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.
Columbia Strategic California Municipal Income Fund
Semiannual Report
April 30, 2024 (Unaudited)
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule,
"Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company
Advertisements." The rule and form amendments will, among other things, require the Fund to transmit concise and
visually engaging shareholder reports that highlight key information. The amendments will require that funds tag
information in a structured data format and that certain more in-depth information be made available online and available
for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is
an 18-month transition period after the effective date of the amendments.
Each Tailored Shareholder Report will be share-class specific and will highlight key
fund information the SEC believes is most relevant to investors in assessing their investment in the Fund. Much of the information, including a Fund’s financial statements, that is currently disclosed in a Fund’s shareholder reports will instead be made available on the Fund’s website and filed on Form N-CSR on an annual and semiannual basis. This information will be delivered to investors free of charge upon request. Columbia Fund reports will follow the Tailored
Shareholder Report approach beginning with reports covering the period ending May 31, 2024.
The new rule also requires the Fund to mail a printed version of the Tailored Shareholder
Report to all shareholders who have not elected to receive shareholder reports electronically. Rather than receiving
a postcard notifying investors that the shareholder report for Funds in which they invest is available online, investors
will begin receiving the Tailored Shareholder Report in the mail unless they have elected to receive their Fund documents
electronically.
Table of Contents
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5
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6
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16
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18
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19
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22
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26
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37
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If you elect to receive the shareholder report for Columbia Strategic California Municipal
Income Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address,
unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a
paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to
elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and
additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which
the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You
may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st
for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first
and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday
from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks total return, with a focus on income exempt from federal income tax
and California individual income tax and capital appreciation.
Portfolio management
Douglas White, CFA
Lead Portfolio Manager
Managed Fund since 2018
Catherine Stienstra
Portfolio Manager
Managed Fund since 2010
Returns for Class A shares are shown with and without the maximum initial sales charge
of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge
for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on
differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions
during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions
or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers
or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates.
Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee
of future results. The investment return and principal value of your investment will fluctuate so that your
shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or
higher than the performance information shown. You may obtain performance information current to the most recent
month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
*
The returns shown for periods prior to the share class inception date (including returns
for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes,
as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Bloomberg California Municipal Bond Index is a subset of the Bloomberg Municipal
Bond Index consisting solely of bonds issued by obligors located in the state of California.
The Bloomberg Municipal Bond Index is an unmanaged index considered representative
of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.
Indices are not available for investment, are not professionally managed and do not
reflect sales charges, fees brokerage commissions, taxes or other expenses of investing. Securities in the Fund
may not match those in an index.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
3
Fund at a Glance (continued)
(Unaudited)
|
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
|
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself
and are divided into categories ranging from highest to lowest credit quality, determined
by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower
rating is used. When a rating is available from only one rating agency, that rating
is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology
is applied to those bonds that would otherwise be not rated. When a bond is not rated
by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to
change, including daily. The ratings assigned by credit rating agencies are but one of the
considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash
flows, capital structure and leverage ratios, ability to de-leverage (repay) through free
cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time
to maturity) and the amount and type of any collateral.
4
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs,
which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which
generally include management fees, distribution and/or service fees, and other fund expenses. The following information
is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these
costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses
paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the
table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense
information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide
your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results
by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses
to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations
about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with
other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder
reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical
examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs,
such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs
were included in these calculations, your costs would be higher.
Expenses paid during the period are equal to the annualized expense ratio for each
class as indicated above, multiplied by the average account value over the period
and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its
investment in underlying funds, including affiliated and non-affiliated pooled investment
vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates
not waived/reimbursed certain fees and expenses, account value at the end of the period
would have been reduced.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
5
Portfolio of Investments
April 30, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
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Municipal Bonds (continued)
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||||
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Issue Description
|
Coupon
Rate
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|
Principal
Amount ($)
|
Value ($)
|
|
City of Hope Obligated Group
|
||||
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Series 2019
|
||||
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11/15/2045
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4.000%
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8,000,000
|
7,547,387
|
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CommonSpirit Health
|
||||
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Series 2024A
|
||||
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12/01/2054
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5.000%
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1,750,000
|
1,846,001
|
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El Camino Hospital
|
||||
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Series 2017
|
||||
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02/01/2047
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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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
7
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
9
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
11
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
|
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
|
|
At April 30, 2024, securities and/or cash totaling $240,125 were pledged as collateral.
Investments in derivatives
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
13
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
Notes to Portfolio of Investments
|
(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.
|
Abbreviation Legend
|
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
|
Currency Legend
|
USD
|
US Dollar
|
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy
that maximizes the use of observable inputs and minimizes the use of unobservable
inputs by prioritizing that the most observable input be used when available. Observable inputs
are those that market participants would use in pricing an investment based on market
data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity
associated with investments at that level. For example, certain U.S. government securities
are generally high quality and liquid, however, they are reflected as Level 2 because
the inputs used to determine fair value may not always be quoted prices in an active
market.
Fair value inputs are summarized in the three broad levels listed below:
■
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price
information, credit data, volatility statistics, and other factors. These inputs can
be either observable or unobservable. The availability of observable inputs can vary between investments,
and is affected by various factors such as the type of investment, and the volume
and level of activity for that investment or similar investments in the marketplace. The inputs will be
considered by the Investment Manager, along with any other relevant factors in the
calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition
could cause an investment to be reclassified between the various levels within the
hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices
from brokers and dealers participating in the market for those investments. However,
these may be classified as Level 3 investments due to lack of market transparency and corroboration
to support these quoted prices. Additionally, valuation models may be used as the
pricing source for any remaining investments classified as Level 3. These models may rely
on one or more significant unobservable inputs and/or significant assumptions by the
Investment Manager. Inputs used in valuations may include, but are not limited to, financial
statement analysis, capital account balances, discount rates and estimated cash flows,
and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily
available using valuation procedures approved by the Board. The Committee consists
of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which
may include a description of specific valuation determinations, data regarding pricing
information received from approved pricing vendors and brokers and the results of Board-approved
valuation policies and procedures (the Policies). The Policies address, among other
things, instances when market quotations are or are not readily available, including recommendations
of third party pricing vendors and a determination of appropriate pricing methodologies;
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
Fair value measurements (continued)
events that require specific valuation determinations and assessment of fair value
techniques; securities with a potential for stale pricing, including those that are illiquid,
restricted, or in default; and the effectiveness of third party pricing vendors, including periodic
reviews of vendors. The Committee meets more frequently, as needed, to discuss additional
valuation matters, which may include the need to review back-testing results, review time-sensitive
information or approve related valuation actions. Representatives of Columbia Management
Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings
to discuss valuation matters and actions during the period, similar to those described
earlier.
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2024:
|
|
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
|
See the Portfolio of Investments for all investment classifications not indicated
in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
15
Statement of Assets and Liabilities
April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Statement of Assets and Liabilities (continued)
April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
17
Statement of Operations
Six Months Ended April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
18
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Statement of Changes in Net Assets
|
|
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
|
$328,507,433
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
19
Statement of Changes in Net Assets (continued)
|
|
Six Months Ended
|
Year Ended
|
||
|
|
April 30, 2024 (Unaudited)
|
October 31, 2023
|
||
|
|
Shares
|
Dollars ($)
|
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
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
20
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
21
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment
income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes
reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if
any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment
income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase
and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
|
|
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
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
22
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Financial Highlights (continued)
|
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
23
Financial Highlights (continued)
|
|
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.
|
The accompanying Notes to Financial Statements are an integral part of this statement.
24
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Financial Highlights (continued)
|
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
25
Notes to Financial Statements
April 30, 2024 (Unaudited)
Note 1. Organization
Columbia Strategic California Municipal Income Fund (the Fund), a series of Columbia
Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940,
as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers
each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have
identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different
minimum initial investment amounts and pay different net investment income distribution amounts to the extent
the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional
to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional
Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment
professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance
in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting
principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund
in the preparation of its financial statements.
Security valuation
Debt securities generally are valued based on prices obtained from pricing services,
which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The
services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate,
maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities
for which quotations are not readily available or not believed to be reflective of market value may also be valued
based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued
primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair
value.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)),
are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price
at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest
quoted bid and ask prices.
Investments for which market quotations are not readily available, or that have quotations
which management believes are not reflective of market value or reliable, are valued at fair value as determined
in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities)
is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
26
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
The determination of fair value often requires significant judgment. To determine
fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums.
Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure
fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major
category. This information is disclosed following the Fund’s Portfolio of Investments.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking
to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole
or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives
may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure
to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue
higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign
currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential
inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary
market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements
which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.
The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract
decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also
occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral
held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts.
With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the
clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse
or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse
or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or
centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes
insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing
broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically
allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help
the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master
Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is
an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward
contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default
and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single
net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default
(close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency
laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting
in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements
are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers
can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives
are subject to regulatory requirements to exchange variation margin with trading counterparties and may have
contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral
requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and
comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally,
the amount of collateral due from or
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
27
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before
a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized,
contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest
expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The
Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the
financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives
transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which
would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination
rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such
termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result
in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative
liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase
or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the
duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future
periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of
the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid
market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying
asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the
broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The
initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin
is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated
in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day.
The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin
receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on
its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve,
to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect
of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location
of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period
in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following
the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of
the period, if any.
|
*
|
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.
|
28
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
The following table indicates the effect of derivative instruments (not considered
to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended April
30, 2024:
|
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
($)
|
|
Interest rate risk
|
32,810
|
The following table is a summary of the average daily outstanding volume by derivative
instrument for the six months ended April 30, 2024:
|
Derivative instrument
|
Average notional
amounts ($)
|
|
Futures contracts — short
|
905,247
|
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and
gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including
original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all
debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest
income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be
reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected
and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes
interest payments or when collectability of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust
based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses
directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares
are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that
share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class
of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value
of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter
M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment
company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income
taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income
and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income
or excise tax provision is recorded.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
29
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly.
Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions
are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against
the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncements and regulatory updates
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission adopted a final rule, "Tailored
Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements."
The rule and form amendments will, among other things, require the Fund to transmit concise and visually
engaging shareholder reports that highlight key information. The amendments will require that funds tag information
in a structured data format and that certain more in-depth information be made available online and available for delivery free
of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period
after the effective date of the amendments.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment
Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial).
Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well
as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended April 30, 2024 was 0.47% of the Fund’s average daily net assets.
Compensation of Board members
Members of the Board of Trustees who are not officers or employees of the Investment
Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations.
Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer
payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had
been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts
payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members"
in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance
with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment
companies managed by the Investment Manager and its affiliates, based on relative net assets.
30
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment
Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise
Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted
with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services
as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception
of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number
or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a
fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established
by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder
services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and
Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average
daily net assets attributable to each share class.
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
|
0.07
|
|
Advisor Class
|
0.07
|
|
Class C
|
0.07
|
|
Institutional Class
|
0.07
|
|
Institutional 2 Class
|
0.06
|
|
Institutional 3 Class
|
0.01
|
An annual minimum account balance fee of $20 may apply to certain accounts with a
value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense
reductions in the Statement of Operations. For the six months ended April 30, 2024, no minimum account balance fees
were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors,
Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial,
for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution
and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service
fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or
servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum
annual rate of 0.20% and 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund,
respectively. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate
of 0.45% of the average daily net assets attributable to Class C shares of the Fund.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
31
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs),
received by the Distributor for distributing Fund shares for the six months ended April 30, 2024, if any, are listed
below:
|
|
Front End (%)
|
CDSC (%)
|
Amount ($)
|
|
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.
|
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to
waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed
below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
Under the agreement governing these fee waivers and/or expense reimbursement arrangements,
the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will
be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with
investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction
costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated
with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed
money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses
the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or
amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or
expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager
or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in
accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At April 30, 2024, the approximate cost of all investments for federal income tax
purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
|
Federal
tax cost ($)
|
Gross unrealized
appreciation ($)
|
Gross unrealized
(depreciation) ($)
|
Net unrealized
(depreciation) ($)
|
|
405,667,000
|
2,735,000
|
(46,922,000
)
|
(44,187,000
)
|
Tax cost of investments and unrealized appreciation/(depreciation) may also include
timing differences that do not constitute adjustments to tax basis.
32
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
The following capital loss carryforwards, determined at October 31, 2023, may be available
to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
|
No expiration
short-term ($)
|
No expiration
long-term ($)
|
Total ($)
|
|
(17,207,182
)
|
(5,230,820
)
|
(22,438,002
)
|
Management of the Fund has concluded that there are no significant uncertain tax positions
in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations,
and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term
investments and derivatives, if any, aggregated to $35,813,234 and $36,437,233, respectively, for the six months ended
April 30, 2024, of which $0 and $17,542, respectively, were U.S. government securities. The amount of purchase and
sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission,
the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating
Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other
Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program
are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to
repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional
lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended April 30, 2024 was as follows:
|
Borrower or lender
|
Average loan
balance ($)
|
Weighted average
interest rate (%)
|
Number of days
with outstanding loans
|
|
Borrower
|
5,700,000
|
5.86
|
2
|
Interest expense incurred by the Fund is recorded as Interest on interfund lending
in the Statement of Operations. The Fund had no outstanding interfund loans at April 30, 2024.
Note 7. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by
JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of
shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 26, 2023 amendment and restatement,
the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager
or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million.
Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the
federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus,
in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The
Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15%
per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in
October unless extended or renewed. Prior to the October 26, 2023 amendment and restatement, the Fund had access to a
revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A.
which permitted collective borrowings
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
33
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
up to $950 million. Interest was charged to each participating fund based on its borrowings
at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10%
and (iii) the overnight bank funding rate plus, in each case, 1.00%.
The Fund had no borrowings during the six months ended April 30, 2024.
Note 8. Significant risks
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling,
to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings
to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present
increased credit risk as compared to higher-rated debt instruments.
High-yield investments risk
Securities and other debt instruments held by the Fund that are rated below investment
grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund
to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments.
In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience
a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates.
In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments
tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates.
Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively
affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in
interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments
which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions
or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another,
more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment,
the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions,
which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is
forced to sell securities in a down market.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in
which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things,
political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition,
turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many
issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are
increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact
issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely
interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As
a result, local, regional or global events
34
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks
and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
Municipal securities risk
Municipal securities are debt obligations generally issued to obtain funds for various
public purposes, including general financing for state and local governments, or financing for a specific project or
public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto
Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes.
The value of municipal securities can be significantly affected by actual or expected political and legislative changes at
the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government,
by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic
or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into
general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects
in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall
municipal market.
Issuers in a state, territory, commonwealth or possession in which the Fund invests
may experience significant financial difficulties for various reasons, including as the result of events that cannot be
reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest,
labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such
issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in
such state, territory, commonwealth or possession. The value of the Fund’s shares will be negatively impacted to the extent it invests in such securities. The Fund’s annual and semiannual reports show the Fund’s investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund’s investment exposures.
Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax,
legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the
Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than
a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected
by future changes in federal or state income tax laws.
Shareholder concentration risk
At April 30, 2024, affiliated shareholders of record owned 29.4% of the outstanding
shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant
effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments
at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage
of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses
for non-redeeming Fund shareholders.
Note 9. Subsequent events
Management has evaluated the events and transactions that have occurred through the
date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional
disclosure.
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course
of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions
concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm.
Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates
are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect
on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise
Financial is required to make quarterly
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
35
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
(10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange
Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies
of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated
with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the
Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability
of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties
and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in
one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could
have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial
or one or more of its affiliates that provide services to the Fund.
36
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
Liquidity Risk Management Program
(Unaudited)
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management
program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee
(the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing
the operations of the program and assessing its adequacy and effectiveness of implementation for the period January
1, 2023, through December 31, 2023, including:
•
the Fund had sufficient liquidity to both meet redemptions and operate effectively
on behalf of shareholders;
•
there were no material changes to the Program during the period;
•
the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Columbia Strategic California Municipal Income Fund | Semiannual Report 2024
37
Columbia Strategic California Municipal Income Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for
any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information
about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name
of the Columbia and Threadneedle group of companies. All rights reserved.
© 2024 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR123_10_P01_(06/24)
Columbia Intermediate Duration Municipal Bond Fund
Semiannual Report
April 30, 2024 (Unaudited)
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule,
"Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company
Advertisements." The rule and form amendments will, among other things, require the Fund to transmit concise and
visually engaging shareholder reports that highlight key information. The amendments will require that funds tag
information in a structured data format and that certain more in-depth information be made available online and available
for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is
an 18-month transition period after the effective date of the amendments.
Each Tailored Shareholder Report will be share-class specific and will highlight key
fund information the SEC believes is most relevant to investors in assessing their investment in the Fund. Much of the information, including a Fund’s financial statements, that is currently disclosed in a Fund’s shareholder reports will instead be made available on the Fund’s website and filed on Form N-CSR on an annual and semiannual basis. This information will be delivered to investors free of charge upon request. Columbia Fund reports will follow the Tailored
Shareholder Report approach beginning with reports covering the period ending May 31, 2024.
The new rule also requires the Fund to mail a printed version of the Tailored Shareholder
Report to all shareholders who have not elected to receive shareholder reports electronically. Rather than receiving
a postcard notifying investors that the shareholder report for Funds in which they invest is available online, investors
will begin receiving the Tailored Shareholder Report in the mail unless they have elected to receive their Fund documents
electronically.
Table of Contents
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3
|
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5
|
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6
|
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30
|
|
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32
|
|
|
33
|
|
|
36
|
|
|
40
|
|
|
49
|
If you elect to receive the shareholder report for Columbia Intermediate Duration
Municipal Bond Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address,
unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a
paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to
elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and
additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which
the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You
may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st
for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first
and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday
from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks current income exempt from federal income tax, consistent with preservation
of principal.
Portfolio management
Paul Fox, CFA
Lead Portfolio Manager
Managed Fund since 2012
Douglas Rangel, CFA
Portfolio Manager
Managed Fund since 2022
Returns for Class A shares are shown with and without the maximum initial sales charge
of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge
for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on
differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions
during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions
or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers
or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates.
Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee
of future results. The investment return and principal value of your investment will fluctuate so that your
shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or
higher than the performance information shown. You may obtain performance information current to the most recent
month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
*
The returns shown for periods prior to the share class inception date (including returns
for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes,
as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Bloomberg 3–15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of municipal bonds issued after December 31, 1990, with remaining maturities between 2 and 17 years
and at least $7 million in principal amount outstanding.
Indices are not available for investment, are not professionally managed and do not
reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund
may not match those in an index.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
3
Fund at a Glance (continued)
(Unaudited)
|
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
|
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself
and are divided into categories ranging from highest to lowest credit quality, determined
by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower
rating is used. When a rating is available from only one rating agency, that rating
is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology
is applied to those bonds that would otherwise be not rated. When a bond is not rated
by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to
change, including daily. The ratings assigned by credit rating agencies are but one of the
considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash
flows, capital structure and leverage ratios, ability to de-leverage (repay) through free
cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time
to maturity) and the amount and type of any collateral.
|
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
|
Percentages indicated are based upon total investments excluding Money Market Funds
and investments in derivatives, if any.
For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”
Fund holdings are as of the date given, are subject to change at any time, and are
not recommendations to buy or sell any security.
4
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs,
which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which
generally include management fees, distribution and/or service fees, and other fund expenses. The following information
is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these
costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses
paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the
table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense
information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide
your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results
by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses
to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations
about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with
other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder
reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical
examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs,
such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs
were included in these calculations, your costs would be higher.
Expenses paid during the period are equal to the annualized expense ratio for each
class as indicated above, multiplied by the average account value over the period
and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its
investment in underlying funds, including affiliated and non-affiliated pooled investment
vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates
not waived/reimbursed certain fees and expenses, account value at the end of the period
would have been reduced.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
5
Portfolio of Investments
April 30, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
7
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
9
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
11
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
13
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
15
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
17
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
18
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
19
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
20
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
21
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
22
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
23
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
24
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
25
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
26
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
|
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
|
|
Notes to Portfolio of Investments
|
(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.
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
27
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
Notes to Portfolio of Investments (continued)
|
(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.
|
Abbreviation Legend
|
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
|
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy
that maximizes the use of observable inputs and minimizes the use of unobservable
inputs by prioritizing that the most observable input be used when available. Observable inputs
are those that market participants would use in pricing an investment based on market
data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity
associated with investments at that level. For example, certain U.S. government securities
are generally high quality and liquid, however, they are reflected as Level 2 because
the inputs used to determine fair value may not always be quoted prices in an active
market.
Fair value inputs are summarized in the three broad levels listed below:
■
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price
information, credit data, volatility statistics, and other factors. These inputs can
be either observable or unobservable. The availability of observable inputs can vary between investments,
and is affected by various factors such as the type of investment, and the volume
and level of activity for that investment or similar investments in the marketplace. The inputs will be
considered by the Investment Manager, along with any other relevant factors in the
calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition
could cause an investment to be reclassified between the various levels within the
hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices
from brokers and dealers participating in the market for those investments. However,
these may be classified as Level 3 investments due to lack of market transparency and corroboration
to support these quoted prices. Additionally, valuation models may be used as the
pricing source for any remaining investments classified as Level 3. These models may rely
on one or more significant unobservable inputs and/or significant assumptions by the
Investment Manager. Inputs used in valuations may include, but are not limited to, financial
statement analysis, capital account balances, discount rates and estimated cash flows,
and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily
available using valuation procedures approved by the Board. The Committee consists
of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which
may include a description of specific valuation determinations, data regarding pricing
information received from approved pricing vendors and brokers and the results of Board-approved
valuation policies and procedures (the Policies). The Policies address, among other
things, instances when market quotations are or are not readily available, including recommendations
of third party pricing vendors and a determination of appropriate pricing methodologies;
events that require specific valuation determinations and assessment of fair value
techniques; securities with a potential for stale pricing, including those that are illiquid,
restricted, or in default; and the effectiveness of third party pricing vendors, including periodic
reviews of vendors. The Committee meets more frequently, as needed, to discuss additional
valuation matters, which may include the need to review back-testing results, review time-sensitive
information or approve related valuation actions. Representatives of Columbia Management
Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings
to discuss valuation matters and actions during the period, similar to those described
earlier.
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2024:
|
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
28
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
Fair value measurements (continued)
See the Portfolio of Investments for all investment classifications not indicated
in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
29
Statement of Assets and Liabilities
April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
30
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Statement of Assets and Liabilities (continued)
April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
31
Statement of Operations
Six Months Ended April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
32
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Statement of Changes in Net Assets
|
|
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
|
$1,577,036,411
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
33
Statement of Changes in Net Assets (continued)
|
|
Six Months Ended
|
Year Ended
|
||
|
|
April 30, 2024 (Unaudited)
|
October 31, 2023
|
||
|
|
Shares
|
Dollars ($)
|
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
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
34
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
35
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment
income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes
reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if
any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment
income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase
and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
|
|
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
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
36
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Financial Highlights (continued)
|
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
37
Financial Highlights (continued)
|
|
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%.
|
The accompanying Notes to Financial Statements are an integral part of this statement.
38
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Financial Highlights (continued)
|
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
39
Notes to Financial Statements
April 30, 2024 (Unaudited)
Note 1. Organization
Columbia Intermediate Duration Municipal Bond Fund (the Fund), a series of Columbia
Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940,
as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers
each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have
identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different
minimum initial investment amounts and pay different net investment income distribution amounts to the extent
the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional
to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional
Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment
professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
In September 2023, the Fund’s Board of Trustees approved the liquidation of Class V shares of the Fund on December 8, 2023. Effective at the open of business on October 25, 2023, any applicable contingent
deferred sales charges were waived on redemptions and exchanges out of Class V shares, and effective at the open of business
on November 27, 2023, Class V shares of the Fund were closed to all investors. For federal tax purposes, this liquidation
was treated as a redemption of fund shares.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance
in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting
principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund
in the preparation of its financial statements.
Security valuation
Debt securities generally are valued based on prices obtained from pricing services,
which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The
services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate,
maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities
for which quotations are not readily available or not believed to be reflective of market value may also be valued
based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued
primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair
value.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)),
are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations
which management believes are not reflective of market value or reliable, are valued at fair value as determined
in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities)
is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
40
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
The determination of fair value often requires significant judgment. To determine
fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums.
Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure
fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major
category. This information is disclosed following the Fund’s Portfolio of Investments.
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities
purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous
prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and
gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including
original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all
debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest
income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be
reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected
and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes
interest payments or when collectability of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust
based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses
directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares
are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that
share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class
of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value
of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter
M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment
company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income
taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income
and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income
or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly.
Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions
are determined in accordance with federal income tax regulations, which may differ from GAAP.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
41
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against
the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncements and regulatory updates
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission adopted a final rule, "Tailored
Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements."
The rule and form amendments will, among other things, require the Fund to transmit concise and visually
engaging shareholder reports that highlight key information. The amendments will require that funds tag information
in a structured data format and that certain more in-depth information be made available online and available for delivery free
of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period
after the effective date of the amendments.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment
Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial).
Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well
as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.48% to 0.29% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended April 30, 2024 was 0.47% of the Fund’s average daily net assets.
Compensation of Board members
Members of the Board of Trustees who are not officers or employees of the Investment
Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations.
Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer
payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had
been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts
payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members"
in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance
with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment
companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment
Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise
Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted
with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services
as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception
of out-of-pocket fees).
42
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number
or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a
fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established
by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder
services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and
Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average
daily net assets attributable to each share class.
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
|
0.13
|
|
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.
|
An annual minimum account balance fee of $20 may apply to certain accounts with a
value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense
reductions in the Statement of Operations. For the six months ended April 30, 2024, no minimum account balance fees
were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors,
Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial,
for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution
and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service
fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or
servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum
annual rate of 0.20% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under
the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.60% of the average
daily net assets attributable to Class C shares of the Fund.
Shareholder services fees
The Fund had adopted a shareholder services plan that permitted it to pay for certain
services provided to Class V shareholders by their selling and/or servicing agents. The Fund may have paid shareholder
servicing fees up to an aggregate annual rate of 0.40% of the Fund’s average daily net assets attributable to Class V shares (comprised of up to 0.20% for shareholder services and up to 0.20% for administrative support services). These fees
were limited to an aggregate annual rate of not more than 0.15% of the Fund’s average daily net assets attributable to Class V shares. As a result of Class V shares of the Fund being liquidated, December 8, 2023 was the last day the Fund paid
a shareholder services fee for Class V shares.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
43
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs),
received by the Distributor for distributing Fund shares for the six months ended April 30, 2024, if any, are listed
below:
|
|
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.
|
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to
waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed
below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
|
|
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
|
Under the agreement governing these fee waivers and/or expense reimbursement arrangements,
the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will
be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with
investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction
costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated
with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed
money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses
the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or
amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual
agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse
Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable
to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement
may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements
described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in
accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
44
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
At April 30, 2024, the approximate cost of all investments for federal income tax
purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
|
Federal
tax cost ($)
|
Gross unrealized
appreciation ($)
|
Gross unrealized
(depreciation) ($)
|
Net unrealized
(depreciation) ($)
|
|
1,596,798,000
|
15,765,000
|
(30,277,000
)
|
(14,512,000
)
|
Tax cost of investments and unrealized appreciation/(depreciation) may also include
timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at October 31, 2023, may be available
to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
|
No expiration
short-term ($)
|
No expiration
long-term ($)
|
Total ($)
|
|
(28,068,754
)
|
(10,012,009
)
|
(38,080,763
)
|
Management of the Fund has concluded that there are no significant uncertain tax positions
in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations,
and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term
investments and derivatives, if any, aggregated to $97,043,566 and $137,481,660, respectively, for the six months ended
April 30, 2024. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial
Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission,
the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating
Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other
Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program
are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to
repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional
lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended April 30, 2024 was as follows:
|
Borrower or lender
|
Average loan
balance ($)
|
Weighted average
interest rate (%)
|
Number of days
with outstanding loans
|
|
Borrower
|
8,100,000
|
5.86
|
7
|
Interest expense incurred by the Fund is recorded as Interest on interfund lending
in the Statement of Operations. The Fund had no outstanding interfund loans at April 30, 2024.
Note 7. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by
JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of
shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 26, 2023 amendment and restatement,
the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager
or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million.
Interest is currently charged to each
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
45
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
participating fund based on its borrowings at a rate equal to the higher of (i) the
federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus,
in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The
Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15%
per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in
October unless extended or renewed. Prior to the October 26, 2023 amendment and restatement, the Fund had access to a
revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A.
which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings
at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10%
and (iii) the overnight bank funding rate plus, in each case, 1.00%.
The Fund had no borrowings during the six months ended April 30, 2024.
Note 8. Significant risks
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling,
to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings
to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present
increased credit risk as compared to higher-rated debt instruments.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates.
In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments
tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates.
Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively
affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in
interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments
which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions
or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another,
more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment,
the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions,
which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is
forced to sell securities in a down market.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in
which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things,
political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition,
turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many
issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are
increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact
issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely
interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As
a result, local, regional or global events
46
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks
and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
Municipal securities risk
Municipal securities are debt obligations generally issued to obtain funds for various
public purposes, including general financing for state and local governments, or financing for a specific project or
public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto
Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes.
The value of municipal securities can be significantly affected by actual or expected political and legislative changes at
the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government,
by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic
or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into
general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects
in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall
municipal market.
Issuers in a state, territory, commonwealth or possession in which the Fund invests
may experience significant financial difficulties for various reasons, including as the result of events that cannot be
reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest,
labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such
issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in
such state, territory, commonwealth or possession. The value of the Fund’s shares will be negatively impacted to the extent it invests in such securities. The Fund’s annual and semiannual reports show the Fund’s investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund’s investment exposures.
Securities issued by a particular state and its instrumentalities are subject to the
risk of unfavorable developments in such state. A municipal security can be significantly affected by adverse tax, legislative,
regulatory, demographic or political changes as well as changes in a particular state’s (state and its instrumentalities’) financial, economic or other condition and prospects.
Shareholder concentration risk
At April 30, 2024, one unaffiliated shareholder of record owned 31.0% of the outstanding
shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was
owned beneficially. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations
of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including
its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions.
Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund
shareholders.
Note 9. Subsequent events
Management has evaluated the events and transactions that have occurred through the
date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional
disclosure.
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course
of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions
concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm.
Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates
are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect
on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise
Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange
Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies
of these filings may be obtained by accessing the SEC website at www.sec.gov.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
47
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
There can be no assurance that these matters, or the adverse publicity associated
with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the
Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability
of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties
and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in
one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could
have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial
or one or more of its affiliates that provide services to the Fund.
48
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
Liquidity Risk Management Program
(Unaudited)
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management
program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee
(the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing
the operations of the program and assessing its adequacy and effectiveness of implementation for the period January
1, 2023, through December 31, 2023, including:
•
the Fund had sufficient liquidity to both meet redemptions and operate effectively
on behalf of shareholders;
•
there were no material changes to the Program during the period;
•
the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2024
49
Columbia Intermediate Duration Municipal Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for
any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information
about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name
of the Columbia and Threadneedle group of companies. All rights reserved.
© 2024 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR167_10_P01_(06/24)
Columbia Massachusetts Intermediate Municipal Bond Fund
Semiannual Report
April 30, 2024 (Unaudited)
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule,
"Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company
Advertisements." The rule and form amendments will, among other things, require the Fund to transmit concise and
visually engaging shareholder reports that highlight key information. The amendments will require that funds tag
information in a structured data format and that certain more in-depth information be made available online and available
for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is
an 18-month transition period after the effective date of the amendments.
Each Tailored Shareholder Report will be share-class specific and will highlight key
fund information the SEC believes is most relevant to investors in assessing their investment in the Fund. Much of the information, including a Fund’s financial statements, that is currently disclosed in a Fund’s shareholder reports will instead be made available on the Fund’s website and filed on Form N-CSR on an annual and semiannual basis. This information will be delivered to investors free of charge upon request. Columbia Fund reports will follow the Tailored
Shareholder Report approach beginning with reports covering the period ending May 31, 2024.
The new rule also requires the Fund to mail a printed version of the Tailored Shareholder
Report to all shareholders who have not elected to receive shareholder reports electronically. Rather than receiving
a postcard notifying investors that the shareholder report for Funds in which they invest is available online, investors
will begin receiving the Tailored Shareholder Report in the mail unless they have elected to receive their Fund documents
electronically.
Table of Contents
|
3
|
|
|
5
|
|
|
6
|
|
|
11
|
|
|
12
|
|
|
13
|
|
|
16
|
|
|
20
|
|
|
29
|
If you elect to receive the shareholder report for Columbia Massachusetts Intermediate
Municipal Bond Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address,
unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a
paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to
elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and
additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which
the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You
may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st
for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first
and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday
from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks as high a level of current interest income exempt from federal income
tax and, to the extent possible, from Massachusetts individual income tax, as is consistent with relative stability of principal.
Portfolio management
Paul Fox, CFA
Lead Portfolio Manager
Managed Fund since 2012
Douglas Rangel, CFA
Portfolio Manager
Managed the Fund since 2022
Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences
in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions
during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions
or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers
or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates.
Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee
of future results. The investment return and principal value of your investment will fluctuate so that your
shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or
higher than the performance information shown. You may obtain performance information current to the most recent
month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
*
The returns shown for periods prior to the share class inception date (including returns
for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes,
as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Bloomberg 3–15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of municipal bonds issued after December 31, 1990, with remaining maturities between 2 and 17 years
and at least $7 million in principal amount outstanding.
Indices are not available for investment, are not professionally managed and do not
reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund
may not match those in an index.
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
3
Fund at a Glance (continued)
(Unaudited)
|
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
|
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself
and are divided into categories ranging from highest to lowest credit quality, determined
by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower
rating is used. When a rating is available from only one rating agency, that rating
is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology
is applied to those bonds that would otherwise be not rated. When a bond is not rated
by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to
change, including daily. The ratings assigned by credit rating agencies are but one of the
considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash
flows, capital structure and leverage ratios, ability to de-leverage (repay) through free
cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time
to maturity) and the amount and type of any collateral.
4
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs,
which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which
generally include management fees, distribution and/or service fees, and other fund expenses. The following information
is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these
costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses
paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the
table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense
information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide
your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results
by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses
to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations
about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with
other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder
reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical
examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs,
such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs
were included in these calculations, your costs would be higher.
Expenses paid during the period are equal to the annualized expense ratio for each
class as indicated above, multiplied by the average account value over the period
and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its
investment in underlying funds, including affiliated and non-affiliated pooled investment
vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates
not waived/reimbursed certain fees and expenses, account value at the end of the period
would have been reduced.
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
5
Portfolio of Investments
April 30, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
7
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
|
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
|
|
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
Notes to Portfolio of Investments
|
(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.
|
Abbreviation Legend
|
AMBAC
|
Ambac Assurance Corporation
|
|
BAM
|
Build America Mutual Assurance Co.
|
|
NPFGC
|
National Public Finance Guarantee Corporation
|
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy
that maximizes the use of observable inputs and minimizes the use of unobservable
inputs by prioritizing that the most observable input be used when available. Observable inputs
are those that market participants would use in pricing an investment based on market
data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity
associated with investments at that level. For example, certain U.S. government securities
are generally high quality and liquid, however, they are reflected as Level 2 because
the inputs used to determine fair value may not always be quoted prices in an active
market.
Fair value inputs are summarized in the three broad levels listed below:
■
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price
information, credit data, volatility statistics, and other factors. These inputs can
be either observable or unobservable. The availability of observable inputs can vary between investments,
and is affected by various factors such as the type of investment, and the volume
and level of activity for that investment or similar investments in the marketplace. The inputs will be
considered by the Investment Manager, along with any other relevant factors in the
calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition
could cause an investment to be reclassified between the various levels within the
hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices
from brokers and dealers participating in the market for those investments. However,
these may be classified as Level 3 investments due to lack of market transparency and corroboration
to support these quoted prices. Additionally, valuation models may be used as the
pricing source for any remaining investments classified as Level 3. These models may rely
on one or more significant unobservable inputs and/or significant assumptions by the
Investment Manager. Inputs used in valuations may include, but are not limited to, financial
statement analysis, capital account balances, discount rates and estimated cash flows,
and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily
available using valuation procedures approved by the Board. The Committee consists
of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which
may include a description of specific valuation determinations, data regarding pricing
information received from approved pricing vendors and brokers and the results of Board-approved
valuation policies and procedures (the Policies). The Policies address, among other
things, instances when market quotations are or are not readily available, including recommendations
of third party pricing vendors and a determination of appropriate pricing methodologies;
events that require specific valuation determinations and assessment of fair value
techniques; securities with a potential for stale pricing, including those that are illiquid,
restricted, or in default; and the effectiveness of third party pricing vendors, including periodic
reviews of vendors. The Committee meets more frequently, as needed, to discuss additional
valuation matters, which may include the need to review back-testing results, review time-sensitive
information or approve related valuation actions. Representatives of Columbia Management
Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings
to discuss valuation matters and actions during the period, similar to those described
earlier.
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2024:
|
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
9
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
Fair value measurements (continued)
See the Portfolio of Investments for all investment classifications not indicated
in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Statement of Assets and Liabilities
April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
11
Statement of Operations
Six Months Ended April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Statement of Changes in Net Assets
|
|
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
|
$108,100,215
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
13
Statement of Changes in Net Assets (continued)
|
|
Six Months Ended
|
Year Ended
|
||
|
|
April 30, 2024 (Unaudited)
|
October 31, 2023
|
||
|
|
Shares
|
Dollars ($)
|
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
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
15
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment
income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes
reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if
any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment
income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase
and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
|
|
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
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Financial Highlights (continued)
|
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
17
Financial Highlights (continued)
|
|
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.
|
The accompanying Notes to Financial Statements are an integral part of this statement.
18
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Financial Highlights (continued)
|
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
19
Notes to Financial Statements
April 30, 2024 (Unaudited)
Note 1. Organization
Columbia Massachusetts Intermediate Municipal Bond Fund (the Fund), a series of Columbia
Funds Series Trust I (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act
of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers
each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have
identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different
minimum initial investment amounts and pay different net investment income distribution amounts to the extent
the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional
to the net asset value of each share class.
As described in the Fund’s prospectus, Class A shares are offered to the general public for investment. Advisor Class, Institutional Class and Institutional 3 Class shares are available for purchase through
authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
In September 2023, the Fund’s Board of Trustees approved the liquidation of Class V shares of the Fund on December 8, 2023. Effective at the open of business on October 25, 2023, any applicable contingent
deferred sales charges were waived on redemptions and exchanges out of Class V shares, and effective at the open of business
on November 27, 2023, Class V shares of the Fund were closed to all investors. For federal tax purposes, this liquidation
was treated as a redemption of fund shares.
The Fund’s Board of Trustees also approved a proposal to accelerate the conversion of Class C shares into Class A shares of the Fund and a proposal to liquidate Institutional 2 Class shares of the Fund.
Effective on February 12, 2024, Class C shares of the Fund were closed to new and existing investors and effective on April
15, 2024, shares held by Class C shareholders were converted into Class A shares in a tax-free transaction. Effective
on March 11, 2024, Institutional 2 Class shares of the Fund were closed to new and existing investors and effective on April
19, 2024, Institutional 2 Class shares of the Fund were liquidated. For federal tax purposes, this liquidation was treated as
a redemption of fund shares.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance
in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting
principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund
in the preparation of its financial statements.
Security valuation
Debt securities generally are valued based on prices obtained from pricing services,
which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The
services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate,
maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities
for which quotations are not readily available or not believed to be reflective of market value may also be valued
based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued
primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair
value.
20
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Investments in open-end investment companies (other than exchange-traded funds (ETFs)),
are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations
which management believes are not reflective of market value or reliable, are valued at fair value as determined
in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities)
is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine
fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums.
Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure
fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major
category. This information is disclosed following the Fund’s Portfolio of Investments.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and
gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including
original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all
debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest
income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be
reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected
and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes
interest payments or when collectability of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust
based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses
directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares
are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that
share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class
of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value
of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter
M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment
company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income
taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income
and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income
or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly.
Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions
are determined in accordance with federal income tax regulations, which may differ from GAAP.
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
21
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against
the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncements and regulatory updates
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission adopted a final rule, "Tailored
Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements."
The rule and form amendments will, among other things, require the Fund to transmit concise and visually
engaging shareholder reports that highlight key information. The amendments will require that funds tag information
in a structured data format and that certain more in-depth information be made available online and available for delivery free
of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period
after the effective date of the amendments.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment
Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial).
Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well
as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended April 30, 2024 was 0.47% of the Fund’s average daily net assets.
Compensation of Board members
Members of the Board of Trustees who are not officers or employees of the Investment
Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations.
Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer
payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had
been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts
payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members"
in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance
with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment
companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment
Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise
Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted
with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services
as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception
of out-of-pocket fees).
22
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number
or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a
fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established
by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder
services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and
Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average
daily net assets attributable to each share class. As a result of Institutional 2 Class shares of the Fund being liquidated,
April 19, 2024 was the last day the Fund paid a transfer agency fee for Institutional 2 Class shares.
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.
|
An annual minimum account balance fee of $20 may apply to certain accounts with a
value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense
reductions in the Statement of Operations. For the six months ended April 30, 2024, no minimum account balance fees
were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors,
Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial,
for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution
and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service
fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or
servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum
annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under
the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.45% of the average
daily net assets attributable to Class C shares of the Fund. As a result of Class C shares of the Fund being converted into
Class A shares, April 15, 2024 was the last day the Fund paid a distribution and service fee for Class C shares.
Shareholder services fees
The Fund had adopted a shareholder services plan that permitted it to pay for certain
services provided to Class V shareholders by their selling and/or servicing agents. The Fund may have paid shareholder
servicing fees up to an aggregate annual rate of 0.40% of the Fund’s average daily net assets attributable to Class V shares (comprised of up to 0.20% for shareholder services and up to 0.20% for administrative support services). These fees
were limited to an aggregate annual rate of not more than 0.15% of the Fund’s average daily net assets attributable to Class V shares. As a result of Class V shares of the Fund being liquidated, December 8, 2023 was the last day the Fund paid
a shareholder services fee for Class V shares.
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
23
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs),
received by the Distributor for distributing Fund shares for the six months ended April 30, 2024, if any, are listed
below:
|
|
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.
|
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to
waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed
below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
|
|
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
|
Under the agreement governing these fee waivers and/or expense reimbursement arrangements,
the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will
be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with
investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction
costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated
with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed
money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses
the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or
amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual
agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse
Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable
to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement
may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements
described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in
accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
24
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
At April 30, 2024, the approximate cost of all investments for federal income tax
purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
|
Federal
tax cost ($)
|
Gross unrealized
appreciation ($)
|
Gross unrealized
(depreciation) ($)
|
Net unrealized
(depreciation) ($)
|
|
91,234,000
|
411,000
|
(2,400,000
)
|
(1,989,000
)
|
Tax cost of investments and unrealized appreciation/(depreciation) may also include
timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at October 31, 2023, may be available
to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
|
No expiration
short-term ($)
|
No expiration
long-term ($)
|
Total ($)
|
|
—
|
(4,368,667
)
|
(4,368,667
)
|
Management of the Fund has concluded that there are no significant uncertain tax positions
in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations,
and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term
investments and derivatives, if any, aggregated to $2,822,160 and $23,726,435, respectively, for the six months ended April
30, 2024. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission,
the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating
Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other
Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program
are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to
repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional
lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended April 30, 2024 was as follows:
|
Borrower or lender
|
Average loan
balance ($)
|
Weighted average
interest rate (%)
|
Number of days
with outstanding loans
|
|
Borrower
|
1,175,000
|
5.86
|
4
|
Interest expense incurred by the Fund is recorded as Interest on interfund lending
in the Statement of Operations. The Fund had no outstanding interfund loans at April 30, 2024.
Note 7. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by
JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of
shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 26, 2023 amendment and restatement,
the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager
or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million.
Interest is currently charged to each
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
25
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
participating fund based on its borrowings at a rate equal to the higher of (i) the
federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus,
in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The
Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15%
per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in
October unless extended or renewed. Prior to the October 26, 2023 amendment and restatement, the Fund had access to a
revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A.
which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings
at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10%
and (iii) the overnight bank funding rate plus, in each case, 1.00%.
The Fund had no borrowings during the six months ended April 30, 2024.
Note 8. Significant risks
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling,
to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings
to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present
increased credit risk as compared to higher-rated debt instruments.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates.
In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments
tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates.
Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively
affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in
interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments
which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions
or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another,
more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment,
the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions,
which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is
forced to sell securities in a down market.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in
which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things,
political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition,
turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many
issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are
increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact
issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely
interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As
a result, local, regional or global events
26
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks
and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
Municipal securities risk
Municipal securities are debt obligations generally issued to obtain funds for various
public purposes, including general financing for state and local governments, or financing for a specific project or
public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto
Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes.
The value of municipal securities can be significantly affected by actual or expected political and legislative changes at
the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government,
by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic
or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into
general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects
in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall
municipal market.
Issuers in a state, territory, commonwealth or possession in which the Fund invests
may experience significant financial difficulties for various reasons, including as the result of events that cannot be
reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest,
labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such
issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in
such state, territory, commonwealth or possession. The value of the Fund’s shares will be negatively impacted to the extent it invests in such securities. The Fund’s annual and semiannual reports show the Fund’s investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund’s investment exposures.
Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax,
legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the
Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than
a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected
by future changes in federal or state income tax laws.
Non-diversification risk
A non-diversified fund is permitted to invest a greater percentage of its total assets
in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the
Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.
Shareholder concentration risk
At April 30, 2024, one unaffiliated shareholder of record owned 55.3% of the outstanding
shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was
owned beneficially. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations
of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including
its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions.
Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund
shareholders.
Note 9. Subsequent events
Management has evaluated the events and transactions that have occurred through the
date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional
disclosure.
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
27
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course
of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions
concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm.
Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates
are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect
on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise
Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange
Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies
of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated
with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the
Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability
of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties
and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in
one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could
have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial
or one or more of its affiliates that provide services to the Fund.
28
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
Liquidity Risk Management Program
(Unaudited)
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management
program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee
(the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing
the operations of the program and assessing its adequacy and effectiveness of implementation for the period January
1, 2023, through December 31, 2023, including:
•
the Fund had sufficient liquidity to both meet redemptions and operate effectively
on behalf of shareholders;
•
there were no material changes to the Program during the period;
•
the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2024
29
Columbia Massachusetts Intermediate Municipal Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for
any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information
about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name
of the Columbia and Threadneedle group of companies. All rights reserved.
© 2024 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR191_10_P01_(06/24)
Columbia Strategic New York Municipal Income Fund
Semiannual Report
April 30, 2024 (Unaudited)
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule,
"Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company
Advertisements." The rule and form amendments will, among other things, require the Fund to transmit concise and
visually engaging shareholder reports that highlight key information. The amendments will require that funds tag
information in a structured data format and that certain more in-depth information be made available online and available
for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is
an 18-month transition period after the effective date of the amendments.
Each Tailored Shareholder Report will be share-class specific and will highlight key
fund information the SEC believes is most relevant to investors in assessing their investment in the Fund. Much of the information, including a Fund’s financial statements, that is currently disclosed in a Fund’s shareholder reports will instead be made available on the Fund’s website and filed on Form N-CSR on an annual and semiannual basis. This information will be delivered to investors free of charge upon request. Columbia Fund reports will follow the Tailored
Shareholder Report approach beginning with reports covering the period ending May 31, 2024.
The new rule also requires the Fund to mail a printed version of the Tailored Shareholder
Report to all shareholders who have not elected to receive shareholder reports electronically. Rather than receiving
a postcard notifying investors that the shareholder report for Funds in which they invest is available online, investors
will begin receiving the Tailored Shareholder Report in the mail unless they have elected to receive their Fund documents
electronically.
Table of Contents
|
3
|
|
|
5
|
|
|
6
|
|
|
13
|
|
|
15
|
|
|
16
|
|
|
18
|
|
|
22
|
|
|
32
|
If you elect to receive the shareholder report for Columbia Strategic New York Municipal
Income Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address,
unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a
paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to
elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and
additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which
the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You
may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st
for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first
and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday
from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks total return, with a focus on income exempt from federal income tax
and New York individual income tax and capital appreciation.
Portfolio management
Douglas White, CFA
Lead Portfolio Manager
Managed Fund since 2018
Catherine Stienstra
Portfolio Manager
Managed Fund since 2010
Returns for Class A shares are shown with and without the maximum initial sales charge
of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge
for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on
differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions
during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions
or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers
or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates.
Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee
of future results. The investment return and principal value of your investment will fluctuate so that your
shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or
higher than the performance information shown. You may obtain performance information current to the most recent
month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
*
The returns shown for periods prior to the share class inception date (including returns
for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes,
as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Bloomberg New York Municipal Bond Index is a subset of the Bloomberg Municipal
Bond Index consisting solely of bonds issued by obligors located in the state of New York.
The Bloomberg Municipal Bond Index is an unmanaged index considered representative
of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.
Indices are not available for investment, are not professionally managed and do not
reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund
may not match those in an index.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
3
Fund at a Glance (continued)
(Unaudited)
|
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
|
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself
and are divided into categories ranging from highest to lowest credit quality, determined
by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower
rating is used. When a rating is available from only one rating agency, that rating
is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology
is applied to those bonds that would otherwise be not rated. When a bond is not rated
by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to
change, including daily. The ratings assigned by credit rating agencies are but one of the
considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash
flows, capital structure and leverage ratios, ability to de-leverage (repay) through free
cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time
to maturity) and the amount and type of any collateral.
4
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs,
which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which
generally include management fees, distribution and/or service fees, and other fund expenses. The following information
is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these
costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses
paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the
table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense
information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide
your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results
by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses
to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations
about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with
other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder
reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical
examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs,
such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs
were included in these calculations, your costs would be higher.
Expenses paid during the period are equal to the annualized expense ratio for each
class as indicated above, multiplied by the average account value over the period
and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its
investment in underlying funds, including affiliated and non-affiliated pooled investment
vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates
not waived/reimbursed certain fees and expenses, account value at the end of the period
would have been reduced.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
5
Portfolio of Investments
April 30, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
7
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
9
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
|
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
|
|
At April 30, 2024, securities and/or cash totaling $78,625 were pledged as collateral.
Investments in derivatives
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
Notes to Portfolio of Investments
|
(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.
|
Abbreviation Legend
|
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
|
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy
that maximizes the use of observable inputs and minimizes the use of unobservable
inputs by prioritizing that the most observable input be used when available. Observable inputs
are those that market participants would use in pricing an investment based on market
data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity
associated with investments at that level. For example, certain U.S. government securities
are generally high quality and liquid, however, they are reflected as Level 2 because
the inputs used to determine fair value may not always be quoted prices in an active
market.
Fair value inputs are summarized in the three broad levels listed below:
■
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price
information, credit data, volatility statistics, and other factors. These inputs can
be either observable or unobservable. The availability of observable inputs can vary between investments,
and is affected by various factors such as the type of investment, and the volume
and level of activity for that investment or similar investments in the marketplace. The inputs will be
considered by the Investment Manager, along with any other relevant factors in the
calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition
could cause an investment to be reclassified between the various levels within the
hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices
from brokers and dealers participating in the market for those investments. However,
these may be classified as Level 3 investments due to lack of market transparency and corroboration
to support these quoted prices. Additionally, valuation models may be used as the
pricing source for any remaining investments classified as Level 3. These models may rely
on one or more significant unobservable inputs and/or significant assumptions by the
Investment Manager. Inputs used in valuations may include, but are not limited to, financial
statement analysis, capital account balances, discount rates and estimated cash flows,
and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily
available using valuation procedures approved by the Board. The Committee consists
of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which
may include a description of specific valuation determinations, data regarding pricing
information received from approved pricing vendors and brokers and the results of Board-approved
valuation policies and procedures (the Policies). The Policies address, among other
things, instances when market quotations are or are not readily available, including recommendations
of third party pricing vendors and a determination of appropriate pricing methodologies;
events that require specific valuation determinations and assessment of fair value
techniques; securities with a potential for stale pricing, including those that are illiquid,
restricted, or in default; and the effectiveness of third party pricing vendors, including periodic
reviews of vendors. The Committee meets more frequently, as needed, to discuss additional
valuation matters, which may include the need to review back-testing results, review time-sensitive
information or approve related valuation actions. Representatives of Columbia Management
Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings
to discuss valuation matters and actions during the period, similar to those described
earlier.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
11
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2024:
|
|
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
|
See the Portfolio of Investments for all investment classifications not indicated
in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Statement of Assets and Liabilities
April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
13
Statement of Assets and Liabilities (continued)
April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Statement of Operations
Six Months Ended April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
15
Statement of Changes in Net Assets
|
|
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
|
$111,145,840
|
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Statement of Changes in Net Assets (continued)
|
|
Six Months Ended
|
Year Ended
|
||
|
|
April 30, 2024 (Unaudited)
|
October 31, 2023
|
||
|
|
Shares
|
Dollars ($)
|
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
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
17
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment
income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes
reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if
any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment
income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase
and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
|
|
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
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
18
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Financial Highlights (continued)
|
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
19
Financial Highlights (continued)
|
|
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%
|
The accompanying Notes to Financial Statements are an integral part of this statement.
20
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Financial Highlights (continued)
|
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
21
Notes to Financial Statements
April 30, 2024 (Unaudited)
Note 1. Organization
Columbia Strategic New York Municipal Income Fund (the Fund), a series of Columbia
Funds Series Trust I (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of
1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers
each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have
identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different
minimum initial investment amounts and pay different net investment income distribution amounts to the extent
the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional
to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional
Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment
professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance
in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting
principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund
in the preparation of its financial statements.
Security valuation
Debt securities generally are valued based on prices obtained from pricing services,
which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The
services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate,
maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities
for which quotations are not readily available or not believed to be reflective of market value may also be valued
based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued
primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair
value.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)),
are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price
at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest
quoted bid and ask prices.
Investments for which market quotations are not readily available, or that have quotations
which management believes are not reflective of market value or reliable, are valued at fair value as determined
in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities)
is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
22
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
The determination of fair value often requires significant judgment. To determine
fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums.
Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure
fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major
category. This information is disclosed following the Fund’s Portfolio of Investments.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking
to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole
or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives
may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure
to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue
higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign
currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential
inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary
market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements
which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.
The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract
decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also
occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral
held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts.
With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the
clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse
or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse
or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or
centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes
insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing
broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically
allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help
the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master
Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is
an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward
contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default
and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single
net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default
(close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency
laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting
in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements
are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers
can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives
are subject to regulatory requirements to exchange variation margin with trading counterparties and may have
contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral
requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and
comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally,
the amount of collateral due from or
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
23
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before
a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized,
contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest
expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The
Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the
financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives
transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which
would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination
rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such
termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result
in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative
liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase
or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the
duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future
periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of
the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid
market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying
asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the
broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The
initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin
is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated
in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day.
The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin
receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on
its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve,
to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect
of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location
of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period
in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following
the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of
the period, if any.
The following table is a summary of the fair value of derivative instruments (not
considered to be hedging instruments for accounting disclosure purposes) at April 30, 2024:
|
*
|
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.
|
24
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
The following table indicates the effect of derivative instruments (not considered
to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended April
30, 2024:
|
Amount of realized gain (loss) on derivatives recognized in income
|
|
|
Risk exposure category
|
Futures
contracts
($)
|
|
Interest rate risk
|
(4,539
)
|
The following table is a summary of the average daily outstanding volume by derivative
instrument for the six months ended April 30, 2024:
|
Derivative instrument
|
Average notional
amounts ($)
|
|
Futures contracts — short
|
298,987
|
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and
gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including
original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all
debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest
income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be
reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected
and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes
interest payments or when collectability of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust
based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses
directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares
are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that
share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class
of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value
of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter
M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment
company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income
taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income
and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income
or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly.
Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions
are determined in accordance with federal income tax regulations, which may differ from GAAP.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
25
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against
the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncements and regulatory updates
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission adopted a final rule, "Tailored
Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements."
The rule and form amendments will, among other things, require the Fund to transmit concise and visually
engaging shareholder reports that highlight key information. The amendments will require that funds tag information
in a structured data format and that certain more in-depth information be made available online and available for delivery free
of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period
after the effective date of the amendments.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment
Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial).
Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well
as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended April 30, 2024 was 0.47% of the Fund’s average daily net assets.
Compensation of Board members
Members of the Board of Trustees who are not officers or employees of the Investment
Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations.
Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer
payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had
been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts
payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members"
in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance
with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment
companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment
Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise
Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted
with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services
as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception
of out-of-pocket fees).
26
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number
or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a
fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established
by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder
services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and
Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average
daily net assets attributable to each share class.
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
|
0.08
|
|
Advisor Class
|
0.08
|
|
Class C
|
0.08
|
|
Institutional Class
|
0.08
|
|
Institutional 2 Class
|
0.06
|
|
Institutional 3 Class
|
0.01
|
An annual minimum account balance fee of $20 may apply to certain accounts with a
value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense
reductions in the Statement of Operations. For the six months ended April 30, 2024, no minimum account balance fees
were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors,
Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial,
for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution
and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service
fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or
servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum
annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under
the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.45% of the average
daily net assets attributable to Class C shares of the Fund.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs),
received by the Distributor for distributing Fund shares for the six months ended April 30, 2024, if any, are listed
below:
|
(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.
|
The Fund’s other share classes are not subject to sales charges.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
27
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to
waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed
below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
Under the agreement governing these fee waivers and/or expense reimbursement arrangements,
the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will
be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with
investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction
costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated
with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed
money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses
the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or
amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or
expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager
or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in
accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At April 30, 2024, the approximate cost of all investments for federal income tax
purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
|
Federal
tax cost ($)
|
Gross unrealized
appreciation ($)
|
Gross unrealized
(depreciation) ($)
|
Net unrealized
(depreciation) ($)
|
|
132,286,000
|
1,274,000
|
(11,098,000
)
|
(9,824,000
)
|
Tax cost of investments and unrealized appreciation/(depreciation) may also include
timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at October 31, 2023, may be available
to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
|
No expiration
short-term ($)
|
No expiration
long-term ($)
|
Total ($)
|
|
(4,554,856
)
|
(1,899,029
)
|
(6,453,885
)
|
28
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Management of the Fund has concluded that there are no significant uncertain tax positions
in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations,
and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term
investments and derivatives, if any, aggregated to $22,099,825 and $20,789,004, respectively, for the six months ended
April 30, 2024. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial
Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission,
the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating
Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other
Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program
are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to
repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional
lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months
ended April 30, 2024.
Note 7. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by
JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of
shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 26, 2023 amendment and restatement,
the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager
or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million.
Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the
federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus,
in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The
Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15%
per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in
October unless extended or renewed. Prior to the October 26, 2023 amendment and restatement, the Fund had access to a
revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A.
which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings
at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10%
and (iii) the overnight bank funding rate plus, in each case, 1.00%.
The Fund had no borrowings during the six months ended April 30, 2024.
Note 8. Significant risks
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling,
to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings
to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present
increased credit risk as compared to higher-rated debt instruments.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
29
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
High-yield investments risk
Securities and other debt instruments held by the Fund that are rated below investment
grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund
to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments.
In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience
a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates.
In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments
tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates.
Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively
affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in
interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments
which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions
or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another,
more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment,
the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions,
which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is
forced to sell securities in a down market.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in
which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things,
political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition,
turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many
issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are
increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact
issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely
interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As
a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks
and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
Municipal securities risk
Municipal securities are debt obligations generally issued to obtain funds for various
public purposes, including general financing for state and local governments, or financing for a specific project or
public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto
Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes.
The value of municipal securities can be significantly affected by actual or expected political and legislative changes at
the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government,
by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic
or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into
general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects
in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall
municipal market.
30
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Issuers in a state, territory, commonwealth or possession in which the Fund invests
may experience significant financial difficulties for various reasons, including as the result of events that cannot be
reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest,
labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such
issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in
such state, territory, commonwealth or possession. The value of the Fund’s shares will be negatively impacted to the extent it invests in such securities. The Fund’s annual and semiannual reports show the Fund’s investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund’s investment exposures.
Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax,
legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the
Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than
a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected
by future changes in federal or state income tax laws.
Non-diversification risk
A non-diversified fund is permitted to invest a greater percentage of its total assets
in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the
Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.
Note 9. Subsequent events
Management has evaluated the events and transactions that have occurred through the
date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional
disclosure.
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course
of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions
concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm.
Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates
are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect
on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise
Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange
Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies
of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated
with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the
Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability
of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties
and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in
one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could
have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial
or one or more of its affiliates that provide services to the Fund.
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
31
Liquidity Risk Management Program
(Unaudited)
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management
program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee
(the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing
the operations of the program and assessing its adequacy and effectiveness of implementation for the period January
1, 2023, through December 31, 2023, including:
•
the Fund had sufficient liquidity to both meet redemptions and operate effectively
on behalf of shareholders;
•
there were no material changes to the Program during the period;
•
the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
32
Columbia Strategic New York Municipal Income Fund | Semiannual Report 2024
Columbia Strategic New York Municipal Income Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for
any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information
about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name
of the Columbia and Threadneedle group of companies. All rights reserved.
© 2024 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR205_10_P01_(06/24)
Columbia New York Intermediate Municipal Bond Fund
Semiannual Report
April 30, 2024 (Unaudited)
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule,
"Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company
Advertisements." The rule and form amendments will, among other things, require the Fund to transmit concise and
visually engaging shareholder reports that highlight key information. The amendments will require that funds tag
information in a structured data format and that certain more in-depth information be made available online and available
for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is
an 18-month transition period after the effective date of the amendments.
Each Tailored Shareholder Report will be share-class specific and will highlight key
fund information the SEC believes is most relevant to investors in assessing their investment in the Fund. Much of the information, including a Fund’s financial statements, that is currently disclosed in a Fund’s shareholder reports will instead be made available on the Fund’s website and filed on Form N-CSR on an annual and semiannual basis. This information will be delivered to investors free of charge upon request. Columbia Fund reports will follow the Tailored
Shareholder Report approach beginning with reports covering the period ending May 31, 2024.
The new rule also requires the Fund to mail a printed version of the Tailored Shareholder
Report to all shareholders who have not elected to receive shareholder reports electronically. Rather than receiving
a postcard notifying investors that the shareholder report for Funds in which they invest is available online, investors
will begin receiving the Tailored Shareholder Report in the mail unless they have elected to receive their Fund documents
electronically.
Table of Contents
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3
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5
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6
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12
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13
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14
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|
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16
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20
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29
|
If you elect to receive the shareholder report for Columbia New York Intermediate
Municipal Bond Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address,
unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a
paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to
elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and
additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which
the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You
may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st
for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first
and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday
from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks as high a level of current interest income exempt from federal income
tax and, to the extent possible, from New York individual income tax, as is consistent with relative stability of principal.
Portfolio management
Paul Fox, CFA
Lead Portfolio Manager
Managed Fund since 2012
Douglas Rangel, CFA
Portfolio Manager
Managed the Fund since 2022
Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences
in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions
during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions
or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers
or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates.
Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee
of future results. The investment return and principal value of your investment will fluctuate so that your
shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or
higher than the performance information shown. You may obtain performance information current to the most recent
month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
*
The returns shown for periods prior to the share class inception date (including returns
for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Institutional Class shares were used.
These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable.
Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance
for more information.
The Bloomberg New York 3-15 Year Blend Municipal Bond Index tracks investment grade
bonds from the state of New York and its municipalities.
The Bloomberg 3-15 Year Blend Municipal Bond Index is an unmanaged index that tracks
the performance of municipal bonds issued after December 31, 1990, with remaining maturities between 2 and 17 years
and at least $7 million in principal amount outstanding.
Indices are not available for investment, are not professionally managed and do not
reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund
may not match those in an index.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
3
Fund at a Glance (continued)
(Unaudited)
|
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
|
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself
and are divided into categories ranging from highest to lowest credit quality, determined
by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower
rating is used. When a rating is available from only one rating agency, that rating
is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology
is applied to those bonds that would otherwise be not rated. When a bond is not rated
by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to
change, including daily. The ratings assigned by credit rating agencies are but one of the
considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash
flows, capital structure and leverage ratios, ability to de-leverage (repay) through free
cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time
to maturity) and the amount and type of any collateral.
4
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs,
which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which
generally include management fees, distribution and/or service fees, and other fund expenses. The following information
is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these
costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses
paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the
table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense
information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide
your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results
by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses
to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations
about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with
other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder
reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical
examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs,
such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs
were included in these calculations, your costs would be higher.
Expenses paid during the period are equal to the annualized expense ratio for each
class as indicated above, multiplied by the average account value over the period
and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its
investment in underlying funds, including affiliated and non-affiliated pooled investment
vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates
not waived/reimbursed certain fees and expenses, account value at the end of the period
would have been reduced.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
5
Portfolio of Investments
April 30, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
7
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
9
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
|
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
|
|
Notes to Portfolio of Investments
|
(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.
|
Abbreviation Legend
|
AGM
|
Assured Guaranty Municipal Corporation
|
|
AMBAC
|
Ambac Assurance Corporation
|
|
BAM
|
Build America Mutual Assurance Co.
|
|
NPFGC
|
National Public Finance Guarantee Corporation
|
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy
that maximizes the use of observable inputs and minimizes the use of unobservable
inputs by prioritizing that the most observable input be used when available. Observable inputs
are those that market participants would use in pricing an investment based on market
data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Portfolio of Investments (continued)
April 30, 2024 (Unaudited)
Fair value measurements (continued)
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity
associated with investments at that level. For example, certain U.S. government securities
are generally high quality and liquid, however, they are reflected as Level 2 because
the inputs used to determine fair value may not always be quoted prices in an active
market.
Fair value inputs are summarized in the three broad levels listed below:
■
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price
information, credit data, volatility statistics, and other factors. These inputs can
be either observable or unobservable. The availability of observable inputs can vary between investments,
and is affected by various factors such as the type of investment, and the volume
and level of activity for that investment or similar investments in the marketplace. The inputs will be
considered by the Investment Manager, along with any other relevant factors in the
calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition
could cause an investment to be reclassified between the various levels within the
hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices
from brokers and dealers participating in the market for those investments. However,
these may be classified as Level 3 investments due to lack of market transparency and corroboration
to support these quoted prices. Additionally, valuation models may be used as the
pricing source for any remaining investments classified as Level 3. These models may rely
on one or more significant unobservable inputs and/or significant assumptions by the
Investment Manager. Inputs used in valuations may include, but are not limited to, financial
statement analysis, capital account balances, discount rates and estimated cash flows,
and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily
available using valuation procedures approved by the Board. The Committee consists
of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which
may include a description of specific valuation determinations, data regarding pricing
information received from approved pricing vendors and brokers and the results of Board-approved
valuation policies and procedures (the Policies). The Policies address, among other
things, instances when market quotations are or are not readily available, including recommendations
of third party pricing vendors and a determination of appropriate pricing methodologies;
events that require specific valuation determinations and assessment of fair value
techniques; securities with a potential for stale pricing, including those that are illiquid,
restricted, or in default; and the effectiveness of third party pricing vendors, including periodic
reviews of vendors. The Committee meets more frequently, as needed, to discuss additional
valuation matters, which may include the need to review back-testing results, review time-sensitive
information or approve related valuation actions. Representatives of Columbia Management
Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings
to discuss valuation matters and actions during the period, similar to those described
earlier.
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2024:
|
|
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
|
See the Portfolio of Investments for all investment classifications not indicated
in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
11
Statement of Assets and Liabilities
April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Statement of Operations
Six Months Ended April 30, 2024 (Unaudited)
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
13
Statement of Changes in Net Assets
|
|
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
|
$118,186,943
|
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Statement of Changes in Net Assets (continued)
|
|
Six Months Ended
|
Year Ended
|
||
|
|
April 30, 2024 (Unaudited)
|
October 31, 2023
|
||
|
|
Shares
|
Dollars ($)
|
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
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
15
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment
income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes
reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if
any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment
income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase
and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
|
|
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
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Financial Highlights (continued)
|
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
17
Financial Highlights (continued)
|
|
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.
|
The accompanying Notes to Financial Statements are an integral part of this statement.
18
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Financial Highlights (continued)
|
|
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
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
19
Notes to Financial Statements
April 30, 2024 (Unaudited)
Note 1. Organization
Columbia New York Intermediate Municipal Bond Fund (the Fund), a series of Columbia
Funds Series Trust I (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of
1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers
each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have
identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different
minimum initial investment amounts and pay different net investment income distribution amounts to the extent
the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional
to the net asset value of each share class.
As described in the Fund’s prospectus, Class A shares are offered to the general public for investment. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available
for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors
and to certain other investors as also described in the Fund’s prospectus.
In September 2023, the Fund’s Board of Trustees approved the liquidation of Class V shares of the Fund on December 8, 2023. Effective at the open of business on October 25, 2023, any applicable contingent
deferred sales charges were waived on redemptions and exchanges out of Class V shares, and effective at the open of business
on November 27, 2023, Class V shares of the Fund were closed to all investors. For federal tax purposes, this liquidation
was treated as a redemption of fund shares.
The Fund’s Board of Trustees also approved a proposal to accelerate the conversion of Class C shares into Class A shares of the Fund. Effective on February 12, 2024, Class C shares of the Fund were closed
to new and existing investors and effective on April 15, 2024, shares held by Class C shareholders were converted into
Class A shares in a tax-free transaction.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance
in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting
principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund
in the preparation of its financial statements.
Security valuation
Debt securities generally are valued based on prices obtained from pricing services,
which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The
services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate,
maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities
for which quotations are not readily available or not believed to be reflective of market value may also be valued
based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued
primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair
value.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)),
are valued at the latest net asset value reported by those companies as of the valuation time.
20
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Investments for which market quotations are not readily available, or that have quotations
which management believes are not reflective of market value or reliable, are valued at fair value as determined
in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities)
is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine
fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums.
Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure
fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major
category. This information is disclosed following the Fund’s Portfolio of Investments.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and
gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including
original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all
debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest
income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be
reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected
and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes
interest payments or when collectability of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust
based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses
directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares
are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that
share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class
of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value
of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter
M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment
company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income
taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income
and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income
or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly.
Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions
are determined in accordance with federal income tax regulations, which may differ from GAAP.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
21
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against
the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncements and regulatory updates
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission adopted a final rule, "Tailored
Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements."
The rule and form amendments will, among other things, require the Fund to transmit concise and visually
engaging shareholder reports that highlight key information. The amendments will require that funds tag information
in a structured data format and that certain more in-depth information be made available online and available for delivery free
of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period
after the effective date of the amendments.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment
Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial).
Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well
as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended April 30, 2024 was 0.47% of the Fund’s average daily net assets.
Compensation of Board members
Members of the Board of Trustees who are not officers or employees of the Investment
Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations.
Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer
payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had
been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts
payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members"
in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance
with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment
companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment
Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise
Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted
with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services
as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception
of out-of-pocket fees).
22
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number
or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a
fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established
by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder
services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and
Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average
daily net assets attributable to each share class.
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
|
0.06
|
|
Institutional 3 Class
|
0.01
|
|
Class V
|
0.01
(a)
|
|
(a)
|
Unannualized.
|
An annual minimum account balance fee of $20 may apply to certain accounts with a
value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense
reductions in the Statement of Operations. For the six months ended April 30, 2024, no minimum account balance fees
were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors,
Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial,
for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution
and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service
fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or
servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum
annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under
the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.45% of the average
daily net assets attributable to Class C shares of the Fund. As a result of Class C shares of the Fund being converted into
Class A shares, April 15, 2024 was the last day the Fund paid a distribution and service fee for Class C shares.
Shareholder services fees
The Fund had adopted a shareholder services plan that permitted it to pay for certain
services provided to Class V shareholders by their selling and/or servicing agents. The Fund may have paid shareholder
servicing fees up to an aggregate annual rate of 0.40% of the Fund’s average daily net assets attributable to Class V shares (comprised of up to 0.20% for shareholder services and up to 0.20% for administrative support services). These fees
were limited to an aggregate annual rate of not more than 0.15% of the Fund’s average daily net assets attributable to Class V shares. As a result of Class V shares of the Fund being liquidated, December 8, 2023 was the last day the Fund paid
a shareholder services fee for Class V shares.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
23
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs),
received by the Distributor for distributing Fund shares for the six months ended April 30, 2024, if any, are listed
below:
|
|
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.
|
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to
waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed
below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
|
|
|
|
Class A
|
0.75
%
|
|
Advisor Class
|
0.50
|
|
Institutional Class
|
0.50
|
|
Institutional 2 Class
|
0.45
|
|
Institutional 3 Class
|
0.40
|
Under the agreement governing these fee waivers and/or expense reimbursement arrangements,
the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will
be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with
investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction
costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated
with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed
money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses
the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or
amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual
agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse
Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable
to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement
may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements
described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in
accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
24
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
At April 30, 2024, the approximate cost of all investments for federal income tax
purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
|
Federal
tax cost ($)
|
Gross unrealized
appreciation ($)
|
Gross unrealized
(depreciation) ($)
|
Net unrealized
(depreciation) ($)
|
|
108,799,000
|
257,000
|
(2,814,000
)
|
(2,557,000
)
|
Tax cost of investments and unrealized appreciation/(depreciation) may also include
timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at October 31, 2023, may be available
to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
|
No expiration
short-term ($)
|
No expiration
long-term ($)
|
Total ($)
|
|
(178,333
)
|
(2,525,241
)
|
(2,703,574
)
|
Management of the Fund has concluded that there are no significant uncertain tax positions
in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations,
and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term
investments and derivatives, if any, aggregated to $5,629,740 and $20,820,544, respectively, for the six months ended April
30, 2024. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission,
the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating
Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other
Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program
are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to
repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional
lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended April 30, 2024 was as follows:
|
Borrower or lender
|
Average loan
balance ($)
|
Weighted average
interest rate (%)
|
Number of days
with outstanding loans
|
|
Borrower
|
800,000
|
5.86
|
1
|
Interest expense incurred by the Fund is recorded as Interest on interfund lending
in the Statement of Operations. The Fund had no outstanding interfund loans at April 30, 2024.
Note 7. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by
JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of
shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 26, 2023 amendment and restatement,
the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager
or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million.
Interest is currently charged to each
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
25
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
participating fund based on its borrowings at a rate equal to the higher of (i) the
federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus,
in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The
Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15%
per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in
October unless extended or renewed. Prior to the October 26, 2023 amendment and restatement, the Fund had access to a
revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A.
which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings
at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10%
and (iii) the overnight bank funding rate plus, in each case, 1.00%.
The Fund had no borrowings during the six months ended April 30, 2024.
Note 8. Significant risks
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling,
to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings
to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present
increased credit risk as compared to higher-rated debt instruments.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates.
In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments
tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates.
Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively
affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in
interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments
which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions
or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another,
more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment,
the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions,
which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is
forced to sell securities in a down market.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in
which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things,
political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition,
turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many
issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are
increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact
issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely
interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As
a result, local, regional or global events
26
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks
and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
Municipal securities risk
Municipal securities are debt obligations generally issued to obtain funds for various
public purposes, including general financing for state and local governments, or financing for a specific project or
public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto
Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes.
The value of municipal securities can be significantly affected by actual or expected political and legislative changes at
the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government,
by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic
or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into
general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects
in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall
municipal market.
Issuers in a state, territory, commonwealth or possession in which the Fund invests
may experience significant financial difficulties for various reasons, including as the result of events that cannot be
reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest,
labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such
issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in
such state, territory, commonwealth or possession. The value of the Fund’s shares will be negatively impacted to the extent it invests in such securities. The Fund’s annual and semiannual reports show the Fund’s investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund’s investment exposures.
Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax,
legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the
Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than
a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected
by future changes in federal or state income tax laws.
Non-diversification risk
A non-diversified fund is permitted to invest a greater percentage of its total assets
in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the
Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.
Shareholder concentration risk
At April 30, 2024, one unaffiliated shareholder of record owned 41.8% of the outstanding
shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was
owned beneficially. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations
of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including
its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions.
Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund
shareholders.
Note 9. Subsequent events
Management has evaluated the events and transactions that have occurred through the
date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional
disclosure.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
27
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course
of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions
concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm.
Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates
are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect
on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise
Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange
Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies
of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated
with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the
Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability
of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties
and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in
one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could
have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial
or one or more of its affiliates that provide services to the Fund.
28
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
Liquidity Risk Management Program
(Unaudited)
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management
program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee
(the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing
the operations of the program and assessing its adequacy and effectiveness of implementation for the period January
1, 2023, through December 31, 2023, including:
•
the Fund had sufficient liquidity to both meet redemptions and operate effectively
on behalf of shareholders;
•
there were no material changes to the Program during the period;
•
the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2024
29
Columbia New York Intermediate Municipal Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for
any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information
about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name
of the Columbia and Threadneedle group of companies. All rights reserved.
© 2024 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR204_10_P01_(06/24)
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.
|
(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 |
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By (Signature and Title) |
/s/ Daniel J. Beckman |
|
|
Daniel J. Beckman, President and Principal Executive Officer |
|
|
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|
Date |
June 20, 2024 |
|
|
|
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By (Signature and Title) |
/s/ Daniel J. Beckman |
|
|
Daniel J. Beckman, President and Principal Executive Officer |
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|
|
|
Date |
June 20, 2024 |
|
By (Signature and Title) |
/s/ Michael G. Clarke |
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Michael G. Clarke, Chief Financial Officer, Treasurer, |
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Chief Accounting Officer, Principal Financial Officer and Senior Vice President |
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Date |
June 20, 2024 |