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: April 30, 2024
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value |
Average annual total returns (%) (for the period ended April 30, 2024) | ||||||
Inception | 6 Months cumulative | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 06/16/86 | 11.65 | 3.40 | 0.44 | 2.10 |
Including sales charges | 8.31 | 0.28 | -0.16 | 1.79 | ||
Advisor Class | 03/19/13 | 11.75 | 3.60 | 0.64 | 2.34 | |
Class C | Excluding sales charges | 08/01/97 | 11.37 | 2.88 | -0.05 | 1.62 |
Including sales charges | 10.37 | 1.88 | -0.05 | 1.62 | ||
Institutional Class | 09/19/05 | 11.75 | 3.60 | 0.63 | 2.34 | |
Institutional 2 Class* | 03/01/16 | 11.74 | 3.60 | 0.65 | 2.29 | |
Institutional 3 Class* | 03/01/17 | 11.77 | 3.66 | 0.72 | 2.31 | |
Bloomberg California Municipal Bond Index | 6.67 | 2.08 | 1.25 | 2.41 | ||
Bloomberg Municipal Bond Index | 7.06 | 2.08 | 1.26 | 2.41 |
Quality breakdown (%) (at April 30, 2024) | |
AAA rating | 1.0 |
AA rating | 30.9 |
A rating | 22.5 |
BBB rating | 16.1 |
BB rating | 2.4 |
Not rated | 27.1 |
Total | 100.0 |
November 1, 2023 — April 30, 2024 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,116.50 | 1,021.18 | 3.89 | 3.72 | 0.74 |
Advisor Class | 1,000.00 | 1,000.00 | 1,117.50 | 1,022.18 | 2.84 | 2.72 | 0.54 |
Class C | 1,000.00 | 1,000.00 | 1,113.70 | 1,018.70 | 6.52 | 6.22 | 1.24 |
Institutional Class | 1,000.00 | 1,000.00 | 1,117.50 | 1,022.18 | 2.84 | 2.72 | 0.54 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,117.40 | 1,022.23 | 2.79 | 2.66 | 0.53 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,117.70 | 1,022.48 | 2.53 | 2.41 | 0.48 |
Floating Rate Notes 0.7% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Variable Rate Demand Notes 0.7% | ||||
New York City Transitional Finance Authority(a),(b) | ||||
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2016 (JPMorgan Chase Bank) | ||||
02/01/2045 | 3.800% | 1,760,000 | 1,760,000 | |
Subordinated Series 2018 (JPMorgan Chase Bank) | ||||
08/01/2042 | 3.800% | 150,000 | 150,000 | |
New York City Water & Sewer System(a),(b) | ||||
Revenue Bonds | ||||
2nd General Resolution | ||||
Series 2013 (JPMorgan Chase Bank) | ||||
06/15/2050 | 3.800% | 500,000 | 500,000 | |
Total | 2,410,000 | |||
Total Floating Rate Notes (Cost $2,410,000) | 2,410,000 | |||
Municipal Bonds 96.8% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Airport 2.4% | ||||
San Diego County Regional Airport Authority(c) | ||||
Revenue Bonds | ||||
Private Activity | ||||
Series 2023 | ||||
07/01/2048 | 5.000% | 2,500,000 | 2,600,403 | |
San Francisco City & County Airport Commission - San Francisco International Airport(c) | ||||
Unrefunded Revenue Bonds | ||||
Series 2014A | ||||
05/01/2044 | 5.000% | 3,000,000 | 3,000,503 | |
San Francisco City & County Airport Commission-San Francisco International Airport(c) | ||||
Refunding Revenue Bonds | ||||
Second Series 2023C | ||||
05/01/2048 | 5.750% | 3,000,000 | 3,298,127 | |
Total | 8,899,033 | |||
Charter Schools 8.5% | ||||
California Infrastructure & Economic Development Bank | ||||
Revenue Bonds | ||||
Equitable School Revolving Fund | ||||
Series 2022 | ||||
11/01/2057 | 5.000% | 3,000,000 | 3,091,605 | |
California Infrastructure & Economic Development Bank(d) | ||||
Revenue Bonds | ||||
WFCS Portfolio Project | ||||
Series 2021 | ||||
01/01/2056 | 5.000% | 1,300,000 | 1,070,732 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Wonderful Foundations Charter School Portfolio Projects | ||||
Series 2020 | ||||
01/01/2055 | 5.000% | 2,200,000 | 1,847,256 | |
California Public Finance Authority | ||||
Revenue Bonds | ||||
Laverne Elementary Prep Academy Project | ||||
Series 2019 | ||||
06/15/2039 | 5.000% | 870,000 | 828,853 | |
06/15/2049 | 5.000% | 1,400,000 | 1,262,912 | |
California School Finance Authority(d) | ||||
Refunding Revenue Bonds | ||||
Classical Academies Oceanside Project | ||||
Series 2022 | ||||
10/01/2061 | 5.000% | 3,500,000 | 3,196,466 | |
Ivy Academia Project | ||||
Series 2021A | ||||
06/01/2061 | 4.000% | 1,000,000 | 680,880 | |
Revenue Bonds | ||||
Alliance College-Ready Public Schools | ||||
Series 2015 | ||||
07/01/2035 | 5.000% | 3,010,000 | 3,030,846 | |
07/01/2045 | 5.000% | 1,705,000 | 1,685,724 | |
Aspire Public Schools | ||||
Series 2022 | ||||
08/01/2061 | 5.000% | 4,000,000 | 3,760,859 | |
Girls Athletic Leadership School | ||||
Series 2021 | ||||
06/01/2051 | 4.000% | 1,000,000 | 730,639 | |
06/01/2061 | 4.000% | 2,890,000 | 1,995,724 | |
Green Dot Public School Project | ||||
Series 2015A | ||||
08/01/2035 | 5.000% | 1,510,000 | 1,524,145 | |
Series 2018 | ||||
08/01/2048 | 5.000% | 1,750,000 | 1,680,862 | |
Hawking Steam Charter School Project | ||||
Series 2022 | ||||
07/01/2062 | 5.500% | 1,775,000 | 1,798,676 | |
KIPP Los Angeles Projects | ||||
Series 2014A | ||||
07/01/2044 | 5.125% | 1,000,000 | 1,001,069 | |
Series 2015A | ||||
07/01/2045 | 5.000% | 1,000,000 | 1,005,126 | |
Santa Clarita Valley International School Project | ||||
Series 2021 | ||||
06/01/2061 | 4.000% | 1,175,000 | 796,316 | |
Total | 30,988,690 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Disposal 1.3% | ||||
California Municipal Finance Authority(c) | ||||
Revenue Bonds | ||||
Republic Services, Inc. | ||||
Series 2024 (Mandatory Put 03/01/24) | ||||
02/28/2054 | 3.875% | 3,900,000 | 3,869,794 | |
California Municipal Finance Authority(c),(e) | ||||
Revenue Bonds | ||||
Republic Services, Inc. Project | ||||
Series 2023 (Mandatory Put 09/01/33) | ||||
09/01/2053 | 4.375% | 750,000 | 770,044 | |
Total | 4,639,838 | |||
Higher Education 4.2% | ||||
California Public Finance Authority(d) | ||||
Revenue Bonds | ||||
California University of Science and Medicine | ||||
Series 2019 | ||||
07/01/2054 | 6.250% | 2,000,000 | 2,079,577 | |
California Statewide Communities Development Authority(d) | ||||
Revenue Bonds | ||||
California Baptist University | ||||
Series 2014A | ||||
11/01/2043 | 6.375% | 3,000,000 | 3,003,777 | |
Lancer Plaza Project | ||||
Series 2013 | ||||
11/01/2033 | 5.625% | 1,400,000 | 1,401,640 | |
11/01/2043 | 5.875% | 1,875,000 | 1,876,563 | |
University of California | ||||
Refunding Revenue Bonds | ||||
Series 2024BS | ||||
05/15/2036 | 5.000% | 6,000,000 | 7,049,314 | |
Total | 15,410,871 | |||
Hospital 15.2% | ||||
California Health Facilities Financing Authority | ||||
Refunding Revenue Bonds | ||||
El Camino Hospital | ||||
Series 2015A | ||||
02/01/2040 | 5.000% | 2,000,000 | 2,006,482 | |
PIH Health | ||||
Series 2020A | ||||
06/01/2050 | 4.000% | 2,500,000 | 2,340,838 | |
Scripps Health | ||||
Series 2024A | ||||
11/15/2043 | 5.000% | 2,000,000 | 2,208,640 | |
11/15/2044 | 5.000% | 2,000,000 | 2,200,124 | |
Revenue Bonds | ||||
Children’s Hospital of Orange County | ||||
Series 2024 (Mandatory Put 05/01/31) | ||||
10/31/2054 | 5.000% | 2,000,000 | 2,239,568 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Hope Obligated Group | ||||
Series 2019 | ||||
11/15/2045 | 4.000% | 8,000,000 | 7,547,387 | |
CommonSpirit Health | ||||
Series 2024A | ||||
12/01/2054 | 5.000% | 1,750,000 | 1,846,001 | |
El Camino Hospital | ||||
Series 2017 | ||||
02/01/2047 | 5.000% | 4,000,000 | 4,073,378 | |
Kaiser Permanente | ||||
Subordinated Series 2017A-2 | ||||
11/01/2044 | 4.000% | 7,000,000 | 6,841,792 | |
Subordinated Series 2020A-2 | ||||
11/01/2051 | 4.000% | 1,000,000 | 954,599 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Community Medical Centers | ||||
Series 2017A | ||||
02/01/2047 | 5.000% | 2,000,000 | 2,005,313 | |
Revenue Bonds | ||||
Clincas Del Camino Real, Inc. | ||||
Series 2020 | ||||
03/01/2050 | 4.000% | 2,000,000 | 1,560,790 | |
California Public Finance Authority | ||||
Refunding Revenue Bonds | ||||
Henry Mayo Newhall Memorial Hospital | ||||
Series 2017 | ||||
10/15/2047 | 5.000% | 4,000,000 | 3,848,258 | |
California Statewide Communities Development Authority | ||||
Refunding Revenue Bonds | ||||
Adventist Health System | ||||
Series 2018 | ||||
03/01/2042 | 4.000% | 5,000,000 | 4,758,481 | |
Revenue Bonds | ||||
Loma Linda University Medical Center | ||||
Series 2014 | ||||
12/01/2054 | 5.500% | 2,660,000 | 2,668,066 | |
California Statewide Communities Development Authority(d) | ||||
Revenue Bonds | ||||
Loma Linda University Medical Center | ||||
Series 2018 | ||||
12/01/2058 | 5.500% | 3,000,000 | 3,055,045 | |
City of Upland | ||||
Refunding Certificate of Participation | ||||
San Antonio Regional Hospital | ||||
Series 2017 | ||||
01/01/2042 | 4.000% | 3,000,000 | 2,631,237 | |
Regents of the University of California Medical Center | ||||
Revenue Bonds | ||||
Series 2022P | ||||
05/15/2053 | 4.000% | 2,500,000 | 2,452,218 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Washington Township Health Care District | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
07/01/2048 | 4.000% | 500,000 | 410,178 | |
Total | 55,648,395 | |||
Human Service Provider 0.6% | ||||
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Harbor Regional Center Project | ||||
Series 2015 | ||||
11/01/2039 | 5.000% | 2,000,000 | 2,019,656 | |
Local Appropriation 0.5% | ||||
Sacramento City Schools Joint Powers Financing Authority | ||||
Refunding Revenue Bonds | ||||
Series 2006A (BAM) | ||||
03/01/2040 | 5.000% | 2,000,000 | 2,000,403 | |
Local General Obligation 14.3% | ||||
Alameda Unified School District-Alameda County | ||||
Unlimited General Obligation Bonds | ||||
Election of 2014 | ||||
Series 2019C | ||||
08/01/2042 | 3.000% | 1,000,000 | 821,485 | |
Carlsbad Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Election of 2018 | ||||
Series 2019A | ||||
08/01/2048 | 3.125% | 2,750,000 | 2,150,723 | |
Series 2021B | ||||
08/01/2046 | 3.000% | 3,175,000 | 2,474,285 | |
08/01/2050 | 2.375% | 3,000,000 | 1,840,411 | |
Cerritos Community College District | ||||
Unlimited General Obligation Bonds | ||||
Series 2019C | ||||
08/01/2044 | 3.000% | 5,000,000 | 4,010,769 | |
Chaffey Joint Union High School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2019D | ||||
08/01/2034 | 0.000% | 500,000 | 340,057 | |
08/01/2035 | 0.000% | 660,000 | 427,758 | |
08/01/2036 | 0.000% | 1,000,000 | 614,119 | |
Coast Community College District(f) | ||||
Unlimited General Obligation Bonds | ||||
Election of 2012 | ||||
Series 2019F | ||||
08/01/2041 | 0.000% | 2,125,000 | 1,001,242 | |
08/01/2043 | 0.000% | 7,250,000 | 3,065,839 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Compton Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Compton Unified School District | ||||
Series 2019B (BAM) | ||||
06/01/2036 | 0.000% | 2,750,000 | 1,716,751 | |
Conejo Valley Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2015A (AGM) | ||||
08/01/2030 | 0.000% | 1,000,000 | 753,130 | |
Desert Community College District | ||||
Unlimited General Obligation Bonds | ||||
Election of 2016 | ||||
Series 2024 | ||||
08/01/2051 | 4.000% | 2,750,000 | 2,670,871 | |
East Side Union High School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2003B (NPFGC) | ||||
08/01/2026 | 5.250% | 360,000 | 376,249 | |
El Monte Union High School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2021E | ||||
06/01/2046 | 0.000% | 2,765,000 | 972,654 | |
Fremont Union High School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2021A | ||||
08/01/2037 | 3.000% | 2,045,000 | 1,859,778 | |
Glendale Community College District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2020B | ||||
08/01/2044 | 0.000% | 1,550,000 | 614,261 | |
02/01/2045 | 0.000% | 1,250,000 | 479,687 | |
Long Beach Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2015D-1 | ||||
08/01/2032 | 0.000% | 1,500,000 | 1,074,075 | |
Los Angeles Unified School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2024A | ||||
07/01/2034 | 5.000% | 1,000,000 | 1,179,906 | |
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 | 4,035,947 | |
Monterey Peninsula Community College District(f) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2016 | ||||
08/01/2032 | 0.000% | 3,500,000 | 2,632,672 | |
08/01/2033 | 0.000% | 2,000,000 | 1,447,797 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Mount San Antonio Community College District(f) | ||||
Unlimited General Obligation Bonds | ||||
Election of 2008 | ||||
Series 2021E | ||||
08/01/2046 | 0.000% | 8,230,000 | 3,068,440 | |
Pomona Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2016G (AGM) | ||||
08/01/2033 | 0.000% | 1,000,000 | 722,584 | |
08/01/2034 | 0.000% | 1,610,000 | 1,116,115 | |
Poway Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Improvement District No. 2007-1-A | ||||
Series 2009 | ||||
08/01/2030 | 0.000% | 2,295,000 | 1,869,696 | |
San Diego Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation Bonds | ||||
Series 2016I | ||||
07/01/2034 | 0.000% | 5,000,000 | 3,349,078 | |
San Diego Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2019B | ||||
07/01/2048 | 3.250% | 5,000,000 | 4,144,900 | |
Sierra Kings Health Care District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
08/01/2037 | 5.000% | 1,500,000 | 1,508,429 | |
Total | 52,339,708 | |||
Multi-Family 13.5% | ||||
California Community Housing Agency(d) | ||||
Revenue Bonds | ||||
Junior Bonds | ||||
Series 2021A-2 | ||||
02/01/2043 | 4.000% | 3,000,000 | 2,698,429 | |
The Arbors | ||||
Series 2020A | ||||
08/01/2050 | 5.000% | 3,500,000 | 3,253,531 | |
California Housing Finance Agency | ||||
Revenue Bonds | ||||
Series 2021-1A | ||||
11/20/2035 | 3.500% | 2,436,318 | 2,251,039 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Caritas Projects | ||||
Series 2017A | ||||
08/15/2042 | 4.000% | 1,000,000 | 916,778 | |
Revenue Bonds | ||||
Bowles Hall Foundation | ||||
Series 2015A | ||||
06/01/2050 | 5.000% | 1,250,000 | 1,253,317 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Caritas Affordable Housing | ||||
Series 2014 | ||||
08/15/2049 | 5.250% | 3,500,000 | 3,503,493 | |
Subordinated Series 2014 | ||||
08/15/2049 | 5.875% | 1,000,000 | 1,000,919 | |
CMFA Special Finance Agency(d) | ||||
Revenue Bonds | ||||
Junior Bonds - Latitude33 | ||||
Series 2021A | ||||
12/01/2045 | 4.000% | 3,000,000 | 2,409,445 | |
Junior Bonds - Solana at Grand | ||||
Series 2021A-2 | ||||
08/01/2045 | 4.000% | 3,000,000 | 2,446,462 | |
CMFA Special Finance Agency VIII(d) | ||||
Revenue Bonds | ||||
Elan Huntington Beach | ||||
Series 2021 | ||||
08/01/2047 | 4.000% | 1,900,000 | 1,589,841 | |
CSCDA Community Improvement Authority(d) | ||||
Revenue Bonds | ||||
Jefferson-Anaheim Social Bonds | ||||
Series 2021 | ||||
08/01/2056 | 3.125% | 2,500,000 | 1,805,142 | |
Parallel-Anaheim Social Bonds | ||||
Series 2021 | ||||
08/01/2056 | 4.000% | 1,760,000 | 1,464,788 | |
Pasadena Portfolio Social Bonds | ||||
Series 2021 | ||||
12/01/2056 | 3.000% | 2,000,000 | 1,372,242 | |
12/01/2056 | 4.000% | 1,000,000 | 726,361 | |
Social Bonds | ||||
Series 2021A-2 | ||||
10/01/2056 | 4.000% | 3,000,000 | 2,160,322 | |
Social Bonds - Mezzanine Lien - 777 Place-Pomona | ||||
Series 2021 | ||||
05/01/2057 | 4.000% | 2,000,000 | 1,417,128 | |
Social Bonds - Mezzanine Lien - Park Crossing Apartments | ||||
Series 2021 | ||||
12/01/2048 | 4.000% | 2,000,000 | 1,454,457 | |
Social Bonds - Mezzanine Lien - Westgate Phase 1-Pasadena | ||||
Series 2021 | ||||
06/01/2057 | 4.000% | 2,000,000 | 1,203,349 | |
Social Bonds - Millennium South Bay-Hawthorne | ||||
Series 2021 | ||||
07/01/2058 | 4.000% | 2,000,000 | 1,345,128 | |
Social Bonds - Monterey Station-Pomona | ||||
Series 2021 | ||||
07/01/2058 | 4.000% | 2,000,000 | 1,341,069 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Social Bonds - Senior Lien - Park Crossing Apartments | ||||
Series 2021 | ||||
12/01/2058 | 3.250% | 1,500,000 | 993,896 | |
The Link - Glendale Social Bonds | ||||
Subordinated Series 2021 | ||||
07/01/2056 | 4.000% | 3,500,000 | 2,526,726 | |
Union South Bay Social Bonds | ||||
Series 2021 | ||||
07/01/2056 | 4.000% | 2,000,000 | 1,508,347 | |
Federal Home Loan Mortgage Corp. Multifamily ML Certificates | ||||
Revenue Bonds | ||||
Series 2019-ML05 | ||||
11/25/2033 | 3.350% | 3,718,927 | 3,376,432 | |
Freddie Mac Multifamily Certificates | ||||
Revenue Bonds | ||||
Series 2021-ML10 Class A (FHLMC) | ||||
06/25/2038 | 2.046% | 2,414,104 | 1,826,195 | |
Hastings Campus Housing Finance Authority | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2020A | ||||
07/01/2061 | 5.000% | 4,000,000 | 3,569,298 | |
Total | 49,414,134 | |||
Municipal Power 1.3% | ||||
Guam Power Authority(g) | ||||
Refunding Revenue Bonds | ||||
Series 2022A | ||||
10/01/2043 | 5.000% | 3,000,000 | 3,040,584 | |
Puerto Rico Electric Power Authority(g),(h) | ||||
Revenue Bonds | ||||
Series 2010XX | ||||
07/01/2040 | 0.000% | 1,965,000 | 515,813 | |
Series 2012A | ||||
07/01/2042 | 0.000% | 4,250,000 | 1,115,625 | |
Total | 4,672,022 | |||
Other Bond Issue 0.6% | ||||
City of Long Beach Marina System | ||||
Revenue Bonds | ||||
Series 2015 | ||||
05/15/2040 | 5.000% | 2,000,000 | 2,003,772 | |
Prepaid Gas 4.4% | ||||
California Community Choice Financing Authority | ||||
Revenue Bonds | ||||
Clean Energy Project | ||||
Series 2023 (Mandatory Put 04/01/30) | ||||
11/01/2054 | 5.250% | 1,000,000 | 1,064,095 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Green Bonds - Clean Energy Project | ||||
Series 2023 (Mandatory Put 03/01/31) | ||||
02/01/2054 | 5.000% | 7,000,000 | 7,371,443 | |
Series 2023 (Mandatory Put 08/01/29) | ||||
12/01/2053 | 5.000% | 1,000,000 | 1,047,242 | |
California Community Choice Financing Authority(e) | ||||
Revenue Bonds | ||||
Green Bonds - Clean Energy Project | ||||
Series 2023 (Mandatory Put 11/01/30) | ||||
10/01/2054 | 5.500% | 3,000,000 | 3,252,514 | |
M-S-R Energy Authority | ||||
Revenue Bonds | ||||
Series 2009B | ||||
11/01/2034 | 7.000% | 1,000,000 | 1,229,179 | |
Northern California Energy Authority | ||||
Refunding Revenue Bonds | ||||
Series 2024 (Mandatory Put 08/01/30) | ||||
11/30/2054 | 5.000% | 2,000,000 | 2,117,129 | |
Total | 16,081,602 | |||
Recreation 0.4% | ||||
California Infrastructure & Economic Development Bank | ||||
Refunding Revenue Bonds | ||||
California Academy of Sciences, San Francisco | ||||
Series 2024 | ||||
08/01/2029 | 3.250% | 1,470,000 | 1,458,666 | |
Refunded / Escrowed 1.1% | ||||
California School Finance Authority(d) | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
River Springs Charter School Project | ||||
Series 2015 | ||||
07/01/2046 | 6.375% | 1,000,000 | 1,030,258 | |
07/01/2046 | 6.375% | 155,000 | 159,335 | |
Prerefunded 08/01/25 Revenue Bonds | ||||
Aspire Public Schools | ||||
Series 2016 | ||||
08/01/2041 | 5.000% | 150,000 | 152,818 | |
Glendale Unified School District(f) | ||||
Prerefunded 09/01/25 Unlimited General Obligation Bonds | ||||
Series 2015B | ||||
09/01/2031 | 0.000% | 1,900,000 | 1,389,678 | |
Prerefunded 09/01/25 Unlimited General Obligation Refunding Bonds | ||||
Series 2015B | ||||
09/01/2032 | 0.000% | 1,000,000 | 696,297 | |
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 | 455,419 | |
Total | 3,883,805 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Resource Recovery 0.0% | ||||
California Municipal Finance Authority(c),(d),(h) | ||||
Revenue Bonds | ||||
UTS Renewable Energy-Waste Water Facilities | ||||
Series 2011 | ||||
12/01/2032 | 0.000% | 2,745,000 | 54,900 | |
Retirement Communities 4.0% | ||||
California Health Facilities Financing Authority | ||||
Revenue Bonds | ||||
Episcopal Communities & Services | ||||
Series 2024 | ||||
11/15/2058 | 5.250% | 1,000,000 | 1,032,356 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
HumanGood Obligation Group | ||||
Series 2019A | ||||
10/01/2044 | 4.000% | 2,500,000 | 2,305,044 | |
Revenue Bonds | ||||
HumanGood California Obligated Group | ||||
Series 2021 | ||||
10/01/2046 | 4.000% | 2,000,000 | 1,812,885 | |
10/01/2049 | 4.000% | 2,500,000 | 2,210,750 | |
California Public Finance Authority(d) | ||||
Revenue Bonds | ||||
Enso Village Project - Green Bonds | ||||
Series 2021 | ||||
11/15/2056 | 5.000% | 1,000,000 | 850,133 | |
California Statewide Communities Development Authority | ||||
Refunding Revenue Bonds | ||||
American Baptist Homes West | ||||
Series 2015 | ||||
10/01/2045 | 5.000% | 3,155,000 | 3,151,851 | |
Front Porch Communities & Services | ||||
Series 2017 | ||||
04/01/2047 | 4.000% | 1,750,000 | 1,587,464 | |
Series 2021 | ||||
04/01/2046 | 3.000% | 1,000,000 | 771,486 | |
04/01/2051 | 3.000% | 1,250,000 | 899,593 | |
Total | 14,621,562 | |||
Sales Tax 4.2% | ||||
Commonwealth of Puerto Rico(f),(g) | ||||
Revenue Notes | ||||
Series 2022 | ||||
11/01/2051 | 0.000% | 1,881,176 | 1,128,706 | |
Subordinated Series 2022 | ||||
11/01/2043 | 0.000% | 820,743 | 488,342 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Puerto Rico Sales Tax Financing Corp.(f),(g) | ||||
Revenue Bonds | ||||
Series 2018A-1 | ||||
07/01/2046 | 0.000% | 27,900,000 | 8,699,889 | |
Puerto Rico Sales Tax Financing Corp.(g) | ||||
Revenue Bonds | ||||
Series 2019A1 | ||||
07/01/2058 | 5.000% | 5,000,000 | 4,979,347 | |
Total | 15,296,284 | |||
Special Property Tax 7.8% | ||||
Bakersfield Redevelopment Agency | ||||
Tax Allocation Bonds | ||||
Old Town Kern Pioneer | ||||
Series 2009A | ||||
08/01/2029 | 7.500% | 915,000 | 917,431 | |
Southeast Bakersfield | ||||
Series 2009B | ||||
08/01/2029 | 7.250% | 430,000 | 431,118 | |
Chula Vista Municipal Financing Authority | ||||
Refunding Special Tax Bonds | ||||
Series 2015A | ||||
09/01/2035 | 5.000% | 2,460,000 | 2,505,352 | |
09/01/2036 | 5.000% | 2,435,000 | 2,478,637 | |
City & County of San Francisco Infrastructure & Revitalization Financing District No. 1(d) | ||||
Tax Allocation Bonds | ||||
Facilities Increment - Treasure Island | ||||
Series 2022 | ||||
09/01/2052 | 5.000% | 1,000,000 | 929,411 | |
City of Dublin | ||||
Special Tax Bonds | ||||
Improvement Area No. 3 | ||||
Series 2021 | ||||
09/01/2045 | 4.000% | 850,000 | 741,412 | |
09/01/2051 | 4.000% | 865,000 | 719,513 | |
City of Irvine | ||||
Special Tax Bonds | ||||
Community Facilities District 2013-3 | ||||
Series 2014 | ||||
09/01/2039 | 5.000% | 750,000 | 751,938 | |
09/01/2044 | 5.000% | 2,525,000 | 2,529,266 | |
Elk Grove Unified School District | ||||
Refunding Special Tax Bonds | ||||
Community Facilities District No. 1 | ||||
Series 1995 (AMBAC) | ||||
12/01/2024 | 6.500% | 465,000 | 471,334 | |
Inland Valley Development Agency | ||||
Refunding Tax Allocation Bonds | ||||
Series 2014A | ||||
09/01/2044 | 5.000% | 5,000,000 | 5,024,461 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Irvine Facilities Financing Authority | ||||
Special Tax Bonds | ||||
Irvine Great Park Infrastructure Project | ||||
Series 2023 (BAM) | ||||
09/01/2058 | 4.000% | 1,000,000 | 973,983 | |
Irvine Unified School District | ||||
Special Tax Bonds | ||||
Community Facilities District Number 09-1 | ||||
Series 2019A | ||||
09/01/2040 | 4.000% | 685,000 | 655,512 | |
Jurupa Public Financing Authority | ||||
Refunding Special Tax Bonds | ||||
Series 2014A | ||||
09/01/2042 | 5.000% | 1,000,000 | 1,002,033 | |
Orange County Community Facilities District | ||||
Special Tax Bonds | ||||
Rienda Phase 2B | ||||
Series 2023 | ||||
08/15/2053 | 5.500% | 1,855,000 | 1,886,721 | |
Pittsburg Successor Agency Redevelopment Agency(f) | ||||
Tax Allocation Bonds | ||||
Los Medanos Community Development Project | ||||
Series 1999 (AMBAC) | ||||
08/01/2024 | 0.000% | 2,100,000 | 2,079,824 | |
River Islands Public Financing Authority | ||||
Special Tax Refunding Bonds | ||||
Improvement Area No. 1 | ||||
Series 2022A-1 (AGM) | ||||
09/01/2052 | 5.250% | 1,000,000 | 1,076,202 | |
San Francisco City & County Redevelopment Agency | ||||
Tax Allocation Bonds | ||||
Mission Bay South Redevelopment Project | ||||
Series 2014A | ||||
08/01/2043 | 5.000% | 1,000,000 | 1,001,397 | |
Santa Monica Redevelopment Agency | ||||
Tax Allocation Bonds | ||||
Earthquake Recovery Redevelopment | ||||
Series 2011 | ||||
07/01/2036 | 5.875% | 1,250,000 | 1,252,812 | |
Tracy Community Facilities District | ||||
Special Tax Bonds | ||||
Series 2023 | ||||
09/01/2053 | 5.875% | 1,000,000 | 1,042,775 | |
Total | 28,471,132 | |||
State Appropriated 1.2% | ||||
California State Public Works Board | ||||
Revenue Bonds | ||||
May Lee State Office Complex | ||||
Series 2024 | ||||
04/01/2049 | 5.000% | 1,250,000 | 1,350,160 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2014B | ||||
10/01/2039 | 5.000% | 1,000,000 | 1,003,872 | |
Various Correctional Facilities | ||||
Series 2014A | ||||
09/01/2039 | 5.000% | 1,895,000 | 1,900,891 | |
Total | 4,254,923 | |||
State General Obligation 2.8% | ||||
State of California | ||||
Unlimited General Obligation Bonds | ||||
Series 2019 | ||||
04/01/2045 | 3.250% | 3,650,000 | 3,159,350 | |
Series 2024 | ||||
09/01/2053 | 5.000% | 3,000,000 | 3,238,558 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2023 | ||||
10/01/2050 | 4.000% | 4,000,000 | 3,928,519 | |
Unrefunded Unlimited General Obligation Bonds | ||||
Series 2004 | ||||
04/01/2029 | 5.300% | 2,000 | 2,001 | |
Total | 10,328,428 | |||
Tobacco 3.2% | ||||
California County Tobacco Securitization Agency(f) | ||||
Refunding Revenue Bonds | ||||
Capital Allocation | ||||
Subordinated Series 2020B-2 | ||||
06/01/2055 | 0.000% | 17,780,000 | 3,414,514 | |
Sonoma County Securitization Corp. | ||||
Series 2020 | ||||
06/01/2055 | 0.000% | 10,000,000 | 2,163,896 | |
Golden State Tobacco Securitization Corp.(f) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2021B-2 | ||||
06/01/2066 | 0.000% | 40,000,000 | 4,045,116 | |
Tobacco Securitization Authority of Northern California(f) | ||||
Refunding Revenue Bonds | ||||
Sacramento County Tobacco Securitization Corp. Senior Bonds | ||||
Series 2021 | ||||
06/01/2060 | 0.000% | 5,000,000 | 809,678 | |
Tobacco Securitization Authority of Southern California(f) | ||||
Refunding Revenue Bonds | ||||
San Diego County Tobacco Asset Securitization Corp. | ||||
Series 2019 | ||||
06/01/2054 | 0.000% | 7,000,000 | 1,354,658 | |
Total | 11,787,862 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Turnpike / Bridge / Toll Road 3.4% | ||||
Foothill-Eastern Transportation Corridor Agency(f) | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
01/15/2033 | 0.000% | 5,000,000 | 3,555,384 | |
Foothill-Eastern Transportation Corridor Agency | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2019B-2 | ||||
01/15/2053 | 3.500% | 5,000,000 | 4,105,796 | |
Riverside County Transportation Commission(f) | ||||
Revenue Bonds | ||||
Capital Appreciation - Senior Lien | ||||
Series 2013B | ||||
06/01/2032 | 0.000% | 2,055,000 | 1,521,919 | |
06/01/2033 | 0.000% | 2,940,000 | 2,096,317 | |
Unrefunded Revenue Bonds | ||||
Senior Lien | ||||
Series 2013 | ||||
06/01/2029 | 0.000% | 1,265,000 | 1,046,475 | |
Total | 12,325,891 | |||
Water & Sewer 1.9% | ||||
Metropolitan Water District of Southern California | ||||
Revenue Bonds | ||||
Series 2023A | ||||
04/01/2053 | 5.000% | 5,000,000 | 5,409,656 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority(d),(g) | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2020A | ||||
07/01/2047 | 5.000% | 1,425,000 | 1,441,467 | |
Total | 6,851,123 | |||
Total Municipal Bonds (Cost $397,718,980) | 353,452,700 | |||
Municipal Short Term 1.5% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Disposal 0.9% | ||||
California Municipal Finance Authority(c) | ||||
Revenue Bonds | ||||
Series 2024 | ||||
10/01/2045 | 4.100% | 500,000 | 499,712 | |
California Pollution Control Financing Authority(b),(c),(d) | ||||
Refunding Revenue Bonds | ||||
Series 2024 (Mandatory Put 08/15/24) | ||||
06/30/2043 | 4.260% | 3,000,000 | 2,994,081 | |
Total | 3,493,793 | |||
Other Bond Issue 0.6% | ||||
California Infrastructure & Economic Development Bank(c),(d) | ||||
Revenue Bonds | ||||
Series 2023 (Mandatory Put 08/15/24) | ||||
01/01/2050 | 7.760% | 2,000,000 | 2,052,425 | |
Total Municipal Short Term (Cost $5,500,000) | 5,546,218 |
Money Market Funds 0.0% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.515%(i) | 38,030 | 38,033 |
Total Money Market Funds (Cost $38,030) | 38,033 | |
Total Investments in Securities (Cost: $405,667,010) | 361,446,951 | |
Other Assets & Liabilities, Net | 3,604,887 | |
Net Assets | 365,051,838 |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 10-Year Note | (113) | 06/2024 | USD | (12,140,438 ) | 32,810 | — |
(a) | The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity. |
(b) | Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2024. |
(c) | Income from this security may be subject to alternative minimum tax. |
(d) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At April 30, 2024, the total value of these securities amounted to $78,603,413, which represents 21.53% of total net assets. |
(e) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of April 30, 2024. |
(f) | Zero coupon bond. |
(g) | Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At April 30, 2024, the total value of these securities amounted to $21,409,773, which represents 5.86% of total net assets. |
(h) | Represents a security in default. |
(i) | The rate shown is the seven-day current annualized yield at April 30, 2024. |
AGM | Assured Guaranty Municipal Corporation |
AMBAC | Ambac Assurance Corporation |
BAM | Build America Mutual Assurance Co. |
FHLMC | Federal Home Loan Mortgage Corporation |
NPFGC | National Public Finance Guarantee Corporation |
USD | US Dollar |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 2,410,000 | — | 2,410,000 |
Municipal Bonds | — | 353,452,700 | — | 353,452,700 |
Municipal Short Term | — | 5,546,218 | — | 5,546,218 |
Money Market Funds | 38,033 | — | — | 38,033 |
Total Investments in Securities | 38,033 | 361,408,918 | — | 361,446,951 |
Investments in Derivatives | ||||
Asset | ||||
Futures Contracts | 32,810 | — | — | 32,810 |
Total | 70,843 | 361,408,918 | — | 361,479,761 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $405,667,010) | $361,446,951 |
Cash | 28,199 |
Margin deposits on: | |
Futures contracts | 240,125 |
Receivable for: | |
Capital shares sold | 1,113,495 |
Dividends | 1,554 |
Interest | 3,755,193 |
Variation margin for futures contracts | 58,266 |
Expense reimbursement due from Investment Manager | 342 |
Prepaid expenses | 3,486 |
Deferred compensation of board members | 132,640 |
Other assets | 585 |
Total assets | 366,780,836 |
Liabilities | |
Payable for: | |
Capital shares redeemed | 443,219 |
Distributions to shareholders | 1,070,899 |
Management services fees | 4,666 |
Distribution and/or service fees | 1,459 |
Transfer agent fees | 17,419 |
Compensation of board members | 1,001 |
Other expenses | 11,100 |
Deferred compensation of board members | 179,235 |
Total liabilities | 1,728,998 |
Net assets applicable to outstanding capital stock | $365,051,838 |
Represented by | |
Paid in capital | 434,191,138 |
Total distributable earnings (loss) | (69,139,300 ) |
Total - representing net assets applicable to outstanding capital stock | $365,051,838 |
Class A | |
Net assets | $223,207,002 |
Shares outstanding | 8,470,491 |
Net asset value per share | $26.35 |
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) | $27.16 |
Advisor Class | |
Net assets | $3,648,619 |
Shares outstanding | 138,349 |
Net asset value per share | $26.37 |
Class C | |
Net assets | $12,550,949 |
Shares outstanding | 476,297 |
Net asset value per share | $26.35 |
Institutional Class | |
Net assets | $107,673,839 |
Shares outstanding | 4,084,350 |
Net asset value per share | $26.36 |
Institutional 2 Class | |
Net assets | $2,304,036 |
Shares outstanding | 87,267 |
Net asset value per share | $26.40 |
Institutional 3 Class | |
Net assets | $15,667,393 |
Shares outstanding | 591,163 |
Net asset value per share | $26.50 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $36,832 |
Interest | 7,573,266 |
Total income | 7,610,098 |
Expenses: | |
Management services fees | 829,455 |
Distribution and/or service fees | |
Class A | 223,976 |
Class C | 43,403 |
Transfer agent fees | |
Class A | 73,290 |
Advisor Class | 1,137 |
Class C | 4,057 |
Institutional Class | 31,490 |
Institutional 2 Class | 664 |
Institutional 3 Class | 494 |
Custodian fees | 5,548 |
Printing and postage fees | 8,894 |
Registration fees | 8,177 |
Accounting services fees | 15,412 |
Legal fees | 14,324 |
Interest on interfund lending | 1,855 |
Compensation of chief compliance officer | 32 |
Compensation of board members | 7,746 |
Deferred compensation of board members | 9,370 |
Other | 7,882 |
Total expenses | 1,287,206 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (75,469 ) |
Total net expenses | 1,211,737 |
Net investment income | 6,398,361 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (2,584,600 ) |
Futures contracts | (13,602 ) |
Net realized loss | (2,598,202 ) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 33,534,700 |
Futures contracts | 32,810 |
Net change in unrealized appreciation (depreciation) | 33,567,510 |
Net realized and unrealized gain | 30,969,308 |
Net increase in net assets resulting from operations | $37,367,669 |
Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | |
Operations | ||
Net investment income | $6,398,361 | $13,821,716 |
Net realized loss | (2,598,202 ) | (13,320,074 ) |
Net change in unrealized appreciation (depreciation) | 33,567,510 | 9,230,231 |
Net increase in net assets resulting from operations | 37,367,669 | 9,731,873 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (3,992,096 ) | (8,607,160 ) |
Advisor Class | (65,388 ) | (162,141 ) |
Class C | (189,824 ) | (387,072 ) |
Institutional Class | (1,811,113 ) | (3,921,274 ) |
Institutional 2 Class | (41,763 ) | (64,814 ) |
Institutional 3 Class | (301,043 ) | (674,836 ) |
Total distributions to shareholders | (6,401,227 ) | (13,817,297 ) |
Increase (decrease) in net assets from capital stock activity | 5,577,963 | (93,022,368 ) |
Total increase (decrease) in net assets | 36,544,405 | (97,107,792 ) |
Net assets at beginning of period | 328,507,433 | 425,615,225 |
Net assets at end of period | $365,051,838 | $328,507,433 |
Six Months Ended | Year Ended | |||
April 30, 2024 (Unaudited) | October 31, 2023 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 363,818 | 9,631,071 | 1,045,784 | 27,271,614 |
Distributions reinvested | 128,196 | 3,410,536 | 283,957 | 7,366,590 |
Shares redeemed | (755,112 ) | (19,737,133 ) | (2,646,032 ) | (68,834,069 ) |
Net decrease | (263,098 ) | (6,695,526 ) | (1,316,291 ) | (34,195,865 ) |
Advisor Class | ||||
Shares sold | 38,933 | 1,017,776 | 45,528 | 1,173,934 |
Distributions reinvested | 2,449 | 65,225 | 6,230 | 161,819 |
Shares redeemed | (29,645 ) | (766,545 ) | (106,480 ) | (2,728,797 ) |
Net increase (decrease) | 11,737 | 316,456 | (54,722 ) | (1,393,044 ) |
Class C | ||||
Shares sold | 76,562 | 2,026,863 | 132,047 | 3,459,018 |
Distributions reinvested | 6,425 | 170,939 | 13,385 | 346,961 |
Shares redeemed | (75,454 ) | (1,987,064 ) | (191,661 ) | (4,979,029 ) |
Net increase (decrease) | 7,533 | 210,738 | (46,229 ) | (1,173,050 ) |
Institutional Class | ||||
Shares sold | 1,557,592 | 40,929,700 | 2,067,971 | 54,112,792 |
Distributions reinvested | 49,712 | 1,323,094 | 119,493 | 3,103,979 |
Shares redeemed | (1,190,922 ) | (30,657,806 ) | (4,168,062 ) | (108,802,621 ) |
Net increase (decrease) | 416,382 | 11,594,988 | (1,980,598 ) | (51,585,850 ) |
Institutional 2 Class | ||||
Shares sold | 19,495 | 500,206 | 150,703 | 4,011,067 |
Distributions reinvested | 1,560 | 41,608 | 2,484 | 64,511 |
Shares redeemed | (575 ) | (15,322 ) | (164,029 ) | (4,282,190 ) |
Net increase (decrease) | 20,480 | 526,492 | (10,842 ) | (206,612 ) |
Institutional 3 Class | ||||
Shares sold | 93,285 | 2,465,223 | 217,645 | 5,724,487 |
Distributions reinvested | 3,526 | 94,374 | 7,702 | 200,993 |
Shares redeemed | (111,147 ) | (2,934,782 ) | (398,191 ) | (10,393,427 ) |
Net decrease | (14,336 ) | (375,185 ) | (172,844 ) | (4,467,947 ) |
Total net increase (decrease) | 178,698 | 5,577,963 | (3,581,526 ) | (93,022,368 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $24.02 | 0.47 | 2.33 | 2.80 | (0.47 ) | — | (0.47 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $24.04 | 0.49 | 2.34 | 2.83 | (0.50 ) | — | (0.50 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $24.02 | 0.40 | 2.33 | 2.73 | (0.40 ) | — | (0.40 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $24.03 | 0.49 | 2.33 | 2.82 | (0.49 ) | — | (0.49 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $24.07 | 0.50 | 2.33 | 2.83 | (0.50 ) | — | (0.50 ) |
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 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $26.35 | 11.65% | 0.78% (c) | 0.74% (c) | 3.57% | 10% | $223,207 |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $26.37 | 11.75% | 0.58% (c) | 0.54% (c) | 3.76% | 10% | $3,649 |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $26.35 | 11.37% | 1.28% (c) | 1.24% (c) | 3.06% | 10% | $12,551 |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $26.36 | 11.75% | 0.58% (c) | 0.54% (c) | 3.76% | 10% | $107,674 |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $26.40 | 11.74% | 0.57% (c) | 0.53% (c) | 3.77% | 10% | $2,304 |
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 |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $24.16 | 0.51 | 2.34 | 2.85 | (0.51 ) | — | (0.51 ) |
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. |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $26.50 | 11.77% | 0.52% (c) | 0.48% (c) | 3.83% | 10% | $15,667 |
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% | $6,648 |
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 32,810 * |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | (13,602 ) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | 32,810 |
Derivative instrument | Average notional amounts ($) |
Futures contracts — short | 905,247 |
Effective rate (%) | |
Class A | 0.07 |
Advisor Class | 0.07 |
Class C | 0.07 |
Institutional Class | 0.07 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75 (a) | 11,270 |
Class C | — | 1.00 (b) | 35 |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
March 1, 2024 through February 28, 2025 | Prior to March 1, 2024 | |
Class A | 0.74 % | 0.74 % |
Advisor Class | 0.54 | 0.54 |
Class C | 1.24 | 1.24 |
Institutional Class | 0.54 | 0.54 |
Institutional 2 Class | 0.54 | 0.53 |
Institutional 3 Class | 0.48 | 0.48 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
405,667,000 | 2,735,000 | (46,922,000 ) | (44,187,000 ) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) |
(17,207,182 ) | (5,230,820 ) | (22,438,002 ) |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 5,700,000 | 5.86 | 2 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value |
Average annual total returns (%) (for the period ended April 30, 2024) | ||||||
Inception | 6 Months cumulative | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/25/02 | 5.69 | 2.88 | 1.13 | 1.84 |
Including sales charges | 2.52 | -0.17 | 0.52 | 1.53 | ||
Advisor Class | 03/19/13 | 5.68 | 3.09 | 1.33 | 2.04 | |
Class C | Excluding sales charges | 11/25/02 | 5.26 | 2.27 | 0.52 | 1.20 |
Including sales charges | 4.26 | 1.27 | 0.52 | 1.20 | ||
Institutional Class | 06/14/93 | 5.68 | 3.09 | 1.32 | 2.04 | |
Institutional 2 Class | 11/08/12 | 5.83 | 3.17 | 1.41 | 2.13 | |
Institutional 3 Class* | 03/01/17 | 5.85 | 3.22 | 1.44 | 2.13 | |
Bloomberg 3-15 Year Blend Municipal Bond Index | 5.75 | 1.75 | 1.37 | 2.22 |
Quality breakdown (%) (at April 30, 2024) | |
AAA rating | 4.4 |
AA rating | 31.8 |
A rating | 43.8 |
BBB rating | 11.8 |
BB rating | 4.2 |
CCC rating | 0.7 |
Not rated | 3.3 |
Total | 100.0 |
Top Ten States/Territories (%) (at April 30, 2024) | |
Illinois | 16.1 |
California | 10.9 |
Texas | 8.6 |
New York | 7.3 |
Florida | 5.3 |
Massachusetts | 4.1 |
Pennsylvania | 3.6 |
New Jersey | 3.5 |
District of Columbia | 3.5 |
Colorado | 3.2 |
November 1, 2023 — April 30, 2024 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,056.90 | 1,021.88 | 3.07 | 3.02 | 0.60 |
Advisor Class | 1,000.00 | 1,000.00 | 1,056.80 | 1,022.87 | 2.05 | 2.01 | 0.40 |
Class C | 1,000.00 | 1,000.00 | 1,052.60 | 1,018.90 | 6.12 | 6.02 | 1.20 |
Institutional Class | 1,000.00 | 1,000.00 | 1,056.80 | 1,022.87 | 2.05 | 2.01 | 0.40 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,058.30 | 1,023.22 | 1.69 | 1.66 | 0.33 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,058.50 | 1,023.47 | 1.43 | 1.41 | 0.28 |
Floating Rate Notes 0.7% | ||||
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 | 4.200% | 4,400,000 | 4,400,000 | |
Utah 0.4% | ||||
City of Murray(c),(d) | ||||
Revenue Bonds | ||||
IHC Health Services, Inc. | ||||
Series 2005A (JPMorgan Chase Bank) | ||||
05/15/2037 | 3.700% | 7,000,000 | 7,000,000 | |
Total Floating Rate Notes (Cost $11,400,000) | 11,400,000 | |||
Municipal Bonds 98.8% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Alabama 1.6% | ||||
Black Belt Energy Gas District | ||||
Revenue Bonds | ||||
Project No. 5 | ||||
Series 2020A-1 (Mandatory Put 10/01/26) | ||||
10/01/2049 | 4.000% | 6,500,000 | 6,499,522 | |
Series 2023A (Mandatory Put 10/01/30) | ||||
01/01/2054 | 5.250% | 9,000,000 | 9,519,099 | |
County of Jefferson Sewer | ||||
Refunding Revenue Bonds | ||||
Series 2024 | ||||
10/01/2041 | 5.250% | 1,500,000 | 1,631,307 | |
UAB Medicine Finance Authority | ||||
Refunding Revenue Bonds | ||||
University of Alabama - Medicine | ||||
Series 2017B2 | ||||
09/01/2036 | 5.000% | 2,340,000 | 2,412,246 | |
09/01/2037 | 5.000% | 2,030,000 | 2,084,335 | |
09/01/2041 | 5.000% | 1,020,000 | 1,038,061 | |
Revenue Bonds | ||||
University of Alabama - Medicine | ||||
Series 2019 | ||||
09/01/2044 | 4.000% | 2,470,000 | 2,367,677 | |
Total | 25,552,247 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Alaska 0.2% | ||||
Alaska Housing Finance Corp. | ||||
Prerefunded 12/01/24 Revenue Bonds | ||||
State Capital Project Bonds II | ||||
Series 2014 | ||||
12/01/2028 | 5.000% | 2,500,000 | 2,518,381 | |
06/01/2029 | 5.000% | 1,000,000 | 1,007,352 | |
Total | 3,525,733 | |||
Arizona 2.4% | ||||
Arizona Industrial Development Authority(a) | ||||
Refunding Revenue Bonds | ||||
Arizona Agribusiness & Equine Center, Inc. Project | ||||
Series 2017B | ||||
03/01/2037 | 5.000% | 1,250,000 | 1,210,428 | |
03/01/2042 | 5.000% | 1,000,000 | 927,367 | |
Revenue Bonds | ||||
Cadence Campus Project | ||||
Series 2020A | ||||
07/15/2030 | 4.000% | 535,000 | 519,669 | |
07/15/2040 | 4.000% | 925,000 | 798,806 | |
07/15/2050 | 4.000% | 1,600,000 | 1,255,733 | |
Doral Academy Nevada - Fire Mesa | ||||
Series 2019A | ||||
07/15/2029 | 3.550% | 995,000 | 940,806 | |
07/15/2049 | 5.000% | 3,350,000 | 3,058,126 | |
Lone Mountain Campus Projects | ||||
Series 2019 | ||||
12/15/2029 | 3.750% | 425,000 | 405,153 | |
12/15/2039 | 5.000% | 400,000 | 393,465 | |
12/15/2049 | 5.000% | 700,000 | 644,032 | |
Pinecrest Academy - Horizon | ||||
Series 2018 | ||||
07/15/2038 | 5.750% | 1,750,000 | 1,780,809 | |
Arizona State University | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2019A | ||||
07/01/2037 | 5.000% | 7,800,000 | 8,398,321 | |
Industrial Development Authority of the City of Phoenix (The)(a) | ||||
Revenue Bonds | ||||
FAC-Legacy Traditional Schools Project | ||||
Series 2016 | ||||
07/01/2031 | 5.000% | 3,000,000 | 3,035,722 | |
La Paz County Industrial Development Authority | ||||
Revenue Bonds | ||||
Charter School Solutions - Harmony Public Schools Project | ||||
Series 2016 | ||||
02/15/2036 | 5.000% | 2,800,000 | 2,815,628 | |
02/15/2046 | 5.000% | 1,000,000 | 941,965 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2018 | ||||
02/15/2048 | 5.000% | 1,185,000 | 1,100,810 | |
Maricopa County Industrial Development Authority(e) | ||||
Refunding Revenue Bonds | ||||
HonorHealth | ||||
Series 2024D | ||||
12/01/2041 | 5.000% | 1,400,000 | 1,483,003 | |
Maricopa County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Horizon Community Learning Center | ||||
Series 2016 | ||||
07/01/2035 | 5.000% | 2,325,000 | 2,334,119 | |
Revenue Bonds | ||||
Reid Traditional Schools Project | ||||
Series 2016 | ||||
07/01/2036 | 5.000% | 750,000 | 756,687 | |
Maricopa County Industrial Development Authority(a) | ||||
Refunding Revenue Bonds | ||||
Legacy Traditional Schools Project | ||||
Series 2019 | ||||
07/01/2039 | 5.000% | 1,000,000 | 984,999 | |
Paradise Schools Project | ||||
Series 2016 | ||||
07/01/2047 | 5.000% | 1,225,000 | 1,185,672 | |
Salt River Project Agricultural Improvement & Power District | ||||
Revenue Bonds | ||||
Series 2023A | ||||
01/01/2043 | 5.000% | 3,000,000 | 3,268,055 | |
Total | 38,239,375 | |||
California 10.9% | ||||
Alvord Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
2007 Election | ||||
Series 2011B (AGM) | ||||
08/01/2046 | 0.000% | 1,150,000 | 1,300,926 | |
Bay Area Toll Authority(g) | ||||
Revenue Bonds | ||||
San Francisco Bay Area Toll Bridge | ||||
Series 2013 (Mandatory Put 04/01/27) | ||||
Muni Swap Index Yield + 1.250% 04/01/2036 | 5.020% | 5,000,000 | 5,024,206 | |
Burbank Unified School District | ||||
Prerefunded 02/01/25 Unlimited General Obligation Bonds | ||||
Convertible | ||||
Series 2015A | ||||
08/01/2031 | 5.000% | 1,325,000 | 1,340,531 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
California Educational Facilities Authority | ||||
Revenue Bonds | ||||
Chapman University | ||||
Series 2015 | ||||
04/01/2028 | 5.000% | 1,000,000 | 1,012,804 | |
04/01/2029 | 5.000% | 1,650,000 | 1,671,449 | |
04/01/2030 | 5.000% | 1,700,000 | 1,721,250 | |
California Health Facilities Financing Authority | ||||
Prerefunded 11/15/25 Revenue Bonds | ||||
Sutter Health Obligation Group | ||||
Series 2016A | ||||
11/15/2033 | 5.000% | 5,000,000 | 5,126,486 | |
Refunding Revenue Bonds | ||||
Children’s Hospital | ||||
Series 2017A | ||||
08/15/2042 | 5.000% | 1,000,000 | 1,018,540 | |
El Camino Hospital | ||||
Series 2015A | ||||
02/01/2029 | 5.000% | 1,485,000 | 1,503,868 | |
Revenue Bonds | ||||
El Camino Hospital | ||||
Series 2017 | ||||
02/01/2034 | 5.000% | 1,750,000 | 1,834,566 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Community Medical Centers | ||||
Series 2017A | ||||
02/01/2042 | 5.000% | 1,500,000 | 1,512,952 | |
Revenue Bonds | ||||
National University | ||||
Series 2019A | ||||
04/01/2037 | 5.000% | 1,470,000 | 1,555,315 | |
California School Finance Authority(a) | ||||
Refunding Revenue Bonds | ||||
Aspire Public Schools | ||||
Series 2016 | ||||
08/01/2036 | 5.000% | 1,910,000 | 1,922,907 | |
Revenue Bonds | ||||
Aspire Public Schools Obligation Group | ||||
Series 2021 | ||||
08/01/2041 | 4.000% | 500,000 | 442,194 | |
California State Public Works Board | ||||
Refunding Revenue Bonds | ||||
Various Capital Projects | ||||
Series 2023 | ||||
09/01/2037 | 5.000% | 4,800,000 | 5,447,927 | |
09/01/2038 | 5.000% | 1,000,000 | 1,126,308 | |
Revenue Bonds | ||||
Various Correctional Facilities | ||||
Series 2014A | ||||
09/01/2031 | 5.000% | 8,000,000 | 8,030,944 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
California Statewide Communities Development Authority | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Henry Mayo Newhall Memorial Hospital | ||||
Series 2014A (AGM) | ||||
10/01/2034 | 5.000% | 5,000,000 | 5,025,686 | |
Revenue Bonds | ||||
Methodist Hospital of Southern California | ||||
Series 2018 | ||||
01/01/2038 | 5.000% | 3,000,000 | 3,168,893 | |
Series 2017 | ||||
05/15/2033 | 5.000% | 1,350,000 | 1,390,041 | |
05/15/2034 | 5.000% | 1,000,000 | 1,028,626 | |
05/15/2035 | 5.000% | 2,200,000 | 2,261,153 | |
City of Los Angeles Department of Airports(b) | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Subordinated Series 2023 | ||||
05/15/2039 | 5.250% | 2,000,000 | 2,212,069 | |
05/15/2040 | 5.250% | 1,320,000 | 1,450,410 | |
Los Angeles International Airport | ||||
Subordinated Series 2022 | ||||
05/15/2029 | 5.000% | 2,060,000 | 2,195,519 | |
Revenue Bonds | ||||
Series 2020C | ||||
05/15/2030 | 5.000% | 5,000,000 | 5,413,255 | |
City of Tulare Sewer | ||||
Refunding Revenue Bonds | ||||
Series 2015 (AGM) | ||||
11/15/2030 | 5.000% | 1,910,000 | 1,960,560 | |
11/15/2031 | 5.000% | 1,000,000 | 1,025,999 | |
11/15/2032 | 5.000% | 1,610,000 | 1,651,568 | |
City of Upland | ||||
Refunding Certificate of Participation | ||||
San Antonio Regional Hospital | ||||
Series 2017 | ||||
01/01/2035 | 4.000% | 1,000,000 | 954,277 | |
Del Mar Race Track Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
10/01/2035 | 5.000% | 2,665,000 | 2,607,369 | |
Escondido Union High School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election of 2008 | ||||
Series 2009A (AGM) | ||||
08/01/2031 | 0.000% | 480,000 | 378,971 | |
Escondido Union High School District(h) | ||||
Unlimited General Obligation Bonds | ||||
Convertible | ||||
Series 2011 | ||||
08/01/2032 | 5.450% | 1,250,000 | 1,290,186 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Fresno Unified School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2002A (MBIA) | ||||
08/01/2026 | 6.000% | 1,045,000 | 1,071,643 | |
Golden State Tobacco Securitization Corp. | ||||
Prerefunded 06/01/25 Asset-Backed Revenue Bonds | ||||
Series 2015A | ||||
06/01/2033 | 5.000% | 5,250,000 | 5,345,789 | |
Prerefunded 06/01/27 Revenue Bonds | ||||
Series 2017A-1 | ||||
06/01/2028 | 5.000% | 1,000,000 | 1,059,249 | |
06/01/2029 | 5.000% | 1,000,000 | 1,059,249 | |
Hartnell Community College District(f) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Capital Appreciation Serial Bonds | ||||
Series 2015A | ||||
08/01/2035 | 0.000% | 2,650,000 | 1,614,750 | |
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 | 4,498 | |
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 | 4,106,487 | |
Mount Diablo Unified School District(h) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation - Election of 2010 | ||||
Series 2010A (AGM) | ||||
08/01/2035 | 5.750% | 2,125,000 | 2,188,096 | |
M-S-R Energy Authority | ||||
Revenue Bonds | ||||
Series 2009A | ||||
11/01/2039 | 6.500% | 4,940,000 | 6,161,321 | |
Norman Y Mineta San Jose International Airport SJC | ||||
Refunding Revenue Bonds | ||||
Series 2017B | ||||
03/01/2042 | 5.000% | 1,665,000 | 1,719,755 | |
Norman Y. Mineta San Jose International Airport(b) | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
03/01/2041 | 5.000% | 1,000,000 | 1,013,386 | |
Pasadena Public Financing Authority(f) | ||||
Revenue Bonds | ||||
Capital Appreciation - Rose Bowl | ||||
Series 2010A | ||||
03/01/2029 | 0.000% | 2,000,000 | 1,691,587 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Pico Rivera Water Authority | ||||
Revenue Bonds | ||||
Water System Project | ||||
Series 1999A (NPFGC) | ||||
05/01/2029 | 5.500% | 1,980,000 | 2,061,464 | |
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 | 21,883,758 | |
Sacramento Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Subordinated Series 2015A (BAM) | ||||
12/01/2027 | 5.000% | 235,000 | 241,172 | |
12/01/2028 | 5.000% | 425,000 | 436,389 | |
12/01/2030 | 5.000% | 1,000,000 | 1,026,711 | |
12/01/2031 | 5.000% | 2,000,000 | 2,050,573 | |
San Francisco City & County Airport Commission - San Francisco International Airport(b) | ||||
Revenue Bonds | ||||
Series 2019E | ||||
05/01/2045 | 5.000% | 13,500,000 | 13,818,888 | |
San Joaquin Hills Transportation Corridor Agency(f) | ||||
Revenue Bonds | ||||
Senior Lien | ||||
Series 1993 Escrowed to Maturity | ||||
01/01/2025 | 0.000% | 22,405,000 | 21,858,172 | |
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 | 1,342,447 | |
State of California | ||||
Unlimited General Obligation Bonds | ||||
Series 2015 | ||||
03/01/2033 | 5.000% | 2,500,000 | 2,530,133 | |
Tustin Community Facilities District | ||||
Refunding Special Tax Bonds | ||||
Legacy Villages of Columbus #06-1 | ||||
Series 2015 | ||||
09/01/2031 | 5.000% | 1,000,000 | 1,019,699 | |
09/01/2033 | 5.000% | 1,250,000 | 1,273,413 | |
Vallejo City Unified School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2002A (MBIA) | ||||
08/01/2025 | 5.900% | 190,000 | 190,084 | |
Total | 172,376,468 | |||
Colorado 3.2% | ||||
Arkansas River Power Authority | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
10/01/2038 | 5.000% | 2,250,000 | 2,291,512 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City & County of Denver | ||||
Revenue Bonds | ||||
Series 2018A-1 | ||||
08/01/2041 | 5.000% | 8,000,000 | 8,150,884 | |
City & County of Denver Airport System(b) | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
11/15/2030 | 5.000% | 5,010,000 | 5,214,141 | |
Series 2022D | ||||
11/15/2039 | 5.750% | 2,250,000 | 2,565,626 | |
Subordinated Series 2023B | ||||
11/15/2040 | 5.500% | 1,250,000 | 1,395,356 | |
11/15/2041 | 5.500% | 1,000,000 | 1,111,336 | |
System | ||||
Subordinated Series 2018A | ||||
12/01/2048 | 5.000% | 3,000,000 | 3,032,834 | |
Colorado Health Facilities Authority | ||||
Prerefunded 06/01/27 Revenue Bonds | ||||
Evangelical Lutheran Good Samaritan Society | ||||
Series 2017 | ||||
06/01/2030 | 5.000% | 2,000,000 | 2,103,427 | |
06/01/2047 | 5.000% | 1,000,000 | 1,051,713 | |
Refunding Revenue Bonds | ||||
CommonSpirit Health | ||||
Series 2019A | ||||
08/01/2044 | 4.000% | 2,000,000 | 1,877,091 | |
08/01/2049 | 4.000% | 2,265,000 | 2,057,037 | |
Covenant Retirement Communities | ||||
Series 2015 | ||||
12/01/2026 | 5.000% | 1,860,000 | 1,865,649 | |
12/01/2028 | 5.000% | 1,000,000 | 1,003,512 | |
12/01/2030 | 5.000% | 1,400,000 | 1,405,396 | |
Revenue Bonds | ||||
Parkview Medical Center, Inc. Project | ||||
Series 2020 | ||||
09/01/2045 | 4.000% | 1,000,000 | 942,679 | |
09/01/2050 | 4.000% | 1,500,000 | 1,375,928 | |
Denver City & County School District No. 1 | ||||
Unlimited General Obligation Bonds | ||||
Series 2021 | ||||
12/01/2039 | 5.000% | 5,000,000 | 5,425,219 | |
E-470 Public Highway Authority(g) | ||||
Refunding Revenue Bonds | ||||
Series 2021B (Mandatory Put 09/01/24) | ||||
0.7 x SOFR + 0.350% 09/01/2039 | 3.914% | 2,000,000 | 1,996,874 | |
Park Creek Metropolitan District | ||||
Refunding Revenue Bonds | ||||
Senior Limited Property Tax | ||||
Series 2015 | ||||
12/01/2030 | 5.000% | 1,895,000 | 1,925,589 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Refunding Tax Allocation Bonds | ||||
Limited Property Tax | ||||
Series 2015 | ||||
12/01/2032 | 5.000% | 1,500,000 | 1,521,683 | |
Regional Transportation District | ||||
Certificate of Participation | ||||
Series 2015 | ||||
06/01/2027 | 5.000% | 2,925,000 | 2,962,038 | |
Total | 51,275,524 | |||
Connecticut 1.3% | ||||
Connecticut State Health & Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Fairfield University | ||||
Series 2018S | ||||
07/01/2029 | 5.000% | 1,000,000 | 1,058,825 | |
State of Connecticut | ||||
Revenue Bonds | ||||
Special Tax Obligation | ||||
Series 2020 | ||||
05/01/2040 | 5.000% | 2,130,000 | 2,284,906 | |
Unlimited General Obligation Bonds | ||||
Series 2016A | ||||
03/15/2027 | 5.000% | 2,155,000 | 2,217,147 | |
Series 2017A | ||||
04/15/2034 | 5.000% | 3,000,000 | 3,141,946 | |
Series 2019A | ||||
04/15/2036 | 5.000% | 2,200,000 | 2,374,559 | |
Social Bonds | ||||
Series 2022F | ||||
11/15/2038 | 5.000% | 2,000,000 | 2,227,045 | |
University of Connecticut | ||||
Revenue Bonds | ||||
Series 2016A | ||||
03/15/2032 | 5.000% | 2,000,000 | 2,048,918 | |
Series 2017A | ||||
01/15/2033 | 5.000% | 4,000,000 | 4,159,083 | |
Series 2019A | ||||
11/01/2036 | 5.000% | 1,485,000 | 1,583,174 | |
Total | 21,095,603 | |||
Delaware 0.4% | ||||
City of Wilmington | ||||
Unlimited General Obligation Bonds | ||||
Series 2013A | ||||
10/01/2025 | 5.000% | 3,715,000 | 3,717,368 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Delaware River & Bay Authority | ||||
Refunding Revenue Bonds | ||||
Series 2024B | ||||
01/01/2041 | 5.000% | 735,000 | 805,402 | |
01/01/2042 | 5.000% | 1,280,000 | 1,397,332 | |
Total | 5,920,102 | |||
District of Columbia 3.5% | ||||
District of Columbia | ||||
Refunding Revenue Bonds | ||||
Children’s Hospital | ||||
Series 2015 | ||||
07/15/2030 | 5.000% | 3,000,000 | 3,064,406 | |
Friendship Public Charter School | ||||
Series 2016 | ||||
06/01/2036 | 5.000% | 4,815,000 | 4,872,831 | |
06/01/2046 | 5.000% | 1,385,000 | 1,367,076 | |
Revenue Bonds | ||||
KIPP DC Project | ||||
Series 2019 | ||||
07/01/2044 | 4.000% | 3,480,000 | 3,138,349 | |
Unlimited General Obligation Bonds | ||||
Series 2023A | ||||
01/01/2039 | 5.000% | 1,000,000 | 1,118,076 | |
District of Columbia Income Tax | ||||
Revenue Bonds | ||||
Series 2023A | ||||
05/01/2041 | 5.000% | 4,000,000 | 4,421,056 | |
Metropolitan Washington Airports Authority(b) | ||||
Refunding Revenue Bonds | ||||
Airport System | ||||
Series 2019A | ||||
10/01/2037 | 5.000% | 5,000,000 | 5,259,520 | |
Series 2023A | ||||
10/01/2039 | 5.250% | 1,400,000 | 1,535,538 | |
Metropolitan Washington Airports Authority Dulles Toll Road | ||||
Refunding Revenue Bonds | ||||
Dulles Metrorail | ||||
Subordinated Series 2019 | ||||
10/01/2049 | 4.000% | 3,000,000 | 2,730,951 | |
Metropolitan Washington Airports Authority Dulles Toll Road(f) | ||||
Revenue Bonds | ||||
Capital Appreciation - 2nd Senior Lien | ||||
Series 2009B (AGM) | ||||
10/01/2024 | 0.000% | 15,000,000 | 14,750,611 | |
10/01/2025 | 0.000% | 7,500,000 | 7,103,996 | |
10/01/2026 | 0.000% | 5,000,000 | 4,566,454 | |
Washington Convention & Sports Authority | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
10/01/2030 | 5.000% | 1,500,000 | 1,584,488 | |
Total | 55,513,352 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Florida 5.3% | ||||
Central Florida Expressway Authority | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2017 (BAM) | ||||
07/01/2041 | 4.000% | 4,000,000 | 3,832,291 | |
City of Atlantic Beach | ||||
Revenue Bonds | ||||
Fleet Landing Project | ||||
Series 2018 | ||||
11/15/2048 | 5.000% | 1,750,000 | 1,678,351 | |
Series 2018A | ||||
11/15/2043 | 5.000% | 1,085,000 | 1,074,303 | |
City of Lakeland Department of Electric Utilities | ||||
Refunding Revenue Bonds | ||||
Series 2010 (AGM) | ||||
10/01/2028 | 5.250% | 1,250,000 | 1,364,189 | |
City of Orlando Tourist Development Tax | ||||
Refunding Revenue Bonds | ||||
Senior Lien - Tourist Development | ||||
Series 2017 (AGM) | ||||
11/01/2035 | 5.000% | 2,270,000 | 2,354,185 | |
City of Tampa(f) | ||||
Revenue Bonds | ||||
Capital Appreciation | ||||
Series 2020A | ||||
09/01/2034 | 0.000% | 650,000 | 418,251 | |
County of Broward Airport System(b) | ||||
Revenue Bonds | ||||
Series 2015A | ||||
10/01/2026 | 5.000% | 750,000 | 758,588 | |
10/01/2031 | 5.000% | 1,000,000 | 1,016,077 | |
County of Miami-Dade Aviation | ||||
Refunding Revenue Bonds | ||||
Series 2014B | ||||
10/01/2025 | 5.000% | 800,000 | 803,982 | |
10/01/2032 | 5.000% | 6,620,000 | 6,642,534 | |
County of Miami-Dade Aviation(b) | ||||
Revenue Bonds | ||||
Series 2019A | ||||
10/01/2044 | 4.000% | 1,000,000 | 932,015 | |
County of Miami-Dade Rickenbacker Causeway | ||||
Revenue Bonds | ||||
Series 2014 | ||||
10/01/2033 | 5.000% | 1,215,000 | 1,219,257 | |
County of Miami-Dade Seaport Department(b) | ||||
Refunding Revenue Bonds | ||||
Series 2023A | ||||
10/01/2039 | 5.000% | 3,000,000 | 3,151,501 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
County of Miami-Dade Water & Sewer System | ||||
Revenue Bonds | ||||
Series 2017A | ||||
10/01/2033 | 5.000% | 2,000,000 | 2,028,789 | |
County of Osceola Transportation(f) | ||||
Refunding Revenue Bonds | ||||
Series 2020A-2 | ||||
10/01/2034 | 0.000% | 1,850,000 | 1,149,541 | |
Series 2020A-2 (AGM) | ||||
10/01/2030 | 0.000% | 1,200,000 | 900,316 | |
Emerald Coast Utilities Authority | ||||
Refunding Revenue Bonds | ||||
Utility System | ||||
Series 2015 (BAM) | ||||
01/01/2032 | 5.000% | 1,445,000 | 1,455,311 | |
Halifax Hospital Medical Center | ||||
Refunding Revenue Bonds | ||||
Series 2016 | ||||
06/01/2026 | 5.000% | 1,525,000 | 1,557,869 | |
06/01/2027 | 5.000% | 1,295,000 | 1,321,704 | |
Hillsborough County Aviation Authority | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Tampa International Airport | ||||
Subordinated Series 2015B | ||||
10/01/2031 | 5.000% | 1,600,000 | 1,607,562 | |
10/01/2032 | 5.000% | 2,300,000 | 2,310,870 | |
Miami-Dade County Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
University of Miami | ||||
Series 2015A | ||||
04/01/2031 | 5.000% | 2,000,000 | 2,018,910 | |
Mid-Bay Bridge Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
10/01/2030 | 5.000% | 2,150,000 | 2,173,084 | |
Monroe County School District | ||||
Refunding Certificate of Participation | ||||
Series 2018A | ||||
06/01/2034 | 5.000% | 1,000,000 | 1,048,790 | |
Orange County School Board | ||||
Refunding Certificate of Participation | ||||
Series 2016C | ||||
08/01/2033 | 5.000% | 5,000,000 | 5,125,634 | |
Palm Beach County Health Facilities Authority | ||||
Revenue Bonds | ||||
Lifespace Communities, Inc. | ||||
Series 2018 | ||||
05/15/2036 | 5.000% | 2,550,000 | 2,484,721 | |
05/15/2037 | 5.000% | 2,500,000 | 2,414,020 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Pasco County School Board | ||||
Refunding Certificate of Participation | ||||
Series 2015A | ||||
08/01/2026 | 5.000% | 4,620,000 | 4,696,796 | |
08/01/2027 | 5.000% | 2,500,000 | 2,540,944 | |
Polk County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Carpenter’s Home Estates | ||||
Series 2019 | ||||
01/01/2029 | 5.000% | 505,000 | 510,351 | |
01/01/2039 | 5.000% | 300,000 | 291,478 | |
01/01/2049 | 5.000% | 1,000,000 | 906,594 | |
Sarasota County Health Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Village of Isle Project | ||||
Series 2016 | ||||
01/01/2030 | 5.000% | 750,000 | 753,846 | |
01/01/2031 | 5.000% | 935,000 | 938,636 | |
01/01/2032 | 5.000% | 1,100,000 | 1,102,915 | |
Sarasota County Public Hospital District | ||||
Revenue Bonds | ||||
Memorial Hospital District | ||||
Series 2018 | ||||
07/01/2041 | 5.000% | 5,000,000 | 5,101,765 | |
School Board of Miami-Dade County (The) | ||||
Refunding Certificate of Participation | ||||
Series 2015A | ||||
05/01/2030 | 5.000% | 2,500,000 | 2,525,368 | |
Southeast Overtown Park West Community Redevelopment Agency(a) | ||||
Tax Allocation Bonds | ||||
Series 2014A-1 | ||||
03/01/2030 | 5.000% | 2,925,000 | 2,926,869 | |
St. Johns County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Vicar’s Landing Project | ||||
Series 2021 | ||||
12/15/2041 | 4.000% | 500,000 | 399,103 | |
12/15/2046 | 4.000% | 500,000 | 372,555 | |
12/15/2050 | 4.000% | 500,000 | 357,985 | |
Sterling Hill Community Development District(i) | ||||
Special Assessment Bonds | ||||
Series 2003B | ||||
11/01/2010 | 0.000% | 137,787 | 64,760 | |
Volusia County Educational Facility Authority | ||||
Refunding Revenue Bonds | ||||
Embry Riddle Aeronautical University | ||||
Series 2020 | ||||
10/15/2044 | 5.000% | 5,850,000 | 6,066,294 | |
Revenue Bonds | ||||
Series 2015B | ||||
10/15/2030 | 5.000% | 1,510,000 | 1,524,782 | |
Total | 83,923,686 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Georgia 2.1% | ||||
City of Atlanta Water & Wastewater | ||||
Revenue Bonds | ||||
Series 2018B | ||||
11/01/2043 | 5.000% | 3,000,000 | 3,106,707 | |
Fulton County Development Authority | ||||
Refunding Revenue Bonds | ||||
Spelman College | ||||
Series 2015 | ||||
06/01/2032 | 5.000% | 3,630,000 | 3,664,553 | |
Gainesville & Hall County Development Authority | ||||
Refunding Revenue Bonds | ||||
Riverside Military Academy | ||||
Series 2017 | ||||
03/01/2027 | 5.000% | 315,000 | 293,058 | |
03/01/2037 | 5.000% | 2,500,000 | 1,967,143 | |
03/01/2052 | 5.125% | 2,925,000 | 1,949,488 | |
Gainesville & Hall County Hospital Authority | ||||
Refunding Revenue Bonds | ||||
Northeast Georgia Health System, Inc. Project | ||||
Series 2017 | ||||
02/15/2037 | 5.000% | 2,000,000 | 2,057,201 | |
Northeast Georgia Health Systems, Inc. | ||||
Series 2017 | ||||
02/15/2036 | 5.000% | 1,500,000 | 1,548,985 | |
02/15/2042 | 5.000% | 3,000,000 | 3,048,006 | |
Series 2020 | ||||
02/15/2040 | 4.000% | 7,000,000 | 6,777,453 | |
Georgia State Road & Tollway Authority(a),(f) | ||||
Prerefunded 06/01/24 Revenue Bonds | ||||
I-75 S Express Lanes Project | ||||
Series 2014 | ||||
06/01/2034 | 0.000% | 3,750,000 | 2,020,316 | |
Revenue Bonds | ||||
I-75 S Express Lanes Project | ||||
Series 2014 Escrowed to Maturity | ||||
06/01/2024 | 0.000% | 210,000 | 209,264 | |
Main Street Natural Gas, Inc. | ||||
Revenue Bonds | ||||
Series 2019A | ||||
05/15/2030 | 5.000% | 2,750,000 | 2,859,109 | |
05/15/2031 | 5.000% | 4,000,000 | 4,159,387 | |
Total | 33,660,670 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Guam 0.1% | ||||
Territory of Guam(j) | ||||
Refunding Revenue Bonds | ||||
Section 30 | ||||
Series 2016A | ||||
12/01/2032 | 5.000% | 1,310,000 | 1,335,797 | |
12/01/2033 | 5.000% | 1,000,000 | 1,019,038 | |
Total | 2,354,835 | |||
Idaho 0.1% | ||||
Idaho Health Facilities Authority | ||||
Revenue Bonds | ||||
Terraces of Boise Project | ||||
Series 2021 | ||||
10/01/2031 | 3.800% | 2,100,000 | 1,768,421 | |
Illinois 16.0% | ||||
Chicago Board of Education | ||||
Revenue Bonds | ||||
Series 2017 | ||||
04/01/2046 | 6.000% | 1,500,000 | 1,559,902 | |
Series 2018 | ||||
04/01/2042 | 5.000% | 1,500,000 | 1,521,906 | |
04/01/2046 | 5.000% | 1,250,000 | 1,259,770 | |
Chicago Housing Authority | ||||
Revenue Bonds | ||||
Series 2018A (HUD) | ||||
01/01/2037 | 5.000% | 2,500,000 | 2,599,236 | |
Chicago O’Hare International Airport | ||||
General Obligation Refunding Bonds | ||||
Senior Lien | ||||
Series 2016B | ||||
01/01/2033 | 5.000% | 2,000,000 | 2,044,817 | |
Refunding Revenue Bonds | ||||
General Senior Lien | ||||
Series 2017B | ||||
01/01/2038 | 5.000% | 2,290,000 | 2,357,471 | |
Chicago O’Hare International Airport(b) | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2018 | ||||
01/01/2037 | 5.000% | 1,200,000 | 1,254,094 | |
Series 2018A | ||||
01/01/2038 | 5.000% | 4,250,000 | 4,419,050 | |
01/01/2039 | 5.000% | 1,250,000 | 1,293,530 | |
Series 2022 | ||||
01/01/2038 | 5.000% | 1,000,000 | 1,065,797 | |
01/01/2039 | 5.000% | 1,215,000 | 1,285,466 | |
01/01/2040 | 5.000% | 1,770,000 | 1,859,541 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2015A | ||||
01/01/2026 | 5.000% | 1,500,000 | 1,502,664 | |
01/01/2031 | 5.000% | 1,000,000 | 1,004,621 | |
Chicago Park District | ||||
Limited General Obligation Bonds | ||||
Series 2016A | ||||
01/01/2040 | 5.000% | 1,000,000 | 1,009,478 | |
Limited General Obligation Refunding Bonds | ||||
Series 2016B | ||||
01/01/2031 | 5.000% | 1,790,000 | 1,823,125 | |
Chicago Transit Authority | ||||
Revenue Bonds | ||||
Second Lien | ||||
Series 2017 | ||||
12/01/2046 | 5.000% | 3,000,000 | 3,034,238 | |
Chicago Transit Authority Sales Tax Receipts Fund | ||||
Refunding Revenue Bonds | ||||
Second Lien | ||||
Junior Subordinated Series 2020A | ||||
12/01/2050 | 4.000% | 3,000,000 | 2,673,468 | |
City of Chicago | ||||
Unlimited General Obligation Bonds | ||||
Series 2017A | ||||
01/01/2038 | 6.000% | 10,000,000 | 10,415,230 | |
Series 2019A | ||||
01/01/2040 | 5.000% | 6,500,000 | 6,684,030 | |
01/01/2044 | 5.000% | 11,750,000 | 11,971,913 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2020A | ||||
01/01/2028 | 5.000% | 6,000,000 | 6,264,674 | |
City of Chicago Wastewater Transmission | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Junior Subordinated Series 2017B | ||||
01/01/2032 | 5.000% | 2,000,000 | 2,060,151 | |
01/01/2035 | 5.000% | 3,310,000 | 3,407,522 | |
Series 2015C | ||||
01/01/2031 | 5.000% | 3,715,000 | 3,740,898 | |
01/01/2039 | 5.000% | 500,000 | 500,731 | |
Series 2017B | ||||
01/01/2033 | 5.000% | 2,500,000 | 2,574,720 | |
City of Chicago Waterworks | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Series 2016 | ||||
11/01/2025 | 5.000% | 2,000,000 | 2,041,595 | |
11/01/2027 | 5.000% | 3,750,000 | 3,878,100 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
2nd Lien | ||||
Junior Subordinated Series 2016A-1 | ||||
11/01/2027 | 5.000% | 1,000,000 | 1,034,644 | |
11/01/2029 | 5.000% | 1,000,000 | 1,031,782 | |
Series 2016A-1 | ||||
11/01/2028 | 5.000% | 1,000,000 | 1,031,066 | |
City of Springfield Electric | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2015 | ||||
03/01/2028 | 5.000% | 1,000,000 | 1,009,165 | |
03/01/2029 | 5.000% | 1,000,000 | 1,009,084 | |
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 | 255,360 | |
12/01/2029 | 0.000% | 400,000 | 309,444 | |
12/01/2030 | 0.000% | 1,130,000 | 833,133 | |
12/01/2031 | 0.000% | 1,500,000 | 1,049,660 | |
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 | 2,351,041 | |
12/01/2029 | 0.000% | 2,580,000 | 2,058,625 | |
Cook County School District No. 83 Mannheim | ||||
Unlimited General Obligation Bonds | ||||
School | ||||
Series 2013 | ||||
06/01/2033 | 5.625% | 2,980,000 | 3,382,382 | |
County of Cook | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2016A | ||||
11/15/2028 | 5.000% | 3,150,000 | 3,248,380 | |
11/15/2031 | 5.000% | 2,750,000 | 2,839,254 | |
County of Cook Sales Tax | ||||
Refunding Revenue Bonds | ||||
Series 2018 | ||||
11/15/2035 | 5.250% | 1,520,000 | 1,596,907 | |
11/15/2036 | 5.250% | 3,000,000 | 3,144,727 | |
Illinois Finance Authority | ||||
Improvement Refunding Bonds | ||||
Chicago International | ||||
Series 2017 | ||||
12/01/2037 | 5.000% | 1,000,000 | 1,003,744 | |
12/01/2047 | 5.000% | 1,000,000 | 935,108 | |
Prerefunded 01/01/27 Revenue Bonds | ||||
Edward-Elmhurst Healthcare | ||||
Series 2017 | ||||
01/01/2036 | 5.000% | 2,000,000 | 2,083,902 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Prerefunded 01/01/28 Revenue Bonds | ||||
Edward-Elmhurst Healthcare | ||||
Series 2018 | ||||
01/01/2044 | 5.000% | 5,000,000 | 5,317,886 | |
Prerefunded 05/15/25 Revenue Bonds | ||||
Plymouth Place | ||||
Series 2015 | ||||
05/15/2030 | 5.000% | 1,000,000 | 1,011,649 | |
Refunding Revenue Bonds | ||||
OSF Healthcare System | ||||
Series 2015A | ||||
11/15/2026 | 5.000% | 1,000,000 | 1,015,215 | |
11/15/2027 | 5.000% | 500,000 | 508,324 | |
Plymouth Place | ||||
Series 2015 Escrowed to Maturity | ||||
05/15/2025 | 5.000% | 430,000 | 432,499 | |
Rush University Medical Center | ||||
Series 2015A | ||||
11/15/2032 | 5.000% | 10,000,000 | 10,088,048 | |
Series 2018A | ||||
05/15/2043 | 5.000% | 5,000,000 | 5,049,519 | |
Revenue Bonds | ||||
University of Illinois at Urbana-Champaign Project | ||||
Series 2019 | ||||
10/01/2049 | 5.000% | 1,250,000 | 1,258,526 | |
Illinois Municipal Electric Agency | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
02/01/2030 | 5.000% | 12,060,000 | 12,209,093 | |
Illinois State Toll Highway Authority | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
12/01/2032 | 5.000% | 7,790,000 | 7,932,276 | |
Series 2019A | ||||
01/01/2031 | 5.000% | 500,000 | 541,291 | |
Revenue Bonds | ||||
Series 2014C | ||||
01/01/2032 | 5.000% | 9,600,000 | 9,701,858 | |
Unrefunded Revenue Bonds | ||||
Series 2016A | ||||
12/01/2031 | 4.000% | 5,000,000 | 5,043,667 | |
Kane McHenry Cook & De Kalb Counties Unit School District No. 300 | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
01/01/2026 | 5.000% | 4,000,000 | 4,023,281 | |
Railsplitter Tobacco Settlement Authority | ||||
Prerefunded 06/01/26 Revenue Bonds | ||||
Series 2017 | ||||
06/01/2027 | 5.000% | 4,185,000 | 4,306,540 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Sales Tax Securitization Corp. | ||||
Refunding Revenue Bonds | ||||
Sales Tax Securitization | ||||
Series 2017 | ||||
01/01/2029 | 5.000% | 1,000,000 | 1,056,546 | |
01/01/2030 | 5.000% | 1,450,000 | 1,528,970 | |
Senior Lien | ||||
Series 2020A | ||||
01/01/2030 | 5.000% | 2,000,000 | 2,188,857 | |
Series 2018A | ||||
01/01/2031 | 5.000% | 2,000,000 | 2,108,708 | |
Series 2018C | ||||
01/01/2043 | 5.250% | 5,000,000 | 5,221,690 | |
South Suburban College Community School District No. 510(f) | ||||
Limited General Obligation Bonds | ||||
Capital Appreciation - Limited Tax | ||||
Series 2009 (AGM) | ||||
12/01/2025 | 0.000% | 1,000,000 | 932,768 | |
Southwestern Illinois Development Authority | ||||
Revenue Bonds | ||||
Local Government - Southwestern Illinois Flood Prevention District Council Project | ||||
Subordinated Series 2016 | ||||
10/15/2029 | 5.000% | 1,780,000 | 1,813,301 | |
10/15/2032 | 5.000% | 1,335,000 | 1,359,407 | |
State of Illinois | ||||
Revenue Bonds | ||||
Junior Obligations | ||||
Series 2018B | ||||
06/15/2034 | 5.000% | 5,000,000 | 5,255,508 | |
Unlimited General Obligation Bonds | ||||
Series 2016 | ||||
06/01/2026 | 5.000% | 5,000,000 | 5,126,792 | |
11/01/2030 | 5.000% | 1,000,000 | 1,030,431 | |
Series 2019B | ||||
11/01/2034 | 4.000% | 5,000,000 | 4,998,467 | |
Series 2020 | ||||
05/01/2039 | 5.500% | 4,000,000 | 4,321,236 | |
05/01/2045 | 5.750% | 2,000,000 | 2,149,763 | |
Series 2020C | ||||
05/01/2030 | 5.500% | 1,500,000 | 1,597,260 | |
Series 2021A | ||||
03/01/2039 | 4.000% | 3,200,000 | 3,096,663 | |
Series 2023B | ||||
05/01/2040 | 5.250% | 1,690,000 | 1,825,197 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2016 | ||||
02/01/2026 | 5.000% | 7,000,000 | 7,141,499 | |
Series 2018A | ||||
10/01/2029 | 5.000% | 2,400,000 | 2,543,098 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2018B | ||||
10/01/2027 | 5.000% | 2,300,000 | 2,400,188 | |
10/01/2029 | 5.000% | 5,000,000 | 5,298,120 | |
State of Illinois Sales Tax | ||||
Revenue Bonds | ||||
Junior Obligation | ||||
Series 2024C | ||||
06/15/2041 | 5.000% | 5,000,000 | 5,439,744 | |
Total | 254,189,031 | |||
Indiana 0.7% | ||||
City of Indianapolis Thermal Energy System | ||||
Refunding Revenue Bonds | ||||
1st Lien | ||||
Series 2014A | ||||
10/01/2032 | 5.000% | 1,400,000 | 1,407,723 | |
City of Rockport | ||||
Refunding Revenue Bonds | ||||
Power Company Project | ||||
Series 2018A | ||||
06/01/2025 | 3.050% | 2,100,000 | 2,071,252 | |
Indiana Finance Authority | ||||
Revenue Bonds | ||||
BHI Senior Living | ||||
Series 2016A | ||||
11/15/2046 | 5.250% | 2,500,000 | 2,516,434 | |
Series 2018 | ||||
11/15/2038 | 5.000% | 2,000,000 | 2,029,111 | |
Ohio Valley Electric Corp. Project | ||||
Series 2020 | ||||
11/01/2030 | 3.000% | 2,000,000 | 1,831,885 | |
11/01/2030 | 3.000% | 1,000,000 | 915,942 | |
Total | 10,772,347 | |||
Iowa 0.6% | ||||
Iowa Finance Authority | ||||
Revenue Bonds | ||||
Lifespace Communities, Inc. | ||||
Series 2016 | ||||
05/15/2036 | 5.000% | 4,065,000 | 3,943,344 | |
Series 2018A | ||||
05/15/2043 | 5.000% | 1,000,000 | 909,567 | |
Northcrest, Inc. Project | ||||
Series 2018A | ||||
03/01/2048 | 5.000% | 1,250,000 | 1,068,566 | |
PEFA, Inc. | ||||
Revenue Bonds | ||||
Series 2019 (Mandatory Put 09/01/26) | ||||
09/01/2049 | 5.000% | 3,000,000 | 3,055,120 | |
Total | 8,976,597 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Kentucky 1.8% | ||||
Kentucky Economic Development Finance Authority | ||||
Revenue Bonds | ||||
Baptist Healthcare Systems | ||||
Series 2017B | ||||
08/15/2041 | 5.000% | 3,500,000 | 3,553,305 | |
Kentucky Municipal Power Agency | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
09/01/2029 | 5.000% | 4,000,000 | 4,041,343 | |
Kentucky Public Energy Authority | ||||
Refunding Revenue Bonds | ||||
Series 2023A-1 (Mandatory Put 02/01/32) | ||||
04/01/2054 | 5.250% | 5,000,000 | 5,284,350 | |
Kentucky Public Energy Authority(g) | ||||
Revenue Bonds | ||||
Series 2019A-2 (Mandatory Put 06/01/25) | ||||
0.7 x SOFR + 1.234% 12/01/2049 | 4.798% | 7,000,000 | 6,993,506 | |
Louisville/Jefferson County Metropolitan Government | ||||
Refunding Revenue Bonds | ||||
Norton Healthcare, Inc. | ||||
Series 2016 | ||||
10/01/2030 | 5.000% | 1,300,000 | 1,331,098 | |
10/01/2031 | 5.000% | 3,500,000 | 3,580,490 | |
Paducah Electric Plant Board | ||||
Refunding Revenue Bonds | ||||
Series 2016A (AGM) | ||||
10/01/2027 | 5.000% | 2,000,000 | 2,062,935 | |
10/01/2028 | 5.000% | 1,850,000 | 1,907,782 | |
Total | 28,754,809 | |||
Louisiana 0.4% | ||||
City of Bossier City Utilities | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Series 2014 | ||||
10/01/2031 | 5.000% | 1,160,000 | 1,165,720 | |
City of Shreveport Water & Sewer | ||||
Refunding Revenue Bonds | ||||
Series 2014A (BAM) | ||||
12/01/2025 | 4.000% | 2,210,000 | 2,214,918 | |
Louisiana Public Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Ochsner Clinic Foundation Project | ||||
Series 2017 | ||||
05/15/2042 | 5.000% | 2,500,000 | 2,538,992 | |
Total | 5,919,630 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Maine 0.2% | ||||
Maine Health & Higher Educational Facilities Authority | ||||
Revenue Bonds | ||||
Main Health Services | ||||
Series 2018A | ||||
07/01/2043 | 5.000% | 3,500,000 | 3,600,280 | |
Maryland 1.4% | ||||
County of Anne Arundel | ||||
Limited General Obligation Bonds | ||||
Consolidated General Improvements | ||||
Series 2019 | ||||
10/01/2031 | 5.000% | 3,500,000 | 3,858,880 | |
Maryland Economic Development Corp. | ||||
Tax Allocation Bonds | ||||
Port Covington Project | ||||
Series 2020 | ||||
09/01/2030 | 3.250% | 500,000 | 459,943 | |
Maryland Health & Higher Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Meritus Medical Center Issue | ||||
Series 2015 | ||||
07/01/2028 | 5.000% | 1,300,000 | 1,315,154 | |
Maryland State Transportation Authority | ||||
Refunding Revenue Bonds | ||||
Transportation Facilities Projects | ||||
Series 2024 | ||||
07/01/2041 | 5.000% | 5,000,000 | 5,564,713 | |
State of Maryland | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2017B | ||||
08/01/2026 | 5.000% | 10,000,000 | 10,386,534 | |
Total | 21,585,224 | |||
Massachusetts 3.8% | ||||
Commonwealth of Massachusetts | ||||
Limited General Obligation Bonds | ||||
Consolidated Loan of 2023 | ||||
Series 2023 | ||||
05/01/2040 | 5.000% | 870,000 | 969,226 | |
Series 2018A | ||||
01/01/2035 | 5.000% | 10,000,000 | 10,672,528 | |
Series 2019A | ||||
01/01/2037 | 5.000% | 850,000 | 912,240 | |
01/01/2039 | 5.000% | 3,960,000 | 4,208,070 | |
Limited General Obligation Refunding Bonds | ||||
Series 2023C | ||||
08/01/2040 | 5.000% | 5,000,000 | 5,583,432 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Massachusetts Bay Transportation Authority(f) | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
07/01/2029 | 0.000% | 3,500,000 | 2,860,706 | |
Massachusetts Bay Transportation Authority Sales Tax | ||||
Revenue Bonds | ||||
Sustainability Bonds | ||||
Subordinated Series 2017 | ||||
07/01/2046 | 5.000% | 4,465,000 | 4,568,375 | |
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Emerson College | ||||
Series 2017A | ||||
01/01/2034 | 5.000% | 1,000,000 | 1,032,244 | |
Foxborough Regional Charter | ||||
Series 2017 | ||||
07/01/2037 | 5.000% | 1,400,000 | 1,400,866 | |
Lahey Clinic Obligation | ||||
Series 2015F | ||||
08/15/2031 | 5.000% | 2,490,000 | 2,519,977 | |
08/15/2032 | 5.000% | 4,120,000 | 4,169,779 | |
08/15/2033 | 5.000% | 3,000,000 | 3,036,064 | |
Simmons University | ||||
Series 2018L | ||||
10/01/2034 | 5.000% | 2,390,000 | 2,462,723 | |
10/01/2035 | 5.000% | 2,000,000 | 2,054,753 | |
Revenue Bonds | ||||
UMass Boston Student Housing Project | ||||
Series 2016 | ||||
10/01/2032 | 5.000% | 1,300,000 | 1,326,892 | |
10/01/2036 | 5.000% | 4,600,000 | 4,659,247 | |
Massachusetts Development Finance Agency(a) | ||||
Refunding Revenue Bonds | ||||
Newbridge Charles, Inc. | ||||
Series 2017 | ||||
10/01/2032 | 4.000% | 2,000,000 | 1,964,880 | |
10/01/2037 | 5.000% | 500,000 | 507,969 | |
10/01/2047 | 5.000% | 500,000 | 497,928 | |
Revenue Bonds | ||||
Linden Ponds, Inc. Facility | ||||
Series 2018 | ||||
11/15/2033 | 5.000% | 975,000 | 1,011,705 | |
Massachusetts Port Authority(b) | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
07/01/2040 | 5.000% | 4,000,000 | 4,133,695 | |
Total | 60,553,299 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Michigan 2.9% | ||||
Fraser Public School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
05/01/2025 | 5.000% | 1,700,000 | 1,724,538 | |
Great Lakes Water Authority Sewage Disposal System | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2018B | ||||
07/01/2029 | 5.000% | 3,600,000 | 3,944,480 | |
Marshall Public Schools | ||||
Unlimited General Obligation Refunding Bonds | ||||
Marshall Public School District | ||||
Series 2015 | ||||
11/01/2028 | 4.000% | 1,380,000 | 1,390,392 | |
11/01/2029 | 4.000% | 940,000 | 947,168 | |
Michigan Finance Authority | ||||
Refunding Revenue Bonds | ||||
Henry Ford Health System | ||||
Series 2016 | ||||
11/15/2041 | 5.000% | 1,000,000 | 1,020,788 | |
Local Government Loan Program - Great Lakes Water Authority | ||||
Series 2015 | ||||
07/01/2029 | 5.000% | 950,000 | 961,983 | |
07/01/2032 | 5.000% | 1,500,000 | 1,514,997 | |
07/01/2034 | 5.000% | 500,000 | 504,962 | |
Series 2014H-1 | ||||
10/01/2026 | 5.000% | 3,300,000 | 3,314,947 | |
Revenue Bonds | ||||
Local Government Loan Program - Great Lakes Water Authority | ||||
Series 2015 | ||||
07/01/2026 | 5.000% | 175,000 | 176,776 | |
07/01/2027 | 5.000% | 600,000 | 606,022 | |
07/01/2033 | 5.000% | 5,000,000 | 5,049,617 | |
Multimodal-McLaren Health Care | ||||
Series 2019 | ||||
02/15/2044 | 4.000% | 4,000,000 | 3,767,520 | |
Michigan State Housing Development Authority | ||||
Revenue Bonds | ||||
Series 2024A | ||||
12/01/2039 | 4.100% | 4,025,000 | 3,979,575 | |
Michigan State University | ||||
Refunding Revenue Bonds | ||||
Series 2023A | ||||
08/15/2040 | 5.000% | 5,550,000 | 6,157,225 | |
Michigan Strategic Fund(b) | ||||
Revenue Bonds | ||||
I-75 Improvement Project | ||||
Series 2018 | ||||
12/31/2043 | 5.000% | 3,400,000 | 3,412,104 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Wayne County Airport Authority(b) | ||||
Refunding Revenue Bonds | ||||
Series 2015F | ||||
12/01/2026 | 5.000% | 3,000,000 | 3,040,962 | |
Wayne County Airport Authority | ||||
Revenue Bonds | ||||
Detroit Metro | ||||
Series 2018 | ||||
12/01/2036 | 5.000% | 3,205,000 | 3,419,380 | |
Series 2015D | ||||
12/01/2030 | 5.000% | 1,250,000 | 1,273,955 | |
Total | 46,207,391 | |||
Minnesota 1.1% | ||||
City of Maple Grove | ||||
Refunding Revenue Bonds | ||||
Maple Grove Hospital Corp. | ||||
Series 2017 | ||||
05/01/2029 | 5.000% | 2,720,000 | 2,788,747 | |
Duluth Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Essentia Health Obligation Group | ||||
Series 2018 | ||||
02/15/2043 | 5.000% | 1,000,000 | 1,018,211 | |
Revenue Bonds | ||||
Benedictine Health System | ||||
Series 2021 | ||||
07/01/2036 | 4.000% | 3,000,000 | 2,597,285 | |
Housing & Redevelopment Authority of The City of St. Paul | ||||
Refunding Revenue Bonds | ||||
Fairview Health Services | ||||
Series 2017 | ||||
11/15/2029 | 5.000% | 1,050,000 | 1,088,065 | |
HealthPartners Obligation Group | ||||
Series 2015 | ||||
07/01/2028 | 5.000% | 6,400,000 | 6,477,519 | |
Watertown-Mayer Independent School District No. 111(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2020A | ||||
02/01/2030 | 0.000% | 2,475,000 | 1,952,438 | |
Woodbury Housing & Redevelopment Authority | ||||
Revenue Bonds | ||||
St. Therese of Woodbury | ||||
Series 2014 | ||||
12/01/2034 | 5.000% | 1,000,000 | 987,838 | |
Total | 16,910,103 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Mississippi 0.7% | ||||
Mississippi Business Finance Corp. | ||||
Refunding Revenue Bonds | ||||
Pollution Control Project | ||||
Series 2019 | ||||
09/01/2028 | 3.200% | 2,000,000 | 1,959,007 | |
Mississippi Hospital Equipment & Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Forrest County General Hospital Project | ||||
Series 2019 | ||||
01/01/2039 | 4.000% | 1,500,000 | 1,440,421 | |
01/01/2040 | 4.000% | 1,100,000 | 1,043,839 | |
State of Mississippi | ||||
Revenue Bonds | ||||
Series 2015E | ||||
10/15/2029 | 5.000% | 3,500,000 | 3,548,239 | |
State of Mississippi Gaming Tax | ||||
Revenue Bonds | ||||
Series 2019A | ||||
10/15/2036 | 5.000% | 3,395,000 | 3,494,355 | |
Total | 11,485,861 | |||
Missouri 1.4% | ||||
Health & Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Mosaic Health System | ||||
Series 2019 | ||||
02/15/2044 | 4.000% | 2,000,000 | 1,916,830 | |
02/15/2049 | 4.000% | 2,500,000 | 2,337,112 | |
Health & Educational Facilities Authority of the State of Missouri | ||||
Refunding Revenue Bonds | ||||
CoxHealth | ||||
Series 2015A | ||||
11/15/2028 | 5.000% | 6,210,000 | 6,276,340 | |
St. Luke’s Health Systems, Inc. | ||||
Series 2016 | ||||
11/15/2034 | 5.000% | 3,000,000 | 3,079,581 | |
Kansas City Industrial Development Authority(b) | ||||
Revenue Bonds | ||||
Kansas City International Airport | ||||
Series 2019 | ||||
03/01/2046 | 5.000% | 2,000,000 | 2,025,703 | |
Lee’s Summit Industrial Development Authority | ||||
Revenue Bonds | ||||
John Knox Village Project | ||||
Series 2016A | ||||
08/15/2036 | 5.000% | 1,100,000 | 1,084,046 | |
08/15/2051 | 5.000% | 2,405,000 | 2,021,736 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Missouri Joint Municipal Electric Utility Commission | ||||
Refunding Revenue Bonds | ||||
Prairie State Project | ||||
Series 2015A | ||||
12/01/2029 | 5.000% | 2,000,000 | 2,021,575 | |
St. Louis County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Friendship Village St. Louis | ||||
Series 2017 | ||||
09/01/2048 | 5.000% | 1,000,000 | 928,241 | |
St. Andrew’s Resources for Seniors Obligated Group | ||||
Series 2015 | ||||
12/01/2025 | 5.000% | 425,000 | 424,727 | |
Total | 22,115,891 | |||
Nebraska 1.3% | ||||
Nebraska Public Power District | ||||
General Refunding Revenue Bonds | ||||
Series 2016B | ||||
01/01/2037 | 5.000% | 7,435,000 | 7,528,086 | |
Omaha Public Power District | ||||
Revenue Bonds | ||||
Series 2023A | ||||
02/01/2038 | 5.000% | 1,200,000 | 1,339,358 | |
Public Power Generation Agency | ||||
Refunding Revenue Bonds | ||||
Whelan Energy Center Unit | ||||
Series 2015 | ||||
01/01/2027 | 5.000% | 11,865,000 | 11,932,686 | |
Total | 20,800,130 | |||
Nevada 0.8% | ||||
City of Carson City | ||||
Refunding Revenue Bonds | ||||
Carson Tahoe Regional Medical Center | ||||
Series 2017 | ||||
09/01/2031 | 5.000% | 1,000,000 | 1,027,574 | |
09/01/2033 | 5.000% | 1,000,000 | 1,025,873 | |
County of Clark | ||||
Revenue Bonds | ||||
Series 2023 | ||||
07/01/2039 | 5.000% | 5,000,000 | 5,517,279 | |
County of Clark Department of Aviation | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2017A-2 | ||||
07/01/2040 | 5.000% | 4,000,000 | 4,146,494 | |
State of Nevada Department of Business & Industry(a) | ||||
Revenue Bonds | ||||
Somerset Academy | ||||
Series 2018A | ||||
12/15/2029 | 4.500% | 365,000 | 361,333 | |
Total | 12,078,553 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
New Jersey 3.5% | ||||
New Jersey Economic Development Authority | ||||
Prerefunded 12/15/26 Revenue Bonds | ||||
Series 2016BBB | ||||
06/15/2030 | 5.500% | 2,500,000 | 2,645,648 | |
Revenue Bonds | ||||
Transportation Project | ||||
Series 2020 | ||||
11/01/2036 | 5.000% | 5,000,000 | 5,356,610 | |
New Jersey Transportation Trust Fund Authority | ||||
Refunding Revenue Bonds | ||||
Federal Highway Reimbursement | ||||
Series 2018 | ||||
06/15/2030 | 5.000% | 1,000,000 | 1,025,578 | |
06/15/2031 | 5.000% | 1,000,000 | 1,025,262 | |
Transportation System | ||||
Series 2018A | ||||
12/15/2034 | 5.000% | 1,500,000 | 1,597,921 | |
Series 2019 | ||||
12/15/2033 | 5.000% | 3,000,000 | 3,254,734 | |
Revenue Bonds | ||||
Series 2019BB | ||||
06/15/2036 | 4.000% | 1,000,000 | 1,003,856 | |
06/15/2044 | 4.000% | 2,500,000 | 2,382,997 | |
06/15/2050 | 4.000% | 3,500,000 | 3,242,568 | |
Series 2020AA | ||||
06/15/2038 | 4.000% | 1,000,000 | 999,907 | |
Transportation Program | ||||
Series 2019 | ||||
06/15/2037 | 5.000% | 4,465,000 | 4,701,731 | |
Transportation System | ||||
Series 2014D | ||||
06/15/2032 | 5.000% | 5,000,000 | 5,028,406 | |
New Jersey Transportation Trust Fund Authority(f) | ||||
Revenue Bonds | ||||
Capital Appreciation - Transportation System | ||||
Series 2006C | ||||
12/15/2024 | 0.000% | 440,000 | 429,712 | |
Capital Appreciation Transportation System | ||||
Series 2006C (AGM) | ||||
12/15/2032 | 0.000% | 5,000,000 | 3,649,632 | |
New Jersey Turnpike Authority | ||||
Refunding Revenue Bonds | ||||
Series 2017E | ||||
01/01/2029 | 5.000% | 1,500,000 | 1,596,043 | |
Series 2017G | ||||
01/01/2035 | 5.000% | 6,000,000 | 6,363,787 | |
Revenue Bonds | ||||
Series 2015E | ||||
01/01/2031 | 5.000% | 500,000 | 504,984 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Tobacco Settlement Financing Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
06/01/2031 | 5.000% | 2,750,000 | 2,905,517 | |
06/01/2032 | 5.000% | 2,000,000 | 2,112,468 | |
06/01/2033 | 5.000% | 1,500,000 | 1,583,072 | |
06/01/2034 | 5.000% | 2,000,000 | 2,107,698 | |
06/01/2046 | 5.250% | 2,440,000 | 2,525,819 | |
Total | 56,043,950 | |||
New Mexico 0.2% | ||||
City of Santa Fe | ||||
Revenue Bonds | ||||
El Castillo Retirement Project | ||||
Series 2019 | ||||
05/15/2044 | 5.000% | 1,350,000 | 1,240,966 | |
County of Bernalillo | ||||
Refunding Revenue Bonds | ||||
Series 1998 | ||||
04/01/2027 | 5.250% | 1,775,000 | 1,824,179 | |
Total | 3,065,145 | |||
New York 7.3% | ||||
Buffalo & Erie County Industrial Land Development Corp. | ||||
Refunding Revenue Bonds | ||||
Charter School For Applied Technologies Project | ||||
Series 2017 | ||||
06/01/2035 | 5.000% | 1,000,000 | 1,020,537 | |
Revenue Bonds | ||||
Tapestry-Charter School Project | ||||
Series 2017 | ||||
08/01/2037 | 5.000% | 1,300,000 | 1,289,556 | |
08/01/2047 | 5.000% | 1,000,000 | 935,878 | |
City of New York | ||||
Unlimited General Obligation Bonds | ||||
Series 2018E-1 | ||||
03/01/2034 | 5.250% | 3,000,000 | 3,213,807 | |
03/01/2035 | 5.250% | 2,500,000 | 2,677,806 | |
03/01/2037 | 5.000% | 1,120,000 | 1,181,946 | |
Subordinated Series 2023E-1 | ||||
04/01/2043 | 5.250% | 6,000,000 | 6,636,883 | |
Hudson Yards Infrastructure Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
02/15/2034 | 5.000% | 5,000,000 | 5,225,147 | |
Long Island Power Authority | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2023E | ||||
09/01/2037 | 5.000% | 900,000 | 1,019,507 | |
09/01/2038 | 5.000% | 1,500,000 | 1,682,802 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Metropolitan Transportation Authority | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Series 2017C-1 | ||||
11/15/2034 | 5.000% | 1,815,000 | 1,916,189 | |
Revenue Bonds | ||||
Series 2016C-1 | ||||
11/15/2036 | 5.000% | 2,325,000 | 2,395,451 | |
New York City Transitional Finance Authority | ||||
Refunding Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2015C | ||||
11/01/2026 | 5.000% | 1,000,000 | 1,013,398 | |
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2016B-1 | ||||
08/01/2034 | 5.000% | 4,000,000 | 4,121,158 | |
Subordinated Series 2017F-1 | ||||
05/01/2038 | 5.000% | 4,000,000 | 4,159,995 | |
Subordinated Series 2018 | ||||
08/01/2036 | 5.000% | 5,555,000 | 5,860,392 | |
Subordinated Series 2024F-1 | ||||
02/01/2037 | 5.000% | 5,000,000 | 5,738,299 | |
New York Power Authority | ||||
Revenue Bonds | ||||
Green Transmission Project | ||||
Series 2023A (AGM) | ||||
11/15/2039 | 5.250% | 400,000 | 463,444 | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Memorial Sloan-Kettering Cancer Center | ||||
Series 2017 | ||||
07/01/2035 | 4.000% | 1,500,000 | 1,521,265 | |
North Shore - Long Island Jewish Obligation Group | ||||
Series 2015A | ||||
05/01/2031 | 5.000% | 9,830,000 | 9,940,045 | |
Series 2018A | ||||
03/15/2037 | 5.250% | 1,695,000 | 1,822,800 | |
Revenue Bonds | ||||
Series 2024A | ||||
03/15/2041 | 5.000% | 5,000,000 | 5,538,223 | |
New York State Thruway Authority | ||||
Refunding Revenue Bonds | ||||
Series 2024P | ||||
01/01/2038 | 5.000% | 2,200,000 | 2,482,675 | |
01/01/2041 | 5.000% | 1,000,000 | 1,104,300 | |
New York State Urban Development Corp. | ||||
Revenue Bonds | ||||
Series 2023A | ||||
03/15/2035 | 5.000% | 5,000,000 | 5,838,650 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
New York Transportation Development Corp.(b) | ||||
Revenue Bonds | ||||
Delta Air Lines, Inc. LaGuardia | ||||
Series 2020 | ||||
10/01/2035 | 5.000% | 6,000,000 | 6,337,276 | |
10/01/2045 | 4.375% | 1,500,000 | 1,447,998 | |
LaGuardia Airport Terminal C&D | ||||
Series 2023 | ||||
04/01/2035 | 6.000% | 2,500,000 | 2,832,617 | |
Sustainable Bonds - John F. Kennedy International Airport New Terminal One Project | ||||
Series 2023 | ||||
06/30/2039 | 5.500% | 1,000,000 | 1,097,158 | |
06/30/2040 | 5.500% | 1,150,000 | 1,254,989 | |
Port Authority of New York & New Jersey(b) | ||||
Refunding Revenue Bonds | ||||
Consolidated Bonds | ||||
Series 2022 | ||||
08/01/2039 | 5.000% | 2,000,000 | 2,133,657 | |
Series 2023-238 | ||||
07/15/2038 | 5.000% | 4,300,000 | 4,629,205 | |
Series 2023-242 | ||||
12/01/2038 | 5.000% | 1,400,000 | 1,507,457 | |
State of New York | ||||
Unlimited General Obligation Bonds | ||||
Series 2023B | ||||
03/15/2039 | 5.000% | 2,155,000 | 2,434,934 | |
Triborough Bridge & Tunnel Authority | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Series 2023C | ||||
11/15/2040 | 5.250% | 1,000,000 | 1,134,829 | |
MTA Bridges and Tunnels | ||||
Series 2023 | ||||
11/15/2038 | 5.000% | 1,000,000 | 1,120,032 | |
Revenue Bonds | ||||
Series 2024A-1 | ||||
05/15/2039 | 5.000% | 1,500,000 | 1,697,389 | |
05/15/2040 | 5.000% | 1,750,000 | 1,964,341 | |
05/15/2041 | 5.000% | 2,500,000 | 2,790,730 | |
TBTA Capital Lockbox - City Sales Tax | ||||
Series 2023A | ||||
05/15/2040 | 5.000% | 875,000 | 973,103 | |
TSASC, Inc. | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
06/01/2036 | 5.000% | 1,000,000 | 1,030,899 | |
06/01/2041 | 5.000% | 1,000,000 | 1,016,497 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Westchester County Local Development Corp. | ||||
Revenue Bonds | ||||
New York Blood Center Project | ||||
Series 2024 | ||||
07/01/2035 | 5.000% | 1,500,000 | 1,645,682 | |
Total | 115,848,946 | |||
North Carolina 1.3% | ||||
North Carolina Capital Facilities Finance Agency | ||||
Refunding Revenue Bonds | ||||
The Arc of North Carolina | ||||
Series 2017 | ||||
10/01/2034 | 5.000% | 2,325,000 | 2,304,440 | |
North Carolina Medical Care Commission | ||||
Refunding Revenue Bonds | ||||
Presbyterian Homes | ||||
Series 2016C | ||||
10/01/2031 | 4.000% | 1,000,000 | 1,003,170 | |
Sharon Towers | ||||
Series 2019A | ||||
07/01/2029 | 4.000% | 1,970,000 | 1,865,735 | |
Revenue Bonds | ||||
Presbyterian Homes | ||||
Series 2020 | ||||
10/01/2045 | 4.000% | 660,000 | 585,760 | |
10/01/2045 | 5.000% | 1,500,000 | 1,532,940 | |
North Carolina Municipal Power Agency No. 1 | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
01/01/2031 | 5.000% | 2,000,000 | 2,045,168 | |
North Carolina Turnpike Authority | ||||
Revenue Bonds | ||||
Senior Lien - Triangle Expressway | ||||
Series 2019 | ||||
01/01/2049 | 5.000% | 1,500,000 | 1,523,397 | |
State of North Carolina | ||||
Refunding Revenue Bonds | ||||
Series 2014B | ||||
06/01/2025 | 5.000% | 5,000,000 | 5,082,984 | |
University of North Carolina at Greensboro | ||||
Refunding Revenue Bonds | ||||
General | ||||
Series 2017 | ||||
04/01/2035 | 4.000% | 1,200,000 | 1,215,685 | |
04/01/2036 | 4.000% | 1,000,000 | 1,011,290 | |
University of North Carolina at Wilmington | ||||
Refunding Revenue Bonds | ||||
Student Housing Projects | ||||
Series 2016 | ||||
06/01/2031 | 4.000% | 2,040,000 | 2,056,362 | |
Total | 20,226,931 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Ohio 0.6% | ||||
County of Franklin | ||||
Revenue Bonds | ||||
OPRS Communities | ||||
Series 2016C | ||||
07/01/2029 | 5.000% | 2,000,000 | 1,997,164 | |
County of Miami | ||||
Improvement Refunding Bonds | ||||
Kettering Health Network | ||||
Series 2019 | ||||
08/01/2045 | 5.000% | 2,220,000 | 2,253,100 | |
State of Ohio | ||||
Unlimited General Obligation Bonds | ||||
Series 2022A | ||||
03/01/2037 | 5.000% | 1,000,000 | 1,128,853 | |
03/01/2038 | 5.000% | 1,500,000 | 1,677,883 | |
03/01/2039 | 5.000% | 2,000,000 | 2,226,401 | |
Total | 9,283,401 | |||
Oklahoma 0.4% | ||||
Norman Regional Hospital Authority | ||||
Refunding Revenue Bonds | ||||
Series 2016 | ||||
09/01/2027 | 5.000% | 2,000,000 | 2,004,822 | |
Oklahoma County Finance Authority | ||||
Revenue Bonds | ||||
Midwest City-Del City Public Schools Project | ||||
Series 2024 (BAM) | ||||
10/01/2038 | 5.000% | 1,000,000 | 1,108,455 | |
Tulsa County Industrial Authority | ||||
Refunding Revenue Bonds | ||||
Montereau, Inc. Project | ||||
Series 2017 | ||||
11/15/2037 | 5.250% | 2,750,000 | 2,760,487 | |
11/15/2045 | 5.250% | 250,000 | 244,321 | |
Total | 6,118,085 | |||
Oregon 0.8% | ||||
Hospital Facilities Authority of Multnomah County | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Mirabella at South Waterfront | ||||
Series 2014A | ||||
10/01/2034 | 5.125% | 1,000,000 | 1,004,001 | |
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2017A | ||||
06/15/2033 | 0.000% | 7,160,000 | 4,866,269 | |
Oregon State Lottery(e) | ||||
Revenue Bonds | ||||
Series 2024A | ||||
04/01/2041 | 5.000% | 1,350,000 | 1,499,267 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
State of Oregon Department of Transportation | ||||
Revenue Bonds | ||||
Series 2022A | ||||
11/15/2038 | 5.000% | 2,000,000 | 2,240,857 | |
11/15/2039 | 5.000% | 2,145,000 | 2,397,437 | |
Total | 12,007,831 | |||
Pennsylvania 3.6% | ||||
Berks County Industrial Development Authority | ||||
Prerefunded 05/15/25 Revenue Bonds | ||||
Highlands at Wyomissing | ||||
Series 2018 | ||||
05/15/2043 | 5.000% | 350,000 | 361,169 | |
Refunding Revenue Bonds | ||||
Highlands at Wyomissing | ||||
Series 2017 | ||||
05/15/2032 | 5.000% | 1,050,000 | 1,064,427 | |
05/15/2047 | 5.000% | 1,630,000 | 1,542,551 | |
Revenue Bonds | ||||
Highlands at Wyomissing | ||||
Series 2017 | ||||
05/15/2042 | 5.000% | 1,655,000 | 1,610,865 | |
Bucks County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Pennswood Village Project | ||||
Series 2018 | ||||
10/01/2037 | 5.000% | 1,250,000 | 1,262,828 | |
Commonwealth Financing Authority | ||||
Revenue Bonds | ||||
Tobacco Master Settlement Payment | ||||
Series 2018 | ||||
06/01/2029 | 5.000% | 1,500,000 | 1,584,368 | |
06/01/2032 | 5.000% | 1,000,000 | 1,058,066 | |
06/01/2033 | 5.000% | 1,250,000 | 1,321,679 | |
06/01/2034 | 5.000% | 1,000,000 | 1,056,675 | |
06/01/2035 | 5.000% | 1,000,000 | 1,054,989 | |
Cumberland County Municipal Authority | ||||
Prerefunded 01/01/25 Revenue Bonds | ||||
Diakon Lutheran Social Ministries | ||||
Series 2015 | ||||
01/01/2027 | 5.000% | 750,000 | 755,240 | |
01/01/2028 | 5.000% | 1,175,000 | 1,183,209 | |
Refunding Revenue Bonds | ||||
Diakon Lutheran | ||||
Series 2015 | ||||
01/01/2027 | 5.000% | 1,440,000 | 1,445,038 | |
01/01/2028 | 5.000% | 2,170,000 | 2,178,015 | |
Delaware River Joint Toll Bridge Commission | ||||
Revenue Bonds | ||||
Series 2017 | ||||
07/01/2033 | 5.000% | 2,250,000 | 2,361,535 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Delaware River Port Authority | ||||
Revenue Bonds | ||||
Series 2018A | ||||
01/01/2036 | 5.000% | 2,000,000 | 2,147,339 | |
Geisinger Authority | ||||
Refunding Revenue Bonds | ||||
Geisinger Health System | ||||
Series 2017 | ||||
02/15/2039 | 5.000% | 2,500,000 | 2,559,541 | |
Lancaster County Hospital Authority | ||||
Revenue Bonds | ||||
Moravian Manors, Inc. Project | ||||
Series 2019A | ||||
06/15/2044 | 5.000% | 1,000,000 | 873,434 | |
Montgomery County Higher Education and Health Authority | ||||
Refunding Revenue Bonds | ||||
Thomas Jefferson University Project | ||||
Series 2019 | ||||
09/01/2044 | 4.000% | 1,000,000 | 930,323 | |
Montgomery County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Acts Retirement - Life Communities | ||||
Series 2016 | ||||
11/15/2036 | 5.000% | 4,315,000 | 4,422,205 | |
Meadowood Senior Living Project | ||||
Series 2018 | ||||
12/01/2038 | 5.000% | 1,000,000 | 998,932 | |
Northampton County General Purpose Authority | ||||
Refunding Revenue Bonds | ||||
St. Luke’s University Health Network | ||||
Series 2016 | ||||
08/15/2026 | 5.000% | 3,770,000 | 3,895,993 | |
Pennsylvania Economic Development Financing Authority(b) | ||||
Revenue Bonds | ||||
The PennDOT Major Bridges Package One Project | ||||
Series 2022 | ||||
06/30/2039 | 5.500% | 5,690,000 | 6,278,740 | |
Pennsylvania Turnpike Commission | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2017-3 | ||||
12/01/2037 | 4.000% | 2,975,000 | 3,006,372 | |
Revenue Bonds | ||||
Series 2017A-1 | ||||
12/01/2037 | 5.000% | 1,250,000 | 1,308,241 | |
Series 2018A-2 | ||||
12/01/2036 | 5.000% | 2,500,000 | 2,676,438 | |
Subordinated Series 2017A | ||||
12/01/2042 | 5.500% | 3,000,000 | 3,092,283 | |
Subordinated Series 2017B-1 | ||||
06/01/2042 | 5.000% | 5,450,000 | 5,590,802 | |
Total | 57,621,297 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Rhode Island 0.1% | ||||
Rhode Island Turnpike & Bridge Authority | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
10/01/2033 | 5.000% | 1,300,000 | 1,325,875 | |
South Carolina 2.4% | ||||
County of Florence | ||||
Refunding Revenue Bonds | ||||
McLeod Regional Medical Center Project | ||||
Series 2014 | ||||
11/01/2031 | 5.000% | 3,610,000 | 3,630,996 | |
11/01/2032 | 5.000% | 5,000,000 | 5,027,554 | |
South Carolina Jobs-Economic Development Authority | ||||
Prerefunded 11/01/24 Revenue Bonds | ||||
York Preparatory Academy Project | ||||
Series 2014A | ||||
11/01/2033 | 7.000% | 590,000 | 598,078 | |
Refunding Revenue Bonds | ||||
Episcopal Home Still Hopes | ||||
Series 2018 | ||||
04/01/2038 | 5.000% | 2,000,000 | 1,832,440 | |
Prisma Health Obligated Group | ||||
Series 2018 | ||||
05/01/2036 | 5.000% | 7,000,000 | 7,267,727 | |
Revenue Bonds | ||||
Lutheran Homes of South Carolina Obligation Group | ||||
Series 2013 | ||||
05/01/2028 | 5.000% | 3,500,000 | 3,398,940 | |
Wofford College Project | ||||
Series 2019 | ||||
04/01/2038 | 5.000% | 930,000 | 967,310 | |
South Carolina Jobs-Economic Development Authority(a) | ||||
Revenue Bonds | ||||
Series 2015A | ||||
08/15/2025 | 4.500% | 260,000 | 255,893 | |
South Carolina Public Service Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
12/01/2026 | 5.000% | 7,000,000 | 7,055,713 | |
Series 2016A | ||||
12/01/2030 | 5.000% | 4,000,000 | 4,090,485 | |
Series 2016B | ||||
12/01/2032 | 5.000% | 3,265,000 | 3,355,040 | |
Total | 37,480,176 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
South Dakota 0.3% | ||||
South Dakota Health & Educational Facilities Authority | ||||
Revenue Bonds | ||||
Regional Health | ||||
Series 2017 | ||||
09/01/2029 | 5.000% | 1,700,000 | 1,781,762 | |
09/01/2030 | 5.000% | 2,250,000 | 2,356,024 | |
Total | 4,137,786 | |||
Tennessee 0.9% | ||||
Chattanooga Health Educational & Housing Facility Board | ||||
Refunding Revenue Bonds | ||||
Student Housing - CDFI Phase I | ||||
Series 2015 | ||||
10/01/2029 | 5.000% | 1,000,000 | 1,008,686 | |
Knox County Health Educational & Housing Facility Board | ||||
Refunding Revenue Bonds | ||||
Covenant Health Services | ||||
Series 2016A | ||||
01/01/2042 | 5.000% | 5,815,000 | 5,892,087 | |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | ||||
Revenue Bonds | ||||
Vanderbilt University Medical Center | ||||
Series 2016 | ||||
07/01/2031 | 5.000% | 1,000,000 | 1,028,409 | |
Metropolitan Government of Nashville & Davidson County Electric | ||||
Revenue Bonds | ||||
Series 2024A | ||||
05/15/2041 | 5.000% | 2,000,000 | 2,227,236 | |
05/15/2042 | 5.000% | 2,250,000 | 2,490,955 | |
Metropolitan Nashville Airport Authority (The)(b) | ||||
Revenue Bonds | ||||
Subordinated Series 2019B | ||||
07/01/2044 | 5.000% | 2,000,000 | 2,057,208 | |
Total | 14,704,581 | |||
Texas 8.6% | ||||
Austin Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
08/01/2039 | 5.000% | 2,000,000 | 2,223,906 | |
08/01/2040 | 5.000% | 3,000,000 | 3,309,145 | |
Bexar County Health Facilities Development Corp. | ||||
Refunding Revenue Bonds | ||||
Army Retirement Residence Foundation | ||||
Series 2018 | ||||
07/15/2033 | 5.000% | 1,000,000 | 958,611 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Bexar County Hospital District | ||||
Limited General Obligation Refunding Bonds | ||||
Series 2019 | ||||
02/15/2034 | 5.000% | 1,000,000 | 1,057,346 | |
02/15/2038 | 5.000% | 1,250,000 | 1,304,310 | |
Central Texas Regional Mobility Authority | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
Senior Lien | ||||
Series 2015A | ||||
01/01/2030 | 5.000% | 1,550,000 | 1,576,050 | |
Central Texas Regional Mobility Authority(f) | ||||
Revenue Bonds | ||||
Capital Appreciation | ||||
Series 2010 | ||||
01/01/2025 | 0.000% | 1,000,000 | 968,770 | |
Central Texas Turnpike System | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2015C | ||||
08/15/2034 | 5.000% | 5,000,000 | 5,012,356 | |
City of Austin Airport System | ||||
Revenue Bonds | ||||
Series 2017A | ||||
11/15/2035 | 5.000% | 1,000,000 | 1,031,569 | |
City of Austin Electric Utility | ||||
Refunding Revenue Bonds | ||||
Series 2023 | ||||
11/15/2040 | 5.000% | 5,000,000 | 5,531,076 | |
City of Beaumont Waterworks & Sewer System | ||||
Prerefunded 09/01/25 Revenue Bonds | ||||
Subordinated Series 2015A (BAM) | ||||
09/01/2030 | 5.000% | 1,000,000 | 1,018,167 | |
Refunding Revenue Bonds | ||||
Subordinated Series 2015A (BAM) | ||||
09/01/2026 | 5.000% | 1,000,000 | 1,015,774 | |
09/01/2027 | 5.000% | 600,000 | 610,417 | |
City of Garland Electric Utility System | ||||
Refunding Revenue Bonds | ||||
Series 2019 | ||||
03/01/2037 | 5.000% | 1,700,000 | 1,795,951 | |
City of Houston Airport System | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2018B | ||||
07/01/2030 | 5.000% | 1,375,000 | 1,475,165 | |
Subordinated Series 2018D | ||||
07/01/2035 | 5.000% | 2,500,000 | 2,664,074 | |
City of Houston Airport System(b) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2023A (AGM) | ||||
07/01/2040 | 5.250% | 3,780,000 | 4,133,351 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Houston Combined Utility System | ||||
Refunding Revenue Bonds | ||||
1st Lien | ||||
Series 2016B | ||||
11/15/2034 | 5.000% | 10,000,000 | 10,354,793 | |
City of Houston Combined Utility System(e) | ||||
Refunding Revenue Bonds | ||||
First Lien | ||||
Subordinated Series 2024A | ||||
11/15/2037 | 5.000% | 2,000,000 | 2,263,997 | |
Clifton Higher Education Finance Corp. | ||||
Revenue Bonds | ||||
International Leadership | ||||
Series 2015 | ||||
08/15/2035 | 5.500% | 11,500,000 | 11,739,105 | |
Crane County Water District | ||||
Prerefunded 02/15/25 Unlimited General Obligation Bonds | ||||
Series 2015 | ||||
02/15/2030 | 5.000% | 1,000,000 | 1,008,137 | |
Grand Parkway Transportation Corp.(h) | ||||
Revenue Bonds | ||||
Convertible | ||||
Subordinated Series 2013 | ||||
10/01/2030 | 5.050% | 1,000,000 | 1,078,002 | |
Houston Higher Education Finance Corp. | ||||
Revenue Bonds | ||||
Rice University Project | ||||
Series 2024 | ||||
05/15/2034 | 5.000% | 10,000,000 | 11,697,391 | |
Lancaster Independent School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 (BAM) | ||||
02/15/2029 | 4.000% | 3,000,000 | 3,013,388 | |
Lower Colorado River Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015D | ||||
05/15/2026 | 5.000% | 695,000 | 702,066 | |
05/15/2027 | 5.000% | 1,355,000 | 1,370,050 | |
New Hope Cultural Education Facilities Finance Corp.(i) | ||||
Revenue Bonds | ||||
Cardinal Bay, Inc. - Village on the Park | ||||
Series 2016 | ||||
07/01/2036 | 0.000% | 2,250,000 | 1,541,250 | |
New Hope Cultural Education Facilities Finance Corp. | ||||
Revenue Bonds | ||||
NCCD-College Station Properties LLC | ||||
Series 2015A | ||||
07/01/2030 | 5.000% | 7,800,000 | 7,234,500 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
North Texas Tollway Authority | ||||
Refunding Revenue Bonds | ||||
1st Tier | ||||
Series 2017A | ||||
01/01/2034 | 5.000% | 1,000,000 | 1,036,572 | |
01/01/2048 | 5.000% | 5,000,000 | 5,138,513 | |
2nd Tier | ||||
Series 2015A | ||||
01/01/2032 | 5.000% | 16,800,000 | 16,923,645 | |
Series 2015B | ||||
01/01/2027 | 5.000% | 2,090,000 | 2,106,450 | |
North Texas Tollway Authority(f) | ||||
Refunding Revenue Bonds | ||||
Series 2008D (AGM) | ||||
01/01/2029 | 0.000% | 7,770,000 | 6,562,735 | |
Plano Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
02/15/2038 | 5.000% | 1,400,000 | 1,555,101 | |
Port Beaumont Navigation District(a),(b) | ||||
Refunding Revenue Bonds | ||||
Jefferson Gulf Coast Energy LLC | ||||
Series 2020 | ||||
01/01/2035 | 3.625% | 1,500,000 | 1,285,783 | |
Revenue Bonds | ||||
Jefferson Gulf Coast Energy Project | ||||
Series 2021 | ||||
01/01/2036 | 2.750% | 1,275,000 | 980,332 | |
Tarrant County Cultural Education Facilities Finance Corp. | ||||
Refunding Revenue Bonds | ||||
Air Force Villages Project | ||||
Series 2016 | ||||
05/15/2045 | 5.000% | 5,145,000 | 4,557,065 | |
Buckner Retirement Services | ||||
Series 2017 | ||||
11/15/2037 | 5.000% | 2,175,000 | 2,168,859 | |
11/15/2046 | 5.000% | 1,250,000 | 1,176,247 | |
Revenue Bonds | ||||
Buckner Retirement Services | ||||
Series 2016B | ||||
11/15/2046 | 5.000% | 2,000,000 | 1,869,707 | |
Texas Transportation Commission(f) | ||||
Revenue Bonds | ||||
First Tier Toll | ||||
Series 2019 | ||||
08/01/2038 | 0.000% | 550,000 | 286,471 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Texas Water Development Board | ||||
Revenue Bonds | ||||
State Water Implementation Fund | ||||
Series 2018 | ||||
10/15/2038 | 5.000% | 3,000,000 | 3,176,040 | |
Total | 136,512,237 | |||
Utah 0.3% | ||||
City of Salt Lake City Airport(b) | ||||
Revenue Bonds | ||||
Series 2023A | ||||
07/01/2038 | 5.250% | 1,450,000 | 1,596,634 | |
Intermountain Power Agency | ||||
Revenue Bonds | ||||
Series 2023A | ||||
07/01/2037 | 5.000% | 1,000,000 | 1,117,708 | |
Salt Lake City Corp. Airport | ||||
Revenue Bonds | ||||
Series 2017B | ||||
07/01/2032 | 5.000% | 1,000,000 | 1,049,300 | |
07/01/2033 | 5.000% | 1,000,000 | 1,049,062 | |
Total | 4,812,704 | |||
Vermont 0.6% | ||||
Vermont Educational & Health Buildings Financing Agency | ||||
Refunding Revenue Bonds | ||||
University of Vermont Medical Center | ||||
Series 2016A | ||||
12/01/2033 | 5.000% | 10,000,000 | 10,240,795 | |
Virgin Islands, U.S. 0.2% | ||||
Virgin Islands Public Finance Authority(a),(j) | ||||
Revenue Bonds | ||||
Grant Anticipation | ||||
Series 2015 | ||||
09/01/2030 | 5.000% | 2,320,000 | 2,334,453 | |
Series 2015 | ||||
09/01/2033 | 5.000% | 1,000,000 | 1,007,985 | |
Total | 3,342,438 | |||
Virginia 0.1% | ||||
Henrico County Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Westminster Canterbury Project | ||||
Series 2018 | ||||
10/01/2037 | 5.000% | 1,000,000 | 1,032,077 | |
Henrico County Economic Development Authority(k) | ||||
Revenue Bonds | ||||
Registered Savrs | ||||
Series 1992 Escrowed to Maturity (AGM) | ||||
08/23/2027 | 7.403% | 50,000 | 50,000 | |
Total | 1,082,077 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Washington 1.9% | ||||
City of Tacoma Electric System | ||||
Refunding Revenue Bonds | ||||
Series 2024B | ||||
01/01/2038 | 5.000% | 500,000 | 563,423 | |
Energy Northwest | ||||
Refunding Revenue Bonds | ||||
Columbia Generating Station | ||||
Series 2023 | ||||
07/01/2039 | 5.000% | 4,000,000 | 4,463,307 | |
Energy Northwest(e) | ||||
Refunding Revenue Bonds | ||||
Series 2024A | ||||
07/01/2038 | 5.000% | 5,500,000 | 6,224,267 | |
FYI Properties | ||||
Refunding Revenue Bonds | ||||
Green Bonds - State of Washington DIS Project | ||||
Series 2019 | ||||
06/01/2031 | 5.000% | 5,000,000 | 5,314,125 | |
King County Public Hospital District No. 1 | ||||
Limited General Obligation Refunding Bonds | ||||
Valley Medical Center | ||||
Series 2017 | ||||
12/01/2031 | 5.000% | 4,000,000 | 4,095,723 | |
King County Public Hospital District No. 4 | ||||
Revenue Bonds | ||||
Series 2015A | ||||
12/01/2025 | 5.000% | 1,420,000 | 1,404,921 | |
12/01/2030 | 5.750% | 2,820,000 | 2,847,751 | |
Port of Seattle(b) | ||||
Revenue Bonds | ||||
Intermediate Lien | ||||
Subordinated Series 2019 | ||||
04/01/2044 | 4.000% | 1,000,000 | 918,185 | |
University of Washington | ||||
Revenue Bonds | ||||
Series 2024A | ||||
04/01/2038 | 5.000% | 500,000 | 568,578 | |
Washington State Housing Finance Commission | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
Heron’s Key | ||||
Series 2015A | ||||
07/01/2030 | 6.500% | 570,000 | 584,768 | |
07/01/2035 | 6.750% | 1,090,000 | 1,121,301 | |
Washington State Housing Finance Commission(a) | ||||
Refunding Revenue Bonds | ||||
Horizon House Project | ||||
Series 2017 | ||||
01/01/2029 | 5.000% | 840,000 | 835,462 | |
01/01/2038 | 5.000% | 2,000,000 | 1,884,490 | |
Total | 30,826,301 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
West Virginia 0.5% | ||||
West Virginia Hospital Finance Authority | ||||
Refunding Revenue Bonds | ||||
Cabell Huntington Hospital Obligation | ||||
Series 2018 | ||||
01/01/2043 | 5.000% | 1,750,000 | 1,646,187 | |
Revenue Bonds | ||||
University Healthcare System | ||||
Series 2017 | ||||
06/01/2042 | 5.000% | 3,665,000 | 3,746,953 | |
West Virginia University(f) | ||||
Revenue Bonds | ||||
University System Project | ||||
Series 2019A (AMBAC) | ||||
04/01/2030 | 0.000% | 3,460,000 | 2,756,257 | |
Total | 8,149,397 | |||
Wisconsin 1.0% | ||||
Public Finance Authority | ||||
Refunding Revenue Bonds | ||||
Fellowship Senior Living Project | ||||
Series 2019A | ||||
01/01/2046 | 4.000% | 2,000,000 | 1,584,134 | |
Mountain Island Charter Schools | ||||
Series 2017 | ||||
07/01/2037 | 5.000% | 820,000 | 819,947 | |
07/01/2047 | 5.000% | 1,000,000 | 933,170 | |
Retirement Housing Foundation | ||||
Series 2017 Escrowed to Maturity | ||||
11/15/2029 | 5.000% | 2,500,000 | 2,730,876 | |
11/15/2030 | 5.000% | 1,620,000 | 1,796,313 | |
Revenue Bonds | ||||
ACTS Retirement - Life Communities | ||||
Series 2020 | ||||
11/15/2041 | 5.000% | 250,000 | 257,863 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Public Finance Authority(a) | ||||
Refunding Revenue Bonds | ||||
Mary’s Woods at Marylhurst | ||||
Series 2017 | ||||
05/15/2037 | 5.250% | 1,000,000 | 986,067 | |
Wisconsin Center District | ||||
Refunding Revenue Bonds | ||||
Junior Dedicated | ||||
Series 1999 (AGM) | ||||
12/15/2027 | 5.250% | 1,510,000 | 1,562,218 | |
Wisconsin Center District(f) | ||||
Revenue Bonds | ||||
Senior Dedicated - Milwaukee Arena Project | ||||
Series 2016 | ||||
12/15/2033 | 0.000% | 2,200,000 | 1,473,220 | |
12/15/2034 | 0.000% | 6,665,000 | 4,259,088 | |
Total | 16,402,896 | |||
Total Municipal Bonds (Cost $1,582,899,440) | 1,568,388,011 |
Money Market Funds 0.2% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.515%(l) | 2,498,179 | 2,498,429 |
Total Money Market Funds (Cost $2,498,179) | 2,498,429 | |
Total Investments in Securities (Cost $1,596,797,619) | 1,582,286,440 | |
Other Assets & Liabilities, Net | 5,106,904 | |
Net Assets | $1,587,393,344 |
(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 April 30, 2024, the total value of these securities amounted to $42,976,617, which represents 2.71% 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 April 30, 2024. |
(e) | Represents a security purchased on a when-issued basis. |
(f) | Zero coupon bond. |
(g) | Variable rate security. The interest rate shown was the current rate as of April 30, 2024. |
(h) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of April 30, 2024. |
(i) | Represents a security in default. |
(j) | Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At April 30, 2024, the total value of these securities amounted to $5,697,273, which represents 0.36% of total net assets. |
(k) | Represents a variable rate security where the coupon adjusts periodically through an auction process. |
(l) | The rate shown is the seven-day current annualized yield at April 30, 2024. |
AGM | Assured Guaranty Municipal Corporation |
AMBAC | Ambac Assurance Corporation |
BAM | Build America Mutual Assurance Co. |
HUD | U.S. Department of Housing and Urban Development |
MTA | Monthly Treasury Average |
NPFGC | National Public Finance Guarantee Corporation |
SOFR | Secured Overnight Financing Rate |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 11,400,000 | — | 11,400,000 |
Municipal Bonds | — | 1,568,388,011 | — | 1,568,388,011 |
Money Market Funds | 2,498,429 | — | — | 2,498,429 |
Total Investments in Securities | 2,498,429 | 1,579,788,011 | — | 1,582,286,440 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,596,797,619) | $1,582,286,440 |
Receivable for: | |
Capital shares sold | 4,211,006 |
Dividends | 4,503 |
Interest | 21,148,245 |
Expense reimbursement due from Investment Manager | 9,243 |
Prepaid expenses | 6,278 |
Deferred compensation of board members | 355,414 |
Other assets | 21,042 |
Total assets | 1,608,042,171 |
Liabilities | |
Due to custodian | 27,909 |
Payable for: | |
Investments purchased on a delayed delivery basis | 11,539,745 |
Capital shares redeemed | 3,182,426 |
Distributions to shareholders | 4,637,511 |
Management services fees | 20,183 |
Distribution and/or service fees | 2,130 |
Transfer agent fees | 126,097 |
Compensation of board members | 2,050 |
Other expenses | 24,475 |
Other liabilities | 449,091 |
Deferred compensation of board members | 637,210 |
Total liabilities | 20,648,827 |
Net assets applicable to outstanding capital stock | $1,587,393,344 |
Represented by | |
Paid in capital | 1,638,943,507 |
Total distributable earnings (loss) | (51,550,163 ) |
Total - representing net assets applicable to outstanding capital stock | $1,587,393,344 |
Class A | |
Net assets | $349,893,318 |
Shares outstanding | 37,105,321 |
Net asset value per share | $9.43 |
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) | $9.72 |
Advisor Class | |
Net assets | $217,559,036 |
Shares outstanding | 23,088,293 |
Net asset value per share | $9.42 |
Class C | |
Net assets | $9,567,010 |
Shares outstanding | 1,014,174 |
Net asset value per share | $9.43 |
Institutional Class | |
Net assets | $345,345,981 |
Shares outstanding | 36,605,213 |
Net asset value per share | $9.43 |
Institutional 2 Class | |
Net assets | $194,513,121 |
Shares outstanding | 20,651,290 |
Net asset value per share | $9.42 |
Institutional 3 Class | |
Net assets | $470,514,878 |
Shares outstanding | 49,834,691 |
Net asset value per share | $9.44 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $71,592 |
Interest | 30,117,696 |
Total income | 30,189,288 |
Expenses: | |
Management services fees | 3,711,515 |
Distribution and/or service fees | |
Class A | 361,336 |
Class C | 43,660 |
Class V | 1,235 |
Transfer agent fees | |
Class A | 229,178 |
Advisor Class | 145,014 |
Class C | 6,930 |
Institutional Class | 207,631 |
Institutional 2 Class | 56,738 |
Institutional 3 Class | 12,962 |
Class V | 1,108 |
Custodian fees | 8,076 |
Printing and postage fees | 19,116 |
Registration fees | 78,167 |
Accounting services fees | 15,412 |
Legal fees | 12,169 |
Interest on interfund lending | 9,229 |
Compensation of chief compliance officer | 150 |
Compensation of board members | 15,164 |
Deferred compensation of board members | 52,384 |
Other | 17,335 |
Total expenses | 5,004,509 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (1,777,720 ) |
Total net expenses | 3,226,789 |
Net investment income | 26,962,499 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (629,794 ) |
Net realized loss | (629,794 ) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 62,784,400 |
Net change in unrealized appreciation (depreciation) | 62,784,400 |
Net realized and unrealized gain | 62,154,606 |
Net increase in net assets resulting from operations | $89,117,105 |
Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | |
Operations | ||
Net investment income | $26,962,499 | $56,648,434 |
Net realized loss | (629,794 ) | (3,208,971 ) |
Net change in unrealized appreciation (depreciation) | 62,784,400 | (11,333,847 ) |
Net increase in net assets resulting from operations | 89,117,105 | 42,105,616 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (5,981,746 ) | (13,034,361 ) |
Advisor Class | (4,017,916 ) | (9,269,003 ) |
Class C | (147,527 ) | (340,774 ) |
Institutional Class | (5,763,917 ) | (10,287,650 ) |
Institutional 2 Class | (3,555,974 ) | (7,585,620 ) |
Institutional 3 Class | (8,460,821 ) | (15,826,767 ) |
Class V | (27,133 ) | (289,040 ) |
Total distributions to shareholders | (27,955,034 ) | (56,633,215 ) |
Decrease in net assets from capital stock activity | (50,805,138 ) | (29,384,170 ) |
Total increase (decrease) in net assets | 10,356,933 | (43,911,769 ) |
Net assets at beginning of period | 1,577,036,411 | 1,620,948,180 |
Net assets at end of period | $1,587,393,344 | $1,577,036,411 |
Six Months Ended | Year Ended | |||
April 30, 2024 (Unaudited) | October 31, 2023 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 3,684,267 | 34,922,777 | 6,927,554 | 65,158,756 |
Distributions reinvested | 593,427 | 5,640,878 | 1,313,308 | 12,331,042 |
Shares redeemed | (6,882,516 ) | (65,049,277 ) | (14,844,091 ) | (139,614,071 ) |
Net decrease | (2,604,822 ) | (24,485,622 ) | (6,603,229 ) | (62,124,273 ) |
Advisor Class | ||||
Shares sold | 6,687,637 | 63,450,929 | 11,144,033 | 104,807,349 |
Distributions reinvested | 127,346 | 1,209,194 | 385,557 | 3,620,405 |
Shares redeemed | (9,504,625 ) | (89,658,386 ) | (19,406,797 ) | (181,885,045 ) |
Net decrease | (2,689,642 ) | (24,998,263 ) | (7,877,207 ) | (73,457,291 ) |
Class C | ||||
Shares sold | 129,582 | 1,228,560 | 331,356 | 3,108,246 |
Distributions reinvested | 14,877 | 141,441 | 35,874 | 336,958 |
Shares redeemed | (387,309 ) | (3,670,401 ) | (511,742 ) | (4,799,215 ) |
Net decrease | (242,850 ) | (2,300,400 ) | (144,512 ) | (1,354,011 ) |
Institutional Class | ||||
Shares sold | 8,362,237 | 79,085,344 | 19,160,561 | 179,111,178 |
Distributions reinvested | 511,824 | 4,866,000 | 880,284 | 8,264,854 |
Shares redeemed | (5,327,699 ) | (50,361,649 ) | (14,149,351 ) | (132,321,730 ) |
Net increase | 3,546,362 | 33,589,695 | 5,891,494 | 55,054,302 |
Institutional 2 Class | ||||
Shares sold | 3,249,963 | 30,670,473 | 15,704,212 | 148,259,107 |
Distributions reinvested | 372,295 | 3,534,086 | 809,801 | 7,583,291 |
Shares redeemed | (7,019,482 ) | (65,884,274 ) | (15,095,097 ) | (141,345,105 ) |
Net increase (decrease) | (3,397,224 ) | (31,679,715 ) | 1,418,916 | 14,497,293 |
Institutional 3 Class | ||||
Shares sold | 8,497,234 | 80,590,192 | 23,684,749 | 222,521,796 |
Distributions reinvested | 45,795 | 435,754 | 77,460 | 727,101 |
Shares redeemed | (7,721,560 ) | (73,101,795 ) | (19,704,517 ) | (185,138,002 ) |
Net increase | 821,469 | 7,924,151 | 4,057,692 | 38,110,895 |
Class V | ||||
Shares sold | 1,001 | 9,464 | 4,394 | 41,113 |
Distributions reinvested | 1,563 | 14,723 | 22,917 | 215,076 |
Shares redeemed | (941,114 ) | (8,879,171 ) | (38,996 ) | (367,274 ) |
Net decrease | (938,550 ) | (8,854,984 ) | (11,685 ) | (111,085 ) |
Total net decrease | (5,505,257 ) | (50,805,138 ) | (3,268,531 ) | (29,384,170 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.07 | 0.15 | 0.37 | 0.52 | (0.16 ) | — | (0.16 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.07 | 0.16 | 0.36 | 0.52 | (0.17 ) | — | (0.17 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.08 | 0.12 | 0.36 | 0.48 | (0.13 ) | — | (0.13 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.08 | 0.16 | 0.36 | 0.52 | (0.17 ) | — | (0.17 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.06 | 0.16 | 0.37 | 0.53 | (0.17 ) | — | (0.17 ) |
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 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.43 | 5.69% | 0.82% (c) | 0.60% (c) | 3.19% | 6% | $349,893 |
Year Ended 10/31/2023 | $9.07 | 2.35% | 0.83% | 0.61% (d) | 3.20% | 16% | $360,252 |
Year Ended 10/31/2022 | $9.15 | (9.76% ) | 0.81% (c) | 0.60% (c),(d) | 2.86% | 3% | $423,921 |
Year Ended 10/31/2021 | $10.46 | 2.61% | 0.83% | 0.70% (d) | 2.55% | 5% | $171,415 |
Year Ended 10/31/2020 | $10.51 | 2.36% | 0.82% | 0.73% (d) | 2.70% | 9% | $156,865 |
Year Ended 10/31/2019 | $10.59 | 7.94% | 0.82% (f) | 0.76% (d),(f) | 2.97% | 14% | $152,575 |
Advisor Class | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.42 | 5.68% | 0.62% (c) | 0.40% (c) | 3.39% | 6% | $217,559 |
Year Ended 10/31/2023 | $9.07 | 2.56% | 0.63% | 0.41% (d) | 3.40% | 16% | $233,684 |
Year Ended 10/31/2022 | $9.15 | (9.50% ) | 0.61% (c) | 0.40% (c),(d) | 3.01% | 3% | $307,823 |
Year Ended 10/31/2021 | $10.45 | 2.81% | 0.63% | 0.50% (d) | 2.75% | 5% | $6,615 |
Year Ended 10/31/2020 | $10.50 | 2.47% | 0.62% | 0.53% (d) | 2.90% | 9% | $6,249 |
Year Ended 10/31/2019 | $10.59 | 8.15% | 0.62% (f) | 0.56% (d),(f) | 3.22% | 14% | $5,927 |
Class C | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.43 | 5.26% | 1.42% (c) | 1.20% (c) | 2.58% | 6% | $9,567 |
Year Ended 10/31/2023 | $9.08 | 1.74% | 1.43% | 1.21% (d) | 2.60% | 16% | $11,408 |
Year Ended 10/31/2022 | $9.16 | (10.21% ) | 1.42% (c) | 1.20% (c),(d) | 2.24% | 3% | $12,833 |
Year Ended 10/31/2021 | $10.46 | 1.99% | 1.47% | 1.30% (d) | 1.94% | 5% | $16,754 |
Year Ended 10/31/2020 | $10.51 | 1.71% | 1.47% | 1.38% (d) | 2.06% | 9% | $21,469 |
Year Ended 10/31/2019 | $10.59 | 7.14% | 1.47% (f) | 1.41% (d),(f) | 2.33% | 14% | $23,522 |
Institutional Class | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.43 | 5.68% | 0.62% (c) | 0.40% (c) | 3.39% | 6% | $345,346 |
Year Ended 10/31/2023 | $9.08 | 2.56% | 0.63% | 0.41% (d) | 3.41% | 16% | $300,058 |
Year Ended 10/31/2022 | $9.16 | (9.49% ) | 0.62% (c) | 0.40% (c),(d) | 2.99% | 3% | $248,789 |
Year Ended 10/31/2021 | $10.46 | 2.81% | 0.63% | 0.50% (d) | 2.75% | 5% | $843,761 |
Year Ended 10/31/2020 | $10.51 | 2.47% | 0.62% | 0.53% (d) | 2.90% | 9% | $900,641 |
Year Ended 10/31/2019 | $10.60 | 8.15% | 0.62% (f) | 0.56% (d),(f) | 3.17% | 14% | $1,012,229 |
Institutional 2 Class | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.42 | 5.83% | 0.55% (c) | 0.33% (c) | 3.46% | 6% | $194,513 |
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% (c) | 0.33% (c) | 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 |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.08 | 0.17 | 0.36 | 0.53 | (0.17 ) | — | (0.17 ) |
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 ) |
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) | Rounds to zero. |
(f) | Ratios include line of credit interest expense which is less than 0.01%. |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.44 | 5.85% | 0.50% (c) | 0.28% (c) | 3.51% | 6% | $470,515 |
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% (c) | 0.28% (c) | 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% | $2,542 |
Effective rate (%) | |
Class A | 0.13 |
Advisor Class | 0.13 |
Class C | 0.13 |
Institutional Class | 0.13 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class V | 0.01 (a) |
(a) | Unannualized. |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75 (a) | 27,434 |
Class C | — | 1.00 (b) | 97 |
Class V | — | 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 $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
Fee rate(s) contractual through February 28, 2025 | |
Class A | 0.61 % |
Advisor Class | 0.41 |
Class C | 1.21 |
Institutional Class | 0.41 |
Institutional 2 Class | 0.33 |
Institutional 3 Class | 0.28 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
1,596,798,000 | 15,765,000 | (30,277,000 ) | (14,512,000 ) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) |
(28,068,754 ) | (10,012,009 ) | (38,080,763 ) |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 8,100,000 | 5.86 | 7 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value |
Average annual total returns (%) (for the period ended April 30, 2024) | ||||||
Inception | 6 Months cumulative | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 12/09/02 | 5.21 | 1.89 | 0.57 | 1.38 |
Including sales charges | 2.00 | -1.18 | -0.04 | 1.07 | ||
Advisor Class | 03/19/13 | 5.34 | 2.04 | 0.82 | 1.63 | |
Institutional Class | 06/14/93 | 5.22 | 2.04 | 0.82 | 1.63 | |
Institutional 3 Class* | 03/01/17 | 5.37 | 2.25 | 0.93 | 1.71 | |
Bloomberg 3-15 Year Blend Municipal Bond Index | 5.75 | 1.75 | 1.37 | 2.22 |
Quality breakdown (%) (at April 30, 2024) | |
AAA rating | 8.2 |
AA rating | 45.4 |
A rating | 22.6 |
BBB rating | 20.0 |
BB rating | 2.8 |
Not rated | 1.0 |
Total | 100.0 |
November 1, 2023 — April 30, 2024 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,052.10 | 1,020.89 | 4.08 | 4.02 | 0.80 |
Advisor Class | 1,000.00 | 1,000.00 | 1,053.40 | 1,022.13 | 2.81 | 2.77 | 0.55 |
Institutional Class | 1,000.00 | 1,000.00 | 1,052.20 | 1,022.13 | 2.81 | 2.77 | 0.55 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,053.70 | 1,022.63 | 2.30 | 2.26 | 0.45 |
Floating Rate Notes 1.7% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Variable Rate Demand Notes 1.7% | ||||
City of New York(a),(b) | ||||
Unlimited General Obligation Bonds | ||||
Subordinated Series 2014I-2 (JPMorgan Chase Bank) | ||||
03/01/2040 | 3.800% | 1,000,000 | 1,000,000 | |
New York City Water & Sewer System(a),(b) | ||||
Revenue Bonds | ||||
2nd General Resolution | ||||
Series 2013 (JPMorgan Chase Bank) | ||||
06/15/2050 | 3.800% | 500,000 | 500,000 | |
Total | 1,500,000 | |||
Total Floating Rate Notes (Cost $1,500,000) | 1,500,000 | |||
Municipal Bonds 97.3% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Airport 5.4% | ||||
Massachusetts Port Authority(c) | ||||
Refunding Revenue Bonds | ||||
BosFuel Project | ||||
Series 2019A | ||||
07/01/2038 | 5.000% | 1,000,000 | 1,040,281 | |
Revenue Bonds | ||||
Series 2019C | ||||
07/01/2035 | 5.000% | 2,000,000 | 2,125,932 | |
Series 2021E | ||||
07/01/2038 | 5.000% | 1,000,000 | 1,061,975 | |
Massachusetts Port Authority | ||||
Revenue Bonds | ||||
Series 2015A | ||||
07/01/2026 | 5.000% | 600,000 | 611,053 | |
Total | 4,839,241 | |||
Charter Schools 1.2% | ||||
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Foxborough Regional Charter | ||||
Series 2017 | ||||
07/01/2037 | 5.000% | 1,000,000 | 1,000,618 | |
International Charter School | ||||
Series 2015 | ||||
04/15/2025 | 5.000% | 110,000 | 109,666 | |
Total | 1,110,284 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Higher Education 23.8% | ||||
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Babson College | ||||
Series 2015A | ||||
10/01/2025 | 5.000% | 600,000 | 611,773 | |
Boston University | ||||
Series 2006BB2 | ||||
10/01/2037 | 4.000% | 2,120,000 | 2,130,169 | |
Brandeis University | ||||
Series 2018R | ||||
10/01/2035 | 5.000% | 1,005,000 | 1,076,916 | |
10/01/2036 | 5.000% | 1,140,000 | 1,216,371 | |
Series 2019 | ||||
10/01/2036 | 5.000% | 1,535,000 | 1,660,852 | |
Emerson College | ||||
Series 2017A | ||||
01/01/2033 | 5.000% | 1,500,000 | 1,550,246 | |
01/01/2034 | 5.000% | 1,000,000 | 1,032,244 | |
Simmons College | ||||
Series 2015K-1 | ||||
10/01/2026 | 5.000% | 3,005,000 | 3,041,967 | |
10/01/2028 | 5.000% | 1,100,000 | 1,116,446 | |
Simmons University | ||||
Series 2018L | ||||
10/01/2034 | 5.000% | 500,000 | 515,214 | |
10/01/2035 | 5.000% | 455,000 | 467,456 | |
Suffolk University | ||||
Series 2019 | ||||
07/01/2035 | 5.000% | 870,000 | 902,047 | |
Woods Hole Oceanographic Institution | ||||
Series 2018 | ||||
06/01/2036 | 5.000% | 650,000 | 687,288 | |
Worcester Polytechnic Institute | ||||
Series 2017 | ||||
09/01/2037 | 5.000% | 290,000 | 302,511 | |
Revenue Bonds | ||||
Babson College | ||||
Series 2017 | ||||
10/01/2032 | 5.000% | 885,000 | 932,666 | |
10/01/2033 | 5.000% | 900,000 | 947,790 | |
Bentley University | ||||
Series 2016 | ||||
07/01/2036 | 4.000% | 1,000,000 | 1,005,219 | |
Brandeis University | ||||
Series 2019S-2 | ||||
10/01/2033 | 5.000% | 1,150,000 | 1,258,710 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Worcester Polytechnic Institute | ||||
Series 2019 | ||||
09/01/2038 | 5.000% | 865,000 | 921,494 | |
Total | 21,377,379 | |||
Hospital 11.9% | ||||
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
CareGroup | ||||
Series 2016I | ||||
07/01/2033 | 5.000% | 1,000,000 | 1,026,883 | |
Mass General Brigham | ||||
Series 2024D | ||||
07/01/2042 | 5.000% | 1,000,000 | 1,085,970 | |
Partners HealthCare System | ||||
Series 2016 | ||||
07/01/2031 | 5.000% | 2,000,000 | 2,057,310 | |
Series 2020 | ||||
07/01/2037 | 5.000% | 1,000,000 | 1,083,471 | |
UMass Memorial Healthcare | ||||
Series 2016I | ||||
07/01/2030 | 5.000% | 2,295,000 | 2,347,147 | |
Series 2017 | ||||
07/01/2031 | 5.000% | 1,000,000 | 1,029,101 | |
Revenue Bonds | ||||
CareGroup | ||||
Series 2018J1 | ||||
07/01/2036 | 5.000% | 985,000 | 1,020,358 | |
07/01/2037 | 5.000% | 1,035,000 | 1,066,284 | |
Total | 10,716,524 | |||
Human Service Provider 1.1% | ||||
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Seven Hills Foundation | ||||
Series 2021 | ||||
09/01/2039 | 4.000% | 1,000,000 | 958,925 | |
Joint Power Authority 1.2% | ||||
Berkshire Wind Power Cooperative Corp. | ||||
Refunding Revenue Bonds | ||||
Berkshire Wind Project | ||||
Series 2017 | ||||
07/01/2029 | 5.000% | 1,000,000 | 1,054,489 | |
Multi-Family 1.1% | ||||
Massachusetts Development Finance Agency | ||||
Revenue Bonds | ||||
UMass Boston Student Housing Project | ||||
Series 2016 | ||||
10/01/2034 | 5.000% | 1,000,000 | 1,017,917 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Other Bond Issue 6.8% | ||||
Martha’s Vineyard Land Bank | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Series 2017 (BAM) | ||||
05/01/2034 | 5.000% | 500,000 | 525,168 | |
05/01/2035 | 5.000% | 500,000 | 525,639 | |
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Broad Institute | ||||
Series 2017 | ||||
04/01/2034 | 5.000% | 2,500,000 | 2,634,953 | |
04/01/2035 | 5.000% | 2,350,000 | 2,471,742 | |
Total | 6,157,502 | |||
Pool / Bond Bank 3.0% | ||||
Massachusetts Clean Water Trust (The) | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2019 | ||||
08/01/2038 | 5.000% | 2,000,000 | 2,158,262 | |
Sustainability Bonds | ||||
Series 2023-25B | ||||
02/01/2040 | 5.000% | 500,000 | 558,839 | |
Total | 2,717,101 | |||
Prep School 2.4% | ||||
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
Dexter Southfield | ||||
Series 2015 | ||||
05/01/2030 | 5.000% | 1,035,000 | 1,047,250 | |
Revenue Bonds | ||||
Trustees of Deerfield Academy | ||||
Series 2023 | ||||
10/01/2032 | 5.000% | 925,000 | 1,077,735 | |
Total | 2,124,985 | |||
Refunded / Escrowed 8.4% | ||||
Massachusetts Development Finance Agency | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
Partners HealthCare System | ||||
Series 2015 | ||||
07/01/2032 | 5.000% | 2,795,000 | 2,845,500 | |
Prerefunded 10/01/24 Revenue Bonds | ||||
Children’s Hospital | ||||
Series 2014P | ||||
10/01/2031 | 5.000% | 1,200,000 | 1,206,165 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Massachusetts State College Building Authority(d) | ||||
Revenue Bonds | ||||
Capital Appreciation | ||||
Series 1999A Escrowed to Maturity (NPFGC) | ||||
05/01/2028 | 0.000% | 4,000,000 | 3,486,326 | |
Total | 7,537,991 | |||
Retirement Communities 8.7% | ||||
Massachusetts Development Finance Agency | ||||
Refunding Revenue Bonds | ||||
1st Mortgage-Berkshire Retirement Community | ||||
Series 2015 | ||||
07/01/2031 | 5.000% | 1,250,000 | 1,257,699 | |
Orchard Cove, Inc. | ||||
Series 2019 | ||||
10/01/2039 | 4.000% | 985,000 | 917,129 | |
10/01/2039 | 5.000% | 250,000 | 254,143 | |
Salem Community Corp. | ||||
Series 2022 | ||||
01/01/2040 | 5.125% | 1,000,000 | 915,653 | |
Massachusetts Development Finance Agency(e) | ||||
Refunding Revenue Bonds | ||||
Loomis Obligated Group | ||||
Series 2022 | ||||
01/01/2031 | 4.000% | 1,500,000 | 1,496,459 | |
Newbridge Charles, Inc. | ||||
Series 2017 | ||||
10/01/2032 | 4.000% | 1,500,000 | 1,473,660 | |
Revenue Bonds | ||||
Linden Ponds, Inc. Facility | ||||
Series 2018 | ||||
11/15/2033 | 5.000% | 1,500,000 | 1,556,470 | |
Total | 7,871,213 | |||
Sales Tax 6.8% | ||||
Massachusetts Bay Transportation Authority(d) | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
07/01/2029 | 0.000% | 3,000,000 | 2,452,034 | |
07/01/2032 | 0.000% | 5,105,000 | 3,673,473 | |
Total | 6,125,507 | |||
State General Obligation 12.8% | ||||
Commonwealth of Massachusetts | ||||
Limited General Obligation Bonds | ||||
Consolidated Loan of 2023 | ||||
Series 2023 | ||||
05/01/2040 | 5.000% | 1,000,000 | 1,114,052 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2016I | ||||
12/01/2030 | 5.000% | 3,000,000 | 3,133,484 | |
Series 2019G | ||||
09/01/2036 | 4.000% | 2,000,000 | 2,031,098 | |
Limited General Obligation Refunding Bonds | ||||
Series 2023C | ||||
08/01/2040 | 5.000% | 1,000,000 | 1,116,686 | |
Series 2024A | ||||
03/01/2039 | 5.000% | 1,000,000 | 1,131,788 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2004C (AMBAC) | ||||
12/01/2024 | 5.500% | 3,000,000 | 3,032,580 | |
Total | 11,559,688 | |||
Student Loan 0.3% | ||||
Massachusetts Educational Financing Authority(c) | ||||
Revenue Bonds | ||||
Series 2020B | ||||
07/01/2028 | 5.000% | 250,000 | 257,857 | |
Turnpike / Bridge / Toll Road 2.4% | ||||
Massachusetts Transportation Trust Fund Metropolitan Highway System | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
01/01/2035 | 5.000% | 2,000,000 | 2,172,534 | |
Total Municipal Bonds (Cost $89,588,346) | 87,599,137 |
Money Market Funds 0.2% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.515%(f) | 145,716 | 145,731 |
Total Money Market Funds (Cost $145,716) | 145,731 | |
Total Investments in Securities (Cost: $91,234,062) | 89,244,868 | |
Other Assets & Liabilities, Net | 747,319 | |
Net Assets | 89,992,187 |
(a) | The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity. |
(b) | Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2024. |
(c) | Income from this security may be subject to alternative minimum tax. |
(d) | 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 April 30, 2024, the total value of these securities amounted to $4,526,589, which represents 5.03% of total net assets. |
(f) | The rate shown is the seven-day current annualized yield at April 30, 2024. |
AMBAC | Ambac Assurance Corporation |
BAM | Build America Mutual Assurance Co. |
NPFGC | National Public Finance Guarantee Corporation |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 1,500,000 | — | 1,500,000 |
Municipal Bonds | — | 87,599,137 | — | 87,599,137 |
Money Market Funds | 145,731 | — | — | 145,731 |
Total Investments in Securities | 145,731 | 89,099,137 | — | 89,244,868 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $91,234,062) | $89,244,868 |
Receivable for: | |
Capital shares sold | 92,660 |
Dividends | 1,448 |
Interest | 932,365 |
Expense reimbursement due from Investment Manager | 335 |
Prepaid expenses | 1,608 |
Deferred compensation of board members | 109,084 |
Other assets | 3,667 |
Total assets | 90,386,035 |
Liabilities | |
Due to custodian | 14,872 |
Payable for: | |
Capital shares redeemed | 35,926 |
Distributions to shareholders | 196,878 |
Management services fees | 1,155 |
Distribution and/or service fees | 147 |
Transfer agent fees | 3,483 |
Compensation of board members | 815 |
Other expenses | 12,521 |
Deferred compensation of board members | 128,051 |
Total liabilities | 393,848 |
Net assets applicable to outstanding capital stock | $89,992,187 |
Represented by | |
Paid in capital | 96,667,592 |
Total distributable earnings (loss) | (6,675,405 ) |
Total - representing net assets applicable to outstanding capital stock | $89,992,187 |
Class A | |
Net assets | $21,592,681 |
Shares outstanding | 2,254,676 |
Net asset value per share | $9.58 |
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) | $9.88 |
Advisor Class | |
Net assets | $4,805,752 |
Shares outstanding | 502,224 |
Net asset value per share | $9.57 |
Institutional Class | |
Net assets | $16,360,865 |
Shares outstanding | 1,707,495 |
Net asset value per share | $9.58 |
Institutional 3 Class | |
Net assets | $47,232,889 |
Shares outstanding | 4,907,135 |
Net asset value per share | $9.63 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $17,307 |
Interest | 1,552,319 |
Total income | 1,569,626 |
Expenses: | |
Management services fees | 226,990 |
Distribution and/or service fees | |
Class A | 25,579 |
Class C | 2,944 |
Class V | 1,112 |
Transfer agent fees | |
Class A | 10,337 |
Advisor Class | 2,419 |
Class C | 419 |
Institutional Class | 8,775 |
Institutional 2 Class | 3 |
Institutional 3 Class | 1,543 |
Class V | 793 |
Custodian fees | 690 |
Printing and postage fees | 4,890 |
Registration fees | 15,167 |
Accounting services fees | 15,412 |
Legal fees | 5,179 |
Interest on interfund lending | 765 |
Compensation of chief compliance officer | 10 |
Compensation of board members | 6,296 |
Deferred compensation of board members | 4,277 |
Other | 5,775 |
Total expenses | 339,375 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (71,071 ) |
Total net expenses | 268,304 |
Net investment income | 1,301,322 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (487,832 ) |
Net realized loss | (487,832 ) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 4,780,974 |
Net change in unrealized appreciation (depreciation) | 4,780,974 |
Net realized and unrealized gain | 4,293,142 |
Net increase in net assets resulting from operations | $5,594,464 |
Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | |
Operations | ||
Net investment income | $1,301,322 | $3,424,607 |
Net realized loss | (487,832 ) | (1,918,695 ) |
Net change in unrealized appreciation (depreciation) | 4,780,974 | 2,424,666 |
Net increase in net assets resulting from operations | 5,594,464 | 3,930,578 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (257,435 ) | (495,982 ) |
Advisor Class | (66,117 ) | (159,007 ) |
Class C | (8,801 ) | (18,120 ) |
Institutional Class | (240,470 ) | (452,300 ) |
Institutional 2 Class | (114 ) | (239 ) |
Institutional 3 Class | (735,374 ) | (2,036,158 ) |
Class V | (19,404 ) | (215,193 ) |
Total distributions to shareholders | (1,327,715 ) | (3,376,999 ) |
Decrease in net assets from capital stock activity | (22,374,777 ) | (35,208,984 ) |
Total decrease in net assets | (18,108,028 ) | (34,655,405 ) |
Net assets at beginning of period | 108,100,215 | 142,755,620 |
Net assets at end of period | $89,992,187 | $108,100,215 |
Six Months Ended | Year Ended | |||
April 30, 2024 (Unaudited) | October 31, 2023 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 283,027 | 2,716,776 | 246,062 | 2,352,755 |
Distributions reinvested | 24,870 | 239,938 | 48,086 | 458,540 |
Shares redeemed | (168,472 ) | (1,630,353 ) | (486,771 ) | (4,667,772 ) |
Net increase (decrease) | 139,425 | 1,326,361 | (192,623 ) | (1,856,477 ) |
Advisor Class | ||||
Shares sold | 70,233 | 669,634 | 274,401 | 2,629,088 |
Distributions reinvested | 6,844 | 65,995 | 16,629 | 158,566 |
Shares redeemed | (112,635 ) | (1,073,163 ) | (359,009 ) | (3,415,123 ) |
Net decrease | (35,558 ) | (337,534 ) | (67,979 ) | (627,469 ) |
Class C | ||||
Shares sold | 51,280 | 492,392 | 12,632 | 120,796 |
Distributions reinvested | 817 | 7,899 | 1,898 | 18,120 |
Shares redeemed | (121,077 ) | (1,164,151 ) | (69,536 ) | (663,799 ) |
Net decrease | (68,980 ) | (663,860 ) | (55,006 ) | (524,883 ) |
Institutional Class | ||||
Shares sold | 279,094 | 2,675,444 | 527,786 | 5,028,014 |
Distributions reinvested | 21,208 | 204,785 | 37,060 | 353,662 |
Shares redeemed | (376,337 ) | (3,623,854 ) | (600,089 ) | (5,737,635 ) |
Net decrease | (76,035 ) | (743,625 ) | (35,243 ) | (355,959 ) |
Institutional 2 Class | ||||
Shares redeemed | (907 ) | (8,716 ) | — | — |
Net decrease | (907 ) | (8,716 ) | — | — |
Institutional 3 Class | ||||
Shares sold | 293,974 | 2,842,216 | 512,614 | 4,944,923 |
Distributions reinvested | 406 | 3,933 | 645 | 6,167 |
Shares redeemed | (1,756,577 ) | (17,001,296 ) | (3,736,257 ) | (35,835,442 ) |
Net decrease | (1,462,197 ) | (14,155,147 ) | (3,222,998 ) | (30,884,352 ) |
Class V | ||||
Shares sold | 420 | 3,950 | 6,294 | 59,947 |
Distributions reinvested | 877 | 8,386 | 13,306 | 126,927 |
Shares redeemed | (813,832 ) | (7,804,592 ) | (120,424 ) | (1,146,718 ) |
Net decrease | (812,535 ) | (7,792,256 ) | (100,824 ) | (959,844 ) |
Total net decrease | (2,316,787 ) | (22,374,777 ) | (3,674,673 ) | (35,208,984 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.22 | 0.12 | 0.36 | 0.48 | (0.12 ) | — | (0.12 ) |
Year Ended 10/31/2023 | $9.26 | 0.24 | (0.04 )(d) | 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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.21 | 0.13 | 0.36 | 0.49 | (0.13 ) | — | (0.13 ) |
Year Ended 10/31/2023 | $9.26 | 0.26 | (0.05 )(d) | 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 ) |
Institutional Class | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.23 | 0.13 | 0.35 | 0.48 | (0.13 ) | — | (0.13 ) |
Year Ended 10/31/2023 | $9.27 | 0.26 | (0.04 )(d) | 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 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.58 | 5.21% | 0.95% (c) | 0.80% (c) | 2.46% | 3% | $21,593 |
Year Ended 10/31/2023 | $9.22 | 2.06% | 0.93% (c) | 0.80% (c),(e) | 2.51% | 8% | $19,508 |
Year Ended 10/31/2022 | $9.26 | (10.47% ) | 0.89% (c) | 0.78% (c),(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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.57 | 5.34% | 0.69% (c) | 0.55% (c) | 2.71% | 3% | $4,806 |
Year Ended 10/31/2023 | $9.21 | 2.21% | 0.68% (c) | 0.55% (c),(e) | 2.76% | 8% | $4,956 |
Year Ended 10/31/2022 | $9.26 | (10.16% ) | 0.63% (c) | 0.53% (c),(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 |
Institutional Class | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.58 | 5.22% | 0.69% (c) | 0.55% (c) | 2.71% | 3% | $16,361 |
Year Ended 10/31/2023 | $9.23 | 2.32% | 0.68% (c) | 0.55% (c),(e) | 2.77% | 8% | $16,458 |
Year Ended 10/31/2022 | $9.27 | (10.06% ) | 0.64% (c) | 0.54% (c),(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 |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.27 | 0.13 | 0.37 | 0.50 | (0.14 ) | — | (0.14 ) |
Year Ended 10/31/2023 | $9.31 | 0.28 | (0.05 )(d) | 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 ) |
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) | 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. |
(e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(f) | Rounds to zero. |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $9.63 | 5.37% | 0.60% (c) | 0.45% (c) | 2.80% | 3% | $47,233 |
Year Ended 10/31/2023 | $9.27 | 2.43% | 0.57% (c) | 0.44% (c) | 2.87% | 8% | $59,041 |
Year Ended 10/31/2022 | $9.31 | (10.11% ) | 0.56% (c) | 0.44% (c) | 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% | $128 |
For the six months ended April 30, 2024, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
Effective rate (%) | |
Class A | 0.10 |
Advisor Class | 0.10 |
Class C | 0.05 (a) |
Institutional Class | 0.10 |
Institutional 2 Class | 0.03 (a) |
Institutional 3 Class | 0.01 |
Class V | 0.01 (a) |
(a) | Unannualized. |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75 (a) | 4,860 |
Class C | — | 1.00 (b) | 30 |
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 $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
March 1, 2024 through February 28, 2025 | Prior to March 1, 2024 | |
Class A | 0.81 % | 0.81 % |
Advisor Class | 0.56 | 0.56 |
Institutional Class | 0.56 | 0.56 |
Institutional 3 Class | 0.46 | 0.45 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
91,234,000 | 411,000 | (2,400,000 ) | (1,989,000 ) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) |
— | (4,368,667 ) | (4,368,667 ) |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 1,175,000 | 5.86 | 4 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value |
Average annual total returns (%) (for the period ended April 30, 2024) | ||||||
Inception | 6 Months cumulative | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 09/26/86 | 10.43 | 3.31 | 0.59 | 2.06 |
Including sales charges | 7.14 | 0.21 | -0.03 | 1.75 | ||
Advisor Class | 03/19/13 | 10.59 | 3.57 | 0.83 | 2.32 | |
Class C | Excluding sales charges | 08/01/97 | 10.24 | 2.85 | 0.13 | 1.60 |
Including sales charges | 9.24 | 1.85 | 0.13 | 1.60 | ||
Institutional Class | 09/01/11 | 10.63 | 3.61 | 0.82 | 2.33 | |
Institutional 2 Class | 11/08/12 | 10.56 | 3.58 | 0.84 | 2.33 | |
Institutional 3 Class* | 03/01/17 | 10.61 | 3.64 | 0.90 | 2.29 | |
Bloomberg New York Municipal Bond Index | 7.45 | 2.12 | 1.16 | 2.32 | ||
Bloomberg Municipal Bond Index | 7.06 | 2.08 | 1.26 | 2.41 |
Quality breakdown (%) (at April 30, 2024) | |
AAA rating | 3.2 |
AA rating | 46.3 |
A rating | 10.5 |
BBB rating | 16.4 |
BB rating | 6.4 |
B rating | 1.5 |
Not rated | 15.7 |
Total | 100.0 |
November 1, 2023 — April 30, 2024 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,104.30 | 1,021.03 | 4.03 | 3.87 | 0.77 |
Advisor Class | 1,000.00 | 1,000.00 | 1,105.90 | 1,022.28 | 2.72 | 2.61 | 0.52 |
Class C | 1,000.00 | 1,000.00 | 1,102.40 | 1,018.80 | 6.38 | 6.12 | 1.22 |
Institutional Class | 1,000.00 | 1,000.00 | 1,106.30 | 1,022.28 | 2.72 | 2.61 | 0.52 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,105.60 | 1,022.38 | 2.62 | 2.51 | 0.50 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,106.10 | 1,022.63 | 2.36 | 2.26 | 0.45 |
Floating Rate Notes 1.1% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Variable Rate Demand Notes 1.1% | ||||
City of Murray(a),(b) | ||||
Revenue Bonds | ||||
IHC Health Services, Inc. | ||||
Series 2005A (JPMorgan Chase Bank) | ||||
05/15/2037 | 3.700% | 1,000,000 | 1,000,000 | |
New York City Water & Sewer System(a),(b) | ||||
Revenue Bonds | ||||
2nd General Resolution | ||||
Series 2013 (JPMorgan Chase Bank) | ||||
06/15/2050 | 3.800% | 300,000 | 300,000 | |
Total | 1,300,000 | |||
Total Floating Rate Notes (Cost $1,300,000) | 1,300,000 | |||
Municipal Bonds 97.5% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Air Transportation 8.7% | ||||
New York City Industrial Development Agency(c) | ||||
Refunding Revenue Bonds | ||||
Trips Obligated Group | ||||
Series 2012A | ||||
07/01/2028 | 5.000% | 1,725,000 | 1,723,477 | |
New York Transportation Development Corp.(c) | ||||
Refunding Revenue Bonds | ||||
American Airlines, Inc. Project | ||||
Series 2021 | ||||
08/01/2031 | 3.000% | 1,300,000 | 1,218,385 | |
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2020 | ||||
12/01/2040 | 4.000% | 600,000 | 574,042 | |
12/01/2041 | 4.000% | 600,000 | 568,817 | |
Revenue Bonds | ||||
John F. Kennedy International Airport New Terminal One Project | ||||
Series 2023 | ||||
06/30/2060 | 5.375% | 3,000,000 | 3,132,396 | |
LaGuardia Airport Terminal C&D | ||||
Series 2023 | ||||
04/01/2040 | 5.625% | 1,500,000 | 1,629,943 | |
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2022 | ||||
12/01/2041 | 5.000% | 1,000,000 | 1,040,405 | |
12/01/2042 | 4.000% | 1,000,000 | 939,632 | |
Total | 10,827,097 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Charter Schools 6.8% | ||||
Albany Capital Resource Corp. | ||||
Refunding Revenue Bonds | ||||
Brighter Choice Elementary | ||||
Series 2021 | ||||
04/01/2037 | 4.000% | 1,000,000 | 878,367 | |
Build NYC Resource Corp. | ||||
Revenue Bonds | ||||
Academic Leadership Charter School Project | ||||
Series 2021 | ||||
06/15/2036 | 4.000% | 200,000 | 181,913 | |
International Leadership Charter School | ||||
Series 2013 | ||||
07/01/2033 | 5.750% | 1,500,000 | 1,500,026 | |
Social Bonds - KIPP NYC Public School Facilities Canal West Project | ||||
Series 2023 | ||||
07/01/2062 | 5.250% | 1,000,000 | 1,013,011 | |
Build NYC Resource Corp.(d) | ||||
Revenue Bonds | ||||
International Leadership Charter School | ||||
Series 2016 | ||||
07/01/2046 | 6.250% | 265,000 | 266,350 | |
New World Preparatory Charter School Project | ||||
Series 2021 | ||||
06/15/2051 | 4.000% | 690,000 | 529,748 | |
Secton Education Partners-Brilla Project | ||||
Series 2021 | ||||
11/01/2051 | 4.000% | 1,000,000 | 769,885 | |
Social Bonds - East Harlem Scholars Academy Charter School Project | ||||
Series 2022 | ||||
06/01/2062 | 5.750% | 1,000,000 | 1,012,185 | |
Unity Preparatory Charter School of Brooklyn Project | ||||
Series 2023 | ||||
06/15/2063 | 5.500% | 1,000,000 | 973,251 | |
Hempstead Town Local Development Corp. | ||||
Revenue Bonds | ||||
Evergreen Charter School Project | ||||
Series 2022A | ||||
06/15/2057 | 5.500% | 500,000 | 502,227 | |
Monroe County Industrial Development Corp.(d) | ||||
Revenue Bonds | ||||
Social Bonds - Academy of Health Sciences Charter School Project | ||||
Series 2022 | ||||
07/01/2057 | 6.000% | 750,000 | 752,638 | |
Total | 8,379,601 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Disposal 1.5% | ||||
New York State Environmental Facilities Corp.(c),(d) | ||||
Revenue Bonds | ||||
Casella Waste Systems, Inc. | ||||
Series 2019 (Mandatory Put 12/03/29) | ||||
12/01/2044 | 2.875% | 2,000,000 | 1,816,886 | |
Health Services 1.2% | ||||
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Icahn School of Medicine at Mount Sinai | ||||
Series 2015 | ||||
07/01/2040 | 5.000% | 1,500,000 | 1,505,968 | |
Higher Education 2.8% | ||||
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Series 2024A | ||||
07/01/2054 | 5.500% | 2,000,000 | 2,246,204 | |
Revenue Bonds | ||||
St. John’s University | ||||
Series 2007C (NPFGC) | ||||
07/01/2026 | 5.250% | 1,205,000 | 1,243,044 | |
Total | 3,489,248 | |||
Hospital 3.4% | ||||
Genesee County Funding Corp. (The) | ||||
Refunding Revenue Bonds | ||||
Rochester Regional Health Project | ||||
Series 2022 | ||||
12/01/2052 | 5.250% | 500,000 | 509,824 | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Montefiore Obligated Group | ||||
Series 2020A | ||||
09/01/2050 | 4.000% | 1,000,000 | 852,953 | |
North Shore - Long Island Jewish Obligation Group | ||||
Series 2015A | ||||
05/01/2037 | 5.000% | 2,000,000 | 2,012,794 | |
Westchester County Local Development Corp. | ||||
Refunding Revenue Bonds | ||||
Westchester Medical Center | ||||
Series 2016 | ||||
11/01/2037 | 3.750% | 1,000,000 | 851,353 | |
Total | 4,226,924 | |||
Joint Power Authority 1.9% | ||||
New York Power Authority | ||||
Refunding Revenue Bonds | ||||
Series 2020A | ||||
11/15/2055 | 4.000% | 500,000 | 469,103 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Green Transmission Project | ||||
Series 2022 (AGM) | ||||
11/15/2061 | 4.000% | 2,000,000 | 1,863,205 | |
Total | 2,332,308 | |||
Local General Obligation 7.7% | ||||
City of New York | ||||
Unlimited General Obligation Bonds | ||||
Series 2022A-1 | ||||
09/01/2046 | 4.000% | 3,000,000 | 2,889,026 | |
Series 2022D-1 | ||||
05/01/2042 | 5.250% | 1,250,000 | 1,377,397 | |
05/01/2043 | 5.250% | 1,000,000 | 1,096,844 | |
Series 2024D | ||||
04/01/2054 | 5.250% | 3,000,000 | 3,247,496 | |
Subordinated Series 2023E-1 | ||||
04/01/2050 | 4.000% | 1,000,000 | 948,668 | |
Total | 9,559,431 | |||
Multi-Family 9.3% | ||||
Housing Development Corp. | ||||
Revenue Bonds | ||||
Sustainable Neighborhood | ||||
Series 2017G | ||||
11/01/2047 | 3.700% | 2,000,000 | 1,711,982 | |
New York City Housing Development Corp. | ||||
Refunding Revenue Bonds | ||||
Sustainable Neighborhood | ||||
Series 2019 | ||||
11/01/2039 | 3.800% | 1,410,000 | 1,321,211 | |
11/01/2049 | 3.650% | 875,000 | 728,590 | |
Revenue Bonds | ||||
Series 2018K | ||||
11/01/2048 | 4.000% | 735,000 | 690,524 | |
Sustainable Development Bonds | ||||
Series 2021 | ||||
05/01/2051 | 2.750% | 1,000,000 | 653,381 | |
Sustainable Neighborhood | ||||
Series 2019 | ||||
11/01/2049 | 3.250% | 1,710,000 | 1,307,777 | |
New York State Housing Finance Agency | ||||
Revenue Bonds | ||||
Affordable Housing | ||||
Series 2017M | ||||
11/01/2042 | 3.650% | 750,000 | 676,993 | |
Series 2019D | ||||
11/01/2044 | 3.700% | 1,000,000 | 881,335 | |
Climate Bond Certified/Sustainability Bonds | ||||
Series 2019 | ||||
11/01/2044 | 3.150% | 840,000 | 669,617 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Green Bonds | ||||
Series 2017H | ||||
11/01/2047 | 3.650% | 1,360,000 | 1,153,095 | |
Series 2017L (GNMA) | ||||
11/01/2037 | 3.300% | 540,000 | 473,401 | |
Sustainability Bonds | ||||
Series 2019I | ||||
11/01/2039 | 3.000% | 800,000 | 661,499 | |
Series 2021J-1 (FHA) | ||||
11/01/2056 | 2.875% | 1,000,000 | 644,117 | |
Total | 11,573,522 | |||
Municipal Power 1.3% | ||||
Guam Power Authority(e) | ||||
Refunding Revenue Bonds | ||||
Series 2022A | ||||
10/01/2043 | 5.000% | 500,000 | 506,764 | |
10/01/2044 | 5.000% | 500,000 | 504,681 | |
Puerto Rico Electric Power Authority(e),(f) | ||||
Revenue Bonds | ||||
Series 2010XX | ||||
07/01/2040 | 0.000% | 1,000,000 | 262,500 | |
Series 2012A | ||||
07/01/2042 | 0.000% | 1,250,000 | 328,125 | |
Total | 1,602,070 | |||
Other Bond Issue 2.6% | ||||
New York Liberty Development Corp. | ||||
Refunding Revenue Bonds | ||||
Green Bonds - 4 World Trade Center Project | ||||
Series 2021 | ||||
11/15/2051 | 3.000% | 500,000 | 363,838 | |
New York Transportation Development Corp.(c) | ||||
Revenue Bonds | ||||
New York State Thruway Service Areas Project | ||||
Series 2021 | ||||
10/31/2046 | 4.000% | 1,500,000 | 1,261,506 | |
04/30/2053 | 4.000% | 2,000,000 | 1,608,909 | |
Total | 3,234,253 | |||
Other Industrial Development Bond 0.3% | ||||
New York Liberty Development Corp. | ||||
Revenue Bonds | ||||
Goldman Sachs Headquarters | ||||
Series 2007 | ||||
10/01/2037 | 5.500% | 260,000 | 302,688 | |
Other Revenue 0.8% | ||||
Suffolk Regional Off-Track Betting Co. | ||||
Revenue Bonds | ||||
Series 2024 | ||||
12/01/2053 | 6.000% | 1,000,000 | 1,009,403 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Pool / Bond Bank 0.0% | ||||
New York State Dormitory Authority | ||||
Unrefunded Revenue Bonds | ||||
School Districts Bond Financing Program | ||||
Series 2009 (AGM) | ||||
10/01/2036 | 5.125% | 15,000 | 15,016 | |
Ports 4.2% | ||||
New York Liberty Development Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2021-1WTC | ||||
02/15/2042 | 3.000% | 2,000,000 | 1,646,722 | |
Port Authority of New York & New Jersey | ||||
Revenue Bonds | ||||
Consolidated 85th | ||||
Series 1993 | ||||
03/01/2028 | 5.375% | 1,240,000 | 1,292,098 | |
Consolidated 93rd | ||||
Series 1994 | ||||
06/01/2094 | 6.125% | 2,250,000 | 2,251,711 | |
Total | 5,190,531 | |||
Prep School 0.6% | ||||
Build NYC Resource Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
06/01/2035 | 5.000% | 700,000 | 710,335 | |
Recreation 0.6% | ||||
Western Regional Off-Track Betting Corp.(d) | ||||
Refunding Revenue Bonds | ||||
Series 2021 | ||||
12/01/2041 | 4.125% | 1,000,000 | 778,687 | |
Refunded / Escrowed 0.7% | ||||
Build NYC Resource Corp. | ||||
Prerefunded 08/01/25 Revenue Bonds | ||||
YMCA of Greater New York Project | ||||
Series 2015 | ||||
08/01/2040 | 5.000% | 900,000 | 917,019 | |
Resource Recovery 0.7% | ||||
Build NYC Resource Corp.(c),(d) | ||||
Refunding Revenue Bonds | ||||
Pratt Paper, Inc. Project | ||||
Series 2014 | ||||
01/01/2035 | 5.000% | 750,000 | 753,307 | |
Jefferson County Industrial Development Agency(c),(d),(f) | ||||
Revenue Bonds | ||||
ReEnergy Black River LLC P | ||||
Series 2019 | ||||
01/01/2024 | 0.000% | 955,273 | 125,141 | |
Total | 878,448 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Retirement Communities 5.5% | ||||
Brookhaven Local Development Corp. | ||||
Refunding Revenue Bonds | ||||
Jefferson’s Ferry Project | ||||
Series 2016 | ||||
11/01/2036 | 5.250% | 750,000 | 764,565 | |
Revenue Bonds | ||||
Jefferson’s Ferry Project | ||||
Series 2020 | ||||
11/01/2055 | 4.000% | 1,000,000 | 803,231 | |
Huntington Local Development Corp. | ||||
Revenue Bonds | ||||
Fountaingate Garden Project | ||||
Series 2021A | ||||
07/01/2056 | 5.250% | 2,000,000 | 1,579,763 | |
Tompkins County Development Corp. | ||||
Refunding Revenue Bonds | ||||
Kendal at Ithaca, Inc. Project | ||||
Series 2014 | ||||
07/01/2044 | 5.000% | 1,655,000 | 1,617,880 | |
Ulster County Capital Resource Corp.(d) | ||||
Refunding Revenue Bonds | ||||
Woodland Pond at New Paltz | ||||
Series 2017 | ||||
09/15/2047 | 5.250% | 500,000 | 374,588 | |
09/15/2053 | 5.250% | 1,000,000 | 719,878 | |
Westchester County Local Development Corp.(d) | ||||
Revenue Bonds | ||||
Purchase Senior Learning Community | ||||
Series 2021 | ||||
07/01/2056 | 5.000% | 1,000,000 | 912,283 | |
Total | 6,772,188 | |||
Sales Tax 10.8% | ||||
Commonwealth of Puerto Rico(e),(g) | ||||
Revenue Notes | ||||
Series 2022 | ||||
11/01/2051 | 0.000% | 503,088 | 301,853 | |
Subordinated Series 2022 | ||||
11/01/2043 | 0.000% | 328,297 | 195,336 | |
Puerto Rico Sales Tax Financing Corp.(e),(g) | ||||
Revenue Bonds | ||||
Series 2018A-1 | ||||
07/01/2046 | 0.000% | 12,100,000 | 3,773,070 | |
Puerto Rico Sales Tax Financing Corp.(e) | ||||
Revenue Bonds | ||||
Series 2019A1 | ||||
07/01/2058 | 5.000% | 1,000,000 | 995,869 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Triborough Bridge & Tunnel Authority | ||||
Revenue Bonds | ||||
Sales Tax - MTA Bridges & Tunnels | ||||
Series 2022 | ||||
05/15/2062 | 5.250% | 2,500,000 | 2,675,075 | |
Series 2024A-1 | ||||
05/15/2064 | 5.250% | 3,000,000 | 3,234,733 | |
TBTA Capital Lockbox - City Sales Tax | ||||
Series 2023A | ||||
05/15/2063 | 5.500% | 2,000,000 | 2,188,687 | |
Total | 13,364,623 | |||
Single Family 1.7% | ||||
State of New York Mortgage Agency | ||||
Refunding Revenue Bonds | ||||
Series 2019-217 | ||||
04/01/2039 | 3.625% | 135,000 | 122,782 | |
Revenue Bonds | ||||
Social Bonds | ||||
Series 2023-250 (HUD) | ||||
10/01/2053 | 4.900% | 995,000 | 1,000,742 | |
State of New York Mortgage Agency(c) | ||||
Refunding Revenue Bonds | ||||
Series 2019-218 | ||||
04/01/2033 | 3.600% | 950,000 | 880,399 | |
04/01/2038 | 3.850% | 170,000 | 155,500 | |
Total | 2,159,423 | |||
Special Non Property Tax 9.7% | ||||
Metropolitan Transportation Authority(g) | ||||
Refunding Revenue Bonds | ||||
Series 2012A | ||||
11/15/2032 | 0.000% | 2,500,000 | 1,835,099 | |
New York City Transitional Finance Authority | ||||
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2022A-1 | ||||
08/01/2048 | 4.000% | 3,000,000 | 2,870,183 | |
Subordinated Series 2023A | ||||
05/01/2047 | 5.000% | 1,000,000 | 1,069,959 | |
New York State Dormitory Authority | ||||
Revenue Bonds | ||||
Series 2024A | ||||
03/15/2054 | 4.000% | 3,000,000 | 2,810,962 | |
New York State Thruway Authority | ||||
Refunding Revenue Bonds | ||||
Personal Income Tax - Bidding Group | ||||
Series 2022A | ||||
03/15/2050 | 4.000% | 2,000,000 | 1,880,685 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Oneida Indian Nation of New York(d),(e) | ||||
Revenue Bonds | ||||
Series 2024B | ||||
09/01/2043 | 6.000% | 500,000 | 527,720 | |
Triborough Bridge & Tunnel Authority | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Series 2023C | ||||
11/15/2043 | 5.000% | 1,000,000 | 1,093,383 | |
Total | 12,087,991 | |||
Tobacco 5.0% | ||||
Chautauqua Tobacco Asset Securitization Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2014 | ||||
06/01/2034 | 5.000% | 1,000,000 | 1,000,641 | |
New York Counties Tobacco Trust VI | ||||
Refunding Revenue Bonds | ||||
Tobacco Settlement Pass-Through | ||||
Series 2016 | ||||
06/01/2051 | 5.000% | 2,000,000 | 1,811,984 | |
Suffolk Tobacco Asset Securitization Corp.(g) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2021B-2 | ||||
06/01/2066 | 0.000% | 3,000,000 | 287,637 | |
TSASC, Inc. | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
06/01/2041 | 5.000% | 3,000,000 | 3,049,492 | |
Total | 6,149,754 | |||
Transportation 4.1% | ||||
Metropolitan Transportation Authority | ||||
Refunding Revenue Bonds | ||||
Series 2017D | ||||
11/15/2042 | 4.000% | 1,000,000 | 928,985 | |
Series 2024A | ||||
11/15/2049 | 5.250% | 2,000,000 | 2,145,493 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Green Bonds | ||||
Series 2020C-1 | ||||
11/15/2050 | 5.000% | 2,000,000 | 2,064,944 | |
Total | 5,139,422 | |||
Water & Sewer 5.6% | ||||
New York City Municipal Water Finance Authority | ||||
Refunding Revenue Bonds | ||||
Series 2023DD | ||||
06/15/2047 | 5.000% | 1,000,000 | 1,073,856 | |
Revenue Bonds | ||||
Subordinated Series 2023AA-1 | ||||
06/15/2053 | 5.250% | 2,000,000 | 2,180,817 | |
Subordinated Series 2024CC-1 | ||||
06/15/2054 | 5.250% | 3,000,000 | 3,277,437 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority(d),(e) | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2020A | ||||
07/01/2047 | 5.000% | 425,000 | 429,911 | |
Total | 6,962,021 | |||
Total Municipal Bonds (Cost $130,819,137) | 120,984,857 |
Money Market Funds 0.1% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.515%(h) | 166,386 | 166,403 |
Total Money Market Funds (Cost $166,386) | 166,403 | |
Total Investments in Securities (Cost: $132,285,523) | 122,451,260 | |
Other Assets & Liabilities, Net | 1,670,574 | |
Net Assets | 124,121,834 |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 10-Year Note | (37) | 06/2024 | USD | (3,975,188 ) | 10,743 | — |
(a) | The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity. |
(b) | Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2024. |
(c) | Income from this security may be subject to alternative minimum tax. |
(d) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At April 30, 2024, the total value of these securities amounted to $10,742,458, which represents 8.65% of total net assets. |
(e) | Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At April 30, 2024, the total value of these securities amounted to $7,825,829, which represents 6.30% of total net assets. |
(f) | Represents a security in default. |
(g) | Zero coupon bond. |
(h) | The rate shown is the seven-day current annualized yield at April 30, 2024. |
AGM | Assured Guaranty Municipal Corporation |
FHA | Federal Housing Authority |
GNMA | Government National Mortgage Association |
HUD | U.S. Department of Housing and Urban Development |
NPFGC | National Public Finance Guarantee Corporation |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 1,300,000 | — | 1,300,000 |
Municipal Bonds | — | 120,984,857 | — | 120,984,857 |
Money Market Funds | 166,403 | — | — | 166,403 |
Total Investments in Securities | 166,403 | 122,284,857 | — | 122,451,260 |
Investments in Derivatives | ||||
Asset | ||||
Futures Contracts | 10,743 | — | — | 10,743 |
Total | 177,146 | 122,284,857 | — | 122,462,003 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $132,285,523) | $122,451,260 |
Cash | 3,390 |
Margin deposits on: | |
Futures contracts | 78,625 |
Receivable for: | |
Capital shares sold | 549,501 |
Dividends | 5,115 |
Interest | 1,700,041 |
Variation margin for futures contracts | 19,078 |
Expense reimbursement due from Investment Manager | 423 |
Prepaid expenses | 1,473 |
Deferred compensation of board members | 91,886 |
Other assets | 865 |
Total assets | 124,901,657 |
Liabilities | |
Payable for: | |
Capital shares redeemed | 276,619 |
Distributions to shareholders | 369,472 |
Management services fees | 1,591 |
Distribution and/or service fees | 616 |
Transfer agent fees | 6,738 |
Compensation of board members | 815 |
Other expenses | 13,267 |
Deferred compensation of board members | 110,705 |
Total liabilities | 779,823 |
Net assets applicable to outstanding capital stock | $124,121,834 |
Represented by | |
Paid in capital | 140,394,588 |
Total distributable earnings (loss) | (16,272,754 ) |
Total - representing net assets applicable to outstanding capital stock | $124,121,834 |
Class A | |
Net assets | $78,088,524 |
Shares outstanding | 3,031,604 |
Net asset value per share | $25.76 |
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) | $26.56 |
Advisor Class | |
Net assets | $6,049,129 |
Shares outstanding | 235,205 |
Net asset value per share | $25.72 |
Class C | |
Net assets | $4,332,847 |
Shares outstanding | 168,290 |
Net asset value per share | $25.75 |
Institutional Class | |
Net assets | $22,816,820 |
Shares outstanding | 886,584 |
Net asset value per share | $25.74 |
Institutional 2 Class | |
Net assets | $816,755 |
Shares outstanding | 31,813 |
Net asset value per share | $25.67 |
Institutional 3 Class | |
Net assets | $12,017,759 |
Shares outstanding | 466,692 |
Net asset value per share | $25.75 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $19,239 |
Interest | 2,621,975 |
Total income | 2,641,214 |
Expenses: | |
Management services fees | 290,529 |
Distribution and/or service fees | |
Class A | 100,219 |
Class C | 18,229 |
Transfer agent fees | |
Class A | 30,474 |
Advisor Class | 2,031 |
Class C | 1,978 |
Institutional Class | 8,237 |
Institutional 2 Class | 279 |
Institutional 3 Class | 316 |
Custodian fees | 4,936 |
Printing and postage fees | 5,879 |
Registration fees | 7,250 |
Accounting services fees | 15,412 |
Legal fees | 8,152 |
Compensation of chief compliance officer | 11 |
Compensation of board members | 6,402 |
Deferred compensation of board members | 4,269 |
Other | 5,742 |
Total expenses | 510,345 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (74,866 ) |
Total net expenses | 435,479 |
Net investment income | 2,205,735 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (721,319 ) |
Futures contracts | (4,539 ) |
Net realized loss | (725,858 ) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 10,269,568 |
Futures contracts | 10,743 |
Net change in unrealized appreciation (depreciation) | 10,280,311 |
Net realized and unrealized gain | 9,554,453 |
Net increase in net assets resulting from operations | $11,760,188 |
Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | |
Operations | ||
Net investment income | $2,205,735 | $4,374,283 |
Net realized loss | (725,858 ) | (3,685,713 ) |
Net change in unrealized appreciation (depreciation) | 10,280,311 | 3,565,327 |
Net increase in net assets resulting from operations | 11,760,188 | 4,253,897 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (1,394,118 ) | (2,888,558 ) |
Advisor Class | (99,506 ) | (193,810 ) |
Class C | (78,653 ) | (208,070 ) |
Institutional Class | (404,151 ) | (834,514 ) |
Institutional 2 Class | (16,516 ) | (42,437 ) |
Institutional 3 Class | (197,908 ) | (182,734 ) |
Total distributions to shareholders | (2,190,852 ) | (4,350,123 ) |
Increase (decrease) in net assets from capital stock activity | 3,406,658 | (22,751,495 ) |
Total increase (decrease) in net assets | 12,975,994 | (22,847,721 ) |
Net assets at beginning of period | 111,145,840 | 133,993,561 |
Net assets at end of period | $124,121,834 | $111,145,840 |
Six Months Ended | Year Ended | |||
April 30, 2024 (Unaudited) | October 31, 2023 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 135,227 | 3,494,941 | 296,213 | 7,567,021 |
Distributions reinvested | 42,447 | 1,107,336 | 89,545 | 2,268,519 |
Shares redeemed | (302,476 ) | (7,859,554 ) | (628,800 ) | (15,979,060 ) |
Net decrease | (124,802 ) | (3,257,277 ) | (243,042 ) | (6,143,520 ) |
Advisor Class | ||||
Shares sold | 48,877 | 1,257,197 | 99,844 | 2,489,578 |
Distributions reinvested | 3,815 | 99,339 | 7,649 | 193,400 |
Shares redeemed | (18,569 ) | (471,132 ) | (341,233 ) | (8,755,337 ) |
Net increase (decrease) | 34,123 | 885,404 | (233,740 ) | (6,072,359 ) |
Class C | ||||
Shares sold | 10,565 | 267,206 | 19,233 | 491,234 |
Distributions reinvested | 2,913 | 75,950 | 7,581 | 192,200 |
Shares redeemed | (75,215 ) | (1,969,519 ) | (124,864 ) | (3,180,530 ) |
Net decrease | (61,737 ) | (1,626,363 ) | (98,050 ) | (2,497,096 ) |
Institutional Class | ||||
Shares sold | 177,547 | 4,592,188 | 430,247 | 10,924,894 |
Distributions reinvested | 11,975 | 312,106 | 28,270 | 716,353 |
Shares redeemed | (128,763 ) | (3,322,985 ) | (735,574 ) | (18,642,055 ) |
Net increase (decrease) | 60,759 | 1,581,309 | (277,057 ) | (7,000,808 ) |
Institutional 2 Class | ||||
Shares sold | 1,302 | 34,063 | 1,056 | 26,975 |
Distributions reinvested | 629 | 16,350 | 1,667 | 42,110 |
Shares redeemed | (13,404 ) | (344,862 ) | (10,564 ) | (270,395 ) |
Net decrease | (11,473 ) | (294,449 ) | (7,841 ) | (201,310 ) |
Institutional 3 Class | ||||
Shares sold | 259,631 | 6,691,985 | 128,673 | 3,250,327 |
Distributions reinvested | 923 | 24,058 | 1,790 | 45,301 |
Shares redeemed | (23,225 ) | (598,009 ) | (161,479 ) | (4,132,030 ) |
Net increase (decrease) | 237,329 | 6,118,034 | (31,016 ) | (836,402 ) |
Total net increase (decrease) | 134,199 | 3,406,658 | (890,746 ) | (22,751,495 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $23.73 | 0.45 | 2.03 | 2.48 | (0.45 ) | — | (0.45 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $23.69 | 0.48 | 2.03 | 2.51 | (0.48 ) | — | (0.48 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $23.71 | 0.39 | 2.04 | 2.43 | (0.39 ) | — | (0.39 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $23.70 | 0.48 | 2.04 | 2.52 | (0.48 ) | — | (0.48 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $23.65 | 0.48 | 2.02 | 2.50 | (0.48 ) | — | (0.48 ) |
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 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $25.76 | 10.43% | 0.89% | 0.77% | 3.50% | 17% | $78,089 |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $25.72 | 10.59% | 0.64% | 0.52% | 3.77% | 17% | $6,049 |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $25.75 | 10.24% | 1.34% | 1.22% | 3.05% | 17% | $4,333 |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $25.74 | 10.63% | 0.64% | 0.52% | 3.76% | 17% | $22,817 |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $25.67 | 10.56% | 0.62% | 0.50% | 3.76% | 17% | $817 |
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 |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $23.72 | 0.49 | 2.03 | 2.52 | (0.49 ) | — | (0.49 ) |
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% |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $25.75 | 10.61% | 0.57% | 0.45% | 3.85% | 17% | $12,018 |
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% | $741 |
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 10,743 * |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | (4,539 ) |
Derivative instrument | Average notional amounts ($) |
Futures contracts — short | 298,987 |
Effective rate (%) | |
Class A | 0.08 |
Advisor Class | 0.08 |
Class C | 0.08 |
Institutional Class | 0.08 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75 (a) | 2,589 |
Class C | — | 1.00 (b) | — |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
March 1, 2024 through February 28, 2025 | Prior to March 1, 2024 | |
Class A | 0.76 % | 0.78 % |
Advisor Class | 0.51 | 0.53 |
Class C | 1.21 | 1.23 |
Institutional Class | 0.51 | 0.53 |
Institutional 2 Class | 0.50 | 0.51 |
Institutional 3 Class | 0.44 | 0.46 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
132,286,000 | 1,274,000 | (11,098,000 ) | (9,824,000 ) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) |
(4,554,856 ) | (1,899,029 ) | (6,453,885 ) |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value |
Average annual total returns (%) (for the period ended April 30, 2024) | ||||||
Inception | 6 Months cumulative | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/25/02 | 5.07 | 1.72 | 0.73 | 1.61 |
Including sales charges | 1.90 | -1.30 | 0.11 | 1.30 | ||
Advisor Class | 03/19/13 | 5.21 | 1.98 | 0.98 | 1.85 | |
Institutional Class | 12/31/91 | 5.20 | 1.98 | 0.98 | 1.86 | |
Institutional 2 Class* | 03/01/16 | 5.22 | 2.03 | 1.05 | 1.91 | |
Institutional 3 Class* | 03/01/17 | 5.23 | 2.08 | 1.09 | 1.93 | |
Bloomberg New York 3-15 Year Blend Municipal Bond Index | 5.79 | 1.80 | 1.33 | 2.16 | ||
Bloomberg 3-15 Year Blend Municipal Bond Index | 5.75 | 1.75 | 1.37 | 2.22 |
Quality breakdown (%) (at April 30, 2024) | |
AAA rating | 7.5 |
AA rating | 38.0 |
A rating | 38.1 |
BBB rating | 11.9 |
BB rating | 0.6 |
Not rated | 3.9 |
Total | 100.0 |
November 1, 2023 — April 30, 2024 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,050.70 | 1,021.18 | 3.77 | 3.72 | 0.74 |
Advisor Class | 1,000.00 | 1,000.00 | 1,052.10 | 1,022.43 | 2.50 | 2.46 | 0.49 |
Institutional Class | 1,000.00 | 1,000.00 | 1,052.00 | 1,022.43 | 2.50 | 2.46 | 0.49 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,052.20 | 1,022.63 | 2.30 | 2.26 | 0.45 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,052.30 | 1,022.87 | 2.04 | 2.01 | 0.40 |
Municipal Bonds 98.1% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Air Transportation 3.1% | ||||
New York Transportation Development Corp.(a) | ||||
Refunding Revenue Bonds | ||||
American Airlines, Inc. Project | ||||
Series 2021 | ||||
08/01/2031 | 3.000% | 650,000 | 609,192 | |
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2020 | ||||
12/01/2036 | 5.000% | 800,000 | 844,439 | |
12/01/2038 | 4.000% | 300,000 | 291,992 | |
Revenue Bonds | ||||
Sustainable Bonds - John F. Kennedy International Airport New Terminal One Project | ||||
Series 2023 | ||||
06/30/2040 | 5.500% | 500,000 | 545,648 | |
New York Transportation Development Corp. | ||||
Refunding Revenue Bonds | ||||
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2020 | ||||
12/01/2038 | 5.000% | 1,000,000 | 1,062,247 | |
Total | 3,353,518 | |||
Charter Schools 1.4% | ||||
Build NYC Resource Corp. | ||||
Revenue Bonds | ||||
Academic Leadership Charter School Project | ||||
Series 2021 | ||||
06/15/2036 | 4.000% | 200,000 | 181,913 | |
Build NYC Resource Corp.(b) | ||||
Revenue Bonds | ||||
International Leadership Charter School | ||||
Series 2016 | ||||
07/01/2046 | 6.250% | 420,000 | 422,139 | |
Monroe County Industrial Development Corp.(b) | ||||
Revenue Bonds | ||||
True North Rochester Preparatory Charter School Project | ||||
Series 2020 | ||||
06/01/2040 | 5.000% | 900,000 | 902,292 | |
Total | 1,506,344 | |||
Health Services 2.0% | ||||
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Icahn School of Medicine at Mount Sinai | ||||
Series 2015 | ||||
07/01/2030 | 5.000% | 1,000,000 | 1,009,241 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Westchester County Local Development Corp. | ||||
Revenue Bonds | ||||
New York Blood Center Project | ||||
Series 2024 | ||||
07/01/2035 | 5.000% | 1,000,000 | 1,097,121 | |
Total | 2,106,362 | |||
Higher Education 7.0% | ||||
County of Saratoga | ||||
Revenue Bonds | ||||
Skidmore College Project | ||||
Series 2018 | ||||
07/01/2033 | 5.000% | 165,000 | 176,392 | |
07/01/2034 | 5.000% | 200,000 | 213,723 | |
07/01/2035 | 5.000% | 200,000 | 213,437 | |
Dutchess County Local Development Corp. | ||||
Refunding Revenue Bonds | ||||
Culinary Institute of America (The) | ||||
Series 2018 | ||||
07/01/2032 | 5.000% | 220,000 | 227,396 | |
Vassar College Project | ||||
Series 2017 | ||||
07/01/2034 | 5.000% | 500,000 | 523,763 | |
Revenue Bonds | ||||
Marist College Project | ||||
Series 2015A | ||||
07/01/2029 | 5.000% | 1,000,000 | 1,017,954 | |
Series 2018 | ||||
07/01/2031 | 5.000% | 170,000 | 180,668 | |
07/01/2032 | 5.000% | 210,000 | 222,875 | |
07/01/2033 | 5.000% | 205,000 | 217,189 | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Rochester Institute | ||||
Series 2019A | ||||
07/01/2036 | 5.000% | 750,000 | 804,766 | |
Teacher’s College | ||||
Series 2017 | ||||
07/01/2029 | 5.000% | 175,000 | 184,612 | |
07/01/2030 | 5.000% | 150,000 | 158,547 | |
Revenue Bonds | ||||
New York University | ||||
Series 2019A | ||||
07/01/2037 | 5.000% | 2,000,000 | 2,167,412 | |
St. Lawrence County Industrial Development Agency | ||||
Refunding Revenue Bonds | ||||
Clarkson University Project | ||||
Series 2021 | ||||
09/01/2038 | 5.000% | 200,000 | 203,342 | |
09/01/2039 | 5.000% | 200,000 | 201,963 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Tompkins County Development Corp. | ||||
Refunding Revenue Bonds | ||||
Ithaca College Project | ||||
Series 2018 | ||||
07/01/2034 | 5.000% | 575,000 | 601,670 | |
Troy Capital Resource Corp. | ||||
Refunding Revenue Bonds | ||||
Forward Delivery - Rensselaer Polytechnic Institute Project | ||||
Series 2020 | ||||
09/01/2037 | 5.000% | 250,000 | 266,120 | |
Total | 7,581,829 | |||
Hospital 4.1% | ||||
Monroe County Industrial Development Corp. | ||||
Refunding Revenue Bonds | ||||
Highland Hospital Rochester Project | ||||
Series 2015 | ||||
07/01/2025 | 5.000% | 450,000 | 454,484 | |
07/01/2026 | 5.000% | 350,000 | 354,199 | |
University of Rochester Project | ||||
Series 2017 | ||||
07/01/2035 | 4.000% | 1,285,000 | 1,305,892 | |
Revenue Bonds | ||||
Rochester General Hospital (The) | ||||
Series 2017 | ||||
12/01/2035 | 5.000% | 1,000,000 | 1,019,558 | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Memorial Sloan-Kettering Cancer Center | ||||
Series 2017 | ||||
07/01/2034 | 4.000% | 1,000,000 | 1,015,589 | |
Montefiore Obligated Group | ||||
Series 2020A | ||||
09/01/2037 | 4.000% | 300,000 | 284,567 | |
Total | 4,434,289 | |||
Joint Power Authority 0.5% | ||||
New York Power Authority | ||||
Revenue Bonds | ||||
Green Transmission Project | ||||
Series 2023A (AGM) | ||||
11/15/2040 | 5.250% | 500,000 | 575,371 | |
Local General Obligation 14.9% | ||||
City of New York | ||||
Unlimited General Obligation Bonds | ||||
Fiscal 2020 | ||||
Series 2019B-1 | ||||
10/01/2038 | 5.000% | 1,000,000 | 1,068,573 | |
Subordinated Series 2019H-A | ||||
01/01/2035 | 5.000% | 1,500,000 | 1,615,784 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated Series 2023E-1 | ||||
04/01/2039 | 5.000% | 1,200,000 | 1,331,027 | |
Unlimited General Obligation Refunding Bonds | ||||
Subordinated Series 2023F-1 | ||||
08/01/2038 | 5.000% | 250,000 | 279,369 | |
Unlimited General Obligation Refunding Notes | ||||
Series 2016C | ||||
08/01/2032 | 5.000% | 1,000,000 | 1,023,287 | |
City of Yonkers | ||||
Limited General Obligation Bonds | ||||
Series 2016A (AGM) | ||||
11/15/2028 | 5.000% | 1,780,000 | 1,839,128 | |
Series 2017A (BAM) | ||||
09/01/2028 | 5.000% | 2,090,000 | 2,193,293 | |
County of Monroe(a) | ||||
Limited General Obligation Public Improvement Bonds | ||||
Series 2019B (BAM) | ||||
06/01/2027 | 5.000% | 1,350,000 | 1,406,467 | |
County of Nassau | ||||
Limited General Obligation Bonds | ||||
Series 2017B | ||||
04/01/2033 | 5.000% | 2,000,000 | 2,102,278 | |
Monroe County Industrial Development Agency | ||||
Revenue Bonds | ||||
Rochester Schools Modernization Program | ||||
Series 2018 | ||||
05/01/2034 | 5.000% | 750,000 | 803,637 | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
School Districts Financing Program | ||||
Series 2015B (AGM) | ||||
10/01/2027 | 5.000% | 1,000,000 | 1,019,675 | |
Revenue Bonds | ||||
School District Building Financing Program | ||||
Series 2018 | ||||
10/01/2032 | 5.000% | 1,000,000 | 1,031,493 | |
School Districts Revenue Bond Financing Program | ||||
Series 2023 (AGM) | ||||
10/01/2040 | 5.000% | 300,000 | 326,940 | |
Total | 16,040,951 | |||
Multi-Family 2.7% | ||||
Amherst Development Corp. | ||||
Refunding Revenue Bonds | ||||
University of Buffalo Student Housing | ||||
Series 2017 (AGM) | ||||
10/01/2028 | 5.000% | 730,000 | 763,720 | |
10/01/2029 | 5.000% | 1,290,000 | 1,350,719 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Onondaga County Trust for Cultural Resources | ||||
Refunding Revenue Bonds | ||||
Abby Lane Housing Corp. Project | ||||
Series 2017 | ||||
05/01/2030 | 5.000% | 420,000 | 427,217 | |
05/01/2031 | 5.000% | 400,000 | 406,583 | |
Total | 2,948,239 | |||
Municipal Power 5.0% | ||||
Long Island Power Authority | ||||
Refunding Revenue Bonds | ||||
Series 2016B | ||||
09/01/2027 | 5.000% | 1,000,000 | 1,038,566 | |
09/01/2030 | 5.000% | 2,750,000 | 2,846,665 | |
Revenue Bonds | ||||
General | ||||
Series 2017 | ||||
09/01/2035 | 5.000% | 1,200,000 | 1,269,874 | |
Green Bonds | ||||
Series 2023E | ||||
09/01/2040 | 5.000% | 160,000 | 177,445 | |
Total | 5,332,550 | |||
Other Bond Issue 1.0% | ||||
Build NYC Resource Corp. | ||||
Revenue Bonds | ||||
Children’s Aid Society Project (The) | ||||
Series 2019 | ||||
07/01/2036 | 4.000% | 100,000 | 101,325 | |
New York Transportation Development Corp.(a) | ||||
Revenue Bonds | ||||
New York State Thruway Service Areas Project | ||||
Series 2021 | ||||
10/31/2034 | 4.000% | 500,000 | 482,583 | |
10/31/2041 | 4.000% | 570,000 | 502,319 | |
Total | 1,086,227 | |||
Ports 6.2% | ||||
Port Authority of New York & New Jersey | ||||
Refunding Revenue Bonds | ||||
Consolidated 211th | ||||
Series 2018 | ||||
09/01/2038 | 4.000% | 1,400,000 | 1,415,679 | |
Series 2018-209 | ||||
07/15/2034 | 5.000% | 2,500,000 | 2,671,236 | |
Series 2018-211 | ||||
09/01/2036 | 5.000% | 1,000,000 | 1,064,438 | |
Port Authority of New York & New Jersey(a) | ||||
Refunding Revenue Bonds | ||||
Series 2023-238 | ||||
07/15/2038 | 5.000% | 500,000 | 538,280 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Consolidated Bonds | ||||
Series 221 | ||||
07/15/2037 | 4.000% | 1,000,000 | 1,000,221 | |
Total | 6,689,854 | |||
Prep School 0.8% | ||||
Build NYC Resource Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
06/01/2026 | 5.000% | 225,000 | 227,796 | |
Rensselaer County Industrial Development Agency | ||||
Refunding Revenue Bonds | ||||
Emma Willard School Project | ||||
Series 2015A | ||||
01/01/2035 | 5.000% | 590,000 | 594,605 | |
Total | 822,401 | |||
Recreation 0.3% | ||||
New York City Trust for Cultural Resources | ||||
Refunding Revenue Bonds | ||||
Carnegie Hall | ||||
Series 2019 | ||||
12/01/2037 | 5.000% | 275,000 | 296,267 | |
Refunded / Escrowed 6.3% | ||||
Build NYC Resource Corp. | ||||
Prerefunded 08/01/25 Revenue Bonds | ||||
YMCA of Greater New York Project | ||||
Series 2015 | ||||
08/01/2029 | 5.000% | 430,000 | 438,131 | |
Metropolitan Transportation Authority | ||||
Prerefunded 11/15/24 Revenue Bonds | ||||
Series 2014C | ||||
11/15/2029 | 5.000% | 2,000,000 | 2,013,877 | |
New York State Dormitory Authority | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
Barnard College | ||||
Series 2015A | ||||
07/01/2030 | 5.000% | 700,000 | 712,246 | |
New York State Dormitory Authority(c) | ||||
Revenue Bonds | ||||
Capital Appreciation - Memorial Sloan-Kettering Cancer Center | ||||
Series 2003-1 Escrowed to Maturity (NPFGC) | ||||
07/01/2025 | 0.000% | 3,750,000 | 3,583,485 | |
Total | 6,747,739 | |||
Retirement Communities 2.8% | ||||
Brookhaven Local Development Corp. | ||||
Refunding Revenue Bonds | ||||
Jefferson’s Ferry Project | ||||
Series 2016 | ||||
11/01/2036 | 5.250% | 750,000 | 764,565 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Buffalo & Erie County Industrial Land Development Corp. | ||||
Refunding Revenue Bonds | ||||
Orchard Park | ||||
Series 2015 | ||||
11/15/2029 | 5.000% | 550,000 | 556,307 | |
11/15/2030 | 5.000% | 650,000 | 657,357 | |
Suffolk County Economic Development Corp. | ||||
Refunding Revenue Bonds | ||||
Peconic Landing at Southhold, Inc. | ||||
Series 2020 | ||||
12/01/2034 | 5.000% | 1,000,000 | 1,022,416 | |
Total | 3,000,645 | |||
Sales Tax 3.4% | ||||
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Series 2023A-1 | ||||
03/15/2040 | 5.000% | 1,000,000 | 1,104,914 | |
Triborough Bridge & Tunnel Authority | ||||
Revenue Bonds | ||||
Series 2024A-1 | ||||
05/15/2042 | 5.000% | 1,500,000 | 1,664,619 | |
TBTA Capital Lockbox - City Sales Tax | ||||
Series 2023A | ||||
05/15/2039 | 5.000% | 750,000 | 840,304 | |
Total | 3,609,837 | |||
Single Family 0.1% | ||||
State of New York Mortgage Agency | ||||
Refunding Revenue Bonds | ||||
Series 2018-211 | ||||
10/01/2038 | 3.625% | 110,000 | 100,563 | |
Special Non Property Tax 17.3% | ||||
New York City Transitional Finance Authority | ||||
Refunding Revenue Bonds | ||||
Building Aid | ||||
Series 2018S-2A | ||||
07/15/2036 | 5.000% | 2,000,000 | 2,122,839 | |
Revenue Bonds | ||||
Building Aid | ||||
Series 2018S-3 | ||||
07/15/2034 | 5.000% | 1,000,000 | 1,066,469 | |
Future Tax Bonds | ||||
Subordinated Series 2020C | ||||
05/01/2037 | 4.000% | 500,000 | 510,116 | |
Future Tax Secured | ||||
Subordinated Series 2016E-1 | ||||
02/01/2032 | 5.000% | 3,000,000 | 3,068,844 | |
Subordinated Series 2019 | ||||
11/01/2034 | 5.000% | 3,500,000 | 3,800,889 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Multi-Modal | ||||
Subordinated Series 2023A | ||||
05/01/2039 | 5.000% | 500,000 | 559,167 | |
New York Convention Center Development Corp. | ||||
Refunding Revenue Bonds | ||||
Hotel Unit Fee Secured | ||||
Series 2015 | ||||
11/15/2027 | 5.000% | 2,000,000 | 2,034,791 | |
New York State Dormitory Authority | ||||
Refunding Revenue Bonds | ||||
Education | ||||
Series 2005B (AMBAC) | ||||
03/15/2026 | 5.500% | 1,000,000 | 1,040,066 | |
Series 2019A-2 | ||||
03/15/2035 | 5.000% | 2,000,000 | 2,159,433 | |
Series 2023A | ||||
03/15/2039 | 5.000% | 500,000 | 555,941 | |
Revenue Bonds | ||||
Series 2024A | ||||
03/15/2039 | 5.000% | 500,000 | 561,303 | |
Triborough Bridge & Tunnel Authority | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Series 2023C | ||||
11/15/2040 | 5.250% | 1,000,000 | 1,134,829 | |
Total | 18,614,687 | |||
Special Property Tax 1.0% | ||||
Hudson Yards Infrastructure Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
02/15/2033 | 5.000% | 1,000,000 | 1,045,463 | |
Tobacco 2.9% | ||||
Suffolk Tobacco Asset Securitization Corp. | ||||
Refunding Revenue Bonds | ||||
Tobacco Settlement Asset-Backed Bonds | ||||
Series 2021 | ||||
06/01/2038 | 4.000% | 1,000,000 | 996,368 | |
TSASC, Inc. | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
06/01/2031 | 5.000% | 2,000,000 | 2,076,755 | |
Total | 3,073,123 | |||
Transportation 6.6% | ||||
Metropolitan Transportation Authority | ||||
Refunding Revenue Bonds | ||||
Climate Bond Certified - Green | ||||
Series 2018 | ||||
11/15/2026 | 5.000% | 2,590,000 | 2,691,225 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2024A | ||||
11/15/2040 | 5.000% | 1,000,000 | 1,089,671 | |
Revenue Bonds | ||||
Series 2016C-1 | ||||
11/15/2036 | 5.000% | 2,000,000 | 2,060,603 | |
Metropolitan Transportation Authority(c) | ||||
Refunding Revenue Bonds | ||||
Green Bonds | ||||
Series 2017C-2 | ||||
11/15/2029 | 0.000% | 1,500,000 | 1,223,910 | |
Total | 7,065,409 | |||
Turnpike / Bridge / Toll Road 8.1% | ||||
New York State Thruway Authority | ||||
Refunding Revenue Bonds | ||||
Series 2024P | ||||
01/01/2042 | 5.000% | 500,000 | 549,645 | |
Revenue Bonds | ||||
Junior Lien | ||||
Series 2016A | ||||
01/01/2033 | 5.000% | 1,000,000 | 1,018,986 | |
Series 2019B | ||||
01/01/2036 | 5.000% | 2,000,000 | 2,191,058 | |
Triborough Bridge & Tunnel Authority | ||||
Refunding Revenue Bonds | ||||
MTA Bridges and Tunnels | ||||
Series 2023 | ||||
11/15/2037 | 5.000% | 500,000 | 564,741 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2018-B | ||||
11/15/2031 | 5.000% | 2,000,000 | 2,279,880 | |
Revenue Bonds | ||||
Series 2020D | ||||
11/15/2037 | 4.000% | 2,050,000 | 2,093,144 | |
Total | 8,697,454 | |||
Water & Sewer 0.6% | ||||
Buffalo Municipal Water Finance Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
07/01/2028 | 5.000% | 700,000 | 708,546 | |
Total Municipal Bonds (Cost $107,995,059) | 105,437,668 |
Money Market Funds 0.8% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.515%(d) | 804,167 | 804,247 |
Total Money Market Funds (Cost $804,167) | 804,247 | |
Total Investments in Securities (Cost: $108,799,226) | 106,241,915 | |
Other Assets & Liabilities, Net | 1,195,350 | |
Net Assets | 107,437,265 |
(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 April 30, 2024, the total value of these securities amounted to $1,324,431, which represents 1.23% of total net assets. |
(c) | Zero coupon bond. |
(d) | The rate shown is the seven-day current annualized yield at April 30, 2024. |
AGM | Assured Guaranty Municipal Corporation |
AMBAC | Ambac Assurance Corporation |
BAM | Build America Mutual Assurance Co. |
NPFGC | National Public Finance Guarantee Corporation |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Municipal Bonds | — | 105,437,668 | — | 105,437,668 |
Money Market Funds | 804,247 | — | — | 804,247 |
Total Investments in Securities | 804,247 | 105,437,668 | — | 106,241,915 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $108,799,226) | $106,241,915 |
Receivable for: | |
Capital shares sold | 132,146 |
Dividends | 1,406 |
Interest | 1,454,677 |
Expense reimbursement due from Investment Manager | 499 |
Prepaid expenses | 1,617 |
Deferred compensation of board members | 102,152 |
Other assets | 3,453 |
Total assets | 107,937,865 |
Liabilities | |
Due to custodian | 6,664 |
Payable for: | |
Capital shares redeemed | 119,630 |
Distributions to shareholders | 232,180 |
Management services fees | 1,384 |
Distribution and/or service fees | 100 |
Transfer agent fees | 6,020 |
Compensation of board members | 822 |
Other expenses | 12,615 |
Deferred compensation of board members | 121,185 |
Total liabilities | 500,600 |
Net assets applicable to outstanding capital stock | $107,437,265 |
Represented by | |
Paid in capital | 112,955,153 |
Total distributable earnings (loss) | (5,517,888 ) |
Total - representing net assets applicable to outstanding capital stock | $107,437,265 |
Class A | |
Net assets | $14,526,039 |
Shares outstanding | 1,318,176 |
Net asset value per share | $11.02 |
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) | $11.36 |
Advisor Class | |
Net assets | $5,488,814 |
Shares outstanding | 498,768 |
Net asset value per share | $11.00 |
Institutional Class | |
Net assets | $35,278,846 |
Shares outstanding | 3,201,102 |
Net asset value per share | $11.02 |
Institutional 2 Class | |
Net assets | $14,094,580 |
Shares outstanding | 1,276,831 |
Net asset value per share | $11.04 |
Institutional 3 Class | |
Net assets | $38,048,986 |
Shares outstanding | 3,440,684 |
Net asset value per share | $11.06 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $13,027 |
Interest | 1,721,067 |
Total income | 1,734,094 |
Expenses: | |
Management services fees | 266,011 |
Distribution and/or service fees | |
Class A | 16,433 |
Class C | 6,365 |
Class V | 511 |
Transfer agent fees | |
Class A | 6,860 |
Advisor Class | 2,912 |
Class C | 942 |
Institutional Class | 18,634 |
Institutional 2 Class | 3,742 |
Institutional 3 Class | 1,288 |
Class V | 364 |
Custodian fees | 721 |
Printing and postage fees | 5,128 |
Registration fees | 9,683 |
Accounting services fees | 15,412 |
Legal fees | 5,256 |
Interest on interfund lending | 130 |
Compensation of chief compliance officer | 11 |
Compensation of board members | 6,385 |
Deferred compensation of board members | 4,303 |
Other | 5,859 |
Total expenses | 376,950 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (98,322 ) |
Total net expenses | 278,628 |
Net investment income | 1,455,466 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (312,976 ) |
Net realized loss | (312,976 ) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 4,890,094 |
Net change in unrealized appreciation (depreciation) | 4,890,094 |
Net realized and unrealized gain | 4,577,118 |
Net increase in net assets resulting from operations | $6,032,584 |
Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | |
Operations | ||
Net investment income | $1,455,466 | $3,504,469 |
Net realized loss | (312,976 ) | (500,113 ) |
Net change in unrealized appreciation (depreciation) | 4,890,094 | 770,000 |
Net increase in net assets resulting from operations | 6,032,584 | 3,774,356 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (152,828 ) | (269,806 ) |
Advisor Class | (71,801 ) | (133,323 ) |
Class C | (17,059 ) | (47,898 ) |
Institutional Class | (459,137 ) | (997,427 ) |
Institutional 2 Class | (170,417 ) | (287,158 ) |
Institutional 3 Class | (576,964 ) | (1,672,161 ) |
Class V | (8,369 ) | (94,181 ) |
Total distributions to shareholders | (1,456,575 ) | (3,501,954 ) |
Decrease in net assets from capital stock activity | (15,325,687 ) | (25,622,190 ) |
Total decrease in net assets | (10,749,678 ) | (25,349,788 ) |
Net assets at beginning of period | 118,186,943 | 143,536,731 |
Net assets at end of period | $107,437,265 | $118,186,943 |
Six Months Ended | Year Ended | |||
April 30, 2024 (Unaudited) | October 31, 2023 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 400,693 | 4,416,975 | 316,307 | 3,473,599 |
Distributions reinvested | 10,714 | 119,120 | 18,819 | 206,442 |
Shares redeemed | (128,729 ) | (1,425,077 ) | (382,557 ) | (4,200,033 ) |
Net increase (decrease) | 282,678 | 3,111,018 | (47,431 ) | (519,992 ) |
Advisor Class | ||||
Shares sold | 89,716 | 988,384 | 299,651 | 3,287,520 |
Distributions reinvested | 6,458 | 71,682 | 12,147 | 133,085 |
Shares redeemed | (93,703 ) | (1,031,207 ) | (206,718 ) | (2,262,636 ) |
Net increase | 2,471 | 28,859 | 105,080 | 1,157,969 |
Class C | ||||
Shares sold | 21,451 | 238,455 | 29,329 | 323,373 |
Distributions reinvested | 1,239 | 13,797 | 3,678 | 40,389 |
Shares redeemed | (215,498 ) | (2,388,872 ) | (110,912 ) | (1,217,434 ) |
Net decrease | (192,808 ) | (2,136,620 ) | (77,905 ) | (853,672 ) |
Institutional Class | ||||
Shares sold | 434,569 | 4,791,624 | 1,273,274 | 13,976,368 |
Distributions reinvested | 31,625 | 351,564 | 67,618 | 741,789 |
Shares redeemed | (728,991 ) | (7,965,034 ) | (1,154,420 ) | (12,657,925 ) |
Net increase (decrease) | (262,797 ) | (2,821,846 ) | 186,472 | 2,060,232 |
Institutional 2 Class | ||||
Shares sold | 294,523 | 3,274,671 | 598,567 | 6,533,725 |
Distributions reinvested | 15,296 | 170,298 | 26,104 | 286,781 |
Shares redeemed | (90,404 ) | (996,544 ) | (213,676 ) | (2,333,308 ) |
Net increase | 219,415 | 2,448,425 | 410,995 | 4,487,198 |
Institutional 3 Class | ||||
Shares sold | 18,330 | 203,980 | 93,089 | 1,029,348 |
Distributions reinvested | 1,265 | 14,116 | 2,359 | 25,972 |
Shares redeemed | (1,120,780 ) | (12,467,724 ) | (2,956,473 ) | (32,466,909 ) |
Net decrease | (1,101,185 ) | (12,249,628 ) | (2,861,025 ) | (31,411,589 ) |
Class V | ||||
Shares sold | 89 | 972 | 2,992 | 32,822 |
Distributions reinvested | 394 | 4,340 | 5,846 | 64,136 |
Shares redeemed | (336,369 ) | (3,711,207 ) | (58,766 ) | (639,294 ) |
Net decrease | (335,886 ) | (3,705,895 ) | (49,928 ) | (542,336 ) |
Total net decrease | (1,388,112 ) | (15,325,687 ) | (2,333,742 ) | (25,622,190 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $10.61 | 0.13 | 0.41 | 0.54 | (0.13 ) | — | (0.13 ) |
Year Ended 10/31/2023 | $10.65 | 0.26 | (0.04 )(d) | 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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $10.59 | 0.14 | 0.41 | 0.55 | (0.14 ) | — | (0.14 ) |
Year Ended 10/31/2023 | $10.63 | 0.28 | (0.04 )(d) | 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 ) |
Institutional Class | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $10.61 | 0.14 | 0.41 | 0.55 | (0.14 ) | — | (0.14 ) |
Year Ended 10/31/2023 | $10.65 | 0.28 | (0.04 )(d) | 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 ) |
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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $11.02 | 5.07% | 0.92% (c) | 0.74% (c) | 2.33% | 5% | $14,526 |
Year Ended 10/31/2023 | $10.61 | 1.98% | 0.91% (c) | 0.75% (c),(e) | 2.34% | 12% | $10,985 |
Year Ended 10/31/2022 | $10.65 | (9.83% ) | 0.88% (c) | 0.73% (c),(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 | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $11.00 | 5.21% | 0.67% (c) | 0.49% (c) | 2.57% | 5% | $5,489 |
Year Ended 10/31/2023 | $10.59 | 2.24% | 0.66% (c) | 0.50% (c),(e) | 2.59% | 12% | $5,258 |
Year Ended 10/31/2022 | $10.63 | (9.70% ) | 0.63% (c) | 0.48% (c),(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 |
Institutional Class | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $11.02 | 5.20% | 0.67% (c) | 0.49% (c) | 2.57% | 5% | $35,279 |
Year Ended 10/31/2023 | $10.61 | 2.24% | 0.66% (c) | 0.50% (c),(e) | 2.59% | 12% | $36,748 |
Year Ended 10/31/2022 | $10.65 | (9.61% ) | 0.64% (c) | 0.48% (c),(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 |
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 2 Class | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $10.63 | 0.14 | 0.41 | 0.55 | (0.14 ) | — | (0.14 ) |
Year Ended 10/31/2023 | $10.66 | 0.29 | (0.03 )(d) | 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 ) |
Institutional 3 Class | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $10.65 | 0.15 | 0.41 | 0.56 | (0.15 ) | — | (0.15 ) |
Year Ended 10/31/2023 | $10.68 | 0.30 | (0.03 )(d) | 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 ) |
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) | 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. |
(e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(f) | Rounds to zero. |
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 2 Class | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $11.04 | 5.22% | 0.62% (c) | 0.45% (c) | 2.63% | 5% | $14,095 |
Year Ended 10/31/2023 | $10.63 | 2.39% | 0.61% (c) | 0.44% (c) | 2.65% | 12% | $11,236 |
Year Ended 10/31/2022 | $10.66 | (9.63% ) | 0.59% (c) | 0.43% (c) | 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 |
Institutional 3 Class | |||||||
Six Months Ended 4/30/2024 (Unaudited) | $11.06 | 5.23% | 0.57% (c) | 0.40% (c) | 2.67% | 5% | $38,049 |
Year Ended 10/31/2023 | $10.65 | 2.44% | 0.55% (c) | 0.39% (c) | 2.69% | 12% | $48,351 |
Year Ended 10/31/2022 | $10.68 | (9.64% ) | 0.55% (c) | 0.38% (c) | 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% | $678 |
Effective rate (%) | |
Class A | 0.10 |
Advisor Class | 0.10 |
Class C | 0.05 (a) |
Institutional Class | 0.10 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class V | 0.01 (a) |
(a) | Unannualized. |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75 (a) | 2,185 |
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 $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
Fee rate(s) contractual through February 28,2025 | |
Class A | 0.75 % |
Advisor Class | 0.50 |
Institutional Class | 0.50 |
Institutional 2 Class | 0.45 |
Institutional 3 Class | 0.40 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
108,799,000 | 257,000 | (2,814,000 ) | (2,557,000 ) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) |
(178,333 ) | (2,525,241 ) | (2,703,574 ) |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 800,000 | 5.86 | 1 |
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.
Not applicable for semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semiannual reports.
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.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.
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 | June 20, 2024 |
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|
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|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
|
|
Date | June 20, 2024 |
By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, Chief Financial Officer, Treasurer, |
| Chief Accounting Officer, Principal Financial Officer and Senior Vice President |
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|
Date | June 20, 2024 |