N-Q 1 form.htm

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies

 

 

 

 

811-3181

 

(Investment Company Act File Number)

 

 

Federated Short-Intermediate Duration Municipal Trust

 

___________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Investors Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

John W. McGonigle, Esquire

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 06/30/15

 

 

Date of Reporting Period: Quarter ended 03/31/15

 

 

 

 

 

 

 

Item 1. Schedule of Investments

 

Federated Short-Intermediate Duration Municipal Trust
Portfolio of Investments
March 31, 2015 (unaudited)
Principal
Amount 		    Value
    MUNICIPAL BONDS—98.5%  
    Alabama—0.2%  
$2,600,000   Tuscaloosa, AL, GO Warrants (Series 2010-B), 5.00%, 2/15/2016 $2,707,068
    Alaska—0.7%  
2,000,000   Valdez, AK Marine Terminal, Revenue Refunding Bonds (Series 2003A), 5.00% (BP PLC), 1/1/2021 2,320,780
5,000,000   Valdez, AK Marine Terminal, Revenue Refunding Bonds (Series 2003B), 5.00% (BP PLC), 1/1/2021 5,801,950
    TOTAL 8,122,730
    Arizona—1.1%  
3,000,000 1 Arizona Health Facilities Authority, Variable Rate Revenue Refunding Bonds (Series 2013A-1), 1.87% TOBs (Phoenix Children's Hospital), 2/5/2020 3,084,450
3,500,000   Arizona State, COPs (Series 2010A), 5.00% (Assured Guaranty Corp. INS), 10/1/2015 3,584,105
3,000,000   Maricopa County, AZ Pollution Control Corp., PCR Revenue Refunding Bonds (Series 2010A), 4.00% TOBs (Public Service Co., NM), Mandatory Tender 6/1/2015 3,013,710
2,270,000   Navajo County, AZ Pollution Control Corp., Revenue Refunding Bonds (Series 2014A), 0.45% TOBs (Arizona Public Service Co.), Mandatory Tender 11/17/2015 2,269,841
1,250,000   Pima County, AZ Sewer System, Revenue Bonds (Series 2011B), 5.00%, 7/1/2015 1,265,213
    TOTAL 13,217,319
    Arkansas—0.7%  
500,000   Beaver Water District of Benton and Washington Counties, AR, Revenue Refunding Bonds (Series 2010), 3.00%, 11/15/2017 527,420
7,250,000   Independence County, AR, PCR Refunding Bonds (Series 2013), 2.375% (Entergy Arkansas, Inc.), 1/1/2021 7,471,125
    TOTAL 7,998,545
    California—9.7%  
1,000,000   Alameda Corridor Transportation Authority, CA, Tax-Exempt Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 10/1/2019 1,163,110
10,000,000   Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2014C), 1.875% TOBs, 4/1/2019 10,210,000
5,000,000 1 Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007B-1),
1.12% TOBs, 4/1/2024 		5,100,750
10,000,000 1 Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007G-1),
1.12% TOBs, 4/1/2024 		10,201,500
13,000,000   California Health Facilities Financing Authority, Revenue Bonds (Series 2013B), 5.00% TOBs (St. Joseph Health System), Mandatory Tender 10/15/2019 15,121,210
5,000,000 1 California Infrastructure & Economic Development Bank, (J Paul Getty Trust), Variable Rate Refunding Revenue Bonds (Series 2012B-2), 0.30%, 10/01/2047 4,999,650
5,000,000   California PCFA, Solid Waste Disposal Revenue Refunding Bonds (Series 1998B), 3.625% (Waste Management, Inc.), 6/1/2018 5,096,850
5,000,000   California State Department of Water Resources Power Supply Program, Revenue Bonds (Series 2010L), 5.00%, 5/1/2015 5,020,550
1,440,000   California State Public Works Board, Lease Revenue Bonds (Series 2012H), 5.00%, 4/1/2019 1,650,370
9,250,000 1 California State, UT GO Bonds (Index Floating Rate Bonds Series 2013E), 0.951% TOBs, 12/1/2018 9,392,172
3,335,000   California State, UT GO Bonds, 4.00% TOBs, 12/1/2017 3,553,209
4,000,000 1 California State, UT GO Refunding Bonds (Series 2012B), 1.02%, 5/1/2019 4,070,480
3,000,000 1 California State, UT GO Refunding Bonds (Series 2012B), 1.17%, 5/1/2020 3,066,030
5,000,000   California State, Various Purpose UT GO Bonds (Series 2013), 5.00%, 10/1/2019 5,820,300
3,000,000   California State, Various Purpose UT GO Bonds, 5.00%, 10/1/2015 3,073,320
2,500,000   California Statewide CDA, Revenue Bonds (Series 2009E-1), 5.00% TOBs (Kaiser Permanente), Mandatory Tender 5/1/2017 2,727,600
2,500,000   Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Revenue Refunding Bonds (Series 2013B-2), 5.00% TOBs, 1/15/2020 2,785,175
4,195,000   Los Angeles, CA USDT, Refunding COPs (Series 2010A), 5.00%, 12/1/2015 4,331,337
1,050,000   Orange County, CA Transportation Authority, Senior Lien Toll Road Revenue Refunding Bonds (Series 2013), 5.00% (91 Express Lanes-OCTA), 8/15/2019 1,224,101
2,750,000   San Diego County, CA Water Authority, Subordinate Lien Water Revenue Refunding Bonds (Series 2011S-1), 5.00%, 7/1/2016 2,903,065
2,815,000   San Francisco, CA Public Utilities Commission (Water Enterprise), Water Revenue Bonds (Series 2010DE), 5.00% (United States Treasury COL), 11/1/2017 3,124,537
8,670,000   San Francisco, CA Public Utilities Commission (Water Enterprise), Water Revenue Bonds (Series 2010DE), 5.00%, 11/1/2017 9,646,936
1
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    California—continued  
$1,000,000   San Joaquin Hills, CA Transportation Corridor Agency, Senior Lien Toll Road Revenue Refunding Bonds (Series 2014A), 5.00%, 1/15/2017 $1,078,540
1,750,000   Val Verde, CA USDT, GO BANs (Series 2013), 3.00% (United States Treasury PRF 8/1/2016@100), 8/1/2018 1,812,615
    TOTAL 117,173,407
    Colorado—1.5%  
4,500,000   Colorado Health Facilities Authority, Revenue Bonds (Series 2009B-3), 1.875% TOBs (Catholic Health Initiatives),
Mandatory Tender 11/6/2019 		4,516,200
2,115,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2012C), 4.00% (Covenant Retirement
Communities, Inc.), 12/1/2015 		2,151,378
1,795,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2012C), 4.00% (Covenant Retirement
Communities, Inc.), 12/1/2016 		1,860,105
400,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 1.00% (Covenant Retirement
Communities, Inc.), 12/1/2015 		401,076
550,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 2.00% (Covenant Retirement
Communities, Inc.), 12/1/2016 		558,971
700,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 3.00% (Covenant Retirement
Communities, Inc.), 12/1/2017 		729,673
600,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 4.00% (Covenant Retirement
Communities, Inc.), 12/1/2018 		646,068
625,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 4.00% (Covenant Retirement
Communities, Inc.), 12/1/2019 		676,156
1,000,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (Covenant Retirement
Communities, Inc.), 12/1/2020 		1,134,960
750,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (Covenant Retirement
Communities, Inc.), 12/1/2021 		856,207
250,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (Covenant Retirement
Communities, Inc.), 12/1/2022 		285,493
2,750,000 1 E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2014A), 1.20% TOBs, Mandatory Tender 8/31/2017 2,752,145
1,710,000 1 E-470 Public Highway Authority, CO, Senior Revenue Bonds (SIFMA Index Series 2007CD-2), 1.77% TOBs
(National Public Finance Guarantee Corporation INS), Mandatory Tender 8/31/2017 		1,720,345
    TOTAL 18,288,777
    Connecticut—3.5%  
1,010,000   Bridgeport, CT, UT GO Refunding Bonds (Series 2012B), 4.00%, 8/15/2015 1,024,241
3,185,000   Bridgeport, CT, UT GO Refunding Bonds (Series 2012B), 5.00%, 8/15/2016 3,379,062
2,580,000   Bridgeport, CT, UT GO Refunding Bonds (Series 2012B), 5.00%, 8/15/2017 2,824,713
5,000,000 1 Connecticut State HEFA, Revenue Bonds (Series 2014B Floating Rate Note), 0.665% TOBs (Yale-New Haven Hospital), 7/1/2019 5,023,200
10,000,000 1 Connecticut State, UT GO SIFMA Index Bonds (Series 2012A), 1.27%, 4/15/2020 10,239,500
2,000,000 1 Connecticut State, UT GO SIFMA Index Bonds (Series 2012D), 0.94%, 9/15/2019 2,037,480
1,500,000 1 Connecticut State, UT GO SIFMA INDEX Bonds (Series 2013A), 0.92%, 3/1/2023 1,511,310
2,255,000 1 Connecticut State, UT GO SIFMA INDEX Bonds (Series 2013A), 0.97%, 3/1/2024 2,267,763
4,000,000 1 Connecticut State, UT GO SIFMA INDEX Bonds (Series 2013A), 1.01%, 3/1/2025 4,024,840
5,000,000   Connecticut State, Variable-Rate Remarketed Obligations (Series A-4), 0.28%, 1/1/2018 5,000,000
2,100,000   West Haven, CT, UT GO Bonds, 4.00% (AGM INS), 8/1/2018 2,266,089
2,000,000   West Haven, CT, UT GO Bonds, 4.00% (AGM INS), 8/1/2019 2,184,600
    TOTAL 41,782,798
    District of Columbia—0.2%  
2,000,000   District of Columbia Revenue, University Revenue Refunding Bonds (Series 2009A), 5.00% (Georgetown University), 4/1/2015 2,000,000
    Florida—4.6%  
8,000,000   Citizens Property Insurance Corp. FL, Senior Secured Bonds (Series 2012A-1), 5.00% (Citizens Property Insurance PLA/CLA Accounts), 6/1/2015 8,064,240
7,245,000   Florida State Board of Education, UT GO Capital Outlay Refunding Bonds (Series 2010A), 5.00% (Florida State), 6/1/2017 7,929,290
500,000   Florida State Municipal Power Agency, Stanton II Project Revenue Bonds (Series 2012A), 4.00%, 10/1/2015 509,300
630,000   Florida State Municipal Power Agency, Stanton II Project Revenue Bonds (Series 2012A), 4.00%, 10/1/2017 677,433
800,000   Florida State Municipal Power Agency, Stanton II Project Revenue Bonds (Series 2012A), 5.00%, 10/1/2016 852,296
2
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Florida—continued  
$2,000,000   Halifax Hospital Medical Center, FL, Hospital Revenue Refunding & Improvement Bonds (Series 2006A), 5.25%, 6/1/2015 $2,014,180
375,000   Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 4.00% (Tampa General Hospital), 10/1/2015 382,031
600,000   Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2018 671,994
630,000   Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2019 720,430
525,000   Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2020 607,976
1,245,000   Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2021 1,454,235
1,300,000   Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2022 1,527,084
750,000   Miami Beach, FL Health Facilities Authority, Hospital Revenue Refunding Bonds (Series 2012), 3.00% (Mt. Sinai Medical
Center, FL), 11/15/2015 		759,285
1,435,000   Miami Beach, FL Health Facilities Authority, Hospital Revenue Refunding Bonds (Series 2012), 3.00% (Mt. Sinai Medical
Center, FL), 11/15/2016 		1,475,194
4,900,000   Miami-Dade County, FL IDA, Solid Waste Disposal Revenue Bonds (Series 2007), 1.75% TOBs (Waste Management, Inc.), Mandatory Tender 9/1/2027 4,897,746
7,800,000   Miami-Dade County, FL School Board, COPs (Series 2011B), 5.00% TOBs, Mandatory Tender 5/1/2016 8,168,862
420,000   Orange County, FL, Health Facilities Authority, Revenue Bonds (Series 2014), 2.00% (Presbyterian Retirement Communities), 8/1/2015 422,348
500,000   Orange County, FL, Health Facilities Authority, Revenue Bonds (Series 2014), 3.00% (Presbyterian Retirement Communities), 8/1/2016 516,045
305,000   Orange County, FL, Health Facilities Authority, Revenue Bonds (Series 2014), 3.00% (Presbyterian Retirement Communities), 8/1/2017 319,137
1,300,000   Orange County, FL, Health Facilities Authority, Revenue Bonds (Series 2014), 4.00% (Presbyterian Retirement Communities), 8/1/2019 1,427,504
1,750,000   Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2018 1,971,463
1,500,000   Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2019 1,728,720
1,350,000   Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2020 1,585,818
1,500,000   Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2011B), 5.00%, 10/1/2018 1,703,625
2,755,000   Tampa Bay, FL Water Utility System, Refunding Revenue Bonds (Series 2011B), 5.00% (United States Treasury COL), 10/1/2018 3,118,825
2,245,000   Tampa Bay, FL Water Utility System, Refunding Revenue Bonds (Series 2011B), 5.00% (United States Treasury COL), 10/1/2018 2,553,081
    TOTAL 56,058,142
    Georgia—3.3%  
2,500,000   Atlanta, GA Airport Passenger Facilities Charge Revenue, Subordinate Lien General Revenue Bonds (Series 2010B), 5.00%, 1/1/2018 2,779,925
4,000,000   Burke County, GA Development Authority, PCRBs (First Series 2012), 1.75% TOBs (Georgia Power Co.), Mandatory Tender 6/1/2017 4,049,440
950,000   DeKalb County, GA Water & Sewerage, Revenue Bonds (Series 2011A), 4.00%, 10/1/2015 968,249
3,535,000   Floyd County, GA Development Authority PCRBs (First Series 2010), 0.85% TOBs (Georgia Power Co.), Mandatory Tender 11/19/2015 3,542,954
3,000,000   Fulton County, GA Water & Sewage System, Revenue Refunding Bonds (Series 2011), 5.00%, 1/1/2019 3,419,130
2,460,000   Gainesville & Hall County, GA Development Authority, Retirement Communities Revenue Refunding Bonds (Series 2012), 4.00% (ACTS Retirement Life Communities, Inc.), 11/15/2017 2,564,378
7,500,000 1 Gainesville & Hall County, GA Hospital Authority, (Northeast Georgia Health System, Inc.), RACs (Series 2014B), 0.97%, 8/15/2035 7,510,425
2,420,000   Monroe County, GA Development Authority, PCRBs (First Series 1995), 2.00% TOBs (Georgia Power Co.), Mandatory Tender 6/13/2019 2,492,915
7,000,000   Monroe County, GA Development Authority, PCRBs (Series 2013A), 2.40% TOBs (Oglethorpe Power Corp.), Mandatory Tender 4/1/2020 7,147,560
2,000,000   Municipal Electric Authority of Georgia, Combined Cycle Project Revenue Bonds (Series 2012A), 5.00%, 11/1/2016 2,144,580
1,000,000   Municipal Electric Authority of Georgia, Combined Cycle Project Revenue Bonds (Series 2012A), 5.00%, 11/1/2018 1,137,000
2,000,000   Public Gas Partners, Inc., GA, Gas Project Revenue Bonds (Gas Supply Pool No. 1 Series 2009A), 5.00%, 10/1/2015 2,047,960
    TOTAL 39,804,516
    Hawaii—0.2%  
1,000,000   Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Refunding Bonds (Series 2012), 4.50% (Kahala Nui), 11/15/2015 1,019,000
1,000,000   Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Refunding Bonds (Series 2012), 5.00% (Kahala Nui), 11/15/2017 1,077,650
3
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Hawaii—continued  
$500,000   Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Refunding Bonds (Series 2012), 5.00% (Kahala Nui), 11/15/2018 $548,065
    TOTAL 2,644,715
    Illinois—6.9%  
3,000,000 1 Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-3 SIFMA Index), 0.77% TOBs, 6/1/2017 2,818,950
4,000,000 1 Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-3 SIFMA Index), 0.85% TOBs, 6/1/2018 3,654,880
400,000   Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.00%, 1/1/2019 453,048
500,000   Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.00%, 1/1/2020 578,440
3,250,000   Chicago, IL Midway Airport, Second Lien Taxable Revenue Refunding Bonds (Series 2013C), 5.00%, 1/1/2021 3,811,697
1,500,000   Chicago, IL Midway Airport, Second Lien Taxable Revenue Refunding Bonds (Series 2013C), 5.00%, 1/1/2022 1,772,385
1,875,000   Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011B), 5.00%, 1/1/2018 2,073,600
2,000,000   Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2008), 5.00% (AGM INS), 11/1/2015 2,055,460
2,500,000   Cook County, IL, Refunding UT GO Bonds (Series 2014A), 4.00%, 11/15/2015 2,557,225
1,500,000   Cook County, IL, Refunding UT GO Bonds (Series 2014A), 5.00%, 11/15/2016 1,600,320
1,170,000   Cook County, IL, Refunding UT GO Bonds (Series 2014A), 5.00%, 11/15/2017 1,283,315
1,500,000   Cook County, IL, Refunding UT GO Bonds (Series 2014A), 5.00%, 11/15/2018 1,679,610
6,500,000   Illinois Finance Authority, Revenue Bonds (Series 2008A-2), 5.00% TOBs (Advocate Health Care Network), Mandatory Tender 2/12/2020 7,512,570
2,500,000   Illinois Finance Authority, Revenue Bonds (Series 2011IL), 3.00% (Trinity Healthcare Credit Group), 12/1/2017 2,632,675
5,000,000   Illinois Finance Authority, Revenue Bonds (Series 2012E), 5.00% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 5/1/2017 5,435,550
5,000,000   Illinois Finance Authority, Revenue Bonds (Series A-1), 5.00% TOBs (Advocate Health Care Network), Mandatory Tender 1/15/2020 5,771,150
4,000,000   Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2013B-1), 5.00%, 12/1/2018 4,550,480
2,000,000   Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 12/15/2017 2,157,100
1,000,000   Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 6/15/2015 1,010,040
1,000,000   Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 6/15/2016 1,056,360
2,350,000   Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2017 2,505,828
4,000,000   Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2018 4,350,840
5,500,000   Illinois State, UT GO Bonds (Series of February 2014), 4.00%, 2/1/2019 5,862,780
1,750,000   Illinois State, UT GO Bonds (Series of February 2014), 4.00%, 2/1/2020 1,857,398
1,000,000   Illinois State, UT GO Bonds (Series of February 2014), 5.00%, 2/1/2019 1,102,530
2,000,000   Illinois State, UT GO Bonds (Series of February 2014), 5.00%, 2/1/2020 2,212,940
5,000,000   Illinois State, UT GO Bonds (Series of March 2012), 5.00%, 3/1/2017 5,357,700
2,205,000   Kendall, Kane, & Will Counties, IL Community United School District No. 308, Refunding GO School Bonds (Series 2012), 4.00%, 10/1/2018 2,417,562
2,680,000   Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2010), 5.00%, 6/1/2017 2,904,932
    TOTAL 83,037,365
    Indiana—2.1%  
2,500,000   Indiana Health Facility Financing Authority, Revenue Bonds (Series 2005A-8), 5.00% TOBs (Ascension Health Alliance Subordinate Credit Group), Mandatory Tender 7/28/2016 2,648,350
4,000,000   Indiana Health Facility Financing Authority, Revenue Bonds (Series 2005A-9), 5.00% TOBs (Ascension Health Alliance Subordinate Credit Group), Mandatory Tender 6/1/2017 4,365,240
855,000   Indiana State Finance Authority Hospital Revenue, Hospital Revenue Bonds (Series 2012A), 5.00% (Community Health Network), 5/1/2020 990,945
1,290,000   Indiana State Finance Authority Hospital Revenue, Hospital Revenue Bonds (Series 2013A), 5.00% (Beacon Health System Obligated Group), 8/15/2018 1,450,618
1,000,000   Indiana State Finance Authority Hospital Revenue, Hospital Revenue Bonds (Series 2013A), 5.00% (Beacon Health System Obligated Group), 8/15/2020 1,166,800
1,270,000   Indiana State Finance Authority, Environmental Facilities Revenue Refunding Bonds (Series 2009B), 4.90% (Indianapolis, IN Power & Light Co.), 1/1/2016 1,312,354
1,000,000   Indiana State Finance Authority, Second Lien Wastewater Utility Revenue Bonds (Series 2011B), 5.00% (CWA Authority), 10/1/2018 1,127,470
2,500,000   Indiana State Finance Authority, Second Lien Wastewater Utility Revenue Bonds (Series 2011B), 5.00% (CWA Authority), 10/1/2019 2,882,300
900,000   Purdue University, IN, Student Fee Bonds (Series 2010Y), 4.50%, 7/1/2015 909,828
4
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Indiana—continued  
$5,000,000   Whiting, IN Environmental Facilities, Revenue Bonds (Series 2005), 5.00% (BP PLC), 7/1/2017 $5,442,650
3,000,000   Whiting, IN Environmental Facilities, Revenue Bonds (Series 2009), 5.25% (BP PLC), 1/1/2021 3,521,670
    TOTAL 25,818,225
    Kansas—0.2%  
500,000   Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 4.00%, 9/1/2018 545,600
1,000,000   Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 5.00%, 9/1/2020 1,170,610
1,000,000   Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 5.00%, 9/1/2021 1,186,630
    TOTAL 2,902,840
    Kentucky—1.2%  
5,000,000   Kentucky EDFA, Revenue Bonds (Series 2009B), 2.70% TOBs (Catholic Health Initiatives), Mandatory Tender 11/10/2021 5,055,150
8,700,000   Kentucky Public Transportation Infrastructure Authority, Subordinate Toll Revenue BANs (Series 2013A), 5.00%, 7/1/2017 9,468,123
    TOTAL 14,523,273
    Louisiana—2.2%  
4,000,000 1 Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2013B-1 LIBOR Index), 0.59% TOBs, 5/1/2017 4,024,400
3,600,000 1 Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2013B-2 LIBOR Index), 0.67% TOBs, 5/1/2018 3,624,588
8,570,000   Louisiana State Offshore Terminal Authority, Deepwater Port Revenue Bonds (Series 2010B-1), 2.20% TOBs (Loop LLC), Mandatory Tender 10/1/2017 8,713,462
3,765,000   St. Charles Parish, LA Gulf Opportunity Zone, Revenue Bonds (Series 2010), 4.00% TOBs (Valero Energy Corp.), Mandatory Tender 6/1/2022 4,107,012
2,500,000   Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.00%, 5/15/2018 2,784,925
3,250,000   Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.00%, 5/15/2019 3,693,365
    TOTAL 26,947,752
    Maryland—0.5%  
5,270,000   Prince Georges County, MD, GO Consolidated Public Improvement Bonds (Series 2010A), 5.00%, 9/15/2018 5,991,147
    Massachusetts—0.9%  
1,000,000   Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds (Series 2010B), 5.00%, 1/1/2017 1,075,930
1,915,000 1 Massachusetts Development Finance Agency, (Partners Healthcare Systems), Revenue Bonds (Series 2015O-3), 0.50%, 7/1/2050 1,913,238
1,875,000   Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 3 Series 2011), 5.00%, 7/1/2015 1,897,519
2,120,000   Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 6 Series 2011), 5.00%, 7/1/2017 2,320,637
3,750,000   Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 6 Series 2012A), 5.00%, 7/1/2016 3,966,300
    TOTAL 11,173,624
    Michigan—4.7%  
1,375,000   Grand Rapids, MI Water Supply System, Revenue Refunding Bonds (Series 2010), 5.00%, 1/1/2016 1,424,225
1,500,000   Grand Rapids, MI Water Supply System, Revenue Refunding Bonds (Series 2010), 5.00%, 1/1/2017 1,614,705
2,000,000   Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2015A), 5.00% (Detroit, MI City School District)/(Q-SBLF GTD), 5/1/2018 2,217,380
3,000,000   Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2015A), 5.00% (Detroit, MI City School District)/(Q-SBLF GTD), 5/1/2019 3,386,820
4,500,000   Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2015A), 5.00% (Detroit, MI City School District)/(Q-SBLF GTD), 5/1/2020 5,170,545
5,000,000   Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series 2014 D-1), 5.00% (Detroit, MI Water Supply System)/(AGM INS), 7/1/2022 5,813,300
2,000,000   Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series D-1), 5.00% (Detroit, MI Water Supply System)/(AGM INS), 7/1/2020 2,287,880
2,500,000   Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series D-1), 5.00% (Detroit, MI Water Supply System)/(AGM INS), 7/1/2021 2,884,525
1,500,000   Michigan State Finance Authority, Local Government Loan Program Revenue Bonds (Series 2014B), 3.00% (Public Lighting Authority), 7/1/2016 1,539,240
5
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Michigan—continued  
$1,500,000   Michigan State Finance Authority, Local Government Loan Program Revenue Bonds (Series 2014B), 4.00% (Public Lighting Authority), 7/1/2017 $1,587,090
1,125,000   Michigan State Finance Authority, Local Government Loan Program Revenue Bonds (Series 2014B), 5.00% (Public Lighting Authority), 7/1/2019 1,263,285
1,200,000   Michigan State Finance Authority, Local Government Loan Program Revenue Bonds (Series 2014B), 5.00% (Public Lighting Authority), 7/1/2020 1,363,164
10,000,000 1 Michigan State Financial Authority, (Trinity Healthcare Credit Group), Hospital Revenue Bonds (Series 2015MI), 0.656%, 9/1/2019 9,989,400
1,000,000   Michigan State Hospital Finance Authority, Revenue Bonds (Series 2010B), 5.00% (Ascension Health Alliance Senior Credit Group), 11/15/2016 1,071,340
8,875,000   Michigan Strategic Fund, Adjustable Rate Demand LO Revenue Refunding Bonds (Series 1995C), 2.125% TOBs (Detroit Edison Co.), Mandatory Tender 9/1/2016 9,004,841
1,000,000   Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2011), 5.00% (Michigan State), 10/15/2019 1,144,600
1,170,000   Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2011), 5.00% (Michigan State), 10/15/2020 1,355,679
1,165,000   Royal Oak, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2014D), 5.00% (Beaumont Health Credit Group), 9/1/2017 1,280,091
1,500,000   Royal Oak, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2014D), 5.00% (Beaumont Health Credit Group), 9/1/2019 1,731,375
    TOTAL 56,129,485
    Mississippi—0.9%  
560,000   Mississippi Development Bank, SO Refunding Bonds (Series 2013A), 5.00% (Harrison County, MS Highway), 1/1/2018 622,059
1,000,000   Mississippi Development Bank, SO Refunding Bonds (Series 2013A), 5.00% (Harrison County, MS Highway), 1/1/2019 1,139,310
470,000   Mississippi Development Bank, SO Refunding Bonds (Series 2013B), 4.00% (Laurel, MS Highway), 1/1/2017 497,434
400,000   Mississippi Development Bank, SO Refunding Bonds (Series 2013B), 4.00% (Laurel, MS Highway), 1/1/2018 433,488
1,500,000   Mississippi Development Bank, SO Refunding Bonds (Series 2013B), 4.00% (Laurel, MS Highway), 1/1/2019 1,654,110
1,425,000   Mississippi Development Bank, SO Refunding Bonds (Series 2013C), 5.00% (Madison County, MS Highway), 1/1/2019 1,623,517
1,000,000   Mississippi Development Bank, Wilkinson County Correctional Facility Refunding Bonds (Series 2008D), 5.00% (Mississippi State Department of Corrections)/(United States Treasury COL), 8/1/2015 1,016,010
3,250,000   Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds (2010 Series 1), 5.00% (North Mississippi Health Services), 10/1/2017 3,571,425
    TOTAL 10,557,353
    Missouri—0.5%  
3,780,000   Missouri State Environmental Improvement & Energy Resources Authority, Environmental Improvement Revenue Refunding Bonds (Series 1992), 1.25% (Kansas City Power And Light Co.), 7/1/2017 3,825,058
255,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2014A), 4.00% (Lutheran Senior Services), 2/1/2018 272,648
535,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2014A), 4.00% (Lutheran Senior Services), 2/1/2020 584,429
565,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2014A), 5.00% (Lutheran Senior Services), 2/1/2021 650,021
1,000,000   St. Louis, MO Municipal Finance Corp., City Justice Center Leasehold Revenue Refunding Bonds (Series 2011), 5.00%
(St. Louis, MO), 2/15/2017 		1,076,570
    TOTAL 6,408,726
    Nebraska—1.0%  
8,000,000   Central Plains Energy Project, NE, Gas Supply Revenue Refunding Bonds (Series 2014), 5.00% TOBs (Royal Bank of Canada, Montreal GTD), 12/1/2019 9,245,520
570,000   Nebraska Public Power District, General Revenue Bonds (Series 2011A), 5.00%, 1/1/2016 590,360
850,000   Nebraska Public Power District, General Revenue Bonds (Series 2011A), 5.00%, 1/1/2017 915,782
1,000,000   Nebraska Public Power District, General Revenue Bonds (Series 2012A), 4.00%, 1/1/2018 1,084,580
    TOTAL 11,836,242
    Nevada—0.2%  
2,250,000   Washoe County, NV School District, Refunding LT GO Bonds (Series 2012A), 4.00%, 6/1/2019 2,492,032
    New Jersey—6.7%  
2,500,000   Gloucester County, NJ Improvement Authority, Resource Recovery Revenue Refunding Bonds (Series 1999A), 2.125% TOBs
(Waste Management, Inc.), Mandatory Tender 12/1/2017 		2,587,675
2,500,000   New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2016 2,626,000
2,000,000   New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2017 2,163,100
3,000,000   New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2018 3,314,340
6
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    New Jersey—continued  
$10,000,000 1 New Jersey EDA, School Facilities Construction Refunding SIFMA Index Bonds (Series 2013 I), 1.27% (New Jersey State), 9/1/2025 $9,746,400
16,520,000 1 New Jersey EDA, School Facilities Construction Refunding SIFMA Index Bonds (Series E), 1.72% (New Jersey State), 2/1/2016 16,582,941
10,000,000 1 New Jersey EDA, School Facilities Construction Refunding SIFMA Index Notes (Series 2014K), 0.75% (New Jersey State), 2/1/2017 10,012,500
1,000,000   New Jersey Health Care Facilities Financing Authority, Refunding Bonds (Series 2011), 5.00% (Meridian Health System Obligated Group), 7/1/2018 1,124,160
5,230,000   New Jersey State Transportation Trust Fund Authority, Transportation Program Bonds (Series 2014AA), 5.00%, 6/15/2018 5,704,413
10,000,000 1 New Jersey State Transportation Trust Fund Authority, Transportation Program Notes (SIFMA Index Multimodal Notes) (Series 2014BB-2), 1.21% (New Jersey State), 6/15/2034 10,004,300
1,000,000   New Jersey State Transportation Trust Fund Authority, Transportation System Bonds (Series 2011B), 5.00%
(New Jersey State), 6/15/2018 		1,090,710
5,750,000 1 New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013 E-3), 0.70% TOBs, 1/1/2018 5,787,778
5,000,000   New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2012B), 5.00%, 1/1/2019 5,676,850
475,000   New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2013A), 5.00%, 1/1/2018 526,680
1,500,000   New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2013A), 5.00%, 1/1/2020 1,739,790
2,500,000   Newark, NJ, Tax Appeal Refunding Notes (Series 2014D), 1.75% BANs, 12/8/2015 2,515,400
    TOTAL 81,203,037
    New Mexico—1.5%  
7,000,000   Farmington, NM, Refunding PCRBs (Series 2012A), 1.875% TOBs (El Paso Electric Co.), Mandatory Tender 9/1/2017 7,055,860
2,500,000   New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding Bonds (Series 2014A), 5.00% TOBs (Royal Bank of Canada, Montreal GTD), Mandatory Tender 8/1/2019 2,848,775
8,150,000 1 New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding Bonds (Series 2014B), 0.865% TOBs (Royal Bank of Canada, Montreal GTD), Mandatory Tender 8/1/2019 8,186,512
290,000   Sandoval County, NM, Incentive Payment Revenue Refunding Bonds (Series 2005), 4.00% (Intel Corp.)/United States Treasury COL), 6/1/2015 291,827
    TOTAL 18,382,974
    New York—8.6%  
5,696,000   Colonie, NY, 1.25% BANs, 3/18/2016 5,725,277
2,500,000   Erie County, NY IDA, School Facility Revenue Refunding Bonds (Series 2011B), 5.00% (Buffalo, NY City School District), 5/1/2018 2,806,675
1,000,000   Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2010A), 5.00% (United States Treasury COL), 5/1/2015 1,004,020
2,000,000   Metropolitan Transportation Authority, NY, Transportation Revenue Bonds (Series 2005D), 5.00% (MTA Transportation Revenue), 11/15/2016 2,146,320
1,000,000   Metropolitan Transportation Authority, NY, Transportation Revenue Bonds (Series 2005G), 5.00% (MTA Transportation Revenue), 11/15/2017 1,108,490
2,500,000 1 Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002D-2B), 0.719% TOBs (MTA Transportation Revenue), 5/15/2018 2,502,650
3,000,000 1 Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1C), 0.805% (MTA Transportation Revenue), 11/1/2016 3,012,720
2,000,000 1 Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1D), 0.945% (MTA Transportation Revenue), 11/1/2017 2,014,740
2,500,000 1 Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1G), 0.765% TOBs (MTA Transportation Revenue), 11/1/2015 2,503,550
2,500,000 1 Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1H), 0.965% TOBs (MTA Transportation Revenue), 11/1/2016 2,516,925
1,500,000   Nassau, NY Health Care Corp., 2.25% RANs, 1/15/2016 1,512,360
330,000   New York City, NY TFA, Future Tax Secured Subordinate Revenue Bonds (Series 2010 I-2), 5.00% (United States Treasury COL), 11/1/2017 364,911
3,495,000   New York City, NY TFA, Future Tax Secured Subordinate Revenue Bonds (Series 2010 I-2), 5.00%, 11/1/2017 3,874,242
3,000,000   New York City, NY, UT GO Bonds (Fiscal 2011 Series B), 5.00%, 8/1/2017 3,297,150
4,000,000 1 New York City, NY, UT GO Bonds (Series 2008J, Subseries J-4), 0.49%, 8/1/2021 4,002,120
3,800,000 1 New York City, NY, UT GO Bonds (Series 2008J, Subseries J-4), 0.57%, 8/1/2025 3,796,428
2,000,000   New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2017 2,198,100
2,000,000   New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2018 2,253,380
2,000,000   New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2019 2,301,640
7
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    New York—continued  
$1,345,000   New York City, NY, UT GO Bonds (Series A), 5.00%, 8/1/2016 $1,429,130
500,000   New York City, NY, UT GO Bonds (Series A-1), 5.00%, 8/1/2018 563,345
1,005,000   New York City, NY, UT GO Bonds (Series C), 5.00%, 8/1/2018 1,132,323
4,000,000   New York State Dormitory Authority, Revenue Bonds (Series 2011A), 5.00% (School District Financing Program), 10/1/2016 4,273,320
1,300,000   New York State Thruway Authority, General Revenue Bonds (Series 2012I), 5.00% (New York State Thruway Authority - General Revenue), 1/1/2018 1,438,060
1,000,000   New York State Thruway Authority, General Revenue Bonds (Series 2012I), 5.00% (New York State Thruway Authority - General Revenue), 1/1/2019 1,133,800
3,125,000   New York State Thruway Authority, General Revenue Junior Indebtedness Obligations (Series 2013A), 5.00% (New York State Thruway Authority - General Revenue), 5/1/2019 3,573,969
8,000,000   New York State Urban Development Corp., Service Contract Revenue Refunding Bonds (Series 2010B), 5.00%, 1/1/2016 8,286,960
2,500,000 1,2,3 Nuveen New York AMT-Free Municipal Income Fund, Institutional MuniFund Term Preferred Shares (Series 2017), 0.64%, 10/1/2017 2,504,950
2,000,000   Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2016 2,082,720
1,825,000   Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2017 1,967,733
3,000,000   Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2020 3,431,550
3,000,000   Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2021 3,485,700
2,000,000   Suffolk County, NY EDC, Revenue Bonds (Series 2011), 5.00% (Catholic Health Services of Long Island Obligated Group), 7/1/2018 2,236,740
4,000,000   Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013A), 5.00% (New York State), 6/1/2022 4,368,040
2,500,000   Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2021 2,730,025
3,995,000   Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2022 4,362,580
3,350,000   Triborough Bridge & Tunnel Authority, NY, General Revenue Refunding Bonds (Series 2012B), 5.00%, 11/15/2017 3,718,065
2,000,000   Triborough Bridge & Tunnel Authority, NY, General Revenue Refunding Bonds (Series 2012B), 5.00%, 11/15/2018 2,276,420
    TOTAL 103,937,128
    North Carolina—0.5%  
1,250,000   North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2012A), 5.00%, 1/1/2018 1,383,837
1,000,000   North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2012A), 5.00%, 1/1/2019 1,132,230
1,000,000 1 North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds (Series 2012C), 0.76% TOBs (Wake Forest Baptist Obligated Group), Mandatory Tender 12/1/2017 997,530
1,245,000   North Carolina Medical Care Commission, Hospital Revenue Refunding Bonds (Series 2010), 5.00% (Wake Forest Baptist Obligated Group), 6/1/2015 1,254,948
1,500,000   North Carolina Municipal Power Agency No. 1, Revenue Refunding Bonds (Series 2008A), 5.25%, 1/1/2017 1,621,500
    TOTAL 6,390,045
    Ohio—2.9%  
1,400,000   American Municipal Power-Ohio, Inc., Revenue Bonds (Series 2012B), 5.00% (AMP Fremont Energy), 2/15/2016 1,456,700
1,800,000   Cleveland, OH Public Power System, Revenue Refunding Bonds (Series 2010), 5.00%, 11/15/2016 1,926,216
2,685,000   Cleveland, OH Public Power System, Revenue Refunding Bonds (Series 2010), 5.00%, 11/15/2017 2,958,226
2,000,000   Hamilton County, OH Sewer System, Improvement & Refunding Revenue Bonds (Series 2013A), 5.00%, 12/1/2017 2,219,840
5,000,000 1 Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2014), 0.835% TOBs (Royal Bank of Canada, Montreal GTD), Mandatory Tender 8/1/2019 5,038,950
4,500,000   Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2006-A), 3.75% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 12/3/2018 4,752,495
2,500,000   Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2006-B), 3.625% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 6/1/2020 2,614,825
1,500,000   Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2008-B), 3.625% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 4/1/2020 1,566,855
795,000   Ohio State Building Authority, State Facilities Revenue Refunding Bonds (Series 2010C), 5.00%, 10/1/2016 849,322
2,000,000   Ohio State Building Authority, State Facilities Revenue Refunding Bonds (Series 2010C), 5.00%, 10/1/2018 2,268,180
625,000   Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2011A), 4.00% (University of Dayton), 12/1/2016 658,981
1,000,000   Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2011A), 5.00% (University of Dayton), 12/1/2017 1,102,650
2,000,000   Ohio State Higher Educational Facility Commission, Revenue Refunding Bonds (Series 2013), 4.00% (Case Western Reserve University, OH), 12/1/2017 2,166,640
750,000   Ohio State Higher Educational Facility Commission, Revenue Refunding Bonds (Series 2013), 4.00% (Case Western Reserve University, OH), 12/1/2019 837,653
8
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Ohio—continued  
$2,050,000   Ohio State Water Development Authority, PCR Refunding Bonds (Series 2008-B), 3.625% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 4/1/2020 $2,157,769
1,305,000   Richland County, OH, (Series B), 1.75% BANs, 7/22/2015 1,308,236
1,500,000   Williams County, OH, 1.25% BANs, 7/29/2015 1,503,090
    TOTAL 35,386,628
    Oklahoma—2.3%  
1,410,000   Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.00% (Mustang Public Schools), 9/1/2019 1,534,827
2,685,000   Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.50% (Mustang Public Schools), 9/1/2020 3,012,248
2,285,000   Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.50% (Mustang Public Schools), 9/1/2021 2,582,279
2,000,000   Oklahoma County, OK Finance Authority, Educational Facilities Lease Revenue Bonds (Series 2012), 4.00% (Midwest City-Del City Public Schools), 3/1/2018 2,156,480
2,700,000   Oklahoma County, OK Finance Authority, Educational Facilities Lease Revenue Bonds (Series 2012), 4.00% (Midwest City-Del City Public Schools), 3/1/2019 2,946,537
1,850,000   Oklahoma Development Finance Authority, Solid Waste Disposal Revenue Bonds (Series 2004A), 2.375% (Waste Management, Inc.), 12/1/2021 1,880,007
3,065,000   Oklahoma State Capital Improvement Authority, State Facilities Revenue Refunding Bonds (Series 2010A), 5.00% (Oklahoma State), 7/1/2016 3,241,789
3,150,000   Oklahoma State Capital Improvement Authority, State Facilities Revenue Refunding Bonds (Series 2010A), 5.00% (Oklahoma State), 7/1/2017 3,450,321
1,255,000   Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2011), 3.125% (Broken Arrow Public Schools), 9/1/2018 1,336,035
2,600,000   Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2011), 5.00% (Broken Arrow Public Schools), 9/1/2019 2,996,214
2,000,000   Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2012), 3.50% (Broken Arrow Public Schools), 9/1/2017 2,125,800
    TOTAL 27,262,537
    Oregon—0.2%  
1,500,000   Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 4.00%, 11/1/2017 1,558,035
900,000   Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 5.00%, 11/1/2018 981,108
    TOTAL 2,539,143
    Pennsylvania—10.5%  
3,000,000   Allegheny County Sanitation Authority, Sewer Revenue Bonds (Series 2011), 5.00% (AGM INS), 6/1/2018 3,364,260
4,125,000   Allegheny County, PA HDA, Revenue Bonds (Series 2010A), 5.00% (UPMC Health System), 5/15/2015 4,149,667
1,000,000   Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.00%, 3/1/2017 1,079,140
8,700,000   Beaver County, PA IDA, PCR Refunding Bonds (Series 2006-A), 3.50% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 6/1/2020 9,047,391
4,000,000   Beaver County, PA IDA, PCR Refunding Bonds (Series 2008A), 2.15% (FirstEnergy Solutions Corp.), 3/1/2017 4,032,280
5,000,000   Beaver County, PA IDA, PCR Refunding Bonds (Series 2008A), 2.70% TOBs (FirstEnergy Solutions Corp.), 4/2/2018 5,051,150
4,000,000 1 Berks County, PA Municipal Authority, Variable Rate Revenue Bonds (Series 2012B), 1.52% TOBs (Reading Hospital & Medical Center), Mandatory Tender 7/1/2022 4,099,520
9,500,000   Clarion County, PA IDA, Student Housing Revenue BANs (Series 2014C-1), 1.05% (Clarion University Foundation, Inc.), 5/1/2016 9,518,620
12,500,000 1 Geisinger Authority, PA Health System, Health System Revenue Bonds (Series 2014B), 1.189% TOBs (Geisinger Health System), 6/1/2028 12,570,625
750,000   Hempfield, PA School District, UT GO Bonds (Series 2015), 3.00% (State Aid Withholding GTD), 10/15/2016 777,075
750,000   Hempfield, PA School District, UT GO Bonds (Series 2015), 4.00% (State Aid Withholding GTD), 10/15/2017 807,113
380,000   Hempfield, PA School District, UT GO Bonds (Series 2015), 5.00% (State Aid Withholding GTD), 10/15/2018 429,525
625,000   Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2016 644,950
375,000   Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2017 398,430
625,000   Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2018 676,194
9
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Pennsylvania—continued  
$8,000,000 1 Northampton County, PA General Purpose Authority, Variable Rate Hospital Revenue Bonds (Series 2013B), 1.42% TOBs (St. Luke's Hospital of Bethlehem), Mandatory Tender 8/15/2043 $8,078,320
3,000,000   Pennsylvania EDFA, Exempt Facilities Revenue Bonds (Series 2006A), 2.55% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 12/3/2018 3,048,390
700,000   Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds (Series 2004A), 1.25% TOBs (Waste Management, Inc.), Mandatory Tender 5/1/2017 700,056
1,500,000   Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds, 1.75% TOBs (Waste Management, Inc.), Mandatory Tender 12/1/2015 1,513,200
1,250,000   Pennsylvania HFA, SFM Revenue Bonds (Series 2011-112), 5.00%, 10/1/2015 1,278,538
1,250,000   Pennsylvania HFA, SFM Revenue Bonds (Series 2011-112), 5.00%, 10/1/2016 1,328,600
4,000,000   Pennsylvania Intergovernmental Coop Authority, Special Tax Revenue Refunding Bonds (Series 2010), 5.00%, 6/15/2015 4,039,840
3,000,000   Pennsylvania Intergovernmental Coop Authority, Special Tax Revenue Refunding Bonds (Series 2010), 5.00%, 6/15/2016 3,168,060
5,000,000   Pennsylvania State Higher Education Facilities Authority, (Thomas Jefferson University), Variable Rate Remarketed Obligations (Series 2015B), 9/1/2017 5,000,000
4,250,000   Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2010E), 5.00% (UPMC Health System), 5/15/2015 4,275,202
10,000,000 1 Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2013B), 1.17%, 12/1/2019 10,172,400
10,000,000 1 Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds) (Series 2014B), 1.00%, 12/1/2021 10,098,200
1,000,000   Philadelphia, PA Airport System, Airport Revenue Bonds (Series 2010A), 5.00%, 6/15/2015 1,009,720
1,165,000   Philadelphia, PA Airport System, Airport Revenue Bonds (Series 2010A), 5.00%, 6/15/2017 1,267,718
2,000,000 1 Scranton, PA School District, GO Notes (Series 2014) (LIBOR Floating Rate Tender Notes), 1.117%, 4/1/2031 2,003,080
3,000,000 1 State Public School Building Authority, PA, LIBOR Index Rate Revenue Bonds (Series 2014), 0.915% TOBs (Albert Gallatin Area School District), 9/1/2018 3,006,990
500,000   Upper Darby School District, PA, UT GO Bonds (Series 2015), 2.00% (State Aid Withholding GTD), 5/1/2016 507,800
500,000   Upper Darby School District, PA, UT GO Bonds (Series 2015), 3.00% (State Aid Withholding GTD), 5/1/2017 521,520
700,000   Upper Darby School District, PA, UT GO Bonds (Series 2015), 4.00% (State Aid Withholding GTD), 5/1/2018 757,904
8,555,000 1 York County, PA, GO Floating Rate Notes (Series 2015 LIBOR Index Rate Mode), 6/1/2016 8,559,192
    TOTAL 126,980,670
    Rhode Island—1.4%  
3,690,000   Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00%, 8/1/2017 4,065,864
4,200,000   Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00%, 8/1/2018 4,757,928
4,120,000   Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00%, 8/1/2019 4,789,747
1,000,000   Rhode Island State Health and Educational Building Corp., Revenue Refunding Bonds (Providence Public Buildings Authority) (Series 2013A), 3.00% (Providence, RI), 5/15/2015 1,002,900
500,000   Rhode Island State Health and Educational Building Corp., Revenue Refunding Bonds (Providence Public Buildings Authority) (Series 2013A), 4.00% (Providence, RI), 5/15/2016 517,770
1,000,000   Rhode Island State Health and Educational Building Corp., Revenue Refunding Bonds (Providence Public Buildings Authority) (Series 2013A), 4.00% (Providence, RI), 5/15/2017 1,060,090
1,000,000   Rhode Island State Health and Educational Building Corp., Revenue Refunding Bonds (Providence Public Buildings Authority) (Series 2013A), 5.00% (Providence, RI), 5/15/2018 1,108,810
    TOTAL 17,303,109
    South Carolina—0.8%  
645,000   Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.00%, 12/1/2018 733,223
1,000,000   Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.00%, 12/1/2019 1,161,970
1,000,000   Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.00%, 12/1/2020 1,180,880
1,000,000   Piedmont Municipal Power Agency, SC, Electric Revenue Refunding Bonds (Series 2010A-2), 5.00%, 1/1/2018 1,106,200
5,000,000   Piedmont Municipal Power Agency, SC, Revenue Refunding Bonds (Series 2008A-3), 5.00%, 1/1/2016 5,173,600
    TOTAL 9,355,873
    South Dakota—0.1%  
750,000   Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), 5.00%, 6/1/2023 878,902
    Tennessee—0.8%  
750,000   Memphis, TN Electric System, Subordinate Revenue Refunding Bonds (Series 2010), 5.00%, 12/1/2015 774,330
1,500,000   Metropolitan Government Nashville & Davidson County, TN Water & Sewer, Subordinate Lien Water & Sewer Revenue Refunding Bonds (Series 2012), 5.00%, 7/1/2018 1,692,405
10
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Tennessee—continued  
$935,000   Metropolitan Government Nashville & Davidson County, TN Water & Sewer, Subordinate Lien Water & Sewer Revenue Refunding Bonds (Series 2012), 5.00%, 7/1/2019 $1,079,673
4,000,000   Metropolitan Government Nashville & Davidson County, TN, UT GO Refunding Bonds (Series 2010D), 5.00%, 7/1/2016 4,237,480
2,000,000   Metropolitan Nashville, TN Airport Authority, Airport Improvement Revenue Refunding Bonds (Series 2010B),
4.00% (AGM INS), 7/1/2015 		2,018,320
    TOTAL 9,802,208
    Texas—8.4%  
850,000   Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2018 947,274
1,000,000   Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2019 1,143,470
500,000   Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2020 582,805
1,400,000   Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2021 1,652,448
5,000,000   Clear Creek, TX ISD, Variable Rate UT School Building Bonds (Series 2013B), 3.00% TOBs (PSFG GTD), Mandatory Tender 8/14/2017 5,248,050
5,000,000   Clear Creek, TX ISD, Variable Rate UT School Building Bonds (Series 2013B), 3.00% TOBs (PSFG GTD), Mandatory Tender 8/14/2019 5,345,700
5,000   Dallas, TX, LT GO Refunding Bonds (Series 2010C), 5.00% (Escrowed In Treasuries COL), 2/15/2016 5,208
5,000   Dallas, TX, LT GO Refunding Bonds (Series 2010C), 5.00% (Escrowed In Treasuries COL), 2/15/2017 5,411
1,995,000   Dallas, TX, LT GO Refunding Bonds (Series 2010C), 5.00%, 2/15/2016 2,078,950
995,000   Dallas, TX, LT GO Refunding Bonds (Series 2010C), 5.00%, 2/15/2017 1,077,306
1,750,000   Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2012B), 5.00%, 11/1/2018 1,983,152
3,250,000   Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2012B), 5.00%, 11/1/2019 3,759,697
5,635,000 1 Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 0.92% (Memorial Hermann Health System), 6/1/2022 5,610,713
4,500,000 1 Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 0.97% (Memorial Hermann Health System), 6/1/2023 4,457,475
5,685,000 1 Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.07% (Memorial Hermann Health System), 6/1/2024 5,651,345
1,200,000 1 Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.55% (Harris County, TX Toll Road Authority), 8/15/2016 1,204,188
1,515,000 1 Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.65% (Harris County, TX Toll Road Authority), 8/15/2017 1,525,544
3,750,000 1 Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.66% TOBs (Harris County, TX Toll Road Authority), 8/15/2021 3,768,675
2,500,000 1 Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.80% (Harris County, TX Toll Road Authority), 8/15/2018 2,525,675
1,000,000   Houston, TX Airport System, Senior Lien Revenue & Refunding Bonds (Series 2009A), 5.00%, 7/1/2015 1,012,040
2,375,000   Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2010C), 4.00%, 11/15/2016 2,510,137
1,790,000   Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2010C), 5.00%, 11/15/2016 1,920,742
2,335,000   Houston, TX Convention & Entertainment Facilities Department, Hotel Occupancy Tax & Special Revenue Refunding Bonds (Series 2011A), 5.00%, 9/1/2018 2,620,781
1,090,000   Lubbock, TX HFDC, Revenue Refunding Bonds (Series 2008B), 5.00% (St. Joseph Health System), 7/1/2015 1,102,786
3,570,000   Lubbock, TX HFDC, Revenue Refunding Bonds (Series 2008B), 5.00% (St. Joseph Health System), 7/1/2019 4,043,132
5,000,000   Midlothian, TX ISD, Variable Rate UT Tax Refunding Bonds (Series 2013-C), 3.00% TOBs (PSFG GTD), Mandatory Tender 8/1/2019 5,298,300
3,000,000   Mission, TX EDC, Solid Waste Disposal Revenue Bonds (Series 2006), 3.75% TOBs (Waste Management, Inc.), Mandatory Tender 6/1/2015 3,018,150
2,000,000   North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2011B), 5.00%, 1/1/2019 2,267,600
5,000,000 1 North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2011A SIFMA Index Floating Rate), 0.82%, 1/1/2019 5,009,500
6,335,000 1 North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2014C SIFMA Index Floating Rate), 0.69%, 1/1/2038 6,308,330
2,000,000   Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2016 2,129,020
1,250,000   Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2019 1,428,838
550,000   Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2021 643,253
2,375,000   Texas State Public Finance Authority, Refunding UT GO Bonds (Series 2011), 5.00% (Texas State), 10/1/2018 2,705,315
2,600,000   Texas State Public Finance Authority, UT GO Refunding Bonds (Series 2010A), 5.00% (Texas State), 10/1/2016 2,780,700
3,105,000   Texas State Public Finance Authority, UT GO Refunding Bonds (Series 2010A), 5.00% (Texas State), 10/1/2017 3,437,732
11
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Texas—continued  
$3,665,000   Texas State Transportation Commission, First Tier Revenue Refunding Put Bonds (Series 2015-A), 5.00% TOBs (Central Texas Turnpike System) 4/1/2020 $4,235,274
    TOTAL 101,044,716
    Utah—1.4%  
2,400,000   Intermountain Power Agency, Subordinated Power Supply Revenue Refunding Bonds (Series 2014A), 5.00%, 7/1/2018 2,703,720
3,600,000   Intermountain Power Agency, Subordinated Power Supply Revenue Refunding Bonds (Series 2014A), 5.00%, 7/1/2019 4,148,928
1,350,000   Riverton, UT Hospital Revenue Authority, Hospital Revenue Bonds (Series 2009), 5.00% (IHC Health Services, Inc.), 8/15/2015 1,374,165
3,000,000   Utah County, UT IDA, Environmental Improvement Revenue Refunding Bonds (Series 2011), 5.375% (United States Steel Corp.), 11/1/2015 3,051,390
5,000,000   Utah State, UT GO Bonds (Series 2009C), 5.00%, 7/1/2017 5,494,450
    TOTAL 16,772,653
    Virginia—1.1%  
4,800,000   Charles City County, VA EDA, Variable Rate Demand Solid Waste Disposal Revenue Bonds (Series 2004A), 3.125% TOBs (Waste Management, Inc.), Mandatory Tender 11/1/2016 5,023,776
2,000,000   Pittsylvania County, VA, UT GO School Refunding Notes (Series 2012), 3.00%, 7/15/2017 2,004,200
1,000,000   Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2019 1,140,020
2,000,000   Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2020 2,319,220
3,000,000   Virginia Peninsula Port Authority, Revenue Refunding Bonds (Series 2003), 2.375% TOBs (Dominion Terminal Associates)/(Dominion Resources, Inc. GTD) 10/1/2016 3,055,380
    TOTAL 13,542,596
    Washington—1.8%  
1,500,000   Port of Bellingham, WA IDC, Revenue Refunding Bonds (Series 2003A), 5.00% (BP PLC), 1/1/2016 1,551,840
1,000,000   Seattle, WA Municipal Light & Power, Revenue Refunding Bonds (Series 2010B), 5.00%, 2/1/2016 1,039,850
1,000,000   Seattle, WA Municipal Light & Power, Revenue Refunding Bonds (Series 2010B), 5.00%, 2/1/2017 1,080,570
1,500,000   Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2017 1,631,925
3,415,000   Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2019 3,884,084
5,000,000   Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2020 5,791,050
3,000,000 2,3 Washington State EDFA, Solid Waste Disposal Revenue Bonds (Series 2008), 2.125% (Waste Management, Inc.), 6/1/2020 3,062,280
3,000,000   Washington State Health Care Facilities Authority, Revenue Bonds (Series 2012B), 5.00% TOBs (Providence Health & Services), Mandatory Tender 10/1/2021 3,561,090
    TOTAL 21,602,689
    West Virginia—0.9%  
2,500,000   Mason County, WV, PCRBs, 1.625% TOBs (Appalachian Power Co.), Mandatory Tender 10/1/2018 2,508,450
5,000,000   West Virginia EDA, Solid Waste Disposal Facilities Revenue Bonds (Series 2010A), 3.125% TOBs (Ohio Power Co.), Mandatory Tender 4/1/2015 5,000,000
3,325,000   West Virginia EDA, Solid Waste Disposal Facilities Revenue Refunding Bonds (Series 2015A), 1.90% TOBs
(Appalachian Power Co.) 4/1/2019 		3,305,316
    TOTAL 10,813,766
    Wisconsin—1.3%  
6,000,000   Wisconsin Health & Educational Facilities Authority, (Series 2014), 2.00% BANs (Sheboygan Senior Community, Inc.), 12/1/2015 6,005,400
4,785,000   Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2011A), 5.00% (Gundersen Lutheran), 10/15/2019 5,518,014
1,310,000   Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2011A), 5.00% (Gundersen Lutheran), 10/15/2020 1,535,923
2,500,000   Wisconsin State, GO Refunding Bonds (Series 2011-1), 5.00%, 5/1/2016 2,629,225
    TOTAL 15,688,562
    Wyoming—0.3%  
3,650,000   Albany County, WY, PCRBs (Series 1985), 1.75% TOBs (Union Pacific Railroad Co.)/(Union Pacific Corp. GTD), Mandatory Tender 12/1/2015 3,649,854
    TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $1,169,627,839) 		1,190,153,171
    SHORT-TERM MUNICIPALS—1.3%4  
    Illinois—0.4%  
4,655,000 2,3 Illinois Finance Authority, ROCs (Series 11503) Weekly VRDNs (Resurrection Health Care Corp.)/(AGM INS)/(Citibank NA, New York LIQ), 0.22%, 4/2/2015 4,655,000
12
Principal
Amount 		    Value
    SHORT-TERM MUNICIPALS—continued4  
    Louisiana—0.3%  
$3,000,000   St. James Parish, LA, (Series 2010A-1) Weekly VRDNs (Nucor Steel Louisiana LLC)/(Nucor Corp. GTD), 0.20%, 4/1/2015 $3,000,000
1,330,000   St. James Parish, LA, (Series 2010B-1) Weekly VRDNs (Nucor Steel Louisiana LLC)/(Nucor Corp. GTD), 0.18%, 4/1/2015 1,330,000
    TOTAL 4,330,000
    Ohio—0.2%  
2,000,000   Allen County, OH, (Series 2010C) Daily VRDNs (Catholic Healthcare Partners) (MUFG Union Bank, N.A. LOC), 0.03%, 4/1/2015 2,000,000
    Texas—0.4%  
5,000,000   Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010D) Daily VRDNs (Motiva Enterprises LLC), 0.20%, 4/1/2015 5,000,000
    TOTAL SHORT-TERM MUNICIPALS
(AT AMORTIZED COST) 		15,985,000
    TOTAL MUNICIPAL INVESTMENTS—99.8%
(IDENTIFIED COST $1,185,612,839)5 		1,206,138,171
    OTHER ASSETS AND LIABILITIES - NET—0.2%6 2,573,963
    TOTAL NET ASSETS—100% $1,208,712,134
At March 31, 2015, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).
1 Floating rate notes with current rate and maturity or tender date shown.
2 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At March 31, 2015, these restricted securities amounted to $10,222,230, which represented 0.8% of total net assets.
3 Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At March 31, 2015, these liquid restricted securities amounted to $10,222,230, which represented 0.8% of total net assets.
4 Current rate and next reset date shown for Variable Rate Demand Notes.
5 At March 31, 2015, the cost of investments for federal tax purposes was $1,185,612,839. The net unrealized appreciation of investments for federal tax purposes was $20,525,332. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $21,677,107 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,151,775.
6 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at March 31, 2015.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ Fixed-income securities acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, or if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
13
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of March 31, 2015, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
14
The following acronyms are used throughout this portfolio:
AGM —Assured Guaranty Municipal Corp.
AMT —Alternative Minimum Tax
BANs —Bond Anticipation Notes
CDA —Community Development Authority
COL —Collateralized
COPs —Certificates of Participation
EDA —Economic Development Authority
EDC —Economic Development Corporation
EDFA —Economic Development Finance Authority
GO —General Obligation
GTD —Guaranteed
HDA —Hospital Development Authority
HEFA —Health and Education Facilities Authority
HFA —Housing Finance Authority
HFDC —Health Facility Development Corporation
IDA —Industrial Development Authority
IDC —Industrial Development Corporation
INS —Insured
ISD —Independent School District
LIBOR —London Interbank Offered Rates
LIQ —Liquidity Agreement
LO —Limited Obligation
LOC —Letter of Credit
LT —Limited Tax
PCFA —Pollution Control Finance Authority
PCR —Pollution Control Revenue
PCRBs —Pollution Control Revenue Bonds
PRF —Pre-refunded
PSFG —Public School Fund Guarantee
RACs —Revenue Anticipation Certificates
RANs —Revenue Anticipation Notes
ROCs —Reset Option Certificates
SFM —Single Family Mortgage
SIFMA —Securities Industry and Financial Markets Association
SO —Special Obligation
TFA —Transitional Finance Authority
TOBs —Tender Option Bonds
USDT —Unified School District
UT —Unlimited Tax
VRDNs —Variable Rate Demand Notes
15

 

Item 2. Controls and Procedures

 

(a) The registrant’s Principal Executive Officer and Principal Financial Officer 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-Q.

 

(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 last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant Federated Short-Intermediate Duration Municipal Trust

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date May 21, 2015

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /S/ John B. Fisher

 

John B. Fisher

Principal Executive Officer

 

Date May 21, 2015

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date May 21, 2015