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-Intermediate Duration Municipal Trust
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(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: 06/30/2013
Date of Reporting Period: Six months ended 12/31/2012
Item 1. Reports to Stockholders
![](https://capedge.com/proxy/N-CSRS/0001318148-13-000445/fedregcovsmall.gif)
Share Class | Ticker |
A | FMTAX |
Institutional | FSHIX |
Service | FSHSX |
![](https://capedge.com/proxy/N-CSRS/0001318148-13-000445/fisherjohnsigsmall.jpg)
Sector Composition | Percentage of Total Net Assets |
General Obligation—State | 14.6% |
Hospital | 13.8% |
General Obligation—Local | 12.8% |
Public Power | 11.7% |
Electric & Gas | 10.7% |
Transportation | 9.5% |
Industrial Development/Pollution Control | 6.6% |
Water & Sewer | 6.0% |
Special Tax | 4.9% |
Senior Care | 1.4% |
Other2 | 6.4% |
Other Assets and Liabilities—Net3 | 1.6% |
TOTAL | 100.0% |
1 | Sector classifications, and the assignment of holdings to such sectors, are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. For securities that have been enhanced by a third-party, including bond insurers and banks, sector classifications are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. |
2 | For purposes of this table, sector classifications constitute 92.0% of the Fund's total net assets. Remaining sectors have been aggregated under the designation “Other.” |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
MUNICIPAL BONDS—97.8% | |||
Alabama—2.7% | |||
$3,920,000 | Alabama State Public School & College Authority, Capital Improvement Refunding Bonds (Series 2009A), 5.00% (United States Treasury COL), 5/1/2014 | $4,158,258 | |
8,000,000 | Mobile, AL IDB, PCRBs (Series 2007C), 5.00% TOBs (Alabama Power Co.) Mandatory Tender 3/19/2015 | 8,696,560 | |
1,000,000 | Montgomery, AL Medical Clinic Board, Health Care Facility Revenue Bonds (Series 2006), 4.50% (Jackson Hospital & Clinic, Inc.), 3/1/2013 | 1,003,920 | |
1,170,000 | Montgomery, AL Medical Clinic Board, Health Care Facility Revenue Bonds (Series 2006), 4.50% (Jackson Hospital & Clinic, Inc.), 3/1/2014 | 1,197,296 | |
925,000 | Saraland, AL, GO Warrants, 4.00%, 1/1/2014 | 954,239 | |
960,000 | Saraland, AL, GO Warrants, 4.50%, 1/1/2015 | 1,027,555 | |
2,355,000 | Tuscaloosa, AL, GO Warrants (Series 2010-B), 5.00%, 2/15/2014 | 2,475,906 | |
2,470,000 | Tuscaloosa, AL, GO Warrants (Series 2010-B), 5.00%, 2/15/2015 | 2,696,894 | |
2,600,000 | Tuscaloosa, AL, GO Warrants (Series 2010-B), 5.00%, 2/15/2016 | 2,936,908 | |
TOTAL | 25,147,536 | ||
Alaska—0.3% | |||
2,000,000 | Valdez, AK Marine Terminal, Revenue Refunding Bonds (Series 2003A), 5.00% (BP PLC), 1/1/2021 | 2,416,880 | |
Arizona—2.2% | |||
3,500,000 | Arizona State, COPs (Series 2010A), 5.00% (Assured Guaranty Corp. INS), 10/1/2015 | 3,869,705 | |
3,000,000 | Maricopa County, AZ Pollution Control Corp., PCR Refunding Bonds (Series 2010A), 4.00% TOBs (Public Service Co., NM), Mandatory Tender 6/1/2015 | 3,138,660 | |
3,125,000 | Navajo County, AZ Pollution Control Corp., PCR Refunding Bonds (Series 2009A), 1.25% TOBs (Arizona Public Service Co.), Mandatory Tender 5/30/2014 | 3,127,125 | |
1,000,000 | Pima County, AZ Sewer System, Revenue Bonds (Series 2011B), 4.00%, 7/1/2014 | 1,052,170 | |
1,250,000 | Pima County, AZ Sewer System, Revenue Bonds (Series 2011B), 5.00%, 7/1/2015 | 1,384,462 | |
7,260,000 | Salt River Project, AZ Agricultural Improvement & Power District, COPs, 5.00% (National Re Holdings Corp. INS), 12/1/2015 | 7,548,295 | |
TOTAL | 20,120,417 | ||
Arkansas—0.2% | |||
500,000 | Beaver Water District of Benton and Washington Counties, AR, Revenue Refunding Bonds (Series 2010), 3.00%, 11/15/2017 | 542,560 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Arkansas—continued | |||
$1,190,000 | Jefferson County, AR, PCR Refunding Bonds (Series 2006), 4.60% (Entergy Arkansas, Inc.), 10/1/2017 | $1,192,428 | |
TOTAL | 1,734,988 | ||
California—10.9% | |||
5,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007B-1), 1.23% TOBs, Mandatory Tender 4/1/2024 | 5,000,950 |
10,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007G-1), 1.23% TOBs, Mandatory Tender 4/1/2024 | 10,001,900 |
500,000 | California Health Facilities Financing Authority, 5.00% (Adventist Health System/West), 3/1/2014 | 521,840 | |
1,500,000 | California Health Facilities Financing Authority, Revenue Bonds (Series 2009B), 4.50% (St. Joseph Health System), 7/1/2013 | 1,529,775 | |
1,500,000 | California Health Facilities Financing Authority, Revenue Bonds (Series 2009B), 5.00% (St. Joseph Health System), 7/1/2014 | 1,597,245 | |
4,000,000 | California Health Facilities Financing Authority, Variable Rate Health Facility Revenue Bonds (Series 2009G), 5.00% TOBs (Digital Health (Catholic Healthcare West)), Mandatory Tender 7/1/2014 | 4,222,840 | |
2,000,000 | California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds (Series 2004), 3.00% (Waste Management, Inc.), 9/1/2014 | 2,077,440 | |
8,000,000 | 2 | California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds (Series 2009A), 2.375% TOBs (Waste Management, Inc.), Mandatory Tender 2/1/2013 | 8,008,960 |
5,000,000 | California PCFA, Solid Waste Disposal Refunding Revenue Bonds (Series 1998B), 3.63% (Waste Management, Inc.), 6/1/2018 | 5,207,650 | |
5,000,000 | California State Department of Water Resources Power Supply Program, Revenue Bonds (Series 2010L), 5.00%, 5/1/2014 | 5,309,250 | |
5,000,000 | California State Department of Water Resources Power Supply Program, Revenue Bonds (Series 2010L), 5.00%, 5/1/2015 | 5,521,300 | |
3,000,000 | California State Public Works Board, Lease Revenue Bonds (Series 2012G), 5.00%, 11/1/2020 | 3,592,110 | |
1,440,000 | California State Public Works Board, Lease Revenue Bonds (Series 2012H), 5.00%, 4/1/2019 | 1,688,702 | |
4,375,000 | California State, Refunding Economic Recovery Bonds (Series 2009B), 5.00% TOBs (California State Fiscal Recovery Fund), Mandatory Tender 7/1/2014 | 4,662,700 | |
4,000,000 | 1 | California State, UT GO Refunding Bonds (Series 2012B), 1.13%, 5/1/2019 | 4,010,560 |
3,000,000 | 1 | California State, UT GO Refunding Bonds (Series 2012B), 1.28%, 5/1/2020 | 3,034,260 |
3,000,000 | California State, Various Purpose UT GO Bonds, 5.00%, 10/1/2015 | 3,345,480 | |
3,975,000 | California Statewide CDA, Revenue Bonds (Series 2009A), 5.00% (Kaiser Permanente), 4/1/2013 | 4,020,752 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$2,500,000 | California Statewide CDA, Revenue Bonds (Series 2009E-1), 5.00% TOBs (Kaiser Permanente) Mandatory Tender 5/1/2017 | $2,899,600 | |
2,000,000 | Chula Vista, CA, Revenue Refunding Bonds (Series 2006A), 1.65% (San Diego Gas & Electric Co.), 7/1/2018 | 2,021,900 | |
4,195,000 | Los Angeles, CA USDT, Refunding COPs (Series 2010A), 5.00%, 12/1/2015 | 4,655,611 | |
2,750,000 | San Diego County, CA Water Authority, Subordinate Lien Water Revenue Refunding Bonds (Series 2011S-1), 5.00%, 7/1/2016 | 3,145,505 | |
11,485,000 | San Francisco, CA Public Utilities Commission (Water Enterprise), Water Revenue Bonds (Series 2010DE), 5.00%, 11/1/2017 | 13,671,974 | |
TOTAL | 99,748,304 | ||
Colorado—1.6% | |||
2,090,000 | Adonea, CO Metropolitan District No. 2, Revenue Bonds (Series 2005B), 4.38% (Compass Bank, Birmingham LOC)/(Original Issue Yield: 4.50%), 12/1/2015 | 2,114,474 | |
100,000 | Beacon Point, CO Metropolitan District, Revenue Bonds (Series 2005B), 4.38% (Compass Bank, Birmingham LOC)/(Original Issue Yield: 4.50%), 12/1/2015 | 100,258 | |
2,900,000 | Colorado Health Facilities Authority, Revenue Bonds (Series 2009B), 5.00% TOBs (Catholic Health Initiatives), Mandatory Tender 11/11/2014 | 3,137,104 | |
500,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2012C), 2.00% (Covenant Retirement Communities, Inc.), 12/1/2013 | 502,795 | |
2,115,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2012C), 4.00% (Covenant Retirement Communities, Inc.), 12/1/2015 | 2,230,944 | |
1,795,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2012C), 4.00% (Covenant Retirement Communities, Inc.), 12/1/2016 | 1,913,937 | |
4,570,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (SIFMA Index Term Rate Bonds)(Series 2011A), 2.85% TOBs, Mandatory Tender 9/1/2014 | 4,572,193 | |
TOTAL | 14,571,705 | ||
Connecticut—3.5% | |||
2,750,000 | Bridgeport, CT, UT GO Refunding Bonds (Series 2012B), 4.00%, 8/15/2014 | 2,887,775 | |
1,010,000 | Bridgeport, CT, UT GO Refunding Bonds (Series 2012B), 4.00%, 8/15/2015 | 1,084,013 | |
3,185,000 | Bridgeport, CT, UT GO Refunding Bonds (Series 2012B), 5.00%, 8/15/2016 | 3,580,035 | |
2,580,000 | Bridgeport, CT, UT GO Refunding Bonds (Series 2012B), 5.00%, 8/15/2017 | 2,947,392 | |
5,000,000 | Connecticut State, UT GO Bonds (Series 2010C), 5.00%, 12/1/2013 | 5,218,900 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—continued | |||
$10,000,000 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012A), 1.38%, 4/15/2020 | $10,135,500 | |
2,000,000 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012D), 0.11%, 9/15/2019 | 2,010,360 | |
2,100,000 | West Haven, CT, UT GO Bonds, 4.00% (Assured Guaranty Municipal Corp. INS), 8/1/2018 | 2,255,904 | |
2,000,000 | West Haven, CT, UT GO Bonds, 4.00% (Assured Guaranty Municipal Corp. INS), 8/1/2019 | 2,162,620 | |
TOTAL | 32,282,499 | ||
District of Columbia—0.2% | |||
2,000,000 | District of Columbia Revenue, University Revenue Refunding Bonds (Series 2009A), 5.00% (Georgetown University), 4/1/2015 | 2,185,040 | |
Florida—7.1% | |||
8,000,000 | Citizens Property Insurance Corp. FL, Senior Secured Bonds (Series 2012A-1), 5.00%, 6/1/2015 | 8,723,600 | |
5,000,000 | 1 | Citizens Property Insurance Corp. FL, SIFMA Floating Rate Notes (Series 2010A-3), 1.88% (Citizens Property Insurance Coastal Account), 6/1/2013 | 5,030,150 |
7,245,000 | Florida State Board of Education, UT GO Capital Outlay Refunding Bonds (Series 2010A), 5.00% (Florida State), 6/1/2017 | 8,533,885 | |
500,000 | Florida State Municipal Power Agency, Stanton II Project Revenue Bonds (Series 2012A), 4.00%, 10/1/2015 | 542,145 | |
630,000 | Florida State Municipal Power Agency, Stanton II Project Revenue Bonds (Series 2012A), 4.00%, 10/1/2017 | 705,858 | |
800,000 | Florida State Municipal Power Agency, Stanton II Project Revenue Bonds (Series 2012A), 5.00%, 10/1/2016 | 913,824 | |
2,000,000 | Halifax Hospital Medical Center, FL, Hospital Revenue Refunding & Improvement Bonds (Series 2006A), 5.25%, 6/1/2015 | 2,175,660 | |
5,000,000 | 1 | Lakeland, FL Energy Systems, Variable Rate Energy System Refunding Bonds (Series 2009), 1.23%, 10/1/2014 | 5,045,150 |
600,000 | Miami Beach, FL Health Facilities Authority, Hospital Revenue Refunding Bonds (Series 2012), 3.00% (Mt. Sinai Medical Center, FL), 11/15/2014 | 616,380 | |
750,000 | Miami Beach, FL Health Facilities Authority, Hospital Revenue Refunding Bonds (Series 2012), 3.00% (Mt. Sinai Medical Center, FL), 11/15/2015 | 776,783 | |
1,435,000 | Miami Beach, FL Health Facilities Authority, Hospital Revenue Refunding Bonds (Series 2012), 3.00% (Mt. Sinai Medical Center, FL), 11/15/2016 | 1,489,688 | |
7,800,000 | Miami-Dade County, FL School Board, COPs (Series 2011B), 5.00% TOBs, Mandatory Tender 5/1/2016 | 8,767,434 | |
610,000 | Miami-Dade County, FL Transit System, Transit System Sales Surtax Revenue Bonds (Series 2012), 5.00%, 7/1/2019 | 735,898 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$500,000 | Miami-Dade County, FL Transit System, Transit System Sales Surtax Revenue Bonds (Series 2012), 5.00%, 7/1/2020 | $606,710 | |
1,250,000 | Miami-Dade County, FL Transit System, Transit System Sales Surtax Revenue Bonds (Series 2012), 5.00%, 7/1/2021 | 1,523,825 | |
3,000,000 | Okeechobee County, FL, Solid Waste Disposal Revenue Bonds (Series 2004A), 2.63% TOBs (Waste Management, Inc.), Mandatory Tender 1/2/2013 | 3,000,120 | |
1,750,000 | Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2018 | 2,070,705 | |
1,500,000 | Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2019 | 1,801,395 | |
1,350,000 | Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2020 | 1,626,615 | |
1,500,000 | Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2011B), 5.00%, 10/1/2018 | 1,819,470 | |
1,000,000 | Orlando, FL, Senior Tourist Development Tax Revenue Bonds (Series 2008A), 5.00% (6th Cent Contract Payments)/(Assured Guaranty Corp. INS), 11/1/2013 | 1,027,940 | |
1,000,000 | Orlando, FL, Senior Tourist Development Tax Revenue Bonds (Series 2008A), 5.00% (6th Cent Contract Payments)/(Assured Guaranty Corp. INS), 11/1/2014 | 1,058,050 | |
5,000,000 | Tampa Bay, FL Water Utility System, Refunding Revenue Bonds (Series 2011B), 5.00%, 10/1/2018 | 6,049,450 | |
TOTAL | 64,640,735 | ||
Georgia—3.3% | |||
2,500,000 | Atlanta, GA Airport Passenger Facilities Charge Revenue, Subordinate Lien General Revenue Bonds (Series 2010B), 5.00%, 1/1/2018 | 2,950,375 | |
4,000,000 | Burke County, GA Development Authority, PCRBs (First Series 2012), 1.75% TOBs (Georgia Power Co.), Mandatory Tender 6/1/2017 | 4,105,840 | |
2,665,000 | Burke County, GA Development Authority, PCRBs (Series 2011A), 2.50% TOBs (Oglethorpe Power Corp.), Mandatory Tender 3/1/2013 | 2,673,555 | |
600,000 | DeKalb County, GA Water & Sewerage, Revenue Bonds (Series 2011A), 4.00%, 10/1/2014 | 635,592 | |
950,000 | DeKalb County, GA Water & Sewerage, Revenue Bonds (Series 2011A), 4.00%, 10/1/2015 | 1,032,783 | |
3,535,000 | Floyd County, GA Development Authority PCRBs (First Series 2010), 0.85% TOBs (Georgia Power Co.), Mandatory Tender 11/19/2015 | 3,522,062 | |
3,000,000 | Fulton County, GA Water & Sewage System, Revenue Refunding Bonds (Series 2011), 5.00%, 1/1/2019 | 3,650,310 | |
2,000,000 | Municipal Electric Authority of Georgia, Combined Cycle Project Revenue Bonds (Series 2012A), 5.00%, 11/1/2016 | 2,293,300 | |
1,000,000 | Municipal Electric Authority of Georgia, Combined Cycle Project Revenue Bonds (Series 2012A), 5.00%, 11/1/2018 | 1,194,040 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—continued | |||
$4,950,000 | Municipal Electric Authority of Georgia, Project One Subordinated Bonds (Series 2012C), 5.00%, 1/1/2020 | $5,991,034 | |
2,000,000 | Public Gas Partners, Inc., GA, Gas Project Revenue Bonds (Gas Supply Pool No. 1 Series 2009A), 5.00%, 10/1/2015 | 2,211,840 | |
TOTAL | 30,260,731 | ||
Hawaii—0.4% | |||
800,000 | Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Refunding Bonds (Series 2012), 4.00% (Kahala Nui), 11/15/2013 | 812,832 | |
1,000,000 | Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Refunding Bonds (Series 2012), 4.50% (Kahala Nui), 11/15/2015 | 1,056,000 | |
1,000,000 | Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Refunding Bonds (Series 2012), 5.00% (Kahala Nui), 11/15/2017 | 1,094,810 | |
500,000 | Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Refunding Bonds (Series 2012), 5.00% (Kahala Nui), 11/15/2018 | 555,060 | |
TOTAL | 3,518,702 | ||
Illinois—5.0% | |||
3,500,000 | Chicago, IL Midway Airport, Second Lien Revenue Bonds (Series 2010B), 5.00% TOBs, Mandatory Tender 1/1/2015 | 3,742,620 | |
1,875,000 | Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011B), 5.00%, 1/1/2018 | 2,171,362 | |
2,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2008), 5.00% (Assured Guaranty Municipal Corp. INS), 11/1/2015 | 2,230,240 | |
2,000,000 | Illinois Finance Authority, Gas Supply Revenue Refunding Bonds (Series 2010), 2.13% TOBs (Peoples Gas Light & Coke Co.), Mandatory Tender 7/1/2014 | 2,032,520 | |
2,500,000 | Illinois Finance Authority, Revenue Bonds (Series 2011IL), 3.00% (Trinity Healthcare Credit Group), 12/1/2017 | 2,691,250 | |
5,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2012E), 5.00% TOBs (Ascension Health Alliance Senior Credit Group) Mandatory Tender 5/1/2017 | 5,790,050 | |
1,510,000 | Illinois State Sales Tax, Sales Tax Revenue Bonds (Junior Obligation Series June 2010), 5.00%, 6/15/2013 | 1,542,541 | |
2,000,000 | Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 12/15/2017 | 2,314,200 | |
1,000,000 | Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 6/15/2014 | 1,067,290 | |
1,000,000 | Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 6/15/2015 | 1,109,000 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,000,000 | Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 6/15/2016 | $1,145,610 | |
3,990,000 | Illinois State, GO Refunding Bonds (Series February 2010), 5.00%, 1/1/2013 | 3,990,000 | |
4,000,000 | Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2018 | 4,588,800 | |
5,000,000 | Illinois State, UT GO Bonds (Series of March 2012), 5.00%, 3/1/2017 | 5,690,650 | |
2,205,000 | Kendall, Kane, & Will Counties, IL Community United School District No. 308, Refunding GO School Bonds (Series 2012), 4.00%, 10/1/2018 | 2,505,277 | |
2,680,000 | Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2010), 5.00%, 6/1/2017 | 3,064,473 | |
TOTAL | 45,675,883 | ||
Indiana—3.2% | |||
2,500,000 | Indiana Health Facility Financing Authority, Revenue Bonds (Series 2005A-8), 5.00% TOBs (Ascension Health Alliance Subordinate Credit Group), Mandatory Tender 7/28/2016 | 2,851,125 | |
4,000,000 | Indiana Health Facility Financing Authority, Revenue Bonds (Series 2005A-9), 5.00% TOBs (Ascension Health Alliance Subordinate Credit Group), Mandatory Tender 6/1/2017 | 4,625,040 | |
750,000 | Indiana Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012A), 4.00%, 1/1/2020 | 862,853 | |
1,000,000 | Indiana Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012A), 5.00%, 1/1/2019 | 1,206,480 | |
855,000 | Indiana State Finance Authority (Hospital Revenue Bonds), Hospital Revenue Bonds (Series 2012A), 5.00% (Community Health Network), 5/1/2020 | 1,000,102 | |
1,270,000 | Indiana State Finance Authority, Environmental Facilities Revenue Refunding Bonds (Series 2009B), 4.90% (Indianapolis, IN Power & Light Co.), 1/1/2016 | 1,385,646 | |
425,000 | Indiana State Finance Authority, First Lien Wastewater Utility Revenue Bonds (Series 2012A), 4.00% (CWA Authority), 10/1/2014 | 450,980 | |
625,000 | Indiana State Finance Authority, First Lien Wastewater Utility Revenue Bonds (Series 2012A), 5.00% (CWA Authority), 10/1/2018 | 751,075 | |
825,000 | Indiana State Finance Authority, First Lien Wastewater Utility Revenue Bonds (Series 2012A), 5.00% (CWA Authority), 10/1/2020 | 1,015,146 | |
1,000,000 | Indiana State Finance Authority, Second Lien Wastewater Utility Revenue Bonds (Series 2011B), 5.00% (CWA Authority), 10/1/2018 | 1,173,280 | |
2,500,000 | Indiana State Finance Authority, Second Lien Wastewater Utility Revenue Bonds (Series 2011B), 5.00% (CWA Authority), 10/1/2019 | 2,977,375 | |
1,000,000 | Jasper County, IN, PCR Refunding Bonds (Series 1994B), 5.20% (Northern Indiana Public Service Company)/(National Public Finance Guarantee Corporation INS), 6/1/2013 | 1,014,710 | |
900,000 | Purdue University, IN, Student Fee Bonds (Series 2010Y), 4.50%, 7/1/2015 | 988,146 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Indiana—continued | |||
$5,000,000 | Whiting, IN Environmental Facilities, Bonds (Series 2005), 5.00% (BP PLC), 7/1/2017 | $5,764,700 | |
3,000,000 | Whiting, IN Environmental Facilities, Revenue Bonds (Series 2009), 5.25% (BP PLC), 1/1/2021 | 3,680,190 | |
TOTAL | 29,746,848 | ||
Iowa—0.1% | |||
1,000,000 | Iowa Finance Authority, PCR Refunding Bonds (Series 2005), 5.00% (Interstate Power and Light Co.)/(FGIC INS), 7/1/2014 | 1,060,030 | |
Louisiana—1.3% | |||
2,000,000 | DeSoto Parish, LA, PCR Refunding Bonds (Series 2010), 3.25% TOBs (Southwestern Electric Power Co.), Mandatory Tender 1/2/2015 | 2,060,380 | |
6,000,000 | Louisiana State Offshore Terminal Authority, Deepwater Port Revenue Bonds (Series 2010B-2), 2.10% TOBs (Loop LLC), Mandatory Tender 10/1/2014 | 6,088,440 | |
3,765,000 | St. Charles Parish, LA Gulf Opportunity Zone, Revenue Bonds (Series 2010), 4.00% TOBs (Valero Energy Corp.), Mandatory Tender 6/1/2022 | 4,139,919 | |
TOTAL | 12,288,739 | ||
Maryland—0.7% | |||
5,270,000 | Prince Georges County, MD, GO Consolidated Public Improvement Bonds (Series 2010A), 5.00%, 9/15/2018 | 6,470,717 | |
Massachusetts—1.8% | |||
2,000,000 | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds (Series 2010B), 5.00%, 1/1/2015 | 2,167,160 | |
1,000,000 | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds (Series 2010B), 5.00%, 1/1/2017 | 1,142,920 | |
3,750,000 | Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 6 Series 2012A), 5.00%, 7/1/2016 | 4,261,912 | |
1,875,000 | Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds, Nuclear Project 3 (Series 2011), 5.00%, 7/1/2015 | 2,073,731 | |
2,120,000 | Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds, Project 6 (Series 2011), 5.00%, 7/1/2017 | 2,415,952 | |
2,130,000 | Massachusetts State HFA, Construction Loan Notes (Series 2012F), 0.65%, 12/1/2014 | 2,125,719 | |
2,000,000 | Massachusetts State SO, Dedicated Tax Revenue Bonds, 5.25% (United States Treasury PRF 1/1/2014@100), 1/1/2020 | 2,097,960 | |
TOTAL | 16,285,354 | ||
Michigan—3.1% | |||
1,375,000 | Grand Rapids, MI Water Supply System, Revenue Refunding Bonds (Series 2010), 5.00%, 1/1/2016 | 1,550,216 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$1,500,000 | Grand Rapids, MI Water Supply System, Revenue Refunding Bonds (Series 2010), 5.00%, 1/1/2017 | $1,741,740 | |
4,000,000 | Michigan State Hospital Finance Authority, Revenue Bonds (Series 2005 A-4), 1.63% TOBs (Ascension Health Alliance Subordinate Credit Group), Mandatory Tender 11/1/2019 | 3,994,320 | |
1,000,000 | Michigan State Hospital Finance Authority, Revenue Bonds (Series 2010B), 5.00% (Ascension Health Alliance Senior Credit Group), 11/15/2016 | 1,152,480 | |
3,335,000 | Michigan State Hospital Finance Authority, Variable Rate Revenue Bonds (Series 1999B-3), 2.00% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 8/1/2014 | 3,411,205 | |
3,000,000 | Michigan State Strategic Fund, Solid Waste Disposal LT Obligation Revenue Refunding Bonds (Series 2004), 2.80% (Waste Management, Inc.), 12/1/2013 | 3,051,900 | |
1,000,000 | Michigan State Trunk Line, Revenue Bonds, 5.25% (FGIC INS)/(National Public Finance Guarantee Corporation LOC), 11/1/2013 | 1,040,980 | |
8,875,000 | Michigan Strategic Fund, Adjustable Rate Demand LO Revenue Refunding Bonds (Series 1995C), 2.13% TOBs (Detroit Edison Co.), Mandatory Tender 9/1/2016 | 9,125,541 | |
1,000,000 | Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2011), 5.00% (Michigan State), 10/15/2019 | 1,171,350 | |
1,170,000 | Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2011), 5.00% (Michigan State), 10/15/2020 | 1,382,121 | |
1,000,000 | Western Townships MI, Utilities Authority, Sewage Disposal System Refunding LT GO Bonds (Series 2009), 4.00%, 1/1/2013 | 1,000,000 | |
TOTAL | 28,621,853 | ||
Mississippi—0.9% | |||
3,185,000 | Mississippi Development Bank, SO Bonds (Series 2010A), 5.00%, 1/1/2014 | 3,322,210 | |
1,000,000 | Mississippi Development Bank, Wilkinson County Correctional Facility Refunding Bonds (Series 2008D), 5.00% (Mississippi State Department of Corrections)/(United States Treasury COL), 8/1/2015 | 1,114,670 | |
3,250,000 | Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds (2010 Series 1), 5.00% (North Mississippi Health Services), 10/1/2017 | 3,781,732 | |
TOTAL | 8,218,612 | ||
Missouri—0.3% | |||
1,240,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2007A), 5.00% (Lutheran Senior Services), 2/1/2013 | 1,243,683 | |
1,000,000 | St. Louis, MO Municipal Finance Corp., City Justice Center Leasehold Revenue Refunding Bonds (Series 2011), 5.00% (St. Louis, MO), 2/15/2017 | 1,125,830 | |
TOTAL | 2,369,513 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Nebraska—0.9% | |||
$570,000 | Nebraska Public Power District, General Revenue Bonds (Series 2011A), 4.00%, 1/1/2015 | $608,709 | |
570,000 | Nebraska Public Power District, General Revenue Bonds (Series 2011A), 5.00%, 1/1/2016 | 641,187 | |
850,000 | Nebraska Public Power District, General Revenue Bonds (Series 2011A), 5.00%, 1/1/2017 | 981,903 | |
350,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 3.00%, 1/1/2020 | 379,187 | |
500,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 3.50%, 1/1/2019 | 559,615 | |
1,000,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 4.00%, 1/1/2018 | 1,133,930 | |
500,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 4.00%, 1/1/2020 | 575,950 | |
1,175,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 5.00%, 1/1/2019 | 1,419,118 | |
2,000,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 5.00%, 1/1/2021 | 2,451,480 | |
TOTAL | 8,751,079 | ||
Nevada—0.9% | |||
3,875,000 | Clark County, NV Airport System, Passenger Facility Charge Revenue Refunding Bonds (Series 2010F-1), 5.00%, 7/1/2014 | 4,107,887 | |
1,000,000 | Clark County, NV, IDRB (Series 2003C), 5.45% TOBs (Southwest Gas Corp.), Mandatory Tender 3/1/2013 | 1,006,700 | |
425,000 | Henderson, NV, Health Facility Revenue Bonds (Series 2007B), 5.00% (Digital Health (Catholic Healthcare West)), 7/1/2013 | 434,669 | |
2,250,000 | Washoe County, NV School District, Refunding LT GO Bonds (Series 2012A), 4.00%, 6/1/2019 | 2,584,485 | |
TOTAL | 8,133,741 | ||
New Jersey—4.7% | |||
2,500,000 | Gloucester County, NJ Improvement Authority, Resource Recovery Revenue Refunding Bonds (Series 1999A), 2.63% TOBs (Waste Management, Inc.), Mandatory Tender 12/1/2017 | 2,481,475 | |
2,500,000 | New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2016 | 2,782,350 | |
2,000,000 | New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2017 | 2,261,520 | |
3,000,000 | New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2018 | 3,441,840 | |
2,000,000 | New Jersey EDA, School Facilities Construction Revenue Refunding Bonds (Series 2008W), 5.00% (New Jersey State), 3/1/2014 | 2,102,260 | |
16,520,000 | 1 | New Jersey EDA, School Facilities Construction Revenue Refunding Bonds (Series E), 1.83% (New Jersey State), 2/1/2016 | 16,947,207 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$1,000,000 | New Jersey Health Care Facilities Financing Authority, Refunding Bonds (Series 2011), 5.00% (Meridian Health System Obligated Group), 7/1/2018 | $1,159,760 | |
1,000,000 | New Jersey State Transportation Trust Fund Authority, Transportation System Bonds (Series 2011B), 5.00% (New Jersey State), 6/15/2018 | 1,183,260 | |
5,000,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2012B), 5.00%, 1/1/2019 | 5,956,250 | |
3,929,000 | Newark, NJ, (Series 2012B), 2.50% BANs, 6/28/2013 | 3,941,376 | |
1,080,000 | Newark, NJ, (Series G), 2.00% BANs, 12/11/2013 | 1,086,459 | |
TOTAL | 43,343,757 | ||
New Mexico—0.9% | |||
7,000,000 | Farmington, NM, Refunding PCRBs (Series 2012A), 1.88% TOBs (El Paso Electric Co.), Mandatory Tender 9/1/2017 | 7,080,850 | |
830,000 | Sandoval County, NM, Incentive Payment Revenue Refunding Bonds (Series 2005), 4.00% (Intel Corp.), 6/1/2015 | 853,721 | |
TOTAL | 7,934,571 | ||
New York—7.1% | |||
2,500,000 | Erie County, NY IDA, School Facility Revenue Refunding Bonds (Series 2011B), 5.00% (Buffalo, NY City School District), 5/1/2018 | 2,958,625 | |
1,000,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2010A), 5.00%, 5/1/2014 | 1,059,680 | |
1,000,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2010A), 5.00%, 5/1/2015 | 1,097,220 | |
2,000,000 | Metropolitan Transportation Authority, NY, Transportation Revenue Bonds (Series 2005D), 5.00% (MTA Transportation Revenue), 11/15/2016 | 2,301,660 | |
1,000,000 | Metropolitan Transportation Authority, NY, Transportation Revenue Bonds (Series 2005G), 5.00% (MTA Transportation Revenue), 11/15/2017 | 1,173,350 | |
2,165,000 | Nassau County, NY, Refunding UT GO Bonds (Series 2009E), 4.00%, 6/1/2013 | 2,194,790 | |
2,600,000 | New York City Housing Development Corp., MFH Revenue Bonds (Series B-2), 2.05%, 5/1/2014 | 2,636,530 | |
3,825,000 | New York City, NY TFA, Future Tax Secured Bonds (Series 2010I-2), 5.00%, 11/1/2017 | 4,543,067 | |
170,000 | New York City, NY, UT GO Bonds (Fiscal 2010 Series C), 5.00% (Escrowed In Treasuries COL), 8/1/2013 | 174,701 | |
1,885,000 | New York City, NY, UT GO Bonds (Fiscal 2010 Series C), 5.00%, 8/1/2013 | 1,936,159 | |
3,000,000 | New York City, NY, UT GO Bonds (Fiscal 2011 Series B), 5.00%, 8/1/2017 | 3,523,740 | |
2,045,000 | New York City, NY, UT GO Bonds (Series 2005O), 5.00% (Escrowed In Treasuries COL), 6/1/2013 | 2,085,511 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$610,000 | New York City, NY, UT GO Bonds (Series 2005O), 5.00%, 6/1/2013 | $621,852 | |
2,000,000 | New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2017 | 2,349,160 | |
2,000,000 | New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2018 | 2,405,340 | |
2,000,000 | New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2019 | 2,440,280 | |
1,345,000 | New York City, NY, UT GO Bonds (Series A), 5.00%, 8/1/2016 | 1,540,846 | |
500,000 | New York City, NY, UT GO Bonds (Series A-1), 5.00%, 8/1/2018 | 601,335 | |
1,005,000 | New York City, NY, UT GO Bonds (Series C), 5.00%, 8/1/2018 | 1,208,683 | |
4,000,000 | New York State Dormitory Authority, Revenue Bonds (Series 2011A), 5.00% (School District Financing Program), 10/1/2016 | 4,562,760 | |
1,300,000 | New York State Thruway Authority, General Revenue Bonds (Series 2012I), 5.00% (New York State Thruway Authority - General Revenue), 1/1/2018 | 1,530,737 | |
1,000,000 | New York State Thruway Authority, General Revenue Bonds (Series 2012I), 5.00% (New York State Thruway Authority - General Revenue), 1/1/2019 | 1,200,750 | |
8,000,000 | New York State Urban Development Corp., Service Contract Revenue Refunding Bonds (Series 2010B), 5.00%, 1/1/2016 | 9,011,840 | |
3,000,000 | New York State, Refunding UT GO Bonds (Series 2011C), 5.00%, 9/1/2014 | 3,239,820 | |
2,000,000 | Suffolk County, NY EDC, Revenue Bonds (Series 2011), 5.00% (Catholic Health Services of Long Island Obligated Group), 7/1/2018 | 2,327,460 | |
3,350,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Refunding Bonds (Series 2012B), 5.00%, 11/15/2017 | 3,962,012 | |
2,000,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Refunding Bonds (Series 2012B), 5.00%, 11/15/2018 | 2,416,580 | |
TOTAL | 65,104,488 | ||
North Carolina—2.1% | |||
1,145,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2010A), 5.00%, 1/1/2015 | 1,241,901 | |
1,250,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2012A), 5.00%, 1/1/2018 | 1,478,513 | |
1,000,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2012A), 5.00%, 1/1/2019 | 1,200,750 | |
1,000,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, 5.00% (Assured Guaranty Corp. INS), 1/1/2013 | 1,000,000 | |
2,840,000 | North Carolina Eastern Municipal Power Agency, Revenue Refunding Bonds (Series 2003F), 5.50%, 1/1/2014 | 2,980,580 | |
1,015,000 | 1 | North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds (Series 2012C), 0.87% TOBs (Wake Forest Baptist Obligated Group), Mandatory Tender 12/1/2033 | 1,015,193 |
2,550,000 | North Carolina Medical Care Commission, Hospital Revenue Refunding Bonds (Series 2010), 5.00% (North Carolina Baptist Obligated Group), 6/1/2014 | 2,719,473 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
North Carolina—continued | |||
$1,245,000 | North Carolina Medical Care Commission, Hospital Revenue Refunding Bonds (Series 2010), 5.00% (North Carolina Baptist Obligated Group), 6/1/2015 | $1,378,763 | |
1,500,000 | North Carolina Municipal Power Agency No. 1, Revenue Refunding Bonds (Series 2008A), 5.25%, 1/1/2017 | 1,747,425 | |
2,000,000 | North Carolina State, UT GO Bonds (Series 2006A), 5.00%, 6/1/2014 | 2,133,080 | |
2,000,000 | Wake County, NC, Public Improvement UT GO Bonds, 5.00%, 3/1/2015 | 2,197,980 | |
TOTAL | 19,093,658 | ||
Ohio—3.7% | |||
1,400,000 | American Municipal Power-Ohio, Inc., Revenue Bonds (Series 2012B), 5.00% (AMP Fremont Energy), 2/15/2016 | 1,567,006 | |
2,000,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series 2007A-2), 5.00%, 6/1/2014 | 2,104,960 | |
1,800,000 | Cleveland, OH Public Power System, Revenue Refunding Bonds (Series 2010), 5.00%, 11/15/2016 | 2,045,754 | |
2,685,000 | Cleveland, OH Public Power System, Revenue Refunding Bonds (Series 2010), 5.00%, 11/15/2017 | 3,103,538 | |
2,000,000 | Ohio State Air Quality Development Authority, Air Quality Revenue Refunding Bonds (Series 2009A), 3.88% TOBs (Columbus Southern Power Company), Mandatory Tender 6/1/2014 | 2,052,900 | |
8,630,000 | Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2006A), 2.25% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 6/3/2013 | 8,665,555 | |
2,000,000 | Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2009-A), 5.70% (FirstEnergy Solutions Corp.), 2/1/2014 | 2,090,380 | |
795,000 | Ohio State Building Authority, State Facilities Revenue Refunding Bonds (Series 2010C), 5.00%, 10/1/2016 | 916,182 | |
2,000,000 | Ohio State Building Authority, State Facilities Revenue Refunding Bonds (Series 2010C), 5.00%, 10/1/2018 | 2,419,780 | |
800,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2011A), 4.00% (University of Dayton), 12/1/2013 | 822,472 | |
625,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2011A), 4.00% (University of Dayton), 12/1/2016 | 685,669 | |
1,720,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2011A), 5.00% (University of Dayton), 12/1/2014 | 1,848,484 | |
1,000,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2011A), 5.00% (University of Dayton), 12/1/2017 | 1,159,570 | |
300,000 | Ohio State University, General Receipts Bonds (Series 2009A), 5.00% (Escrowed In Treasuries COL), 12/1/2013 | 312,972 | |
2,700,000 | Ohio State University, General Receipts Bonds (Series 2009A), 5.00%, 12/1/2013 | 2,816,154 | |
1,291,000 | Richland County, OH, 2.00% BANs, 7/25/2013 | 1,296,345 | |
TOTAL | 33,907,721 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oklahoma—3.2% | |||
$1,410,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.00% (Mustang Public Schools), 9/1/2019 | $1,574,251 | |
2,685,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.50% (Mustang Public Schools), 9/1/2020 | 3,085,012 | |
2,285,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.50% (Mustang Public Schools), 9/1/2021 | 2,627,499 | |
1,580,000 | Oklahoma County, OK Finance Authority, Educational Facilities Lease Revenue Bonds (Series 2010), 4.00% (Putnam City Public Schools), 3/1/2013 | 1,588,200 | |
2,000,000 | Oklahoma County, OK Finance Authority, Educational Facilities Lease Revenue Bonds (Series 2012), 4.00% (Midwest City-Del City Public Schools), 3/1/2018 | 2,227,840 | |
2,700,000 | Oklahoma County, OK Finance Authority, Educational Facilities Lease Revenue Bonds (Series 2012), 4.00% (Midwest City-Del City Public Schools), 3/1/2019 | 3,045,330 | |
425,000 | Oklahoma Development Finance Authority, Revenue Refunding Bonds (Series 2012), 5.00% (St. John Health System, OK), 2/15/2014 | 444,129 | |
500,000 | Oklahoma Development Finance Authority, Revenue Refunding Bonds (Series 2012), 5.00% (St. John Health System, OK), 2/15/2015 | 538,620 | |
3,065,000 | Oklahoma State Capital Improvement Authority, State Facilities Revenue Refunding Bonds (Series 2010A), 5.00% (Oklahoma State), 7/1/2016 | 3,524,474 | |
3,150,000 | Oklahoma State Capital Improvement Authority, State Facilities Revenue Refunding Bonds (Series 2010A), 5.00% (Oklahoma State), 7/1/2017 | 3,731,364 | |
1,255,000 | Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2011), 3.125% (Broken Arrow Public Schools), 9/1/2018 | 1,359,441 | |
2,600,000 | Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2011), 5.00% (Broken Arrow Public Schools), 9/1/2019 | 3,130,036 | |
2,000,000 | Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2012), 3.50% (Broken Arrow Public Schools), 9/1/2017 | 2,172,680 | |
TOTAL | 29,048,876 | ||
Pennsylvania—7.4% | |||
3,000,000 | Allegheny County Sanitation Authority, Sewer Revenue Bonds (Series 2011), 5.00% (Assured Guaranty Municipal Corp. INS), 6/1/2018 | 3,489,390 | |
4,300,000 | 1 | Allegheny County, PA HDA Authority, Adjustable Rate Hospital Revenue Bonds (Series 2010F), 1.18% TOBs (UPMC Health System), Mandatory Tender 2/1/2013 | 4,308,385 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$4,125,000 | Allegheny County, PA HDA, Revenue Bonds (Series 2010A), 5.00% (UPMC Health System), 5/15/2015 | $4,529,786 | |
1,000,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.00%, 3/1/2017 | 1,141,370 | |
4,000,000 | Beaver County, PA IDA, PCR Refunding Bonds (Series 2008A), 2.15% (FirstEnergy Solutions Corp.), 3/1/2017 | 3,967,120 | |
5,000,000 | Beaver County, PA IDA, PCR Refunding Bonds (Series 2008A), 2.70% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 4/1/2035 | 5,048,850 | |
4,000,000 | 1 | Berks County, PA Municipal Authority, Variable Rate Revenue Bonds (Series 2012B), 1.63% TOBs (Reading Hospital & Medical Center), Mandatory Tender 7/1/2022 | 4,040,440 |
3,165,000 | Gainesville and Hall County, GA Development Authority, Retirement Communities Revenue Refunding Bonds (Series 2012), 4.00% (ACTS Retirement Life Communities, Inc), 11/15/2017 | 3,405,762 | |
625,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2016 | 683,962 | |
375,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2017 | 417,304 | |
625,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2018 | 702,537 | |
1,000,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 5.00% (UPMC Health System), 2/15/2019 | 1,192,140 | |
765,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 5.00% (UPMC Health System), 2/15/2020 | 915,651 | |
1,950,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 5.00% (UPMC Health System), 2/15/2021 | 2,351,622 | |
3,000,000 | Pennsylvania EDFA, Exempt Facilities Revenue Bonds (Series 2006A), 2.55% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 12/3/2018 | 2,983,620 | |
2,000,000 | Pennsylvania EDFA, Exempt Facilities Revenue Refunding Bonds (Series 2009A), 3.00% TOBs (PPL Energy Supply, LLC), Mandatory Tender 9/1/2015 | 2,046,040 | |
1,000,000 | Pennsylvania EDFA, Exempt Facilities Revenue Refunding Bonds (Series 2009B), 3.00% TOBs (PPL Energy Supply, LLC), Mandatory Tender 9/1/2015 | 1,023,020 | |
1,215,000 | Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds (Series 2006), 2.75% (Waste Management, Inc.), 9/1/2013 | 1,232,350 | |
1,500,000 | Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds, 2.63% TOBs (Waste Management, Inc.), Mandatory Tender 12/1/2015 | 1,493,220 | |
1,250,000 | Pennsylvania HFA, SFM Revenue Bonds (Series 2011-112), 5.00%, 10/1/2015 | 1,383,475 | |
1,250,000 | Pennsylvania HFA, SFM Revenue Bonds (Series 2011-112), 5.00%, 10/1/2016 | 1,416,013 | |
4,000,000 | Pennsylvania Intergovernmental Coop Authority, Special Tax Revenue Refunding Bonds (Series 2010), 5.00%, 6/15/2015 | 4,421,560 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$3,000,000 | Pennsylvania Intergovernmental Coop Authority, Special Tax Revenue Refunding Bonds (Series 2010), 5.00%, 6/15/2016 | $3,432,270 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2008B), 5.00% (University of Pennsylvania Health System), 8/15/2013 | 1,028,390 | |
3,970,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2010A), 5.00% (UPMC Health System), 5/15/2014 | 4,209,391 | |
4,250,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2010E), 5.00% (UPMC Health System), 5/15/2015 | 4,670,793 | |
1,000,000 | Philadelphia, PA Airport System, Airport Revenue Bonds (Series 2010A), 5.00%, 6/15/2015 | 1,093,550 | |
1,165,000 | Philadelphia, PA Airport System, Airport Revenue Bonds (Series 2010A), 5.00%, 6/15/2017 | 1,326,609 | |
TOTAL | 67,954,620 | ||
Rhode Island—1.6% | |||
3,690,000 | Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00%, 8/1/2017 | 4,344,938 | |
4,200,000 | Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00%, 8/1/2018 | 5,051,844 | |
4,120,000 | Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00%, 8/1/2019 | 5,052,109 | |
TOTAL | 14,448,891 | ||
South Carolina—1.6% | |||
2,000,000 | Piedmont Municipal Power Agency, SC, Electric Revenue Refunding Bonds (Series 2009A-2), 5.00%, 1/1/2015 | 2,158,440 | |
1,000,000 | Piedmont Municipal Power Agency, SC, Electric Revenue Refunding Bonds (Series 2010A-2), 5.00%, 1/1/2018 | 1,159,620 | |
5,000,000 | Piedmont Municipal Power Agency, SC, Revenue Refunding Bonds (Series 2008A-3), 5.00%, 1/1/2016 | 5,575,450 | |
5,750,000 | 1 | South Carolina Jobs-EDA, Hospital Revenue Bonds (Floating Rate Notes), 0.88% TOBs (Palmetto Health Alliance), Mandatory Tender 8/1/2013 | 5,720,330 |
TOTAL | 14,613,840 | ||
Tennessee—1.3% | |||
1,000,000 | Memphis, TN Electric System, Subordinate Revenue Refunding Bonds (Series 2010), 5.00%, 12/1/2014 | 1,086,860 | |
750,000 | Memphis, TN Electric System, Subordinate Revenue Refunding Bonds (Series 2010), 5.00%, 12/1/2015 | 844,410 | |
1,500,000 | Metropolitan Government Nashville & Davidson County, TN Water & Sewer, Subordinate Lien Water & Sewer Revenue Refunding Bonds (Series 2012), 5.00%, 7/1/2018 | 1,785,360 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Tennessee—continued | |||
$935,000 | Metropolitan Government Nashville & Davidson County, TN Water & Sewer, Subordinate Lien Water & Sewer Revenue Refunding Bonds (Series 2012), 5.00%, 7/1/2019 | $1,133,108 | |
4,000,000 | Metropolitan Government Nashville & Davidson County, TN, UT GO Refunding Bonds (Series 2010D), 5.00%, 7/1/2016 | 4,598,160 | |
2,000,000 | Metropolitan Nashville, TN Airport Authority, Airport Improvement Revenue Refunding Bonds (Series 2010B), 4.00% (Assured Guaranty Municipal Corp. INS), 7/1/2015 | 2,153,460 | |
TOTAL | 11,601,358 | ||
Texas—6.4% | |||
800,000 | Austin, TX Electric Utility System, Revenue Refunding Bonds (Series 2012A), 5.00%, 11/15/2020 | 987,112 | |
2,000,000 | Dallas, TX, LT GO Refunding Bonds (Series 2010C), 5.00%, 2/15/2016 | 2,267,800 | |
1,000,000 | Dallas, TX, LT GO Refunding Bonds (Series 2010C), 5.00%, 2/15/2017 | 1,167,920 | |
1,750,000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2012B), 5.00%, 11/1/2018 | 2,093,892 | |
3,250,000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2012B), 5.00%, 11/1/2019 | 3,940,560 | |
2,000,000 | Harris County, TX Cultural Education Facilities Finance Corp., Revenue Bonds (Series 2008B), 5.25% (Methodist Hospital, Harris County, TX), 12/1/2014 | 2,182,460 | |
1,200,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.66% (Harris County, TX Toll Road Authority), 8/15/2016 | 1,200,192 |
1,515,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.76% (Harris County, TX Toll Road Authority), 8/15/2017 | 1,515,424 |
3,750,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.77% (Harris County, TX Toll Road Authority), 8/15/2021 | 3,751,162 |
2,500,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.91% (Harris County, TX Toll Road Authority), 8/15/2018 | 2,500,750 |
1,000,000 | Houston, TX Airport System, Senior Lien Revenue & Refunding Bonds (Series 2009A), 5.00%, 7/1/2015 | 1,107,180 | |
2,375,000 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2010C), 4.00%, 11/15/2016 | 2,663,705 | |
1,790,000 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2010C), 5.00%, 11/15/2016 | 2,075,702 | |
2,335,000 | Houston, TX Hotel Occupancy Tax, Hotel Occupancy Tax & Special Revenue Refunding Bonds (Series 2011A), 5.00%, 9/1/2018 | 2,685,040 | |
335,000 | Lubbock, TX HFDC, Revenue Refunding Bonds (Series 2008B), 5.00% (St. Joseph Health System), 7/1/2013 | 342,213 | |
500,000 | Lubbock, TX HFDC, Revenue Refunding Bonds (Series 2008B), 5.00% (St. Joseph Health System), 7/1/2014 | 531,095 | |
1,090,000 | Lubbock, TX HFDC, Revenue Refunding Bonds (Series 2008B), 5.00% (St. Joseph Health System), 7/1/2015 | 1,195,959 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$3,570,000 | Lubbock, TX HFDC, Revenue Refunding Bonds (Series 2008B), 5.00% (St. Joseph Health System), 7/1/2019 | $4,213,885 | |
3,000,000 | Mission, TX EDC, Solid Waste Disposal Revenue Bonds (Series 2006), 3.75% TOBs (Waste Management, Inc.), Mandatory Tender 6/1/2015 | 3,183,150 | |
2,000,000 | North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2011B), 5.00%, 1/1/2019 | 2,350,020 | |
1,000,000 | Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2014 | 1,069,480 | |
2,000,000 | Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2016 | 2,258,180 | |
1,250,000 | Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2019 | 1,473,538 | |
550,000 | Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2021 | 656,370 | |
2,600,000 | Texas State Public Finance Authority, UT GO Refunding Bonds (Series 2010A), 5.00% (Texas State), 10/1/2016 | 3,014,076 | |
3,105,000 | Texas State Public Finance Authority, UT GO Refunding Bonds (Series 2010A), 5.00% (Texas State), 10/1/2017 | 3,696,006 | |
2,375,000 | Texas State Public Finance Authority, UT GO Refunding Bonds (Series 2011), 5.00% (Texas State), 10/1/2018 | 2,910,468 | |
1,110,000 | Texas State, College Student Loan Bonds (Series 2010), 5.00%, 8/1/2014 | 1,191,296 | |
TOTAL | 58,224,635 | ||
Utah—1.4% | |||
1,000,000 | Intermountain Power Agency, UT, Subordinated Power Supply Revenue Refunding Bonds (Series 2008A), 5.25%, 7/1/2013 | 1,024,740 | |
1,000,000 | Intermountain Power Agency, UT, Subordinated Power Supply Revenue Refunding Bonds (Series 2008A), 5.50%, 7/1/2014 | 1,026,090 | |
1,350,000 | Riverton, UT Hospital Revenue Authority, Hospital Revenue Bonds (Series 2009), 5.00% (IHC Health Services, Inc.), 8/15/2015 | 1,506,937 | |
3,000,000 | Utah County, UT IDA, Environmental Improvement Revenue Refunding Bonds (Series 2011), 5.38% (United States Steel Corp.), 11/1/2015 | 3,103,590 | |
5,000,000 | Utah State, UT GO Bonds (Series 2009C), 5.00%, 7/1/2017 | 5,942,300 | |
TOTAL | 12,603,657 | ||
Virginia—1.9% | |||
4,800,000 | Charles City County, VA EDA, Variable Rate Demand Solid Waste Disposal Revenue Bonds (Series 2004A), 3.13% TOBs (Waste Management, Inc.), Mandatory Tender 11/1/2016 | 4,998,240 | |
2,000,000 | Louisa, VA IDA, PCR Refunding Bonds (Series 2008C), 1.50% TOBs (Virginia Electric & Power Co.), Mandatory Tender 12/1/2014 | 2,012,580 | |
2,000,000 | Pittsylvania County, VA, UT GO School Refunding Notes (Series 2012), 3.00%, 7/15/2017 | 2,040,200 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Virginia—continued | |||
$1,000,000 | Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2019 | $1,179,020 | |
2,000,000 | Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2020 | 2,386,020 | |
3,000,000 | Virginia Peninsula Port Authority, Revenue Refunding Bonds (Series 2003), 2.375% TOBs (Dominion Terminal Associates)/(Dominion Resources, Inc. GTD) Mandatory Tender10/1/2016 | 3,074,880 | |
1,430,000 | York County, VA EDA, PCR Refunding Bonds (Series 2009A), 4.05% TOBs (Virginia Electric & Power Co.), Mandatory Tender 5/1/2014 | 1,482,695 | |
TOTAL | 17,173,635 | ||
Washington—1.6% | |||
2,170,000 | Chelan County, WA Public Utility District No. 1, Consolidated System Subordinate Revenue Notes (Series 2008A), 5.00% (United States Treasury COL), 7/1/2013 | 2,220,583 | |
1,500,000 | Port of Bellingham, WA Industrial Development Corp., Revenue Refunding Bonds (Series 2003A), 5.00% (BP PLC), 1/1/2016 | 1,665,585 | |
1,000,000 | Seattle, WA Municipal Light & Power, Revenue Refunding Bonds (Series 2010B), 5.00%, 2/1/2016 | 1,131,690 | |
1,000,000 | Seattle, WA Municipal Light & Power, Revenue Refunding Bonds (Series 2010B), 5.00%, 2/1/2017 | 1,165,710 | |
2,500,000 | Snohomish County, WA Public Utility District No. 1, Generation System Revenue Refunding Bonds, 5.00%, 12/1/2013 | 2,608,625 | |
2,500,000 | Snohomish County, WA Public Utility District No. 1, Generation System Revenue Refunding Bonds, 5.00%, 12/1/2014 | 2,718,175 | |
3,000,000 | Washington State Health Care Facilities Authority, Revenue Bonds (Series 2012B), 5.00% TOBs (Providence Health & Services) Mandatory Tender 10/1/2021 | 3,597,780 | |
TOTAL | 15,108,148 | ||
West Virginia—0.7% | |||
1,000,000 | West Virginia EDA, PCR Refunding Bonds (Series 2008C), 4.85% TOBs (Appalachian Power Co.), Mandatory Tender 9/4/2013 | 1,022,140 | |
5,000,000 | West Virginia EDA, Solid Waste Disposal Facilities Revenue Bonds (Series 2010A), 3.13% TOBs (Ohio Power Co.), Mandatory Tender 4/1/2015 | 5,153,200 | |
TOTAL | 6,175,340 | ||
Wisconsin—1.2% | |||
1,075,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2010A), 5.00% (Aurora Health Care, Inc.), 4/15/2013 | 1,088,986 | |
4,785,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2011A), 5.00% (Gundersen Lutheran), 10/15/2019 | 5,567,347 | |
1,310,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2011A), 5.00% (Gundersen Lutheran), 10/15/2020 | 1,539,748 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Wisconsin—continued | |||
$425,000 | Wisconsin State HEFA, Revenue Bonds, Series 2006A, 5.00% (Marshfield Clinic), 2/15/2013 | $427,151 | |
2,500,000 | Wisconsin State, GO Refunding Bonds (Series 2011-1), 5.00%, 5/1/2016 | 2,853,850 | |
TOTAL | 11,477,082 | ||
Wyoming—0.4% | |||
3,650,000 | Albany County, WY, PCRBs (Series 1985), 1.75% TOBs (Union Pacific Railroad Co.)/(Union Pacific Corp. GTD), Optional Tender 12/2/2013 | 3,636,349 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $871,023,676) | 895,700,532 | ||
SHORT-TERM MUNICIPAL—0.6%3 | |||
Georgia—0.6% | |||
5,500,000 | Bartow County, GA Development Authority, (First Series 1997) Daily VRDNs (Georgia Power Co.), 0.160%, 1/1/2013 (AT AMORTIZED COST) | 5,500,000 | |
TOTAL MUNICIPAL INVESTMENTS—98.4% (IDENTIFIED COST $876,523,676)4 | 901,200,532 | ||
OTHER ASSETS AND LIABILITIES - NET—1.6%5 | 14,307,303 | ||
TOTAL NET ASSETS—100% | $915,507,835 |
1 | Floating rate note with current rate and next reset date shown. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At December 31, 2012, this restricted security amounted to $8,008,960, which represented 0.9% of total net assets. |
3 | Current rate and next reset date shown for Variable Rate Demand Notes. |
4 | The cost of investments for federal tax purposes amounts to $876,458,731. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
BANs | —Bond Anticipation Notes |
CDA | —Community Development Administration |
COL | —Collateralized |
COPs | —Certificates of Participation |
EDA | —Economic Development Authority |
EDC | —Economic Development Corporation |
EDFA | —Economic Development Finance Authority |
FGIC | —Financial Guaranty Insurance Company |
GO | —General Obligation |
GTD | —Guaranteed |
HDA | —Hospital Development Authority |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
IDRB | —Industrial Development Revenue Bond |
INS | —Insured |
LO | —Limited Obligation |
LOC | —Letter of Credit |
LT | —Limited Tax |
MFH | —Multi-Family Housing |
PCFA | —Pollution Control Finance Authority |
PCR | —Pollution Control Revenue |
PCRBs | —Pollution Control Revenue Bonds |
PRF | —Pre-refunded |
SFM | —Single Family Mortgage |
SIFMA | —Securities Industry and Financial Markets Association |
SO | —Special Obligation |
TFA | —Transitional Finance Authority |
TOBs | —Tender Option Bonds |
USDT | —Unified School District |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 12/31/2012 | Year Ended June 30, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $10.41 | $10.22 | $10.14 | $9.95 | $9.96 | $10.07 |
Income From Investment Operations: | ||||||
Net investment income | 0.06 | 0.16 | 0.14 | 0.17 | 0.29 | 0.31 |
Net realized and unrealized gain (loss) on investments | 0.02 | 0.19 | 0.08 | 0.19 | (0.01) | (0.11) |
TOTAL FROM INVESTMENT OPERATIONS | 0.08 | 0.35 | 0.22 | 0.36 | 0.28 | 0.20 |
Less Distributions: | ||||||
Distributions from net investment income | (0.06) | (0.16) | (0.14) | (0.17) | (0.29) | (0.31) |
Net Asset Value, End of Period | $10.43 | $10.41 | $10.22 | $10.14 | $9.95 | $9.96 |
Total Return1 | 0.80% | 3.40% | 2.20% | 3.67% | 2.83% | 1.98% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.96%2 | 0.97% | 0.97% | 0.98% | 0.97%3 | 0.96%3 |
Net investment income | 1.17%2 | 1.49% | 1.40% | 1.44% | 2.88% | 3.06% |
Expense waiver/reimbursement4 | 0.08%2 | 0.09% | 0.09% | 0.11% | 0.19% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $434,043 | $375,254 | $265,063 | $322,085 | $43,851 | $37,370 |
Portfolio turnover | 7% | 14% | 37% | 22% | 15% | 41% |
1 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. As of October 31, 2007, the Fund changed from investing in a portfolio of tax-exempt securities with a dollar-weighted average portfolio maturity of less than three years to investing in a portfolio of tax-exempt securities with a dollar-weighted average portfolio duration of less than five years. |
2 | Computed on an annualized basis. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.97% and 0.96% for the years ended June 30, 2009 and 2008, respectively, after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 12/31/2012 | Year Ended June 30, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $10.41 | $10.22 | $10.14 | $9.95 | $9.96 | $10.07 |
Income From Investment Operations: | ||||||
Net investment income | 0.09 | 0.21 | 0.19 | 0.22 | 0.33 | 0.36 |
Net realized and unrealized gain (loss) on investments | 0.02 | 0.19 | 0.08 | 0.19 | (0.00)1 | (0.11) |
TOTAL FROM INVESTMENT OPERATIONS | 0.11 | 0.40 | 0.27 | 0.41 | 0.33 | 0.25 |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.21) | (0.19) | (0.22) | (0.34) | (0.36) |
Net Asset Value, End of Period | $10.43 | $10.41 | $10.22 | $10.14 | $9.95 | $9.96 |
Total Return2 | 1.06% | 3.92% | 2.71% | 4.19% | 3.34% | 2.47% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.47%3 | 0.47% | 0.47% | 0.48% | 0.48%4 | 0.48%4 |
Net investment income | 1.67%3 | 1.99% | 1.91% | 2.15% | 3.38% | 3.54% |
Expense waiver/reimbursement5 | 0.20%3 | 0.22% | 0.23% | 0.23% | 0.32% | 0.34% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $437,620 | $391,670 | $316,572 | $292,024 | $181,396 | $146,567 |
Portfolio turnover | 7% | 14% | 37% | 22% | 15% | 41% |
1 | Represents less than $0.01. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. As of October 31, 2007, the Fund changed from investing in a portfolio of tax-exempt securities with a dollar-weighted average portfolio maturity of less than three years to investing in a portfolio of tax-exempt securities with a dollar-weighted average portfolio duration of less than five years. |
3 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.48% and 0.48% for the years ended June 30, 2009 and 2008, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 12/31/2012 | Year Ended June 30, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $10.41 | $10.22 | $10.14 | $9.95 | $9.96 | $10.07 |
Income From Investment Operations: | ||||||
Net investment income | 0.08 | 0.18 | 0.17 | 0.20 | 0.31 | 0.33 |
Net realized and unrealized gain (loss) on investments | 0.02 | 0.19 | 0.08 | 0.19 | (0.01) | (0.11) |
TOTAL FROM INVESTMENT OPERATIONS | 0.10 | 0.37 | 0.25 | 0.39 | 0.30 | 0.22 |
Less Distributions: | ||||||
Distributions from net investment income | (0.08) | (0.18) | (0.17) | (0.20) | (0.31) | (0.33) |
Net Asset Value, End of Period | $10.43 | $10.41 | $10.22 | $10.14 | $9.95 | $9.96 |
Total Return1 | 0.93% | 3.68% | 2.49% | 3.94% | 3.10% | 2.25% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.71%2 | 0.71% | 0.70% | 0.71% | 0.71%3 | 0.70%3 |
Net investment income | 1.43%2 | 1.76% | 1.68% | 1.91% | 3.16% | 3.32% |
Expense waiver/reimbursement4 | 0.33%2 | 0.34% | 0.34% | 0.38% | 0.44% | 0.45% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $43,845 | $45,168 | $44,705 | $41,859 | $20,366 | $20,075 |
Portfolio turnover | 7% | 14% | 37% | 22% | 15% | 41% |
1 | Based on net asset value. Total returns for periods of less than one year are not annualized. As of October 31, 2007, the Fund changed from investing in a portfolio of tax-exempt securities with a dollar-weighted average portfolio maturity of less than three years to investing in a portfolio of tax-exempt securities with a dollar-weighted average portfolio duration of less than five years. |
2 | Computed on an annualized basis. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.71% and 0.70% for the years ended June 30, 2009 and 2008, respectively, after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value (identified cost $876,523,676) | $901,200,532 | |
Cash | 97,437 | |
Income receivable | 9,152,236 | |
Receivable for shares sold | 7,180,094 | |
Receivable for investments sold | 3,500,000 | |
TOTAL ASSETS | 921,130,299 | |
Liabilities: | ||
Payable for shares redeemed | $5,136,026 | |
Income distribution payable | 148,076 | |
Payable for shareholder services fee (Note 5) | 166,274 | |
Payable for distribution services fee (Note 5) | 93,369 | |
Payable for Directors'/Trustees' fees | 470 | |
Accrued expenses | 78,249 | |
TOTAL LIABILITIES | 5,622,464 | |
Net assets for 87,768,726 shares outstanding | $915,507,835 | |
Net Assets Consist of: | ||
Paid-in capital | $899,892,599 | |
Net unrealized appreciation of investments | 24,676,856 | |
Accumulated net realized loss on investments | (8,890,830) | |
Distributions in excess of net investment income | (170,790) | |
TOTAL NET ASSETS | $915,507,835 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($434,042,979 ÷ 41,610,879 shares outstanding), no par value, unlimited shares authorized | $10.43 | |
Offering price per share (100/99.00 of $10.43) | $10.54 | |
Redemption proceeds per share | $10.43 | |
Institutional Shares: | ||
Net asset value per share ($437,620,300 ÷ 41,954,774 shares outstanding), no par value, unlimited shares authorized | $10.43 | |
Offering price per share | $10.43 | |
Redemption proceeds per share | $10.43 | |
Service Shares: | ||
Net asset value per share ($43,844,556 ÷ 4,203,073 shares outstanding), no par value, unlimited shares authorized | $10.43 | |
Offering price per share | $10.43 | |
Redemption proceeds per share | $10.43 |
Investment Income: | |||
Interest | $9,709,753 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,821,126 | ||
Administrative fee (Note 5) | 355,575 | ||
Custodian fees | 17,504 | ||
Transfer and dividend disbursing agent fees and expenses | 88,583 | ||
Directors'/Trustees' fees | 4,823 | ||
Auditing fees | 12,166 | ||
Legal fees | 4,109 | ||
Portfolio accounting fees | 95,219 | ||
Distribution services fee (Note 5) | 604,427 | ||
Shareholder services fee (Note 5) | 834,830 | ||
Account administration fee (Note 2) | 17,953 | ||
Share registration costs | 71,002 | ||
Printing and postage | 14,982 | ||
Insurance premiums | 2,543 | ||
Miscellaneous | 5,475 | ||
TOTAL EXPENSES | 3,950,317 | ||
Waivers and Reimbursements: | |||
Waiver of investment adviser fee (Note 5) | $(370,402) | ||
Waiver of administrative fee (Note 5) | (2,937) | ||
Waiver of distribution services fee (Note 5) | (55,292) | ||
Reimbursement of shareholder services fee (Note 5) | (246,147) | ||
Reimbursement of account administration fee (Note 2) | (2,841) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (677,619) | ||
Net expenses | 3,272,698 | ||
Net investment income | 6,437,055 | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 46,866 | ||
Net change in unrealized appreciation of investments | 1,790,729 | ||
Net realized and unrealized gain on investments | 1,837,595 | ||
Change in net assets resulting from operations | $8,274,650 |
Six Months Ended (unaudited) 12/31/2012 | Year Ended 6/30/2012 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $6,437,055 | $12,573,503 |
Net realized gain on investments | 46,866 | 138,559 |
Net change in unrealized appreciation/depreciation of investments | 1,790,729 | 11,733,912 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 8,274,650 | 24,445,974 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (2,642,768) | (4,748,192) |
Institutional Shares | (3,644,657) | (7,040,676) |
Service Shares | (323,349) | (790,954) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (6,610,774) | (12,579,822) |
Share Transactions: | ||
Proceeds from sale of shares | 320,517,604 | 413,214,588 |
Net asset value of shares issued to shareholders in payment of distributions declared | 4,773,143 | 10,157,406 |
Cost of shares redeemed | (223,538,407) | (249,485,922) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 101,752,340 | 173,886,072 |
Change in net assets | 103,416,216 | 185,752,224 |
Net Assets: | ||
Beginning of period | 812,091,619 | 626,339,395 |
End of period (including undistributed (distributions in excess of) net investment income of $(170,790) and $2,929, respectively) | $915,507,835 | $812,091,619 |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “ Trustees”). |
■ | Fixed-income securities acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), which approximates market value. |
■ | Shares of other mutual funds are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Account Administration Fees Incurred | Account Administration Fees Reimbursed | |
Institutional Shares | $2,841 | $(2,841) |
Service Shares | 15,112 | — |
TOTAL | $17,953 | $(2,841) |
Security | Acquisition Date | Cost | Market Value |
California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds (Series 2009A), 2.375% TOBs (Waste Management, Inc.), Mandatory Tender 2/1/2013 | 1/27/2010 | $8,000,000 | $8,008,960 |
Six Months Ended 12/31/2012 | Year Ended 6/30/2012 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 17,888,789 | $186,790,014 | 24,029,883 | $249,061,053 |
Shares issued to shareholders in payment of distributions declared | 208,626 | 2,181,749 | 439,105 | 4,550,377 |
Shares redeemed | (12,537,734) | (131,030,052) | (14,341,709) | (148,628,952) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 5,559,681 | $57,941,711 | 10,127,279 | $104,982,478 |
Six Months Ended 12/31/2012 | Year Ended 6/30/2012 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 12,418,157 | $129,804,762 | 15,311,120 | $158,788,624 |
Shares issued to shareholders in payment of distributions declared | 231,832 | 2,424,429 | 494,268 | 5,121,597 |
Shares redeemed | (8,324,009) | (86,996,051) | (9,137,752) | (94,673,513) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 4,325,980 | $45,233,140 | 6,667,636 | $69,236,708 |
Six Months Ended 12/31/2012 | Year Ended 6/30/2012 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 375,240 | $3,922,828 | 517,085 | $5,364,911 |
Shares issued to shareholders in payment of distributions declared | 15,966 | 166,965 | 46,870 | 485,432 |
Shares redeemed | (527,532) | (5,512,304) | (596,863) | (6,183,457) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (136,326) | $(1,422,511) | (32,908) | $(333,114) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 9,749,335 | $101,752,340 | 16,762,007 | $173,886,072 |
Expiration Year | Short-Term | Long-Term | Total |
No expiration | $643,968 | — | $643,968 |
2013 | $963,963 | NA | $963,963 |
2014 | $458,259 | NA | $458,259 |
2015 | $983,114 | NA | $983,114 |
2016 | $337,524 | NA | $337,524 |
2017 | $2,201,047 | NA | $2,201,047 |
2018 | $2,870,784 | NA | $2,870,784 |
2019 | $566,786 | NA | $566,786 |
Administrative Fee | Average Aggregate Daily Net Assets of the Federated Funds |
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 |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.25% |
Service Shares | 0.25% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $549,135 | $— |
Service Shares | 55,292 | (55,292) |
TOTAL | $604,427 | $(55,292) |
Service Fees Incurred | Service Fees Reimbursed | |
Class A Shares | $549,061 | $— |
Institutional Shares | 246,147 | (246,147) |
Service Shares | 39,622 | — |
TOTAL | $834,830 | $(246,147) |
Purchases | $120,032,053 |
Sales | $58,765,788 |
Beginning Account Value 7/1/2012 | Ending Account Value 12/31/2012 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,008.00 | $4.86 |
Institutional Shares | $1,000 | $1,010.60 | $2.38 |
Service Shares | $1,000 | $1,009.30 | $3.60 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.37 | $4.89 |
Institutional Shares | $1,000 | $1,022.84 | $2.40 |
Service Shares | $1,000 | $1,021.63 | $3.62 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.96% |
Institutional Shares | 0.47% |
Service Shares | 0.71% |
Contract–May 2012
![](https://capedge.com/proxy/N-CSRS/0001318148-13-000445/fedlogok.jpg)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313907107
CUSIP 313907206
2013 ©Federated Investors, Inc.
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. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
No changes to report.
Item 11. 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) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
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-Intermediate Duration Municipal Trust
By /S/ Richard A. Novak
Richard A. Novak, Principal Financial Officer
Date February 13, 2013
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/ John B. Fisher
John B. Fisher, Principal Executive Officer
Date February 13, 2013
By /S/ Richard A. Novak
Richard A. Novak, Principal Financial Officer
Date February 13, 2013