United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-6165
(Investment Company Act File Number)
Federated Municipal Securities Income Trust
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 08/31/14
Date of Reporting Period: Six months ended 02/28/14
Item 1. Reports to Stockholders
Share Class | Ticker |
A | MMIFX |
Sector Composition | Percentage of Total Net Assets |
General Obligation—Local | 30.7% |
Hospital | 18.5% |
Water Sewer | 10.9% |
Education | 9.2% |
Transportation | 8.4% |
Special Tax | 8.1% |
Industrial Development Bond/Pollution Control Revenue | 3.6% |
General Obligation—State | 3.5% |
Public Power | 2.9% |
Electric & Gas | 2.0% |
Other2 | 1.2% |
Other Assets and Liabilities—Net3 | 1.0% |
TOTAL | 100.0% |
1 | Sector classifications, and the assignment of holdings to such sectors, are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. For securities that have been enhanced by a third-party, including bond insurers and banks, sector classifications are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. |
2 | For purposes of this table, sector classifications constitute 97.8% of the Fund's total net assets. Remaining sectors have been aggregated under the designation “Other.” |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
MUNICIPAL BONDS—97.9% | |||
Michigan—97.9% | |||
$1,000,000 | Anchor Bay, MI School District, Refunding UT GO Bonds (Series 2012), 5.00% (Q-SBLF GTD), 5/1/2020 | $1,183,020 | |
1,300,000 | Ann Arbor, MI Public School District, School Building & Site UT GO Bonds, 5.00% (National Public Finance Guarantee Corporation INS), 5/1/2019 | 1,405,638 | |
955,000 | Ann Arbor, MI, Court and Police Facilities LT GO Capital Improvement Bonds, 4.75%, 5/1/2025 | 1,050,987 | |
1,000,000 | Avondale, MI School District, Refunding UT GO Bonds (Series 2009), 4.50% (Q-SBLF GTD)/(Assured Guaranty Corp. INS), 5/1/2018 | 1,135,160 | |
1,000,000 | Battle Creek, MI School District, School Building & Site UT GO Bonds, 5.00% (Assured Guaranty Municipal Corp. INS), 5/1/2022 | 1,102,730 | |
725,000 | Berkley, MI School District, Refunding UT GO Bonds (Series 2009), 5.00% (Q-SBLF GTD)/(Assured Guaranty Corp. INS), 5/1/2019 | 852,607 | |
1,690,000 | Bishop, MI International Airport Authority, Refunding LT GO (Series 2010A), 4.50% (Assured Guaranty Municipal Corp. INS), 12/1/2023 | 1,786,752 | |
1,000,000 | Brandon School District, MI, UT GO School Building and Site Bonds, 5.00% (Assured Guaranty Municipal Corp. INS), 5/1/2019 | 1,075,660 | |
450,000 | Byron Center, MI Public Schools, School Building & Site UT GO Bonds, 5.00% (Q-SBLF GTD), 5/1/2021 | 531,144 | |
100,000 | Canton Charter Township, MI, LT GO Bonds, 5.00% (Assured Guaranty Municipal Corp. INS), 4/1/2014 | 100,422 | |
1,000,000 | Central Michigan University Board of Trustees, General Revenue Refunding Bonds (Series 2009), 5.00%, 10/1/2023 | 1,091,730 | |
1,000,000 | Chippewa Valley, MI Schools, Refunding UT GO Bonds (Series 2013), 5.00% (Q-SBLF GTD), 5/1/2024 | 1,155,300 | |
500,000 | Chippewa Valley, MI Schools, UT GO Refunding Bonds, 5.00% (Q-SBLF GTD)/(Assured Guaranty Municipal Corp. INS), 5/1/2014 | 504,205 | |
1,250,000 | Coopersville, MI Public Schools, School Building & Site UT GO Bonds, 5.00% (Assured Guaranty Municipal Corp. INS), 5/1/2022 | 1,337,987 | |
2,000,000 | Dearborn, MI School District, UT GO School Building & Site Bonds (Series 2014A), 5.00% (Q-SBLF GTD), 5/1/2025 | 2,258,960 | |
1,500,000 | 1 | Detroit, MI Sewage Disposal System, Revenue Refunding Bonds, 5.50% (National Public Finance Guarantee Corporation INS), 7/1/2016 | 1,509,165 |
1,000,000 | 1 | Detroit, MI Water Supply System, Revenue Bonds Series A, 5.00% (Assured Guaranty Municipal Corp. INS), 7/1/2015 | 1,005,110 |
1,000,000 | 1 | Detroit, MI Water Supply System, Senior Lien Revenue Bonds (Series 2005-B), 5.50% (Berkshire Hathaway Assurance Corp. INS), 7/1/2020 | 1,046,200 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$2,000,000 | 1 | Detroit, MI Water Supply System, Senior Lien Revenue Bonds (Series 2006A), 5.00% (Assured Guaranty Municipal Corp. INS), 7/1/2018 | $2,005,120 |
1,000,000 | Detroit/Wayne County, MI Stadium Authority, Building Authority Stadium LT GO Refunding Bonds (Series 2012), 5.00% (Wayne County, MI)/(Assured Guaranty Municipal Corp. INS), 10/1/2021 | 1,104,120 | |
2,000,000 | Dickinson County, MI EDC, Refunding PCRBs (Series 2004A), 4.80% (International Paper Co.), 11/1/2018 | 2,040,440 | |
1,000,000 | Eastern Michigan University Board of Regents, General Revenue Bonds (Series 2009C), 5.00% (Assured Guaranty Corp. INS), 2/15/2023 | 1,081,770 | |
250,000 | Essexville-Hampton, MI Public Schools, Refunding UT GO Bonds, 4.00% (Q-SBLF GTD)/(Assured Guaranty Municipal Corp. INS), 5/1/2014 | 251,560 | |
1,000,000 | Ferris State University, MI, General Revenue Bonds (Series 2009), 5.00% (Assured Guaranty Corp. INS), 10/1/2020 | 1,131,620 | |
500,000 | Grand Rapids, MI Community College, LT GO Community College Bonds (Series 2012), 5.00%, 5/1/2024 | 570,970 | |
1,000,000 | Grand Rapids, MI Sanitary Sewer System, Revenue Refunding Bonds (Series 2013), 5.00%, 1/1/2024 | 1,172,930 | |
2,000,000 | Jackson County, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2006C), 5.00% (Allegiance Health)/(Assured Guaranty Corp. INS), 6/1/2026 | 2,151,300 | |
2,130,000 | Kalamazoo, MI Hospital Finance Authority, Hospital Revenue Bonds (Series 2006), 5.00% (Bronson Methodist Hospital)/(Assured Guaranty Municipal Corp. INS), 5/15/2019 | 2,481,599 | |
1,000,000 | Kalamazoo, MI Public Schools, Refunding Building & Site UT GO Bonds, 5.00% (Assured Guaranty Municipal Corp. INS), 5/1/2018 | 1,075,660 | |
1,000,000 | Kalamazoo, MI Regional Educational Services Agency, UT GO School Building and Site Bonds, 5.00%, 5/1/2019 | 1,132,310 | |
450,000 | Kalamazoo, MI Water Revenue, Revenue Refunding Bonds, 5.00% (AMBAC INS), 9/1/2014 | 460,386 | |
510,000 | Kalamazoo, MI Water Revenue, Revenue Refunding Bonds, 5.00% (AMBAC INS), 9/1/2015 | 544,308 | |
1,785,000 | Kent County, MI Airport Revenue, LT GO Airport Revenue Bonds (Series 2007), 5.00% (Gerald R. Ford International Airport), 1/1/2021 | 1,971,282 | |
1,345,000 | Kent County, MI, Capital Improvement LT GO Bonds (Series 2004A), 5.00%, 12/1/2020 | 1,390,959 | |
1,750,000 | Kent County, MI, LT GO Bonds (Series 2009), 5.00%, 1/1/2025 | 1,905,750 | |
1,500,000 | Kent Hospital Finance Authority, MI, Revenue Refunding Bonds (Series 2011A), 5.00% (Spectrum Health), 11/15/2022 | 1,704,060 | |
1,000,000 | Kentwood, MI Public Schools, Refunding UT GO Bonds (Series 2012), 4.00%, 5/1/2022 | 1,098,660 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$1,010,000 | Lake Superior State University, MI, General Revenue Refunding Bonds (Series 2012), 4.00% (Assured Guaranty Municipal Corp. INS), 11/15/2020 | $1,086,659 | |
1,900,000 | Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2011A), 5.00%, 7/1/2024 | 2,156,044 | |
1,200,000 | Marysville, MI Public School District, School Building & Site UT GO Bonds (Series 2007), 5.00% (Assured Guaranty Municipal Corp. INS), 5/1/2022 | 1,323,276 | |
400,000 | Michigan Finance Authority, Hospital Revenue Bonds (Series 2012), 5.00% (Sparrow Obligated Group, MI), 11/15/2026 | 428,364 | |
1,500,000 | Michigan Finance Authority, Revenue Bonds (Series 2012B), 5.00% (Michigan Finance Authority Unemployment Obligation Assessment), 1/1/2021 | 1,759,665 | |
1,000,000 | Michigan Finance Authority, State Revolving Fund Revenue Bonds (Series 2012), 5.00% (Clean Water Revolving Fund), 10/1/2025 | 1,155,790 | |
1,525,000 | Michigan Municipal Bond Authority, Revenue Bonds, 5.00% (Clean Water Revolving Fund), 10/1/2017 | 1,763,922 | |
1,000,000 | Michigan Public Power Agency, Combustion Turbine No. 1 Project Revenue Refunding Bonds (Series 2011A), 5.00% (Assured Guaranty Municipal Corp. INS), 1/1/2022 | 1,122,840 | |
500,000 | Michigan State Building Authority, Facilities Program Revenue & Refunding Bonds (Series 2013 1-A), 5.00%, 10/15/2022 | 576,070 | |
1,000,000 | Michigan State Building Authority, Facilities Program Revenue Bonds (2009 Series II), 5.00% (Assured Guaranty Corp. INS), 10/15/2022 | 1,109,060 | |
1,000,000 | Michigan State Building Authority, Revenue Refunding Bonds (Series 2009I), 5.25% (Assured Guaranty Corp. INS), 10/15/2024 | 1,136,000 | |
2,000,000 | Michigan State Comprehensive Transportation Fund, Refunding Bonds (Series 2009), 5.25%, 5/15/2019 | 2,343,080 | |
2,485,000 | Michigan State Department of Transportation, Grant Anticipation Bonds, 5.25% (Assured Guaranty Municipal Corp. INS), 9/15/2021 | 2,790,854 | |
1,970,000 | Michigan State Financial Authority, Revenue Bonds (Series 2006A), 5.00% (Trinity Healthcare Credit Group), 12/1/2026 | 2,142,178 | |
1,275,000 | Michigan State Hospital Finance Authority, Hospital Revenue & Refunding Bonds (Series 2007A), 5.00% (Oakwood Obligated Group), 7/15/2018 | 1,397,655 | |
1,000,000 | Michigan State Hospital Finance Authority, Hospital Revenue & Refunding Bonds (Series 2012A), 5.00% (Crittenton Hospital Medical Center), 6/1/2027 | 1,018,330 | |
1,000,000 | Michigan State Hospital Finance Authority, Hospital Revenue & Refunding Bonds (Series 2006A), 5.00% (Henry Ford Health System, MI), 11/15/2021 | 1,051,810 | |
1,000,000 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds (Series 2006A), 5.00% (MidMichigan Obligated Group), 4/15/2026 | 1,019,390 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$1,000,000 | Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Series 2010 F-3), 2.625% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 6/30/2014 | $1,007,770 | |
750,000 | Michigan State Hospital Finance Authority, Revenue Refunding Bonds, 5.00% (Sparrow Obligated Group, MI), 11/15/2022 | 791,235 | |
155,000 | Michigan State Hospital Finance Authority, Revenue Bonds (Series 1993P), 5.38% (Sisters of Mercy Health System)/(United States Treasury COL)/(Original Issue Yield: 5.55%)/(National Public Finance Guarantee Corporation INS), 8/15/2014 | 158,743 | |
1,790,000 | Michigan State Hospital Finance Authority, Revenue Bonds (Series 2005C), 5.00% (McLaren Health Care Corp.), 8/1/2020 | 1,874,130 | |
2,000,000 | Michigan State Hospital Finance Authority, Revenue Bonds (Series 2010B), 5.00% (Ascension Health Alliance Senior Credit Group), 11/15/2024 | 2,233,080 | |
250,000 | Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Series A), 5.00% (Henry Ford Health System, MI), 11/15/2014 | 256,415 | |
500,000 | Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Series A), 5.00% (Henry Ford Health System, MI), 11/15/2025 | 513,910 | |
1,000,000 | Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Series A), 5.00% (Oakwood Obligated Group), 7/15/2025 | 1,032,540 | |
1,000,000 | Michigan State Strategic Fund, LO Revenue Refunding Bonds, 7.00% (Detroit Edison Co.)/(AMBAC INS), 5/1/2021 | 1,244,310 | |
2,000,000 | Michigan State Strategic Fund, Revenue Bonds , 4.25% TOBs (Republic Services, Inc.), Mandatory Tender 4/1/2014 | 2,003,660 | |
2,600,000 | Michigan State Trunk Line, Revenue Refunding Bonds (Series 2009), 5.00%, 11/1/2020 | 3,012,802 | |
1,000,000 | Michigan State Trunk Line, Revenue Bonds, 5.00% (FGIC and National Public Finance Guarantee Corporation INS), 11/1/2014 | 1,032,270 | |
1,000,000 | Michigan State Trunk Line, Revenue Bonds, 5.00% (National Public Finance Guarantee Corporation INS), 9/1/2014 | 1,024,340 | |
500,000 | Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2011), 5.00%, 11/15/2022 | 581,050 | |
500,000 | Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2011), 5.00%, 11/15/2023 | 573,025 | |
1,000,000 | Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2011), 5.25% (Michigan State), 10/15/2022 | 1,133,670 | |
1,000,000 | Michigan Strategic Fund, Ltd Obligation Revenue Refunding Bonds (Series 2008ET-2), 5.50% TOBs (Detroit Edison Co.), Mandatory Tender 8/1/2016 | 1,097,110 | |
1,000,000 | Michigan Technological University Board of Control, General Revenue & Revenue Refunding Bonds (Series 2008), 5.25% (United States Treasury COL), 10/1/2018 | 1,189,990 | |
500,000 | Northview Michigan Public School District, Refunding UT GO Bonds, 5.00% (Assured Guaranty Municipal Corp. INS), 5/1/2019 | 572,600 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$1,000,000 | Oakland County, MI EDC, Revenue Refunding Bonds, 4.00% (Cranbrook Educational Community), 11/1/2021 | $1,044,730 | |
1,855,000 | Orchard View, MI Schools, UT GO Bonds, 4.00% (Q-SBLF GTD)/(Assured Guaranty Municipal Corp. INS), 5/1/2022 | 1,995,869 | |
525,000 | Ovid Elsie, MI Area Schools, UT GO Refunding Bonds, 4.00% (Q-SBLF GTD)/(Assured Guaranty Municipal Corp. INS), 5/1/2015 | 546,268 | |
550,000 | Rochester Hills, MI, Refunding UT GO Bonds (Series 2010), 4.50%, 4/1/2021 | 621,951 | |
1,130,000 | Romulus, MI Tax Increment Finance Authority, Recreation Center LT GO Bonds, 5.00% (Assured Guaranty Municipal Corp. INS), 11/1/2022 | 1,186,726 | |
1,100,000 | Roseville, MI Community Schools, School Building & Site Refunding UT GO Bonds, 5.00% (Assured Guaranty Municipal Corp. INS), 5/1/2021 | 1,180,124 | |
1,670,000 | Saginaw County, MI Water Supply System, Revenue Bonds (Series 2011A), 4.75% (Assured Guaranty Municipal Corp. INS), 7/1/2025 | 1,793,580 | |
430,000 | Troy, MI School District, UT GO School Building & Site Bonds (Series 2014), 5.00% (Q-SBLF GTD), 5/1/2023 | 506,076 | |
1,000,000 | University of Michigan Regents, General Revenue Bonds (Series 2010C), 4.00%, 4/1/2022 | 1,100,610 | |
250,000 | University of Michigan Regents, General Revenue Bonds (Series 2014A), 5.00%, 4/1/2024 | 304,815 | |
500,000 | Utica, MI Community Schools, School Building and Site Refunding UT GO Bonds, 5.00% (National Public Finance Guarantee Corporation INS), 5/1/2017 | 568,975 | |
2,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2010C), 5.00%, 12/1/2021 | 2,211,560 | |
2,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2011A-B), 5.00%, 12/1/2021 | 2,218,880 | |
1,000,000 | Wayne State University, MI, General Revenue Refunding Bonds (Series 2008), 5.00% (Assured Guaranty Municipal Corp. INS), 11/15/2019 | 1,125,540 | |
1,000,000 | Western Michigan University, General Revenue Refunding Bonds (Series 2009), 5.25% (Assured Guaranty Corp. INS), 11/15/2019 | 1,166,440 | |
500,000 | Western Townships MI, Utilities Authority, Sewage Disposal System Refunding LT GO Bonds (Series 2012), 5.00%, 1/1/2023 | 583,905 | |
1,000,000 | Ypsilanti, MI School District, UT GO Bonds, 5.00% (National Public Finance Guarantee Corporation INS), 5/1/2023 | 1,099,470 | |
TOTAL | 111,376,737 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $106,086,345) | 111,376,737 |
Principal Amount | Value | ||
SHORT-TERM MUNICIPALS—1.1%2 | |||
Michigan—1.1% | |||
$1,300,000 | Michigan Higher Education Facilities Authority, (Series 2006) Weekly VRDNs (Albion College)/(JPMorgan Chase Bank, N.A. LOC), 0.030%, 3/7/2014 (AT AMORTIZED COST) | $1,300,000 | |
TOTAL MUNICIPAL INVESTMENTS—99.0% (AT IDENTIFIED COST $107,386,345)3 | 112,676,737 | ||
OTHER ASSETS AND LIABILITIES - NET—1.0%4 | 1,129,246 | ||
TOTAL NET ASSETS—100% | $113,805,983 |
1 | Obligor has filed for bankruptcy. |
2 | Current rate and next reset date shown for Variable Rate Demand Notes. |
3 | The cost of investments for federal tax purposes amounts to $107,328,127. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AMBAC | —American Municipal Bond Assurance Corporation |
COL | —Collateralized |
EDC | —Economic Development Corporation |
FGIC | —Financial Guaranty Insurance Company |
GO | —General Obligation |
GTD | —Guaranteed |
INS | —Insured |
LO | —Limited Obligation |
LOC | —Letter of Credit |
LT | —Limited Tax |
PCRBs | —Pollution Control Revenue Bonds |
Q-SBLF | —Qualified School Bond Loan Fund |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 2/28/2014 | Year Ended August 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $10.90 | $11.59 | $11.17 | $11.27 | $10.80 | $10.84 |
Income From Investment Operations: | ||||||
Net investment income | 0.17 | 0.34 | 0.36 | 0.39 | 0.40 | 0.42 |
Net realized and unrealized gain (loss) on investments and futures contracts | 0.29 | (0.67) | 0.42 | (0.10) | 0.47 | (0.04) |
TOTAL FROM INVESTMENT OPERATIONS | 0.46 | (0.33) | 0.78 | 0.29 | 0.87 | 0.38 |
Less Distributions: | ||||||
Distributions from net investment income | (0.17) | (0.33) | (0.36) | (0.39) | (0.40) | (0.42) |
Distributions from net realized gain on investments | — | (0.03) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.17) | (0.36) | (0.36) | (0.39) | (0.40) | (0.42) |
Net Asset Value, End of Period | $11.19 | $10.90 | $11.59 | $11.17 | $11.27 | $10.80 |
Total Return1 | 4.21% | (2.89)% | 7.11% | 2.74% | 8.25% | 3.69% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.71%2 | 0.63% | 0.62% | 0.54% | 0.54% | 0.54% |
Net investment income | 3.04%2 | 2.95% | 3.16% | 3.60% | 3.66% | 3.98% |
Expense waiver/reimbursement3 | 0.23%2 | 0.26% | 0.35% | 0.38% | 0.35% | 0.31% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $113,806 | $121,759 | $131,357 | $124,626 | $160,614 | $164,536 |
Portfolio turnover | 3% | 8% | 13% | 16% | 21% | 12% |
1 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
2 | Computed on an annualized basis |
3 | This expense decrease is reflected in both net expenses and net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value (identified cost $107,386,345) | $112,676,737 | |
Cash | 24,183 | |
Income receivable | 1,387,653 | |
Receivable for shares sold | 64,942 | |
TOTAL ASSETS | 114,153,515 | |
Liabilities: | ||
Payable for shares redeemed | $183,748 | |
Income distribution payable | 97,492 | |
Payable for portfolio accounting fees | 37,447 | |
Payable for shareholder services fee (Note 5) | 19,081 | |
Accrued expenses (Note 5) | 9,764 | |
TOTAL LIABILITIES | 347,532 | |
Net assets for 10,165,917 shares outstanding | $113,805,983 | |
Net Assets Consist of: | ||
Paid-in capital | $108,865,552 | |
Net unrealized appreciation of investments | 5,290,392 | |
Accumulated net realized loss on investments and futures contracts | (359,483) | |
Undistributed net investment income | 9,522 | |
TOTAL NET ASSETS | $113,805,983 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Net asset value per share ($113,805,983 ÷ 10,165,917 shares outstanding), no par value, unlimited shares authorized | $11.19 | |
Offering price per share (100/97.00 of 11.19) | $11.54 | |
Redemption proceeds per share | $11.19 |
Investment Income: | ||
Interest | $2,149,129 | |
Expenses: | ||
Investment adviser fee (Note 5) | $228,769 | |
Administrative fee (Note 5) | 44,667 | |
Custodian fees | 4,791 | |
Transfer agent fees | 26,236 | |
Directors'/Trustees' fees (Note 5) | 897 | |
Auditing fees | 12,646 | |
Legal fees | 6,148 | |
Shareholder services fee (Note 5) | 122,986 | |
Account administration fee | 18,355 | |
Portfolio accounting fees | 44,728 | |
Share registration costs | 12,680 | |
Printing and postage | 10,458 | |
Insurance premiums (Note 5) | 2,118 | |
Miscellaneous (Note 5) | 830 | |
TOTAL EXPENSES | 536,309 | |
Waiver of investment adviser fee (Note 5) | (128,622) | |
Net expenses | 407,687 | |
Net investment income | 1,741,442 | |
Realized and Unrealized Gain (Loss) on Investments: | ||
Net realized loss on investments | (298,165) | |
Net change in unrealized appreciation of investments | 3,384,711 | |
Net realized and unrealized gain on investments | 3,086,546 | |
Change in net assets resulting from operations | $4,827,988 |
Six Months Ended (unaudited) 2/28/2014 | Year Ended 8/31/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,741,442 | $3,909,334 |
Net realized loss on investments | (298,165) | (107,004) |
Net change in unrealized appreciation/depreciation of investments | 3,384,711 | (7,596,863) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 4,827,988 | (3,794,533) |
Distributions to Shareholders: | ||
Distributions from net investment income | (1,734,608) | (3,840,570) |
Distributions from net realized gain on investments | — | (399,669) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,734,608) | (4,240,239) |
Share Transactions: | ||
Proceeds from sale of shares | 9,774,043 | 24,425,523 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,056,999 | 2,507,513 |
Cost of shares redeemed | (21,877,421) | (28,496,230) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (11,046,379) | (1,563,194) |
Change in net assets | (7,952,999) | (9,597,966) |
Net Assets: | ||
Beginning of period | 121,758,982 | 131,356,948 |
End of period (including undistributed net investment income of $9,522 and $2,688, respectively) | $113,805,983 | $121,758,982 |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium) unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
Six Months Ended 2/28/2014 | Year Ended 8/31/2013 | |
Shares sold | 882,341 | 2,120,302 |
Shares issued to shareholders in payment of distributions declared | 95,406 | 218,492 |
Shares redeemed | (1,982,824) | (2,505,982) |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | (1,005,077) | (167,188) |
Short-Term | Long-Term | Total | |
$(107,170) | $— | $(107,170) |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Service Fees Incurred | |
Class A Shares | $122,986 |
Purchases | $3,027,860 |
Sales | $14,572,379 |
Beginning Account Value 9/1/2013 | Ending Account Value 2/28/2014 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,042.10 | $3.59 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,021.27 | $3.56 |
1 | Expenses are equal to the Fund's annualized net expense ratio of 0.71%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). |
Name | For | Withheld |
John T. Collins | 91,507,128.403 | 2,809,854.606 |
Maureen Lally-Green | 92,819,244.677 | 1,497,738.332 |
Thomas M. O'Neill | 92,644,697.917 | 1,672,285.092 |
P. Jerome Richey | 92,746,737.657 | 1,570,245.352 |
1 | The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Maureen Lally-Green (having been previously appointed by the Board), Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill (having been previously appointed by the Board), and John S. Walsh. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
2014 ©Federated Investors, Inc.
Share Class | Ticker |
A | NYIFX |
B | NYIBX |
Sector Composition | Percentage of Total Net Assets |
Special Tax | 15.0% |
General Obligation—Local | 14.7% |
Transportation | 14.1% |
General Obligation—State | 13.5% |
Education | 11.7% |
Industrial Development Bond/Pollution Control | 6.0% |
Water and Sewer | 5.3% |
Resource Recovery | 4.7% |
Hospital | 4.1% |
Pre-refunded | 3.7% |
Other2 | 9.9% |
Other Assets and Liabilities—Net3 | (2.7)% |
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. Pre-refunded securities are those whose debt service is paid from escrowed assets, usually U.S. government securities. |
2 | For purposes of this table, sector classifications constitute 92.8% 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—98.7% | |||
New York—95.7% | |||
$1,000,000 | Babylon, NY IDA, Resource Recovery Bonds (Series 2009A), 5.00% (Covanta Babylon, Inc.), 1/1/2019 | $1,159,290 | |
250,000 | Battery Park, NY City Authority, Senior Revenue Bonds (Series 2013A), 5.00%, 11/1/2025 | 297,680 | |
480,000 | Brooklyn Arena Local Development Corporation, NY, Pilot Revenue Bonds (Series 2009), 6.38% (Original Issue Yield: 6.48%), 7/15/2043 | 515,760 | |
215,000 | Hudson Yards Infrastructure Corp. NY, Hudson Yards Senior Revenue Bonds (Series 2012A), 5.75%, 2/15/2047 | 234,591 | |
220,000 | Islip, NY Resource Recovery Agency, Resource Recovery Revenue Bonds (Series 2001E), 5.75% (Assured Guaranty Municipal Corp. INS), 7/1/2023 | 225,700 | |
500,000 | Livingston County, NY IDA, Civic Facility Revenue Bonds (Series 2005), 6.00% (Nicholas H. Noyes Memorial Hospital Civic Facility), 7/1/2030 | 499,995 | |
500,000 | Metropolitan Transportation Authority, NY, Dedicated Tax Fund Bonds (Series 2009B), 5.00% (MTA Dedicated Tax Fund)/(Original Issue Yield: 5.10%), 11/15/2034 | 531,850 | |
250,000 | Metropolitan Transportation Authority, NY, Revenue Bonds (Series 1998A), 5.00% (MTA Dedicated Tax Fund)/(United States Treasury PRF 10/1/2015@100)/(Original Issue Yield: 5.22%), 4/1/2023 | 268,893 | |
500,000 | Metropolitan Transportation Authority, NY, Revenue Bonds (Series 2006A), 5.00% (MTA Transportation Revenue), 11/15/2035 | 513,875 | |
500,000 | Metropolitan Transportation Authority, NY, Revenue Bonds (Series 2012E), 5.00% (MTA Transportation Revenue), 11/15/2025 | 568,410 | |
475,000 | Monroe County, NY IDC, Revenue Bonds (Series 2011A), 5.00% (University of Rochester, NY), 7/1/2041 | 497,239 | |
500,000 | Nassau County, NY IDA, IDRBs (Series 2003A), 5.25% (Keyspan-Glenwood Energy Center LLC)/(KeySpan Corp. GTD), 6/1/2027 | 501,860 | |
1,000,000 | Nassau County, NY, UT GO Bonds (Series 2009A), 5.00% (Assured Guaranty Corp. INS), 5/1/2021 | 1,132,590 | |
500,000 | New York City Liberty Development Corp., Revenue Bonds (Series 2005), 5.25% (Goldman Sachs Group, Inc.), 10/1/2035 | 547,780 | |
500,000 | New York City Trust For Cultural Resources, Refunding Revenue Bonds (Series 2008A), 5.00% (Museum of Modern Art), 4/1/2028 | 562,385 | |
500,000 | New York City Trust For Cultural Resources, Refunding Revenue Bonds (Series 2008A), 5.00% (Museum of Modern Art), 4/1/2031 | 550,815 | |
500,000 | New York City, NY IDA, Special Facilities Revenue Bonds, 5.25% (British Airways), 12/1/2032 | 473,685 | |
300,000 | New York City, NY IDA, Special Facilities Revenue Bonds, 5.50% (Terminal One Group Association), 1/1/2024 | 321,087 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$500,000 | New York City, NY Municipal Water Finance Authority, Water and Sewer System Revenue Bonds (Series 2009AA), 5.00%, 6/15/2022 | $580,950 | |
455,000 | New York City, NY TFA , Future Tax Secured Subordinate Bonds (Series 2011C), 5.50%, 11/1/2035 | 505,296 | |
500,000 | New York City, NY, UT GO Bonds (Series 2009E-1), 6.25% (Original Issue Yield: 6.40%), 10/15/2028 | 592,455 | |
400,000 | New York City, NY, UT GO Bonds (Series 2012B), 5.00%, 8/1/2027 | 449,336 | |
500,000 | New York Liberty Development Corporation, Liberty Revenue Bonds (Series 2011), 5.75% (4 World Trade Center), 11/15/2051 | 544,055 | |
400,000 | New York Liberty Development Corporation, Revenue Refunding Bonds (Series 2012 Class 3), 5.00% (7 World Trade Center LLC), 3/15/2044 | 403,684 | |
500,000 | New York State Dormitory Authority, General Purpose Revenue Bonds (Series 2011C), 5.00% (New York State Personal Income Tax Revenue Bond Fund), 3/15/2026 | 567,575 | |
1,000,000 | New York State Dormitory Authority, Improvement Revenue Bonds (Series 2008D), 5.00% (Mental Health Services Facility)/(Assured Guaranty Municipal Corp. INS), 2/15/2018 | 1,156,130 | |
500,000 | New York State Dormitory Authority, Lease Revenue Bonds (Series 2006A), 5.00% (State University of New York Dormitory Facilities)/(National Public Finance Guarantee Corporation INS), 7/1/2031 | 531,770 | |
500,000 | New York State Dormitory Authority, Revenue Bonds (Series 1998), 5.50% (Memorial Sloan-Kettering Cancer Center)/(National Public Finance Guarantee Corporation INS), 7/1/2023 | 609,370 | |
520,000 | New York State Dormitory Authority, Revenue Bonds (Series 2008C), 5.00% (New York State Personal Income Tax Revenue Bond Fund), 3/15/2026 | 589,706 | |
500,000 | New York State Dormitory Authority, Revenue Bonds (Series 2009C), 5.00% (School District Financing Program)/(Assured Guaranty Corp. INS), 10/1/2023 | 566,240 | |
350,000 | New York State Dormitory Authority, Revenue Bonds (Series 2012), 5.00% (Miriam Osborn Memorial Home Association), 7/1/2042 | 359,040 | |
400,000 | New York State Dormitory Authority, Revenue Bonds (Series 2012), 5.00% (Rochester, NY Institute of Technology), 7/1/2038 | 421,436 | |
100,000 | New York State Dormitory Authority, Revenue Bonds (Series 2012A), 5.00% (Catholic Health System Obligated Group), 7/1/2032 | 101,424 | |
500,000 | New York State Dormitory Authority, Revenue Bonds (Series 2012A), 5.00% (St. John's University), 7/1/2026 | 557,090 | |
250,000 | New York State Dormitory Authority, Revenue Bonds (Series 2012B), 5.00% (St. John's University), 7/1/2030 | 270,520 | |
200,000 | New York State Dormitory Authority, Revenue Bonds (Series 2013A), 5.00% (New York University), 7/1/2037 | 216,588 | |
400,000 | New York State Dormitory Authority, Revenue Bonds (Series 2014), 5.00% (Fordham University), 7/1/2030 | 442,604 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$240,000 | New York State Dormitory Authority, Revenue Bonds (Series A), 5.63% (City University of New York)/(Original Issue Yield: 5.95%), 7/1/2016 | $255,746 | |
300,000 | New York State Environmental Facilities Corp., Clean Water & Drinking Water Revolving Funds Revenue Bonds (Series 2008A), 5.00%, 6/15/2029 | 335,253 | |
500,000 | New York State Environmental Facilities Corp., Clean Water & Drinking Water Revolvong Funds Revenue Bonds (Series 2009A), 5.00% (Original Issue Yield: 5.26%), 6/15/2034 | 552,790 | |
500,000 | New York State Local Government Assistance Corp., Senior Lien Revenue Refunding Bonds (Series 2008 A-5/6), 5.00%, 4/1/2020 | 589,035 | |
500,000 | New York State Local Government Assistance Corp., Subordinate Lien Refunding Revenue Bonds (Series 2010A), 5.00%, 4/1/2023 | 588,050 | |
500,000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds (Series 183 AMT), 3.75%, 10/1/2023 | 504,405 | |
220,000 | New York State Thruway Authority, General Revenue Bonds (Series 2012I), 5.00% (New York State Thruway Authority - General Revenue ), 1/1/2028 | 241,974 | |
500,000 | New York State Thruway Authority, General Revenue Bonds (Series 2014J), 5.00% (New York State Thruway Authority - General Revenue ), 1/1/2027 | 565,080 | |
250,000 | New York State Urban Development Corp., Revenue Refunding Bonds (Series 1995), 5.70% (New York State)/(Original Issue Yield: 5.94%), 4/1/2020 | 292,887 | |
500,000 | New York State Urban Development Corp., Service Contract Revenue Refunding Bonds (Series 2008C), 5.00% (New York State), 1/1/2027 | 550,865 | |
500,000 | New York State Urban Development Corp., Subordinated Lien Revenue Bonds (Series 2004A), 5.13% (New York State), 1/1/2022 | 508,190 | |
500,000 | New York State, UT GO Bonds (Series 2009A), 5.00% (Original Issue Yield: 5.24%), 2/15/2039 | 551,615 | |
500,000 | New York State, UT GO Bonds (Series 2011A), 5.00%, 2/15/2020 | 600,635 | |
335,000 | Niagara Area Development Corporation, NY, Solid Waste Disposal Facility Refunding Revenue Bonds (Series 2012B), 4.00% (Covanta Energy Corp.), 11/1/2024 | 324,498 | |
500,000 | Niagara Area Development Corporation, NY, Tax Exempt Revenue Bonds (Series 2012A), 5.00% (Niagara University), 5/1/2030 | 521,780 | |
500,000 | Port Authority of New York and New Jersey, 5.00%, 12/1/2029 | 529,715 | |
450,000 | Syracuse, NY IDA, School Facility Revenue Bonds (Series 2008A), 5.00% (Syracuse CSD, NY)/(Assured Guaranty Municipal Corp. INS), 5/1/2028 | 497,277 | |
500,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2008A), 5.00% (Original Issue Yield: 5.10%), 11/15/2037 | 545,410 | |
170,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2009A-2), 5.00% (United States Treasury PRF 11/15/2018@100), 11/15/2023 | 201,731 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$290,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2009A-2), 5.00%, 11/15/2023 | $332,830 | |
400,000 | TSASC, Inc. NY, Tobacco Settlement Asset-Backed Bonds (Series 2006-1), 5.13% (Original Issue Yield: 5.35%), 6/1/2042 | 313,420 | |
TOTAL | 28,271,940 | ||
Puerto Rico—3.0% | |||
630,000 | Commonwealth of Puerto Rico, Public Improvement UT GO Bonds (Series 2004A), 5.00% (United States Treasury PRF 7/1/2014@100), 7/1/2034 | 640,496 | |
200,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A), 7.00%, 7/1/2033 | 151,106 | |
135,000 | Puerto Rico Public Building Authority, Revenue Bonds (Series 2002D), 5.25% (Commonwealth of Puerto Rico GTD)/(Original Issue Yield: 5.40%), 7/1/2027 | 101,604 | |
TOTAL | 893,206 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $27,740,296) | 29,165,146 | ||
SHORT-TERM MUNICIPALS—4.0%1 | |||
New York—4.0% | |||
100,000 | New York City, NY Municipal Water Finance Authority, (Series A-1) Daily VRDNs (Mizuho Bank Ltd. LOC), 0.03%, 3/3/2014 | 100,000 | |
1,100,000 | New York City, NY, (Fiscal 1994 Series E-4) Daily VRDNs (BNP Paribas SA LOC), 0.04%, 3/3/2014 | 1,100,000 | |
TOTAL | 1,200,000 | ||
TOTAL SHORT-TERM MUNICIPALS (AT AMORTIZED COST) | |||
TOTAL MUNICIPAL INVESTMENTS—102.7% (IDENTIFIED COST $28,940,296)2 | 30,365,146 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.7)%3 | (808,878) | ||
TOTAL NET ASSETS—100% | $29,556,268 |
1 | Current rate and next reset date shown for Variable Rate Demand Notes. |
2 | The cost of investments for federal tax purposes amounts to $28,921,396. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AMT | —Alternative Minimum Tax |
CSD | —Central School District |
GO | —General Obligation |
GTD | —Guaranteed |
IDA | —Industrial Development Authority |
IDC | —Industrial Development Corporation |
IDRBs | —Industrial Development Revenue Bonds |
INS | —Insured |
LOC | —Letter of Credit |
PRF | —Pre-refunded |
TFA | —Transitional Finance Authority |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 2/28/2014 | Year Ended August 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $9.86 | $10.65 | $10.13 | $10.32 | $9.71 | $9.98 |
Income From Investment Operations: | ||||||
Net investment income | 0.16 | 0.34 | 0.36 | 0.38 | 0.38 | 0.41 |
Net realized and unrealized gain (loss) on investments, futures and swap contracts | 0.38 | (0.80) | 0.52 | (0.19) | 0.61 | (0.27) |
TOTAL FROM INVESTMENT OPERATIONS | 0.54 | (0.46) | 0.88 | 0.19 | 0.99 | 0.14 |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.33) | (0.36) | (0.38) | (0.38) | (0.41) |
Net Asset Value, End of Period | $10.24 | $9.86 | $10.65 | $10.13 | $10.32 | $9.71 |
Total Return1 | 5.56% | (4.50)% | 8.88% | 2.00% | 10.41% | 1.68% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.76%2 | 0.76% | 0.62% | 0.76% | 0.76% | 0.76% |
Net investment income | 3.33%2 | 3.15% | 3.49% | 3.88% | 3.82% | 4.40% |
Expense waiver/reimbursement3 | 0.69%2 | 0.53% | 1.18% | 1.12% | 0.98% | 1.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $26,909 | $27,534 | $33,073 | $29,108 | $31,644 | $29,334 |
Portfolio turnover | 15% | 7% | 19% | 11% | 26% | 12% |
1 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
2 | Computed on an annualized basis. |
3 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 2/28/2014 | Year Ended August 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $9.86 | $10.65 | $10.13 | $10.32 | $9.71 | $9.98 |
Income from Investment Operations: | ||||||
Net Investment Income | 0.13 | 0.25 | 0.28 | 0.31 | 0.31 | 0.34 |
Net realized and unrealized gain (loss) on investments, futures contracts and swap contracts | 0.38 | (0.79) | 0.53 | (0.19) | 0.61 | (0.27) |
TOTAL FROM INVESTMENT OPERATIONS | 0.51 | (0.54) | 0.81 | 0.12 | 0.92 | 0.07 |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (0.25) | (0.29) | (0.31) | (0.31) | (0.34) |
Net Asset Value, End of Period | $10.24 | $9.86 | $10.65 | $10.13 | $10.32 | $9.71 |
Total Return1 | 5.17% | (5.21)% | 8.07% | 1.23% | 9.58% | 0.91% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.52%2 | 1.52% | 1.38% | 1.52% | 1.52% | 1.52% |
Net investment income | 2.57%2 | 2.37% | 2.72% | 3.10% | 3.07% | 3.65% |
Expense waiver/reimbursement3 | 0.68%2 | 0.52% | 1.17% | 1.10% | 0.92% | 0.96% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,647 | $2,661 | $3,022 | $3,471 | $9,362 | $10,511 |
Portfolio turnover | 15% | 7% | 19% | 11% | 26% | 12% |
1 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
2 | Computed on an annualized basis. |
3 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value (identified cost $28,940,296) | $30,365,146 | |
Cash | 24,402 | |
Income receivable | 326,871 | |
Receivable for shares sold | 2,189 | |
TOTAL ASSETS | 30,718,608 | |
Liabilities: | ||
Payable for investments purchased | $939,680 | |
Payable for shares redeemed | 164,730 | |
Income distribution payable | 14,667 | |
Payable for shareholder services fee (Note 5) | 5,610 | |
Payable for distribution services fee (Note 5) | 1,584 | |
Payable to adviser (Note 5) | 824 | |
Payable for Directors'/Trustees' fees (Note 5) | 15 | |
Accrued expenses (Note 5) | 35,230 | |
TOTAL LIABILITIES | 1,162,340 | |
Net assets for 2,886,274 shares outstanding | $29,556,268 | |
Net Assets Consists of: | ||
Paid-in capital | $31,290,498 | |
Net unrealized appreciation of investments | 1,424,850 | |
Accumulated net realized loss on investments | (3,164,599) | |
Undistributed net investment income | 5,519 | |
TOTAL NET ASSETS | $29,556,268 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($26,909,274 ÷ 2,627,765 shares outstanding), no par value, unlimited shares authorized | $10.24 | |
Offering price per share (100/95.50 of $10.24) | $10.72 | |
Redemption proceeds per share | $10.24 | |
Class B Shares: | ||
Net asset value per share ($2,646,994 ÷ 258,509 shares outstanding), no par value, unlimited shares authorized | $10.24 | |
Offering price per share | $10.24 | |
Redemption proceeds per share (94.50/100 of $10.24) | $9.68 |
Investment Income: | |||
Interest | $590,390 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $57,674 | ||
Administrative fee (Note 5) | 11,261 | ||
Custodian fees | 3,017 | ||
Transfer agent fees | 10,587 | ||
Directors'/Trustees' fees (Note 5) | 613 | ||
Auditing fees | 12,645 | ||
Legal fees | 6,148 | ||
Distribution services fee (Note 5) | 10,046 | ||
Shareholder services fee (Note 5) | 35,876 | ||
Portfolio accounting fees | 44,728 | ||
Share registration costs | 14,495 | ||
Printing and postage | 9,851 | ||
Insurance premiums (Note 5) | 2,033 | ||
Miscellaneous (Note 5) | 761 | ||
TOTAL EXPENSES | 219,735 | ||
Waiver and Reimbursements (Note 5): | |||
Waiver of investment adviser fee | $(57,674) | ||
Reimbursement of shareholder services fee | (1,138) | ||
Reimbursement of other operating expenses | (40,457) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (99,269) | ||
Net expenses | 120,466 | ||
Net investment income | 469,924 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized loss on investments | (100,764) | ||
Net change in unrealized appreciation (depreciation) of investments | 1,196,457 | ||
Net realized and unrealized gain on investments | 1,095,693 | ||
Change in net assets resulting from operations | $1,565,617 |
Six Months Ended (unaudited) 2/28/2014 | Year Ended 8/31/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $469,924 | $1,094,745 |
Net realized loss on investments | (100,764) | (70,343) |
Net change in unrealized appreciation/depreciation of investments and futures contracts | 1,196,457 | (2,535,053) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,565,617 | (1,510,651) |
Distribution to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (432,068) | (1,005,536) |
Class B Shares | (34,153) | (69,321) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (466,221) | (1,074,857) |
Share Transactions: | ||
Proceeds from sale of shares | 4,835,270 | 3,512,638 |
Net asset value of shares issued to shareholders in payment of distributions declared | 365,297 | 857,226 |
Cost of shares redeemed | (6,938,965) | (7,684,071) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,738,398) | (3,314,207) |
Change in net assets | (639,002) | (5,899,715) |
Net Assets: | ||
Beginning of period | 30,195,270 | 36,094,985 |
End of period (including undistributed net investment income of $5,519 and $1,816, respectively) | $29,556,268 | $30,195,270 |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium) unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
Six Months Ended 2/28/2014 | Year Ended 8/31/2013 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 435,583 | $4,400,642 | 222,900 | $2,412,401 |
Shares issued to shareholders in payment of distributions declared | 33,559 | 338,593 | 75,904 | 798,931 |
Shares redeemed | (634,152) | (6,361,505) | (610,414) | (6,369,019) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (165,010) | $(1,622,270) | (311,610) | $(3,157,687) |
Six Months Ended 2/28/2014 | Year Ended 8/31/2013 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 43,344 | $434,628 | 103,602 | $1,100,237 |
Shares issued to shareholders in payment of distributions declared | 2,647 | 26,704 | 5,539 | 58,295 |
Shares redeemed | (57,427) | (577,460) | (122,894) | (1,315,052) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (11,436) | $(116,128) | (13,753) | $(156,520) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (176,446) | $(1,738,398) | (325.363) | $(3,314.207) |
Expiration Year | Short-Term | Long-Term | Total |
2016 | $249,898 | N/A | $249,898 |
2017 | $958,822 | N/A | $958,822 |
2018 | $1,218,820 | N/A | $1,218,820 |
2019 | $325,623 | N/A | $325,623 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Distribution Service Fees Incurred | |
Class B Shares | $10,046 |
Service Fees Incurred | Service Fees Reimbursed | |
Class A Shares | $32,527 | $(1,138) |
Class B Shares | 3,349 | — |
TOTAL | $35,876 | $(1,138) |
Purchases | $4,327,026 |
Sales | $5,517,000 |
Beginning Account Value 9/1/2013 | Ending Account Value 2/28/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,055.60 | $3.87 |
Class B Shares | $1,000 | $1,051.70 | $7.73 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,021.03 | $3.81 |
Class B Shares | $1,000 | $1,017.26 | $7.60 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.76% |
Class B Shares | 1.52% |
Name | For | Withheld |
John T. Collins | 91,507,128.403 | 2,809,854.606 |
Maureen Lally-Green | 92,819,244.677 | 1,497,738.332 |
Thomas M. O'Neill | 92,644,697.917 | 1,672,285.092 |
P. Jerome Richey | 92,746,737.657 | 1,570,245.352 |
1 | The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Maureen Lally-Green (having been previously appointed by the Board), Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill (having been previously appointed by the Board), and John S. Walsh. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923880
2014 ©Federated Investors, Inc.
Share Class | Ticker |
A | OMIAX |
F | OMIFX |
Sector Composition | Percentage of Total Net Assets |
General Obligation—Local | 16.1% |
Education | 14.7% |
Hospital | 14.4% |
General Obligation—State | 8.9% |
Water and Sewer | 8.4% |
Pre-refunded | 7.7% |
Special Tax | 6.3% |
Transportation | 6.0% |
Public Power | 5.8% |
Industrial Development Bond/Pollution Control Revenue Bond | 2.5% |
Other2 | 8.1% |
Other Assets and Liabilities—Net3 | 1.1% |
TOTAL | 100.0% |
1 | Sector classifications, and the assignment of holdings to such sectors, are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. For securities that have been enhanced by a third-party guarantor, such as 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. Pre-refunded securities are those whose debt service is paid from escrowed assets, usually U.S. government securities. |
2 | For purposes of this table, sector classifications constitute 90.8% 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—98.0% | |||
Guam—1.0% | |||
$1,000,000 | Guam Government Business Privilege Tax, Business Privilege Tax Bonds (Series 2012B), 5.00%, 1/1/2037 | $1,010,270 | |
560,000 | Guam Government LO (Section 30), Bonds (Series 2009A), 5.625% (Original Issue Yield: 5.875%), 12/1/2029 | 593,645 | |
TOTAL | 1,603,915 | ||
Ohio—95.7% | |||
2,000,000 | Akron, Bath & Copley, OH Joint Township, Hospital District, Hospital Improvement & Refunding Revenue Bonds (Series 2012), 5.00% (Children's Hospital Medical Center, Akron), 11/15/2032 | 2,083,240 | |
2,250,000 | Akron, Bath & Copley, OH Joint Township, Hospital District, Revenue Bonds (Series 2004A), 5.25% (Summa Health System)/(Radian Asset Assurance, Inc. INS)/(Original Issue Yield: 5.47%), 11/15/2031 | 2,264,557 | |
2,000,000 | Akron, OH, Income Tax Revenue Refunding Bonds (Series 2012A), 5.00% (Akron, OH Community Learning Centers), 12/1/2033 | 2,164,220 | |
2,000,000 | Allen County, OH, Hospital Facilities Revenue Bonds (Series 2010B), 5.25% (Catholic Healthcare Partners), 9/1/2027 | 2,180,260 | |
500,000 | American Municipal Power-Ohio, Inc., Revenue Bonds (Series 2008A), 5.00% (American Municipal Power, Prairie State Energy Campus Project), 2/15/2016 | 542,810 | |
2,000,000 | American Municipal Power-Ohio, Inc., Revenue Bonds (Series 2008A), 5.25% (American Municipal Power, Prairie State Energy Campus Project), 2/15/2028 | 2,182,480 | |
855,000 | Beavercreek, OH Local School District, UT GO Bonds, 6.60% (National Public Finance Guarantee Corporation INS), 12/1/2015 | 916,115 | |
1,965,000 | Buckeye Tobacco Settlement Financing Authority, OH, Asset-Backed Bonds, 5.125% (Original Issue Yield: 5.44%), 6/1/2024 | 1,691,826 | |
1,000,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series 2007A-1), 5.00%, 6/1/2015 | 1,045,240 | |
1,000,000 | Centerville, OH, Health Care Fixed Rate Revenue Bonds (Series 2007A), 6.00% (Bethany Lutheran Village), 11/1/2038 | 1,000,220 | |
1,000,000 | Cincinnati City School District, OH, COP, 5.00% (Assured Guaranty Municipal Corp. INS), 12/15/2024 | 1,089,530 | |
1,000,000 | Cincinnati City School District, OH, UT GO Bonds, 5.00% (National Public Finance Guarantee Corporation INS), 12/1/2017 | 1,159,140 | |
2,490,000 | Cincinnati, OH Water System, Revenue Refunding Bonds (Series A), 5.00%, 12/1/2025 | 2,856,105 | |
1,500,000 | Cleveland State University, OH, General Receipts Bonds (Series 2012), 5.00%, 6/1/2037 | 1,581,705 | |
1,980,000 | Cleveland, OH Airport System, Revenue Bonds (Series 2006A), 5.25% (Assured Guaranty Corp. INS), 1/1/2018 | 2,257,735 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$2,200,000 | Cleveland, OH Airport System, Revenue Bonds, 5.00% (Assured Guaranty Municipal Corp. INS), 1/1/2022 | $2,426,336 | |
1,550,000 | Cleveland, OH Public Power System, Revenue Bonds (Series 2008B-1), 5.00%, 11/15/2038 | 1,603,599 | |
2,685,000 | Cleveland, OH Public Power System, Revenue Refunding Bonds (Series 2010), 5.00%, 11/15/2017 | 3,077,171 | |
1,000,000 | Cleveland, OH Water, Senior Lien Revenue Bonds (Series 2012X), 5.00%, 1/1/2042 | 1,068,080 | |
1,000,000 | Cleveland, OH Water, Water Revenue Bonds (Series 2007O), 5.00% (National Public Finance Guarantee Corporation INS), 1/1/2032 | 1,068,990 | |
2,000,000 | Cleveland, OH, LT GO Bonds, 5.50% (Assured Guaranty Municipal Corp. INS), 10/1/2019 | 2,425,680 | |
1,000,000 | Columbus, OH City School District, School Facilities Construction & Improvement UT GO Bonds (Series 2009), 5.00%, 12/1/2027 | 1,144,090 | |
1,225,000 | Columbus, OH Sewer System, Revenue Bonds (Series 2008A), 5.00%, 6/1/2031 | 1,345,663 | |
1,000,000 | Columbus, OH Sewer System, Revenue Bonds (Series A), 5.00%, 6/1/2023 | 1,145,170 | |
1,500,000 | Columbus, OH, Various Purpose LT GO Bonds (Series 2013B), 5.00%, 8/15/2028 | 1,742,040 | |
2,000,000 | Cuyahoga County, OH, LT GO Various Purpose Bonds (Series 2009A), 5.00%, 12/1/2022 | 2,318,860 | |
2,000,000 | Dayton CSD, OH, School Facilities Construction & Improvement UT GO Bonds (Series 2013A), 5.00% (Ohio School District Credit Enhancement GTD), 11/1/2021 | 2,372,920 | |
410,000 | Dayton-Montgomery County, OH Port Authority, Revenue Bonds (Series A), 5.00% (Dayton Regional Bond Fund), 11/15/2017 | 410,668 | |
3,000,000 | Franklin County, OH Convention Facilities Authority, Revenue Bonds, 5.00% (AMBAC INS), 12/1/2026 | 3,200,820 | |
2,400,000 | Franklin County, OH Health Care Facilities, Improvement Revenue Bonds (Series 2010A), 5.625% (Ohio Presbyterian Retirement Services)/(Original Issue Yield: 5.75%), 7/1/2026 | 2,542,632 | |
1,535,000 | Franklin County, OH Hospital Facility Authority, Hospital Improvement Revenue Bonds (Series 2009), 5.00% (Nationwide Children's Hospital)/(Original Issue Yield: 5.11%), 11/1/2034 | 1,600,284 | |
2,165,000 | Franklin County, OH, Various Purpose LT GO Bonds, 5.00%, 12/1/2031 | 2,367,622 | |
1,000,000 | Hamilton County, OH, EDRBs (Series 2006A), 5.00% (King Highland Community Urban Redevelopment Corp.- University of Cincinnati, Lessee)/(National Public Finance Guarantee Corporation INS), 6/1/2033 | 1,059,890 | |
2,850,000 | Hamilton County, OH, Sales Tax Refunding Bonds (Series 2011A), 5.00%, 12/1/2032 | 2,999,454 | |
1,310,000 | Hamilton, OH City School District, School Facilities Construction & Improvement UT GO Bonds, 5.00% (United States Treasury PRF 6/1/2016@100), 12/1/2029 | 1,446,895 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$2,000,000 | Hilliard, OH School District, UT GO Bonds (Series 2006A), 5.00% (United States Treasury PRF 12/1/2016@100), 12/1/2027 | $2,249,260 | |
1,555,000 | JobsOhio Beverage System, OH, Statewide Senior Lien Liquor Profits Tax-Exempt Revenue Bonds (Series 2013A), 5.00%, 1/1/2038 | 1,630,775 | |
2,000,000 | Kent State University, OH, General Receipts Bonds (Series 2009B), 5.00% (Assured Guaranty Corp. INS), 5/1/2028 | 2,221,560 | |
1,860,000 | Kettering, OH City School District, UT GO Bonds, 4.75% (Assured Guaranty Municipal Corp. INS), 12/1/2020 | 2,083,516 | |
1,500,000 | Lorain County, OH Port Authority, Recovery Zone Facility Revenue Bonds (Series 2010), 6.75% (United States Steel Corp.), 12/1/2040 | 1,544,790 | |
1,000,000 | Lorain County, OH, Hospital Revenue Bonds (Series 2006H), 5.00% (Catholic Healthcare Partners)/(Assured Guaranty Corp. INS), 2/1/2024 | 1,104,140 | |
2,000,000 | Lucas County, OH, Hospital Revenue Bonds (Series 2011A), 6.50% (ProMedica Healthcare Obligated Group), 11/15/2037 | 2,339,040 | |
1,090,000 | Marysville, OH Wastewater Treatment System, Revenue Bonds, 4.75% (Assured Guaranty Corp. INS)/(Original Issue Yield: 4.80%), 12/1/2046 | 1,093,575 | |
1,000,000 | Miami County, OH, Hospital Facilities Revenue & Refunding Bonds (Series 2006), 5.25% (Upper Valley Medical Center, OH), 5/15/2021 | 1,054,610 | |
500,000 | Miami University, OH, General Receipts Revenue & Refunding Bonds (Series 2011), 5.00%, 9/1/2036 | 531,485 | |
2,000,000 | Miami University, OH, General Receipts Revenue & Refunding Bonds (Series 2011, 5.00%, 9/1/2031 | 2,160,920 | |
1,600,000 | Miamisburg, OH City School District, School Facilities Construction & Improvement UT GO Bonds, 5.00%, 12/1/2024 | 1,819,120 | |
1,000,000 | Montgomery County, OH, Revenue Bonds (Series 2008D), 6.125% (Catholic Health Initiatives)/(Original Issue Yield: 6.30%), 10/1/2028 | 1,142,650 | |
1,000,000 | Muskingum County, OH, Hospital Facilities Revenue Bonds (Series 2013), 5.00% (Genesis Healthcare Corp.)/(Original Issue Yield: 5.08%), 2/15/2044 | 807,600 | |
2,000,000 | Northeast OH Regional Sewer District, Wastewater Improvement Revenue Bonds (Series 2013), 5.00%, 11/15/2038 | 2,176,880 | |
1,415,000 | Oak Hills, OH Local School District, UT GO Bonds, 5.00% (Assured Guaranty Municipal Corp. INS), 12/1/2025 | 1,509,720 | |
2,000,000 | Ohio State Air Quality Development Authority, Air Quality Revenue Refunding Bonds (Series 2009B), 5.80% (Columbus Southern Power Company), 12/1/2038 | 2,135,680 | |
1,150,000 | Ohio State Air Quality Development Authority, Environmental Improvement Revenue Bonds (Series 2010), 5.00% (Buckeye Power, Inc.), 12/1/2021 | 1,271,647 | |
1,455,000 | Ohio State Air Quality Development Authority, Revenue Bonds (Series 2009A), 5.70% (FirstEnergy Solutions Corp.), 8/1/2020 | 1,626,181 | |
2,000,000 | Ohio State Higher Educational Facility Commission, Higher Education Facility Revenue Bonds (Series 2006), 5.00% (Kenyon College, OH), 7/1/2041 | 2,025,420 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,875,000 | Ohio State Higher Educational Facility Commission, Hospital Revenue Bonds (Series 2007A), 5.25% (University Hospitals Health System, Inc.), 1/15/2046 | $1,903,387 | |
1,000,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2011A), 5.375% (University of Dayton)/(Original Issue Yield: 5.48%), 12/1/2030 | 1,096,780 | |
300,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds, 4.75% (Mount Union College), 10/1/2016 | 328,827 | |
2,000,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds, 5.00% (College of Wooster), 9/1/2020 | 2,082,920 | |
3,115,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds, 5.00% (Xavier University)/(United States Treasury PRF 5/1/2016@100), 5/1/2019 | 3,430,705 | |
1,000,000 | Ohio State Higher Educational Facility Commission, Revenue Refunding Bonds (Series 2008C), 5.00% (Case Western Reserve University, OH), 12/1/2029 | 1,084,240 | |
1,000,000 | Ohio State Turnpike Commission, Revenue Refunding Bonds (Series 2010A), 5.00%, 2/15/2031 | 1,077,310 | |
2,000,000 | Ohio State Turnpike Commission, Turnpike Revenue Refunding Bonds (Series 1998A), 5.50% (National Re Holdings Corp. INS), 2/15/2024 | 2,428,220 | |
200,000 | Ohio State University, General Receipts Bonds (Series 2008A), 5.00% (United States Treasury PRF 12/1/2018@100), 12/1/2027 | 237,232 | |
1,800,000 | Ohio State University, General Receipts Bonds (Series 2008A), 5.00%, 12/1/2027 | 2,048,490 | |
1,000,000 | Ohio State University, Special Purpose General Receipts Bonds (Series 2013A), 5.00%, 6/1/2038 | 1,081,510 | |
1,000,000 | Ohio State Water Development Authority, Drinking Water Assistance Fund Refunding Revenue Bonds (Series 2008), 5.00%, 12/1/2021 | 1,145,670 | |
1,000,000 | Ohio State Water Development Authority, Revenue Refunding Bonds (Series 2008), 5.00% (United States Treasury PRF 6/1/2018@100), 6/1/2028 | 1,173,640 | |
2,500,000 | Ohio State, Common Schools UT GO Bonds (Series 2011B), 5.00%, 9/15/2024 | 2,888,425 | |
1,500,000 | Ohio State, Hospital Revenue Bonds, 5.00% (Cleveland Clinic), 1/1/2031 | 1,626,300 | |
1,200,000 | Ohio State, Hospital Revenue Refunding Bonds (Series 2008A), 5.25% (Cleveland Clinic)/(Original Issue Yield: 5.37%), 1/1/2033 | 1,303,596 | |
2,585,000 | Ohio State, Infrastructure Improvement GO Bonds (Series 2008A), 5.375% (Original Issue Yield: 5.50%), 9/1/2028 | 2,925,315 | |
2,000,000 | Ohio State, Infrastructure Improvement UT GO Bonds (Series 2007A), 4.75%, 9/1/2027 | 2,156,800 | |
1,000,000 | Ohio State, Major New State Infrastructure Project Revenue Bonds (Series 2008-1), 5.75%, 6/15/2019 | 1,182,600 | |
2,310,000 | Ohio State, UT GO Bonds, 4.25%, 5/1/2016 | 2,507,135 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$2,000,000 | Ohio State, UT GO Highway Capital Improvements (Series 2012Q), 5.00%, 5/1/2021 | $2,413,100 | |
2,000,000 | Ohio University, General Receipts Bonds (Series 2013), 5.00%, 12/1/2043 | 2,090,740 | |
2,000,000 | Olentangy, OH Local School District, UT GO Bonds, 5.00% (United States Treasury PRF 6/1/2016@100), 12/1/2022 | 2,209,000 | |
415,000 | Orrville, OH CSD, UT GO Bonds, 4.50% (AMBAC INS), 12/1/2018 | 465,846 | |
350,000 | Orrville, OH CSD, UT GO Refunding Bonds, 5.00% (AMBAC INS), 12/1/2020 | 397,481 | |
500,000 | Port Authority for Columbiana County, OH, Solid Waste Facility Revenue Bonds (Series 2004A), 7.25% (Apex Environmental LLC)/(Original Issue Yield: 7.30%), 8/1/2034 | 348,645 | |
1,000,000 | Ravenna, OH City School District, UT GO Bonds (Series 2006), 5.00% (United States Treasury PRF 7/15/2016@100), 1/15/2031 | 1,109,750 | |
770,000 | Richland County, OH Hospital Facilities, Revenue Bond, 5.00% (Medcentral Health System), 11/15/2015 | 819,003 | |
1,385,000 | Rickenbacker, OH Port Authority, Capital Funding Revenue Bonds (Series 2002A), 5.375% (OASBO Expanded Asset Pooled Financing Program)/(Original Issue Yield: 5.60%), 1/1/2032 | 1,453,280 | |
750,000 | Southeastern Ohio Port Authority, OH, Hospital Facilities Revenue Refunding & Improvement Bonds (Series 2012), 6.00% (Memorial Health System, OH)/(Original Issue Yield: 6.02%), 12/1/2042 | 711,638 | |
1,000,000 | Toledo, OH Water System, Revenue Improvement and Refunding Bonds (Series 2013), 5.00%, 11/15/2032 | 1,090,870 | |
1,500,000 | Toledo-Lucas County, OH Port Authority, Revenue Bonds, 6.45% (CSX Corp.), 12/15/2021 | 1,844,940 | |
1,375,000 | Toledo-Lucas County, OH Port Authority, Special Assessment Revenue Bonds, 5.25% (Crocker Park Public Improvement Project)/(Original Issue Yield: 5.37%), 12/1/2023 | 1,396,918 | |
2,000,000 | University of Akron, OH, General Receipts Bonds (Series 2008B), 5.25% (Assured Guaranty Municipal Corp. INS), 1/1/2027 | 2,211,800 | |
1,000,000 | University of Cincinnati, OH, Receipts Revenue Bonds (Series E), 5.00%, 6/1/2022 | 1,173,570 | |
TOTAL | 148,356,299 | ||
Puerto Rico—1.3% | |||
980,000 | Commonwealth of Puerto Rico, Public Improvement Refunding UT GO Bonds (Series 2012A), 5.00%, 7/1/2020 | 808,059 | |
500,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A), 7.00%, 7/1/2033 | 377,765 | |
1,000,000 | Puerto Rico Government Development Bank (GDB), Senior Notes (Series 2006B), 5.00%, 12/1/2017 | 816,660 | |
TOTAL | 2,002,484 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $145,375,623) | 151,962,698 |
Principal Amount | Value | ||
SHORT-TERM MUNICIPALS—0.9%1 | |||
Ohio—0.9% | |||
$1,000,000 | Montgomery County, OH, (Series 2011C) Daily VRDNs (Miami Valley Hospital)/(Barclays Bank PLC LIQ), 0.030%, 3/3/2014 | $1,000,000 | |
400,000 | Ohio State Higher Educational Facility Commission, (Series 2013B-1) Daily VRDNs (Cleveland Clinic)/(Wells Fargo Bank, N.A. LIQ), 0.030%, 3/3/2014 | 400,000 | |
TOTAL SHORT-TERM MUNICIPALS (AT AMORTIZED COST) | 1,400,000 | ||
TOTAL INVESTMENTS—98.9% (IDENTIFIED COST $146,775,623)2 | 153,362,698 | ||
OTHER ASSETS AND LIABILITIES - NET—1.1%3 | 1,699,742 | ||
TOTAL NET ASSETS—100% | $155,062,440 |
1 | Current rate and next reset date shown for Variable Rate Demand Notes. |
2 | The cost of investments for federal tax purposes amounts to $146,744,130. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AMBAC | —American Municipal Bond Assurance Corporation |
COP | —Certificate of Participation |
CSD | —Central School District |
EDRBs | —Economic Development Revenue Bonds |
GO | —General Obligation |
GTD | —Guaranteed |
INS | —Insured |
LIQ | —Liquidity Agreement |
LO | —Limited Obligation |
LT | —Limited Tax |
PRF | —Pre-refunded |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 2/28/2014 | Year Ended August 31 | Period Ended 8/31/20091 | ||||
2013 | 2012 | 2011 | 2010 | |||
Net Asset Value, Beginning of Period | $10.70 | $11.47 | $10.93 | $11.14 | $10.68 | $10.22 |
Income From Investment Operations: | ||||||
Net investment income | 0.19 | 0.38 | 0.38 | 0.42 | 0.42 | 0.37 |
Net realized and unrealized gain (loss) on investments | 0.38 | (0.79) | 0.56 | (0.21) | 0.45 | 0.44 |
TOTAL FROM INVESTMENT OPERATIONS | 0.57 | (0.41) | 0.94 | 0.21 | 0.87 | 0.81 |
Less Distributions: | ||||||
Distributions from net investment income | (0.19) | (0.36) | (0.40) | (0.42) | (0.41) | (0.35) |
Net Asset Value, End of Period | $11.08 | $10.70 | $11.47 | $10.93 | $11.14 | $10.68 |
Total Return2 | 5.34% | (3.73)% | 8.72% | 2.04% | 8.34% | 8.11% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.75%3 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75%3,4 |
Net investment income | 3.42%3 | 3.28% | 3.40% | 3.87% | 3.84% | 4.09%3 |
Expense waiver/reimbursement5 | 0.16%3 | 0.14% | 0.18% | 0.18% | 0.16% | 0.17%3 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $42,380 | $45,131 | $53,165 | $50,990 | $57,338 | $61,141 |
Portfolio turnover | 0% | 15% | 17% | 9% | 20% | 13%6 |
1 | Reflects operations for the period from November 18, 2008 (date of initial investment) to August 31, 2009. |
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 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.75% for the period ended August 31, 2009, after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
6 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended August 31, 2009. |
Six Months Ended (unaudited) 02/28/2014 | Year Ended August 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $10.70 | $11.47 | $10.93 | $11.14 | $10.68 | $10.92 |
Income from Investment Operations: | ||||||
Net investment income | 0.18 | 0.36 | 0.36 | 0.40 | 0.40 | 0.43 |
Net realized and unrealized gain (loss) on investments | 0.38 | (0.79) | 0.56 | (0.21) | 0.46 | (0.25) |
TOTAL FROM INVESTMENT OPERATIONS | 0.56 | (0.43) | 0.92 | 0.19 | 0.86 | 0.18 |
Less Distributions: | ||||||
Distributions from net investment income | (0.18) | (0.34) | (0.38) | (0.40) | (0.40) | (0.42) |
Net Asset Value, End of Period | $11.08 | $10.70 | $11.47 | $10.93 | $11.14 | $10.68 |
Total Return1 | 5.26% | (3.87)% | 8.56% | 1.89% | 8.18% | 1.81% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.90%2 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90%3 |
Net investment income | 3.27%2 | 3.13% | 3.25% | 3.70% | 3.72% | 4.06% |
Expense waiver/reimbursement4 | 0.41%2 | 0.39% | 0.43% | 0.43% | 0.41% | 0.44% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $112,683 | $118,639 | $128,005 | $117,884 | $135,096 | $124,090 |
Portfolio turnover | 0% | 15% | 17% | 9% | 20% | 13% |
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 0.90% for the year ended August 31, 2009, after taking into account this expense reduction. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value (identified cost $146,775,623) | $153,362,698 | |
Cash | 218 | |
Income receivable | 1,853,822 | |
Receivable for shares sold | 68,438 | |
Prepaid expenses | 17,932 | |
TOTAL ASSETS | 155,303,108 | |
Liabilities: | ||
Payable for shares redeemed | $125,835 | |
Payable for portfolio accounting fees | 37,447 | |
Payable for shareholder services fee (Note 5) | 29,569 | |
Payable for transfer agent fee | 14,927 | |
Payable for share registration costs | 14,160 | |
Payable for distribution services fee (Note 5) | 13,031 | |
Accrued expenses (Note 5) | 5,699 | |
TOTAL LIABILITIES | 240,668 | |
Net assets for 13,997,625 shares outstanding | $155,062,440 | |
Net Assets Consist of: | ||
Paid-in capital | $150,764,904 | |
Net unrealized appreciation of investments | 6,587,075 | |
Accumulated net realized loss on investments | (2,286,670) | |
Distributions in excess of net investment income | (2,869) | |
TOTAL NET ASSETS | $155,062,440 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($42,379,656 ÷ 3,825,979 shares outstanding), no par value, unlimited shares authorized | $11.08 | |
Offering price per share (100/95.50 of $11.08) | $11.60 | |
Redemption proceeds per share | $11.08 | |
Class F Shares: | ||
Net asset value per share ($112,682,784 ÷ 10,171,646 shares outstanding), no par value, unlimited shares authorized | $11.08 | |
Offering price per share (100/99.00 of $11.08) | $11.19 | |
Redemption proceeds per share (99.00/100 of $11.08) | $10.97 |
Investment Income: | |||
Interest | $3,282,152 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $314,282 | ||
Administrative fee (Note 5) | 61,364 | ||
Custodian fees | 6,221 | ||
Transfer agent fees | 44,184 | ||
Directors'/Trustees' fees (Note 5) | 1,037 | ||
Auditing fees | 12,644 | ||
Legal fees | 6,148 | ||
Distribution services fee (Note 5) | 228,653 | ||
Shareholder services fee (Note 5) | 195,039 | ||
Account administration fee (Note 2) | 276 | ||
Portfolio accounting fees | 44,728 | ||
Share registration costs | 15,847 | ||
Printing and postage | 15,035 | ||
Insurance premiums (Note 5) | 2,159 | ||
Miscellaneous (Note 5) | 1,296 | ||
TOTAL EXPENSES | 948,913 | ||
Waivers (Note 5): | |||
Waiver of investment adviser fee | $(128,243) | ||
Waiver of distribution services fee | (141,797) | ||
TOTAL WAIVERS | (270,040) | ||
Net expenses | 678,873 | ||
Net investment income | 2,603,279 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized loss on investments | (324,151) | ||
Net change in unrealized appreciation of investments | 5,874,529 | ||
Net realized and unrealized gain on investments | 5,550,378 | ||
Change in net assets resulting from operations | $8,153,657 |
Six Months Ended (unaudited) 2/28/2014 | Year Ended 8/31/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,603,279 | $5,805,629 |
Net realized gain (loss) on investments | (324,151) | 589,640 |
Net change in unrealized appreciation/depreciation of investments | 5,874,529 | (13,232,061) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 8,153,657 | (6,836,792) |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (736,560) | (1,639,985) |
Class F Shares | (1,885,964) | (3,874,779) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,622,524) | (5,514,764) |
Share Transactions: | ||
Proceeds from sale of shares | 4,835,090 | 21,560,165 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,940,390 | 3,993,450 |
Cost of shares redeemed | (21,014,496) | (30,601,616) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (14,239,016) | (5,048,001) |
Change in net assets | (8,707,883) | (17,399,557) |
Net Assets: | ||
Beginning of period | 163,770,323 | 181,169,880 |
End of period (including undistributed (distributions in excess of) net investment income of $(2,869) and $16,376, respectively) | $155,062,440 | $163,770,323 |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
Account Administration Fees Incurred | |
Class F Shares | $276 |
Six Months Ended 2/28/2014 | Year Ended 8/31/2013 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 272,552 | $2,964,949 | 477,353 | $5,412,099 |
Shares issued to shareholders in payment of distributions declared | 18,260 | 199,447 | 40,196 | 454,572 |
Shares redeemed | (683,827) | (7,422,844) | (935,465) | (10,408,092) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (393,015) | $(4,258,448) | (417,916) | $(4,541,421) |
Six Months Ended 2/28/2014 | Year Ended 8/31/2013 | |||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 171,014 | $1,870,141 | 1,418,767 | $16,148,066 |
Shares issued to shareholders in payment of distributions declared | 159,392 | 1,740,943 | 313,089 | 3,538,878 |
Shares redeemed | (1,248,194) | (13,591,652) | (1,805,955) | (20,193,524) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | (917,788) | $(9,980,568) | (74,099) | $(506,580) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,310,803) | $(14,239,016) | (492,015) | $(5,048,001) |
Expiration Year | Short-Term | Long-Term | Total |
2015 | $ 138,316 | NA | $ 138,316 |
2016 | $ 641,658 | NA | $ 641,658 |
2017 | $ 626,069 | NA | $ 626,069 |
2018 | $ 560,004 | NA | $ 560,004 |
2019 | $ 22,465 | NA | $ 22,465 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class F Shares | 0.40% |
Distribution Service Fees Incurred | Distribution Services Fees Waived | |
Class F Shares | $228,653 | $(141,797) |
Service Fees Incurred | |
Class A Shares | $53,518 |
Class F Shares | 141,521 |
TOTAL | $195,039 |
Purchases | $0 |
Sales | $12,953,702 |
Beginning Account Value 9/1/2013 | Ending Account Value 2/28/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,053.40 | $3.82 |
Class F Shares | $1,000 | $1,052.60 | $4.58 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,021.08 | $3.76 |
Class F Shares | $1,000 | $1,020.33 | $4.51 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.75% |
Class F Shares | 0.90% |
Name | For | Withheld |
John T. Collins | 91,507,128.403 | 2,809,854.606 |
Maureen Lally-Green | 92,819,244.677 | 1,497,738.332 |
Thomas M. O'Neill | 92,644,697.917 | 1,672,285.092 |
P. Jerome Richey | 92,746,737.657 | 1,570,245.352 |
1 | The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Maureen Lally-Green (having been previously appointed by the Board), Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill (having been previously appointed by the Board), and John S. Walsh. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923609
2014 ©Federated Investors, Inc.
Share Class | Ticker |
A | PAMFX |
B | FPABX |
Sector Composition | Percentage of Total Net Assets |
Hospital | 16.0% |
Education | 15.8% |
General Obligation—State | 11.5% |
Water & Sewer | 10.5% |
Transportation | 9.8% |
General Obligation—Local | 9.5% |
Special Tax | 7.3% |
Pre-refunded | 4.7% |
Industrial Development Bond/Pollution Control Revenue Bond | 4.4% |
Multi-Family Housing | 2.5% |
Other2 | 6.8% |
Other Assets and Liabilities—Net3 | 1.2% |
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. Pre-refunded securities are those whose debt service is paid from escrowed assets, usually U.S. government securities. |
2 | For purposes of this table, sector classifications constitute 92.0% of the Fund's total net assets. Remaining sectors have been aggregated under the designation “Other.” |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
MUNICIPAL BONDS—98.5% | |||
Pennsylvania—96.9% | |||
$1,450,000 | Allegheny County, PA Airport Authority, Airport Revenue Bonds (Series 2012A-1), 5.00% (Pittsburgh International Airport), 1/1/2023 | $1,616,910 | |
1,550,000 | Allegheny County, PA Airport Authority, Airport Revenue Bonds (Series 2012A-1), 5.00% (Pittsburgh International Airport), 1/1/2024 | 1,708,162 | |
3,555,000 | Allegheny County, PA HDA , Hospital Revenue Bonds (Series 2008A), 5.00% (UPMC Health System), 6/15/2018 | 4,117,863 | |
2,000,000 | Allegheny County, PA HDA , Refunding Revenue Bonds (Series 1998A), 5.13% (Jefferson Regional Medical Center, PA)/(Original Issue Yield: 5.34%), 5/1/2023 | 2,001,120 | |
1,385,000 | Allegheny County, PA IDA, Environmental Improvement Refunding Revenue Bonds (Series 2005), 5.50% (United States Steel Corp.), 11/1/2016 | 1,405,498 | |
3,000,000 | Allegheny County, PA IDA, Environmental Improvement Revenue Refunding Bonds (Series 2009), 6.75% (United States Steel Corp.), 11/1/2024 | 3,172,890 | |
665,000 | Allegheny County, PA IDA, Lease Revenue Bonds (Series 2006), 5.13% (Residential Resources Inc. Project), 9/1/2031 | 619,507 | |
2,000,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.00% (Original Issue Yield: 5.20%), 3/1/2026 | 2,183,540 | |
1,715,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.75%, 3/1/2029 | 1,932,548 | |
2,250,000 | Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.00%, 5/1/2035 | 2,175,660 | |
3,000,000 | Bradford County, PA IDA, Solid Waste Disposal Refunding Revenue Bonds (Series 2005A), 4.70% (International Paper Co.), 3/1/2019 | 3,053,880 | |
2,000,000 | Bucks County, PA Water & Sewer Authority, Revenue Bond, 4.20% (Assured Guaranty Municipal Corp. INS)/(Original Issue Yield: 4.21%), 6/1/2020 | 2,123,180 | |
1,055,000 | Catasauqua, PA Area School District, UT GO Bonds, 5.00% (Assured Guaranty Municipal Corp. INS), 2/15/2031 | 1,108,868 | |
2,000,000 | Centre County, PA Hospital Authority, Hospital Revenue Bonds (Series 2012B), 5.00% (Mount Nittany Medical Center), 11/15/2032 | 2,069,840 | |
1,500,000 | Centre County, PA Hospital Authority, Hospital Revenue Bonds, 6.25% (Mount Nittany Medical Center)/(United States Treasury PRF 11/15/2014@100)/(Original Issue Yield: 6.30%), 11/15/2044 | 1,565,400 | |
2,000,000 | Chester County, PA HEFA, Revenue Bonds (Series 2006), 5.00% (Devereux Foundation), 11/1/2031 | 2,017,780 | |
2,000,000 | Chester County, PA, UT GO Bonds, 5.00%, 7/15/2028 | 2,214,580 | |
2,000,000 | Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), 5.00%, 12/1/2037 | 2,001,260 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,500,000 | Clarion County, PA IDA, Water Facility Revenue Refunding Bonds (Series 2009), 5.50% (Pennsylvania American Water Co.), 12/1/2039 | $1,592,415 | |
2,000,000 | Commonwealth Financing Authority of PA, Revenue Bonds (Series 2013B), 5.00% (Commonwealth of Pennsylvania), 6/1/2036 | 2,075,200 | |
2,000,000 | Commonwealth of Pennsylvania, UT GO Bonds (First Series 2011), 5.00%, 11/15/2030 | 2,226,900 | |
2,355,000 | Commonwealth of Pennsylvania, UT GO Bonds (First Series 2012), 5.00%, 6/1/2022 | 2,831,723 | |
5,075,000 | Commonwealth of Pennsylvania, UT GO Bonds (Second Series 2009), 5.00%, 4/15/2023 | 5,905,980 | |
4,000,000 | Commonwealth of Pennsylvania, UT GO Bonds (Second Series 2010A), 5.00%, 5/1/2017 | 4,564,480 | |
6,150,000 | Commonwealth of Pennsylvania, UT GO Bonds (Series 2007A), 5.00%, 8/1/2023 | 6,946,978 | |
2,000,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2007A), 5.00% (Diakon Lutheran Social Ministries), 1/1/2036 | 2,005,640 | |
1,000,000 | Cumberland County, PA Municipal Authority, Revenue Refunding Bonds (Series 2012), 5.25% (Asbury Pennsylvania Obligated Group), 1/1/2041 | 904,800 | |
3,500,000 | Dauphin County, PA General Authority, Health System Revenue Bonds (Series 2012A), 5.00% (Pinnacle Health System), 6/1/2042 | 3,511,480 | |
410,000 | Delaware County, PA Authority, Revenue Bonds (Series 2012), 5.00% (Villanova University), 8/1/2020 | 479,921 | |
2,350,000 | Delaware River Port Authority, Revenue Bonds (Series 2010D), 5.00%, 1/1/2028 | 2,546,295 | |
1,500,000 | Ephrata, PA Area School District, UT GO Bonds, 4.25% (FGIC and National Public Finance Guarantee Corporation INSs), 4/15/2017 | 1,605,120 | |
1,500,000 | Erie County, PA Hospital Authority, Revenue Bonds (Series 2006), 5.00% (UPMC Health System)/(CIFG Assurance NA INS), 11/1/2035 | 1,520,250 | |
1,000,000 | Erie, PA Higher Education Building Authority, Revenue Bonds (Series 2007 GG3), 5.00% (Gannon University)/(Radian Asset Assurance, Inc. INS), 5/1/2032 | 1,001,090 | |
2,250,000 | Geisinger Authority, PA Health System, Health System Revenue Bonds (Series 2009A), 5.25% (Geisinger Health System), 6/1/2039 | 2,349,495 | |
2,000,000 | Harrisburg, PA Authority, Water Revenue Refunding Bonds (Series 2008), 5.25% (Original Issue Yield: 5.35%), 7/15/2031 | 1,841,360 | |
2,000,000 | Indiana County, PA IDA, Refunding Revenue Bonds, 5.00% (Indiana University of PA)/(AMBAC INS), 11/1/2029 | 1,901,760 | |
1,615,000 | Johnstown, PA Redevelopment Authority, Revenue Bonds (Series A), 4.50% (Assured Guaranty Municipal Corp. INS), 8/15/2019 | 1,643,812 | |
1,000,000 | Lancaster County, PA Solid Waste Management Authority, GTD Authority Bonds (Series 2013B), 5.00% (Dauphin County, PA GTD), 12/15/2033 | 1,064,480 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,000,000 | Lancaster, PA Higher Education Authority, College Revenue Bonds, 5.00% (Franklin & Marshall College), 4/15/2019 | $1,091,480 | |
1,000,000 | Lebanon County, PA Health Facilities Authority, Hospital Revenue Bonds, 5.80% (Good Samaritan Hospital)/(Original Issue Yield: 5.92%), 11/15/2022 | 999,990 | |
500,000 | Luzerne County, PA IDA, Lease Revenue Bonds, 3.55% (Luzerne County, PA)/(Assured Guaranty Municipal Corp. INS)/(Original Issue Yield: 3.70%), 12/15/2014 | 512,400 | |
2,250,000 | Lycoming County PA Authority, College Revenue Bonds (Series 2008), 5.50% (Pennsylvania College of Technology)/(Assured Guaranty Corp. INS), 10/1/2032 | 2,391,840 | |
2,200,000 | Lycoming County PA Authority, Revenue Bonds (Series A), 5.75% (Susquehanna Health System)/(Original Issue Yield: 5.90%), 7/1/2039 | 2,281,554 | |
2,000,000 | Montgomery County, PA Higher Education & Health Authority Hospital, Revenue Bonds (Series 2006FF1), 5.00% (Dickinson College)/(CIFG Assurance NA INS), 5/1/2031 | 2,116,200 | |
1,100,000 | Montgomery County, PA IDA, Retirement Communities Revenue Refunding Bonds (Series 2012), 5.00% (ACTS Retirement Life Communities, Inc.), 11/15/2028 | 1,128,985 | |
400,000 | Montgomery County, PA IDA, Retirement Communities Revenue Refunding Bonds (Series 2012), 5.00% (ACTS Retirement Life Communities, Inc.), 11/15/2029 | 409,164 | |
1,000,000 | New Wilmington, PA Municipal Authority, Revenue Bonds (Series 2007GG4), 5.13% (Westminster College)/(Radian Asset Assurance, Inc. INS), 5/1/2033 | 1,003,850 | |
1,500,000 | Northampton County, PA General Purpose Authority, Hospital Revenue Bonds (Series 2008A), 5.50% (St. Luke's Hospital of Bethlehem)/(Original Issue Yield: 5.60%), 8/15/2035 | 1,533,855 | |
1,000,000 | Pennsylvania EDFA, Exempt Facilities Revenue Bonds (Series 2012A), 5.00% (Amtrak), 11/1/2041 | 1,025,410 | |
700,000 | Pennsylvania EDFA, Revenue Bonds (Series 1998A), 5.25% (Northwestern Human Services, Inc.)/(Original Issue Yield: 5.67%), 6/1/2028 | 699,937 | |
1,000,000 | Pennsylvania EDFA, Revenue Bonds (Series 2000), 5.90% (Dr. Gertrude A. Barber Center, Inc.)/(Radian Asset Assurance, Inc. INS), 12/1/2030 | 1,000,590 | |
1,000,000 | Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds (Series 2004A), 4.70% TOBs (Waste Management, Inc.), Mandatory Tender 11/1/2014 | 1,024,650 | |
1,000,000 | Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds, Project A, 5.10% (Waste Management, Inc.), 10/1/2027 | 1,036,360 | |
2,000,000 | Pennsylvania EDFA, Water Facilities Revenue Bonds (Series 2009B), 5.00% (Aqua Pennsylvania, Inc. ), 11/15/2040 | 2,104,280 | |
2,000,000 | Pennsylvania EDFA, Water Facility Revenue Bonds (Series 2009), 6.20% (Pennsylvania American Water Co.), 4/1/2039 | 2,244,100 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,770,000 | Pennsylvania HFA, SFM Revenue Bonds (Series 114C), 3.70%, 10/1/2042 | $1,546,538 | |
1,500,000 | Pennsylvania Intergovernmental Coop Authority, Special Tax Revenue Refunding Bonds (Series 2009), 5.00%, 6/15/2022 | 1,689,555 | |
1,000,000 | Pennsylvania Intergovernmental Coop Authority, Special Tax Revenue Refunding Bonds (Series 2010), 5.00%, 6/15/2018 | 1,170,150 | |
1,020,000 | Pennsylvania State Higher Education Facilities Authority, 5.13% (Gwynedd-Mercy College)/(Radian Asset Assurance, Inc. INS), 5/1/2032 | 1,030,781 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority, College Revenue Bonds (Series 2007), 5.00% (Bryn Mawr College)/(AMBAC INS), 12/1/2037 | 1,066,380 | |
2,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (First Series of 2012), 5.00% (Temple University), 4/1/2035 | 2,115,760 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2006-FF2), 5.00% (Elizabethtown College)/(Radian Asset Assurance, Inc. INS), 12/15/2027 | 1,010,300 | |
1,130,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2006A), 5.00% (University of Scranton)/(Syncora Guarantee, Inc. INS), 11/1/2035 | 1,186,749 | |
2,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2008), 5.00% (University of the Sciences in Philadelphia)/(Assured Guaranty Corp. INS), 11/1/2032 | 2,079,200 | |
1,500,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2009), 5.00% (Carnegie Mellon University), 8/1/2021 | 1,712,985 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2009A), 5.25% (University of Pennsylvania Health System), 8/15/2022 | 1,143,770 | |
2,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 200B), 5.50% (University of Pennsylvania Health System)/(Original Issue Yield: 5.65%), 8/15/2018 | 2,367,480 | |
1,100,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2010), 5.00% (Thomas Jefferson University), 3/1/2040 | 1,146,893 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2012), 5.00% (LaSalle University), 5/1/2042 | 1,005,520 | |
1,500,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2012A), 5.00% (University of Pennsylvania Health System), 8/15/2042 | 1,561,920 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series AL), 5.00% (State System of Higher Education, Commonwealth of PA), 6/15/2020 | 1,188,180 | |
1,250,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series EE-1), 5.00% (York College of Pennsylvania)/(Syncora Guarantee, Inc. INS), 11/1/2033 | 1,313,538 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$3,150,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds, 4.65% (Philadelphia College of Osteopathic Medicine)/(Original Issue Yield: 4.77%), 12/1/2028 | $3,177,468 | |
340,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds, 5.00% (Widener University), 7/15/2039 | 340,609 | |
410,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds, 5.00% (Widener University)/(United States Treasury PRF 7/15/2015@100), 7/15/2039 | 437,089 | |
2,000,000 | Pennsylvania State Higher Education Facilities Authority, Student Housing Revenue Bonds, 5.13% (Foundation for Indiana University of Pennsylvania )/( Syncora Guarantee, Inc. INS), 7/1/2039 | 1,929,740 | |
5,740,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2006A), 5.00% (AMBAC INS), 12/1/2026 | 6,174,174 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2011E), 5.00%, 12/1/2030 | 1,079,220 | |
2,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2009B), 5.13% (Original Issue Yield: 5.30%), 12/1/2040 | 2,071,880 | |
1,430,000 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2013B), 1.30%, 12/1/2020 | 1,457,728 | |
2,440,000 | Pennsylvania State Turnpike Commission-Motor License Fund Enhanced, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds (Series 2011A), 5.50% (Original Issue Yield: 5.55%), 12/1/2041 | 2,632,223 | |
2,000,000 | Pennsylvania State Turnpike Commission-Motor License Fund Enhanced, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds (Series 2011A), 6.00%, 12/1/2036 | 2,286,840 | |
1,500,000 | Pennsylvania State University, Revenue Bonds, 5.00%, 9/1/2029 | 1,585,635 | |
3,000,000 | Pennsylvania State University, Revenue Bonds, 5.00%, 9/1/2035 | 3,158,160 | |
1,600,000 | Philadelphia Authority for Industrial Development, Senior Living Revenue Bonds (Series 2005A), 5.63% (PresbyHomes Germantown/Morrisville), 7/1/2035 | 1,522,640 | |
2,000,000 | Philadelphia, PA Airport System, Airport Revenue Refunding Bonds (Series 2010D), 5.25%, 6/15/2028 | 2,125,240 | |
1,210,000 | Philadelphia, PA Authority for Industrial Development, Revenue Bonds (Series 2012), 6.63% (New Foundations Charter School), 12/15/2041 | 1,237,128 | |
2,350,000 | Philadelphia, PA Gas Works, Revenue Bonds (Seventh Series 1998 General Ordinance), 5.00% (AMBAC INS), 10/1/2037 | 2,372,184 | |
2,000,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority, Hospital Revenue Bonds (Series 2011D), 5.00% (Children's Hospital of Philadelphia), 7/1/2028 | 2,181,840 | |
1,670,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority, Hospital Revenue Bonds (Series 2012A), 5.63% (Temple University Health System Obligated Group)/(Original Issue Yield: 5.88%), 7/1/2042 | 1,439,523 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,250,000 | Philadelphia, PA Redevelopment Authority, Revenue Bonds (Series 2003A), 5.50% (Beech Student Housing Complex), 7/1/2019 | $1,256,350 | |
1,000,000 | Philadelphia, PA Redevelopment Authority, Revenue Bonds (Series 2003A), 5.63% (Beech Student Housing Complex), 7/1/2023 | 1,002,600 | |
3,000,000 | Philadelphia, PA School District, UT GO Bonds (Series 2008E), 6.00% (Original Issue Yield: 6.30%), 9/1/2038 | 3,254,280 | |
3,000,000 | Philadelphia, PA Water & Wastewater System, Revenue Refunding Bonds (Series 2012), 5.00%, 11/1/2028 | 3,315,120 | |
750,000 | Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2009A), 5.25% (Original Issue Yield: 5.33%), 1/1/2036 | 797,303 | |
3,000,000 | Philadelphia, PA, UT GO Bonds (Series 2008B), 7.13% (United States Treasury PRF 7/15/2016 @ 100)/(Assured Guaranty Corp. INS)/(Original Issue Yield: 7.25%), 7/15/2038 | 3,480,990 | |
3,000,000 | Philadelphia, PA, UT GO Refunding Bonds (Series 2009A), 5.13% (Assured Guaranty Corp. INS)/(Original Issue Yield: 5.20%), 8/1/2025 | 3,288,210 | |
915,000 | Pittsburgh, PA Urban Redevelopment Authority, Revenue Bonds (Series 2006C), 4.80% (GNMA COL), 4/1/2028 | 929,420 | |
1,035,000 | Pittsburgh, PA Urban Redevelopment Authority, Tax Allocation, 4.50% (Center Triangle), 5/1/2019 | 1,122,012 | |
3,000,000 | Pittsburgh, PA Water & Sewer Authority, Water and Sewer System Revenue Bonds (Series 2008 D-1), 5.00% (Assured Guaranty Municipal Corp. INS), 9/1/2025 | 3,210,270 | |
3,000,000 | Pittsburgh, PA, UT GO Bonds (Series 2012B), 5.00%, 9/1/2026 | 3,359,100 | |
2,165,000 | Radnor Township, PA, UT GO Bonds (Series 2004AA), 5.13% (United States Treasury PRF 7/15/2014@100), 7/15/2027 | 2,206,113 | |
1,500,000 | Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), 5.25% (Original Issue Yield: 5.27%), 12/1/2036 | 1,580,910 | |
1,000,000 | Saxonburg, PA Area Authority, Sewer & Water Revenue Bonds, 5.00% (Assured Guaranty Corp. INS), 3/1/2030 | 1,052,030 | |
1,000,000 | South Fork Municipal Authority, PA, Hospital Revenue Bonds (Series 2010), 5.50% (Conemaugh Valley Memorial Hospital)/(Original Issue Yield: 5.72%), 7/1/2029 | 1,046,710 | |
1,295,000 | Southcentral PA, General Authority, Hospital Revenue Bonds, 5.00% (Hanover Hospital, Inc.)/(Radian Asset Assurance, Inc. INS), 12/1/2029 | 1,301,825 | |
1,000,000 | Southeastern, PA Transportation Authority, Capital Grant Receipts Bonds (Series 2011), 5.00%, 6/1/2025 | 1,095,540 | |
1,000,000 | Southeastern, PA Transportation Authority, Capital Grant Receipts Bonds (Series 2011), 5.00%, 6/1/2028 | 1,075,440 | |
1,000,000 | Southeastern, PA Transportation Authority, Revenue Refunding Bonds (Series 2010), 5.00%, 3/1/2018 | 1,152,830 | |
500,000 | St. Mary Hospital Authority, PA, Health System Revenue Bonds (Series 2004A), 5.00% (CHE Trinity Healthcare Credit Group)/(Original Issue Yield: 5.15%), 11/15/2021 | 514,360 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,000,000 | St. Mary Hospital Authority, PA, Health System Revenue Bonds (Series 2004B), 5.38% (CHE Trinity Healthcare Credit Group)/(United States Treasury PRF 11/15/2014@100)/(Original Issue Yield: 5.42%), 11/15/2034 | $1,037,230 | |
1,000,000 | St. Mary Hospital Authority, PA, Health System Revenue Bonds (Series 2004B), 5.50% (CHE Trinity Healthcare Credit Group)/(United States Treasury PRF 11/15/2014@100), 11/15/2024 | 1,038,120 | |
2,000,000 | St. Mary Hospital Authority, PA, Health System Revenue Bonds (Series 2012A), 5.00% (CHE Trinity Healthcare Credit Group), 11/15/2026 | 2,207,540 | |
2,000,000 | State Public School Building Authority, PA, School Revenue Bonds, 5.00% (Haverford Twp, PA School District)/(Syncora Guarantee, Inc. INS), 3/15/2027 | 2,131,260 | |
2,000,000 | State Public School Building Authority, PA, School Revenue Bonds, 5.00% (Haverford Twp, PA School District)/(Syncora Guarantee, Inc. INS), 3/15/2029 | 2,131,260 | |
1,000,000 | Union County, PA Higher Educational Facilities Financing Authority, University Revenue Bonds (Series 2012A), 5.00% (Bucknell University), 4/1/2042 | 1,070,650 | |
1,250,000 | Union County, PA Hospital Authority, Revenue Bonds, 5.25% (Evangelical Community Hospital)/(Radian Asset Assurance, Inc. INS), 8/1/2024 | 1,255,900 | |
400,000 | Washington County, PA Authority, Lease Revenue Bonds, 7.88% (Escrowed In Treasuries COL), 12/15/2018 | 527,416 | |
310,000 | West View, PA Municipal Authority, SO Bonds, 9.50% (Escrowed In Treasuries COL), 11/15/2014 | 327,028 | |
TOTAL | 217,525,147 | ||
Puerto Rico—1.6% | |||
1,750,000 | Commonwealth of Puerto Rico, Public Improvement Refunding UT GO Bonds (Series 2012A), 5.50%, 7/1/2039 | 1,348,900 | |
2,000,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2012A), 5.00%, 7/1/2029 | 1,380,800 | |
1,000,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A), 7.00%, 7/1/2033 | 755,530 | |
TOTAL | 3,485,230 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $215,699,221) | 221,010,377 |
Principal Amount | Value | ||
SHORT-TERM MUNICIPAL—0.3%1 | |||
Pennsylvania—0.3% | |||
$650,000 | Luzerne County, PA, (Series A of 2006) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.650%, 3/7/2014 (AT AMORTIZED COST) | $650,000 | |
TOTAL INVESTMENTS—98.8% (IDENTIFIED COST $216,349,221)2 | 221,660,377 | ||
OTHER ASSETS AND LIABILITIES - NET—1.2%3 | 2,748,902 | ||
TOTAL NET ASSETS—100% | $224,409,279 |
1 | Current rate and next reset date shown for Variable Rate Demand Notes. |
2 | The cost of investments for federal tax purposes amounts to $216,325,307. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AMBAC | —American Municipal Bond Assurance Corporation |
AMT | —Alternative Minimum Tax |
CHE | —Catholic Health East |
COL | —Collateralized |
EDFA | —Economic Development Finance Authority |
FGIC | —Financial Guaranty Insurance Company |
GNMA | —Government National Mortgage Association |
GO | —General Obligation |
GTD | —Guaranteed |
HDA | —Hospital Development Authority |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
PRF | —Pre-refunded |
SFM | —Single Family Mortgage |
SO | —Special Obligation |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 2/28/2014 | Year Ended August 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $10.34 | $11.20 | $10.68 | $10.92 | $10.37 | $10.70 |
Income From Investment Operations: | ||||||
Net investment income | 0.20 | 0.39 | 0.40 | 0.44 | 0.43 | 0.47 |
Net realized and unrealized gain (loss) on investments, futures contracts and swap contracts | 0.40 | (0.87) | 0.52 | (0.25) | 0.55 | (0.34) |
TOTAL FROM INVESTMENT OPERATIONS | 0.60 | (0.48) | 0.92 | 0.19 | 0.98 | 0.13 |
Less Distributions: | ||||||
Distributions from net investment income | (0.20) | (0.38) | (0.40) | (0.43) | (0.43) | (0.46) |
Net Asset Value, End of Period | $10.74 | $10.34 | $11.20 | $10.68 | $10.92 | $10.37 |
Total Return1 | 5.91% | (4.41)% | 8.80% | 1.92% | 9.60% | 1.46% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.75%2 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income | 3.69%2 | 3.50% | 3.63% | 4.04% | 4.04% | 4.65% |
Expense waiver/reimbursement3 | 0.13%2 | 0.10% | 0.10% | 0.11% | 0.09% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $221,264 | $231,890 | $275,974 | $238,538 | $270,219 | $276,442 |
Portfolio turnover | 1% | 7% | 15% | 8% | 12% | 13% |
1 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
2 | Computed on an annualized basis. |
3 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 2/28/2014 | Year Ended August 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $10.34 | $11.20 | $10.68 | $10.92 | $10.37 | $10.69 |
Income from Investment Operations: | ||||||
Net investment income | 0.15 | 0.31 | 0.32 | 0.331 | 0.35 | 0.39 |
Net realized and unrealized gain (loss) on investments, futures contracts and swap contracts | 0.40 | (0.87) | 0.52 | (0.22) | 0.54 | (0.33) |
TOTAL FROM INVESTMENT OPERATIONS | 0.55 | (0.56) | 0.84 | 0.11 | 0.89 | 0.06 |
Less Distributions: | ||||||
Distributions from net investment income | (0.15) | (0.30) | (0.32) | (0.35) | (0.34) | (0.38) |
Net Asset Value, End of Period | $10.74 | $10.34 | $11.20 | $10.68 | $10.92 | $10.37 |
Total Return2 | 5.40% | (5.15)% | 7.96% | 1.13% | 8.76% | 0.77% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.52%3 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
Net investment income | 2.92%3 | 2.73% | 2.87% | 3.26% | 3.27% | 3.90% |
Expense waiver/reimbursement4 | 0.11%3 | 0.08% | 0.08% | 0.09% | 0.07% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,145 | $3,824 | $5,137 | $7,401 | $16,071 | $20,671 |
Portfolio turnover | 1% | 7% | 15% | 8% | 12% | 13% |
1 | Per share number has 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. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value (identified cost $216,349,221) | $221,660,377 | |
Cash | 11,536 | |
Income receivable | 2,958,551 | |
Receivable for shares sold | 128,200 | |
Receivable for investments sold | 35,000 | |
Prepaid expenses | 12,939 | |
TOTAL ASSETS | 224,806,603 | |
Liabilities: | ||
Payable for shares redeemed | $283,376 | |
Payable for shareholder services fee (Note 5) | 43,575 | |
Payable for portfolio accounting fees | 37,448 | |
Payable for transfer agent fee | 20,985 | |
Payable for distribution services fee (Note 5) | 1,807 | |
Payable for Directors'/Trustees' fees (Note 5) | 35 | |
Accrued expenses (Note 5) | 10,098 | |
TOTAL LIABILITIES | 397,324 | |
Net assets for 20,903,385 shares outstanding | $224,409,279 | |
Net Assets Consist of: | ||
Paid-in capital | $237,641,743 | |
Net unrealized appreciation of investments | 5,311,156 | |
Accumulated net realized loss on investments | (18,523,377) | |
Distributions in excess of net investment income | (20,243) | |
TOTAL NET ASSETS | $224,409,279 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($221,264,364 ÷ 20,610,595 shares outstanding), no par value, unlimited shares authorized | $10.74 | |
Offering price per share (100/95.50 of $10.74) | $11.25 | |
Redemption proceeds per share | $10.74 | |
Class B Shares: | ||
Net asset value per share ($3,144,915 ÷ 292,790 shares outstanding), no par value, unlimited shares authorized | $10.74 | |
Offering price per share | $10.74 | |
Redemption proceeds per share (94.50/100 of $10.74) | $10.15 |
Investment Income: | |||
Interest | $5,038,657 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $453,033 | ||
Administrative fee (Note 5) | 88,455 | ||
Custodian fees | 8,363 | ||
Transfer agent fees | 63,921 | ||
Directors'/Trustees' fees (Note 5) | 1,291 | ||
Auditing fees | 12,561 | ||
Legal fees | 6,148 | ||
Distribution services fee (Note 5) | 12,618 | ||
Shareholder services fee (Note 5) | 282,387 | ||
Portfolio accounting fees | 44,728 | ||
Share registration costs | 16,917 | ||
Printing and postage | 17,129 | ||
Insurance premiums (Note 5) | 2,234 | ||
Miscellaneous (Note 5) | 1,692 | ||
TOTAL EXPENSES | 1,011,477 | ||
Waiver and Reimbursement (Note 5): | |||
Waiver of investment adviser fee | $(121,978) | ||
Reimbursement of shareholder services fee | (21,557) | ||
TOTAL WAIVER AND REIMBURSEMENT | (143,535) | ||
Net expenses | 867,942 | ||
Net investment income | 4,170,715 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized loss on investments | (315,654) | ||
Net change in unrealized appreciation (depreciation) of investments | 9,059,374 | ||
Net realized and unrealized gain on investments | 8,743,720 | ||
Change in net assets resulting from operations | $12,914,435 |
Six Months Ended (unaudited) 2/28/2014 | Year Ended 8/31/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $4,170,715 | $9,540,979 |
Net realized gain (loss) on investments and futures contracts | (315,654) | 612,605 |
Net change in unrealized appreciation/depreciation of investments | 9,059,374 | (21,511,632) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 12,914,435 | (11,358,048) |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (4,162,304) | (9,266,803) |
Class B Shares | (49,287) | (127,508) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (4,211,591) | (9,394,311) |
Share Transactions: | ||
Proceeds from sale of shares | 10,934,896 | 26,708,289 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,873,016 | 6,351,162 |
Cost of shares redeemed | (33,815,926) | (57,703,448) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (20,008,014) | (24,643,997) |
Change in net assets | (11,305,170) | (45,396,356) |
Net Assets: | ||
Beginning of period | 235,714,449 | 281,110,805 |
End of period (including (distributions in excess of) undistributed net investment income of $(20,243) and $20,633, respectively) | $224,409,279 | $235,714,449 |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium) unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
Six Months Ended 2/28/2014 | Year Ended 8/31/2013 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,034,409 | $10,867,008 | 2,337,819 | $26,164,523 |
Shares issued to shareholders in payment of distributions declared | 267,551 | 2,825,254 | 565,355 | 6,228,032 |
Shares redeemed | (3,128,514) | (32,890,984) | (5,107,931) | (56,079,136) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (1,826,554) | $(19,198,722) | (2,204,757) | $(23,686,581) |
Six Months Ended 2/28/2014 | Year Ended 8/31/2013 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,422 | $67,888 | 48,697 | $543,766 |
Shares issued to shareholders in payment of distributions declared | 4,521 | 47,762 | 11,165 | 123,130 |
Shares redeemed | (88,003) | (924,942) | (148,489) | (1,624,312) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (77,060) | $(809,292) | (88,627) | $(957,416) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,903,614) | $(20,008,014) | (2,293,384) | $(24,643,997) |
Expiration Year | Short-Term | Long-Term | Total |
No expiration | $161,254 | $269,831 | $431,085 |
2016 | $213,566 | N/A | $213,566 |
2017 | $7,730,607 | N/A | $7,730,607 |
2018 | $9,851,417 | N/A | $9,851,417 |
2019 | $3,561 | N/A | $3,561 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Distribution Service Fees Incurred | |
Class B Shares | $12,618 |
Service Fees Incurred | Service Fees Reimbursed | |
Class A Shares | $278,181 | $(21,557) |
Class B Shares | 4,206 | — |
TOTAL | $282,387 | $(21,557) |
Purchases | $1,528,295 |
Sales | $21,145,716 |
Beginning Account Value 9/1/2013 | Ending Account Value 2/28/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,059.10 | $3.83 |
Class B Shares | $1,000 | $1,054.00 | $7.74 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,021.08 | $3.76 |
Class B Shares | $1,000 | $1,017.26 | $7.60 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.75% |
Class B Shares | 1.52% |
Name | For | Withheld |
John T. Collins | 91,507,128.403 | 2,809,854.606 |
Maureen Lally-Green | 92,819,244.677 | 1,497,738.332 |
Thomas M. O'Neill | 92,644,697.917 | 1,672,285.092 |
P. Jerome Richey | 92,746,737.657 | 1,570,245.352 |
1 | The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Maureen Lally-Green (having been previously appointed by the Board), Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill (having been previously appointed by the Board), and John S. Walsh. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923807
2014 ©Federated Investors, Inc.
Share Class | Ticker |
A | FMOAX |
B | FMOBX |
C | FMNCX |
F | FHTFX |
Institutional | FMYIX |
Sector Composition | Percentage of Total Net Assets |
Special Tax | 13.2% |
Senior Care | 13.0% |
Hospital | 12.3% |
Industrial Development Bond/Pollution Control Revenue Bond | 11.8% |
Education | 8.5% |
Transportation | 7.3% |
General Obligation—State | 7.0% |
Tobacco | 5.5% |
Electric & Gas | 5.5% |
Water & Sewer | 4.2% |
Derivative Contracts2,3 | 0.0% |
Other4 | 10.1% |
Other Assets and Liabilities—Net5 | 1.6% |
TOTAL | 100.0% |
1 | Sector classifications, and the assignment of holdings to such sectors, are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. For securities that have been enhanced by a third-party, including bond insurers and banks, such as a guarantor, sector classifications are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. |
2 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value, and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
3 | Represents less than 0.1%. |
4 | For purposes of this table, sector classifications constitute 88.3% of the Fund's total net assets. Remaining sectors have been aggregated under the designation “Other.” |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
MUNICIPAL BONDS—97.5% | |||
Alabama—2.8% | |||
$2,000,000 | Alabama State Port Authority, Docks Facilities Revenue Bonds (Series 2010), 6.00% (Original Issue Yield: 6.25%), 10/1/2040 | $2,261,820 | |
2,000,000 | Courtland, AL IDB, Solid Waste Disposal Revenue Refunding Bonds (Series 2005B), 5.20% (International Paper Co.), 6/1/2025 | 2,019,980 | |
500,000 | Huntsville, AL Special Care Facilities Financing Authority, Retirement Facilities Revenue Bonds (Series 2011A), 7.50% (Redstone Village)/(Original Issue Yield: 7.625%), 1/1/2047 | 527,375 | |
1,500,000 | Huntsville, AL Special Care Facilities Financing Authority, Retirement Facility Revenue Bonds (Series 2007), 5.50% (Redstone Village)/(Original Issue Yield: 5.60%), 1/1/2043 | 1,276,395 | |
2,000,000 | Jefferson County, AL Sewer System, Senior Lien Sewer Revenue Current Interest Warrants (Series 2013-A), 5.50% (Assured Guaranty Municipal Corp. INS)/(Original Issue Yield: 5.65%), 10/1/2053 | 2,015,240 | |
2,000,000 | Jefferson County, AL Sewer System, Subordinate Lien Sewer Revenue Current Interest Warrants (Series 2013-D), 6.50% (Original Issue Yield: 6.85%), 10/1/2053 | 2,045,340 | |
835,000 | Selma, AL IDB, Gulf Opportunity Zone Bonds (Series 2010A), 5.80% (International Paper Co.), 5/1/2034 | 882,303 | |
2,100,000 | Sylacauga, AL Health Care Authority, Revenue Bonds (Series 2005A), 6.00% (Coosa Valley Medical Center)/(Original Issue Yield: 6.05%), 8/1/2035 | 2,014,446 | |
TOTAL | 13,042,899 | ||
Alaska—0.6% | |||
1,000,000 | 1,2 | Alaska Industrial Development and Export Authority, Community Provider Revenue Bonds (Series 2007C), 6.00% (Boys & Girls Home & Family Services, Inc.), 12/1/2036 | 450,100 |
2,000,000 | 3,4 | Koyukuk, AK, Revenue Bonds (Series 2011), 7.75% (Tanana Chiefs Conference Health Care)/(Original Issue Yield: 8.125%), 10/1/2041 | 2,135,700 |
TOTAL | 2,585,800 | ||
Arizona—2.1% | |||
4,000,000 | Maricopa County, AZ Pollution Control Corp., PCRBs (Series 2003A), 6.25% (Public Service Co., NM), 1/1/2038 | 4,242,720 | |
1,500,000 | Maricopa County, AZ Pollution Control Corp., PCRBs (Series 2009A), 7.25% (El Paso Electric Co.), 2/1/2040 | 1,677,525 | |
1,385,000 | Pima County, AZ IDA, PCRBs (Series 2009A), 4.95% (Tucson Electric Power Co.), 10/1/2020 | 1,534,054 | |
2,000,000 | Pima County, AZ IDA, Revenue Bonds (Series 2008B), 5.75% (Tucson Electric Power Co.), 9/1/2029 | 2,043,520 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Arizona—continued | |||
$430,000 | 3,4 | Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.00%, 7/15/2027 | $458,070 |
TOTAL | 9,955,889 | ||
California—8.5% | |||
2,500,000 | 3,4 | California PCFA, Solid Waste Disposal Revenue Bonds (Series 2002B), 5.00% (Waste Management, Inc.), 7/1/2027 | 2,584,175 |
1,000,000 | 3,4 | California PCFA, Solid Waste Disposal Revenue Bonds (Series 2005A-2), 5.40% (Waste Management, Inc.), 4/1/2025 | 1,039,090 |
2,500,000 | California State, Various Purpose UT GO Bonds, 5.00%, 9/1/2041 | 2,632,575 | |
2,500,000 | California State, Various Purpose UT GO Bonds, 5.25%, 10/1/2029 | 2,803,925 | |
2,500,000 | California State, Various Purpose UT GO Bonds, 6.00% (Original Issue Yield: 6.10%), 4/1/2038 | 2,908,025 | |
1,130,000 | 3,4 | California Statewide CDA MFH, Revenue Bonds (Series 1999X), 6.65% TOBs (Magnolia City Lights Project), Mandatory Tender 7/1/2029 | 1,129,944 |
2,000,000 | Chula Vista, CA, COPs, 5.50% (Original Issue Yield: 5.88%), 3/1/2033 | 2,123,720 | |
500,000 | Corona-Norco USD Community Facilities District No. 98-1, CA, 2013 Special Tax Refunding Bonds, 5.00%, 9/1/2032 | 523,500 | |
3,000,000 | Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Refunding Revenue Bonds (Series 2013A), 6.00% (Original Issue Yield: 6.40%), 1/15/2053 | 3,143,250 | |
500,000 | Golden State Tobacco Securitization Corp., CA, Enhanced Tobacco Settlement Asset-Backed Bonds (Series 2013A), 5.00% (California State), 6/1/2029 | 534,345 | |
530,000 | Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds (Series 2007A-1), 5.75%, 6/1/2047 | 433,916 | |
6,000,000 | Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Revenue Bonds (Series 2007A-1), 5.125% (Original Issue Yield: 5.27%), 6/1/2047 | 4,494,300 | |
95,000 | Irvine, CA Reassessment District No. 13-1, LO Improvement Bonds, 5.00%, 9/2/2028 | 99,412 | |
365,000 | Irvine, CA Reassessment District No. 13-1, LO Improvement Bonds, 5.00%, 9/2/2029 | 380,425 | |
180,000 | Irvine, CA Reassessment District No. 13-1, LO Improvement Bonds, 5.00%, 9/2/2030 | 186,286 | |
2,500,000 | M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), 7.00%, 11/1/2034 | 3,286,750 | |
500,000 | Poway, CA USDT, Special Tax Bonds (Series 2012), 5.00% (Community Facilities District No. 6 (4S Ranch)), 9/1/2033 | 519,660 | |
2,000,000 | Riverside County, CA Redevelopment Agency, Tax Allocation Bonds (Series 2010D), 6.00% (Desert Communities Redevelopment Project Area)/(Original Issue Yield: 6.02%), 10/1/2037 | 2,041,820 | |
1,500,000 | Riverside County, CA Redevelopment Agency, Tax Allocation Bonds (Series 2010E), 6.50% (Interstate 215 Corridor Redevelopment Project Area )/(Original Issue Yield: 6.53%), 10/1/2040 | 1,616,220 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$349,000 | 1 | San Bernardino County, CA Housing Authority, Subordinated Revenue Bonds, 7.25% (Glen Aire Park & Pacific Palms), 4/15/2042 | $166,407 |
1,250,000 | San Buenaventura, CA, Revenue Bonds (Series 2011), 8.00% (Community Memorial Health System), 12/1/2031 | 1,470,525 | |
1,000,000 | San Francisco, CA City & County Redevelopment Finance Agency, Tax Allocation Bonds (Series 2011C), 6.75% (Mission Bay North Redevelopment)/(Original Issue Yield: 6.86%), 8/1/2041 | 1,148,200 | |
2,000,000 | San Jose, CA Airport, Airport Revenue Bonds (Series 2011A-1), 6.25%, 3/1/2034 | 2,268,960 | |
1,250,000 | Santa Margarita, CA Water District Community Facilities District No. 2013-1, Special Tax Bonds (Series 2013), 5.625% (Original Issue Yield: 5.70%), 9/1/2043 | 1,292,287 | |
990,000 | Western Hills Water District, CA, Special Tax Revenue Bonds, 6.875% (Diablo Grande Community Facilities No. 1)/(Original Issue Yield: 6.954%), 9/1/2031 | 963,042 | |
TOTAL | 39,790,759 | ||
Colorado—4.7% | |||
2,000,000 | Beacon Point, CO Metropolitan District, Revenue Bonds (Series 2005A), 6.25% (Original Issue Yield: 6.375%), 12/1/2035 | 1,941,960 | |
536,000 | Castle Oaks, CO Metropolitan District, LT GO Bonds (Series 2005), 6.125% (United States Treasury PRF 12/1/2015@100), 12/1/2035 | 587,762 | |
2,000,000 | Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 5.625% (Original Issue Yield: 5.79%), 12/1/2038 | 2,119,200 | |
1,250,000 | Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 6.00%, 12/1/2038 | 1,372,837 | |
740,000 | Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds (Series 2007A), 5.70% (Windsor Charter Academy)/(Original Issue Yield: 5.70%), 5/1/2037 | 662,226 | |
795,000 | Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds (Series 2007A), 5.75% (Northeast Academy Charter School), 5/15/2037 | 549,027 | |
1,000,000 | Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds (Series 2007A), 6.00% (Monument Academy Charter School), 10/1/2037 | 1,002,170 | |
800,000 | Colorado Health Facilities Authority, Health & Residential Care Facilities Revenue Bonds (Series 2007), 5.30% (Volunteers of America Care Facilities), 7/1/2037 | 658,888 | |
1,100,000 | Colorado Health Facilities Authority, Revenue Bonds (Series 2010A), 6.25% (Total Long Term Care National Obligated Group), 11/15/2040 | 1,161,545 | |
2,000,000 | 2 | Colorado Springs Urban Renewal Authority, Tax Increment Revenue Bonds (Series 2007), 7.00% (University Village Colorado), 12/1/2029 | 1,295,340 |
1,540,000 | Denver (City & County), CO, Airport System Revenue Bonds (Series 2011A), 5.25% (Denver, CO City & County Department of Aviation)/(Original Issue Yield: 5.35%), 11/15/2022 | 1,784,167 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—continued | |||
$450,000 | Eagle County, CO Air Terminal Corp., Airport Terminal Project Revenue Improvement Bonds (Series 2006B), 5.25%, 5/1/2020 | $462,240 | |
750,000 | Eagle County, CO Air Terminal Corp., Revenue Refunding Bonds (Series 2011A), 6.00%, 5/1/2027 | 797,940 | |
2,235,000 | Northwest, CO Metropolitan District No. 3, LT GO Bonds (Series 2005), 6.25%, 12/1/2035 | 2,018,920 | |
2,000,000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds (Series 2008), 6.25% (Merrill Lynch & Co., Inc.)/(Original Issue Yield: 6.63%), 11/15/2028 | 2,354,540 | |
1,030,000 | Tallyn's Reach Metropolitan District No. 3, CO, LT GO Refunding & Improvement Bonds (Series 2013), 5.125%, 11/1/2038 | 969,055 | |
2,000,000 | Three Springs Metropolitan District No. 3, CO, Property Tax Supported Revenue Bonds (Series 2010), 7.75%, 12/1/2039 | 2,082,620 | |
TOTAL | 21,820,437 | ||
Connecticut—0.2% | |||
1,000,000 | Connecticut Development Authority, Airport Facility Revenue Bonds, 7.95% (Bombardier, Inc.), 4/1/2026 | 1,041,040 | |
Delaware—0.4% | |||
1,905,000 | Delaware EDA, Gas Facilities Refunding Bonds, 5.40% (Delmarva Power and Light Co.), 2/1/2031 | 2,050,047 | |
District of Columbia—0.6% | |||
2,000,000 | District of Columbia Revenue, Revenue Bonds (Series 2012A), 5.00% (Friendship Public Charter School, Inc.), 6/1/2042 | 1,801,800 | |
1,030,000 | District of Columbia, Revenue Bonds (Series 2013A), 6.00% (KIPP DC), 7/1/2043 | 1,095,766 | |
TOTAL | 2,897,566 | ||
Florida—6.3% | |||
3,000,000 | Alachua County, FL, IDRB (Series 2007A), 5.875% (North Florida Retirement Village, Inc.), 11/15/2042 | 2,705,220 | |
285,000 | 1,2 | Arborwood, FL Community Development District, Capital Improvement Revenue Bonds (Series 2005A), 5.35%, 5/1/2036 | 170,971 |
1,095,000 | Arborwood, FL Community Development District, Capital Improvement Revenue Bonds (Series 2005A-2), 5.35%, 5/1/2036 | 1,031,129 | |
104,232 | 1 | Capital Trust Agency, FL, Housing Revenue Notes, 5.95% (Atlantic Housing Foundation Properties), 1/15/2039 | 5,216 |
3,000,000 | 3,4 | Collier County, FL IDA, Continuing Care Community Revenue Bonds (Series 2013A), 8.25% (Arlington of Naples)/(Original Issue Yield: 8.375%), 5/15/2049 | 3,019,920 |
755,000 | East Homestead, FL Community Development District, Special Assessment Revenue Bonds (Series 2005), 5.45%, 5/1/2036 | 725,925 | |
910,000 | Lakes by the Bay South Community Development District, FL, Special Assessment Revenue Bonds (Series 2004A), 6.25% (United States Treasury PRF 5/1/2014@101)/(Original Issue Yield: 6.277%), 5/1/2034 | 920,028 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$2,000,000 | Lee County, FL IDA, Healthcare Facilities Refunding Revenue Bonds (Series 2012), 6.50% (Cypress Cove at Healthpark), 10/1/2047 | $2,048,120 | |
2,000,000 | Martin County, FL Health Facilities Authority, Hospital Revenue Bonds (Series 2012), 5.50% (Martin Memorial Medical Center)/(Original Issue Yield: 5.53%), 11/15/2042 | 2,040,100 | |
2,000,000 | Martin County, FL IDA, Industrial Development Refunding Revenue Bonds (Series 2013), 4.20% (Indiantown Cogeneration, L.P.), 12/15/2025 | 1,860,940 | |
2,000,000 | 3,4 | Miami, FL, SO Non-Ad Valorem Revenue Refunding Bonds (Series 2012), 5.00%, 3/1/2030 | 2,052,520 |
1,000,000 | Midtown Miami, FL Community Development District, Special Assessment Bonds (Series 2004A), 6.25% (Original Issue Yield: 6.30%), 5/1/2037 | 1,000,360 | |
600,000 | Orlando, FL Urban Community Development District, Capital Improvement Revenue Bonds, 6.25%, 5/1/2034 | 600,066 | |
2,000,000 | 3,4 | Palm Beach County, FL, Tax-Exempt Revenue Bonds (Series 2005A), 6.75% (G-Star School of the Arts for Motion Pictures and Broadcasting Charter School), 5/15/2035 | 1,839,660 |
1,405,000 | Pinellas County, FL Educational Facilities Authority, Revenue Bonds (Series 2011A), 7.125% (Pinellas Preparatory Academy), 9/15/2041 | 1,447,600 | |
690,000 | Reunion East Community Development District, FL, Special Assessment Bonds (Series 2002A-1), 7.375%, 5/1/2033 | 700,302 | |
310,000 | 1,2 | Reunion East Community Development District, FL, Special Assessment Bonds (Series 2002A-1, 7.375%, 5/1/2033 | 215,605 |
1,000,000 | South Lake County, FL Hospital District, Revenue Bonds (Series 2009A), 6.25% (South Lake Hospital, Inc.)/(Original Issue Yield: 6.30%), 4/1/2039 | 1,078,790 | |
200,000 | Tolomato Community Development District, FL, Special Assessment Refunding Revenue Bonds (Series A-1), 6.55% (Original Issue Yield: 6.60%), 5/1/2027 | 190,610 | |
10,000 | 1,2 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 1), 6.55%, 5/1/2027 | 9,923 |
465,000 | 1,2 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2), 6.55%, 5/1/2027 | 265,371 |
1,485,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2006), 5.40%, 5/1/2037 | 1,437,227 | |
155,000 | 1,2 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 3), 6.55%, 5/1/2027 | 2 |
55,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-2) 0.00% (Step Coupon 5/1/2017), (Original Issue Yield: 6.61%), 5/1/2039 | 40,378 | |
135,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-3) 0.00% (Step Coupon 5/1/2019), (Original Issue Yield: 6.61%), 5/1/2040 | 80,768 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$70,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-4) 0.00% (Step Coupon 5/1/2022), (Original Issue Yield: 6.61%), 5/1/2040 | $31,006 | |
890,000 | Verandah East, FL Community Development District, Capital Improvement Revenue Bonds (Series 2006A), 5.40%, 5/1/2037 | 646,505 | |
1,000,000 | Verandah West, FL Community Development District, Capital Improvement Revenue Refunding Bonds (Series 2013), 5.00% (Original Issue Yield: 5.125%), 5/1/2033 | 910,220 | |
1,630,000 | Volusia County, FL Education Facility Authority, Educational Facilities Refunding Revenue Bonds (Series 2005), 5.00% (Embry-Riddle Aeronautical University, Inc.)/(Radian Asset Assurance, Inc. INS), 10/15/2025 | 1,669,902 | |
450,000 | Winter Garden Village at Fowler Groves Community Development District, FL, Special Assessment Bonds (Series 2006), 5.65%, 5/1/2037 | 455,184 | |
TOTAL | 29,199,568 | ||
Georgia—1.9% | |||
4,000,000 | Atlanta, GA Water & Wastewater, Revenue Bonds (Series 2009A), 6.25% (Original Issue Yield: 6.38%), 11/1/2039 | 4,587,680 | |
770,000 | Atlanta, GA, Tax Allocation Bonds (Series 2005B), 5.60% (Eastside Tax Allocation District)/(Original Issue Yield: 5.65%), 1/1/2030 | 804,827 | |
1,600,000 | Augusta, GA HFA, MFH Refunding Revenue Bonds, 6.55% (Forest Brook Apartments), 12/1/2030 | 1,599,920 | |
750,000 | Fulton County, GA Residential Care Facilities, Revenue Bonds (Series 2004A), 6.00% (Canterbury Court), 2/15/2022 | 750,413 | |
1,000,000 | Medical Center Hospital Authority, GA, Revenue Refunding Bonds (Series 2007), 5.25% (Spring Harbor at Green Island), 7/1/2037 | 929,450 | |
TOTAL | 8,672,290 | ||
Guam—0.9% | |||
500,000 | Guam Government LO (Section 30), Bonds (Series 2009A), 5.75% (Original Issue Yield: 6.00%), 12/1/2034 | 529,275 | |
1,000,000 | Guam Government, GO Bonds (Series 2009A), 7.00% (Original Issue Yield: 7.18%), 11/15/2039 | 1,057,540 | |
1,000,000 | Guam Government, UT GO Bonds (Series 2007A), 5.25% (Original Issue Yield: 5.45%), 11/15/2037 | 917,480 | |
1,000,000 | Guam International Airport Authority, General Revenue Bonds (Series 2013C), 6.125% (Assured Guaranty Municipal Corp. INS)/(Original Issue Yield: 6.23%), 10/1/2043 | 1,084,040 | |
500,000 | Guam Power Authority, Revenue Bonds (Series 2012A), 5.00%, 10/1/2034 | 495,850 | |
TOTAL | 4,084,185 | ||
Hawaii—1.1% | |||
3,660,000 | Hawaii State Department of Budget & Finance, Special Purpose Revenue Bonds (Series 2009), 6.50% (Hawaiian Electric Co., Inc.), 7/1/2039 | 3,989,363 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Hawaii—continued | |||
$1,000,000 | Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Bonds(Series A), 9.00% (15 Craigside)/(Original Issue Yield: 9.15%), 11/15/2044 | $1,124,160 | |
TOTAL | 5,113,523 | ||
Idaho—0.5% | |||
2,500,000 | Idaho Health Facilities Authority, Revenue Bonds (Series 2013A), 8.125% (Terraces of Boise)/(Original Issue Yield: 8.25%), 10/1/2049 | 2,521,750 | |
Illinois—6.5% | |||
1,750,000 | Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011A), 5.75% (Original Issue Yield: 5.94%), 1/1/2039 | 1,868,982 | |
2,500,000 | Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011C), 6.50%, 1/1/2041 | 2,870,700 | |
415,000 | DuPage County, IL, Special Tax Bonds (Series 2006), 5.625% (Naperville Campus LLC), 3/1/2036 | 412,203 | |
1,500,000 | Illinois Finance Authority, Charter School Refunding & Improvement Revenue Bonds (Series 2011A), 7.125% (Uno Charter School Network, Inc.), 10/1/2041 | 1,675,380 | |
1,000,000 | Illinois Finance Authority, MFH Revenue Bonds (Series 2007), 6.10% (Dekalb Supportive Living Facility), 12/1/2041 | 857,940 | |
1,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2005A), 5.625% (Friendship Village of Schaumburg)/(Original Issue Yield: 5.70%), 2/15/2037 | 888,190 | |
1,250,000 | Illinois Finance Authority, Revenue Bonds (Series 2005A), 6.00% (Landing at Plymouth Place)/(Original Issue Yield: 6.04%), 5/15/2037 | 1,132,587 | |
1,500,000 | Illinois Finance Authority, Revenue Bonds (Series 2005A), 6.25% (Smith Village), 11/15/2035 | 1,447,230 | |
1,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2010), 7.25% (Friendship Village of Schaumburg)/(Original Issue Yield: 7.375%), 2/15/2045 | 1,020,990 | |
485,785 | 1,2 | Illinois Finance Authority, Revenue Bonds (Series 2010B) (Clare at Water Tower)/(Original Issue Yield: 5.00%), 5/15/2050 | 5 |
2,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2012), 5.625% (Lutheran Home and Services Obligated Group), 5/15/2042 | 1,821,520 | |
1,251,520 | 1,2 | Illinois Finance Authority, Revenue Bonds {Series 2010A}, 6.125% (Clare at Water Tower), 5/15/2041 | 13 |
1,000,000 | Illinois Finance Authority, Solid Waste Disposal Revenue Bonds, 5.05% (Waste Management, Inc.), 8/1/2029 | 1,030,150 | |
2,250,000 | Illinois State, UT GO Bonds (Series 2006), 5.00%, 1/1/2027 | 2,342,700 | |
2,000,000 | Illinois State, UT GO Bonds (Series 2013A), 5.00%, 4/1/2035 | 2,049,840 | |
2,025,000 | Illinois State, UT GO Bonds (Series June 2013), 5.50% (Original Issue Yield: 5.65%), 7/1/2038 | 2,150,935 | |
1,000,000 | Illinois State, UT GO Bonds (Series of February 2014), 5.00% (Original Issue Yield: 5.04%), 2/1/2039 | 1,017,980 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,410,000 | Illinois State, UT GO Refunding Bonds (Series May 2012), 5.00%, 8/1/2025 | $1,535,405 | |
1,000,000 | Quad Cities, IL Regional EDA, MFH Revenue Bonds (Series 2006), 6.00% (Heritage Woods of Moline SLF), 12/1/2041 | 856,600 | |
1,600,000 | Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2010), 6.00% (Original Issue Yield: 6.10%), 6/1/2028 | 1,828,992 | |
2,000,000 | Southwestern, IL Development Authority, Health Facility Revenue Bonds (Series 2013), 7.625% (Memorial Group, Inc.)/(Original Issue Yield: 7.95%), 11/1/2048 | 2,072,280 | |
1,500,000 | Will-Kankakee, IL Regional Development Authority, MFH Revenue Bonds (Series 2007), 7.00% (Senior Estates Supportive Living), 12/1/2042 | 1,477,875 | |
TOTAL | 30,358,497 | ||
Indiana—2.7% | |||
1,250,000 | Carmel, IN, Revenue Bonds (Series 2012A), 7.125% (Barrington of Carmel)/(Original Issue Yield: 7.20%), 11/15/2042 | 1,275,138 | |
1,000,000 | Carmel, IN, Revenue Bonds (Series 2012A), 7.125% (Barrington of Carmel)/(Original Issue Yield: 7.30%), 11/15/2047 | 1,017,280 | |
1,305,000 | Indiana State Finance Authority Environmental Revenue, Revenue Refunding Bonds (Series 2010), 6.00% (United States Steel Corp.), 12/1/2026 | 1,327,289 | |
4,000,000 | Indiana State Finance Authority, Tax-Exempt Private Activity Bonds (Series 2013), 5.25% (Ohio River Bridges East End Crossing), 1/1/2051 | 4,027,320 | |
1,000,000 | Jasper County, IN, PCR Refunding Bonds (Series 2003), 5.70% (Northern Indiana Public Service Company)/(AMBAC Financial Group, Inc. INS), 7/1/2017 | 1,119,680 | |
2,000,000 | Rockport, IN, Revenue Refunding Bonds (Series 2012-A), 7.00% (AK Steel Corp.), 6/1/2028 | 1,764,900 | |
1,153,630 | 1,2 | St. Joseph County, IN Hospital Authority, Health Facilities Revenue Bonds (Series 2005), 5.375% (Madison Center Obligated Group), 2/15/2034 | 123,519 |
2,000,000 | Vigo County, IN Hospital Authority, Hospital Revenue Bond (Series 2007), 5.80% (Union Hospital)/(Original Issue Yield: 5.82%), 9/1/2047 | 1,879,040 | |
TOTAL | 12,534,166 | ||
Iowa—1.1% | |||
3,000,000 | Iowa Finance Authority, Midwestern Disaster Area Revenue Bonds (Series 2013), 5.25% (Iowa Fertilizer Co.)/(Original Issue Yield: 5.30%), 12/1/2025 | 2,900,160 | |
1,000,000 | Iowa Finance Authority, Midwestern Disaster Area Revenue Bonds (Series 2013), 5.50% (Iowa Fertilizer Co.), 12/1/2022 | 997,160 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Iowa—continued | |||
$1,715,000 | 1,2 | Iowa Finance Authority, Senior Living Facility Revenue Refunding Bonds (Series 2007A), 5.50% (Deerfield Retirement Community, Inc.), 11/15/2037 | $990,241 |
TOTAL | 4,887,561 | ||
Kansas—1.6% | |||
2,000,000 | Kansas State Development Finance Authority, Revenue Bonds, 5.75% (Adventist Health System/Sunbelt Obligated Group)/(Original Issue Yield: 5.95%), 11/15/2038 | 2,204,960 | |
280,000 | Manhattan, KS IDRB, Industrial Revenue Bonds (Series 1999), 7.00% (Farrar Corp. Project), 8/1/2014 | 279,983 | |
1,000,000 | Manhattan, KS IDRB, Industrial Revenue Bonds (Series 2007), 5.50% (Farrar Corp. Project)/(Original Issue Yield: 5.55%), 8/1/2021 | 924,030 | |
2,015,000 | Norwich, KS, Industrial Revenue Bonds (Series 2006), 5.90% (Farrar Corp. Project), 8/1/2021 | 1,908,266 | |
2,000,000 | Olathe, KS, Senior Living Facility Revenue Bonds (Series 2006A), 6.00% (Catholic Care Campus, Inc.), 11/15/2038 | 1,989,580 | |
45,000 | Sedgwick & Shawnee Counties, KS, SFM Revenue Bonds (Series 1997A-1), 6.95% (GNMA Home Mortgage Program COL), 6/1/2029 | 47,565 | |
TOTAL | 7,354,384 | ||
Kentucky—0.3% | |||
1,250,000 | Kentucky EDFA, Revenue Bonds (Series 2011A), 7.375% (Miralea)/(Original Issue Yield: 7.40%), 5/15/2046 | 1,341,475 | |
Louisiana—2.4% | |||
1,000,000 | DeSoto Parish, LA Environmental Improvement Authority, Revenue Bonds, Series A, 5.00% (International Paper Co.), 11/1/2018 | 1,021,010 | |
1,500,000 | Jefferson Parish, LA Hospital Service District No. 1, Hospital Revenue Refunding Bonds (Series 2011A), 6.00% (West Jefferson Medical Center)/(Original Issue Yield: 6.05%), 1/1/2039 | 1,607,415 | |
981,000 | 1,2 | Lakeshore Villages Master Community Development District, LA, Special Assessment Bonds (Series 2007), 5.25% (Original Issue Yield: 5.378%), 7/1/2017 | 387,397 |
1,000,000 | Louisiana Public Facilities Authority, 6.50% (Ochsner Clinic Foundation)/(Original Issue Yield: 6.65%), 5/15/2037 | 1,121,950 | |
3,000,000 | Louisiana Public Facilities Authority, Revenue Bonds (Series 2010A), 5.00% (Entergy Gulf States Louisiana LLC), 9/1/2028 | 3,149,550 | |
2,000,000 | Louisiana State Citizens Property Insurance Corp., Assessment Revenue Bonds (Series 2006C), 6.125% (Assured Guaranty Corp. INS)/(Original Issue Yield: 6.33%), 6/1/2025 | 2,295,520 | |
1,500,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.25%, 5/15/2035 | 1,510,230 | |
TOTAL | 11,093,072 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Maine—0.3% | |||
$1,335,000 | Maine Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2011), 7.50% (MaineGeneral Medical Center), 7/1/2032 | $1,524,650 | |
Maryland—1.6% | |||
2,000,000 | Frederick County, MD, Tax Increment & Special Tax B LO Bonds (Series 2013B), 7.125% (Jefferson Technology Park)/(Original Issue Yield: 7.30%), 7/1/2043 | 2,086,620 | |
1,060,000 | Maryland State EDC., Port Facilities Refunding Revenue Bonds (Series 2010), 5.75% (CONSOL Energy, Inc.), 9/1/2025 | 1,118,141 | |
2,385,000 | Maryland State EDC., Revenue Bonds (Series B), 5.75% (Ports America Chesapeake, Inc.)/(Original Issue Yield: 5.875%), 6/1/2035 | 2,449,347 | |
395,000 | Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2007A), 5.25% (King Farm Presbyterian Retirement Community), 1/1/2027 | 393,511 | |
1,100,000 | Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2007A), 5.30% (King Farm Presbyterian Retirement Community)/(Original Issue Yield: 5.35%), 1/1/2037 | 1,034,484 | |
500,000 | Maryland State IDFA, EDRBs (Series 2005A), 6.00% (Our Lady of Good Counsel High School), 5/1/2035 | 512,725 | |
TOTAL | 7,594,828 | ||
Massachusetts—0.9% | |||
1,063,562 | Massachusetts Development Finance Agency, Revenue Bonds (Series 2011 A-1), 6.25% (Linden Ponds, Inc.), 11/15/2046 | 850,658 | |
56,460 | Massachusetts Development Finance Agency, Revenue Bonds (Series 2011 A-2), 5.50% (Linden Ponds, Inc.), 11/15/2046 | 40,263 | |
280,825 | 5 | Massachusetts Development Finance Agency, Revenue Bonds (Series 2011B)(Linden Ponds, Inc.), 11/15/2056 | 1,317 |
2,000,000 | Massachusetts Development Finance Agency, Revenue Bonds (Series 2011I), 7.25% (Tufts Medical Center), 1/1/2032 | 2,371,080 | |
296,578 | 1,2,3,4 | Massachusetts Development Finance Agency, Senior Living Facility Revenue Bonds (Series 2009A), 7.75% (The Groves in Lincoln)/(Original Issue Yield: 7.90%), 6/1/2039 | 2,966 |
593,225 | 1,2,3,4 | Massachusetts Development Finance Agency, Senior Living Facility Revenue Bonds (Series 2009A), 7.875% (The Groves in Lincoln)/(Original Issue Yield: 8.00%), 6/1/2044 | 5,932 |
1,000,000 | Massachusetts HEFA, Revenue Bonds (Series 2003E), 6.75% (Jordan Hospital )/(Original Issue Yield: 7.00%), 10/1/2033 | 1,000,670 | |
TOTAL | 4,272,886 | ||
Michigan—3.7% | |||
1,000,000 | Dearborn, MI EDC., Revenue Refunding Bonds, 7.125% (Henry Ford Village)/(Original Issue Yield: 7.25%), 11/15/2043 | 1,002,520 | |
1,000,000 | Detroit, MI City School District, School Building & Site Improvement Refunding Bonds (Series 2012A), 5.00% (Q-SBLF GTD), 5/1/2028 | 1,049,870 | |
1,000,000 | Detroit, MI City School District, School Building & Site Improvement Refunding Bonds (Series 2012A), 5.00% (Q-SBLF GTD), 5/1/2031 | 1,027,620 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$1,500,000 | 6 | Detroit, MI Sewage Disposal System, Revenue Refunding Senior Lien Bonds (Series 2012A), 5.25% (Original Issue Yield: 5.30%), 7/1/2039 | $1,452,930 |
4,000,000 | 6 | Detroit, MI Water Supply System, Second Lien Refunding Revenue Bonds (Series 2006C), 5.00% (Assured Guaranty Municipal Corp. INS), 7/1/2033 | 3,922,000 |
1,000,000 | Iron River, MI Hospital Finance Authority, Hospital Revenue & Refunding Bonds (Series 2008), 6.50% (Iron County Community Hospitals, Inc.)/(Original Issue Yield: 6.61%), 5/15/2033 | 981,610 | |
2,500,000 | Kent Hospital Finance Authority, MI, Revenue Bonds (Series 2005A), 6.25% (Metropolitan Hospital), 7/1/2040 | 2,611,000 | |
5,000,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Bonds (Series 2007A), 6.00% (Original Issue Yield: 6.25%), 6/1/2048 | 4,105,600 | |
1,500,000 | Plymouth, MI Educational Center Charter School, Public School Academy Revenue Refunding Bonds, Series 2005, 5.625%, 11/1/2035 | 1,121,010 | |
TOTAL | 17,274,160 | ||
Minnesota—2.8% | |||
2,000,000 | Baytown Township, MN, Lease Revenue Bonds (Series 2008A), 7.00% (St. Croix Preparatory Academy)/(Original Issue Yield: 7.05%), 8/1/2038 | 2,069,540 | |
2,000,000 | Duluth, MN EDA, Health Care Facilities Revenue Bonds (Series 2012), 6.00% (St. Luke's Hospital of Duluth Obligated Group), 6/15/2039 | 2,037,700 | |
1,500,000 | Forest Lake, MN, Charter School Lease Revenue Bonds (Series 2014A), 5.75% (Lakes International Language Academy), 8/1/2044 | 1,510,440 | |
1,000,000 | Pine City, MN Lease Revenue, Lease Revenue Bonds (Series 2006A), 6.25% (Lakes International Language Academy), 5/1/2035 | 1,030,440 | |
500,000 | Ramsey, MN, Lease Revenue Bonds (Series 2004A), 6.75% (Pact Charter School)/(United States Treasury PRF 6/1/2014 @ 102), 12/1/2033 | 518,275 | |
500,000 | St. Paul, MN Housing & Redevelopment Authority, Tax Increment Revenue Refunding Bonds (Series 2012), 5.00% (Upper Landing Project), 9/1/2026 | 498,160 | |
930,000 | St. Paul, MN Housing & Redevelopment Authority, Tax Increment Revenue Refunding Bonds (Series 2012), 5.00% (Upper Landing Project), 9/1/2029 | 916,487 | |
1,740,000 | Winona, MN Port Authority, Lease Revenue Bonds (Series 2007A), 6.00% (Bluffview Montessori School Project), 11/1/2027 | 1,709,620 | |
2,920,000 | Winona, MN Port Authority, Lease Revenue Bonds (Series 2007A), 6.15% (Bluffview Montessori School Project), 11/1/2037 | 2,783,490 | |
TOTAL | 13,074,152 | ||
Mississippi—0.2% | |||
945,000 | Warren County, MS Gulf Opportunity Zone, Gulf Opportunity Zone Bonds (Series 2011A), 5.375% (International Paper Co.), 12/1/2035 | 975,457 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Missouri—1.2% | |||
$1,000,000 | Kirkwood, MO IDA, Retirement Community Revenue Bonds (Series 2010A), 8.25% (Aberdeen Heights Project)/(Original Issue Yield: 8.40%), 5/15/2039 | $1,118,710 | |
3,000,000 | Kirkwood, MO IDA, Retirement Community Revenue Bonds (Series 2010A), 8.25% (Aberdeen Heights Project)/(Original Issue Yield: 8.50%), 5/15/2045 | 3,351,180 | |
1,000,000 | St. Joseph, MO IDA, Healthcare Revenue Bonds, 7.00% (Living Community St. Joseph Project), 8/15/2032 | 1,000,730 | |
TOTAL | 5,470,620 | ||
Nebraska—0.6% | |||
2,500,000 | Central Plains Energy Project, Gas Project Revenue Bonds (Project No. 3) (Series 2012), 5.25% (Goldman Sachs & Co. GTD), 9/1/2037 | 2,588,425 | |
Nevada—1.4% | |||
1,000,000 | Clark County, NV Improvement District, Special Assessment Revenue Refunding Bonds (Series 2006B), 5.30% (Southern Highlands SID No.121-B)/(Original Issue Yield: 5.33%), 12/1/2029 | 873,420 | |
4,000,000 | Clark County, NV School District, LT GO Building Bonds (Series 2008A), 5.00%, 6/15/2025 | 4,487,400 | |
450,000 | Clark County, NV, Special Assessment Revenue Bonds (Series 2005), 5.00% (Summerlin-Mesa SID No. 151), 8/1/2025 | 390,447 | |
865,000 | North Las Vegas, NV SID No. 60, Subordinate LT Obligation Refunding Bonds (Series 2006B), 5.10% (Aliante SID No. 60), 12/1/2022 | 857,111 | |
TOTAL | 6,608,378 | ||
New Jersey—2.2% | |||
1,315,000 | New Jersey EDA, Kapkowski Road Landfill Revenue Bonds, 6.50% (New Jersey Metromall Urban Renewal, Inc.)/(Original Issue Yield: 6.55%), 4/1/2018 | 1,447,526 | |
1,550,000 | New Jersey EDA, Revenue Bonds (Series 1997A), 5.875% (Host Marriott Corp.), 12/1/2027 | 1,503,996 | |
1,500,000 | New Jersey EDA, Special Facilities Revenue Bonds (Series 2003), 5.50% (Continental Airlines, Inc.), 6/1/2033 | 1,448,070 | |
2,500,000 | New Jersey EDA, Special Facility Revenue Bonds (Series 1999), 5.25% (Continental Airlines, Inc.), 9/15/2029 | 2,436,950 | |
1,125,000 | New Jersey EDA, Special Facility Revenue Bonds (Series 2000B), 5.625% (Continental Airlines, Inc.), 11/15/2030 | 1,124,899 | |
1,000,000 | New Jersey State EDA, Energy Facility Revenue Bonds (Series 2012A), 5.125% (UMM Energy Partners LLC)/(Original Issue Yield: 5.19%), 6/15/2043 | 974,030 | |
1,200,000 | New Jersey State Transportation Trust Fund Authority, Transportation System Bonds (Series 2011A), 6.00% (New Jersey State), 6/15/2035 | 1,404,828 | |
TOTAL | 10,340,299 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Mexico—0.6% | |||
$2,125,000 | Dona Ana County, NM, MFH Revenue Bonds (Series 2001A), 7.00% (Montana Meadows Apartments), 12/1/2030 | $2,125,361 | |
1,000,000 | New Mexico State Hospital Equipment Loan Council, Hospital Improvement and Refunding Revenue Bonds (Series 2012A), 5.50% (Gerald Champion Regional Medical Center)/(Original Issue Yield: 5.70%), 7/1/2042 | 824,540 | |
TOTAL | 2,949,901 | ||
New York—4.8% | |||
1,495,000 | Brooklyn Arena Local Development Corporation, NY, Pilot Revenue Bonds (Series 2009), 6.375% (Original Issue Yield: 6.476%), 7/15/2043 | 1,606,378 | |
1,285,000 | Hudson Yards Infrastructure Corp. NY, Hudson Yards Senior Revenue Bonds (Series 2012A), 5.75%, 2/15/2047 | 1,402,089 | |
2,000,000 | Nassau County, NY IDA, Continuing Care Retirement Community Fixed Rate Revenue Bonds (Series 2007A), 6.70% (Amsterdam at Harborside), 1/1/2043 | 1,090,400 | |
1,000,000 | New York City, NY IDA, Special Facilities Revenue Bonds (Series 2006), 5.125% (Jet Blue Airways Corp.)/(Original Issue Yield: 5.35%), 5/15/2030 | 930,580 | |
1,500,000 | New York City, NY IDA, Special Facility Revenue Bonds (Series 2002), 7.625% (British Airways)/(Original Issue Yield: 7.976%), 12/1/2032 | 1,507,875 | |
5,500,000 | New York City, NY IDA, Special Facility Revenue Bonds (Series 2005), 8.00% (American Airlines, Inc.)/(Original Issue Yield: 8.095%), 8/1/2028 | 6,040,045 | |
1,120,000 | Newburgh, NY, UT GO Bonds (Series 2012A), 5.25% (Original Issue Yield: 5.40%), 6/15/2029 | 1,087,811 | |
1,185,000 | Newburgh, NY, UT GO Bonds (Series 2012A), 5.50%, 6/15/2030 | 1,178,589 | |
1,000,000 | Niagara Area Development Corporation, NY, Solid Waste Disposal Facility Refunding Revenue Bonds (Series 2012A), 5.25% (Covanta Energy Corp.), 11/1/2042 | 959,880 | |
2,500,000 | Port Authority of New York and New Jersey, Special Project Bonds (Series 8), 6.00% (JFK International Air Terminal LLC)/(Original Issue Yield: 6.15%), 12/1/2042 | 2,720,800 | |
4,700,000 | TSASC, Inc. NY, Tobacco Settlement Asset-Backed Bonds (Series 2006-1), 5.125% (Original Issue Yield: 5.35%), 6/1/2042 | 3,682,685 | |
TOTAL | 22,207,132 | ||
North Carolina—0.9% | |||
2,335,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2009C), 5.00%, 1/1/2026 | 2,545,010 | |
500,000 | North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds (Series 2005A), 5.65% (Pennybyrn at Maryfield)/(Original Issue Yield: 5.85%), 10/1/2025 | 495,240 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
North Carolina—continued | |||
$1,000,000 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds (Series 2011A), 7.75% (Whitestone Project)/(Original Issue Yield: 8.00%), 3/1/2041 | $1,067,730 | |
TOTAL | 4,107,980 | ||
Ohio—3.8% | |||
2,000,000 | Akron, Bath & Copley, OH Joint Township Hospital District, Hospital Facilities Revenue Bonds (Series 2012), 5.00% (Akron General Health System), 1/1/2031 | 2,060,020 | |
2,000,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series 2007A-2), 5.875% (Original Issue Yield: 5.95%), 6/1/2030 | 1,667,720 | |
3,655,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series A-2), 6.50%, 6/1/2047 | 3,249,587 | |
1,500,000 | Hamilton County, OH, Healthcare Revenue Bonds (Series 2011A), 6.625% (Life Enriching Communities)/(Original Issue Yield: 6.75%), 1/1/2046 | 1,624,290 | |
2,000,000 | Muskingum County, OH, Hospital Facilities Revenue Bonds (Series 2013), 5.00% (Genesis Healthcare Corp.)/(Original Issue Yield: 5.08%), 2/15/2044 | 1,615,200 | |
2,910,000 | Ohio State Air Quality Development Authority, Revenue Bonds (Series 2009A), 5.70% (FirstEnergy Solutions Corp.), 8/1/2020 | 3,252,361 | |
2,355,000 | Ohio State Higher Educational Facility Commission, Hospital Facilities Revenue Bonds (Series 2010), 5.75% (Summa Health System)/(Original Issue Yield: 5.92%), 11/15/2040 | 2,501,057 | |
1,500,000 | Port Authority for Columbiana County, OH, Solid Waste Facility Revenue Bonds (Series 2004A), 7.25% (Apex Environmental LLC)/(Original Issue Yield: 7.30%), 8/1/2034 | 1,045,935 | |
750,000 | Southeastern Ohio Port Authority, OH, Hospital Facilities Revenue Refunding & Improvement Bonds (Series 2012), 6.00% (Memorial Health System, OH)/(Original Issue Yield: 6.02%), 12/1/2042 | 711,638 | |
TOTAL | 17,727,808 | ||
Oklahoma—1.5% | |||
1,000,000 | Oklahoma County, OK Finance Authority, Retirement Facility Revenue Bonds (Series 2005), 6.00% (Concordia Life Care Community)/(Original Issue Yield: 6.15%), 11/15/2038 | 976,000 | |
1,000,000 | Oklahoma County, OK Finance Authority, Retirement Facility Revenue Bonds (Series 2005), 6.125% (Concordia Life Care Community), 11/15/2025 | 1,009,910 | |
3,000,000 | Tulsa, OK Airport Improvement Trust, Refunding Revenue Bonds (Series 2000B), 5.50% (American Airlines, Inc.), 6/1/2035 | 2,908,350 | |
2,000,000 | Tulsa, OK Industrial Authority, Senior Living Community Revenue Bonds (Series 2010A), 7.25% (Montereau, Inc.)/(Original Issue Yield: 7.50%), 11/1/2045 | 2,125,600 | |
TOTAL | 7,019,860 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oregon—0.2% | |||
$1,000,000 | 3,4 | Cow Creek Band of Umpqua Tribe of Indians, Tax-Exempt Tax Revenue Bonds (Series 2006C), 5.625%, 10/1/2026 | $898,850 |
Pennsylvania—5.5% | |||
1,120,000 | Allegheny County, PA IDA, Charter School Revenue Bonds (Series 2004A), 7.50% (Propel Schools)/(Original Issue Yield: 7.75%), 12/15/2029 | 1,130,136 | |
865,000 | Allegheny County, PA IDA, Environmental Improvement Refunding Revenue Bonds (Series 2005), 5.50% (United States Steel Corp.), 11/1/2016 | 877,802 | |
2,000,000 | Allegheny County, PA IDA, Environmental Improvement Revenue Refunding Bonds (Series 2009), 6.875% (United States Steel Corp.), 5/1/2030 | 2,102,480 | |
1,715,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.75%, 3/1/2029 | 1,932,548 | |
3,715,000 | Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.00%, 5/1/2042 | 3,485,562 | |
1,500,000 | Chester County, PA IDA, Revenue Bonds (Series 2007A), 6.375% (Avon Grove Charter School )/(Original Issue Yield: 6.45%), 12/15/2037 | 1,522,995 | |
2,000,000 | Chester County, PA IDA, Revenue Bonds (Series 2012A), 5.375% (Collegium Charter School)/(Original Issue Yield: 5.50%), 10/15/2042 | 1,784,940 | |
1,000,000 | Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), 5.00% (Original Issue Yield: 5.05%), 12/1/2042 | 992,500 | |
3,000,000 | Harrisburg, PA Authority, Water Revenue Refunding Bonds (Series 2008), 5.25% (Original Issue Yield: 5.35%), 7/15/2031 | 2,762,040 | |
900,000 | Philadelphia Authority for Industrial Development, Senior Living Revenue Bonds (Series 2005A), 5.625% (PresbyHomes Germantown/Morrisville), 7/1/2035 | 856,485 | |
1,000,000 | Philadelphia, PA Authority for Industrial Development, Revenue Bonds (Series 2010), 6.375% (Global Leadership Academy Charter School), 11/15/2040 | 1,012,380 | |
1,205,000 | Philadelphia, PA Authority for Industrial Development, Revenue Bonds (Series 2012), 6.625% (New Foundations Charter School), 12/15/2041 | 1,232,016 | |
1,665,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority, Hospital Revenue Bonds (Series 2012A), 5.625% (Temple University Health System Obligated Group)/(Original Issue Yield: 5.875%), 7/1/2042 | 1,435,213 | |
2,000,000 | Philadelphia, PA, GO Bonds (Series 2011), 6.50%, 8/1/2041 | 2,244,640 | |
1,500,000 | Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), 5.25% (Original Issue Yield: 5.27%), 12/1/2036 | 1,580,910 | |
560,000 | Washington County, PA Redevelopment Authority, Redevelopment Bonds (Series 2006A), 5.45% (Victory Centre Project-Tanger Outlet Development), 7/1/2035 | 553,694 | |
TOTAL | 25,506,341 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Puerto Rico—1.5% | |||
$1,470,000 | Commonwealth of Puerto Rico, Public Improvement Refunding UT GO Bonds (Series 2012A), 5.00%, 7/1/2020 | $1,212,088 | |
3,000,000 | Commonwealth of Puerto Rico, Public Improvement UT GO Bonds (Series 2003A), 5.00% (Original Issue Yield: 5.02%), 7/1/2033 | 2,203,740 | |
2,500,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A), 7.00% (Original Issue Yield: 7.12%), 7/1/2043 | 1,837,600 | |
2,500,000 | Puerto Rico Public Building Authority, Government Facilities Revenue Refunding Bonds (Series 2012U), 5.25% (Commonwealth of Puerto Rico GTD)/(Original Issue Yield: 5.375%), 7/1/2042 | 1,786,750 | |
TOTAL | 7,040,178 | ||
Rhode Island—1.0% | |||
4,000,000 | Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Bonds (Series 2009A), 7.00% (Lifespan Obligated Group)/(Assured Guaranty Corp. INS), 5/15/2039 | 4,507,240 | |
South Carolina—1.3% | |||
1,370,000 | Lancaster County, SC, Assessment Revenue Bonds (Series 2006), 5.45% (Sun City Carolina Lakes Improvement District), 12/1/2037 | 1,300,267 | |
800,000 | Myrtle Beach, SC, Tax Increment Bonds (Series 2006A), 5.25% (Myrtle Beach Air Force Base Redevelopment Project Area)/(Original Issue Yield: 5.27%), 10/1/2026 | 732,560 | |
750,000 | Myrtle Beach, SC, Tax Increment Bonds (Series 2006A), 5.30% (Myrtle Beach Air Force Base Redevelopment Project Area)/(Original Issue Yield: 5.325%), 10/1/2035 | 640,688 | |
500,000 | South Carolina Jobs-EDA, Health Facilities Revenue Bonds (Series 2013), 5.00% (Lutheran Homes of South Carolina, Inc.)/(Original Issue Yield: 5.09%), 5/1/2043 | 423,025 | |
1,000,000 | South Carolina Jobs-EDA, Health Facilities Revenue Bonds (Series 2013), 5.125% (Lutheran Homes of South Carolina, Inc.)/(Original Issue Yield: 5.14%), 5/1/2048 | 847,050 | |
2,000,000 | South Carolina Jobs-EDA, Refunding & Improvement Revenue Bonds (Series 2009), 5.75% (Palmetto Health Alliance)/(Original Issue Yield: 5.90%), 8/1/2039 | 2,109,240 | |
TOTAL | 6,052,830 | ||
South Dakota—0.2% | |||
800,000 | Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), 5.00%, 6/1/2025 | 862,160 | |
Tennessee—1.2% | |||
1,000,000 | Johnson City, TN Health & Education Facilities Board, Hospital Refunding Bonds (Series 2010A), 5.625% (Mountain States Health Alliance)/(Original Issue Yield: 5.90%), 7/1/2030 | 1,067,650 | |
1,500,000 | Johnson City, TN Health & Education Facilities Board, Hospital Revenue Bonds (Series 2010), 6.50% (Mountain States Health Alliance), 7/1/2038 | 1,675,200 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Tennessee—continued | |||
$2,725,000 | Tennessee Energy Acquisition Corp., Gas Revenue Bonds (Series 2006A), 5.25% (Goldman Sachs & Co. GTD), 9/1/2023 | $3,068,650 | |
TOTAL | 5,811,500 | ||
Texas—7.4% | |||
1,000,000 | Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel Second Tier Revenue Refunding Bonds (Series 2006B), 5.75%, 1/1/2024 | 1,016,780 | |
1,000,000 | Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel Second Tier Revenue Refunding Bonds (Series 2006B), 5.75%, 1/1/2034 | 993,480 | |
755,000 | Bexar County, Health Facilities Development Corp., Revenue Bonds (Series 2010), 6.20% (Army Retirement Residence Foundation), 7/1/2045 | 804,928 | |
2,000,000 | Cass County, TX IDC., Environmental Improvement Revenue Bonds (Series 2009A), 9.50% (International Paper Co.), 3/1/2033 | 2,459,020 | |
1,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds (Series 2011), 6.00% (Original Issue Yield: 6.13%), 1/1/2041 | 1,057,260 | |
1,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds (Series 2011), 6.25% (Original Issue Yield: 6.30%), 1/1/2046 | 1,056,770 | |
2,000,000 | Clifton Higher Education Finance Corporation, TX, 6.00% (Idea Public Schools), 8/15/2043 | 2,149,300 | |
750,000 | Clifton Higher Education Finance Corporation, TX, Education Revenue Bonds (Series 2011), 5.75% (Idea Public Schools)/(Original Issue Yield: 6.00%), 8/15/2041 | 779,933 | |
500,000 | Clifton Higher Education Finance Corporation, TX, Education Revenue Bonds (Series 2012), 5.00% (Idea Public Schools), 8/15/2042 | 487,395 | |
2,000,000 | Decatur, TX Hospital Authority, Hospital Revenue Bonds (Series 2004A), 7.125% (Wise Regional Health System), 9/1/2034 | 2,025,780 | |
515,000 | Decatur, TX Hospital Authority, Revenue Bonds, 6.375% (Wise Regional Health System), 9/1/2042 | 488,709 | |
1,665,000 | Grand Parkway Transportation Corp., TX, Subordinate Tier Toll Revenue Bonds (Series 2013B TELA Supported), 5.25%, 10/1/2051 | 1,745,469 | |
1,000,000 | HFDC of Central Texas, Inc., Retirement Facility Revenue Bonds (Series 2006A), 5.75% (Legacy at Willow Bend), 11/1/2036 | 1,001,380 | |
1,500,000 | Houston, TX Airport System, Special Facilities Revenue & Refunding Bonds (Series 2011), 6.625% (Continental Airlines, Inc.)/(Original Issue Yield: 6.875%), 7/15/2038 | 1,561,455 | |
1,000,000 | Houston, TX Airport System, Special Facilities Revenue Bonds (Series 2001), 7.00% (Continental Airlines, Inc.), 7/1/2029 | 1,000,120 | |
1,000,000 | Houston, TX Airport System, Subordinate Lien Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2032 | 1,044,300 | |
535,000 | Houston, TX Higher Education Finance Corp., Education Revenue Bonds (Series 2011A), 6.875% (Cosmos Foundation, Inc.), 5/15/2041 | 603,705 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$2,000,000 | Kerrville, TX HFDC, Hospital Revenue Bonds, 5.375% (Sid Peterson Memorial Hospital), 8/15/2035 | $2,016,420 | |
2,000,000 | Lufkin, TX HFDC, Revenue Refunding and Improvement Bonds (Series 2009), 6.25% (Memorial Health System of East Texas)/(Original Issue Yield: 6.50%), 2/15/2037 | 2,118,560 | |
1,000,000 | Matagorda County, TX Navigation District No. 1, PCRBs (Series 2001A), 6.30% (AEP Texas Central Co.), 11/1/2029 | 1,125,240 | |
1,500,000 | North Texas Tollway Authority, Special Projects System Revenue Bonds (Series 2011), 6.00% (North Texas Toll Authority Special Projects System), 9/1/2041 | 1,760,475 | |
1,000,000 | San Juan Higher Education Finance Authority, TX, Education Revenue Bonds (Series 2010A), 6.70% (Idea Public Schools), 8/15/2040 | 1,097,510 | |
200,000 | Tarrant County, TX Cultural Education Facilities Finance Corp., Revenue Bonds, Series 2006A, 6.00% (Northwest Senior Housing Corp. Edgemere Project), 11/15/2026 | 206,330 | |
1,150,000 | Tarrant County, TX Cultural Education Facilities Finance Corp., Revenue Bonds, Series 2006A, 6.00% (Northwest Senior Housing Corp. Edgemere Project), 11/15/2036 | 1,169,412 | |
2,000,000 | Texas State Public Finance Authority Charter School Finance Corporation, Education Revenue Bonds (Series 2010A), 6.20% (Cosmos Foundation, Inc.), 2/15/2040 | 2,140,480 | |
2,500,000 | Travis County, TX HFDC., First Mortgage Revenue Refunding Bonds (Series 2012A), 7.125% (Longhorn Village)/(Original Issue Yield: 7.40%), 1/1/2046 | 2,560,325 | |
TOTAL | 34,470,536 | ||
Utah—0.8% | |||
800,000 | Spanish Fork City, UT, Charter School Revenue Bonds (Series 2006), 5.55% (American Leadership Academy), 11/15/2026 | 761,384 | |
1,750,000 | Spanish Fork City, UT, Charter School Revenue Bonds (Series 2006), 5.70% (American Leadership Academy), 11/15/2036 | 1,565,760 | |
1,315,000 | 3,4 | Utah State Charter School Finance Authority, Charter School Revenue Bonds (Series 2007A), 6.00% (Channing Hall), 7/15/2037 | 1,208,367 |
TOTAL | 3,535,511 | ||
Virginia—2.6% | |||
1,500,000 | Chesterfield County, VA EDA, PCRBs (Series 2009A), 5.00% (Virginia Electric & Power Co.), 5/1/2023 | 1,659,450 | |
1,000,000 | Dulles Town Center Community Development Authority, VA, Special Assessment Refunding Bonds (Series 2012), 4.25% (Original Issue Yield: 4.28%), 3/1/2026 | 921,820 | |
1,380,000 | Mosaic District CDA, VA, Revenue Bonds (Series 2011A), 6.875% (Original Issue Yield: 6.93%), 3/1/2036 | 1,543,488 | |
1,500,000 | Peninsula Town Center CDA, VA, SO Bonds (Series 2007), 6.35%, 9/1/2028 | 1,563,435 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Virginia—continued | |||
$1,000,000 | Peninsula Town Center CDA, VA, SO Bonds (Series 2007), 6.45%, 9/1/2037 | $1,037,340 | |
2,535,000 | Route 460 Funding Corporation of Virginia, Toll Road Senior Lien Revenue Bonds (Series 2012), 5.00%, 7/1/2052 | 2,526,229 | |
4,250,000 | Tobacco Settlement Financing Corp., VA, Tobacco Settlement Asset-Backed Bonds (Series 2007B-1), 5.00% (Original Issue Yield: 5.12%), 6/1/2047 | 2,974,575 | |
TOTAL | 12,226,337 | ||
Washington—1.5% | |||
1,000,000 | Port of Seattle, WA IDC, Special Facilities Revenue Refunding Bonds (Series 2012), 5.00% (Delta Air Lines, Inc.)/(Original Issue Yield: 5.31%), 4/1/2030 | 909,180 | |
1,250,000 | Tacoma, WA Consolidated Local Improvement District No. 65, Bonds, 5.75%, 4/1/2043 | 1,208,962 | |
925,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.25%, 6/1/2031 | 969,604 | |
1,500,000 | 3,4 | Washington State Health Care Facilities Authority, Revenue Bonds (Series 2007A), 6.25% (Virginia Mason Medical Center)/(Original Issue Yield: 6.375%), 8/15/2042 | 1,561,335 |
2,500,000 | 3,4 | Washington State Housing Finance Commission, Nonprofit Housing Revenue & Refunding Revenue Bonds (Series 2014A), 7.50% (Rockwood Retirement Communities), 1/1/2049 | 2,517,325 |
TOTAL | 7,166,406 | ||
West Virginia—0.6% | |||
640,000 | Ohio County, WV County Commission, Special District Excise Tax Revenue Refunding & Improvement Bonds (Series 2006A), 5.625% (Fort Henry Economic Opportunity Development District), 3/1/2036 | 652,570 | |
1,000,000 | Ohio County, WV County Commission, Tax Increment Revenue Bonds (Series 2005A), 5.625% (Fort Henry Centre Tax Increment Financing District No. 1), 6/1/2034 | 1,008,640 | |
1,000,000 | Ohio County, WV County Commission, Tax Increment Revenue Bonds (Series 2007A), 5.85% (Fort Henry Centre Tax Increment Financing District No. 1), 6/1/2034 | 1,020,660 | |
TOTAL | 2,681,870 | ||
Wisconsin—2.0% | |||
5,335,000 | Wisconsin State General Fund Appropriation, Revenue Bonds (Series 2009A), 5.75% (Wisconsin State)/(Original Issue Yield: 5.950%), 5/1/2033 | 5,979,841 | |
1,400,000 | Wisconsin State HEFA, Revenue Bonds (Series 2004), 6.125% (Eastcastle Place, Inc.)/(Original Issue Yield: 6.25%), 12/1/2034 | 976,738 | |
1,000,000 | Wisconsin State HEFA, Revenue Bonds (Series 2004A), 6.75% (Beaver Dam Community Hospitals, Inc.)/(United States Treasury PRF 8/15/2014@100)/(Original Issue Yield: 6.95%), 8/15/2034 | 1,030,510 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Wisconsin—continued | |||
$1,500,000 | Wisconsin State Public Finance Authority, Senior Airport Facilities Revenue Refunding Bonds (Series 2012B), 5.00% (TrIPs Obligated Group)/(Original Issue Yield: 5.15%), 7/1/2042 | $1,328,235 | |
TOTAL | 9,315,324 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $457,097,532) | 454,156,527 | ||
CORPORATE BONDS—0.2% | |||
Multi State—0.2% | |||
4,000,000 | 3 | Non-Profit Preferred Funding Trust I, Partnership, 9/15/2037 (IDENTIFIED COST $3,989,000) | 848,960 |
SHORT-TERM MUNICIPALS—0.7%7 | |||
Michigan—0.1% | |||
250,000 | Michigan Higher Education Facilities Authority, (Series 2006) Weekly VRDNs (Albion College)/(JPMorgan Chase Bank, N.A. LOC), 0.030%, 3/7/2014 | 250,000 | |
New York—0.0% | |||
200,000 | New York City, NY Municipal Water Finance Authority, (Series A-1) Daily VRDNs (Mizuho Bank Ltd. LOC), 0.030%, 3/3/2014 | 200,000 | |
Virginia—0.6% | |||
2,950,000 | Roanoke, VA IDA, (Series 2005A-1) Daily VRDNs (Carilion Health System Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.050%, 3/3/2014 | 2,950,000 | |
TOTAL SHORT-TERM MUNICIPALS—0.7% (AT AMORTIZED COST) | 3,400,000 | ||
TOTAL INVESTMENTS—98.4% (IDENTIFIED COST $464,486,532)8 | 458,405,487 | ||
OTHER ASSETS AND LIABILITIES - NET—1.6%9 | 7,499,138 | ||
TOTAL NET ASSETS—100% | $465,904,625 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation/ (Depreciation) |
1U.S Treasury Note, 10-Year Futures | 200 | $24,906,250 | June 2014 | $(120,148) |
1 | Non-income-producing security. |
2 | Security in default. |
3 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At February 28, 2014, these liquid restricted securities amounted to $21,302,814, which represented 4.6% of total net assets. |
4 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At February 28, 2014, these liquid restricted securities amounted to $20,453,854, which represented 4.4% of total net assets. |
5 | Zero coupon bond. |
6 | Obligor has filed for bankruptcy protection. |
7 | Current rate and next reset date shown for Variable Rate Demand Notes. |
8 | At February 28, 2014, the cost of investments for federal tax purposes was $463,894,099. |
9 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices and Investments in Investment Companies | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Municipal Bonds | $— | $454,156,527 | $— | $454,156,527 |
Corporate Bonds | — | 848,960 | — | 848,960 |
Short-Term Municipals | — | 3,400,000 | — | 3,400,000 |
TOTAL SECURITIES | $— | $458,405,487 | $— | $458,405,487 |
OTHER FINANCIAL INSTRUMENTS1 | $(120,148) | $— | $— | $(120,148) |
1 | Other financial instruments include futures contracts. |
AMBAC | —American Municipal Bond Assurance Corporation |
CDA | —Community Development Authority |
COL | —Collateralized |
COP | —Certificates of Participation |
EDA | —Economic Development Authority |
EDFA | —Economic Development Finance Authority |
EDRBs | —Economic Development Revenue Bonds |
GNMA | —Government National Mortgage Association |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
IDC | —Industrial Development Corporation |
IDFA | —Industrial Development Finance Authority |
IDRB | —Industrial Development Revenue Bond |
INS | —Insured |
LIQ | —Liquidity Agreement |
LO | —Limited Obligation |
LOC | —Letter of Credit |
LT | —Limited Tax |
MFH | —Multi-Family Housing |
PCFA | —Pollution Control Finance Authority |
PCR | —Pollution Control Revenue |
PCRBs | —Pollution Control Revenue Bonds |
PRF | —Pre-refunded |
Q-SBLF | —Qualified School Bond Loan Fund |
SFM | —Single Family Mortgage |
SID | —Special Improvement District |
SO | —Special Obligation |
TELA | —Toll Equity Loan Agreement |
TOBs | —Tender Option Bonds |
USDT | —Unified School District |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 02/28/2014 | Year Ended August 31, | |||||
2013 | 2012 | 2011 | 20101 | 2009 | ||
Net Asset Value, Beginning of Period | $8.11 | $8.95 | $8.21 | $8.59 | $7.76 | $8.72 |
Income From Investment Operations: | ||||||
Net investment income | 0.21 | 0.40 | 0.42 | 0.45 | 0.49 | 0.49 |
Net realized and unrealized gain (loss) on investments, futures contracts and swap contracts | 0.39 | (0.84) | 0.74 | (0.36) | 0.83 | (0.96) |
TOTAL FROM INVESTMENT OPERATIONS | 0.60 | (0.44) | 1.16 | 0.09 | 1.32 | (0.47) |
Less Distributions: | ||||||
Distributions from net investment income | (0.21) | (0.40) | (0.42) | (0.47) | (0.49) | (0.49) |
Net Asset Value, End of Period | $8.50 | $8.11 | $8.95 | $8.21 | $8.59 | $7.76 |
Total Return2 | 7.48% | (5.17)% | 14.58% | 1.29% | 17.42% | (4.87)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.89%3 | 0.89% | 0.89% | 0.85% | 0.77% | 0.79%4 |
Net investment income | 4.99%3 | 4.53% | 4.88% | 5.57% | 5.93% | 6.65% |
Expense waiver/reimbursement5 | 0.17%3 | 0.15% | 0.15% | 0.22% | 0.28% | 0.29% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $216,033 | $215,101 | $239,911 | $190,003 | $229,217 | $180,422 |
Portfolio turnover | 8% | 17% | 14% | 28% | 18% | 24% |
1 | Beginning with the year ended August 31, 2010, the Fund was audited by KPMG LLP. The previous year was audited by another independent registered public accounting firm. |
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 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.79% for the year ended August 31, 2009, after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 02/28/2014 | Year Ended August 31, | |||||
2013 | 2012 | 2011 | 20101 | 2009 | ||
Net Asset Value, Beginning of Period | $8.11 | $8.95 | $8.21 | $8.59 | $7.75 | $8.71 |
Income from Investment Operations: | ||||||
Net investment income | 0.19 | 0.36 | 0.36 | 0.41 | 0.44 | 0.45 |
Net realized and unrealized gain (loss) on investments, futures contracts and swap contracts | 0.37 | (0.86) | 0.74 | (0.38) | 0.82 | (0.97) |
TOTAL FROM INVESTMENT OPERATIONS | 0.56 | (0.50) | 1.10 | 0.03 | 1.26 | (0.52) |
Less Distributions: | ||||||
Distributions from net investment income | (0.18) | (0.34) | (0.36) | (0.41) | (0.42) | (0.44) |
Net Asset Value, End of Period | $8.49 | $8.11 | $8.95 | $8.21 | $8.59 | $7.75 |
Total Return2 | 6.96% | (5.88)% | 13.72% | 0.55% | 16.69% | (5.59)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.64%3 | 1.64% | 1.64% | 1.60% | 1.53% | 1.54%4 |
Net investment income | 4.23%3 | 3.76% | 4.15% | 4.82% | 5.19% | 5.90% |
Expense waiver/reimbursement5 | 0.17%3 | 0.15% | 0.15% | 0.22% | 0.28% | 0.29% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $13,741 | $15,620 | $22,783 | $24,122 | $36,952 | $41,094 |
Portfolio turnover | 8% | 17% | 14% | 28% | 18% | 24% |
1 | Beginning with the year ended August 31, 2010, the Fund was audited by KPMG LLP. The previous year was audited by another independent registered public accounting firm. |
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 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 1.54% for the year ended August 31, 2009, after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 02/28/2014 | Year Ended August 31, | |||||
2013 | 2012 | 2011 | 20101 | 2009 | ||
Net Asset Value Beginning of Period | $8.11 | $8.95 | $8.21 | $8.59 | $7.75 | $8.72 |
Income from Investment Operations: | ||||||
Net investment income | 0.18 | 0.34 | 0.36 | 0.39 | 0.43 | 0.44 |
Net realized and unrealized gain (loss) on investments, futures contracts and swap contracts | 0.38 | (0.84) | 0.74 | (0.36) | 0.83 | (0.97) |
TOTAL FROM INVESTMENT OPERATIONS | 0.56 | (0.50) | 1.10 | 0.03 | 1.26 | (0.53) |
Less Distributions: | ||||||
Distributions from net investment income | (0.18) | (0.34) | (0.36) | (0.41) | (0.42) | (0.44) |
Net Asset Value, End of Period | $8.49 | $8.11 | $8.95 | $8.21 | $8.59 | $7.75 |
Total Return2 | 6.96% | (5.88)% | 13.72% | 0.54% | 16.69% | (5.69)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.64%3 | 1.64% | 1.64% | 1.60% | 1.53% | 1.54%4 |
Net investment income | 4.23%3 | 3.78% | 4.13% | 4.82% | 5.18% | 5.91% |
Expense waiver/reimbursement5 | 0.17%3 | 0.15% | 0.15% | 0.22% | 0.28% | 0.29% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $50,012 | $53,002 | $61,295 | $46,925 | $52,785 | $40,630 |
Portfolio turnover | 8% | 17% | 14% | 28% | 18% | 24% |
1 | Beginning with the year ended August 31, 2010, the Fund was audited by KPMG LLP. The previous year was audited by another independent registered public accounting firm. |
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 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 1.54% for the year ended August 31, 2009, after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 02/28/2014 | Year Ended August 31, | |||||
2013 | 2012 | 2011 | 20101 | 2009 | ||
Net Asset Value, Beginning of Period | $8.11 | $8.95 | $8.21 | $8.59 | $7.76 | $8.72 |
Income from Investment Operations: | ||||||
Net investment income | 0.21 | 0.40 | 0.42 | 0.45 | 0.49 | 0.49 |
Net realized and unrealized gain (loss) on investments, futures contracts and swap contracts | 0.39 | (0.84) | 0.74 | (0.36) | 0.83 | (0.96) |
TOTAL FROM INVESTMENT OPERATIONS | 0.60 | (0.44) | 1.16 | 0.09 | 1.32 | (0.47) |
Less Distributions: | ||||||
Distributions from net investment income | (0.21) | (0.40) | (0.42) | (0.47) | (0.49) | (0.49) |
Net Asset Value, End of Period | $8.50 | $8.11 | $8.95 | $8.21 | $8.59 | $7.76 |
Total Return2 | 7.48% | (5.17)% | 14.58% | 1.29% | 17.42% | (4.87)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.89%3 | 0.89% | 0.89% | 0.85% | 0.77% | 0.79%4 |
Net investment income | 4.99%3 | 4.53% | 4.89% | 5.57% | 5.93% | 6.66% |
Expense waiver/reimbursement5 | 0.17%3 | 0.15% | 0.15% | 0.22% | 0.28% | 0.29% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $179,856 | $178,932 | $203,396 | $177,290 | $200,948 | $162,315 |
Portfolio turnover | 8% | 17% | 14% | 28% | 18% | 24% |
1 | Beginning with the year ended August 31, 2010, the Fund was audited by KPMG LLP. The previous year was audited by another independent registered public accounting firm. |
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 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.79% for the year ended August 31, 2009, after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 02/28/2014 | Year Ended 08/31/20131 | |
Net Asset Value, Beginning of Period | $8.11 | $8.88 |
Income from Investment Operations: | ||
Net investment income | 0.22 | 0.09 |
Net realized and unrealized gain (loss) on investments and futures contracts | 0.39 | (0.78) |
TOTAL FROM INVESTMENT OPERATIONS | 0.61 | (0.69) |
Less Distributions: | ||
Distributions from net investment income | (0.22) | (0.08) |
Net Asset Value, End of Period | $8.50 | $8.11 |
Total Return2 | 7.62% | (7.83)% |
Ratios to Average Net Assets: | ||
Net expenses | 0.64%3 | 0.64%3 |
Net investment income | 5.27%3 | 6.05%3 |
Expense waiver/reimbursement4 | 0.18%3 | 0.21%3 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $6,262 | $2,426 |
Portfolio turnover | 8% | 17%5 |
1 | Reflects operations for the period from June 11, 2013 (date of initial investment) to August 31, 2013. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
5 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended August 31, 2013. |
Assets: | ||
Total investment in securities, at value (identified cost $464,486,532) | $458,405,487 | |
Cash | 45,379 | |
Restricted cash (Note 2) | 295,000 | |
Income receivable | 7,085,174 | |
Receivable for investments sold | 1,025,379 | |
Receivable for shares sold | 922,749 | |
Receivable for daily variation margin | 43,750 | |
TOTAL ASSETS | 467,822,918 | |
Liabilities: | ||
Payable for investments purchased | $1,125,000 | |
Payable for shares redeemed | 567,028 | |
Payable for shareholder services fee (Note 5) | 84,416 | |
Payable for portfolio accounting fees | 49,596 | |
Payable for distribution services fee (Note 5) | 36,152 | |
Payable for Directors'/Trustees' fees (Note 5) | 16 | |
Accrued expenses (Note 5) | 56,085 | |
TOTAL LIABILITIES | 1,918,293 | |
Net assets for 54,818,944 shares outstanding | $465,904,625 | |
Net Assets Consist of: | ||
Paid-in capital | $543,646,821 | |
Net unrealized depreciation of investments and futures contracts | (6,201,193) | |
Accumulated net realized loss on investments and futures contracts | (71,893,140) | |
Undistributed net investment income | 352,137 | |
TOTAL NET ASSETS | $465,904,625 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($216,033,291 ÷ 25,415,549 shares outstanding), no par value, unlimited shares authorized | $8.50 | |
Offering price per share (100/95.50 of $8.50) | $8.90 | |
Redemption proceeds per share | $8.50 | |
Class B Shares: | ||
Net asset value per share ($13,740,634 ÷ 1,617,724 shares outstanding), no par value, unlimited shares authorized | $8.49 | |
Offering price per share | $8.49 | |
Redemption proceeds per share (94.50/100 of $8.49) | $8.02 | |
Class C Shares: | ||
Net asset value per share ($50,012,396 ÷ 5,887,693 shares outstanding), no par value, unlimited shares authorized | $8.49 | |
Offering price per share | $8.49 | |
Redemption proceeds per share (99.00/100 of $8.49) | $8.41 | |
Class F Shares: | ||
Net asset value per share ($179,855,812 ÷ 21,160,825 shares outstanding), no par value, unlimited shares authorized | $8.50 | |
Offering price per share (100/99.00 of $8.50) | $8.59 | |
Redemption proceeds per share (99.00/100 of $8.50) | $8.42 | |
Institutional Shares: | ||
Net asset value per share ($6,262,492 ÷ 737,153 shares outstanding), no par value, unlimited shares authorized | $8.50 | |
Offering price per share | $8.50 | |
Redemption proceeds per share | $8.50 |
Investment Income: | |||
Interest | $13,430,062 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,370,094 | ||
Administrative fee (Note 5) | 178,340 | ||
Custodian fees | 13,774 | ||
Transfer agent fee | 148,325 | ||
Directors'/Trustees' fees (Note 5) | 2,185 | ||
Auditing fees | 14,628 | ||
Legal fees | 6,365 | ||
Distribution services fee (Note 5) | 242,496 | ||
Shareholder services fee (Note 5) | 562,356 | ||
Account administration fee (Note 2) | 1,266 | ||
Portfolio accounting fees | 58,856 | ||
Share registration costs | 39,272 | ||
Printing and postage | 31,023 | ||
Insurance premiums (Note 5) | 2,451 | ||
Miscellaneous (Note 5) | 4,494 | ||
TOTAL EXPENSES | 2,675,925 | ||
Waiver of investment adviser fee (Note 5) | (397,185) | ||
Net expenses | 2,278,740 | ||
Net investment income | 11,151,322 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized loss on investments | (2,276,907) | ||
Net realized loss on futures contracts | (218,331) | ||
Net change in unrealized appreciation of investments | 24,163,225 | ||
Net change in unrealized depreciation of futures contracts | (148,250) | ||
Net realized and unrealized gain on investments | 21,519,737 | ||
Change in net assets resulting from operations | $32,671,059 |
Six Months Ended (unaudited) 2/28/2014 | Year Ended 8/31/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $11,151,322 | $23,818,891 |
Net realized loss on investments and futures contracts | (2,495,238) | (2,438,258) |
Net change in unrealized appreciation/depreciation of investments and futures contracts | 24,014,975 | (48,089,777) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 32,671,059 | (26,709,144) |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (5,347,899) | (11,372,294) |
Class B Shares | (305,742) | (791,649) |
Class C Shares | (1,097,072) | (2,406,363) |
Class F Shares | (4,454,675) | (9,299,876) |
Institutional Shares | (113,908) | (187) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (11,319,296) | (23,870,369) |
Share Transactions: | ||
Proceeds from sale of shares | 45,687,061 | 103,323,478 |
Net asset value of shares issued to shareholders in payment of distributions declared | 9,862,060 | 20,623,079 |
Cost of shares redeemed | (76,078,602) | (135,670,001) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (20,529,481) | (11,723,444) |
Change in net assets | 822,282 | (62,302,957) |
Net Assets: | ||
Beginning of period | 465,082,343 | 527,385,300 |
End of period (including undistributed net investment income of $352,137 and $520,111, respectively) | $465,904,625 | $465,082,343 |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium) unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
Account Administration Fees Incurred | |
Class A Shares | $562 |
Class F Shares | 704 |
TOTAL | $1,266 |
Security | Acquisition Date | Cost | Market Value |
Non-Profit Preferred Funding Trust I, Partnership, 9/15/2037 | 10/26/2006-2/16/2007 | $3,989,000 | $848,960 |
Fair Value of Derivative Instruments | ||
Asset | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Receivable for daily variation margin | $(120,148)* |
* | Includes cumulative depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain (Loss) on Derivatives Recognized in Income | ||
Futures | ||
Interest rate contracts | $(218,331) |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | ||
Futures | ||
Interest rate contracts | $(148,250) |
Six Months Ended 2/28/2014 | Year Ended 8/31/2013 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,661,196 | $30,118,376 | 6,959,731 | $62,555,415 |
Shares issued to shareholders in payment of distributions declared | 571,674 | 4,690,938 | 1,111,256 | 9,885,188 |
Shares redeemed | (5,327,329) | (43,783,167) | (8,355,249) | (73,574,560) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (1,094,459) | $(8,973,853) | (284,262) | $(1,133,957) |
Six Months Ended 2/28/2014 | Year Ended 8/31/2013 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 60,741 | $504,080 | 270,193 | $2,437,019 |
Shares issued to shareholders in payment of distributions declared | 33,906 | 278,101 | 79,356 | 706,506 |
Shares redeemed | (403,400) | (3,317,318) | (969,325) | (8,553,078) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (308,753) | $(2,535,137) | (619,776) | $(5,409,553) |
Six Months Ended 2/28/2014 | Year Ended 8/31/2013 | ||||
Class C Shares: | Shares | Amount | Shares | Amount | |
Shares sold | 437,101 | $3,607,787 | 1,474,483 | $13,261,170 | |
Shares issued to shareholders in payment of distributions declared | 118,689 | 973,716 | 235,625 | 2,095,408 | |
Shares redeemed | (1,204,430) | $(9,908,320) | (2,023,629) | (17,748,118) | |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (648,640) | $(5,326,817) | (313,521) | $(2,391,540) |
Six Months Ended 2/28/2014 | Year Ended 8/31/2013 | |||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 784,377 | $6,485,701 | 2,514,553 | $22,487,400 |
Shares issued to shareholders in payment of distributions declared | 467,235 | 3,833,611 | 892,320 | 7,935,790 |
Shares redeemed | (2,144,875) | (17,635,198) | (4,070,464) | (35,651,626) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | (893,263) | $(7,315,886) | (663,591) | $(5,228,436) |
Six Months Ended 2/28/2014 | Period Ended 8/31/20131 | |||||
Institutional Shares: | Shares | Amount | Shares | Amount | ||
Shares sold | 601,176 | $4,971,117 | 316,724 | $2,582,474 | ||
Shares issued to shareholders in payment of distributions declared | 10,436 | 85,694 | 23 | 187 | ||
Shares redeemed | (173,642) | (1,434,599) | (17,564) | (142,619) | ||
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 437,970 | $3,622,212 | 299,183 | $2,440,042 | ||
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (2,507,145) | $(20,529,481) | (1,581,967) | $(11,723,444) |
1 | Reflects operations for the period from June 11, 2013 (date of initial investment) to August 31, 2013. |
Expiration Year | Short-Term | Long-Term | Total |
No expiration | $ 5,106,953 | $19,573,487 | $ 24,680,440 |
2014 | $ 1,161,133 | NA | $ 1,161,133 |
2017 | $ 20,198,309 | NA | $ 20,198,309 |
2018 | $ 19,483,511 | NA | $ 19,483,511 |
2019 | $ 2,945,947 | NA | $ 2,945,947 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class F Shares | 0.05% |
Distribution Service Fees Incurred | |
Class B Shares | $53,004 |
Class C Shares | 189,492 |
TOTAL | $242,496 |
Service Fees Incurred | |
Class A Shares | $263,260 |
Class B Shares | 17,668 |
Class C Shares | 63,164 |
Class F Shares | 218,264 |
TOTAL | $562,356 |
Purchases | $ 37,484,345 |
Sales | $ 60,630,242 |
Beginning Account Value 9/1/13 | Ending Account Value 2/28/14 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,074.80 | $4.58 |
Class B Shares | $1,000 | $1,069.60 | $8.42 |
Class C Shares | $1,000 | $1,069.60 | $8.42 |
Class F Shares | $1,000 | $1,074.80 | $4.58 |
Institutional Shares | $1,000 | $1,076.20 | $3.29 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.38 | $4.46 |
Class B Shares | $1,000 | $1,016.66 | $8.20 |
Class C Shares | $1,000 | $1,016.66 | $8.20 |
Class F Shares | $1,000 | $1,020.38 | $4.46 |
Institutional Shares | $1,000 | $1,021.62 | $3.21 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.89% |
Class B Shares | 1.64% |
Class C Shares | 1.64% |
Class F Shares | 0.89% |
Institutional Shares | 0.64% |
Name | For | Withheld |
John T. Collins | 91,507,128.403 | 2,809,854.606 |
Maureen Lally-Green | 92,819,244.677 | 1,497,738.332 |
Thomas M. O'Neill | 92,644,697.917 | 1,672,285.092 |
P. Jerome Richey | 92,746,737.657 | 1,570,245.352 |
1 | The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Maureen Lally-Green (having been previously appointed by the Board), Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill (having been previously appointed by the Board), and John S. Walsh. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923856
CUSIP 313923849
CUSIP 313923831
CUSIP 313923815
2014 ©Federated Investors, Inc.
Item 2. Code of Ethics
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
No Changes to Report
Item 11. Controls and Procedures
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Municipal Securities Income Trust
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date April 22, 2014
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/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date April 22, 2014
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date April 22, 2014