Occupancy Tax | ||||
Refunding Revenue Bonds | ||||
Convention & Entertainment Facilities Department | ||||
Series 2015 | ||||
09/01/2026 | 5.000% | 250,000 | 251,632 | |
Clifton Higher Education Finance Corp. | ||||
Revenue Bonds | ||||
International Leadership | ||||
Series 2015 | ||||
08/15/2035 | 5.500% | 11,500,000 | 11,093,198 | |
County of Bexar | ||||
Prerefunded 08/15/24 Revenue Bonds | ||||
Venue Project | ||||
Series 2015 (AGM) | ||||
08/15/2031 | 5.000% | 1,280,000 | 1,290,239 | |
Crane County Water District | ||||
Prerefunded 02/15/25 Unlimited General Obligation Bonds | ||||
Series 2015 | ||||
02/15/2030 | 5.000% | 1,000,000 | 1,010,729 | |
Grand Parkway Transportation Corp.(g) | ||||
Revenue Bonds | ||||
Convertible | ||||
Subordinated Series 2013 | ||||
10/01/2030 | 5.050% | 1,000,000 | 1,051,482 | |
Lancaster Independent School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 (BAM) | ||||
02/15/2029 | 4.000% | 3,000,000 | 2,981,287 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 27 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Lower Colorado River Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015D | ||||
05/15/2026 | 5.000% | 695,000 | 700,124 | |
05/15/2027 | 5.000% | 1,355,000 | 1,365,390 | |
New Hope Cultural Education Facilities Finance Corp.(h) | ||||
Revenue Bonds | ||||
Cardinal Bay, Inc. - Village on the Park | ||||
Series 2016 | ||||
07/01/2036 | 0.000% | 2,250,000 | 1,541,250 | |
New Hope Cultural Education Facilities Finance Corp. | ||||
Revenue Bonds | ||||
NCCD-College Station Properties LLC | ||||
Series 2015A | ||||
07/01/2030 | 5.000% | 7,800,000 | 7,078,500 | |
North Texas Tollway Authority | ||||
Refunding Revenue Bonds | ||||
1st Tier | ||||
Series 2017A | ||||
01/01/2034 | 5.000% | 1,000,000 | 1,018,964 | |
01/01/2048 | 5.000% | 5,000,000 | 4,951,000 | |
2nd Tier | ||||
Series 2015A | ||||
01/01/2032 | 5.000% | 16,800,000 | 16,851,302 | |
Series 2015B | ||||
01/01/2027 | 5.000% | 2,090,000 | 2,108,470 | |
North Texas Tollway Authority(f) | ||||
Refunding Revenue Bonds | ||||
Series 2008D (AGM) | ||||
01/01/2029 | 0.000% | 7,770,000 | 6,223,864 | |
Plano Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
02/15/2038 | 5.000% | 1,400,000 | 1,464,370 | |
Port Beaumont Navigation District(a),(b) | ||||
Refunding Revenue Bonds | ||||
Jefferson Gulf Coast Energy LLC | ||||
Series 2020 | ||||
01/01/2035 | 3.625% | 1,500,000 | 1,132,492 | |
Revenue Bonds | ||||
Jefferson Gulf Coast Energy Project | ||||
Series 2021 | ||||
01/01/2036 | 2.750% | 1,275,000 | 849,779 | |
Tarrant County Cultural Education Facilities Finance Corp. | ||||
Refunding Revenue Bonds | ||||
Air Force Villages Project | ||||
Series 2016 | ||||
05/15/2045 | 5.000% | 5,145,000 | 3,909,898 | |
Buckner Retirement Services | ||||
Series 2017 | ||||
11/15/2037 | 5.000% | 2,175,000 | 1,989,113 | |
11/15/2046 | 5.000% | 1,250,000 | 1,071,206 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Buckner Retirement Services | ||||
Series 2016B | ||||
11/15/2046 | 5.000% | 2,000,000 | 1,716,120 | |
Texas Transportation Commission(f) | ||||
Revenue Bonds | ||||
First Tier Toll | ||||
Series 2019 | ||||
08/01/2038 | 0.000% | 550,000 | 237,098 | |
Texas Water Development Board | ||||
Revenue Bonds | ||||
State Water Implementation Fund | ||||
Series 2018 | ||||
10/15/2038 | 5.000% | 3,000,000 | 3,057,223 | |
Waco Independent School District | ||||
Prerefunded 08/15/24 Unlimited General Obligation Bonds | ||||
Series 2015 | ||||
08/15/2028 | 4.000% | 1,000,000 | 999,577 | |
08/15/2029 | 4.000% | 2,380,000 | 2,378,994 | |
Total | 144,824,789 | |||
Utah 0.3% | ||||
City of Salt Lake City Airport(b) | ||||
Revenue Bonds | ||||
Series 2023A | ||||
07/01/2038 | 5.250% | 1,450,000 | 1,468,762 | |
Intermountain Power Agency | ||||
Revenue Bonds | ||||
Series 2023A | ||||
07/01/2037 | 5.000% | 1,000,000 | 1,056,497 | |
Salt Lake City Corp. Airport | ||||
Revenue Bonds | ||||
Series 2017B | ||||
07/01/2032 | 5.000% | 1,000,000 | 1,015,671 | |
07/01/2033 | 5.000% | 1,000,000 | 1,013,721 | |
Total | 4,554,651 | |||
Vermont 0.6% | ||||
Vermont Educational & Health Buildings Financing Agency | ||||
Refunding Revenue Bonds | ||||
University of Vermont Medical Center | ||||
Series 2016A | ||||
12/01/2033 | 5.000% | 10,000,000 | 10,070,436 | |
Virgin Islands, U.S. 0.2% | ||||
Virgin Islands Public Finance Authority(a),(i) | ||||
Revenue Bonds | ||||
Grant Anticipation | ||||
Series 2015 | ||||
09/01/2030 | 5.000% | 2,320,000 | 2,288,288 |
28 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2015 | ||||
09/01/2033 | 5.000% | 1,000,000 | 991,602 | |
Total | 3,279,890 | |||
Virginia 0.2% | ||||
Henrico County Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Westminster Canterbury Project | ||||
Series 2018 | ||||
10/01/2037 | 5.000% | 1,000,000 | 983,324 | |
Henrico County Economic Development Authority(k) | ||||
Revenue Bonds | ||||
Registered Savrs | ||||
Series 1992 Escrowed to Maturity (AGM) | ||||
08/23/2027 | 7.459% | 50,000 | 50,000 | |
Virginia Gateway Community Development Authority | ||||
Refunding Special Assessment Bonds | ||||
Series 2012 | ||||
03/01/2030 | 5.000% | 1,500,000 | 1,419,561 | |
Total | 2,452,885 | |||
Washington 1.5% | ||||
Energy Northwest | ||||
Refunding Revenue Bonds | ||||
Columbia Generating Station | ||||
Series 2023 | ||||
07/01/2039 | 5.000% | 4,000,000 | 4,171,840 | |
FYI Properties | ||||
Refunding Revenue Bonds | ||||
Green Bonds - State of Washington DIS Project | ||||
Series 2019 | ||||
06/01/2031 | 5.000% | 5,000,000 | 5,190,151 | |
King County Public Hospital District No. 1 | ||||
Limited General Obligation Refunding Bonds | ||||
Valley Medical Center | ||||
Series 2017 | ||||
12/01/2031 | 5.000% | 4,000,000 | 4,037,058 | |
King County Public Hospital District No. 4 | ||||
Revenue Bonds | ||||
Series 2015A | ||||
12/01/2025 | 5.000% | 2,080,000 | 2,028,897 | |
12/01/2030 | 5.750% | 2,820,000 | 2,808,387 | |
Port of Seattle(b) | ||||
Revenue Bonds | ||||
Intermediate Lien | ||||
Subordinated Series 2019 | ||||
04/01/2044 | 4.000% | 1,000,000 | 822,700 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Washington State Housing Finance Commission | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
Heron’s Key | ||||
Series 2015A | ||||
07/01/2030 | 6.500% | 570,000 | 588,021 | |
07/01/2035 | 6.750% | 1,090,000 | 1,128,779 | |
Washington State Housing Finance Commission(a) | ||||
Refunding Revenue Bonds | ||||
Horizon House Project | ||||
Series 2017 | ||||
01/01/2029 | 5.000% | 840,000 | 786,446 | |
01/01/2038 | 5.000% | 2,000,000 | 1,620,751 | |
Total | 23,183,030 | |||
West Virginia 0.5% | ||||
West Virginia Hospital Finance Authority | ||||
Refunding Revenue Bonds | ||||
Cabell Huntington Hospital Obligation | ||||
Series 2018 | ||||
01/01/2043 | 5.000% | 1,750,000 | 1,590,670 | |
Revenue Bonds | ||||
University Healthcare System | ||||
Series 2017 | ||||
06/01/2042 | 5.000% | 3,665,000 | 3,542,012 | |
West Virginia University(f) | ||||
Revenue Bonds | ||||
University System Project | ||||
Series 2019A (AMBAC) | ||||
04/01/2030 | 0.000% | 3,460,000 | 2,602,930 | |
Total | 7,735,612 | |||
Wisconsin 1.2% | ||||
Public Finance Authority | ||||
Refunding Revenue Bonds | ||||
Fellowship Senior Living Project | ||||
Series 2019A | ||||
01/01/2046 | 4.000% | 2,000,000 | 1,400,602 | |
Mountain Island Charter Schools | ||||
Series 2017 | ||||
07/01/2037 | 5.000% | 820,000 | 766,395 | |
07/01/2047 | 5.000% | 1,000,000 | 851,310 | |
Retirement Housing Foundation | ||||
Series 2017 Escrowed to Maturity | ||||
11/15/2029 | 5.000% | 2,500,000 | 2,652,769 | |
11/15/2030 | 5.000% | 1,620,000 | 1,731,773 | |
Revenue Bonds | ||||
ACTS Retirement - Life Communities | ||||
Series 2020 | ||||
11/15/2041 | 5.000% | 250,000 | 229,112 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 29 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Public Finance Authority(a) | ||||
Refunding Revenue Bonds | ||||
Mary’s Woods at Marylhurst | ||||
Series 2017 | ||||
05/15/2037 | 5.250% | 1,000,000 | 898,549 | |
Wisconsin Center District | ||||
Refunding Revenue Bonds | ||||
Junior Dedicated | ||||
Series 1999 (AGM) | ||||
12/15/2027 | 5.250% | 1,510,000 | 1,564,298 | |
Wisconsin Center District(f) | ||||
Revenue Bonds | ||||
Senior Dedicated - Milwaukee Arena Project | ||||
Series 2016 | ||||
12/15/2033 | 0.000% | 2,200,000 | 1,329,930 | |
12/15/2034 | 0.000% | 6,665,000 | 3,800,308 | |
Wisconsin Health & Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
ProHealth Care, Inc. Obligated Group | ||||
Series 2015 | ||||
08/15/2031 | 5.000% | 1,000,000 | 992,427 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Rogers Memorial Hospital, Inc. | ||||
Series 2014A | ||||
07/01/2034 | 5.000% | 2,500,000 | 2,449,133 | |
Total | 18,666,606 | |||
Total Municipal Bonds (Cost $1,628,673,231) | 1,551,377,652 |
Money Market Funds 0.0% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.823%(l) | 158,068 | 158,068 |
Total Money Market Funds (Cost $158,068) | 158,068 | |
Total Investments in Securities (Cost $1,639,331,299) | 1,562,035,720 | |
Other Assets & Liabilities, Net | 15,000,691 | |
Net Assets | $1,577,036,411 |
(a) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At October 31, 2023, the total value of these securities amounted to $42,057,442, which represents 2.67% of total net assets. |
(b) | Income from this security may be subject to alternative minimum tax. |
(c) | 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. |
(d) | 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 October 31, 2023. |
(e) | Variable rate security. The interest rate shown was the current rate as of October 31, 2023. |
(f) | Zero coupon bond. |
(g) | 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 October 31, 2023. |
(h) | Represents a security in default. |
(i) | 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 October 31, 2023, the total value of these securities amounted to $5,585,296, which represents 0.35% of total net assets. |
(j) | Represents a security purchased on a when-issued basis. |
(k) | Represents a variable rate security where the coupon adjusts periodically through an auction process. |
(l) | The rate shown is the seven-day current annualized yield at October 31, 2023. |
AGM | Assured Guaranty Municipal Corporation |
AMBAC | Ambac Assurance Corporation |
BAM | Build America Mutual Assurance Co. |
HUD | U.S. Department of Housing and Urban Development |
NPFGC | National Public Finance Guarantee Corporation |
SOFR | Secured Overnight Financing Rate |
30 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 10,500,000 | — | 10,500,000 |
Municipal Bonds | — | 1,551,377,652 | — | 1,551,377,652 |
Money Market Funds | 158,068 | — | — | 158,068 |
Total Investments in Securities | 158,068 | 1,561,877,652 | — | 1,562,035,720 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 31 |
October 31, 2023
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,639,331,299) | $1,562,035,720 |
Receivable for: | |
Capital shares sold | 8,594,034 |
Dividends | 15,157 |
Interest | 21,753,729 |
Trustees’ fees | 320,829 |
Expense reimbursement due from Investment Manager | 8,648 |
Prepaid expenses | 12,005 |
Total assets | 1,592,740,122 |
Liabilities | |
Due to custodian | 27,862 |
Payable for: | |
Investments purchased on a delayed delivery basis | 4,255,110 |
Capital shares redeemed | 5,534,678 |
Distributions to shareholders | 4,691,351 |
Management services fees | 20,104 |
Distribution and/or service fees | 2,268 |
Transfer agent fees | 117,706 |
Trustees’ fees | 565,458 |
Other expenses | 40,083 |
Other liabilities | 449,091 |
Total liabilities | 15,703,711 |
Net assets applicable to outstanding capital stock | $1,577,036,411 |
Represented by | |
Paid in capital | 1,689,748,645 |
Total distributable earnings (loss) | (112,712,234) |
Total - representing net assets applicable to outstanding capital stock | $1,577,036,411 |
32 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Class A | |
Net assets | $360,251,616 |
Shares outstanding | 39,710,143 |
Net asset value per share | $9.07 |
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) | $9.35 |
Advisor Class | |
Net assets | $233,683,711 |
Shares outstanding | 25,777,935 |
Net asset value per share | $9.07 |
Class C | |
Net assets | $11,407,605 |
Shares outstanding | 1,257,024 |
Net asset value per share | $9.08 |
Institutional Class | |
Net assets | $300,057,516 |
Shares outstanding | 33,058,851 |
Net asset value per share | $9.08 |
Institutional 2 Class | |
Net assets | $217,919,742 |
Shares outstanding | 24,048,514 |
Net asset value per share | $9.06 |
Institutional 3 Class | |
Net assets | $445,200,293 |
Shares outstanding | 49,013,222 |
Net asset value per share | $9.08 |
Class V | |
Net assets | $8,515,928 |
Shares outstanding | 938,550 |
Net asset value per share | $9.07 |
Maximum sales charge | 4.75% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares) | $9.52 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 33 |
Year Ended October 31, 2023
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $132,970 |
Interest | 63,485,081 |
Total income | 63,618,051 |
Expenses: | |
Management services fees | 7,750,197 |
Distribution and/or service fees | |
Class A | 814,154 |
Class C | 104,801 |
Class V | 13,324 |
Transfer agent fees | |
Class A | 563,077 |
Advisor Class | 377,032 |
Class C | 18,113 |
Institutional Class | 417,542 |
Institutional 2 Class | 118,335 |
Institutional 3 Class | 26,069 |
Class V | 12,286 |
Trustees’ fees | 79,886 |
Custodian fees | 22,891 |
Printing and postage fees | 39,675 |
Registration fees | 189,514 |
Accounting services fees | 30,090 |
Legal fees | 36,595 |
Compensation of chief compliance officer | 323 |
Other | 25,275 |
Total expenses | 10,639,179 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (3,669,271) |
Expense reduction | (291) |
Total net expenses | 6,969,617 |
Net investment income | 56,648,434 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (3,208,971) |
Net realized loss | (3,208,971) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (11,333,847) |
Net change in unrealized appreciation (depreciation) | (11,333,847) |
Net realized and unrealized loss | (14,542,818) |
Net increase in net assets resulting from operations | $42,105,616 |
34 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
Year Ended October 31, 2023 | Year Ended October 31, 2022 | |
Operations | ||
Net investment income | $56,648,434 | $56,978,498 |
Net realized loss | (3,208,971) | (10,662,978) |
Net change in unrealized appreciation (depreciation) | (11,333,847) | (257,962,078) |
Net increase (decrease) in net assets resulting from operations | 42,105,616 | (211,646,558) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (13,034,361) | (13,827,063) |
Advisor Class | (9,269,003) | (13,149,808) |
Class C | (340,774) | (369,158) |
Institutional Class | (10,287,650) | (22,171,179) |
Institutional 2 Class | (7,585,620) | (6,630,337) |
Institutional 3 Class | (15,826,767) | (2,882,381) |
Class V | (289,040) | (304,977) |
Total distributions to shareholders | (56,633,215) | (59,334,903) |
Increase (decrease) in net assets from capital stock activity | (29,384,170) | 814,535,517 |
Total increase (decrease) in net assets | (43,911,769) | 543,554,056 |
Net assets at beginning of year | 1,620,948,180 | 1,077,394,124 |
Net assets at end of year | $1,577,036,411 | $1,620,948,180 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 35 |
Year Ended | Year Ended | |||
October 31, 2023 | October 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 6,927,554 | 65,158,756 | 11,137,745 | 108,033,610 |
Fund reorganization | — | — | 40,018,544 | 418,942,544 |
Distributions reinvested | 1,313,308 | 12,331,042 | 1,339,824 | 13,060,573 |
Shares redeemed | (14,844,091) | (139,614,071) | (22,571,331) | (219,568,903) |
Net increase (decrease) | (6,603,229) | (62,124,273) | 29,924,782 | 320,467,824 |
Advisor Class | ||||
Shares sold | 11,144,033 | 104,807,349 | 11,953,049 | 115,430,719 |
Fund reorganization | — | — | 104,285,243 | 1,091,126,562 |
Distributions reinvested | 385,557 | 3,620,405 | 741,482 | 7,334,116 |
Shares redeemed | (19,406,797) | (181,885,045) | (83,957,434) | (846,171,485) |
Net increase (decrease) | (7,877,207) | (73,457,291) | 33,022,340 | 367,719,912 |
Class C | ||||
Shares sold | 331,356 | 3,108,246 | 323,953 | 3,143,313 |
Distributions reinvested | 35,874 | 336,958 | 36,996 | 364,294 |
Shares redeemed | (511,742) | (4,799,215) | (561,033) | (5,477,035) |
Net decrease | (144,512) | (1,354,011) | (200,084) | (1,969,428) |
Institutional Class | ||||
Shares sold | 19,160,561 | 179,111,178 | 26,207,959 | 256,850,438 |
Distributions reinvested | 880,284 | 8,264,854 | 639,833 | 6,267,849 |
Shares redeemed | (14,149,351) | (132,321,730) | (80,313,608) | (777,426,642) |
Net increase (decrease) | 5,891,494 | 55,054,302 | (53,465,816) | (514,308,355) |
Institutional 2 Class | ||||
Shares sold | 15,704,212 | 148,259,107 | 37,283,407 | 379,870,809 |
Distributions reinvested | 809,801 | 7,583,291 | 685,489 | 6,625,571 |
Shares redeemed | (15,095,097) | (141,345,105) | (17,780,268) | (171,551,925) |
Net increase | 1,418,916 | 14,497,293 | 20,188,628 | 214,944,455 |
Institutional 3 Class | ||||
Shares sold | 23,684,749 | 222,521,796 | 49,716,333 | 475,725,762 |
Distributions reinvested | 77,460 | 727,101 | 17,642 | 169,983 |
Shares redeemed | (19,704,517) | (185,138,002) | (5,055,019) | (47,743,112) |
Net increase | 4,057,692 | 38,110,895 | 44,678,956 | 428,152,633 |
Class V | ||||
Shares sold | 4,394 | 41,113 | 3,511 | 34,693 |
Distributions reinvested | 22,917 | 215,076 | 23,104 | 227,198 |
Shares redeemed | (38,996) | (367,274) | (76,062) | (733,415) |
Net decrease | (11,685) | (111,085) | (49,447) | (471,524) |
Total net increase (decrease) | (3,268,531) | (29,384,170) | 74,099,359 | 814,535,517 |
36 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 37 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 10/31/2023 | $9.15 | 0.30 | (0.08) | 0.22 | (0.30) | — | (0.30) |
Year Ended 10/31/2022 | $10.46 | 0.28 | (1.28) | (1.00) | (0.29) | (0.02) | (0.31) |
Year Ended 10/31/2021 | $10.51 | 0.27 | 0.00(e) | 0.27 | (0.27) | (0.05) | (0.32) |
Year Ended 10/31/2020 | $10.59 | 0.28 | (0.03) | 0.25 | (0.29) | (0.04) | (0.33) |
Year Ended 10/31/2019 | $10.11 | 0.31 | 0.48 | 0.79 | (0.31) | (0.00)(e) | (0.31) |
Advisor Class | |||||||
Year Ended 10/31/2023 | $9.15 | 0.32 | (0.08) | 0.24 | (0.32) | — | (0.32) |
Year Ended 10/31/2022 | $10.45 | 0.30 | (1.28) | (0.98) | (0.30) | (0.02) | (0.32) |
Year Ended 10/31/2021 | $10.50 | 0.29 | 0.00(e) | 0.29 | (0.29) | (0.05) | (0.34) |
Year Ended 10/31/2020 | $10.59 | 0.30 | (0.04) | 0.26 | (0.31) | (0.04) | (0.35) |
Year Ended 10/31/2019 | $10.11 | 0.33 | 0.48 | 0.81 | (0.33) | (0.00)(e) | (0.33) |
Class C | |||||||
Year Ended 10/31/2023 | $9.16 | 0.24 | (0.08) | 0.16 | (0.24) | — | (0.24) |
Year Ended 10/31/2022 | $10.46 | 0.22 | (1.27) | (1.05) | (0.23) | (0.02) | (0.25) |
Year Ended 10/31/2021 | $10.51 | 0.21 | 0.00(e) | 0.21 | (0.21) | (0.05) | (0.26) |
Year Ended 10/31/2020 | $10.59 | 0.21 | (0.03) | 0.18 | (0.22) | (0.04) | (0.26) |
Year Ended 10/31/2019 | $10.12 | 0.24 | 0.48 | 0.72 | (0.25) | (0.00)(e) | (0.25) |
Institutional Class | |||||||
Year Ended 10/31/2023 | $9.16 | 0.32 | (0.08) | 0.24 | (0.32) | — | (0.32) |
Year Ended 10/31/2022 | $10.46 | 0.30 | (1.28) | (0.98) | (0.30) | (0.02) | (0.32) |
Year Ended 10/31/2021 | $10.51 | 0.29 | 0.00(e) | 0.29 | (0.29) | (0.05) | (0.34) |
Year Ended 10/31/2020 | $10.60 | 0.30 | (0.04) | 0.26 | (0.31) | (0.04) | (0.35) |
Year Ended 10/31/2019 | $10.12 | 0.33 | 0.48 | 0.81 | (0.33) | (0.00)(e) | (0.33) |
Institutional 2 Class | |||||||
Year Ended 10/31/2023 | $9.14 | 0.33 | (0.08) | 0.25 | (0.33) | — | (0.33) |
Year Ended 10/31/2022 | $10.45 | 0.31 | (1.29) | (0.98) | (0.31) | (0.02) | (0.33) |
Year Ended 10/31/2021 | $10.49 | 0.30 | 0.01 | 0.31 | (0.30) | (0.05) | (0.35) |
Year Ended 10/31/2020 | $10.58 | 0.31 | (0.05) | 0.26 | (0.31) | (0.04) | (0.35) |
Year Ended 10/31/2019 | $10.10 | 0.34 | 0.48 | 0.82 | (0.34) | (0.00)(e) | (0.34) |
38 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
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 10/31/2023 | $9.07 | 2.35% | 0.83% | 0.61%(c) | 3.20% | 16% | $360,252 |
Year Ended 10/31/2022 | $9.15 | (9.76%) | 0.81%(d) | 0.60%(c),(d) | 2.86% | 3% | $423,921 |
Year Ended 10/31/2021 | $10.46 | 2.61% | 0.83% | 0.70%(c) | 2.55% | 5% | $171,415 |
Year Ended 10/31/2020 | $10.51 | 2.36% | 0.82% | 0.73%(c) | 2.70% | 9% | $156,865 |
Year Ended 10/31/2019 | $10.59 | 7.94% | 0.82%(f) | 0.76%(c),(f) | 2.97% | 14% | $152,575 |
Advisor Class | |||||||
Year Ended 10/31/2023 | $9.07 | 2.56% | 0.63% | 0.41%(c) | 3.40% | 16% | $233,684 |
Year Ended 10/31/2022 | $9.15 | (9.50%) | 0.61%(d) | 0.40%(c),(d) | 3.01% | 3% | $307,823 |
Year Ended 10/31/2021 | $10.45 | 2.81% | 0.63% | 0.50%(c) | 2.75% | 5% | $6,615 |
Year Ended 10/31/2020 | $10.50 | 2.47% | 0.62% | 0.53%(c) | 2.90% | 9% | $6,249 |
Year Ended 10/31/2019 | $10.59 | 8.15% | 0.62%(f) | 0.56%(c),(f) | 3.22% | 14% | $5,927 |
Class C | |||||||
Year Ended 10/31/2023 | $9.08 | 1.74% | 1.43% | 1.21%(c) | 2.60% | 16% | $11,408 |
Year Ended 10/31/2022 | $9.16 | (10.21%) | 1.42%(d) | 1.20%(c),(d) | 2.24% | 3% | $12,833 |
Year Ended 10/31/2021 | $10.46 | 1.99% | 1.47% | 1.30%(c) | 1.94% | 5% | $16,754 |
Year Ended 10/31/2020 | $10.51 | 1.71% | 1.47% | 1.38%(c) | 2.06% | 9% | $21,469 |
Year Ended 10/31/2019 | $10.59 | 7.14% | 1.47%(f) | 1.41%(c),(f) | 2.33% | 14% | $23,522 |
Institutional Class | |||||||
Year Ended 10/31/2023 | $9.08 | 2.56% | 0.63% | 0.41%(c) | 3.41% | 16% | $300,058 |
Year Ended 10/31/2022 | $9.16 | (9.49%) | 0.62%(d) | 0.40%(c),(d) | 2.99% | 3% | $248,789 |
Year Ended 10/31/2021 | $10.46 | 2.81% | 0.63% | 0.50%(c) | 2.75% | 5% | $843,761 |
Year Ended 10/31/2020 | $10.51 | 2.47% | 0.62% | 0.53%(c) | 2.90% | 9% | $900,641 |
Year Ended 10/31/2019 | $10.60 | 8.15% | 0.62%(f) | 0.56%(c),(f) | 3.17% | 14% | $1,012,229 |
Institutional 2 Class | |||||||
Year Ended 10/31/2023 | $9.06 | 2.64% | 0.54% | 0.32% | 3.49% | 16% | $217,920 |
Year Ended 10/31/2022 | $9.14 | (9.53%) | 0.55%(d) | 0.33%(d) | 3.16% | 3% | $206,896 |
Year Ended 10/31/2021 | $10.45 | 2.98% | 0.56% | 0.44% | 2.81% | 5% | $25,496 |
Year Ended 10/31/2020 | $10.49 | 2.54% | 0.55% | 0.47% | 2.98% | 9% | $30,056 |
Year Ended 10/31/2019 | $10.58 | 8.24% | 0.55%(f) | 0.49%(f) | 3.21% | 14% | $35,836 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 39 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 10/31/2023 | $9.16 | 0.33 | (0.08) | 0.25 | (0.33) | — | (0.33) |
Year Ended 10/31/2022 | $10.47 | 0.33 | (1.30) | (0.97) | (0.32) | (0.02) | (0.34) |
Year Ended 10/31/2021 | $10.52 | 0.30 | 0.01 | 0.31 | (0.31) | (0.05) | (0.36) |
Year Ended 10/31/2020 | $10.61 | 0.32 | (0.05) | 0.27 | (0.32) | (0.04) | (0.36) |
Year Ended 10/31/2019 | $10.13 | 0.34 | 0.49 | 0.83 | (0.35) | (0.00)(e) | (0.35) |
Class V | |||||||
Year Ended 10/31/2023 | $9.15 | 0.31 | (0.08) | 0.23 | (0.31) | — | (0.31) |
Year Ended 10/31/2022 | $10.46 | 0.29 | (1.29) | (1.00) | (0.29) | (0.02) | (0.31) |
Year Ended 10/31/2021 | $10.50 | 0.27 | 0.02 | 0.29 | (0.28) | (0.05) | (0.33) |
Year Ended 10/31/2020 | $10.59 | 0.29 | (0.05) | 0.24 | (0.29) | (0.04) | (0.33) |
Year Ended 10/31/2019 | $10.11 | 0.32 | 0.48 | 0.80 | (0.32) | (0.00)(e) | (0.32) |
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) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Ratios include interfund lending expense which is less than 0.01%. |
(e) | Rounds to zero. |
(f) | Ratios include line of credit interest expense which is less than 0.01%. |
40 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
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 10/31/2023 | $9.08 | 2.70% | 0.50% | 0.28% | 3.54% | 16% | $445,200 |
Year Ended 10/31/2022 | $9.16 | (9.46%) | 0.52%(d) | 0.28%(d) | 3.50% | 3% | $411,988 |
Year Ended 10/31/2021 | $10.47 | 2.93% | 0.52% | 0.39% | 2.86% | 5% | $2,897 |
Year Ended 10/31/2020 | $10.52 | 2.59% | 0.51% | 0.42% | 3.01% | 9% | $2,495 |
Year Ended 10/31/2019 | $10.61 | 8.27% | 0.51%(f) | 0.44%(f) | 3.28% | 14% | $2,542 |
Class V | |||||||
Year Ended 10/31/2023 | $9.07 | 2.41% | 0.78% | 0.56%(c) | 3.25% | 16% | $8,516 |
Year Ended 10/31/2022 | $9.15 | (9.72%) | 0.77%(d) | 0.55%(c),(d) | 2.90% | 3% | $8,699 |
Year Ended 10/31/2021 | $10.46 | 2.76% | 0.78% | 0.65%(c) | 2.60% | 5% | $10,456 |
Year Ended 10/31/2020 | $10.50 | 2.31% | 0.77% | 0.68%(c) | 2.75% | 9% | $10,887 |
Year Ended 10/31/2019 | $10.59 | 7.99% | 0.77%(f) | 0.71%(c),(f) | 3.02% | 14% | $11,562 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 41 |
October 31, 2023
42 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 43 |
October 31, 2023
44 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Effective rate (%) | |
Class A | 0.14 |
Advisor Class | 0.14 |
Class C | 0.14 |
Institutional Class | 0.14 |
Institutional 2 Class | 0.05 |
Institutional 3 Class | 0.01 |
Class V | 0.14 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 45 |
October 31, 2023
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 47,306 |
Class C | — | 1.00(b) | 623 |
Class V | 4.75 | 0.50 - 1.00(c) | — |
(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. |
(c) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
Fee rate(s) contractual through February 29, 2024 | |
Class A | 0.61% |
Advisor Class | 0.41 |
Class C | 1.21 |
Institutional Class | 0.41 |
Institutional 2 Class | 0.33 |
Institutional 3 Class | 0.28 |
Class V | 0.56 |
46 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(11) | 11 | — |
Year Ended October 31, 2023 | Year Ended October 31, 2022 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
404,160 | 56,229,055 | — | 56,633,215 | 331,306 | 56,634,590 | 2,369,007 | 59,334,903 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
— | 6,283,681 | — | (38,080,763) | (75,659,732) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
1,637,695,452 | 6,968,723 | (82,628,455) | (75,659,732) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(28,068,754) | (10,012,009) | (38,080,763) | — |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 47 |
October 31, 2023
48 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Shares | |
Class A | 40,018,544 |
Advisor Class | 104,285,243 |
($) | |
Net investment income | 61,608,000 |
Net realized loss | (8,790,000) |
Net change in unrealized appreciation/(depreciation) | (254,774,000) |
Net decrease in net assets from operations | (201,956,000) |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 49 |
October 31, 2023
50 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 51 |
52 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
Exempt- interest dividends | |
99.29% |
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 | 170 | 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 |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 53 |
(Unaudited)
Independent trustees (continued)
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; 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 | 170 | 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 | 170 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), 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 | 170 | 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, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | 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 |
54 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Independent trustees (continued)
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 | 168 | 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 | 170 | 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 | 170 | 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 | 170 | Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; 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 | 168 | None |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 55 |
(Unaudited)
Independent trustees (continued)
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 | 168 | Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; 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. | 170 | 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 | 168 | 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 |
56 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Independent trustees (continued)
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 |
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 | 170 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |
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 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021; Co-President and Principal Executive Officer, Columbia Acorn/Wanger Funds, since July 2021 | 170 | 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; Director, Columbia Threadneedle Canada, Inc., since December 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 and Hacker 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. |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 57 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
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) and Senior Vice President (2019) | 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. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |
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, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
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. |
58 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Fund officers (continued)
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 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; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company. |
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 59 |
(Unaudited)
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
60 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Investment performance
Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 | 61 |
(Unaudited)
Economies of scale
62 | Columbia Intermediate Duration Municipal Bond Fund | Annual Report 2023 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
October 31, 2023
3 | |
5 | |
7 | |
8 | |
13 | |
15 | |
16 | |
18 | |
22 | |
31 | |
32 | |
32 | |
38 |
(Unaudited)
Average annual total returns (%) (for the period ended October 31, 2023) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 12/09/02 | 2.06 | 0.45 | 1.09 |
Including sales charges | -1.04 | -0.15 | 0.78 | ||
Advisor Class | 03/19/13 | 2.21 | 0.70 | 1.34 | |
Class C | Excluding sales charges | 12/09/02 | 1.60 | 0.02 | 0.64 |
Including sales charges | 0.61 | 0.02 | 0.64 | ||
Institutional Class | 06/14/93 | 2.32 | 0.72 | 1.36 | |
Institutional 2 Class* | 03/01/16 | 2.35 | 0.77 | 1.39 | |
Institutional 3 Class* | 03/01/17 | 2.43 | 0.81 | 1.42 | |
Class V | Excluding sales charges | 06/26/00 | 2.17 | 0.55 | 1.19 |
Including sales charges | -2.67 | -0.43 | 0.70 | ||
Bloomberg 3-15 Year Blend Municipal Bond Index | 2.49 | 1.27 | 1.97 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 3 |
(Unaudited)
Quality breakdown (%) (at October 31, 2023) | |
AAA rating | 6.7 |
AA rating | 38.5 |
A rating | 27.5 |
BBB rating | 22.2 |
BB rating | 4.3 |
Not rated | 0.8 |
Total | 100.0 |
4 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
• | The Fund maintained a below benchmark duration for the entire 12-month period. After initially declining during the first three months, interest rates rose meaningfully during the remainder of the period. The below benchmark positioning helped to limit price declines as rates increased. Having a below benchmark exposure to interest rates in the six months during the period in which returns were negative aided the Fund in outperforming in five of them. |
• | Portfolio return was positive due to the high level of income or yield, which more than offset price declines that occurred during the period. |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 5 |
(Unaudited)
• | The Fund had additional exposure to municipal bonds maturing in the 0–2 year and 8-17 year range. This positioning benefited the Fund during the period as higher returns were produced in the very shortest and longer maturities. |
• | An overweighted allocation to the lower investment-grade and non-investment grade quality segments contributed to Fund results as these areas outperformed higher quality segments during the period. |
• | At the sector level, the Fund’s exposure to the hospital and education sectors performed well. These two sectors, which are synonymous with the Commonwealth of Massachusetts, represent the Fund’s largest sector exposures. |
• | The Fund’s exposure to CCRCs detracted from performance. CCRCs have struggled with financial operating performance since 2022 due in large part to the increase in labor costs. We have focused research on this sector and expect a continued rebound in 2024. |
• | Other sectors that performed poorly were charter schools and special tax. The lackluster performance of special tax issues related to the Mass Bay Transportation Authority was not due to fundamental issues but rather the timing of Fund sales during the period, their maturity and zero-coupon structure. |
• | The Fund’s underweighting to the broader transportation sector versus its national benchmark detracted from performance. At the national level, returns were strong across airport, toll roads and transportation systems. A big driver of the national transportation sector was the Metropolitan Transportation Authority in New York City which was upgraded recently due to continued improvement in operations. |
6 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
May 1, 2023 — October 31, 2023 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 968.50 | 1,021.40 | 4.01 | 4.12 | 0.80 |
Advisor Class | 1,000.00 | 1,000.00 | 968.70 | 1,022.68 | 2.76 | 2.83 | 0.55 |
Class C | 1,000.00 | 1,000.00 | 966.30 | 1,019.11 | 6.26 | 6.43 | 1.25 |
Institutional Class | 1,000.00 | 1,000.00 | 969.80 | 1,022.68 | 2.76 | 2.83 | 0.55 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 970.00 | 1,022.88 | 2.56 | 2.63 | 0.51 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 970.50 | 1,023.19 | 2.26 | 2.32 | 0.45 |
Class V | 1,000.00 | 1,000.00 | 969.00 | 1,021.91 | 3.51 | 3.61 | 0.70 |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 7 |
October 31, 2023
Floating Rate Notes 0.6% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Variable Rate Demand Notes 0.6% | ||||
New York City Transitional Finance Authority(a),(b) | ||||
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2015 (JPMorgan Chase Bank) | ||||
02/01/2045 | 3.950% | 600,000 | 600,000 | |
Total Floating Rate Notes (Cost $600,000) | 600,000 | |||
Municipal Bonds 96.8% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Airport 4.3% | ||||
Massachusetts Port Authority(c) | ||||
Refunding Revenue Bonds | ||||
BosFuel Project | ||||
Series 2019A | ||||
07/01/2038 | 5.000% | 1,000,000 | 977,784 | |
Revenue Bonds | ||||
Series 2019C | ||||
07/01/2035 | 5.000% | 2,000,000 | 2,029,000 | |
Series 2021E | ||||
07/01/2038 | 5.000% | 1,000,000 | 996,030 | |
Massachusetts Port Authority | ||||
Revenue Bonds | ||||
Series 2015A | ||||
07/01/2026 | 5.000% | 600,000 | 609,344 | |
Total | 4,612,158 | |||
Charter Schools 2.9% | ||||
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Foxborough Regional Charter | ||||
Series 2017 | ||||
07/01/2037 | 5.000% | 1,800,000 | 1,655,033 | |
International Charter School | ||||
Series 2015 | ||||
04/15/2025 | 5.000% | 215,000 | 213,171 | |
04/15/2033 | 5.000% | 1,335,000 | 1,303,084 | |
Total | 3,171,288 | |||
Higher Education 26.9% | ||||
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Babson College | ||||
Series 2015A | ||||
10/01/2025 | 5.000% | 600,000 | 610,302 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Boston University | ||||
Series 2006BB2 | ||||
10/01/2037 | 4.000% | 2,120,000 | 1,989,190 | |
Brandeis University | ||||
Series 2018R | ||||
10/01/2035 | 5.000% | 1,005,000 | 1,043,748 | |
10/01/2036 | 5.000% | 1,140,000 | 1,175,682 | |
Series 2019 | ||||
10/01/2036 | 5.000% | 1,535,000 | 1,587,401 | |
Emerson College | ||||
Series 2017A | ||||
01/01/2033 | 5.000% | 1,500,000 | 1,508,200 | |
01/01/2034 | 5.000% | 1,000,000 | 1,003,726 | |
Simmons College | ||||
Series 2015K-1 | ||||
10/01/2026 | 5.000% | 3,005,000 | 3,015,802 | |
10/01/2028 | 5.000% | 1,100,000 | 1,106,698 | |
Simmons University | ||||
Series 2018L | ||||
10/01/2034 | 5.000% | 500,000 | 496,163 | |
10/01/2035 | 5.000% | 455,000 | 447,530 | |
Suffolk University | ||||
Series 2019 | ||||
07/01/2035 | 5.000% | 870,000 | 868,218 | |
Tufts University | ||||
Series 2015Q | ||||
08/15/2030 | 5.000% | 1,000,000 | 1,017,827 | |
Western New England University | ||||
Series 2015 | ||||
09/01/2032 | 5.000% | 500,000 | 488,822 | |
09/01/2033 | 5.000% | 1,225,000 | 1,190,746 | |
09/01/2034 | 5.000% | 1,285,000 | 1,239,266 | |
Woods Hole Oceanographic Institution | ||||
Series 2018 | ||||
06/01/2036 | 5.000% | 650,000 | 666,511 | |
Worcester Polytechnic Institute | ||||
Series 2016 | ||||
09/01/2034 | 5.000% | 500,000 | 507,652 | |
Series 2017 | ||||
09/01/2037 | 5.000% | 290,000 | 296,013 | |
Revenue Bonds | ||||
Babson College | ||||
Series 2017 | ||||
10/01/2032 | 5.000% | 885,000 | 905,847 | |
10/01/2033 | 5.000% | 900,000 | 920,223 |
8 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Bentley University | ||||
Series 2016 | ||||
07/01/2035 | 4.000% | 1,000,000 | 927,817 | |
07/01/2036 | 4.000% | 1,000,000 | 919,965 | |
Brandeis University | ||||
Series 2019S-2 | ||||
10/01/2033 | 5.000% | 1,150,000 | 1,203,842 | |
Simmons College | ||||
Series 2006H | ||||
10/01/2033 | 5.250% | 1,000,000 | 1,016,160 | |
Worcester Polytechnic Institute | ||||
Series 2019 | ||||
09/01/2038 | 5.000% | 865,000 | 888,163 | |
Massachusetts Health & Educational Facilities Authority | ||||
Revenue Bonds | ||||
Boston College | ||||
Series 2008M-1 | ||||
06/01/2024 | 5.500% | 2,000,000 | 2,019,630 | |
Total | 29,061,144 | |||
Hospital 16.8% | ||||
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
CareGroup | ||||
Series 2015H-1 | ||||
07/01/2030 | 5.000% | 1,170,000 | 1,183,223 | |
Series 2016I | ||||
07/01/2033 | 5.000% | 2,000,000 | 2,013,716 | |
Lahey Clinic Obligation | ||||
Series 2015F | ||||
08/15/2031 | 5.000% | 3,000,000 | 3,034,617 | |
08/15/2034 | 5.000% | 2,250,000 | 2,274,177 | |
Partners HealthCare System | ||||
Series 2016 | ||||
07/01/2031 | 5.000% | 3,000,000 | 3,061,341 | |
Series 2020 | ||||
07/01/2037 | 5.000% | 1,000,000 | 1,026,553 | |
Series 2021G | ||||
07/01/2038 | 5.000% | 225,000 | 221,132 | |
UMass Memorial Healthcare | ||||
Series 2016I | ||||
07/01/2030 | 5.000% | 2,295,000 | 2,316,564 | |
Series 2017 | ||||
07/01/2031 | 5.000% | 1,000,000 | 1,008,410 | |
Revenue Bonds | ||||
CareGroup | ||||
Series 2018J1 | ||||
07/01/2036 | 5.000% | 985,000 | 999,588 | |
07/01/2037 | 5.000% | 1,035,000 | 1,042,741 | |
Total | 18,182,062 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Human Service Provider 0.8% | ||||
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Seven Hills Foundation | ||||
Series 2021 | ||||
09/01/2039 | 4.000% | 1,000,000 | 823,288 | |
Joint Power Authority 1.5% | ||||
Berkshire Wind Power Cooperative Corp. | ||||
Refunding Revenue Bonds | ||||
Berkshire Wind Project | ||||
Series 2017 | ||||
07/01/2029 | 5.000% | 1,000,000 | 1,038,672 | |
Massachusetts Municipal Wholesale Electric Co. | ||||
Revenue Bonds | ||||
Project 2015A | ||||
Series 2021A | ||||
07/01/2039 | 4.000% | 620,000 | 562,834 | |
Total | 1,601,506 | |||
Multi-Family 3.0% | ||||
Massachusetts Development Finance Agency | ||||
Revenue Bonds | ||||
UMass Boston Student Housing Project | ||||
Series 2016 | ||||
10/01/2033 | 5.000% | 1,235,000 | 1,220,701 | |
10/01/2034 | 5.000% | 2,000,000 | 1,962,021 | |
Total | 3,182,722 | |||
Other Bond Issue 6.5% | ||||
Martha’s Vineyard Land Bank | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Series 2014 | ||||
05/01/2029 | 5.000% | 1,000,000 | 1,005,770 | |
Series 2017 (BAM) | ||||
05/01/2034 | 5.000% | 500,000 | 516,444 | |
05/01/2035 | 5.000% | 500,000 | 516,340 | |
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Broad Institute | ||||
Series 2017 | ||||
04/01/2034 | 5.000% | 2,500,000 | 2,571,978 | |
04/01/2035 | 5.000% | 2,350,000 | 2,410,596 | |
Total | 7,021,128 | |||
Pool / Bond Bank 1.9% | ||||
Massachusetts Clean Water Trust (The) | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2019 | ||||
08/01/2038 | 5.000% | 2,000,000 | 2,087,260 |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 9 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Prep School 1.9% | ||||
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Dexter Southfield | ||||
Series 2015 | ||||
05/01/2030 | 5.000% | 1,035,000 | 1,048,127 | |
Revenue Bonds | ||||
Trustees of Deerfield Academy | ||||
Series 2023 | ||||
10/01/2032 | 5.000% | 925,000 | 1,023,738 | |
Total | 2,071,865 | |||
Refunded / Escrowed 6.8% | ||||
Massachusetts Development Finance Agency | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
Partners HealthCare System | ||||
Series 2015 | ||||
07/01/2032 | 5.000% | 2,795,000 | 2,849,730 | |
Prerefunded 10/01/24 Revenue Bonds | ||||
Children’s Hospital | ||||
Series 2014P | ||||
10/01/2031 | 5.000% | 1,200,000 | 1,210,731 | |
Massachusetts State College Building Authority(d) | ||||
Revenue Bonds | ||||
Capital Appreciation | ||||
Series 1999A Escrowed to Maturity (NPFGC) | ||||
05/01/2028 | 0.000% | 4,000,000 | 3,337,710 | |
Total | 7,398,171 | |||
Retirement Communities 6.8% | ||||
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
1st Mortgage-Berkshire Retirement Community | ||||
Series 2015 | ||||
07/01/2031 | 5.000% | 1,250,000 | 1,235,418 | |
Orchard Cove, Inc. | ||||
Series 2019 | ||||
10/01/2039 | 4.000% | 985,000 | 792,618 | |
10/01/2039 | 5.000% | 250,000 | 227,932 | |
Salem Community Corp. | ||||
Series 2022 | ||||
01/01/2040 | 5.125% | 1,000,000 | 847,602 | |
Massachusetts Development Finance Agency(e) | ||||
Refunding Revenue Bonds | ||||
Loomis Obligated Group | ||||
Series 2022 | ||||
01/01/2031 | 4.000% | 1,500,000 | 1,406,220 | |
Newbridge Charles, Inc. | ||||
Series 2017 | ||||
10/01/2032 | 4.000% | 1,500,000 | 1,292,322 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Linden Ponds, Inc. Facility | ||||
Series 2018 | ||||
11/15/2033 | 5.000% | 1,500,000 | 1,498,495 | |
Total | 7,300,607 | |||
Sales Tax 5.2% | ||||
Massachusetts Bay Transportation Authority(d) | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
07/01/2029 | 0.000% | 3,000,000 | 2,284,801 | |
07/01/2032 | 0.000% | 5,105,000 | 3,316,941 | |
Total | 5,601,742 | |||
State General Obligation 9.4% | ||||
Commonwealth of Massachusetts | ||||
Limited General Obligation Bonds | ||||
Consolidated Loan of 2023 | ||||
Series 2023 | ||||
05/01/2040 | 5.000% | 1,000,000 | 1,049,091 | |
Series 2016I | ||||
12/01/2030 | 5.000% | 3,000,000 | 3,097,390 | |
Series 2019G | ||||
09/01/2036 | 4.000% | 2,000,000 | 1,941,955 | |
Limited General Obligation Refunding Bonds | ||||
Series 2023C | ||||
08/01/2040 | 5.000% | 1,000,000 | 1,050,065 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2004C (AMBAC) | ||||
12/01/2024 | 5.500% | 3,000,000 | 3,056,804 | |
Total | 10,195,305 | |||
Student Loan 0.2% | ||||
Massachusetts Educational Financing Authority(c) | ||||
Revenue Bonds | ||||
Series 2020B | ||||
07/01/2028 | 5.000% | 250,000 | 252,155 | |
Turnpike / Bridge / Toll Road 1.9% | ||||
Massachusetts Transportation Trust Fund Metropolitan Highway System | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
01/01/2035 | 5.000% | 2,000,000 | 2,085,694 | |
Total Municipal Bonds (Cost $111,418,263) | 104,648,095 |
10 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Money Market Funds 1.8% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.823%(f) | 1,975,455 | 1,975,455 |
Total Money Market Funds (Cost $1,975,455) | 1,975,455 | |
Total Investments in Securities (Cost: $113,993,718) | 107,223,550 | |
Other Assets & Liabilities, Net | 876,665 | |
Net Assets | 108,100,215 |
(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 October 31, 2023. |
(c) | Income from this security may be subject to alternative minimum tax. |
(d) | Zero coupon bond. |
(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 October 31, 2023, the total value of these securities amounted to $4,197,037, which represents 3.88% of total net assets. |
(f) | The rate shown is the seven-day current annualized yield at October 31, 2023. |
AMBAC | Ambac Assurance Corporation |
BAM | Build America Mutual Assurance Co. |
NPFGC | National Public Finance Guarantee Corporation |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 11 |
October 31, 2023
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 600,000 | — | 600,000 |
Municipal Bonds | — | 104,648,095 | — | 104,648,095 |
Money Market Funds | 1,975,455 | — | — | 1,975,455 |
Total Investments in Securities | 1,975,455 | 105,248,095 | — | 107,223,550 |
12 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $113,993,718) | $107,223,550 |
Receivable for: | |
Capital shares sold | 137,533 |
Dividends | 2,164 |
Interest | 1,162,766 |
Trustees’ fees | 95,251 |
Expense reimbursement due from Investment Manager | 415 |
Prepaid expenses | 3,745 |
Total assets | 108,625,424 |
Liabilities | |
Due to custodian | 14,701 |
Payable for: | |
Capital shares redeemed | 117,504 |
Distributions to shareholders | 256,938 |
Management services fees | 1,392 |
Distribution and/or service fees | 177 |
Transfer agent fees | 4,407 |
Trustees’ fees | 110,620 |
Other expenses | 19,470 |
Total liabilities | 525,209 |
Net assets applicable to outstanding capital stock | $108,100,215 |
Represented by | |
Paid in capital | 119,042,369 |
Total distributable earnings (loss) | (10,942,154) |
Total - representing net assets applicable to outstanding capital stock | $108,100,215 |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 13 |
October 31, 2023
Class A | |
Net assets | $19,508,247 |
Shares outstanding | 2,115,251 |
Net asset value per share | $9.22 |
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) | $9.51 |
Advisor Class | |
Net assets | $4,955,523 |
Shares outstanding | 537,782 |
Net asset value per share | $9.21 |
Class C | |
Net assets | $635,990 |
Shares outstanding | 68,980 |
Net asset value per share | $9.22 |
Institutional Class | |
Net assets | $16,457,597 |
Shares outstanding | 1,783,530 |
Net asset value per share | $9.23 |
Institutional 2 Class | |
Net assets | $8,377 |
Shares outstanding | 907 |
Net asset value per share | $9.24 |
Institutional 3 Class | |
Net assets | $59,040,563 |
Shares outstanding | 6,369,332 |
Net asset value per share | $9.27 |
Class V | |
Net assets | $7,493,918 |
Shares outstanding | 812,535 |
Net asset value per share | $9.22 |
Maximum sales charge | 4.75% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares) | $9.68 |
14 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
Year Ended October 31, 2023
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $39,383 |
Interest | 4,058,059 |
Total income | 4,097,442 |
Expenses: | |
Management services fees | 581,589 |
Distribution and/or service fees | |
Class A | 50,130 |
Class C | 6,277 |
Class V | 12,542 |
Transfer agent fees | |
Class A | 23,058 |
Advisor Class | 6,731 |
Class C | 1,035 |
Institutional Class | 19,101 |
Institutional 2 Class | 6 |
Institutional 3 Class | 4,279 |
Class V | 9,626 |
Trustees’ fees | 17,593 |
Custodian fees | 1,457 |
Printing and postage fees | 10,396 |
Registration fees | 31,058 |
Accounting services fees | 30,090 |
Legal fees | 14,831 |
Interest on interfund lending | 148 |
Compensation of chief compliance officer | 27 |
Other | 13,054 |
Total expenses | 833,028 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (160,053) |
Expense reduction | (140) |
Total net expenses | 672,835 |
Net investment income | 3,424,607 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (1,918,695) |
Net realized loss | (1,918,695) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 2,424,666 |
Net change in unrealized appreciation (depreciation) | 2,424,666 |
Net realized and unrealized gain | 505,971 |
Net increase in net assets resulting from operations | $3,930,578 |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 15 |
Year Ended October 31, 2023 | Year Ended October 31, 2022 | |
Operations | ||
Net investment income | $3,424,607 | $4,182,054 |
Net realized loss | (1,918,695) | (2,450,425) |
Net change in unrealized appreciation (depreciation) | 2,424,666 | (21,030,470) |
Net increase (decrease) in net assets resulting from operations | 3,930,578 | (19,298,841) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (495,982) | (578,309) |
Advisor Class | (159,007) | (91,828) |
Class C | (18,120) | (26,811) |
Institutional Class | (452,300) | (3,198,139) |
Institutional 2 Class | (239) | (1,799) |
Institutional 3 Class | (2,036,158) | (503,745) |
Class V | (215,193) | (255,178) |
Total distributions to shareholders | (3,376,999) | (4,655,809) |
Decrease in net assets from capital stock activity | (35,208,984) | (44,981,884) |
Total decrease in net assets | (34,655,405) | (68,936,534) |
Net assets at beginning of year | 142,755,620 | 211,692,154 |
Net assets at end of year | $108,100,215 | $142,755,620 |
16 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
Year Ended | Year Ended | |||
October 31, 2023 | October 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 246,062 | 2,352,755 | 275,160 | 2,716,151 |
Distributions reinvested | 48,086 | 458,540 | 53,178 | 529,379 |
Shares redeemed | (486,771) | (4,667,772) | (583,361) | (5,751,051) |
Net decrease | (192,623) | (1,856,477) | (255,023) | (2,505,521) |
Advisor Class | ||||
Shares sold | 274,401 | 2,629,088 | 419,273 | 3,984,516 |
Distributions reinvested | 16,629 | 158,566 | 9,233 | 91,575 |
Shares redeemed | (359,009) | (3,415,123) | (188,835) | (1,879,882) |
Net increase (decrease) | (67,979) | (627,469) | 239,671 | 2,196,209 |
Class C | ||||
Shares sold | 12,632 | 120,796 | 13,110 | 128,449 |
Distributions reinvested | 1,898 | 18,120 | 2,680 | 26,807 |
Shares redeemed | (69,536) | (663,799) | (53,435) | (530,773) |
Net decrease | (55,006) | (524,883) | (37,645) | (375,517) |
Institutional Class | ||||
Shares sold | 527,786 | 5,028,014 | 770,487 | 7,953,399 |
Distributions reinvested | 37,060 | 353,662 | 35,509 | 354,796 |
Shares redeemed | (600,089) | (5,737,635) | (14,766,132) | (144,215,542) |
Net decrease | (35,243) | (355,959) | (13,960,136) | (135,907,347) |
Institutional 2 Class | ||||
Distributions reinvested | — | — | 148 | 1,510 |
Shares redeemed | — | — | (8,840) | (86,265) |
Net decrease | — | — | (8,692) | (84,755) |
Institutional 3 Class | ||||
Shares sold | 512,614 | 4,944,923 | 11,182,415 | 109,017,750 |
Distributions reinvested | 645 | 6,167 | 400 | 3,986 |
Shares redeemed | (3,736,257) | (35,835,442) | (1,605,428) | (15,462,865) |
Net increase (decrease) | (3,222,998) | (30,884,352) | 9,577,387 | 93,558,871 |
Class V | ||||
Shares sold | 6,294 | 59,947 | 5,557 | 55,770 |
Distributions reinvested | 13,306 | 126,927 | 15,256 | 152,162 |
Shares redeemed | (120,424) | (1,146,718) | (212,805) | (2,071,756) |
Net decrease | (100,824) | (959,844) | (191,992) | (1,863,824) |
Total net decrease | (3,674,673) | (35,208,984) | (4,636,430) | (44,981,884) |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 10/31/2023 | $9.26 | 0.24 | (0.04)(c) | 0.20 | (0.24) | — | (0.24) |
Year Ended 10/31/2022 | $10.59 | 0.21 | (1.30) | (1.09) | (0.21) | (0.03) | (0.24) |
Year Ended 10/31/2021 | $10.62 | 0.21 | (0.03) | 0.18 | (0.21) | (0.00)(f) | (0.21) |
Year Ended 10/31/2020 | $10.65 | 0.24 | (0.03) | 0.21 | (0.23) | (0.01) | (0.24) |
Year Ended 10/31/2019 | $10.17 | 0.29 | 0.51 | 0.80 | (0.29) | (0.03) | (0.32) |
Advisor Class | |||||||
Year Ended 10/31/2023 | $9.26 | 0.26 | (0.05)(c) | 0.21 | (0.26) | — | (0.26) |
Year Ended 10/31/2022 | $10.58 | 0.24 | (1.30) | (1.06) | (0.23) | (0.03) | (0.26) |
Year Ended 10/31/2021 | $10.61 | 0.23 | (0.03) | 0.20 | (0.23) | (0.00)(f) | (0.23) |
Year Ended 10/31/2020 | $10.64 | 0.26 | (0.02) | 0.24 | (0.26) | (0.01) | (0.27) |
Year Ended 10/31/2019 | $10.16 | 0.31 | 0.51 | 0.82 | (0.31) | (0.03) | (0.34) |
Class C | |||||||
Year Ended 10/31/2023 | $9.26 | 0.20 | (0.05)(c) | 0.15 | (0.19) | — | (0.19) |
Year Ended 10/31/2022 | $10.58 | 0.16 | (1.29) | (1.13) | (0.16) | (0.03) | (0.19) |
Year Ended 10/31/2021 | $10.62 | 0.16 | (0.04) | 0.12 | (0.16) | (0.00)(f) | (0.16) |
Year Ended 10/31/2020 | $10.64 | 0.19 | (0.02) | 0.17 | (0.18) | (0.01) | (0.19) |
Year Ended 10/31/2019 | $10.16 | 0.24 | 0.51 | 0.75 | (0.24) | (0.03) | (0.27) |
Institutional Class | |||||||
Year Ended 10/31/2023 | $9.27 | 0.26 | (0.04)(c) | 0.22 | (0.26) | — | (0.26) |
Year Ended 10/31/2022 | $10.58 | 0.23 | (1.28) | (1.05) | (0.23) | (0.03) | (0.26) |
Year Ended 10/31/2021 | $10.62 | 0.23 | (0.04) | 0.19 | (0.23) | (0.00)(f) | (0.23) |
Year Ended 10/31/2020 | $10.65 | 0.26 | (0.02) | 0.24 | (0.26) | (0.01) | (0.27) |
Year Ended 10/31/2019 | $10.17 | 0.31 | 0.51 | 0.82 | (0.31) | (0.03) | (0.34) |
Institutional 2 Class | |||||||
Year Ended 10/31/2023 | $9.28 | 0.27 | (0.05)(c) | 0.22 | (0.26) | — | (0.26) |
Year Ended 10/31/2022 | $10.61 | 0.24 | (1.31) | (1.07) | (0.23) | (0.03) | (0.26) |
Year Ended 10/31/2021 | $10.64 | 0.24 | (0.03) | 0.21 | (0.24) | (0.00)(f) | (0.24) |
Year Ended 10/31/2020 | $10.66 | 0.28 | (0.02) | 0.26 | (0.27) | (0.01) | (0.28) |
Year Ended 10/31/2019 | $10.18 | 0.32 | 0.51 | 0.83 | (0.32) | (0.03) | (0.35) |
18 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
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 10/31/2023 | $9.22 | 2.06% | 0.93%(d) | 0.80%(d),(e) | 2.51% | 8% | $19,508 |
Year Ended 10/31/2022 | $9.26 | (10.47%) | 0.89%(d) | 0.78%(d),(e) | 2.10% | 3% | $21,377 |
Year Ended 10/31/2021 | $10.59 | 1.65% | 0.90% | 0.81%(e) | 1.92% | 8% | $27,129 |
Year Ended 10/31/2020 | $10.62 | 2.02% | 0.90% | 0.81%(e) | 2.23% | 13% | $28,012 |
Year Ended 10/31/2019 | $10.65 | 7.92% | 0.90% | 0.80%(e) | 2.75% | 15% | $23,968 |
Advisor Class | |||||||
Year Ended 10/31/2023 | $9.21 | 2.21% | 0.68%(d) | 0.55%(d),(e) | 2.76% | 8% | $4,956 |
Year Ended 10/31/2022 | $9.26 | (10.16%) | 0.63%(d) | 0.53%(d),(e) | 2.37% | 3% | $5,606 |
Year Ended 10/31/2021 | $10.58 | 1.91% | 0.65% | 0.56%(e) | 2.17% | 8% | $3,872 |
Year Ended 10/31/2020 | $10.61 | 2.27% | 0.65% | 0.56%(e) | 2.48% | 13% | $3,834 |
Year Ended 10/31/2019 | $10.64 | 8.19% | 0.65% | 0.55%(e) | 3.00% | 15% | $3,188 |
Class C | |||||||
Year Ended 10/31/2023 | $9.22 | 1.60% | 1.38%(d) | 1.25%(d),(e) | 2.06% | 8% | $636 |
Year Ended 10/31/2022 | $9.26 | (10.79%) | 1.45%(d) | 1.23%(d),(e) | 1.63% | 3% | $1,148 |
Year Ended 10/31/2021 | $10.58 | 1.10% | 1.65% | 1.26%(e) | 1.47% | 8% | $1,710 |
Year Ended 10/31/2020 | $10.62 | 1.65% | 1.65% | 1.26%(e),(g) | 1.80% | 13% | $2,617 |
Year Ended 10/31/2019 | $10.64 | 7.44% | 1.65% | 1.25%(e),(g) | 2.32% | 15% | $3,472 |
Institutional Class | |||||||
Year Ended 10/31/2023 | $9.23 | 2.32% | 0.68%(d) | 0.55%(d),(e) | 2.77% | 8% | $16,458 |
Year Ended 10/31/2022 | $9.27 | (10.06%) | 0.64%(d) | 0.54%(d),(e) | 2.28% | 3% | $16,856 |
Year Ended 10/31/2021 | $10.58 | 1.81% | 0.65% | 0.56%(e) | 2.17% | 8% | $167,020 |
Year Ended 10/31/2020 | $10.62 | 2.27% | 0.65% | 0.56%(e) | 2.49% | 13% | $182,343 |
Year Ended 10/31/2019 | $10.65 | 8.19% | 0.65% | 0.55%(e) | 3.01% | 15% | $177,665 |
Institutional 2 Class | |||||||
Year Ended 10/31/2023 | $9.24 | 2.35% | 0.63%(d) | 0.51%(d) | 2.81% | 8% | $8 |
Year Ended 10/31/2022 | $9.28 | (10.20%) | 0.60%(d) | 0.50%(d) | 2.30% | 3% | $8 |
Year Ended 10/31/2021 | $10.61 | 1.96% | 0.59% | 0.50% | 2.23% | 8% | $102 |
Year Ended 10/31/2020 | $10.64 | 2.43% | 0.59% | 0.49% | 2.61% | 13% | $226 |
Year Ended 10/31/2019 | $10.66 | 8.25% | 0.59% | 0.49% | 3.03% | 15% | $408 |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 19 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 10/31/2023 | $9.31 | 0.28 | (0.05)(c) | 0.23 | (0.27) | — | (0.27) |
Year Ended 10/31/2022 | $10.64 | 0.26 | (1.32) | (1.06) | (0.24) | (0.03) | (0.27) |
Year Ended 10/31/2021 | $10.67 | 0.24 | (0.02) | 0.22 | (0.25) | (0.00)(f) | (0.25) |
Year Ended 10/31/2020 | $10.70 | 0.27 | (0.02) | 0.25 | (0.27) | (0.01) | (0.28) |
Year Ended 10/31/2019 | $10.22 | 0.33 | 0.50 | 0.83 | (0.32) | (0.03) | (0.35) |
Class V | |||||||
Year Ended 10/31/2023 | $9.26 | 0.25 | (0.04)(c) | 0.21 | (0.25) | — | (0.25) |
Year Ended 10/31/2022 | $10.59 | 0.22 | (1.31) | (1.09) | (0.21) | (0.03) | (0.24) |
Year Ended 10/31/2021 | $10.62 | 0.22 | (0.03) | 0.19 | (0.22) | (0.00)(f) | (0.22) |
Year Ended 10/31/2020 | $10.65 | 0.25 | (0.03) | 0.22 | (0.24) | (0.01) | (0.25) |
Year Ended 10/31/2019 | $10.17 | 0.30 | 0.51 | 0.81 | (0.30) | (0.03) | (0.33) |
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) | Ratios include interfund lending expense which is less than 0.01%. |
(e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(f) | Rounds to zero. |
(g) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by: |
10/31/2020 | 10/31/2019 | |
Class C | 0.25% | 0.30% |
20 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
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 10/31/2023 | $9.27 | 2.43% | 0.57%(d) | 0.44%(d) | 2.87% | 8% | $59,041 |
Year Ended 10/31/2022 | $9.31 | (10.11%) | 0.56%(d) | 0.44%(d) | 2.77% | 3% | $89,300 |
Year Ended 10/31/2021 | $10.64 | 2.02% | 0.55% | 0.45% | 2.28% | 8% | $159 |
Year Ended 10/31/2020 | $10.67 | 2.38% | 0.54% | 0.45% | 2.58% | 13% | $173 |
Year Ended 10/31/2019 | $10.70 | 8.28% | 0.54% | 0.44% | 3.12% | 15% | $128 |
Class V | |||||||
Year Ended 10/31/2023 | $9.22 | 2.17% | 0.83%(d) | 0.70%(d),(e) | 2.61% | 8% | $7,494 |
Year Ended 10/31/2022 | $9.26 | (10.38%) | 0.79%(d) | 0.68%(d),(e) | 2.19% | 3% | $8,460 |
Year Ended 10/31/2021 | $10.59 | 1.76% | 0.80% | 0.71%(e) | 2.02% | 8% | $11,700 |
Year Ended 10/31/2020 | $10.62 | 2.12% | 0.80% | 0.71%(e) | 2.34% | 13% | $12,363 |
Year Ended 10/31/2019 | $10.65 | 8.03% | 0.80% | 0.70%(e) | 2.86% | 15% | $12,839 |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 21 |
October 31, 2023
22 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 23 |
October 31, 2023
24 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Effective rate (%) | |
Class A | 0.11 |
Advisor Class | 0.12 |
Class C | 0.12 |
Institutional Class | 0.12 |
Institutional 2 Class | 0.07 |
Institutional 3 Class | 0.01 |
Class V | 0.12 |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 25 |
October 31, 2023
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 283 |
Class C | — | 1.00(b) | 73 |
Class V | 4.75 | 0.50 - 1.00(c) | — |
(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. |
(c) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
March 1, 2023 through February 29, 2024 | Prior to March 1, 2023 | |
Class A | 0.81% | 0.81% |
Advisor Class | 0.56 | 0.56 |
Class C | 1.26 | 1.26 |
Institutional Class | 0.56 | 0.56 |
Institutional 2 Class | 0.51 | 0.50 |
Institutional 3 Class | 0.45 | 0.45 |
Class V | 0.71 | 0.71 |
26 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(4) | 4 | — |
Year Ended October 31, 2023 | Year Ended October 31, 2022 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
14,107 | 3,362,892 | — | 3,376,999 | 1,487 | 4,112,010 | 542,312 | 4,655,809 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
— | 304,948 | — | (4,368,667) | (6,511,437) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
113,734,989 | 206,553 | (6,717,990) | (6,511,437) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
— | (4,368,667) | (4,368,667) | — |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 27 |
October 31, 2023
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 366,667 | 4.85 | 3 |
28 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 29 |
October 31, 2023
30 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 31 |
Exempt- interest dividends | |
99.58% |
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 | 170 | 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 |
32 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Independent trustees (continued)
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; 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 | 170 | 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 | 170 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), 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 | 170 | 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, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | 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 |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 33 |
(Unaudited)
Independent trustees (continued)
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 | 168 | 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 | 170 | 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 | 170 | 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 | 170 | Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; 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 | 168 | None |
34 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Independent trustees (continued)
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 | 168 | Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; 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. | 170 | 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 | 168 | 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 |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 35 |
(Unaudited)
Independent trustees (continued)
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 |
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 | 170 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |
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 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021; Co-President and Principal Executive Officer, Columbia Acorn/Wanger Funds, since July 2021 | 170 | 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; Director, Columbia Threadneedle Canada, Inc., since December 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 and Hacker 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. |
36 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
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) and Senior Vice President (2019) | 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. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |
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, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
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. |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 37 |
(Unaudited)
Fund officers (continued)
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 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; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company. |
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks; |
38 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 39 |
(Unaudited)
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
40 | Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Economies of scale
Columbia Massachusetts Intermediate Municipal Bond Fund | Annual Report 2023 | 41 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
October 31, 2023
3 | |
5 | |
7 | |
8 | |
15 | |
16 | |
17 | |
20 | |
24 | |
35 | |
36 | |
36 | |
42 |
(Unaudited)
Average annual total returns (%) (for the period ended October 31, 2023) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 09/26/86 | 2.20 | -0.37 | 1.51 |
Including sales charges | -0.85 | -0.97 | 1.20 | ||
Advisor Class | 03/19/13 | 2.46 | -0.12 | 1.76 | |
Class C | Excluding sales charges | 08/01/97 | 1.74 | -0.80 | 1.04 |
Including sales charges | 0.76 | -0.80 | 1.04 | ||
Institutional Class | 09/01/11 | 2.42 | -0.12 | 1.75 | |
Institutional 2 Class | 11/08/12 | 2.47 | -0.08 | 1.77 | |
Institutional 3 Class* | 03/01/17 | 2.53 | -0.06 | 1.71 | |
Bloomberg New York Municipal Bond Index | 3.21 | 0.82 | 1.95 | ||
Bloomberg Municipal Bond Index | 2.64 | 1.00 | 2.12 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 3 |
(Unaudited)
Quality breakdown (%) (at October 31, 2023) | |
AAA rating | 4.1 |
AA rating | 40.7 |
A rating | 13.4 |
BBB rating | 17.5 |
BB rating | 6.9 |
B rating | 1.5 |
Not rated | 15.9 |
Total | 100.0 |
4 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
(Unaudited)
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 5 |
(Unaudited)
• | The primary detractor from the Fund’s performance during the period was a position in the bonds of the Puerto Rico Electric Power Authority (PREPA). The utility company entered bankruptcy in July 2017 with just over $8 billion in outstanding debt. In late June 2023, the bankruptcy court issued a surprise ruling that bondholders can claim just a percentage of the outstanding debt’s value that was much lower than expected. Bondholders have begun to work on an appeal. |
• | Overweighted allocations relative to the benchmark in charter schools, continuing care retirement communities (CCRCs) and municipal bonds with maturities of 30 years and longer weighed on the Fund’s relative performance. |
• | Security selection in municipal bonds rated BBB and AAA and in CCRCs also detracted from the Fund’s results. |
• | The Fund’s overweighted allocations to medium and lower quality bonds, specifically in non-rated and BBB rated municipal bonds, were key contributors to Fund performance versus its benchmark. |
• | Overweights in the airline, tobacco and resource recovery sectors also contributed to Fund performance during the period. |
• | Security selection in municipal bonds with maturities of 22-30 years, selections in the transportation, charter schools and hospital sectors, and selections in A and AA rated bonds also benefited Fund performance during the period. |
6 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
(Unaudited)
May 1, 2023 — October 31, 2023 | |||||||
Account value at the beginning of the period ($) | 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 | 935.50 | 1,021.56 | 3.80 | 3.97 | 0.77 |
Advisor Class | 1,000.00 | 1,000.00 | 936.60 | 1,022.83 | 2.57 | 2.68 | 0.52 |
Class C | 1,000.00 | 1,000.00 | 932.90 | 1,019.26 | 6.01 | 6.28 | 1.22 |
Institutional Class | 1,000.00 | 1,000.00 | 936.60 | 1,022.83 | 2.57 | 2.68 | 0.52 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 936.90 | 1,022.88 | 2.52 | 2.63 | 0.51 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 937.00 | 1,023.14 | 2.27 | 2.37 | 0.46 |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 7 |
October 31, 2023
Floating Rate Notes 0.3% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Variable Rate Demand Notes 0.3% | ||||
New York City Water & Sewer System(a),(b) | ||||
Revenue Bonds | ||||
2nd General Resolution | ||||
Series 2013 (JPMorgan Chase Bank) | ||||
06/15/2050 | 3.950% | 400,000 | 400,000 | |
Total Floating Rate Notes (Cost $400,000) | 400,000 | |||
Municipal Bonds 99.2% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Air Transportation 6.3% | ||||
New York City Industrial Development Agency(c) | ||||
Refunding Revenue Bonds | ||||
Trips Obligated Group | ||||
Series 2012A | ||||
07/01/2028 | 5.000% | 1,725,000 | 1,691,891 | |
New York Transportation Development Corp.(c) | ||||
Refunding Revenue Bonds | ||||
American Airlines, Inc. Project | ||||
Series 2021 | ||||
08/01/2031 | 3.000% | 1,300,000 | 1,089,626 | |
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2020 | ||||
12/01/2040 | 4.000% | 600,000 | 496,849 | |
12/01/2041 | 4.000% | 600,000 | 491,878 | |
Revenue Bonds | ||||
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2022 | ||||
12/01/2041 | 5.000% | 1,000,000 | 952,255 | |
12/01/2042 | 4.000% | 1,000,000 | 807,536 | |
New York Transportation Development Corp.(c),(d) | ||||
Revenue Bonds | ||||
LaGuardia Airport Terminal C&D | ||||
Series 2023 | ||||
04/01/2040 | 5.625% | 1,500,000 | 1,489,603 | |
Total | 7,019,638 | |||
Airport 0.5% | ||||
Niagara Frontier Transportation Authority(c) | ||||
Refunding Revenue Bonds | ||||
Buffalo Niagara International Airport | ||||
Series 2019 | ||||
04/01/2039 | 5.000% | 525,000 | 508,663 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Charter Schools 6.8% | ||||
Albany Capital Resource Corp. | ||||
Refunding Revenue Bonds | ||||
Brighter Choice Elementary | ||||
Series 2021 | ||||
04/01/2037 | 4.000% | 1,000,000 | 799,200 | |
Build NYC Resource Corp. | ||||
Revenue Bonds | ||||
Academic Leadership Charter School Project | ||||
Series 2021 | ||||
06/15/2036 | 4.000% | 200,000 | 170,895 | |
International Leadership Charter School | ||||
Series 2013 | ||||
07/01/2033 | 5.750% | 1,500,000 | 1,424,170 | |
Social Bonds - KIPP NYC Public School Facilities Canal West Project | ||||
Series 2023 | ||||
07/01/2062 | 5.250% | 1,000,000 | 908,188 | |
Build NYC Resource Corp.(e) | ||||
Revenue Bonds | ||||
International Leadership Charter School | ||||
Series 2016 | ||||
07/01/2046 | 6.250% | 265,000 | 246,802 | |
New World Preparatory Charter School Project | ||||
Series 2021 | ||||
06/15/2051 | 4.000% | 690,000 | 458,218 | |
Secton Education Partners-Brilla Project | ||||
Series 2021 | ||||
11/01/2051 | 4.000% | 1,000,000 | 672,862 | |
Social Bonds - East Harlem Scholars Academy Charter School Project | ||||
Series 2022 | ||||
06/01/2062 | 5.750% | 1,000,000 | 917,927 | |
Unity Preparatory Charter School of Brooklyn Project | ||||
Series 2023 | ||||
06/15/2063 | 5.500% | 1,000,000 | 869,611 | |
Hempstead Town Local Development Corp. | ||||
Revenue Bonds | ||||
Evergreen Charter School Project | ||||
Series 2022A | ||||
06/15/2057 | 5.500% | 500,000 | 441,840 | |
Monroe County Industrial Development Corp.(e) | ||||
Revenue Bonds | ||||
Social Bonds - Academy of Health Sciences Charter School Project | ||||
Series 2022 | ||||
07/01/2057 | 6.000% | 750,000 | 670,694 | |
Total | 7,580,407 |
8 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Disposal 1.5% | ||||
New York State Environmental Facilities Corp.(c),(e) | ||||
Revenue Bonds | ||||
Casella Waste Systems, Inc. | ||||
Series 2019 (Mandatory Put 12/03/29) | ||||
12/01/2044 | 2.875% | 2,000,000 | 1,708,151 | |
Health Services 1.3% | ||||
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Icahn School of Medicine at Mount Sinai | ||||
Series 2015 | ||||
07/01/2040 | 5.000% | 1,500,000 | 1,419,214 | |
Higher Education 1.7% | ||||
Build NYC Resource Corp. | ||||
Refunding Revenue Bonds | ||||
Manhattan College Project | ||||
Series 2017 | ||||
08/01/2042 | 4.000% | 750,000 | 615,358 | |
New York State Dormitory Authority | ||||
Revenue Bonds | ||||
St. John’s University | ||||
Series 2007C (NPFGC) | ||||
07/01/2026 | 5.250% | 1,205,000 | 1,237,434 | |
Total | 1,852,792 | |||
Hospital 3.9% | ||||
Genesee County Funding Corp. (The) | ||||
Refunding Revenue Bonds | ||||
Rochester Regional Health Project | ||||
Series 2022 | ||||
12/01/2052 | 5.250% | 500,000 | 472,986 | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Montefiore Obligated Group | ||||
Series 2020A | ||||
09/01/2050 | 4.000% | 1,000,000 | 745,094 | |
North Shore - Long Island Jewish Obligation Group | ||||
Series 2015A | ||||
05/01/2037 | 5.000% | 2,000,000 | 1,979,551 | |
New York State Dormitory Authority(e) | ||||
Refunding Revenue Bonds | ||||
Orange Regional Medical Center | ||||
Series 2017 | ||||
12/01/2037 | 5.000% | 400,000 | 352,343 | |
Westchester County Local Development Corp. | ||||
Refunding Revenue Bonds | ||||
Westchester Medical Center | ||||
Series 2016 | ||||
11/01/2037 | 3.750% | 1,000,000 | 741,394 | |
Total | 4,291,368 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Joint Power Authority 1.8% | ||||
New York Power Authority | ||||
Refunding Revenue Bonds | ||||
Series 2020A | ||||
11/15/2055 | 4.000% | 500,000 | 404,270 | |
Revenue Bonds | ||||
Green Transmission Project | ||||
Series 2022 (AGM) | ||||
11/15/2061 | 4.000% | 2,000,000 | 1,588,649 | |
Total | 1,992,919 | |||
Local Appropriation 0.9% | ||||
Suffolk County Judicial Facilities Agency | ||||
Revenue Bonds | ||||
H. Lee Dennison Building | ||||
Series 2013 | ||||
11/01/2025 | 5.000% | 1,000,000 | 1,000,379 | |
Local General Obligation 6.6% | ||||
City of New York | ||||
Unlimited General Obligation Bonds | ||||
Series 2022A-1 | ||||
09/01/2046 | 4.000% | 3,000,000 | 2,569,625 | |
Series 2022D-1 | ||||
05/01/2042 | 5.250% | 1,250,000 | 1,294,830 | |
05/01/2043 | 5.250% | 1,000,000 | 1,033,770 | |
Subordinated Series 2023E-1 | ||||
04/01/2047 | 5.250% | 750,000 | 769,216 | |
04/01/2050 | 4.000% | 1,000,000 | 840,738 | |
Unlimited General Obligation Refunding Bonds | ||||
Subordinated Series 2023F-1 | ||||
08/01/2037 | 5.000% | 250,000 | 262,868 | |
City of Poughkeepsie | ||||
Limited General Obligation Refunding Bonds | ||||
Series 2019 | ||||
06/01/2031 | 5.000% | 600,000 | 592,733 | |
Total | 7,363,780 | |||
Multi-Family 9.3% | ||||
Housing Development Corp. | ||||
Revenue Bonds | ||||
Sustainable Neighborhood | ||||
Series 2017G | ||||
11/01/2047 | 3.700% | 2,000,000 | 1,537,545 | |
New York City Housing Development Corp. | ||||
Refunding Revenue Bonds | ||||
Sustainable Neighborhood | ||||
Series 2019 | ||||
11/01/2039 | 3.800% | 1,410,000 | 1,207,337 | |
11/01/2049 | 3.650% | 875,000 | 646,707 |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 9 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Series 2018K | ||||
11/01/2048 | 4.000% | 735,000 | 586,071 | |
Sustainable Development Bonds | ||||
Series 2021 | ||||
05/01/2051 | 2.750% | 1,000,000 | 588,691 | |
Sustainable Neighborhood | ||||
Series 2019 | ||||
11/01/2049 | 3.250% | 1,710,000 | 1,174,006 | |
New York State Housing Finance Agency | ||||
Revenue Bonds | ||||
Affordable Housing | ||||
Series 2017M | ||||
11/01/2042 | 3.650% | 750,000 | 592,048 | |
Series 2019D | ||||
11/01/2044 | 3.700% | 1,000,000 | 775,812 | |
Climate Bond Certified/Sustainability Bonds | ||||
Series 2019 | ||||
11/01/2044 | 3.150% | 840,000 | 586,922 | |
Green Bonds | ||||
Series 2017H | ||||
11/01/2047 | 3.650% | 1,360,000 | 1,018,638 | |
Series 2017L (GNMA) | ||||
11/01/2037 | 3.300% | 540,000 | 452,699 | |
Sustainability Bonds | ||||
Series 2019I | ||||
11/01/2039 | 3.000% | 800,000 | 596,927 | |
Series 2021J-1 (FHA) | ||||
11/01/2056 | 2.875% | 1,000,000 | 586,993 | |
Total | 10,350,396 | |||
Municipal Power 3.1% | ||||
Guam Power Authority(f) | ||||
Refunding Revenue Bonds | ||||
Series 2022A | ||||
10/01/2043 | 5.000% | 500,000 | 466,964 | |
10/01/2044 | 5.000% | 500,000 | 461,544 | |
Long Island Power Authority | ||||
Refunding Revenue Bonds | ||||
Series 2014A | ||||
09/01/2044 | 5.000% | 1,000,000 | 987,975 | |
Revenue Bonds | ||||
Green Bonds | ||||
Series 2023E | ||||
09/01/2048 | 5.000% | 1,000,000 | 987,866 | |
Puerto Rico Electric Power Authority(f),(g) | ||||
Revenue Bonds | ||||
Series 2010XX | ||||
07/01/2040 | 0.000% | 1,000,000 | 250,000 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2012A | ||||
07/01/2042 | 0.000% | 1,250,000 | 312,500 | |
Total | 3,466,849 | |||
Nursing Home 0.7% | ||||
Monroe County Industrial Development Corp. | ||||
Refunding Revenue Bonds | ||||
St. Ann’s Community Project | ||||
Series 2019 | ||||
01/01/2050 | 5.000% | 1,000,000 | 742,359 | |
Other Bond Issue 2.7% | ||||
New York Liberty Development Corp. | ||||
Refunding Revenue Bonds | ||||
Green Bonds - 4 World Trade Center Project | ||||
Series 2021 | ||||
11/15/2051 | 3.000% | 500,000 | 321,869 | |
New York Transportation Development Corp.(c) | ||||
Revenue Bonds | ||||
New York State Thruway Service Areas Project | ||||
Series 2021 | ||||
10/31/2046 | 4.000% | 1,500,000 | 1,186,618 | |
04/30/2053 | 4.000% | 2,000,000 | 1,500,754 | |
Total | 3,009,241 | |||
Other Industrial Development Bond 0.3% | ||||
New York Liberty Development Corp. | ||||
Revenue Bonds | ||||
Goldman Sachs Headquarters | ||||
Series 2007 | ||||
10/01/2037 | 5.500% | 260,000 | 270,021 | |
Pool / Bond Bank 0.0% | ||||
New York State Dormitory Authority | ||||
Unrefunded Revenue Bonds | ||||
School Districts Bond Financing Program | ||||
Series 2009 (AGM) | ||||
10/01/2036 | 5.125% | 15,000 | 15,017 | |
Ports 9.3% | ||||
New York Liberty Development Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2021-1WTC | ||||
02/15/2042 | 3.000% | 2,000,000 | 1,418,042 | |
Port Authority of New York & New Jersey(c) | ||||
Refunding Revenue Bonds | ||||
193rd Series 2015 | ||||
10/15/2035 | 5.000% | 2,635,000 | 2,652,719 | |
Consolidated 186th | ||||
Series 2014 | ||||
10/15/2044 | 5.000% | 1,000,000 | 958,709 |
10 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Port Authority of New York & New Jersey | ||||
Refunding Revenue Bonds | ||||
Consolidated 211th | ||||
Series 2018 | ||||
09/01/2043 | 4.000% | 2,000,000 | 1,738,314 | |
Revenue Bonds | ||||
Consolidated 85th | ||||
Series 1993 | ||||
03/01/2028 | 5.375% | 1,240,000 | 1,281,011 | |
Consolidated 93rd | ||||
Series 1994 | ||||
06/01/2094 | 6.125% | 2,250,000 | 2,264,592 | |
Total | 10,313,387 | |||
Prep School 1.5% | ||||
Build NYC Resource Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
06/01/2033 | 5.000% | 500,000 | 504,379 | |
06/01/2035 | 5.000% | 700,000 | 704,865 | |
Rensselaer County Industrial Development Agency | ||||
Refunding Revenue Bonds | ||||
Emma Willard School Project | ||||
Series 2015A | ||||
01/01/2036 | 5.000% | 500,000 | 504,800 | |
Total | 1,714,044 | |||
Recreation 0.6% | ||||
Western Regional Off-Track Betting Corp.(e) | ||||
Refunding Revenue Bonds | ||||
Series 2021 | ||||
12/01/2041 | 4.125% | 1,000,000 | 692,523 | |
Refunded / Escrowed 0.8% | ||||
Build NYC Resource Corp. | ||||
Prerefunded 08/01/25 Revenue Bonds | ||||
YMCA of Greater New York Project | ||||
Series 2015 | ||||
08/01/2040 | 5.000% | 900,000 | 918,499 | |
Resource Recovery 1.0% | ||||
Build NYC Resource Corp.(c),(e) | ||||
Refunding Revenue Bonds | ||||
Pratt Paper, Inc. Project | ||||
Series 2014 | ||||
01/01/2035 | 5.000% | 750,000 | 729,937 | |
Jefferson County Industrial Development Agency(c),(e),(g) | ||||
Revenue Bonds | ||||
ReEnergy Black River LLC P | ||||
Series 2019 | ||||
01/01/2024 | 0.000% | 955,273 | 382,109 | |
Total | 1,112,046 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Retirement Communities 6.6% | ||||
Brookhaven Local Development Corp. | ||||
Refunding Revenue Bonds | ||||
Jefferson’s Ferry Project | ||||
Series 2016 | ||||
11/01/2036 | 5.250% | 750,000 | 727,335 | |
Revenue Bonds | ||||
Jefferson’s Ferry Project | ||||
Series 2020 | ||||
11/01/2055 | 4.000% | 1,000,000 | 696,508 | |
Huntington Local Development Corp. | ||||
Revenue Bonds | ||||
Fountaingate Garden Project | ||||
Series 2021A | ||||
07/01/2056 | 5.250% | 2,000,000 | 1,426,358 | |
Suffolk County Economic Development Corp. | ||||
Refunding Revenue Bonds | ||||
Peconic Landing at Southhold, Inc. | ||||
Series 2020 | ||||
12/01/2040 | 5.000% | 1,540,000 | 1,366,211 | |
Tompkins County Development Corp. | ||||
Refunding Revenue Bonds | ||||
Kendal at Ithaca, Inc. Project | ||||
Series 2014 | ||||
07/01/2044 | 5.000% | 1,655,000 | 1,435,648 | |
Ulster County Capital Resource Corp.(e) | ||||
Refunding Revenue Bonds | ||||
Woodland Pond at New Paltz | ||||
Series 2017 | ||||
09/15/2047 | 5.250% | 500,000 | 341,814 | |
09/15/2053 | 5.250% | 1,000,000 | 654,695 | |
Westchester County Local Development Corp.(e) | ||||
Revenue Bonds | ||||
Purchase Senior Learning Community | ||||
Series 2021 | ||||
07/01/2056 | 5.000% | 1,000,000 | 708,567 | |
Total | 7,357,136 | |||
Sales Tax 8.0% | ||||
Commonwealth of Puerto Rico(f),(h) | ||||
Revenue Notes | ||||
Series 2022 | ||||
11/01/2051 | 0.000% | 520,296 | 263,400 | |
Subordinated Series 2022 | ||||
11/01/2043 | 0.000% | 350,677 | 174,462 | |
Puerto Rico Sales Tax Financing Corp.(f),(h) | ||||
Revenue Bonds | ||||
Series 2018A-1 | ||||
07/01/2046 | 0.000% | 12,100,000 | 2,999,303 |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 11 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Puerto Rico Sales Tax Financing Corp.(f) | ||||
Revenue Bonds | ||||
Series 2019A1 | ||||
07/01/2058 | 5.000% | 1,000,000 | 873,008 | |
Triborough Bridge & Tunnel Authority | ||||
Revenue Bonds | ||||
Sales Tax - MTA Bridges & Tunnels | ||||
Series 2022 | ||||
05/15/2062 | 5.250% | 2,500,000 | 2,539,234 | |
TBTA Capital Lockbox - City Sales Tax | ||||
Series 2023A | ||||
05/15/2063 | 5.500% | 2,000,000 | 2,077,929 | |
Total | 8,927,336 | |||
Single Family 1.9% | ||||
State of New York Mortgage Agency | ||||
Refunding Revenue Bonds | ||||
Series 2019-217 | ||||
04/01/2039 | 3.625% | 135,000 | 112,375 | |
Revenue Bonds | ||||
Social Bonds | ||||
Series 2023-250 (HUD) | ||||
10/01/2053 | 4.900% | 1,000,000 | 945,930 | |
State of New York Mortgage Agency(c) | ||||
Refunding Revenue Bonds | ||||
Series 2019-218 | ||||
04/01/2033 | 3.600% | 950,000 | 853,477 | |
04/01/2038 | 3.850% | 170,000 | 166,196 | |
Total | 2,077,978 | |||
Special Non Property Tax 9.1% | ||||
Metropolitan Transportation Authority(h) | ||||
Refunding Revenue Bonds | ||||
Series 2012A | ||||
11/15/2032 | 0.000% | 2,500,000 | 1,653,114 | |
New York City Transitional Finance Authority | ||||
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2022A-1 | ||||
08/01/2048 | 4.000% | 3,000,000 | 2,533,558 | |
Subordinated Series 2023A | ||||
05/01/2047 | 5.000% | 1,000,000 | 1,002,526 | |
Subordinated Series 2023F-1 | ||||
02/01/2047 | 5.250% | 1,000,000 | 1,026,620 | |
New York State Thruway Authority | ||||
Refunding Revenue Bonds | ||||
Personal Income Tax - Bidding Group | ||||
Series 2022A | ||||
03/15/2050 | 4.000% | 2,000,000 | 1,703,198 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Puerto Rico Highway & Transportation Authority(f),(h) | ||||
Revenue Bonds | ||||
Series 2022B | ||||
07/01/2032 | 0.000% | 53,221 | 33,928 | |
Series 2022C | ||||
07/01/2053 | 0.000% | 91,041 | 58,267 | |
Triborough Bridge & Tunnel Authority | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Series 2023C | ||||
11/15/2043 | 5.000% | 1,000,000 | 1,015,596 | |
Revenue Bonds | ||||
Senior Lien Green Bonds | ||||
Series 2022D-2 | ||||
05/15/2052 | 5.500% | 1,000,000 | 1,044,152 | |
Total | 10,070,959 | |||
Special Property Tax 0.7% | ||||
Glen Cove Local Economic Assistance Corp. | ||||
Refunding Revenue Bonds | ||||
Garview Point Public Improvement Project | ||||
Series 2016 | ||||
01/01/2056 | 5.000% | 1,000,000 | 794,155 | |
Tobacco 5.2% | ||||
Chautauqua Tobacco Asset Securitization Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2014 | ||||
06/01/2034 | 5.000% | 1,000,000 | 935,092 | |
New York Counties Tobacco Trust VI | ||||
Refunding Revenue Bonds | ||||
Tobacco Settlement Pass-Through | ||||
Series 2016 | ||||
06/01/2051 | 5.000% | 2,000,000 | 1,698,607 | |
Suffolk Tobacco Asset Securitization Corp.(h) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2021B-2 | ||||
06/01/2066 | 0.000% | 3,000,000 | 253,305 | |
TSASC, Inc. | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
06/01/2041 | 5.000% | 3,000,000 | 2,934,660 | |
Total | 5,821,664 | |||
Transportation 4.0% | ||||
Metropolitan Transportation Authority | ||||
Refunding Revenue Bonds | ||||
Series 2017D | ||||
11/15/2042 | 4.000% | 1,000,000 | 843,978 |
12 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Green Bonds | ||||
Series 2020C-1 | ||||
11/15/2050 | 5.000% | 2,000,000 | 1,899,412 | |
Transportation | ||||
Series 2015B | ||||
11/15/2040 | 5.000% | 1,675,000 | 1,646,614 | |
Total | 4,390,004 | |||
Water & Sewer 3.1% | ||||
New York City Municipal Water Finance Authority | ||||
Refunding Revenue Bonds | ||||
Series 2023DD | ||||
06/15/2047 | 5.000% | 1,000,000 | 1,007,062 | |
Revenue Bonds | ||||
Subordinated Series 2023AA-1 | ||||
06/15/2053 | 5.250% | 2,000,000 | 2,056,593 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority(e),(f) | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2020A | ||||
07/01/2047 | 5.000% | 425,000 | 376,516 | |
Total | 3,440,171 | |||
Total Municipal Bonds (Cost $130,324,927) | 110,221,096 |
Money Market Funds 0.6% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.823%(i) | 653,680 | 653,680 |
Total Money Market Funds (Cost $653,680) | 653,680 | |
Total Investments in Securities (Cost: $131,378,607) | 111,274,776 | |
Other Assets & Liabilities, Net | (128,936) | |
Net Assets | 111,145,840 |
(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 October 31, 2023. |
(c) | Income from this security may be subject to alternative minimum tax. |
(d) | Represents a security purchased on a when-issued basis. |
(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 October 31, 2023, the total value of these securities amounted to $9,782,769, which represents 8.80% of total net assets. |
(f) | 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 October 31, 2023, the total value of these securities amounted to $6,269,892, which represents 5.64% of total net assets. |
(g) | Represents a security in default. |
(h) | Zero coupon bond. |
(i) | The rate shown is the seven-day current annualized yield at October 31, 2023. |
AGM | Assured Guaranty Municipal Corporation |
FHA | Federal Housing Authority |
GNMA | Government National Mortgage Association |
HUD | U.S. Department of Housing and Urban Development |
NPFGC | National Public Finance Guarantee Corporation |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 13 |
October 31, 2023
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 400,000 | — | 400,000 |
Municipal Bonds | — | 110,221,096 | — | 110,221,096 |
Money Market Funds | 653,680 | — | — | 653,680 |
Total Investments in Securities | 653,680 | 110,621,096 | — | 111,274,776 |
14 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $131,378,607) | $111,274,776 |
Cash | 3,770 |
Receivable for: | |
Capital shares sold | 430,537 |
Dividends | 1,083 |
Interest | 1,751,802 |
Trustees’ fees | 81,098 |
Expense reimbursement due from Investment Manager | 323 |
Prepaid expenses | 3,591 |
Total assets | 113,546,980 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 1,464,600 |
Capital shares redeemed | 428,189 |
Distributions to shareholders | 379,664 |
Management services fees | 1,429 |
Distribution and/or service fees | 616 |
Transfer agent fees | 6,584 |
Trustees’ fees | 96,329 |
Other expenses | 23,729 |
Total liabilities | 2,401,140 |
Net assets applicable to outstanding capital stock | $111,145,840 |
Represented by | |
Paid in capital | 136,987,930 |
Total distributable earnings (loss) | (25,842,090) |
Total - representing net assets applicable to outstanding capital stock | $111,145,840 |
Class A | |
Net assets | $74,887,376 |
Shares outstanding | 3,156,406 |
Net asset value per share | $23.73 |
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) | $24.46 |
Advisor Class | |
Net assets | $4,763,431 |
Shares outstanding | 201,082 |
Net asset value per share | $23.69 |
Class C | |
Net assets | $5,454,950 |
Shares outstanding | 230,027 |
Net asset value per share | $23.71 |
Institutional Class | |
Net assets | $19,576,126 |
Shares outstanding | 825,825 |
Net asset value per share | $23.70 |
Institutional 2 Class | |
Net assets | $1,023,624 |
Shares outstanding | 43,286 |
Net asset value per share | $23.65 |
Institutional 3 Class | |
Net assets | $5,440,333 |
Shares outstanding | 229,363 |
Net asset value per share | $23.72 |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 15 |
Year Ended October 31, 2023
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $23,869 |
Interest | 5,255,645 |
Total income | 5,279,514 |
Expenses: | |
Management services fees | 582,758 |
Distribution and/or service fees | |
Class A | 208,365 |
Class C | 48,493 |
Transfer agent fees | |
Class A | 62,437 |
Advisor Class | 3,960 |
Class C | 5,203 |
Institutional Class | 16,876 |
Institutional 2 Class | 709 |
Institutional 3 Class | 349 |
Trustees’ fees | 17,539 |
Custodian fees | 9,475 |
Printing and postage fees | 13,412 |
Registration fees | 14,000 |
Accounting services fees | 30,090 |
Legal fees | 14,828 |
Interest on interfund lending | 1,005 |
Compensation of chief compliance officer | 25 |
Other | 12,253 |
Total expenses | 1,041,777 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (136,446) |
Expense reduction | (100) |
Total net expenses | 905,231 |
Net investment income | 4,374,283 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (3,404,569) |
Futures contracts | (281,144) |
Net realized loss | (3,685,713) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 3,565,327 |
Net change in unrealized appreciation (depreciation) | 3,565,327 |
Net realized and unrealized loss | (120,386) |
Net increase in net assets resulting from operations | $4,253,897 |
16 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
Year Ended October 31, 2023 | Year Ended October 31, 2022 | |
Operations | ||
Net investment income | $4,374,283 | $4,867,220 |
Net realized loss | (3,685,713) | (1,925,091) |
Net change in unrealized appreciation (depreciation) | 3,565,327 | (35,541,351) |
Net increase (decrease) in net assets resulting from operations | 4,253,897 | (32,599,222) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (2,888,558) | (3,629,505) |
Advisor Class | (193,810) | (444,337) |
Class C | (208,070) | (328,432) |
Institutional Class | (834,514) | (1,816,669) |
Institutional 2 Class | (42,437) | (83,975) |
Institutional 3 Class | (182,734) | (59,663) |
Total distributions to shareholders | (4,350,123) | (6,362,581) |
Decrease in net assets from capital stock activity | (22,751,495) | (28,180,403) |
Total decrease in net assets | (22,847,721) | (67,142,206) |
Net assets at beginning of year | 133,993,561 | 201,135,767 |
Net assets at end of year | $111,145,840 | $133,993,561 |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 17 |
Year Ended | Year Ended | |||
October 31, 2023 | October 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 296,213 | 7,567,021 | 216,711 | 5,862,614 |
Distributions reinvested | 89,545 | 2,268,519 | 106,218 | 2,976,310 |
Shares redeemed | (628,800) | (15,979,060) | (811,582) | (22,448,591) |
Net decrease | (243,042) | (6,143,520) | (488,653) | (13,609,667) |
Advisor Class | ||||
Shares sold | 99,844 | 2,489,578 | 150,959 | 4,107,086 |
Distributions reinvested | 7,649 | 193,400 | 15,991 | 443,968 |
Shares redeemed | (341,233) | (8,755,337) | (140,897) | (3,815,274) |
Net increase (decrease) | (233,740) | (6,072,359) | 26,053 | 735,780 |
Class C | ||||
Shares sold | 19,233 | 491,234 | 36,038 | 992,089 |
Distributions reinvested | 7,581 | 192,200 | 10,227 | 286,714 |
Shares redeemed | (124,864) | (3,180,530) | (120,876) | (3,269,679) |
Net decrease | (98,050) | (2,497,096) | (74,611) | (1,990,876) |
Institutional Class | ||||
Shares sold | 430,247 | 10,924,894 | 747,219 | 20,982,927 |
Distributions reinvested | 28,270 | 716,353 | 43,837 | 1,224,278 |
Shares redeemed | (735,574) | (18,642,055) | (1,535,616) | (41,284,391) |
Net decrease | (277,057) | (7,000,808) | (744,560) | (19,077,186) |
Institutional 2 Class | ||||
Shares sold | 1,056 | 26,975 | 45,686 | 1,356,649 |
Distributions reinvested | 1,667 | 42,110 | 2,964 | 83,608 |
Shares redeemed | (10,564) | (270,395) | (59,067) | (1,616,812) |
Net decrease | (7,841) | (201,310) | (10,417) | (176,555) |
Institutional 3 Class | ||||
Shares sold | 128,673 | 3,250,327 | 271,895 | 6,978,728 |
Distributions reinvested | 1,790 | 45,301 | 1,103 | 30,662 |
Shares redeemed | (161,479) | (4,132,030) | (41,224) | (1,071,289) |
Net increase (decrease) | (31,016) | (836,402) | 231,774 | 5,938,101 |
Total net decrease | (890,746) | (22,751,495) | (1,060,414) | (28,180,403) |
18 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 19 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 10/31/2023 | $24.04 | 0.89 | (0.32) | 0.57 | (0.88) | — | (0.88) |
Year Ended 10/31/2022 | $30.32 | 0.76 | (6.05) | (5.29) | (0.76) | (0.23) | (0.99) |
Year Ended 10/31/2021 | $29.68 | 0.73 | 0.81 | 1.54 | (0.72) | (0.18) | (0.90) |
Year Ended 10/31/2020(e) | $30.29 | 0.78 | (0.32) | 0.46 | (0.78) | (0.29) | (1.07) |
Year Ended 10/31/2019(e) | $28.51 | 0.88 | 1.78 | 2.66 | (0.88) | — | (0.88) |
Advisor Class | |||||||
Year Ended 10/31/2023 | $24.00 | 0.94 | (0.31) | 0.63 | (0.94) | — | (0.94) |
Year Ended 10/31/2022 | $30.27 | 0.84 | (6.05) | (5.21) | (0.83) | (0.23) | (1.06) |
Year Ended 10/31/2021 | $29.64 | 0.80 | 0.81 | 1.61 | (0.80) | (0.18) | (0.98) |
Year Ended 10/31/2020(e) | $30.25 | 0.85 | (0.32) | 0.53 | (0.85) | (0.29) | (1.14) |
Year Ended 10/31/2019(e) | $28.47 | 0.96 | 1.78 | 2.74 | (0.96) | — | (0.96) |
Class C | |||||||
Year Ended 10/31/2023 | $24.02 | 0.77 | (0.31) | 0.46 | (0.77) | — | (0.77) |
Year Ended 10/31/2022 | $30.30 | 0.64 | (6.05) | (5.41) | (0.64) | (0.23) | (0.87) |
Year Ended 10/31/2021 | $29.67 | 0.59 | 0.81 | 1.40 | (0.59) | (0.18) | (0.77) |
Year Ended 10/31/2020(e) | $30.28 | 0.65 | (0.33) | 0.32 | (0.64) | (0.29) | (0.93) |
Year Ended 10/31/2019(e) | $28.50 | 0.76 | 1.78 | 2.54 | (0.76) | — | (0.76) |
Institutional Class | |||||||
Year Ended 10/31/2023 | $24.02 | 0.95 | (0.33) | 0.62 | (0.94) | — | (0.94) |
Year Ended 10/31/2022 | $30.29 | 0.83 | (6.04) | (5.21) | (0.83) | (0.23) | (1.06) |
Year Ended 10/31/2021 | $29.66 | 0.80 | 0.81 | 1.61 | (0.80) | (0.18) | (0.98) |
Year Ended 10/31/2020(e) | $30.26 | 0.85 | (0.31) | 0.54 | (0.85) | (0.29) | (1.14) |
Year Ended 10/31/2019(e) | $28.49 | 0.96 | 1.77 | 2.73 | (0.96) | — | (0.96) |
Institutional 2 Class | |||||||
Year Ended 10/31/2023 | $23.96 | 0.95 | (0.31) | 0.64 | (0.95) | — | (0.95) |
Year Ended 10/31/2022 | $30.22 | 0.83 | (6.03) | (5.20) | (0.83) | (0.23) | (1.06) |
Year Ended 10/31/2021 | $29.58 | 0.81 | 0.81 | 1.62 | (0.80) | (0.18) | (0.98) |
Year Ended 10/31/2020(e) | $30.19 | 0.86 | (0.32) | 0.54 | (0.86) | (0.29) | (1.15) |
Year Ended 10/31/2019(e) | $28.42 | 0.96 | 1.77 | 2.73 | (0.96) | — | (0.96) |
20 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
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 10/31/2023 | $23.73 | 2.20% | 0.89%(c) | 0.78%(c),(d) | 3.49% | 23% | $74,887 |
Year Ended 10/31/2022 | $24.04 | (17.84%) | 0.86%(c) | 0.78%(c),(d) | 2.74% | 22% | $81,708 |
Year Ended 10/31/2021 | $30.32 | 5.23% | 0.85% | 0.78%(d) | 2.39% | 18% | $117,874 |
Year Ended 10/31/2020(e) | $29.68 | 1.59% | 0.85%(c) | 0.80%(c),(d) | 2.63% | 26% | $114,883 |
Year Ended 10/31/2019(e) | $30.29 | 9.37% | 0.85% | 0.80%(d) | 3.00% | 46% | $117,062 |
Advisor Class | |||||||
Year Ended 10/31/2023 | $23.69 | 2.46% | 0.63%(c) | 0.53%(c),(d) | 3.71% | 23% | $4,763 |
Year Ended 10/31/2022 | $24.00 | (17.64%) | 0.61%(c) | 0.53%(c),(d) | 3.00% | 22% | $10,435 |
Year Ended 10/31/2021 | $30.27 | 5.46% | 0.61% | 0.53%(d) | 2.63% | 18% | $12,373 |
Year Ended 10/31/2020(e) | $29.64 | 1.84% | 0.60%(c) | 0.55%(c),(d) | 2.88% | 26% | $9,151 |
Year Ended 10/31/2019(e) | $30.25 | 9.66% | 0.60% | 0.55%(d) | 3.23% | 46% | $6,470 |
Class C | |||||||
Year Ended 10/31/2023 | $23.71 | 1.74% | 1.34%(c) | 1.23%(c),(d) | 3.02% | 23% | $5,455 |
Year Ended 10/31/2022 | $24.02 | (18.23%) | 1.43%(c) | 1.23%(c),(d) | 2.28% | 22% | $7,882 |
Year Ended 10/31/2021 | $30.30 | 4.72% | 1.60% | 1.23%(d) | 1.94% | 18% | $12,203 |
Year Ended 10/31/2020(e) | $29.67 | 1.10% | 1.60%(c) | 1.25%(c),(d),(f) | 2.18% | 26% | $15,103 |
Year Ended 10/31/2019(e) | $30.28 | 9.04% | 1.60% | 1.25%(d),(f) | 2.56% | 46% | $19,693 |
Institutional Class | |||||||
Year Ended 10/31/2023 | $23.70 | 2.42% | 0.64%(c) | 0.53%(c),(d) | 3.73% | 23% | $19,576 |
Year Ended 10/31/2022 | $24.02 | (17.62%) | 0.61%(c) | 0.53%(c),(d) | 2.94% | 22% | $26,486 |
Year Ended 10/31/2021 | $30.29 | 5.46% | 0.60% | 0.53%(d) | 2.63% | 18% | $55,959 |
Year Ended 10/31/2020(e) | $29.66 | 1.77% | 0.60%(c) | 0.55%(c),(d) | 2.88% | 26% | $51,296 |
Year Ended 10/31/2019(e) | $30.26 | 9.80% | 0.60% | 0.55%(d) | 3.24% | 46% | $52,745 |
Institutional 2 Class | |||||||
Year Ended 10/31/2023 | $23.65 | 2.47% | 0.62%(c) | 0.51%(c) | 3.75% | 23% | $1,024 |
Year Ended 10/31/2022 | $23.96 | (17.62%) | 0.59%(c) | 0.51%(c) | 2.94% | 22% | $1,225 |
Year Ended 10/31/2021 | $30.22 | 5.52% | 0.59% | 0.52% | 2.65% | 18% | $1,860 |
Year Ended 10/31/2020(e) | $29.58 | 1.78% | 0.58%(c) | 0.53%(c) | 2.89% | 26% | $1,977 |
Year Ended 10/31/2019(e) | $30.19 | 9.84% | 0.58% | 0.53% | 3.28% | 46% | $4,207 |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 21 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 10/31/2023 | $24.03 | 0.97 | (0.32) | 0.65 | (0.96) | — | (0.96) |
Year Ended 10/31/2022 | $30.31 | 0.89 | (6.09) | (5.20) | (0.85) | (0.23) | (1.08) |
Year Ended 10/31/2021 | $29.67 | 0.82 | 0.82 | 1.64 | (0.82) | (0.18) | (1.00) |
Year Ended 10/31/2020(e) | $30.28 | 0.87 | (0.32) | 0.55 | (0.87) | (0.29) | (1.16) |
Year Ended 10/31/2019(e) | $28.50 | 0.96 | 1.78 | 2.74 | (0.96) | — | (0.96) |
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%. |
(e) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
(f) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by: |
10/31/2020 | 10/31/2019 | |
Class C | 0.25% | 0.30% |
22 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
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 10/31/2023 | $23.72 | 2.53% | 0.57%(c) | 0.46%(c) | 3.81% | 23% | $5,440 |
Year Ended 10/31/2022 | $24.03 | (17.59%) | 0.55%(c) | 0.46%(c) | 3.42% | 22% | $6,257 |
Year Ended 10/31/2021 | $30.31 | 5.56% | 0.54% | 0.47% | 2.70% | 18% | $867 |
Year Ended 10/31/2020(e) | $29.67 | 1.87% | 0.54%(c) | 0.49%(c) | 2.95% | 26% | $780 |
Year Ended 10/31/2019(e) | $30.28 | 9.71% | 0.54% | 0.49% | 3.17% | 46% | $741 |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 23 |
October 31, 2023
24 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 25 |
October 31, 2023
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | (281,144) |
26 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Derivative instrument | Average notional amounts ($) |
Futures contracts — short | 2,544,927 |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 27 |
October 31, 2023
28 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Effective rate (%) | |
Class A | 0.07 |
Advisor Class | 0.08 |
Class C | 0.08 |
Institutional Class | 0.07 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 10,684 |
Class C | — | 1.00(b) | 454 |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 29 |
October 31, 2023
Fee rate(s) contractual through February 29, 2024 | |
Class A | 0.78% |
Advisor Class | 0.53 |
Class C | 1.23 |
Institutional Class | 0.53 |
Institutional 2 Class | 0.51 |
Institutional 3 Class | 0.46 |
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
32,084 | (32,084) | — |
30 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Year Ended October 31, 2023 | Year Ended October 31, 2022 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
38,792 | 4,311,331 | — | 4,350,123 | 696,681 | 4,825,855 | 840,045 | 6,362,581 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
— | 1,493,158 | — | (6,453,885) | (20,405,935) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
131,680,711 | 239,607 | (20,645,542) | (20,405,935) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(4,554,856) | (1,899,029) | (6,453,885) | — |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 31 |
October 31, 2023
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 2,050,000 | 4.60 | 4 |
32 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
October 31, 2023
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 33 |
October 31, 2023
34 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 35 |
Exempt- interest dividends | |
99.11% |
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 | 170 | 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 |
36 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
(Unaudited)
Independent trustees (continued)
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; 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 | 170 | 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 | 170 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), 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 | 170 | 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, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | 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 |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 37 |
(Unaudited)
Independent trustees (continued)
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 | 168 | 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 | 170 | 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 | 170 | 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 | 170 | Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; 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 | 168 | None |
38 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
(Unaudited)
Independent trustees (continued)
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 | 168 | Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; 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. | 170 | 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 | 168 | 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 |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 39 |
(Unaudited)
Independent trustees (continued)
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 |
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 | 170 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |
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 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021; Co-President and Principal Executive Officer, Columbia Acorn/Wanger Funds, since July 2021 | 170 | 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; Director, Columbia Threadneedle Canada, Inc., since December 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 and Hacker 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. |
40 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
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) and Senior Vice President (2019) | 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. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |
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, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
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. |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 41 |
(Unaudited)
Fund officers (continued)
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 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; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company. |
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
42 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
(Unaudited)
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 43 |
(Unaudited)
Investment performance
44 | Columbia Strategic New York Municipal Income Fund | Annual Report 2023 |
(Unaudited)
Economies of scale
Columbia Strategic New York Municipal Income Fund | Annual Report 2023 | 45 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
October 31, 2023
3 | |
5 | |
8 | |
9 | |
16 | |
18 | |
19 | |
22 | |
26 | |
36 | |
37 | |
37 | |
43 |
(Unaudited)
Average annual total returns (%) (for the period ended October 31, 2023) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/25/02 | 1.98 | 0.71 | 1.33 |
Including sales charges | -1.08 | 0.10 | 1.03 | ||
Advisor Class | 03/19/13 | 2.24 | 0.94 | 1.58 | |
Class C | Excluding sales charges | 11/25/02 | 1.52 | 0.25 | 0.88 |
Including sales charges | 0.53 | 0.25 | 0.88 | ||
Institutional Class | 12/31/91 | 2.24 | 0.96 | 1.59 | |
Institutional 2 Class* | 03/01/16 | 2.39 | 1.02 | 1.64 | |
Institutional 3 Class* | 03/01/17 | 2.44 | 1.07 | 1.66 | |
Class V | Excluding sales charges | 12/31/91 | 2.18 | 0.81 | 1.44 |
Including sales charges | -2.67 | -0.17 | 0.95 | ||
Bloomberg New York 3-15 Year Blend Municipal Bond Index | 2.90 | 1.23 | 1.86 | ||
Bloomberg 3-15 Year Blend Municipal Bond Index | 2.49 | 1.27 | 1.97 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Institutional Class shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 3 |
(Unaudited)
Quality breakdown (%) (at October 31, 2023) | |
AAA rating | 6.6 |
AA rating | 34.3 |
A rating | 42.2 |
BBB rating | 11.3 |
BB rating | 0.5 |
Not rated | 5.1 |
Total | 100.0 |
4 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 5 |
(Unaudited)
• | The Fund’s exposure to CCRCs detracted from performance during the period. CCRCs have struggled with financial operating performance since 2022, due in large part to the increase in labor costs. We have focused research on this sector and expect a continued rebound in 2024. |
• | Other sectors that performed poorly were local general obligations and special non-property tax. The lackluster performance was not due to fundamental issues but rather the timing of Fund purchases during the period. We believe these purchases will perform better going forward. |
• | The Fund’s holdings in refunded bonds underperformed their benchmark counterparts during the period. The underperformance was due to the maturities of the refunded holdings in the benchmark being twice as long as those of the Fund’s holdings. As refunded bonds are of very high quality, we have no fundamental concerns with these positions. |
• | The Fund maintained a below benchmark duration for the entire 12-month period. After initially declining during the first three months, interest rates rose meaningfully during the remainder of the period. The below benchmark positioning helped to limit price declines as rates increased. Having a below benchmark exposure to interest rates in the six months during the period in which returns were negative aided the Fund in outperforming in five of them. |
• | Portfolio return was positive due to the high level of income or yield, which more than offset price declines that occurred during the period. |
• | Overweighted allocations to the lower investment-grade and non-investment grade quality segments contributed to Fund results as these areas outperformed higher quality segments during the period. |
• | At the sector level, the Fund’s exposure to the hospital, transportation and education sectors performed well. Within the transportation sector, portfolio holdings in the Metropolitan Transportation Authority and the New York Port Authority produced healthy returns. These two issuers represent two of the Fund’s largest exposures and are synonymous with New York City. |
6 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 7 |
(Unaudited)
May 1, 2023 — October 31, 2023 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 968.10 | 1,021.66 | 3.76 | 3.86 | 0.75 |
Advisor Class | 1,000.00 | 1,000.00 | 969.30 | 1,022.93 | 2.51 | 2.58 | 0.50 |
Class C | 1,000.00 | 1,000.00 | 965.90 | 1,019.36 | 6.01 | 6.17 | 1.20 |
Institutional Class | 1,000.00 | 1,000.00 | 969.40 | 1,022.93 | 2.51 | 2.58 | 0.50 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 969.70 | 1,023.19 | 2.26 | 2.32 | 0.45 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 970.00 | 1,023.44 | 2.01 | 2.06 | 0.40 |
Class V | 1,000.00 | 1,000.00 | 968.60 | 1,022.17 | 3.26 | 3.35 | 0.65 |
8 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds 98.8% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Air Transportation 2.2% | ||||
New York Transportation Development Corp.(a) | ||||
Refunding Revenue Bonds | ||||
American Airlines, Inc. Project | ||||
Series 2021 | ||||
08/01/2031 | 3.000% | 650,000 | 544,813 | |
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2020 | ||||
12/01/2036 | 5.000% | 800,000 | 795,995 | |
12/01/2038 | 4.000% | 300,000 | 253,777 | |
New York Transportation Development Corp. | ||||
Refunding Revenue Bonds | ||||
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2020 | ||||
12/01/2038 | 5.000% | 1,000,000 | 990,774 | |
Total | 2,585,359 | |||
Charter Schools 1.2% | ||||
Build NYC Resource Corp. | ||||
Revenue Bonds | ||||
Academic Leadership Charter School Project | ||||
Series 2021 | ||||
06/15/2036 | 4.000% | 200,000 | 170,895 | |
Build NYC Resource Corp.(b) | ||||
Revenue Bonds | ||||
International Leadership Charter School | ||||
Series 2016 | ||||
07/01/2046 | 6.250% | 420,000 | 391,157 | |
Monroe County Industrial Development Corp.(b) | ||||
Revenue Bonds | ||||
True North Rochester Preparatory Charter School Project | ||||
Series 2020 | ||||
06/01/2040 | 5.000% | 900,000 | 829,956 | |
Total | 1,392,008 | |||
Health Services 0.9% | ||||
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Icahn School of Medicine at Mount Sinai | ||||
Series 2015 | ||||
07/01/2030 | 5.000% | 1,000,000 | 1,002,537 | |
Higher Education 6.5% | ||||
Build NYC Resource Corp. | ||||
Refunding Revenue Bonds | ||||
Manhattan College Project | ||||
Series 2017 | ||||
08/01/2033 | 5.000% | 400,000 | 404,353 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
County of Saratoga | ||||
Revenue Bonds | ||||
Skidmore College Project | ||||
Series 2018 | ||||
07/01/2033 | 5.000% | 165,000 | 170,667 | |
07/01/2034 | 5.000% | 200,000 | 206,838 | |
07/01/2035 | 5.000% | 200,000 | 206,125 | |
Dutchess County Local Development Corp. | ||||
Refunding Revenue Bonds | ||||
Culinary Institute of America (The) | ||||
Series 2018 | ||||
07/01/2032 | 5.000% | 220,000 | 220,537 | |
Vassar College Project | ||||
Series 2017 | ||||
07/01/2034 | 5.000% | 500,000 | 512,615 | |
Revenue Bonds | ||||
Marist College Project | ||||
Series 2015A | ||||
07/01/2029 | 5.000% | 1,000,000 | 1,011,708 | |
Series 2018 | ||||
07/01/2031 | 5.000% | 170,000 | 175,512 | |
07/01/2032 | 5.000% | 210,000 | 216,565 | |
07/01/2033 | 5.000% | 205,000 | 211,078 | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Rochester Institute | ||||
Series 2019A | ||||
07/01/2036 | 5.000% | 750,000 | 774,895 | |
Teacher’s College | ||||
Series 2017 | ||||
07/01/2029 | 5.000% | 175,000 | 181,182 | |
07/01/2030 | 5.000% | 150,000 | 155,375 | |
Revenue Bonds | ||||
New York University | ||||
Series 2019A | ||||
07/01/2037 | 5.000% | 2,000,000 | 2,057,034 | |
St. Lawrence County Industrial Development Agency | ||||
Refunding Revenue Bonds | ||||
Clarkson University Project | ||||
Series 2021 | ||||
09/01/2038 | 5.000% | 200,000 | 191,342 | |
09/01/2039 | 5.000% | 200,000 | 189,759 | |
Tompkins County Development Corp. | ||||
Refunding Revenue Bonds | ||||
Ithaca College Project | ||||
Series 2018 | ||||
07/01/2034 | 5.000% | 575,000 | 583,457 |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 9 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Troy Capital Resource Corp. | ||||
Refunding Revenue Bonds | ||||
Forward Delivery - Rensselaer Polytechnic Institute Project | ||||
Series 2020 | ||||
09/01/2037 | 5.000% | 250,000 | 250,497 | |
Total | 7,719,539 | |||
Hospital 7.5% | ||||
Monroe County Industrial Development Corp. | ||||
Refunding Revenue Bonds | ||||
Highland Hospital Rochester Project | ||||
Series 2015 | ||||
07/01/2025 | 5.000% | 450,000 | 454,033 | |
07/01/2026 | 5.000% | 350,000 | 353,016 | |
University of Rochester Project | ||||
Series 2017 | ||||
07/01/2035 | 4.000% | 1,285,000 | 1,205,567 | |
Revenue Bonds | ||||
Rochester General Hospital (The) | ||||
Series 2017 | ||||
12/01/2035 | 5.000% | 1,000,000 | 1,000,363 | |
Nassau County Local Economic Assistance Corp. | ||||
Revenue Bonds | ||||
Catholic Health Services of Long Island | ||||
Series 2014 | ||||
07/01/2033 | 5.000% | 675,000 | 675,535 | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Memorial Sloan-Kettering Cancer Center | ||||
Series 2017 | ||||
07/01/2034 | 4.000% | 1,000,000 | 956,814 | |
Montefiore Obligated Group | ||||
Series 2020A | ||||
09/01/2037 | 4.000% | 300,000 | 260,823 | |
North Shore - Long Island Jewish Obligation Group | ||||
Series 2015A | ||||
05/01/2031 | 5.000% | 3,000,000 | 3,009,247 | |
New York State Dormitory Authority(b) | ||||
Refunding Revenue Bonds | ||||
Orange Regional Medical Center | ||||
Series 2017 | ||||
12/01/2031 | 5.000% | 1,000,000 | 929,504 | |
Total | 8,844,902 | |||
Joint Power Authority 0.4% | ||||
New York Power Authority(c) | ||||
Revenue Bonds | ||||
Green Transmission Project | ||||
Series 2023A (AGM) | ||||
11/15/2040 | 5.250% | 500,000 | 529,267 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Local General Obligation 16.6% | ||||
City of New York | ||||
Unlimited General Obligation Bonds | ||||
Fiscal 2020 | ||||
Series 2019B-1 | ||||
10/01/2038 | 5.000% | 1,000,000 | 1,022,651 | |
Subordinated Series 2019H-A | ||||
01/01/2035 | 5.000% | 1,500,000 | 1,562,852 | |
Subordinated Series 2023E-1 | ||||
04/01/2039 | 5.000% | 1,200,000 | 1,241,164 | |
Unlimited General Obligation Refunding Bonds | ||||
Subordinated Series 2023F-1 | ||||
08/01/2038 | 5.000% | 250,000 | 260,401 | |
Unlimited General Obligation Refunding Notes | ||||
Series 2016C | ||||
08/01/2032 | 5.000% | 2,000,000 | 2,028,945 | |
City of Yonkers | ||||
Limited General Obligation Bonds | ||||
Series 2016A (AGM) | ||||
11/15/2028 | 5.000% | 1,780,000 | 1,824,179 | |
Series 2017A (BAM) | ||||
09/01/2028 | 5.000% | 2,090,000 | 2,160,857 | |
County of Monroe(a) | ||||
Limited General Obligation Public Improvement Bonds | ||||
Series 2019B (BAM) | ||||
06/01/2027 | 5.000% | 1,350,000 | 1,389,059 | |
County of Nassau | ||||
Limited General Obligation Bonds | ||||
Series 2017B | ||||
04/01/2033 | 5.000% | 2,000,000 | 2,046,851 | |
County of Rockland | ||||
Limited General Obligation Bonds | ||||
Series 2014A (AGM) | ||||
03/01/2024 | 5.000% | 1,450,000 | 1,455,376 | |
Monroe County Industrial Development Agency | ||||
Revenue Bonds | ||||
Rochester Schools Modernization Program | ||||
Series 2018 | ||||
05/01/2034 | 5.000% | 750,000 | 783,943 | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
School Districts Bond Financing | ||||
Series 2013E (AGM) | ||||
10/01/2031 | 5.000% | 500,000 | 503,242 | |
School Districts Financing Program | ||||
Series 2015B (AGM) | ||||
10/01/2027 | 5.000% | 1,000,000 | 1,020,542 |
10 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
School District Building Financing Program | ||||
Series 2018 | ||||
10/01/2032 | 5.000% | 2,000,000 | 2,045,825 | |
School Districts Revenue Bond Financing Program | ||||
Series 2023 (AGM) | ||||
10/01/2040 | 5.000% | 300,000 | 305,817 | |
Total | 19,651,704 | |||
Multi-Family 2.5% | ||||
Amherst Development Corp. | ||||
Refunding Revenue Bonds | ||||
University of Buffalo Student Housing | ||||
Series 2017 (AGM) | ||||
10/01/2028 | 5.000% | 730,000 | 763,138 | |
10/01/2029 | 5.000% | 1,290,000 | 1,347,045 | |
Onondaga County Trust for Cultural Resources | ||||
Refunding Revenue Bonds | ||||
Abby Lane Housing Corp. Project | ||||
Series 2017 | ||||
05/01/2030 | 5.000% | 420,000 | 424,154 | |
05/01/2031 | 5.000% | 400,000 | 403,315 | |
Total | 2,937,652 | |||
Municipal Power 5.0% | ||||
Long Island Power Authority | ||||
Refunding Revenue Bonds | ||||
Series 2016B | ||||
09/01/2027 | 5.000% | 1,000,000 | 1,017,942 | |
09/01/2030 | 5.000% | 2,750,000 | 2,797,139 | |
Revenue Bonds | ||||
Electric System General Purpose | ||||
Series 2015B | ||||
09/01/2032 | 5.000% | 765,000 | 767,754 | |
General | ||||
Series 2017 | ||||
09/01/2035 | 5.000% | 1,200,000 | 1,214,142 | |
Green Bonds | ||||
Series 2023E | ||||
09/01/2040 | 5.000% | 160,000 | 163,704 | |
Total | 5,960,681 | |||
Nursing Home 0.9% | ||||
Monroe County Industrial Development Corp. | ||||
Refunding Revenue Bonds | ||||
St. Ann’s Community Project | ||||
Series 2019 | ||||
01/01/2030 | 4.000% | 1,230,000 | 1,086,662 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Other Bond Issue 1.9% | ||||
Build NYC Resource Corp. | ||||
Revenue Bonds | ||||
Children’s Aid Society Project (The) | ||||
Series 2019 | ||||
07/01/2036 | 4.000% | 100,000 | 90,647 | |
Series 2015 | ||||
07/01/2029 | 5.000% | 545,000 | 545,652 | |
07/01/2031 | 5.000% | 715,000 | 713,959 | |
New York Transportation Development Corp.(a) | ||||
Revenue Bonds | ||||
New York State Thruway Service Areas Project | ||||
Series 2021 | ||||
10/31/2034 | 4.000% | 500,000 | 462,669 | |
10/31/2041 | 4.000% | 570,000 | 474,984 | |
Total | 2,287,911 | |||
Pool / Bond Bank 0.4% | ||||
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
New School | ||||
Series 2015 | ||||
07/01/2029 | 5.000% | 420,000 | 422,502 | |
Ports 5.3% | ||||
Port Authority of New York & New Jersey | ||||
Refunding Revenue Bonds | ||||
Consolidated 211th | ||||
Series 2018 | ||||
09/01/2038 | 4.000% | 1,400,000 | 1,268,363 | |
Series 2018-209 | ||||
07/15/2034 | 5.000% | 2,500,000 | 2,599,263 | |
Series 2018-211 | ||||
09/01/2036 | 5.000% | 1,000,000 | 1,030,793 | |
Port Authority of New York & New Jersey(a) | ||||
Refunding Revenue Bonds | ||||
Series 2023-238 | ||||
07/15/2038 | 5.000% | 500,000 | 499,552 | |
Revenue Bonds | ||||
Consolidated Bonds | ||||
Series 221 | ||||
07/15/2037 | 4.000% | 1,000,000 | 890,729 | |
Total | 6,288,700 | |||
Prep School 0.9% | ||||
Build NYC Resource Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
06/01/2026 | 5.000% | 225,000 | 227,286 | |
06/01/2028 | 5.000% | 250,000 | 252,988 |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 11 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Rensselaer County Industrial Development Agency | ||||
Refunding Revenue Bonds | ||||
Emma Willard School Project | ||||
Series 2015A | ||||
01/01/2035 | 5.000% | 590,000 | 595,932 | |
Total | 1,076,206 | |||
Recreation 0.2% | ||||
New York City Trust for Cultural Resources | ||||
Refunding Revenue Bonds | ||||
Carnegie Hall | ||||
Series 2019 | ||||
12/01/2037 | 5.000% | 275,000 | 285,238 | |
Refunded / Escrowed 6.5% | ||||
Build NYC Resource Corp. | ||||
Prerefunded 08/01/25 Revenue Bonds | ||||
YMCA of Greater New York Project | ||||
Series 2015 | ||||
08/01/2029 | 5.000% | 430,000 | 438,838 | |
Metropolitan Transportation Authority | ||||
Prerefunded 11/15/24 Revenue Bonds | ||||
Series 2014C | ||||
11/15/2029 | 5.000% | 3,000,000 | 3,036,656 | |
New York State Dormitory Authority | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
Barnard College | ||||
Series 2015A | ||||
07/01/2030 | 5.000% | 700,000 | 713,707 | |
New York State Dormitory Authority(d) | ||||
Revenue Bonds | ||||
Capital Appreciation - Memorial Sloan-Kettering Cancer Center | ||||
Series 2003-1 Escrowed to Maturity (NPFGC) | ||||
07/01/2025 | 0.000% | 3,750,000 | 3,512,476 | |
Total | 7,701,677 | |||
Retirement Communities 3.3% | ||||
Brookhaven Local Development Corp. | ||||
Refunding Revenue Bonds | ||||
Jefferson’s Ferry Project | ||||
Series 2016 | ||||
11/01/2036 | 5.250% | 750,000 | 727,335 | |
Buffalo & Erie County Industrial Land Development Corp. | ||||
Refunding Revenue Bonds | ||||
Orchard Park | ||||
Series 2015 | ||||
11/15/2029 | 5.000% | 550,000 | 550,410 | |
11/15/2030 | 5.000% | 650,000 | 650,360 | |
Suffolk County Economic Development Corp. | ||||
Refunding Revenue Bonds | ||||
Peconic Landing at Southhold, Inc. | ||||
Series 2020 | ||||
12/01/2034 | 5.000% | 1,000,000 | 943,026 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Tompkins County Development Corp. | ||||
Refunding Revenue Bonds | ||||
Kendal at Ithaca, Inc. Project | ||||
Series 2014 | ||||
07/01/2029 | 5.000% | 1,000,000 | 984,934 | |
Total | 3,856,065 | |||
Sales Tax 1.5% | ||||
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Series 2023A-1 | ||||
03/15/2040 | 5.000% | 1,000,000 | 1,023,066 | |
Triborough Bridge & Tunnel Authority | ||||
Revenue Bonds | ||||
TBTA Capital Lockbox - City Sales Tax | ||||
Series 2023A | ||||
05/15/2039 | 5.000% | 750,000 | 780,134 | |
Total | 1,803,200 | |||
Single Family 0.1% | ||||
State of New York Mortgage Agency | ||||
Refunding Revenue Bonds | ||||
Series 2018-211 | ||||
10/01/2038 | 3.625% | 110,000 | 96,119 | |
Special Non Property Tax 14.8% | ||||
New York City Transitional Finance Authority | ||||
Refunding Revenue Bonds | ||||
Building Aid | ||||
Series 2018S-2A | ||||
07/15/2036 | 5.000% | 2,000,000 | 2,055,694 | |
Revenue Bonds | ||||
Building Aid | ||||
Series 2018S-3 | ||||
07/15/2034 | 5.000% | 1,000,000 | 1,038,404 | |
Future Tax Bonds | ||||
Subordinated Series 2020C | ||||
05/01/2037 | 4.000% | 500,000 | 465,274 | |
Future Tax Secured | ||||
Subordinated Series 2016E-1 | ||||
02/01/2032 | 5.000% | 3,000,000 | 3,055,496 | |
Subordinated Series 2019 | ||||
11/01/2034 | 5.000% | 3,500,000 | 3,654,357 | |
Multi-Modal | ||||
Subordinated Series 2023A | ||||
05/01/2039 | 5.000% | 500,000 | 518,464 | |
New York Convention Center Development Corp. | ||||
Refunding Revenue Bonds | ||||
Hotel Unit Fee Secured | ||||
Series 2015 | ||||
11/15/2027 | 5.000% | 2,000,000 | 2,003,740 |
12 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Education | ||||
Series 2005B (AMBAC) | ||||
03/15/2026 | 5.500% | 1,000,000 | 1,037,807 | |
Series 2019A-2 | ||||
03/15/2035 | 5.000% | 2,000,000 | 2,085,036 | |
Series 2023A | ||||
03/15/2039 | 5.000% | 500,000 | 520,307 | |
Triborough Bridge & Tunnel Authority | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Series 2023C | ||||
11/15/2040 | 5.250% | 1,000,000 | 1,049,869 | |
Total | 17,484,448 | |||
Special Property Tax 0.9% | ||||
Hudson Yards Infrastructure Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
02/15/2033 | 5.000% | 1,000,000 | 1,024,778 | |
Tobacco 3.4% | ||||
Chautauqua Tobacco Asset Securitization Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2014 | ||||
06/01/2029 | 5.000% | 1,135,000 | 1,093,749 | |
Suffolk Tobacco Asset Securitization Corp. | ||||
Refunding Revenue Bonds | ||||
Tobacco Settlement Asset-Backed Bonds | ||||
Series 2021 | ||||
06/01/2038 | 4.000% | 1,000,000 | 902,312 | |
TSASC, Inc. | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
06/01/2031 | 5.000% | 2,000,000 | 2,037,291 | |
Total | 4,033,352 | |||
Transportation 6.4% | ||||
Metropolitan Transportation Authority | ||||
Refunding Revenue Bonds | ||||
Climate Bond Certified - Green | ||||
Series 2018 | ||||
11/15/2026 | 5.000% | 2,590,000 | 2,641,044 | |
Revenue Bonds | ||||
Series 2005B (AMBAC) | ||||
11/15/2024 | 5.250% | 750,000 | 757,375 | |
Series 2016C-1 | ||||
11/15/2036 | 5.000% | 3,000,000 | 2,978,309 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Metropolitan Transportation Authority(d) | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Series 2017C-2 | ||||
11/15/2029 | 0.000% | 1,500,000 | 1,132,170 | |
Total | 7,508,898 | |||
Turnpike / Bridge / Toll Road 8.9% | ||||
New York State Thruway Authority | ||||
Refunding Revenue Bonds | ||||
Series 2014K | ||||
01/01/2029 | 5.000% | 1,850,000 | 1,858,352 | |
01/01/2032 | 5.000% | 1,000,000 | 997,180 | |
Revenue Bonds | ||||
Junior Lien | ||||
Series 2016A | ||||
01/01/2033 | 5.000% | 1,000,000 | 1,001,568 | |
Series 2019B | ||||
01/01/2036 | 5.000% | 2,000,000 | 2,095,066 | |
Triborough Bridge & Tunnel Authority | ||||
Refunding Revenue Bonds | ||||
MTA Bridges and Tunnels | ||||
Series 2023 | ||||
11/15/2037 | 5.000% | 500,000 | 522,603 | |
Series 2018-B | ||||
11/15/2031 | 5.000% | 2,000,000 | 2,165,139 | |
Revenue Bonds | ||||
Series 2020D | ||||
11/15/2037 | 4.000% | 2,050,000 | 1,877,792 | |
Total | 10,517,700 | |||
Water & Sewer 0.6% | ||||
Buffalo Municipal Water Finance Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
07/01/2028 | 5.000% | 700,000 | 708,064 | |
Total Municipal Bonds (Cost $124,252,574) | 116,805,169 |
Money Market Funds 0.7% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.823%(e) | 753,894 | 753,894 |
Total Money Market Funds (Cost $753,894) | 753,894 | |
Total Investments in Securities (Cost: $125,006,468) | 117,559,063 | |
Other Assets & Liabilities, Net | 627,880 | |
Net Assets | 118,186,943 |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 13 |
October 31, 2023
(a) | Income from this security may be subject to alternative minimum tax. |
(b) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At October 31, 2023, the total value of these securities amounted to $2,150,617, which represents 1.82% of total net assets. |
(c) | Represents a security purchased on a when-issued basis. |
(d) | Zero coupon bond. |
(e) | The rate shown is the seven-day current annualized yield at October 31, 2023. |
AGM | Assured Guaranty Municipal Corporation |
AMBAC | Ambac Assurance Corporation |
BAM | Build America Mutual Assurance Co. |
NPFGC | National Public Finance Guarantee Corporation |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Municipal Bonds | — | 116,805,169 | — | 116,805,169 |
Money Market Funds | 753,894 | — | — | 753,894 |
Total Investments in Securities | 753,894 | 116,805,169 | — | 117,559,063 |
14 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 15 |
October 31, 2023
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $125,006,468) | $117,559,063 |
Receivable for: | |
Capital shares sold | 302,060 |
Dividends | 2,514 |
Interest | 1,731,023 |
Trustees’ fees | 87,975 |
Expense reimbursement due from Investment Manager | 522 |
Prepaid expenses | 3,781 |
Total assets | 119,686,938 |
Liabilities | |
Due to custodian | 6,728 |
Payable for: | |
Investments purchased on a delayed delivery basis | 527,860 |
Capital shares redeemed | 555,090 |
Distributions to shareholders | 278,976 |
Management services fees | 1,528 |
Distribution and/or service fees | 129 |
Transfer agent fees | 6,523 |
Trustees’ fees | 103,392 |
Other expenses | 19,769 |
Total liabilities | 1,499,995 |
Net assets applicable to outstanding capital stock | $118,186,943 |
Represented by | |
Paid in capital | 128,280,840 |
Total distributable earnings (loss) | (10,093,897) |
Total - representing net assets applicable to outstanding capital stock | $118,186,943 |
16 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Class A | |
Net assets | $10,985,276 |
Shares outstanding | 1,035,498 |
Net asset value per share | $10.61 |
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) | $10.94 |
Advisor Class | |
Net assets | $5,257,628 |
Shares outstanding | 496,297 |
Net asset value per share | $10.59 |
Class C | |
Net assets | $2,045,696 |
Shares outstanding | 192,808 |
Net asset value per share | $10.61 |
Institutional Class | |
Net assets | $36,748,296 |
Shares outstanding | 3,463,899 |
Net asset value per share | $10.61 |
Institutional 2 Class | |
Net assets | $11,236,453 |
Shares outstanding | 1,057,416 |
Net asset value per share | $10.63 |
Institutional 3 Class | |
Net assets | $48,350,688 |
Shares outstanding | 4,541,869 |
Net asset value per share | $10.65 |
Class V | |
Net assets | $3,562,906 |
Shares outstanding | 335,886 |
Net asset value per share | $10.61 |
Maximum sales charge | 4.75% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares) | $11.14 |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 17 |
Year Ended October 31, 2023
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $39,094 |
Interest | 4,113,505 |
Total income | 4,152,599 |
Expenses: | |
Management services fees | 633,414 |
Distribution and/or service fees | |
Class A | 28,885 |
Class C | 17,805 |
Class V | 5,800 |
Transfer agent fees | |
Class A | 13,027 |
Advisor Class | 5,805 |
Class C | 2,877 |
Institutional Class | 43,474 |
Institutional 2 Class | 6,155 |
Institutional 3 Class | 3,747 |
Class V | 4,365 |
Trustees’ fees | 17,736 |
Custodian fees | 1,332 |
Printing and postage fees | 11,809 |
Registration fees | 17,568 |
Accounting services fees | 30,090 |
Legal fees | 14,982 |
Interest on interfund lending | 139 |
Compensation of chief compliance officer | 28 |
Other | 13,146 |
Total expenses | 872,184 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (223,954) |
Expense reduction | (100) |
Total net expenses | 648,130 |
Net investment income | 3,504,469 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (500,113) |
Net realized loss | (500,113) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 770,000 |
Net change in unrealized appreciation (depreciation) | 770,000 |
Net realized and unrealized gain | 269,887 |
Net increase in net assets resulting from operations | $3,774,356 |
18 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
Year Ended October 31, 2023 | Year Ended October 31, 2022 | |
Operations | ||
Net investment income | $3,504,469 | $4,281,223 |
Net realized loss | (500,113) | (2,203,889) |
Net change in unrealized appreciation (depreciation) | 770,000 | (20,727,027) |
Net increase (decrease) in net assets resulting from operations | 3,774,356 | (18,649,693) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (269,806) | (379,513) |
Advisor Class | (133,323) | (132,815) |
Class C | (47,898) | (67,324) |
Institutional Class | (997,427) | (3,394,557) |
Institutional 2 Class | (287,158) | (136,586) |
Institutional 3 Class | (1,672,161) | (461,826) |
Class V | (94,181) | (113,129) |
Total distributions to shareholders | (3,501,954) | (4,685,750) |
Decrease in net assets from capital stock activity | (25,622,190) | (47,586,448) |
Total decrease in net assets | (25,349,788) | (70,921,891) |
Net assets at beginning of year | 143,536,731 | 214,458,622 |
Net assets at end of year | $118,186,943 | $143,536,731 |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 19 |
Year Ended | Year Ended | |||
October 31, 2023 | October 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 316,307 | 3,473,599 | 192,222 | 2,170,444 |
Distributions reinvested | 18,819 | 206,442 | 23,056 | 263,610 |
Shares redeemed | (382,557) | (4,200,033) | (812,118) | (9,083,199) |
Net decrease | (47,431) | (519,992) | (596,840) | (6,649,145) |
Advisor Class | ||||
Shares sold | 299,651 | 3,287,520 | 107,342 | 1,209,167 |
Distributions reinvested | 12,147 | 133,085 | 11,629 | 132,564 |
Shares redeemed | (206,718) | (2,262,636) | (233,628) | (2,630,270) |
Net increase (decrease) | 105,080 | 1,157,969 | (114,657) | (1,288,539) |
Class C | ||||
Shares sold | 29,329 | 323,373 | 15,262 | 179,232 |
Distributions reinvested | 3,678 | 40,389 | 4,698 | 53,654 |
Shares redeemed | (110,912) | (1,217,434) | (85,031) | (961,273) |
Net decrease | (77,905) | (853,672) | (65,071) | (728,387) |
Institutional Class | ||||
Shares sold | 1,273,274 | 13,976,368 | 1,039,747 | 11,929,987 |
Distributions reinvested | 67,618 | 741,789 | 64,380 | 732,539 |
Shares redeemed | (1,154,420) | (12,657,925) | (12,161,557) | (135,878,571) |
Net increase (decrease) | 186,472 | 2,060,232 | (11,057,430) | (123,216,045) |
Institutional 2 Class | ||||
Shares sold | 598,567 | 6,533,725 | 561,231 | 6,231,796 |
Distributions reinvested | 26,104 | 286,781 | 12,074 | 136,341 |
Shares redeemed | (213,676) | (2,333,308) | (280,588) | (3,120,237) |
Net increase | 410,995 | 4,487,198 | 292,717 | 3,247,900 |
Institutional 3 Class | ||||
Shares sold | 93,089 | 1,029,348 | 7,999,143 | 89,197,711 |
Distributions reinvested | 2,359 | 25,972 | 2,678 | 30,438 |
Shares redeemed | (2,956,473) | (32,466,909) | (702,694) | (7,794,736) |
Net increase (decrease) | (2,861,025) | (31,411,589) | 7,299,127 | 81,433,413 |
Class V | ||||
Shares sold | 2,992 | 32,822 | 2,544 | 28,701 |
Distributions reinvested | 5,846 | 64,136 | 6,584 | 74,998 |
Shares redeemed | (58,766) | (639,294) | (43,643) | (489,344) |
Net decrease | (49,928) | (542,336) | (34,515) | (385,645) |
Total net decrease | (2,333,742) | (25,622,190) | (4,276,669) | (47,586,448) |
20 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 21 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 10/31/2023 | $10.65 | 0.26 | (0.04)(c) | 0.22 | (0.26) | — | (0.26) |
Year Ended 10/31/2022 | $12.09 | 0.24 | (1.41) | (1.17) | (0.25) | (0.02) | (0.27) |
Year Ended 10/31/2021 | $11.99 | 0.23 | 0.11 | 0.34 | (0.24) | (0.00)(f) | (0.24) |
Year Ended 10/31/2020 | $12.07 | 0.25 | (0.07) | 0.18 | (0.26) | (0.00)(f) | (0.26) |
Year Ended 10/31/2019 | $11.46 | 0.29 | 0.61 | 0.90 | (0.29) | — | (0.29) |
Advisor Class | |||||||
Year Ended 10/31/2023 | $10.63 | 0.28 | (0.04)(c) | 0.24 | (0.28) | — | (0.28) |
Year Ended 10/31/2022 | $12.08 | 0.27 | (1.43) | (1.16) | (0.27) | (0.02) | (0.29) |
Year Ended 10/31/2021 | $11.98 | 0.26 | 0.11 | 0.37 | (0.27) | (0.00)(f) | (0.27) |
Year Ended 10/31/2020 | $12.06 | 0.28 | (0.07) | 0.21 | (0.29) | (0.00)(f) | (0.29) |
Year Ended 10/31/2019 | $11.45 | 0.32 | 0.61 | 0.93 | (0.32) | — | (0.32) |
Class C | |||||||
Year Ended 10/31/2023 | $10.65 | 0.21 | (0.04)(c) | 0.17 | (0.21) | — | (0.21) |
Year Ended 10/31/2022 | $12.10 | 0.19 | (1.43) | (1.24) | (0.19) | (0.02) | (0.21) |
Year Ended 10/31/2021 | $12.00 | 0.18 | 0.10 | 0.28 | (0.18) | (0.00)(f) | (0.18) |
Year Ended 10/31/2020 | $12.07 | 0.20 | (0.07) | 0.13 | (0.20) | (0.00)(f) | (0.20) |
Year Ended 10/31/2019 | $11.46 | 0.24 | 0.61 | 0.85 | (0.24) | — | (0.24) |
Institutional Class | |||||||
Year Ended 10/31/2023 | $10.65 | 0.28 | (0.04)(c) | 0.24 | (0.28) | — | (0.28) |
Year Ended 10/31/2022 | $12.09 | 0.27 | (1.42) | (1.15) | (0.27) | (0.02) | (0.29) |
Year Ended 10/31/2021 | $11.99 | 0.26 | 0.11 | 0.37 | (0.27) | (0.00)(f) | (0.27) |
Year Ended 10/31/2020 | $12.07 | 0.28 | (0.07) | 0.21 | (0.29) | (0.00)(f) | (0.29) |
Year Ended 10/31/2019 | $11.46 | 0.32 | 0.61 | 0.93 | (0.32) | — | (0.32) |
Institutional 2 Class | |||||||
Year Ended 10/31/2023 | $10.66 | 0.29 | (0.03)(c) | 0.26 | (0.29) | — | (0.29) |
Year Ended 10/31/2022 | $12.11 | 0.28 | (1.43) | (1.15) | (0.28) | (0.02) | (0.30) |
Year Ended 10/31/2021 | $12.01 | 0.27 | 0.11 | 0.38 | (0.28) | (0.00)(f) | (0.28) |
Year Ended 10/31/2020 | $12.09 | 0.29 | (0.08) | 0.21 | (0.29) | (0.00)(f) | (0.29) |
Year Ended 10/31/2019 | $11.48 | 0.33 | 0.61 | 0.94 | (0.33) | — | (0.33) |
22 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
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 10/31/2023 | $10.61 | 1.98% | 0.91%(d) | 0.75%(d),(e) | 2.34% | 12% | $10,985 |
Year Ended 10/31/2022 | $10.65 | (9.83%) | 0.88%(d) | 0.73%(d),(e) | 2.08% | 1% | $11,528 |
Year Ended 10/31/2021 | $12.09 | 2.84% | 0.90% | 0.75%(e) | 1.89% | 3% | $20,315 |
Year Ended 10/31/2020 | $11.99 | 1.47% | 0.89% | 0.75%(e) | 2.10% | 7% | $22,051 |
Year Ended 10/31/2019 | $12.07 | 7.96% | 0.90% | 0.75%(e) | 2.46% | 19% | $19,270 |
Advisor Class | |||||||
Year Ended 10/31/2023 | $10.59 | 2.24% | 0.66%(d) | 0.50%(d),(e) | 2.59% | 12% | $5,258 |
Year Ended 10/31/2022 | $10.63 | (9.70%) | 0.63%(d) | 0.48%(d),(e) | 2.34% | 1% | $4,159 |
Year Ended 10/31/2021 | $12.08 | 3.09% | 0.65% | 0.50%(e) | 2.14% | 3% | $6,109 |
Year Ended 10/31/2020 | $11.98 | 1.72% | 0.65% | 0.50%(e) | 2.34% | 7% | $4,155 |
Year Ended 10/31/2019 | $12.06 | 8.23% | 0.65% | 0.50%(e) | 2.71% | 19% | $1,234 |
Class C | |||||||
Year Ended 10/31/2023 | $10.61 | 1.52% | 1.36%(d) | 1.20%(d),(e) | 1.88% | 12% | $2,046 |
Year Ended 10/31/2022 | $10.65 | (10.31%) | 1.44%(d) | 1.17%(d),(e) | 1.65% | 1% | $2,882 |
Year Ended 10/31/2021 | $12.10 | 2.37% | 1.65% | 1.20%(e) | 1.45% | 3% | $4,062 |
Year Ended 10/31/2020 | $12.00 | 1.09% | 1.64% | 1.20%(e),(g) | 1.66% | 7% | $6,319 |
Year Ended 10/31/2019 | $12.07 | 7.47% | 1.65% | 1.20%(e),(g) | 2.05% | 19% | $9,996 |
Institutional Class | |||||||
Year Ended 10/31/2023 | $10.61 | 2.24% | 0.66%(d) | 0.50%(d),(e) | 2.59% | 12% | $36,748 |
Year Ended 10/31/2022 | $10.65 | (9.61%) | 0.64%(d) | 0.48%(d),(e) | 2.30% | 1% | $34,890 |
Year Ended 10/31/2021 | $12.09 | 3.09% | 0.65% | 0.50%(e) | 2.14% | 3% | $173,347 |
Year Ended 10/31/2020 | $11.99 | 1.72% | 0.64% | 0.50%(e) | 2.36% | 7% | $188,611 |
Year Ended 10/31/2019 | $12.07 | 8.23% | 0.65% | 0.50%(e) | 2.72% | 19% | $191,680 |
Institutional 2 Class | |||||||
Year Ended 10/31/2023 | $10.63 | 2.39% | 0.61%(d) | 0.44%(d) | 2.65% | 12% | $11,236 |
Year Ended 10/31/2022 | $10.66 | (9.63%) | 0.59%(d) | 0.43%(d) | 2.46% | 1% | $6,893 |
Year Ended 10/31/2021 | $12.11 | 3.16% | 0.58% | 0.43% | 2.21% | 3% | $4,284 |
Year Ended 10/31/2020 | $12.01 | 1.79% | 0.57% | 0.43% | 2.43% | 7% | $3,489 |
Year Ended 10/31/2019 | $12.09 | 8.29% | 0.58% | 0.43% | 2.77% | 19% | $3,916 |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 23 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 10/31/2023 | $10.68 | 0.30 | (0.03)(c) | 0.27 | (0.30) | — | (0.30) |
Year Ended 10/31/2022 | $12.14 | 0.30 | (1.45) | (1.15) | (0.29) | (0.02) | (0.31) |
Year Ended 10/31/2021 | $12.03 | 0.28 | 0.12 | 0.40 | (0.29) | (0.00)(f) | (0.29) |
Year Ended 10/31/2020 | $12.12 | 0.29 | (0.08) | 0.21 | (0.30) | (0.00)(f) | (0.30) |
Year Ended 10/31/2019 | $11.50 | 0.33 | 0.63 | 0.96 | (0.34) | — | (0.34) |
Class V | |||||||
Year Ended 10/31/2023 | $10.64 | 0.27 | (0.03)(c) | 0.24 | (0.27) | — | (0.27) |
Year Ended 10/31/2022 | $12.09 | 0.25 | (1.42) | (1.17) | (0.26) | (0.02) | (0.28) |
Year Ended 10/31/2021 | $11.99 | 0.24 | 0.11 | 0.35 | (0.25) | (0.00)(f) | (0.25) |
Year Ended 10/31/2020 | $12.07 | 0.26 | (0.07) | 0.19 | (0.27) | (0.00)(f) | (0.27) |
Year Ended 10/31/2019 | $11.46 | 0.31 | 0.61 | 0.92 | (0.31) | — | (0.31) |
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) | Ratios include interfund lending expense which is less than 0.01%. |
(e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(f) | Rounds to zero. |
(g) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by: |
10/31/2020 | 10/31/2019 | |
Class C | 0.26% | 0.30% |
24 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
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 10/31/2023 | $10.65 | 2.44% | 0.55%(d) | 0.39%(d) | 2.69% | 12% | $48,351 |
Year Ended 10/31/2022 | $10.68 | (9.64%) | 0.55%(d) | 0.38%(d) | 2.73% | 1% | $79,079 |
Year Ended 10/31/2021 | $12.14 | 3.29% | 0.53% | 0.38% | 2.26% | 3% | $1,259 |
Year Ended 10/31/2020 | $12.03 | 1.75% | 0.53% | 0.39% | 2.45% | 7% | $1,065 |
Year Ended 10/31/2019 | $12.12 | 8.41% | 0.54% | 0.39% | 2.80% | 19% | $678 |
Class V | |||||||
Year Ended 10/31/2023 | $10.61 | 2.18% | 0.81%(d) | 0.65%(d),(e) | 2.44% | 12% | $3,563 |
Year Ended 10/31/2022 | $10.64 | (9.82%) | 0.78%(d) | 0.62%(d),(e) | 2.21% | 1% | $4,107 |
Year Ended 10/31/2021 | $12.09 | 2.94% | 0.80% | 0.65%(e) | 1.99% | 3% | $5,083 |
Year Ended 10/31/2020 | $11.99 | 1.57% | 0.79% | 0.65%(e) | 2.21% | 7% | $5,454 |
Year Ended 10/31/2019 | $12.07 | 8.07% | 0.80% | 0.65%(e) | 2.59% | 19% | $5,696 |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 25 |
October 31, 2023
26 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 27 |
October 31, 2023
28 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Effective rate (%) | |
Class A | 0.11 |
Advisor Class | 0.11 |
Class C | 0.11 |
Institutional Class | 0.11 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class V | 0.11 |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 29 |
October 31, 2023
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 4,574 |
Class C | — | 1.00(b) | — |
Class V | 4.75 | 0.50 - 1.00(c) | 412 |
(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. |
(c) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
March 1, 2023 through February 29, 2024 | Prior to March 1, 2023 | |
Class A | 0.75% | 0.75% |
Advisor Class | 0.50 | 0.50 |
Class C | 1.20 | 1.20 |
Institutional Class | 0.50 | 0.50 |
Institutional 2 Class | 0.45 | 0.43 |
Institutional 3 Class | 0.40 | 0.38 |
Class V | 0.65 | 0.65 |
30 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(4) | 4 | — |
Year Ended October 31, 2023 | Year Ended October 31, 2022 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
1,446 | 3,500,508 | — | 3,501,954 | 1,412 | 4,275,882 | 408,456 | 4,685,750 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
— | 438,880 | — | (2,703,574) | (7,447,405) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
125,006,468 | 64,873 | (7,512,278) | (7,447,405) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(178,333) | (2,525,241) | (2,703,574) | — |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 31 |
October 31, 2023
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 333,333 | 5.02 | 3 |
32 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 33 |
October 31, 2023
34 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 35 |
36 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
Exempt- interest dividends | |
99.96% |
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 | 170 | 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 |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 37 |
(Unaudited)
Independent trustees (continued)
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; 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 | 170 | 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 | 170 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), 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 | 170 | 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, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | 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 |
38 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Independent trustees (continued)
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 | 168 | 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 | 170 | 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 | 170 | 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 | 170 | Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; 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 | 168 | None |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 39 |
(Unaudited)
Independent trustees (continued)
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 | 168 | Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; 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. | 170 | 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 | 168 | 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 |
40 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Independent trustees (continued)
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 |
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 | 170 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |
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 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021; Co-President and Principal Executive Officer, Columbia Acorn/Wanger Funds, since July 2021 | 170 | 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; Director, Columbia Threadneedle Canada, Inc., since December 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 and Hacker 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. |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 41 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
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) and Senior Vice President (2019) | 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. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |
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, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
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. |
42 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Fund officers (continued)
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 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; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company. |
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks; |
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 43 |
(Unaudited)
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
44 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 | 45 |
(Unaudited)
Economies of scale
46 | Columbia New York Intermediate Municipal Bond Fund | Annual Report 2023 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
October 31, 2023
3 | |
5 | |
7 | |
8 | |
10 | |
11 | |
12 | |
14 | |
18 | |
26 | |
27 | |
27 | |
33 |
(Unaudited)
Average annual total returns (%) (for the period ended October 31, 2023) | |||||||
Inception | 1 Year | 5 Years | 10 Years | ||||
Class A | Excluding sales charges | 11/18/02 | 1.35 | 0.62 | 1.12 | ||
Including sales charges | -1.67 | 0.02 | 0.80 | ||||
Advisor Class | 03/19/13 | 1.60 | 0.87 | 1.37 | |||
Class C | Excluding sales charges | 11/18/02 | 0.90 | 0.17 | 0.66 | ||
Including sales charges | -0.09 | 0.17 | 0.66 | ||||
Institutional Class | 08/01/94 | 1.60 | 0.87 | 1.37 | |||
Institutional 3 Class* | 03/01/17 | 1.70 | 0.97 | 1.44 | |||
Class V | Excluding sales charges | 06/26/00 | 1.45 | 0.72 | 1.22 | ||
Including sales charges | -3.36 | -0.26 | 0.73 | ||||
Bloomberg 3-15 Year Blend Municipal Bond Index | 2.49 | 1.27 | 1.97 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 3 |
(Unaudited)
Portfolio breakdown (%) (at October 31, 2023) | |
Money Market Funds | 100.0 |
Total | 100.0 |
4 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 5 |
(Unaudited)
• | The largest detractors from the Fund’s performance relative to its benchmark during the period included older vintage, low coupon housing securities that fared poorly in the rising interest rate environment. |
• | The Fund’s exposure to longer maturity Connecticut State general obligation bonds also hampered Fund performance relative to the benchmark. |
• | Positive contributions to Fund performance during the period were primarily derived from yield curve positioning, duration and security selection. |
• | The portfolio held shorter than benchmark positioning with regard to yield curve and duration over the period, which was beneficial during a period of rising rates. |
• | Issue selection within education, local general obligation (GO) bonds and CCRCs were also additive to Fund performance during the period. |
6 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
May 1, 2023 — October 31, 2023 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 962.80 | 1,021.35 | 4.05 | 4.17 | 0.81 |
Advisor Class | 1,000.00 | 1,000.00 | 965.00 | 1,022.63 | 2.80 | 2.89 | 0.56 |
Class C | 1,000.00 | 1,000.00 | 960.60 | 1,019.06 | 6.29 | 6.48 | 1.26 |
Institutional Class | 1,000.00 | 1,000.00 | 965.00 | 1,022.63 | 2.80 | 2.89 | 0.56 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 965.60 | 1,023.08 | 2.35 | 2.42 | 0.47 |
Class V | 1,000.00 | 1,000.00 | 964.20 | 1,021.86 | 3.55 | 3.66 | 0.71 |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 7 |
October 31, 2023
Money Market Funds 100.1% | ||
Shares | Value ($) | |
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.765%(a) | 34,208,592 | 34,213,195 |
Total Money Market Funds (Cost $34,213,195) | 34,213,195 | |
Total Investments in Securities (Cost: $34,213,195) | 34,213,195 | |
Other Assets & Liabilities, Net | (44,094) | |
Net Assets | 34,169,101 |
(a) | The rate shown is the seven-day current annualized yield at October 31, 2023. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
8 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2023:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Money Market Funds | 34,213,195 | — | — | 34,213,195 |
Total Investments in Securities | 34,213,195 | — | — | 34,213,195 |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 9 |
October 31, 2023
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $34,213,195) | $34,213,195 |
Receivable for: | |
Capital shares sold | 96,649 |
Dividends | 47,542 |
Trustees’ fees | 80,263 |
Expense reimbursement due from Investment Manager | 302 |
Prepaid expenses | 258 |
Total assets | 34,438,209 |
Liabilities | |
Payable for: | |
Capital shares redeemed | 17,609 |
Distributions to shareholders | 93,169 |
Management services fees | 440 |
Distribution and/or service fees | 65 |
Transfer agent fees | 1,914 |
Trustees’ fees | 94,339 |
Accounting services fees | 15,045 |
Other expenses | 3,815 |
Deferred increase to paid-in capital | 42,712 |
Total liabilities | 269,108 |
Net assets applicable to outstanding capital stock | $34,169,101 |
Represented by | |
Paid in capital | 38,064,967 |
Total distributable earnings (loss) | (3,895,866) |
Total - representing net assets applicable to outstanding capital stock | $34,169,101 |
Class A | |
Net assets | $4,997,418 |
Shares outstanding | 533,777 |
Net asset value per share | $9.36 |
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) | $9.65 |
Advisor Class | |
Net assets | $3,124,341 |
Shares outstanding | 334,189 |
Net asset value per share | $9.35 |
Class C | |
Net assets | $757,277 |
Shares outstanding | 80,898 |
Net asset value per share | $9.36 |
Institutional Class | |
Net assets | $9,399,105 |
Shares outstanding | 1,004,440 |
Net asset value per share | $9.36 |
Institutional 3 Class | |
Net assets | $12,106,684 |
Shares outstanding | 1,291,026 |
Net asset value per share | $9.38 |
Class V | |
Net assets | $3,784,276 |
Shares outstanding | 404,786 |
Net asset value per share | $9.35 |
Maximum sales charge | 4.75% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares) | $9.82 |
10 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
Year Ended October 31, 2023
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $84,257 |
Interest | 1,673,028 |
Total income | 1,757,285 |
Expenses: | |
Management services fees | 271,091 |
Distribution and/or service fees | |
Class A | 16,284 |
Class C | 6,455 |
Class V | 9,877 |
Transfer agent fees | |
Class A | 6,402 |
Advisor Class | 4,153 |
Class C | 907 |
Institutional Class | 14,270 |
Institutional 3 Class | 1,514 |
Class V | 6,462 |
Trustees’ fees | 16,316 |
Custodian fees | 1,098 |
Printing and postage fees | 10,326 |
Registration fees | 12,912 |
Accounting services fees | 30,090 |
Legal fees | 13,902 |
Compensation of chief compliance officer | 14 |
Other | 13,730 |
Total expenses | 435,803 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (108,663) |
Total net expenses | 327,140 |
Net investment income | 1,430,145 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (3,327,303) |
Net realized loss | (3,327,303) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 3,940,736 |
Net change in unrealized appreciation (depreciation) | 3,940,736 |
Net realized and unrealized gain | 613,433 |
Net increase in net assets resulting from operations | $2,043,578 |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 11 |
Year Ended October 31, 2023 | Year Ended October 31, 2022 | |
Operations | ||
Net investment income | $1,430,145 | $1,779,782 |
Net realized loss | (3,327,303) | (504,494) |
Net change in unrealized appreciation (depreciation) | 3,940,736 | (9,188,647) |
Net increase (decrease) in net assets resulting from operations | 2,043,578 | (7,913,359) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (148,475) | (156,355) |
Advisor Class | (106,376) | (65,400) |
Class C | (16,897) | (19,579) |
Institutional Class | (366,374) | (1,220,218) |
Institutional 3 Class | (644,231) | (183,966) |
Class V | (155,782) | (166,196) |
Total distributions to shareholders | (1,438,135) | (1,811,714) |
Decrease in net assets from capital stock activity | (36,574,276) | (14,152,013) |
Total decrease in net assets | (35,968,833) | (23,877,086) |
Net assets at beginning of year | 70,137,934 | 94,015,020 |
Net assets at end of year | $34,169,101 | $70,137,934 |
12 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
Year Ended | Year Ended | |||
October 31, 2023 | October 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 96,012 | 933,728 | 260,888 | 2,611,638 |
Distributions reinvested | 13,387 | 130,180 | 11,980 | 119,580 |
Shares redeemed | (366,135) | (3,582,626) | (196,863) | (1,972,357) |
Net increase (decrease) | (256,736) | (2,518,718) | 76,005 | 758,861 |
Advisor Class | ||||
Shares sold | 229,742 | 2,238,892 | 422,045 | 4,124,720 |
Distributions reinvested | 10,914 | 106,148 | 6,615 | 65,187 |
Shares redeemed | (314,876) | (3,084,656) | (157,507) | (1,540,314) |
Net increase (decrease) | (74,220) | (739,616) | 271,153 | 2,649,593 |
Class C | ||||
Shares sold | 26,237 | 253,937 | 10,774 | 111,318 |
Distributions reinvested | 1,736 | 16,880 | 1,818 | 18,360 |
Shares redeemed | (28,027) | (274,297) | (88,458) | (883,185) |
Net decrease | (54) | (3,480) | (75,866) | (753,507) |
Institutional Class | ||||
Shares sold | 356,709 | 3,492,378 | 791,809 | 7,880,589 |
Distributions reinvested | 30,785 | 299,494 | 22,122 | 221,971 |
Shares redeemed | (892,661) | (8,624,766) | (6,298,278) | (62,566,439) |
Net decrease | (505,167) | (4,832,894) | (5,484,347) | (54,463,879) |
Institutional 3 Class | ||||
Shares sold | 88,269 | 867,367 | 4,338,195 | 42,803,945 |
Distributions reinvested | 8 | 79 | — | — |
Shares redeemed | (2,694,178) | (26,248,853) | (442,216) | (4,354,749) |
Net increase (decrease) | (2,605,901) | (25,381,407) | 3,895,979 | 38,449,196 |
Class V | ||||
Shares sold | 1,728 | 16,794 | 1,587 | 15,905 |
Distributions reinvested | 8,696 | 84,527 | 9,350 | 93,779 |
Shares redeemed | (335,249) | (3,199,482) | (89,535) | (901,961) |
Net decrease | (324,825) | (3,098,161) | (78,598) | (792,277) |
Total net decrease | (3,766,903) | (36,574,276) | (1,395,674) | (14,152,013) |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 13 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 10/31/2023 | $9.45 | 0.22 | (0.09)(c) | 0.13 | (0.22) | — | (0.22) |
Year Ended 10/31/2022 | $10.67 | 0.20 | (1.21) | (1.01) | (0.21) | (0.00)(d) | (0.21) |
Year Ended 10/31/2021 | $10.74 | 0.21 | (0.06) | 0.15 | (0.21) | (0.01) | (0.22) |
Year Ended 10/31/2020 | $10.68 | 0.24 | 0.06 | 0.30 | (0.24) | — | (0.24) |
Year Ended 10/31/2019 | $10.16 | 0.27 | 0.53 | 0.80 | (0.28) | — | (0.28) |
Advisor Class | |||||||
Year Ended 10/31/2023 | $9.44 | 0.24 | (0.08)(c) | 0.16 | (0.25) | — | (0.25) |
Year Ended 10/31/2022 | $10.66 | 0.23 | (1.22) | (0.99) | (0.23) | (0.00)(d) | (0.23) |
Year Ended 10/31/2021 | $10.72 | 0.23 | (0.04) | 0.19 | (0.24) | (0.01) | (0.25) |
Year Ended 10/31/2020 | $10.67 | 0.27 | 0.05 | 0.32 | (0.27) | — | (0.27) |
Year Ended 10/31/2019 | $10.15 | 0.30 | 0.53 | 0.83 | (0.31) | — | (0.31) |
Class C | |||||||
Year Ended 10/31/2023 | $9.45 | 0.18 | (0.09)(c) | 0.09 | (0.18) | — | (0.18) |
Year Ended 10/31/2022 | $10.67 | 0.15 | (1.21) | (1.06) | (0.16) | (0.00)(d) | (0.16) |
Year Ended 10/31/2021 | $10.74 | 0.16 | (0.06) | 0.10 | (0.16) | (0.01) | (0.17) |
Year Ended 10/31/2020 | $10.68 | 0.19 | 0.06 | 0.25 | (0.19) | — | (0.19) |
Year Ended 10/31/2019 | $10.16 | 0.23 | 0.52 | 0.75 | (0.23) | — | (0.23) |
Institutional Class | |||||||
Year Ended 10/31/2023 | $9.45 | 0.24 | (0.08)(c) | 0.16 | (0.25) | — | (0.25) |
Year Ended 10/31/2022 | $10.67 | 0.22 | (1.21) | (0.99) | (0.23) | (0.00)(d) | (0.23) |
Year Ended 10/31/2021 | $10.73 | 0.24 | (0.05) | 0.19 | (0.24) | (0.01) | (0.25) |
Year Ended 10/31/2020 | $10.68 | 0.27 | 0.05 | 0.32 | (0.27) | — | (0.27) |
Year Ended 10/31/2019 | $10.16 | 0.30 | 0.53 | 0.83 | (0.31) | — | (0.31) |
Institutional 3 Class | |||||||
Year Ended 10/31/2023 | $9.47 | 0.25 | (0.08)(c) | 0.17 | (0.26) | — | (0.26) |
Year Ended 10/31/2022 | $10.70 | 0.24 | (1.23) | (0.99) | (0.24) | (0.00)(d) | (0.24) |
Year Ended 10/31/2021 | $10.76 | 0.25 | (0.05) | 0.20 | (0.25) | (0.01) | (0.26) |
Year Ended 10/31/2020 | $10.70 | 0.28 | 0.06 | 0.34 | (0.28) | — | (0.28) |
Year Ended 10/31/2019 | $10.18 | 0.31 | 0.53 | 0.84 | (0.32) | — | (0.32) |
14 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
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 10/31/2023 | $9.36 | 1.35% | 0.99% | 0.80% | 2.26% | 30% | $4,997 |
Year Ended 10/31/2022 | $9.45 | (9.60%) | 0.93%(e) | 0.78%(e),(f) | 2.00% | 2% | $7,473 |
Year Ended 10/31/2021 | $10.67 | 1.39% | 0.94% | 0.81%(f) | 1.94% | 9% | $7,627 |
Year Ended 10/31/2020 | $10.74 | 2.87% | 0.93% | 0.80%(f) | 2.27% | 17% | $7,864 |
Year Ended 10/31/2019 | $10.68 | 7.95% | 0.93% | 0.80%(f) | 2.59% | 12% | $7,910 |
Advisor Class | |||||||
Year Ended 10/31/2023 | $9.35 | 1.60% | 0.74% | 0.55% | 2.50% | 30% | $3,124 |
Year Ended 10/31/2022 | $9.44 | (9.39%) | 0.67%(e) | 0.53%(e),(f) | 2.31% | 2% | $3,855 |
Year Ended 10/31/2021 | $10.66 | 1.74% | 0.69% | 0.56%(f) | 2.19% | 9% | $1,463 |
Year Ended 10/31/2020 | $10.72 | 3.03% | 0.68% | 0.55%(f) | 2.52% | 17% | $1,000 |
Year Ended 10/31/2019 | $10.67 | 8.23% | 0.68% | 0.55%(f) | 2.84% | 12% | $801 |
Class C | |||||||
Year Ended 10/31/2023 | $9.36 | 0.90% | 1.44% | 1.25% | 1.82% | 30% | $757 |
Year Ended 10/31/2022 | $9.45 | (10.01%) | 1.51%(e) | 1.24%(e),(f) | 1.50% | 2% | $765 |
Year Ended 10/31/2021 | $10.67 | 0.94% | 1.69% | 1.26%(f) | 1.49% | 9% | $1,674 |
Year Ended 10/31/2020 | $10.74 | 2.41% | 1.68% | 1.25%(f),(g) | 1.82% | 17% | $1,647 |
Year Ended 10/31/2019 | $10.68 | 7.47% | 1.68% | 1.25%(f),(g) | 2.15% | 12% | $2,038 |
Institutional Class | |||||||
Year Ended 10/31/2023 | $9.36 | 1.60% | 0.74% | 0.55% | 2.51% | 30% | $9,399 |
Year Ended 10/31/2022 | $9.45 | (9.38%) | 0.68%(e) | 0.54%(e),(f) | 2.18% | 2% | $14,263 |
Year Ended 10/31/2021 | $10.67 | 1.74% | 0.69% | 0.56%(f) | 2.19% | 9% | $74,626 |
Year Ended 10/31/2020 | $10.73 | 3.03% | 0.68% | 0.55%(f) | 2.52% | 17% | $77,664 |
Year Ended 10/31/2019 | $10.68 | 8.22% | 0.68% | 0.55%(f) | 2.83% | 12% | $81,364 |
Institutional 3 Class | |||||||
Year Ended 10/31/2023 | $9.38 | 1.70% | 0.64% | 0.46% | 2.58% | 30% | $12,107 |
Year Ended 10/31/2022 | $9.47 | (9.36%) | 0.61%(e) | 0.45%(e),(f) | 2.56% | 2% | $36,895 |
Year Ended 10/31/2021 | $10.70 | 1.84% | 0.59% | 0.46% | 2.30% | 9% | $10 |
Year Ended 10/31/2020 | $10.76 | 3.23% | 0.58% | 0.45% | 2.62% | 17% | $161 |
Year Ended 10/31/2019 | $10.70 | 8.32% | 0.57% | 0.45% | 2.94% | 12% | $10 |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class V | |||||||
Year Ended 10/31/2023 | $9.44 | 0.23 | (0.09)(c) | 0.14 | (0.23) | — | (0.23) |
Year Ended 10/31/2022 | $10.66 | 0.21 | (1.21) | (1.00) | (0.22) | (0.00)(d) | (0.22) |
Year Ended 10/31/2021 | $10.72 | 0.22 | (0.05) | 0.17 | (0.22) | (0.01) | (0.23) |
Year Ended 10/31/2020 | $10.67 | 0.25 | 0.05 | 0.30 | (0.25) | — | (0.25) |
Year Ended 10/31/2019 | $10.15 | 0.28 | 0.53 | 0.81 | (0.29) | — | (0.29) |
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%. |
(g) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by: |
10/31/2020 | 10/31/2019 | |
Class C | 0.25% | 0.30% |
16 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
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 V | |||||||
Year Ended 10/31/2023 | $9.35 | 1.45% | 0.89% | 0.70% | 2.35% | 30% | $3,784 |
Year Ended 10/31/2022 | $9.44 | (9.52%) | 0.83%(e) | 0.69%(e),(f) | 2.08% | 2% | $6,886 |
Year Ended 10/31/2021 | $10.66 | 1.59% | 0.84% | 0.71%(f) | 2.04% | 9% | $8,615 |
Year Ended 10/31/2020 | $10.72 | 2.88% | 0.83% | 0.70%(f) | 2.37% | 17% | $8,979 |
Year Ended 10/31/2019 | $10.67 | 8.06% | 0.83% | 0.70%(f) | 2.69% | 12% | $9,167 |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 17 |
October 31, 2023
18 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 19 |
October 31, 2023
20 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Effective rate (%) | |
Class A | 0.10 |
Advisor Class | 0.10 |
Class C | 0.10 |
Institutional Class | 0.10 |
Institutional 3 Class | 0.01 |
Class V | 0.10 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 5,009 |
Class C | — | 1.00(b) | — |
Class V | 4.75 | 0.50 - 1.00(c) | — |
(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. |
(c) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 21 |
October 31, 2023
March 1, 2023 through February 29, 2024 | Prior to March 1, 2023 | |
Class A | 0.81% | 0.81% |
Advisor Class | 0.56 | 0.56 |
Class C | 1.26 | 1.26 |
Institutional Class | 0.56 | 0.56 |
Institutional 3 Class | 0.47 | 0.46 |
Class V | 0.71 | 0.71 |
Excess of distributions over net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
2,115 | 2 | (2,117) |
22 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Year Ended October 31, 2023 | Year Ended October 31, 2022 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
5,035 | 1,433,100 | — | 1,438,135 | — | 1,769,786 | 41,928 | 1,811,714 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 122,244 | — | (3,831,128) | — |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
34,213,195 | — | — | — |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(89,803) | (3,741,325) | (3,831,128) | — |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 23 |
October 31, 2023
24 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
October 31, 2023
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 25 |
26 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
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 | 170 | 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 |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 27 |
(Unaudited)
Independent trustees (continued)
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; 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 | 170 | 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 | 170 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), 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 | 170 | 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, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | 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 |
28 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Independent trustees (continued)
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 | 168 | 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 | 170 | 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 | 170 | 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 | 170 | Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; 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 | 168 | None |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 29 |
(Unaudited)
Independent trustees (continued)
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 | 168 | Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; 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. | 170 | 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 | 168 | 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 |
30 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Independent trustees (continued)
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 |
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 | 170 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |
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 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021; Co-President and Principal Executive Officer, Columbia Acorn/Wanger Funds, since July 2021 | 170 | 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; Director, Columbia Threadneedle Canada, Inc., since December 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 and Hacker 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. |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 31 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
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) and Senior Vice President (2019) | 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. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |
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, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
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. |
32 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Fund officers (continued)
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 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; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company. |
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks; |
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 33 |
(Unaudited)
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
34 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 | 35 |
(Unaudited)
Economies of scale
36 | Columbia Connecticut Intermediate Municipal Bond Fund | Annual Report 2023 |
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.
(a) | The registrant has adopted a code of ethics 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. |
(b) | During the period covered by this report, there were not any amendments to a provision of the code of ethics 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, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. |
(c) | During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics 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 that relates to one or more of the items set forth in paragraph (b) of this Item. |
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 six series of the registrant whose reports to stockholders 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 October 31, 2023 and October 31, 2022 are approximately as follows:
2023 | 2022 |
$180,500 | $177,000 |
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 October 31, 2023 and October 31, 2022 are approximately as follows:
2023 | 2022 |
$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 October 31, 2023 and October 31, 2022, 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 October 31, 2023 and October 31, 2022 are approximately as follows:
2023 | 2022 |
$75,000 | $78,000 |
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 October 31, 2023 and October 31, 2022, 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 October 31, 2023 and October 31, 2022 are approximately as follows:
2023 | 2022 |
$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 October 31, 2023 and October 31, 2022 are approximately as follows:
2023 | 2022 |
$557,000 | $535,000 |
In fiscal years 2023 and 2022, 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.
*****
(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 October 31, 2023 and October 31, 2022 are approximately as follows:
2023 | 2022 |
$632,000 | $613,000 |
(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 I |
|
|
By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
|
|
Date | December 20, 2023 |
|
|
|
|
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 |
|
|
Date | December 20, 2023 |
By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, Chief Financial Officer, |
| Principal Financial Officer and Senior Vice President |
|
|
Date | December 20, 2023 |
By (Signature and Title) | /s/ Joseph Beranek |
| Joseph Beranek, Treasurer, Chief Accounting |
| Officer and Principal Financial Officer |
|
|
Date | December 20, 2023 |