Fund Evaluator:
Columbia Massachusetts Itmt MuncplBdInst (SEMAX)
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Best Performing in Muni Massachusetts Over the Last Year
| 8.2% | Vanguard MA Tax-Exempt Inv (VMATX) |
| 6.8% | Fidelity Massachusetts Municipal Income (FDMMX) |
| 5.4% | BNY Mellon MA Interm Muni Bd M (MMBMX) |
| 5.3% | Columbia Massachusetts Itmt MuncplBdInst (SEMAX) |
Fund Details
Columbia Massachusetts Itmt MuncplBdInst Overview
Columbia Massachusetts Itmt MuncplBdInst (SEMAX) is an actively managed Municipal Bond Muni Massachusetts fund. Columbia Threadneedle launched the fund in 1993.
The investment seeks as high a level of current interest income exempt from federal income tax and from Massachusetts individual income tax, as is consistent with relative stability of principal. The fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in municipal securities that pay interest exempt from U.S. federal income tax and Massachusetts individual income tax. It normally invests at least 80% of its total assets in municipal securities that, at the time of purchase, are rated investment grade or are unrated but determined to be of comparable quality. The fund is non-diversified.
About Columbia Massachusetts Itmt MuncplBdInst (SEMAX)
There are 3 members of the management team with an average tenure of 6.60 years: Paul Fox (2012), Doug Rangel (2022), Travis Bates (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 3-15Y Blend 2-17Y TR index with a weighting of 100%. Columbia Massachusetts Itmt MuncplBdInst has 63 securities in its portfolio. The top 10 holdings constitute 33.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Columbia Massachusetts Itmt MuncplBdInst is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Columbia Massachusetts Itmt MuncplBdInst has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.7% (99.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Columbia Massachusetts Itmt MuncplBdInst has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $21 million in total assets, which is below the $217 million average for the Muni Massachusetts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SEMAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Columbia Massachusetts Itmt MuncplBdInst expense ratio is average compared to funds in the Muni Massachusetts category. Columbia Massachusetts Itmt MuncplBdInst has an expense ratio of 0.56%, which is 32% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Columbia Massachusetts Itmt MuncplBdInst has a portfolio turnover rate of 13%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 25% for the Muni Massachusetts category.
Recently, in the month of June 2026, Columbia Massachusetts Itmt MuncplBdInst returned 0.6%, which earned it a grade of F, as the Muni Massachusetts category had an average return of 0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Columbia Massachusetts Itmt MuncplBdInst has a trailing yield of 2.81%, which is below the 2.91% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Columbia Massachusetts Itmt MuncplBdInst Grades
Year to date, the fund has returned 1.6%, 0.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.3% over the past year (grade of F), 3.4% over the past three years (grade of B) and 0.8% per year over the past five years (grade of A) and 1.5% per year over the past 10 years (grade of B).
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SEMAX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SEMAX Return (NAV) | 0.6% | 1.6% | 5.3% | 3.4% | 0.8% | 1.5% |
| SEMAX Grade | F | F | F | B | A | B |
| +/- Category | -0.2% | -0.8% | -1.3% | 0.1% | 0.5% | 0.2% |
| Muni Massachusetts Avg | 0.8% | 2.4% | 6.7% | 3.3% | 0.3% | 1.4% |
| SEMAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
SEMAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SEMAX Return (NAV) | 1.6% | 4.3% | 1.7% | 4.5% | -7.6% | 1.0% | 3.6% | 6.4% | 0.7% | 4.0% | -0.6% |
| SEMAX Grade | F | A | A | F | A | D | F | D | A | D | D |
| +/- Category | -0.6% | 1.1% | 0.4% | -1.0% | 2.4% | -0.2% | -0.6% | -0.3% | 0.5% | -0.5% | -0.4% |
| Muni Massachusetts Avg | 2.3% | 3.2% | 1.2% | 5.5% | -9.9% | 1.2% | 4.2% | 6.8% | 0.2% | 4.5% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 3.7% |
| Total Risk Index: | 0.30 - Low |
| Category Risk Index: | 0.70 - Low |
| Category Risk Grade: | A (9% Rank) |
| Beta: | 0.65 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $66 Mil |
| Fund Total Assets: | $ 22 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 13% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 14.5 years | |||
| Average Tenure: 6.6 years | |||
| Managers (Year): Fox Paul (2012), Rangel Doug (2022), Bates Travis (2025) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 63 |
| % in Top 10 Holdings: | 33.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Fund Family: | Columbia Threadneedle |
| Phone Number: | 800-345-6611 |
| Website: | www.columbiathreadneedleus.com |
| Status: | Open |
| Inception Date: | June 14, 1993 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.56% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | Columbia Massachusetts Itmt MuncplBdInst |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
