United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-3181
(Investment Company Act File Number)
Federated Short Term Municipal Trust
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, Pennsylvania 15237-7000
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 6/30/04
Date of Reporting Period: Six months ended 12/31/03
Item 1. Reports to Stockholders
Federated Investors
World-Class Investment Manager
Federated Short-Term Municipal Trust
SEMI-ANNUAL SHAREHOLDER REPORT
December 31, 2003
Institutional Shares
Institutional Service Shares
FINANCIAL HIGHLIGHTS
FINANCIAL STATEMENTS
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE
Financial Highlights -- Institutional Shares
(For a Share Outstanding Throughout Each Period)
| Six Months |
|
| Year Ended June 30, | ||||||||||||||
| 12/31/2003 |
|
| 2003 |
|
| 2002 |
|
| 2001 |
|
| 2000 | 1 |
| 1999 |
| |
Net Asset Value, Beginning of Period |
| $10.48 |
|
| $10.35 |
|
| $10.27 |
|
| $10.03 |
|
| $10.20 |
|
| $10.29 |
|
Income From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| 0.13 |
|
| 0.31 |
|
| 0.39 | 2 |
| 0.44 |
|
| 0.43 |
|
| 0.44 |
|
Net realized and unrealized gain (loss) on investments and futures contracts |
| (0.07 | ) |
| 0.13 |
|
| 0.08 | 2 |
| 0.24 |
|
| (0.17 | ) |
| (0.09 | ) |
TOTAL FROM INVESTMENT OPERATIONS |
| 0.06 |
|
| 0.44 |
|
| 0.47 |
|
| 0.68 |
|
| 0.26 |
|
| 0.35 |
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
| (0.13 | ) |
| (0.31 | ) |
| (0.39 | ) |
| (0.44 | ) |
| (0.43 | ) |
| (0.44 | ) |
Net Asset Value, End of Period |
| $10.41 |
|
| $10.48 |
|
| $10.35 |
|
| $10.27 |
|
| $10.03 |
|
| $10.20 |
|
Total Return3 |
| 0.61 | % |
| 4.32 | % |
| 4.63 | % |
| 6.90 | % |
| 2.65 | % |
| 3.39 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
| 0.47 | %4 |
| 0.47 | % |
| 0.47 | % |
| 0.47 | % |
| 0.47 | % |
| 0.47 | % |
Net investment income |
| 2.56 | %4 |
| 2.98 | % |
| 3.75 | %2 |
| 4.32 | % |
| 4.29 | % |
| 4.21 | % |
Expense waiver/reimbursement5 |
| 0.35 | %4 |
| 0.36 | % |
| 0.37 | % |
| 0.40 | % |
| 0.37 | % |
| 0.37 | % |
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
| $342,932 |
| $342,549 |
| $211,835 |
| $167,025 |
| $172,051 |
| $202,226 |
| |||||
Portfolio turnover |
| 19 | % |
| 28 | % |
| 33 | % |
| 58 | % |
| 31 | % |
| 19 | % |
1 Beginning with the year ended June 30, 2000, the Fund was audited by Ernst & Young LLP. The previous year was audited by other auditors.
2 Effective July 1, 2001, the Fund adopted the provisions of the American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. For the year ended June 30, 2002, this change had no effect on the net investment income per share or net realized and unrealized gain on investments per share, or the ratio of net investment income to average net assets. Per share, ratios and supplemental data for the periods prior to July 1, 2001 have not been restated to reflect this change in presentation.
3 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
4 Computed on an annualized basis.
5 This expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
Financial Highlights -- Institutional Service Shares
(For a Share Outstanding Throughout Each Period)
| Six Months |
|
| Year Ended June 30, | ||||||||||||||
|
| 12/31/2003 |
|
| 2003 |
|
| 2002 |
|
| 2001 |
|
| 2000 | 1 |
| 1999 |
|
Net Asset Value, Beginning of Period |
| $10.48 |
|
| $10.35 |
|
| $10.27 |
|
| $10.03 |
|
| $10.20 |
|
| $10.29 |
|
Income From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| 0.12 |
|
| 0.29 |
|
| 0.36 | 2 |
| 0.41 |
|
| 0.41 |
|
| 0.41 |
|
Net realized and unrealized gain (loss) on investments and futures contracts |
| (0.07 | ) |
| 0.13 |
|
| 0.08 | 2 |
| 0.24 |
|
| (0.17 | ) |
| (0.09 | ) |
TOTAL FROM INVESTMENT OPERATIONS |
| 0.05 |
|
| 0.42 |
|
| 0.44 |
|
| 0.65 |
|
| 0.24 |
|
| 0.32 |
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
| (0.12 | ) |
| (0.29 | ) |
| (0.36 | ) |
| (0.41 | ) |
| (0.41 | ) |
| (0.41 | ) |
Net Asset Value, End of Period |
| $10.41 |
|
| $10.48 |
|
| $10.35 |
|
| $10.27 |
|
| $10.03 |
|
| $10.20 |
|
Total Return3 |
| 0.48 | % |
| 4.06 | % |
| 4.37 | % |
| 6.64 | % |
| 2.39 | % |
| 3.13 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
| 0.72 | %4 |
| 0.72 | % |
| 0.72 | % |
| 0.72 | % |
| 0.72 | % |
| 0.72 | % |
Net investment income |
| 2.29 | %4 |
| 2.75 | % |
| 3.50 | %2 |
| 4.08 | % |
| 4.03 | % |
| 3.97 | % |
Expense waiver/reimbursement5 |
| 0.35 | %4 |
| 0.36 | % |
| 0.37 | % |
| 0.40 | % |
| 0.37 | % |
| 0.37 | % |
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
| $57,651 |
| $24,230 |
| $28,577 |
| $21,851 |
| $14,282 |
| $21,767 |
| |||||
Portfolio turnover |
| 19 | % |
| 28 | % |
| 33 | % |
| 58 | % |
| 31 | % |
| 19 | % |
1 Beginning with the year ended June 30, 2000, the Fund was audited by Ernst & Young LLP. The previous year was audited by other auditors.
2 Effective July 1, 2001, the Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. For the year ended June 30, 2002, this change had no effect on the net investment income per share or net realized and unrealized gain on investments per share, or the ratio of net investment income to average net assets. Per share, ratios and supplemental data for the periods prior to July 1, 2001 have not been restated to reflect this change in presentation.
3 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
4 Computed on an annualized basis.
5 This expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
Portfolio of Investments
December 31, 2003 (unaudited)
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--92.1%2 |
|
|
|
|
|
|
|
|
| Alabama--3.6% |
|
|
|
|
|
|
$ | 2,000,000 |
| Alabama State Public School & College Authority, Revenue Bonds, 5.00%, 2/1/2007 |
| AA/Aa3 |
| $ | 2,182,780 |
|
| 3,040,000 |
| Alabama State Public School & College Authority, Revenue Bonds, 5.00%, 2/1/2008 |
| AA/Aa3 |
|
| 3,361,602 |
|
| 2,760,000 |
| DCH Health Care Authority, Health Care Facilities Revenue Bonds, 3.50%, 6/1/2005 |
| A+/A1 |
|
| 2,822,376 |
|
| 860,000 |
| Huntsville, AL Health Care Authority, Revenue Bonds, 4.75% (Huntsville Hospital System), 6/1/2004 |
| NR/A2 |
|
| 870,965 |
|
| 1,190,000 |
| Lauderdale County & Florence, AL Health Care Authority, Revenue Bonds, (Series 2000A), 5.50% (Coffee Health Group)/(MBIA Insurance Corp. INS), 7/1/2005 |
| AAA/Aaa |
|
| 1,261,352 |
|
| 1,275,000 |
| Lauderdale County & Florence, AL Health Care Authority, Revenue Bonds, (Series 2000A), 5.50% (Coffee Health Group)/(MBIA Insurance Corp. INS), 7/1/2006 |
| AAA/Aaa |
|
| 1,389,661 |
|
| 2,500,000 |
| Mobile, AL IDB, (Series 1994A), 2.50% TOBs (International Paper Co.), Optional Tender 6/1/2004 |
| BBB/Baa2 |
|
| 2,500,325 |
|
|
|
| TOTAL |
|
|
|
| 14,389,061 |
|
|
|
| Alaska--1.9% |
|
|
|
|
|
|
| 3,000,000 |
| Alaska State Housing Finance Corp., State Capital Project Revenue Bonds, (Series 2001A), 5.00% (MBIA Insurance Corp. INS), 12/1/2006 |
| AAA/Aaa |
|
| 3,266,640 |
|
| 4,500,000 |
| Valdez, AK Marine Terminal, (Series 1994A), 2.00% TOBs (Phillips Transportation Alaska, Inc.)/(ConocoPhillips GTD), Optional Tender 1/1/2004 |
| A-/A3 |
|
| 4,528,080 |
|
|
|
| TOTAL |
|
|
|
| 7,794,720 |
|
|
|
| Arizona--2.7% |
|
|
|
|
|
|
| 2,000,000 |
| Maricopa County, AZ Pollution Control Corp., (Series 1994D), 1.75% TOBs (Arizona Public Service Co.), Optional Tender 4/5/2004 |
| A-/A3 |
|
| 2,000,480 |
|
| 2,000,000 |
| Maricopa County, AZ Pollution Control Corp., (Series 1994F), 1.75% TOBs (Arizona Public Service Co.), Optional Tender 4/5/2004 |
| A-/A3 |
|
| 2,000,460 |
|
| 500,000 |
| Maricopa County, AZ Unified School District No. 210, GO UT, 5.00%, 7/1/2007 |
| AA/Aa3 |
|
| 550,195 |
|
| 460,000 |
| Maricopa County, AZ Unified School District No. 97, GO UT, 5.20% (FGIC INS)/(Original Issue Yield: 5.30%), 7/1/2007 |
| AAA/Aaa |
|
| 478,754 |
|
| 540,000 |
| Maricopa County, AZ Unified School District No. 97, GO UT, 5.20% (FGIC INS)/(Original Issue Yield: 5.30%), 7/1/2007 |
| AAA/Aaa |
|
| 561,330 |
|
| 1,000,000 |
| Maricopa County, AZ, IDA, 1.15% CP (American Water Capital Corp.), Mandatory Tender 1/13/2004 |
| BBB+/Baa1 |
|
| 1,000,000 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Arizona--continued |
|
|
|
|
|
|
$ | 2,000,000 |
| Salt River Project, AZ Agricultural Improvement & Power District, Electric System Refunding Revenue Bonds, (Series 2002D), 5.00%, 1/1/2007 |
| AA/Aa2 |
| $ | 2,180,280 |
|
| 1,000,000 | 3 | Yavapai, AZ IDA, Solid Waste Disposal Revenue Bonds, 3.65% TOBs (Waste Management, Inc.), Mandatory Tender 3/1/2006 |
| BBB/Baa3 |
|
| 1,016,140 |
|
| 1,000,000 | 3 | Yavapai, AZ IDA, Solid Waste Disposal Revenue Bonds, 4.45% TOBs (Waste Management, Inc.), Mandatory Tender 3/1/2008 |
| BBB/Baa3 |
|
| 1,027,700 |
|
|
|
| TOTAL |
|
|
|
| 10,815,339 |
|
|
|
| Arkansas--1.3% |
|
|
|
|
|
|
| 1,000,000 |
| Arkansas Development Finance Authority, Exempt Facilities Revenue Bonds, 3.00% TOBs (Waste Management, Inc.), Mandatory Tender 8/1/2004 |
| BBB/NR |
|
| 1,004,750 |
|
| 360,000 |
| Arkansas Development Finance Authority, SFM Revenue Bonds, (Series 1997A-R), 6.50% (MBIA Insurance Corp. INS), 2/1/2011 |
| AAA/NR |
|
| 361,750 |
|
| 640,000 |
| Little Rock, AR Health Facilities Board, Healthcare Refunding Revenue Bonds, (Series 2003), 4.25% (Baptist Medical Center, AR), 9/1/2006 |
| A+/NR |
|
| 672,083 |
|
| 1,420,000 |
| Pulaski County, AR, Hospital Refunding Revenue Bonds, (Series 2002B), 4.00% (Arkansas Children's Hospital), 3/1/2005 |
| A/A2 |
|
| 1,449,380 |
|
| 1,595,000 |
| Pulaski County, AR, Hospital Refunding Revenue Bonds, (Series 2002B), 4.75% (Arkansas Children's Hospital), 3/1/2008 |
| A/A2 |
|
| 1,685,548 |
|
|
|
| TOTAL |
|
|
|
| 5,173,511 |
|
|
|
| California--5.0% |
|
|
|
|
|
|
| 2,500,000 |
| California PCFA, Solid Waste Disposal Revenue Bonds, 2.00% TOBs (Republic Services, Inc.), Mandatory Tender 12/1/2004 |
| BBB+/NR |
|
| 2,501,875 |
|
| 1,000,000 |
| California State Department of Water Resources Power Supply Program, Power Supply Revenue Bonds, (Series A), 5.50%, 5/1/2005 |
| BBB+/A3 |
|
| 1,048,710 |
|
| 1,000,000 |
| California State Department of Water Resources Power Supply Program, Revenue Bonds, (Series 2002A), 5.50%, 5/1/2007 |
| BBB+/A3 |
|
| 1,095,070 |
|
| 3,000,000 |
| California State, Refunding UT GO Bonds, 5.00%, 2/1/2008 |
| BBB/Baa1 |
|
| 3,240,660 |
|
| 5,575,000 |
| California State, SAVRs, (Series D-4), 5/1/2033 |
| BBB/Baa1 |
|
| 5,575,000 |
|
| 4,500,000 |
| California State, SAVRs, (Series D-5), 5/1/2033 |
| BBB/Baa1 |
|
| 4,500,000 |
|
| 1,000,000 |
| California Statewide Communities Development Authority, Revenue Bonds, (Series 2002C), 3.70% TOBs (Kaiser Permanente), Mandatory Tender 5/31/2005 |
| A/A3 |
|
| 1,022,050 |
|
| 1,000,000 |
| California Statewide Communities Development Authority, Revenue Bonds, (Series 2002D), 4.35% TOBs (Kaiser Permanente), Mandatory Tender 2/1/2007 |
| A/A3 |
|
| 1,049,940 |
|
|
|
| TOTAL |
|
|
|
| 20,033,305 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Colorado--1.2% |
|
|
|
|
|
|
$ | 110,000 |
| Colorado HFA, SFM Revenue Bond, (Series C-1), 7.65%, 12/1/2025 |
| NR/Aa2 |
| $ | 110,602 |
|
| 30,000 |
| Colorado HFA, Single Family Program Subordinate Bonds, (Series 1998B), 4.625%, 11/1/2005 |
| NR/A1 |
|
| 30,265 |
|
| 640,000 |
| Colorado Health Facilities Authority, Hospital Refunding Revenue Bonds, 5.00% (Parkview Medical Center), 9/1/2004 |
| NR/Baa1 |
|
| 651,226 |
|
| 3,810,000 |
| Countrydale, CO Metropolitan District, LT GO Refunding Bonds, 3.50% TOBs (Compass Bank, Birmingham LOC), Mandatory Tender 12/1/2007 |
| NR/A1 |
|
| 3,883,381 |
|
|
|
| TOTAL |
|
|
|
| 4,675,474 |
|
|
|
| Delaware--0.1% |
|
|
|
|
|
|
| 500,000 |
| Delaware State, GO UT, (Series B), 5.00%, 5/1/2004 |
| AAA/Aaa |
|
| 506,620 |
|
|
|
| District of Columbia--0.3% |
|
|
|
|
|
|
| 1,055,000 |
| District of Columbia, Revenue Bonds, (Series 1999), 5.30% TOBs (819 7th Street LLC Issue)/(Branch Banking & Trust Co., Winston-Salem LOC), Mandatory Tender 10/1/2004 |
| A+/NR |
|
| 1,073,420 |
|
|
|
| Florida--2.8% |
|
|
|
|
|
|
| 1,000,000 |
| Escambia County, FL Health Facilities Authority, Revenue Bonds, (Series 2003A), 5.00% (Ascension Health Credit Group), 11/15/2008 |
| AA/Aa2 |
|
| 1,100,950 |
|
| 620,000 |
| Florida Housing Finance Corp., Homeowner Mortgage Revenue Bonds, (Series 2), 4.75% (MBIA Insurance Corp. INS), 7/1/2019 |
| AAA/Aaa |
|
| 642,122 |
|
| 1,300,000 |
| Florida State Board of Education Capital Outlay, UT GO Bonds, (Series 2001E), 5.00% (Florida State), 6/1/2004 |
| AA+/Aa2 |
|
| 1,321,320 |
|
| 1,000,000 |
| Highlands County, FL Health Facilities Authority, Hospital Revenue Bonds, (Series 2002B), 3.50% (Adventist Health System), 11/15/2004 |
| A/A3 |
|
| 1,015,330 |
|
| 2,000,000 |
| Highlands County, FL Health Facilities Authority, Hospital Revenue Bonds, 3.35% TOBs (Adventist Health System), Mandatory Tender 9/1/2005 |
| A/A3 |
|
| 2,047,260 |
|
| 495,000 |
| Miami Beach, FL Health Facilities Authority, Hospital Revenue Bonds, (Series 2001B), 5.50% TOBs (Mt. Sinai Medical Center, FL), Mandatory Tender 5/15/2005 |
| BB/Ba3 |
|
| 495,005 |
|
| 1,885,000 |
| Miami-Dade County, FL School District, Certificates of Participation, (Series A), 5.25% (FSA INS), 10/1/2006 |
| AAA/Aaa |
|
| 2,061,059 |
|
| 1,600,000 |
| Palm Beach County, FL Health Facilities Authority, Hospital Refunding Revenue Bonds, (Series 2001), 5.00% (BRCH Corporation Obligated Group), 12/1/2004 |
| A/NR |
|
| 1,648,688 |
|
| 1,000,000 |
| Volusia County, FL School District, GO UT, 5.00% (FGIC INS), 8/1/2004 |
| AAA/Aaa |
|
| 1,022,920 |
|
|
|
| TOTAL |
|
|
|
| 11,354,654 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Georgia--2.0% |
|
|
|
|
|
|
$ | 1,640,000 |
| Decatur County-Bainbridge, GA IDA, Revenue Bonds, 4.00% TOBs (John B. Sanifilippo & Son)/(Lasalle Bank, N.A. LOC), Mandatory Tender 6/1/2006 |
| A+/NR |
| $ | 1,699,663 |
|
| 1,000,000 |
| Henry County, GA School District, GO UT, 3.75%, 8/1/2004 |
| AA-/Aa3 |
|
| 1,015,680 |
|
| 3,000,000 |
| Municipal Electric Authority of Georgia, Combustion Turbine Project Revenue Bonds, (Series 2002A), 5.00% (MBIA Insurance Corp. INS), 11/1/2008 |
| AAA/Aaa |
|
| 3,351,690 |
|
| 950,000 |
| Municipal Electric Authority of Georgia, Refunding Revenue Bonds, (Series Z), 5.10% (FSA INS)/(Original Issue Yield: 5.15%), 1/1/2005 |
| AAA/Aaa |
|
| 987,838 |
|
| 1,000,000 |
| Walker County, GA, Sales Tax UT GO Bonds, 3.50% (FSA INS), 1/1/2007 |
| AAA/NR |
|
| 1,046,590 |
|
|
|
| TOTAL |
|
|
|
| 8,101,461 |
|
|
|
| Hawaii--0.3% |
|
|
|
|
|
|
| 1,000,000 |
| Hawaii State, GO UT, Refunding Bonds, (Series CB), 5.75% (Original Issue Yield: 5.90%), 1/1/2007 |
| AA-/Aa3 |
|
| 1,109,750 |
|
|
|
| Illinois--7.3% |
|
|
|
|
|
|
| 1,000,000 |
| Chicago, IL Board of Education, SAVRs, (Series D-1), 3/1/2014 |
| A+/A2 |
|
| 1,000,000 |
|
| 1,000,000 |
| Chicago, IL O'Hare International Airport, (Series A), 6.375% (MBIA Insurance Corp. INS)/(Original Issue Yield: 6.735%), 1/1/2012 |
| AAA/Aaa |
|
| 1,067,750 |
|
| 1,000,000 |
| Chicago, IL O'Hare International Airport, Revenue Bonds, (Series A), 5.375% (AMBAC INS)/(Original Issue Yield: 5.50%), 1/1/2007 |
| AAA/Aaa |
|
| 1,084,960 |
|
| 2,500,000 |
| Chicago, IL Transit Authority, Capital Grant Receipts Revenue Bonds, (Series B), 5.00% (AMBAC INS), 6/1/2007 |
| AAA/Aaa |
|
| 2,620,475 |
|
| 1,550,000 |
| Chicago, IL, GO UT, Refunding Bonds, 6.30% (AMBAC INS)/(Original Issue Yield: 6.40%), 1/1/2005 |
| AAA/Aaa |
|
| 1,629,546 |
|
| 4,000,000 |
| Illinois Development Finance Authority, PCR, (Illinois Power Co.), (Series A), (MBIA Insurance Corp. INS), 4/1/2032 |
| AAA/Aaa |
|
| 4,000,000 |
|
| 9,950,000 |
| Illinois Development Finance Authority, PCR, (Illinois Power Co.), (MBIA Insurance Corp. INS), 3/1/2017 |
| AAA/Aaa |
|
| 9,950,000 |
|
| 1,000,000 |
| Illinois State, UT GO Bonds (First Series of December 2000), 5.50%, 12/1/2004 |
| AA/Aa3 |
|
| 1,040,250 |
|
| 3,000,000 |
| Illinois State, UT GO Bonds (First Series of July 2002), 5.00% (MBIA Insurance Corp. INS), 7/1/2007 |
| AAA/Aaa |
|
| 3,295,830 |
|
| 3,050,000 |
| Will & Kendall Counties, IL Community Consolidated School District No. 202, UT GO Bonds, 5.50% (FSA INS), 12/30/2007 |
| AAA/Aaa |
|
| 3,440,248 |
|
|
|
| TOTAL |
|
|
|
| 29,129,059 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Indiana--1.2% |
|
|
|
|
|
|
$ | 1,000,000 |
| Indiana Development Finance Authority, Refunding Revenue Bonds, (Series 1998A), 4.75% TOBs (Southern Indiana Gas & Electric Co.), Mandatory Tender 3/1/2006 |
| BBB+/Baa1 |
| $ | 1,041,980 |
|
| 1,200,000 |
| Indiana Health Facility Financing Authority, Health System Revenue Bonds, (Series 2001), 5.00% (Sisters of St. Francis Health Services, Inc.), 11/1/2004 |
| NR/Aa3 |
|
| 1,234,680 |
|
| 1,000,000 |
| Indiana Health Facility Financing Authority, Revenue Bonds, (Series 2002G), 5.50% (Ascension Health Credit Group), 11/15/2007 |
| AA/Aa2 |
|
| 1,107,310 |
|
| 495,000 |
| Indiana State HFA, SFM Revenue Bonds, (Series C-3), 4.75%, 1/1/2029 |
| NR/Aaa |
|
| 501,712 |
|
| 1,000,000 |
| Lawrenceburg, IN Pollution Control Revenue Board, PCR Revenue Bonds, (Series F), 2.625% TOBs (Indiana Michigan Power Co.), Mandatory Tender 10/1/2006 |
| BBB/Baa2 |
|
| 1,001,430 |
|
|
|
| TOTAL |
|
|
|
| 4,887,112 |
|
|
|
| Iowa--0.5% |
|
|
|
|
|
|
| 1,880,000 |
| Iowa Finance Authority, Iowa State Revolving Fund Revenue Bonds, (Series 2001), 5.00%, 8/1/2004 |
| AAA/Aaa |
|
| 1,923,221 |
|
|
|
| Kansas--1.5% |
|
|
|
|
|
|
| 2,000,000 |
| Burlington, KS, Refunding Revenue Bonds, (Series 1998B), 4.75% TOBs (Kansas City Power And Light Co.), Mandatory Tender 10/1/2007 |
| BBB/A3 |
|
| 2,126,840 |
|
| 1,000,000 |
| Burlington, KS, Refunding Revenue Bonds, (Series 1998C), 2.25% TOBs (Kansas City Power And Light Co.), Mandatory Tender 9/1/2004 |
| BBB/A3 |
|
| 999,890 |
|
| 2,000,000 |
| La Cygne, KS, Environmental Improvement Revenue Refunding Bonds, (Series 1994), 3.90% TOBs (Kansas City Power and Light Co.), Mandatory Tender 9/1/2004 |
| BBB/A2 |
|
| 2,031,000 |
|
| 840,000 |
| Lawrence, KS Hospital Authority, Hospital Revenue Bonds, 3.25% (Lawrence Memorial Hospital), 7/1/2007 |
| NR/Baa1 |
|
| 847,350 |
|
| 120,000 |
| Sedgwick & Shawnee Counties, KS, SFM Revenue Bonds, Mortgage-Backed Securities Program, (Series 1998 A-1), 5.00% (GNMA Collateralized Home Mortgage Program COL), 6/1/2013 |
| NR/Aaa |
|
| 125,251 |
|
|
|
| TOTAL |
|
|
|
| 6,130,331 |
|
|
|
| Kentucky--0.2% |
|
|
|
|
|
|
| 1,000,000 |
| Kentucky Housing Corp., Housing Revenue Bonds, (Series 2003F), 1.80%, 1/1/2006 |
| AAA/Aaa |
|
| 1,001,860 |
|
|
|
| Louisiana--2.4% |
|
|
|
|
|
|
| 1,000,000 |
| Calcasieu Parish, LA, IDB, PCR Refunding Bonds, (Series 2001), 4.80% (Occidental Petroleum Corp.), 12/1/2006 |
| BBB+/Baa1 |
|
| 1,062,920 |
|
| 1,915,000 |
| Louisiana Agricultural Finance Authority, Revenue Bonds, 5.20% (Louisiana-Pacific Corp.)/(Hibernia National Bank LOC), 5/1/2004 |
| NR/A3 |
|
| 1,939,952 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Louisiana--continued |
|
|
|
|
|
|
$ | 1,750,000 |
| Louisiana Public Facilities Authority, Revenue Bonds, (Series 2002), 5.00% (Ochsner Clinic Foundation Project)/ (MBIA Insurance Corp. INS), 5/15/2008 |
| NR/Aaa |
| $ | 1,933,610 |
|
| 2,000,000 |
| Louisiana State Offshore Terminal Authority, Deep Water Port Refunding Revenue Bonds, (Series 2003D), 4.00% TOBs (Loop LLC), Mandatory Tender 9/1/2008 |
| A/A3 |
|
| 2,078,460 |
|
| 500,000 |
| Louisiana State Offshore Terminal Authority, Refunding Revenue Bonds, 2.15% TOBs (Loop LLC), Mandatory Tender 4/1/2005 |
| A/A3 |
|
| 502,085 |
|
| 2,000,000 |
| St. Charles Parish, LA, PCR Refunding Bonds, (Series 1999A), 4.90% TOBs (Entergy Louisiana, Inc.), Mandatory Tender 6/1/2005 |
| BBB-/Baa3 |
|
| 2,057,840 |
|
|
|
| TOTAL |
|
|
|
| 9,574,867 |
|
|
|
| Maryland--0.2% |
|
|
|
|
|
|
| 1,000,000 |
| Prince Georges County, MD, IDRB, (Series 1993), 1.60% TOBs (International Paper Co.). Optional Tender 7/15/2004 |
| BBB/Baa2 |
|
| 1,009,160 |
|
|
|
| Massachusetts--2.3% |
|
|
|
|
|
|
| 1,500,000 |
| Commonwealth of Massachusetts, Construction Loan LT GO Bonds, (Series 2001C), 5.00%, 12/1/2010 |
| AA-/Aa2 |
|
| 1,676,565 |
|
| 2,000,000 |
| Commonwealth of Massachusetts, Construction Loan UT GO Bonds, (Series 2002D), 5.25%, 8/1/2007 |
| AA-/Aa2 |
|
| 2,211,600 |
|
| 1,500,000 |
| Commonwealth of Massachusetts, UT GO Bonds, (Series 2003B), 4.00%, 8/1/2008 |
| AA-/Aa2 |
|
| 1,598,040 |
|
| 2,495,000 |
| Massachusetts HEFA, Revenue Bonds, (Series 1999A), 5.25% (Caritas Christi Obligated Group), 7/1/2004 |
| BBB/Baa3 |
|
| 2,513,987 |
|
| 1,060,000 |
| Massachusetts HEFA, Revenue Bonds, (Series C), 5.00% (Milton Hospital), 7/1/2004 |
| BBB+/NR |
|
| 1,075,317 |
|
|
|
| TOTAL |
|
|
|
| 9,075,509 |
|
|
|
| Michigan--5.7% |
|
|
|
|
|
|
| 1,250,000 |
| Detroit, MI, Capital Improvement LT GO Bonds, (Series 2002A), 5.00% (MBIA Insurance Corp. INS), 4/1/2007 |
| AAA/Aaa |
|
| 1,368,425 |
|
| 1,000,000 |
| Detroit, MI, Convention Facility Special Tax Revenue Refunding Bonds, (Series 2003), 5.00% (Cobo Hall Project)/(MBIA Insurance Corp. INS), 9/30/2008 |
| AAA/Aaa |
|
| 1,112,510 |
|
| 1,000,000 |
| Forest Hills, MI Public School, GO UT, 5.25%, 5/1/2004 |
| NR/Aa2 |
|
| 1,013,970 |
|
| 1,090,000 |
| Grandville, MI Public Schools District, Refunding UT GO Bonds, 2.00%, 5/1/2004 |
| NR/Aa3 |
|
| 1,092,823 |
|
| 1,000,000 |
| Michigan Municipal Bond Authority, Refunding Revenue Bonds, (Series 2002), 5.25% (Clean Water Revolving Fund), 10/1/2008 |
| AAA/Aaa |
|
| 1,128,380 |
|
| 2,500,000 |
| Michigan Municipal Bond Authority, Revenue Bonds, 5.25% (Clean Water Revolving Fund), 10/1/2007 |
| AAA/Aaa |
|
| 2,792,525 |
|
| 1,450,000 |
| Michigan Municipal Bond Authority, Revenue Bonds, 5.25% (Drinking Water Revolving Fund), 10/1/2007 |
| AAA/Aaa |
|
| 1,615,778 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Michigan--continued |
|
|
|
|
|
|
$ | 4,000,000 |
| Michigan Public Power Agency, Belle River Project Refunding Revenue Bonds, (Series 2002A), 5.00%, 1/1/2005 |
| AA/A1 |
| $ | 4,152,880 |
|
| 1,250,000 |
| Michigan Public Power Agency, Belle River Project Refunding Revenue Bonds, (Series 2002A), 5.00% (MBIA Insurance Corp. INS), 1/1/2006 |
| AAA/Aaa |
|
| 1,333,712 |
|
| 865,000 |
| Michigan State Building Authority, Health, Hospital & Nursing Home Improvement Revenue Bonds, (Series I), 5.40% (Original Issue Yield: 5.50%), 10/1/2005 |
| AA/Aa2 |
|
| 910,317 |
|
| 1,500,000 |
| Michigan State Hospital Finance Authority, Hospital Refunding Revenue Bonds (Series 2003A), 5.00% (Henry Ford Health System, MI), 3/1/2007 |
| A-/A1 |
|
| 1,610,880 |
|
| 1,005,000 |
| Michigan State Hospital Finance Authority, Hospital Revenue & Refunding Bonds (Series 1998A), 4.70% (Hackley Hospital Obligated Group), 5/1/2004 |
| NR/Baa1 |
|
| 1,012,387 |
|
| 1,000,000 |
| Michigan State Hospital Finance Authority, Refunding Revenue Bonds, (Series A), 5.50% (Trinity Healthcare Credit Group), 12/1/2004 |
| AA-/Aa3 |
|
| 1,037,080 |
|
| 820,000 |
| Michigan State Hospital Finance Authority, Revenue & Refunding Bonds, (Series 1998A), 4.40% (McLaren Health Care Corp.)/(Original Issue Yield: 4.45%), 6/1/2004 |
| NR/A1 |
|
| 829,569 |
|
| 1,000,000 |
| Michigan State Hospital Finance Authority, Revenue Bonds, 5.00% (Oakwood Obligated Group), 11/1/2005 |
| A/A2 |
|
| 1,049,850 |
|
| 875,000 |
| Michigan State Hospital Finance Authority, Revenue Bonds, 5.00% (Oakwood Obligated Group), 11/1/2007 |
| A/A2 |
|
| 938,577 |
|
|
|
| TOTAL |
|
|
|
| 22,999,663 |
|
|
|
| Minnesota--0.4% |
|
|
|
|
|
|
| 1,385,000 |
| Minneapolis/St. Paul, MN Housing & Redevelopment Authority, Health Care Facility Revenue Bonds, (Series 2003), 4.50% (HealthPartners Obligated Group), 12/1/2006 |
| BBB+/Baa1 |
|
| 1,449,804 |
|
|
|
| Missouri--3.9% |
|
|
|
|
|
|
| 895,000 |
| Cape Girardeau County, MO IDA, Health Care Facilities Revenue Bonds, (Series A), 4.50% (St. Francis Medical Center, MO), 6/1/2006 |
| A/NR |
|
| 940,815 |
|
| 1,500,000 |
| Missouri Highways & Transportation Commission, State Road Bonds, (Series 2000A), 5.25%, 2/1/2005 |
| AA/Aa2 |
|
| 1,567,005 |
|
| 1,500,000 |
| Missouri Highways & Transportation Commission, State Road Bonds, (Series 2000A), 5.25%, 2/1/2006 |
| AA/Aa2 |
|
| 1,612,815 |
|
| 2,150,000 |
| Missouri State Environmental Improvement & Energy Authority, (AmerenUE), (Series 1998A), 9/1/2033 |
| BBB+/A2 |
|
| 2,150,000 |
|
| 1,000,000 |
| Missouri State Environmental Improvement & Energy Authority, (AmerenUE), (Series 1998C), 9/1/2033 |
| BBB+/A2 |
|
| 1,000,000 |
|
| 1,625,000 |
| Missouri State Environmental Improvement & Energy Authority, (AmerenUE), (Series 2000A), 3/1/2035 |
| BBB+/A2 |
|
| 1,625,000 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Missouri--continued |
|
|
|
|
|
|
$ | 1,500,000 |
| Missouri State Environmental Improvement & Energy Authority, (AmerenUE), (Series 2000B), 3/1/2035 |
| BBB+/A2 |
| $ | 1,499,850 |
|
| 2,000,000 |
| Missouri State Environmental Improvement & Energy Authority, (AmerenUE), (Series 2000C), 3/1/2035 |
| BBB+/A2 |
|
| 2,000,000 |
|
| 2,000,000 |
| Missouri State HEFA, Revenue Bond, (Series 2002A), 5.00% (SSM Health Care Credit Group), 6/1/2007 |
| AA-/NR |
|
| 2,168,940 |
|
| 1,000,000 |
| Missouri State HEFA, (Series B), 3.00% RANs (Evangel University), 4/23/2004 |
| SP-1 |
|
| 1,002,090 |
|
|
|
| TOTAL |
|
|
|
| 15,566,515 |
|
|
|
| Nebraska--0.4% |
|
|
|
|
|
|
| 1,665,000 |
| Nebraska Public Power District, General Revenue Bonds, (Series 2002B), 4.00% (AMBAC INS), 1/1/2006 |
| AAA/Aaa |
|
| 1,743,854 |
|
|
|
| Nevada--0.6% |
|
|
|
|
|
|
| 1,500,000 |
| Clark County, NV, IDRBs, (Series 2003D), 3.35% TOBs (Southwest Gas Corp.), Mandatory Tender 9/1/2004 |
| BBB-/Baa2 |
|
| 1,508,640 |
|
| 1,000,000 |
| Washoe County, NV Hospital Facilities, Revenue Bonds, 6.00% (AMBAC INS)/(Original Issue Yield: 6.10%), 6/1/2009 |
| AAA/Aaa |
|
| 1,038,650 |
|
|
|
| TOTAL |
|
|
|
| 2,547,290 |
|
|
|
| New Jersey--0.3% |
|
|
|
|
|
|
| 1,000,000 |
| New Jersey State, GO UT, 6.50%, 7/15/2004 |
| AA/Aa2 |
|
| 1,029,340 |
|
|
|
| New Mexico--0.3% |
|
|
|
|
|
|
| 1,000,000 |
| Santa Fe, NM Community College District, GO UT, 5.45% (Original Issue Yield: 5.55%), 8/1/2010 |
| NR/Aa3 |
|
| 1,096,750 |
|
|
|
| New York--8.3% |
|
|
|
|
|
|
| 1,000,000 |
| Dutchess County, NY IDA, Revenue Bonds, 2.75% (Marist College), 7/1/2005 |
| NR/Baa1 |
|
| 1,012,880 |
|
| 1,110,000 |
| Dutchess County, NY IDA, Revenue Bonds, 4.00% (Marist College), 7/1/2009 |
| NR/Baa1 |
|
| 1,140,625 |
|
| 3,000,000 |
| Long Island Power Authority, Electric System General Revenue Bonds, (Series 2003A), 3.00%, 6/1/2004 |
| A-/Baa1 |
|
| 3,021,150 |
|
| 2,000,000 |
| Long Island Power Authority, Electric System General Revenue Bonds, (Series 2003A), 4.50%, 6/1/2005 |
| A-/Baa1 |
|
| 2,076,460 |
|
| 3,000,000 |
| Metropolitan Transportation Authority, NY, Dedicated Tax Fund Revenue Bonds, (Series 2002A), 5.00% (FSA INS), 11/15/2007 |
| AAA/Aaa |
|
| 3,324,210 |
|
| 1,250,000 |
| Metropolitan Transportation Authority, NY, Dedicated Tax Fund Revenue Bonds, (Series 2002A), 5.25% (FSA INS) 11/15/2008 |
| AAA/NR |
|
| 1,413,650 |
|
| 2,000,000 |
| New York City, NY, UT GO Bonds, (Series 2002F), 5.25%, 8/1/2009 |
| A/A2 |
|
| 2,223,720 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| New York--continued |
|
|
|
|
|
|
$ | 1,000,000 |
| New York City, NY, UT GO Bonds, (Series 2003E), 5.00%, 8/1/2005 |
| A/A2 |
| $ | 1,051,770 |
|
| 1,000,000 |
| New York City, NY, UT GO Bonds, (Series 2003E), 5.00%, 8/1/2006 |
| A/A2 |
|
| 1,074,050 |
|
| 1,000,000 |
| New York City, NY, UT GO Bonds, (Series D), 5.00%, 8/1/2006 |
| A/A2 |
|
| 1,074,050 |
|
| 1,000,000 |
| New York City, NY, UT GO Bonds, (Series E), 5.00%, 8/1/2007 |
| A/A2 |
|
| 1,086,520 |
|
| 4,145,000 |
| New York State Dormitory Authority, Mental Health Services Facilities Revenue Bonds, (Series 2003C-1), 5.00%, 2/15/2006 |
| AA-/NR |
|
| 4,402,902 |
|
| 900,000 |
| New York State Dormitory Authority, Revenue Bonds, (Series 2003), 3.00% (Kateri Residence)/(Allied Irish Banks PLC LOC), 7/1/2006 |
| NR/Aa3 |
|
| 919,737 |
|
| 770,000 |
| New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, (Series 71), 4.75%, 10/1/2021 |
| NR/Aa1 |
|
| 789,596 |
|
| 1,000,000 |
| New York State Thruway Authority, Highway and Bridge Trust Fund, (Series 2000B-1), 5.50% (MBIA Insurance Corp. INS), 4/1/2004 |
| AAA/Aaa |
|
| 1,011,100 |
|
| 2,000,000 |
| New York State Thruway Authority, Local Highway & Bridge Service Contract Revenue Bonds, (Series 2002), 5.00%, 4/1/2006 |
| AA-/A3 |
|
| 2,145,260 |
|
| 2,000,000 |
| New York State Thruway Authority, Local Highway & Bridge Service Contract Revenue Bonds, (Series 2002), 5.00%, 4/1/2007 |
| AA-/A3 |
|
| 2,186,840 |
|
| 1,000,000 |
| New York State Urban Development Corp., Revenue Bonds, (Series 2003B), 5.00% (New York State Personal Income Tax Revenue Bond Fund), 3/15/2007 |
| AA/NR |
|
| 1,092,280 |
|
| 2,000,000 |
| Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds, (Series 2003A), 4.00%, 6/1/2006 |
| AA-/A3 |
|
| 2,086,420 |
|
|
|
| TOTAL |
|
|
|
| 33,133,220 |
|
|
|
| North Carolina--0.6% |
|
|
|
|
|
|
| 1,000,000 |
| North Carolina Eastern Municipal Power Agency, Refunding Revenue Bonds, (Series C), 5.25% (Original Issue Yield: 5.40%), 1/1/2004 |
| BBB/Baa3 |
|
| 1,000,000 |
|
| 170,000 |
| North Carolina HFA, SFM Revenue Bonds, (Series 1997TT), 4.90%, 9/1/2024 |
| AA/Aa2 |
|
| 170,246 |
|
| 1,000,000 |
| North Carolina State, GO UT Bonds, (Series A), 5.00%, 5/1/2011 |
| AAA/Aa1 |
|
| 1,108,490 |
|
|
|
| TOTAL |
|
|
|
| 2,278,736 |
|
|
|
| North Dakota--0.2% |
|
|
|
|
|
|
| 750,000 |
| North Dakota State Building Authority, Revenue Bonds, (Series A), 4.00%, 12/1/2007 |
| A+/A2 |
|
| 794,445 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Ohio--4.3% |
|
|
|
|
|
|
$ | 1,000,000 |
| Beavercreek, OH Local School District, Special Tax Anticipation Notes, 4.25%, 12/1/2004 |
| NR |
| $ | 1,022,400 |
|
| 3,000,000 |
| Hamilton County, OH, Local Cooling Facilities Revenue Bonds, (Series 1998), 4.90% TOBs (Trigen-Cinergy Solutions of Cincinnati LLC)/(Cinergy Corp. GTD), Mandatory Tender 6/1/2004 |
| BBB/Baa2 |
|
| 3,026,190 |
|
| 1,750,000 |
| Knox County, OH, Hospital Facilities Refunding Revenue Bonds, (Series 1998), 4.30% (Knox Community Hospital)/(Radian Asset Assurance INS)/(Original Issue Yield: 4.40%), 6/1/2004 |
| AA/NR |
|
| 1,771,105 |
|
| 1,500,000 |
| Mahoning County, OH Hospital Facilities, Adjustable Rate Demand Health Care Facilities Refunding Revenue Bonds, (Series 2002), 4.00% TOBs (Copeland Oaks Project)/ (Sky Bank LOC), Mandatory Tender 3/31/2005 |
| NR/A3 |
|
| 1,528,800 |
|
| 365,000 |
| Ohio HFA, Residential Mortgage Revenue Bonds, (Series 1997D-1), 4.85% (GNMA Collateralized Home Mortgage Program COL), 3/1/2015 |
| NR/Aaa |
|
| 367,044 |
|
| 620,000 |
| Ohio HFA, Residential Mortgage Revenue Bonds, (Series 1998A-1), 4.60% (GNMA Collateralized Home Mortgage Program COL), 9/1/2026 |
| AAA/Aaa |
|
| 623,336 |
|
| 450,000 |
| Ohio State, GO UT, (Series B), 4.00%, 9/15/2012 |
| AA+/Aa1 |
|
| 474,035 |
|
| 2,250,000 |
| Ohio State Air Quality Development Authority, Environmental Refunding Revenue Bonds, 2.00% TOBs (MeadWestvaco Corp.), Mandatory Tender 11/1/2004 |
| BBB/Baa2 |
|
| 2,251,237 |
|
| 1,000,000 |
| Ohio State Air Quality Development Authority, Refunding Revenue Bonds, (Series 2002A), 2.50% TOBs (Pennsylvania Power Co.), Mandatory Tender 7/1/2004 |
| BB+/Baa2 |
|
| 999,680 |
|
| 1,000,000 |
| Ohio State Water Development Authority Pollution Control Facilities, Refunding Revenue Bonds, (Series 1999B), 4.50% TOBs (Toledo Edison Co.), Mandatory Tender 9/1/2005 |
| BB+/Baa3 |
|
| 1,022,940 |
|
| 2,000,000 |
| Ohio State Water Development Authority Pollution Control Facilities, Refunding Revenue Bonds, (Series B), 3.35% TOBs (Ohio Edison Co.), Mandatory Tender 12/1/2005 |
| BB+/Baa2 |
|
| 2,001,100 |
|
| 1,000,000 |
| Ohio State Water Development Authority, PCR Bonds, (Series A), 3.40% TOBs (Cleveland Electric Illuminating Co.), Mandatory Tender 10/1/2004 |
| BBB-/Baa2 |
|
| 1,009,450 |
|
| 1,000,000 |
| University of Cincinnati, OH, General Receipts Revenue Bonds, (Series A), 5.50% (FGIC INS), 6/1/2006 |
| AAA/Aaa |
|
| 1,090,450 |
|
|
|
| TOTAL |
|
|
|
| 17,187,767 |
|
|
|
| Oklahoma--1.1% |
|
|
|
|
|
|
| 2,175,000 |
| Oklahoma HFA, SFM Revenue Bonds, (Series 1998D-2), 6.25% (GNMA Collateralized Home Mortgage Program COL), 9/1/2029 |
| NR/Aaa |
|
| 2,316,571 |
|
| 2,000,000 |
| Tulsa, OK International Airport, General Revenue Bonds, 5.00% (FGIC INS), 6/1/2004 |
| AAA/Aaa |
|
| 2,030,920 |
|
|
|
| TOTAL |
|
|
|
| 4,347,491 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Oregon--0.7% |
|
|
|
|
|
|
$ | 1,000,000 |
| Clackamas County, OR Hospital Facilities Authority, Refunding Revenue Bonds, (Series 2001), 5.00% (Legacy Health System), 5/1/2004 |
| AA/Aa3 |
| $ | 1,012,570 |
|
| 1,000,000 |
| Clackamas County, OR Hospital Facilities Authority, Refunding Revenue Bonds, (Series 2001), 5.00% (Legacy Health System), 5/1/2006 |
| AA/Aa3 |
|
| 1,072,180 |
|
| 750,000 |
| Port of Portland, OR, 2.55% TOBs (Union Pacific Railroad Co.)/ (Union Pacific Corp. GTD), Optional Tender 12/1/2004 |
| BBB/NR |
|
| 758,918 |
|
|
|
| TOTAL |
|
|
|
| 2,843,668 |
|
|
|
| Pennsylvania--4.9% |
|
|
|
|
|
|
| 5,000,000 |
| Montgomery County, PA IDA, PCR Refunding Bonds, (Series 1999A), 5.20% TOBs (Peco Energy Co.), Mandatory Tender 10/1/2004 |
| BBB+/A3 |
|
| 5,113,900 |
|
| 1,265,000 |
| Pennsylvania EDFA, Resource Recovery Refunding Revenue Bonds, (Series B), 6.75% (Northampton Generating), 1/1/2007 |
| BBB-/NR |
|
| 1,306,075 |
|
| 3,000,000 |
| Pennsylvania State Higher Education Facilities Authority, (UPMC Health System), (Series 2003 C-2), 12/01/2022 |
| A/NR |
|
| 3,000,000 |
|
| 200,000 |
| Pennsylvania State Higher Education Facilities Authority, Revenue Bonds, (Series 2001A), 5.75% (UPMC Health System), 1/15/2007 |
| A/NR |
|
| 217,844 |
|
| 1,000,000 |
| Pennsylvania State Higher Education Facilities Authority, Revenue Bonds, (Series 2001A), 5.75% (UPMC Health System), 1/15/2008 |
| A/NR |
|
| 1,100,380 |
|
| 2,000,000 |
| Pennsylvania State Higher Education Facilities Authority, Revenue Bonds, 3.625% TOBs (Gannon University)/(PNC Bank, N.A. LOC), Mandatory Tender 5/1/2006 |
| AA-/NR |
|
| 2,076,620 |
|
| 1,250,000 |
| Pennsylvania State Turnpike Commission, Turnpike Refunding Revenue Bonds, (Series 2001S), 5.50% (FGIC INS), 6/1/2006 |
| AAA/Aaa |
|
| 1,362,450 |
|
| 2,000,000 |
| Pennsylvania State University, Refunding Revenue Bonds, 5.00%, 3/1/2004 |
| AA/Aa2 |
|
| 2,013,040 |
|
| 1,000,000 |
| Pennsylvania State, Refunding UT GO Bonds, 5.125% (AMBAC INS)/(Original Issue Yield: 5.35%), 9/15/2011 |
| AAA/Aaa |
|
| 1,103,710 |
|
| 835,664 |
| Philadelphia, PA Municipal Authority, Equipment Revenue Bonds, (Series 1997A), 5.297% (Philadelphia, PA Gas Works)/(AMBAC INS), 10/1/2004 |
| AAA/Aaa |
|
| 860,115 |
|
| 1,000,000 |
| Sayre, PA, Health Care Facilities Authority, Revenue Bonds, (Series 2002A), 5.50% (Guthrie Healthcare System, PA), 12/1/2005 |
| A-/NR |
|
| 1,052,380 |
|
| 440,000 |
| Scranton-Lackawanna, PA Health & Welfare Authority, Revenue Bonds, 7.125% (Allied Services Rehabilitation Hospitals, PA), 7/15/2005 |
| BB+ |
|
| 447,977 |
|
|
|
| TOTAL |
|
|
|
| 19,654,491 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Rhode Island--0.8% |
|
|
|
|
|
|
$ | 1,150,000 |
| Rhode Island Housing & Mortgage Finance Corp., Refunding Revenue Bonds, (Series A), 5.45% (AMBAC INS), 7/1/2004 |
| AAA/Aaa |
| $ | 1,168,205 |
|
| 600,000 |
| Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Bonds, (Series 2002), 5.00% (Lifespan Obligated Group), 8/15/2005 |
| BBB/Baa2 |
|
| 619,062 |
|
| 650,000 |
| Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Bonds, (Series 2002), 5.25% (Lifespan Obligated Group), 8/15/2006 |
| BBB/Baa2 |
|
| 684,125 |
|
| 700,000 |
| Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Bonds, (Series 2002), 5.50% (Lifespan Obligated Group), 8/15/2007 |
| BBB/Baa2 |
|
| 745,570 |
|
|
|
| TOTAL |
|
|
|
| 3,216,962 |
|
|
|
| South Carolina--0.8% |
|
|
|
|
|
|
| 1,000,000 |
| Piedmont Municipal Power Agency, SC, Refunding Electric Revenue Bonds, (Series 2002A), 5.00% (FGIC INS), 1/1/2004 |
| AAA/Aaa |
|
| 1,000,000 |
|
| 1,000,000 |
| Richland County, SC, Environmental Improvement Revenue Refunding Bonds, (Series 2002A), 4.25% (International Paper Co.), 10/1/2007 |
| BBB/Baa2 |
|
| 1,054,340 |
|
| 1,100,000 |
| South Carolina State Public Service Authority, Revenue Bonds, (Series D), 5.00% (Santee Cooper), 1/1/2007 |
| AA-/Aa2 |
|
| 1,195,128 |
|
|
|
| TOTAL |
|
|
|
| 3,249,468 |
|
|
|
| South Dakota--0.6% |
|
|
|
|
|
|
| 1,240,000 |
| South Dakota State Health & Educational Authority, Refunding Revenue Bonds, 5.25% (Sioux Valley Hospital & Health System), 11/1/2005 |
| A+/A1 |
|
| 1,312,404 |
|
| 890,000 |
| South Dakota State Health & Educational Authority, Revenue Bonds, 5.25% (Westhills Village Retirement Community), 9/1/2009 |
| A-/NR |
|
| 954,952 |
|
|
|
| TOTAL |
|
|
|
| 2,267,356 |
|
|
|
| Tennessee--3.5% |
|
|
|
|
|
|
| 1,000,000 |
| Carter County, TN IDB, (Series 1983), 4.15% (Inland Container Corp.), 10/1/2007 |
| BBB/NR |
|
| 1,015,220 |
|
| 1,000,000 |
| Metropolitan Government Nashville & Davidson County, TN HEFA, Multifamily Housing Revenue Bonds, 5.20% TOBs (American Housing Corp.)/(FNMA INS), Mandatory Tender 2/1/2006 |
| AAA/NR |
|
| 1,065,760 |
|
| 1,995,000 |
| Metropolitan Government Nashville & Davidson County, TN HEFA, Refunding Revenue Bonds, (Series B), 4.50% (Vanderbilt University), 10/1/2005 |
| AA/Aa2 |
|
| 2,102,032 |
|
| 2,085,000 |
| Metropolitan Government Nashville & Davidson County, TN HEFA, Refunding Revenue Bonds, (Series B), 4.50% (Vanderbilt University), 10/1/2006 |
| AA/Aa2 |
|
| 2,239,686 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Tennessee--continued |
|
|
|
|
|
|
$ | 2,000,000 |
| Metropolitan Government Nashville & Davidson County, TN HEFA, Revenue Bonds, 6.875% (Meharry Medical College)/(United States Treasury GTD)/(Original Issue Yield: 7.27%), 12/1/2024 |
| AAA/Aaa |
| $ | 2,144,600 |
|
| 2,000,000 |
| Metropolitan Government Nashville & Davidson County, TN IDB, Revenue Bonds, 4.10% TOBs (Waste Management, Inc.), Mandatory Tender 8/1/2004 |
| BBB/NR |
|
| 2,022,740 |
|
| 2,470,000 |
| Sullivan County, TN Health Educational & Housing Facilities Board, Hospital Refunding Revenue Bonds, 4.00% (Wellmont Health System), 9/1/2005 |
| BBB+/NR |
|
| 2,520,610 |
|
| 740,000 |
| Sullivan County, TN Health Educational & Housing Facilities Board, Hospital Refunding Revenue Bonds, 5.00% (Wellmont Health System), 9/1/2007 |
| BBB+/NR |
|
| 781,714 |
|
|
|
| TOTAL |
|
|
|
| 13,892,362 |
|
|
|
| Texas--10.0% |
|
|
|
|
|
|
| 5,000,000 |
| Austin, TX Water and Wastewater System, Refunding Revenue Bonds, (Series 2002A), 5.25% (AMBAC INS), 11/15/2007 |
| AAA/Aaa |
|
| 5,575,750 |
|
| 1,500,000 |
| Austin, TX Water and Wastewater System, (Series C), 5.00% (FSA INS), 11/15/2007 |
| AAA/Aaa |
|
| 1,658,865 |
|
| 1,000,000 |
| Austin, TX, GO UT, 5.00%, 9/1/2006 |
| AA+/Aa2 |
|
| 1,084,050 |
|
| 1,000,000 |
| Austin, TX, Hotel Occupancy, 5.625% (AMBAC INS)/(Original Issue Yield: 5.71%), 11/15/2019 |
| AAA/Aaa |
|
| 1,128,960 |
|
| 3,000,000 |
| Brazos River Authority, TX, (Series 1995B), 5.05% TOBs (TXU Energy), Mandatory Tender 6/19/2006 |
| BBB/Baa2 |
|
| 3,137,130 |
|
| 1,195,000 |
| Fort Worth, TX Independent School District, GO UT, 4.25% (PSFG GTD), 2/15/2005 |
| AAA/Aaa |
|
| 1,236,180 |
|
| 1,370,000 |
| Gregg County, TX HFDC, Hospital Revenue Bonds, (Series 2002A), 5.50% (Good Shepherd Medical Center), 10/1/2005 |
| BBB/Baa2 |
|
| 1,430,280 |
|
| 2,000,000 |
| Gulf Coast, TX Waste Disposal Authority, Environmental Facilities Refunding Revenue Bonds, 4.20% (Occidental Petroleum Corp.), 11/1/2006 |
| BBB+/Baa1 |
|
| 2,095,360 |
|
| 2,000,000 |
| Gulf Coast, TX Waste Disposal Authority, Refunding PCR Bonds, 2.00% TOBs (BP Amoco Corp.), Mandatory Tender 10/1/2006 |
| AA+/Aa1 |
|
| 2,001,580 |
|
| 2,265,000 |
| Gulf Coast, TX Waste Disposal Authority, Revenue Bonds, (Series 2002), 5.00% (Bayport Area System)/ (AMBAC INS), 10/1/2007 |
| AAA/Aaa |
|
| 2,498,454 |
|
| 1,000,000 |
| Harris County, TX, GO LT Correctional Facility Improvement Bonds, 5.50% (Original Issue Yield: 5.55%), 10/1/2011 |
| AA+/Aa1 |
|
| 1,092,880 |
|
| 1,000,000 |
| Johnson County, TX, GO UT, 5.00% (FSA INS), 2/15/2016 |
| AAA/Aaa |
|
| 1,075,470 |
|
| 500,000 |
| Lower Colorado River Authority, TX, Refunding Revenue Bonds, 5.00%, 5/15/2006 |
| A/A1 |
|
| 536,390 |
|
| 2,500,000 |
| Matagorda County, TX Navigation District Number One, PCR Refunding Bonds, (Series 1999A), 2.15% TOBs (AEP Texas Central Co.), Mandatory Tender 11/1/2004 |
| BBB/Baa2 |
|
| 2,499,300 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Texas--continued |
|
|
|
|
|
|
$ | 1,000,000 |
| North Central Texas HFDC, Hospital Refunding Revenue Bonds, (Series 2002), 4.00% (Children's Medical Center of Dallas)/(AMBAC INS), 8/15/2004 |
| AAA/Aaa |
| $ | 1,017,940 |
|
| 1,000,000 |
| North Texas Tollway Authority, (Series A), 5.10% (FGIC INS)/(Original Issue Yield: 5.20%), 1/1/2013 |
| AAA/Aaa |
|
| 1,091,610 |
|
| 750,000 |
| San Antonio, TX Electric & Gas System, Refunding Revenue Bonds, (Series 2002), 5.25%, 2/1/2008 |
| AA+/Aa1 |
|
| 835,688 |
|
| 130,000 |
| San Antonio, TX Electric & Gas System, Revenue Bonds, 5.50% (Original Issue Yield: 5.625%), 2/1/2015 |
| AA+/Aa1 |
|
| 142,799 |
|
| 535,000 |
| San Antonio, TX Electric & Gas System, Revenue Bonds, 5.50% (Original Issue Yield: 5.625%), 2/1/2015 |
| AA+/Aa1 |
|
| 597,520 |
|
| 335,000 |
| San Antonio, TX Electric & Gas System, Revenue Bonds, 5.50% (Original Issue Yield: 5.625%), 2/1/2015 |
| AA+/Aa1 |
|
| 390,570 |
|
| 1,000,000 |
| Spring Texas Independent School District, 5.25% (PSFG GTD), 2/15/2019 |
| AAA/Aaa |
|
| 1,081,230 |
|
| 1,130,000 |
| Tarrant County, TX Jr. College District, Refunding LT GO Bonds, (Series 2001A), 4.75%, 2/15/2004 |
| AAA/Aa1 |
|
| 1,135,085 |
|
| 6,000,000 |
| Texas Turnpike Authority, Second Tier Bond Anticipation Notes, (Series 2002), 5.00%, 6/1/2008 |
| AA/Aa3 |
|
| 6,645,960 |
|
|
|
| TOTAL |
|
|
|
| 39,989,051 |
|
|
|
| Utah--0.8% |
|
|
|
|
|
|
| 1,650,000 |
| Alpine, UT School District, UT GO Bonds, 5.25% (Utah Qualified Local School Board Program GTD), 3/15/2006 |
| NR/Aaa |
|
| 1,779,063 |
|
| 420,000 |
| Intermountain Power Agency, UT, (Series B), 5.25% (Original Issue Yield: 5.79%), 7/1/2017 |
| A+/A1 |
|
| 429,820 |
|
| 440,000 |
| Intermountain Power Agency, UT, (Series C), 5.00%, 7/1/2004 |
| A+/A1 |
|
| 448,030 |
|
| 560,000 |
| Intermountain Power Agency, UT, (Series C), 5.00%, 7/1/2004 |
| A+/A1 |
|
| 571,099 |
|
|
|
| TOTAL |
|
|
|
| 3,228,012 |
|
|
|
| Virginia--1.4% |
|
|
|
|
|
|
| 605,000 |
| Chesapeake, VA IDA, Public Facility Lease Revenue Bonds, 5.40% (MBIA Insurance Corp. INS)/(Original Issue Yield: 5.50%), 6/1/2005 |
| AAA/Aaa |
|
| 627,355 |
|
| 1,000,000 |
| Chesterfield County, VA IDA, PCR Bonds, 4.95% (Virginia Electric & Power Co.), 12/1/2007 |
| BBB+/A3 |
|
| 1,050,920 |
|
| 1,000,000 |
| Fairfax County, VA, (Series A), 5.00% (State Aid Withholding GTD), 6/1/2008 |
| AAA/Aaa |
|
| 1,113,430 |
|
| 2,000,000 |
| Louisa, VA IDA, Solid Waste & Sewage Disposal Revenue Bonds, (Series 2000A), 1.85% TOBs (Virginia Electric & Power Co.), Mandatory Tender 4/1/2004 |
| BBB+/A3 |
|
| 2,003,500 |
|
| 1,000,000 |
| Virginia Peninsula Port Authority, Refunding Revenue Bonds, (Series 2003), 3.30% TOBs (Dominion Terminal Associates)/ (Dominion Resources, Inc. GTD), Mandatory Tender 10/1/2008 |
| BBB+/Baa1 |
|
| 1,007,070 |
|
|
|
| TOTAL |
|
|
|
| 5,802,275 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| LONG-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Washington--2.8% |
|
|
|
|
|
|
$ | 1,155,000 |
| Clark County, WA Public Utilities District No. 001, Generating System Refunding Revenue Bonds, (Series 2000), 5.50% (FSA INS), 1/1/2005 |
| AAA/Aaa |
| $ | 1,205,346 |
|
| 2,065,000 |
| Clark County, WA Public Utilities District No. 001, Generating System Refunding Revenue Bonds, (Series 2000), 5.50% (FSA INS), 1/1/2006 |
| AAA/Aaa |
|
| 2,221,424 |
|
| 1,000,000 |
| Snohomish County, WA School District No. 6, Refunding UT GO Bonds, 5.45% (FGIC INS), 12/1/2005 |
| AAA/Aaa |
|
| 1,075,170 |
|
| 1,310,000 |
| Spokane, WA, Refunding UT GO Bonds, 5.50% (MBIA Insurance Corp. INS), 12/15/2007 |
| AAA/Aaa |
|
| 1,475,492 |
|
| 1,000,000 |
| Washington State Public Power Supply System, (Series B), 5.40% (Energy Northwest, WA)/(Original Issue Yield: 5.45%), 7/1/2005 |
| NR/Aa1 |
|
| 1,059,030 |
|
| 2,000,000 |
| Washington State, Refunding UT GO Bonds, 5.25%, 9/1/2005 |
| AA+/Aa1 |
|
| 2,125,380 |
|
| 2,000,000 |
| Washington State, Various Purpose Refunding UT GO Bonds, (Series R-2003A), 3.50% (MBIA Insurance Corp. INS), 1/1/2007 |
| AAA/Aaa |
|
| 2,089,600 |
|
|
|
| TOTAL |
|
|
|
| 11,251,442 |
|
|
|
| Wisconsin--1.5% |
|
|
|
|
|
|
| 1,000,000 |
| Pleasant Prairie, WI Water & Sewer System, Bond Anticipation Notes, 4.00%, 10/1/2007 |
| NR/A3 |
|
| 1,041,080 |
|
| 1,885,000 |
| Waupaca, WI, Anticipation Notes, (Series 2003B), 3.50%, 4/1/2007 |
| NR |
|
| 1,902,191 |
|
| 1,500,000 |
| Wisconsin State HEFA, Revenue Bonds, (Series 2002A), 5.00% (Ministry Health Care)/(MBIA Insurance Corp. INS), 2/15/2005 |
| AAA/Aaa |
|
| 1,562,295 |
|
| 1,300,000 |
| Wisconsin State, (Series F), 5.00% (FSA INS), 5/1/2005 |
| AAA/Aaa |
|
| 1,363,973 |
|
|
|
| TOTAL |
|
|
|
| 5,869,539 |
|
|
|
| Wyoming--1.4% |
|
|
|
|
|
|
| 2,150,000 |
| Albany County, WY, PCR Bonds, (Series 1985), 2.55% TOBs (Union Pacific Railroad Co.)/ (Union Pacific Corp. GTD), Optional Tender 12/1/2004 |
| BBB/NR |
|
| 2,151,225 |
|
| 3,500,000 |
| Lincoln County, WY, PCR Refunding Bonds, (Series 1991), 3.40% TOBs (Pacificorp), Mandatory Tender 6/1/2010 |
| A/A3 |
|
| 3,482,535 |
|
|
|
| TOTAL |
|
|
|
| 5,633,760 |
|
|
|
| TOTAL LONG-TERM MUNICIPALS (IDENTIFIED COST $361,323,877) |
|
|
|
| 368,831,695 |
|
|
|
| SHORT-TERM MUNICIPALS--8.3%2 |
|
|
|
|
|
|
|
|
| Arizona--0.6% |
|
|
|
|
|
|
| 1,150,000 |
| Prescott, AZ IDA, (Series A), Weekly VRDNs (Prescott Convention Center, Inc.)/(Household Finance Corp. GTD) |
| A-1/NR |
|
| 1,150,000 |
|
| 1,150,000 |
| Prescott, AZ IDA, (Series B), Weekly VRDNs (Prescott Convention Center, Inc.)/(Household Finance Corp. GTD) |
| A-1/NR |
|
| 1,150,000 |
|
|
|
| TOTAL |
|
|
|
| 2,300,000 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| SHORT-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Georgia--0.8% |
|
|
|
|
|
|
$ | 3,200,000 |
| Monroe County, GA Development Authority, (Series 1999B), Daily VRDNs (Oglethorpe Power Corp. Scherer Project)/ (AMBAC INS)/(JPMorgan Chase Bank LIQ) |
| AAA/Aaa |
| $ | 3,200,000 |
|
|
|
| Illinois--0.5% |
|
|
|
|
|
|
| 2,000,000 |
| Chicago, IL, Gas Supply Revenue, (Series 2000B), 1.15% CP (Peoples Gas Light & Coke Co.), Mandatory Tender 3/18/2004 |
| A-2/VMIG-1 |
|
| 2,000,000 |
|
|
|
| Indiana--1.2% |
|
|
|
|
|
|
| 4,800,000 |
| Indiana Health Facility Financing Authority, (Series 2000B), Daily VRDNs (Clarian Health Partners, Inc.)/(J.P. Morgan Chase Bank LIQ) |
| A-1+/VMIG1 |
|
| 4,800,000 |
|
|
|
| Massachusetts--1.1% |
|
|
|
|
|
|
| 4,380,000 |
| Commonwealth of Massachusetts, Central Artery/Ted Williams Tunnel Infrastructure Loan Act of 2000, Daily VRDNs (Toronto Dominion Bank LIQ) |
| A-1/NR |
|
| 4,380,000 |
|
|
|
| North Carolina--0.4% |
|
|
|
|
|
|
| 1,700,000 |
| Martin County, NC IFA, (Series 1993), Weekly VRDNs (Weyerhaeuser Co.) |
| A-3/NR |
|
| 1,700,000 |
|
|
|
| Pennsylvania--1.9% |
|
|
|
|
|
|
| 2,100,000 |
| Lancaster County, PA Hospital Authority, (Series 1996), Weekly VRDNs (Masonic Homes) |
| NR/VMIG2 |
|
| 2,100,000 |
|
| 5,500,000 |
| Philadelphia, PA Authority for Industrial Development, Daily VRDNs (Newcourtland Elder Services)/(PNC Bank, N.A. LOC) |
| NR/VMIG1 |
|
| 5,500,000 |
|
|
|
| TOTAL |
|
|
|
| 7,600,000 |
|
|
|
| Puerto Rico--0.6% |
|
|
|
|
|
|
| 2,500,000 |
| Puerto Rico Government Development Bank (GDB), Weekly VRDNs (MBIA Insurance Corp. INS)/(Credit Suisse First Boston LIQ) |
| A-1/VMIG1 |
|
| 2,500,000 |
|
|
|
| Utah--1.0% |
|
|
|
|
|
|
| 4,000,000 |
| Emery County, UT, (Series 1994), Daily VRDNs (Pacificorp)/ (AMBAC INS)/(Bank of Nova Scotia, Toronto LIQ) |
| A-1+/VMIG1 |
|
| 4,000,000 |
|
Principal |
|
| Credit |
| Value |
| |||
|
|
| SHORT-TERM MUNICIPALS--continued2 |
|
|
|
|
|
|
|
|
| Washington--0.2% |
|
|
|
|
|
|
$ | 800,000 |
| Port Grays Harbor, WA Industrial Development Corp., Solid Waste Disposal Revenue Bonds, (Series 1993), Weekly VRDNs (Weyerhaeuser Co.) |
| A-2/NR |
| $ | 800,000 |
|
|
|
| TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $33,280,000) |
|
|
|
| 33,280,000 |
|
|
|
| TOTAL INVESTMENTS--100.4% (IDENTIFIED COST $394,603,877)4 |
|
|
|
| 402,111,695 |
|
|
|
| OTHER ASSETS AND LIABILITIES - NET--(0.4)% |
|
|
|
| (1,528,729 | ) |
|
|
| TOTAL NET ASSETS--100% |
|
|
| $ | 400,582,966 |
|
1 Please refer to the Appendix of the Statement of Additional Information for an explanation of the credit ratings.
2 Securities that are subject to the federal alternative minimum tax (AMT) represent 12.7% of the portfolio as calculated based upon total portfolio market value.
3 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the Fund's Board of Trustees. At December 31, 2003, these securities amounted to $2,043,840 which represents 0.5% of total net assets.
4 The cost of investments for federal tax purposes is $394,570,690.
Note: The categories of investments are shown as a percentage of total net assets at December 31, 2003.
The following acronyms are used throughout this portfolio:
AMBAC | - --American Municipal Bond Assurance Corporation |
AMT | - --Alternative Minimum Tax |
COL | - --Collateralized |
CP | - --Commercial Paper |
EDFA | - --Economic Development Financing Authority |
FGIC | - --Financial Guaranty Insurance Company |
FNMA | - --Federal National Mortgage Association |
FSA | - --Financial Security Assurance |
GNMA | - --Government National Mortgage Association |
GO | - --General Obligation |
GTD | - --Guaranteed |
HEFA | - --Health and Education Facilities Authority |
HFA | - --Housing Finance Authority |
HFDC | - --Health Facility Development Corporation |
IDA | - --Industrial Development Authority |
IDB | - --Industrial Development Bond |
IDRB(s) | - --Industrial Development Revenue Bond(s) |
IFA | - --Industrial Finance Authority |
INS | - --Insured |
LIQ | - --Liquidity Agreement |
LOC | - --Letter of Credit |
LT | - --Limited Tax |
PCFA | - --Pollution Control Finance Authority |
PCR | - --Pollution Control Revenue |
PSFG | - --Permanent School Fund Guarantee |
RANs | - --Revenue Anticipation Notes |
SAVRs | - --Select Auction Variable Rates |
SFM | - --Single Family Mortgage |
TOBs | - --Tender Option Bonds |
UT | - --Unlimited Tax |
VRDNs | - --Variable Rate Demand Notes |
See Notes which are an integral part of the Financial Statements
Statement of Assets and Liabilities
December 31, 2003 (unaudited)
Assets: |
|
|
|
|
|
|
|
Total investments in securities, at value (identified cost $394,603,877) |
|
|
|
| $ | 402,111,695 |
|
Cash |
|
|
|
|
| 78,795 |
|
Income receivable |
|
|
|
|
| 3,951,319 |
|
Receivable for investments sold |
|
|
|
|
| 635,000 |
|
Receivable for shares sold |
|
|
|
|
| 397,368 |
|
Prepaid expenses |
|
|
|
|
| 9,858 |
|
TOTAL ASSETS |
|
|
|
|
| 407,184,035 |
|
Liabilities: |
|
|
|
|
|
|
|
Payable for investments purchased |
| $ | 5,350,000 |
|
|
|
|
Payable for shares redeemed |
|
| 818,995 |
|
|
|
|
Income distribution payable |
|
| 402,220 |
|
|
|
|
Payable for transfer and dividend disbursing agent fees and expenses (Note 5) |
|
| 9,348 |
|
|
|
|
Payable for Directors'/Trustees' fees |
|
| 91 |
|
|
|
|
Payable for portfolio accounting fees (Note 5) |
|
| 8,100 |
|
|
|
|
Payable for shareholder services fee (Note 5) |
|
| 12,315 |
|
|
|
|
TOTAL LIABILITIES |
|
|
|
|
| 6,601,069 |
|
Net assets for 38,470,787 shares outstanding |
|
|
|
| $ | 400,582,966 |
|
Net Assets Consist of: |
|
|
|
|
|
|
|
Paid in capital |
|
|
|
| $ | 397,663,752 |
|
Net unrealized appreciation of investments |
|
|
|
|
| 7,507,818 |
|
Accumulated net realized loss on investments |
|
|
|
|
| (4,621,749 | ) |
Undistributed net investment income |
|
|
|
|
| 33,145 |
|
TOTAL NET ASSETS |
|
|
|
| $ | 400,582,966 |
|
Net Asset Value, Offering Price and Redemption Proceeds Per Share |
|
|
|
|
|
|
|
Institutional Shares: |
|
|
|
|
|
|
|
$342,931,672 ÷ 32,934,129 shares outstanding |
|
|
|
|
| $10.41 |
|
Institutional Service Shares: |
|
|
|
|
|
|
|
$57,651,294 ÷ 5,536,658 shares outstanding |
|
|
|
|
| $10.41 |
|
See Notes which are an integral part of the Financial Statements
Statement of Operations
Six Months Ended December 31, 2003 (unaudited)
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
| $ | 5,833,688 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment adviser fee (Note 5) |
|
|
|
|
| $ | 771,549 |
|
|
|
|
|
Administrative personnel and services fee (Note 5) |
|
|
|
|
|
| 148,057 |
|
|
|
|
|
Custodian fees |
|
|
|
|
|
| 9,406 |
|
|
|
|
|
Transfer and dividend disbursing agent fees and expenses (Note 5) |
|
|
|
|
|
| 39,779 |
|
|
|
|
|
Directors'/Trustees' fees |
|
|
|
|
|
| 6,933 |
|
|
|
|
|
Auditing fees |
|
|
|
|
|
| 7,842 |
|
|
|
|
|
Legal fees |
|
|
|
|
|
| 2,844 |
|
|
|
|
|
Portfolio accounting fees (Note 5) |
|
|
|
|
|
| 55,122 |
|
|
|
|
|
Distribution services fee--Institutional Service Shares (Note 5) |
|
|
|
|
|
| 53,377 |
|
|
|
|
|
Shareholder services fee--Institutional Shares (Note 5) |
|
|
|
|
|
| 428,285 |
|
|
|
|
|
Shareholder services fee--Institutional Service Shares (Note 5) |
|
|
|
|
|
| 53,377 |
|
|
|
|
|
Share registration costs |
|
|
|
|
|
| 36,412 |
|
|
|
|
|
Printing and postage |
|
|
|
|
|
| 18,823 |
|
|
|
|
|
Insurance premiums |
|
|
|
|
|
| 877 |
|
|
|
|
|
Miscellaneous |
|
|
|
|
|
| 3,918 |
|
|
|
|
|
TOTAL EXPENSES |
|
|
|
|
|
| 1,636,601 |
|
|
|
|
|
Waivers (Note 5): |
|
|
|
|
|
|
|
|
|
|
|
|
Waiver of investment adviser fee |
| $ | (184,082 | ) |
|
|
|
|
|
|
|
|
Waiver of administrative personnel and services fee |
|
| (2,498 | ) |
|
|
|
|
|
|
|
|
Waiver of transfer and dividend disbursing agent fees and expenses |
|
| (10,639 | ) |
|
|
|
|
|
|
|
|
Waiver of distribution services fee--Institutional Service Shares |
|
| (53,377 | ) |
|
|
|
|
|
|
|
|
Waiver of shareholder services fee--Institutional Shares |
|
| (428,285 | ) |
|
|
|
|
|
|
|
|
TOTAL WAIVERS |
|
|
|
|
|
| (678,881 | ) |
|
|
|
|
Net expenses |
|
|
|
|
|
|
|
|
|
| 957,720 |
|
Net investment income |
|
|
|
|
|
|
|
|
|
| 4,875,968 |
|
Realized and Unrealized Gain (Loss) on Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain on investments |
|
|
|
|
|
|
|
|
|
| 128,735 |
|
Net change in unrealized appreciation of investments |
|
|
|
|
|
|
|
|
|
| (2,626,099 | ) |
Net realized and unrealized loss on investments |
|
|
|
|
|
|
|
|
|
| (2,497,364 | ) |
Change in net assets resulting from operations |
|
|
|
|
|
|
|
|
| $ | 2,378,604 |
|
See Notes which are an integral part of the Financial Statements
Statement of Changes in Net Assets
|
| Six Months |
|
| Year Ended |
| ||
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
Net investment income |
| $ | 4,875,968 |
|
| $ | 9,618,396 |
|
Net realized gain (loss) on investments |
|
| 128,735 |
|
|
| (502,112 | ) |
Net change in unrealized appreciation/depreciation of investments |
|
| (2,626,099 | ) |
|
| 4,300,411 |
|
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS |
|
| 2,378,604 |
|
|
| 13,416,695 |
|
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
|
|
|
|
|
|
|
Institutional Shares |
|
| (4,356,661 | ) |
|
| (8,707,429 | ) |
Institutional Service Shares |
|
| (486,133 | ) |
|
| (910,774 | ) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
|
| (4,842,794 | ) |
|
| (9,618,203 | ) |
Share Transactions: |
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
| 112,210,509 |
|
|
| 303,072,427 |
|
Proceeds from shares issued in connection with the tax-free transfer of assets from Riggs Short Term Tax-Free Bond Fund |
|
| 40,717,774 |
|
|
| -- |
|
Net asset value of shares issued to shareholders in payment of distributions declared |
|
| 2,415,747 |
|
|
| 4,367,634 |
|
Cost of shares redeemed |
|
| (119,075,821 | ) |
|
| (184,871,307 | ) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
|
| 36,268,209 |
|
|
| 122,568,754 |
|
Change in net assets |
|
| 33,804,019 |
|
|
| 126,367,246 |
|
Net Assets: |
|
|
|
|
|
|
|
|
Beginning of period |
|
| 366,778,947 |
|
|
| 240,411,701 |
|
End of period (including undistributed (distributions in excess of) net investment income of $33,145 and $(29), respectively) |
| $ | 400,582,966 |
|
| $ | 366,778,947 |
|
See Notes which are an integral part of the Financial Statements
Notes to Financial Statements
December 31, 2003 (unaudited)
1. ORGANIZATION
Federated Short-Term Municipal Trust (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company. The Fund offers two classes of shares: Institutional Shares and Institutional Service Shares. The investment objective of the Fund is to provide dividend income which is exempt from federal regular income tax. The Fund pursues this investment objective by investing in a portfolio of tax-exempt securities with a dollar-weighted average maturity of less than three years.
On September 26, 2003, the Fund received a tax-free transfer of assets from the Riggs Short Term Tax-Free Bond Fund, as follows:
| Shares of |
| Riggs Short |
| Riggs Short |
| Net Assets |
| Net Assets |
| Net Assets | |
Institutional Shares |
| 3,900,170 |
| $40,717,774 |
| $1,516,291 |
| $361,061,372 |
| $40,717,774 |
| $401,779,146 |
1 Unrealized appreciation is included in the Riggs Short Term Tax-Free Bond Fund Net Assets Received amount shown above.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles ("GAAP") in the United States of America.
Investment Valuations
Municipal bonds are valued by an independent pricing service, taking into consideration yield, liquidity, risk, credit quality, coupon, maturity, type of issue and any other factors or market data the pricing service deems relevant. Short-term securities are valued according to the mean between bid and asked prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Securities for which no quotations are readily available are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Trustees").
Investment Income, Expenses and Distributions
Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Premium and Discount Amortization
All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes.
Federal Taxes
It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.
When-Issued and Delayed Delivery Transactions
The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
Restricted Securities
Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in good faith using methods approved by the Trustees.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Other
Investment transactions are accounted for on a trade date basis.
3. SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.
Transactions in shares were as follows:
Six Months | Year Ended | |||||||||||||
Institutional Shares: |
| Shares |
| Amount |
| Shares |
| Amount | ||||||
Shares sold |
| 10,462,530 |
|
| $ | 108,909,862 |
|
| 25,749,275 |
|
| $ | 268,423,722 |
|
Shares issued to shareholders in payment of distributions declared |
| 214,033 |
|
|
| 2,228,076 |
|
| 359,948 |
|
|
| 3,754,976 |
|
Shares redeemed |
| (10,432,766 | ) |
|
| (108,557,149 | ) |
| (13,891,925 | ) |
|
| (144,993,444 | ) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
| 243,797 |
|
| $ | 2,580,789 |
|
| 12,217,298 |
|
| $ | 127,185,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months | Year Ended | |||||||||||||
Institutional Service Shares: | Shares | Amount | Shares | Amount | ||||||||||
Shares sold |
| 316,765 |
|
| $ | 3,300,647 |
|
| 3,331,032 |
|
| $ | 34,648,705 |
|
Proceeds from shares issued in connection with the tax-free transfer of assets from Riggs Short Term Tax-Free Bond Fund |
| 3,900,170 |
|
|
| 40,717,774 |
|
| -- |
|
|
| -- |
|
Shares issued to shareholders in payment of distributions declared |
| 18,029 |
|
|
| 187,671 |
|
| 58,777 |
|
|
| 612,658 |
|
Shares redeemed |
| (1,010,674 | ) |
|
| (10,518,672 | ) |
| (3,839,240 | ) |
|
| (39,877,863 | ) |
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS |
| 3,224,290 |
|
| $ | 33,687,420 |
|
| (449,431 | ) |
| $ | (4,616,500 | ) |
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
| 3,468,087 |
|
| $ | 36,268,209 |
|
| 11,767,867 |
|
| $ | 122,568,754 |
|
4. FEDERAL TAX INFORMATION
At December 31, 2003, the cost of investments for federal tax purposes was $394,570,690. The net unrealized appreciation of investments for federal tax purposes was $7,541,005. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $7,615,323 and net unrealized depreciation from investments for those securities having an excess of cost over value of $74,318.
The difference between book-basis and tax-basis unrealized appreciation is attributable to differing treatments for discount accretion/premium amortization on debt securities.
At June 30, 2003, the Fund had a capital loss carryforward of $4,747,122 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:
Expiration Year |
| Expiration Amount |
2004 |
| $ 2,597,123 |
2005 |
| $ 170,193 |
2008 |
| $ 541,582 |
2009 |
| $ 624,448 |
2010 |
| $ 261,798 |
2011 |
| $ 551,978 |
5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.40% of the Fund's average daily net assets. The Adviser will reimburse, to the extent of its adviser fee, the amount, if any, by which the Fund's aggregate annual operating expenses (excluding interest, taxes, brokerage commissions, expenses of registering and qualifying the Fund and its shares under federal and state laws and regulations, expenses of withholding taxes, distribution and shareholder services fees, and extraordinary expenses) exceed 0.45% of average daily net assets of the Fund.
Administrative Fee
Federated Administrative Services ("FAS") under the Administrative Services Agreement ("Agreement"), provides the Fund with administrative personnel and services. The fee paid to FAS is based on the average aggregate daily net assets of all Federated funds as specified below:
Maximum Administrative Fee |
| Average Aggregate Daily Net |
0.150% |
| on the first $5 billion |
0.125% |
| on the next $5 billion |
0.100% |
| on the next $10 billion |
0.075% |
| on assets in excess of $20 billion |
The administrative fee received during any fiscal year shall be at least $150,000 per portfolio and $40,000 per each additional class of Shares.
FAS may voluntarily choose to waive any portion of its fee. FAS can modify or terminate this voluntary waiver at any time at its sole discretion.
Prior to November 1, 2003, Federated Services Company ("FServ") provided the Fund with administrative personnel and services. The fee paid to FServ was based on the average aggregate daily net assets of all Federated funds as specified below:
Maximum Administrative Fee |
| Average Aggregate Daily Net |
0.150% |
| on the first $250 million |
0.125% |
| on the next $250 million |
0.100% |
| on the next $250 million |
0.075% |
| on assets in excess of $750 million |
The administrative fee received during any fiscal year was at least $125,000 per portfolio and $30,000 per each additional class of Shares.
For the six months ended December 31, 2003 the fees paid to FAS and FServ were $51,451 and $94,108, respectively, after voluntary waiver, if applicable.
Distribution Services Fee
The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. ("FSC"), the principal distributor, from the daily net assets of the Fund's Institutional Service Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses of up to 0.25% of the average daily net assets, annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.
Shareholder Services Fee
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of the average daily net assets of the Fund's Institutional Shares and Institutional Service Shares for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
Transfer and Dividend Disbursing Agent Fees and Expenses
FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
Portfolio Accounting Fees
FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of each Fund's average daily net assets for the period, plus out-of-pocket expenses. FServ may voluntarily choose to waive any portion of its fee. FServ can modify or terminate this voluntary waiver at any time at its sole discretion.
Interfund Transactions
During the six months ended December 31, 2003, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees, and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $183,300,000 and $139,274,560, respectively.
General
Certain of the Officers and Trustees of the Fund are Officers and Directors or Trustees of the above companies.
6. INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations (and in-kind contributions), for the six months ended December 31, 2003 were as follows:
Purchases |
| $ | 76,921,206 |
Sales |
| $ | 62,540,131 |
7. LEGAL PROCEEDINGS
In October, 2003, Federated Investors, Inc. and various subsidiaries thereof (collectively, "Federated"), along with various investment companies sponsored by Federated ("Funds") were named as defendants in several class action lawsuits filed in the United States District Court for the Western District of Pennsylvania seeking damages of unspecified amounts. The lawsuits were purportedly filed on behalf of people who purchased, owned and/or redeemed shares of Federated-sponsored mutual funds during specified periods beginning November 1, 1998. The suits are generally similar in alleging that Federated engaged in illegal and improper trading practices including market timing and late trading in concert with certain institutional traders, which allegedly caused financial injury to the mutual fund shareholders. The Board of the Funds has retained the law firm of Dickstein Shapiro Morin & Oshinsky LLP to represent the Funds in these lawsuits. Federated and the Funds, and their respective counsel, are reviewing the allegations and will respond appropriately. Additional lawsuits based upon similar allegations have been filed, and others may be filed in the future. Although Federated does not believe that these lawsuits will have a material adverse effect on the Funds, there can be no assurance that these suits, the ongoing adverse publicity and/or other developments resulting from related regulatory investigations will not result in increased Fund redemptions, reduced sales of Fund shares, or other adverse consequences for the Funds.
Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.
This report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's prospectus, which contains facts concerning its objective and policies, management fees, expenses, and other information.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400. This information is also available from the EDGAR database on the SEC's Internet site at http://www.sec.gov.
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400.
Federated Investors
World-Class Investment Manager
Federated Short-Term Municipal Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com
Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact
Federated Securities Corp., Distributor
Cusip 313907107
Cusip 313907206
Federated is a registered mark of Federated Investors, Inc. 2004 ©Federated Investors, Inc.
8020108 (2/04)
Item 2. Code of Ethics
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Item 5 Audit Committee of Listed Registrants
Not Applicable
Item 6 [Reserved]
Item 7. Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies
Not Applicable
Item 8. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers
Not Applicable
Item 9. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 10. Controls and Procedures
(a) The registrant's President and Treasurer have concluded that the
registrant's disclosure controls and procedures (as defined in rule
30a-3(c) under the Act) are effective in design and operation and are
sufficient to form the basis of the certifications required by Rule 30a-(2)
under the Act, based on their evaluation of these disclosure controls and
procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant's internal control over financial
reporting (as defined in rule 30a-3(d) under the Act), or the internal
control over financial reporting of its service providers during the last
fiscal half year (the registrant's second half year in the case of an
annual report) that have materially affected, or are reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
Item 11. 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 Federated Short Term Municipal Trust
By /S/ Richard J. Thomas, Principal Financial Officer
(insert name and title)
Date February 18, 2004
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 /S/ J. Christopher Donahue, Principal Executive Officer
Date February 18, 2004
By /S/ Richard J. Thomas, Principal Financial Officer
Date February 18, 2004