United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-3181
(Investment Company Act File Number)
Federated Short-Intermediate Duration Municipal Trust
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 06/30/17
Date of Reporting Period: Six months ended 12/31/16
Item 1. | Reports to Stockholders |
Share Class | Ticker |
A | FMTAX |
Institutional | FSHIX |
Service | FSHSX |
Sector Composition | Percentage of Total Net Assets |
Hospital | 17.4% |
Toll Road | 11.8% |
General Obligation—Local | 11.7% |
Electric and Gas | 6.8% |
General Obligation—State (Appropriation) | 6.5% |
Industrial Development/Pollution Control | 5.9% |
Senior Care | 5.5% |
General Obligation—State | 5.4% |
Public Power | 5.2% |
Water and Sewer | 4.2% |
Other2 | 19.5% |
Other Assets and Liabilities—Net3 | 0.1% |
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 80.4% 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—96.2% | |||
Alabama—0.2% | |||
$430,000 | Birmingham, AL Waterworks Board, Subordinate Water Revenue Refunding Bonds (Series 2016-B), 5.00%, 1/1/2023 | $491,120 | |
1,035,000 | Birmingham, AL Waterworks Board, Subordinate Water Revenue Refunding Bonds (Series 2016-B), 5.00%, 1/1/2024 | 1,195,249 | |
TOTAL | 1,686,369 | ||
Alaska—0.7% | |||
2,000,000 | Valdez, AK Marine Terminal, Revenue Refunding Bonds (Series 2003A), 5.00% (BP PLC), 1/1/2021 | 2,198,940 | |
5,000,000 | Valdez, AK Marine Terminal, Revenue Refunding Bonds (Series 2003B), 5.00% (BP PLC), 1/1/2021 | 5,497,350 | |
TOTAL | 7,696,290 | ||
Arizona—0.7% | |||
3,000,000 | 1 | Arizona Health Facilities Authority, Variable Rate Revenue Refunding Bonds (Series 2013A-1), 2.57% TOBs (Phoenix Children's Hospital), Mandatory Tender 2/5/2020 | 3,050,790 |
5,000,000 | Maricopa County, AZ Pollution Control Corp., PCR Revenue Refunding Bonds (Series 2010A), 2.40% TOBs (Public Service Co., NM), Mandatory Tender 6/1/2020 | 4,892,150 | |
TOTAL | 7,942,940 | ||
Arkansas—0.7% | |||
500,000 | Beaver Water District of Benton and Washington Counties, AR, Revenue Refunding Bonds (Series 2010), 3.00%, 11/15/2017 | 508,005 | |
7,250,000 | Independence County, AR, PCR Refunding Bonds (Series 2013), 2.375% (Entergy Arkansas, Inc.), 1/1/2021 | 7,348,455 | |
TOTAL | 7,856,460 | ||
California—6.6% | |||
1,000,000 | Alameda Corridor Transportation Authority, CA, Tax-Exempt Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 10/1/2019 | 1,090,610 | |
500,000 | Alameda Corridor Transportation Authority, CA, Tax-Exempt Subordinate Lien Revenue Refunding Bonds (Series 2016A), 4.00%, 10/1/2021 | 533,395 | |
750,000 | Alameda Corridor Transportation Authority, CA, Tax-Exempt Subordinate Lien Revenue Refunding Bonds (Series 2016A), 4.00%, 10/1/2023 | 808,590 | |
1,000,000 | Alameda Corridor Transportation Authority, CA, Tax-Exempt Subordinate Lien Revenue Refunding Bonds (Series 2016A), 5.00%, 10/1/2022 | 1,126,430 | |
10,000,000 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2014C), 1.875% TOBs, Mandatory Tender 4/1/2019 | 10,052,500 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$5,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007B-1), 1.82% TOBs, Mandatory Tender 4/1/2024 | $5,003,200 |
10,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007G-1), 1.82% TOBs, Mandatory Tender 4/1/2024 | 10,006,400 |
13,000,000 | California Health Facilities Financing Authority, Revenue Bonds (Series 2013B), 5.00% TOBs (St. Joseph Health System), Mandatory Tender 10/15/2019 | 14,125,410 | |
5,000,000 | California PCFA, Solid Waste Disposal Refunding Revenue Bonds (Series 1998B), 3.625% (Waste Management, Inc.), 6/1/2018 | 5,157,450 | |
1,440,000 | California State Public Works Board, Lease Revenue Bonds (Series 2012H), 5.00%, 4/1/2019 | 1,551,874 | |
9,250,000 | 1 | California State, UT GO Bonds (Index Floating Rate Bonds Series 2013E), 1.267% TOBs, Mandatory Tender 12/1/2018 | 9,258,325 |
4,000,000 | 1 | California State, UT GO Refunding Bonds (Series 2012B), 1.72%, 5/1/2019 | 4,027,120 |
3,000,000 | 1 | California State, UT GO Refunding Bonds (Series 2012B), 1.87%, 5/1/2020 | 3,032,460 |
2,500,000 | California Statewide CDA, Revenue Bonds (Series 2009E-1), 5.00% TOBs (Kaiser Permanente), Mandatory Tender 5/1/2017 | 2,532,800 | |
2,500,000 | Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Revenue Refunding Bonds (Series 2013B-2), 5.00% TOBs, Mandatory Tender 1/15/2020 | 2,659,375 | |
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 | 1,143,387 | |
1,000,000 | San Joaquin Hills, CA Transportation Corridor Agency, Senior Lien Toll Road Refunding Revenue Bonds (Series 2014A), 5.00%, 1/15/2017 | 1,001,220 | |
TOTAL | 73,110,546 | ||
Colorado—1.1% | |||
700,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 3.00% (Covenant Retirement Communities, Inc.), 12/1/2017 | 709,716 | |
600,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 4.00% (Covenant Retirement Communities, Inc.), 12/1/2018 | 623,184 | |
625,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 4.00% (Covenant Retirement Communities, Inc.), 12/1/2019 | 654,612 | |
1,000,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (Covenant Retirement Communities, Inc.), 12/1/2020 | 1,089,500 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—continued | |||
$750,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (Covenant Retirement Communities, Inc.), 12/1/2021 | $826,522 | |
250,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (Covenant Retirement Communities, Inc.), 12/1/2022 | 278,347 | |
250,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 4.00% (Christian Living Communities), 1/1/2018 | 252,243 | |
225,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 4.00% (Christian Living Communities), 1/1/2019 | 227,876 | |
250,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 4.00% (Christian Living Communities), 1/1/2020 | 252,573 | |
350,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 4.00% (Christian Living Communities), 1/1/2021 | 353,419 | |
400,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 4.00% (Christian Living Communities), 1/1/2022 | 402,980 | |
640,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 5.00% (Christian Living Communities), 1/1/2023 | 677,882 | |
750,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 5.00% (Christian Living Communities), 1/1/2024 | 789,097 | |
600,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 5.00% (Christian Living Communities), 1/1/2025 | 630,882 | |
2,750,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2014A), 1.90% TOBs, Mandatory Tender 8/31/2017 | 2,738,725 |
1,710,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (SIFMA Index Series 2007CD-2), 2.47% TOBs (National Public Finance Guarantee Corporation INS), Mandatory Tender 8/31/2017 | 1,709,436 |
TOTAL | 12,216,994 | ||
Connecticut—2.8% | |||
2,580,000 | Bridgeport, CT, UT GO Refunding Bonds (Series 2012B), 5.00%, 8/15/2017 | 2,635,754 | |
5,000,000 | 1 | Connecticut State HEFA, Revenue Bonds (Series 2014B Floating Rate Note), 0.963% TOBs (Yale-New Haven Hospital), Mandatory Tender 7/1/2019 | 4,970,100 |
10,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012A), 1.97%, 4/15/2020 | 10,090,700 |
2,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012D), 1.64%, 9/15/2019 | 2,000,220 |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 1.62%, 3/1/2023 | 1,497,660 |
2,255,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 1.67%, 3/1/2024 | 2,246,701 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 1.71%, 3/1/2025 | 3,973,720 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—continued | |||
$2,100,000 | West Haven, CT, UT GO Bonds, 4.00% (AGM INS), 8/1/2018 | $2,176,965 | |
2,000,000 | West Haven, CT, UT GO Bonds, 4.00% (AGM INS), 8/1/2019 | 2,103,900 | |
TOTAL | 31,695,720 | ||
Florida—4.7% | |||
4,500,000 | 1 | Citizens Property Insurance Corp. FL, (Citizens Property Insurance Coastal Account), SIFMA Floating Rate Notes (Series 2015A-2), 1.57%, 6/1/2018 | 4,490,460 |
630,000 | Florida State Municipal Power Agency, Stanton II Project Revenue Bonds (Series 2012A), 4.00%, 10/1/2017 | 643,406 | |
850,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 3.00%, 6/1/2017 | 856,384 | |
1,720,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 4.00%, 6/1/2018 | 1,781,628 | |
1,600,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.00%, 6/1/2019 | 1,722,640 | |
755,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.00%, 6/1/2020 | 829,269 | |
1,195,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.00%, 6/1/2021 | 1,333,202 | |
1,000,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.00%, 6/1/2022 | 1,132,150 | |
600,000 | Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2018 | 635,910 | |
630,000 | Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2019 | 683,443 | |
525,000 | Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2020 | 581,149 | |
1,245,000 | Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2021 | 1,402,044 | |
1,300,000 | Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2022 | 1,487,135 | |
2,000,000 | Jacksonville, FL, Special Revenue Refunding Bonds (Series 2016A), 5.00%, 10/1/2021 | 2,261,940 | |
1,000,000 | Jacksonville, FL, Special Revenue Refunding Bonds (Series 2016A), 5.00%, 10/1/2022 | 1,147,580 | |
200,000 | Lakeland, FL Energy Systems, Energy System Revenue & Refunding Bonds (Series 2016), 5.00%, 10/1/2017 | 205,858 | |
500,000 | Lakeland, FL Energy Systems, Energy System Revenue & Refunding Bonds (Series 2016), 5.00%, 10/1/2018 | 531,360 | |
570,000 | Lakeland, FL Energy Systems, Energy System Revenue & Refunding Bonds (Series 2016), 5.00%, 10/1/2020 | 634,895 | |
750,000 | Lakeland, FL Energy Systems, Energy System Revenue & Refunding Bonds (Series 2016), 5.00%, 10/1/2021 | 851,130 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$2,145,000 | Lakeland, FL Energy Systems, Energy System Revenue & Refunding Bonds (Series 2016), 5.00%, 10/1/2022 | $2,476,274 | |
2,000,000 | Lakeland, FL Energy Systems, Energy System Revenue & Refunding Bonds (Series 2016), 5.00%, 10/1/2023 | 2,342,720 | |
4,900,000 | Miami-Dade County, FL IDA, Solid Waste Disposal Revenue Bonds (Series 2007), 1.75% TOBs (Waste Management, Inc.), Mandatory Tender 11/1/2019 | 4,878,783 | |
2,200,000 | Okeechobee County, FL, 1.55% TOBs (Waste Management, Inc.), Mandatory Tender 7/1/2021 | 2,127,774 | |
305,000 | Orange County, FL, Health Facilities Authority, Revenue Bonds (Series 2014), 3.00% (Presbyterian Retirement Communities), 8/1/2017 | 306,967 | |
1,300,000 | Orange County, FL, Health Facilities Authority, Revenue Bonds (Series 2014), 4.00% (Presbyterian Retirement Communities), 8/1/2019 | 1,352,208 | |
1,750,000 | Orlando & Orange County Expressway Authority, FL, Refunding Revenue Bonds (Series 2012A), 5.00%, 7/1/2018 | 1,843,362 | |
1,500,000 | Orlando & Orange County Expressway Authority, FL, Refunding Revenue Bonds (Series 2012A), 5.00%, 7/1/2019 | 1,623,090 | |
1,350,000 | Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2020 | 1,493,100 | |
1,500,000 | Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2011B), 5.00%, 10/1/2018 | 1,598,535 | |
2,500,000 | Palm Beach County, FL Health Facilities Authority, Retirement Communities Revenue Bonds (Series 2016), 4.00% (ACTS Retirement Life Communities, Inc), 11/15/2019 | 2,617,350 | |
2,500,000 | Palm Beach County, FL Health Facilities Authority, Retirement Communities Revenue Bonds (Series 2016), 4.00% (ACTS Retirement Life Communities, Inc), 11/15/2020 | 2,632,425 | |
3,265,000 | Palm Beach County, FL Health Facilities Authority, Retirement Communities Revenue Bonds (Series 2016), 5.00% (ACTS Retirement Life Communities, Inc), 11/15/2021 | 3,593,230 | |
TOTAL | 52,097,401 | ||
Georgia—2.6% | |||
2,500,000 | Atlanta, GA Airport Passenger Facilities Charge Revenue, Subordinate Lien General Revenue Bonds (Series 2010B), 5.00%, 1/1/2018 | 2,595,950 | |
4,000,000 | Burke County, GA Development Authority, PCRBs (First Series 2012), 1.75% TOBs (Georgia Power Co.), Mandatory Tender 6/1/2017 | 4,007,880 | |
3,000,000 | Fulton County, GA Water & Sewage System, Revenue Refunding Bonds (Series 2011), 5.00%, 1/1/2019 | 3,213,810 | |
830,000 | Gainesville & Hall County, GA Development Authority, Retirement Communities Revenue Refunding Bonds (Series 2012), 4.00% (ACTS Retirement Life Communities, Inc.), 11/15/2017 | 845,222 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—continued | |||
$7,500,000 | 1 | Gainesville & Hall County, GA Hospital Authority, (Northeast Georgia Health System, Inc.), RACs (Series 2014B), 1.67% TOBs, Mandatory Tender 2/18/2020 | $7,471,125 |
2,420,000 | Monroe County, GA Development Authority, PCRBs (First Series 1995), 2.00% TOBs (Georgia Power Co.), Mandatory Tender 6/13/2019 | 2,430,455 | |
7,000,000 | Monroe County, GA Development Authority, PCRBs (Series 2013A), 2.40% TOBs (Oglethorpe Power Corp.), Mandatory Tender 4/1/2020 | 7,057,190 | |
1,000,000 | Municipal Electric Authority of Georgia, Combined Cycle Project Revenue Bonds (Series 2012A), 5.00%, 11/1/2018 | 1,065,130 | |
TOTAL | 28,686,762 | ||
Hawaii—0.1% | |||
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 | 1,025,120 | |
500,000 | Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Refunding Bonds (Series 2012), 5.00% (Kahala Nui), 11/15/2018 | 524,130 | |
TOTAL | 1,549,250 | ||
Illinois—9.2% | |||
3,000,000 | 1 | Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-3 SIFMA Index), 1.47% TOBs, Mandatory Tender 6/1/2017 | 2,949,540 |
4,000,000 | 1 | Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-3 SIFMA Index), 1.55% TOBs, Mandatory Tender 6/1/2018 | 3,775,080 |
400,000 | Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.00%, 1/1/2019 | 427,356 | |
500,000 | Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.00%, 1/1/2020 | 546,720 | |
3,250,000 | Chicago, IL Midway Airport, Second Lien Taxable Revenue Refunding Bonds (Series 2013C), 5.00%, 1/1/2021 | 3,627,260 | |
1,500,000 | Chicago, IL Midway Airport, Second Lien Taxable Revenue Refunding Bonds (Series 2013C), 5.00%, 1/1/2022 | 1,692,630 | |
1,500,000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2015B), 5.00%, 1/1/2020 | 1,632,345 | |
2,000,000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2015B), 5.00%, 1/1/2021 | 2,213,440 | |
1,450,000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016C), 5.00%, 1/1/2024 | 1,656,524 | |
1,875,000 | Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011B), 5.00%, 1/1/2018 | 1,943,512 | |
1,135,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2016A-1), 5.00%, 11/1/2023 | 1,271,938 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.00%, 11/1/2020 | $1,089,070 | |
1,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.00%, 11/1/2021 | 1,099,590 | |
5,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.00%, 11/1/2022 | 5,560,250 | |
2,645,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.00%, 11/1/2023 | 2,954,042 | |
1,170,000 | Cook County, IL, Refunding UT GO Bonds (Series 2014A), 5.00%, 11/15/2017 | 1,204,152 | |
1,500,000 | Cook County, IL, Refunding UT GO Bonds (Series 2014A), 5.00%, 11/15/2018 | 1,583,880 | |
3,000,000 | 1 | Illinois Finance Authority, (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016B), 1.782% TOBs, Mandatory Tender 5/1/2021 | 3,003,570 |
6,500,000 | Illinois Finance Authority, Revenue Bonds (Series 2008A-2), 5.00% TOBs (Advocate Health Care Network), Mandatory Tender 2/1/2020 | 7,111,780 | |
2,500,000 | Illinois Finance Authority, Revenue Bonds (Series 2011IL), 3.00% (Trinity Healthcare Credit Group), 12/1/2017 | 2,540,425 | |
5,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2012E), 5.00% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 5/1/2017 | 5,065,100 | |
550,000 | Illinois Finance Authority, Revenue Bonds (Series 2016A), 4.00% (Presbyterian Homes Obligated Group), 11/1/2018 | 573,909 | |
1,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2016A), 4.00% (Presbyterian Homes Obligated Group), 5/1/2019 | 1,049,630 | |
1,855,000 | Illinois Finance Authority, Revenue Bonds (Series 2016A), 5.00% (Presbyterian Homes Obligated Group), 5/1/2020 | 2,027,608 | |
1,200,000 | Illinois Finance Authority, Revenue Bonds (Series 2016A), 5.00% (Presbyterian Homes Obligated Group), 11/1/2021 | 1,343,724 | |
1,500,000 | Illinois Finance Authority, Revenue Bonds (Series 2016A), 5.00% (Presbyterian Homes Obligated Group), 11/1/2022 | 1,698,765 | |
1,800,000 | Illinois Finance Authority, Revenue Bonds (Series 2016A), 5.00% (Presbyterian Homes Obligated Group), 11/1/2023 | 2,052,954 | |
5,000,000 | Illinois Finance Authority, Revenue Bonds (Series A-1), 5.00% TOBs (Advocate Health Care Network), Mandatory Tender 1/15/2020 | 5,461,300 | |
4,000,000 | Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2013B-1), 5.00%, 12/1/2018 | 4,264,480 | |
870,000 | Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 12/15/2017 | 872,862 | |
3,000,000 | Illinois State, Build Illinois Bonds (Series 2016A), 5.00% (Illinois State Sales Tax), 6/15/2023 | 3,409,350 | |
2,000,000 | Illinois State, Build Illinois Bonds (Series 2016A), 5.00% (Illinois State Sales Tax), 6/15/2024 | 2,294,940 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,000,000 | Illinois State, Build Illinois Bonds (Series 2016C), 4.00% (Illinois State Sales Tax), 6/15/2023 | $1,077,520 | |
1,000,000 | Illinois State, Build Illinois Bonds (Series 2016C), 5.00% (Illinois State Sales Tax), 6/15/2022 | 1,124,940 | |
2,350,000 | Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2017 | 2,350,235 | |
4,000,000 | Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2018 | 4,099,240 | |
5,500,000 | Illinois State, UT GO Bonds (Series of February 2014), 4.00%, 2/1/2019 | 5,581,565 | |
1,750,000 | Illinois State, UT GO Bonds (Series of February 2014), 4.00%, 2/1/2020 | 1,766,047 | |
1,000,000 | Illinois State, UT GO Bonds (Series of February 2014), 5.00%, 2/1/2019 | 1,034,840 | |
2,000,000 | Illinois State, UT GO Bonds (Series of February 2014), 5.00%, 2/1/2020 | 2,076,180 | |
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 | 2,301,711 | |
2,680,000 | Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2010), 5.00%, 6/1/2017 | 2,722,719 | |
TOTAL | 102,132,723 | ||
Indiana—1.3% | |||
3,715,000 | Indiana Health Facility Financing Authority, Revenue Bonds (Series 2005A-9), 5.00% TOBs (Ascension Health Alliance Subordinate Credit Group), Mandatory Tender 6/1/2017 | 3,775,220 | |
855,000 | Indiana State Finance Authority Hospital Revenue, Hospital Revenue Bonds (Series 2012A), 5.00% (Community Health Network), 5/1/2020 | 938,619 | |
1,290,000 | Indiana State Finance Authority Hospital Revenue, Hospital Revenue Bonds (Series 2013A), 5.00% (Beacon Health System Obligated Group), 8/15/2018 | 1,365,685 | |
1,000,000 | Indiana State Finance Authority Hospital Revenue, Hospital Revenue Bonds (Series 2013A), 5.00% (Beacon Health System Obligated Group), 8/15/2020 | 1,109,620 | |
1,000,000 | Indiana State Finance Authority, Second Lien Wastewater Utility Revenue Bonds (Series 2011B), 5.00% (CWA Authority), 10/1/2018 | 1,059,850 | |
2,500,000 | Indiana State Finance Authority, Second Lien Wastewater Utility Revenue Bonds (Series 2011B), 5.00% (CWA Authority), 10/1/2019 | 2,715,225 | |
3,000,000 | Whiting, IN Environmental Facilities, Revenue Bonds (Series 2009), 5.25% (BP PLC), 1/1/2021 | 3,326,880 | |
TOTAL | 14,291,099 | ||
Iowa—0.8% | |||
6,000,000 | Iowa Finance Authority, Hospital Revenue & BANs (Series 2015), 1.75% (Shenandoah Medical Center), 6/1/2018 | 5,986,020 | |
3,000,000 | People's Memorial Hospital of Buchanan County, IA, Hospital Revenue Notes (Series 2016), 1.50% (Buchanan County Health Center), 12/1/2018 | 2,971,950 | |
TOTAL | 8,957,970 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Kansas—0.2% | |||
$500,000 | Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 4.00%, 9/1/2018 | $521,140 | |
1,000,000 | Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 5.00%, 9/1/2020 | 1,108,580 | |
1,000,000 | Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 5.00%, 9/1/2021 | 1,128,450 | |
TOTAL | 2,758,170 | ||
Kentucky—1.9% | |||
5,250,000 | Carroll County, KY, PCR Revenue Refunding Bonds (Series 2016A), 1.05% TOBs (Kentucky Utilities Company), Mandatory Tender 9/1/2019 | 5,134,343 | |
2,000,000 | Harrison County, KY Healthcare, Improvement & Refunding Revenue BANs, 1.50% (Harrison Memorial Hospital), 5/1/2017 | 2,000,320 | |
5,000,000 | Kentucky EDFA, Revenue Bonds (Series 2009B), 2.70% TOBs (Catholic Health Initiatives), Mandatory Tender 11/10/2021 | 5,011,750 | |
8,700,000 | Kentucky Public Transportation Infrastructure Authority, Subordinate Toll Revenue BANs (Series 2013A), 5.00%, 7/1/2017 | 8,839,635 | |
TOTAL | 20,986,048 | ||
Louisiana—2.4% | |||
4,000,000 | 1 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2013B-1 LIBOR Index), 0.902% TOBs, Mandatory Tender 5/1/2017 | 3,997,160 |
3,600,000 | 1 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2013B-2 LIBOR Index), 0.982% TOBs, Mandatory Tender 5/1/2018 | 3,575,772 |
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 | 8,607,536 | |
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 | 3,941,014 | |
2,500,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.00%, 5/15/2018 | 2,607,775 | |
3,250,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.00%, 5/15/2019 | 3,449,745 | |
TOTAL | 26,179,002 | ||
Massachusetts—0.5% | |||
1,000,000 | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds (Series 2010B), 5.00%, 1/1/2017 | 1,000,110 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Massachusetts—continued | |||
$1,915,000 | 1 | Massachusetts Development Finance Agency, (Partners Healthcare Systems), Revenue Bonds (Series 2015O-3), 1.20% TOBs, Mandatory Tender 1/29/2020 | $1,881,679 |
2,120,000 | Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 6 Series 2011), 5.00%, 7/1/2017 | 2,162,315 | |
TOTAL | 5,044,104 | ||
Michigan—4.7% | |||
1,500,000 | Grand Rapids, MI Water Supply System, Refunding Revenue Bonds (Series 2010), 5.00%, 1/1/2017 | 1,500,180 | |
1,125,000 | Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2014B), 5.00% (Public Lighting Authority), 7/1/2019 | 1,202,715 | |
1,200,000 | Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2014B), 5.00% (Public Lighting Authority), 7/1/2020 | 1,303,380 | |
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 | 2,094,500 | |
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 | 3,216,930 | |
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 | 4,910,670 | |
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 | 5,639,000 | |
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 | 2,197,720 | |
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 | 2,784,900 | |
1,500,000 | Michigan State Finance Authority, Local Government Loan Program Revenue Bonds (Series 2014B), 4.00% (Public Lighting Authority), 7/1/2017 | 1,518,255 | |
10,000,000 | 1 | Michigan State Financial Authority, (Trinity Healthcare Credit Group), Hospital Revenue Bonds (Series 2015MI), 1.05% TOBs, Mandatory Tender 12/1/2020 | 9,842,000 |
130,000 | Michigan State Hospital Finance Authority, Variable Rate Revenue Bonds (Series 1998B-3), 0.95% (Ascension Health Alliance Senior Credit Group)/(United States Treasury PRF 2/1/2018@100) | 129,185 | |
3,225,000 | Michigan State Hospital Finance Authority, Variable Rate Revenue Bonds (Series 1998B-3), 0.95% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 2/1/2018 | 3,214,519 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$1,000,000 | Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2011), 5.00% (Michigan State), 10/15/2019 | $1,084,240 | |
1,170,000 | Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2011), 5.00% (Michigan State), 10/15/2020 | 1,287,714 | |
4,500,000 | Michigan Strategic Fund, Variable Rate LO Revenue Refunding Bonds (Series 2008ET-2), 1.45% TOBs (Detroit Edison Co.), Mandatory Tender 9/1/2021 | 4,324,725 | |
3,500,000 | Michigan Strategic Fund, Variable Rate LO Revenue Refunding Bonds (Series 2008ET-2), 1.45% TOBs (Detroit Edison Co.), Mandatory Tender 9/1/2021 | 3,363,675 | |
1,165,000 | Royal Oak, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2014D), 5.00% (Beaumont Health Credit Group), 9/1/2017 | 1,193,670 | |
1,500,000 | Royal Oak, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2014D), 5.00% (Beaumont Health Credit Group), 9/1/2019 | 1,618,920 | |
TOTAL | 52,426,898 | ||
Minnesota—1.0% | |||
4,935,000 | Duluth, MN ISD No. 709, COP (Series 2016A), 3.00% (School District Credit Program GTD), 2/1/2021 | 5,108,613 | |
2,030,000 | Duluth, MN ISD No. 709, COP (Series 2016A), 5.00% (School District Credit Program GTD), 2/1/2022 | 2,291,870 | |
3,500,000 | Duluth, MN ISD No. 709, COP (Series 2016A), 3.00% (School District Credit Program GTD), 2/1/2020 | 3,612,700 | |
TOTAL | 11,013,183 | ||
Mississippi—0.8% | |||
560,000 | Mississippi Development Bank, SO Refunding Bonds (Series 2013A), 5.00% (Harrison County, MS Highway), 1/1/2018 | 581,375 | |
1,000,000 | Mississippi Development Bank, SO Refunding Bonds (Series 2013A), 5.00% (Harrison County, MS Highway), 1/1/2019 | 1,069,010 | |
470,000 | Mississippi Development Bank, SO Refunding Bonds (Series 2013B), 4.00% (Laurel, MS Highway), 1/1/2017 | 470,042 | |
400,000 | Mississippi Development Bank, SO Refunding Bonds (Series 2013B), 4.00% (Laurel, MS Highway), 1/1/2018 | 411,292 | |
1,500,000 | Mississippi Development Bank, SO Refunding Bonds (Series 2013B), 4.00% (Laurel, MS Highway), 1/1/2019 | 1,574,025 | |
1,425,000 | Mississippi Development Bank, SO Refunding Bonds (Series 2013C), 5.00% (Madison County, MS Highway), 1/1/2019 | 1,523,339 | |
3,250,000 | Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds (2010 Series 1), 5.00% (North Mississippi Health Services), 10/1/2017 | 3,340,968 | |
TOTAL | 8,970,051 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Missouri—1.3% | |||
$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 | $3,782,835 | |
850,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 5.00% (Lutheran Senior Services), 2/1/2025 | 951,252 | |
255,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2014A), 4.00% (Lutheran Senior Services), 2/1/2018 | 261,755 | |
535,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2014A), 4.00% (Lutheran Senior Services), 2/1/2020 | 563,703 | |
565,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2014A), 5.00% (Lutheran Senior Services), 2/1/2021 | 620,138 | |
600,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016A), 4.00% (Lutheran Senior Services), 2/1/2019 | 624,762 | |
800,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016A), 4.00% (Lutheran Senior Services), 2/1/2020 | 840,480 | |
500,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016A), 5.00% (Lutheran Senior Services), 2/1/2023 | 559,360 | |
500,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 4.00% (Lutheran Senior Services), 2/1/2018 | 513,245 | |
650,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 4.00% (Lutheran Senior Services), 2/1/2019 | 676,826 | |
800,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 5.00% (Lutheran Senior Services), 2/1/2021 | 878,072 | |
650,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 5.00% (Lutheran Senior Services), 2/1/2022 | 721,260 | |
1,200,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 5.00% (Lutheran Senior Services), 2/1/2023 | 1,342,464 | |
750,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 5.00% (Lutheran Senior Services), 2/1/2024 | 841,612 | |
750,000 | Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 5.00% (Lutheran Senior Services), 2/1/2026 | 837,705 | |
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 | 1,004,850 | |
TOTAL | 15,020,319 | ||
Multi State—0.4% | |||
3,900,000 | 1,2,3 | Eaton Vance Municipal Bond Fund II, Institutional MuniFund Term Preferred Shares (Series 2019), 1.77%, 7/1/2019 | 3,895,437 |
Nebraska—1.3% | |||
8,000,000 | Central Plains Energy Project, NE, Gas Supply Revenue Refunding Bonds (Series 2014), 5.00% TOBs (Royal Bank of Canada, GTD), Mandatory Tender 12/1/2019 | 8,734,320 | |
850,000 | Nebraska Public Power District, General Revenue Bonds (Series 2011A), 5.00%, 1/1/2017 | 850,094 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Nebraska—continued | |||
$1,000,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 4.00%, 1/1/2018 | $1,028,230 | |
1,500,000 | Omaha, NE Public Power District, Electric System Revenue Bonds (Series 2016A), 5.00%, 2/1/2023 | 1,751,235 | |
2,000,000 | Omaha, NE Public Power District, Electric System Revenue Bonds (Series 2016A), 5.00%, 2/1/2024 | 2,374,060 | |
TOTAL | 14,737,939 | ||
Nevada—1.0% | |||
2,250,000 | Humboldt County, NV, PCR Refunding Bonds (Series 2016A), 1.25% TOBs (Sierra Pacific Power Co.), Mandatory Tender 6/3/2019 | 2,226,420 | |
6,500,000 | Washoe County, NV Gas & Water Facilities Revenue, Refunding Revenue Bonds (Series 2016B), 3.00% TOBs (Sierra Pacific Power Co.), Mandatory Tender 6/1/2022 | 6,671,795 | |
2,250,000 | Washoe County, NV School District, Refunding LT GO Bonds (Series 2012A), 4.00%, 6/1/2019 | 2,379,825 | |
TOTAL | 11,278,040 | ||
New Hampshire—0.6% | |||
7,000,000 | New Hampshire Business Finance Authority, (Series 1990B), 0.93% CP (New England Power Co.), Mandatory Tender 1/26/2017 | 6,999,930 | |
New Jersey—7.6% | |||
4,000,000 | Carteret, NJ, 2.00% BANs, 10/26/2017 | 4,020,640 | |
2,789,501 | Eatontown, NJ, (Series 2016A), 2.00% BANs, 9/28/2017 | 2,800,659 | |
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 | 2,516,100 | |
2,432,722 | Hillside Township, NJ, 2.25% BANs, 8/4/2017 | 2,441,893 | |
3,750,000 | Middle Township, NJ Board of Education, 2.00% BANs, 7/14/2017 | 3,761,550 | |
2,000,000 | New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2017 | 2,027,160 | |
3,000,000 | New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2018 | 3,113,700 | |
5,000,000 | New Jersey EDA, School Facilities Construction Refunding Bonds (Series 2015 XX), 5.00% (New Jersey State), 6/15/2022 | 5,269,400 | |
10,000,000 | 1 | New Jersey EDA, School Facilities Construction Refunding SIFMA Index Bonds (Series 2013 I), 1.97% (New Jersey State), 9/1/2025 | 9,341,800 |
10,000,000 | 1 | New Jersey EDA, School Facilities Construction Refunding SIFMA Index Notes (Series 2014K), 1.45% (New Jersey State), 2/1/2017 | 10,000,000 |
1,000,000 | New Jersey Health Care Facilities Financing Authority, Refunding Bonds (Series 2011), 5.00% (Meridian Health System Obligated Group), 7/1/2018 | 1,052,890 | |
5,230,000 | New Jersey State Transportation Trust Fund Authority, Transportation Program Bonds (Series 2014AA), 5.00% (New Jersey State), 6/15/2018 | 5,415,508 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$10,000,000 | 1 | New Jersey State Transportation Trust Fund Authority, Transportation Program Notes (SIFMA Index Multimodal Notes)/(Series 2014BB-2), 1.92% TOBs (New Jersey State), Mandatory Tender 12/15/2021 | $9,638,800 |
1,000,000 | New Jersey State Transportation Trust Fund Authority, Transportation System Bonds (Series 2011B), 5.00% (New Jersey State), 6/15/2018 | 1,035,470 | |
5,750,000 | 1 | New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013 E-3), 1.40% TOBs, Mandatory Tender 1/1/2018 | 5,756,440 |
5,000,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2012B), 5.00%, 1/1/2019 | 5,338,900 | |
475,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2013A), 5.00%, 1/1/2018 | 492,646 | |
1,500,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2013A), 5.00%, 1/1/2020 | 1,639,695 | |
3,741,000 | Newark, NJ, 3.00% RANs, 12/4/2017 | 3,778,111 | |
3,227,000 | Pine Beach, NJ, 2.50% BANs, 11/3/2017 | 3,244,878 | |
2,121,780 | West Orange Township, NJ, 2.00% BANs, 9/8/2017 | 2,128,888 | |
TOTAL | 84,815,128 | ||
New Mexico—2.0% | |||
5,000,000 | Farmington, NM, PCR Refunding Bonds (Series 2016A), 1.875% TOBs (Public Service Co., NM), Mandatory Tender 10/1/2021 | 4,839,850 | |
7,000,000 | Farmington, NM, Refunding PCRBs (Series 2012A), 1.875% TOBs (El Paso Electric Co.), Mandatory Tender 9/1/2017 | 6,975,640 | |
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 | 2,706,175 | |
8,150,000 | 1 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding Bonds (Series 2014B), 1.16% TOBs (Royal Bank of Canada, Montreal GTD), Mandatory Tender 8/1/2019 | 8,100,122 |
TOTAL | 22,621,787 | ||
New York—8.4% | |||
2,500,000 | Erie County, NY IDA, School Facility Refunding Revenue Bonds (Series 2011B), 5.00% (Buffalo, NY City School District), 5/1/2018 | 2,629,975 | |
3,500,000 | Gouverneur, NY CSD, 1.50% BANs, 6/28/2017 | 3,504,760 | |
3,300,000 | Greece, NY, 2.00% BANs, 8/24/2017 | 3,313,002 | |
9,000,000 | 1 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2015C), 1.312%, Mandatory Tender 11/1/2018 | 9,035,190 |
10,000,000 | 1 | Metropolitan Transportation Authority, NY, (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002G-3), 1.113%, 2/1/2020 | 9,931,800 |
1,000,000 | Metropolitan Transportation Authority, NY, Transportation Revenue Bonds (Series 2005G), 5.00% (MTA Transportation Revenue), 11/15/2017 | 1,033,990 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$2,500,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002D-2B), 1.026% TOBs (MTA Transportation Revenue), Mandatory Tender 5/15/2018 | $2,500,525 |
2,000,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1D), 1.243% (MTA Transportation Revenue), 11/1/2017 | 2,006,040 |
2,000,000 | Nassau, NY Health Care Corp., 2.00% RANs, 1/17/2017 | 2,000,520 | |
3,495,000 | New York City, NY TFA, Future Tax Secured Subordinate Revenue Bonds (Series 2010 I-2), 5.00%, 11/1/2017 | 3,611,139 | |
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 | 340,910 | |
3,000,000 | New York City, NY, UT GO Bonds (Fiscal 2011 Series B), 5.00%, 8/1/2017 | 3,070,680 | |
3,800,000 | 1 | New York City, NY, UT GO Bonds (Series 2008J, Subseries J-4), 1.27%, 8/1/2025 | 3,801,368 |
2,000,000 | New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2018 | 2,118,740 | |
2,000,000 | New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2019 | 2,174,820 | |
500,000 | New York City, NY, UT GO Bonds (Series A-1), 5.00%, 8/1/2018 | 529,685 | |
1,005,000 | New York City, NY, UT GO Bonds (Series C), 5.00%, 8/1/2018 | 1,064,667 | |
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 | 1,348,958 | |
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 | 1,069,010 | |
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 | 3,369,875 | |
2,500,000 | 1,2,3 | Nuveen New York AMT-Free Municipal Income Fund, Institutional MuniFund Term Preferred Shares (Series 2017), 1.34%, 10/1/2017 | 2,491,325 |
4,480,000 | Pine Bush, NY CSD, 2.00% BANs, 9/1/2017 | 4,497,113 | |
1,825,000 | Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2017 | 1,836,443 | |
3,000,000 | Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2020 | 3,256,710 | |
3,000,000 | Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2021 | 3,321,930 | |
2,000,000 | Suffolk County, NY EDC, Revenue Bonds (Series 2011), 5.00% (Catholic Health Services of Long Island Obligated Group), 7/1/2018 | 2,106,080 | |
4,000,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013A), 5.00% (New York State), 6/1/2022 | 4,065,560 | |
2,500,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2021 | 2,541,100 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$3,995,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2022 | $4,060,478 | |
2,000,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Refunding Bonds (Series 2012B), 5.00%, 11/15/2018 | 2,137,680 | |
5,000,000 | 1 | Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Variable Rate Refunding Bonds (Series 2016 4A), 1.113%, 12/1/2021 | 4,922,400 |
TOTAL | 93,692,473 | ||
North Carolina—0.7% | |||
1,645,000 | Cape Fear Public Utility Authority, NC, Water & Sewer System Refunding Revenue Bonds (Series 2016), 5.00%, 8/1/2021 | 1,877,093 | |
2,000,000 | Cape Fear Public Utility Authority, NC, Water & Sewer System Refunding Revenue Bonds (Series 2016), 5.00%, 8/1/2022 | 2,319,900 | |
1,250,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2012A), 5.00% (United States Treasury COL), 1/1/2018 | 1,298,613 | |
1,000,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2012A), 5.00% (United States Treasury COL), 1/1/2019 | 1,072,710 | |
900,000 | 1 | North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds (Series 2012C), 1.46% TOBs (Wake Forest Baptist Obligated Group), Mandatory Tender 12/1/2017 | 898,200 |
TOTAL | 7,466,516 | ||
Ohio—3.1% | |||
2,070,000 | 1 | Allen County, OH, (Mercy Health), Adjustable Rate Hospital Facilities Revenue Bonds (Series 2015B), 1.47% TOBs, Mandatory Tender 5/1/2020 | 2,054,661 |
2,685,000 | Cleveland, OH Public Power System, Revenue Refunding Bonds (Series 2010), 5.00%, 11/15/2017 | 2,771,188 | |
7,400,000 | 1,2,3 | Eaton Vance Ohio Municipal Bond Fund, Institutional MuniFund Term Preferred Shares (Series 2019), 1.72%, 7/1/2019 | 7,382,388 |
2,000,000 | Hamilton County, OH Sewer System, Improvement & Refunding Revenue Bonds (Series 2013A), 5.00%, 12/1/2017 | 2,073,180 | |
5,000,000 | 1 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2014), 1.133% TOBs (Royal Bank of Canada, Montreal GTD), Mandatory Tender 8/1/2019 | 4,956,200 |
5,000,000 | Monroe County, OH, 1.50% BANs, 10/6/2017 | 4,993,600 | |
2,000,000 | Ohio State Building Authority, State Facilities Revenue Refunding Bonds (Series 2010C), 5.00%, 10/1/2018 | 2,129,220 | |
235,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds, 4.00% (Case Western Reserve University, OH), 12/1/2017 | 241,185 | |
1,765,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds, 4.00% (Case Western Reserve University, OH)/(United States Treasury COL), 12/1/2017 | 1,813,026 |
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 | $1,033,570 | |
750,000 | Ohio State Higher Educational Facility Commission, Revenue Refunding Bonds (Series 2013), 4.00% (Case Western Reserve University, OH), 12/1/2019 | 799,133 | |
1,800,000 | Ohio Water Development Authority, 1.55% TOBs (Waste Management, Inc.), Mandatory Tender 7/1/2021 | 1,739,412 | |
2,245,000 | Parma Heights, OH, 1.75% BANs, 7/19/2017 | 2,249,670 | |
TOTAL | 34,236,433 | ||
Oklahoma—2.5% | |||
1,410,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.00% (Mustang Public Schools), 9/1/2019 | 1,487,042 | |
2,685,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.50% (Mustang Public Schools), 9/1/2020 | 2,907,372 | |
2,285,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.50% (Mustang Public Schools), 9/1/2021 | 2,497,071 | |
3,000,000 | Cleveland County, OK Educational Facilities Authority, Educational Facilities Lease Revenue Bonds (Series 2016), 5.00% (Moore Public Schools), 6/1/2019 | 3,233,010 | |
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 | 2,057,980 | |
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 | 2,827,602 | |
1,850,000 | Oklahoma Development Finance Authority, Solid Waste Disposal Revenue Bonds (Series 2004A), 2.375% (Waste Management, Inc.), 12/1/2021 | 1,868,426 | |
3,150,000 | Oklahoma State Capital Improvement Authority, State Facilities Refunding Revenue Bonds (Series 2010A), 5.00% (Oklahoma State), 7/1/2017 | 3,213,850 | |
1,255,000 | Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2011), 3.125% (Broken Arrow Public Schools), 9/1/2018 | 1,288,333 | |
2,600,000 | Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2011), 5.00% (Broken Arrow Public Schools), 9/1/2019 | 2,819,336 | |
2,000,000 | Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2012), 3.50% (Broken Arrow Public Schools), 9/1/2017 | 2,030,280 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oklahoma—continued | |||
$1,000,000 | Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2016), 5.00% (Broken Arrow Public Schools), 9/1/2022 | $1,139,480 | |
TOTAL | 27,369,782 | ||
Oregon—0.2% | |||
1,325,000 | Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 4.00%, 11/1/2017 | 1,344,464 | |
900,000 | Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 5.00%, 11/1/2018 | 912,357 | |
TOTAL | 2,256,821 | ||
Pennsylvania—7.7% | |||
3,000,000 | Allegheny County Sanitation Authority, Sewer Revenue Bonds (Series 2011), 5.00% (AGM INS), 6/1/2018 | 3,153,690 | |
1,000,000 | Allegheny County Sanitation Authority, Sewer Revenue Refunding Bonds (Series 2016), 5.00% (AGM INS), 12/1/2024 | 1,172,240 | |
850,000 | Allegheny County Sanitation Authority, Sewer Revenue Refunding Bonds (Series 2016), 5.00% (AGM INS), 12/1/2025 | 1,002,481 | |
1,000,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.00%, 3/1/2017 | 1,006,560 | |
4,000,000 | Beaver County, PA IDA, PCR Refunding Bonds (Series 2008A), 2.15% (FirstEnergy Solutions Corp.), 3/1/2017 | 2,596,000 | |
4,000,000 | 1 | Berks County, PA Municipal Authority, Variable Rate Revenue Bonds (Series 2012B), 2.22% TOBs (Reading Hospital & Medical Center), Mandatory Tender 7/1/2022 | 4,031,000 |
600,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 3.00% (Diakon Lutheran Social Ministries), 1/1/2017 | 600,030 | |
835,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 4.00% (Diakon Lutheran Social Ministries), 1/1/2019 | 870,471 | |
1,000,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 4.00% (Diakon Lutheran Social Ministries), 1/1/2020 | 1,054,110 | |
2,000,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 5.00% (Diakon Lutheran Social Ministries), 1/1/2021 | 2,200,540 | |
300,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series of 2016), 4.00% (Diakon Lutheran Social Ministries), 1/1/2017 | 300,024 | |
425,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series of 2016), 5.00% (Diakon Lutheran Social Ministries), 1/1/2018 | 439,922 | |
2,315,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series of 2016), 5.00% (Diakon Lutheran Social Ministries), 1/1/2019 | 2,458,669 | |
1,115,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series of 2016), 5.00% (Diakon Lutheran Social Ministries), 1/1/2022 | 1,238,118 | |
1,155,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series of 2016), 5.00% (Diakon Lutheran Social Ministries), 1/1/2024 | 1,301,477 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$550,000 | East Hempfield Township, PA IDA, Revenue & Revenue Refunding Bonds (Series 2016), 4.00% (Willow Valley Retirement Communities), 12/1/2018 | $574,651 | |
365,000 | East Hempfield Township, PA IDA, Revenue & Revenue Refunding Bonds (Series 2016), 4.00% (Willow Valley Retirement Communities), 12/1/2019 | 386,108 | |
500,000 | East Hempfield Township, PA IDA, Revenue & Revenue Refunding Bonds (Series 2016), 4.00% (Willow Valley Retirement Communities), 12/1/2020 | 534,870 | |
500,000 | East Hempfield Township, PA IDA, Revenue & Revenue Refunding Bonds (Series 2016), 5.00% (Willow Valley Retirement Communities), 12/1/2022 | 568,640 | |
750,000 | East Hempfield Township, PA IDA, Revenue & Revenue Refunding Bonds (Series 2016), 5.00% (Willow Valley Retirement Communities), 12/1/2023 | 859,162 | |
12,500,000 | 1 | Geisinger Authority, PA Health System, Health System Revenue Bonds (Series 2014B), 1.587% TOBs (Geisinger Health System), Mandatory Tender 6/1/2024 | 12,340,875 |
750,000 | Hempfield, PA School District, UT GO Bonds (Series 2015), 4.00% (State Aid Withholding GTD), 10/15/2017 | 766,230 | |
380,000 | Hempfield, PA School District, UT GO Bonds (Series 2015), 5.00% (State Aid Withholding GTD), 10/15/2018 | 403,530 | |
375,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2017 | 376,444 | |
625,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2018 | 644,706 | |
4,000,000 | Montgomery County, PA IDA, PCR Refunding Bonds (Series 2002A), 2.55% TOBs (Exelon Generation Co. LLC), Mandatory Tender 6/1/2020 | 3,958,560 | |
8,000,000 | 1 | Northampton County, PA General Purpose Authority, Variable Rate Hospital Revenue Bonds (Series 2013B), 2.12% TOBs (St. Luke's Hospital of Bethlehem), Mandatory Tender 8/15/2020 | 8,009,280 |
700,000 | Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds (Series 2004A), 1.25% TOBs (Waste Management, Inc.), Mandatory Tender 5/1/2017 | 699,769 | |
5,000,000 | Pennsylvania State Higher Education Facilities Authority, Student Housing Project at East Stroudsburg University of Pennsylvania Revenue BAN, 0.875% (University Properties, Inc.), 2/1/2018 | 4,974,850 | |
10,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2013B), 1.87%, 12/1/2019 | 10,067,000 |
10,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)/(Series 2014B), 1.70%, 12/1/2021 | 9,972,900 |
1,165,000 | Philadelphia, PA Airport System, Airport Revenue Bonds (Series 2010A), 5.00%, 6/15/2017 | 1,185,073 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$2,000,000 | 1 | Scranton, PA School District, GO Notes (Series 2014)/(LIBOR Floating Rate Tender Notes), 1.419% Mandatory Tender, 4/2/2018 | $1,996,780 |
2,520,000 | 1 | State Public School Building Authority, PA, LIBOR Index Rate Revenue Bonds (Series 2014), 1.213% TOBs (Albert Gallatin Area School District), Mandatory Tender 9/1/2018 | 2,516,674 |
500,000 | Upper Darby School District, PA, UT GO Bonds (Series 2015), 3.00% (State Aid Withholding GTD), 5/1/2017 | 503,045 | |
700,000 | Upper Darby School District, PA, UT GO Bonds (Series 2015), 4.00% (State Aid Withholding GTD), 5/1/2018 | 722,995 | |
TOTAL | 85,487,474 | ||
Rhode Island—2.6% | |||
3,690,000 | Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00% (United States Treasury COL), 8/1/2017 | 3,778,154 | |
4,120,000 | Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00% (United States Treasury COL), 8/1/2019 | 4,488,740 | |
1,125,000 | Rhode Island State and Providence Plantations, UT GO Bonds (Series 2011), 5.00%, 8/1/2018 | 1,189,755 | |
3,075,000 | Rhode Island State and Providence Plantations, UT GO Bonds (Series 2011A), 5.00% (United States Treasury COL), 8/1/2018 | 3,258,424 | |
1,000,000 | Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2018 | 1,041,910 | |
1,500,000 | Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2019 | 1,595,595 | |
1,500,000 | Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2020 | 1,620,510 | |
2,250,000 | Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2021 | 2,455,402 | |
2,250,000 | Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2022 | 2,474,055 | |
2,000,000 | Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2023 | 2,207,960 | |
2,285,000 | Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2024 | 2,531,529 | |
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 | 1,010,150 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Rhode Island—continued | |||
$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 | $1,047,170 | |
TOTAL | 28,699,354 | ||
South Carolina—0.4% | |||
645,000 | Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.00%, 12/1/2018 | 690,040 | |
1,000,000 | Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.00%, 12/1/2019 | 1,097,130 | |
1,000,000 | Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.00%, 12/1/2020 | 1,120,820 | |
1,000,000 | Piedmont Municipal Power Agency, SC, Electric Refunding Revenue Bonds (Series 2010A-2), 5.00%, 1/1/2018 | 1,037,150 | |
TOTAL | 3,945,140 | ||
South Dakota—0.1% | |||
750,000 | Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), 5.00%, 6/1/2023 | 841,365 | |
Tennessee—0.2% | |||
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 | 1,580,025 | |
935,000 | Metropolitan Government Nashville & Davidson County, TN Water & Sewer, Subordinate Lien Water & Sewer Revenue Refunding Bonds (Series 2012), 5.00%, 7/1/2019 | 1,011,483 | |
TOTAL | 2,591,508 | ||
Texas—8.7% | |||
5,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue & Refunding Bonds (Series 2015B), 5.00% TOBs, Mandatory Tender 1/6/2021 | 5,392,350 | |
850,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2018 | 880,456 | |
1,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2019 | 1,061,250 | |
500,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2020 | 541,375 | |
1,400,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2021 | 1,535,324 | |
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 | 5,057,950 | |
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 | 5,147,600 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$995,000 | Dallas, TX, LT GO Refunding Bonds (Series 2010C), 5.00%, 2/15/2017 | $1,000,045 | |
5,000 | Dallas, TX, LT GO Refunding Bonds (Series 2010C), 5.00% (Escrowed In Treasuries COL), 2/15/2017 | 5,026 | |
1,750,000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2012B), 5.00%, 11/1/2018 | 1,859,812 | |
3,250,000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2012B), 5.00%, 11/1/2019 | 3,535,837 | |
3,000,000 | Georgetown, TX ISD, Variable Rate UT GO Tax School Building Bonds (Series 2016-B), 2.50% TOBs (PSFG GTD), Mandatory Tender 8/1/2017 | 3,020,820 | |
2,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., (Texas Children's Hospital), Hospital Revenue Bonds (Series 2015-3), 1.374%, Mandatory Tender 6/1/2020 | 1,992,400 |
5,635,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.62% (Memorial Hermann Health System), 6/1/2022 | 5,601,753 |
4,500,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.67% (Memorial Hermann Health System), 6/1/2023 | 4,447,440 |
5,685,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.77% (Memorial Hermann Health System), 6/1/2024 | 5,599,839 |
1,515,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 1.35% (Harris County, TX Toll Road Authority), 8/15/2017 | 1,515,409 |
2,500,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 1.50% (Harris County, TX Toll Road Authority), 8/15/2018 | 2,502,725 |
2,335,000 | Houston, TX Convention & Entertainment Facilities Department, Hotel Occupancy Tax & Special Revenue Refunding Bonds (Series 2011A), 5.00%, 9/1/2018 | 2,469,309 | |
3,570,000 | Lubbock, TX HFDC, Refunding Revenue Bonds (Series 2008B), 5.00% (St. Joseph Health System), 7/1/2019 | 3,864,775 | |
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 | 5,168,600 | |
200,000 | New Hope Cultural Education Facilities Finance Corporation, Revenue Bonds (Series 2016), 1.00% (Westminster Manor), 11/1/2017 | 198,732 | |
330,000 | New Hope Cultural Education Facilities Finance Corporation, Revenue Bonds (Series 2016), 3.00% (Westminster Manor), 11/1/2019 | 336,174 | |
735,000 | New Hope Cultural Education Facilities Finance Corporation, Revenue Bonds (Series 2016), 4.00% (Westminster Manor), 11/1/2021 | 775,506 | |
500,000 | New Hope Cultural Education Facilities Finance Corporation, Revenue Bonds (Series 2016), 5.00% (Westminster Manor), 11/1/2023 | 555,165 | |
625,000 | New Hope Cultural Education Facilities Finance Corporation, Revenue Bonds (Series 2016), 5.00% (Westminster Manor), 11/1/2024 | 694,000 | |
1,105,000 | New Hope Cultural Education Facilities Finance Corporation, Revenue Bonds (Series 2016), 5.00% (Westminster Manor), 11/1/2025 | 1,220,837 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$2,000,000 | North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2011B), 5.00%, 1/1/2019 | $2,136,380 | |
5,000,000 | 1 | North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2011A SIFMA Index Floating Rate), 1.52%, Mandatory Tender 1/1/2019 | 5,005,800 |
6,335,000 | 1 | North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2014C SIFMA Index Floating Rate), 1.39%, Mandatory Tender 1/1/2020 | 6,356,729 |
5,000,000 | Plano, TX ISD, UT GO School Building Bonds, 5.00% (PSFG GTD), 2/15/2023 | 5,841,350 | |
1,250,000 | Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2019 | 1,354,100 | |
550,000 | Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2021 | 612,535 | |
2,375,000 | Texas State Public Finance Authority, Refunding UT GO Bonds (Series 2011), 5.00% (Texas State), 10/1/2018 | 2,534,434 | |
3,105,000 | Texas State Public Finance Authority, UT GO Refunding Bonds (Series 2010A), 5.00% (Texas State), 10/1/2017 | 3,200,355 | |
3,665,000 | Texas State Transportation Commission, First Tier Revenue Refunding Put Bonds (Series 2015-A), 5.00% TOBs (Central Texas Turnpike System), Mandatory Tender 4/1/2020 | 4,002,803 | |
TOTAL | 97,024,995 | ||
Utah—0.6% | |||
2,400,000 | Intermountain Power Agency, Subordinated Power Supply Revenue Refunding Bonds (Series 2014A), 5.00%, 7/1/2018 | 2,528,040 | |
3,600,000 | Intermountain Power Agency, Subordinated Power Supply Revenue Refunding Bonds (Series 2014A), 5.00%, 7/1/2019 | 3,894,480 | |
TOTAL | 6,422,520 | ||
Virginia—0.6% | |||
1,000,000 | Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2019 | 1,081,040 | |
2,000,000 | Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2020 | 2,210,580 | |
4,000,000 | Virginia Peninsula Port Authority, Coal Terminal Revenue Refunding Bonds (Series 2003), 1.55% TOBs (Dominion Terminal Associates)/(Dominion Resources, Inc. GTD), Mandatory Tender 10/1/2019 | 3,938,120 | |
TOTAL | 7,229,740 | ||
Washington—1.6% | |||
1,000,000 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds (Series 2010B), 5.00%, 2/1/2017 | 1,003,580 | |
1,500,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2017 | 1,523,850 |
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 | $3,674,779 | |
5,000,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2020 | 5,482,250 | |
3,000,000 | 2,3 | Washington State EDFA, Solid Waste Disposal Revenue Bonds (Series 2008), 2.125% (Waste Management, Inc.), 6/1/2020 | 3,007,470 |
3,000,000 | Washington State Health Care Facilities Authority, Revenue Bonds (Series 2012B), 5.00% TOBs (Providence Health & Services), Mandatory Tender 10/1/2021 | 3,378,420 | |
TOTAL | 18,070,349 | ||
West Virginia—0.5% | |||
2,500,000 | Mason County, WV, PCRBs, 1.625% TOBs (Appalachian Power Co.), Mandatory Tender 10/1/2018 | 2,487,525 | |
3,325,000 | West Virginia EDA, Solid Waste Disposal Facilities Revenue Refunding Bonds (Series 2015A), 1.90% TOBs (Appalachian Power Co.), Mandatory Tender 4/1/2019 | 3,308,309 | |
TOTAL | 5,795,834 | ||
Wisconsin—1.1% | |||
4,785,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2011A), 5.00% (Gundersen Lutheran), 10/15/2019 | 5,200,816 | |
1,310,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2011A), 5.00% (Gundersen Lutheran), 10/15/2020 | 1,453,681 | |
2,250,000 | Wisconsin State, Refunding UT GO Bonds (2016 Series 1), 5.00%, 11/1/2022 | 2,619,315 | |
530,000 | WPPI Energy, WI, Power Supply System Revenue Bonds (Series 2016A), 5.00%, 7/1/2020 | 586,180 | |
1,000,000 | WPPI Energy, WI, Power Supply System Revenue Bonds (Series 2016A), 5.00%, 7/1/2021 | 1,124,890 | |
700,000 | WPPI Energy, WI, Power Supply System Revenue Bonds (Series 2016A), 5.00%, 7/1/2022 | 799,708 | |
500,000 | WPPI Energy, WI, Power Supply System Revenue Bonds (Series 2016A), 5.00%, 7/1/2023 | 577,850 | |
TOTAL | 12,362,440 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $1,075,669,726) | 1,070,159,304 | ||
SHORT-TERM MUNICIPALS—3.7%4 | |||
California—0.3% | |||
3,300,000 | Palomar Pomerado Health, CA, (Series 2006C) ARS (AGM INS), 1.99%, 1/5/2017 | 3,300,000 | |
Illinois—0.8% | |||
900,000 | Illinois Educational Facilities Authority, (Series 2002A) Weekly VRDNs (Saint Xavier University)/(FirstMerit Bank, N.A. LOC), 1.00%, 1/5/2017 | 900,000 |
Principal Amount | Value | ||
SHORT-TERM MUNICIPALS—continued4 | |||
Illinois—continued | |||
$7,920,000 | 2,3 | Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust Certificates (Series 2015-XF1045) Weekly VRDNs (Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ), 1.17%, 1/5/2017 | $7,920,000 |
TOTAL | 8,820,000 | ||
Pennsylvania—0.9% | |||
8,810,000 | Pennsylvania State Higher Education Facilities Authority, (Thomas Jefferson University), VRMOs (Series 2015B), 1.05%, 1/5/2017 | 8,810,000 | |
1,000,000 | 2,3 | Pennsylvania State Turnpike Commission, SPEARs (Series DB-1179) Weekly VRDNs (Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ), 0.86%, 1/5/2017 | 1,000,000 |
TOTAL | 9,810,000 | ||
Texas—1.7% | |||
3,850,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010C) Daily VRDNs (Motiva Enterprises LLC), 0.85%, 1/2/2017 | 3,850,000 | |
3,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010D) Daily VRDNs (Motiva Enterprises LLC), 0.85%, 1/2/2017 | 3,000,000 | |
7,900,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010E) Daily VRDNs (Motiva Enterprises LLC), 0.85%, 1/2/2017 | 7,900,000 | |
5,050,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Subseries 2009A) Daily VRDNs (Motiva Enterprises LLC), 0.85%, 1/2/2017 | 5,050,000 | |
TOTAL | 19,800,000 | ||
TOTAL SHORT-TERM MUNICIPALS—3.7% (IDENTIFIED COST $41,730,000) | 41,730,000 | ||
TOTAL MUNICIPAL INVESTMENTS—99.9% (IDENTIFIED COST $1,117,399,726)5 | 1,111,889,304 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%6 | 781,275 | ||
TOTAL NET ASSETS—100% | $1,112,670,579 |
1 | Floating rate notes with current rate and current maturity or next reset date shown. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At December 31, 2016, these restricted securities amounted to $25,696,620, which represented 2.3% 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 December 31, 2016, these liquid restricted securities amounted to $25,696,620, which represented 2.3% of total net assets. |
4 | Current rate and next reset date shown for Variable Rate Demand Notes. |
5 | Also represents cost for federal tax purposes. |
6 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AGM | —Assured Guaranty Municipal Corp. |
AMT | —Alternative Minimum Tax |
ARS | —Auction Rate Securities |
BANs | —Bond Anticipation Notes |
CDA | —Community Development Authority |
COL | —Collateralized |
COP | —Certificates of Participation |
CP | —Commercial Paper |
CSD | —Central School District |
EDA | —Economic Development Authority |
EDC | —Economic Development Corporation |
EDFA | —Economic Development Finance Authority |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
INS | —Insured |
ISD | —Independent School District |
LIBOR | —London Interbank Offered Rates |
LIQ | —Liquidity Agreement |
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 |
SIFMA | —Securities Industry and Financial Markets Association |
SO | —Special Obligation |
SPEARs | —Short Puttable Exempt Adjustable Receipts |
TFA | —Transitional Finance Authority |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
VRMOs | —Variable Rate Remarketed Obligations |
Six Months Ended (unaudited) 12/31/2016 | Year Ended June 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $10.35 | $10.32 | $10.40 | $10.30 | $10.41 | $10.22 |
Income From Investment Operations: | ||||||
Net investment income | 0.04 | 0.09 | 0.09 | 0.10 | 0.12 | 0.16 |
Net realized and unrealized gain (loss) on investments | (0.18) | 0.03 | (0.08) | 0.10 | (0.11) | 0.19 |
TOTAL FROM INVESTMENT OPERATIONS | (0.14) | 0.12 | 0.01 | 0.20 | 0.01 | 0.35 |
Less Distributions: | ||||||
Distributions from net investment income | (0.04) | (0.09) | (0.09) | (0.10) | (0.12) | (0.16) |
Net Asset Value, End of Period | $10.17 | $10.35 | $10.32 | $10.40 | $10.30 | $10.41 |
Total Return1 | (1.34)% | 1.12% | 0.13% | 1.95% | 0.06% | 3.40% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.96%2 | 0.96% | 0.96% | 0.96% | 0.97% | 0.97% |
Net investment income | 0.81%2 | 0.83% | 0.90% | 0.97% | 1.12% | 1.49% |
Expense waiver/reimbursement3 | 0.08%2 | 0.08% | 0.08% | 0.09% | 0.09% | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $254,274 | $314,598 | $342,677 | $414,381 | $539,402 | $375,254 |
Portfolio turnover | 18% | 15% | 17% | 22% | 15% | 14% |
1 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
2 | Computed on an annualized basis. |
3 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 12/31/2016 | Year Ended June 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $10.35 | $10.32 | $10.40 | $10.30 | $10.41 | $10.22 |
Income From Investment Operations: | ||||||
Net investment income | 0.07 | 0.14 | 0.15 | 0.15 | 0.17 | 0.21 |
Net realized and unrealized gain (loss) on investments | (0.18) | 0.03 | (0.08) | 0.10 | (0.11) | 0.19 |
TOTAL FROM INVESTMENT OPERATIONS | (0.11) | 0.17 | 0.07 | 0.25 | 0.06 | 0.40 |
Less Distributions: | ||||||
Distributions from net investment income | (0.07) | (0.14) | (0.15) | (0.15) | (0.17) | (0.21) |
Net Asset Value, End of Period | $10.17 | $10.35 | $10.32 | $10.40 | $10.30 | $10.41 |
Total Return1 | (1.09)% | 1.63% | 0.63% | 2.46% | 0.57% | 3.92% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.46%2 | 0.46% | 0.46% | 0.46% | 0.47% | 0.47% |
Net investment income | 1.31%2 | 1.33% | 1.40% | 1.47% | 1.62% | 1.99% |
Expense waiver/reimbursement3 | 0.23%2 | 0.23% | 0.23% | 0.24% | 0.21% | 0.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $826,814 | $876,680 | $807,057 | $671,802 | $479,671 | $391,670 |
Portfolio turnover | 18% | 15% | 17% | 22% | 15% | 14% |
1 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
2 | Computed on an annualized basis. |
3 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 12/31/2016 | Year Ended June 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $10.35 | $10.32 | $10.40 | $10.30 | $10.41 | $10.22 |
Income From Investment Operations: | ||||||
Net investment income | 0.06 | 0.11 | 0.12 | 0.13 | 0.14 | 0.18 |
Net realized and unrealized gain (loss) on investments | (0.18) | 0.03 | (0.08) | 0.10 | (0.11) | 0.19 |
TOTAL FROM INVESTMENT OPERATIONS | (0.12) | 0.14 | 0.04 | 0.23 | 0.03 | 0.37 |
Less Distributions: | ||||||
Distributions from net investment income | (0.06) | (0.11) | (0.12) | (0.13) | (0.14) | (0.18) |
Net Asset Value, End of Period | $10.17 | $10.35 | $10.32 | $10.40 | $10.30 | $10.41 |
Total Return1 | (1.21)% | 1.39% | 0.38% | 2.21% | 0.32% | 3.68% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.70%2 | 0.70% | 0.71% | 0.71% | 0.71% | 0.71% |
Net investment income | 1.07%2 | 1.09% | 1.15% | 1.22% | 1.38% | 1.76% |
Expense waiver/reimbursement3 | 0.33%2 | 0.33% | 0.33% | 0.34% | 0.34% | 0.34% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $31,583 | $30,225 | $30,838 | $35,800 | $37,815 | $45,168 |
Portfolio turnover | 18% | 15% | 17% | 22% | 15% | 14% |
1 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
2 | Computed on an annualized basis. |
3 | 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 $1,117,399,726) | $1,111,889,304 | |
Cash | 26,992 | |
Income receivable | 9,126,922 | |
Receivable for shares sold | 4,133,808 | |
TOTAL ASSETS | 1,125,177,026 | |
Liabilities: | ||
Payable for shares redeemed | $11,942,134 | |
Income distribution payable | 128,963 | |
Payable for other service fees (Notes 2 and 5) | 190,310 | |
Payable for distribution services fee (Note 5) | 58,963 | |
Payable for investment adviser fee (Note 5) | 19,153 | |
Payable for administrative fee (Note 5) | 4,799 | |
Accrued expenses (Note 5) | 162,125 | |
TOTAL LIABILITIES | 12,506,447 | |
Net assets for 109,399,828 shares outstanding | $1,112,670,579 | |
Net Assets Consists of: | ||
Paid-in capital | $1,126,022,873 | |
Net unrealized depreciation of investments | (5,510,422) | |
Accumulated net realized loss on investments | (7,850,324) | |
Undistributed net investment income | 8,452 | |
TOTAL NET ASSETS | $1,112,670,579 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($254,273,508 ÷ 24,995,717 shares outstanding), no par value, unlimited shares authorized | $10.17 | |
Offering price per share (100/99.00 of $10.17) | $10.27 | |
Redemption proceeds per share | $10.17 | |
Institutional Shares: | ||
Net asset value per share ($826,813,661 ÷ 81,299,252 shares outstanding), no par value, unlimited shares authorized | $10.17 | |
Offering price per share | $10.17 | |
Redemption proceeds per share | $10.17 | |
Service Shares: | ||
Net asset value per share ($31,583,410 ÷ 3,104,859 shares outstanding), no par value, unlimited shares authorized | $10.17 | |
Offering price per share | $10.17 | |
Redemption proceeds per share | $10.17 |
Investment Income: | |||
Interest | $11,108,166 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,514,439 | ||
Administrative fee (Note 5) | 491,775 | ||
Custodian fees | 21,862 | ||
Transfer agent fees | 124,643 | ||
Directors'/Trustees' fees (Note 5) | 8,587 | ||
Auditing fees | 14,267 | ||
Legal fees | 5,843 | ||
Distribution services fee (Note 5) | 437,325 | ||
Other service fees (Notes 2 and 5) | 1,109,995 | ||
Portfolio accounting fees | 116,769 | ||
Share registration costs | 51,633 | ||
Printing and postage | 16,927 | ||
Miscellaneous (Note 5) | 16,215 | ||
TOTAL EXPENSES | 4,930,280 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(502,588) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (714,196) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (1,216,784) | ||
Net expenses | 3,713,496 | ||
Net investment income | 7,394,670 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized loss on investments | (689,588) | ||
Net change in unrealized appreciation of investments | (21,625,198) | ||
Net realized and unrealized loss on investments | (22,314,786) | ||
Change in net assets resulting from operations | $(14,920,116) |
Six Months Ended (unaudited) 12/31/2016 | Year Ended 6/30/2016 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $7,394,670 | $13,910,723 |
Net realized loss on investments | (689,588) | (23,984) |
Net change in unrealized appreciation/depreciation of investments | (21,625,198) | 3,524,443 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (14,920,116) | 17,411,182 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (1,284,378) | (2,571,603) |
Institutional Shares | (5,937,175) | (11,040,339) |
Service Shares | (170,761) | (302,236) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (7,392,314) | (13,914,178) |
Share Transactions: | ||
Proceeds from sale of shares | 294,086,403 | 421,898,570 |
Net asset value of shares issued to shareholders in payment of distributions declared | 6,666,547 | 12,604,340 |
Cost of shares redeemed | (387,272,612) | (397,068,609) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (86,519,662) | 37,434,301 |
Change in net assets | (108,832,092) | 40,931,305 |
Net Assets: | ||
Beginning of period | 1,221,502,671 | 1,180,571,366 |
End of period (including undistributed net investment income of $8,452 and $6,096, respectively) | $1,112,670,579 | $1,221,502,671 |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | 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 | $397,062 | $— |
Institutional Shares | 674,175 | (674,175) |
Service Shares | 38,758 | — |
TOTAL | $1,109,995 | $(674,175) |
Six Months Ended 12/31/2016 | Year Ended 6/30/2016 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,866,905 | $60,498,993 | 10,301,399 | $106,408,630 |
Shares issued to shareholders in payment of distributions declared | 123,059 | 1,265,079 | 244,561 | 2,526,841 |
Shares redeemed | (11,377,672) | (116,384,629) | (13,355,619) | (137,904,478) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (5,387,708) | $(54,620,557) | (2,809,659) | $(28,969,007) |
Six Months Ended 12/31/2016 | Year Ended 6/30/2016 | ||||
Institutional Shares: | Shares | Amount | Shares | Amount | |
Shares sold | 21,751,582 | $223,899,200 | 29,831,507 | $308,048,910 | |
Shares issued to shareholders in payment of distributions declared | 509,852 | 5,239,580 | 948,690 | 9,795,288 | |
Shares redeemed | (25,656,634) | (262,957,699) | (24,285,976) | (250,744,468) | |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (3,395,200) | $(33,818,919) | 6,494,221 | $67,099,730 |
Six Months Ended 12/31/2016 | Year Ended 6/30/2016 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 945,395 | $9,688,210 | 720,048 | $7,441,030 |
Shares issued to shareholders in payment of distributions declared | 15,757 | 161,888 | 27,329 | 282,211 |
Shares redeemed | (775,924) | (7,930,284) | (815,467) | (8,419,663) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 185,228 | $1,919,814 | (68,090) | $(696,422) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (8,597,680) | $(86,519,662) | 3,616,472 | $37,434,301 |
Expiration Year | Short-Term | Long-Term | Total |
No expiration | $1,502,663 | $19,456 | $1,522,119 |
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 | $397,304 | $— |
Service Shares | 40,021 | (40,021) |
TOTAL | $437,325 | $(40,021) |
Purchases | $146,383,424 |
Sales | $171,416,314 |
Beginning Account Value 7/1/2016 | Ending Account Value 12/31/2016 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $986.60 | $4.81 |
Institutional Shares | $1,000 | $989.10 | $2.31 |
Service Shares | $1,000 | $987.90 | $3.51 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.37 | $4.89 |
Institutional Shares | $1,000 | $1,022.89 | $2.35 |
Service Shares | $1,000 | $1,021.68 | $3.57 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.96% |
Institutional Shares | 0.46% |
Service Shares | 0.70% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313907107
CUSIP 313907206
2017 ©Federated Investors, Inc.
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Short-Intermediate Duration Municipal Trust
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date February 22, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ John B. Fisher
John B. Fisher, Principal Executive Officer
Date February 22, 2017
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date February 22, 2017