UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-09645
Columbia Funds Series Trust
(Exact name of registrant as specified in charter)
225 Franklin Street
Boston, Massachusetts 02110
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
225 Franklin Street
Boston, Massachusetts 02110
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
225 Franklin Street
Boston, MA 02110
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: April 30
Date of reporting period: April 30, 2021
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.
April 30, 2021
3 | |
5 | |
7 | |
8 | |
24 | |
25 | |
26 | |
28 | |
32 | |
44 | |
45 | |
45 | |
51 | |
52 |
Average annual total returns (%) (for the period ended April 30, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/02/93 | 2.99 | 1.28 | 1.06 |
Including sales charges | 2.00 | 1.07 | 0.96 | ||
Advisor Class* | 03/19/13 | 3.34 | 1.57 | 1.34 | |
Class C | Excluding sales charges | 05/19/94 | 2.32 | 0.54 | 0.32 |
Including sales charges | 1.32 | 0.54 | 0.32 | ||
Institutional Class | 10/07/93 | 3.25 | 1.53 | 1.32 | |
Institutional 2 Class* | 11/08/12 | 3.39 | 1.61 | 1.38 | |
Institutional 3 Class* | 03/01/17 | 3.44 | 1.61 | 1.36 | |
Bloomberg Barclays 1-3 Year Municipal Bond Index | 2.33 | 1.55 | 1.34 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 3 |
Quality breakdown (%) (at April 30, 2021) | |
AAA rating | 4.6 |
AA rating | 27.5 |
A rating | 37.6 |
BBB rating | 14.6 |
BB rating | 0.6 |
Not rated | 15.1 |
Total | 100.0 |
Top Ten States/Territories (%) (at April 30, 2021) | |
New York | 19.0 |
Illinois | 9.7 |
New Jersey | 7.7 |
Pennsylvania | 6.2 |
Massachusetts | 4.9 |
California | 4.7 |
Texas | 4.4 |
Connecticut | 4.3 |
Wisconsin | 2.8 |
Washington | 2.5 |
4 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
• | The Fund’s duration and yield curve positioning contributed positively to its relative results. The Fund had a modestly longer duration profile than that of the benchmark, which helped as municipal yields declined between 50 and 80 basis points during the annual period. (A basis point is 1/100th of a percentage point.) Also, the Fund had an emphasis on securities with greater than three-year maturities, which are not part of the benchmark, but which outperformed the benchmark during the annual period. |
• | Relative to the benchmark, having an underweighted allocation to bonds rated AAA and overweighted allocations to lower rated, i.e. A and BBB, investment-grade bonds boosted the Fund’s results. Lower quality securities overall outperformed higher quality securities during the annual period, as it was generally a “risk on” time in the market. |
• | From a sector perspective, having an underweight to pre-refunded bonds added value to the Fund’s relative results. The pre-refunded sector is generally a higher quality, shorter maturity one, which underperformed lower quality, longer maturity sectors during the annual period. |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 5 |
• | Having overweight allocations to the transportation and hospital sectors bolstered the Fund’s results, as lower quality sectors outperformed and as the transportation sector came back into favor with the re-opening of the economy following the COVID-19-induced lockdown. |
• | Security selection among transportation, hospital, education and state general obligations bonds contributed to the Fund’s results. |
• | From a states’ perspective, having overweights to Illinois- and New Jersey-based credits, which generally outperformed the benchmark during the annual period, and having an underweight to California-based credits, which generally underperformed the benchmark during the annual period, also contributed positively to the Fund’s results. |
• | Exposure to cash, to municipal bonds with maturities of less than one year and to municipal notes, which are not components of the benchmark and which underperformed the benchmark during the annual period, detracted from the Fund’s relative results. Shorter duration securities underperformed longer duration securities and did not participate to the same extent in the general price appreciation seen elsewhere in the municipal bond market during the annual period. |
• | Having an underweight to state general obligation bonds dampened the Fund’s relative results, as this sector outperformed the benchmark during the annual period. |
• | While the Fund’s overweight allocation to Illinois-based credits helped relative performance, security selection among Illinois-based credits detracted. |
6 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
(Unaudited)
November 1, 2020 — April 30, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,008.40 | 1,021.64 | 3.30 | 3.33 | 0.66 |
Advisor Class | 1,000.00 | 1,000.00 | 1,010.60 | 1,022.89 | 2.06 | 2.07 | 0.41 |
Class C | 1,000.00 | 1,000.00 | 1,005.60 | 1,017.90 | 7.05 | 7.09 | 1.41 |
Institutional Class | 1,000.00 | 1,000.00 | 1,009.60 | 1,022.89 | 2.05 | 2.07 | 0.41 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,009.80 | 1,023.09 | 1.85 | 1.87 | 0.37 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,010.00 | 1,023.34 | 1.60 | 1.61 | 0.32 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 7 |
April 30, 2021
Floating Rate Notes 2.2% | ||||
Issue Description | Effective Yield | Principal Amount ($) | Value ($) | |
Minnesota 0.5% | ||||
City of Minneapolis/St. Paul Housing & Redevelopment Authority(a),(b) | ||||
Revenue Bonds | ||||
Allina Health Systems | ||||
Series 2009B-1 (JPMorgan Chase Bank) | ||||
11/15/2035 | 0.020% | 3,900,000 | 3,900,000 | |
New York 1.7% | ||||
City of New York(a),(b) | ||||
Unlimited General Obligation Bonds | ||||
Fiscal 2015 | ||||
Subordinated Series 2015 (JPMorgan Chase Bank) | ||||
06/01/2044 | 0.020% | 3,600,000 | 3,600,000 | |
New York City Transitional Finance Authority(a),(b) | ||||
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2016 (JPMorgan Chase Bank) | ||||
02/01/2045 | 0.020% | 1,000,000 | 1,000,000 | |
New York City Water & Sewer System(a),(b) | ||||
Revenue Bonds | ||||
2nd General Resolution | ||||
Series 2013 (JPMorgan Chase Bank) | ||||
06/15/2050 | 0.020% | 5,145,000 | 5,145,000 | |
06/15/2050 | 0.020% | 2,050,000 | 2,050,000 | |
Total | 11,795,000 | |||
Total Floating Rate Notes (Cost $15,695,000) | 15,695,000 | |||
Municipal Bonds 88.3% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Alabama 2.1% | ||||
Black Belt Energy Gas District | ||||
Revenue Bonds | ||||
Series 2017-A (Mandatory Put 07/01/22) | ||||
08/01/2047 | 4.000% | 2,500,000 | 2,598,325 | |
Series 2018A (Mandatory Put 12/01/23) | ||||
12/01/2048 | 4.000% | 4,970,000 | 5,394,239 | |
Black Belt Energy Gas District(c) | ||||
Revenue Bonds | ||||
Series 2018B-2 (Mandatory Put 12/01/23) | ||||
Muni Swap Index Yield + 0.620% 12/01/2048 | 0.680% | 5,000,000 | 5,024,200 | |
Industrial Development Board of the City of Mobile | ||||
Senior Revenue Bonds | ||||
Alabama Power Co. - Barry Plant Project | ||||
Series 2020 (Mandatory Put 06/26/25) | ||||
06/01/2034 | 1.000% | 1,150,000 | 1,167,434 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Southeast Alabama Gas Supply District (The) | ||||
Revenue Bonds | ||||
Project #2 | ||||
Series 2018A | ||||
06/01/2021 | 4.000% | 1,000,000 | 1,002,912 | |
Total | 15,187,110 | |||
Alaska 0.7% | ||||
Alaska Industrial Development & Export Authority | ||||
Refunding Revenue Bonds | ||||
Greater Fairbanks Community Hospital Foundation Project | ||||
Series 2019 | ||||
04/01/2023 | 5.000% | 1,870,000 | 2,036,355 | |
04/01/2024 | 5.000% | 1,800,000 | 2,024,568 | |
Alaska Municipal Bond Bank Authority | ||||
Refunding Revenue Bonds | ||||
Series 2020-1 | ||||
12/01/2022 | 5.000% | 700,000 | 751,422 | |
Total | 4,812,345 | |||
Arizona 1.7% | ||||
Arizona Industrial Development Authority | ||||
Revenue Bonds | ||||
Lincoln South Beltway Project | ||||
Series 2020 | ||||
02/01/2023 | 5.000% | 1,250,000 | 1,349,288 | |
05/01/2023 | 5.000% | 1,000,000 | 1,090,790 | |
Chandler Industrial Development Authority(d) | ||||
Revenue Bonds | ||||
Intel Corp. | ||||
Series 2019 (Mandatory Put 06/03/24) | ||||
06/01/2049 | 5.000% | 1,450,000 | 1,647,795 | |
Coconino County Pollution Control Corp.(d) | ||||
Refunding Revenue Bonds | ||||
Nevada Power Co. | ||||
Series 2020 (Mandatory Put 03/31/23) | ||||
09/01/2032 | 1.875% | 1,500,000 | 1,540,275 | |
Maricopa County Industrial Development Authority(c) | ||||
Refunding Revenue Bonds | ||||
Banner Health Obligation | ||||
Series 2019 (Mandatory Put 10/18/24) | ||||
Muni Swap Index Yield + 0.570% 01/01/2035 | 0.630% | 1,420,000 | 1,413,851 | |
Salt River Project Agricultural Improvement & Power District(e) | ||||
Refunding Revenue Bonds | ||||
Forward Delivery | ||||
Series 2021 | ||||
01/01/2024 | 5.000% | 4,250,000 | 4,709,212 | |
Total | 11,751,211 |
8 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
California 4.6% | ||||
California County Tobacco Securitization Agency | ||||
Refunding Revenue Bonds | ||||
Series 2020A | ||||
06/01/2022 | 4.000% | 300,000 | 312,306 | |
06/01/2023 | 4.000% | 400,000 | 430,848 | |
California Health Facilities Financing Authority(e) | ||||
Refunding Revenue Bonds | ||||
Lucile Salter Packard Children’s Hospital at Stanford | ||||
Series 2022 | ||||
05/15/2026 | 5.000% | 1,000,000 | 1,155,070 | |
California Housing Finance | ||||
Revenue Bonds | ||||
Santa Ana Towers | ||||
Series 2020F (Mandatory Put 04/01/22) | ||||
04/01/2024 | 1.450% | 2,000,000 | 2,013,920 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Community Medical Centers | ||||
Series 2017A | ||||
02/01/2036 | 5.000% | 1,745,000 | 2,089,585 | |
California Public Finance Authority | ||||
Refunding Revenue Bonds | ||||
Henry Mayo Newhall Hospital | ||||
Series 2021 | ||||
10/15/2024 | 4.000% | 380,000 | 420,516 | |
10/15/2025 | 4.000% | 400,000 | 451,652 | |
10/15/2026 | 4.000% | 415,000 | 476,806 | |
California State Public Works Board(e) | ||||
Refunding Revenue Bonds | ||||
Various Purpose | ||||
Series 2022A | ||||
08/01/2025 | 5.000% | 3,000,000 | 3,421,680 | |
Center Unified School District(f) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2016 (BAM) | ||||
08/01/2031 | 0.000% | 2,000,000 | 1,582,360 | |
Citrus Community College District(f) | ||||
Prerefunded 02/01/24 Unlimited General Obligation Bonds | ||||
Election of 2004 | ||||
Series 2014 | ||||
08/01/2037 | 0.000% | 2,140,000 | 2,228,682 | |
Corona-Norco Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation | ||||
Series 2002D (AGM) | ||||
09/01/2027 | 0.000% | 2,000,000 | 1,861,260 | |
County of Riverside(d) | ||||
Revenue Bonds | ||||
Series 1989A Escrowed to Maturity (GNMA) | ||||
05/01/2021 | 7.800% | 1,500,000 | 1,500,289 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
County of Sacramento Airport System(d) | ||||
Refunding Revenue Bonds | ||||
Series 2018C | ||||
07/01/2029 | 5.000% | 1,585,000 | 1,990,728 | |
Port of Oakland(d) | ||||
Refunding Revenue Bonds | ||||
Intermediate Lien | ||||
Junior Subordinated Series 2021 | ||||
05/01/2026 | 5.000% | 4,125,000 | 4,957,054 | |
San Francisco City & County Airport Commission - San Francisco International Airport(d) | ||||
Refunding Revenue Bonds | ||||
Series 2019 | ||||
01/01/2026 | 5.000% | 1,500,000 | 1,796,190 | |
Series 2019H Escrowed to Maturity | ||||
05/01/2021 | 5.000% | 2,570,000 | 2,570,314 | |
San Joaquin Hills Transportation Corridor Agency(f) | ||||
Revenue Bonds | ||||
Senior Lien | ||||
Series 1993 Escrowed to Maturity | ||||
01/01/2025 | 0.000% | 3,000,000 | 2,955,360 | |
Total | 32,214,620 | |||
Colorado 2.1% | ||||
City & County of Denver Airport System(d) | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
11/15/2030 | 5.000% | 1,925,000 | 2,372,909 | |
Series 2020B-1 | ||||
11/15/2021 | 5.000% | 3,015,000 | 3,092,184 | |
11/15/2022 | 5.000% | 3,160,000 | 3,386,604 | |
Colorado Health Facilities Authority | ||||
Refunding Revenue Bonds | ||||
CommonSpirit Health | ||||
Series 2019B (Mandatory Put 08/01/26) | ||||
08/01/2049 | 5.000% | 2,000,000 | 2,397,360 | |
University of Colorado Hospital Authority | ||||
Revenue Bonds | ||||
Obligation Group | ||||
Series 2017 (Mandatory Put 03/01/22) | ||||
11/15/2038 | 5.000% | 3,650,000 | 3,706,246 | |
Total | 14,955,303 | |||
Connecticut 4.3% | ||||
City of Bridgeport | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2017B | ||||
08/15/2026 | 5.000% | 3,250,000 | 3,906,045 | |
City of Waterbury | ||||
Unlimited General Obligation Bonds | ||||
Series 2017A | ||||
11/15/2021 | 5.000% | 500,000 | 512,715 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 9 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2017B | ||||
09/01/2021 | 5.000% | 425,000 | 431,622 | |
Connecticut Housing Finance Authority(d) | ||||
Refunding Revenue Bonds | ||||
Housing Mortgage Finance Program | ||||
Series 2021 | ||||
05/15/2023 | 0.350% | 350,000 | 350,144 | |
11/15/2023 | 0.400% | 300,000 | 299,919 | |
Subordinated Series 2018A-2 | ||||
05/15/2021 | 2.150% | 1,595,000 | 1,595,992 | |
11/15/2021 | 2.250% | 1,625,000 | 1,638,666 | |
05/15/2022 | 2.375% | 1,460,000 | 1,485,039 | |
Revenue Bonds | ||||
Subordinated Series 2017C-2 | ||||
05/15/2021 | 3.000% | 2,680,000 | 2,682,570 | |
11/15/2021 | 3.000% | 4,435,000 | 4,438,770 | |
State of Connecticut | ||||
Revenue Bonds | ||||
Special Tax Obligation Bonds | ||||
Series 2020A | ||||
05/01/2022 | 5.000% | 400,000 | 419,336 | |
Unlimited General Obligation Bonds | ||||
Green Bonds | ||||
Series 2016F | ||||
10/15/2030 | 5.000% | 2,410,000 | 2,925,595 | |
Series 2016E | ||||
10/15/2034 | 5.000% | 1,620,000 | 1,954,854 | |
Series 2020E | ||||
09/15/2028 | 4.000% | 3,190,000 | 3,337,442 | |
State of Connecticut Special Tax | ||||
Revenue Bonds | ||||
Series 2018B | ||||
10/01/2031 | 5.000% | 3,535,000 | 4,494,045 | |
Total | 30,472,754 | |||
District of Columbia 1.7% | ||||
District of Columbia | ||||
Revenue Bonds | ||||
Federal Highway Grant Anticipation | ||||
Series 2011 | ||||
12/01/2023 | 5.250% | 1,750,000 | 1,756,457 | |
District of Columbia Housing Finance Agency | ||||
Revenue Bonds | ||||
Series 2018B-1 (FHA) (Mandatory Put 03/01/22) | ||||
09/01/2023 | 2.550% | 5,175,000 | 5,271,307 | |
Metropolitan Washington Airports Authority(d) | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
10/01/2035 | 5.000% | 4,000,000 | 4,737,480 | |
Total | 11,765,244 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Florida 1.8% | ||||
City of Port St. Lucie | ||||
Special Assessment Refunding Revenue Bonds | ||||
Series 2016 | ||||
07/01/2026 | 2.250% | 1,750,000 | 1,876,735 | |
County of Broward Airport System(d) | ||||
Revenue Bonds | ||||
Series 2017 | ||||
10/01/2021 | 5.000% | 1,480,000 | 1,508,845 | |
County of Lee Solid Waste System(d) | ||||
Refunding Revenue Bonds | ||||
Series 2016 (NPFGC) | ||||
10/01/2022 | 5.000% | 3,100,000 | 3,277,444 | |
Florida Ports Financing Commission(d) | ||||
Prerefunded 06/01/21 Revenue Bonds | ||||
Transportation Fund | ||||
Series 2011B | ||||
06/01/2023 | 5.000% | 3,000,000 | 3,010,800 | |
Miami-Dade County Housing Finance Authority | ||||
Revenue Bonds | ||||
Series 2020 (Mandatory Put 04/01/22) | ||||
04/01/2023 | 1.400% | 1,000,000 | 1,004,440 | |
Seminole County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Legacy Pointe at UCF Project | ||||
Series 2019 | ||||
11/15/2025 | 3.750% | 2,000,000 | 1,943,100 | |
Total | 12,621,364 | |||
Georgia 1.0% | ||||
Burke County Development Authority | ||||
Revenue Bonds | ||||
Georgia Power Co. Plant Vogtle Project | ||||
Series 2019 (Mandatory Put 05/25/23) | ||||
10/01/2032 | 2.250% | 1,000,000 | 1,037,780 | |
Georgia State Road & Tollway Authority(f),(g) | ||||
Prerefunded 06/01/24 Revenue Bonds | ||||
I-75 S Express Lanes Project | ||||
Series 2014 | ||||
06/01/2024 | 0.000% | 1,000,000 | 911,410 | |
Main Street Natural Gas, Inc. | ||||
Revenue Bonds | ||||
Series 2019B (Mandatory Put 12/02/24) | ||||
08/01/2049 | 4.000% | 3,360,000 | 3,755,640 | |
Series 2019C | ||||
09/01/2024 | 5.000% | 1,500,000 | 1,716,975 | |
Total | 7,421,805 |
10 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Illinois 9.7% | ||||
Chicago Board of Education | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2021B | ||||
12/01/2022 | 5.000% | 400,000 | 426,288 | |
Chicago Midway International Airport(d) | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Series 2014A | ||||
01/01/2022 | 5.000% | 2,000,000 | 2,062,300 | |
Chicago O’Hare International Airport(d) | ||||
Refunding Revenue Bonds | ||||
General Senior Lien | ||||
Series 2012B Escrowed to Maturity | ||||
01/01/2022 | 5.000% | 5,000,000 | 5,154,750 | |
Series 2013A Escrowed to Maturity | ||||
01/01/2022 | 5.000% | 5,675,000 | 5,850,641 | |
Series 2015A | ||||
01/01/2028 | 5.000% | 2,515,000 | 2,897,959 | |
City of Chicago Wastewater Transmission | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Series 2008 | ||||
01/01/2024 | 5.000% | 2,200,000 | 2,441,230 | |
City of Chicago Waterworks | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Series 2016 | ||||
11/01/2021 | 5.000% | 2,115,000 | 2,162,313 | |
Series 2016 | ||||
11/01/2022 | 5.000% | 3,220,000 | 3,437,543 | |
Revenue Bonds | ||||
2nd Lien | ||||
Series 2012 | ||||
11/01/2021 | 4.000% | 1,500,000 | 1,527,765 | |
City of Granite City(d) | ||||
Revenue Bonds | ||||
Waste Management, Inc. Project | ||||
Series 2019 (Mandatory Put 05/03/21) | ||||
05/01/2027 | 2.450% | 2,500,000 | 2,500,000 | |
Cook County Community College District No. 535 Oakton | ||||
Prerefunded 12/01/24 Limited General Obligation Bonds | ||||
Limited Tax | ||||
Series 2014 | ||||
12/01/2027 | 4.000% | 200,000 | 225,988 | |
Illinois Development Finance Authority(f) | ||||
Revenue Bonds | ||||
Regency Park | ||||
Series 1991 Escrowed to Maturity | ||||
07/15/2025 | 0.000% | 1,510,000 | 1,471,269 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Zero Regency Park | ||||
Series 1991 Escrowed to Maturity | ||||
07/15/2023 | 0.000% | 2,395,000 | 2,377,181 | |
Illinois Finance Authority | ||||
Refunding Revenue Bonds | ||||
American Water Capital Corp. Project | ||||
Series 2020 (Mandatory Put 09/01/23) | ||||
05/01/2040 | 0.700% | 2,000,000 | 1,999,820 | |
Swedish Covenant Hospital | ||||
Series 2016 Escrowed to Maturity | ||||
08/15/2021 | 5.000% | 455,000 | 461,133 | |
Revenue Bonds | ||||
Loyola University of Chicago | ||||
Series 2012B | ||||
07/01/2025 | 5.000% | 1,500,000 | 1,582,065 | |
Illinois Finance Authority(e) | ||||
Refunding Revenue Bonds | ||||
University of Chicago | ||||
Series 2021A | ||||
10/01/2025 | 5.000% | 2,000,000 | 2,369,560 | |
Illinois Housing Development Authority | ||||
Revenue Bonds | ||||
Senior | ||||
Series 2016A | ||||
10/01/2031 | 3.125% | 2,895,000 | 3,028,431 | |
Kane Cook & DuPage Counties School District No. U-46 Elgin(f) | ||||
Unrefunded Unlimited General Obligation Bonds | ||||
Series 2003B (AMBAC) | ||||
01/01/2023 | 0.000% | 2,000,000 | 1,980,740 | |
Kendall Kane & Will Counties Community Unit School District No. 308(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation-School | ||||
Series 2018 (AGM) | ||||
02/01/2022 | 0.000% | 1,950,000 | 1,941,927 | |
Kendall Kane & Will Counties Community Unit School District No. 308 | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2011A | ||||
02/01/2023 | 5.500% | 2,000,000 | 2,166,960 | |
Regional Transportation Authority | ||||
Revenue Bonds | ||||
Series 2018B | ||||
06/01/2033 | 5.000% | 1,815,000 | 2,294,323 | |
State of Illinois | ||||
Unlimited General Obligation Bonds | ||||
Senior | ||||
Series 2014 | ||||
05/01/2026 | 5.000% | 2,000,000 | 2,239,800 | |
05/01/2027 | 5.000% | 1,500,000 | 1,676,190 | |
Series 2020C | ||||
05/01/2022 | 5.125% | 500,000 | 523,330 | |
05/01/2023 | 5.375% | 250,000 | 273,965 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 11 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2020D | ||||
10/01/2022 | 5.000% | 500,000 | 531,825 | |
10/01/2024 | 5.000% | 2,000,000 | 2,285,480 | |
Series 2021A | ||||
03/01/2024 | 5.000% | 1,250,000 | 1,401,200 | |
Series 2021B | ||||
03/01/2023 | 5.000% | 2,500,000 | 2,703,625 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2016 | ||||
02/01/2022 | 5.000% | 1,500,000 | 1,551,315 | |
Series 2018A | ||||
10/01/2021 | 5.000% | 2,000,000 | 2,037,860 | |
10/01/2023 | 5.000% | 2,300,000 | 2,542,765 | |
Total | 68,127,541 | |||
Indiana 2.2% | ||||
Elkhart County Corrections Complex Building Corp. | ||||
Refunding Revenue Bonds | ||||
1st Mortgage | ||||
Series 2015 | ||||
12/01/2025 | 4.000% | 2,505,000 | 2,863,616 | |
Indiana Finance Authority(c) | ||||
Revenue Bonds | ||||
Indiana University Health | ||||
Series 2011M (Mandatory Put 07/02/21) | ||||
Muni Swap Index Yield + 0.280% 12/01/2046 | 0.340% | 5,365,000 | 5,365,054 | |
Indiana Health & Educational Facilities Financing Authority | ||||
Prerefunded 11/02/2021 Revenue Bonds | ||||
Ascension Health Alliance | ||||
Series 2006B-3 | ||||
11/15/2031 | 1.750% | 70,000 | 70,449 | |
Unrefunded Revenue Bonds | ||||
Ascension Health Alliance | ||||
Series 2006B-3 (Mandatory Put 11/02/21) | ||||
11/15/2031 | 1.750% | 4,610,000 | 4,646,649 | |
Indiana Housing & Community Development Authority(d) | ||||
Refunding Revenue Bonds | ||||
Series 2020B-2 (GNMA) | ||||
01/01/2022 | 5.000% | 1,555,000 | 1,602,085 | |
Indianapolis Local Public Improvement Bond Bank | ||||
Refunding Revenue Bonds | ||||
Series 2021A | ||||
06/01/2024 | 5.000% | 1,000,000 | 1,133,570 | |
Total | 15,681,423 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Iowa 0.7% | ||||
Iowa Student Loan Liquidity Corp.(d) | ||||
Refunding Revenue Bonds | ||||
Series 2019B | ||||
12/01/2022 | 5.000% | 400,000 | 428,916 | |
12/01/2023 | 5.000% | 1,880,000 | 2,093,380 | |
Revenue Bonds | ||||
Series 2015A | ||||
12/01/2022 | 5.000% | 2,000,000 | 2,142,940 | |
Total | 4,665,236 | |||
Kentucky 1.6% | ||||
County of Owen | ||||
Refunding Revenue Bonds | ||||
Kentucky-American Water Co. Project | ||||
Series 2020 (Mandatory Put 09/01/23) | ||||
06/01/2040 | 0.700% | 1,250,000 | 1,248,738 | |
Kenton County School District Finance Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2015B | ||||
10/01/2025 | 3.000% | 1,995,000 | 2,157,313 | |
Kentucky Economic Development Finance Authority | ||||
Refunding Revenue Bonds | ||||
Owensboro Health System | ||||
Series 2017A | ||||
06/01/2021 | 5.000% | 1,000,000 | 1,003,011 | |
06/01/2022 | 5.000% | 1,000,000 | 1,039,900 | |
Kentucky Public Energy Authority | ||||
Revenue Bonds | ||||
Gas Supply | ||||
Series 2018 | ||||
06/01/2021 | 4.000% | 1,065,000 | 1,068,112 | |
Kentucky State Property & Building Commission | ||||
Refunding Revenue Bonds | ||||
Project #112 | ||||
Series 2016B | ||||
11/01/2021 | 5.000% | 3,000,000 | 3,071,460 | |
Louisville Regional Airport Authority(d) | ||||
Refunding Revenue Bonds | ||||
Series 2014-A | ||||
07/01/2022 | 5.000% | 1,625,000 | 1,708,362 | |
Total | 11,296,896 | |||
Louisiana 0.3% | ||||
Louisiana Local Government Environmental Facilities & Community Development Authority | ||||
Refunding Revenue Bonds | ||||
Entergy Louisiana LLC Project | ||||
Series 2021 | ||||
06/01/2030 | 2.000% | 1,250,000 | 1,274,450 |
12 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Louisiana Offshore Terminal Authority | ||||
Refunding Revenue Bonds | ||||
Loop LLC Project | ||||
Series 2019 (Mandatory Put 12/01/23) | ||||
09/01/2027 | 1.650% | 1,000,000 | 1,016,370 | |
Total | 2,290,820 | |||
Maine 0.2% | ||||
Maine Health & Higher Educational Facilities Authority | ||||
Revenue Bonds | ||||
MaineHealth | ||||
Series 2020A | ||||
07/01/2026 | 5.000% | 400,000 | 486,004 | |
07/01/2027 | 5.000% | 600,000 | 748,314 | |
Total | 1,234,318 | |||
Maryland 0.3% | ||||
Maryland Community Development Administration | ||||
Refunding Revenue Bonds | ||||
Series 2019B | ||||
09/01/2034 | 3.000% | 620,000 | 666,035 | |
Maryland Health & Higher Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
University of Maryland Medical System | ||||
Series 2020 (Mandatory Put 07/01/25) | ||||
07/01/2045 | 5.000% | 1,500,000 | 1,734,285 | |
Total | 2,400,320 | |||
Massachusetts 2.6% | ||||
Boston Housing Authority | ||||
Refunding Revenue Bonds | ||||
Series 2020A | ||||
04/01/2022 | 0.550% | 485,000 | 485,922 | |
10/01/2022 | 0.600% | 535,000 | 536,873 | |
04/01/2023 | 0.650% | 590,000 | 593,699 | |
10/01/2023 | 0.700% | 470,000 | 473,144 | |
Brockton Area Transit Authority | ||||
Revenue Notes | ||||
RAN Series 2020 | ||||
07/30/2021 | 1.500% | 3,050,000 | 3,056,954 | |
City of Greenfield | ||||
General Obligations Notes | ||||
BAN Series 2020 | ||||
10/01/2021 | 1.500% | 4,903,820 | 4,932,605 | |
Massachusetts Educational Financing Authority(d) | ||||
Refunding Revenue Bonds | ||||
Issue K | ||||
Series 2017A | ||||
07/01/2021 | 4.000% | 1,000,000 | 1,005,930 | |
Series 2018B | ||||
07/01/2021 | 5.000% | 1,150,000 | 1,158,636 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Series 2015A | ||||
01/01/2022 | 5.000% | 3,500,000 | 3,610,705 | |
Senior Revenue Bonds | ||||
Series 2019B | ||||
07/01/2023 | 5.000% | 500,000 | 549,485 | |
Massachusetts Housing Finance Agency | ||||
Revenue Bonds | ||||
Construction Loan Notes | ||||
Series 2017B | ||||
12/01/2021 | 2.050% | 605,000 | 605,448 | |
Massachusetts Port Authority(d) | ||||
Refunding Revenue Bonds | ||||
BosFuel Project | ||||
Series 2019A | ||||
07/01/2026 | 5.000% | 885,000 | 1,068,797 | |
Total | 18,078,198 | |||
Michigan 1.7% | ||||
Michigan Finance Authority(e) | ||||
Refunding Revenue Bonds | ||||
McLaren Health Care | ||||
Series 2021D-1 | ||||
10/15/2026 | 0.900% | 1,615,000 | 1,614,160 | |
10/15/2027 | 1.100% | 1,650,000 | 1,654,538 | |
Michigan Finance Authority(d) | ||||
Refunding Revenue Bonds | ||||
Student Loan | ||||
Series 2014-25A | ||||
11/01/2023 | 3.500% | 3,165,000 | 3,293,024 | |
Wayne County Airport Authority(d) | ||||
Refunding Revenue Bonds | ||||
Junior Lien | ||||
Series 2017B | ||||
12/01/2021 | 5.000% | 1,000,000 | 1,026,440 | |
12/01/2022 | 5.000% | 1,100,000 | 1,179,354 | |
Series 2015F | ||||
12/01/2027 | 5.000% | 2,810,000 | 3,348,003 | |
Total | 12,115,519 | |||
Minnesota 1.0% | ||||
City of Maple Grove | ||||
Refunding Revenue Bonds | ||||
Maple Grove Hospital Corp. | ||||
Series 2017 | ||||
05/01/2021 | 4.000% | 500,000 | 500,044 | |
05/01/2022 | 4.000% | 500,000 | 516,580 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 13 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Wayzata | ||||
Refunding Revenue Bonds | ||||
Folkstone Senior Living Co. | ||||
Series 2019 | ||||
08/01/2022 | 3.000% | 100,000 | 100,264 | |
08/01/2023 | 3.000% | 200,000 | 200,468 | |
08/01/2024 | 3.000% | 100,000 | 100,366 | |
08/01/2025 | 3.000% | 200,000 | 200,548 | |
08/01/2026 | 3.000% | 250,000 | 250,232 | |
Duluth Independent School District No. 709 | ||||
Refunding Certificate of Participation | ||||
School District Credit Enhancement Project | ||||
Series 2019B | ||||
02/01/2022 | 5.000% | 965,000 | 995,851 | |
Hastings Independent School District No. 200(f) | ||||
Unlimited General Obligation Bonds | ||||
Student Credit Enhancement Program School Building | ||||
Series 2018A | ||||
02/01/2023 | 0.000% | 800,000 | 796,144 | |
Minnesota Housing Finance Agency(d) | ||||
Revenue Bonds | ||||
Series 2020A | ||||
07/01/2022 | 1.300% | 205,000 | 206,853 | |
07/01/2023 | 1.350% | 250,000 | 253,690 | |
Series 2020A (GNMA) | ||||
07/01/2021 | 1.150% | 420,000 | 420,487 | |
07/01/2024 | 1.450% | 160,000 | 163,242 | |
Series 2020D (GNMA) | ||||
07/01/2026 | 1.650% | 460,000 | 464,246 | |
Series 2020H | ||||
01/01/2023 | 0.550% | 200,000 | 200,580 | |
07/01/2023 | 0.600% | 240,000 | 240,874 | |
01/01/2024 | 0.650% | 200,000 | 200,732 | |
07/01/2024 | 0.700% | 200,000 | 200,568 | |
01/01/2025 | 0.800% | 375,000 | 375,532 | |
07/01/2025 | 0.850% | 400,000 | 399,836 | |
Total | 6,787,137 | |||
Mississippi 0.1% | ||||
County of Warren(d) | ||||
Refunding Revenue Bonds | ||||
International Paper Co. Project | ||||
Series 2020 (Mandatory Put 06/16/25) | ||||
08/01/2027 | 1.600% | 1,000,000 | 1,035,620 | |
Missouri 1.1% | ||||
Health & Educational Facilities Authority of the State of Missouri | ||||
Refunding Revenue Bonds | ||||
CoxHealth | ||||
Series 2015A | ||||
11/15/2033 | 5.000% | 5,000,000 | 5,744,400 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Joplin Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Freeman Health System | ||||
Series 2015 | ||||
02/15/2035 | 5.000% | 1,820,000 | 1,990,643 | |
Total | 7,735,043 | |||
Nebraska 0.5% | ||||
Nebraska Investment Finance Authority | ||||
Revenue Bonds | ||||
Series 2018C | ||||
09/01/2023 | 2.250% | 1,920,000 | 1,994,669 | |
Nebraska Public Power District(e) | ||||
Refunding Revenue Bonds | ||||
Series 2021A | ||||
01/01/2023 | 5.000% | 1,135,000 | 1,198,571 | |
01/01/2025 | 5.000% | 525,000 | 596,127 | |
Total | 3,789,367 | |||
Nevada 1.5% | ||||
Clark County School District | ||||
Limited General Obligation Bonds | ||||
Series 2020A (AGM) | ||||
06/15/2026 | 5.000% | 500,000 | 608,985 | |
County of Clark Department of Aviation(d) | ||||
Refunding Revenue Bonds | ||||
Airport System Junior Subordinated Lien | ||||
Series 2017C | ||||
07/01/2021 | 5.000% | 4,625,000 | 4,660,150 | |
Las Vegas McCarran International Airport | ||||
Series 2017 | ||||
07/01/2022 | 5.000% | 2,240,000 | 2,362,976 | |
Subordinated Series 2017A-1 | ||||
07/01/2022 | 5.000% | 3,000,000 | 3,164,700 | |
Total | 10,796,811 | |||
New Hampshire 0.9% | ||||
New Hampshire Business Finance Authority(c),(d) | ||||
Refunding Revenue Bonds | ||||
Waste Management, Inc. Project | ||||
Series 2018 (Mandatory Put 10/01/21) | ||||
Muni Swap Index Yield + 0.750% 10/01/2033 | 0.810% | 5,000,000 | 5,000,550 | |
New Hampshire Business Finance Authority(d) | ||||
Refunding Revenue Bonds | ||||
Waste Management, Inc. Project | ||||
Series 2019 (Mandatory Put 07/01/24) | ||||
07/01/2027 | 2.150% | 1,000,000 | 1,048,510 | |
Total | 6,049,060 |
14 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
New Jersey 7.5% | ||||
City of Atlantic City | ||||
Unlimited General Obligation Bonds | ||||
Tax Appeal | ||||
Series 2017B (AGM) | ||||
03/01/2022 | 5.000% | 500,000 | 517,945 | |
City of Newark | ||||
Unlimited General Obligation Refunding Bonds | ||||
School Bond Reserve Fund | ||||
Series 2020B | ||||
10/01/2021 | 5.000% | 200,000 | 203,514 | |
10/01/2022 | 5.000% | 400,000 | 422,896 | |
Garden State Preservation Trust(f) | ||||
Revenue Bonds | ||||
Capital Appreciation | ||||
Series 2003B (AGM) | ||||
11/01/2022 | 0.000% | 5,000,000 | 4,955,650 | |
New Jersey Economic Development Authority(d) | ||||
Refunding Revenue Bonds | ||||
American Water Co. | ||||
Series 2020B (Mandatory Put 06/01/23) | ||||
11/01/2034 | 1.200% | 3,000,000 | 3,038,700 | |
New Jersey-American Water Company, Inc. Project | ||||
Series 2020 | ||||
12/01/2025 | 0.850% | 1,200,000 | 1,192,704 | |
New Jersey Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
School Facilities Construction | ||||
Series 2013 | ||||
03/01/2023 | 5.000% | 2,520,000 | 2,736,342 | |
Series 2015XX | ||||
06/15/2026 | 4.250% | 2,355,000 | 2,689,740 | |
Series 2017B | ||||
11/01/2022 | 5.000% | 2,285,000 | 2,446,138 | |
Revenue Bonds | ||||
Self-Designated Social Bonds | ||||
Series 2021 | ||||
06/15/2022 | 5.000% | 200,000 | 210,536 | |
06/15/2023 | 5.000% | 220,000 | 241,663 | |
06/15/2024 | 5.000% | 300,000 | 342,042 | |
New Jersey Health Care Facilities Financing Authority | ||||
Refunding Revenue Bonds | ||||
Hospital Asset Transformation Program | ||||
Series 2017 | ||||
10/01/2031 | 5.000% | 2,000,000 | 2,434,300 | |
New Jersey Higher Education Student Assistance Authority | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
12/01/2029 | 2.375% | 815,000 | 842,849 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
New Jersey Higher Education Student Assistance Authority(d) | ||||
Refunding Revenue Bonds | ||||
Series 2020A | ||||
12/01/2022 | 5.000% | 1,000,000 | 1,072,780 | |
Revenue Bonds | ||||
Senior Series 2016-1A | ||||
12/01/2025 | 5.000% | 1,000,000 | 1,183,540 | |
12/01/2026 | 5.000% | 1,000,000 | 1,172,770 | |
Series 2015-1A | ||||
12/01/2027 | 4.000% | 2,910,000 | 3,137,824 | |
Series 2017-1A | ||||
12/01/2023 | 5.000% | 2,100,000 | 2,342,949 | |
Series 2020B | ||||
12/01/2022 | 5.000% | 1,150,000 | 1,233,697 | |
New Jersey Housing & Mortgage Finance Agency | ||||
Refunding Revenue Bonds | ||||
Series 2017B | ||||
05/01/2021 | 2.000% | 7,675,000 | 7,675,338 | |
New Jersey Housing & Mortgage Finance Agency(d) | ||||
Refunding Revenue Bonds | ||||
Series 2020F (HUD) | ||||
04/01/2026 | 1.500% | 3,585,000 | 3,601,348 | |
New Jersey Transportation Trust Fund Authority | ||||
Refunding Revenue Bonds | ||||
Federal Highway Reimbursement | ||||
Series 2018 | ||||
06/15/2022 | 5.000% | 3,000,000 | 3,158,730 | |
New Jersey Transportation Trust Fund Authority(e) | ||||
Refunding Revenue Bonds | ||||
Series 2022AA | ||||
06/15/2027 | 5.000% | 3,185,000 | 3,723,392 | |
State of New Jersey | ||||
Unlimited General Obligation Bonds | ||||
COVID-19 Emergency Bonds | ||||
Series 2020 | ||||
06/01/2023 | 4.000% | 1,000,000 | 1,077,490 | |
Tobacco Settlement Financing Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
06/01/2022 | 5.000% | 1,000,000 | 1,050,300 | |
Total | 52,705,177 | |||
New Mexico 0.5% | ||||
City of Farmington(d) | ||||
Refunding Revenue Bonds | ||||
Public Service Co. of New Mexico San Juan Project | ||||
Series 2020 (Mandatory Put 06/01/22) | ||||
06/01/2040 | 1.200% | 1,500,000 | 1,510,260 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 15 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Farmington | ||||
Refunding Revenue Bonds | ||||
Public Service Co. of New Mexico San Juan Project | ||||
Series 2020 (Mandatory Put 06/01/24) | ||||
06/01/2040 | 1.150% | 2,000,000 | 2,030,400 | |
Total | 3,540,660 | |||
New York 10.7% | ||||
Board of Cooperative Educational Services for the Sole Supervisory District | ||||
Revenue Notes | ||||
RAN Series 2020 | ||||
06/23/2021 | 2.000% | 5,000,000 | 5,012,305 | |
Chautauqua County Capital Resource Corp. | ||||
Refunding Revenue Bonds | ||||
NRG Energy Project | ||||
Series 2020 (Mandatory Put 04/03/23) | ||||
04/01/2042 | 1.300% | 5,000,000 | 5,047,750 | |
Cortland Enlarged City School District | ||||
Unlimited General Obligation Bonds | ||||
RAN Series 2020 | ||||
07/30/2021 | 1.500% | 4,000,000 | 4,009,040 | |
Fulton City School District | ||||
Unlimited General Obligation Notes | ||||
BAN Series 2020 | ||||
11/05/2021 | 1.500% | 6,000,001 | 6,035,400 | |
Holland Central School District | ||||
Unlimited General Obligation Notes | ||||
BAN Series 2020 | ||||
06/24/2021 | 1.750% | 5,535,000 | 5,547,127 | |
Housing Development Corp. | ||||
Revenue Bonds | ||||
Series 2017C-2 | ||||
07/01/2021 | 1.700% | 1,285,000 | 1,286,658 | |
Sustainable Neighborhood | ||||
Series 2017G (Mandatory Put 12/31/21) | ||||
11/01/2057 | 2.000% | 2,625,000 | 2,626,575 | |
Hudson Yards Infrastructure Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2020A | ||||
02/15/2026 | 5.000% | 1,890,000 | 2,280,342 | |
Huntington Local Development Corp. | ||||
Revenue Bonds | ||||
Fountaingate Garden Project | ||||
Series 2021 | ||||
07/01/2025 | 3.000% | 1,725,000 | 1,745,182 | |
Series 2021B | ||||
07/01/2027 | 4.000% | 1,000,000 | 1,019,100 | |
Metropolitan Transportation Authority | ||||
Revenue Bonds | ||||
BAN Series 2019B-1 | ||||
05/15/2022 | 5.000% | 2,000,000 | 2,096,860 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
BAN Series 2020A-S2 | ||||
02/01/2022 | 4.000% | 2,000,000 | 2,054,140 | |
BAN Subordinated Series 2020B-2B | ||||
05/15/2021 | 5.000% | 4,000,000 | 4,006,787 | |
Series 2020A-1 | ||||
02/01/2023 | 5.000% | 5,000,000 | 5,400,950 | |
New York City Housing Development Corp. | ||||
Revenue Bonds | ||||
Sustainability Bonds | ||||
Series 2020 (FHA) (Mandatory Put 05/01/25) | ||||
11/01/2060 | 0.700% | 4,680,000 | 4,695,584 | |
New York City Transitional Finance Authority | ||||
Revenue Bonds | ||||
Building Aid | ||||
Subordinated Series 2015S | ||||
07/15/2027 | 5.000% | 2,090,000 | 2,442,855 | |
New York Transportation Development Corp.(d) | ||||
Refunding Revenue Bonds | ||||
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2020 | ||||
12/01/2023 | 5.000% | 2,250,000 | 2,508,457 | |
New York Transportation Development Corp. | ||||
Refunding Revenue Bonds | ||||
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2020 | ||||
12/01/2024 | 5.000% | 1,000,000 | 1,157,690 | |
Port Authority of New York & New Jersey(d) | ||||
Prerefunded 10/15/21 Revenue Bonds | ||||
Series 2011-106 | ||||
10/15/2021 | 5.000% | 2,250,000 | 2,297,925 | |
Revenue Bonds | ||||
Series 2013-178 | ||||
12/01/2025 | 5.000% | 1,975,000 | 2,203,488 | |
Port Authority of New York & New Jersey(d),(e) | ||||
Refunding Revenue Bonds | ||||
Series 2021-226 | ||||
10/15/2026 | 5.000% | 2,670,000 | 3,228,671 | |
10/15/2027 | 5.000% | 1,625,000 | 2,008,614 | |
10/15/2028 | 5.000% | 1,750,000 | 2,202,357 | |
State of New York Mortgage Agency(d) | ||||
Refunding Revenue Bonds | ||||
Series 2017-206 | ||||
10/01/2021 | 1.800% | 1,165,000 | 1,171,687 | |
04/01/2022 | 1.950% | 1,300,000 | 1,317,186 | |
Social Bonds | ||||
Series 2021-232 | ||||
10/01/2023 | 5.000% | 460,000 | 510,890 | |
04/01/2024 | 5.000% | 355,000 | 401,491 | |
10/01/2024 | 5.000% | 370,000 | 425,385 |
16 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
55th Series 2017 | ||||
10/01/2021 | 2.050% | 505,000 | 508,414 | |
Total | 75,248,910 | |||
North Carolina 0.8% | ||||
North Carolina Turnpike Authority | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2017 | ||||
01/01/2025 | 5.000% | 1,500,000 | 1,743,765 | |
Series 2018 | ||||
01/01/2025 | 5.000% | 1,110,000 | 1,290,386 | |
Revenue Bonds | ||||
BAN Series 2020 | ||||
02/01/2024 | 5.000% | 1,500,000 | 1,689,360 | |
North Carolina Turnpike Authority(f) | ||||
Refunding Revenue Bonds | ||||
Series 2016C | ||||
07/01/2026 | 0.000% | 780,000 | 715,744 | |
Total | 5,439,255 | |||
Ohio 1.3% | ||||
City of Cleveland Airport System(d) | ||||
Refunding Revenue Bonds | ||||
Series 2019B | ||||
01/01/2024 | 5.000% | 1,200,000 | 1,339,668 | |
Hillsdale Local School District | ||||
Certificate of Participation | ||||
Ohio School Facilities Project | ||||
Series 2020 (BAM) | ||||
12/01/2021 | 4.000% | 500,000 | 510,705 | |
12/01/2022 | 4.000% | 600,000 | 635,046 | |
12/01/2023 | 4.000% | 670,000 | 728,223 | |
Ohio Air Quality Development Authority(d) | ||||
Refunding Revenue Bonds | ||||
American Electric Power Co. Project | ||||
Series 2019 (Mandatory Put 10/01/24) | ||||
07/01/2028 | 2.100% | 6,000,000 | 6,275,040 | |
Total | 9,488,682 | |||
Oklahoma 0.6% | ||||
Oklahoma Development Finance Authority(d) | ||||
Revenue Bonds | ||||
Gilcrease Expressway West Project | ||||
Series 2020 | ||||
07/06/2023 | 1.625% | 4,000,000 | 4,020,280 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Oregon 0.6% | ||||
County of Gilliam(d) | ||||
Revenue Bonds | ||||
Waste Management, Inc. Project | ||||
Series 2019A (Mandatory Put 05/02/22) | ||||
08/01/2025 | 2.400% | 1,000,000 | 1,001,610 | |
Medford Hospital Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Asante Project | ||||
Series 2020A | ||||
08/15/2025 | 5.000% | 465,000 | 552,555 | |
08/15/2026 | 5.000% | 300,000 | 367,125 | |
Oregon State Business Development Commission(d) | ||||
Revenue Bonds | ||||
Intel Corp. Project | ||||
Series 250 (Mandatory Put 03/01/22) | ||||
03/01/2049 | 5.000% | 2,500,000 | 2,594,600 | |
Total | 4,515,890 | |||
Pennsylvania 6.3% | ||||
City of Philadelphia Airport(d) | ||||
Refunding Revenue Bonds | ||||
Series 2011A | ||||
06/15/2023 | 5.000% | 1,540,000 | 1,553,829 | |
Series 2017B | ||||
07/01/2022 | 5.000% | 500,000 | 527,570 | |
Series 2020C | ||||
07/01/2025 | 5.000% | 2,450,000 | 2,882,107 | |
Pennsylvania Economic Development Financing Authority | ||||
Refunding Revenue Bonds | ||||
Philadelphia Biosolids Facility Project | ||||
Series 2020 | ||||
01/01/2022 | 3.000% | 725,000 | 734,287 | |
Senior Revenue Bonds | ||||
UPMC | ||||
Series 2015B | ||||
03/15/2026 | 5.000% | 1,845,000 | 2,198,244 | |
Pennsylvania Economic Development Financing Authority(d) | ||||
Revenue Bonds | ||||
PA Bridges Finco | ||||
Series 2015 | ||||
12/31/2029 | 5.000% | 5,000,000 | 5,930,750 | |
12/31/2030 | 5.000% | 2,460,000 | 2,906,515 | |
PA Bridges Finco LP | ||||
Series 2015 | ||||
12/31/2021 | 5.000% | 1,170,000 | 1,205,416 | |
06/30/2022 | 5.000% | 5,000,000 | 5,264,850 | |
Pennsylvania Housing Finance Agency(d) | ||||
Refunding Revenue Bonds | ||||
Series 2017-124A | ||||
10/01/2021 | 1.750% | 725,000 | 728,719 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 17 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Social Bonds | ||||
Series 2021-134B | ||||
04/01/2022 | 5.000% | 1,235,000 | 1,288,303 | |
04/01/2023 | 5.000% | 1,000,000 | 1,087,890 | |
04/01/2025 | 5.000% | 435,000 | 507,880 | |
10/01/2025 | 5.000% | 300,000 | 355,215 | |
Pennsylvania Housing Finance Agency | ||||
Revenue Bonds | ||||
Series 2019-129 | ||||
10/01/2034 | 2.950% | 1,500,000 | 1,593,285 | |
Series 2020-132A | ||||
04/01/2026 | 1.450% | 1,400,000 | 1,435,980 | |
10/01/2026 | 1.500% | 1,500,000 | 1,541,400 | |
Pennsylvania Turnpike Commission(c) | ||||
Refunding Revenue Bonds | ||||
Series 2018A-1 | ||||
Muni Swap Index Yield + 0.600% 12/01/2023 | 0.660% | 5,000,000 | 5,035,000 | |
Pennsylvania Turnpike Commission | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2017B-2 | ||||
06/01/2031 | 5.000% | 1,000,000 | 1,225,250 | |
Subordinated Series 2017B-2 (AGM) | ||||
06/01/2035 | 5.000% | 2,275,000 | 2,771,109 | |
Quakertown General Authority | ||||
Refunding Revenue Bonds | ||||
USDA Loan Anticipation Notes | ||||
Series 2017 | ||||
07/01/2021 | 3.125% | 2,500,000 | 2,496,900 | |
School District of Philadelphia (The) | ||||
Limited General Obligation Bonds | ||||
Series 2018A | ||||
09/01/2022 | 5.000% | 560,000 | 595,162 | |
09/01/2023 | 5.000% | 450,000 | 495,603 | |
Total | 44,361,264 | |||
Puerto Rico 0.8% | ||||
Puerto Rico Housing Finance Authority(h) | ||||
Refunding Revenue Bonds | ||||
Public Housing Project | ||||
Series 2020 | ||||
12/01/2022 | 5.000% | 2,500,000 | 2,681,950 | |
12/01/2023 | 5.000% | 2,500,000 | 2,792,650 | |
Total | 5,474,600 | |||
Rhode Island 1.3% | ||||
Rhode Island Commerce Corp. | ||||
Revenue Bonds | ||||
Department of Transportation | ||||
Series 2020A | ||||
05/15/2025 | 5.000% | 1,000,000 | 1,180,390 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Rhode Island Housing & Mortgage Finance Corp.(d) | ||||
Refunding Revenue Bonds | ||||
Homeownership Opportunity | ||||
Series 2016 | ||||
04/01/2026 | 2.600% | 1,235,000 | 1,310,471 | |
10/01/2026 | 2.650% | 1,575,000 | 1,670,335 | |
Rhode Island Student Loan Authority(d) | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
12/01/2022 | 5.000% | 1,300,000 | 1,392,274 | |
12/01/2023 | 5.000% | 750,000 | 833,490 | |
Revenue Bonds | ||||
Senior Program | ||||
Series 2019A | ||||
12/01/2023 | 5.000% | 650,000 | 722,358 | |
12/01/2024 | 5.000% | 875,000 | 1,002,916 | |
12/01/2035 | 2.875% | 1,190,000 | 1,184,788 | |
Total | 9,297,022 | |||
South Carolina 0.5% | ||||
Laurens County Water & Sewer Commission | ||||
Revenue Bonds | ||||
BAN Series 2020 | ||||
02/01/2022 | 1.375% | 2,000,000 | 2,003,380 | |
South Carolina State Housing Finance & Development Authority | ||||
Revenue Bonds | ||||
Series 2020A | ||||
01/01/2024 | 1.500% | 1,090,000 | 1,116,084 | |
07/01/2024 | 1.550% | 575,000 | 591,353 | |
Total | 3,710,817 | |||
Tennessee 0.4% | ||||
Memphis-Shelby County Airport Authority(d) | ||||
Refunding Revenue Bonds | ||||
Series 2020B | ||||
07/01/2024 | 5.000% | 2,235,000 | 2,550,582 | |
Texas 4.4% | ||||
Atascosa County Industrial Development Corp. | ||||
Refunding Revenue Bonds | ||||
San Miguel Electric Cooperative, Inc. Project | ||||
Series 2020 | ||||
12/15/2024 | 5.000% | 550,000 | 621,912 | |
12/15/2026 | 5.000% | 625,000 | 734,219 | |
Central Texas Regional Mobility Authority | ||||
Revenue Bonds | ||||
Subordinated BAN Series 2020F | ||||
01/01/2025 | 5.000% | 1,500,000 | 1,709,685 | |
Subordinated Series 2021C | ||||
01/01/2027 | 5.000% | 2,000,000 | 2,374,640 |
18 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Houston | ||||
Limited General Obligation Refunding Bonds | ||||
Series 2017A | ||||
03/01/2030 | 5.000% | 1,820,000 | 2,242,659 | |
City of Houston Airport System(d) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2018C | ||||
07/01/2027 | 5.000% | 1,890,000 | 2,354,619 | |
City of San Antonio Airport System(d) | ||||
Refunding Revenue Bonds | ||||
Lien | ||||
Subordinated Series 2019A | ||||
07/01/2024 | 5.000% | 1,000,000 | 1,137,820 | |
Denton Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2020 | ||||
08/15/2025 | 5.000% | 1,575,000 | 1,878,928 | |
DeSoto Independent School District(f) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2020 | ||||
08/15/2026 | 0.000% | 2,510,000 | 2,415,373 | |
Harris County Cultural Education Facilities Finance Corp. | ||||
Revenue Bonds | ||||
National Western Life Group | ||||
Series 2019A (Mandatory Put 12/01/26) | ||||
07/01/2049 | 5.000% | 2,500,000 | 3,071,700 | |
Harris County Cultural Education Facilities Finance Corp.(c) | ||||
Revenue Bonds | ||||
Natus Medical, Inc. | ||||
Series 2019 (Mandatory Put 12/04/24) | ||||
Muni Swap Index Yield + 0.570% 12/01/2049 | 0.630% | 2,000,000 | 1,991,240 | |
Lewisville Independent School District(f) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2014B | ||||
08/15/2022 | 0.000% | 3,175,000 | 3,162,808 | |
New Hope Cultural Education Facilities Finance Corp. | ||||
Revenue Bonds | ||||
Texas A&M University Cain Hall Redevelopment Project | ||||
Series 2016 | ||||
04/01/2036 | 5.000% | 1,545,000 | 1,835,027 | |
North Texas Tollway Authority(f) | ||||
Refunding Revenue Bonds | ||||
Capital Appreciation | ||||
Series 2008 (AGM) | ||||
01/01/2028 | 0.000% | 2,185,000 | 2,020,076 | |
State of Texas | ||||
Unlimited General Obligation Bonds | ||||
College Student Loans | ||||
Series 2020A | ||||
08/01/2026 | 4.500% | 1,000,000 | 1,195,010 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Texas Municipal Gas Acquisition & Supply Corp. III | ||||
Refunding Revenue Bonds | ||||
Senior | ||||
Series 2021 | ||||
12/15/2022 | 5.000% | 1,750,000 | 1,880,760 | |
12/15/2028 | 5.000% | 500,000 | 633,145 | |
Total | 31,259,621 | |||
Utah 1.2% | ||||
County of Utah | ||||
Revenue Bonds | ||||
IHC Health Services, Inc. | ||||
Series 2018B (Mandatory Put 08/01/22) | ||||
05/15/2056 | 5.000% | 3,750,000 | 3,924,000 | |
Series 2020B (Mandatory Put 08/01/24) | ||||
05/15/2060 | 5.000% | 1,500,000 | 1,722,585 | |
Salt Lake City Corp. Airport(d) | ||||
Revenue Bonds | ||||
Series 2017A | ||||
07/01/2032 | 5.000% | 2,105,000 | 2,550,165 | |
Total | 8,196,750 | |||
Virginia 1.5% | ||||
Amelia County Industrial Development Authority(d) | ||||
Refunding Revenue Bonds | ||||
Waste Management, Inc. Project | ||||
Series 2021 | ||||
04/01/2027 | 1.450% | 1,750,000 | 1,762,880 | |
Arlington County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Virginia Hospital Center | ||||
Series 2020 | ||||
07/01/2023 | 5.000% | 740,000 | 815,103 | |
Halifax County Industrial Development Authority | ||||
Revenue Bonds | ||||
Virginia Electric and Power Co. Project | ||||
Series 2008B (Mandatory Put 04/01/22) | ||||
12/01/2041 | 0.450% | 4,000,000 | 4,005,040 | |
Virginia Commonwealth Transportation Board | ||||
Revenue Bonds | ||||
Series 2014 | ||||
05/15/2025 | 5.000% | 1,500,000 | 1,713,330 | |
Virginia Port Authority Commonwealth Port Fund(d) | ||||
Refunding Revenue Bonds | ||||
Series 2020B | ||||
07/01/2029 | 5.000% | 850,000 | 1,095,709 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 19 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Virginia Small Business Financing Authority | ||||
Refunding Revenue Bonds | ||||
National Senior Campuses | ||||
Series 2020 | ||||
01/01/2022 | 5.000% | 400,000 | 412,028 | |
01/01/2023 | 5.000% | 425,000 | 456,144 | |
01/01/2024 | 5.000% | 500,000 | 556,790 | |
Total | 10,817,024 | |||
Washington 2.6% | ||||
Chelan County Public Utility District No. 1(d) | ||||
Refunding Revenue Bonds | ||||
Series 2020C | ||||
07/01/2023 | 5.000% | 990,000 | 1,087,981 | |
07/01/2024 | 5.000% | 2,155,000 | 2,452,713 | |
07/01/2025 | 5.000% | 1,170,000 | 1,370,573 | |
Port of Seattle(d) | ||||
Revenue Bonds | ||||
Intermediate Lien | ||||
Series 2019 | ||||
04/01/2022 | 5.000% | 2,000,000 | 2,084,440 | |
04/01/2023 | 5.000% | 2,000,000 | 2,168,700 | |
Series 2018B | ||||
05/01/2023 | 5.000% | 2,000,000 | 2,178,960 | |
Seattle Housing Authority | ||||
Revenue Bonds | ||||
Hinoki Apartments Project | ||||
Series 2020A | ||||
06/01/2023 | 3.000% | 3,000,000 | 3,155,670 | |
Washington Health Care Facilities Authority | ||||
Revenue Bonds | ||||
Providence Health & Services | ||||
Series 2012A | ||||
10/01/2026 | 5.000% | 1,000,000 | 1,065,480 | |
Washington State Housing Finance Commission(d) | ||||
Refunding Revenue Bonds | ||||
Single Family Program | ||||
Series 2015 | ||||
12/01/2022 | 2.600% | 1,030,000 | 1,060,416 | |
Washington State Housing Finance Commission | ||||
Revenue Bonds | ||||
Transforming Age Projects | ||||
Series 2019 | ||||
01/01/2026 | 2.375% | 1,500,000 | 1,498,980 | |
Total | 18,123,913 | |||
Wisconsin 2.8% | ||||
City of Milwaukee | ||||
Unlimited General Obligation Bonds | ||||
Promissory Notes | ||||
Series 2015N-2 | ||||
03/15/2024 | 4.000% | 2,545,000 | 2,798,864 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Unlimited General Obligation Refunding Bonds | ||||
Corporate Purpose Bonds | ||||
Series 2018 | ||||
04/01/2029 | 5.000% | 1,745,000 | 2,153,487 | |
Wisconsin Health & Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Marshfield Clinic Health System, Inc. | ||||
Series 2020 (Mandatory Put 02/15/25) | ||||
02/15/2052 | 5.000% | 3,500,000 | 3,974,460 | |
Series 2019B-5 (Mandatory Put 12/03/24) | ||||
11/15/2033 | 5.000% | 7,165,000 | 8,254,940 | |
Wisconsin Housing & Economic Development Authority(d) | ||||
Refunding Revenue Bonds | ||||
Series 2017B (FHA) | ||||
09/01/2022 | 2.150% | 870,000 | 887,043 | |
Revenue Bonds | ||||
Series 2018A | ||||
03/01/2022 | 2.500% | 1,265,000 | 1,283,266 | |
09/01/2022 | 2.600% | 710,000 | 726,600 | |
Total | 20,078,660 | |||
Wyoming 0.1% | ||||
Wyoming Community Development Authority(d) | ||||
Refunding Revenue Bonds | ||||
Series 2020-3 | ||||
06/01/2023 | 5.000% | 955,000 | 1,040,205 | |
Total Municipal Bonds (Cost $613,267,780) | 623,154,377 | |||
Municipal Short Term 10.8% | ||||
Issue Description | Effective Yield | Principal Amount ($) | Value ($) | |
California 0.2% | ||||
California Municipal Finance Authority(g) | ||||
Revenue Notes | ||||
State Deferral Financing Program | ||||
RAN Series 2021 | ||||
12/15/2021 | 1.130% | 1,700,000 | 1,700,238 | |
Connecticut 0.1% | ||||
State of Connecticut | ||||
Special Tax Bonds | ||||
Series 2020A | ||||
05/01/2021 | 0.330% | 500,000 | 500,051 | |
Illinois 0.1% | ||||
Chicago Board of Education | ||||
Unlimited General Obligation Bonds | ||||
Series 2021 | ||||
12/01/2021 | 0.470% | 400,000 | 410,580 |
20 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Short Term (continued) | ||||
Issue Description | Effective Yield | Principal Amount ($) | Value ($) | |
State of Illinois | ||||
Unlimited General Obligation Bonds | ||||
Series 2020 | ||||
05/01/2021 | 0.850% | 500,000 | 500,056 | |
Total | 910,636 | |||
Massachusetts 2.4% | ||||
Cape Cod Regional Transit Authority | ||||
Revenue Notes | ||||
Series 2020 | ||||
07/23/2021 | 0.590% | 4,500,000 | 4,509,360 | |
MetroWest Regional Transit Authority | ||||
Revenue Notes | ||||
RAN Series 2020 | ||||
09/17/2021 | 0.380% | 5,000,000 | 5,021,150 | |
Southeastern Massachusetts Regional 911 District | ||||
Limited General Obligation Notes | ||||
BAN Series 2020 | ||||
10/14/2021 | 0.420% | 7,133,389 | 7,168,343 | |
Total | 16,698,853 | |||
Nevada 0.6% | ||||
State of Nevada Department of Business & Industry(d),(g) | ||||
Revenue Bonds | ||||
Brightline West Passenger Rail Project | ||||
Series 2020 (Mandatory Put 07/01/21) | ||||
01/01/2050 | 0.500% | 4,000,000 | 4,000,680 | |
New Jersey 0.3% | ||||
City of Newark | ||||
Unlimited General Obligation Notes | ||||
BAN Series 2020C | ||||
10/05/2021 | 0.310% | 1,000,000 | 1,007,250 | |
Series 2020 | ||||
07/27/2021 | 0.400% | 1,000,000 | 1,007,450 | |
Total | 2,014,700 | |||
New York 6.9% | ||||
Board of Cooperative Educational Services for the Sole Supervisory District | ||||
Revenue Notes | ||||
RAN Series 2020 | ||||
07/30/2021 | 0.540% | 5,000,000 | 5,011,900 | |
09/29/2021 | 0.510% | 5,000,000 | 5,020,400 | |
Brocton Central School District | ||||
Unlimited General Obligation Notes | ||||
BAN Series 2020A | ||||
06/29/2021 | 0.390% | 5,750,000 | 5,760,406 | |
City of Amsterdam | ||||
Limited General Obligation Notes | ||||
Series 2020 | ||||
06/24/2021 | 1.270% | 7,689,034 | 7,697,215 |
Municipal Short Term (continued) | ||||
Issue Description | Effective Yield | Principal Amount ($) | Value ($) | |
Fort Plain Central School District | ||||
Unlimited General Obligation Notes | ||||
Series 2020 | ||||
06/30/2021 | 0.590% | 4,500,000 | 4,506,795 | |
Greater Southern Tier Board of Cooperative Educational Services District | ||||
Revenue Notes | ||||
RAN Series 2020 | ||||
06/30/2021 | 0.560% | 5,000,000 | 5,007,800 | |
Onondaga Central School District | ||||
Unlimited General Obligation Notes | ||||
BAN Series 2021 | ||||
07/30/2021 | 0.320% | 4,000,000 | 4,006,840 | |
Sandy Creek Central School District | ||||
Unlimited General Obligation Notes | ||||
Series 2020 | ||||
06/25/2021 | 0.410% | 5,520,000 | 5,529,172 | |
Town of Windham | ||||
Limited General Obligation Notes | ||||
Series 2020 | ||||
05/19/2021 | 0.980% | 6,521,000 | 6,524,433 | |
Total | 49,064,961 | |||
Tennessee 0.2% | ||||
Memphis-Shelby County Airport Authority(d) | ||||
Refunding Revenue Bonds | ||||
Series 2020B | ||||
07/01/2021 | 0.580% | 1,125,000 | 1,133,392 | |
Total Municipal Short Term (Cost $75,998,435) | 76,023,511 |
Money Market Funds 1.7% | ||
Shares | Value ($) | |
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 0.010%(i) | 88,010 | 88,001 |
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.006%(i) | 11,944,207 | 11,944,207 |
Total Money Market Funds (Cost $12,032,209) | 12,032,208 | |
Total Investments in Securities (Cost $716,993,424) | 726,905,096 | |
Other Assets & Liabilities, Net | (21,266,567) | |
Net Assets | $705,638,529 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 21 |
April 30, 2021
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 2-Year Note | (140) | 06/2021 | USD | (30,906,094) | — | (1,858) |
U.S. Treasury 5-Year Note | (80) | 06/2021 | USD | (9,915,000) | — | (17,936) |
Total | — | (19,794) |
(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, 2021. |
(c) | Variable rate security. The interest rate shown was the current rate as of April 30, 2021. |
(d) | Income from this security may be subject to alternative minimum tax. |
(e) | Represents a security purchased on a when-issued basis. |
(f) | Zero coupon bond. |
(g) | 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, 2021, the total value of these securities amounted to $6,612,328, which represents 0.94% of total net assets. |
(h) | 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, 2021, the total value of these securities amounted to $5,474,600, which represents 0.78% of total net assets. |
(i) | The rate shown is the seven-day current annualized yield at April 30, 2021. |
AGM | Assured Guaranty Municipal Corporation |
AMBAC | Ambac Assurance Corporation |
BAM | Build America Mutual Assurance Co. |
BAN | Bond Anticipation Note |
FHA | Federal Housing Authority |
GNMA | Government National Mortgage Association |
HUD | Department of Housing and Urban Development |
NPFGC | National Public Finance Guarantee Corporation |
RAN | Revenue Anticipation Note |
USD | US Dollar |
■ | 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). |
22 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
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.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 15,695,000 | — | 15,695,000 |
Municipal Bonds | — | 623,154,377 | — | 623,154,377 |
Municipal Short Term | — | 76,023,511 | — | 76,023,511 |
Money Market Funds | 12,032,208 | — | — | 12,032,208 |
Total Investments in Securities | 12,032,208 | 714,872,888 | — | 726,905,096 |
Investments in Derivatives | ||||
Liability | ||||
Futures Contracts | (19,794) | — | — | (19,794) |
Total | 12,012,414 | 714,872,888 | — | 726,885,302 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 23 |
April 30, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $716,993,424) | $726,905,096 |
Cash | 17,624 |
Margin deposits on: | |
Futures contracts | 193,750 |
Receivable for: | |
Capital shares sold | 772,966 |
Interest | 7,267,869 |
Expense reimbursement due from Investment Manager | 2,783 |
Prepaid expenses | 15,709 |
Total assets | 735,175,797 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 27,808,018 |
Capital shares purchased | 820,174 |
Distributions to shareholders | 657,235 |
Variation margin for futures contracts | 3,125 |
Management services fees | 8,288 |
Distribution and/or service fees | 546 |
Transfer agent fees | 18,125 |
Compensation of board members | 196,859 |
Other expenses | 24,898 |
Total liabilities | 29,537,268 |
Net assets applicable to outstanding capital stock | $705,638,529 |
Represented by | |
Paid in capital | 701,015,588 |
Total distributable earnings (loss) | 4,622,941 |
Total - representing net assets applicable to outstanding capital stock | $705,638,529 |
Class A | |
Net assets | $72,326,982 |
Shares outstanding | 6,911,594 |
Net asset value per share | $10.46 |
Maximum sales charge | 1.00% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $10.57 |
Advisor Class | |
Net assets | $1,899,097 |
Shares outstanding | 181,265 |
Net asset value per share | $10.48 |
Class C | |
Net assets | $1,774,879 |
Shares outstanding | 169,742 |
Net asset value per share | $10.46 |
Institutional Class | |
Net assets | $94,743,259 |
Shares outstanding | 9,054,067 |
Net asset value per share | $10.46 |
Institutional 2 Class | |
Net assets | $86,120,272 |
Shares outstanding | 8,233,569 |
Net asset value per share | $10.46 |
Institutional 3 Class | |
Net assets | $448,774,040 |
Shares outstanding | 42,901,871 |
Net asset value per share | $10.46 |
24 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
Year Ended April 30, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $23,666 |
Interest | 12,238,928 |
Total income | 12,262,594 |
Expenses: | |
Management services fees | 3,108,739 |
Distribution and/or service fees | |
Class A | 167,289 |
Class C | 24,290 |
Transfer agent fees | |
Class A | 60,491 |
Advisor Class | 1,493 |
Class C | 2,202 |
Institutional Class | 87,724 |
Institutional 2 Class | 45,392 |
Institutional 3 Class | 33,175 |
Compensation of board members | 92,853 |
Custodian fees | 7,664 |
Printing and postage fees | 22,088 |
Registration fees | 111,481 |
Audit fees | 39,500 |
Legal fees | 14,432 |
Compensation of chief compliance officer | 140 |
Other | 25,676 |
Total expenses | 3,844,629 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (1,092,263) |
Fees waived by transfer agent | |
Institutional 2 Class | (5,263) |
Institutional 3 Class | (33,170) |
Expense reduction | (20) |
Total net expenses | 2,713,913 |
Net investment income | 9,548,681 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 1,586,026 |
Futures contracts | (63,699) |
Net realized gain | 1,522,327 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 13,228,648 |
Futures contracts | (19,794) |
Net change in unrealized appreciation (depreciation) | 13,208,854 |
Net realized and unrealized gain | 14,731,181 |
Net increase in net assets resulting from operations | $24,279,862 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 25 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |
Operations | ||
Net investment income | $9,548,681 | $14,501,305 |
Net realized gain (loss) | 1,522,327 | (1,298,712) |
Net change in unrealized appreciation (depreciation) | 13,208,854 | (4,774,105) |
Net increase in net assets resulting from operations | 24,279,862 | 8,428,488 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (678,849) | (1,041,153) |
Advisor Class | (20,767) | (58,538) |
Class C | (7,089) | (34,487) |
Institutional Class | (1,228,303) | (1,829,256) |
Institutional 2 Class | (1,047,089) | (502,315) |
Institutional 3 Class | (6,511,584) | (11,276,477) |
Total distributions to shareholders | (9,493,681) | (14,742,226) |
Decrease in net assets from capital stock activity | (45,626,148) | (135,972,060) |
Total decrease in net assets | (30,839,967) | (142,285,798) |
Net assets at beginning of year | 736,478,496 | 878,764,294 |
Net assets at end of year | $705,638,529 | $736,478,496 |
26 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
April 30, 2021 | April 30, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 2,612,673 | 27,249,549 | 2,227,206 | 23,116,765 |
Distributions reinvested | 55,153 | 575,463 | 84,604 | 880,458 |
Redemptions | (1,799,873) | (18,778,018) | (2,872,681) | (29,722,450) |
Net increase (decrease) | 867,953 | 9,046,994 | (560,871) | (5,725,227) |
Advisor Class | ||||
Subscriptions | 119,565 | 1,246,949 | 240,454 | 2,503,382 |
Distributions reinvested | 1,089 | 11,383 | 1,549 | 16,145 |
Redemptions | (104,979) | (1,089,868) | (272,017) | (2,782,359) |
Net increase (decrease) | 15,675 | 168,464 | (30,014) | (262,832) |
Class C | ||||
Subscriptions | 36,887 | 385,098 | 87,760 | 902,703 |
Distributions reinvested | 610 | 6,352 | 2,621 | 27,260 |
Redemptions | (205,718) | (2,144,595) | (363,677) | (3,778,224) |
Net decrease | (168,221) | (1,753,145) | (273,296) | (2,848,261) |
Institutional Class | ||||
Subscriptions | 6,410,387 | 66,896,172 | 5,057,825 | 52,680,566 |
Distributions reinvested | 100,600 | 1,049,830 | 149,034 | 1,551,336 |
Redemptions | (5,926,639) | (61,906,942) | (6,814,884) | (70,140,596) |
Net increase (decrease) | 584,348 | 6,039,060 | (1,608,025) | (15,908,694) |
Institutional 2 Class | ||||
Subscriptions | 2,177,094 | 22,699,582 | 5,574,378 | 57,391,600 |
Distributions reinvested | 82,771 | 863,378 | 28,124 | 292,438 |
Redemptions | (988,288) | (10,315,639) | (1,281,861) | (13,315,497) |
Net increase | 1,271,577 | 13,247,321 | 4,320,641 | 44,368,541 |
Institutional 3 Class | ||||
Subscriptions | 2,192,795 | 22,911,309 | 2,422,041 | 25,185,200 |
Distributions reinvested | 5,633 | 58,755 | 6,035 | 62,744 |
Redemptions | (9,146,804) | (95,344,906) | (17,384,087) | (180,843,531) |
Net decrease | (6,948,376) | (72,374,842) | (14,956,011) | (155,595,587) |
Total net decrease | (4,377,044) | (45,626,148) | (13,107,576) | (135,972,060) |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 27 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Class A | ||||||
Year Ended 4/30/2021 | $10.26 | 0.11 | 0.20 | 0.31 | (0.11) | (0.11) |
Year Ended 4/30/2020 | $10.35 | 0.15 | (0.08) | 0.07 | (0.16) | (0.16) |
Year Ended 4/30/2019 | $10.26 | 0.15 | 0.09 | 0.24 | (0.15) | (0.15) |
Year Ended 4/30/2018 | $10.36 | 0.11 | (0.09) | 0.02 | (0.12) | (0.12) |
Year Ended 4/30/2017 | $10.43 | 0.09 | (0.06) | 0.03 | (0.10) | (0.10) |
Advisor Class | ||||||
Year Ended 4/30/2021 | $10.27 | 0.13 | 0.21 | 0.34 | (0.13) | (0.13) |
Year Ended 4/30/2020 | $10.36 | 0.18 | (0.09) | 0.09 | (0.18) | (0.18) |
Year Ended 4/30/2019 | $10.27 | 0.18 | 0.09 | 0.27 | (0.18) | (0.18) |
Year Ended 4/30/2018 | $10.36 | 0.14 | (0.09) | 0.05 | (0.14) | (0.14) |
Year Ended 4/30/2017 | $10.43 | 0.12 | (0.07) | 0.05 | (0.12) | (0.12) |
Class C | ||||||
Year Ended 4/30/2021 | $10.25 | 0.03 | 0.21 | 0.24 | (0.03) | (0.03) |
Year Ended 4/30/2020 | $10.34 | 0.08 | (0.09) | (0.01) | (0.08) | (0.08) |
Year Ended 4/30/2019 | $10.25 | 0.07 | 0.10 | 0.17 | (0.08) | (0.08) |
Year Ended 4/30/2018 | $10.35 | 0.03 | (0.09) | (0.06) | (0.04) | (0.04) |
Year Ended 4/30/2017 | $10.42 | 0.01 | (0.06) | (0.05) | (0.02) | (0.02) |
Institutional Class | ||||||
Year Ended 4/30/2021 | $10.26 | 0.13 | 0.20 | 0.33 | (0.13) | (0.13) |
Year Ended 4/30/2020 | $10.35 | 0.18 | (0.09) | 0.09 | (0.18) | (0.18) |
Year Ended 4/30/2019 | $10.26 | 0.18 | 0.09 | 0.27 | (0.18) | (0.18) |
Year Ended 4/30/2018 | $10.36 | 0.13 | (0.09) | 0.04 | (0.14) | (0.14) |
Year Ended 4/30/2017 | $10.43 | 0.12 | (0.07) | 0.05 | (0.12) | (0.12) |
Institutional 2 Class | ||||||
Year Ended 4/30/2021 | $10.25 | 0.14 | 0.21 | 0.35 | (0.14) | (0.14) |
Year Ended 4/30/2020 | $10.35 | 0.18 | (0.09) | 0.09 | (0.19) | (0.19) |
Year Ended 4/30/2019 | $10.26 | 0.18 | 0.09 | 0.27 | (0.18) | (0.18) |
Year Ended 4/30/2018 | $10.35 | 0.15 | (0.09) | 0.06 | (0.15) | (0.15) |
Year Ended 4/30/2017 | $10.42 | 0.13 | (0.07) | 0.06 | (0.13) | (0.13) |
28 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 4/30/2021 | $10.46 | 2.99% | 0.81% | 0.66%(c) | 1.02% | 46% | $72,327 |
Year Ended 4/30/2020 | $10.26 | 0.63% | 0.80%(d) | 0.66%(c),(d) | 1.48% | 58% | $61,987 |
Year Ended 4/30/2019 | $10.35 | 2.39% | 0.81% | 0.66%(c) | 1.44% | 55% | $68,355 |
Year Ended 4/30/2018 | $10.26 | 0.16% | 0.81% | 0.67%(c) | 1.08% | 36% | $83,580 |
Year Ended 4/30/2017 | $10.36 | 0.26% | 0.86% | 0.71%(c) | 0.86% | 46% | $106,751 |
Advisor Class | |||||||
Year Ended 4/30/2021 | $10.48 | 3.34% | 0.56% | 0.41%(c) | 1.26% | 46% | $1,899 |
Year Ended 4/30/2020 | $10.27 | 0.89% | 0.55%(d) | 0.41%(c),(d) | 1.72% | 58% | $1,701 |
Year Ended 4/30/2019 | $10.36 | 2.64% | 0.56% | 0.41%(c) | 1.74% | 55% | $2,027 |
Year Ended 4/30/2018 | $10.27 | 0.51% | 0.56% | 0.42%(c) | 1.33% | 36% | $607 |
Year Ended 4/30/2017 | $10.36 | 0.51% | 0.62% | 0.45%(c) | 1.15% | 46% | $1,041 |
Class C | |||||||
Year Ended 4/30/2021 | $10.46 | 2.32% | 1.56% | 1.41%(c) | 0.30% | 46% | $1,775 |
Year Ended 4/30/2020 | $10.25 | (0.12%) | 1.55%(d) | 1.41%(c),(d) | 0.74% | 58% | $3,464 |
Year Ended 4/30/2019 | $10.34 | 1.62% | 1.55% | 1.41%(c) | 0.69% | 55% | $6,322 |
Year Ended 4/30/2018 | $10.25 | (0.59%) | 1.56% | 1.42%(c) | 0.33% | 36% | $10,327 |
Year Ended 4/30/2017 | $10.35 | (0.48%) | 1.61% | 1.46%(c) | 0.11% | 46% | $14,630 |
Institutional Class | |||||||
Year Ended 4/30/2021 | $10.46 | 3.25% | 0.56% | 0.41%(c) | 1.27% | 46% | $94,743 |
Year Ended 4/30/2020 | $10.26 | 0.89% | 0.55%(d) | 0.41%(c),(d) | 1.72% | 58% | $86,870 |
Year Ended 4/30/2019 | $10.35 | 2.64% | 0.56% | 0.41%(c) | 1.70% | 55% | $104,300 |
Year Ended 4/30/2018 | $10.26 | 0.40% | 0.58% | 0.44%(c) | 1.21% | 36% | $112,699 |
Year Ended 4/30/2017 | $10.36 | 0.51% | 0.61% | 0.46%(c) | 1.11% | 46% | $1,366,779 |
Institutional 2 Class | |||||||
Year Ended 4/30/2021 | $10.46 | 3.39% | 0.53% | 0.37% | 1.31% | 46% | $86,120 |
Year Ended 4/30/2020 | $10.25 | 0.83% | 0.51%(d) | 0.37%(d) | 1.77% | 58% | $71,372 |
Year Ended 4/30/2019 | $10.35 | 2.69% | 0.51% | 0.36% | 1.76% | 55% | $27,329 |
Year Ended 4/30/2018 | $10.26 | 0.55% | 0.51% | 0.37% | 1.41% | 36% | $18,813 |
Year Ended 4/30/2017 | $10.35 | 0.61% | 0.50% | 0.36% | 1.21% | 46% | $14,452 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 29 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Institutional 3 Class | ||||||
Year Ended 4/30/2021 | $10.25 | 0.14 | 0.21 | 0.35 | (0.14) | (0.14) |
Year Ended 4/30/2020 | $10.35 | 0.19 | (0.10) | 0.09 | (0.19) | (0.19) |
Year Ended 4/30/2019 | $10.25 | 0.18 | 0.11 | 0.29 | (0.19) | (0.19) |
Year Ended 4/30/2018 | $10.36 | 0.15 | (0.11) | 0.04 | (0.15) | (0.15) |
Year Ended 4/30/2017(e) | $10.35 | 0.02 | 0.01(f) | 0.03 | (0.02) | (0.02) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Ratios include interfund lending expense which is less than 0.01%. |
(e) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
(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 the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
(g) | Annualized. |
30 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 4/30/2021 | $10.46 | 3.44% | 0.48% | 0.32% | 1.37% | 46% | $448,774 |
Year Ended 4/30/2020 | $10.25 | 0.88% | 0.46%(d) | 0.32%(d) | 1.82% | 58% | $511,085 |
Year Ended 4/30/2019 | $10.35 | 2.84% | 0.46% | 0.32% | 1.78% | 55% | $670,432 |
Year Ended 4/30/2018 | $10.25 | 0.41% | 0.46% | 0.33% | 1.50% | 36% | $911,594 |
Year Ended 4/30/2017(e) | $10.36 | 0.33% | 0.50%(g) | 0.31%(g) | 1.42%(g) | 46% | $10 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 31 |
April 30, 2021
32 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 33 |
April 30, 2021
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 19,794* |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
34 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | (63,699) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | (19,794) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — short | 3,251,719 |
* | Based on the ending daily outstanding amounts for the year ended April 30, 2021. |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 35 |
April 30, 2021
36 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Effective rate (%) | |
Class A | 0.09 |
Advisor Class | 0.09 |
Class C | 0.09 |
Institutional Class | 0.09 |
Institutional 2 Class | 0.05 |
Institutional 3 Class | 0.00 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 37 |
April 30, 2021
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 1.00 | 0.50(a) | 79,192 |
Class C | — | 1.00(b) | 550 |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
September 1, 2020 through August 31, 2021 | Prior to September 1, 2020 | |
Class A | 0.66% | 0.67% |
Advisor Class | 0.41 | 0.42 |
Class C | 1.41 | 1.42 |
Institutional Class | 0.41 | 0.42 |
Institutional 2 Class | 0.37 | 0.37 |
Institutional 3 Class | 0.32 | 0.32 |
38 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(6) | 6 | — |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
5,908 | 9,487,773 | — | 9,493,681 | 9,270 | 14,732,956 | — | 14,742,226 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 1,013,682 | — | (5,339,328) | 9,801,700 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
717,083,602 | 10,457,536 | (655,836) | 9,801,700 |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(1,570,781) | (3,768,547) | (5,339,328) | 1,609,928 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 39 |
April 30, 2021
40 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 41 |
April 30, 2021
42 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 43 |
44 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
Exempt- interest dividends | |
99.94% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 45 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee - 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1962 | Trustee since 2020(a) | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
46 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 47 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
48 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008 - January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 49 |
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Petersen, who is Senior Vice President and Assistant Secretary, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Daniel J. Beckman 225 Franklin Street Boston, MA 02110 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 225 Franklin Street Boston, MA 02110 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 225 Franklin Street Boston, MA 02110 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
50 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Colin Moore 225 Franklin Street Boston, MA 02110 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | 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. |
Columbia Short Term Municipal Bond Fund | Annual Report 2021 | 51 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 1,166,986,012 | 16,252,243 | 0 |
Kathleen Blatz | 1,167,818,192 | 15,420,063 | 0 |
Pamela G. Carlton | 1,167,761,255 | 15,477,001 | 0 |
Janet Langford Carrig | 1,169,443,247 | 13,795,008 | 0 |
J. Kevin Connaughton | 1,168,554,731 | 14,683,525 | 0 |
Olive M. Darragh | 1,169,004,224 | 14,234,032 | 0 |
Patricia M. Flynn | 1,168,110,224 | 15,128,031 | 0 |
Brian J. Gallagher | 1,166,931,187 | 16,307,068 | 0 |
Douglas A. Hacker | 1,168,253,721 | 14,984,535 | 0 |
Nancy T. Lukitsh | 1,169,128,202 | 14,110,053 | 0 |
David M. Moffett | 1,167,387,510 | 15,850,745 | 0 |
Catherine James Paglia | 1,167,159,143 | 16,079,112 | 0 |
Anthony M. Santomero | 1,166,760,857 | 16,477,398 | 0 |
Minor M. Shaw | 1,165,931,084 | 17,307,171 | 0 |
Natalie A. Trunow | 1,168,907,601 | 14,330,655 | 0 |
Sandra Yeager | 1,167,549,796 | 15,688,459 | 0 |
Christopher O. Petersen | 1,167,593,463 | 15,644,793 | 0 |
52 | Columbia Short Term Municipal Bond Fund | Annual Report 2021 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
April 30, 2021
3 | |
5 | |
7 | |
8 | |
20 | |
21 | |
22 | |
24 | |
28 | |
37 | |
38 | |
38 | |
44 | |
45 |
Average annual total returns (%) (for the period ended April 30, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 09/09/02 | 6.80 | 2.42 | 3.63 |
Including sales charges | 3.56 | 1.80 | 3.31 | ||
Advisor Class* | 03/19/13 | 7.08 | 2.68 | 3.89 | |
Class C | Excluding sales charges | 09/11/02 | 6.11 | 1.66 | 2.86 |
Including sales charges | 5.11 | 1.66 | 2.86 | ||
Institutional Class | 08/19/02 | 7.18 | 2.68 | 3.89 | |
Institutional 2 Class* | 11/08/12 | 7.26 | 2.75 | 3.95 | |
Institutional 3 Class* | 03/01/17 | 7.19 | 2.77 | 3.93 | |
Bloomberg Barclays California 3-15 Year Blend Municipal Bond Index | 5.98 | 2.97 | 4.05 | ||
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index | 6.82 | 3.20 | 3.90 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 3 |
Quality breakdown (%) (at April 30, 2021) | |
AAA rating | 2.4 |
AA rating | 53.2 |
A rating | 29.6 |
BBB rating | 11.8 |
BB rating | 1.8 |
Not rated | 1.2 |
Total | 100.0 |
4 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
• | The Fund’s overweighting to lower investment-grade municipal bonds (bonds rated A and BBB) was the biggest driver of returns as lower rated bonds outperformed higher quality bonds during the period. |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 5 |
○ | Within this broader lower investment-grade quality segment, the hospital, education and transportation sectors were positive contributors to performance as they outperformed. All three sectors represented the largest overweights in the portfolio. |
• | Duration positioning was also a positive contributor during the period as the Fund maintained an above-benchmark duration for much of the period. This was particularly helpful during the first three months of the period as the market rallied strongly. |
• | Yield curve positioning was a modest positive contributor. The Fund was overweight in bonds with maturities of eight years and longer. Longer maturity bonds outperformed their shorter maturity counterparts during the annual period. |
• | While little of the portfolio’s positioning detracted from performance, the lowest returning areas during the period were municipal bonds that were rated AAA, pre-refunded or with maturities within two years. |
○ | The Fund was underweight in both AAA rated bonds and pre-refunded bonds, but did have an overweight to bonds maturing within two years. |
○ | There was overlap between these two areas as the Fund’s pre-refunded holdings were rated AAA and had an average maturity of 1.3 years. |
○ | These holdings were of the highest quality, had low yields and contributed very little to total return. |
6 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
(Unaudited)
November 1, 2020 — April 30, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,018.80 | 1,021.19 | 3.77 | 3.78 | 0.75 |
Advisor Class | 1,000.00 | 1,000.00 | 1,020.10 | 1,022.44 | 2.52 | 2.52 | 0.50 |
Class C | 1,000.00 | 1,000.00 | 1,015.00 | 1,017.45 | 7.54 | 7.54 | 1.50 |
Institutional Class | 1,000.00 | 1,000.00 | 1,020.10 | 1,022.44 | 2.52 | 2.52 | 0.50 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,020.40 | 1,022.74 | 2.22 | 2.22 | 0.44 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,020.60 | 1,022.99 | 1.96 | 1.97 | 0.39 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 7 |
April 30, 2021
Floating Rate Notes 0.1% | ||||
Issue Description | Effective Yield | Principal Amount ($) | Value ($) | |
Variable Rate Demand Notes 0.1% | ||||
State of California(a),(b) | ||||
Unlimited General Obligation Bonds | ||||
Kindergarten | ||||
Series 2013A2 (State Street) | ||||
05/01/2034 | 0.010% | 535,000 | 535,000 | |
Total Floating Rate Notes (Cost $535,000) | 535,000 | |||
Municipal Bonds 99.9% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Airport 10.6% | ||||
City of Los Angeles Department of Airports | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2015C | ||||
05/15/2029 | 5.000% | 2,410,000 | 2,834,184 | |
Subordinated Series 2019C | ||||
05/15/2035 | 5.000% | 3,975,000 | 5,083,349 | |
05/15/2037 | 5.000% | 2,250,000 | 2,860,762 | |
Revenue Bonds | ||||
Subordinated Series 2017B | ||||
05/15/2029 | 5.000% | 330,000 | 410,223 | |
05/15/2030 | 5.000% | 500,000 | 618,045 | |
City of Los Angeles Department of Airports(c) | ||||
Revenue Bonds | ||||
Los Angeles International Airport | ||||
Subordinated Series 2019 | ||||
05/15/2038 | 5.000% | 3,500,000 | 4,358,200 | |
Senior Series 2020C | ||||
05/15/2038 | 5.000% | 3,000,000 | 3,840,510 | |
County of Orange Airport | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
07/01/2029 | 5.000% | 200,000 | 246,986 | |
Series 2019B | ||||
07/01/2029 | 5.000% | 275,000 | 339,606 | |
County of Sacramento Airport System | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2016B | ||||
07/01/2036 | 5.000% | 1,750,000 | 2,093,752 | |
Subordinated Series 2018E | ||||
07/01/2034 | 5.000% | 1,000,000 | 1,244,800 | |
Norman Y. Mineta San Jose International Airport | ||||
Refunding Revenue Bonds | ||||
Series 2014B | ||||
03/01/2027 | 5.000% | 2,000,000 | 2,256,060 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2014C | ||||
03/01/2030 | 5.000% | 2,500,000 | 2,796,075 | |
San Diego County Regional Airport Authority | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2017A | ||||
07/01/2033 | 5.000% | 1,000,000 | 1,220,110 | |
07/01/2034 | 5.000% | 700,000 | 852,586 | |
San Diego County Regional Airport Authority(c) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2019B | ||||
07/01/2036 | 5.000% | 1,540,000 | 1,915,637 | |
Subordinated Series 2020 | ||||
07/01/2036 | 5.000% | 495,000 | 629,378 | |
07/01/2039 | 5.000% | 400,000 | 504,316 | |
San Francisco City & County Airport Commission - San Francisco International Airport | ||||
Refunding Revenue Bonds | ||||
2nd Series 2016A | ||||
05/01/2026 | 5.000% | 1,975,000 | 2,414,497 | |
San Francisco Airport Commission Project | ||||
Series 2019 | ||||
05/01/2036 | 5.000% | 3,205,000 | 4,072,337 | |
San Francisco City & County Airport Commission - San Francisco International Airport(c) | ||||
Refunding Revenue Bonds | ||||
Series 2019H | ||||
05/01/2026 | 5.000% | 1,140,000 | 1,381,133 | |
Series 2020A-2 | ||||
05/01/2039 | 4.000% | 750,000 | 880,868 | |
Revenue Bonds | ||||
Series 2019E | ||||
05/01/2037 | 5.000% | 4,000,000 | 4,978,760 | |
Total | 47,832,174 | |||
Charter Schools 3.9% | ||||
California Infrastructure & Economic Development Bank | ||||
Revenue Bonds | ||||
Equitable School Revolving Fund | ||||
Series 2019 | ||||
11/01/2039 | 5.000% | 275,000 | 338,489 | |
California School Finance Authority(d) | ||||
Refunding Revenue Bonds | ||||
Aspire Public Schools | ||||
Series 2016 | ||||
08/01/2029 | 5.000% | 1,100,000 | 1,266,430 | |
08/01/2030 | 5.000% | 1,505,000 | 1,722,954 | |
08/01/2031 | 5.000% | 925,000 | 1,055,971 | |
Revenue Bonds | ||||
Alliance College-Ready Public Schools | ||||
Series 2015 | ||||
07/01/2030 | 5.000% | 3,400,000 | 3,889,770 |
8 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Green Dot Public School Project | ||||
Series 2015A | ||||
08/01/2035 | 5.000% | 1,010,000 | 1,141,098 | |
Series 2018 | ||||
08/01/2038 | 5.000% | 1,000,000 | 1,195,670 | |
KIPP Los Angeles Projects | ||||
Series 2015A | ||||
07/01/2035 | 5.000% | 1,250,000 | 1,418,500 | |
Series 2017 | ||||
07/01/2037 | 5.000% | 3,090,000 | 3,662,515 | |
River Springs Charter School Project | ||||
Series 2015 | ||||
07/01/2025 | 5.250% | 1,360,000 | 1,454,248 | |
California School Finance Authority | ||||
Revenue Bonds | ||||
KIPP Los Angeles Projects | ||||
Series 2014A | ||||
07/01/2034 | 5.000% | 600,000 | 663,462 | |
Total | 17,809,107 | |||
Disposal 0.2% | ||||
California Municipal Finance Authority(d) | ||||
Revenue Bonds | ||||
Waste Management, Inc. | ||||
Series 2009A (Mandatory Put 02/03/25) | ||||
02/01/2039 | 1.300% | 750,000 | 771,675 | |
Health Services 0.1% | ||||
California Municipal Finance Authority | ||||
Revenue Bonds | ||||
Clincas Del Camino Real, Inc. | ||||
Series 2020 | ||||
03/01/2035 | 4.000% | 500,000 | 583,965 | |
Higher Education 6.3% | ||||
California Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Loma Linda University | ||||
Series 2017A | ||||
04/01/2034 | 5.000% | 1,485,000 | 1,777,203 | |
04/01/2035 | 5.000% | 2,000,000 | 2,388,840 | |
Series 2018-A | ||||
12/01/2036 | 5.000% | 1,000,000 | 1,233,370 | |
Revenue Bonds | ||||
Chapman University | ||||
Series 2015 | ||||
04/01/2026 | 5.000% | 1,000,000 | 1,175,080 | |
Green Bonds - Loyola Marymount University | ||||
Series 2018 | ||||
10/01/2036 | 5.000% | 760,000 | 944,885 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Azusa Pacific University | ||||
Series 2015B | ||||
04/01/2025 | 5.000% | 395,000 | 459,369 | |
04/01/2026 | 5.000% | 1,000,000 | 1,158,350 | |
Biola University | ||||
Series 2017 | ||||
10/01/2031 | 5.000% | 540,000 | 653,351 | |
10/01/2032 | 5.000% | 615,000 | 742,465 | |
10/01/2033 | 5.000% | 625,000 | 751,662 | |
10/01/2034 | 5.000% | 570,000 | 684,086 | |
California Lutheran University | ||||
Series 2018 | ||||
10/01/2035 | 5.000% | 225,000 | 275,886 | |
10/01/2036 | 5.000% | 250,000 | 305,718 | |
Revenue Bonds | ||||
Biola University | ||||
Series 2013 | ||||
10/01/2024 | 5.000% | 505,000 | 558,177 | |
10/01/2028 | 5.000% | 840,000 | 922,345 | |
National University | ||||
Series 2019A | ||||
04/01/2035 | 5.000% | 1,780,000 | 2,231,764 | |
04/01/2036 | 5.000% | 1,120,000 | 1,400,448 | |
University of San Diego | ||||
Series 2019A | ||||
10/01/2037 | 5.000% | 1,200,000 | 1,522,380 | |
California Municipal Finance Authority(d) | ||||
Revenue Bonds | ||||
California Baptist University | ||||
Series 2016A | ||||
11/01/2026 | 4.000% | 1,000,000 | 1,078,290 | |
California Statewide Communities Development Authority(d) | ||||
Refunding Revenue Bonds | ||||
California Baptist University | ||||
Series 2017A | ||||
11/01/2032 | 5.000% | 1,135,000 | 1,327,757 | |
Revenue Bonds | ||||
California Baptist University | ||||
Series 2014A | ||||
11/01/2023 | 5.125% | 480,000 | 507,005 | |
Lancer Plaza Project | ||||
Series 2013 | ||||
11/01/2023 | 5.125% | 355,000 | 374,028 | |
University of California | ||||
Refunding Revenue Bonds | ||||
Series 2020BE | ||||
05/15/2037 | 4.000% | 2,665,000 | 3,240,160 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 9 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
University of California(e) | ||||
Refunding Revenue Bonds | ||||
Series 2022S | ||||
05/15/2030 | 5.000% | 2,000,000 | 2,553,520 | |
Total | 28,266,139 | |||
Hospital 11.9% | ||||
California Health Facilities Financing Authority | ||||
Refunding Revenue Bonds | ||||
Cedars Sinai Medical Center | ||||
Series 2015 | ||||
11/15/2028 | 5.000% | 1,000,000 | 1,199,760 | |
Children’s Hospital of Orange County | ||||
Series 2019 | ||||
11/01/2030 | 5.000% | 810,000 | 1,062,955 | |
El Camino Hospital | ||||
Series 2015A | ||||
02/01/2027 | 5.000% | 1,500,000 | 1,737,135 | |
Marshall Medical Center | ||||
Series 2015 | ||||
11/01/2023 | 5.000% | 325,000 | 362,651 | |
Providence St. Joseph Health System | ||||
Series 2019 (Mandatory Put 10/01/25) | ||||
10/01/2039 | 5.000% | 2,500,000 | 2,984,125 | |
Series 2019 (Mandatory Put 10/01/27) | ||||
10/01/2039 | 5.000% | 2,775,000 | 3,483,763 | |
Sutter Health | ||||
Series 2017A | ||||
11/15/2033 | 5.000% | 1,000,000 | 1,249,440 | |
Revenue Bonds | ||||
City of Hope Obligation Group | ||||
Series 2012A | ||||
11/15/2021 | 5.000% | 600,000 | 615,456 | |
El Camino Hospital | ||||
Series 2017 | ||||
02/01/2033 | 5.000% | 2,500,000 | 2,999,050 | |
02/01/2034 | 5.000% | 500,000 | 599,305 | |
Kaiser Permanente | ||||
Subordinated Series 2017A-1-G | ||||
11/01/2027 | 5.000% | 1,875,000 | 2,393,850 | |
Lucile Salter Packard Children’s Hospital | ||||
Series 2014 | ||||
08/15/2028 | 5.000% | 300,000 | 338,481 | |
Series 2017 | ||||
11/15/2034 | 5.000% | 250,000 | 305,558 | |
11/15/2035 | 5.000% | 270,000 | 329,351 | |
Providence Health & Services | ||||
Series 2014A | ||||
10/01/2030 | 5.000% | 1,500,000 | 1,730,040 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Sutter Health | ||||
Series 2018A | ||||
11/15/2034 | 5.000% | 1,000,000 | 1,247,660 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Community Medical Centers | ||||
Series 2015A | ||||
02/01/2027 | 5.000% | 1,200,000 | 1,372,464 | |
Series 2017A | ||||
02/01/2033 | 5.000% | 2,770,000 | 3,336,520 | |
California Public Finance Authority | ||||
Refunding Revenue Bonds | ||||
Henry Mayo Newhall Hospital | ||||
Series 2021 | ||||
10/15/2027 | 4.000% | 400,000 | 465,892 | |
10/15/2028 | 4.000% | 360,000 | 423,133 | |
California Statewide Communities Development Authority | ||||
Refunding Revenue Bonds | ||||
Enloe Medical Center | ||||
Series 2015 | ||||
08/15/2030 | 5.000% | 1,990,000 | 2,380,378 | |
Huntington Memorial Hospital | ||||
Series 2014B | ||||
07/01/2033 | 5.000% | 2,300,000 | 2,569,353 | |
Revenue Bonds | ||||
Emanate Health | ||||
Series 2020A | ||||
04/01/2026 | 5.000% | 570,000 | 686,423 | |
Green - Marin General Hospital Project | ||||
Series 2018 | ||||
08/01/2033 | 5.000% | 425,000 | 509,592 | |
08/01/2034 | 5.000% | 650,000 | 777,530 | |
Kaiser Permanente | ||||
Series 2019 (Mandatory Put 11/01/29) | ||||
04/01/2038 | 5.000% | 2,500,000 | 3,312,275 | |
04/01/2045 | 5.000% | 5,000,000 | 6,624,550 | |
Loma Linda University Medical Center | ||||
Series 2014 | ||||
12/01/2034 | 5.250% | 3,000,000 | 3,391,770 | |
Methodist Hospital of Southern California | ||||
Series 2018 | ||||
01/01/2036 | 5.000% | 3,000,000 | 3,588,540 | |
City of Upland | ||||
Refunding Certificate of Participation | ||||
San Antonio Regional Hospital | ||||
Series 2017 | ||||
01/01/2034 | 5.000% | 500,000 | 587,440 | |
01/01/2036 | 4.000% | 1,000,000 | 1,090,560 | |
Total | 53,755,000 |
10 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Human Service Provider 0.3% | ||||
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Harbor Regional Center Project | ||||
Series 2015 | ||||
11/01/2032 | 5.000% | 1,120,000 | 1,330,560 | |
Joint Power Authority 0.9% | ||||
Middle Fork Project Finance Authority | ||||
Refunding Revenue Bonds | ||||
Series 2020 | ||||
04/01/2030 | 5.000% | 1,200,000 | 1,513,764 | |
Northern California Transmission Agency | ||||
Refunding Revenue Bonds | ||||
California-Oregon Project | ||||
Series 2016 | ||||
05/01/2032 | 5.000% | 1,500,000 | 1,808,910 | |
Southern California Public Power Authority | ||||
Refunding Revenue Bonds | ||||
Milford Wind Corridor Phase II Project Green Bonds | ||||
Series 2021 | ||||
07/01/2029 | 5.000% | 600,000 | 795,282 | |
Total | 4,117,956 | |||
Local Appropriation 2.4% | ||||
Anaheim Public Financing Authority | ||||
Refunding Revenue Bonds | ||||
Anaheim Public Improvement Projects | ||||
Series 2019 BAM | ||||
09/01/2031 | 5.000% | 1,470,000 | 1,852,538 | |
Los Angeles County Public Works Financing Authority | ||||
Revenue Bonds | ||||
Green Bonds - LACMA Building for the Permanent Collection Project | ||||
Series 2020A | ||||
12/01/2037 | 4.000% | 2,415,000 | 2,922,440 | |
Riverside Public Financing Authority | ||||
Refunding Revenue Bonds | ||||
Series 2012A | ||||
11/01/2027 | 5.000% | 2,145,000 | 2,296,330 | |
11/01/2028 | 5.000% | 1,155,000 | 1,235,411 | |
San Rafael Joint Powers Financing Authority | ||||
Revenue Bonds | ||||
Public Safety Facilities Project | ||||
Series 2018 | ||||
06/01/2033 | 5.000% | 850,000 | 1,058,114 | |
06/01/2034 | 5.000% | 775,000 | 962,162 | |
South San Francisco Public Facilities Financing Authority | ||||
Revenue Bonds | ||||
Police Station Project | ||||
Series 2020A | ||||
06/01/2034 | 4.000% | 410,000 | 496,572 | |
Total | 10,823,567 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Local General Obligation 8.1% | ||||
Chula Vista Elementary School District(f) | ||||
Unlimited General Obligation Bonds | ||||
BAN Series 2019 | ||||
08/01/2023 | 0.000% | 1,150,000 | 1,140,582 | |
Compton Community College District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2012 | ||||
07/01/2022 | 5.000% | 2,095,000 | 2,211,775 | |
Compton Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Compton Unified School District | ||||
Series 2019B (BAM) | ||||
06/01/2029 | 5.000% | 650,000 | 805,883 | |
Compton Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Election of 2002 - Capital Appreciation | ||||
Series 2006C (AMBAC) | ||||
06/01/2023 | 0.000% | 2,025,000 | 2,005,641 | |
06/01/2024 | 0.000% | 1,925,000 | 1,888,194 | |
Conejo Valley Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2018B | ||||
08/01/2032 | 4.000% | 2,000,000 | 2,380,040 | |
Corona-Norco Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Election 2014 | ||||
Series 2018B | ||||
08/01/2034 | 4.000% | 500,000 | 590,860 | |
Culver City School Facilities Financing Authority | ||||
Revenue Bonds | ||||
Unified School District | ||||
Series 2005 (AGM) | ||||
08/01/2023 | 5.500% | 1,490,000 | 1,669,143 | |
Lodi Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Election of 2016 | ||||
Series 2020 | ||||
08/01/2034 | 4.000% | 750,000 | 882,990 | |
08/01/2035 | 4.000% | 600,000 | 705,204 | |
Long Beach Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2015D-1 | ||||
08/01/2031 | 0.000% | 1,375,000 | 1,022,216 | |
Los Angeles Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Election 2008 | ||||
Series 2018B-1 | ||||
07/01/2032 | 5.000% | 4,000,000 | 5,030,120 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 11 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Monterey Peninsula Community College District(f) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2016 | ||||
08/01/2028 | 0.000% | 2,125,000 | 1,881,815 | |
Napa Valley Community College District(g) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2018 | ||||
08/01/2034 | 4.000% | 1,595,000 | 1,811,537 | |
Oakland Unified School District/Alameda County | ||||
Unlimited General Obligation Bonds | ||||
Series 2015A | ||||
08/01/2025 | 5.000% | 650,000 | 769,620 | |
Palomar Community College District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation-Election of 2006 | ||||
Series 2010B | ||||
08/01/2022 | 0.000% | 2,140,000 | 2,134,457 | |
Pomona Unified School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Election 2008 | ||||
Series 2016G (AGM) | ||||
08/01/2032 | 0.000% | 1,000,000 | 752,680 | |
Rancho Santiago Community College District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation-Election of 2002 | ||||
Series 2006C (AGM) | ||||
09/01/2031 | 0.000% | 3,785,000 | 3,167,477 | |
Rescue Union School District(f) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation-Election of 1998 | ||||
Series 2005 (NPFGC) | ||||
09/01/2026 | 0.000% | 1,100,000 | 1,040,094 | |
San Diego Unified School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2020D-2 | ||||
07/01/2035 | 4.000% | 1,000,000 | 1,224,360 | |
Santa Monica Community College District | ||||
Unlimited General Obligation Bonds | ||||
Election 2016 | ||||
Series 2018A | ||||
08/01/2034 | 4.000% | 500,000 | 596,945 | |
Sierra Kings Health Care District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
08/01/2028 | 5.000% | 1,000,000 | 1,131,570 | |
08/01/2032 | 5.000% | 1,500,000 | 1,675,125 | |
Total | 36,518,328 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Multi-Family 1.0% | ||||
California Housing Finance | ||||
Revenue Bonds | ||||
Series 2019-2 Class A | ||||
03/20/2033 | 4.000% | 1,175,617 | 1,377,634 | |
California Municipal Finance Authority | ||||
Revenue Bonds | ||||
Bowles Hall Foundation | ||||
Series 2015A | ||||
06/01/2035 | 5.000% | 400,000 | 443,252 | |
Caritas Affordable Housing | ||||
Series 2014 | ||||
08/15/2030 | 5.000% | 1,000,000 | 1,108,280 | |
California Statewide Communities Development Authority | ||||
Revenue Bonds | ||||
Lancer Educational Student Housing Project | ||||
Series 2019 | ||||
06/01/2034 | 5.000% | 375,000 | 437,194 | |
Series 2017 | ||||
05/15/2032 | 5.000% | 1,000,000 | 1,200,440 | |
Total | 4,566,800 | |||
Municipal Power 5.7% | ||||
City of Redding Electric System | ||||
Refunding Revenue Bonds | ||||
Series 2017 | ||||
06/01/2029 | 5.000% | 1,250,000 | 1,552,288 | |
City of Riverside Electric | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
10/01/2037 | 5.000% | 1,000,000 | 1,279,290 | |
Imperial Irrigation District Electric System | ||||
Refunding Revenue Bonds | ||||
Series 2011D | ||||
11/01/2022 | 5.000% | 2,860,000 | 2,928,125 | |
11/01/2023 | 5.000% | 1,040,000 | 1,064,731 | |
Los Angeles Department of Water & Power System | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
07/01/2035 | 5.000% | 1,750,000 | 2,191,700 | |
Series 2019B | ||||
07/01/2031 | 5.000% | 5,000,000 | 6,473,250 | |
Revenue Bonds | ||||
Power System | ||||
Series 2014D | ||||
07/01/2033 | 5.000% | 1,700,000 | 1,946,976 | |
Redding Joint Powers Financing Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
06/01/2031 | 5.000% | 1,045,000 | 1,250,813 |
12 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Sacramento Municipal Utility District | ||||
Revenue Bonds | ||||
Electric | ||||
Series 2020H | ||||
08/15/2033 | 5.000% | 2,000,000 | 2,678,420 | |
Turlock Irrigation District | ||||
Refunding Revenue Bonds | ||||
First Priority | ||||
Subordinated Series 2014 | ||||
01/01/2030 | 5.000% | 850,000 | 969,731 | |
01/01/2031 | 5.000% | 1,000,000 | 1,139,510 | |
Series 2020 | ||||
01/01/2038 | 5.000% | 1,650,000 | 2,139,786 | |
Total | 25,614,620 | |||
Other Bond Issue 1.2% | ||||
California Infrastructure & Economic Development Bank | ||||
Refunding Revenue Bonds | ||||
Salvation Army Western Territory (The) | ||||
Series 2016 | ||||
09/01/2033 | 4.000% | 400,000 | 456,936 | |
09/01/2034 | 4.000% | 600,000 | 683,448 | |
Walt Disney Family Museum | ||||
Series 2016 | ||||
02/01/2032 | 4.000% | 350,000 | 392,066 | |
02/01/2033 | 4.000% | 500,000 | 557,670 | |
City of Long Beach Marina System | ||||
Revenue Bonds | ||||
Series 2015 | ||||
05/15/2028 | 5.000% | 635,000 | 724,021 | |
County of San Diego | ||||
Refunding Revenue Bonds | ||||
Sanford Burnham Prebys Medical Discovery Group | ||||
Series 2015 | ||||
11/01/2025 | 5.000% | 350,000 | 418,887 | |
Long Beach Bond Finance Authority | ||||
Refunding Revenue Bonds | ||||
Aquarium of the Pacific | ||||
Series 2012 | ||||
11/01/2027 | 5.000% | 2,210,000 | 2,258,311 | |
Total | 5,491,339 | |||
Pool / Bond Bank 0.6% | ||||
California Infrastructure & Economic Development Bank | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2019 | ||||
10/01/2031 | 5.000% | 2,120,000 | 2,743,937 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Ports 3.1% | ||||
City of Long Beach Harbor(c) | ||||
Refunding Revenue Bonds | ||||
Private Activity | ||||
Series 2020B | ||||
05/15/2024 | 5.000% | 5,000,000 | 5,670,450 | |
City of Long Beach Harbor | ||||
Revenue Bonds | ||||
Series 2019A | ||||
05/15/2036 | 5.000% | 700,000 | 901,852 | |
Port Commission of the City & County of San Francisco | ||||
Refunding Revenue Bonds | ||||
Series 2020A | ||||
03/01/2037 | 4.000% | 315,000 | 371,763 | |
03/01/2038 | 4.000% | 405,000 | 475,924 | |
03/01/2039 | 4.000% | 1,260,000 | 1,476,733 | |
Port of Los Angeles(c) | ||||
Refunding Revenue Bonds | ||||
Private Activity | ||||
Series 2019A | ||||
08/01/2025 | 5.000% | 1,750,000 | 2,061,587 | |
Port of Oakland(c) | ||||
Refunding Revenue Bonds | ||||
Intermediate Lien | ||||
Series 2021 | ||||
05/01/2029 | 5.000% | 500,000 | 641,720 | |
San Diego Unified Port District | ||||
Refunding Revenue Bonds | ||||
Series 2013A | ||||
09/01/2027 | 5.000% | 1,000,000 | 1,102,650 | |
09/01/2028 | 5.000% | 1,100,000 | 1,212,200 | |
Total | 13,914,879 | |||
Prepaid Gas 0.6% | ||||
M-S-R Energy Authority | ||||
Revenue Bonds | ||||
Series 2009B | ||||
11/01/2029 | 6.125% | 1,970,000 | 2,517,818 | |
Recreation 0.4% | ||||
Del Mar Race Track Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
10/01/2025 | 5.000% | 1,665,000 | 1,774,224 | |
Refunded / Escrowed 6.7% | ||||
ABAG Finance Authority for Nonprofit Corps. | ||||
Prerefunded 08/01/21 Revenue Bonds | ||||
Sharp Healthcare | ||||
Series 2011A | ||||
08/01/2024 | 5.250% | 2,750,000 | 2,784,073 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 13 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
California Educational Facilities Authority | ||||
Revenue Bonds | ||||
University of Southern California | ||||
Series 2009C Escrowed to Maturity | ||||
10/01/2024 | 5.250% | 3,000,000 | 3,513,210 | |
California Health Facilities Financing Authority | ||||
Prerefunded 08/15/21 Revenue Bonds | ||||
Sutter Health Obligation Group | ||||
Series 2011D | ||||
08/15/2026 | 5.000% | 2,250,000 | 2,280,780 | |
California Statewide Communities Development Authority | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Henry Mayo Newhall Memorial Hospital | ||||
Series 2014A (AGM) | ||||
10/01/2027 | 5.000% | 1,000,000 | 1,153,350 | |
Chino Public Financing Authority | ||||
Prerefunded 09/01/22 Special Tax Bonds | ||||
Series 2012 | ||||
09/01/2023 | 5.000% | 1,070,000 | 1,137,324 | |
City of La Verne | ||||
Prerefunded 05/15/22 Certificate of Participation | ||||
Brethren Hillcrest Homes | ||||
Series 2014 | ||||
05/15/2024 | 5.000% | 310,000 | 328,436 | |
05/15/2025 | 5.000% | 530,000 | 561,519 | |
05/15/2026 | 5.000% | 700,000 | 741,629 | |
05/15/2029 | 5.000% | 1,135,000 | 1,202,498 | |
City of Los Angeles | ||||
Prerefunded 09/01/21 Unlimited General Obligation Bonds | ||||
Series 2011A | ||||
09/01/2025 | 5.000% | 3,000,000 | 3,048,030 | |
City of Newport Beach | ||||
Prerefunded 12/01/21 Revenue Bonds | ||||
Hoag Memorial Hospital Presbyterian | ||||
Series 2011 | ||||
12/01/2030 | 5.875% | 1,000,000 | 1,033,060 | |
La Quinta Redevelopment Agency Successor Agency | ||||
Prerefunded 09/01/23 Tax Allocation Bonds | ||||
Redevelopment Project | ||||
Subordinated Series 2013A | ||||
09/01/2030 | 5.000% | 1,500,000 | 1,668,780 | |
Long Beach Community College District | ||||
Prerefunded 08/01/22 Unlimited General Obligation Bonds | ||||
2008 Election | ||||
Series 2012B | ||||
08/01/2023 | 5.000% | 700,000 | 742,637 | |
Poway Unified School District | ||||
Prerefunded 09/01/22 Special Tax Bonds | ||||
Community Facilities District No. 6-4S Ranch | ||||
Series 2012 | ||||
09/01/2028 | 5.000% | 1,770,000 | 1,882,590 | |
09/01/2029 | 5.000% | 1,195,000 | 1,271,014 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Semitropic Improvement District | ||||
Prerefunded 12/01/22 Revenue Bonds | ||||
Series 2012A | ||||
12/01/2023 | 5.000% | 2,850,000 | 3,065,460 | |
Sulphur Springs Union School District | ||||
Prerefunded 09/01/22 Special Tax Bonds | ||||
Community Facilities District | ||||
Series 2012 | ||||
09/01/2028 | 5.000% | 520,000 | 552,718 | |
09/01/2029 | 5.000% | 585,000 | 621,808 | |
West Contra Costa Unified School District | ||||
Prerefunded 08/01/22 Unlimited General Obligation Bonds | ||||
Series 2012 | ||||
08/01/2027 | 5.000% | 2,365,000 | 2,507,515 | |
Total | 30,096,431 | |||
Retirement Communities 4.4% | ||||
ABAG Finance Authority for Nonprofit Corps. | ||||
Revenue Bonds | ||||
Odd Fellows Home of California | ||||
Series 2012A | ||||
04/01/2032 | 5.000% | 4,750,000 | 5,090,337 | |
California Health Facilities Financing Authority | ||||
Refunding Revenue Bonds | ||||
Northern California Presbyterian Homes | ||||
Series 2015 | ||||
07/01/2028 | 5.000% | 310,000 | 363,621 | |
07/01/2029 | 5.000% | 300,000 | 351,024 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
HumanGood Obligation Group | ||||
Series 2019A | ||||
10/01/2034 | 4.000% | 500,000 | 561,075 | |
10/01/2035 | 4.000% | 1,000,000 | 1,118,700 | |
Mt. San Antonio Gardens Project | ||||
Series 2019 | ||||
11/15/2039 | 5.000% | 1,000,000 | 1,160,760 | |
Retirement Housing Foundation | ||||
Series 2017 | ||||
11/15/2029 | 5.000% | 390,000 | 475,036 | |
11/15/2030 | 5.000% | 600,000 | 737,634 | |
11/15/2032 | 5.000% | 850,000 | 1,064,447 | |
California Statewide Communities Development Authority | ||||
Refunding Revenue Bonds | ||||
American Baptist Homes West | ||||
Series 2015 | ||||
10/01/2024 | 5.000% | 2,575,000 | 2,913,741 | |
10/01/2026 | 5.000% | 1,000,000 | 1,158,720 | |
Episcopal Communities and Services | ||||
Series 2012 | ||||
05/15/2027 | 5.000% | 1,520,000 | 1,575,738 |
14 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Front Porch Communities & Services | ||||
Series 2017 | ||||
04/01/2030 | 5.000% | 150,000 | 177,816 | |
Revenue Bonds | ||||
Insured Redwoods Project | ||||
Series 2013 | ||||
11/15/2028 | 5.000% | 1,000,000 | 1,103,330 | |
Viamonte Senior Living 1, Inc. | ||||
Series 2018 | ||||
07/01/2035 | 4.000% | 300,000 | 348,219 | |
07/01/2036 | 4.000% | 430,000 | 497,798 | |
Los Angeles County Regional Financing Authority | ||||
Revenue Bonds | ||||
Montecedro, Inc. Project | ||||
Series 2014A | ||||
11/15/2034 | 5.000% | 1,000,000 | 1,061,000 | |
Total | 19,758,996 | |||
Sales Tax 1.1% | ||||
California Statewide Communities Development Authority | ||||
Certificate of Participation | ||||
Total Road Improvement Program | ||||
Series 2018B (AGM) | ||||
12/01/2035 | 5.000% | 1,405,000 | 1,742,172 | |
City of Sacramento Transient Occupancy | ||||
Revenue Bonds | ||||
Convention Center Complex | ||||
Subordinated Series 2018 | ||||
06/01/2035 | 5.000% | 615,000 | 743,824 | |
06/01/2036 | 5.000% | 1,180,000 | 1,423,564 | |
Los Angeles County Metropolitan Transportation Authority | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2020 | ||||
06/01/2037 | 4.000% | 1,000,000 | 1,220,470 | |
Total | 5,130,030 | |||
Special Non Property Tax 0.2% | ||||
Berkeley Joint Powers Financing Authority | ||||
Revenue Bonds | ||||
Series 2016 (BAM) | ||||
06/01/2033 | 4.000% | 415,000 | 461,248 | |
06/01/2034 | 4.000% | 250,000 | 277,297 | |
Total | 738,545 | |||
Special Property Tax 13.4% | ||||
Carson Public Financing Authority | ||||
Revenue Bonds | ||||
Series 2019 | ||||
09/02/2026 | 5.000% | 650,000 | 788,508 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Irvine | ||||
Refunding Special Assessment Bonds | ||||
Limited Obligation Reassessment District | ||||
Series 2015 | ||||
09/02/2025 | 5.000% | 1,295,000 | 1,554,091 | |
Special Assessment Refunding Bonds | ||||
Series 2019 | ||||
09/02/2031 | 5.000% | 325,000 | 427,931 | |
09/02/2032 | 5.000% | 340,000 | 444,237 | |
Concord Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Series 2014 (BAM) | ||||
03/01/2025 | 5.000% | 840,000 | 980,902 | |
County of El Dorado | ||||
Refunding Special Tax Bonds | ||||
Community Facilities District No. 92-1 | ||||
Series 2012 | ||||
09/01/2026 | 5.000% | 625,000 | 665,437 | |
09/01/2027 | 5.000% | 800,000 | 851,208 | |
Emeryville Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Series 2014A (AGM) | ||||
09/01/2023 | 5.000% | 2,415,000 | 2,671,594 | |
09/01/2026 | 5.000% | 1,000,000 | 1,139,850 | |
09/01/2027 | 5.000% | 1,000,000 | 1,136,110 | |
09/01/2030 | 5.000% | 815,000 | 920,168 | |
09/01/2031 | 5.000% | 590,000 | 666,098 | |
Garden Grove Agency Community Development Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Garden Grove Community Project | ||||
Series 2016 (BAM) | ||||
10/01/2030 | 5.000% | 1,040,000 | 1,236,196 | |
10/01/2031 | 5.000% | 1,640,000 | 1,945,942 | |
Glendale Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Central Glendale Redevelopment | ||||
Subordinated Series 2013 (AGM) | ||||
12/01/2021 | 5.000% | 755,000 | 775,725 | |
Inglewood Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Merged Redevelopment Project | ||||
Subordinated Series 2017 (BAM) | ||||
05/01/2032 | 5.000% | 500,000 | 612,940 | |
05/01/2033 | 5.000% | 1,000,000 | 1,223,930 | |
Irvine Unified School District | ||||
Refunding Special Tax Bonds | ||||
Series 2015 | ||||
09/01/2030 | 5.000% | 2,065,000 | 2,385,034 | |
09/01/2031 | 5.000% | 2,720,000 | 3,141,382 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 15 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Jurupa Public Financing Authority | ||||
Refunding Special Tax Bonds | ||||
Series 2014A | ||||
09/01/2029 | 5.000% | 530,000 | 607,221 | |
09/01/2030 | 5.000% | 625,000 | 716,037 | |
09/01/2032 | 5.000% | 625,000 | 715,806 | |
Los Angeles Community Facilities District | ||||
Refunding Special Tax Bonds | ||||
Playa Vista-Phase 1 | ||||
Series 2014 | ||||
09/01/2030 | 5.000% | 985,000 | 1,121,816 | |
Los Angeles County Redevelopment Authority | ||||
Refunding Tax Allocation Bonds | ||||
Los Angeles Bunker Hill Project | ||||
Series 2014C (AGM) | ||||
12/01/2028 | 5.000% | 6,060,000 | 6,969,545 | |
Oakland Redevelopment Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Subordinated Series 2013 | ||||
09/01/2022 | 5.000% | 2,000,000 | 2,117,860 | |
Oakley Redevelopment Agency | ||||
Refunding Tax Allocation Bonds | ||||
Oakley Redevelopment Project Area | ||||
Series 2018 (BAM) | ||||
09/01/2032 | 5.000% | 335,000 | 414,171 | |
09/01/2033 | 5.000% | 730,000 | 896,936 | |
09/01/2034 | 5.000% | 500,000 | 612,835 | |
Palm Desert Redevelopment Agency | ||||
Refunding Tax Allocation Bonds | ||||
Series 2017A (BAM) | ||||
10/01/2029 | 5.000% | 890,000 | 1,094,335 | |
10/01/2030 | 5.000% | 350,000 | 429,069 | |
Poway Unified School District Public Financing Authority | ||||
Special Tax Refunding Bonds | ||||
Series 2015B | ||||
09/01/2026 | 5.000% | 995,000 | 1,191,124 | |
Rancho Cucamonga Redevelopment Agency Successor Agency | ||||
Tax Allocation Bonds | ||||
Rancho Redevelopment Project Area | ||||
Series 2014 | ||||
09/01/2030 | 5.000% | 700,000 | 793,520 | |
Series 2014 (AGM) | ||||
09/01/2027 | 5.000% | 2,200,000 | 2,509,562 | |
Riverside County Public Financing Authority | ||||
Tax Allocation Bonds | ||||
Project Area #1-Desert Communities | ||||
Series 2016 (BAM) | ||||
10/01/2031 | 4.000% | 2,500,000 | 2,752,525 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
San Francisco City & County Redevelopment Agency | ||||
Refunding Tax Allocation Bonds | ||||
Mission Bay North Redevelopment Project | ||||
Series 2016 | ||||
08/01/2030 | 5.000% | 275,000 | 328,309 | |
08/01/2031 | 5.000% | 355,000 | 422,560 | |
Mission Bay South Redevelopment Project | ||||
Series 2016 | ||||
08/01/2031 | 5.000% | 670,000 | 797,508 | |
08/01/2032 | 5.000% | 580,000 | 688,796 | |
Tax Allocation Bonds | ||||
Mission Bay South Redevelopment Project | ||||
Series 2014A | ||||
08/01/2029 | 5.000% | 225,000 | 253,096 | |
08/01/2030 | 5.000% | 175,000 | 196,343 | |
San Mateo Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Series 2015A | ||||
08/01/2028 | 5.000% | 1,860,000 | 2,147,575 | |
08/01/2029 | 5.000% | 1,000,000 | 1,149,060 | |
Semitropic Improvement District | ||||
Refunding Revenue Bonds | ||||
Series 2015A 2nd Lien (AGM) | ||||
12/01/2023 | 5.000% | 300,000 | 337,428 | |
12/01/2024 | 5.000% | 400,000 | 467,888 | |
Sulphur Springs Union School District | ||||
Unrefunded Special Tax Bonds | ||||
Community Facilities District | ||||
Series 2012 | ||||
09/01/2028 | 5.000% | 530,000 | 563,120 | |
09/01/2029 | 5.000% | 595,000 | 632,182 | |
Transbay Joint Powers Authority | ||||
Senior Tax Allocation Bonds | ||||
Green Bonds | ||||
Series 2020A | ||||
10/01/2033 | 5.000% | 500,000 | 637,105 | |
Tustin Community Facilities District | ||||
Refunding Special Tax Bonds | ||||
Legacy Villages of Columbus #06-1 | ||||
Series 2015 | ||||
09/01/2029 | 5.000% | 1,200,000 | 1,413,828 | |
Tustin Community Redevelopment Agency Successor Agency | ||||
Refunding Tax Allocation Bonds | ||||
Series 2016 | ||||
09/01/2032 | 4.000% | 2,295,000 | 2,625,296 | |
Vista Redevelopment Agency Successor Agency | ||||
Tax Allocation Refunding Bonds | ||||
Series 2015B1 (AGM) | ||||
09/01/2024 | 5.000% | 580,000 | 665,968 | |
09/01/2026 | 5.000% | 700,000 | 823,928 | |
Total | 60,659,635 |
16 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
State Appropriated 4.6% | ||||
California State Public Works Board | ||||
Refunding Revenue Bonds | ||||
Various Capital Projects | ||||
Series 2012G | ||||
11/01/2028 | 5.000% | 1,500,000 | 1,603,260 | |
Series 2020C | ||||
03/01/2033 | 5.000% | 1,800,000 | 2,361,186 | |
Revenue Bonds | ||||
Department of Corrections and Rehabilitation | ||||
Series 2014C | ||||
10/01/2022 | 5.000% | 1,925,000 | 2,056,843 | |
Series 2015A | ||||
06/01/2028 | 5.000% | 1,175,000 | 1,389,026 | |
Various Capital Projects | ||||
Series 2013I | ||||
11/01/2028 | 5.250% | 3,000,000 | 3,366,150 | |
Series 2014E | ||||
09/01/2030 | 5.000% | 1,500,000 | 1,720,710 | |
Various Correctional Facilities | ||||
Series 2014A | ||||
09/01/2031 | 5.000% | 3,000,000 | 3,439,290 | |
California State Public Works Board(e) | ||||
Refunding Revenue Bonds | ||||
Various Purpose | ||||
Series 2022A | ||||
08/01/2036 | 5.000% | 4,000,000 | 5,084,040 | |
Total | 21,020,505 | |||
State General Obligation 2.8% | ||||
State of California | ||||
Unlimited General Obligation Bonds | ||||
Series 2019 | ||||
04/01/2031 | 5.000% | 1,000,000 | 1,301,580 | |
Series 2020 | ||||
11/01/2034 | 4.000% | 1,000,000 | 1,235,020 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2014 | ||||
08/01/2032 | 5.000% | 3,000,000 | 3,437,790 | |
Series 2019 | ||||
10/01/2025 | 5.000% | 2,435,000 | 2,931,326 | |
Series 2021 | ||||
12/01/2030 | 5.000% | 1,800,000 | 2,440,584 | |
Various Purpose | ||||
Series 2020 | ||||
03/01/2033 | 5.000% | 1,000,000 | 1,315,680 | |
Total | 12,661,980 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Tobacco 3.6% | ||||
California County Tobacco Securitization Agency | ||||
Refunding Revenue Bonds | ||||
Series 2020A | ||||
06/01/2030 | 5.000% | 250,000 | 331,447 | |
06/01/2032 | 5.000% | 250,000 | 327,600 | |
06/01/2033 | 5.000% | 250,000 | 325,860 | |
06/01/2034 | 4.000% | 200,000 | 242,736 | |
Golden State Tobacco Securitization Corp. | ||||
Asset-Backed Refunding Revenue Bonds | ||||
Series 2015A | ||||
06/01/2033 | 5.000% | 4,000,000 | 4,688,280 | |
Refunding Revenue Bonds | ||||
Series 2017A-1 | ||||
06/01/2024 | 5.000% | 4,000,000 | 4,542,560 | |
Series 2018A | ||||
06/01/2022 | 5.000% | 3,000,000 | 3,155,130 | |
Tobacco Securitization Authority of Northern California | ||||
Refunding Revenue Bonds | ||||
Sacramento County Tobacco Securitization Corp. Senior Bonds | ||||
Series 2021 | ||||
06/01/2032 | 5.000% | 400,000 | 527,928 | |
06/01/2033 | 5.000% | 500,000 | 656,180 | |
Tobacco Securitization Authority of Southern California | ||||
Refunding Revenue Bonds | ||||
San Diego County Tobacco Asset Securitization Corp. | ||||
Series 2019 | ||||
06/01/2030 | 5.000% | 1,220,000 | 1,594,162 | |
Total | 16,391,883 | |||
Transportation 0.5% | ||||
Peninsula Corridor Joint Powers Board | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
10/01/2036 | 5.000% | 315,000 | 400,765 | |
10/01/2037 | 5.000% | 300,000 | 380,595 | |
San Diego Association of Governments | ||||
Revenue Bonds | ||||
Green Bonds - Mid Coast Corridor | ||||
Series 2019 | ||||
11/15/2027 | 1.800% | 1,500,000 | 1,579,620 | |
Total | 2,360,980 | |||
Turnpike / Bridge / Toll Road 2.1% | ||||
Bay Area Toll Authority | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2017 | ||||
04/01/2031 | 4.000% | 2,000,000 | 2,357,120 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 17 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Foothill-Eastern Transportation Corridor Agency(f) | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
01/15/2033 | 0.000% | 5,000,000 | 3,821,950 | |
Foothill-Eastern Transportation Corridor Agency | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2014B-3 (Mandatory Put 01/15/23) | ||||
01/15/2053 | 5.500% | 3,000,000 | 3,176,910 | |
Total | 9,355,980 | |||
Water & Sewer 3.2% | ||||
Beaumont Public Improvement Authority | ||||
Revenue Bonds | ||||
Series 2018-A (AGM) | ||||
09/01/2033 | 5.000% | 500,000 | 605,780 | |
09/01/2035 | 5.000% | 830,000 | 1,002,408 | |
City of Riverside Water | ||||
Refunding Revenue Bonds | ||||
Series 2019A | ||||
10/01/2032 | 5.000% | 1,500,000 | 1,962,345 | |
City of Tulare Sewer | ||||
Refunding Revenue Bonds | ||||
Series 2015 (AGM) | ||||
11/15/2025 | 5.000% | 700,000 | 832,559 | |
11/15/2026 | 5.000% | 1,000,000 | 1,198,270 | |
Livermore Valley Water Financing Authority | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
07/01/2034 | 4.000% | 920,000 | 1,069,233 | |
Los Angeles County Sanitation Districts Financing Authority | ||||
Refunding Revenue Bonds | ||||
Capital Projects - District #14 | ||||
Subordinated Series 2015 | ||||
10/01/2024 | 5.000% | 1,050,000 | 1,220,730 | |
Mountain House Public Financing Authority | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Subordinated Series 2020B (BAM) | ||||
12/01/2035 | 4.000% | 1,000,000 | 1,187,810 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Santa Paula Utility Authority | ||||
Refunding Revenue Bonds | ||||
Series 2019 (AGM) | ||||
02/01/2034 | 4.000% | 575,000 | 666,523 | |
02/01/2036 | 4.000% | 1,325,000 | 1,523,644 | |
Stockton Public Financing Authority | ||||
Refunding Revenue Bonds | ||||
Series 2014 (BAM) | ||||
09/01/2028 | 5.000% | 1,500,000 | 1,714,980 | |
Union Sanitary District Financing Author | ||||
Revenue Bonds | ||||
Series 2020A | ||||
09/01/2037 | 4.000% | 400,000 | 477,880 | |
09/01/2038 | 4.000% | 325,000 | 387,234 | |
09/01/2039 | 4.000% | 600,000 | 713,172 | |
Total | 14,562,568 | |||
Total Municipal Bonds (Cost $421,634,704) | 451,169,621 |
Money Market Funds 0.8% | ||
Shares | Value ($) | |
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 0.010%(h) | 147,817 | 147,803 |
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.006%(h) | 3,446,402 | 3,446,402 |
Total Money Market Funds (Cost $3,594,219) | 3,594,205 | |
Total Investments in Securities (Cost: $425,763,923) | 455,298,826 | |
Other Assets & Liabilities, Net | (3,760,871) | |
Net Assets | 451,537,955 |
(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, 2021. |
(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, 2021, the total value of these securities amounted to $20,865,911, which represents 4.62% of total net assets. |
(e) | Represents a security purchased on a when-issued basis. |
(f) | Zero coupon bond. |
18 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
(g) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of April 30, 2021. |
(h) | The rate shown is the seven-day current annualized yield at April 30, 2021. |
AGM | Assured Guaranty Municipal Corporation |
AMBAC | Ambac Assurance Corporation |
BAM | Build America Mutual Assurance Co. |
BAN | Bond Anticipation Note |
NPFGC | National Public Finance Guarantee Corporation |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 535,000 | — | 535,000 |
Municipal Bonds | — | 451,169,621 | — | 451,169,621 |
Money Market Funds | 3,594,205 | — | — | 3,594,205 |
Total Investments in Securities | 3,594,205 | 451,704,621 | — | 455,298,826 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 19 |
April 30, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $425,763,923) | $455,298,826 |
Cash | 3,098 |
Receivable for: | |
Capital shares sold | 374,378 |
Interest | 5,070,165 |
Expense reimbursement due from Investment Manager | 1,434 |
Prepaid expenses | 13,318 |
Total assets | 460,761,219 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 7,450,720 |
Capital shares purchased | 771,655 |
Distributions to shareholders | 819,962 |
Management services fees | 5,797 |
Distribution and/or service fees | 444 |
Transfer agent fees | 49,422 |
Compensation of board members | 106,906 |
Other expenses | 18,358 |
Total liabilities | 9,223,264 |
Net assets applicable to outstanding capital stock | $451,537,955 |
Represented by | |
Paid in capital | 426,678,464 |
Total distributable earnings (loss) | 24,859,491 |
Total - representing net assets applicable to outstanding capital stock | $451,537,955 |
Class A | |
Net assets | $34,289,025 |
Shares outstanding | 3,200,522 |
Net asset value per share | $10.71 |
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) | $11.04 |
Advisor Class | |
Net assets | $2,961,100 |
Shares outstanding | 277,157 |
Net asset value per share | $10.68 |
Class C | |
Net assets | $7,657,581 |
Shares outstanding | 715,196 |
Net asset value per share | $10.71 |
Institutional Class | |
Net assets | $388,016,626 |
Shares outstanding | 36,298,014 |
Net asset value per share | $10.69 |
Institutional 2 Class | |
Net assets | $13,265,237 |
Shares outstanding | 1,244,664 |
Net asset value per share | $10.66 |
Institutional 3 Class | |
Net assets | $5,348,386 |
Shares outstanding | 500,697 |
Net asset value per share | $10.68 |
20 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
Year Ended April 30, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $6,930 |
Interest | 13,074,034 |
Total income | 13,080,964 |
Expenses: | |
Management services fees | 2,147,926 |
Distribution and/or service fees | |
Class A | 82,027 |
Class C | 88,557 |
Transfer agent fees | |
Class A | 39,011 |
Advisor Class | 3,251 |
Class C | 10,504 |
Institutional Class | 471,757 |
Institutional 2 Class | 7,110 |
Institutional 3 Class | 554 |
Compensation of board members | 56,309 |
Custodian fees | 2,729 |
Printing and postage fees | 18,020 |
Registration fees | 20,436 |
Audit fees | 29,500 |
Legal fees | 12,086 |
Compensation of chief compliance officer | 91 |
Other | 19,457 |
Total expenses | 3,009,325 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (555,285) |
Expense reduction | (20) |
Total net expenses | 2,454,020 |
Net investment income | 10,626,944 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 185,992 |
Net realized gain | 185,992 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 20,199,703 |
Net change in unrealized appreciation (depreciation) | 20,199,703 |
Net realized and unrealized gain | 20,385,695 |
Net increase in net assets resulting from operations | $31,012,639 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 21 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |
Operations | ||
Net investment income | $10,626,944 | $11,007,834 |
Net realized gain (loss) | 185,992 | (402,775) |
Net change in unrealized appreciation (depreciation) | 20,199,703 | (10,259,961) |
Net increase in net assets resulting from operations | 31,012,639 | 345,098 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (688,337) | (725,273) |
Advisor Class | (64,148) | (69,934) |
Class C | (119,563) | (170,563) |
Institutional Class | (9,327,171) | (9,604,298) |
Institutional 2 Class | (294,403) | (323,534) |
Institutional 3 Class | (133,322) | (114,507) |
Total distributions to shareholders | (10,626,944) | (11,008,109) |
Increase (decrease) in net assets from capital stock activity | (11,808,581) | 51,042,670 |
Total increase in net assets | 8,577,114 | 40,379,659 |
Net assets at beginning of year | 442,960,841 | 402,581,182 |
Net assets at end of year | $451,537,955 | $442,960,841 |
22 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
April 30, 2021 | April 30, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 781,435 | 8,350,473 | 913,135 | 9,698,460 |
Distributions reinvested | 55,054 | 587,853 | 59,744 | 635,235 |
Redemptions | (703,175) | (7,481,214) | (964,067) | (10,226,058) |
Net increase | 133,314 | 1,457,112 | 8,812 | 107,637 |
Advisor Class | ||||
Subscriptions | 84,581 | 900,844 | 140,274 | 1,492,366 |
Distributions reinvested | 5,999 | 63,904 | 6,559 | 69,630 |
Redemptions | (44,041) | (469,445) | (132,178) | (1,354,984) |
Net increase | 46,539 | 495,303 | 14,655 | 207,012 |
Class C | ||||
Subscriptions | 27,785 | 296,107 | 87,790 | 927,960 |
Distributions reinvested | 9,709 | 103,608 | 12,229 | 130,000 |
Redemptions | (337,458) | (3,599,661) | (152,244) | (1,606,884) |
Net decrease | (299,964) | (3,199,946) | (52,225) | (548,924) |
Institutional Class | ||||
Subscriptions | 6,464,387 | 68,605,365 | 10,501,340 | 110,653,165 |
Distributions reinvested | 216,565 | 2,307,750 | 221,814 | 2,353,657 |
Redemptions | (7,845,171) | (83,207,549) | (6,146,605) | (64,470,459) |
Net increase (decrease) | (1,164,219) | (12,294,434) | 4,576,549 | 48,536,363 |
Institutional 2 Class | ||||
Subscriptions | 357,324 | 3,811,786 | 417,161 | 4,431,416 |
Distributions reinvested | 27,703 | 294,403 | 30,536 | 323,277 |
Redemptions | (205,282) | (2,165,875) | (407,144) | (4,270,053) |
Net increase | 179,745 | 1,940,314 | 40,553 | 484,640 |
Institutional 3 Class | ||||
Subscriptions | 273,185 | 2,915,379 | 288,319 | 3,069,271 |
Distributions reinvested | 12,411 | 132,126 | 10,782 | 114,233 |
Redemptions | (304,786) | (3,254,435) | (88,923) | (927,562) |
Net increase (decrease) | (19,190) | (206,930) | 210,178 | 2,255,942 |
Total net increase (decrease) | (1,123,775) | (11,808,581) | 4,798,522 | 51,042,670 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 23 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Class A | ||||||
Year Ended 4/30/2021 | $10.24 | 0.22 | 0.47 | 0.69 | (0.22) | (0.22) |
Year Ended 4/30/2020 | $10.46 | 0.24 | (0.22) | 0.02 | (0.24) | (0.24) |
Year Ended 4/30/2019 | $10.23 | 0.27 | 0.23 | 0.50 | (0.27) | (0.27) |
Year Ended 4/30/2018 | $10.38 | 0.27 | (0.15) | 0.12 | (0.27) | (0.27) |
Year Ended 4/30/2017 | $10.72 | 0.26 | (0.34) | (0.08) | (0.26) | (0.26) |
Advisor Class | ||||||
Year Ended 4/30/2021 | $10.21 | 0.25 | 0.47 | 0.72 | (0.25) | (0.25) |
Year Ended 4/30/2020 | $10.43 | 0.27 | (0.22) | 0.05 | (0.27) | (0.27) |
Year Ended 4/30/2019 | $10.20 | 0.30 | 0.23 | 0.53 | (0.30) | (0.30) |
Year Ended 4/30/2018 | $10.36 | 0.29 | (0.16) | 0.13 | (0.29) | (0.29) |
Year Ended 4/30/2017 | $10.69 | 0.29 | (0.33) | (0.04) | (0.29) | (0.29) |
Class C | ||||||
Year Ended 4/30/2021 | $10.23 | 0.14 | 0.48 | 0.62 | (0.14) | (0.14) |
Year Ended 4/30/2020 | $10.46 | 0.16 | (0.23) | (0.07) | (0.16) | (0.16) |
Year Ended 4/30/2019 | $10.22 | 0.20 | 0.24 | 0.44 | (0.20) | (0.20) |
Year Ended 4/30/2018 | $10.38 | 0.19 | (0.16) | 0.03 | (0.19) | (0.19) |
Year Ended 4/30/2017 | $10.72 | 0.18 | (0.34) | (0.16) | (0.18) | (0.18) |
Institutional Class | ||||||
Year Ended 4/30/2021 | $10.21 | 0.25 | 0.48 | 0.73 | (0.25) | (0.25) |
Year Ended 4/30/2020 | $10.44 | 0.27 | (0.23) | 0.04 | (0.27) | (0.27) |
Year Ended 4/30/2019 | $10.21 | 0.30 | 0.23 | 0.53 | (0.30) | (0.30) |
Year Ended 4/30/2018 | $10.36 | 0.29 | (0.15) | 0.14 | (0.29) | (0.29) |
Year Ended 4/30/2017 | $10.70 | 0.28 | (0.33) | (0.05) | (0.29) | (0.29) |
Institutional 2 Class | ||||||
Year Ended 4/30/2021 | $10.18 | 0.26 | 0.48 | 0.74 | (0.26) | (0.26) |
Year Ended 4/30/2020 | $10.41 | 0.27 | (0.22) | 0.05 | (0.28) | (0.28) |
Year Ended 4/30/2019 | $10.18 | 0.30 | 0.23 | 0.53 | (0.30) | (0.30) |
Year Ended 4/30/2018 | $10.33 | 0.30 | (0.15) | 0.15 | (0.30) | (0.30) |
Year Ended 4/30/2017 | $10.67 | 0.29 | (0.34) | (0.05) | (0.29) | (0.29) |
24 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 4/30/2021 | $10.71 | 6.80% | 0.87% | 0.75%(c) | 2.09% | 5% | $34,289 |
Year Ended 4/30/2020 | $10.24 | 0.17% | 0.86% | 0.75%(c) | 2.30% | 6% | $31,402 |
Year Ended 4/30/2019 | $10.46 | 5.00% | 0.87% | 0.74%(c) | 2.67% | 17% | $31,998 |
Year Ended 4/30/2018 | $10.23 | 1.10% | 0.88% | 0.74%(c) | 2.56% | 5% | $27,341 |
Year Ended 4/30/2017 | $10.38 | (0.75%) | 0.92% | 0.74%(c) | 2.45% | 17% | $31,273 |
Advisor Class | |||||||
Year Ended 4/30/2021 | $10.68 | 7.08% | 0.62% | 0.50%(c) | 2.34% | 5% | $2,961 |
Year Ended 4/30/2020 | $10.21 | 0.41% | 0.61% | 0.50%(c) | 2.54% | 6% | $2,354 |
Year Ended 4/30/2019 | $10.43 | 5.28% | 0.62% | 0.49%(c) | 2.92% | 17% | $2,254 |
Year Ended 4/30/2018 | $10.20 | 1.25% | 0.63% | 0.49%(c) | 2.83% | 5% | $1,931 |
Year Ended 4/30/2017 | $10.36 | (0.42%) | 0.67% | 0.49%(c) | 2.71% | 17% | $903 |
Class C | |||||||
Year Ended 4/30/2021 | $10.71 | 6.11% | 1.62% | 1.50%(c) | 1.35% | 5% | $7,658 |
Year Ended 4/30/2020 | $10.23 | (0.68%) | 1.61% | 1.50%(c) | 1.54% | 6% | $10,387 |
Year Ended 4/30/2019 | $10.46 | 4.32% | 1.62% | 1.49%(c) | 1.92% | 17% | $11,161 |
Year Ended 4/30/2018 | $10.22 | 0.25% | 1.63% | 1.49%(c) | 1.81% | 5% | $13,508 |
Year Ended 4/30/2017 | $10.38 | (1.49%) | 1.67% | 1.49%(c) | 1.71% | 17% | $15,503 |
Institutional Class | |||||||
Year Ended 4/30/2021 | $10.69 | 7.18% | 0.62% | 0.50%(c) | 2.34% | 5% | $388,017 |
Year Ended 4/30/2020 | $10.21 | 0.31% | 0.61% | 0.50%(c) | 2.54% | 6% | $382,665 |
Year Ended 4/30/2019 | $10.44 | 5.27% | 0.62% | 0.49%(c) | 2.92% | 17% | $343,276 |
Year Ended 4/30/2018 | $10.21 | 1.35% | 0.63% | 0.49%(c) | 2.82% | 5% | $365,455 |
Year Ended 4/30/2017 | $10.36 | (0.51%) | 0.67% | 0.49%(c) | 2.71% | 17% | $371,130 |
Institutional 2 Class | |||||||
Year Ended 4/30/2021 | $10.66 | 7.26% | 0.56% | 0.44% | 2.40% | 5% | $13,265 |
Year Ended 4/30/2020 | $10.18 | 0.37% | 0.55% | 0.44% | 2.60% | 6% | $10,846 |
Year Ended 4/30/2019 | $10.41 | 5.34% | 0.56% | 0.43% | 2.98% | 17% | $10,662 |
Year Ended 4/30/2018 | $10.18 | 1.42% | 0.56% | 0.42% | 2.89% | 5% | $7,363 |
Year Ended 4/30/2017 | $10.33 | (0.42%) | 0.55% | 0.41% | 2.80% | 17% | $4,867 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 25 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Institutional 3 Class | ||||||
Year Ended 4/30/2021 | $10.21 | 0.26 | 0.47 | 0.73 | (0.26) | (0.26) |
Year Ended 4/30/2020 | $10.43 | 0.28 | (0.22) | 0.06 | (0.28) | (0.28) |
Year Ended 4/30/2019 | $10.20 | 0.31 | 0.23 | 0.54 | (0.31) | (0.31) |
Year Ended 4/30/2018 | $10.35 | 0.30 | (0.15) | 0.15 | (0.30) | (0.30) |
Year Ended 4/30/2017(d) | $10.27 | 0.05 | 0.08 | 0.13 | (0.05) | (0.05) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
(e) | Annualized. |
26 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 4/30/2021 | $10.68 | 7.19% | 0.51% | 0.39% | 2.45% | 5% | $5,348 |
Year Ended 4/30/2020 | $10.21 | 0.52% | 0.50% | 0.39% | 2.64% | 6% | $5,307 |
Year Ended 4/30/2019 | $10.43 | 5.39% | 0.51% | 0.38% | 3.02% | 17% | $3,231 |
Year Ended 4/30/2018 | $10.20 | 1.46% | 0.52% | 0.38% | 2.95% | 5% | $866 |
Year Ended 4/30/2017(d) | $10.35 | 1.27% | 0.52%(e) | 0.36%(e) | 2.98%(e) | 17% | $10 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 27 |
April 30, 2021
28 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 29 |
April 30, 2021
30 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Effective rate (%) | |
Class A | 0.12 |
Advisor Class | 0.12 |
Class C | 0.12 |
Institutional Class | 0.12 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 12,838 |
Class C | — | 1.00(b) | — |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 31 |
April 30, 2021
Fee rate(s) contractual through August 31, 2021 | |
Class A | 0.75% |
Advisor Class | 0.50 |
Class C | 1.50 |
Institutional Class | 0.50 |
Institutional 2 Class | 0.44 |
Institutional 3 Class | 0.39 |
Excess of distributions over net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
60 | (60) | — |
32 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Year Ended April 30, 2021 | Year Ended April 30, 2020 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
52,808 | 10,574,136 | — | 10,626,944 | 65,502 | 10,942,607 | — | 11,008,109 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 873,937 | — | (4,623,250) | 29,534,841 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
425,763,985 | 29,679,906 | (145,065) | 29,534,841 |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(4,408,702) | (214,548) | (4,623,250) | 185,994 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 33 |
April 30, 2021
34 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 35 |
April 30, 2021
36 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 37 |
Exempt- interest dividends | |
99.50% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
38 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee - 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1962 | Trustee since 2020(a) | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 39 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
40 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 41 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008 - January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
42 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Petersen, who is Senior Vice President and Assistant Secretary, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Daniel J. Beckman 225 Franklin Street Boston, MA 02110 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 225 Franklin Street Boston, MA 02110 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 225 Franklin Street Boston, MA 02110 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 43 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Colin Moore 225 Franklin Street Boston, MA 02110 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | 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. |
44 | Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 1,166,986,012 | 16,252,243 | 0 |
Kathleen Blatz | 1,167,818,192 | 15,420,063 | 0 |
Pamela G. Carlton | 1,167,761,255 | 15,477,001 | 0 |
Janet Langford Carrig | 1,169,443,247 | 13,795,008 | 0 |
J. Kevin Connaughton | 1,168,554,731 | 14,683,525 | 0 |
Olive M. Darragh | 1,169,004,224 | 14,234,032 | 0 |
Patricia M. Flynn | 1,168,110,224 | 15,128,031 | 0 |
Brian J. Gallagher | 1,166,931,187 | 16,307,068 | 0 |
Douglas A. Hacker | 1,168,253,721 | 14,984,535 | 0 |
Nancy T. Lukitsh | 1,169,128,202 | 14,110,053 | 0 |
David M. Moffett | 1,167,387,510 | 15,850,745 | 0 |
Catherine James Paglia | 1,167,159,143 | 16,079,112 | 0 |
Anthony M. Santomero | 1,166,760,857 | 16,477,398 | 0 |
Minor M. Shaw | 1,165,931,084 | 17,307,171 | 0 |
Natalie A. Trunow | 1,168,907,601 | 14,330,655 | 0 |
Sandra Yeager | 1,167,549,796 | 15,688,459 | 0 |
Christopher O. Petersen | 1,167,593,463 | 15,644,793 | 0 |
Columbia California Intermediate Municipal Bond Fund | Annual Report 2021 | 45 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
April 30, 2021
3 | |
5 | |
7 | |
8 | |
14 | |
15 | |
16 | |
18 | |
22 | |
31 | |
32 | |
32 | |
38 | |
39 |
Average annual total returns (%) (for the period ended April 30, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 12/05/89 | 5.42 | 2.08 | 2.74 |
Including sales charges | 2.28 | 1.45 | 2.43 | ||
Advisor Class* | 03/19/13 | 5.78 | 2.36 | 3.01 | |
Class C | Excluding sales charges | 06/17/92 | 4.63 | 1.32 | 1.97 |
Including sales charges | 3.63 | 1.32 | 1.97 | ||
Institutional Class | 09/20/89 | 5.68 | 2.34 | 3.00 | |
Institutional 3 Class* | 03/01/17 | 5.86 | 2.43 | 3.05 | |
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index | 6.82 | 3.20 | 3.90 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 3 |
Quality breakdown (%) (at April 30, 2021) | |
AAA rating | 8.8 |
AA rating | 62.4 |
A rating | 14.3 |
BBB rating | 9.0 |
BB rating | 0.6 |
Not rated | 4.9 |
Total | 100.0 |
4 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
• | The Virginia municipal bond market slightly lagged the broader national market as risk overall was rewarded over the course of the reporting period. |
○ | In the intermediate space, Virginia municipal bonds couldn’t keep pace with similar maturity municipal bonds from other states, weighing on the Fund’s results versus the benchmark, which is national in scope. |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 5 |
• | The Fund was underweight in municipal bonds rated BBB, a segment of the municipal market that outperformed during the period. |
○ | The Virginia municipal market is populated with generally higher quality issuers, presenting a headwind as lower investment-grade municipal bonds outperformed. |
• | The Fund’s overweight to pre-refunded municipal bonds and municipal bonds rated AA, and the Fund’s underweight to municipal bonds rated A detracted from relative performance, as higher rated municipal bonds underperformed lower quality muni bonds during the period. |
• | The Fund’s cash position and exposure to municipal bonds with maturities shorter than the benchmark (less than 2 years) also weighed on Fund results. |
• | Security selection within the lease and transportation sectors weighed on relative results. This was more a function of the benchmark’s non-Virginia municipal bonds in these sectors outperforming. |
• | The Fund’s underweight to municipal bonds rated AAA contributed to performance, as higher rated municipal bonds underperformed lower quality municipal bonds during the period. |
• | An underweight in municipal bonds in the 2-5 year maturity range contributed to the Fund’s performance. |
• | The Fund’s overall duration positioning helped as the Fund was modestly long in duration, as compared to the benchmark, for portions of the period while yields were declining. |
• | Overweight allocations to the hospital, transportation and leasing sectors benefited Fund results. |
• | Security selection within the hospital and CCRC (continuing care retirement community) sectors also contributed to results. |
6 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
(Unaudited)
November 1, 2020 — April 30, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,014.80 | 1,020.89 | 4.07 | 4.08 | 0.81 |
Advisor Class | 1,000.00 | 1,000.00 | 1,016.00 | 1,022.14 | 2.81 | 2.82 | 0.56 |
Class C | 1,000.00 | 1,000.00 | 1,011.00 | 1,017.15 | 7.82 | 7.85 | 1.56 |
Institutional Class | 1,000.00 | 1,000.00 | 1,016.00 | 1,022.14 | 2.81 | 2.82 | 0.56 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,016.40 | 1,022.54 | 2.41 | 2.42 | 0.48 |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 7 |
April 30, 2021
Floating Rate Notes 0.3% | ||||
Issue Description | Effective Yield | Principal Amount ($) | Value ($) | |
Variable Rate Demand Notes 0.3% | ||||
Virginia College Building Authority(a),(b) | ||||
Revenue Bonds | ||||
University of Richmond Project | ||||
Series 2009 (Wells Fargo Bank) | ||||
11/01/2036 | 0.030% | 400,000 | 400,000 | |
Total Floating Rate Notes (Cost $400,000) | 400,000 | |||
Municipal Bonds 97.7% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Airport 6.1% | ||||
Capital Region Airport Commission | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
07/01/2034 | 4.000% | 1,125,000 | 1,257,885 | |
Metropolitan Washington Airports Authority(c) | ||||
Refunding Revenue Bonds | ||||
Airport System | ||||
Series 2019A | ||||
10/01/2033 | 5.000% | 2,000,000 | 2,546,720 | |
Forward Delivery | ||||
Series 2020A | ||||
10/01/2032 | 5.000% | 2,000,000 | 2,617,040 | |
Norfolk Airport Authority | ||||
Refunding Revenue Bonds | ||||
Series 2011 (AGM) | ||||
07/01/2024 | 5.000% | 1,000,000 | 1,007,280 | |
Revenue Bonds | ||||
Series 2019 | ||||
07/01/2033 | 5.000% | 1,000,000 | 1,271,110 | |
Total | 8,700,035 | |||
Higher Education 6.0% | ||||
Amherst Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Educational Facilities Sweet Briar Institute | ||||
Series 2006 | ||||
09/01/2026 | 5.000% | 785,000 | 782,402 | |
Virginia College Building Authority | ||||
Revenue Bonds | ||||
Washington & Lee University Project | ||||
Series 1998 (NPFGC) | ||||
01/01/2026 | 5.250% | 3,115,000 | 3,512,754 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Virginia Commonwealth University | ||||
Refunding Revenue Bonds | ||||
General Pledge | ||||
Series 2018A | ||||
11/01/2031 | 5.000% | 400,000 | 508,248 | |
Series 2020A | ||||
11/01/2027 | 5.000% | 520,000 | 656,724 | |
Virginia Polytechnic Institute & State University | ||||
Revenue Bonds | ||||
General Dorm and Dining Hall | ||||
Series 2015A | ||||
06/01/2027 | 4.000% | 2,650,000 | 3,020,390 | |
Total | 8,480,518 | |||
Hospital 9.1% | ||||
Arlington County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Virginia Hospital Center | ||||
Series 2020 | ||||
07/01/2033 | 5.000% | 400,000 | 520,876 | |
Fairfax County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Inova Health System | ||||
Series 2018 | ||||
05/15/2026 | 5.000% | 1,500,000 | 1,829,265 | |
Norfolk Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Sentara Healthcare | ||||
Series 2012B | ||||
11/01/2027 | 5.000% | 1,735,000 | 1,853,362 | |
Series 2018A (Mandatory Put 11/01/28) | ||||
11/01/2048 | 5.000% | 300,000 | 385,470 | |
Roanoke Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Carilion Clinic Obligated Group | ||||
Series 2020 (Mandatory Put 07/01/30) | ||||
07/01/2053 | 5.000% | 2,500,000 | 3,267,225 | |
Stafford County Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Mary Washington Healthcare | ||||
Series 2016 | ||||
06/15/2030 | 5.000% | 1,300,000 | 1,544,530 | |
06/15/2033 | 5.000% | 200,000 | 235,838 | |
06/15/2035 | 5.000% | 1,000,000 | 1,175,350 | |
Virginia Small Business Financing Authority | ||||
Refunding Revenue Bonds | ||||
Sentara Healthcare | ||||
Series 2020 | ||||
11/01/2030 | 5.000% | 220,000 | 284,990 | |
11/01/2031 | 5.000% | 270,000 | 348,300 |
8 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Winchester Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Valley Health System Obligation Group | ||||
Series 2015 | ||||
01/01/2032 | 5.000% | 1,250,000 | 1,454,762 | |
Total | 12,899,968 | |||
Investor Owned 2.9% | ||||
Louisa Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Pollution Control | ||||
Series 2019 (Mandatory Put 04/01/22) | ||||
11/01/2035 | 1.800% | 2,000,000 | 2,027,000 | |
Revenue Bonds | ||||
Virginia Electric and Power Co. Project | ||||
Series 2008B (Mandatory Put 09/02/25) | ||||
11/01/2035 | 0.750% | 1,000,000 | 1,001,400 | |
Wise County Industrial Development Authority | ||||
Revenue Bonds | ||||
Virginia Electric & Power Co. | ||||
Series 2015A (Mandatory Put 05/31/24) | ||||
11/01/2040 | 1.200% | 1,125,000 | 1,149,525 | |
Total | 4,177,925 | |||
Local Appropriation 5.2% | ||||
Appomattox County Economic Development Authority | ||||
Unrefunded Revenue Bonds | ||||
Series 2010 | ||||
05/01/2022 | 5.000% | 175,000 | 175,570 | |
Arlington County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Series 2017 | ||||
02/15/2029 | 5.000% | 1,000,000 | 1,257,820 | |
Chesterfield County Economic Development Authority | ||||
Revenue Bonds | ||||
Series 2020F | ||||
04/01/2030 | 5.000% | 2,000,000 | 2,674,440 | |
Fairfax County Economic Development Authority | ||||
Revenue Bonds | ||||
Metrorail Parking Systems | ||||
Series 2017 | ||||
04/01/2033 | 5.000% | 745,000 | 916,477 | |
Henry County Industrial Development Authority | ||||
Revenue Bonds | ||||
Public Facility Lease | ||||
Series 2018 | ||||
11/01/2036 | 4.000% | 1,000,000 | 1,151,320 | |
Loudoun County Economic Development Authority | ||||
Revenue Bonds | ||||
Series 2015 | ||||
12/01/2028 | 5.000% | 1,035,000 | 1,197,019 | |
Total | 7,372,646 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Local General Obligation 5.0% | ||||
City of Alexandria Virginia | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2017C | ||||
07/01/2030 | 4.000% | 1,000,000 | 1,184,000 | |
City of Richmond | ||||
Unlimited General Obligation Bonds | ||||
Public Improvement | ||||
Series 2015B | ||||
03/01/2028 | 4.000% | 2,000,000 | 2,258,080 | |
County of Arlington | ||||
Unlimited General Obligation Bonds | ||||
Series 2017 | ||||
08/15/2034 | 4.000% | 2,000,000 | 2,336,760 | |
County of Fairfax | ||||
Unlimited General Obligation Public Improvement Bonds | ||||
Series 2019A | ||||
10/01/2035 | 5.000% | 1,000,000 | 1,294,290 | |
Total | 7,073,130 | |||
Multi-Family 2.4% | ||||
Farmville Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Longwood University Student Project | ||||
Series 2018 | ||||
01/01/2038 | 5.000% | 1,000,000 | 1,176,280 | |
Virginia Housing Development Authority | ||||
Revenue Bonds | ||||
Series 2020B (HUD) | ||||
03/01/2031 | 1.650% | 1,630,000 | 1,642,551 | |
Series 2020E | ||||
07/01/2035 | 2.100% | 650,000 | 660,114 | |
Total | 3,478,945 | |||
Other Bond Issue 4.1% | ||||
Montgomery County Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Virginia Tech Foundation | ||||
Series 2017A | ||||
06/01/2029 | 5.000% | 200,000 | 249,438 | |
Series 2019 | ||||
06/01/2031 | 5.000% | 1,200,000 | 1,560,612 | |
Riverside Regional Jail Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
07/01/2028 | 5.000% | 2,685,000 | 3,177,966 |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 9 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Western Regional Jail Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
12/01/2027 | 5.000% | 750,000 | 902,603 | |
Total | 5,890,619 | |||
Pool / Bond Bank 2.9% | ||||
Virginia Resources Authority | ||||
Refunding Revenue Bonds | ||||
Revolving Fund | ||||
Series 2011A | ||||
08/01/2024 | 5.000% | 1,395,000 | 1,411,545 | |
Virginia Infrastructure Pooled | ||||
Series 2017F | ||||
11/01/2034 | 4.000% | 1,000,000 | 1,170,060 | |
Virginia Pooled Financing Program | ||||
Series 2019C | ||||
11/01/2033 | 5.000% | 1,165,000 | 1,544,871 | |
Total | 4,126,476 | |||
Ports 1.4% | ||||
Virginia Port Authority Commonwealth Port Fund(c) | ||||
Refunding Revenue Bonds | ||||
Series 2020B | ||||
07/01/2028 | 5.000% | 1,615,000 | 2,039,099 | |
Refunded / Escrowed 15.8% | ||||
Chesapeake Bay Bridge & Tunnel District | ||||
Refunding Revenue Bonds | ||||
General Resolution | ||||
Series 1998 Escrowed to Maturity (NPFGC) | ||||
07/01/2025 | 5.500% | 4,000,000 | 4,669,120 | |
City of Norfolk | ||||
Prerefunded 03/01/27 Unlimited General Obligation Bonds | ||||
Series 2017C | ||||
09/01/2033 | 4.000% | 1,380,000 | 1,649,045 | |
Prerefunded 08/01/28 Unlimited General Obligation Bonds | ||||
Capital Improvement | ||||
08/01/2033 | 5.000% | 1,000,000 | 1,299,820 | |
City of Suffolk | ||||
Prerefunded 02/01/24 Unlimited General Obligation Bonds | ||||
Series 2014 | ||||
02/01/2029 | 4.000% | 2,000,000 | 2,207,680 | |
County of Smyth | ||||
Prerefunded 11/01/21 Unlimited General Obligation Bonds | ||||
Public Improvement | ||||
Series 2011A | ||||
11/01/2031 | 5.000% | 4,000,000 | 4,096,520 | |
Hampton Roads Sanitation District | ||||
Prerefunded 08/01/26 Revenue Bonds | ||||
Subordinated Series 2016A | ||||
08/01/2031 | 5.000% | 2,000,000 | 2,461,520 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Rappahannock Regional Jail Authority | ||||
Prerefunded 10/01/25 Revenue Bonds | ||||
Series 2015 | ||||
10/01/2030 | 5.000% | 1,725,000 | 2,068,861 | |
Virginia Commonwealth Transportation Board | ||||
Prerefunded 05/15/22 Revenue Bonds | ||||
Capital Projects | ||||
Series 2012 | ||||
05/15/2029 | 5.000% | 3,000,000 | 3,151,050 | |
Western Regional Jail Authority | ||||
Prerefunded 12/01/25 Revenue Bonds | ||||
Series 2015 | ||||
12/01/2027 | 5.000% | 750,000 | 902,460 | |
Total | 22,506,076 | |||
Retirement Communities 5.9% | ||||
Albermarle County Economic Development Authority | ||||
Revenue Bonds | ||||
Westminster-Canterbury of the Blue Ridge | ||||
Series 2012 | ||||
01/01/2032 | 4.625% | 2,000,000 | 2,031,000 | |
Hanover County Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Covenant Woods | ||||
Series 2018 | ||||
07/01/2038 | 5.000% | 380,000 | 413,706 | |
Revenue Bonds | ||||
Covenant Woods | ||||
Series 2012A | ||||
07/01/2022 | 4.000% | 410,000 | 415,609 | |
Henrico County Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Westminster Canterbury of Richmond | ||||
Series 2020 | ||||
10/01/2033 | 4.000% | 500,000 | 564,935 | |
Westminster Canterbury Project | ||||
Series 2018 | ||||
10/01/2037 | 5.000% | 1,500,000 | 1,679,670 | |
Rockingham County Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Sunnyside Presbyterian Home | ||||
Series 2020 | ||||
12/01/2039 | 5.000% | 2,000,000 | 2,418,040 | |
Virginia Small Business Financing Authority | ||||
Refunding Revenue Bonds | ||||
National Senior Campuses | ||||
Series 2020 | ||||
01/01/2027 | 5.000% | 325,000 | 394,820 | |
01/01/2029 | 5.000% | 400,000 | 498,700 | |
Total | 8,416,480 |
10 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Sales Tax 1.6% | ||||
Northern Virginia Transportation Authority | ||||
Revenue Bonds | ||||
Series 2014 | ||||
06/01/2032 | 5.000% | 2,000,000 | 2,273,700 | |
Special Non Property Tax 3.8% | ||||
Greater Richmond Convention Center Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
06/15/2029 | 5.000% | 1,350,000 | 1,577,488 | |
06/15/2030 | 5.000% | 1,540,000 | 1,791,929 | |
Hampton Roads Transportation Accountability Commission | ||||
Revenue Bonds | ||||
Senior Lien | ||||
Series 2020A | ||||
07/01/2033 | 5.000% | 500,000 | 665,730 | |
Senior Lien Hampton Roads Transportation Fund | ||||
Series 2018A | ||||
07/01/2032 | 5.000% | 1,150,000 | 1,441,951 | |
Total | 5,477,098 | |||
Special Property Tax 3.9% | ||||
Dulles Town Center Community Development Authority | ||||
Refunding Special Assessment Bonds | ||||
Dulles Town Center Project | ||||
Series 2012 | ||||
03/01/2023 | 4.000% | 1,000,000 | 1,008,540 | |
Fairfax County Economic Development Authority | ||||
Refunding Special Tax Bonds | ||||
Silver Line Phase I Project | ||||
Series 2016 | ||||
04/01/2031 | 4.000% | 1,000,000 | 1,151,070 | |
04/01/2032 | 4.000% | 1,000,000 | 1,150,030 | |
Marquis Community Development Authority of York County(d),(e) | ||||
Revenue Bonds | ||||
Convertible | ||||
Series 2015 | ||||
09/01/2045 | 0.000% | 644,000 | 309,120 | |
Marquis Community Development Authority of York County | ||||
Tax Allocation Bonds | ||||
Series 2007B | ||||
09/01/2041 | 5.625% | 2,084,000 | 1,017,742 | |
Marquis Community Development Authority of York County(f) | ||||
Tax Allocation Bonds | ||||
Series 2007C | ||||
09/01/2041 | 0.000% | 3,164,000 | 179,051 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Virginia Gateway Community Development Authority | ||||
Refunding Special Assessment Bonds | ||||
Series 2012 | ||||
03/01/2025 | 5.000% | 690,000 | 699,149 | |
Total | 5,514,702 | |||
State Appropriated 4.8% | ||||
Virginia College Building Authority | ||||
Revenue Bonds | ||||
21st Century College Program | ||||
Series 2017 | ||||
02/01/2034 | 4.000% | 1,500,000 | 1,728,840 | |
Virginia Commonwealth Transportation Board | ||||
Refunding Revenue Bonds | ||||
Northern Virginia Transportation District Program | ||||
Series 2019 | ||||
05/15/2031 | 5.000% | 1,000,000 | 1,301,800 | |
Virginia Public Building Authority | ||||
Revenue Bonds | ||||
Series 2018A | ||||
08/01/2035 | 4.000% | 1,500,000 | 1,778,265 | |
Series 2019A | ||||
08/01/2031 | 5.000% | 1,500,000 | 1,965,420 | |
Total | 6,774,325 | |||
Transportation 10.0% | ||||
Virginia Commonwealth Transportation Board | ||||
Refunding Revenue Bonds | ||||
GARVEE Notes | ||||
Series 2017 | ||||
03/15/2028 | 5.000% | 1,000,000 | 1,265,860 | |
Revenue Bonds | ||||
Series 2016 | ||||
05/15/2030 | 4.000% | 500,000 | 578,440 | |
Series 2018 | ||||
05/15/2036 | 4.000% | 2,000,000 | 2,369,140 | |
Washington Metropolitan Area Transit Authority | ||||
Refunding Revenue Bonds | ||||
Series 2017A-1 | ||||
07/01/2029 | 5.000% | 2,500,000 | 3,121,150 | |
Revenue Bonds | ||||
Series 2017B | ||||
07/01/2034 | 5.000% | 2,000,000 | 2,454,560 | |
Series 2018 | ||||
07/01/2036 | 5.000% | 500,000 | 611,295 | |
07/01/2037 | 5.000% | 1,000,000 | 1,219,800 | |
Series 2020A | ||||
07/15/2037 | 5.000% | 2,000,000 | 2,615,580 | |
Total | 14,235,825 |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 11 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Turnpike / Bridge / Toll Road 5.0% | ||||
City of Chesapeake Expressway Toll Road | ||||
Revenue Bonds | ||||
Transportation System | ||||
Series 2012A | ||||
07/15/2023 | 5.000% | 1,025,000 | 1,080,442 | |
07/15/2027 | 5.000% | 1,000,000 | 1,050,370 | |
Metropolitan Washington Airports Authority Dulles Toll Road(f) | ||||
Revenue Bonds | ||||
Capital Appreciation-2nd Senior Lien | ||||
Series 2009B (AGM) | ||||
10/01/2023 | 0.000% | 5,000,000 | 4,954,400 | |
Total | 7,085,212 | |||
Water & Sewer 1.8% | ||||
Fairfax County Water Authority | ||||
Refunding Revenue Bonds | ||||
Series 2017 | ||||
04/01/2029 | 5.000% | 2,000,000 | 2,499,500 | |
Total Municipal Bonds (Cost $132,249,153) | 139,022,279 |
Money Market Funds 1.1% | ||
Shares | Value ($) | |
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 0.010%(g) | 108,432 | 108,422 |
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.006%(g) | 1,408,374 | 1,408,374 |
Total Money Market Funds (Cost $1,516,806) | 1,516,796 | |
Total Investments in Securities (Cost: $134,165,959) | 140,939,075 | |
Other Assets & Liabilities, Net | 1,290,785 | |
Net Assets | 142,229,860 |
(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, 2021. |
(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, 2021, the total value of these securities amounted to $309,120, which represents 0.22% of total net assets. |
(e) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of April 30, 2021. |
(f) | Zero coupon bond. |
(g) | The rate shown is the seven-day current annualized yield at April 30, 2021. |
AGM | Assured Guaranty Municipal Corporation |
HUD | Department of Housing and Urban Development |
NPFGC | National Public Finance Guarantee Corporation |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
12 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 400,000 | — | 400,000 |
Municipal Bonds | — | 139,022,279 | — | 139,022,279 |
Money Market Funds | 1,516,796 | — | — | 1,516,796 |
Total Investments in Securities | 1,516,796 | 139,422,279 | — | 140,939,075 |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 13 |
April 30, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $134,165,959) | $140,939,075 |
Cash | 286 |
Receivable for: | |
Capital shares sold | 102,491 |
Interest | 1,638,691 |
Expense reimbursement due from Investment Manager | 308 |
Prepaid expenses | 10,462 |
Total assets | 142,691,313 |
Liabilities | |
Payable for: | |
Capital shares purchased | 32,438 |
Distributions to shareholders | 265,613 |
Management services fees | 1,831 |
Distribution and/or service fees | 255 |
Transfer agent fees | 4,104 |
Compensation of board members | 140,508 |
Other expenses | 16,704 |
Total liabilities | 461,453 |
Net assets applicable to outstanding capital stock | $142,229,860 |
Represented by | |
Paid in capital | 135,526,909 |
Total distributable earnings (loss) | 6,702,951 |
Total - representing net assets applicable to outstanding capital stock | $142,229,860 |
Class A | |
Net assets | $29,427,157 |
Shares outstanding | 2,733,829 |
Net asset value per share | $10.76 |
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) | $11.09 |
Advisor Class | |
Net assets | $2,233,202 |
Shares outstanding | 207,339 |
Net asset value per share | $10.77 |
Class C | |
Net assets | $1,963,980 |
Shares outstanding | 182,296 |
Net asset value per share | $10.77 |
Institutional Class | |
Net assets | $24,242,761 |
Shares outstanding | 2,252,576 |
Net asset value per share | $10.76 |
Institutional 3 Class | |
Net assets | $84,362,760 |
Shares outstanding | 7,819,666 |
Net asset value per share | $10.79 |
14 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
Year Ended April 30, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $2,635 |
Interest | 4,183,920 |
Total income | 4,186,555 |
Expenses: | |
Management services fees | 682,392 |
Distribution and/or service fees | |
Class A | 66,038 |
Class C | 19,499 |
Transfer agent fees | |
Class A | 23,558 |
Advisor Class | 1,302 |
Class C | 1,741 |
Institutional Class | 22,841 |
Institutional 3 Class | 6,135 |
Compensation of board members | 66,212 |
Custodian fees | 1,420 |
Printing and postage fees | 15,091 |
Registration fees | 14,759 |
Audit fees | 29,500 |
Legal fees | 9,310 |
Compensation of chief compliance officer | 29 |
Other | 12,396 |
Total expenses | 972,223 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (150,545) |
Total net expenses | 821,678 |
Net investment income | 3,364,877 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 74,407 |
Net realized gain | 74,407 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 4,565,772 |
Net change in unrealized appreciation (depreciation) | 4,565,772 |
Net realized and unrealized gain | 4,640,179 |
Net increase in net assets resulting from operations | $8,005,056 |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 15 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |
Operations | ||
Net investment income | $3,364,877 | $3,866,590 |
Net realized gain | 74,407 | 172,217 |
Net change in unrealized appreciation (depreciation) | 4,565,772 | (1,850,197) |
Net increase in net assets resulting from operations | 8,005,056 | 2,188,610 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (573,166) | (604,645) |
Advisor Class | (35,603) | (14,886) |
Class C | (27,718) | (42,554) |
Institutional Class | (618,517) | (660,100) |
Institutional 3 Class | (2,249,860) | (2,564,324) |
Total distributions to shareholders | (3,504,864) | (3,886,509) |
Increase (decrease) in net assets from capital stock activity | (1,298,995) | 2,841,294 |
Total increase in net assets | 3,201,197 | 1,143,395 |
Net assets at beginning of year | 139,028,663 | 137,885,268 |
Net assets at end of year | $142,229,860 | $139,028,663 |
16 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
April 30, 2021 | April 30, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 622,057 | 6,699,388 | 339,312 | 3,629,435 |
Distributions reinvested | 32,201 | 346,743 | 30,965 | 331,285 |
Redemptions | (225,524) | (2,426,151) | (313,177) | (3,337,602) |
Net increase | 428,734 | 4,619,980 | 57,100 | 623,118 |
Advisor Class | ||||
Subscriptions | 174,907 | 1,885,006 | 57,672 | 622,442 |
Distributions reinvested | 3,278 | 35,337 | 1,365 | 14,619 |
Redemptions | (34,679) | (366,346) | (21,158) | (223,181) |
Net increase | 143,506 | 1,553,997 | 37,879 | 413,880 |
Class C | ||||
Subscriptions | 52,738 | 569,956 | 31,779 | 341,570 |
Distributions reinvested | 2,435 | 26,241 | 3,512 | 37,612 |
Redemptions | (62,256) | (671,157) | (109,857) | (1,169,786) |
Net decrease | (7,083) | (74,960) | (74,566) | (790,604) |
Institutional Class | ||||
Subscriptions | 470,262 | 5,051,695 | 542,873 | 5,783,235 |
Distributions reinvested | 40,814 | 439,425 | 46,011 | 492,237 |
Redemptions | (613,050) | (6,610,693) | (387,225) | (4,122,582) |
Net increase (decrease) | (101,974) | (1,119,573) | 201,659 | 2,152,890 |
Institutional 3 Class | ||||
Subscriptions | 781,373 | 8,440,077 | 1,330,228 | 14,289,173 |
Distributions reinvested | 7,327 | 79,105 | 6,808 | 73,014 |
Redemptions | (1,370,751) | (14,797,621) | (1,301,241) | (13,920,177) |
Net increase (decrease) | (582,051) | (6,278,439) | 35,795 | 442,010 |
Total net increase (decrease) | (118,868) | (1,298,995) | 257,867 | 2,841,294 |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 4/30/2021 | $10.43 | 0.22 | 0.34 | 0.56 | (0.22) | (0.01) | (0.23) |
Year Ended 4/30/2020 | $10.55 | 0.26 | (0.11) | 0.15 | (0.27) | (0.00)(c) | (0.27) |
Year Ended 4/30/2019 | $10.44 | 0.27 | 0.21 | 0.48 | (0.29) | (0.08) | (0.37) |
Year Ended 4/30/2018 | $10.79 | 0.27 | (0.31) | (0.04) | (0.28) | (0.03) | (0.31) |
Year Ended 4/30/2017 | $11.18 | 0.28 | (0.34) | (0.06) | (0.30) | (0.03) | (0.33) |
Advisor Class | |||||||
Year Ended 4/30/2021 | $10.43 | 0.25 | 0.35 | 0.60 | (0.25) | (0.01) | (0.26) |
Year Ended 4/30/2020 | $10.55 | 0.29 | (0.12) | 0.17 | (0.29) | (0.00)(c) | (0.29) |
Year Ended 4/30/2019 | $10.44 | 0.30 | 0.20 | 0.50 | (0.31) | (0.08) | (0.39) |
Year Ended 4/30/2018 | $10.79 | 0.30 | (0.31) | (0.01) | (0.31) | (0.03) | (0.34) |
Year Ended 4/30/2017 | $11.18 | 0.31 | (0.34) | (0.03) | (0.33) | (0.03) | (0.36) |
Class C | |||||||
Year Ended 4/30/2021 | $10.44 | 0.14 | 0.34 | 0.48 | (0.14) | (0.01) | (0.15) |
Year Ended 4/30/2020 | $10.55 | 0.18 | (0.10) | 0.08 | (0.19) | (0.00)(c) | (0.19) |
Year Ended 4/30/2019 | $10.45 | 0.20 | 0.19 | 0.39 | (0.21) | (0.08) | (0.29) |
Year Ended 4/30/2018 | $10.80 | 0.19 | (0.31) | (0.12) | (0.20) | (0.03) | (0.23) |
Year Ended 4/30/2017 | $11.19 | 0.20 | (0.34) | (0.14) | (0.22) | (0.03) | (0.25) |
Institutional Class | |||||||
Year Ended 4/30/2021 | $10.43 | 0.25 | 0.34 | 0.59 | (0.25) | (0.01) | (0.26) |
Year Ended 4/30/2020 | $10.54 | 0.29 | (0.11) | 0.18 | (0.29) | (0.00)(c) | (0.29) |
Year Ended 4/30/2019 | $10.44 | 0.30 | 0.20 | 0.50 | (0.32) | (0.08) | (0.40) |
Year Ended 4/30/2018 | $10.79 | 0.30 | (0.31) | (0.01) | (0.31) | (0.03) | (0.34) |
Year Ended 4/30/2017 | $11.18 | 0.31 | (0.34) | (0.03) | (0.33) | (0.03) | (0.36) |
18 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 4/30/2021 | $10.76 | 5.42% | 0.91% | 0.81% | 2.07% | 10% | $29,427 |
Year Ended 4/30/2020 | $10.43 | 1.35% | 0.87% | 0.81% | 2.47% | 12% | $24,036 |
Year Ended 4/30/2019 | $10.55 | 4.69% | 0.88% | 0.81%(d) | 2.63% | 13% | $23,706 |
Year Ended 4/30/2018 | $10.44 | (0.39%) | 0.89% | 0.81%(d) | 2.55% | 14% | $27,005 |
Year Ended 4/30/2017 | $10.79 | (0.51%) | 0.95% | 0.81% | 2.56% | 7% | $28,168 |
Advisor Class | |||||||
Year Ended 4/30/2021 | $10.77 | 5.78% | 0.66% | 0.56% | 2.31% | 10% | $2,233 |
Year Ended 4/30/2020 | $10.43 | 1.60% | 0.61% | 0.55% | 2.70% | 12% | $666 |
Year Ended 4/30/2019 | $10.55 | 4.95% | 0.63% | 0.56%(d) | 2.87% | 13% | $274 |
Year Ended 4/30/2018 | $10.44 | (0.14%) | 0.63% | 0.56%(d) | 2.80% | 14% | $1,823 |
Year Ended 4/30/2017 | $10.79 | (0.26%) | 0.70% | 0.56% | 2.81% | 7% | $812 |
Class C | |||||||
Year Ended 4/30/2021 | $10.77 | 4.63% | 1.66% | 1.56% | 1.32% | 10% | $1,964 |
Year Ended 4/30/2020 | $10.44 | 0.69% | 1.62% | 1.56% | 1.73% | 12% | $1,976 |
Year Ended 4/30/2019 | $10.55 | 3.81% | 1.63% | 1.56%(d) | 1.88% | 13% | $2,786 |
Year Ended 4/30/2018 | $10.45 | (1.13%) | 1.64% | 1.56%(d) | 1.79% | 14% | $3,824 |
Year Ended 4/30/2017 | $10.80 | (1.25%) | 1.70% | 1.56% | 1.82% | 7% | $4,938 |
Institutional Class | |||||||
Year Ended 4/30/2021 | $10.76 | 5.68% | 0.66% | 0.56% | 2.32% | 10% | $24,243 |
Year Ended 4/30/2020 | $10.43 | 1.70% | 0.62% | 0.55% | 2.72% | 12% | $24,546 |
Year Ended 4/30/2019 | $10.54 | 4.86% | 0.63% | 0.56%(d) | 2.88% | 13% | $22,698 |
Year Ended 4/30/2018 | $10.44 | (0.15%) | 0.65% | 0.56%(d) | 2.76% | 14% | $29,199 |
Year Ended 4/30/2017 | $10.79 | (0.26%) | 0.70% | 0.56% | 2.82% | 7% | $161,853 |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 19 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 4/30/2021 | $10.45 | 0.26 | 0.35 | 0.61 | (0.26) | (0.01) | (0.27) |
Year Ended 4/30/2020 | $10.57 | 0.30 | (0.12) | 0.18 | (0.30) | (0.00)(c) | (0.30) |
Year Ended 4/30/2019 | $10.46 | 0.31 | 0.21 | 0.52 | (0.33) | (0.08) | (0.41) |
Year Ended 4/30/2018 | $10.82 | 0.31 | (0.32) | (0.01) | (0.32) | (0.03) | (0.35) |
Year Ended 4/30/2017(e) | $10.75 | 0.05 | 0.08(f) | 0.13 | (0.06) | — | (0.06) |
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) | Rounds to zero. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
(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 the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
(g) | Annualized. |
20 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 4/30/2021 | $10.79 | 5.86% | 0.58% | 0.47% | 2.40% | 10% | $84,363 |
Year Ended 4/30/2020 | $10.45 | 1.69% | 0.53% | 0.47% | 2.81% | 12% | $87,804 |
Year Ended 4/30/2019 | $10.57 | 5.04% | 0.54% | 0.47% | 2.97% | 13% | $88,421 |
Year Ended 4/30/2018 | $10.46 | (0.13%) | 0.54% | 0.48% | 2.91% | 14% | $102,071 |
Year Ended 4/30/2017(e) | $10.82 | 1.17% | 0.55%(g) | 0.42%(g) | 3.04%(g) | 7% | $10 |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 21 |
April 30, 2021
22 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 23 |
April 30, 2021
24 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Effective rate (%) | |
Class A | 0.09 |
Advisor Class | 0.09 |
Class C | 0.09 |
Institutional Class | 0.09 |
Institutional 3 Class | 0.01 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 13,658 |
Class C | — | 1.00(b) | 496 |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 25 |
April 30, 2021
September 1, 2020 through August 31, 2021 | Prior to September 1, 2020 | |
Class A | 0.81% | 0.81% |
Advisor Class | 0.56 | 0.56 |
Class C | 1.56 | 1.56 |
Institutional Class | 0.56 | 0.56 |
Institutional 3 Class | 0.48 | 0.47 |
Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(1) | 1 | — |
26 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Year Ended April 30, 2021 | Year Ended April 30, 2020 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
69,355 | 3,316,525 | 118,984 | 3,504,864 | 46,176 | 3,820,413 | 19,920 | 3,886,509 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 315,039 | 20,269 | — | 6,773,116 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
134,165,959 | 9,202,237 | (2,429,121) | 6,773,116 |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 27 |
April 30, 2021
28 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 29 |
April 30, 2021
30 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 31 |
Capital gain dividend | Exempt- interest dividends |
$78,128 | 98.56% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
32 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee - 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1962 | Trustee since 2020(a) | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
34 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 35 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008 - January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
36 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Petersen, who is Senior Vice President and Assistant Secretary, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Daniel J. Beckman 225 Franklin Street Boston, MA 02110 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 225 Franklin Street Boston, MA 02110 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 225 Franklin Street Boston, MA 02110 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 37 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Colin Moore 225 Franklin Street Boston, MA 02110 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | 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. |
38 | Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 1,166,986,012 | 16,252,243 | 0 |
Kathleen Blatz | 1,167,818,192 | 15,420,063 | 0 |
Pamela G. Carlton | 1,167,761,255 | 15,477,001 | 0 |
Janet Langford Carrig | 1,169,443,247 | 13,795,008 | 0 |
J. Kevin Connaughton | 1,168,554,731 | 14,683,525 | 0 |
Olive M. Darragh | 1,169,004,224 | 14,234,032 | 0 |
Patricia M. Flynn | 1,168,110,224 | 15,128,031 | 0 |
Brian J. Gallagher | 1,166,931,187 | 16,307,068 | 0 |
Douglas A. Hacker | 1,168,253,721 | 14,984,535 | 0 |
Nancy T. Lukitsh | 1,169,128,202 | 14,110,053 | 0 |
David M. Moffett | 1,167,387,510 | 15,850,745 | 0 |
Catherine James Paglia | 1,167,159,143 | 16,079,112 | 0 |
Anthony M. Santomero | 1,166,760,857 | 16,477,398 | 0 |
Minor M. Shaw | 1,165,931,084 | 17,307,171 | 0 |
Natalie A. Trunow | 1,168,907,601 | 14,330,655 | 0 |
Sandra Yeager | 1,167,549,796 | 15,688,459 | 0 |
Christopher O. Petersen | 1,167,593,463 | 15,644,793 | 0 |
Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2021 | 39 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
April 30, 2021
3 | |
5 | |
7 | |
8 | |
14 | |
15 | |
16 | |
18 | |
22 | |
31 | |
32 | |
32 | |
38 | |
39 |
Average annual total returns (%) (for the period ended April 30, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 05/05/92 | 5.05 | 2.15 | 3.00 |
Including sales charges | 1.92 | 1.52 | 2.68 | ||
Advisor Class* | 03/19/13 | 5.31 | 2.42 | 3.26 | |
Class C | Excluding sales charges | 06/17/92 | 4.26 | 1.39 | 2.23 |
Including sales charges | 3.26 | 1.39 | 2.23 | ||
Institutional Class | 01/06/92 | 5.41 | 2.41 | 3.26 | |
Institutional 3 Class* | 03/01/17 | 5.42 | 2.50 | 3.31 | |
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index | 6.82 | 3.20 | 3.90 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 3 |
Quality breakdown (%) (at April 30, 2021) | |
AAA rating | 7.1 |
AA rating | 42.8 |
A rating | 46.1 |
BBB rating | 2.1 |
BB rating | 0.9 |
Not rated | 1.0 |
Total | 100.0 |
4 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
• | Duration positioning was a detractor as the Fund’s duration was below that of the benchmark during the whole period. |
○ | The Fund’s duration was shortened for the first eight months of the period due to investor inflows, combined with very little new issuance and availability of secondary offerings in the South Carolina municipal bond market. |
○ | What secondary offerings were available were priced at levels that we believe made them very unattractive. |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 5 |
○ | Further exacerbating the challenge of sourcing South Carolina municipal bonds was the profile of what limited issuance actually existed. Negotiated and competitive issued deals rarely offered the opportunity to buy longer intermediate positions. Deals tended to come with shorter maturities and/or very low coupons, such as 3% and 2%. We did not find these issue terms to be appealing opportunities for the Fund’s portfolio. |
○ | As an alternative, we pursued investing some of the available cash in a broad market exchange-traded municipal fund. This investment was temporary until more attractive opportunities became available in the South Carolina municipal bond market. |
• | The Fund had meaningful exposure (approximately 25%) to local appropriation bonds during the period. Because there are restrictions in South Carolina as to how much general obligation debt municipalities can issue, this level of exposure to local appropriation bonds in the portfolio is not unusual. South Carolina local appropriation bonds, however, underperformed during the period versus the benchmark. |
• | The Fund’s overweighted allocation to lower investment-grade (A rated) municipal bonds was the biggest positive contributor as lower rated municipal bonds outperformed higher quality municipal bonds during the period. |
○ | Within this broader lower investment-grade quality segment, the hospital, education and public power sectors were positive contributors to performance. Each of these sectors outperformed during the period and the Fund’s overweight to each boosted the Fund’s returns. |
• | Lower coupon bonds were a bright spot during the period with 4% coupon bonds outperforming the historically more common 5% coupon structure. |
6 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
(Unaudited)
November 1, 2020 — April 30, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,011.50 | 1,020.89 | 4.06 | 4.08 | 0.81 |
Advisor Class | 1,000.00 | 1,000.00 | 1,012.80 | 1,022.14 | 2.81 | 2.82 | 0.56 |
Class C | 1,000.00 | 1,000.00 | 1,007.70 | 1,017.15 | 7.81 | 7.85 | 1.56 |
Institutional Class | 1,000.00 | 1,000.00 | 1,012.80 | 1,022.14 | 2.81 | 2.82 | 0.56 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,013.30 | 1,022.69 | 2.26 | 2.27 | 0.45 |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 7 |
April 30, 2021
Floating Rate Notes 0.6% | ||||
Issue Description | Effective Yield | Principal Amount ($) | Value ($) | |
Variable Rate Demand Notes 0.6% | ||||
New York City Water & Sewer System(a),(b) | ||||
Revenue Bonds | ||||
2nd General Resolution | ||||
Series 2013 (JPMorgan Chase Bank) | ||||
06/15/2050 | 0.020% | 700,000 | 700,000 | |
Total Floating Rate Notes (Cost $700,000) | 700,000 | |||
Municipal Bonds 97.5% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Airport 0.5% | ||||
Charleston County Airport District | ||||
Revenue Bonds | ||||
Series 2019 | ||||
07/01/2035 | 5.000% | 500,000 | 636,840 | |
Charter Schools 1.4% | ||||
South Carolina Jobs-Economic Development Authority(c) | ||||
Revenue Bonds | ||||
Series 2015A | ||||
08/15/2035 | 5.125% | 1,000,000 | 1,076,480 | |
South Carolina Jobs-Economic Development Authority | ||||
Revenue Bonds | ||||
York Preparatory Academy Project | ||||
Series 2014A | ||||
11/01/2033 | 7.000% | 500,000 | 559,140 | |
Total | 1,635,620 | |||
Higher Education 8.2% | ||||
Clemson University | ||||
Revenue Bonds | ||||
Athletic Facility | ||||
Series 2014A | ||||
05/01/2028 | 5.000% | 1,170,000 | 1,365,963 | |
Coastal Carolina University | ||||
Revenue Bonds | ||||
Series 2015 | ||||
06/01/2024 | 5.000% | 1,500,000 | 1,704,795 | |
South Carolina Jobs-Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Furman University | ||||
Series 2015 | ||||
10/01/2032 | 5.000% | 1,895,000 | 2,206,311 | |
Revenue Bonds | ||||
Wofford College Project | ||||
Series 2019 | ||||
04/01/2037 | 5.000% | 885,000 | 1,066,983 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
University of South Carolina | ||||
Refunding Revenue Bonds | ||||
Series 2017B | ||||
05/01/2034 | 5.000% | 1,500,000 | 1,837,320 | |
Revenue Bonds | ||||
Moore School of Business Project | ||||
Series 2012 | ||||
05/01/2026 | 5.000% | 1,500,000 | 1,566,945 | |
Total | 9,748,317 | |||
Hospital 11.3% | ||||
County of Florence | ||||
Refunding Revenue Bonds | ||||
McLeod Regional Medical Center Project | ||||
Series 2014 | ||||
11/01/2031 | 5.000% | 1,500,000 | 1,718,175 | |
County of Greenwood | ||||
Refunding Revenue Bonds | ||||
Self Regional Healthcare | ||||
Series 2012B | ||||
10/01/2027 | 5.000% | 1,750,000 | 1,818,005 | |
10/01/2031 | 5.000% | 2,000,000 | 2,070,480 | |
Lexington County Health Services District, Inc. | ||||
Refunding Revenue Bonds | ||||
Lexington Medical Center Obligated Group | ||||
Series 2017 | ||||
11/01/2032 | 4.000% | 1,050,000 | 1,199,237 | |
Revenue Bonds | ||||
Lexington Medical Center | ||||
Series 2016 | ||||
11/01/2034 | 5.000% | 1,500,000 | 1,754,475 | |
South Carolina Jobs-Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Prisma Health Obligated Group | ||||
Series 2018 | ||||
05/01/2036 | 5.000% | 2,000,000 | 2,445,480 | |
Revenue Bonds | ||||
McLeod Health Obligation Group | ||||
Series 2018 | ||||
11/01/2033 | 5.000% | 1,000,000 | 1,224,980 | |
St. Joseph’s Candler Health System, Inc. | ||||
Series 2019 | ||||
07/01/2032 | 5.000% | 1,000,000 | 1,262,270 | |
Total | 13,493,102 | |||
Joint Power Authority 3.2% | ||||
South Carolina Public Service Authority | ||||
Refunding Revenue Bonds | ||||
Series 2014B | ||||
12/01/2032 | 5.000% | 1,250,000 | 1,407,350 |
8 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2016A | ||||
12/01/2028 | 5.000% | 2,000,000 | 2,411,620 | |
Total | 3,818,970 | |||
Local Appropriation 24.4% | ||||
Aiken County Consolidated School District | ||||
Special Obligation Revenue Bonds | ||||
Series 2019 | ||||
06/01/2033 | 4.000% | 325,000 | 389,071 | |
Berkeley County School District | ||||
Refunding Revenue Bonds | ||||
Securing Assets for Education | ||||
Series 2015A | ||||
12/01/2027 | 5.000% | 1,500,000 | 1,677,645 | |
Charleston Educational Excellence Finance Corp. | ||||
Refunding Revenue Bonds | ||||
Charleston County School | ||||
Series 2013 | ||||
12/01/2025 | 5.000% | 2,000,000 | 2,243,880 | |
Charleston Public Facilities Corp. | ||||
Revenue Bonds | ||||
Series 2015A | ||||
09/01/2029 | 5.000% | 1,000,000 | 1,183,810 | |
City of North Charleston | ||||
Tax Allocation Bonds | ||||
Series 2019B | ||||
10/01/2027 | 5.000% | 1,000,000 | 1,263,950 | |
Tax Increment Pledge | ||||
Series 2020 | ||||
10/01/2031 | 5.000% | 300,000 | 398,730 | |
County of Dorchester | ||||
Tax Allocation Bonds | ||||
Series 2020 | ||||
10/01/2036 | 5.000% | 385,000 | 489,824 | |
County Square Redevelopment Corp. | ||||
Revenue Bonds | ||||
Greenville County Project | ||||
Series 2021 | ||||
04/01/2029 | 5.000% | 1,160,000 | 1,519,148 | |
Dorchester County School District No. 2 | ||||
Refunding Revenue Bonds | ||||
Growth Installment Purchase | ||||
Series 2013 | ||||
12/01/2027 | 5.000% | 1,000,000 | 1,118,150 | |
Fort Mill School Facilities Corp. | ||||
Refunding Revenue Bonds | ||||
Fort Mills School District #4 | ||||
Series 2015 | ||||
12/01/2028 | 5.000% | 1,000,000 | 1,168,140 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Kershaw County School District | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
12/01/2025 | 5.000% | 1,000,000 | 1,198,450 | |
Lexington One School Facilities Corp. | ||||
Refunding Revenue Bonds | ||||
Lexington County School District | ||||
Series 2015 | ||||
12/01/2026 | 5.000% | 835,000 | 934,799 | |
Lexington School District No. 2 Educational Facilities Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2015B | ||||
12/01/2026 | 5.000% | 1,815,000 | 2,130,737 | |
Newberry Investing in Children’s Education | ||||
Refunding Revenue Bonds | ||||
Newberry County School District | ||||
Series 2014 | ||||
12/01/2029 | 5.000% | 1,500,000 | 1,716,480 | |
North Charleston Public Facilities Corp. | ||||
Revenue Bonds | ||||
Series 2012 | ||||
06/01/2029 | 5.000% | 2,280,000 | 2,392,564 | |
SCAGO Educational Facilities Corp. for Calhoun School District | ||||
Refunding Revenue Bonds | ||||
Series 2015 (BAM) | ||||
12/01/2026 | 5.000% | 520,000 | 618,805 | |
SCAGO Educational Facilities Corp. for Cherokee School District No. 1 | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
12/01/2028 | 5.000% | 1,830,000 | 2,112,204 | |
SCAGO Educational Facilities Corp. for Colleton School District | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
12/01/2027 | 5.000% | 1,295,000 | 1,507,432 | |
SCAGO Educational Facilities Corp. for Pickens School District | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
12/01/2029 | 5.000% | 1,500,000 | 1,746,210 | |
12/01/2030 | 5.000% | 1,275,000 | 1,479,357 | |
Sumter Two School Facilities, Inc. | ||||
Refunding Revenue Bonds | ||||
Sumter County School District No. 2 | ||||
Series 2016 (BAM) | ||||
12/01/2027 | 5.000% | 1,500,000 | 1,753,605 | |
Total | 29,042,991 | |||
Local General Obligation 10.0% | ||||
Anderson County School District No. 5 | ||||
Unlimited General Obligation Bonds | ||||
South Carolina School District Credit Enhancement Program | ||||
Series 2017 | ||||
03/01/2030 | 4.000% | 1,000,000 | 1,174,360 |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 9 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Beaufort County School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2014B | ||||
03/01/2023 | 5.000% | 1,190,000 | 1,295,362 | |
County of Florence | ||||
Unlimited General Obligation Bonds | ||||
Series 2021 | ||||
06/01/2028 | 5.000% | 1,000,000 | 1,290,320 | |
Georgetown County School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2020 | ||||
03/01/2029 | 5.000% | 600,000 | 764,778 | |
Lexington County School District No. 1 | ||||
Unlimited General Obligation Bonds | ||||
Series 2020C | ||||
02/01/2031 | 4.000% | 1,000,000 | 1,211,380 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2019A (School District Credit Enhancement Program) | ||||
02/01/2031 | 5.000% | 1,000,000 | 1,273,180 | |
Richland County School District No. 2 | ||||
Unlimited General Obligation Bonds | ||||
School District Credit Enhancement Program | ||||
Series 2020A | ||||
03/01/2029 | 5.000% | 1,000,000 | 1,313,560 | |
South Carolina Jobs-Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
04/01/2034 | 5.000% | 940,000 | 986,972 | |
Spartanburg County School District No. 7 | ||||
Unlimited General Obligation Bonds | ||||
Series 2018-B | ||||
03/01/2036 | 5.000% | 1,000,000 | 1,272,640 | |
Series 2019D | ||||
03/01/2037 | 5.000% | 1,000,000 | 1,268,990 | |
Total | 11,851,542 | |||
Municipal Power 4.6% | ||||
City of Camden Combined Public Utility System | ||||
Refunding Revenue Bonds | ||||
Series 2020 (AGM) | ||||
03/01/2031 | 4.000% | 1,125,000 | 1,409,591 | |
City of Rock Hill Combined Utility System | ||||
Refunding Revenue Bonds | ||||
Series 2012A (AGM) | ||||
01/01/2023 | 5.000% | 1,560,000 | 1,609,015 | |
Series 2019A | ||||
01/01/2032 | 5.000% | 1,000,000 | 1,265,640 | |
Revenue Bonds | ||||
Series 2016 | ||||
01/01/2028 | 5.000% | 500,000 | 597,295 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Easley Combined Utility System | ||||
Refunding Revenue Bonds | ||||
Easley Combined Utility System | ||||
Series 2019 (AGM) | ||||
12/01/2033 | 4.000% | 500,000 | 598,835 | |
Total | 5,480,376 | |||
Other Utility 1.0% | ||||
Patriots Energy Group | ||||
Improvement Refunding Revenue Bonds | ||||
Gas Systems | ||||
Series 2019 | ||||
06/01/2038 | 5.000% | 1,000,000 | 1,204,500 | |
Ports 2.1% | ||||
South Carolina Ports Authority(d) | ||||
Revenue Bonds | ||||
Series 2019B | ||||
07/01/2033 | 5.000% | 2,000,000 | 2,514,220 | |
Refunded / Escrowed 4.9% | ||||
Anderson Regional Joint Water System | ||||
Prerefunded 07/15/22 Revenue Bonds | ||||
Series 2012 | ||||
07/15/2028 | 5.000% | 2,000,000 | 2,116,960 | |
County of Florence | ||||
Prerefunded 10/01/23 Revenue Bonds | ||||
Series 2015 | ||||
10/01/2028 | 5.000% | 1,000,000 | 1,115,770 | |
Renewable Water Resources | ||||
Prerefunded 01/01/22 Refunding Revenue Bonds | ||||
Series 2012 | ||||
01/01/2024 | 5.000% | 555,000 | 572,927 | |
Prerefunded 01/01/22 Revenue Bonds | ||||
Series 2012 | ||||
01/01/2024 | 5.000% | 445,000 | 459,374 | |
South Carolina Jobs-Economic Development Authority | ||||
Prerefunded 11/01/22 Revenue Bonds | ||||
Bon Secours Health System, Inc. | ||||
Series 2013 | ||||
11/01/2024 | 5.000% | 450,000 | 482,436 | |
Town of Hilton Head Island | ||||
Prerefunded 06/01/21 Revenue Bonds | ||||
Series 2011A | ||||
06/01/2023 | 5.000% | 555,000 | 557,042 | |
06/01/2024 | 5.000% | 580,000 | 582,134 | |
Total | 5,886,643 |
10 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Resource Recovery 3.0% | ||||
Three Rivers Solid Waste Authority(e) | ||||
Revenue Bonds | ||||
Capital Appreciation-Landfill Gas Project | ||||
Series 2007 | ||||
10/01/2024 | 0.000% | 1,835,000 | 1,776,683 | |
10/01/2025 | 0.000% | 1,835,000 | 1,747,012 | |
Total | 3,523,695 | |||
Retirement Communities 1.1% | ||||
South Carolina Jobs-Economic Development Authority(c) | ||||
Refunding Revenue Bonds | ||||
Wesley Commons | ||||
Series 2016 | ||||
10/01/2026 | 5.000% | 655,000 | 688,628 | |
South Carolina Jobs-Economic Development Authority | ||||
Revenue Bonds | ||||
Bishop Gadsden Episcopal Retirement Community | ||||
Series 2019 | ||||
04/01/2034 | 4.000% | 605,000 | 648,179 | |
Total | 1,336,807 | |||
Special Non Property Tax 5.4% | ||||
City of Columbia | ||||
Revenue Bonds | ||||
Series 2014 | ||||
02/01/2033 | 5.000% | 1,195,000 | 1,338,520 | |
City of Florence Accommodations Fee | ||||
Revenue Bonds | ||||
Series 2015 | ||||
05/01/2030 | 4.000% | 1,000,000 | 1,094,950 | |
05/01/2035 | 5.000% | 1,000,000 | 1,129,050 | |
City of Myrtle Beach | ||||
Revenue Bonds | ||||
Hospitality Fee | ||||
Series 2014B | ||||
06/01/2030 | 5.000% | 560,000 | 627,950 | |
City of Rock Hill | ||||
Revenue Bonds | ||||
Hospitality Fee Pledge | ||||
Series 2013 | ||||
04/01/2023 | 5.000% | 695,000 | 757,244 | |
Greenville County Public Facilities Corp. | ||||
Refunding Certificate of Participation | ||||
Series 2014 | ||||
04/01/2026 | 5.000% | 890,000 | 1,010,435 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Town of Hilton Head Island | ||||
Revenue Bonds | ||||
Beach Preservation Fee Pledge | ||||
Series 2017 | ||||
08/01/2025 | 5.000% | 400,000 | 475,280 | |
Total | 6,433,429 | |||
Special Property Tax 1.0% | ||||
City of Myrtle Beach | ||||
Refunding Tax Allocation Bonds | ||||
Myrtle Beach Air Force Base | ||||
Series 2016 | ||||
10/01/2030 | 5.000% | 1,000,000 | 1,191,660 | |
State General Obligation 4.6% | ||||
State of South Carolina | ||||
Unlimited General Obligation Bonds | ||||
Citadel Military College of South Carolina | ||||
Series 2021 | ||||
04/01/2033 | 5.000% | 1,725,000 | 2,350,899 | |
04/01/2036 | 5.000% | 1,500,000 | 2,025,270 | |
Series 2014B | ||||
04/01/2025 | 5.000% | 1,000,000 | 1,137,510 | |
Total | 5,513,679 | |||
Student Loan 0.4% | ||||
South Carolina State Education Assistance Authority | ||||
Revenue Bonds | ||||
Student Loan | ||||
Series 2009I | ||||
10/01/2024 | 5.000% | 435,000 | 435,209 | |
Transportation 1.9% | ||||
South Carolina Transportation Infrastructure Bank | ||||
Refunding Revenue Bonds | ||||
Infrastructure Bank | ||||
Series 2015A | ||||
10/01/2024 | 5.000% | 2,000,000 | 2,306,720 | |
Water & Sewer 8.5% | ||||
Beaufort-Jasper Water & Sewer Authority | ||||
Refunding Revenue Bonds | ||||
Series 2016B | ||||
03/01/2024 | 5.000% | 1,000,000 | 1,133,790 | |
Revenue Bonds | ||||
Series 2019A | ||||
03/01/2035 | 5.000% | 750,000 | 956,340 | |
City of Charleston Waterworks & Sewer System | ||||
Revenue Bonds | ||||
Series 2019 | ||||
01/01/2038 | 5.000% | 1,000,000 | 1,299,690 |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 11 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Columbia Stormwater System | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2018 | ||||
02/01/2038 | 5.000% | 350,000 | 433,633 | |
City of Columbia Waterworks & Sewer System | ||||
Revenue Bonds | ||||
Series 2018 | ||||
02/01/2035 | 4.000% | 560,000 | 660,464 | |
City of Spartanburg Water System | ||||
Refunding Revenue Bonds | ||||
Series 2017B | ||||
06/01/2035 | 4.000% | 1,375,000 | 1,601,682 | |
City of Sumter Waterworks & Sewer System | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
12/01/2027 | 4.000% | 400,000 | 461,640 | |
County of Richland Utility System | ||||
Refunding Revenue Bonds | ||||
Series 2020 | ||||
03/01/2031 | 5.000% | 240,000 | 315,091 | |
03/01/2032 | 5.000% | 215,000 | 281,188 | |
03/01/2033 | 5.000% | 280,000 | 364,848 | |
Georgetown County Water & Sewer District | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
06/01/2027 | 4.000% | 450,000 | 506,111 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Spartanburg Sanitation Sewer District | ||||
Refunding Revenue Bonds | ||||
Series 2014B | ||||
03/01/2034 | 5.000% | 1,000,000 | 1,155,330 | |
Town of Lexington Waterworks & Sewer System | ||||
Refunding Revenue Bonds | ||||
Series 2017 | ||||
06/01/2034 | 4.000% | 750,000 | 889,102 | |
Total | 10,058,909 | |||
Total Municipal Bonds (Cost $109,553,139) | 116,113,229 |
Money Market Funds 0.9% | ||
Shares | Value ($) | |
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 0.010%(f) | 113,758 | 113,746 |
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.006%(f) | 954,626 | 954,626 |
Total Money Market Funds (Cost $1,068,384) | 1,068,372 | |
Total Investments in Securities (Cost: $111,321,523) | 117,881,601 | |
Other Assets & Liabilities, Net | 1,171,220 | |
Net Assets | 119,052,821 |
(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, 2021. |
(c) | 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, 2021, the total value of these securities amounted to $1,765,108, which represents 1.48% of total net assets. |
(d) | Income from this security may be subject to alternative minimum tax. |
(e) | Zero coupon bond. |
(f) | The rate shown is the seven-day current annualized yield at April 30, 2021. |
AGM | Assured Guaranty Municipal Corporation |
BAM | Build America Mutual Assurance Co. |
12 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Fair value inputs are summarized in the three broad levels listed below:
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 700,000 | — | 700,000 |
Municipal Bonds | — | 116,113,229 | — | 116,113,229 |
Money Market Funds | 1,068,372 | — | — | 1,068,372 |
Total Investments in Securities | 1,068,372 | 116,813,229 | — | 117,881,601 |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 13 |
April 30, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $111,321,523) | $117,881,601 |
Receivable for: | |
Capital shares sold | 118,698 |
Interest | 1,423,591 |
Expense reimbursement due from Investment Manager | 451 |
Prepaid expenses | 10,259 |
Total assets | 119,434,600 |
Liabilities | |
Due to custodian | 2,130 |
Payable for: | |
Capital shares purchased | 30,122 |
Distributions to shareholders | 186,830 |
Management services fees | 1,531 |
Distribution and/or service fees | 290 |
Transfer agent fees | 13,439 |
Compensation of board members | 130,843 |
Other expenses | 16,594 |
Total liabilities | 381,779 |
Net assets applicable to outstanding capital stock | $119,052,821 |
Represented by | |
Paid in capital | 113,051,357 |
Total distributable earnings (loss) | 6,001,464 |
Total - representing net assets applicable to outstanding capital stock | $119,052,821 |
Class A | |
Net assets | $30,657,425 |
Shares outstanding | 2,944,260 |
Net asset value per share | $10.41 |
Maximum sales charge | 3.00% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $10.73 |
Advisor Class | |
Net assets | $3,034,082 |
Shares outstanding | 291,454 |
Net asset value per share | $10.41 |
Class C | |
Net assets | $2,939,610 |
Shares outstanding | 282,069 |
Net asset value per share | $10.42 |
Institutional Class | |
Net assets | $74,821,653 |
Shares outstanding | 7,182,366 |
Net asset value per share | $10.42 |
Institutional 3 Class | |
Net assets | $7,600,051 |
Shares outstanding | 727,075 |
Net asset value per share | $10.45 |
14 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Year Ended April 30, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $14,526 |
Interest | 3,106,475 |
Total income | 3,121,001 |
Expenses: | |
Management services fees | 559,928 |
Distribution and/or service fees | |
Class A | 68,996 |
Class C | 40,888 |
Transfer agent fees | |
Class A | 33,453 |
Advisor Class | 3,597 |
Class C | 4,927 |
Institutional Class | 93,548 |
Institutional 3 Class | 616 |
Compensation of board members | 62,252 |
Custodian fees | 1,405 |
Printing and postage fees | 14,834 |
Registration fees | 6,794 |
Audit fees | 29,500 |
Legal fees | 9,073 |
Compensation of chief compliance officer | 24 |
Other | 11,744 |
Total expenses | 941,579 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (169,890) |
Expense reduction | (20) |
Total net expenses | 771,669 |
Net investment income | 2,349,332 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (26,193) |
Net realized loss | (26,193) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 3,475,775 |
Net change in unrealized appreciation (depreciation) | 3,475,775 |
Net realized and unrealized gain | 3,449,582 |
Net increase in net assets resulting from operations | $5,798,914 |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 15 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |
Operations | ||
Net investment income | $2,349,332 | $2,542,642 |
Net realized loss | (26,193) | (166,150) |
Net change in unrealized appreciation (depreciation) | 3,475,775 | (760,029) |
Net increase in net assets resulting from operations | 5,798,914 | 1,616,463 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (498,426) | (547,432) |
Advisor Class | (61,141) | (56,833) |
Class C | (43,686) | (95,183) |
Institutional Class | (1,591,033) | (1,836,066) |
Institutional 3 Class | (155,047) | (107,127) |
Total distributions to shareholders | (2,349,333) | (2,642,641) |
Increase in net assets from capital stock activity | 8,175,212 | 4,736,181 |
Total increase in net assets | 11,624,793 | 3,710,003 |
Net assets at beginning of year | 107,428,028 | 103,718,025 |
Net assets at end of year | $119,052,821 | $107,428,028 |
16 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
April 30, 2021 | April 30, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 690,013 | 7,188,324 | 499,378 | 5,166,255 |
Distributions reinvested | 37,936 | 395,018 | 41,951 | 433,746 |
Redemptions | (204,025) | (2,124,918) | (284,998) | (2,932,367) |
Net increase | 523,924 | 5,458,424 | 256,331 | 2,667,634 |
Advisor Class | ||||
Subscriptions | 78,894 | 813,886 | 75,561 | 782,030 |
Distributions reinvested | 5,852 | 60,935 | 5,474 | 56,585 |
Redemptions | (23,509) | (244,594) | (33,204) | (340,632) |
Net increase | 61,237 | 630,227 | 47,831 | 497,983 |
Class C | ||||
Subscriptions | 52,882 | 552,095 | 61,831 | 640,505 |
Distributions reinvested | 3,722 | 38,786 | 6,986 | 72,272 |
Redemptions | (273,576) | (2,857,515) | (421,944) | (4,360,019) |
Net decrease | (216,972) | (2,266,634) | (353,127) | (3,647,242) |
Institutional Class | ||||
Subscriptions | 1,454,148 | 15,144,030 | 2,157,574 | 22,334,115 |
Distributions reinvested | 35,131 | 366,026 | 38,534 | 398,592 |
Redemptions | (1,214,766) | (12,662,886) | (2,204,369) | (22,741,142) |
Net increase (decrease) | 274,513 | 2,847,170 | (8,261) | (8,435) |
Institutional 3 Class | ||||
Subscriptions | 278,574 | 2,920,458 | 552,912 | 5,767,081 |
Distributions reinvested | 5,566 | 58,179 | 3,937 | 40,852 |
Redemptions | (140,724) | (1,472,612) | (56,695) | (581,692) |
Net increase | 143,416 | 1,506,025 | 500,154 | 5,226,241 |
Total net increase | 786,118 | 8,175,212 | 442,928 | 4,736,181 |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 4/30/2021 | $10.09 | 0.19 | 0.32 | 0.51 | (0.19) | — | (0.19) |
Year Ended 4/30/2020 | $10.17 | 0.22 | (0.07) | 0.15 | (0.23) | — | (0.23) |
Year Ended 4/30/2019 | $9.94 | 0.24 | 0.24 | 0.48 | (0.25) | — | (0.25) |
Year Ended 4/30/2018 | $10.16 | 0.25 | (0.20) | 0.05 | (0.27) | — | (0.27) |
Year Ended 4/30/2017 | $10.55 | 0.25 | (0.35) | (0.10) | (0.28) | (0.01) | (0.29) |
Advisor Class | |||||||
Year Ended 4/30/2021 | $10.09 | 0.21 | 0.32 | 0.53 | (0.21) | — | (0.21) |
Year Ended 4/30/2020 | $10.16 | 0.25 | (0.06) | 0.19 | (0.26) | — | (0.26) |
Year Ended 4/30/2019 | $9.94 | 0.26 | 0.24 | 0.50 | (0.28) | — | (0.28) |
Year Ended 4/30/2018 | $10.15 | 0.27 | (0.19) | 0.08 | (0.29) | — | (0.29) |
Year Ended 4/30/2017 | $10.54 | 0.28 | (0.36) | (0.08) | (0.30) | (0.01) | (0.31) |
Class C | |||||||
Year Ended 4/30/2021 | $10.10 | 0.11 | 0.32 | 0.43 | (0.11) | — | (0.11) |
Year Ended 4/30/2020 | $10.17 | 0.15 | (0.07) | 0.08 | (0.15) | — | (0.15) |
Year Ended 4/30/2019 | $9.94 | 0.16 | 0.25 | 0.41 | (0.18) | — | (0.18) |
Year Ended 4/30/2018 | $10.16 | 0.17 | (0.20) | (0.03) | (0.19) | — | (0.19) |
Year Ended 4/30/2017 | $10.56 | 0.18 | (0.37) | (0.19) | (0.20) | (0.01) | (0.21) |
Institutional Class | |||||||
Year Ended 4/30/2021 | $10.09 | 0.21 | 0.33 | 0.54 | (0.21) | — | (0.21) |
Year Ended 4/30/2020 | $10.17 | 0.25 | (0.07) | 0.18 | (0.26) | — | (0.26) |
Year Ended 4/30/2019 | $9.94 | 0.26 | 0.25 | 0.51 | (0.28) | — | (0.28) |
Year Ended 4/30/2018 | $10.16 | 0.27 | (0.20) | 0.07 | (0.29) | — | (0.29) |
Year Ended 4/30/2017 | $10.56 | 0.28 | (0.37) | (0.09) | (0.30) | (0.01) | (0.31) |
18 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 4/30/2021 | $10.41 | 5.05% | 0.95% | 0.81%(c) | 1.80% | 10% | $30,657 |
Year Ended 4/30/2020 | $10.09 | 1.46% | 0.91% | 0.81%(c) | 2.15% | 9% | $24,421 |
Year Ended 4/30/2019 | $10.17 | 4.93% | 0.93% | 0.81%(c) | 2.37% | 9% | $21,999 |
Year Ended 4/30/2018 | $9.94 | 0.43% | 0.93% | 0.81%(c) | 2.41% | 7% | $23,050 |
Year Ended 4/30/2017 | $10.16 | (0.98%) | 0.98% | 0.81%(c) | 2.45% | 11% | $21,486 |
Advisor Class | |||||||
Year Ended 4/30/2021 | $10.41 | 5.31% | 0.70% | 0.56%(c) | 2.05% | 10% | $3,034 |
Year Ended 4/30/2020 | $10.09 | 1.82% | 0.65% | 0.56%(c) | 2.40% | 9% | $2,322 |
Year Ended 4/30/2019 | $10.16 | 5.09% | 0.68% | 0.56%(c) | 2.62% | 9% | $1,854 |
Year Ended 4/30/2018 | $9.94 | 0.78% | 0.68% | 0.56%(c) | 2.66% | 7% | $1,984 |
Year Ended 4/30/2017 | $10.15 | (0.74%) | 0.73% | 0.56%(c) | 2.71% | 11% | $1,205 |
Class C | |||||||
Year Ended 4/30/2021 | $10.42 | 4.26% | 1.70% | 1.56%(c) | 1.07% | 10% | $2,940 |
Year Ended 4/30/2020 | $10.10 | 0.80% | 1.66% | 1.56%(c) | 1.41% | 9% | $5,039 |
Year Ended 4/30/2019 | $10.17 | 4.14% | 1.68% | 1.56%(c) | 1.62% | 9% | $8,669 |
Year Ended 4/30/2018 | $9.94 | (0.32%) | 1.68% | 1.56%(c) | 1.66% | 7% | $10,759 |
Year Ended 4/30/2017 | $10.16 | (1.81%) | 1.73% | 1.56%(c) | 1.70% | 11% | $13,698 |
Institutional Class | |||||||
Year Ended 4/30/2021 | $10.42 | 5.41% | 0.70% | 0.56%(c) | 2.05% | 10% | $74,822 |
Year Ended 4/30/2020 | $10.09 | 1.72% | 0.66% | 0.56%(c) | 2.40% | 9% | $69,733 |
Year Ended 4/30/2019 | $10.17 | 5.19% | 0.68% | 0.56%(c) | 2.62% | 9% | $70,343 |
Year Ended 4/30/2018 | $9.94 | 0.68% | 0.68% | 0.56%(c) | 2.66% | 7% | $77,773 |
Year Ended 4/30/2017 | $10.16 | (0.83%) | 0.73% | 0.56%(c) | 2.70% | 11% | $83,743 |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 19 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 4/30/2021 | $10.13 | 0.23 | 0.32 | 0.55 | (0.23) | — | (0.23) |
Year Ended 4/30/2020 | $10.21 | 0.26 | (0.07) | 0.19 | (0.27) | — | (0.27) |
Year Ended 4/30/2019 | $9.98 | 0.27 | 0.25 | 0.52 | (0.29) | — | (0.29) |
Year Ended 4/30/2018 | $10.19 | 0.28 | (0.19) | 0.09 | (0.30) | — | (0.30) |
Year Ended 4/30/2017(d) | $10.13 | 0.05 | 0.06(e) | 0.11 | (0.05) | — | (0.05) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
(e) | 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 the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
(f) | Annualized. |
20 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 4/30/2021 | $10.45 | 5.42% | 0.59% | 0.45% | 2.16% | 10% | $7,600 |
Year Ended 4/30/2020 | $10.13 | 1.83% | 0.53% | 0.45% | 2.50% | 9% | $5,913 |
Year Ended 4/30/2019 | $10.21 | 5.30% | 0.57% | 0.45% | 2.73% | 9% | $852 |
Year Ended 4/30/2018 | $9.98 | 0.91% | 0.56% | 0.45% | 2.79% | 7% | $747 |
Year Ended 4/30/2017(d) | $10.19 | 1.09% | 0.57%(f) | 0.43%(f) | 2.85%(f) | 11% | $10 |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 21 |
April 30, 2021
22 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 23 |
April 30, 2021
24 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Effective rate (%) | |
Class A | 0.12 |
Advisor Class | 0.12 |
Class C | 0.12 |
Institutional Class | 0.12 |
Institutional 3 Class | 0.01 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 18,745 |
Class C | — | 1.00(b) | — |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 25 |
April 30, 2021
September 1, 2020 through August 31, 2021 | Prior to September 1, 2020 | |
Class A | 0.81% | 0.81% |
Advisor Class | 0.56 | 0.56 |
Class C | 1.56 | 1.56 |
Institutional Class | 0.56 | 0.56 |
Institutional 3 Class | 0.45 | 0.46 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
24 | 2,349,309 | — | 2,349,333 | 119 | 2,642,522 | — | 2,642,641 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 287,675 | — | (462,834) | 6,493,663 |
26 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
111,387,938 | 6,642,224 | (148,561) | 6,493,663 |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(457,314) | (5,520) | (462,834) | — |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 27 |
April 30, 2021
28 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 29 |
April 30, 2021
30 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 31 |
Exempt- interest dividends | |
99.99% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
32 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee - 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1962 | Trustee since 2020(a) | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
34 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 35 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008 - January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
36 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Petersen, who is Senior Vice President and Assistant Secretary, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Daniel J. Beckman 225 Franklin Street Boston, MA 02110 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 225 Franklin Street Boston, MA 02110 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 225 Franklin Street Boston, MA 02110 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 37 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Colin Moore 225 Franklin Street Boston, MA 02110 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | 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. |
38 | Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 1,166,986,012 | 16,252,243 | 0 |
Kathleen Blatz | 1,167,818,192 | 15,420,063 | 0 |
Pamela G. Carlton | 1,167,761,255 | 15,477,001 | 0 |
Janet Langford Carrig | 1,169,443,247 | 13,795,008 | 0 |
J. Kevin Connaughton | 1,168,554,731 | 14,683,525 | 0 |
Olive M. Darragh | 1,169,004,224 | 14,234,032 | 0 |
Patricia M. Flynn | 1,168,110,224 | 15,128,031 | 0 |
Brian J. Gallagher | 1,166,931,187 | 16,307,068 | 0 |
Douglas A. Hacker | 1,168,253,721 | 14,984,535 | 0 |
Nancy T. Lukitsh | 1,169,128,202 | 14,110,053 | 0 |
David M. Moffett | 1,167,387,510 | 15,850,745 | 0 |
Catherine James Paglia | 1,167,159,143 | 16,079,112 | 0 |
Anthony M. Santomero | 1,166,760,857 | 16,477,398 | 0 |
Minor M. Shaw | 1,165,931,084 | 17,307,171 | 0 |
Natalie A. Trunow | 1,168,907,601 | 14,330,655 | 0 |
Sandra Yeager | 1,167,549,796 | 15,688,459 | 0 |
Christopher O. Petersen | 1,167,593,463 | 15,644,793 | 0 |
Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 39 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
April 30, 2021
3 | |
5 | |
7 | |
8 | |
15 | |
16 | |
17 | |
20 | |
22 | |
31 | |
32 | |
32 | |
38 | |
39 |
Average annual total returns (%) (for the period ended April 30, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 12/14/92 | 5.45 | 2.07 | 2.82 |
Including sales charges | 2.27 | 1.46 | 2.50 | ||
Advisor Class* | 03/19/13 | 5.72 | 2.33 | 3.07 | |
Class C | Excluding sales charges | 12/16/92 | 4.67 | 1.31 | 2.04 |
Including sales charges | 3.67 | 1.31 | 2.04 | ||
Institutional Class | 12/11/92 | 5.72 | 2.33 | 3.07 | |
Institutional 3 Class* | 03/01/17 | 5.79 | 2.40 | 3.10 | |
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index | 6.82 | 3.20 | 3.90 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products /mutual-funds/appended-performance for more information. |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 3 |
Quality breakdown (%) (at April 30, 2021) | |
AAA rating | 17.0 |
AA rating | 43.5 |
A rating | 24.4 |
BBB rating | 10.2 |
Not rated | 4.9 |
Total | 100.0 |
4 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
• | The North Carolina municipal bond market lagged the broader national market as risk overall was rewarded over the course of the reporting period. |
○ | In the intermediate space, North Carolina municipal bonds couldn’t keep pace with similar maturity municipal bonds from other states, weighing on the Fund’s results versus the benchmark, which is national in scope. |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 5 |
• | The Fund’s cash position and exposure to municipal bonds with maturities shorter than the benchmark (less than 2 years) also weighed on Fund results. |
• | Relative to the benchmark, the Fund’s underweight to the transportation sector and overweight to the water & sewer sector, detracted from results. |
• | Security selection in local general obligation bonds and the leasing sector weighed on relative results. This was more a function of the benchmark’s non-North Carolina municipal bonds in these sectors outperforming. |
• | The Fund’s underweight to municipal bonds rated AAA and overweight to municipal bonds rated BBB, contributed to performance, as higher rated municipal bonds underperformed lower quality municipal bonds during the period. |
• | An underweight in municipal bonds in the 2-5 year maturity range and an overweight in municipal bonds with maturities of 15+ years contributed to the Fund’s performance. |
• | The Fund’s overall duration positioning helped as the Fund was modestly long in duration, as compared to the benchmark, for portions of the period while yields were declining. |
• | Overweight allocations to the hospital and leasing sectors, and an underweight to the special tax segment, benefited Fund results. |
• | The Fund’s exposure to municipal bonds in the non-rated senior living sector (CCRC) aided results. |
• | Security selection within the transportation and education sectors also contributed to results. |
6 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
(Unaudited)
November 1, 2020 — April 30, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,013.70 | 1,020.94 | 4.02 | 4.03 | 0.80 |
Advisor Class | 1,000.00 | 1,000.00 | 1,014.90 | 1,022.19 | 2.76 | 2.77 | 0.55 |
Class C | 1,000.00 | 1,000.00 | 1,009.90 | 1,017.20 | 7.77 | 7.80 | 1.55 |
Institutional Class | 1,000.00 | 1,000.00 | 1,014.90 | 1,022.19 | 2.76 | 2.77 | 0.55 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,015.30 | 1,022.54 | 2.41 | 2.42 | 0.48 |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 7 |
April 30, 2021
Municipal Bonds 97.6% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Airport 3.2% | ||||
City of Charlotte Airport(a) | ||||
Revenue Bonds | ||||
Charlotte Douglas International | ||||
Series 2019 | ||||
07/01/2035 | 5.000% | 1,195,000 | 1,509,452 | |
City of Charlotte Airport | ||||
Revenue Bonds | ||||
Series 2017A | ||||
07/01/2028 | 5.000% | 500,000 | 625,750 | |
Raleigh Durham Airport Authority(a) | ||||
Refunding Revenue Bonds | ||||
Series 2020A | ||||
05/01/2034 | 5.000% | 1,150,000 | 1,484,018 | |
05/01/2036 | 5.000% | 2,000,000 | 2,567,800 | |
Total | 6,187,020 | |||
Forest Products 0.5% | ||||
Columbus County Industrial Facilities & Pollution Control Financing Authority | ||||
Refunding Revenue Bonds | ||||
International Paper Co. Project | ||||
Series 2020 (Mandatory Put 06/16/25) | ||||
05/01/2034 | 1.375% | 1,000,000 | 1,026,510 | |
Higher Education 8.3% | ||||
Appalachian State University | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
10/01/2026 | 5.000% | 325,000 | 391,531 | |
Revenue Bonds | ||||
Series 2018 | ||||
05/01/2035 | 5.000% | 1,095,000 | 1,358,632 | |
East Carolina University | ||||
Revenue Bonds | ||||
General | ||||
Series 2014A | ||||
10/01/2031 | 5.000% | 1,900,000 | 2,096,650 | |
North Carolina Agricultural & Technical State University | ||||
Refunding Revenue Bonds | ||||
General Purpose | ||||
Series 2015A | ||||
10/01/2032 | 5.000% | 2,000,000 | 2,328,560 | |
North Carolina Capital Facilities Finance Agency | ||||
Revenue Bonds | ||||
Wake Forest University | ||||
Series 2018 | ||||
01/01/2034 | 5.000% | 400,000 | 492,520 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
North Carolina Central University | ||||
Refunding Revenue Bonds | ||||
Series 2016 | ||||
10/01/2029 | 4.000% | 625,000 | 701,506 | |
Revenue Bonds | ||||
Series 2019 | ||||
04/01/2036 | 5.000% | 500,000 | 616,435 | |
04/01/2038 | 5.000% | 500,000 | 613,155 | |
North Carolina State University at Raleigh | ||||
Refunding Revenue Bonds | ||||
General | ||||
Series 2018 | ||||
10/01/2027 | 5.000% | 300,000 | 381,336 | |
10/01/2028 | 5.000% | 250,000 | 325,442 | |
University of North Carolina at Charlotte (The) | ||||
Refunding Revenue Bonds | ||||
Governors | ||||
Series 2020A | ||||
10/01/2035 | 4.000% | 200,000 | 240,696 | |
10/01/2037 | 4.000% | 300,000 | 358,884 | |
Revenue Bonds | ||||
Board of Governors | ||||
Series 2017 | ||||
10/01/2029 | 5.000% | 500,000 | 623,150 | |
University of North Carolina at Greensboro | ||||
Refunding Revenue Bonds | ||||
Series 2016 | ||||
04/01/2029 | 5.000% | 390,000 | 470,352 | |
04/01/2030 | 5.000% | 250,000 | 300,990 | |
Revenue Bonds | ||||
General | ||||
Series 2014 | ||||
04/01/2032 | 5.000% | 2,000,000 | 2,250,140 | |
University of North Carolina at Wilmington | ||||
Refunding Revenue Bonds | ||||
Series 2019B | ||||
10/01/2034 | 5.000% | 355,000 | 459,590 | |
Western Carolina University | ||||
Revenue Bonds | ||||
General | ||||
Series 2018 | ||||
10/01/2033 | 5.000% | 250,000 | 309,553 | |
10/01/2034 | 5.000% | 575,000 | 710,378 | |
Series 2020B | ||||
04/01/2033 | 5.000% | 1,000,000 | 1,308,260 | |
Total | 16,337,760 |
8 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Hospital 3.7% | ||||
North Carolina Medical Care Commission | ||||
Refunding Revenue Bonds | ||||
Novant Health Obligation Group | ||||
Series 2013 | ||||
11/01/2024 | 5.000% | 530,000 | 567,142 | |
Southeastern Regional Medical Center | ||||
Series 2012 | ||||
06/01/2026 | 5.000% | 1,000,000 | 1,043,280 | |
WakeMed | ||||
Series 2012A | ||||
10/01/2031 | 5.000% | 2,000,000 | 2,108,540 | |
Revenue Bonds | ||||
CaroMont Health | ||||
Series 2021A | ||||
02/01/2036 | 4.000% | 500,000 | 608,975 | |
Rex Healthcare | ||||
Series 2015A | ||||
07/01/2032 | 5.000% | 1,000,000 | 1,143,610 | |
Series 2020A | ||||
07/01/2035 | 5.000% | 800,000 | 1,027,800 | |
Wake Forest Baptist Obligation Group | ||||
Series 2019 | ||||
12/01/2033 | 5.000% | 595,000 | 742,078 | |
Total | 7,241,425 | |||
Joint Power Authority 4.4% | ||||
North Carolina Municipal Power Agency No. 1 | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
01/01/2026 | 5.000% | 1,500,000 | 1,800,015 | |
01/01/2031 | 5.000% | 2,000,000 | 2,356,840 | |
Series 2016A | ||||
01/01/2028 | 5.000% | 1,500,000 | 1,813,305 | |
Series 2019A | ||||
01/01/2032 | 5.000% | 2,000,000 | 2,591,060 | |
Total | 8,561,220 | |||
Local Appropriation 18.4% | ||||
City of Charlotte | ||||
Refunding Certificate of Participation | ||||
Series 2019B | ||||
06/01/2034 | 5.000% | 2,000,000 | 2,565,100 | |
City of Durham | ||||
Revenue Bonds | ||||
Series 2018 | ||||
04/01/2034 | 4.000% | 1,000,000 | 1,185,350 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Kannapolis | ||||
Revenue Bonds | ||||
Series 2014 | ||||
04/01/2031 | 5.000% | 1,365,000 | 1,539,515 | |
City of Monroe | ||||
Refunding Revenue Bonds | ||||
Series 2016 | ||||
03/01/2035 | 5.000% | 1,000,000 | 1,189,930 | |
City of Wilmington | ||||
Refunding Revenue Bonds | ||||
Series 2014A | ||||
06/01/2028 | 5.000% | 500,000 | 568,920 | |
City of Winston-Salem | ||||
Refunding Revenue Bonds | ||||
Series 2014C | ||||
06/01/2029 | 5.000% | 750,000 | 855,112 | |
County of Brunswick | ||||
Revenue Bonds | ||||
Series 2015A | ||||
06/01/2028 | 5.000% | 250,000 | 293,608 | |
06/01/2029 | 5.000% | 250,000 | 293,658 | |
County of Buncombe | ||||
Revenue Bonds | ||||
Series 2014A | ||||
06/01/2032 | 5.000% | 1,635,000 | 1,855,529 | |
County of Catawba | ||||
Revenue Bonds | ||||
Series 2011 | ||||
10/01/2022 | 5.000% | 400,000 | 407,932 | |
Series 2018 | ||||
12/01/2036 | 4.000% | 1,940,000 | 2,310,055 | |
County of Dare | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
06/01/2031 | 4.000% | 225,000 | 260,003 | |
County of Davidson | ||||
Revenue Bonds | ||||
Series 2020 | ||||
06/01/2037 | 4.000% | 400,000 | 481,012 | |
County of Gaston | ||||
Revenue Bonds | ||||
Series 2019A | ||||
04/01/2034 | 5.000% | 250,000 | 317,015 | |
04/01/2035 | 5.000% | 300,000 | 379,707 | |
County of Harnett | ||||
Refunding Revenue Bonds | ||||
Series 2020 | ||||
12/01/2027 | 5.000% | 375,000 | 475,087 | |
Revenue Bonds | ||||
Series 2019 | ||||
10/01/2037 | 4.000% | 955,000 | 1,128,390 |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 9 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
County of Henderson | ||||
Revenue Bonds | ||||
Series 2015 | ||||
10/01/2030 | 5.000% | 500,000 | 589,905 | |
Series 2020 | ||||
06/01/2029 | 5.000% | 525,000 | 692,265 | |
County of Lee | ||||
Revenue Bonds | ||||
Series 2018 | ||||
05/01/2036 | 4.000% | 500,000 | 590,025 | |
County of Martin | ||||
Refunding Revenue Bonds | ||||
Water & Sewer District | ||||
Series 2014 | ||||
06/01/2030 | 4.000% | 730,000 | 797,452 | |
County of Onslow | ||||
Revenue Bonds | ||||
Series 2015 | ||||
06/01/2027 | 4.000% | 405,000 | 459,327 | |
Series 2016 | ||||
10/01/2028 | 5.000% | 1,000,000 | 1,219,670 | |
County of Pender | ||||
Revenue Bonds | ||||
Series 2015 | ||||
04/01/2027 | 5.000% | 1,165,000 | 1,364,821 | |
04/01/2028 | 5.000% | 1,290,000 | 1,507,068 | |
County of Randolph | ||||
Refunding Revenue Bonds | ||||
Series 2013C | ||||
10/01/2026 | 5.000% | 1,500,000 | 1,851,165 | |
Revenue Bonds | ||||
Series 2019B | ||||
10/01/2034 | 5.000% | 500,000 | 644,095 | |
County of Sampson | ||||
Refunding Revenue Bonds | ||||
Series 2017 | ||||
09/01/2035 | 4.000% | 1,000,000 | 1,147,690 | |
County of Surry | ||||
Revenue Bonds | ||||
Series 2019 | ||||
06/01/2032 | 5.000% | 275,000 | 352,294 | |
06/01/2033 | 5.000% | 350,000 | 446,849 | |
County of Union | ||||
Refunding Revenue Bonds | ||||
Series 2012 | ||||
12/01/2024 | 5.000% | 1,715,000 | 1,999,381 | |
County of Wake | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
08/01/2036 | 4.000% | 2,000,000 | 2,382,900 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
County of Wilkes | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
06/01/2027 | 5.000% | 500,000 | 591,965 | |
06/01/2029 | 5.000% | 500,000 | 589,740 | |
Durham Capital Financing Corp. | ||||
Revenue Bonds | ||||
Series 2018 | ||||
10/01/2035 | 4.000% | 1,500,000 | 1,791,750 | |
Orange County Public Facilities Co. | ||||
Unrefunded Revenue Bonds | ||||
Series 2012 | ||||
10/01/2024 | 5.000% | 835,000 | 890,603 | |
Total | 36,014,888 | |||
Local General Obligation 9.7% | ||||
City of Charlotte | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2020A | ||||
06/01/2027 | 5.000% | 725,000 | 916,588 | |
City of Greensboro | ||||
Unlimited General Obligation Bonds | ||||
Series 2020B | ||||
Series 2020B | ||||
04/01/2031 | 5.000% | 2,205,000 | 2,950,334 | |
County of Durham | ||||
Unlimited General Obligation Bonds | ||||
Series 2019 | ||||
06/01/2032 | 5.000% | 620,000 | 807,507 | |
County of Forsyth | ||||
Unlimited General Obligation Bonds | ||||
Public Improvement | ||||
Series 2019B | ||||
03/01/2026 | 5.000% | 1,000,000 | 1,218,840 | |
County of Gaston | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2020 | ||||
02/01/2028 | 5.000% | 1,500,000 | 1,919,130 | |
02/01/2029 | 5.000% | 1,500,000 | 1,957,710 | |
County of Guilford | ||||
Unlimited General Obligation Bonds | ||||
Public Improvement | ||||
Series 2017B | ||||
05/01/2026 | 5.000% | 1,000,000 | 1,224,750 | |
County of Mecklenburg | ||||
Unlimited General Obligation Public Improvement Bonds | ||||
Series 2016B | ||||
12/01/2027 | 5.000% | 1,180,000 | 1,461,926 | |
County of Moore | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2016 | ||||
06/01/2028 | 5.000% | 1,000,000 | 1,289,520 |
10 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
County of Pitt | ||||
Refunding Revenue Bonds | ||||
Series 2017 | ||||
04/01/2022 | 5.000% | 750,000 | 783,142 | |
04/01/2024 | 5.000% | 410,000 | 466,379 | |
County of Wake | ||||
Unlimited General Obligation Public Improvement Bonds | ||||
Series 2019A | ||||
03/01/2033 | 5.000% | 1,500,000 | 1,937,910 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2010C | ||||
03/01/2022 | 5.000% | 2,000,000 | 2,080,960 | |
Total | 19,014,696 | |||
Multi-Family 4.1% | ||||
North Carolina Capital Facilities Finance Agency | ||||
Refunding Revenue Bonds | ||||
North Carolina A&T University Foundation Project | ||||
Series 2015A | ||||
06/01/2028 | 5.000% | 1,000,000 | 1,163,460 | |
The Arc of North Carolina | ||||
Series 2017 | ||||
10/01/2034 | 5.000% | 1,500,000 | 1,740,975 | |
University of North Carolina at Wilmington | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
06/01/2029 | 5.000% | 2,000,000 | 2,318,620 | |
Western Carolina University | ||||
Limited General Obligation Refunding Revenue Bonds | ||||
Student Housing | ||||
Series 2016 (AGM) | ||||
06/01/2027 | 5.000% | 500,000 | 600,690 | |
06/01/2028 | 5.000% | 1,000,000 | 1,194,430 | |
06/01/2029 | 5.000% | 800,000 | 953,568 | |
Total | 7,971,743 | |||
Municipal Power 1.4% | ||||
City of Fayetteville Public Works Commission | ||||
Revenue Bonds | ||||
Series 2014 | ||||
03/01/2027 | 4.000% | 1,250,000 | 1,372,675 | |
Greenville Utilities Commission | ||||
Revenue Bonds | ||||
Series 2019 | ||||
08/01/2032 | 5.000% | 625,000 | 809,850 | |
08/01/2033 | 5.000% | 400,000 | 516,532 | |
Total | 2,699,057 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Refunded / Escrowed 10.2% | ||||
County of Buncombe | ||||
Prerefunded 06/01/22 Revenue Bonds | ||||
Series 2012 | ||||
06/01/2028 | 5.000% | 500,000 | 526,260 | |
06/01/2029 | 5.000% | 1,000,000 | 1,052,520 | |
County of Johnston | ||||
Prerefunded 06/01/24 Revenue Bonds | ||||
Series 2014 | ||||
06/01/2028 | 5.000% | 1,000,000 | 1,146,070 | |
County of New Hanover | ||||
Prerefunded 10/01/27 Revenue Bonds | ||||
New Hanover Regional Medical Center | ||||
Series 2017 | ||||
10/01/2030 | 5.000% | 1,200,000 | 1,513,356 | |
County of Wake | ||||
Prerefunded 10/01/26 Revenue Bonds | ||||
Series 1993 Escrowed to Maturity (NPFGC) | ||||
10/01/2026 | 5.125% | 1,485,000 | 1,686,678 | |
Jacksonville Public Facilities Corp. | ||||
Prerefunded 04/01/22 Limited Obligation Revenue Bonds | ||||
Series 2012 | ||||
04/01/2026 | 5.000% | 1,075,000 | 1,122,300 | |
North Carolina Eastern Municipal Power Agency | ||||
Refunding Revenue Bonds | ||||
Series 1993B Escrowed to Maturity (NPFGC / IBC) | ||||
01/01/2022 | 6.000% | 3,000,000 | 3,116,040 | |
North Carolina Medical Care Commission | ||||
Prerefunded 06/01/22 Revenue Bonds | ||||
Duke University Health System | ||||
Series 2012A | ||||
06/01/2032 | 5.000% | 3,635,000 | 3,825,910 | |
Vidant Health | ||||
Series 2012A | ||||
06/01/2025 | 5.000% | 1,500,000 | 1,578,780 | |
06/01/2036 | 5.000% | 1,445,000 | 1,520,891 | |
Prerefunded 06/01/25 Revenue Bonds | ||||
Vidant Health | ||||
Series 2015 | ||||
06/01/2030 | 5.000% | 1,000,000 | 1,185,740 | |
Orange County Public Facilities Co. | ||||
Prerefunded 10/01/22 Revenue Bonds | ||||
Series 2012 | ||||
10/01/2024 | 5.000% | 490,000 | 522,987 | |
University of North Carolina at Charlotte (The) | ||||
Prerefunded 04/01/24 Revenue Bonds | ||||
Series 2014 | ||||
04/01/2030 | 5.000% | 1,000,000 | 1,136,930 | |
Total | 19,934,462 |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 11 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Retirement Communities 6.4% | ||||
North Carolina Medical Care Commission | ||||
Refunding Revenue Bonds | ||||
1st Mortgage - United Church | ||||
Series 2015A | ||||
09/01/2030 | 4.500% | 1,000,000 | 1,021,270 | |
1st Mortgage - United Methodist | ||||
Series 2013A | ||||
10/01/2033 | 5.000% | 1,595,000 | 1,691,817 | |
Pennybyrn at Maryfield | ||||
Series 2015 | ||||
10/01/2025 | 5.000% | 750,000 | 797,580 | |
Retirement Facilities 1st Mortgage | ||||
Series 2019 | ||||
01/01/2039 | 5.000% | 1,000,000 | 1,119,730 | |
Sharon Towers | ||||
Series 2019A | ||||
07/01/2033 | 5.000% | 1,000,000 | 1,133,540 | |
Southminster, Inc. | ||||
Series 2016 | ||||
10/01/2025 | 5.000% | 1,260,000 | 1,400,805 | |
United Methodist Retirement | ||||
Series 2016 | ||||
10/01/2030 | 5.000% | 700,000 | 801,332 | |
Revenue Bonds | ||||
Pennybyrn at Maryfield Project | ||||
Series 2020B-2 | ||||
10/01/2024 | 2.500% | 745,000 | 747,987 | |
Presbyterian Homes Obligated Group (The) | ||||
Series 2020 | ||||
10/01/2035 | 4.000% | 650,000 | 752,265 | |
The Pines at Davidson Project | ||||
Series 2019 | ||||
01/01/2038 | 5.000% | 1,000,000 | 1,111,010 | |
Twin Lakes Community | ||||
Series 2019A | ||||
01/01/2038 | 5.000% | 1,750,000 | 1,984,622 | |
Total | 12,561,958 | |||
Sales Tax 0.6% | ||||
City of Rocky Mount | ||||
Revenue Bonds | ||||
Series 2016 | ||||
05/01/2028 | 5.000% | 1,000,000 | 1,202,700 | |
Single Family 2.4% | ||||
North Carolina Housing Finance Agency | ||||
Revenue Bonds | ||||
Series 2017-38B (GNMA) | ||||
07/01/2037 | 3.850% | 1,805,000 | 1,972,955 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2019-41 (GNMA) | ||||
07/01/2034 | 3.100% | 720,000 | 773,338 | |
Series 2019-42 | ||||
07/01/2039 | 2.625% | 1,000,000 | 1,045,850 | |
Series 44 | ||||
01/01/2027 | 1.950% | 830,000 | 870,180 | |
Total | 4,662,323 | |||
State Appropriated 1.2% | ||||
State of North Carolina | ||||
Refunding Revenue Bonds | ||||
Series 2014B | ||||
06/01/2025 | 5.000% | 2,000,000 | 2,372,320 | |
State General Obligation 3.4% | ||||
State of North Carolina | ||||
Unlimited General Obligation Bonds | ||||
Series 2020A | ||||
06/01/2029 | 5.000% | 2,000,000 | 2,648,160 | |
06/01/2030 | 5.000% | 2,000,000 | 2,701,840 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2016A | ||||
06/01/2026 | 5.000% | 1,000,000 | 1,227,860 | |
Total | 6,577,860 | |||
Transportation 1.3% | ||||
State of North Carolina | ||||
Revenue Bonds | ||||
Series 2019 | ||||
03/01/2033 | 5.000% | 1,250,000 | 1,593,413 | |
Vehicle - GARVEE | ||||
Series 2015 | ||||
03/01/2027 | 5.000% | 900,000 | 1,045,917 | |
Total | 2,639,330 | |||
Turnpike / Bridge / Toll Road 4.5% | ||||
North Carolina Turnpike Authority | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2017 | ||||
01/01/2030 | 5.000% | 1,700,000 | 2,041,088 | |
01/01/2032 | 5.000% | 1,450,000 | 1,728,748 | |
Series 2017 (AGM) | ||||
01/01/2031 | 5.000% | 750,000 | 908,475 | |
Revenue Bonds | ||||
BAN Series 2020 | ||||
02/01/2024 | 5.000% | 2,000,000 | 2,252,480 | |
North Carolina Turnpike Authority(b) | ||||
Refunding Revenue Bonds | ||||
Series 2016C | ||||
07/01/2029 | 0.000% | 750,000 | 593,063 |
12 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Series 2017C | ||||
07/01/2030 | 0.000% | 550,000 | 412,456 | |
07/01/2031 | 0.000% | 1,100,000 | 781,000 | |
Total | 8,717,310 | |||
Water & Sewer 13.9% | ||||
City of Charlotte Water & Sewer System | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
07/01/2024 | 5.000% | 1,010,000 | 1,161,894 | |
Series 2018 | ||||
07/01/2035 | 4.000% | 2,000,000 | 2,393,140 | |
Series 2020 | ||||
07/01/2036 | 4.000% | 2,000,000 | 2,479,400 | |
City of Gastonia Combined Utilities System | ||||
Revenue Bonds | ||||
Series 2015 | ||||
05/01/2029 | 5.000% | 265,000 | 308,746 | |
05/01/2030 | 5.000% | 660,000 | 769,012 | |
City of Greensboro Combined Water & Sewer System | ||||
Refunding Revenue Bonds | ||||
Series 2006 | ||||
06/01/2022 | 5.250% | 1,200,000 | 1,266,372 | |
06/01/2023 | 5.250% | 2,000,000 | 2,211,540 | |
City of Jacksonville Enterprise System | ||||
Refunding Revenue Bonds | ||||
Series 2016 | ||||
05/01/2028 | 5.250% | 250,000 | 325,017 | |
City of Raleigh Combined Enterprise System | ||||
Refunding Revenue Bonds | ||||
Series 2015B | ||||
12/01/2025 | 5.000% | 1,200,000 | 1,450,212 | |
City of Thomasville Combined Enterprise System | ||||
Refunding Revenue Bonds | ||||
Series 2012 | ||||
05/01/2026 | 4.000% | 860,000 | 890,238 | |
City of Winston-Salem Water & Sewer System | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
06/01/2024 | 5.000% | 1,300,000 | 1,489,956 | |
06/01/2033 | 4.000% | 2,165,000 | 2,503,195 | |
Series 2020A | ||||
06/01/2036 | 4.000% | 2,000,000 | 2,447,140 | |
Revenue Bonds | ||||
Series 2017 | ||||
06/01/2031 | 4.000% | 400,000 | 471,320 | |
County of Brunswick Enterprise Systems | ||||
Refunding Revenue Bonds | ||||
Series 2015 | ||||
04/01/2027 | 5.000% | 1,500,000 | 1,757,280 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Enterprise System | ||||
Series 2020 | ||||
04/01/2033 | 4.000% | 500,000 | 613,180 | |
County of Dare Utilities System | ||||
Refunding Revenue Bonds | ||||
Series 2017 | ||||
02/01/2032 | 4.000% | 300,000 | 350,226 | |
County of Lincoln Enterprise System | ||||
Refunding Revenue Bonds | ||||
Series 2020 | ||||
08/01/2029 | 5.000% | 320,000 | 420,720 | |
County of Union Enterprise System | ||||
Revenue Bonds | ||||
Enterprise System | ||||
Series 2019 | ||||
06/01/2031 | 5.000% | 1,000,000 | 1,295,140 | |
Series 2015 | ||||
06/01/2029 | 5.000% | 500,000 | 596,625 | |
Onslow Water & Sewer Authority | ||||
Refunding Revenue Bonds | ||||
Series 2016 | ||||
12/01/2031 | 4.000% | 820,000 | 954,775 | |
Town of Fuquay-Varina Combined Utilities System | ||||
Revenue Bonds | ||||
Series 2016 | ||||
04/01/2030 | 5.000% | 335,000 | 401,002 | |
04/01/2031 | 5.000% | 450,000 | 538,852 | |
Total | 27,094,982 | |||
Total Municipal Bonds (Cost $179,792,813) | 190,817,564 |
Money Market Funds 1.4% | ||
Shares | Value ($) | |
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 0.010%(c) | 512,801 | 512,750 |
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.006%(c) | 2,120,394 | 2,120,394 |
Total Money Market Funds (Cost $2,633,195) | 2,633,144 | |
Total Investments in Securities (Cost: $182,426,008) | 193,450,708 | |
Other Assets & Liabilities, Net | 1,999,705 | |
Net Assets | 195,450,413 |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 13 |
April 30, 2021
(a) | Income from this security may be subject to alternative minimum tax. |
(b) | Zero coupon bond. |
(c) | The rate shown is the seven-day current annualized yield at April 30, 2021. |
AGM | Assured Guaranty Municipal Corporation |
BAN | Bond Anticipation Note |
GNMA | Government National Mortgage Association |
IBC | Insurance Bond Certificate |
NPFGC | National Public Finance Guarantee Corporation |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Municipal Bonds | — | 190,817,564 | — | 190,817,564 |
Money Market Funds | 2,633,144 | — | — | 2,633,144 |
Total Investments in Securities | 2,633,144 | 190,817,564 | — | 193,450,708 |
14 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $182,426,008) | $193,450,708 |
Cash | 642 |
Receivable for: | |
Capital shares sold | 282,783 |
Interest | 2,203,124 |
Expense reimbursement due from Investment Manager | 295 |
Prepaid expenses | 10,990 |
Total assets | 195,948,542 |
Liabilities | |
Payable for: | |
Capital shares purchased | 35,577 |
Distributions to shareholders | 306,535 |
Management services fees | 2,514 |
Distribution and/or service fees | 190 |
Transfer agent fees | 3,256 |
Compensation of board members | 133,564 |
Other expenses | 16,493 |
Total liabilities | 498,129 |
Net assets applicable to outstanding capital stock | $195,450,413 |
Represented by | |
Paid in capital | 184,757,526 |
Total distributable earnings (loss) | 10,692,887 |
Total - representing net assets applicable to outstanding capital stock | $195,450,413 |
Class A | |
Net assets | $17,634,174 |
Shares outstanding | 1,655,417 |
Net asset value per share | $10.65 |
Maximum sales charge | 3.00% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $10.98 |
Advisor Class | |
Net assets | $3,396,385 |
Shares outstanding | 319,353 |
Net asset value per share | $10.64 |
Class C | |
Net assets | $2,540,724 |
Shares outstanding | 238,575 |
Net asset value per share | $10.65 |
Institutional Class | |
Net assets | $26,144,848 |
Shares outstanding | 2,456,739 |
Net asset value per share | $10.64 |
Institutional 3 Class | |
Net assets | $145,734,282 |
Shares outstanding | 13,652,799 |
Net asset value per share | $10.67 |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 15 |
Year Ended April 30, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $5,411 |
Interest | 5,007,878 |
Total income | 5,013,289 |
Expenses: | |
Management services fees | 948,029 |
Distribution and/or service fees | |
Class A | 45,048 |
Class C | 27,747 |
Transfer agent fees | |
Class A | 15,293 |
Advisor Class | 4,164 |
Class C | 2,361 |
Institutional Class | 21,692 |
Institutional 3 Class | 10,191 |
Compensation of board members | 64,181 |
Custodian fees | 1,692 |
Printing and postage fees | 13,987 |
Registration fees | 14,032 |
Audit fees | 29,500 |
Legal fees | 9,808 |
Compensation of chief compliance officer | 41 |
Other | 13,271 |
Total expenses | 1,221,037 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (143,028) |
Total net expenses | 1,078,009 |
Net investment income | 3,935,280 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 106,564 |
Net realized gain | 106,564 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 6,945,335 |
Net change in unrealized appreciation (depreciation) | 6,945,335 |
Net realized and unrealized gain | 7,051,899 |
Net increase in net assets resulting from operations | $10,987,179 |
16 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |
Operations | ||
Net investment income | $3,935,280 | $4,219,556 |
Net realized gain | 106,564 | 12,145 |
Net change in unrealized appreciation (depreciation) | 6,945,335 | (1,750,607) |
Net increase in net assets resulting from operations | 10,987,179 | 2,481,094 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (302,590) | (346,307) |
Advisor Class | (94,853) | (120,443) |
Class C | (25,935) | (44,538) |
Institutional Class | (492,975) | (538,584) |
Institutional 3 Class | (3,018,926) | (3,169,684) |
Total distributions to shareholders | (3,935,279) | (4,219,556) |
Increase (decrease) in net assets from capital stock activity | (1,925,637) | 22,545,674 |
Total increase in net assets | 5,126,263 | 20,807,212 |
Net assets at beginning of year | 190,324,150 | 169,516,938 |
Net assets at end of year | $195,450,413 | $190,324,150 |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 17 |
Year Ended | Year Ended | |||
April 30, 2021 | April 30, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 204,825 | 2,178,359 | 231,609 | 2,434,674 |
Distributions reinvested | 23,288 | 247,759 | 26,913 | 282,955 |
Redemptions | (244,823) | (2,598,491) | (179,902) | (1,879,023) |
Net increase (decrease) | (16,710) | (172,373) | 78,620 | 838,606 |
Advisor Class | ||||
Subscriptions | 36,252 | 384,707 | 106,117 | 1,108,584 |
Distributions reinvested | 8,912 | 94,659 | 11,449 | 120,217 |
Redemptions | (206,290) | (2,184,762) | (170,461) | (1,788,005) |
Net decrease | (161,126) | (1,705,396) | (52,895) | (559,204) |
Class C | ||||
Subscriptions | 63,221 | 669,934 | 39,046 | 405,324 |
Distributions reinvested | 2,088 | 22,197 | 3,446 | 36,217 |
Redemptions | (125,733) | (1,339,410) | (139,939) | (1,461,158) |
Net decrease | (60,424) | (647,279) | (97,447) | (1,019,617) |
Institutional Class | ||||
Subscriptions | 478,877 | 5,072,731 | 338,485 | 3,564,792 |
Distributions reinvested | 38,564 | 409,788 | 44,280 | 465,058 |
Redemptions | (370,338) | (3,931,885) | (290,871) | (3,041,926) |
Net increase | 147,103 | 1,550,634 | 91,894 | 987,924 |
Institutional 3 Class | ||||
Subscriptions | 2,926,315 | 31,149,543 | 3,716,277 | 39,209,742 |
Distributions reinvested | 5,308 | 56,575 | 7,323 | 77,188 |
Redemptions | (3,021,505) | (32,157,341) | (1,621,857) | (16,988,965) |
Net increase (decrease) | (89,882) | (951,223) | 2,101,743 | 22,297,965 |
Total net increase (decrease) | (181,039) | (1,925,637) | 2,121,915 | 22,545,674 |
18 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 19 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Class A | ||||||
Year Ended 4/30/2021 | $10.27 | 0.18 | 0.38 | 0.56 | (0.18) | (0.18) |
Year Ended 4/30/2020 | $10.33 | 0.21 | (0.06) | 0.15 | (0.21) | (0.21) |
Year Ended 4/30/2019 | $10.14 | 0.24 | 0.19 | 0.43 | (0.24) | (0.24) |
Year Ended 4/30/2018 | $10.33 | 0.24 | (0.19) | 0.05 | (0.24) | (0.24) |
Year Ended 4/30/2017 | $10.70 | 0.25 | (0.37) | (0.12) | (0.25) | (0.25) |
Advisor Class | ||||||
Year Ended 4/30/2021 | $10.26 | 0.20 | 0.38 | 0.58 | (0.20) | (0.20) |
Year Ended 4/30/2020 | $10.32 | 0.24 | (0.06) | 0.18 | (0.24) | (0.24) |
Year Ended 4/30/2019 | $10.12 | 0.26 | 0.20 | 0.46 | (0.26) | (0.26) |
Year Ended 4/30/2018 | $10.32 | 0.27 | (0.20) | 0.07 | (0.27) | (0.27) |
Year Ended 4/30/2017 | $10.69 | 0.28 | (0.37) | (0.09) | (0.28) | (0.28) |
Class C | ||||||
Year Ended 4/30/2021 | $10.27 | 0.10 | 0.38 | 0.48 | (0.10) | (0.10) |
Year Ended 4/30/2020 | $10.33 | 0.13 | (0.06) | 0.07 | (0.13) | (0.13) |
Year Ended 4/30/2019 | $10.13 | 0.16 | 0.20 | 0.36 | (0.16) | (0.16) |
Year Ended 4/30/2018 | $10.33 | 0.16 | (0.20) | (0.04) | (0.16) | (0.16) |
Year Ended 4/30/2017 | $10.70 | 0.17 | (0.37) | (0.20) | (0.17) | (0.17) |
Institutional Class | ||||||
Year Ended 4/30/2021 | $10.26 | 0.20 | 0.38 | 0.58 | (0.20) | (0.20) |
Year Ended 4/30/2020 | $10.32 | 0.24 | (0.06) | 0.18 | (0.24) | (0.24) |
Year Ended 4/30/2019 | $10.13 | 0.26 | 0.19 | 0.45 | (0.26) | (0.26) |
Year Ended 4/30/2018 | $10.32 | 0.27 | (0.19) | 0.08 | (0.27) | (0.27) |
Year Ended 4/30/2017 | $10.69 | 0.28 | (0.37) | (0.09) | (0.28) | (0.28) |
Institutional 3 Class | ||||||
Year Ended 4/30/2021 | $10.29 | 0.21 | 0.38 | 0.59 | (0.21) | (0.21) |
Year Ended 4/30/2020 | $10.36 | 0.25 | (0.07) | 0.18 | (0.25) | (0.25) |
Year Ended 4/30/2019 | $10.16 | 0.27 | 0.20 | 0.47 | (0.27) | (0.27) |
Year Ended 4/30/2018 | $10.35 | 0.28 | (0.19) | 0.09 | (0.28) | (0.28) |
Year Ended 4/30/2017(d) | $10.28 | 0.05 | 0.07(e) | 0.12 | (0.05) | (0.05) |
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 line of credit interest expense which is less than 0.01%. |
(d) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
(e) | 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 the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
(f) | Annualized. |
20 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 4/30/2021 | $10.65 | 5.45% | 0.88% | 0.81% | 1.68% | 15% | $17,634 |
Year Ended 4/30/2020 | $10.27 | 1.43% | 0.85% | 0.81% | 2.01% | 7% | $17,176 |
Year Ended 4/30/2019 | $10.33 | 4.26% | 0.87%(c) | 0.81%(c) | 2.32% | 23% | $16,469 |
Year Ended 4/30/2018 | $10.14 | 0.48% | 0.88% | 0.81% | 2.33% | 10% | $18,035 |
Year Ended 4/30/2017 | $10.33 | (1.11%) | 0.96% | 0.81% | 2.39% | 12% | $18,246 |
Advisor Class | |||||||
Year Ended 4/30/2021 | $10.64 | 5.72% | 0.63% | 0.56% | 1.93% | 15% | $3,396 |
Year Ended 4/30/2020 | $10.26 | 1.69% | 0.60% | 0.56% | 2.26% | 7% | $4,928 |
Year Ended 4/30/2019 | $10.32 | 4.62% | 0.62%(c) | 0.56%(c) | 2.57% | 23% | $5,505 |
Year Ended 4/30/2018 | $10.12 | 0.63% | 0.63% | 0.56% | 2.57% | 10% | $4,589 |
Year Ended 4/30/2017 | $10.32 | (0.86%) | 0.71% | 0.56% | 2.64% | 12% | $2,236 |
Class C | |||||||
Year Ended 4/30/2021 | $10.65 | 4.67% | 1.62% | 1.55% | 0.93% | 15% | $2,541 |
Year Ended 4/30/2020 | $10.27 | 0.68% | 1.60% | 1.56% | 1.26% | 7% | $3,070 |
Year Ended 4/30/2019 | $10.33 | 3.58% | 1.62%(c) | 1.56%(c) | 1.57% | 23% | $4,096 |
Year Ended 4/30/2018 | $10.13 | (0.38%) | 1.63% | 1.56% | 1.58% | 10% | $5,338 |
Year Ended 4/30/2017 | $10.33 | (1.85%) | 1.71% | 1.56% | 1.65% | 12% | $6,682 |
Institutional Class | |||||||
Year Ended 4/30/2021 | $10.64 | 5.72% | 0.63% | 0.56% | 1.93% | 15% | $26,145 |
Year Ended 4/30/2020 | $10.26 | 1.69% | 0.60% | 0.56% | 2.26% | 7% | $23,700 |
Year Ended 4/30/2019 | $10.32 | 4.52% | 0.62%(c) | 0.56%(c) | 2.57% | 23% | $22,897 |
Year Ended 4/30/2018 | $10.13 | 0.72% | 0.65% | 0.56% | 2.55% | 10% | $22,984 |
Year Ended 4/30/2017 | $10.32 | (0.86%) | 0.71% | 0.56% | 2.65% | 12% | $158,327 |
Institutional 3 Class | |||||||
Year Ended 4/30/2021 | $10.67 | 5.79% | 0.55% | 0.48% | 2.00% | 15% | $145,734 |
Year Ended 4/30/2020 | $10.29 | 1.67% | 0.52% | 0.48% | 2.34% | 7% | $141,450 |
Year Ended 4/30/2019 | $10.36 | 4.70% | 0.53%(c) | 0.48%(c) | 2.65% | 23% | $120,551 |
Year Ended 4/30/2018 | $10.16 | 0.83% | 0.54% | 0.48% | 2.68% | 10% | $117,741 |
Year Ended 4/30/2017(d) | $10.35 | 1.15% | 0.55%(f) | 0.42%(f) | 2.87%(f) | 12% | $10 |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 21 |
April 30, 2021
22 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 23 |
April 30, 2021
24 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Effective rate (%) | |
Class A | 0.08 |
Advisor Class | 0.08 |
Class C | 0.08 |
Institutional Class | 0.08 |
Institutional 3 Class | 0.01 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 10,589 |
Class C | — | 1.00(b) | 7 |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 25 |
April 30, 2021
Fee rate(s) contractual through August 31, 2021 | |
Class A | 0.81% |
Advisor Class | 0.56 |
Class C | 1.56 |
Institutional Class | 0.56 |
Institutional 3 Class | 0.48 |
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(1) | 1 | — |
26 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Year Ended April 30, 2021 | Year Ended April 30, 2020 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
581 | 3,934,698 | — | 3,935,279 | 2,596 | 4,216,960 | — | 4,219,556 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 1,153,876 | — | (1,068,466) | 11,046,895 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
182,403,813 | 11,099,721 | (52,826) | 11,046,895 |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(528,605) | (539,861) | (1,068,466) | 106,565 |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 27 |
April 30, 2021
28 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 29 |
April 30, 2021
30 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 31 |
Exempt- interest dividends | |
99.99% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
32 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee - 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1962 | Trustee since 2020(a) | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
34 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 35 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008 - January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
36 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Petersen, who is Senior Vice President and Assistant Secretary, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Daniel J. Beckman 225 Franklin Street Boston, MA 02110 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 225 Franklin Street Boston, MA 02110 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 225 Franklin Street Boston, MA 02110 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 37 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Colin Moore 225 Franklin Street Boston, MA 02110 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | 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. |
38 | Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 1,166,986,012 | 16,252,243 | 0 |
Kathleen Blatz | 1,167,818,192 | 15,420,063 | 0 |
Pamela G. Carlton | 1,167,761,255 | 15,477,001 | 0 |
Janet Langford Carrig | 1,169,443,247 | 13,795,008 | 0 |
J. Kevin Connaughton | 1,168,554,731 | 14,683,525 | 0 |
Olive M. Darragh | 1,169,004,224 | 14,234,032 | 0 |
Patricia M. Flynn | 1,168,110,224 | 15,128,031 | 0 |
Brian J. Gallagher | 1,166,931,187 | 16,307,068 | 0 |
Douglas A. Hacker | 1,168,253,721 | 14,984,535 | 0 |
Nancy T. Lukitsh | 1,169,128,202 | 14,110,053 | 0 |
David M. Moffett | 1,167,387,510 | 15,850,745 | 0 |
Catherine James Paglia | 1,167,159,143 | 16,079,112 | 0 |
Anthony M. Santomero | 1,166,760,857 | 16,477,398 | 0 |
Minor M. Shaw | 1,165,931,084 | 17,307,171 | 0 |
Natalie A. Trunow | 1,168,907,601 | 14,330,655 | 0 |
Sandra Yeager | 1,167,549,796 | 15,688,459 | 0 |
Christopher O. Petersen | 1,167,593,463 | 15,644,793 | 0 |
Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2021 | 39 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
April 30, 2021
3 | |
5 | |
7 | |
8 | |
10 | |
11 | |
12 | |
14 | |
18 | |
27 | |
28 | |
28 | |
34 | |
35 |
Average annual total returns (%) (for the period ended April 30, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 09/01/90 | 5.35 | 2.25 | 2.90 |
Including sales charges | 2.19 | 1.62 | 2.58 | ||
Advisor Class* | 03/19/13 | 5.61 | 2.52 | 3.12 | |
Class C | Excluding sales charges | 06/17/92 | 4.56 | 1.50 | 2.14 |
Including sales charges | 3.56 | 1.50 | 2.14 | ||
Institutional Class | 09/01/90 | 5.62 | 2.50 | 3.15 | |
Institutional 3 Class* | 03/01/17 | 5.70 | 2.56 | 3.06 | |
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index | 6.82 | 3.20 | 3.90 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products /mutual-funds/appended-performance for more information. |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at April 30, 2021) | |
Money Market Funds | 100.0 |
Total | 100.0 |
4 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
• | The Fund’s duration positioning was a detractor during the period. The Fund’s duration was below that of the benchmark for most of the period due to very little new issuance and availability of secondary offerings in Maryland municipal bonds. |
○ | The few secondary offerings that were available in Maryland were priced at levels that made them very unattractive in our view. |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 5 |
○ | Further exacerbating the challenge of sourcing Maryland bonds was the profile of the limited new issuances during the period. Negotiated and competitive issued deals rarely offered the opportunity to buy longer intermediate positions. Deals tended to come with shorter maturities and/or very low coupons, such as 3% and 2%. We did not find these structures to be appealing opportunities for the Fund’s portfolio. |
• | The lowest returning areas during the period were municipal bonds that were rated AAA, pre-refunded or with maturities within two years. |
○ | The Fund was underweight, relative to its benchmark, in all of these areas. |
○ | There was overlap between these areas as the Fund’s pre-refunded holdings were rated AAA and had an average maturity of 2.4 years. |
○ | These holdings were of the highest quality, had low yields and contributed very little to total return. |
• | The Fund’s exposure to lower investment-grade (A rated) municipal bonds was the biggest positive contributor as lower rated municipal bonds outperformed higher quality municipal bonds during the period. |
○ | Within this broader lower investment-grade quality segment, the hospital, water & sewer and transportation sectors were positive contributors to performance as each outperformed for the period. |
• | Lower coupon bonds were a bright spot during the period with 4% coupon bonds outperforming the historically more common 5% coupon structure. |
• | As we began the process of liquidating the Fund toward the end of the period, demand for Maryland municipal bonds was extremely high. Trading activity related to this liquidation process therefore benefited the Fund’s returns, as prices received for Fund holdings were very favorable. |
6 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
(Unaudited)
November 1, 2020 — April 30, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,019.60 | 1,020.89 | 4.08 | 4.08 | 0.81 |
Advisor Class | 1,000.00 | 1,000.00 | 1,020.90 | 1,022.14 | 2.82 | 2.82 | 0.56 |
Class C | 1,000.00 | 1,000.00 | 1,015.80 | 1,017.15 | 7.84 | 7.85 | 1.56 |
Institutional Class | 1,000.00 | 1,000.00 | 1,020.90 | 1,022.14 | 2.82 | 2.82 | 0.56 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,021.30 | 1,022.59 | 2.37 | 2.37 | 0.47 |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 7 |
April 30, 2021
Money Market Funds 100.9% | ||
Shares | Value ($) | |
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.006%(a) | 34,261,545 | 34,279,093 |
Total Money Market Funds (Cost $34,279,093) | 34,279,093 | |
Total Investments in Securities (Cost: $34,279,093) | 34,279,093 | |
Other Assets & Liabilities, Net | (321,846) | |
Net Assets | 33,957,247 |
(a) | The rate shown is the seven-day current annualized yield at April 30, 2021. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
8 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2021:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Money Market Funds | 34,279,093 | — | — | 34,279,093 |
Total Investments in Securities | 34,279,093 | — | — | 34,279,093 |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 9 |
April 30, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $34,279,093) | $34,279,093 |
Receivable for: | |
Capital shares sold | 23,837 |
Expense reimbursement due from Investment Manager | 312 |
Total assets | 34,303,242 |
Liabilities | |
Payable for: | |
Capital shares purchased | 141,941 |
Distributions to shareholders | 57,041 |
Management services fees | 442 |
Distribution and/or service fees | 99 |
Transfer agent fees | 1,883 |
Compensation of board members | 128,883 |
Other expenses | 15,706 |
Total liabilities | 345,995 |
Net assets applicable to outstanding capital stock | $33,957,247 |
Represented by | |
Paid in capital | 31,097,483 |
Total distributable earnings (loss) | 2,859,764 |
Total - representing net assets applicable to outstanding capital stock | $33,957,247 |
Class A | |
Net assets | $9,558,474 |
Shares outstanding | 896,447 |
Net asset value per share | $10.66 |
Maximum sales charge | 3.00% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $10.99 |
Advisor Class | |
Net assets | $1,163,449 |
Shares outstanding | 109,060 |
Net asset value per share | $10.67 |
Class C | |
Net assets | $1,115,307 |
Shares outstanding | 104,552 |
Net asset value per share | $10.67 |
Institutional Class | |
Net assets | $5,801,037 |
Shares outstanding | 544,183 |
Net asset value per share | $10.66 |
Institutional 3 Class | |
Net assets | $16,318,980 |
Shares outstanding | 1,525,687 |
Net asset value per share | $10.70 |
10 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
Year Ended April 30, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $1,305 |
Interest | 1,288,454 |
Total income | 1,289,759 |
Expenses: | |
Management services fees | 216,643 |
Distribution and/or service fees | |
Class A | 29,308 |
Class C | 15,930 |
Transfer agent fees | |
Class A | 12,051 |
Advisor Class | 1,221 |
Class C | 1,633 |
Institutional Class | 7,551 |
Institutional 3 Class | 1,715 |
Compensation of board members | 60,346 |
Custodian fees | 1,075 |
Printing and postage fees | 13,619 |
Registration fees | 16,789 |
Audit fees | 29,500 |
Legal fees | 8,438 |
Interest on interfund lending | 27 |
Compensation of chief compliance officer | 9 |
Other | 9,243 |
Total expenses | 425,098 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (142,428) |
Expense reduction | (20) |
Total net expenses | 282,650 |
Net investment income | 1,007,109 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 2,760,657 |
Net realized gain | 2,760,657 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (1,196,673) |
Net change in unrealized appreciation (depreciation) | (1,196,673) |
Net realized and unrealized gain | 1,563,984 |
Net increase in net assets resulting from operations | $2,571,093 |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 11 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |
Operations | ||
Net investment income | $1,007,109 | $1,301,008 |
Net realized gain | 2,760,657 | 174,925 |
Net change in unrealized appreciation (depreciation) | (1,196,673) | (817,014) |
Net increase in net assets resulting from operations | 2,571,093 | 658,919 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (256,343) | (289,199) |
Advisor Class | (28,881) | (23,107) |
Class C | (23,039) | (27,009) |
Institutional Class | (178,497) | (207,095) |
Institutional 3 Class | (617,401) | (754,598) |
Total distributions to shareholders | (1,104,161) | (1,301,008) |
Decrease in net assets from capital stock activity | (16,051,317) | (105,143) |
Total decrease in net assets | (14,584,385) | (747,232) |
Net assets at beginning of year | 48,541,632 | 49,288,864 |
Net assets at end of year | $33,957,247 | $48,541,632 |
12 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
April 30, 2021 | April 30, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 71,544 | 761,697 | 146,952 | 1,563,187 |
Distributions reinvested | 12,540 | 133,234 | 13,926 | 147,757 |
Redemptions | (337,719) | (3,593,209) | (155,005) | (1,644,938) |
Net increase (decrease) | (253,635) | (2,698,278) | 5,873 | 66,006 |
Advisor Class | ||||
Subscriptions | 17,734 | 188,550 | 54,890 | 580,892 |
Distributions reinvested | 2,694 | 28,641 | 2,153 | 22,848 |
Redemptions | (23,101) | (245,303) | (16,080) | (170,737) |
Net increase (decrease) | (2,673) | (28,112) | 40,963 | 433,003 |
Class C | ||||
Subscriptions | 1,263 | 13,321 | 67,811 | 720,493 |
Distributions reinvested | 2,067 | 21,977 | 2,115 | 22,453 |
Redemptions | (75,588) | (804,073) | (40,234) | (430,318) |
Net increase (decrease) | (72,258) | (768,775) | 29,692 | 312,628 |
Institutional Class | ||||
Subscriptions | 65,435 | 696,273 | 140,089 | 1,485,111 |
Distributions reinvested | 12,914 | 137,173 | 15,596 | 165,487 |
Redemptions | (255,378) | (2,714,556) | (159,889) | (1,679,723) |
Net decrease | (177,029) | (1,881,110) | (4,204) | (29,125) |
Institutional 3 Class | ||||
Subscriptions | 416,111 | 4,433,758 | 567,947 | 6,056,950 |
Distributions reinvested | 1,922 | 20,508 | 1,229 | 13,085 |
Redemptions | (1,417,514) | (15,129,308) | (657,508) | (6,957,690) |
Net decrease | (999,481) | (10,675,042) | (88,332) | (887,655) |
Total net decrease | (1,505,076) | (16,051,317) | (16,008) | (105,143) |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 13 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 4/30/2021 | $10.34 | 0.21 | 0.34 | 0.55 | (0.21) | (0.02) | (0.23) |
Year Ended 4/30/2020 | $10.47 | 0.25 | (0.13) | 0.12 | (0.25) | — | (0.25) |
Year Ended 4/30/2019 | $10.36 | 0.28 | 0.17 | 0.45 | (0.28) | (0.06) | (0.34) |
Year Ended 4/30/2018 | $10.61 | 0.27 | (0.20) | 0.07 | (0.27) | (0.05) | (0.32) |
Year Ended 4/30/2017 | $10.90 | 0.27 | (0.29) | (0.02) | (0.27) | — | (0.27) |
Advisor Class | |||||||
Year Ended 4/30/2021 | $10.35 | 0.24 | 0.34 | 0.58 | (0.24) | (0.02) | (0.26) |
Year Ended 4/30/2020 | $10.47 | 0.28 | (0.12) | 0.16 | (0.28) | — | (0.28) |
Year Ended 4/30/2019 | $10.36 | 0.30 | 0.18 | 0.48 | (0.31) | (0.06) | (0.37) |
Year Ended 4/30/2018 | $10.61 | 0.30 | (0.20) | 0.10 | (0.30) | (0.05) | (0.35) |
Year Ended 4/30/2017 | $10.90 | 0.30 | (0.29) | 0.01 | (0.30) | — | (0.30) |
Class C | |||||||
Year Ended 4/30/2021 | $10.35 | 0.13 | 0.34 | 0.47 | (0.13) | (0.02) | (0.15) |
Year Ended 4/30/2020 | $10.47 | 0.17 | (0.12) | 0.05 | (0.17) | — | (0.17) |
Year Ended 4/30/2019 | $10.36 | 0.20 | 0.17 | 0.37 | (0.20) | (0.06) | (0.26) |
Year Ended 4/30/2018 | $10.61 | 0.19 | (0.20) | (0.01) | (0.19) | (0.05) | (0.24) |
Year Ended 4/30/2017 | $10.90 | 0.19 | (0.29) | (0.10) | (0.19) | — | (0.19) |
Institutional Class | |||||||
Year Ended 4/30/2021 | $10.34 | 0.24 | 0.34 | 0.58 | (0.24) | (0.02) | (0.26) |
Year Ended 4/30/2020 | $10.46 | 0.28 | (0.12) | 0.16 | (0.28) | — | (0.28) |
Year Ended 4/30/2019 | $10.36 | 0.30 | 0.16 | 0.46 | (0.30) | (0.06) | (0.36) |
Year Ended 4/30/2018 | $10.61 | 0.30 | (0.20) | 0.10 | (0.30) | (0.05) | (0.35) |
Year Ended 4/30/2017 | $10.90 | 0.29 | (0.28) | 0.01 | (0.30) | — | (0.30) |
14 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 4/30/2021 | $10.66 | 5.35% | 1.13%(c) | 0.81%(c),(d) | 1.98% | 9% | $9,558 |
Year Ended 4/30/2020 | $10.34 | 1.11% | 0.96% | 0.81%(d) | 2.36% | 15% | $11,896 |
Year Ended 4/30/2019 | $10.47 | 4.42% | 0.98%(c) | 0.79%(c),(d) | 2.67% | 4% | $11,976 |
Year Ended 4/30/2018 | $10.36 | 0.65% | 0.98% | 0.79%(d) | 2.55% | 9% | $13,494 |
Year Ended 4/30/2017 | $10.61 | (0.19%) | 1.01% | 0.81% | 2.50% | 20% | $15,125 |
Advisor Class | |||||||
Year Ended 4/30/2021 | $10.67 | 5.61% | 0.88%(c) | 0.56%(c),(d) | 2.22% | 9% | $1,163 |
Year Ended 4/30/2020 | $10.35 | 1.46% | 0.70% | 0.56%(d) | 2.60% | 15% | $1,156 |
Year Ended 4/30/2019 | $10.47 | 4.68% | 0.73%(c) | 0.55%(c),(d) | 2.94% | 4% | $741 |
Year Ended 4/30/2018 | $10.36 | 0.90% | 0.72% | 0.54%(d) | 2.79% | 9% | $274 |
Year Ended 4/30/2017 | $10.61 | 0.07% | 0.72% | 0.54% | 2.87% | 20% | $86 |
Class C | |||||||
Year Ended 4/30/2021 | $10.67 | 4.56% | 1.87%(c) | 1.56%(c),(d) | 1.24% | 9% | $1,115 |
Year Ended 4/30/2020 | $10.35 | 0.45% | 1.71% | 1.56%(d) | 1.60% | 15% | $1,830 |
Year Ended 4/30/2019 | $10.47 | 3.64% | 1.73%(c) | 1.54%(c),(d) | 1.91% | 4% | $1,540 |
Year Ended 4/30/2018 | $10.36 | (0.10%) | 1.73% | 1.54%(d) | 1.80% | 9% | $2,497 |
Year Ended 4/30/2017 | $10.61 | (0.93%) | 1.76% | 1.56% | 1.76% | 20% | $2,807 |
Institutional Class | |||||||
Year Ended 4/30/2021 | $10.66 | 5.62% | 0.88%(c) | 0.56%(c),(d) | 2.22% | 9% | $5,801 |
Year Ended 4/30/2020 | $10.34 | 1.46% | 0.71% | 0.56%(d) | 2.60% | 15% | $7,458 |
Year Ended 4/30/2019 | $10.46 | 4.58% | 0.73%(c) | 0.54%(c),(d) | 2.92% | 4% | $7,591 |
Year Ended 4/30/2018 | $10.36 | 0.89% | 0.74% | 0.55%(d) | 2.76% | 9% | $7,148 |
Year Ended 4/30/2017 | $10.61 | 0.06% | 0.76% | 0.56% | 2.75% | 20% | $57,704 |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 4/30/2021 | $10.38 | 0.25 | 0.34 | 0.59 | (0.25) | (0.02) | (0.27) |
Year Ended 4/30/2020 | $10.50 | 0.29 | (0.12) | 0.17 | (0.29) | — | (0.29) |
Year Ended 4/30/2019 | $10.39 | 0.31 | 0.18 | 0.49 | (0.32) | (0.06) | (0.38) |
Year Ended 4/30/2018 | $10.64 | 0.31 | (0.20) | 0.11 | (0.31) | (0.05) | (0.36) |
Year Ended 4/30/2017(e) | $10.55 | 0.05 | 0.09(f) | 0.14 | (0.05) | — | (0.05) |
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) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
(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 the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
(g) | Annualized. |
16 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 4/30/2021 | $10.70 | 5.70% | 0.77%(c) | 0.47%(c) | 2.33% | 9% | $16,319 |
Year Ended 4/30/2020 | $10.38 | 1.56% | 0.62% | 0.46% | 2.70% | 15% | $26,202 |
Year Ended 4/30/2019 | $10.50 | 4.78% | 0.63%(c) | 0.44%(c) | 3.01% | 4% | $27,441 |
Year Ended 4/30/2018 | $10.39 | 1.02% | 0.62% | 0.43% | 2.93% | 9% | $39,116 |
Year Ended 4/30/2017(e) | $10.64 | 1.35% | 0.58%(g) | 0.42%(g) | 3.05%(g) | 20% | $10 |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 17 |
April 30, 2021
18 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 19 |
April 30, 2021
Effective rate (%) | |
Class A | 0.10 |
Advisor Class | 0.10 |
Class C | 0.10 |
Institutional Class | 0.10 |
Institutional 3 Class | 0.01 |
20 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 11,056 |
Class C | — | 1.00(b) | — |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Fee rate(s) contractual through August 31, 2021 | |
Class A | 0.81% |
Advisor Class | 0.56 |
Class C | 1.56 |
Institutional Class | 0.56 |
Institutional 3 Class | 0.47 |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 21 |
April 30, 2021
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(122,266) | 702 | 121,564 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
20 | 1,009,909 | 94,232 | 1,104,161 | 102 | 1,300,906 | — | 1,301,008 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
100,296 | 285,023 | 2,660,369 | — | — |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
34,279,093 | — | — | — |
22 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 1,400,000 | 0.70 | 1 |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 23 |
April 30, 2021
24 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 25 |
April 30, 2021
26 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 27 |
Capital gain dividend | Exempt- interest dividends |
$2,793,387 | 99.99% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
28 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee - 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1962 | Trustee since 2020(a) | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 29 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
30 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 31 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008 - January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
32 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Petersen, who is Senior Vice President and Assistant Secretary, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Daniel J. Beckman 225 Franklin Street Boston, MA 02110 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 225 Franklin Street Boston, MA 02110 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 225 Franklin Street Boston, MA 02110 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 33 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Colin Moore 225 Franklin Street Boston, MA 02110 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | 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. |
34 | Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 1,166,986,012 | 16,252,243 | 0 |
Kathleen Blatz | 1,167,818,192 | 15,420,063 | 0 |
Pamela G. Carlton | 1,167,761,255 | 15,477,001 | 0 |
Janet Langford Carrig | 1,169,443,247 | 13,795,008 | 0 |
J. Kevin Connaughton | 1,168,554,731 | 14,683,525 | 0 |
Olive M. Darragh | 1,169,004,224 | 14,234,032 | 0 |
Patricia M. Flynn | 1,168,110,224 | 15,128,031 | 0 |
Brian J. Gallagher | 1,166,931,187 | 16,307,068 | 0 |
Douglas A. Hacker | 1,168,253,721 | 14,984,535 | 0 |
Nancy T. Lukitsh | 1,169,128,202 | 14,110,053 | 0 |
David M. Moffett | 1,167,387,510 | 15,850,745 | 0 |
Catherine James Paglia | 1,167,159,143 | 16,079,112 | 0 |
Anthony M. Santomero | 1,166,760,857 | 16,477,398 | 0 |
Minor M. Shaw | 1,165,931,084 | 17,307,171 | 0 |
Natalie A. Trunow | 1,168,907,601 | 14,330,655 | 0 |
Sandra Yeager | 1,167,549,796 | 15,688,459 | 0 |
Christopher O. Petersen | 1,167,593,463 | 15,644,793 | 0 |
Columbia Maryland Intermediate Municipal Bond Fund | Annual Report 2021 | 35 |
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.
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
April 30, 2021
3 | |
5 | |
7 | |
8 | |
10 | |
11 | |
12 | |
14 | |
16 | |
25 | |
26 | |
26 | |
32 | |
33 |
Average annual total returns (%) (for the period ended April 30, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 05/04/92 | 5.84 | 2.28 | 2.94 |
Including sales charges | 2.65 | 1.66 | 2.63 | ||
Advisor Class* | 03/19/13 | 6.11 | 2.54 | 3.20 | |
Class C | Excluding sales charges | 06/17/92 | 4.94 | 1.52 | 2.17 |
Including sales charges | 3.94 | 1.52 | 2.17 | ||
Institutional Class | 03/01/92 | 6.10 | 2.54 | 3.20 | |
Institutional 3 Class* | 03/01/17 | 6.11 | 2.61 | 3.23 | |
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index | 6.82 | 3.20 | 3.90 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products /mutual-funds/appended-performance for more information. |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at April 30, 2021) | |
Money Market Funds | 100.0 |
Total | 100.0 |
4 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
• | The Georgia municipal bond market slightly lagged the broader national market as risk overall was rewarded over the course of the reporting period. |
• | More dramatically, in the intermediate space, Georgia municipal bonds couldn’t keep pace with its national peers. |
• | The Fund was underweight in municipal bonds rated BBB, a segment of the municipal market that outperformed during the period. |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 5 |
○ | Georgia is home to more AAA rated issuers and fewer A and BBB rated credits than the national market, which was a headwind as lower rated investment-grade (rated A & BBB) handily outperformed higher investment-grade (rated AAA & AA) municipal bonds. |
• | The Fund’s overall duration positioning hurt as the Fund was modestly short in duration as compared to the benchmark for portions of the period while yields were declining. |
• | The Fund’s cash position and exposure to municipal bonds with maturities shorter than the benchmark (less than 2 years) also weighed on Fund results. |
• | Underweight exposure, relative to the benchmark, in the transportation and leasing sectors, as well as an overweight to the education sector also weighed on results. |
• | An underweight in municipal bonds in the 2-5 year maturity range and an overweight to municipal bonds with maturities of 10+ years contributed to the Fund’s performance. |
• | The Fund’s overweight to municipal bonds rated A contributed to performance, as lower rated municipal bonds outperformed higher quality municipal bonds during the period. |
• | An overweight to the hospital sector benefited Fund results. |
• | Security selection within the electric and water & sewer sectors also contributed to results. |
6 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
(Unaudited)
November 1, 2020 — April 30, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,019.00 | 1,020.89 | 4.08 | 4.08 | 0.81 |
Advisor Class | 1,000.00 | 1,000.00 | 1,020.30 | 1,022.14 | 2.82 | 2.82 | 0.56 |
Class C | 1,000.00 | 1,000.00 | 1,014.30 | 1,017.15 | 7.83 | 7.85 | 1.56 |
Institutional Class | 1,000.00 | 1,000.00 | 1,020.30 | 1,022.14 | 2.82 | 2.82 | 0.56 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,019.90 | 1,022.69 | 2.27 | 2.27 | 0.45 |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 7 |
April 30, 2021
Money Market Funds 100.6% | ||
Shares | Value ($) | |
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.006%(a) | 28,198,149 | 28,212,816 |
Total Money Market Funds (Cost $28,212,816) | 28,212,816 | |
Total Investments in Securities (Cost: $28,212,816) | 28,212,816 | |
Other Assets & Liabilities, Net | (169,731) | |
Net Assets | 28,043,085 |
(a) | The rate shown is the seven-day current annualized yield at April 30, 2021. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
8 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2021:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Money Market Funds | 28,212,816 | — | — | 28,212,816 |
Total Investments in Securities | 28,212,816 | — | — | 28,212,816 |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 9 |
April 30, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $28,212,816) | $28,212,816 |
Receivable for: | |
Capital shares sold | 17,384 |
Expense reimbursement due from Investment Manager | 287 |
Total assets | 28,230,487 |
Liabilities | |
Payable for: | |
Capital shares purchased | 6,270 |
Distributions to shareholders | 34,748 |
Management services fees | 370 |
Distribution and/or service fees | 68 |
Transfer agent fees | 3,657 |
Compensation of board members | 126,560 |
Audit fees | 14,750 |
Other expenses | 979 |
Total liabilities | 187,402 |
Net assets applicable to outstanding capital stock | $28,043,085 |
Represented by | |
Paid in capital | 25,503,494 |
Total distributable earnings (loss) | 2,539,591 |
Total - representing net assets applicable to outstanding capital stock | $28,043,085 |
Class A | |
Net assets | $7,827,897 |
Shares outstanding | 733,683 |
Net asset value per share | $10.67 |
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) | $11.00 |
Advisor Class | |
Net assets | $232,288 |
Shares outstanding | 21,799 |
Net asset value per share | $10.66 |
Class C | |
Net assets | $523,490 |
Shares outstanding | 49,058 |
Net asset value per share | $10.67 |
Institutional Class | |
Net assets | $19,449,141 |
Shares outstanding | 1,823,397 |
Net asset value per share | $10.67 |
Institutional 3 Class | |
Net assets | $10,269 |
Shares outstanding | 961 |
Net asset value per share | $10.69 |
10 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
Year Ended April 30, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $1,059 |
Interest | 1,032,794 |
Total income | 1,033,853 |
Expenses: | |
Management services fees | 184,194 |
Distribution and/or service fees | |
Class A | 22,989 |
Class C | 11,853 |
Transfer agent fees | |
Class A | 11,674 |
Advisor Class | 301 |
Class C | 1,496 |
Institutional Class | 35,866 |
Institutional 3 Class | 55 |
Compensation of board members | 59,359 |
Custodian fees | 1,040 |
Printing and postage fees | 13,104 |
Registration fees | 5,344 |
Audit fees | 29,500 |
Legal fees | 8,376 |
Compensation of chief compliance officer | 8 |
Other | 8,708 |
Total expenses | 393,867 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (138,802) |
Total net expenses | 255,065 |
Net investment income | 778,788 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 2,591,794 |
Net realized gain | 2,591,794 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (1,072,465) |
Net change in unrealized appreciation (depreciation) | (1,072,465) |
Net realized and unrealized gain | 1,519,329 |
Net increase in net assets resulting from operations | $2,298,117 |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 11 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | |
Operations | ||
Net investment income | $778,788 | $1,052,381 |
Net realized gain | 2,591,794 | 234,741 |
Net change in unrealized appreciation (depreciation) | (1,072,465) | (350,656) |
Net increase in net assets resulting from operations | 2,298,117 | 936,466 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (220,730) | (236,754) |
Advisor Class | (6,165) | (7,357) |
Class C | (20,348) | (25,660) |
Institutional Class | (756,918) | (773,158) |
Institutional 3 Class | (8,113) | (9,452) |
Total distributions to shareholders | (1,012,274) | (1,052,381) |
Increase (decrease) in net assets from capital stock activity | (13,473,354) | 2,939 |
Total decrease in net assets | (12,187,511) | (112,976) |
Net assets at beginning of year | 40,230,596 | 40,343,572 |
Net assets at end of year | $28,043,085 | $40,230,596 |
12 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
April 30, 2021 | April 30, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 178,921 | 1,910,875 | 122,112 | 1,282,512 |
Distributions reinvested | 14,695 | 156,421 | 16,668 | 175,433 |
Redemptions | (333,016) | (3,543,185) | (264,922) | (2,779,330) |
Net decrease | (139,400) | (1,475,889) | (126,142) | (1,321,385) |
Advisor Class | ||||
Subscriptions | 5,422 | 57,654 | — | — |
Distributions reinvested | 556 | 5,908 | 676 | 7,108 |
Redemptions | (2,179) | (23,161) | (12,703) | (131,503) |
Net increase (decrease) | 3,799 | 40,401 | (12,027) | (124,395) |
Class C | ||||
Subscriptions | 3,480 | 36,995 | 798 | 8,397 |
Distributions reinvested | 1,769 | 18,846 | 2,062 | 21,708 |
Redemptions | (92,701) | (986,888) | (76,549) | (803,060) |
Net decrease | (87,452) | (931,047) | (73,689) | (772,955) |
Institutional Class | ||||
Subscriptions | 427,937 | 4,548,614 | 940,996 | 9,942,581 |
Distributions reinvested | 15,289 | 162,652 | 14,441 | 151,993 |
Redemptions | (1,424,757) | (15,140,756) | (794,305) | (8,416,377) |
Net increase (decrease) | (981,531) | (10,429,490) | 161,132 | 1,678,197 |
Institutional 3 Class | ||||
Subscriptions | 47,091 | 493,878 | 54,386 | 571,199 |
Distributions reinvested | 688 | 7,340 | 870 | 9,185 |
Redemptions | (111,646) | (1,178,547) | (3,541) | (36,907) |
Net increase (decrease) | (63,867) | (677,329) | 51,715 | 543,477 |
Total net increase (decrease) | (1,268,451) | (13,473,354) | 989 | 2,939 |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 13 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 4/30/2021 | $10.32 | 0.19 | 0.41 | 0.60 | (0.19) | (0.06) | (0.25) |
Year Ended 4/30/2020 | $10.35 | 0.24 | (0.03) | 0.21 | (0.24) | — | (0.24) |
Year Ended 4/30/2019 | $10.17 | 0.27 | 0.18 | 0.45 | (0.27) | — | (0.27) |
Year Ended 4/30/2018 | $10.45 | 0.26 | (0.24) | 0.02 | (0.26) | (0.04) | (0.30) |
Year Ended 4/30/2017 | $10.88 | 0.27 | (0.37) | (0.10) | (0.27) | (0.06) | (0.33) |
Advisor Class | |||||||
Year Ended 4/30/2021 | $10.31 | 0.22 | 0.41 | 0.63 | (0.22) | (0.06) | (0.28) |
Year Ended 4/30/2020 | $10.34 | 0.27 | (0.03) | 0.24 | (0.27) | — | (0.27) |
Year Ended 4/30/2019 | $10.15 | 0.30 | 0.19 | 0.49 | (0.30) | — | (0.30) |
Year Ended 4/30/2018 | $10.44 | 0.28 | (0.25) | 0.03 | (0.28) | (0.04) | (0.32) |
Year Ended 4/30/2017 | $10.87 | 0.30 | (0.38) | (0.08) | (0.29) | (0.06) | (0.35) |
Class C | |||||||
Year Ended 4/30/2021 | $10.33 | 0.12 | 0.39 | 0.51 | (0.11) | (0.06) | (0.17) |
Year Ended 4/30/2020 | $10.36 | 0.16 | (0.03) | 0.13 | (0.16) | — | (0.16) |
Year Ended 4/30/2019 | $10.17 | 0.20 | 0.19 | 0.39 | (0.20) | — | (0.20) |
Year Ended 4/30/2018 | $10.46 | 0.18 | (0.25) | (0.07) | (0.18) | (0.04) | (0.22) |
Year Ended 4/30/2017 | $10.88 | 0.19 | (0.36) | (0.17) | (0.19) | (0.06) | (0.25) |
Institutional Class | |||||||
Year Ended 4/30/2021 | $10.32 | 0.22 | 0.41 | 0.63 | (0.22) | (0.06) | (0.28) |
Year Ended 4/30/2020 | $10.35 | 0.27 | (0.03) | 0.24 | (0.27) | — | (0.27) |
Year Ended 4/30/2019 | $10.16 | 0.30 | 0.19 | 0.49 | (0.30) | — | (0.30) |
Year Ended 4/30/2018 | $10.45 | 0.28 | (0.25) | 0.03 | (0.28) | (0.04) | (0.32) |
Year Ended 4/30/2017 | $10.88 | 0.30 | (0.37) | (0.07) | (0.30) | (0.06) | (0.36) |
Institutional 3 Class | |||||||
Year Ended 4/30/2021 | $10.35 | 0.25 | 0.38 | 0.63 | (0.23) | (0.06) | (0.29) |
Year Ended 4/30/2020 | $10.38 | 0.27 | (0.02) | 0.25 | (0.28) | — | (0.28) |
Year Ended 4/30/2019 | $10.19 | 0.31 | 0.19 | 0.50 | (0.31) | — | (0.31) |
Year Ended 4/30/2018 | $10.48 | 0.29 | (0.25) | 0.04 | (0.29) | (0.04) | (0.33) |
Year Ended 4/30/2017(d) | $10.41 | 0.05 | 0.07 | 0.12 | (0.05) | — | (0.05) |
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) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
(e) | Annualized. |
14 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 4/30/2021 | $10.67 | 5.84% | 1.17% | 0.81% | 1.81% | 11% | $7,828 |
Year Ended 4/30/2020 | $10.32 | 2.02% | 0.99% | 0.81% | 2.30% | 21% | $9,014 |
Year Ended 4/30/2019 | $10.35 | 4.53% | 1.02%(c) | 0.81%(c) | 2.68% | 3% | $10,347 |
Year Ended 4/30/2018 | $10.17 | 0.12% | 0.98% | 0.81% | 2.45% | 12% | $11,819 |
Year Ended 4/30/2017 | $10.45 | (0.93%) | 1.03% | 0.81% | 2.54% | 14% | $18,934 |
Advisor Class | |||||||
Year Ended 4/30/2021 | $10.66 | 6.11% | 0.93% | 0.56% | 2.03% | 11% | $232 |
Year Ended 4/30/2020 | $10.31 | 2.27% | 0.75% | 0.56% | 2.55% | 21% | $186 |
Year Ended 4/30/2019 | $10.34 | 4.90% | 0.79%(c) | 0.56%(c) | 2.95% | 3% | $311 |
Year Ended 4/30/2018 | $10.15 | 0.27% | 0.73% | 0.56% | 2.69% | 12% | $126 |
Year Ended 4/30/2017 | $10.44 | (0.68%) | 0.77% | 0.56% | 2.79% | 14% | $275 |
Class C | |||||||
Year Ended 4/30/2021 | $10.67 | 4.94% | 1.90% | 1.56% | 1.11% | 11% | $523 |
Year Ended 4/30/2020 | $10.33 | 1.25% | 1.74% | 1.56% | 1.56% | 21% | $1,410 |
Year Ended 4/30/2019 | $10.36 | 3.85% | 1.77%(c) | 1.56%(c) | 1.93% | 3% | $2,177 |
Year Ended 4/30/2018 | $10.17 | (0.72%) | 1.73% | 1.56% | 1.70% | 12% | $3,068 |
Year Ended 4/30/2017 | $10.46 | (1.57%) | 1.78% | 1.56% | 1.78% | 14% | $3,733 |
Institutional Class | |||||||
Year Ended 4/30/2021 | $10.67 | 6.10% | 0.91% | 0.56% | 2.07% | 11% | $19,449 |
Year Ended 4/30/2020 | $10.32 | 2.27% | 0.74% | 0.56% | 2.53% | 21% | $28,951 |
Year Ended 4/30/2019 | $10.35 | 4.90% | 0.76%(c) | 0.56%(c) | 2.93% | 3% | $27,373 |
Year Ended 4/30/2018 | $10.16 | 0.28% | 0.73% | 0.56% | 2.70% | 12% | $37,698 |
Year Ended 4/30/2017 | $10.45 | (0.68%) | 0.78% | 0.56% | 2.79% | 14% | $46,421 |
Institutional 3 Class | |||||||
Year Ended 4/30/2021 | $10.69 | 6.11% | 0.78% | 0.46% | 2.31% | 11% | $10 |
Year Ended 4/30/2020 | $10.35 | 2.38% | 0.61% | 0.46% | 2.61% | 21% | $671 |
Year Ended 4/30/2019 | $10.38 | 5.00% | 0.66%(c) | 0.45%(c) | 3.04% | 3% | $136 |
Year Ended 4/30/2018 | $10.19 | 0.39% | 0.61% | 0.46% | 2.82% | 12% | $140 |
Year Ended 4/30/2017(d) | $10.48 | 1.17% | 0.64%(e) | 0.43%(e) | 3.04%(e) | 14% | $10 |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 15 |
April 30, 2021
16 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 17 |
April 30, 2021
Effective rate (%) | |
Class A | 0.13 |
Advisor Class | 0.13 |
Class C | 0.13 |
Institutional Class | 0.13 |
Institutional 3 Class | 0.02 |
18 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 6,913 |
Class C | — | 1.00(b) | — |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
September 1, 2020 through August 31, 2021 | Prior to September 1, 2020 | |
Class A | 0.81% | 0.81% |
Advisor Class | 0.56 | 0.56 |
Class C | 1.56 | 1.56 |
Institutional Class | 0.56 | 0.56 |
Institutional 3 Class | 0.45 | 0.46 |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 19 |
April 30, 2021
Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(146,567) | 26,182 | 120,385 |
Year Ended April 30, 2021 | Year Ended April 30, 2020 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
— | 806,371 | 205,903 | 1,012,274 | 108 | 1,052,273 | — | 1,052,381 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
43,628 | 109,099 | 2,548,172 | — | — |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
28,212,816 | — | — | — |
20 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 21 |
April 30, 2021
22 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
April 30, 2021
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 23 |
April 30, 2021
24 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 25 |
Capital gain dividend | Exempt- interest dividends |
$2,675,581 | 100.00% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
26 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee - 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1962 | Trustee since 2020(a) | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 27 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
28 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 29 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008 - January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
30 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Petersen, who is Senior Vice President and Assistant Secretary, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Daniel J. Beckman 225 Franklin Street Boston, MA 02110 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 225 Franklin Street Boston, MA 02110 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 225 Franklin Street Boston, MA 02110 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 31 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Colin Moore 225 Franklin Street Boston, MA 02110 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | 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. |
32 | Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 1,166,986,012 | 16,252,243 | 0 |
Kathleen Blatz | 1,167,818,192 | 15,420,063 | 0 |
Pamela G. Carlton | 1,167,761,255 | 15,477,001 | 0 |
Janet Langford Carrig | 1,169,443,247 | 13,795,008 | 0 |
J. Kevin Connaughton | 1,168,554,731 | 14,683,525 | 0 |
Olive M. Darragh | 1,169,004,224 | 14,234,032 | 0 |
Patricia M. Flynn | 1,168,110,224 | 15,128,031 | 0 |
Brian J. Gallagher | 1,166,931,187 | 16,307,068 | 0 |
Douglas A. Hacker | 1,168,253,721 | 14,984,535 | 0 |
Nancy T. Lukitsh | 1,169,128,202 | 14,110,053 | 0 |
David M. Moffett | 1,167,387,510 | 15,850,745 | 0 |
Catherine James Paglia | 1,167,159,143 | 16,079,112 | 0 |
Anthony M. Santomero | 1,166,760,857 | 16,477,398 | 0 |
Minor M. Shaw | 1,165,931,084 | 17,307,171 | 0 |
Natalie A. Trunow | 1,168,907,601 | 14,330,655 | 0 |
Sandra Yeager | 1,167,549,796 | 15,688,459 | 0 |
Christopher O. Petersen | 1,167,593,463 | 15,644,793 | 0 |
Columbia Georgia Intermediate Municipal Bond Fund | Annual Report 2021 | 33 |
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.
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Item 2. Code of Ethics.
(a)The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.
(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.
Item 4. Principal Accountant Fees and Services.
Fee information below is disclosed for the five series of the registrant whose reports to stockholders are included in this annual filing. Fiscal Years 2020 and 2021 also includes fees for two funds that liquidated during the period.
(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended April 30, 2021 and April 30, 2020 are approximately as follows:
20212020
$217,000 $209,000
Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b)Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended April 30, 2021 and April 30, 2020 are approximately as follows:
2021 | 2020 |
$0 | $0 |
Audit-Related Fees, if any, include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.
During the fiscal years ended April 30, 2021 and April 30, 2020, there were no Audit- Related Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(c)Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended April 30, 2021 and April 30,
2020 are approximately as follows:
2021 | 2020 |
$0 | $0 |
Tax Fees, if any, include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.
During the fiscal years ended April 30, 2021 and April 30, 2020, there were no Tax Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(d)All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended April 30, 2021 and April 30, 2020 are approximately as follows:
2021 | 2020 |
$0 | $0 |
All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
Aggregate All Other Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended April 30,
2021 and April 30, 2020 are approximately as follows:
20212020
$520,000 $520,000
In fiscal years 2021 and 2020, All Other Fees primarily consists of fees billed for internal control examinations of the registrant's transfer agent and investment adviser.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant's Audit Committee is required to pre-approve the engagement of the registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.
The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.
Under the Policy, the Audit Committee may delegate pre-approval authority to any pre- designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre- approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.
On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre- approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre- approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.
The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
*****
(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f)Not applicable.
(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended April 30, 2021 and April 30,
2020 are approximately as follows:
20212020
$520,000 $520,000
(h)The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
(a)The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.
(b)Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 11. Controls and Procedures.
(a)The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b)There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. |
|
| ||
(registrant) |
| Columbia Funds Series Trust |
| |
By (Signature and Title) | /s/ Daniel J. Beckman |
| ||
|
|
| Daniel J. Beckman, President and Principal Executive Officer |
|
Date |
| June 22, 2021 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Daniel J. Beckman | ||
|
| Daniel J. Beckman, President and Principal Executive Officer | |
Date |
| June 22, 2021 |
|
By (Signature and Title) | /s/ Michael G. Clarke | ||
|
| Michael G. Clarke, Chief Financial Officer, Principal Financial Officer | |
|
| and Senior Vice President | |
Date |
| June 22, 2021 |
|
By (Signature and Title) | /s/ Joseph Beranek | ||
|
| Joseph Beranek, Treasurer, Chief Accounting Officer and Principal | |
|
| Financial Officer | |
Date |
| June 22, 2021 |
|