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, Pennsylvania 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: 06/30/15
Date of Reporting Period: 06/30/15
Item 1. Reports to Stockholders
Share Class | Ticker |
A | FMTAX |
Institutional | FSHIX |
Service | FSHSX |
1 | Income may be subject to state and local taxes. The investment adviser normally will invest the Fund's assets entirely in securities whose interest is not subject to the AMT for individuals and corporations, such that, normally, distributions of annual interest income are exempt from the AMT (in addition to the federal regular income tax). However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT securities or there are advantageous market conditions), to pursue the Fund's investment objective, the Fund's adviser may invest the Fund's assets in securities that may be subject to the AMT. In such circumstances, interest from the Fund's investments may be subject to the AMT. |
2 | Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the SPMB7. |
3 | The total return for the S&P Municipal Bond Short Intermediate Index (SPMBSII), the Fund's broad-based securities market index, was 1.24% during the same period. Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the SPMBSII. |
4 | Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the LSMDF. |
5 | Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. |
6 | Duration is a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities with shorter durations. For purposes of this Management's Discussion of Fund Performance, duration is determined using a third-party analytical system. |
7 | Credit ratings pertain only to the securities in the portfolio and do not protect Fund shares against market risk. Credit ratings are an indication of the risk that a security will default. They do not protect a security from credit risk. Lower-rated bonds typically offer higher yields to help compensate investors for the increased risk associated with them. Among these risks are lower creditworthiness, greater price volatility, more risk to principal and income than with higher-rated securities and increased possibilities of default. |
8 | Investment-grade securities are securities that are rated at least “BBB” or unrated securities of a comparable quality. Noninvestment-grade securities are securities that are not rated at least “BBB” or unrated securities of a comparable quality. Investment-grade securities and noninvestment-grade securities may either be: (a) rated by a nationally recognized statistical rating organization or rating agency; or (b) unrated securities that the Fund's investment adviser (“Adviser”) believes are of comparable quality. The rating agencies that provided the ratings for rated securities include Standard and Poor's, Moody's Investor Services, Inc. and Fitch Rating Service. When ratings vary, the highest rating is used. Credit ratings of “AA” or better are considered to be high credit quality; credit ratings of “A” are considered high or medium/good quality; and credit ratings of “BBB” are considered to be medium/good credit quality and the lowest category of investment-grade securities; credit ratings of “BB” and below are lower-rated, noninvestment-grade securities or junk bonds; and credit ratings of “CCC” or below are noninvestment-grade securities that have high default risk. Any credit quality breakdown does not give effect to the impact of any credit derivative investments made by the Fund. Credit ratings are an indication of the risk that a security will default. They do not protect a security from credit risk. Lower-rated bonds typically offer higher yields to help compensate investors for the increased risk associated with them. Among these risks are lower creditworthiness, greater price volatility, more risk to principal and income than with higher-rated securities and increased possibilities of default. |
Federated Short-Intermediate Duration Municipal Trust - | Class A Shares | NA | SPMBSII | SPMB7 | LSMDF |
F | NA | I | I | I | |
12/11/2006 | 9,900 | 10,000 | 10,000 | 10,000 | |
6/30/2007 | 9,980 | 10,078 | 10,113 | 10,119 | |
6/30/2008 | 10,177 | 10,621 | 10,628 | 10,429 | |
6/30/2009 | 10,465 | 11,294 | 11,242 | 10,681 | |
6/30/2010 | 10,849 | 11,972 | 11,863 | 11,045 | |
6/30/2011 | 11,088 | 12,401 | 12,252 | 11,252 | |
6/30/2012 | 11,465 | 12,948 | 12,706 | 11,503 | |
6/30/2013 | 11,472 | 13,024 | 12,770 | 11,541 | |
6/30/2014 | 11,696 | 13,473 | 13,129 | 11,686 | |
6/30/2015 | 11,710 | 13,640 | 13,260 | 11,708 |
■ | Total returns shown include the maximum sales charge of 1.00% ($10,000 investment minus $100 sales charge = $9,900) |
Federated Short-Intermediate Duration Municipal Trust - | Institutional Shares | NA | SPMBSII | SPMB7 | LSMDF |
F | NA | I | I | I | |
6/30/2005 | 10,000 | 10,000 | 10,000 | 10,000 | |
6/30/2006 | 10,166 | 10,089 | 10,114 | 10,208 | |
6/30/2007 | 10,524 | 10,503 | 10,521 | 10,547 | |
6/30/2008 | 10,784 | 11,069 | 11,056 | 10,870 | |
6/30/2009 | 11,144 | 11,770 | 11,695 | 11,133 | |
6/30/2010 | 11,611 | 12,477 | 12,341 | 11,512 | |
6/30/2011 | 11,926 | 12,924 | 12,745 | 11,728 | |
6/30/2012 | 12,393 | 13,494 | 13,218 | 11,989 | |
6/30/2013 | 12,464 | 13,573 | 13,284 | 12,029 | |
6/30/2014 | 12,770 | 14,041 | 13,658 | 12,180 | |
6/30/2015 | 12,851 | 14,215 | 13,794 | 12,203 |
1 Year | 5 Years | 10 Years | Start of Performance* | |
Class A Shares | (0.92)% | 1.34% | — | 1.86% |
Institutional Shares | 0.63% | 2.05% | 2.54% | — |
Service Shares | 0.38% | 1.81% | 2.30% | — |
SPMBSII | 1.24% | 2.64% | 3.58% | 3.70% |
SPMB7 | 1.00% | 2.25% | 3.27% | 3.38% |
LSMDF | 0.19% | 1.10% | 1.94% | 1.78% |
* | The Fund's Class A Shares commenced operations on December 11, 2006. |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: For Class A Shares, the maximum sales charge of 1.00% ($10,000 investment minus $100 sales charge = $9,900). The Fund's performance assumes the reinvestment of all dividends and distributions. The SPMBSII, SPMB7 and the LSMDF have been adjusted to reflect reinvestment of dividends on securities in the index and the average. |
2 | The SPMBSII consists of bonds in the S&P Municipal Bond Index (“Main Index”) with a minimum maturity of one year and a maximum maturity of up to but not including eight years as measured from the monthly rebalancing date of the Main Index. The Main Index is a broad, comprehensive, market value-weighted index composed of approximately 55,000 bond issues that are exempt from U.S. federal income taxes or subject to the AMT. Eligibility criteria for inclusion in the Main Index include, but are not limited to: the bond issuer must be a state (including the Commonwealth of Puerto Rico and U.S. territories) or a local government or a state or local government entity where interest on the bond is exempt from U.S. federal income taxes or subject to the AMT; the bond must be held by a mutual fund for which Standard & Poor's Securities Evaluations, Inc. provides prices; it must be denominated in U.S. dollars and have a minimum par amount of $2 million; and the bond must have a minimum term to maturity and/or call date greater than or equal to one calendar month. The Main Index is rebalanced monthly. The indices described above are not adjusted to reflect sales charges, expenses and other fees that the SEC requires to be reflected in the Fund's performance. The indices are unmanaged, and, unlike the Fund, are not affected by cash flows. It is not possible to invest directly in an index. |
3 | The SPMB7 represents the portion of the S&P Municipal Bond Investment Grade Index (SPMBIGI) composed solely of investment grade bonds (those with ratings higher than BBB-/Baa3) with remaining maturities of between zero and seven years that are not subject to AMT, 5% of which are pre-refunded. The SPMBIGI is the investment-grade component of the Main Index. The SPMB7 is not adjusted to reflect sales charges, expenses and other fees that the SEC requires to be reflected in the Fund's performance. The SPMB7 is unmanaged, and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
4 | The LSMDF represents the average of the total returns reported by all the mutual funds designated by Lipper, Inc. as falling in the category indicated, and is not adjusted to reflect any sales charges. However, these returns are reported net of expenses or other fees that the SEC requires to be reflected in a fund's performance. |
Sector Composition | Percentage of Total Net Assets |
Hospital | 15.3% |
General Obligation—Local | 11.6% |
Toll road | 11.2% |
General Obligation—State | 9.0% |
Electric and Gas | 7.7% |
General Obligation—State (Appropriation) | 7.5% |
Industrial Development/Pollution Control | 6.1% |
Public Power | 5.2% |
Water & Sewer | 4.2% |
Dedicated Tax | 3.2% |
Other2 | 17.0% |
Other Assets and Liabilities—Net3 | 2.0% |
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 81.0% 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—96.7% | |||
Alabama—0.2% | |||
$2,600,000 | Tuscaloosa, AL, GO Warrants (Series 2010-B), 5.00%, 2/15/2016 | $2,676,492 | |
Alaska—0.7% | |||
2,000,000 | Valdez, AK Marine Terminal, Revenue Refunding Bonds (Series 2003A), 5.00% (BP PLC), 1/1/2021 | 2,285,400 | |
5,000,000 | Valdez, AK Marine Terminal, Revenue Refunding Bonds (Series 2003B), 5.00% (BP PLC), 1/1/2021 | 5,713,500 | |
TOTAL | 7,998,900 | ||
Arizona—1.3% | |||
3,000,000 | 1 | Arizona Health Facilities Authority, Variable Rate Revenue Refunding Bonds (Series 2013A-1), 1.92% TOBs (Phoenix Children's Hospital), 2/5/2020 | 3,079,410 |
3,500,000 | Arizona State, COPs (Series 2010A), 5.00% (Assured Guaranty Corp. INS), 10/1/2015 | 3,542,525 | |
5,000,000 | Maricopa County, AZ Pollution Control Corp., PCR Revenue Refunding Bonds (Series 2010A), 2.40% TOBs (Public Service Co., NM) 6/1/2020 | 5,006,000 | |
2,270,000 | Navajo County, AZ Pollution Control Corp., Revenue Refunding Bonds (Series 2014A), 0.45% TOBs (Arizona Public Service Co.), Mandatory Tender 11/17/2015 | 2,268,956 | |
1,250,000 | Pima County, AZ Sewer System, Revenue Bonds (Series 2011B), 5.00%, 7/1/2015 | 1,250,162 | |
TOTAL | 15,147,053 | ||
Arkansas—0.7% | |||
500,000 | Beaver Water District of Benton and Washington Counties, AR, Revenue Refunding Bonds (Series 2010), 3.00%, 11/15/2017 | 523,805 | |
7,250,000 | Independence County, AR, PCR Refunding Bonds (Series 2013), 2.375% (Entergy Arkansas, Inc.), 1/1/2021 | 7,396,740 | |
TOTAL | 7,920,545 | ||
California—8.3% | |||
1,000,000 | Alameda Corridor Transportation Authority, CA, Tax-Exempt Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 10/1/2019 | 1,152,120 | |
10,000,000 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2014C), 1.875% TOBs, 4/1/2019 | 10,158,500 | |
5,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007B-1), 1.17% TOBs, 4/1/2024 | 4,962,000 |
10,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007G-1), 1.17% TOBs, 4/1/2024 | 9,924,000 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$13,000,000 | California Health Facilities Financing Authority, Revenue Bonds (Series 2013B), 5.00% TOBs (St. Joseph Health System), Mandatory Tender 10/15/2019 | $14,977,300 | |
5,000,000 | California PCFA, Solid Waste Disposal Revenue Refunding Bonds (Series 1998B), 3.625% (Waste Management, Inc.), 6/1/2018 | 5,237,950 | |
1,440,000 | California State Public Works Board, Lease Revenue Bonds (Series 2012H), 5.00%, 4/1/2019 | 1,638,202 | |
9,250,000 | 1 | California State, UT GO Bonds (Index Floating Rate Bonds Series 2013E), 0.959% TOBs, 12/1/2018 | 9,410,210 |
3,335,000 | California State, UT GO Bonds, 4.00% TOBs, 12/1/2017 | 3,522,627 | |
4,000,000 | 1 | California State, UT GO Refunding Bonds (Series 2012B), 1.07%, 5/1/2019 | 4,036,000 |
3,000,000 | 1 | California State, UT GO Refunding Bonds (Series 2012B), 1.22%, 5/1/2020 | 3,051,570 |
2,500,000 | California Statewide CDA, Revenue Bonds (Series 2009E-1), 5.00% TOBs (Kaiser Permanente), Mandatory Tender 5/1/2017 | 2,689,575 | |
2,500,000 | Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Revenue Refunding Bonds (Series 2013B-2), 5.00% TOBs, 1/15/2020 | 2,739,050 | |
4,195,000 | Los Angeles, CA USDT, Refunding COPs (Series 2010A), 5.00%, 12/1/2015 | 4,280,410 | |
1,050,000 | Orange County, CA Transportation Authority, Senior Lien Toll Road Revenue Refunding Bonds (Series 2013), 5.00% (91 Express Lanes-OCTA), 8/15/2019 | 1,212,183 | |
2,750,000 | San Diego County, CA Water Authority, Subordinate Lien Water Revenue Refunding Bonds (Series 2011S-1), 5.00%, 7/1/2016 | 2,869,873 | |
2,815,000 | San Francisco, CA Public Utilities Commission (Water Enterprise), Water Revenue Bonds (Series 2010DE), 5.00% (United States Treasury COL), 11/1/2017 | 3,087,520 | |
8,670,000 | San Francisco, CA Public Utilities Commission (Water Enterprise), Water Revenue Bonds (Series 2010DE), 5.00%, 11/1/2017 | 9,534,919 | |
1,000,000 | San Joaquin Hills, CA Transportation Corridor Agency, Senior Lien Toll Road Revenue Refunding Bonds (Series 2014A), 5.00%, 1/15/2017 | 1,065,660 | |
1,750,000 | Val Verde, CA USDT, GO BANs (Series 2013), 3.00% (United States Treasury PRF 8/1/2016@100), 8/1/2018 | 1,799,350 | |
TOTAL | 97,349,019 | ||
Colorado—1.5% | |||
4,500,000 | Colorado Health Facilities Authority, Revenue Bonds (Series 2009B-3), 1.875% TOBs (Catholic Health Initiatives), Mandatory Tender 11/6/2019 | 4,439,250 | |
2,115,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2012C), 4.00% (Covenant Retirement Communities, Inc.), 12/1/2015 | 2,137,927 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—continued | |||
$1,795,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2012C), 4.00% (Covenant Retirement Communities, Inc.), 12/1/2016 | $1,849,299 | |
400,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 1.00% (Covenant Retirement Communities, Inc.), 12/1/2015 | 400,676 | |
550,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 2.00% (Covenant Retirement Communities, Inc.), 12/1/2016 | 557,260 | |
700,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 3.00% (Covenant Retirement Communities, Inc.), 12/1/2017 | 724,535 | |
600,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 4.00% (Covenant Retirement Communities, Inc.), 12/1/2018 | 639,528 | |
625,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 4.00% (Covenant Retirement Communities, Inc.), 12/1/2019 | 668,850 | |
1,000,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (Covenant Retirement Communities, Inc.), 12/1/2020 | 1,117,070 | |
750,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (Covenant Retirement Communities, Inc.), 12/1/2021 | 840,345 | |
250,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (Covenant Retirement Communities, Inc.), 12/1/2022 | 279,487 | |
2,750,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2014A), 1.25% TOBs, Mandatory Tender 8/31/2017 | 2,751,760 |
1,710,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (SIFMA Index Series 2007CD-2), 1.82% TOBs (National Public Finance Guarantee Corporation INS), Mandatory Tender 8/31/2017 | 1,719,200 |
TOTAL | 18,125,187 | ||
Connecticut—3.5% | |||
1,010,000 | Bridgeport, CT, UT GO Refunding Bonds (Series 2012B), 4.00%, 8/15/2015 | 1,014,747 | |
3,185,000 | Bridgeport, CT, UT GO Refunding Bonds (Series 2012B), 5.00%, 8/15/2016 | 3,341,798 | |
2,580,000 | Bridgeport, CT, UT GO Refunding Bonds (Series 2012B), 5.00%, 8/15/2017 | 2,795,765 | |
5,000,000 | 1 | Connecticut State HEFA, Revenue Bonds (Series 2014B Floating Rate Note), 0.673% TOBs (Yale-New Haven Hospital), 7/1/2019 | 5,039,900 |
10,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012A), 1.32%, 4/15/2020 | 10,167,900 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—continued | |||
$2,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012D), 0.99%, 9/15/2019 | $2,010,200 |
1,500,000 | 1 | Connecticut State, UT GO SIFMA INDEX Bonds (Series 2013A), 0.97%, 3/1/2023 | 1,474,185 |
2,255,000 | 1 | Connecticut State, UT GO SIFMA INDEX Bonds (Series 2013A), 1.02%, 3/1/2024 | 2,212,358 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA INDEX Bonds (Series 2013A), 1.06%, 3/1/2025 | 3,921,080 |
5,000,000 | Connecticut State, Variable-Rate Remarketed Obligations (Series A-4), 0.33%, 1/1/2018 | 5,000,000 | |
2,100,000 | West Haven, CT, UT GO Bonds, 4.00% (AGM INS), 8/1/2018 | 2,251,011 | |
2,000,000 | West Haven, CT, UT GO Bonds, 4.00% (AGM INS), 8/1/2019 | 2,172,820 | |
TOTAL | 41,401,764 | ||
Florida—4.4% | |||
4,500,000 | 1 | Citizens Property Insurance Corp. FL, (Citizens Property Insurance Coastal Account), SIFMA Floating Rate Notes (Series 2015A-2) , 0.89%, 06/01/2018 | 4,475,790 |
7,245,000 | Florida State Board of Education, UT GO Capital Outlay Refunding Bonds (Series 2010A), 5.00% (Florida State), 6/1/2017 | 7,843,437 | |
500,000 | Florida State Municipal Power Agency, Stanton II Project Revenue Bonds (Series 2012A), 4.00%, 10/1/2015 | 504,700 | |
630,000 | Florida State Municipal Power Agency, Stanton II Project Revenue Bonds (Series 2012A), 4.00%, 10/1/2017 | 671,693 | |
800,000 | Florida State Municipal Power Agency, Stanton II Project Revenue Bonds (Series 2012A), 5.00%, 10/1/2016 | 842,920 | |
850,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 3.00%, 6/1/2017 | 880,311 | |
1,720,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 4.00%, 6/1/2018 | 1,839,127 | |
1,600,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.00%, 6/1/2019 | 1,783,472 | |
755,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.00%, 6/1/2020 | 850,228 | |
1,195,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.00%, 6/1/2021 | 1,354,736 | |
1,000,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.00%, 6/1/2022 | 1,137,120 | |
375,000 | Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 4.00% (Tampa General Hospital), 10/1/2015 | 378,555 | |
600,000 | Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2018 | 663,888 | |
630,000 | Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2019 | 710,640 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$525,000 | Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2020 | $597,944 | |
1,245,000 | Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2021 | 1,426,222 | |
1,300,000 | Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2022 | 1,493,622 | |
750,000 | Miami Beach, FL Health Facilities Authority, Hospital Revenue Refunding Bonds (Series 2012), 3.00% (Mt. Sinai Medical Center, FL), 11/15/2015 | 755,602 | |
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 | 1,468,134 | |
4,900,000 | Miami-Dade County, FL IDA, Solid Waste Disposal Revenue Bonds (Series 2007), 1.75% TOBs (Waste Management, Inc.), Mandatory Tender 9/1/2027 | 4,849,873 | |
7,800,000 | Miami-Dade County, FL School Board, COPs (Series 2011B), 5.00% TOBs, Mandatory Tender 5/1/2016 | 8,076,744 | |
420,000 | Orange County, FL, Health Facilities Authority, Revenue Bonds (Series 2014), 2.00% (Presbyterian Retirement Communities), 8/1/2015 | 420,601 | |
500,000 | Orange County, FL, Health Facilities Authority, Revenue Bonds (Series 2014), 3.00% (Presbyterian Retirement Communities), 8/1/2016 | 512,585 | |
305,000 | Orange County, FL, Health Facilities Authority, Revenue Bonds (Series 2014), 3.00% (Presbyterian Retirement Communities), 8/1/2017 | 316,840 | |
1,300,000 | Orange County, FL, Health Facilities Authority, Revenue Bonds (Series 2014), 4.00% (Presbyterian Retirement Communities), 8/1/2019 | 1,410,461 | |
1,750,000 | Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2018 | 1,951,040 | |
1,500,000 | Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2019 | 1,713,270 | |
1,350,000 | Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2020 | 1,567,026 | |
1,500,000 | Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2011B), 5.00%, 10/1/2018 | 1,687,920 | |
TOTAL | 52,184,501 | ||
Georgia—3.4% | |||
2,500,000 | Atlanta, GA Airport Passenger Facilities Charge Revenue, Subordinate Lien General Revenue Bonds (Series 2010B), 5.00%, 1/1/2018 | 2,751,800 | |
4,000,000 | Burke County, GA Development Authority, PCRBs (First Series 2012), 1.75% TOBs (Georgia Power Co.), Mandatory Tender 6/1/2017 | 4,041,600 | |
950,000 | DeKalb County, GA Water & Sewerage, Revenue Bonds (Series 2011A), 4.00%, 10/1/2015 | 959,224 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—continued | |||
$3,535,000 | Floyd County, GA Development Authority PCRBs (First Series 2010), 0.85% TOBs (Georgia Power Co.), Mandatory Tender 11/19/2015 | $3,539,454 | |
3,000,000 | Fulton County, GA Water & Sewage System, Revenue Refunding Bonds (Series 2011), 5.00%, 1/1/2019 | 3,393,210 | |
2,460,000 | Gainesville & Hall County, GA Development Authority, Retirement Communities Revenue Refunding Bonds (Series 2012), 4.00% (ACTS Retirement Life Communities, Inc.), 11/15/2017 | 2,545,854 | |
7,500,000 | 1 | Gainesville & Hall County, GA Hospital Authority, (Northeast Georgia Health System, Inc.), RACs (Series 2014B), 1.02%, 2/18/2020 | 7,440,075 |
2,420,000 | Monroe County, GA Development Authority, PCRBs (First Series 1995), 2.00% TOBs (Georgia Power Co.), Mandatory Tender 6/13/2019 | 2,469,828 | |
7,000,000 | Monroe County, GA Development Authority, PCRBs (Series 2013A), 2.40% TOBs (Oglethorpe Power Corp.), Mandatory Tender 4/1/2020 | 7,099,050 | |
2,000,000 | Municipal Electric Authority of Georgia, Combined Cycle Project Revenue Bonds (Series 2012A), 5.00%, 11/1/2016 | 2,119,940 | |
1,000,000 | Municipal Electric Authority of Georgia, Combined Cycle Project Revenue Bonds (Series 2012A), 5.00%, 11/1/2018 | 1,123,050 | |
2,000,000 | Public Gas Partners, Inc., GA, Gas Project Revenue Bonds (Gas Supply Pool No. 1 Series 2009A), 5.00%, 10/1/2015 | 2,024,140 | |
TOTAL | 39,507,225 | ||
Hawaii—0.2% | |||
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 | 1,011,460 | |
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 | 1,067,120 | |
500,000 | Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Refunding Bonds (Series 2012), 5.00% (Kahala Nui), 11/15/2018 | 542,060 | |
TOTAL | 2,620,640 | ||
Illinois—6.8% | |||
3,000,000 | 1 | Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-3 SIFMA Index), 0.82% TOBs, 6/1/2017 | 2,787,600 |
4,000,000 | 1 | Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-3 SIFMA Index), 0.90% TOBs, 6/1/2018 | 3,541,800 |
400,000 | Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.00%, 1/1/2019 | 448,036 | |
500,000 | Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.00%, 1/1/2020 | 570,535 | |
3,250,000 | Chicago, IL Midway Airport, Second Lien Taxable Revenue Refunding Bonds (Series 2013C), 5.00%, 1/1/2021 | 3,737,370 | |
1,500,000 | Chicago, IL Midway Airport, Second Lien Taxable Revenue Refunding Bonds (Series 2013C), 5.00%, 1/1/2022 | 1,726,695 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,875,000 | Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011B), 5.00%, 1/1/2018 | $2,046,263 | |
2,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2008), 5.00% (AGM INS), 11/1/2015 | 2,025,960 | |
2,500,000 | Cook County, IL, Refunding UT GO Bonds (Series 2014A), 4.00%, 11/15/2015 | 2,531,850 | |
1,500,000 | Cook County, IL, Refunding UT GO Bonds (Series 2014A), 5.00%, 11/15/2016 | 1,580,085 | |
1,170,000 | Cook County, IL, Refunding UT GO Bonds (Series 2014A), 5.00%, 11/15/2017 | 1,249,104 | |
1,500,000 | Cook County, IL, Refunding UT GO Bonds (Series 2014A), 5.00%, 11/15/2018 | 1,613,430 | |
6,500,000 | Illinois Finance Authority, Revenue Bonds (Series 2008A-2), 5.00% TOBs (Advocate Health Care Network), Mandatory Tender 2/12/2020 | 7,420,595 | |
2,500,000 | Illinois Finance Authority, Revenue Bonds (Series 2011IL), 3.00% (Trinity Healthcare Credit Group), 12/1/2017 | 2,615,000 | |
5,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2012E), 5.00% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 5/1/2017 | 5,376,250 | |
5,000,000 | Illinois Finance Authority, Revenue Bonds (Series A-1), 5.00% TOBs (Advocate Health Care Network), Mandatory Tender 1/15/2020 | 5,700,200 | |
4,000,000 | Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2013B-1), 5.00%, 12/1/2018 | 4,488,800 | |
2,000,000 | Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 12/15/2017 | 2,126,060 | |
1,000,000 | Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 6/15/2016 | 1,044,390 | |
2,350,000 | Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2017 | 2,456,713 | |
4,000,000 | Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2018 | 4,241,160 | |
5,500,000 | Illinois State, UT GO Bonds (Series of February 2014), 4.00%, 2/1/2019 | 5,704,820 | |
1,750,000 | Illinois State, UT GO Bonds (Series of February 2014), 4.00%, 2/1/2020 | 1,815,660 | |
1,000,000 | Illinois State, UT GO Bonds (Series of February 2014), 5.00%, 2/1/2019 | 1,071,060 | |
2,000,000 | Illinois State, UT GO Bonds (Series of February 2014), 5.00%, 2/1/2020 | 2,159,880 | |
5,000,000 | Illinois State, UT GO Bonds (Series of March 2012), 5.00%, 3/1/2017 | 5,245,650 | |
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 | 2,393,968 | |
2,680,000 | Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2010), 5.00%, 6/1/2017 | 2,875,292 | |
TOTAL | 80,594,226 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Indiana—2.2% | |||
$2,445,000 | Indiana Health Facility Financing Authority, Revenue Bonds (Series 2005A-8), 5.00% TOBs (Ascension Health Alliance Subordinate Credit Group ), Variable Rate Remarketed Obligations 11/1/2027 | $2,562,287 | |
55,000 | Indiana Health Facility Financing Authority, Revenue Bonds (Series 2005A-8), 5.00% TOBs (Ascension Health Alliance Subordinate Credit Group )/(United States Treasury PRF), 7/28/2016 | 57,763 | |
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 | 4,316,920 | |
855,000 | Indiana State Finance Authority Hospital Revenue, Hospital Revenue Bonds (Series 2012A), 5.00% (Community Health Network), 5/1/2020 | 974,785 | |
1,290,000 | Indiana State Finance Authority Hospital Revenue, Hospital Revenue Bonds (Series 2013A), 5.00% (Beacon Health System Obligated Group), 8/15/2018 | 1,435,693 | |
1,000,000 | Indiana State Finance Authority Hospital Revenue, Hospital Revenue Bonds (Series 2013A), 5.00% (Beacon Health System Obligated Group), 8/15/2020 | 1,149,920 | |
1,270,000 | Indiana State Finance Authority, Environmental Facilities Revenue Refunding Bonds (Series 2009B), 4.90% (Indianapolis, IN Power & Light Co.), 1/1/2016 | 1,297,368 | |
1,000,000 | Indiana State Finance Authority, Second Lien Wastewater Utility Revenue Bonds (Series 2011B), 5.00% (CWA Authority), 10/1/2018 | 1,116,590 | |
2,500,000 | Indiana State Finance Authority, Second Lien Wastewater Utility Revenue Bonds (Series 2011B), 5.00% (CWA Authority), 10/1/2019 | 2,854,125 | |
900,000 | Purdue University, IN, Student Fee Bonds (Series 2010Y), 4.50%, 7/1/2015 | 900,108 | |
5,000,000 | Whiting, IN Environmental Facilities, Revenue Bonds (Series 2005), 5.00% (BP PLC), 7/1/2017 | 5,387,300 | |
3,000,000 | Whiting, IN Environmental Facilities, Revenue Bonds (Series 2009), 5.25% (BP PLC), 1/1/2021 | 3,466,740 | |
TOTAL | 25,519,599 | ||
Kansas—0.2% | |||
500,000 | Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 4.00%, 9/1/2018 | 541,335 | |
1,000,000 | Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 5.00%, 9/1/2020 | 1,156,700 | |
1,000,000 | Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 5.00%, 9/1/2021 | 1,167,790 | |
TOTAL | 2,865,825 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Kentucky—1.2% | |||
$5,000,000 | Kentucky EDFA, Revenue Bonds (Series 2009B), 2.70% TOBs (Catholic Health Initiatives), Mandatory Tender 11/10/2021 | $4,945,350 | |
8,700,000 | Kentucky Public Transportation Infrastructure Authority, Subordinate Toll Revenue BANs (Series 2013A), 5.00%, 7/1/2017 | 9,384,690 | |
TOTAL | 14,330,040 | ||
Louisiana—2.3% | |||
4,000,000 | 1 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2013B-1 LIBOR Index), 0.599% TOBs, 5/1/2017 | 4,007,360 |
3,600,000 | 1 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2013B-2 LIBOR Index), 0.679% TOBs, 5/1/2018 | 3,607,164 |
8,570,000 | Louisiana State Offshore Terminal Authority, Deepwater Port Revenue Bonds (Series 2010B-1), 2.20% TOBs (Loop LLC), Mandatory Tender 10/1/2017 | 8,674,640 | |
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 | 4,078,888 | |
2,500,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.00%, 5/15/2018 | 2,739,725 | |
3,250,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.00%, 5/15/2019 | 3,627,292 | |
TOTAL | 26,735,069 | ||
Maryland—0.5% | |||
5,270,000 | Prince Georges County, MD, GO Consolidated Public Improvement Bonds (Series 2010A), 5.00%, 9/15/2018 | 5,931,069 | |
Massachusetts—0.9% | |||
1,000,000 | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds (Series 2010B), 5.00%, 1/1/2017 | 1,064,170 | |
1,915,000 | 1 | Massachusetts Development Finance Agency, (Partners Healthcare Systems), Revenue Bonds (Series 2015O-3), 0.55%, 1/29/2020 | 1,877,198 |
1,875,000 | Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 3 Series 2011), 5.00%, 7/1/2015 | 1,875,244 | |
2,120,000 | Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 6 Series 2011), 5.00%, 7/1/2017 | 2,295,663 | |
3,750,000 | Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 6 Series 2012A), 5.00%, 7/1/2016 | 3,920,925 | |
TOTAL | 11,033,200 | ||
Michigan—4.7% | |||
1,375,000 | Grand Rapids, MI Water Supply System, Revenue Refunding Bonds (Series 2010), 5.00%, 1/1/2016 | 1,407,794 |
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 | $1,597,650 | |
2,000,000 | Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2015A), 5.00% (Detroit, MI City School District)/(Q-SBLF GTD), 5/1/2018 | 2,197,340 | |
3,000,000 | Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2015A), 5.00% (Detroit, MI City School District)/(Q-SBLF GTD), 5/1/2019 | 3,365,310 | |
4,500,000 | Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2015A), 5.00% (Detroit, MI City School District)/(Q-SBLF GTD), 5/1/2020 | 5,118,570 | |
5,000,000 | Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series 2014 D-1), 5.00% (Detroit, MI Water Supply System)/(AGM INS), 7/1/2022 | 5,691,800 | |
2,000,000 | Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series D-1), 5.00% (Detroit, MI Water Supply System)/(AGM INS), 7/1/2020 | 2,263,400 | |
2,500,000 | Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series D-1), 5.00% (Detroit, MI Water Supply System)/(AGM INS), 7/1/2021 | 2,841,925 | |
1,500,000 | Michigan State Finance Authority, Local Government Loan Program Revenue Bonds (Series 2014B), 3.00% (Public Lighting Authority), 7/1/2016 | 1,530,465 | |
1,500,000 | Michigan State Finance Authority, Local Government Loan Program Revenue Bonds (Series 2014B), 4.00% (Public Lighting Authority), 7/1/2017 | 1,575,540 | |
1,125,000 | Michigan State Finance Authority, Local Government Loan Program Revenue Bonds (Series 2014B), 5.00% (Public Lighting Authority), 7/1/2019 | 1,254,668 | |
1,200,000 | Michigan State Finance Authority, Local Government Loan Program Revenue Bonds (Series 2014B), 5.00% (Public Lighting Authority), 7/1/2020 | 1,349,892 | |
10,000,000 | 1 | Michigan State Financial Authority, (Trinity Healthcare Credit Group), Hospital Revenue Bonds (Series 2015MI), 0.665%, 12/1/2020 | 9,938,800 |
1,000,000 | Michigan State Hospital Finance Authority, Revenue Bonds (Series 2010B), 5.00% (Ascension Health Alliance Senior Credit Group), 11/15/2016 | 1,060,080 | |
8,875,000 | Michigan Strategic Fund, Adjustable Rate Demand LO Revenue Refunding Bonds (Series 1995C), 2.125% TOBs (Detroit Edison Co.), Mandatory Tender 9/1/2016 | 8,976,086 | |
1,000,000 | Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2011), 5.00% (Michigan State), 10/15/2019 | 1,136,090 | |
1,170,000 | Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2011), 5.00% (Michigan State), 10/15/2020 | 1,340,726 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$1,165,000 | Royal Oak, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2014D), 5.00% (Beaumont Health Credit Group), 9/1/2017 | $1,265,167 | |
1,500,000 | Royal Oak, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2014D), 5.00% (Beaumont Health Credit Group), 9/1/2019 | 1,702,905 | |
TOTAL | 55,614,208 | ||
Mississippi—0.9% | |||
560,000 | Mississippi Development Bank, SO Refunding Bonds (Series 2013A), 5.00% (Harrison County, MS Highway), 1/1/2018 | 615,082 | |
1,000,000 | Mississippi Development Bank, SO Refunding Bonds (Series 2013A), 5.00% (Harrison County, MS Highway), 1/1/2019 | 1,125,930 | |
470,000 | Mississippi Development Bank, SO Refunding Bonds (Series 2013B), 4.00% (Laurel, MS Highway), 1/1/2017 | 493,288 | |
400,000 | Mississippi Development Bank, SO Refunding Bonds (Series 2013B), 4.00% (Laurel, MS Highway), 1/1/2018 | 429,484 | |
1,500,000 | Mississippi Development Bank, SO Refunding Bonds (Series 2013B), 4.00% (Laurel, MS Highway), 1/1/2019 | 1,637,700 | |
1,425,000 | Mississippi Development Bank, SO Refunding Bonds (Series 2013C), 5.00% (Madison County, MS Highway), 1/1/2019 | 1,604,450 | |
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 | 1,004,080 | |
3,250,000 | Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds (2010 Series 1), 5.00% (North Mississippi Health Services), 10/1/2017 | 3,533,075 | |
TOTAL | 10,443,089 | ||
Missouri—0.5% | |||
3,780,000 | Missouri State Environmental Improvement & Energy Resources Authority, Environmental Improvement Revenue Refunding Bonds (Series 1992), 1.25% (Kansas City Power And Light Co.), 7/1/2017 | 3,814,852 | |
255,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2014A), 4.00% (Lutheran Senior Services), 2/1/2018 | 270,272 | |
535,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2014A), 4.00% (Lutheran Senior Services), 2/1/2020 | 576,414 | |
565,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2014A), 5.00% (Lutheran Senior Services), 2/1/2021 | 638,117 | |
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 | 1,065,400 | |
TOTAL | 6,365,055 | ||
Nebraska—1.0% | |||
8,000,000 | Central Plains Energy Project, NE, Gas Supply Revenue Refunding Bonds (Series 2014), 5.00% TOBs (Royal Bank of Canada, Montreal GTD), 12/1/2019 | 9,064,560 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Nebraska—continued | |||
$570,000 | Nebraska Public Power District, General Revenue Bonds (Series 2011A), 5.00%, 1/1/2016 | $583,566 | |
850,000 | Nebraska Public Power District, General Revenue Bonds (Series 2011A), 5.00%, 1/1/2017 | 905,335 | |
1,000,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 4.00%, 1/1/2018 | 1,075,260 | |
TOTAL | 11,628,721 | ||
Nevada—0.2% | |||
2,250,000 | Washoe County, NV School District, Refunding LT GO Bonds (Series 2012A), 4.00%, 6/1/2019 | 2,471,715 | |
New Jersey—6.8% | |||
2,500,000 | Gloucester County, NJ Improvement Authority, Resource Recovery Revenue Refunding Bonds (Series 1999A), 2.125% TOBs (Waste Management, Inc.), Mandatory Tender 12/1/2017 | 2,544,050 | |
2,500,000 | New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2016 | 2,589,200 | |
2,000,000 | New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2017 | 2,122,900 | |
3,000,000 | New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2018 | 3,245,370 | |
10,000,000 | 1 | New Jersey EDA, School Facilities Construction Refunding SIFMA Index Bonds (Series 2013 I), 1.32% (New Jersey State), 9/1/2025 | 9,683,900 |
16,520,000 | 1 | New Jersey EDA, School Facilities Construction Refunding SIFMA Index Bonds (Series E), 1.77% (New Jersey State), 2/1/2016 | 16,536,190 |
10,000,000 | 1 | New Jersey EDA, School Facilities Construction Refunding SIFMA Index Notes (Series 2014K), 0.80% (New Jersey State), 2/1/2017 | 9,901,300 |
1,000,000 | New Jersey Health Care Facilities Financing Authority, Refunding Bonds (Series 2011), 5.00% (Meridian Health System Obligated Group), 7/1/2018 | 1,110,810 | |
5,230,000 | New Jersey State Transportation Trust Fund Authority, Transportation Program Bonds (Series 2014AA), 5.00%, 6/15/2018 | 5,600,493 | |
10,000,000 | 1 | New Jersey State Transportation Trust Fund Authority, Transportation Program Notes (SIFMA Index Multimodal Notes) (Series 2014BB-2), 1.27% (New Jersey State), 12/15/2021 | 9,750,900 |
1,000,000 | New Jersey State Transportation Trust Fund Authority, Transportation System Bonds (Series 2011B), 5.00% (New Jersey State), 6/15/2018 | 1,070,840 | |
5,750,000 | 1 | New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013 E-3), 0.75% TOBs, 1/1/2018 | 5,731,025 |
5,000,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2012B), 5.00%, 1/1/2019 | 5,618,650 | |
475,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2013A), 5.00%, 1/1/2018 | 520,980 | |
1,500,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2013A), 5.00%, 1/1/2020 | 1,715,805 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$2,500,000 | Newark, NJ, Tax Appeal Refunding Notes (Series 2014D), 1.75% BANs, 12/8/2015 | $2,509,750 | |
TOTAL | 80,252,163 | ||
New Mexico—1.5% | |||
7,000,000 | Farmington, NM, Refunding PCRBs (Series 2012A), 1.875% TOBs (El Paso Electric Co.), Mandatory Tender 9/1/2017 | 7,030,870 | |
2,500,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding Bonds (Series 2014A), 5.00% TOBs (Royal Bank of Canada, Montreal GTD), Mandatory Tender 8/1/2019 | 2,817,225 | |
8,150,000 | 1 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding Bonds (Series 2014B), 0.873% TOBs (Royal Bank of Canada, Montreal GTD), Mandatory Tender 8/1/2019 | 8,161,980 |
TOTAL | 18,010,075 | ||
New York—8.5% | |||
5,696,000 | Colonie, NY, 1.25% BANs, 3/18/2016 | 5,715,366 | |
2,500,000 | Erie County, NY IDA, School Facility Revenue Refunding Bonds (Series 2011B), 5.00% (Buffalo, NY City School District), 5/1/2018 | 2,775,725 | |
2,000,000 | Metropolitan Transportation Authority, NY, Transportation Revenue Bonds (Series 2005D), 5.00% (MTA Transportation Revenue), 11/15/2016 | 2,121,880 | |
1,000,000 | Metropolitan Transportation Authority, NY, Transportation Revenue Bonds (Series 2005G), 5.00% (MTA Transportation Revenue), 11/15/2017 | 1,096,430 | |
2,500,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002D-2B), 0.727% TOBs (MTA Transportation Revenue), 5/15/2018 | 2,498,125 |
3,000,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1C), 0.813% (MTA Transportation Revenue), 11/1/2016 | 3,012,330 |
2,000,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1D), 0.953% (MTA Transportation Revenue), 11/1/2017 | 2,016,620 |
2,500,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1G), 0.773% TOBs (MTA Transportation Revenue), 11/1/2015 | 2,502,100 |
2,500,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1H), 0.973% TOBs (MTA Transportation Revenue), 11/1/2016 | 2,515,600 |
1,500,000 | Nassau, NY Health Care Corp., 2.25% RANs, 1/15/2016 | 1,507,995 | |
330,000 | New York City, NY TFA, Future Tax Secured Subordinate Revenue Bonds (Series 2010 I-2), 5.00% (United States Treasury COL), 11/1/2017 | 361,248 | |
3,495,000 | New York City, NY TFA, Future Tax Secured Subordinate Revenue Bonds (Series 2010 I-2), 5.00%, 11/1/2017 | 3,831,708 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$3,000,000 | New York City, NY, UT GO Bonds (Fiscal 2011 Series B), 5.00%, 8/1/2017 | $3,257,730 | |
4,000,000 | 1 | New York City, NY, UT GO Bonds (Series 2008J, Subseries J-4), 0.54%, 8/1/2021 | 3,994,480 |
3,800,000 | 1 | New York City, NY, UT GO Bonds (Series 2008J, Subseries J-4), 0.62%, 8/1/2025 | 3,776,782 |
2,000,000 | New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2018 | 2,233,420 | |
2,000,000 | New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2019 | 2,275,680 | |
1,345,000 | New York City, NY, UT GO Bonds (Series A), 5.00%, 8/1/2016 | 1,411,497 | |
500,000 | New York City, NY, UT GO Bonds (Series A-1), 5.00%, 8/1/2018 | 558,355 | |
1,005,000 | New York City, NY, UT GO Bonds (Series C), 5.00%, 8/1/2018 | 1,122,294 | |
4,000,000 | New York State Dormitory Authority, Revenue Bonds (Series 2011A), 5.00% (School District Financing Program), 10/1/2016 | 4,224,440 | |
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 | 1,425,164 | |
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 | 1,120,450 | |
3,125,000 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations (Series 2013A), 5.00% (New York State Thruway Authority - General Revenue), 5/1/2019 | 3,527,906 | |
8,000,000 | New York State Urban Development Corp., Service Contract Revenue Refunding Bonds (Series 2010B), 5.00%, 1/1/2016 | 8,193,680 | |
2,500,000 | 1,2,3 | Nuveen New York AMT-Free Municipal Income Fund, Institutional MuniFund Term Preferred Shares (Series 2017), 0.69%, 10/1/2017 | 2,503,525 |
2,000,000 | Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2016 | 2,059,940 | |
1,825,000 | Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2017 | 1,947,348 | |
3,000,000 | Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2020 | 3,398,370 | |
3,000,000 | Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2021 | 3,433,710 | |
2,000,000 | Suffolk County, NY EDC, Revenue Bonds (Series 2011), 5.00% (Catholic Health Services of Long Island Obligated Group), 7/1/2018 | 2,211,000 | |
4,000,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013A), 5.00% (New York State), 6/1/2022 | 4,314,360 | |
2,500,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2021 | 2,696,475 | |
3,995,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2022 | 4,308,967 | |
3,350,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Refunding Bonds (Series 2012B), 5.00%, 11/15/2017 | 3,675,118 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$2,000,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Refunding Bonds (Series 2012B), 5.00%, 11/15/2018 | $2,258,420 | |
TOTAL | 99,884,238 | ||
North Carolina—0.4% | |||
1,250,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2012A), 5.00%, 1/1/2018 | 1,370,350 | |
1,000,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2012A), 5.00%, 1/1/2019 | 1,122,270 | |
1,000,000 | 1 | North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds (Series 2012C), 0.81% TOBs (Wake Forest Baptist Obligated Group), Mandatory Tender 12/1/2017 | 995,090 |
1,500,000 | North Carolina Municipal Power Agency No. 1, Revenue Refunding Bonds (Series 2008A), 5.25%, 1/1/2017 | 1,602,555 | |
TOTAL | 5,090,265 | ||
Ohio—3.1% | |||
2,070,000 | 1 | Allen County, OH, (Mercy Health), Adjustable Rate Hospital Facilities Revenue Bonds (Series 2015B), 0.82%, 5/1/2020 | 2,039,012 |
1,400,000 | American Municipal Power-Ohio, Inc., Revenue Bonds (Series 2012B), 5.00% (AMP Fremont Energy), 2/15/2016 | 1,440,362 | |
1,800,000 | Cleveland, OH Public Power System, Revenue Refunding Bonds (Series 2010), 5.00%, 11/15/2016 | 1,905,084 | |
2,685,000 | Cleveland, OH Public Power System, Revenue Refunding Bonds (Series 2010), 5.00%, 11/15/2017 | 2,927,644 | |
2,000,000 | Hamilton County, OH Sewer System, Improvement & Refunding Revenue Bonds (Series 2013A), 5.00%, 12/1/2017 | 2,196,620 | |
5,000,000 | 1 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2014), 0.843% TOBs (Royal Bank of Canada, Montreal GTD), Mandatory Tender 8/1/2019 | 4,966,250 |
4,500,000 | Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2006-A), 3.75% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 12/3/2018 | 4,698,540 | |
2,500,000 | Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2006-B), 3.625% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 6/1/2020 | 2,582,375 | |
1,500,000 | Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2008-B), 3.625% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 4/1/2020 | 1,552,635 | |
795,000 | Ohio State Building Authority, State Facilities Revenue Refunding Bonds (Series 2010C), 5.00%, 10/1/2016 | 839,607 | |
2,000,000 | Ohio State Building Authority, State Facilities Revenue Refunding Bonds (Series 2010C), 5.00%, 10/1/2018 | 2,247,140 | |
625,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2011A), 4.00% (University of Dayton), 12/1/2016 | 653,256 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,000,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2011A), 5.00% (University of Dayton), 12/1/2017 | $1,091,290 | |
2,000,000 | Ohio State Higher Educational Facility Commission, Revenue Refunding Bonds (Series 2013), 4.00% (Case Western Reserve University, OH), 12/1/2017 | 2,147,440 | |
750,000 | Ohio State Higher Educational Facility Commission, Revenue Refunding Bonds (Series 2013), 4.00% (Case Western Reserve University, OH), 12/1/2019 | 831,795 | |
2,050,000 | Ohio State Water Development Authority, PCR Refunding Bonds (Series 2008-B), 3.625% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 4/1/2020 | 2,121,935 | |
1,305,000 | Richland County, OH, (Series B), 1.75% BANs, 7/22/2015 | 1,305,626 | |
1,500,000 | Williams County, OH, 1.25% BANs, 7/29/2015 | 1,500,720 | |
TOTAL | 37,047,331 | ||
Oklahoma—2.3% | |||
1,410,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.00% (Mustang Public Schools), 9/1/2019 | 1,525,733 | |
2,685,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.50% (Mustang Public Schools), 9/1/2020 | 2,981,370 | |
2,285,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.50% (Mustang Public Schools), 9/1/2021 | 2,545,147 | |
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 | 2,140,340 | |
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 | 2,927,367 | |
1,850,000 | Oklahoma Development Finance Authority, Solid Waste Disposal Revenue Bonds (Series 2004A), 2.375% (Waste Management, Inc.), 12/1/2021 | 1,861,415 | |
3,065,000 | Oklahoma State Capital Improvement Authority, State Facilities Revenue Refunding Bonds (Series 2010A), 5.00% (Oklahoma State), 7/1/2016 | 3,206,603 | |
3,150,000 | Oklahoma State Capital Improvement Authority, State Facilities Revenue Refunding Bonds (Series 2010A), 5.00% (Oklahoma State), 7/1/2017 | 3,413,655 | |
1,255,000 | Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2011), 3.125% (Broken Arrow Public Schools), 9/1/2018 | 1,327,589 | |
2,600,000 | Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2011), 5.00% (Broken Arrow Public Schools), 9/1/2019 | 2,970,110 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oklahoma—continued | |||
$2,000,000 | Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2012), 3.50% (Broken Arrow Public Schools), 9/1/2017 | $2,109,780 | |
TOTAL | 27,009,109 | ||
Oregon—0.2% | |||
1,500,000 | Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 4.00%, 11/1/2017 | 1,544,160 | |
900,000 | Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 5.00%, 11/1/2018 | 968,949 | |
TOTAL | 2,513,109 | ||
Pennsylvania—10.4% | |||
3,000,000 | Allegheny County Sanitation Authority, Sewer Revenue Bonds (Series 2011), 5.00% (AGM INS), 6/1/2018 | 3,330,180 | |
1,000,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.00%, 3/1/2017 | 1,067,790 | |
8,700,000 | Beaver County, PA IDA, PCR Refunding Bonds (Series 2006-A), 3.50% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 6/1/2020 | 8,965,785 | |
4,000,000 | Beaver County, PA IDA, PCR Refunding Bonds (Series 2008A), 2.15% (FirstEnergy Solutions Corp.), 3/1/2017 | 4,018,560 | |
5,000,000 | Beaver County, PA IDA, PCR Refunding Bonds (Series 2008A), 2.70% TOBs (FirstEnergy Solutions Corp.), 4/2/2018 | 5,075,750 | |
4,000,000 | 1 | Berks County, PA Municipal Authority, Variable Rate Revenue Bonds (Series 2012B), 1.57% TOBs (Reading Hospital & Medical Center), Mandatory Tender 7/1/2022 | 4,089,720 |
9,500,000 | Clarion County, PA IDA, Student Housing Revenue BANs (Series 2014C-1), 1.05% (Clarion University Foundation, Inc.), 5/1/2016 | 9,508,550 | |
600,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 3.00% (Diakon Lutheran Social Ministries), 1/1/2016 | 606,096 | |
600,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 3.00% (Diakon Lutheran Social Ministries), 1/1/2017 | 613,866 | |
835,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 4.00% (Diakon Lutheran Social Ministries), 1/1/2019 | 885,693 | |
1,000,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 4.00% (Diakon Lutheran Social Ministries), 1/1/2020 | 1,063,500 | |
2,000,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 5.00% (Diakon Lutheran Social Ministries), 1/1/2021 | 2,220,800 | |
12,500,000 | 1 | Geisinger Authority, PA Health System, Health System Revenue Bonds (Series 2014B), 1.195% TOBs (Geisinger Health System), 6/1/2024 | 12,567,000 |
750,000 | Hempfield, PA School District, UT GO Bonds (Series 2015), 3.00% (State Aid Withholding GTD), 10/15/2016 | 771,998 | |
750,000 | Hempfield, PA School District, UT GO Bonds (Series 2015), 4.00% (State Aid Withholding GTD), 10/15/2017 | 800,265 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$380,000 | Hempfield, PA School District, UT GO Bonds (Series 2015), 5.00% (State Aid Withholding GTD), 10/15/2018 | $425,364 | |
625,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2016 | 639,181 | |
375,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2017 | 394,883 | |
625,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2018 | 670,506 | |
4,000,000 | Montgomery County, PA IDA, PCR Refunding Bonds (Series 2002A), 2.55% TOBs (Exelon Generation Co. LLC), 6/1/2020 | 3,990,760 | |
8,000,000 | 1 | Northampton County, PA General Purpose Authority, Variable Rate Hospital Revenue Bonds (Series 2013B), 1.47% TOBs (St. Luke's Hospital of Bethlehem), Mandatory Tender 8/15/2020 | 8,028,880 |
3,000,000 | Pennsylvania EDFA, Exempt Facilities Revenue Bonds (Series 2006A), 2.55% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 12/3/2018 | 3,014,670 | |
700,000 | Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds (Series 2004A), 1.25% TOBs (Waste Management, Inc.), Mandatory Tender 5/1/2017 | 699,118 | |
1,500,000 | Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds, 1.75% TOBs (Waste Management, Inc.), Mandatory Tender 12/1/2015 | 1,505,145 | |
1,250,000 | Pennsylvania HFA, SFM Revenue Bonds (Series 2011-112), 5.00%, 10/1/2015 | 1,264,425 | |
1,250,000 | Pennsylvania HFA, SFM Revenue Bonds (Series 2011-112), 5.00%, 10/1/2016 | 1,314,487 | |
3,000,000 | Pennsylvania Intergovernmental Coop Authority, Special Tax Revenue Refunding Bonds (Series 2010), 5.00%, 6/15/2016 | 3,134,490 | |
5,000,000 | Pennsylvania State Higher Education Facilities Authority, (Thomas Jefferson University), Variable Rate Remarketed Obligations (Series 2015B), 0.60%, 6/14/2018 | 5,000,000 | |
10,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2013B), 1.22%, 12/1/2019 | 10,155,900 |
10,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds) (Series 2014B), 1.05%, 12/1/2021 | 9,970,300 |
1,165,000 | Philadelphia, PA Airport System, Airport Revenue Bonds (Series 2010A), 5.00%, 6/15/2017 | 1,254,880 | |
2,000,000 | 1 | Scranton, PA School District, GO Notes (Series 2014) (LIBOR Floating Rate Tender Notes), 1.125%, 4/2/2018 | 2,006,760 |
3,000,000 | 1 | State Public School Building Authority, PA, LIBOR Index Rate Revenue Bonds (Series 2014), 0.923% TOBs (Albert Gallatin Area School District), 9/1/2018 | 3,014,550 |
500,000 | Upper Darby School District, PA, UT GO Bonds (Series 2015), 2.00% (State Aid Withholding GTD), 5/1/2016 | 505,800 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$500,000 | Upper Darby School District, PA, UT GO Bonds (Series 2015), 3.00% (State Aid Withholding GTD), 5/1/2017 | $518,335 | |
700,000 | Upper Darby School District, PA, UT GO Bonds (Series 2015), 4.00% (State Aid Withholding GTD), 5/1/2018 | 752,052 | |
8,280,000 | 1 | York County, PA, GO Floating Rate Notes (Series 2015 LIBOR Index Rate Mode), 0.425%, 6/1/2017 | 8,260,294 |
TOTAL | 122,106,333 | ||
Rhode Island—1.4% | |||
3,690,000 | Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00%, 8/1/2017 | 4,020,366 | |
4,200,000 | Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00%, 8/1/2018 | 4,715,130 | |
4,120,000 | Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00%, 8/1/2019 | 4,747,723 | |
500,000 | Rhode Island State Health and Educational Building Corp., Revenue Refunding Bonds (Providence Public Buildings Authority) (Series 2013A), 4.00% (Providence, RI), 5/15/2016 | 513,645 | |
1,000,000 | Rhode Island State Health and Educational Building Corp., Revenue Refunding Bonds (Providence Public Buildings Authority) (Series 2013A), 4.00% (Providence, RI), 5/15/2017 | 1,051,110 | |
1,000,000 | Rhode Island State Health and Educational Building Corp., Revenue Refunding Bonds (Providence Public Buildings Authority) (Series 2013A), 5.00% (Providence, RI), 5/15/2018 | 1,096,510 | |
TOTAL | 16,144,484 | ||
South Carolina—0.8% | |||
645,000 | Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.00%, 12/1/2018 | 726,857 | |
1,000,000 | Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.00%, 12/1/2019 | 1,152,730 | |
1,000,000 | Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.00%, 12/1/2020 | 1,168,350 | |
1,000,000 | Piedmont Municipal Power Agency, SC, Electric Revenue Refunding Bonds (Series 2010A-2), 5.00%, 1/1/2018 | 1,095,500 | |
5,000,000 | Piedmont Municipal Power Agency, SC, Revenue Refunding Bonds (Series 2008A-3), 5.00%, 1/1/2016 | 5,115,900 | |
TOTAL | 9,259,337 | ||
South Dakota—0.1% | |||
750,000 | Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), 5.00%, 6/1/2023 | 863,017 | |
Tennessee—0.8% | |||
750,000 | Memphis, TN Electric System, Subordinate Revenue Refunding Bonds (Series 2010), 5.00%, 12/1/2015 | 765,187 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Tennessee—continued | |||
$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 | $1,674,690 | |
935,000 | Metropolitan Government Nashville & Davidson County, TN Water & Sewer, Subordinate Lien Water & Sewer Revenue Refunding Bonds (Series 2012), 5.00%, 7/1/2019 | 1,069,902 | |
4,000,000 | Metropolitan Government Nashville & Davidson County, TN, UT GO Refunding Bonds (Series 2010D), 5.00%, 7/1/2016 | 4,188,520 | |
2,000,000 | Metropolitan Nashville, TN Airport Authority, Airport Improvement Revenue Refunding Bonds (Series 2010B), 4.00% (AGM INS), 7/1/2015 | 2,000,200 | |
TOTAL | 9,698,499 | ||
Texas—8.4% | |||
850,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2018 | 932,501 | |
1,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2019 | 1,124,100 | |
500,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2020 | 572,165 | |
1,400,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2021 | 1,620,192 | |
5,000,000 | Clear Creek, TX ISD, Variable Rate UT School Building Bonds (Series 2013B), 3.00% TOBs (PSFG GTD), Mandatory Tender 8/14/2017 | 5,208,400 | |
5,000,000 | Clear Creek, TX ISD, Variable Rate UT School Building Bonds (Series 2013B), 3.00% TOBs (PSFG GTD), Mandatory Tender 8/14/2019 | 5,267,050 | |
5,000 | Dallas, TX, LT GO Refunding Bonds (Series 2010C), 5.00% (Escrowed In Treasuries COL), 2/15/2016 | 5,147 | |
5,000 | Dallas, TX, LT GO Refunding Bonds (Series 2010C), 5.00% (Escrowed In Treasuries COL), 2/15/2017 | 5,351 | |
1,995,000 | Dallas, TX, LT GO Refunding Bonds (Series 2010C), 5.00%, 2/15/2016 | 2,054,591 | |
995,000 | Dallas, TX, LT GO Refunding Bonds (Series 2010C), 5.00%, 2/15/2017 | 1,065,725 | |
1,750,000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2012B), 5.00%, 11/1/2018 | 1,965,757 | |
3,250,000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2012B), 5.00%, 11/1/2019 | 3,733,535 | |
2,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., (Texas Children's Hospital), Hospital Revenue Bonds (Series 2015-3), 0.975%, 6/1/2020 | 1,993,900 |
5,635,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 0.97% (Memorial Hermann Health System), 6/1/2022 | 5,523,371 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$4,500,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.02% (Memorial Hermann Health System), 6/1/2023 | $4,405,230 |
5,685,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.12% (Memorial Hermann Health System), 6/1/2024 | 5,554,813 |
1,200,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.60% (Harris County, TX Toll Road Authority), 8/15/2016 | 1,203,768 |
1,515,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.70% (Harris County, TX Toll Road Authority), 8/15/2017 | 1,519,712 |
3,750,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.71% TOBs (Harris County, TX Toll Road Authority), 8/15/2016 | 3,745,387 |
2,500,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.85% (Harris County, TX Toll Road Authority), 8/15/2018 | 2,507,175 |
1,000,000 | Houston, TX Airport System, Senior Lien Revenue & Refunding Bonds (Series 2009A), 5.00%, 7/1/2015 | 1,000,130 | |
2,375,000 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2010C), 4.00%, 11/15/2016 | 2,489,095 | |
1,790,000 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2010C), 5.00%, 11/15/2016 | 1,900,497 | |
2,335,000 | Houston, TX Convention & Entertainment Facilities Department, Hotel Occupancy Tax & Special Revenue Refunding Bonds (Series 2011A), 5.00%, 9/1/2018 | 2,595,656 | |
1,090,000 | Lubbock, TX HFDC, Revenue Refunding Bonds (Series 2008B), 5.00% (St. Joseph Health System), 7/1/2015 | 1,090,142 | |
3,570,000 | Lubbock, TX HFDC, Revenue Refunding Bonds (Series 2008B), 5.00% (St. Joseph Health System), 7/1/2019 | 4,010,752 | |
5,000,000 | Midlothian, TX ISD, Variable Rate UT Tax Refunding Bonds (Series 2013-C), 3.00% TOBs (PSFG GTD), Mandatory Tender 8/1/2019 | 5,258,150 | |
2,000,000 | North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2011B), 5.00%, 1/1/2019 | 2,247,460 | |
5,000,000 | 1 | North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2011A SIFMA Index Floating Rate), 0.87%, 1/1/2019 | 4,962,650 |
6,335,000 | 1 | North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2014C SIFMA Index Floating Rate), 0.74%, 1/1/2020 | 6,239,785 |
2,000,000 | Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2016 | 2,105,880 | |
1,250,000 | Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2019 | 1,418,225 | |
550,000 | Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2021 | 633,325 | |
2,375,000 | Texas State Public Finance Authority, Refunding UT GO Bonds (Series 2011), 5.00% (Texas State), 10/1/2018 | 2,674,155 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$2,600,000 | Texas State Public Finance Authority, UT GO Refunding Bonds (Series 2010A), 5.00% (Texas State), 10/1/2016 | $2,749,604 | |
3,105,000 | Texas State Public Finance Authority, UT GO Refunding Bonds (Series 2010A), 5.00% (Texas State), 10/1/2017 | 3,398,422 | |
3,665,000 | Texas State Transportation Commission, First Tier Revenue Refunding Put Bonds (Series 2015-A), 5.00% TOBs (Central Texas Turnpike System) 4/1/2020 | 4,184,734 | |
TOTAL | 98,966,532 | ||
Utah—1.4% | |||
2,400,000 | Intermountain Power Agency, Subordinated Power Supply Revenue Refunding Bonds (Series 2014A), 5.00%, 7/1/2018 | 2,675,712 | |
3,600,000 | Intermountain Power Agency, Subordinated Power Supply Revenue Refunding Bonds (Series 2014A), 5.00%, 7/1/2019 | 4,111,848 | |
1,350,000 | Riverton, UT Hospital Revenue Authority, Hospital Revenue Bonds (Series 2009), 5.00% (IHC Health Services, Inc.), 8/15/2015 | 1,358,181 | |
3,000,000 | Utah County, UT IDA, Environmental Improvement Revenue Refunding Bonds (Series 2011), 5.375% (United States Steel Corp.), 11/1/2015 | 3,041,520 | |
5,000,000 | Utah State, UT GO Bonds (Series 2009C), 5.00%, 7/1/2017 | 5,433,150 | |
TOTAL | 16,620,411 | ||
Virginia—1.1% | |||
4,800,000 | Charles City County, VA EDA, Variable Rate Demand Solid Waste Disposal Revenue Bonds (Series 2004A), 3.125% TOBs (Waste Management, Inc.), Mandatory Tender 11/1/2016 | 4,951,200 | |
2,000,000 | Pittsylvania County, VA, UT GO School Refunding Notes (Series 2012), 3.00%, 7/15/2017 | 2,004,160 | |
1,000,000 | Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2019 | 1,131,730 | |
2,000,000 | Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2020 | 2,299,740 | |
3,000,000 | Virginia Peninsula Port Authority, Revenue Refunding Bonds (Series 2003), 2.375% TOBs (Dominion Terminal Associates)/(Dominion Resources, Inc. GTD) 10/1/2016 | 3,044,040 | |
TOTAL | 13,430,870 | ||
Washington—1.8% | |||
1,500,000 | Port of Bellingham, WA IDC, Revenue Refunding Bonds (Series 2003A), 5.00% (BP PLC), 1/1/2016 | 1,533,540 | |
1,000,000 | Seattle, WA Municipal Light & Power, Revenue Refunding Bonds (Series 2010B), 5.00%, 2/1/2016 | 1,027,760 | |
1,000,000 | Seattle, WA Municipal Light & Power, Revenue Refunding Bonds (Series 2010B), 5.00%, 2/1/2017 | 1,068,710 | |
1,500,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2017 | 1,615,170 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Washington—continued | |||
$3,415,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2019 | $3,854,340 | |
5,000,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2020 | 5,730,300 | |
3,000,000 | 2,3 | Washington State EDFA, Solid Waste Disposal Revenue Bonds (Series 2008), 2.125% (Waste Management, Inc.), 6/1/2020 | 3,025,830 |
3,000,000 | Washington State Health Care Facilities Authority, Revenue Bonds (Series 2012B), 5.00% TOBs (Providence Health & Services), Mandatory Tender 10/1/2021 | 3,512,010 | |
TOTAL | 21,367,660 | ||
West Virginia—0.5% | |||
2,500,000 | Mason County, WV, PCRBs, 1.625% TOBs (Appalachian Power Co.), Mandatory Tender 10/1/2018 | 2,492,875 | |
3,325,000 | West Virginia EDA, Solid Waste Disposal Facilities Revenue Refunding Bonds (Series 2015A), 1.90% TOBs (Appalachian Power Co.) 4/1/2019 | 3,318,051 | |
TOTAL | 5,810,926 | ||
Wisconsin—1.3% | |||
6,000,000 | Wisconsin Health & Educational Facilities Authority, (Series 2014), 2.00% BANs (Sheboygan Senior Community, Inc.), 12/1/2015 | 6,001,620 | |
4,785,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2011A), 5.00% (Gundersen Lutheran), 10/15/2019 | 5,441,119 | |
1,310,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2011A), 5.00% (Gundersen Lutheran), 10/15/2020 | 1,509,775 | |
2,500,000 | Wisconsin State, GO Refunding Bonds (Series 2011-1), 5.00%, 5/1/2016 | 2,598,975 | |
TOTAL | 15,551,489 | ||
Wyoming—0.3% | |||
3,650,000 | Albany County, WY, PCRBs (Series 1985), 1.75% TOBs (Union Pacific Railroad Co.)/(Union Pacific Corp. GTD), Mandatory Tender 12/1/2015 | 3,649,708 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $1,129,148,365) | 1,141,738,698 | ||
SHORT-TERM MUNICIPALS—1.3%4 | |||
Georgia—0.4% | |||
4,500,000 | Bartow County, GA Development Authority, (Series 2010) Weekly VRDNs (VMC Specialty Alloys LLC)/(Comerica Bank LOC), 0.07%, 7/2/2015 | 4,500,000 | |
Missouri—0.2% | |||
2,370,000 | St. Louis County, MO IDA, (Series 2008A) Daily VRDNs (International Lutheran Laymen's League)/(Fifth Third Bank, Cincinnati LOC), 0.10%, 7/1/2015 | 2,370,000 |
Principal Amount | Value | ||
SHORT-TERM MUNICIPALS—continued4 | |||
Ohio—0.3% | |||
$2,900,000 | Lorain, OH Port Authority, (Series 2008) Weekly VRDNs (Horizon Activities Center)/(Fifth Third Bank, Cincinnati LOC), 0.14%, 7/3/2015 | $2,900,000 | |
Rhode Island—0.2% | |||
1,715,000 | Rhode Island State Health and Educational Building Corp., (Series 2005A: Catholic School Pool Program Issue) Daily VRDNs (Citizens Bank, N.A., Providence LOC), 0.18%, 7/1/2015 | 1,715,000 | |
1,150,000 | Rhode Island State Health and Educational Building Corp., (Series 2006A: Catholic School Pool Program Issue) Daily VRDNs (Citizens Bank, N.A., Providence LOC), 0.18%, 7/1/2015 | 1,150,000 | |
TOTAL | 2,865,000 | ||
Texas—0.2% | |||
2,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Subseries 2009A) Daily VRDNs (Motiva Enterprises LLC), 0.20%, 7/1/2015 | 2,000,000 | |
TOTAL SHORT-TERM MUNICIPALS (AT AMORTIZED COST) | 14,635,000 | ||
TOTAL MUNICIPAL INVESTMENTS—98.0% (IDENTIFIED COST $1,143,783,365)5 | 1,156,373,698 | ||
OTHER ASSETS AND LIABILITIES - NET—2.0%6 | 24,197,668 | ||
TOTAL NET ASSETS—100% | $1,180,571,366 |
1 | Floating rate notes with current rate and maturity or tender 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 June 30, 2015, these restricted securities amounted to $5,529,355, which represented 0.5% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At June 30, 2015, these liquid restricted securities amounted to $5,529,355, which represented 0.5% of total net assets. |
4 | Current rate and next reset date shown for Variable Rate Demand Instruments. |
5 | The cost of investments for federal tax purposes amounts to $1,143,783,367. |
6 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AGM | —Assured Guaranty Municipal Corp. |
AMT | —Alternative Minimum Tax |
BANs | —Bond Anticipation Notes |
CDA | —Community Development Authority |
COL | —Collateralized |
COPs | —Certificates of Participation |
EDA | —Economic Development Authority |
EDC | —Economic Development Corporation |
EDFA | —Economic Development Finance Authority |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDC | —Industrial Development Corporation |
INS | —Insured |
ISD | —Independent School District |
LIBOR | —London Interbank Offered Rates |
LO | —Limited Obligation |
LOC | —Letter of Credit |
LT | —Limited Tax |
PCFA | —Pollution Control Finance Authority |
PCR | —Pollution Control Revenue |
PCRBs | —Pollution Control Revenue Bonds |
PRF | —Pre-refunded |
PSFG | —Public School Fund Guarantee |
Q-SBLF | —Qualified School Bond Loan Fund |
RACs | —Revenue Anticipation Certificates |
RANs | —Revenue Anticipation Notes |
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 |
Year Ended June 30 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $10.40 | $10.30 | $10.41 | $10.22 | $10.14 |
Income From Investment Operations: | |||||
Net investment income | 0.09 | 0.10 | 0.12 | 0.16 | 0.14 |
Net realized and unrealized gain (loss) on investments | (0.08) | 0.10 | (0.11) | 0.19 | 0.08 |
TOTAL FROM INVESTMENT OPERATIONS | 0.01 | 0.20 | 0.01 | 0.35 | 0.22 |
Less Distributions: | |||||
Distributions from net investment income | (0.09) | (0.10) | (0.12) | (0.16) | (0.14) |
Net Asset Value, End of Period | $10.32 | $10.40 | $10.30 | $10.41 | $10.22 |
Total Return1 | 0.13% | 1.95% | 0.06% | 3.40% | 2.20% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.96% | 0.96% | 0.97% | 0.97% | 0.97% |
Net investment income | 0.90% | 0.97% | 1.12% | 1.49% | 1.40% |
Expense waiver/reimbursement2 | 0.08% | 0.09% | 0.09% | 0.09% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $342,677 | $414,381 | $539,402 | $375,254 | $265,063 |
Portfolio turnover | 17% | 22% | 15% | 14% | 37% |
1 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
2 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Year Ended June 30 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $10.40 | $10.30 | $10.41 | $10.22 | $10.14 |
Income From Investment Operations: | |||||
Net investment income | 0.15 | 0.15 | 0.17 | 0.21 | 0.19 |
Net realized and unrealized gain (loss) on investments | (0.08) | 0.10 | (0.11) | 0.19 | 0.08 |
TOTAL FROM INVESTMENT OPERATIONS | 0.07 | 0.25 | 0.06 | 0.40 | 0.27 |
Less Distributions: | |||||
Distributions from net investment income | (0.15) | (0.15) | (0.17) | (0.21) | (0.19) |
Net Asset Value, End of Period | $10.32 | $10.40 | $10.30 | $10.41 | $10.22 |
Total Return1 | 0.63% | 2.46% | 0.57% | 3.92% | 2.71% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.46% | 0.46% | 0.47% | 0.47% | 0.47% |
Net investment income | 1.40% | 1.47% | 1.62% | 1.99% | 1.91% |
Expense waiver/reimbursement2 | 0.23% | 0.24% | 0.21% | 0.22% | 0.23% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $807,057 | $671,802 | $479,671 | $391,670 | $316,572 |
Portfolio turnover | 17% | 22% | 15% | 14% | 37% |
1 | Based on net asset value. |
2 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Year Ended June 30 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $10.40 | $10.30 | $10.41 | $10.22 | $10.14 |
Income From Investment Operations: | |||||
Net investment income | 0.12 | 0.13 | 0.14 | 0.18 | 0.17 |
Net realized and unrealized gain (loss) on investments | (0.08) | 0.10 | (0.11) | 0.19 | 0.08 |
TOTAL FROM INVESTMENT OPERATIONS | 0.04 | 0.23 | 0.03 | 0.37 | 0.25 |
Less Distributions: | |||||
Distributions from net investment income | (0.12) | (0.13) | (0.14) | (0.18) | (0.17) |
Net Asset Value, End of Period | $10.32 | $10.40 | $10.30 | $10.41 | $10.22 |
Total Return1 | 0.38% | 2.21% | 0.32% | 3.68% | 2.49% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.71% | 0.71% | 0.71% | 0.71% | 0.70% |
Net investment income | 1.15% | 1.22% | 1.38% | 1.76% | 1.68% |
Expense waiver/reimbursement2 | 0.33% | 0.34% | 0.34% | 0.34% | 0.34% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $30,838 | $35,800 | $37,815 | $45,168 | $44,705 |
Portfolio turnover | 17% | 22% | 15% | 14% | 37% |
1 | Based on net asset value. |
2 | 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 $1,143,783,365) | $1,156,373,698 | |
Cash | 462,960 | |
Receivable for shares sold | 17,265,330 | |
Income receivable | 9,979,659 | |
TOTAL ASSETS | 1,184,081,647 | |
Liabilities: | ||
Payable for shares redeemed | $2,973,683 | |
Payable for other service fees (Notes 2 and 5) | 187,068 | |
Income distribution payable | 109,689 | |
Payable for distribution services fee (Note 5) | 68,100 | |
Accrued expenses (Note 5) | 171,741 | |
TOTAL LIABILITIES | 3,510,281 | |
Net assets for 114,381,036 shares outstanding | $1,180,571,366 | |
Net Assets Consists of: | ||
Paid-in capital | $1,175,445,760 | |
Net unrealized appreciation of investments | 12,590,333 | |
Accumulated net realized loss on investments | (7,474,278) | |
Undistributed net investment income | 9,551 | |
TOTAL NET ASSETS | $1,180,571,366 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($342,676,700 ÷ 33,193,084 shares outstanding), no par value, unlimited shares authorized | $10.32 | |
Offering price per share (100/99.00 of $10.32) | $10.42 | |
Redemption proceeds per share | $10.32 | |
Institutional Shares: | ||
Net asset value per share ($807,056,874 ÷ 78,200,231 shares outstanding), no par value, unlimited shares authorized | $10.32 | |
Offering price per share | $10.32 | |
Redemption proceeds per share | $10.32 | |
Service Shares: | ||
Net asset value per share ($30,837,792 ÷ 2,987,721 shares outstanding), no par value, unlimited shares authorized | $10.32 | |
Offering price per share | $10.32 | |
Redemption proceeds per share | $10.32 |
Investment Income: | |||
Interest | $21,840,756 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $4,703,386 | ||
Administrative fee (Note 5) | 920,097 | ||
Custodian fees | 42,181 | ||
Transfer agent fees | 251,019 | ||
Directors'/Trustees' fees (Note 5) | 15,197 | ||
Auditing fees | 27,250 | ||
Legal fees | 7,486 | ||
Distribution services fee (Note 5) | 979,314 | ||
Other service fees (Notes 2 and 5) | 2,160,152 | ||
Portfolio accounting fees | 228,059 | ||
Share registration costs | 117,608 | ||
Printing and postage | 38,100 | ||
Miscellaneous (Note 5) | 23,228 | ||
TOTAL EXPENSES | 9,513,077 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(964,708) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (1,261,354) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (2,226,062) | ||
Net expenses | 7,287,015 | ||
Net investment income | 14,553,741 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 150,065 | ||
Net change in unrealized appreciation of investments | (9,002,509) | ||
Net realized and unrealized loss on investments | (8,852,444) | ||
Change in net assets resulting from operations | $5,701,297 |
Year Ended June 30 | 2015 | 2014 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $14,553,741 | $13,569,787 |
Net realized gain (loss) on investments | 150,065 | (1,227,325) |
Net change in unrealized appreciation/depreciation of investments | (9,002,509) | 10,967,167 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 5,701,297 | 23,309,629 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (3,243,585) | (4,596,202) |
Institutional Shares | (10,949,639) | (8,528,727) |
Service Shares | (350,931) | (440,289) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (14,544,155) | (13,565,218) |
Share Transactions: | ||
Proceeds from sale of shares | 595,230,382 | 498,814,771 |
Net asset value of shares issued to shareholders in payment of distributions declared | 12,967,071 | 11,996,071 |
Cost of shares redeemed | (540,766,262) | (455,460,379) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 67,431,191 | 55,350,463 |
Change in net assets | 58,588,333 | 65,094,874 |
Net Assets: | ||
Beginning of period | 1,121,983,033 | 1,056,888,159 |
End of period (including undistributed (distributions in excess of) net investment income of $9,551 and $(35), respectively) | $1,180,571,366 | $1,121,983,033 |
■ | 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 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), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | 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 last traded or purchase price of the security, information obtained by contacting the issuer or dealers, 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, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Class A Shares | $899,051 | $— |
Institutional Shares | 1,184,816 | (1,184,816) |
Service Shares | 76,285 | — |
TOTAL | $2,160,152 | $(1,184,816) |
Year Ended June 30 | 2015 | 2014 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 16,330,536 | $169,730,429 | 13,384,944 | $138,361,909 |
Shares issued to shareholders in payment of distributions declared | 305,768 | 3,178,346 | 440,162 | 4,552,553 |
Shares redeemed | (23,293,420) | (242,029,920) | (26,328,171) | (271,948,601) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (6,657,116) | $(69,121,145) | (12,503,065) | $(129,034,139) |
Year Ended June 30 | 2015 | 2014 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 40,025,450 | $415,979,557 | 34,323,777 | $354,821,483 |
Shares issued to shareholders in payment of distributions declared | 911,524 | 9,470,808 | 683,153 | 7,069,469 |
Shares redeemed | (27,355,835) | (284,177,274) | (16,945,011) | (175,179,006) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 13,581,139 | $141,273,091 | 18,061,919 | $186,711,946 |
Year Ended June 30 | 2015 | 2014 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 914,557 | $9,520,396 | 544,177 | $5,631,379 |
Shares issued to shareholders in payment of distributions declared | 30,592 | 317,917 | 36,146 | 374,049 |
Shares redeemed | (1,400,809) | (14,559,068) | (807,034) | (8,332,772) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (455,660) | $(4,720,755) | (226,711) | $(2,327,344) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 6,468,363 | $67,431,191 | 5,332,143 | $55,350,463 |
Increase (Decrease) | |
Paid-In Capital | Accumulated Net Realized Gain (Loss) |
$(983,114) | $983,114 |
2015 | 2014 | |
Tax-exempt income | $14,544,155 | $13,565,218 |
Undistributed tax-exempt income | $ 9,551 |
Net unrealized appreciation | $12,590,331 |
Capital loss carryforwards and deferrals | $ (7,474,276) |
Expiration Year | Short-Term | Long-Term | Total |
No expiration | $ 1,498,135 | $— | $ 1,498,135 |
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 Daily Net Assets of the Investment Complex |
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 | $902,776 | $— |
Service Shares | 76,538 | (76,538) |
TOTAL | $979,314 | $(76,538) |
Purchases | $146,447,711 |
Sales | $161,022,354 |
August 24, 2015
Beginning Account Value 1/1/2015 | Ending Account Value 6/30/2015 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $997.50 | $4.75 |
Institutional Shares | $1,000 | $1,000.00 | $2.28 |
Service Shares | $1,000 | $998.80 | $3.52 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.03 | $4.81 |
Institutional Shares | $1,000 | $1,022.51 | $2.31 |
Service Shares | $1,000 | $1,021.27 | $3.56 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.96% |
Institutional Shares | 0.46% |
Service Shares | 0.71% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Indefinite Term Began serving: May 1981 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 Trustee Indefinite Term Began serving: October 1999 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Director, Chair of the Compensation Committee, Audit Committee member, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director, FleetBoston Financial Corp.; Director and Audit Committee Member, Bank of America Corp. and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; Retired. Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP. Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; Professor of Law, Duquesne University School of Law and was a member of the Superior Court of Pennsylvania. Judge Lally-Green also holds the positions of: Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute; and Director, Catholic High Schools of the Diocese of Pittsburgh, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; and Director Cardinal Wuerl Catholic High School. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: November 1991 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: March 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served in several banking, business management and educational roles and directorship positions throughout his career. Mr. Mansfield previously served as Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology). |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey serves as Board Member, Epilepsy Foundation of Western Pennsylvania and Board member, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: March 1999 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: May 1981 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: May 1981 | Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp. |
John B. Fisher Birth Date: May 16, 1956 PRESIDENT Officer since: November 2004 | Principal Occupations: President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President and CEO of Passport Research, Ltd.; President of some of the Funds in the Federated Fund Family; Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc.; President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: August 2011 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
Jeff A. Kozemchak Birth Date: January 15, 1960 VICE PRESIDENT Officer since: November 1998 Portfolio Manager since: June 1996 | Principal Occupations: Jeff A. Kozemchak has been the Fund's Portfolio Manager since June 1996. He is Vice President of the Trust with respect to the Fund. Mr. Kozemchak joined Federated in 1987 and has been a Senior Portfolio Manager since 1996 and a Senior Vice President of the Fund's Adviser since 1999. He was a Portfolio Manager until 1996 and a Vice President of the Fund's Adviser from 1993 to 1998. Mr. Kozemchak has received the Chartered Financial Analyst designation and holds an M.S. in Industrial Administration from Carnegie Mellon University in 1987. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313907107
CUSIP 313907206
2015 ©Federated Investors, Inc.
Item 2. Code of Ethics
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, Thomas M. O'Neill and John S. Walsh.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2015 – $27,250
Fiscal year ended 2014 - $27,250
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2015 - $0
Fiscal year ended 2014 - $15
Fiscal year ended 2014- Travel to Audit Committee Meeting.
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $84 and $0 respectively. Fiscal year ended 2015- Travel expenses for attendance at Audit Committee meeting.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2015- $0
Fiscal year ended 2014- $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2015- $0
Fiscal year ended 2014- $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2015– 0%
Fiscal year ended 2014- 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2015– 0%
Fiscal year ended 2014– 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2015– 0%
Fiscal year ended 2014– 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2015- $70,475
Fiscal year ended 2014- $92,751
(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. 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/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date August 24, 2015
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 August 24, 2015
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date August 24, 2015