Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
Class A | $ | % |
Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
Fund net assets | $ |
Total number of portfolio holdings | |
Management services fees (represents 0.47% of Fund average net assets) | $ |
Portfolio turnover for the reporting period |
New York City Municipal Water Finance Authority 06/15/2054 5.250% | % |
City of New York 04/01/2054 5.250% | % |
Triborough Bridge & Tunnel Authority 05/15/2064 5.250% | % |
New York Transportation Development Corp. 06/30/2060 5.375% | % |
TSASC, Inc. 06/01/2041 5.000% | % |
New York State Dormitory Authority 03/15/2054 4.000% | % |
City of New York 09/01/2046 4.000% | % |
New York City Transitional Finance Authority 08/01/2048 4.000% | % |
Puerto Rico Sales Tax Financing Corp. 07/01/2046 0.000% | % |
Triborough Bridge & Tunnel Authority 05/15/2062 5.250% | % |
Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
Advisor Class | $ |
% |
Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
Fund net assets | $ |
Total number of portfolio holdings | |
Management services fees (represents 0.47% of Fund average net assets) |
$ |
Portfolio turnover for the reporting period |
New York City Municipal Water Finance Authority 06/15/2054 5.250% |
% |
City of New York 04/01/2054 5.250% |
% |
Triborough Bridge & Tunnel Authority 05/15/2064 5.250% |
% |
New York Transportation Development Corp. 06/30/2060 5.375% |
% |
TSASC, Inc. 06/01/2041 5.000% |
% |
New York State Dormitory Authority 03/15/2054 4.000% |
% |
City of New York 09/01/2046 4.000% |
% |
New York City Transitional Finance Authority 08/01/2048 4.000% |
% |
Puerto Rico Sales Tax Financing Corp. 07/01/2046 0.000% |
% |
Triborough Bridge & Tunnel Authority 05/15/2062 5.250% |
% |
Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
Class C | $ |
% |
Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
Fund net assets | $ |
Total number of portfolio holdings | |
Management services fees (represents 0.47% of Fund average net assets) |
$ |
Portfolio turnover for the reporting period |
New York City Municipal Water Finance Authority 06/15/2054 5.250% |
|
City of New York 04/01/2054 5.250% |
|
Triborough Bridge & Tunnel Authority 05/15/2064 5.250% |
|
New York Transportation Development Corp. 06/30/2060 5.375% |
|
TSASC, Inc. 06/01/2041 5.000% |
|
New York State Dormitory Authority 03/15/2054 4.000% |
|
City of New York 09/01/2046 4.000% |
|
New York City Transitional Finance Authority 08/01/2048 4.000% |
|
Puerto Rico Sales Tax Financing Corp. 07/01/2046 0.000% |
|
Triborough Bridge & Tunnel Authority 05/15/2062 5.250% |
Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
Institutional Class | $ |
% |
Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
Fund net assets | $ |
Total number of portfolio holdings | |
Management services fees (represents 0.47% of Fund average net assets) |
$ |
Portfolio turnover for the reporting period |
New York City Municipal Water Finance Authority 06/15/2054 5.250% |
% |
City of New York 04/01/2054 5.250% |
% |
Triborough Bridge & Tunnel Authority 05/15/2064 5.250% |
% |
New York Transportation Development Corp. 06/30/2060 5.375% |
% |
TSASC, Inc. 06/01/2041 5.000% |
% |
New York State Dormitory Authority 03/15/2054 4.000% |
% |
City of New York 09/01/2046 4.000% |
% |
New York City Transitional Finance Authority 08/01/2048 4.000% |
% |
Puerto Rico Sales Tax Financing Corp. 07/01/2046 0.000% |
% |
Triborough Bridge & Tunnel Authority 05/15/2062 5.250% |
% |
Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
Institutional 2 Class | $ |
% |
Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
Fund net assets | $ |
Total number of portfolio holdings | |
Management services fees (represents 0.47% of Fund average net assets) |
$ |
Portfolio turnover for the reporting period |
New York City Municipal Water Finance Authority 06/15/2054 5.250% |
% |
City of New York 04/01/2054 5.250% |
% |
Triborough Bridge & Tunnel Authority 05/15/2064 5.250% |
% |
New York Transportation Development Corp. 06/30/2060 5.375% |
% |
TSASC, Inc. 06/01/2041 5.000% |
% |
New York State Dormitory Authority 03/15/2054 4.000% |
% |
City of New York 09/01/2046 4.000% |
% |
New York City Transitional Finance Authority 08/01/2048 4.000% |
% |
Puerto Rico Sales Tax Financing Corp. 07/01/2046 0.000% |
% |
Triborough Bridge & Tunnel Authority 05/15/2062 5.250% |
% |
Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
Institutional 3 Class | $ |
% |
Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
(a) |
|||
(a)
|
The returns shown for periods prior to March 1, 2017 (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of Class A. 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 |
Fund net assets | $ |
Total number of portfolio holdings | |
Management services fees (represents 0.47% of Fund average net assets) |
$ |
Portfolio turnover for the reporting period |
New York City Municipal Water Finance Authority 06/15/2054 5.250% |
% |
City of New York 04/01/2054 5.250% |
% |
Triborough Bridge & Tunnel Authority 05/15/2064 5.250% |
% |
New York Transportation Development Corp. 06/30/2060 5.375% |
% |
TSASC, Inc. 06/01/2041 5.000% |
% |
New York State Dormitory Authority 03/15/2054 4.000% |
% |
City of New York 09/01/2046 4.000% |
% |
New York City Transitional Finance Authority 08/01/2048 4.000% |
% |
Puerto Rico Sales Tax Financing Corp. 07/01/2046 0.000% |
% |
Triborough Bridge & Tunnel Authority 05/15/2062 5.250% |
% |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics (the “Code”) that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager qualify as “audit committee financial experts,” as such term is defined in Form N-CSR. Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett and Ms. Yeager, are also each “independent” members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.
Amount billed to the registrant ($) | Amount billed to the registrant's investment advisor ($) |
|||
October 31, 2024 | October 31, 2023 | October 31, 2024 | October 31, 2023 | |
Audit fees (a) | 31,493 | 30,090 | 0 | 0 |
Audit-related fees (b) | 0 | 0 | 0 | 0 |
Tax fees (c) | 13,430 | 12,500 | 0 | 0 |
All other fees (d) | 0 | 0 | 0 | 0 |
Non-audit fees (g) | 0 | 0 | 581,000 | 577,000 |
(a) 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 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.
(c) Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice, tax planning and foreign tax filings, if applicable.
(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.
(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.
(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not FDIC or NCUA Insured
|
No Financial Institution Guarantee
|
May Lose Value
|
Municipal Bonds 92.9%
|
||||
Issue Description
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
Air Transportation 6.9%
|
||||
New York City Industrial Development Agency(a)
|
||||
Refunding Revenue Bonds
|
||||
Trips Obligated Group
|
||||
Series 2012A
|
||||
07/01/2028
|
5.000%
|
|
1,400,000
|
1,407,883
|
New York Transportation Development Corp.(a)
|
||||
Refunding Revenue Bonds
|
||||
American Airlines, Inc. Project
|
||||
Series 2021
|
||||
08/01/2031
|
3.000%
|
|
1,300,000
|
1,221,236
|
Terminal 4 John F. Kennedy International Airport Project
|
||||
Series 2020
|
||||
12/01/2041
|
4.000%
|
|
600,000
|
572,194
|
Revenue Bonds
|
||||
John F. Kennedy International Airport New Terminal One Project
|
||||
Series 2023
|
||||
06/30/2060
|
5.375%
|
|
3,000,000
|
3,107,591
|
LaGuardia Airport Terminal C&D
|
||||
Series 2023
|
||||
04/01/2040
|
5.625%
|
|
1,500,000
|
1,610,391
|
Terminal 4 John F. Kennedy International Airport Project
|
||||
Series 2022
|
||||
12/01/2042
|
4.000%
|
|
1,000,000
|
945,288
|
Total
|
8,864,583
|
|||
Charter Schools 8.9%
|
||||
Albany Capital Resource Corp.
|
||||
Refunding Revenue Bonds
|
||||
Brighter Choice Elementary
|
||||
Series 2021
|
||||
04/01/2037
|
4.000%
|
|
1,000,000
|
925,586
|
Revenue Bonds
|
||||
Kipp Capital Region Public Charter Schools Project
|
||||
Series 2024
|
||||
06/01/2064
|
5.000%
|
|
1,000,000
|
1,005,815
|
Build NYC Resource Corp.
|
||||
Revenue Bonds
|
||||
Academic Leadership Charter School Project
|
||||
Series 2021
|
||||
06/15/2036
|
4.000%
|
|
200,000
|
195,546
|
International Leadership Charter School
|
||||
Series 2013
|
||||
07/01/2033
|
5.750%
|
|
1,250,000
|
1,250,375
|
Social Bonds - KIPP NYC Public School Facilities Canal West Project
|
||||
Series 2023
|
||||
07/01/2062
|
5.250%
|
|
1,000,000
|
1,029,965
|
Municipal Bonds (continued)
|
||||
Issue Description
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
Build NYC Resource Corp.(b)
|
||||
Revenue Bonds
|
||||
International Leadership Charter School
|
||||
Series 2016
|
||||
07/01/2046
|
6.250%
|
|
265,000
|
267,428
|
New World Preparatory Charter School Project
|
||||
Series 2021
|
||||
06/15/2051
|
4.000%
|
|
690,000
|
557,713
|
Secton Education Partners-Brilla Project
|
||||
Series 2021
|
||||
11/01/2051
|
4.000%
|
|
1,000,000
|
848,790
|
Social Bonds - East Harlem Scholars Academy Charter School Project
|
||||
Series 2022
|
||||
06/01/2062
|
5.750%
|
|
1,000,000
|
1,048,986
|
Unity Preparatory Charter School of Brooklyn Project
|
||||
Series 2023
|
||||
06/15/2063
|
5.500%
|
|
1,000,000
|
1,024,758
|
Build Resource Corp.(c)
|
||||
Revenue Bonds
|
||||
Sucess Academy Charter School
|
||||
Series 2024
|
||||
09/01/2043
|
4.000%
|
|
1,000,000
|
976,440
|
Hempstead Town Local Development Corp.
|
||||
Revenue Bonds
|
||||
Evergreen Charter School Project
|
||||
Series 2022A
|
||||
06/15/2057
|
5.500%
|
|
500,000
|
515,653
|
Monroe County Industrial Development Corp.(b)
|
||||
Revenue Bonds
|
||||
Eugenio Maria de Hostos Charter School
|
||||
Series 2024
|
||||
07/01/2059
|
5.000%
|
|
1,000,000
|
1,007,085
|
Social Bonds - Academy of Health Sciences Charter School Project
|
||||
Series 2022
|
||||
07/01/2057
|
6.000%
|
|
750,000
|
772,190
|
Total
|
11,426,330
|
|||
Disposal 1.5%
|
||||
New York State Environmental Facilities Corp.(a),(b)
|
||||
Revenue Bonds
|
||||
Casella Waste Systems, Inc.
|
||||
Series 2019 (Mandatory Put 12/03/29)
|
||||
12/01/2044
|
2.875%
|
|
2,000,000
|
1,910,976
|
Higher Education 1.0%
|
||||
New York State Dormitory Authority
|
||||
Revenue Bonds
|
||||
St. John’s University
|
||||
Series 2007C (NPFGC)
|
||||
07/01/2026
|
5.250%
|
|
1,205,000
|
1,245,737
|
Municipal Bonds (continued)
|
||||
Issue Description
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
Hospital 4.5%
|
||||
Genesee County Funding Corp. (The)
|
||||
Refunding Revenue Bonds
|
||||
Rochester Regional Health Project
|
||||
Series 2022
|
||||
12/01/2052
|
5.250%
|
|
500,000
|
520,898
|
New York State Dormitory Authority
|
||||
Refunding Revenue Bonds
|
||||
Montefiore Obligated Group
|
||||
Series 2020A
|
||||
09/01/2050
|
4.000%
|
|
1,000,000
|
902,491
|
Northwell Health Obligated Group
|
||||
Series 2024
|
||||
05/01/2054
|
4.000%
|
|
1,000,000
|
933,815
|
Revenue Bonds
|
||||
White Plains Hospital Obligated Group
|
||||
Series 2024
|
||||
10/01/2049
|
5.250%
|
|
2,000,000
|
2,122,021
|
Onondaga Civic Development Corp.
|
||||
Refunding Revenue Bonds
|
||||
Crouse Health Hospital, Inc.
|
||||
Series 2024
|
||||
08/01/2054
|
5.375%
|
|
500,000
|
504,653
|
Westchester County Local Development Corp.
|
||||
Refunding Revenue Bonds
|
||||
Westchester Medical Center
|
||||
Series 2016
|
||||
11/01/2037
|
3.750%
|
|
1,000,000
|
867,149
|
Total
|
5,851,027
|
|||
Joint Power Authority 2.6%
|
||||
New York Power Authority
|
||||
Refunding Revenue Bonds
|
||||
Series 2020A
|
||||
11/15/2055
|
4.000%
|
|
500,000
|
480,268
|
Revenue Bonds
|
||||
Green Transmission Project
|
||||
Series 2022 (AGM)
|
||||
11/15/2061
|
4.000%
|
|
2,000,000
|
1,910,251
|
Series 2024A
|
||||
11/15/2054
|
4.000%
|
|
1,000,000
|
962,816
|
Total
|
3,353,335
|
|||
Local General Obligation 7.4%
|
||||
City of New York
|
||||
Unlimited General Obligation Bonds
|
||||
Series 2022A-1
|
||||
09/01/2046
|
4.000%
|
|
3,000,000
|
2,926,036
|
Series 2022D-1
|
||||
05/01/2042
|
5.250%
|
|
1,250,000
|
1,371,289
|
05/01/2043
|
5.250%
|
|
1,000,000
|
1,092,052
|
Municipal Bonds (continued)
|
||||
Issue Description
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
Series 2024D
|
||||
04/01/2054
|
5.250%
|
|
3,000,000
|
3,264,635
|
Subordinated Series 2023E-1
|
||||
04/01/2050
|
4.000%
|
|
1,000,000
|
966,315
|
Total
|
9,620,327
|
|||
Multi-Family 9.3%
|
||||
Housing Development Corp.
|
||||
Revenue Bonds
|
||||
Sustainable Neighborhood
|
||||
Series 2017G
|
||||
11/01/2047
|
3.700%
|
|
2,000,000
|
1,760,091
|
New York City Housing Development Corp.
|
||||
Refunding Revenue Bonds
|
||||
Sustainable Neighborhood
|
||||
Series 2019
|
||||
11/01/2039
|
3.800%
|
|
1,410,000
|
1,340,973
|
11/01/2049
|
3.650%
|
|
875,000
|
764,311
|
Revenue Bonds
|
||||
Series 2018K
|
||||
11/01/2048
|
4.000%
|
|
735,000
|
680,638
|
Sustainable Development Bonds
|
||||
Series 2021
|
||||
05/01/2051
|
2.750%
|
|
1,000,000
|
702,940
|
Sustainable Neighborhood
|
||||
Series 2019
|
||||
11/01/2049
|
3.250%
|
|
1,710,000
|
1,374,173
|
New York State Housing Finance Agency
|
||||
Revenue Bonds
|
||||
Affordable Housing
|
||||
Series 2017M
|
||||
11/01/2042
|
3.650%
|
|
750,000
|
680,440
|
Series 2019D
|
||||
11/01/2044
|
3.700%
|
|
1,000,000
|
905,067
|
Climate Bond Certified/Sustainability Bonds
|
||||
Series 2019
|
||||
11/01/2044
|
3.150%
|
|
840,000
|
705,221
|
Green Bonds
|
||||
Series 2017H
|
||||
11/01/2047
|
3.650%
|
|
1,360,000
|
1,173,718
|
Series 2017L (GNMA)
|
||||
11/01/2037
|
3.300%
|
|
540,000
|
487,668
|
Sustainability Bonds
|
||||
Series 2019I
|
||||
11/01/2039
|
3.000%
|
|
800,000
|
687,132
|
Series 2021J-1 (FHA)
|
||||
11/01/2056
|
2.875%
|
|
1,000,000
|
680,280
|
Total
|
11,942,652
|
Municipal Bonds (continued)
|
||||
Issue Description
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
Municipal Power 0.8%
|
||||
Puerto Rico Electric Power Authority(d),(e)
|
||||
Revenue Bonds
|
||||
Series 2010XX
|
||||
07/01/2040
|
0.000%
|
|
1,000,000
|
515,000
|
Series 2012A
|
||||
07/01/2042
|
0.000%
|
|
915,000
|
471,225
|
Total
|
986,225
|
|||
Other Bond Issue 3.4%
|
||||
New York Liberty Development Corp.
|
||||
Refunding Revenue Bonds
|
||||
Green Bonds - 4 World Trade Center Project
|
||||
Series 2021
|
||||
11/15/2051
|
3.000%
|
|
500,000
|
380,561
|
New York Transportation Development Corp.(a)
|
||||
Revenue Bonds
|
||||
New York State Thruway Service Areas Project
|
||||
Series 2021
|
||||
10/31/2046
|
4.000%
|
|
1,500,000
|
1,321,024
|
04/30/2053
|
4.000%
|
|
2,000,000
|
1,703,184
|
Suffolk Regional Off-Track Betting Co.
|
||||
Revenue Bonds
|
||||
Series 2024
|
||||
12/01/2053
|
6.000%
|
|
1,000,000
|
1,041,206
|
Total
|
4,445,975
|
|||
Other Industrial Development Bond 0.2%
|
||||
New York Liberty Development Corp.
|
||||
Revenue Bonds
|
||||
Goldman Sachs Headquarters
|
||||
Series 2007
|
||||
10/01/2037
|
5.500%
|
|
260,000
|
306,971
|
Pool / Bond Bank 0.0%
|
||||
New York State Dormitory Authority
|
||||
Unrefunded Revenue Bonds
|
||||
School Districts Bond Financing Program
|
||||
Series 2009 (AGM)
|
||||
10/01/2036
|
5.125%
|
|
15,000
|
15,023
|
Ports 3.9%
|
||||
New York Liberty Development Corp.
|
||||
Refunding Revenue Bonds
|
||||
Series 2021-1WTC
|
||||
02/15/2042
|
3.000%
|
|
2,000,000
|
1,671,598
|
Port Authority of New York & New Jersey
|
||||
Revenue Bonds
|
||||
Consolidated 85th
|
||||
Series 1993
|
||||
03/01/2028
|
5.375%
|
|
1,020,000
|
1,072,742
|
Municipal Bonds (continued)
|
||||
Issue Description
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
Consolidated 93rd
|
||||
Series 1994
|
||||
06/01/2094
|
6.125%
|
|
2,250,000
|
2,252,448
|
Total
|
4,996,788
|
|||
Recreation 0.7%
|
||||
Western Regional Off-Track Betting Corp.(b)
|
||||
Refunding Revenue Bonds
|
||||
Series 2021
|
||||
12/01/2041
|
4.125%
|
|
1,000,000
|
912,293
|
Refunded / Escrowed 0.7%
|
||||
Build NYC Resource Corp.
|
||||
Prerefunded 08/01/25 Revenue Bonds
|
||||
YMCA of Greater New York Project
|
||||
Series 2015
|
||||
08/01/2040
|
5.000%
|
|
900,000
|
911,846
|
Resource Recovery 0.6%
|
||||
Build NYC Resource Corp.(a),(b)
|
||||
Refunding Revenue Bonds
|
||||
Pratt Paper, Inc. Project
|
||||
Series 2014
|
||||
01/01/2035
|
5.000%
|
|
750,000
|
750,939
|
Retirement Communities 5.6%
|
||||
Brookhaven Local Development Corp.
|
||||
Refunding Revenue Bonds
|
||||
Jefferson’s Ferry Project
|
||||
Series 2016
|
||||
11/01/2036
|
5.250%
|
|
750,000
|
771,019
|
Revenue Bonds
|
||||
Jefferson’s Ferry Project
|
||||
Series 2020
|
||||
11/01/2055
|
4.000%
|
|
1,000,000
|
895,494
|
Huntington Local Development Corp.
|
||||
Revenue Bonds
|
||||
Fountaingate Garden Project
|
||||
Series 2021A
|
||||
07/01/2056
|
5.250%
|
|
2,000,000
|
1,752,883
|
Tompkins County Development Corp.
|
||||
Refunding Revenue Bonds
|
||||
Kendal at Ithaca, Inc. Project
|
||||
Series 2014
|
||||
07/01/2044
|
5.000%
|
|
1,655,000
|
1,655,869
|
Ulster County Capital Resource Corp.(b)
|
||||
Refunding Revenue Bonds
|
||||
Woodland Pond at New Paltz
|
||||
Series 2017
|
||||
09/15/2047
|
5.250%
|
|
500,000
|
419,866
|
09/15/2053
|
5.250%
|
|
1,000,000
|
809,416
|
Municipal Bonds (continued)
|
||||
Issue Description
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
Westchester County Local Development Corp.(b)
|
||||
Revenue Bonds
|
||||
Purchase Senior Learning Community
|
||||
Series 2021
|
||||
07/01/2056
|
5.000%
|
|
1,000,000
|
993,792
|
Total
|
7,298,339
|
|||
Sales Tax 9.5%
|
||||
Commonwealth of Puerto Rico(d),(f)
|
||||
Revenue Notes
|
||||
Series 2022
|
||||
11/01/2051
|
0.000%
|
|
503,088
|
328,894
|
Subordinated Series 2022
|
||||
11/01/2043
|
0.000%
|
|
328,296
|
211,341
|
Puerto Rico Sales Tax Financing Corp.(d),(f)
|
||||
Revenue Bonds
|
||||
Series 2018A-1
|
||||
07/01/2046
|
0.000%
|
|
8,600,000
|
2,808,483
|
Puerto Rico Sales Tax Financing Corp.(d)
|
||||
Revenue Bonds
|
||||
Series 2019A1
|
||||
07/01/2058
|
5.000%
|
|
750,000
|
751,451
|
Triborough Bridge & Tunnel Authority
|
||||
Revenue Bonds
|
||||
Sales Tax - MTA Bridges & Tunnels
|
||||
Series 2022
|
||||
05/15/2062
|
5.250%
|
|
2,500,000
|
2,693,487
|
Series 2024A-1
|
||||
05/15/2064
|
5.250%
|
|
3,000,000
|
3,262,784
|
TBTA Capital Lockbox - City Sales Tax
|
||||
Series 2023A
|
||||
05/15/2063
|
5.500%
|
|
2,000,000
|
2,201,574
|
Total
|
12,258,014
|
|||
Single Family 1.0%
|
||||
State of New York Mortgage Agency
|
||||
Refunding Revenue Bonds
|
||||
Series 2019-217
|
||||
04/01/2039
|
3.625%
|
|
135,000
|
126,539
|
Revenue Bonds
|
||||
Social Bonds
|
||||
Series 2023-250 (HUD)
|
||||
10/01/2053
|
4.900%
|
|
990,000
|
997,174
|
State of New York Mortgage Agency(a)
|
||||
Refunding Revenue Bonds
|
||||
Series 2019-218
|
||||
04/01/2038
|
3.850%
|
|
170,000
|
158,327
|
Total
|
1,282,040
|
Municipal Bonds (continued)
|
||||
Issue Description
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
Special Non Property Tax 9.6%
|
||||
Metropolitan Transportation Authority(f)
|
||||
Refunding Revenue Bonds
|
||||
Series 2012A
|
||||
11/15/2032
|
0.000%
|
|
2,500,000
|
1,861,246
|
New York City Transitional Finance Authority
|
||||
Revenue Bonds
|
||||
Future Tax Secured
|
||||
Subordinated Series 2022A-1
|
||||
08/01/2048
|
4.000%
|
|
3,000,000
|
2,924,636
|
Subordinated Series 2023A
|
||||
05/01/2047
|
5.000%
|
|
1,000,000
|
1,067,732
|
New York State Dormitory Authority
|
||||
Revenue Bonds
|
||||
Series 2024A
|
||||
03/15/2054
|
4.000%
|
|
3,000,000
|
2,931,837
|
New York State Thruway Authority
|
||||
Refunding Revenue Bonds
|
||||
Personal Income Tax - Bidding Group
|
||||
Series 2022A
|
||||
03/15/2050
|
4.000%
|
|
2,000,000
|
1,928,167
|
Oneida Indian Nation of New York(b),(d)
|
||||
Revenue Bonds
|
||||
Series 2024B
|
||||
09/01/2043
|
6.000%
|
|
500,000
|
544,551
|
Triborough Bridge & Tunnel Authority
|
||||
Refunding Revenue Bonds
|
||||
Green Bonds
|
||||
Series 2023C
|
||||
11/15/2043
|
5.000%
|
|
1,000,000
|
1,092,218
|
Total
|
12,350,387
|
|||
State General Obligation 0.2%
|
||||
Commonwealth of Puerto Rico(d)
|
||||
Unlimited General Obligation Bonds
|
||||
Series 2021-A1
|
||||
07/01/2046
|
4.000%
|
|
300,000
|
279,735
|
Tobacco 4.8%
|
||||
Chautauqua Tobacco Asset Securitization Corp.
|
||||
Refunding Revenue Bonds
|
||||
Series 2014
|
||||
06/01/2034
|
5.000%
|
|
1,000,000
|
1,000,679
|
New York Counties Tobacco Trust VI
|
||||
Refunding Revenue Bonds
|
||||
Tobacco Settlement Pass-Through
|
||||
Series 2016
|
||||
06/01/2051
|
5.000%
|
|
2,000,000
|
1,843,838
|
Municipal Bonds (continued)
|
||||
Issue Description
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
Suffolk Tobacco Asset Securitization Corp.(f)
|
||||
Refunding Revenue Bonds
|
||||
Subordinated Series 2021B-2
|
||||
06/01/2066
|
0.000%
|
|
3,000,000
|
299,327
|
TSASC, Inc.
|
||||
Refunding Revenue Bonds
|
||||
Series 2017A
|
||||
06/01/2041
|
5.000%
|
|
3,000,000
|
3,046,217
|
Total
|
6,190,061
|
|||
Transportation 3.3%
|
||||
Metropolitan Transportation Authority
|
||||
Refunding Revenue Bonds
|
||||
Series 2024A
|
||||
11/15/2049
|
5.250%
|
|
2,000,000
|
2,161,887
|
Revenue Bonds
|
||||
Green Bonds
|
||||
Series 2020C-1
|
||||
11/15/2050
|
5.000%
|
|
2,000,000
|
2,071,549
|
Total
|
4,233,436
|
|||
Water & Sewer 6.5%
|
||||
New York City Municipal Water Finance Authority
|
||||
Revenue Bonds
|
||||
Subordinated Series 2023AA-1
|
||||
06/15/2053
|
5.250%
|
|
2,000,000
|
2,184,487
|
Municipal Bonds (continued)
|
||||
Issue Description
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
Subordinated Series 2024AA
|
||||
06/15/2054
|
4.000%
|
|
2,000,000
|
1,927,153
|
Subordinated Series 2024CC-1
|
||||
06/15/2054
|
5.250%
|
|
3,000,000
|
3,287,033
|
Puerto Rico Commonwealth Aqueduct & Sewer Authority(b),(d)
|
||||
Refunding Revenue Bonds
|
||||
Senior Lien
|
||||
Series 2020A
|
||||
07/01/2047
|
5.000%
|
|
925,000
|
944,199
|
Total
|
8,342,872
|
|||
Total Municipal Bonds
(Cost $125,165,374)
|
119,775,911
|
Money Market Funds 3.9%
|
||
|
Shares
|
Value ($)
|
BlackRock Liquidity Funds MuniCash, Institutional
Shares, 3.187%(g)
|
5,009,241
|
5,009,742
|
Total Money Market Funds
(Cost $5,009,241)
|
5,009,742
|
|
Total Investments in Securities
(Cost: $130,174,615)
|
124,785,653
|
|
Other Assets & Liabilities, Net
|
|
4,142,510
|
Net Assets
|
128,928,163
|
Short futures contracts
|
||||||
Description
|
Number of
contracts
|
Expiration
date
|
Trading
currency
|
Notional
amount
|
Value/Unrealized
appreciation ($)
|
Value/Unrealized
depreciation ($)
|
U.S. Treasury 10-Year Note
|
(79)
|
12/2024
|
USD
|
(8,727,031
)
|
4,010
|
—
|
(a)
|
Income from this security may be subject to alternative minimum tax.
|
(b)
|
Represents privately placed and other securities and instruments exempt from Securities
and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified
institutional buyers. At October 31, 2024, the total value of these securities amounted
to $12,812,982, which represents 9.94% of total net assets.
|
(c)
|
Represents a security purchased on a when-issued basis.
|
(d)
|
Municipal obligations include debt obligations issued by or on behalf of territories,
possessions, or sovereign nations within the territorial boundaries of the United
States. At October 31, 2024, the total value of these securities amounted to $6,854,879, which
represents 5.32% of total net assets.
|
(e)
|
Represents a security in default.
|
(f)
|
Zero coupon bond.
|
(g)
|
The rate shown is the seven-day current annualized yield at October 31, 2024.
|
AGM
|
Assured Guaranty Municipal Corporation
|
FHA
|
Federal Housing Authority
|
GNMA
|
Government National Mortgage Association
|
HUD
|
U.S. Department of Housing and Urban Development
|
NPFGC
|
National Public Finance Guarantee Corporation
|
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Total ($)
|
Investments in Securities
|
|
|
|
|
Municipal Bonds
|
—
|
119,775,911
|
—
|
119,775,911
|
Money Market Funds
|
5,009,742
|
—
|
—
|
5,009,742
|
Total Investments in Securities
|
5,009,742
|
119,775,911
|
—
|
124,785,653
|
Investments in Derivatives
|
|
|
|
|
Asset
|
|
|
|
|
Futures Contracts
|
4,010
|
—
|
—
|
4,010
|
Total
|
5,013,752
|
119,775,911
|
—
|
124,789,663
|
Assets
|
|
Investments in securities, at value
|
|
Unaffiliated issuers (cost $130,174,615)
|
$124,785,653
|
Cash
|
3,874
|
Margin deposits on:
|
|
Futures contracts
|
112,000
|
Receivable for:
|
|
Investments sold
|
3,373,986
|
Capital shares sold
|
409,311
|
Dividends
|
7,599
|
Interest
|
1,731,264
|
Variation margin for futures contracts
|
15,837
|
Expense reimbursement due from Investment Manager
|
594
|
Prepaid expenses
|
3,248
|
Deferred compensation of board members
|
99,213
|
Total assets
|
130,542,579
|
Liabilities
|
|
Payable for:
|
|
Investments purchased on a delayed delivery basis
|
976,670
|
Capital shares redeemed
|
102,954
|
Distributions to shareholders
|
384,534
|
Management services fees
|
1,652
|
Distribution and/or service fees
|
600
|
Transfer agent fees
|
6,970
|
Compensation of board members
|
518
|
Other expenses
|
19,965
|
Deferred compensation of board members
|
120,553
|
Total liabilities
|
1,614,416
|
Net assets applicable to outstanding capital stock
|
$128,928,163
|
Represented by
|
|
Paid in capital
|
142,140,530
|
Total distributable earnings (loss)
|
(13,212,367
)
|
Total - representing net assets applicable to outstanding capital stock
|
$128,928,163
|
Class A
|
|
Net assets
|
$78,245,179
|
Shares outstanding
|
2,964,350
|
Net asset value per share
|
$26.40
|
Maximum sales charge
|
3.00%
|
Maximum offering price per share (calculated by dividing the net asset value per share
by 1.0 minus the maximum sales charge for Class A shares)
|
$27.22
|
Advisor Class
|
|
Net assets
|
$8,711,119
|
Shares outstanding
|
330,532
|
Net asset value per share
|
$26.35
|
Class C
|
|
Net assets
|
$3,458,272
|
Shares outstanding
|
131,077
|
Net asset value per share
|
$26.38
|
Institutional Class
|
|
Net assets
|
$25,292,390
|
Shares outstanding
|
959,054
|
Net asset value per share
|
$26.37
|
Institutional 2 Class
|
|
Net assets
|
$574,435
|
Shares outstanding
|
21,834
|
Net asset value per share
|
$26.31
|
Institutional 3 Class
|
|
Net assets
|
$12,646,768
|
Shares outstanding
|
479,262
|
Net asset value per share
|
$26.39
|
Net investment income
|
|
Income:
|
|
Dividends — unaffiliated issuers
|
$42,355
|
Interest
|
5,351,589
|
Total income
|
5,393,944
|
Expenses:
|
|
Management services fees
|
592,487
|
Distribution and/or service fees
|
|
Class A
|
200,277
|
Class C
|
31,520
|
Transfer agent fees
|
|
Class A
|
61,273
|
Advisor Class
|
4,929
|
Class C
|
3,437
|
Institutional Class
|
17,416
|
Institutional 2 Class
|
488
|
Institutional 3 Class
|
669
|
Custodian fees
|
9,873
|
Printing and postage fees
|
14,309
|
Registration fees
|
14,846
|
Accounting services fees
|
31,493
|
Legal fees
|
30,352
|
Compensation of chief compliance officer
|
23
|
Compensation of board members
|
12,105
|
Deferred compensation of board members
|
6,916
|
Other
|
12,172
|
Total expenses
|
1,044,585
|
Fees waived or expenses reimbursed by Investment Manager and its affiliates
|
(174,600
)
|
Expense reduction
|
(80
)
|
Total net expenses
|
869,905
|
Net investment income
|
4,524,039
|
Realized and unrealized gain (loss) — net
|
|
Net realized gain (loss) on:
|
|
Investments — unaffiliated issuers
|
(2,095,208
)
|
Futures contracts
|
(22,308
)
|
Net realized loss
|
(2,117,516
)
|
Net change in unrealized appreciation (depreciation) on:
|
|
Investments — unaffiliated issuers
|
14,714,869
|
Futures contracts
|
4,010
|
Net change in unrealized appreciation (depreciation)
|
14,718,879
|
Net realized and unrealized gain
|
12,601,363
|
Net increase in net assets resulting from operations
|
$17,125,402
|
|
Year Ended
October 31, 2024
|
Year Ended
October 31, 2023
|
Operations
|
|
|
Net investment income
|
$4,524,039
|
$4,374,283
|
Net realized loss
|
(2,117,516
)
|
(3,685,713
)
|
Net change in unrealized appreciation (depreciation)
|
14,718,879
|
3,565,327
|
Net increase in net assets resulting from operations
|
17,125,402
|
4,253,897
|
Distributions to shareholders
|
|
|
Net investment income and net realized gains
|
|
|
Class A
|
(2,797,412
)
|
(2,888,558
)
|
Advisor Class
|
(240,563
)
|
(193,810
)
|
Class C
|
(136,816
)
|
(208,070
)
|
Institutional Class
|
(852,116
)
|
(834,514
)
|
Institutional 2 Class
|
(29,393
)
|
(42,437
)
|
Institutional 3 Class
|
(439,378
)
|
(182,734
)
|
Total distributions to shareholders
|
(4,495,678
)
|
(4,350,123
)
|
Increase (decrease) in net assets from capital stock activity
|
5,152,599
|
(22,751,495
)
|
Total increase (decrease) in net assets
|
17,782,323
|
(22,847,721
)
|
Net assets at beginning of year
|
111,145,840
|
133,993,561
|
Net assets at end of year
|
$128,928,163
|
$111,145,840
|
|
Year Ended
|
Year Ended
|
||
|
October 31, 2024
|
October 31, 2023
|
||
|
Shares
|
Dollars ($)
|
Shares
|
Dollars ($)
|
Capital stock activity
|
||||
Class A
|
|
|
|
|
Shares sold
|
233,637
|
6,104,369
|
296,213
|
7,567,021
|
Distributions reinvested
|
84,273
|
2,211,878
|
89,545
|
2,268,519
|
Shares redeemed
|
(509,966
)
|
(13,356,640
)
|
(628,800
)
|
(15,979,060
)
|
Net decrease
|
(192,056
)
|
(5,040,393
)
|
(243,042
)
|
(6,143,520
)
|
Advisor Class
|
|
|
|
|
Shares sold
|
142,243
|
3,716,465
|
99,844
|
2,489,578
|
Distributions reinvested
|
9,151
|
240,223
|
7,649
|
193,400
|
Shares redeemed
|
(21,944
)
|
(560,327
)
|
(341,233
)
|
(8,755,337
)
|
Net increase (decrease)
|
129,450
|
3,396,361
|
(233,740
)
|
(6,072,359
)
|
Class C
|
|
|
|
|
Shares sold
|
27,419
|
713,066
|
19,233
|
491,234
|
Distributions reinvested
|
5,111
|
133,913
|
7,581
|
192,200
|
Shares redeemed
|
(131,480
)
|
(3,456,514
)
|
(124,864
)
|
(3,180,530
)
|
Net decrease
|
(98,950
)
|
(2,609,535
)
|
(98,050
)
|
(2,497,096
)
|
Institutional Class
|
|
|
|
|
Shares sold
|
336,028
|
8,799,320
|
430,247
|
10,924,894
|
Distributions reinvested
|
24,368
|
639,146
|
28,270
|
716,353
|
Shares redeemed
|
(227,167
)
|
(5,924,884
)
|
(735,574
)
|
(18,642,055
)
|
Net increase (decrease)
|
133,229
|
3,513,582
|
(277,057
)
|
(7,000,808
)
|
Institutional 2 Class
|
|
|
|
|
Shares sold
|
2,991
|
78,203
|
1,056
|
26,975
|
Distributions reinvested
|
1,113
|
29,054
|
1,667
|
42,110
|
Shares redeemed
|
(25,556
)
|
(664,609
)
|
(10,564
)
|
(270,395
)
|
Net decrease
|
(21,452
)
|
(557,352
)
|
(7,841
)
|
(201,310
)
|
Institutional 3 Class
|
|
|
|
|
Shares sold
|
289,816
|
7,493,609
|
128,673
|
3,250,327
|
Distributions reinvested
|
1,831
|
48,044
|
1,790
|
45,301
|
Shares redeemed
|
(41,748
)
|
(1,091,717
)
|
(161,479
)
|
(4,132,030
)
|
Net increase (decrease)
|
249,899
|
6,449,936
|
(31,016
)
|
(836,402
)
|
Total net increase (decrease)
|
200,120
|
5,152,599
|
(890,746
)
|
(22,751,495
)
|
|
Net asset value,
beginning of
period
|
Net
investment
income
|
Net
realized
and
unrealized
gain (loss)
|
Total from
investment
operations
|
Distributions
from net
investment
income
|
Distributions
from net
realized
gains
|
Total
distributions to
shareholders
|
Class A
|
|||||||
Year Ended 10/31/2024
|
$23.73
|
0.92
|
2.67
|
3.59
|
(0.92
)
|
—
|
(0.92
)
|
Year Ended 10/31/2023
|
$24.04
|
0.89
|
(0.32
)
|
0.57
|
(0.88
)
|
—
|
(0.88
)
|
Year Ended 10/31/2022
|
$30.32
|
0.76
|
(6.05
)
|
(5.29
)
|
(0.76
)
|
(0.23
)
|
(0.99
)
|
Year Ended 10/31/2021
|
$29.68
|
0.73
|
0.81
|
1.54
|
(0.72
)
|
(0.18
)
|
(0.90
)
|
Year Ended 10/31/2020(e)
|
$30.29
|
0.78
|
(0.32
)
|
0.46
|
(0.78
)
|
(0.29
)
|
(1.07
)
|
Advisor Class
|
|||||||
Year Ended 10/31/2024
|
$23.69
|
0.99
|
2.65
|
3.64
|
(0.98
)
|
—
|
(0.98
)
|
Year Ended 10/31/2023
|
$24.00
|
0.94
|
(0.31
)
|
0.63
|
(0.94
)
|
—
|
(0.94
)
|
Year Ended 10/31/2022
|
$30.27
|
0.84
|
(6.05
)
|
(5.21
)
|
(0.83
)
|
(0.23
)
|
(1.06
)
|
Year Ended 10/31/2021
|
$29.64
|
0.80
|
0.81
|
1.61
|
(0.80
)
|
(0.18
)
|
(0.98
)
|
Year Ended 10/31/2020(e)
|
$30.25
|
0.85
|
(0.32
)
|
0.53
|
(0.85
)
|
(0.29
)
|
(1.14
)
|
Class C
|
|||||||
Year Ended 10/31/2024
|
$23.71
|
0.80
|
2.67
|
3.47
|
(0.80
)
|
—
|
(0.80
)
|
Year Ended 10/31/2023
|
$24.02
|
0.77
|
(0.31
)
|
0.46
|
(0.77
)
|
—
|
(0.77
)
|
Year Ended 10/31/2022
|
$30.30
|
0.64
|
(6.05
)
|
(5.41
)
|
(0.64
)
|
(0.23
)
|
(0.87
)
|
Year Ended 10/31/2021
|
$29.67
|
0.59
|
0.81
|
1.40
|
(0.59
)
|
(0.18
)
|
(0.77
)
|
Year Ended 10/31/2020(e)
|
$30.28
|
0.65
|
(0.33
)
|
0.32
|
(0.64
)
|
(0.29
)
|
(0.93
)
|
Institutional Class
|
|||||||
Year Ended 10/31/2024
|
$23.70
|
0.99
|
2.66
|
3.65
|
(0.98
)
|
—
|
(0.98
)
|
Year Ended 10/31/2023
|
$24.02
|
0.95
|
(0.33
)
|
0.62
|
(0.94
)
|
—
|
(0.94
)
|
Year Ended 10/31/2022
|
$30.29
|
0.83
|
(6.04
)
|
(5.21
)
|
(0.83
)
|
(0.23
)
|
(1.06
)
|
Year Ended 10/31/2021
|
$29.66
|
0.80
|
0.81
|
1.61
|
(0.80
)
|
(0.18
)
|
(0.98
)
|
Year Ended 10/31/2020(e)
|
$30.26
|
0.85
|
(0.31
)
|
0.54
|
(0.85
)
|
(0.29
)
|
(1.14
)
|
Institutional 2 Class
|
|||||||
Year Ended 10/31/2024
|
$23.65
|
0.99
|
2.65
|
3.64
|
(0.98
)
|
—
|
(0.98
)
|
Year Ended 10/31/2023
|
$23.96
|
0.95
|
(0.31
)
|
0.64
|
(0.95
)
|
—
|
(0.95
)
|
Year Ended 10/31/2022
|
$30.22
|
0.83
|
(6.03
)
|
(5.20
)
|
(0.83
)
|
(0.23
)
|
(1.06
)
|
Year Ended 10/31/2021
|
$29.58
|
0.81
|
0.81
|
1.62
|
(0.80
)
|
(0.18
)
|
(0.98
)
|
Year Ended 10/31/2020(e)
|
$30.19
|
0.86
|
(0.32
)
|
0.54
|
(0.86
)
|
(0.29
)
|
(1.15
)
|
|
Net
asset
value,
end of
period
|
Total
return
|
Total gross
expense
ratio to
average
net assets(a)
|
Total net
expense
ratio to
average
net assets(a),(b)
|
Net investment
income
ratio to
average
net assets
|
Portfolio
turnover
|
Net
assets,
end of
period
(000’s)
|
Class A
|
|||||||
Year Ended 10/31/2024
|
$26.40
|
15.19%
|
0.90%
|
0.76%
(c)
|
3.52%
|
30%
|
$78,245
|
Year Ended 10/31/2023
|
$23.73
|
2.20%
|
0.89%
(d)
|
0.78%
(c),(d)
|
3.49%
|
23%
|
$74,887
|
Year Ended 10/31/2022
|
$24.04
|
(17.84%
)
|
0.86%
(d)
|
0.78%
(c),(d)
|
2.74%
|
22%
|
$81,708
|
Year Ended 10/31/2021
|
$30.32
|
5.23%
|
0.85%
|
0.78%
(c)
|
2.39%
|
18%
|
$117,874
|
Year Ended 10/31/2020
(e)
|
$29.68
|
1.59%
|
0.85%
(d)
|
0.80%
(c),(d)
|
2.63%
|
26%
|
$114,883
|
Advisor Class
|
|||||||
Year Ended 10/31/2024
|
$26.35
|
15.46%
|
0.66%
|
0.51%
(c)
|
3.78%
|
30%
|
$8,711
|
Year Ended 10/31/2023
|
$23.69
|
2.46%
|
0.63%
(d)
|
0.53%
(c),(d)
|
3.71%
|
23%
|
$4,763
|
Year Ended 10/31/2022
|
$24.00
|
(17.64%
)
|
0.61%
(d)
|
0.53%
(c),(d)
|
3.00%
|
22%
|
$10,435
|
Year Ended 10/31/2021
|
$30.27
|
5.46%
|
0.61%
|
0.53%
(c)
|
2.63%
|
18%
|
$12,373
|
Year Ended 10/31/2020
(e)
|
$29.64
|
1.84%
|
0.60%
(d)
|
0.55%
(c),(d)
|
2.88%
|
26%
|
$9,151
|
Class C
|
|||||||
Year Ended 10/31/2024
|
$26.38
|
14.69%
|
1.35%
|
1.21%
(c)
|
3.06%
|
30%
|
$3,458
|
Year Ended 10/31/2023
|
$23.71
|
1.74%
|
1.34%
(d)
|
1.23%
(c),(d)
|
3.02%
|
23%
|
$5,455
|
Year Ended 10/31/2022
|
$24.02
|
(18.23%
)
|
1.43%
(d)
|
1.23%
(c),(d)
|
2.28%
|
22%
|
$7,882
|
Year Ended 10/31/2021
|
$30.30
|
4.72%
|
1.60%
|
1.23%
(c)
|
1.94%
|
18%
|
$12,203
|
Year Ended 10/31/2020
(e)
|
$29.67
|
1.10%
|
1.60%
(d)
|
1.25%
(c),(d),(f)
|
2.18%
|
26%
|
$15,103
|
Institutional Class
|
|||||||
Year Ended 10/31/2024
|
$26.37
|
15.50%
|
0.65%
|
0.51%
(c)
|
3.77%
|
30%
|
$25,292
|
Year Ended 10/31/2023
|
$23.70
|
2.42%
|
0.64%
(d)
|
0.53%
(c),(d)
|
3.73%
|
23%
|
$19,576
|
Year Ended 10/31/2022
|
$24.02
|
(17.62%
)
|
0.61%
(d)
|
0.53%
(c),(d)
|
2.94%
|
22%
|
$26,486
|
Year Ended 10/31/2021
|
$30.29
|
5.46%
|
0.60%
|
0.53%
(c)
|
2.63%
|
18%
|
$55,959
|
Year Ended 10/31/2020
(e)
|
$29.66
|
1.77%
|
0.60%
(d)
|
0.55%
(c),(d)
|
2.88%
|
26%
|
$51,296
|
Institutional 2 Class
|
|||||||
Year Ended 10/31/2024
|
$26.31
|
15.49%
|
0.63%
|
0.50%
|
3.78%
|
30%
|
$574
|
Year Ended 10/31/2023
|
$23.65
|
2.47%
|
0.62%
(d)
|
0.51%
(d)
|
3.75%
|
23%
|
$1,024
|
Year Ended 10/31/2022
|
$23.96
|
(17.62%
)
|
0.59%
(d)
|
0.51%
(d)
|
2.94%
|
22%
|
$1,225
|
Year Ended 10/31/2021
|
$30.22
|
5.52%
|
0.59%
|
0.52%
|
2.65%
|
18%
|
$1,860
|
Year Ended 10/31/2020
(e)
|
$29.58
|
1.78%
|
0.58%
(d)
|
0.53%
(d)
|
2.89%
|
26%
|
$1,977
|
|
Net asset value,
beginning of
period
|
Net
investment
income
|
Net
realized
and
unrealized
gain (loss)
|
Total from
investment
operations
|
Distributions
from net
investment
income
|
Distributions
from net
realized
gains
|
Total
distributions to
shareholders
|
Institutional 3 Class
|
|||||||
Year Ended 10/31/2024
|
$23.72
|
1.01
|
2.66
|
3.67
|
(1.00
)
|
—
|
(1.00
)
|
Year Ended 10/31/2023
|
$24.03
|
0.97
|
(0.32
)
|
0.65
|
(0.96
)
|
—
|
(0.96
)
|
Year Ended 10/31/2022
|
$30.31
|
0.89
|
(6.09
)
|
(5.20
)
|
(0.85
)
|
(0.23
)
|
(1.08
)
|
Year Ended 10/31/2021
|
$29.67
|
0.82
|
0.82
|
1.64
|
(0.82
)
|
(0.18
)
|
(1.00
)
|
Year Ended 10/31/2020(e)
|
$30.28
|
0.87
|
(0.32
)
|
0.55
|
(0.87
)
|
(0.29
)
|
(1.16
)
|
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)
|
Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse
stock split completed after the close of business on September 11, 2020.
|
(f)
|
Ratios include the impact of voluntary waivers paid by the Investment Manager. For
the periods indicated below, if the Investment Manager had not paid these voluntary
waivers, the Fund’s net expense ratio would increase by:
|
|
10/31/2020
|
Class C
|
0.25%
|
|
Net
asset
value,
end of
period
|
Total
return
|
Total gross
expense
ratio to
average
net assets(a)
|
Total net
expense
ratio to
average
net assets(a),(b)
|
Net investment
income
ratio to
average
net assets
|
Portfolio
turnover
|
Net
assets,
end of
period
(000’s)
|
Institutional 3 Class
|
|||||||
Year Ended 10/31/2024
|
$26.39
|
15.57%
|
0.58%
|
0.44%
|
3.85%
|
30%
|
$12,647
|
Year Ended 10/31/2023
|
$23.72
|
2.53%
|
0.57%
(d)
|
0.46%
(d)
|
3.81%
|
23%
|
$5,440
|
Year Ended 10/31/2022
|
$24.03
|
(17.59%
)
|
0.55%
(d)
|
0.46%
(d)
|
3.42%
|
22%
|
$6,257
|
Year Ended 10/31/2021
|
$30.31
|
5.56%
|
0.54%
|
0.47%
|
2.70%
|
18%
|
$867
|
Year Ended 10/31/2020
(e)
|
$29.67
|
1.87%
|
0.54%
(d)
|
0.49%
(d)
|
2.95%
|
26%
|
$780
|
|
Asset derivatives
|
|
Risk exposure
category
|
Statement
of assets and liabilities
location
|
Fair value ($)
|
Interest rate risk
|
Component of total distributable earnings (loss) — unrealized appreciation on futures contracts
|
4,010
*
|
*
|
Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of
Assets and Liabilities.
|
Amount of realized gain (loss) on derivatives recognized in income
|
|
Risk exposure category
|
Futures
contracts
($)
|
Interest rate risk
|
(22,308
)
|
|
|
Change in unrealized appreciation (depreciation) on derivatives recognized in income
|
|
Risk exposure category
|
Futures
contracts
($)
|
Interest rate risk
|
4,010
|
Derivative instrument
|
Average notional
amounts ($)
|
Futures contracts — short
|
200,388
|
|
Effective rate (%)
|
Class A
|
0.08
|
Advisor Class
|
0.08
|
Class C
|
0.08
|
Institutional Class
|
0.08
|
Institutional 2 Class
|
0.06
|
Institutional 3 Class
|
0.01
|
|
Front End (%)
|
CDSC (%)
|
Amount ($)
|
Class A
|
3.00
|
0.75
(a)
|
13,650
|
Class C
|
—
|
1.00
(b)
|
—
|
(a)
|
This charge is imposed on certain investments of $500,000 or more if redeemed within
12 months after purchase.
|
(b)
|
This charge applies to redemptions within 12 months after purchase, with certain limited
exceptions.
|
|
March 1, 2024
through
February 28, 2025 (%)
|
Prior to
March 1, 2024 (%)
|
Class A
|
0.76
|
0.78
|
Advisor Class
|
0.51
|
0.53
|
Class C
|
1.21
|
1.23
|
Institutional Class
|
0.51
|
0.53
|
Institutional 2 Class
|
0.50
|
0.51
|
Institutional 3 Class
|
0.44
|
0.46
|
Undistributed net
investment
income ($)
|
Accumulated
net realized
(loss) ($)
|
Paid in
capital ($)
|
26,714
|
(26,715
)
|
1
|
Year Ended October 31, 2024
|
Year Ended October 31, 2023
|
||||||
Ordinary
income ($)
|
Tax-exempt
income ($)
|
Long-term
capital gains ($)
|
Total ($)
|
Ordinary
income ($)
|
Tax-exempt
income ($)
|
Long-term
capital gains ($)
|
Total ($)
|
18,963
|
4,476,715
|
—
|
4,495,678
|
38,792
|
4,311,331
|
—
|
4,350,123
|
Undistributed
ordinary income ($)
|
Undistributed tax-
exempt income ($)
|
Undistributed
long-term
capital gains ($)
|
Capital loss
carryforwards ($)
|
Net unrealized
(depreciation) ($)
|
—
|
1,629,674
|
—
|
(8,614,703
)
|
(5,722,251
)
|
Federal
tax cost ($)
|
Gross unrealized
appreciation ($)
|
Gross unrealized
(depreciation) ($)
|
Net unrealized
(depreciation) ($)
|
130,511,914
|
1,350,257
|
(7,072,508
)
|
(5,722,251
)
|
No expiration
short-term ($)
|
No expiration
long-term ($)
|
Total ($)
|
Utilized ($)
|
(4,661,143
)
|
(3,953,560
)
|
(8,614,703
)
|
—
|
Exempt-
interest
dividends
|
|
99.58%
|
|
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. 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 implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.
Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) | Columbia Funds Series Trust I |
By (Signature and Title) | /s/ Daniel J. Beckman |
Daniel J. Beckman, President and Principal Executive Officer | |
Date | December 20, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Daniel J. Beckman |
Daniel J. Beckman, President and Principal Executive Officer | |
Date | December 20, 2024 |
By (Signature and Title) | /s/ Michael G. Clarke |
Michael G. Clarke, Chief Financial Officer, | |
Principal Financial Officer and Senior Vice President | |
Date | December 20, 2024 |
By (Signature and Title) | /s/ Charles H. Chiesa |
Charles H. Chiesa, Treasurer, Chief Accounting | |
Officer and Principal Financial Officer | |
Date | December 20, 2024 |