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 Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
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:06/30/20
Date of Reporting Period:Six months ended 12/31/19
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FMTAX | Institutional | FSHIX | Service | FSHSX |
Sector Composition | Percentage of Total Net Assets |
Hospital | 16.4% |
Industrial Development/Pollution Control | 11.3% |
General Obligation—Local | 10.1% |
Electric and Gas | 9.5% |
Prepaid Gas Utility | 8.7% |
Toll Road | 7.5% |
Senior Care | 5.4% |
General Obligation—State | 3.8% |
Airport | 3.5% |
Water and Sewer | 3.3% |
Other2 | 19.8% |
Other Assets and Liabilities—Net3 | 0.7% |
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 79.5% 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—95.5% | |||
Alabama—3.4% | |||
$18,000,000 | Black Belt Energy Gas District, AL, Gas Supply Revenue Bonds (Series 2016A) TOBs, (Royal Bank of Canada GTD), 4.000%, Mandatory Tender 6/1/2021 | $18,639,180 | |
450,000 | Prattville, AL IDB (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 453,942 | |
425,000 | Prattville, AL IDB (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019C) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 428,723 | |
9,000,000 | Southeast Alabama Gas Supply District, Gas Supply Revenue Bonds Project No. 2 (Series 2018A) TOBs, (Morgan Stanley GTD), 4.000%, Mandatory Tender 6/1/2024 | 9,812,160 | |
TOTAL | 29,334,005 | ||
Alaska—2.2% | |||
8,000,000 | Alaska Industrial Development and Export Authority (Yukon-Kuskokwim Health Corp.), Loan Anticipation Revenue Notes (Series 2017), 3.500%, 12/1/2020 | 8,009,600 | |
1,250,000 | Alaska International Airports System, Revenue Refunding Bonds (Series 2016A), 5.000%, 10/1/2024 | 1,460,350 | |
1,010,000 | Alaska State Housing Finance Corp., Revenue Bonds (Series 2013A), 5.000%, 12/1/2022 | 1,100,637 | |
1,550,000 | Anchorage, AK Electric Utility System, Senior Lien Revenue Refunding Bonds (Series 2014A), 5.000%, 12/1/2022 | 1,715,091 | |
2,000,000 | Valdez, AK Marine Terminal (BP PLC), Revenue Refunding Bonds (Series 2003A), 5.000%, 1/1/2021 | 2,071,260 | |
5,000,000 | Valdez, AK Marine Terminal (BP PLC), Revenue Refunding Bonds (Series 2003B), 5.000%, 1/1/2021 | 5,178,150 | |
TOTAL | 19,535,088 | ||
Arizona—3.2% | |||
13,000,000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2019) TOBs, 5.000%, Mandatory Tender 6/3/2024 | 14,889,290 | |
5,000,000 | Maricopa County, AZ Pollution Control Corp. (Public Service Co., NM), PCR Revenue Refunding Bonds (Series 2010A) TOBs, 2.400%, Mandatory Tender 6/1/2020 | 5,016,700 | |
1,750,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2023 | 1,966,300 | |
1,000,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2024 | 1,154,780 | |
1,500,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2025 | 1,774,695 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Arizona—continued | |||
$3,000,000 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017B), (Original Issue Yield: 4.750%), 4.700%, 10/1/2024 | $3,062,820 | |
TOTAL | 27,864,585 | ||
Arkansas—0.8% | |||
7,250,000 | Independence County, AR (Entergy Arkansas, Inc.), PCR Refunding Bonds (Series 2013), 2.375%, 1/1/2021 | 7,319,528 | |
California—3.9% | |||
5,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007B-1) FRNs, 2.710% (SIFMA 7-day +1.100%), Mandatory Tender 4/1/2024 | 5,130,600 |
10,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007G-1) FRNs, 2.710% (SIFMA 7-day +1.100%), Mandatory Tender 4/1/2024 | 10,261,200 |
2,045,000 | California Health Facilities Financing Authority (Kaiser Permanente), Revenue Bonds (Series 2017C) TOBs, 5.000%, Mandatory Tender 11/1/2022 | 2,268,130 | |
1,100,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2021 | 1,145,826 | |
1,000,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2022 | 1,079,210 | |
2,000,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2023 | 2,230,620 | |
2,000,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2024 | 2,297,960 | |
3,000,000 | 1 | California State, UT GO Refunding Bonds (Series 2012B) FRNs, 2.760% (SIFMA 7-day +1.150%), 5/1/2020 | 3,001,260 |
1,000,000 | California State, Various Purpose GO Refunding Bonds, 5.000%, 4/1/2024 | 1,163,280 | |
1,250,000 | California State, Various Purpose GO Refunding Bonds, 5.000%, 4/1/2025 | 1,497,825 | |
1,250,000 | California State, Various Purpose GO Refunding Bonds, 5.000%, 4/1/2026 | 1,535,687 | |
2,950,000 | Palomar Pomerado Health, CA, (Series 2006C) ARNs, (Assured Guaranty Municipal Corp. INS), 2.400%, 1/1/2020 | 2,950,000 | |
TOTAL | 34,561,598 | ||
Colorado—1.0% | |||
250,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 4.000%, 1/1/2020 | 250,000 | |
350,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 4.000%, 1/1/2021 | 357,067 | |
400,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 4.000%, 1/1/2022 | 415,564 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—continued | |||
$640,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2023 | $693,786 | |
750,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2024 | 830,182 | |
600,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2025 | 674,160 | |
1,000,000 | Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2020 | 1,032,100 | |
750,000 | Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2021 | 799,237 | |
250,000 | Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2022 | 274,593 | |
3,000,000 | Denver, CO City & County Department of Aviation, Airport System Revenue Refunding Bonds (Series 2019D) TOBs, 5.000%, Mandatory Tender 11/15/2022 | 3,319,200 | |
TOTAL | 8,645,889 | ||
Connecticut—0.9% | |||
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.510% (SIFMA 7-day +0.900%), 3/1/2023 | 1,515,120 |
2,255,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.560% (SIFMA 7-day +0.950%), 3/1/2024 | 2,280,820 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.600% (SIFMA 7-day +0.990%), 3/1/2025 | 4,048,920 |
TOTAL | 7,844,860 | ||
Florida—1.9% | |||
575,000 | Broward County, FL Port Facilities, Revenue Refunding Bonds (Series 2011A), (Assured Guaranty Municipal Corp. INS), 5.000%, 9/1/2024 | 610,121 | |
1,155,000 | Broward County, FL Port Facilities, Revenue Refunding Bonds (Series 2011A), (United States Treasury PRF 9/1/2021@100), 5.000%, 9/1/2024 | 1,227,938 | |
1,500,000 | Citizens Property Insurance Corp. FL, Revenue Bonds (Series 2015A1), 5.000%, 6/1/2022 | 1,607,910 | |
1,500,000 | Citizens Property Insurance Corp. FL, Senior Secured Revenue Bonds (Series 2012 A-1), 5.000%, 6/1/2021 | 1,579,935 | |
755,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.000%, 6/1/2020 | 765,902 | |
1,195,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.000%, 6/1/2021 | 1,251,285 | |
1,000,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.000%, 6/1/2022 | 1,083,270 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$525,000 | Hillsborough County, FL IDA (Tampa General Hospital), Hospital Revenue Refunding Bonds (Series 2012A), 5.000%, 10/1/2020 | $539,574 | |
1,245,000 | Hillsborough County, FL IDA (Tampa General Hospital), Hospital Revenue Refunding Bonds (Series 2012A), 5.000%, 10/1/2021 | 1,325,514 | |
1,300,000 | Hillsborough County, FL IDA (Tampa General Hospital), Hospital Revenue Refunding Bonds (Series 2012A), 5.000%, 10/1/2022 | 1,429,181 | |
3,265,000 | Palm Beach County, FL Health Facilities Authority (ACTS Retirement Life Communities, Inc.), Retirement Communities Revenue Bonds (Series 2016), 5.000%, 11/15/2021 | 3,474,417 | |
1,345,000 | Volusia County, FL Education Facility Authority (Stetson University, Inc.), Revenue Refunding Bonds (Series 2015), 5.000%, 6/1/2024 | 1,549,548 | |
TOTAL | 16,444,595 | ||
Georgia—4.4% | |||
1,000,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2022 | 1,098,670 | |
1,000,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2023 | 1,131,340 | |
800,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2024 | 929,936 | |
3,000,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Fifth Series 1995) TOBs, 2.050%, Mandatory Tender 11/19/2021 | 3,023,010 | |
7,500,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Second Series 2012) TOBs, 1.700%, Mandatory Tender 8/22/2024 | 7,488,225 | |
7,000,000 | 1 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 1.895% (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023 | 7,015,960 |
5,000,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018C) TOBs, (Royal Bank of Canada GTD), 4.000%, Mandatory Tender 12/1/2023 | 5,450,750 | |
5,300,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2019B) TOBs, (Toronto Dominion Bank GTD), 4.000%, Mandatory Tender 12/2/2024 | 5,911,196 | |
5,500,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), Scherer Plant Pollution Control Revenue Bonds (First Series 1995), 2.250%, 7/1/2025 | 5,612,200 | |
850,000 | Savannah, GA EDA (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019A) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 857,446 | |
TOTAL | 38,518,733 | ||
Illinois—6.0% | |||
1,000,000 | Champaign County Community Unit School District No. 4, UT GO Bonds (Series 2017), 5.000%, 1/1/2021 | 1,037,150 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$500,000 | Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.000%, 1/1/2020 | $500,000 | |
1,000,000 | Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.000%, 1/1/2022 | 1,074,050 | |
3,250,000 | Chicago, IL Midway Airport, Second Lien Revenue Refunding Bonds (Series 2013C), 5.000%, 1/1/2021 | 3,372,037 | |
1,500,000 | Chicago, IL Midway Airport, Second Lien Revenue Refunding Bonds (Series 2013C), 5.000%, 1/1/2022 | 1,611,075 | |
2,000,000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2015B), 5.000%, 1/1/2021 | 2,075,100 | |
1,000,000 | Chicago, IL O'Hare International Airport, Revenue Refunding Bonds (Series 2015B), 5.000%, 1/1/2023 | 1,111,070 | |
1,135,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2016A-1), 5.000%, 11/1/2023 | 1,280,189 | |
1,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2020 | 1,029,420 | |
1,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2021 | 1,063,220 | |
5,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2022 | 5,479,450 | |
2,645,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2023 | 2,974,937 | |
1,780,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2022 | 1,837,619 | |
1,845,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2023 | 1,925,534 | |
1,500,000 | Illinois Finance Authority (DePaul University), Revenue Refunding Bonds (Series 2013), 5.000%, 10/1/2020 | 1,541,070 | |
1,200,000 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2021 | 1,271,352 | |
1,500,000 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2022 | 1,635,555 | |
1,800,000 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2023 | 2,014,578 | |
3,000,000 | 1 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016B) FRNs, 2.546% (1-month USLIBOR x 0.70 +1.350%), Mandatory Tender 5/1/2021 | 3,005,370 |
3,000,000 | Illinois Housing Development Authority (Century Woods), Multifamily Housing Revenue Bonds (Series 2019) TOBs, (GNMA COL), 1.900%, Mandatory Tender 10/1/2021 | 3,026,190 | |
1,750,000 | Illinois State, UT GO Bonds (Series of February 2014), 4.000%, 2/1/2020 | 1,753,308 | |
2,000,000 | Illinois State, UT GO Bonds (Series of February 2014), 5.000%, 2/1/2020 | 2,005,320 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,500,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2021 | $1,579,905 | |
2,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2022 | 2,160,980 | |
1,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2023 | 1,100,740 | |
2,300,000 | Illinois State, UT GO Refunding Bonds (Series 2018B), 5.000%, 10/1/2027 | 2,680,719 | |
1,925,000 | Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2017), 5.000%, 6/1/2026 | 2,323,225 | |
TOTAL | 52,469,163 | ||
Indiana—1.8% | |||
725,000 | Ball State University, IN, Revenue Refunding Bonds (Series 2016), 5.000%, 7/1/2021 | 766,687 | |
500,000 | Ball State University, IN, Revenue Refunding Bonds (Series 2016), 5.000%, 7/1/2022 | 547,830 | |
1,000,000 | Indiana Municipal Power Agency, Revenue Refunding Bonds (Series 2016C), 5.000%, 1/1/2024 | 1,145,690 | |
2,000,000 | Indiana State Finance Authority Hospital Revenue (Beacon Health System Obligated Group), Hospital Revenue Bonds (Series 2013A), 5.000%, 8/15/2020 | 2,046,900 | |
1,000,000 | Indiana State Finance Authority Hospital Revenue (Beacon Health System Obligated Group), Hospital Revenue Bonds (Series 2013A), 5.000%, 8/15/2021 | 1,061,150 | |
855,000 | Indiana State Finance Authority Hospital Revenue (Community Health Network), Hospital Revenue Bonds (Series 2012A), 5.000%, 5/1/2020 | 865,551 | |
2,000,000 | Purdue University, IN, Revenue Refunding Bonds (Series 2016CC), 5.000%, 7/1/2024 | 2,340,960 | |
4,000,000 | Rockport, IN PCR (Indiana Michigan Power Co.), Revenue Refunding Bonds (Series 2008D) TOBs, 2.050%, Mandatory Tender 6/1/2021 | 4,031,560 | |
3,000,000 | Whiting, IN Environmental Facilities (BP PLC), Revenue Bonds (Series 2009), 5.250%, 1/1/2021 | 3,114,270 | |
TOTAL | 15,920,598 | ||
Iowa—0.4% | |||
1,040,000 | Ames, IA Hospital Revenue (Mary Greeley Medical Center), Revenue Refunding Bonds (Series 2016), 5.000%, 6/15/2023 | 1,159,538 | |
2,070,000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Bonds (Series 2019), 3.125%, 12/1/2022 | 2,100,015 | |
TOTAL | 3,259,553 | ||
Kansas—0.6% | |||
2,000,000 | Holton, KS (Holton Community Hospital), Hospital Loan Anticipation Revenue Bonds (Series 2019), 2.500%, 7/1/2021 | 2,003,300 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Kansas—continued | |||
$1,000,000 | Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 5.000%, 9/1/2020 | $1,024,860 | |
1,000,000 | Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 5.000%, 9/1/2021 | 1,061,950 | |
1,000,000 | Wyandotte County, KS Unified Government Utility System, Revenue Bonds (Series 2016A), 5.000%, 9/1/2024 | 1,164,040 | |
TOTAL | 5,254,150 | ||
Kentucky—3.0% | |||
2,640,000 | Kentucky Bond Development Corp. (St. Elizabeth Medical Center), Hospital Facilities Revenue Refunding Bonds (Series 2016), 5.000%, 5/1/2024 | 3,045,187 | |
5,000,000 | Kentucky Economic Development Finance Authority (Catholic Health Initiatives), Revenue Bonds (Series 2009B) TOBs, 2.700%, Mandatory Tender 11/10/2021 | 5,105,500 | |
1,595,000 | Kentucky State Rural Water Finance Corp., Revenue Refunding Bonds (Series 2018A), 2.000%, 2/1/2020 | 1,595,654 | |
3,000,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), Pollution Control Revenue Bonds (Series 2005A) TOBs, 1.750%, Mandatory Tender 7/1/2026 | 2,996,430 | |
4,000,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), Revenue Refunding Bonds Series 2013A (Remarketing 4/1/19) TOBs, 1.850%, Mandatory Tender 4/1/2021 | 4,023,080 | |
5,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2018A) TOBs, (Morgan Stanley GTD), 4.000%, Mandatory Tender 4/1/2024 | 5,442,000 | |
4,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2018B) TOBs, (BP PLC GTD), 4.000%, Mandatory Tender 1/1/2025 | 4,416,960 | |
TOTAL | 26,624,811 | ||
Louisiana—1.9% | |||
6,000,000 | Louisiana State Offshore Terminal Authority (Loop LLC), Deepwater Port Revenue Bonds (Series 2010B-1A) TOBs, 2.000%, Mandatory Tender 10/1/2022 | 6,045,480 | |
790,000 | New Orleans, LA Aviation Board, Revenue Bonds (Series 2015A), 5.000%, 1/1/2024 | 903,104 | |
3,765,000 | St. Charles Parish, LA Gulf Opportunity Zone (Valero Energy Corp.), Revenue Bonds (Series 2010) TOBs, 4.000%, Mandatory Tender 6/1/2022 | 3,964,846 | |
4,000,000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2019 A-2) TOBs, 2.100%, Mandatory Tender 7/1/2024 | 4,038,200 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Louisiana—continued | |||
$2,000,000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2019 A-3) TOBs, 2.200%, Mandatory Tender 7/1/2026 | $2,017,240 | |
TOTAL | 16,968,870 | ||
Maryland—0.7% | |||
1,000,000 | Maryland State, UT GO State and Local Facilities (Series 2013A), (United States Treasury PRF 3/1/2021@100), 5.000%, 3/1/2022 | 1,045,450 | |
1,500,000 | Montgomery County, MD, UT GO Bonds (Series 2017C), 5.000%, 10/1/2025 | 1,816,515 | |
2,250,000 | Rockville, MD Mayor & City Council Econ Dev Revenue (Ingleside at King Farm), Paydown Securities TEMPS-70 (Series 2017C-2), 3.000%, 11/1/2025 | 2,255,333 | |
1,000,000 | Rockville, MD Mayor & City Council Econ Dev Revenue (Ingleside at King Farm), Paydown Securities TEMPS-85 (Series 2017C-1), 3.500%, 11/1/2026 | 1,003,600 | |
TOTAL | 6,120,898 | ||
Massachusetts—1.3% | |||
4,000,000 | Massachusetts Department of Transportation, Subordinated Metropolitan Highway System Revenue Refunding Bonds (Series 2019A) TOBs, 5.000%, Mandatory Tender 1/1/2023 | 4,440,560 | |
6,000,000 | Massachusetts State Development Finance Agency (Boston University), Revenue Bonds (Series 2019 DD-1) TOBs, 5.000%, Mandatory Tender 4/1/2024 | 6,838,740 | |
365,000 | Massachusetts State Housing Finance Agency Housing Revenue, SFM Revenue Bonds (Series 172), 4.000%, 6/1/2045 | 382,994 | |
TOTAL | 11,662,294 | ||
Michigan—3.6% | |||
5,000,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue Bonds (Series 2014 D-1), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2022 | 5,469,200 | |
2,000,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue Bonds (Series D-1), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2020 | 2,037,560 | |
2,500,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue Bonds (Series D-1), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2021 | 2,639,525 | |
1,200,000 | Michigan State Finance Authority Revenue (Public Lighting Authority), Local Government Loan Program Revenue Bonds (Series 2014B), 5.000%, 7/1/2020 | 1,218,756 | |
10,000,000 | 1 | Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Hospital Revenue Bonds, Series 2015MI FRNs, 1.741% (1-month USLIBOR x 0.67 +0.540%), Mandatory Tender 12/1/2020 | 10,019,800 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$3,500,000 | Michigan Strategic Fund (Detroit Edison Co.), Variable Rate Limited Obligation Revenue Refunding Bonds (Series 2008ET-2) TOBs, 1.450%, Mandatory Tender 9/1/2021 | $3,493,700 | |
1,170,000 | Michigan Strategic Fund (Michigan State), LT Obligation Revenue Bonds (Series 2011), 5.000%, 10/15/2020 | 1,205,006 | |
5,000,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2019C) TOBs, 4.000%, Mandatory Tender 4/1/2024 | 5,515,050 | |
TOTAL | 31,598,597 | ||
Minnesota—0.6% | |||
2,030,000 | Duluth, MN Independent School District No. 709, Certificate of Participation (Series 2016A), (School District Credit Program GTD), 5.000%, 2/1/2022 | 2,177,317 | |
3,000,000 | 1 | Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 2.040% (SIFMA 7-day +0.430%), Mandatory Tender 7/3/2023 | 3,001,860 |
TOTAL | 5,179,177 | ||
Mississippi—1.1% | |||
1,250,000 | Mississippi Business Finance Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002) TOBs, 2.200%, Mandatory Tender 6/3/2024 | 1,265,025 | |
8,445,000 | South Central Regional Medical Center, MS Hospital Revenue, Facilities Improvement and Refinancing Hospital Revenue Notes (Series 2017), 1.700%, 3/1/2020 | 8,445,084 | |
TOTAL | 9,710,109 | ||
Missouri—1.4% | |||
1,000,000 | Cape Girardeau County, MO IDA (St. Francis Medical Center, MO), Revenue Bonds (Series 2013A), 5.000%, 6/1/2020 | 1,015,860 | |
1,570,000 | Cape Girardeau County, MO IDA (St. Francis Medical Center, MO), Revenue Bonds (Series 2013A), 5.000%, 6/1/2022 | 1,714,424 | |
1,000,000 | Missouri Highways & Transportation Commission, First Lien Revenue Refunding Bonds (Series 2014A), 5.000%, 5/1/2022 | 1,090,300 | |
535,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2014A), 4.000%, 2/1/2020 | 535,974 | |
565,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2014A), 5.000%, 2/1/2021 | 585,007 | |
800,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016A), 4.000%, 2/1/2020 | 801,456 | |
500,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016A), 5.000%, 2/1/2023 | 548,100 | |
800,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2021 | 828,328 | |
650,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2022 | 693,160 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Missouri—continued | |||
$1,200,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2023 | $1,315,440 | |
750,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2024 | 842,633 | |
850,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2025 | 977,007 | |
750,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2026 | 878,182 | |
TOTAL | 11,825,871 | ||
Montana—0.6% | |||
4,860,000 | 1 | Montana Facility Finance Authority (Billings Clinic Obligated Group), Variable Rate Revenue Bonds (Series 2018C) FRNs, 2.160% (SIFMA 7-day +0.550%), Mandatory Tender 8/15/2023 | 4,853,439 |
Nevada—1.7% | |||
6,665,000 | Clark County, NV Airport System, Airport System Subordinate Lien Revenue Refunding Bonds (Series 2019A), 5.000%, 7/1/2026 | 8,131,700 | |
6,500,000 | Washoe County, NV Gas & Water Facilities Revenue (Sierra Pacific Power Co.), Refunding Revenue Bonds (Series 2016B) TOBs, 3.000%, Mandatory Tender 6/1/2022 | 6,748,560 | |
TOTAL | 14,880,260 | ||
New Hampshire—0.5% | |||
4,000,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-2) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 4,039,440 | |
New Jersey—5.3% | |||
2,000,000 | Kearny, NJ Board of Education GANs, 2.350%, 7/9/2020 | 2,007,100 | |
5,000,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2015 XX), 5.000%, 6/15/2022 | 5,417,900 | |
10,000,000 | 1 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding SIFMA Index Bonds (Series 2013 I) FRNs, 2.860% (SIFMA 7-day +1.250%), 9/1/2025 | 9,990,500 |
10,000,000 | 1 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation Program Notes (SIFMA Index Multimodal Notes) (Series 2014BB-2) FRNs, 2.810% (SIFMA 7-day +1.200%), Mandatory Tender 12/15/2021 | 10,052,200 |
1,000,000 | New Jersey Turnpike Authority, Revenue Bonds (Series 2017A), 5.000%, 1/1/2027 | 1,238,040 | |
305,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2013A), (United States Treasury PRF), 5.000%, 1/1/2020 | 305,000 | |
5,000,000 | 1 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017D-3) FRNs, 1.796% (1-month USLIBOR x 0.70 +0.600%), 1/1/2023 | 5,034,950 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$5,000,000 | 1 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017D-4) FRNs, 1.896% (1-month USLIBOR x 0.70 +0.700%), 1/1/2024 | $5,051,750 |
1,187,708 | Seaside Heights Borough, NJ BANs, 2.500%, 6/4/2020 | 1,192,221 | |
1,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2022 | 1,079,840 | |
2,500,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2023 | 2,774,125 | |
2,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2024 | 2,277,000 | |
TOTAL | 46,420,626 | ||
New Mexico—1.7% | |||
3,500,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds (Series 2010B) TOBs, 2.125%, Mandatory Tender 6/1/2022 | 3,532,340 | |
10,000,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 5/1/2025 | 11,658,900 | |
TOTAL | 15,191,240 | ||
New York—2.9% | |||
4,000,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2019B) TOBs, 1.650%, Mandatory Tender 9/1/2024 | 4,033,200 | |
3,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002D-A2) FRNs, (Assured Guaranty Municipal Corp. INS), 1.859% (1-month USLIBOR x 0.69 +0.680%), Mandatory Tender 4/6/2021 | 3,008,640 |
5,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2011B) FRNs, 1.695% (1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 11/1/2022 | 4,986,800 |
3,000,000 | New York City Housing Development Corp., Sustainable Neighborhood Bonds (Series 2019B-2) TOBs, 2.100%, Mandatory Tender 7/3/2023 | 3,036,930 | |
2,500,000 | New York State HFA, Affordable Housing Revenue Bonds (Series 2019F Group 3) TOBs, (New York State Mortgage Agency GTD), 1.875%, Mandatory Tender 11/1/2021 | 2,502,675 | |
3,000,000 | Rockland County, NY, LT GO Bonds (Series 2014A), (Assured Guaranty Municipal Corp. INS), 5.000%, 3/1/2021 | 3,134,940 | |
4,865,000 | 1 | Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Variable Rate Refunding Bonds (Series 2016 4A) FRNs, 1.845% (1-month USLIBOR x 0.67 +0.700%), Mandatory Tender 2/1/2021 | 4,877,017 |
TOTAL | 25,580,202 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
North Carolina—1.1% | |||
$825,000 | Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019A) TOBs, 2.000%, Mandatory Tender 10/1/2024 | $832,227 | |
1,200,000 | North Carolina HFA, Revenue Bonds (Series 2017 38-B), 4.000%, 7/1/2047 | 1,285,908 | |
1,875,000 | North Carolina State Grant Anticipation Revenue, Grant Anticipation Revenue Vehicle Bonds (Series 2019), 5.000%, 3/1/2025 | 2,222,869 | |
1,600,000 | North Carolina State Grant Anticipation Revenue, Grant Anticipation Revenue Vehicle Bonds (Series 2019), 5.000%, 3/1/2026 | 1,942,512 | |
1,750,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds (Series 2018), 5.000%, 1/1/2027 | 2,122,417 | |
1,000,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds (Series 2018), 5.000%, 1/1/2028 | 1,233,070 | |
TOTAL | 9,639,003 | ||
Ohio—1.3% | |||
3,500,000 | Allen County, OH (Mercy Health), Hospital Facilities Revenue Bonds (Series 2017B) TOBs, 2.150%, Mandatory Tender 5/5/2022 | 3,796,310 | |
1,500,000 | American Municipal Power-Ohio, Inc., Revenue Refunding Bonds (Series 2017A), 5.000%, 2/15/2025 | 1,768,020 | |
500,000 | Hamilton County, OH Hospital Facilities Authority (UC Health ), Revenue Bonds (Series 2014), 5.000%, 2/1/2023 | 554,925 | |
3,500,000 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2019) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 2/1/2025 | 4,051,915 | |
1,500,000 | Ohio State Air Quality Development Authority (American Electric Power Co., Inc.), Air Quality Revenue Refunding Bonds (Series 2014A) TOBs, 2.400%, Mandatory Tender 10/1/2029 | 1,510,590 | |
TOTAL | 11,681,760 | ||
Oklahoma—1.8% | |||
2,685,000 | Canadian County Educational Facilities Authority, OK (Mustang Public Schools), Educational Facilities Lease Revenue Bonds (Series 2012), 4.500%, 9/1/2020 | 2,744,741 | |
2,285,000 | Canadian County Educational Facilities Authority, OK (Mustang Public Schools), Educational Facilities Lease Revenue Bonds (Series 2012), 4.500%, 9/1/2021 | 2,408,230 | |
3,500,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2024 | 4,043,655 | |
3,200,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2025 | 3,789,312 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oklahoma—continued | |||
$1,850,000 | Oklahoma Development Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2004A), 2.375%, 12/1/2021 | $1,880,729 | |
1,000,000 | Tulsa County, OK Industrial Authority (Broken Arrow Public Schools), Educational Facilities Lease Revenue Bonds (Series 2016), 5.000%, 9/1/2022 | 1,100,550 | |
TOTAL | 15,967,217 | ||
Pennsylvania—9.6% | |||
850,000 | Allegheny County, PA Sanitation Authority, Sewer Revenue Refunding Bonds (Series 2016), (Assured Guaranty Municipal Corp. INS), 5.000%, 12/1/2025 | 1,033,855 | |
4,000,000 | 1 | Berks County, PA Municipal Authority (Tower Health), Variable Rate Revenue Bonds (Series 2012B) FRNs, (Original Issue Yield: 1.710%), 3.110% (SIFMA 7-day +1.500%), Mandatory Tender 7/1/2022 | 4,041,080 |
2,000,000 | Commonwealth of Pennsylvania, UT GO (First Series 2018), 5.000%, 3/1/2023 | 2,235,920 | |
1,000,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), 4.000%, 1/1/2020 | 1,000,000 | |
2,000,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), 5.000%, 1/1/2021 | 2,058,580 | |
1,115,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series of 2016), 5.000%, 1/1/2022 | 1,179,146 | |
1,155,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series of 2016), 5.000%, 1/1/2024 | 1,277,107 | |
500,000 | East Hempfield Township, PA IDA (Willow Valley Retirement Communities), Revenue & Revenue Refunding Bonds (Series 2016), 4.000%, 12/1/2020 | 512,320 | |
500,000 | East Hempfield Township, PA IDA (Willow Valley Retirement Communities), Revenue & Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2022 | 551,440 | |
750,000 | East Hempfield Township, PA IDA (Willow Valley Retirement Communities), Revenue & Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2023 | 851,257 | |
12,500,000 | 1 | Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2014B) FRNs, 2.276% (1-month USLIBOR x 0.67 +1.070%), Mandatory Tender 6/1/2024 | 12,744,125 |
5,000,000 | Lehigh County, PA IDA (PPL Electric Utilities Corp.), Pollution Control Revenue Refunding Bonds (Series 2016A) TOBs, 1.800%, Mandatory Tender 9/1/2022 | 5,033,500 | |
2,250,000 | 1 | Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Bonds (Series 2018C) FRNs, 2.330% (SIFMA 7-day +0.720%), Mandatory Tender 9/1/2023 | 2,250,000 |
4,000,000 | Montgomery County, PA IDA (Exelon Generation Co. LLC), PCR Refunding Bonds (Series 2002A) TOBs, 2.550%, Mandatory Tender 6/1/2020 | 4,021,400 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$8,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Variable Rate Hospital Revenue Bonds (Series 2013B) FRNs, 3.010% (SIFMA 7-day +1.400%), Mandatory Tender 8/15/2020 | $8,008,240 |
1,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 2.240% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | 1,008,820 |
6,500,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2011) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 6,571,890 | |
5,000,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2019A) TOBs, 1.750%, Mandatory Tender 8/1/2024 | 4,969,350 | |
455,000 | Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds (Series 2012A), 5.000%, 7/1/2020 | 455,000 | |
2,000,000 | Pennsylvania EDFA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2004A), 1.850%, 11/1/2021 | 2,011,480 | |
2,000,000 | 1 | Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 1.824% (1-month USLIBOR x 0.70 +0.570%), Mandatory Tender 10/1/2023 | 2,009,700 |
1,500,000 | Pennsylvania State Higher Education Facilities Authority (University of Sciences), Revenue Refunding Bonds (Series 2015A), 5.000%, 11/1/2023 | 1,655,940 | |
1,000,000 | Pennsylvania State Turnpike Commission, Revenue Bonds (Series 2011E), (United States Treasury PRF 12/1/2021@100), 5.000%, 12/1/2024 | 1,073,550 | |
10,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2014B) FRNs, 2.590% (SIFMA 7-day +0.980%), 12/1/2021 | 10,099,300 |
1,700,000 | Philadelphia, PA Gas Works, 1998 General Ordinance Revenue Refunding Bonds (14th Series 2016), 5.000%, 10/1/2021 | 1,809,021 | |
1,000,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2025 | 1,176,440 | |
1,000,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2026 | 1,203,270 | |
1,250,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2027 | 1,534,325 | |
1,540,000 | 1 | Scranton, PA School District, GO Notes (Series 2014) (LIBOR Floating Rate Tender Notes) FRNs, (Pennsylvania School District Intercept Program GTD), 2.012% (1-month USLIBOR x 0.68 +0.850%), Mandatory Tender 4/1/2021 | 1,541,201 |
TOTAL | 83,917,257 | ||
Rhode Island—1.2% | |||
2,250,000 | Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue Refunding Bonds (Series 2016), 5.000%, 5/15/2021 | 2,356,695 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Rhode Island—continued | |||
$2,250,000 | Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue Refunding Bonds (Series 2016), 5.000%, 5/15/2022 | $2,432,295 | |
2,000,000 | Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue Refunding Bonds (Series 2016), 5.000%, 5/15/2023 | 2,225,300 | |
3,285,000 | Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue Refunding Bonds (Series 2016), 5.000%, 5/15/2024 | 3,749,893 | |
TOTAL | 10,764,183 | ||
South Carolina—0.3% | |||
1,000,000 | Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.000%, 12/1/2020 | 1,035,620 | |
2,000,000 | 2 | South Carolina Jobs-EDA (Royal Live Oaks Academy), Economic Development Revenue Notes (Series 2018A), 3.000%, 8/1/2020 | 2,001,220 |
TOTAL | 3,036,840 | ||
South Dakota—0.1% | |||
750,000 | Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), 5.000%, 6/1/2023 | 831,848 | |
Tennessee—0.5% | |||
3,500,000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 10/1/2024 | 4,024,195 | |
435,000 | Tennessee Housing Development Agency, Revenue Refunding Bonds (Series 220142C), 4.000%, 1/1/2045 | 456,363 | |
TOTAL | 4,480,558 | ||
Texas—15.6% | |||
600,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2024 | 700,008 | |
650,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2025 | 776,243 | |
1,000,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2026 | 1,218,440 | |
5,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue & Refunding Bonds (Series 2015B) TOBs, 5.000%, Mandatory Tender 1/7/2021 | 5,086,400 | |
500,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.000%, 1/1/2020 | 500,000 | |
1,400,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.000%, 1/1/2021 | 1,447,908 | |
1,500,000 | Dallas, TX Area Rapid Transit, Revenue Refunding Bonds (Series 2016B), 5.000%, 12/1/2022 | 1,666,605 | |
3,000,000 | Dallas, TX, GO Refunding Bonds (Series 2019B), 5.000%, 2/15/2026 | 3,626,550 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$9,000,000 | Denton, TX Independent School District, Variable Rate UT GO School Building Bonds (Series 2014-B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2024 | $9,237,060 | |
6,580,000 | Eagle Mountain-Saginaw, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2011) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2024 | 6,765,095 | |
3,000,000 | Eanes, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.750%, Mandatory Tender 8/1/2025 | 3,039,210 | |
7,000,000 | Fort Bend, TX Independent School District, UT GO Refunding Bonds (Series 2019A) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.950%, Mandatory Tender 8/1/2022 | 7,105,700 | |
2,500,000 | Georgetown, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.750%, Mandatory Tender 8/1/2022 | 2,588,900 | |
4,000,000 | Harlandale, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2015) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 3.000%, Mandatory Tender 8/15/2021 | 4,040,120 | |
5,635,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 2.510% (SIFMA 7-day +0.900%), 6/1/2022 | 5,700,817 |
4,500,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 2.560% (SIFMA 7-day +0.950%), 6/1/2023 | 4,570,110 |
5,685,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 2.660% (SIFMA 7-day +1.050%), 6/1/2024 | 5,810,354 |
5,000,000 | Harris County, TX Education Facilities Finance Corp. (Texas Children's Hospital), Hospital Revenue Bonds (Series 2019B) TOBs, 5.000%, Mandatory Tender 10/1/2024 | 5,838,900 | |
7,000,000 | Houston, TX Independent School District, Variable Rate Limited Tax Schoolhouse Bonds (Series 2014A-2) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.250%, Mandatory Tender 6/1/2022 | 7,178,920 | |
2,000,000 | 1 | Irving, TX Hospital Authority (Baylor Scott & White Medical Center, Irving), Hospital Revenue Bonds (Series 2017B) FRNs, 2.710% (SIFMA 7-day +1.100%), Mandatory Tender 10/15/2023 | 2,025,840 |
1,500,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2024 | 1,736,310 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2025 | $1,187,970 | |
750,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2026 | 911,370 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2027 | 1,239,400 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2028 | 1,260,200 | |
2,300,000 | Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), Pollution Control Revenue Refunding Bonds (Series 2001A), 2.600%, 11/1/2029 | 2,386,986 | |
7,535,000 | Midlothian, TX Independent School District, Variable Rate Unlimited Tax Refunding Bonds (Series 2013C) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2024 | 7,733,472 | |
855,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2022 | 898,383 | |
945,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2024 | 1,034,274 | |
980,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2025 | 1,090,466 | |
735,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 4.000%, 11/1/2021 | 761,754 | |
500,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2023 | 553,535 | |
625,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2024 | 706,862 | |
1,105,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2025 | 1,265,081 | |
1,500,000 | North East, TX Independent School District, Variable Rate UT GO Refunding Bonds (Series 2019) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.200%, Mandatory Tender 8/1/2024 | 1,552,095 | |
1,400,000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2025 | 1,553,748 | |
2,000,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2025 | 2,348,880 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$2,500,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2026 | $3,007,225 | |
2,500,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2027 | 3,072,675 | |
8,000,000 | Northside, TX Independent School District, Variable Rate UT GO School Building and Refunding Bonds (Series 2019) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.600%, Mandatory Tender 8/1/2024 | 8,033,840 | |
6,000,000 | Pflugerville, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.500%, Mandatory Tender 8/15/2023 | 6,240,720 | |
2,500,000 | Prosper, TX Independent School District, Adjustable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/15/2023 | 2,555,075 | |
550,000 | Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.000%, 10/1/2021 | 583,292 | |
4,000,000 | San Antonio, TX Water System, Water System Variable Rate Junior Lien Revenue Bonds (Series 2019A) TOBs, 2.625%, Mandatory Tender 5/1/2024 | 4,208,880 | |
1,500,000 | University of Texas System (The Board of Regents of), Revenue Financing System Bonds (Series 2016J), 5.000%, 8/15/2024 | 1,760,040 | |
TOTAL | 136,605,713 | ||
Vermont—0.7% | |||
6,075,000 | Vermont EDA (B.C. Campus Holdings LLC), Bennington College Real Estate Project (Series 2017) BANs, 2.000%, 7/1/2020 | 6,071,051 | |
Virginia—1.7% | |||
4,500,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds Anticipation Notes (Series 2019), 5.000%, 11/1/2023 | 5,100,750 | |
7,500,000 | Louisa, VA IDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 7,584,375 | |
2,000,000 | Roanoke, VA EDA (Carilion Health System Obligated Group), Hospital Revenue Bonds (Series 2012), 5.000%, 7/1/2020 | 2,038,660 | |
TOTAL | 14,723,785 | ||
Washington—3.8% | |||
2,000,000 | Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2017-A), 5.000%, 7/1/2026 | 2,186,120 | |
1,750,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2022 | 1,891,050 | |
2,000,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2023 | 2,229,660 | |
1,500,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2024 | 1,719,360 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Washington—continued | |||
$1,825,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2025 | $2,148,080 | |
2,000,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2026 | 2,405,020 | |
2,000,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds—SIFMA Index (Series 2018C) FRNs, 2.100% (SIFMA 7-day +0.490%), Mandatory Tender 11/1/2023 | 2,007,700 |
1,500,000 | Seattle, WA Municipal Light & Power, Revenue Refunding Bonds (Series 2016C), 5.000%, 10/1/2023 | 1,713,840 | |
5,000,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.000%, 6/1/2020 | 5,071,600 | |
1,500,000 | Washington State Health Care Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019B-3) TOBs, 5.000%, Mandatory Tender 8/1/2026 | 1,769,760 | |
3,760,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate LIBOR Index Revenue Bonds (Series 2017B) FRNs, 2.301% (1-month USLIBOR x 0.67 +1.100%), Mandatory Tender 7/1/2022 | 3,803,616 |
3,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIFMA Index Revenue Bonds (Series 2017C) FRNs, 2.660% (SIFMA 7-day +1.050%), Mandatory Tender 7/3/2023 | 3,052,020 |
3,000,000 | Washington State Health Care Facilities Authority (Providence St. Joseph Health), Revenue Bonds (Series 2012B) TOBs, 5.000%, Mandatory Tender 10/1/2021 | 3,191,310 | |
TOTAL | 33,189,136 | ||
West Virginia—0.5% | |||
4,000,000 | West Virginia EDA Solid Waste Disposal Facilities (Appalachian Power Co.), Revenue Refunding Bonds Amos Project (Series 2015A) TOBs, 2.550%, Mandatory Tender 4/1/2024 | 4,147,720 | |
Wisconsin—0.2% | |||
1,310,000 | Wisconsin Health & Educational Facilities Authority (Gundersen Lutheran), Revenue Bonds (Series 2011A), 5.000%, 10/15/2020 | 1,348,357 | |
Wyoming—0.3% | |||
3,000,000 | Sweetwater County, WY PCRB (Idaho Power Co.), PCR Refunding Bonds (Series 2006), 1.700%, 7/15/2026 | 2,979,480 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $824,770,250) | 837,012,087 | ||
1 | SHORT-TERM MUNICIPALS—3.8% | ||
Florida—0.1% | |||
750,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.) Daily VRDNs, 1.740%, 1/1/2020 | 750,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Texas—3.7% | |||
$1,000,000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2008C-2) Daily VRDNs, 1.680%, 1/1/2020 | $1,000,000 | |
5,500,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 1.700%, 1/1/2020 | 5,500,000 | |
400,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 1.700%, 1/1/2020 | 400,000 | |
5,950,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 1.830%, 1/1/2020 | 5,950,000 | |
19,625,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 1.700%, 1/1/2020 | 19,625,000 | |
TOTAL | 32,475,000 | ||
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $33,225,000) | 33,225,000 | ||
TOTAL INVESTMENT IN SECURITIES—99.3% (IDENTIFIED COST $857,995,250)3 | 870,237,087 | ||
OTHER ASSETS AND LIABILITIES - NET—0.7%4 | 6,156,440 | ||
TOTAL NET ASSETS—100% | $876,393,527 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing 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, 2019, these restricted securities amounted to $2,001,220, which represented 0.2% of total net assets. |
3 | The cost of investments for federal tax purposes amounts to $857,840,571. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
ARNs | —Auction Rate Notes |
BANs | —Bond Anticipation Notes |
COL | —Collateralized |
EDA | —Economic Development Authority |
EDFA | —Economic Development Finance Authority |
FRNs | —Floating Rate Notes |
GANs | —Grant Anticipation Notes |
GNMA | —Government National Mortgage Association |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
INS | —Insured |
LIBOR | —London Interbank Offered Rates |
LT | —Limited Tax |
PCR | —Pollution Control Revenue |
PRF | —Pre-refunded |
SFM | —Single Family Mortgage |
SIFMA | —Securities Industry and Financial Markets Association |
TEMPS | —Tax Exempt Mandatory Paydown Securities |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 12/31/2019 | Year Ended June 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $10.30 | $10.22 | $10.27 | $10.35 | $10.32 | $10.40 |
Income From Investment Operations: | ||||||
Net investment income | 0.06 | 0.14 | 0.11 | 0.09 | 0.09 | 0.09 |
Net realized and unrealized gain (loss) | 0.03 | 0.08 | (0.05) | (0.08) | 0.03 | (0.08) |
TOTAL FROM INVESTMENT OPERATIONS | 0.09 | 0.22 | 0.06 | 0.01 | 0.12 | 0.01 |
Less Distributions: | ||||||
Distributions from net investment income | (0.06) | (0.14) | (0.11) | (0.09) | (0.09) | (0.09) |
Net Asset Value, End of Period | $10.33 | $10.30 | $10.22 | $10.27 | $10.35 | $10.32 |
Total Return1 | 0.92% | 2.20% | 0.60% | 0.09% | 1.12% | 0.13% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.91%2,3 | 0.96%3 | 0.96%3 | 0.96% | 0.96% | 0.96% |
Net investment income | 1.25%2 | 1.41% | 1.07% | 0.86% | 0.83% | 0.90% |
Expense waiver/reimbursement4 | 0.11%2 | 0.10% | 0.09% | 0.08% | 0.08% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $210,636 | $178,706 | $178,414 | $228,127 | $314,598 | $342,677 |
Portfolio turnover | 15% | 39% | 18% | 32% | 15% | 17% |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.91% for the six months ended December 31, 2019 and 0.96% for the years ended June 30, 2019 and 2018, after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 12/31/2019 | Year Ended June 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $10.30 | $10.21 | $10.26 | $10.35 | $10.32 | $10.40 |
Income From Investment Operations: | ||||||
Net investment income | 0.09 | 0.19 | 0.16 | 0.14 | 0.14 | 0.15 |
Net realized and unrealized gain (loss) | 0.03 | 0.09 | (0.05) | (0.09) | 0.03 | (0.08) |
TOTAL FROM INVESTMENT OPERATIONS | 0.12 | 0.28 | 0.11 | 0.05 | 0.17 | 0.07 |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.19) | (0.16) | (0.14) | (0.14) | (0.15) |
Net Asset Value, End of Period | 10.33 | $10.30 | $10.21 | $10.26 | $10.35 | $10.32 |
Total Return1 | 1.15% | 2.81% | 1.10% | 0.49% | 1.63% | 0.63% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.46%2,3 | 0.46%3 | 0.46%3 | 0.46% | 0.46% | 0.46% |
Net investment income | 1.71%2 | 1.91% | 1.58% | 1.36% | 1.33% | 1.40% |
Expense waiver/reimbursement4 | 0.19%2 | 0.21% | 0.24% | 0.23% | 0.23% | 0.23% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $654,535 | $575,676 | $689,739 | $840,891 | $876,680 | $807,057 |
Portfolio turnover | 15% | 39% | 18% | 32% | 15% | 17% |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.46% for the six months ended December 31, 2019 and 0.46% for the years ended June 30, 2019 and 2018, after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 12/31/2019 | Year Ended June 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $10.30 | $10.22 | $10.26 | $10.35 | $10.32 | $10.40 |
Income From Investment Operations: | ||||||
Net investment income | 0.08 | 0.17 | 0.14 | 0.11 | 0.11 | 0.12 |
Net realized and unrealized gain (loss) | 0.03 | 0.08 | (0.04) | (0.09) | 0.03 | (0.08) |
TOTAL FROM INVESTMENT OPERATIONS | 0.11 | 0.25 | 0.10 | 0.02 | 0.14 | 0.04 |
Less Distributions: | ||||||
Distributions from net investment income | (0.08) | (0.17) | (0.14) | (0.11) | (0.11) | (0.12) |
Net Asset Value, End of Period | $10.33 | $10.30 | $10.22 | $10.26 | $10.35 | $10.32 |
Total Return1 | 1.03% | 2.46% | 0.95% | 0.25% | 1.39% | 0.38% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.70%2,3 | 0.70%3 | 0.71%3 | 0.70% | 0.70% | 0.71% |
Net investment income | 1.47%2 | 1.67% | 1.30% | 1.12% | 1.09% | 1.15% |
Expense waiver/reimbursement4 | 0.31%2 | 0.35% | 0.34% | 0.33% | 0.33% | 0.33% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $11,223 | $11,663 | $14,429 | $31,831 | $30,225 | $30,838 |
Portfolio turnover | 15% | 39% | 18% | 32% | 15% | 17% |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.70% for the six months ended December 31, 2019, 0.70% for the year ended June 30, 2019 and 0.71% for the year ended June 30, 2018, after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Investment in securities, at value (identified cost $857,995,250) | $870,237,087 | |
Cash | 31,171 | |
Income receivable | 6,837,177 | |
Receivable for shares sold | 601,041 | |
Receivable for investments sold | 145,460 | |
TOTAL ASSETS | 877,851,936 | |
Liabilities: | ||
Payable for shares redeemed | $855,443 | |
Income distribution payable | 272,596 | |
Payable for portfolio accounting fees | 137,014 | |
Payable for other service fees (Notes 2 and 5) | 103,070 | |
Payable for administrative fee (Note 5) | 12,272 | |
Payable for investment adviser fee (Note 5) | 7,052 | |
Accrued expenses (Note 5) | 70,962 | |
TOTAL LIABILITIES | 1,458,409 | |
Net assets for 84,834,427 shares outstanding | $876,393,527 | |
Net Assets Consists of: | ||
Paid-in capital | $868,698,231 | |
Total distributable earnings (loss) | 7,695,296 | |
TOTAL NET ASSETS | $876,393,527 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($210,635,584 ÷ 20,384,349 shares outstanding), no par value, unlimited shares authorized | $10.33 | |
Offering price per share (100/99.00 of $10.33) | $10.43 | |
Redemption proceeds per share | $10.33 | |
Institutional Shares: | ||
Net asset value per share ($654,534,901 ÷ 63,363,884 shares outstanding), no par value, unlimited shares authorized | $10.33 | |
Offering price per share | $10.33 | |
Redemption proceeds per share | $10.33 | |
Service Shares: | ||
Net asset value per share ($11,223,042 ÷ 1,086,194 shares outstanding), no par value, unlimited shares authorized | $10.33 | |
Offering price per share | $10.33 | |
Redemption proceeds per share | $10.33 |
Investment Income: | ||||
Interest | $8,803,367 | |||
Expenses: | ||||
Investment adviser fee (Note 5) | $1,623,057 | |||
Administrative fee (Note 5) | 329,798 | |||
Custodian fees | 14,453 | |||
Transfer agent fees | 128,359 | |||
Directors'/Trustees' fees (Note 5) | 5,956 | |||
Auditing fees | 15,585 | |||
Legal fees | 5,448 | |||
Distribution services fee (Note 5) | 219,132 | |||
Other service fees (Notes 2 and 5) | 510,380 | |||
Portfolio accounting fees | 94,668 | |||
Share registration costs | 28,182 | |||
Printing and postage | 16,567 | |||
Miscellaneous (Note 5) | 19,192 | |||
TOTAL EXPENSES | 3,010,777 | |||
Waiver, Reimbursement and Reduction: | ||||
Waiver of investment adviser fee (Note 5) | $(427,145) | |||
Reimbursement of other operating expenses (Notes 2 and 5) | (255,323) | |||
Reduction of custodian fees (Note 6) | (2,090) | |||
TOTAL WAIVER, REIMBURSEMENT AND REDUCTION | (684,558) | |||
Net expenses | 2,326,219 | |||
Net investment income | 6,477,148 | |||
Realized and Unrealized Gain (Loss) on Investments: | ||||
Net realized gain on investments | 207,286 | |||
Net change in unrealized appreciation of investments | 2,451,109 | |||
Net realized and unrealized gain on investments | 2,658,395 | |||
Change in net assets resulting from operations | $9,135,543 |
Six Months Ended (unaudited) 12/31/2019 | Year Ended 6/30/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $6,477,148 | $14,276,959 |
Net realized gain (loss) | 207,286 | (623,243) |
Net change in unrealized appreciation | 2,451,109 | 6,091,235 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 9,135,543 | 19,744,951 |
Distributions to Shareholders: | ||
Class A Shares | (1,254,921) | (2,215,655) |
Institutional Shares | (5,091,364) | (11,712,101) |
Service Shares | (83,159) | (222,748) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (6,429,444) | (14,150,504) |
Share Transactions: | ||
Proceeds from sale of shares | 168,318,142 | 245,693,169 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Tax Exempt Limited Maturity Bond Fund | 72,083,408 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 5,273,390 | 11,750,967 |
Cost of shares redeemed | (138,032,642) | (379,575,916) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 107,642,298 | (122,131,780) |
Change in net assets | 110,348,397 | (116,537,333) |
Net Assets: | ||
Beginning of period | 766,045,130 | 882,582,463 |
End of period | $876,393,527 | $766,045,130 |
Shares of the Fund Issued | Acquired Fund Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
6,991,585 | $72,083,408 | $1,739,110 | $796,990,717 | $869,074,125 |
1 | Unrealized Appreciation is included in Acquired Fund Net Assets Received amount shown above. |
Net Investment Income | $6,945,481 |
Net realized and unrealized gain on investments | $2,883,583 |
Net increase in net assets resulting from operations | $9,829,064 |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (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 | $ 253,067 | $— |
Institutional Shares | 243,476 | (243,476) |
Service Shares | 13,837 | — |
TOTAL | $510,380 | $(243,476) |
Security | Acquisition Date | Acquisition Cost | Market Value |
South Carolina Jobs-EDA (Royal Live Oaks Academy), Economic Development Revenue Notes (Series 2018A), 3.000%, 8/1/2020 | 5/18/2018 | $2,000,000 | $2,001,220 |
Six Months Ended 12/31/2019 | Year Ended 6/30/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,551,658 | $78,041,625 | 7,703,129 | $78,866,999 |
Shares issued to shareholders in payment of distributions declared | 119,369 | 1,233,641 | 213,927 | 2,186,844 |
Shares redeemed | (4,638,049) | (47,915,150) | (8,024,722) | (81,872,734) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 3,032,978 | $31,360,116 | (107,666) | $(818,891) |
Six Months Ended 12/31/2019 | Year Ended 6/30/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,683,215 | $89,629,705 | 16,203,313 | $165,418,595 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Tax Exempt Limited Maturity Bond Fund | 6,976,326 | 71,926,097 | — | — |
Shares issued to shareholders in payment of distributions declared | 383,794 | 3,964,723 | 916,837 | 9,366,667 |
Shares redeemed | (8,594,427) | (88,761,394) | (28,728,654) | (293,246,385) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 7,448,908 | $76,759,131 | (11,608,504) | $(118,461,123) |
Six Months Ended 12/31/2019 | Year Ended 6/30/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 62,617 | $646,812 | 137,787 | $1,407,575 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Tax Exempt Limited Maturity Bond Fund | 15,258 | 157,311 | — | — |
Shares issued to shareholders in payment of distributions declared | 7,262 | 75,026 | 19,327 | 197,456 |
Shares redeemed | (131,486) | (1,356,098) | (436,799) | (4,456,797) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (46,349) | $(476,949) | (279,685) | $(2,851,766) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 10,435,537 | $107,642,298 | (11,995,855) | $(122,131,780) |
Short-Term | Long-Term | Total |
$2,009,148 | $2,963,842 | $4,972,990 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.25% |
Service Shares | 0.25% |
Distribution Services Fee Incurred | Distribution Services Fee Waived | |
Class A Shares | $ 207,285 | $— |
Service Shares | 11,847 | (11,847) |
TOTAL | $219,132 | $(11,847) |
Purchases | $181,926,088 |
Sales | $84,069,300 |
Beginning Account Value 7/1/2019 | Ending Account Value 12/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,009.20 | $4.60 |
Institutional Shares | $1,000 | $1,011.50 | $2.33 |
Service Shares | $1,000 | $1,010.30 | $3.54 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.56 | $4.62 |
Institutional Shares | $1,000 | $1,022.82 | $2.34 |
Service Shares | $1,000 | $1,021.62 | $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 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.91% |
Institutional Shares | 0.46% |
Service Shares | 0.70% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
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CUSIP 313907107
CUSIP 313907206
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 registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | 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.
RegistrantFederated Short-Intermediate Duration Municipal Trust
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateFebruary 21, 2020
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
DateFebruary 21, 2020
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateFebruary 21, 2020