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 Hermes 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: 06/30/2024
Date of Reporting Period: Six months ended 12/31/23
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FMTAX | Institutional | FSHIX | Service | FSHSX |
Federated Hermes Short-Intermediate Municipal Fund
A Portfolio of Federated Hermes Short-Intermediate Duration Municipal Trust
Sector Composition | Percentage of Total Net Assets |
Prepaid Gas Utility | 13.0% |
Industrial Development/Pollution Control | 12.3% |
Electric and Gas | 10.7% |
Hospital | 8.3% |
General Obligation—State | 7.3% |
Senior Care | 4.8% |
General Obligation—State Appropriation | 4.6% |
Multi-Family Housing | 4.5% |
General Obligation—Local | 4.0% |
Airport | 3.9% |
Other² | 26.7% |
Other Assets and Liabilities—Net3 | (0.1%) |
TOTAL | 100% |
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 73.4 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— 92.2% | |||
Alabama— 6.4% | |||
$ 6,500,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), 4.000%, Mandatory Tender 12/1/2025 | $ 6,515,614 | |
1,000,000 | Black Belt Energy Gas District, AL, Gas Project Revenue Refunding Bonds (Series 2023D-1), (Goldman Sachs Group, Inc. GTD), 5.500%, Mandatory Tender 2/1/2029 | 1,070,139 | |
2,000,000 | Black Belt Energy Gas District, AL, Gas Revenue Bonds (Series 2022B-1), (Goldman Sachs Group, Inc. GTD), 4.000%, Mandatory Tender 10/1/2027 | 2,004,432 | |
7,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), PCR Refunding Bonds (Series 2014-D) Weekly, 3.810%, Mandatory Tender 6/1/2028 | 7,056,984 | |
450,000 | Prattville, AL IDB (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B), 2.000%, Mandatory Tender 10/1/2024 | 442,227 | |
425,000 | Prattville, AL IDB (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019C), 2.000%, Mandatory Tender 10/1/2024 | 417,659 | |
5,000,000 | Southeast Alabama Gas Supply District, Gas Supply Revenue Bonds Project No. 2 (Series 2018A), (Morgan Stanley GTD), 4.000%, Mandatory Tender 6/1/2024 | 5,002,415 | |
3,250,000 | Southeast Energy Authority, AL, Commodity Supply Revenue Bonds (Series 2023B), (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 6/1/2030 | 3,468,813 | |
TOTAL | 25,978,283 | ||
Arizona— 1.6% | |||
2,000,000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), PCRBs (Series 2017A), 4.125%, Mandatory Tender 3/31/2026 | 2,017,767 | |
2,000,000 | Maricopa County, AZ, IDA (Banner Health), Revenue Bonds (Series 2023A-1), 5.000%, Mandatory Tender 5/15/2026 | 2,085,431 | |
1,500,000 | Phoenix, AZ Civic Improvement Corp. - Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2025 | 1,537,992 | |
960,000 | 1 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2023A), 4.700%, 10/1/2028 | 850,616 |
TOTAL | 6,491,806 | ||
California— 4.6% | |||
10,000,000 | California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Refunding Revenue Bonds (Series 2021A), 1.200%, Mandatory Tender 6/1/2028 | 8,886,059 | |
1,500,000 | 1 | California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2009A), 1.300%, Mandatory Tender 2/3/2025 | 1,457,463 |
855,000 | 1 | California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-50 Senior Living Revenue Refunding Bonds (Series B-3), 2.125%, 11/15/2027 | 854,202 |
Principal Amount | Value | ||
MUNICIPAL BONDS— continued | |||
California— continued | |||
$ 1,000,000 | 1 | California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-70 Senior Living Revenue Refunding Bonds (Series B-2), 2.375%, 11/15/2028 | $ 997,020 |
2,000,000 | California State, UT GO Various Purpose Refunding Bonds, 5.000%, 9/1/2027 | 2,184,419 | |
2,000,000 | California State, UT GO Various Purpose Refunding Bonds, 5.000%, 9/1/2028 | 2,236,817 | |
2,000,000 | Western Placer, CA Unified School District, Community Facilities District No.2 2020 BANs, 2.000%, 6/1/2025 | 1,941,194 | |
TOTAL | 18,557,174 | ||
Colorado— 0.3% | |||
750,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2024 | 750,000 | |
600,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2025 | 602,595 | |
TOTAL | 1,352,595 | ||
Connecticut— 2.8% | |||
1,000,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2028 | 1,107,005 | |
2,600,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2029 | 2,941,610 | |
1,000,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2030 | 1,153,828 | |
1,000,000 | Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2026 | 1,065,415 | |
1,000,000 | Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2027 | 1,091,410 | |
4,000,000 | 2 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 4.860% (SIFMA 7-day +0.990%), 3/1/2025 | 4,020,349 |
TOTAL | 11,379,617 | ||
Florida— 0.9% | |||
1,500,000 | Broward County, FL HFA (St. Joseph Manor II, LLLP), Multifamily Housing Revenue Bonds (Series 2023), (United States Treasury COL), 3.500%, Mandatory Tender 4/1/2026 | 1,500,331 | |
1,000,000 | Lee County, FL HFA (Crossings at Cape Coral Apartments), Multifamily Housing Revenue Bonds (Series 2023), (United States Treasury GTD), 3.500%, Mandatory Tender 2/1/2026 | 999,617 | |
815,000 | Orlando, FL Utilities Commission, Utility System Revenue Bonds (Series 2023A), 5.000%, 10/1/2038 | 951,766 | |
300,000 | Orlando, FL Utilities Commission, Utility System Revenue Bonds (Series 2023A), 5.000%, 10/1/2039 | 347,126 | |
TOTAL | 3,798,840 |
Principal Amount | Value | ||
MUNICIPAL BONDS— continued | |||
Georgia— 5.6% | |||
$ 5,665,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2023C), (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 9/1/2030 | $ 6,060,454 | |
2,000,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2023D), (Citigroup, Inc. GTD), 5.000%, Mandatory Tender 12/1/2030 | 2,127,118 | |
5,000,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2023E-1), (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 6/1/2031 | 5,381,045 | |
5,500,000 | Monroe County, GA Development Authority (Georgia Power Co.), Scherer Plant PCRBs (First Series 1995), 2.250%, 7/1/2025 | 5,301,585 | |
2,750,000 | Monroe County, GA Development Authority (Georgia Power Co.), Scherer Project PCRBs (First Series 2012), 3.875%, Mandatory Tender 3/6/2026 | 2,772,988 | |
850,000 | Savannah, GA EDA (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019A), 2.000%, Mandatory Tender 10/1/2024 | 835,317 | |
TOTAL | 22,478,507 | ||
Illinois— 5.3% | |||
1,500,000 | Granite City, IL (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002), 1.250%, 5/1/2027 | 1,335,853 | |
3,000,000 | Illinois Finance Authority (OSF Health Care Systems), Revenue Bonds (Series 2020A), 5.000%, Mandatory Tender 11/15/2024 | 3,010,515 | |
2,125,000 | 2 | Illinois Finance Authority (Presbyterian Homes Obligated Group, IL), Revenue Bonds (Series 2021B) FRNs, 4.570% (SIFMA 7-day +0.700%), Mandatory Tender 5/1/2026 | 2,081,116 |
6,500,000 | Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2026 | 6,854,127 | |
2,125,000 | Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2027 | 2,283,878 | |
1,750,000 | Illinois State, UT GO Bonds (Series 2020B), 5.500%, 5/1/2024 | 1,762,134 | |
1,000,000 | Illinois State, UT GO Bonds (Series 2023D), 5.000%, 7/1/2025 | 1,027,283 | |
1,000,000 | Illinois State, UT GO Bonds (Series 2023D), 5.000%, 7/1/2028 | 1,086,701 | |
1,925,000 | Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2017), (United States Treasury PRF), 5.000%, 6/1/2026 | 2,028,563 | |
TOTAL | 21,470,170 | ||
Iowa— 0.9% | |||
2,000,000 | Iowa Finance Authority (Gevo NW Iowa RNG, LLC), Solid Waste Facility Revenue Bonds Renewable Gas Project (Series 2021), (Citibank N.A., New York LOC), 1.500%, Mandatory Tender 4/1/2024 | 1,985,853 | |
2,000,000 | 2 | Iowa Finance Authority (Lifespace Communities, Inc.), Revenue Bonds (Series 2021B) FRNs, 4.323% (SOFR x 0.70 +0.550%), Mandatory Tender 5/15/2026 | 1,851,241 |
TOTAL | 3,837,094 |
Principal Amount | Value | ||
MUNICIPAL BONDS— continued | |||
Kentucky— 2.2% | |||
$ 3,000,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), Pollution Control Revenue Bonds (Series 2005A), 1.750%, Mandatory Tender 7/1/2026 | $ 2,885,005 | |
4,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2018B), (BP PLC GTD), 4.000%, Mandatory Tender 1/1/2025 | 4,000,885 | |
2,250,000 | Trimble County, KY (Louisville Gas & Electric Co.), PCR Refunding Bonds (Series 2016A), 1.300%, Mandatory Tender 9/1/2027 | 1,989,183 | |
TOTAL | 8,875,073 | ||
Louisiana— 3.0% | |||
5,420,000 | Louisiana State Offshore Terminal Authority (Loop LLC), Deepwater Port Revenue Bonds (Series 2007A), 4.150%, 9/1/2027 | 5,544,450 | |
7,000,000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2017B-2), 2.375%, Mandatory Tender 7/1/2026 | 6,647,937 | |
TOTAL | 12,192,387 | ||
Massachusetts— 1.5% | |||
600,000 | Commonwealth of Massachusetts, UT GO Consolidated Loan Bonds (Series 2023A), (Assured Guaranty Municipal Corp. GTD), 5.000%, 5/1/2038 | 704,959 | |
800,000 | Commonwealth of Massachusetts, UT GO Refunding Bonds (Series 2023B), (Assured Guaranty Municipal Corp. GTD), 5.000%, 5/1/2038 | 939,945 | |
3,000,000 | 2 | Massachusetts Development Finance Agency (Mass General Brigham), Revenue Bonds (Series 2019T-1) FRNs, 4.470% (SIFMA 7-day +0.600%), Mandatory Tender 1/29/2026 | 2,972,087 |
1,750,000 | Massachusetts Development Finance Agency (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002), 1.250%, 5/1/2027 | 1,558,495 | |
10,000 | Massachusetts Housing Finance Agency, SFM Revenue Bonds (Series 172), 4.000%, 6/1/2045 | 9,999 | |
TOTAL | 6,185,485 | ||
Michigan— 3.4% | |||
3,500,000 | Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2021B), 2.000%, Mandatory Tender 7/1/2026 | 3,321,379 | |
1,000,000 | Michigan State Building Authority, Revenue Refunding Bonds Facilities Program (Series 2023-II), 5.000%, 10/15/2037 | 1,182,380 | |
2,000,000 | Michigan State Finance Authority (McLaren Health Care Corp.), Hospital Revenue Refunding Bonds (Series 2015D-2), 1.200%, Mandatory Tender 4/13/2028 | 1,796,829 | |
3,300,000 | Michigan State Strategic Fund (Waste Management, Inc.), Revenue Bonds, 0.580%, Mandatory Tender 8/1/2024 | 3,234,324 | |
2,200,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2025 | 2,246,503 | |
1,800,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2031 | 1,984,437 | |
TOTAL | 13,765,852 |
Principal Amount | Value | ||
MUNICIPAL BONDS— continued | |||
Mississippi— 0.3% | |||
$ 1,250,000 | Mississippi Business Finance Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002), 2.200%, Mandatory Tender 6/3/2024 | $ 1,240,232 | |
Missouri— 0.6% | |||
750,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2024 | 750,022 | |
850,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2025 | 851,378 | |
750,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2026 | 753,198 | |
TOTAL | 2,354,598 | ||
Nebraska— 0.7% | |||
2,500,000 | Nebraska Public Power District, General Revenue Bonds (Series 2023A), 5.000%, 7/1/2028 | 2,741,271 | |
Nevada— 0.4% | |||
1,395,000 | Clark County, NV Airport System, Airport System Subordinate Lien Revenue Refunding Bonds (Series 2019A), 5.000%, 7/1/2026 | 1,476,560 | |
New Hampshire— 0.5% | |||
220,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2024 | 220,000 | |
290,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2025 | 287,938 | |
265,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2026 | 261,062 | |
250,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2027 | 244,210 | |
285,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2028 | 275,896 | |
300,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2029 | 287,652 | |
280,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2030 | 265,789 | |
TOTAL | 1,842,547 | ||
New Jersey— 5.8% | |||
1,500,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2023RRR), 5.000%, 3/1/2026 | 1,569,530 | |
1,615,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2023RRR), 5.000%, 3/1/2028 | 1,765,017 | |
10,000,000 | 2 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding SIFMA Index Bonds (Series 2013 I) FRNs, 5.120% (SIFMA 7-day +1.250%), 9/1/2025 | 10,019,222 |
4,075,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020D), 1.100%, Mandatory Tender 12/1/2027 | 3,611,612 |
Principal Amount | Value | ||
MUNICIPAL BONDS— continued | |||
New Jersey— continued | |||
$ 600,000 | New Jersey State Educational Facilities Authority (New Jersey State), Higher Education Capital Improvement Fund (Series 2023A), 5.000%, 9/1/2035 | $ 702,018 | |
500,000 | New Jersey State Educational Facilities Authority (New Jersey State), Higher Education Capital Improvement Fund (Series 2023A), 5.000%, 9/1/2036 | 579,761 | |
160,000 | New Jersey State Educational Facilities Authority (New Jersey State), Higher Education Capital Improvement Fund (Series 2023A), 5.000%, 9/1/2037 | 183,986 | |
500,000 | New Jersey State Educational Facilities Authority (New Jersey State), Higher Education Capital Improvement Fund (Series 2023A), 5.000%, 9/1/2038 | 568,953 | |
500,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2023AA), 5.000%, 6/15/2025 | 515,194 | |
500,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2023AA), 5.000%, 6/15/2026 | 527,169 | |
1,000,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2023AA), 5.000%, 6/15/2038 | 1,150,293 | |
1,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 5.000%, 6/1/2029 | 1,128,427 | |
1,000,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017A), 5.000%, 1/1/2027 | 1,072,045 | |
TOTAL | 23,393,227 | ||
New Mexico— 0.3% | |||
1,000,000 | New Mexico State Hospital Equipment Loan Council (Presbyterian Healthcare Services), Hospital System Revenue Bonds (Series 2019B), 5.000%, Mandatory Tender 8/1/2025 | 1,027,087 | |
New York— 5.9% | |||
1,275,000 | 2 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002G-1F) FRNs, 4.041% (SOFR x 0.67 +0.430%), 11/1/2026 | 1,262,422 |
2,115,000 | 2 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2005D-1) FRNs, 3.941% (SOFR x 0.67 +0.330%), Mandatory Tender 4/1/2024 | 2,113,068 |
3,000,000 | Monroe County, NY IDA (Andrews Terrace Community Partners, LP), Multifamily Housing Revenue Bonds (Series 2023B-1), (United States Treasury GTD), 5.000%, Mandatory Tender 7/1/2027 | 3,156,012 | |
2,000,000 | Monroe County, NY IDA (Andrews Terrace Community Partners, LP), Multifamily Housing Revenue Bonds (Series 2023B-2), (United States Treasury GTD), 5.000%, Mandatory Tender 7/1/2027 | 2,081,201 | |
1,500,000 | New York City, NY IDA (Yankee Stadium LLC), Pilot Revenue Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 3/1/2029 | 1,653,741 | |
1,600,000 | New York City, NY IDA (Yankee Stadium LLC), Pilot Revenue Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 3/1/2030 | 1,788,689 |
Principal Amount | Value | ||
MUNICIPAL BONDS— continued | |||
New York— continued | |||
$ 1,000,000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2024A-1), 5.000%, 5/1/2037 | $ 1,191,484 | |
550,000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2024A-1), 5.000%, 5/1/2038 | 646,212 | |
2,250,000 | New York City, NY, UT GO Bonds (Fiscal 2023 Series D), 5.000%, 8/1/2025 | 2,332,063 | |
1,700,000 | New York Transportation Development Corporation (American Airlines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2021), 2.250%, 8/1/2026 | 1,625,199 | |
1,500,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2029 | 1,635,611 | |
1,600,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2028 | 1,749,457 | |
2,250,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2029 | 2,485,199 | |
TOTAL | 23,720,358 | ||
North Carolina— 1.4% | |||
825,000 | Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019A), 2.000%, Mandatory Tender 10/1/2024 | 810,749 | |
465,000 | North Carolina HFA, Revenue Bonds (Series 2017 38-B), 4.000%, 7/1/2047 | 463,601 | |
1,600,000 | North Carolina State (North Carolina State Grant Anticipation Revenue), Grant Anticipation Revenue Vehicle Bonds (Series 2019), 5.000%, 3/1/2026 | 1,679,321 | |
1,750,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds (Series 2018), 5.000%, 1/1/2027 | 1,831,195 | |
1,000,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds (Series 2018), 5.000%, 1/1/2028 | 1,063,931 | |
TOTAL | 5,848,797 | ||
North Dakota— 1.2% | |||
5,000,000 | Cass County Joint Water Resource District, ND, UT GO Temporary Refunding Improvement Bonds (Series 2021A), 0.480%, 5/1/2024 | 4,912,483 | |
Ohio— 5.0% | |||
2,000,000 | Columbus, OH, UT GO Various Purpose Bonds (Series 2023A), 5.000%, 8/15/2038 | 2,346,446 | |
2,000,000 | Columbus-Franklin County, OH Finance Authority (Dering Family Homes Owner, LLC), Multifamily Housing Revenue Bonds (Series 2023), (United States Treasury GTD), 5.000%, Mandatory Tender 2/1/2027 | 2,082,447 | |
11,000,000 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2019), (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 2/1/2025 | 11,140,461 |
Principal Amount | Value | ||
MUNICIPAL BONDS— continued | |||
Ohio— continued | |||
$ 1,000,000 | Ohio HFA (Riverview San Marco, LLC), Multifamily Housing Revenue Bonds (Series 2023), (United States Treasury COL), 5.000%, Mandatory Tender 8/1/2025 | $ 1,020,739 | |
1,500,000 | Ohio State Air Quality Development Authority (American Electric Power Co., Inc.), Air Quality Revenue Refunding Bonds (Series 2014A), 2.400%, Mandatory Tender 10/1/2029 | 1,336,244 | |
2,500,000 | Ohio State Hospital Revenue (Cleveland Clinic), Hospital Revenue Bonds (Series 2019C), 2.750%, Mandatory Tender 5/1/2028 | 2,488,589 | |
TOTAL | 20,414,926 | ||
Oklahoma— 1.1% | |||
1,000,000 | Oklahoma County, OK Finance Authority (Choctaw-Nicoma Park Public Schools), Educational Facilities Lease Revenue Bonds (Series 2023), 5.000%, 9/1/2026 | 1,053,210 | |
1,300,000 | Oklahoma County, OK Finance Authority (Choctaw-Nicoma Park Public Schools), Educational Facilities Lease Revenue Bonds (Series 2023), 5.000%, 9/1/2028 | 1,424,983 | |
1,625,000 | Oklahoma County, OK Finance Authority (Choctaw-Nicoma Park Public Schools), Educational Facilities Lease Revenue Bonds (Series 2023), 5.000%, 9/1/2030 | 1,834,363 | |
TOTAL | 4,312,556 | ||
Oregon— 0.9% | |||
2,800,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza, Inc.), Parkview Project TEMPS-50 Revenue and Refunding Bonds (Series 2021B-2), 0.950%, 6/1/2027 | 2,506,131 | |
1,250,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza, Inc.), Parkview Project TEMPS-65 Revenue and Refunding Bonds (Series 2021B-1), 1.200%, 6/1/2028 | 1,087,064 | |
TOTAL | 3,593,195 | ||
Pennsylvania— 4.3% | |||
2,100,000 | 2 | Bethlehem, PA Area School District Authority, School Revenue Bonds (Series 2021C) FRNs, 3.961% (SOFR x 0.67 +0.350%), Mandatory Tender 11/1/2025 | 2,066,479 |
1,155,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series of 2016), 5.000%, 1/1/2024 | 1,155,000 | |
3,375,000 | Montgomery County, PA IDA (Constellation Energy Generation LLC), Revenue Refunding Bonds (Series 2023A), 4.100%, Mandatory Tender 4/3/2028 | 3,439,465 | |
1,000,000 | 2 | Northampton County, PA General Purpose Authority (St. Luke’s University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 4.860% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | 1,000,018 |
6,500,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2011), 2.150%, Mandatory Tender 7/1/2024 | 6,435,440 | |
1,000,000 | Pennsylvania State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2023A-1), 5.000%, 5/15/2031 | 1,140,884 |
Principal Amount | Value | ||
MUNICIPAL BONDS— continued | |||
Pennsylvania— continued | |||
$ 1,800,000 | Pittsburgh, PA Water & Sewer Authority, Water and Sewer System First Lien Revenue Bonds (Series 2023B), (Assured Guaranty Municipal Corp. INS), 5.000%, 9/1/2038 | $ 2,078,604 | |
TOTAL | 17,315,890 | ||
Rhode Island— 0.8% | |||
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 | 3,296,514 | |
Tennessee— 1.7% | |||
1,200,000 | Metropolitan Government Nashville & Davidson County, TN IDB (Waste Management, Inc.), Revenue Bonds, 3.750%, Mandatory Tender 8/1/2024 | 1,176,118 | |
5,500,000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2021A), (Morgan Stanley GTD), 4.000%, Mandatory Tender 9/1/2028 | 5,514,729 | |
95,000 | Tennessee Housing Development Agency, Revenue Refunding Bonds (Series 220142C), 4.000%, 1/1/2045 | 94,886 | |
TOTAL | 6,785,733 | ||
Texas— 13.3% | |||
1,000,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2026 | 1,048,342 | |
2,000,000 | Dallas, TX, General Obligation Refunding and Improvement Bonds (Series 2023A), 5.000%, 2/15/2039 | 2,314,590 | |
5,270,000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2020A), 5.000%, 11/1/2026 | 5,626,324 | |
1,180,000 | Eanes, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B), (Texas Permanent School Fund Guarantee Program GTD), 1.750%, Mandatory Tender 8/1/2025 | 1,157,003 | |
1,820,000 | Eanes, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B), (United States Treasury PRF 8/1/2024@100), 1.750%, Mandatory Tender 8/1/2024 | 1,805,939 | |
1,930,000 | Fort Bend, TX Independent School District, Variable Rate UT School Building and Refunding Bonds (Series 2020B), (Texas Permanent School Fund Guarantee Program GTD), 0.875%, Mandatory Tender 8/1/2025 | 1,845,643 | |
2,500,000 | Grand Parkway Transportation Corp., TX, Subordinate Tier Toll Revenue Bonds (Series 2023 TELA Supported), 5.000%, Mandatory Tender 4/1/2028 | 2,694,774 | |
1,250,000 | Gulf Coast, TX Waste Disposal Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2003B), 1.500%, 5/1/2028 | 1,089,598 | |
2,900,000 | Harlandale, TX Independent School District, Fixed and Variable Rate Unlimited Tax Refunding Bonds (Series 2020), (Texas Permanent School Fund Guarantee Program GTD), 0.750%, Mandatory Tender 8/15/2025 | 2,791,743 | |
3,000,000 | 2 | Harris County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Medical Facilities Mortgage Revenue Refunding Bonds (Series 2019A) FRNs, 4.447% (SOFR x 0.70 +0.730%), Mandatory Tender 7/1/2024 | 2,998,904 |
Principal Amount | Value | ||
MUNICIPAL BONDS— continued | |||
Texas— continued | |||
$ 5,685,000 | 2 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 4.920% (SIFMA 7-day +1.050%), 6/1/2024 | $ 5,692,593 |
3,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Medical Center), Revenue Bonds (Series 2020A), 0.900%, Mandatory Tender 5/15/2025 | 2,878,842 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2027 | 1,078,911 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2028 | 1,101,898 | |
1,500,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2023A), (Assured Guaranty Municipal Corp. INS), 5.000%, 5/15/2038 | 1,737,960 | |
3,000,000 | Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), PCR Refunding Bonds (Central Power and Light Company Project) (Series 1996), 4.250%, 5/1/2030 | 3,003,569 | |
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 | 2,109,997 | |
945,000 | New Hope Cultural Education Facilities Finance Corporation (Brazos Presbyterian Homes Holding, Inc.), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2024 | 945,000 | |
980,000 | New Hope Cultural Education Facilities Finance Corporation (Brazos Presbyterian Homes Holding, Inc.), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2025 | 978,308 | |
625,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2024 | 627,927 | |
1,105,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2025 | 1,119,945 | |
1,500,000 | North East, TX Independent School District, Variable Rate UT GO Refunding Bonds (Series 2019), (Texas Permanent School Fund Guarantee Program GTD), 2.200%, Mandatory Tender 8/1/2024 | 1,484,389 | |
2,500,000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2023A), 5.000%, 1/1/2026 | 2,614,249 | |
3,500,000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2023A), 5.000%, 1/1/2027 | 3,752,157 | |
1,000,000 | Texas Water Development Board, State Revolving Fund Revenue Bonds (Series 2023), 5.000%, 8/1/2038 | 1,170,801 | |
TOTAL | 53,669,406 | ||
Utah— 0.3% | |||
1,000,000 | Intermountain Power Agency, Power Supply Revenue Bonds (Series 2023A), 5.000%, 7/1/2038 | 1,159,970 |
Principal Amount | Value | ||
MUNICIPAL BONDS— continued | |||
Virginia— 3.1% | |||
$ 2,650,000 | Amelia County, VA IDA (Waste Management, Inc.), Tax-Exempt Adjustable Mode Solid Waste Disposal Revenue Bonds (Series 2002), 1.450%, 4/1/2027 | $ 2,382,440 | |
1,000,000 | Charles City County, VA IDA (Waste Management, Inc.), Tax-Exempt Adjustable Mode Solid Waste Disposal Revenue Bonds (Series 2002), 1.450%, 4/1/2027 | 899,034 | |
4,000,000 | Chesapeake, VA Redevelopment and Housing Authority (Standard Hunter’s Point I Venture LP), Multifamily Housing Revenue Bonds (Series 2023), (United States Treasury COL), 5.000%, Mandatory Tender 5/1/2026 | 4,127,889 | |
975,000 | Northampton County and Towns, VA EDA (Myrtle Landing Renewal LLC), Multifamily Housing Revenue Bonds (Series 2023), (United States Treasury COL), 4.500%, Mandatory Tender 4/1/2025 | 984,726 | |
2,000,000 | Virginia Beach, VA Development Authority (Westminster-Canterbury on Chesapeake Bay), Residential Care Facility Revenue Bonds TEMPS-70 (Series 2023B-2), 5.750%, 9/1/2030 | 2,050,807 | |
2,000,000 | Virginia Peninsula Port Authority (Dominion Terminal Associates), Coal Terminal Revenue Refunding Bonds (Series 2003), 3.800%, Mandatory Tender 10/1/2024 | 1,995,082 | |
TOTAL | 12,439,978 | ||
Washington— 2.1% | |||
2,000,000 | Energy Northwest, WA (Bonneville WA Power Administration), Columbia Generating Station Electric Revenue Refunding Bonds (Series 2023A), 5.000%, 7/1/2038 | 2,333,656 | |
2,000,000 | King County, WA Housing Authority, Affordable Housing Revenue Bonds Kirkland Heights Project (Series 2023A-2), 5.000%, 1/1/2028 | 2,110,836 | |
1,825,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2025 | 1,861,795 | |
2,000,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2026 | 2,072,475 | |
TOTAL | 8,378,762 | ||
West Virginia— 1.0% | |||
4,000,000 | West Virginia EDA Solid Waste Disposal Facilities (Appalachian Power Co.), Revenue Refunding Bonds Amos Project (Series 2015A), 2.550%, Mandatory Tender 4/1/2024 | 3,982,524 | |
Wisconsin— 2.3% | |||
2,500,000 | Public Finance Authority (Duke Energy Progress LLC), PCR Refunding Bonds (Series 2022A-1), 3.300%, Mandatory Tender 10/1/2026 | 2,501,770 | |
1,000,000 | Washington State, UT GO Motor Vehicle Fuel and Vehicle Related Fees Refunding Bonds (Series 2023B), 5.000%, 7/1/2027 | 1,088,800 | |
1,000,000 | Washington State, UT GO Refunding Bonds (Series 2023A), 5.000%, 8/1/2025 | 1,036,315 | |
1,000,000 | Washington State, UT GO Refunding Bonds (Series 2023A), 5.000%, 8/1/2026 | 1,063,287 |
Principal Amount | Value | ||
MUNICIPAL BONDS— continued | |||
Wisconsin— continued | |||
$ 3,500,000 | Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health), Revenue Bonds (Series 2018B-2), 5.000%, Mandatory Tender 6/24/2026 | $ 3,651,434 | |
TOTAL | 9,341,606 | ||
Wyoming— 0.7% | |||
3,000,000 | Sweetwater County, WY PCRB (Idaho Power Co.), PCR Refunding Bonds (Series 2006), 1.700%, 7/15/2026 | 2,857,709 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $376,895,360) | 372,468,812 | ||
2 | SHORT-TERM MUNICIPALS— 7.9% | ||
Kentucky— 3.1% | |||
8,000,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020B-1) Daily VRDNs, 5.000%, 1/1/2024 | 8,000,000 | |
4,450,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 4.850%, 1/1/2024 | 4,450,000 | |
TOTAL | 12,450,000 | ||
Multi State— 3.1% | |||
11,200,000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 4.850%, 1/1/2024 | 11,200,000 | |
1,400,000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series D) MuniFund Preferred Shares Weekly VRDPs, 4.320%, 1/1/2024 | 1,400,000 | |
TOTAL | 12,600,000 | ||
New York— 0.3% | |||
1,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, 800 (Series A) MuniFund Preferred Shares Weekly VRDPs, 4.320%, 1/1/2024 | 1,000,000 | |
Ohio— 0.1% | |||
500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series B) VRENs, 4.250%, 1/1/2024 | 500,000 | |
Texas— 0.1% | |||
450,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 4.650%, 1/1/2024 | 450,000 | |
Wisconsin— 1.2% | |||
5,000,000 | Wisconsin Health & Educational Facilities Authority (Marshfield Clinic), (Series 2022A) Weekly VRENs, 5.270%, 1/4/2024 | 5,000,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $32,000,000) | 32,000,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.1% (IDENTIFIED COST $408,895,360)3 | 404,468,812 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1%)4 | (399,770) | ||
TOTAL NET ASSETS—100% | $404,069,042 |
1 | 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, 2023, these restricted securities amounted to $4,159,301, which represented 1.0% of total net assets. |
2 | 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. |
3 | The cost of investments for federal tax purposes amounts to $408,860,382. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
AMT | —Alternative Minimum Tax | |
BANs | —Bond Anticipation Notes | |
COL | —Collateralized | |
EDA | —Economic Development Authority | |
FRNs | —Floating Rate Notes | |
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 Rate | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
LP | —Limited Partnership | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond(s) | |
PILOT | —Payment in Lieu of Taxes | |
PRF | —Pre-refunded | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
SFM | —Single Family Mortgage | |
SIFMA | —Securities Industry and Financial Markets Association | |
SOFR | —Secured Overnight Financing Rate | |
TELA | —Toll Equity Loan Agreement | |
TEMPS | —Tax Exempt Mandatory Paydown Securities | |
UT | —Unlimited Tax | |
VMTP | —Variable Municipal Term Preferred | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 12/31/2023 | Year Ended June 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $9.82 | $9.82 | $10.37 | $10.25 | $10.30 | $10.22 |
Income From Investment Operations: | ||||||
Net investment income1 | 0.24 | 0.17 | 0.07 | 0.08 | 0.13 | 0.14 |
Net realized and unrealized gain (loss) | 0.01 | 0.00 | (0.55) | 0.12 | (0.05) | 0.08 |
TOTAL FROM INVESTMENT OPERATIONS | 0.25 | 0.17 | (0.48) | 0.20 | 0.08 | 0.22 |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (0.17) | (0.07) | (0.08) | (0.13) | (0.14) |
Net Asset Value, End of Period | $9.95 | $9.82 | $9.82 | $10.37 | $10.25 | $10.30 |
Total Return2 | 2.56% | 1.76% | (4.67)% | 1.98% | 0.81% | 2.20% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.72%4,5 | 0.72%5 | 0.71% | 0.71% | 0.81%5 | 0.96%5 |
Net investment income | 2.42%4 | 1.68% | 0.64% | 0.78% | 1.30% | 1.41% |
Expense waiver/reimbursement6 | 0.14%4 | 0.11% | 0.10% | 0.10% | 0.11% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $139,144 | $156,679 | $294,033 | $509,643 | $250,177 | $178,706 |
Portfolio turnover7 | 19% | 27% | 23% | 11% | 49% | 39% |
1 | Per share numbers have been calculated using the average shares method. |
2 | 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. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.72%, 0.72%, 0.81% and 0.96% for the six months ended December 31, 2023 and for the years ended June 30, 2023, 2020 and 2019, respectively, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 12/31/2023 | Year Ended June 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $9.82 | $9.83 | $10.37 | $10.24 | $10.30 | $10.21 |
Income From Investment Operations: | ||||||
Net investment income1 | 0.26 | 0.20 | 0.09 | 0.11 | 0.17 | 0.19 |
Net realized and unrealized gain (loss) | 0.01 | (0.01) | (0.54) | 0.13 | (0.06) | 0.09 |
TOTAL FROM INVESTMENT OPERATIONS | 0.27 | 0.19 | (0.45) | 0.24 | 0.11 | 0.28 |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (0.20) | (0.09) | (0.11) | (0.17) | (0.19) |
Net Asset Value, End of Period | $9.96 | $9.82 | $9.83 | $10.37 | $10.24 | $10.30 |
Total Return2 | 2.80% | 1.91% | (4.33)% | 2.34% | 1.07% | 2.81% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.47%4,5 | 0.47%5 | 0.46% | 0.46% | 0.46%5 | 0.46%5 |
Net investment income | 2.67%4 | 1.95% | 0.91% | 1.05% | 1.66% | 1.91% |
Expense waiver/reimbursement6 | 0.20%4 | 0.18% | 0.17% | 0.17% | 0.18% | 0.21% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $258,003 | $307,564 | $461,550 | $624,552 | $561,612 | $575,676 |
Portfolio turnover7 | 19% | 27% | 23% | 11% | 49% | 39% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.47%, 0.47%, 0.46% and 0.46% for the six months ended December 31, 2023 and for the years ended June 30, 2023, 2020 and 2019, respectively, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 12/31/2023 | Year Ended June 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $9.82 | $9.83 | $10.37 | $10.25 | $10.30 | $10.22 |
Income From Investment Operations: | ||||||
Net investment income1 | 0.24 | 0.17 | 0.07 | 0.08 | 0.14 | 0.17 |
Net realized and unrealized gain | 0.02 | (0.01) | (0.54) | 0.12 | (0.05) | 0.08 |
TOTAL FROM INVESTMENT OPERATIONS | 0.26 | 0.16 | (0.47) | 0.20 | 0.09 | 0.25 |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (0.17) | (0.07) | (0.08) | (0.14) | (0.17) |
Net Asset Value, End of Period | $9.96 | $9.82 | $9.83 | $10.37 | $10.25 | $10.30 |
Total Return2 | 2.67% | 1.67% | (4.56)% | 2.00% | 0.93% | 2.46% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.70%4, 5 | 0.70%5 | 0.70% | 0.70% | 0.70%5 | 0.70%5 |
Net investment income | 2.44%4 | 1.75% | 0.67% | 0.82% | 1.42% | 1.67% |
Expense waiver/reimbursement6 | 0.14%4 | 0.11% | 0.10% | 0.10% | 0.21% | 0.35% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $6,922 | $7,098 | $7,697 | $10,101 | $11,431 | $11,663 |
Portfolio turnover7 | 19% | 27% | 23% | 11% | 49% | 39% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.70% for the six months ended December 31, 2023 and for the years ended June 30, 2023, 2020 and 2019, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Assets: | |
Investment in securities, at value (identified cost $408,895,360) | $404,468,812 |
Cash | 14,593 |
Income receivable | 3,437,681 |
Receivable for shares sold | 1,744,164 |
Total Assets | 409,665,250 |
Liabilities: | |
Payable for shares redeemed | $3,075,516 |
Payable for investments purchased | 2,079,180 |
Income distribution payable | 230,221 |
Payable for other service fees (Notes 2 and 5) | 44,119 |
Payable for investment adviser fee (Note 5) | 8,281 |
Payable for administrative fee (Note 5) | 2,763 |
Accrued expenses (Note 5) | 156,128 |
TOTAL LIABILITIES | 5,596,208 |
Net assets for 40,587,022 shares outstanding | $404,069,042 |
Net Assets Consist of: | |
Paid-in capital | $448,762,020 |
Total distributable earnings (loss) | (44,692,978) |
TOTAL NET ASSETS | $404,069,042 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($139,144,404 ÷ 13,977,983 shares outstanding), no par value, unlimited shares authorized | $9.95 |
Offering price per share (100/99.00 of $9.95) | $10.05 |
Redemption proceeds per share | $9.95 |
Institutional Shares: | |
Net asset value per share ($258,002,835 ÷ 25,914,171 shares outstanding), no par value, unlimited shares authorized | $9.96 |
Offering price per share | $9.96 |
Redemption proceeds per share | $9.96 |
Service Shares: | |
Net asset value per share ($6,921,803 ÷ 694,868 shares outstanding), no par value, unlimited shares authorized | $9.96 |
Offering price per share | $9.96 |
Redemption proceeds per share | $9.96 |
Investment Income: | |
Interest | $6,944,690 |
Expenses: | |
Investment adviser fee (Note 5) | $870,954 |
Administrative fee (Note 5) | 173,957 |
Custodian fees | 14,418 |
Transfer agent fees (Note 2) | 92,051 |
Directors’/Trustees’ fees (Note 5) | 4,746 |
Auditing fees | 16,919 |
Legal fees | 4,893 |
Distribution services fee (Note 5) | 5,769 |
Other service fees (Notes 2 and 5) | 288,338 |
Portfolio accounting fees | 84,428 |
Share registration costs | 37,891 |
Printing and postage | 16,488 |
Miscellaneous (Note 5) | 24,529 |
TOTAL EXPENSES | 1,635,381 |
Waiver, Reimbursement and Reduction: | |
Waiver of investment adviser fee (Note 5) | (307,592) |
Reimbursement of other operating expenses (Notes 2 and 5) | (91,914) |
Reduction of custodian fees (Note 6) | (430) |
TOTAL WAIVER, REIMBURSEMENT AND REDUCTION | (399,936) |
Net expenses | 1,235,445 |
Net investment income | 5,709,245 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized loss on investments | (4,124,600) |
Net change in unrealized depreciation of investments | 9,214,599 |
Net realized and unrealized gain (loss) on investments | 5,089,999 |
Change in net assets resulting from operations | $10,799,244 |
Six Months Ended (unaudited) 12/31/2023 | Year Ended 6/30/2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $5,709,245 | $10,994,248 |
Net realized loss | (4,124,600) | (11,389,434) |
Net change in unrealized appreciation/depreciation | 9,214,599 | 10,189,744 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 10,799,244 | 9,794,558 |
Distributions to Shareholders: | ||
Class A Shares | (1,824,394) | (3,545,586) |
Class A2 Shares1 | (55,450) | (35,919) |
Institutional Shares | (3,736,477) | (7,260,254) |
Service Shares | (85,931) | (131,097) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (5,702,252) | (10,972,856) |
Share Transactions: | ||
Proceeds from sale of shares | 47,121,338 | 116,169,178 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,850,870 | 8,148,454 |
Cost of shares redeemed | (129,341,772) | (408,077,935) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (79,369,564) | (283,760,303) |
Change in net assets | (74,272,572) | (284,938,601) |
Net Assets: | ||
Beginning of period | 478,341,614 | 763,280,215 |
End of period | $404,069,042 | $478,341,614 |
1 | On October 27, 2023, Class A2 Shares were converted to Class A Shares. |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Class A Shares | $188,107 | $— |
Institutional Shares | 91,914 | (91,914) |
Service Shares | 8,317 | — |
TOTAL | $288,338 | $(91,914) |
Security | Acquisition Date | Acquisition Cost | Value |
California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2009A), 1.300%, Mandatory Tender 2/3/2025 | 1/30/2020 | $1,500,000 | $1,457,463 |
California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-50 Senior Living Revenue Refunding Bonds (Series B-3), 2.125%, 11/15/2027 | 5/27/2021 | $855,000 | $854,202 |
California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-70 Senior Living Revenue Refunding Bonds (Series B-2), 2.375%, 11/15/2028 | 5/27/2021 | $1,000,000 | $997,020 |
Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2023A), 4.700%, 10/1/2028 | 12/18/2023 | $960,000 | $850,616 |
Six Months Ended 12/31/2023 | Year Ended 6/30/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,554,135 | $15,255,773 | 2,316,575 | $22,704,839 |
Shares issued to shareholders in payment of distributions declared | 122,032 | 1,196,339 | 358,527 | 3,512,411 |
Conversion of Class A2 Shares to Class A Shares1 | 717,711 | 6,918,738 | — | — |
Shares redeemed | (4,377,463) | (42,765,612) | (16,642,306) | (163,069,763) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (1,983,585) | $(19,394,762) | (13,967,204) | $(136,852,513) |
Six Months Ended 12/31/2023 | Year Ended 6/30/2023 | |||
Class A2 Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 1,421,332 | $13,993,019 |
Shares issued to shareholders in payment of distributions declared | 4,263 | 41,526 | 3,667 | 35,919 |
Conversion of Class A2 Shares to Class A Shares1 | (718,606) | (6,918,738) | — | — |
Shares redeemed | — | — | (710,666) | (6,985,849) |
NET CHANGE RESULTING FROM CLASS A2 SHARE TRANSACTIONS | (714,343) | $(6,877,212) | 714,333 | $7,043,089 |
Six Months Ended 12/31/2023 | Year Ended 6/30/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,538,221 | $24,881,349 | 8,106,673 | $79,433,211 |
Shares issued to shareholders in payment of distributions declared | 159,194 | 1,561,020 | 457,129 | 4,480,750 |
Shares redeemed | (8,108,715) | (79,266,630) | (24,206,032) | (237,273,224) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (5,411,300) | $(52,824,261) | (15,642,230) | $(153,359,263) |
Six Months Ended 12/31/2023 | Year Ended 6/30/2023 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,703 | $65,478 | 3,884 | $38,109 |
Shares issued to shareholders in payment of distributions declared | 5,295 | 51,985 | 12,172 | 119,374 |
Shares redeemed | (39,659) | (390,792) | (76,403) | (749,099) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (27,661) | $(273,329) | (60,347) | $(591,616) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (8,136,889) | $(79,369,564) | (28,955,448) | $(283,760,303) |
1 | On October 27, 2023, Class A2 Shares were converted to Class A Shares. Within the Statement of Changes in Net Assets, the conversion from Class A2 Shares is within the Cost of shares redeemed and the conversion to Class A Shares is within Proceeds from sale of shares. |
Short-Term | Long-Term | Total |
$14,402,282 | $21,772,512 | $36,174,794 |
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 |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Distribution Services Fees Incurred | |
Class A2 Shares | $5,769 |
Purchases | $75,474,892 |
Sales | $143,065,727 |
Beginning Account Value 7/1/2023 | Ending Account Value 12/31/2023 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $1,025.60 | $3.67 |
Institutional Shares | $1,000.00 | $1,028.00 | $2.40 |
Service Shares | $1,000.00 | $1,026.70 | $3.57 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000.00 | $1,021.52 | $3.66 |
Institutional Shares | $1,000.00 | $1,022.77 | $2.39 |
Service Shares | $1,000.00 | $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 | 0.72% |
Institutional Shares | 0.47% |
Service Shares | 0.70% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
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 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. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 18. | Recovery of Erroneously Awarded Compensation |
(a) | Not Applicable |
(b) | 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.
Registrant Federated Hermes Short-Intermediate Duration Municipal Trust
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date February 23, 2024
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 23, 2024
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date February 23, 2024