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: 06/30/17

 

 

Date of Reporting Period: Quarter ended 03/31/17

 

 

 

 

 

 

 

Item 1.Schedule of Investments

 

 

 

 

 

 

 

 

 

Federated Short-Intermediate Duration Municipal Trust
Portfolio of Investments
March 31, 2017 (unaudited)
Principal
Amount 		    Value
    MUNICIPAL BONDS—94.4%  
    Alabama—0.1%  
$430,000   Birmingham, AL Waterworks Board, Subordinate Water Revenue Refunding Bonds (Series 2016-B), 5.00%, 1/1/2023 $498,207
1,035,000   Birmingham, AL Waterworks Board, Subordinate Water Revenue Refunding Bonds (Series 2016-B), 5.00%, 1/1/2024 1,213,703
    TOTAL 1,711,910
    Alaska—0.7%  
2,000,000   Valdez, AK Marine Terminal, Revenue Refunding Bonds (Series 2003A), 5.00% (BP PLC), 1/1/2021 2,211,860
5,000,000   Valdez, AK Marine Terminal, Revenue Refunding Bonds (Series 2003B), 5.00% (BP PLC), 1/1/2021 5,529,650
    TOTAL 7,741,510
    Arizona—0.7%  
3,000,000 1 Arizona Health Facilities Authority, Variable Rate Revenue Refunding Bonds (Series 2013A-1), 2.76% TOBs (Phoenix Children's Hospital), Mandatory Tender 2/5/2020 3,045,900
5,000,000   Maricopa County, AZ Pollution Control Corp., PCR Revenue Refunding Bonds (Series 2010A), 2.40% TOBs (Public Service Co., NM), Mandatory Tender 6/1/2020 5,033,400
    TOTAL 8,079,300
    Arkansas—0.7%  
500,000   Beaver Water District of Benton and Washington Counties, AR, Revenue Refunding Bonds (Series 2010), 3.00%, 11/15/2017 506,590
7,250,000   Independence County, AR, PCR Refunding Bonds (Series 2013), 2.375% (Entergy Arkansas, Inc.), 1/1/2021 7,426,973
    TOTAL 7,933,563
    California—7.4%  
1,000,000   Alameda Corridor Transportation Authority, CA, Tax-Exempt Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 10/1/2019 1,090,970
500,000   Alameda Corridor Transportation Authority, CA, Tax-Exempt Subordinate Lien Revenue Refunding Bonds (Series 2016A), 4.00%, 10/1/2021 539,020
750,000   Alameda Corridor Transportation Authority, CA, Tax-Exempt Subordinate Lien Revenue Refunding Bonds (Series 2016A), 4.00%, 10/1/2023 816,165
1,000,000   Alameda Corridor Transportation Authority, CA, Tax-Exempt Subordinate Lien Revenue Refunding Bonds (Series 2016A), 5.00%, 10/1/2022 1,135,010
10,000,000   Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2014C), 1.875% TOBs, Mandatory Tender 4/1/2019 10,105,700
5,000,000 1 Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007B-1), 2.01% TOBs, Mandatory Tender 4/1/2024 5,014,700
10,000,000 1 Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007G-1), 2.01% TOBs, Mandatory Tender 4/1/2024 10,029,400
13,000,000   California Health Facilities Financing Authority, Revenue Bonds (Series 2013B), 5.00% TOBs (St. Joseph Health System), Mandatory Tender 10/15/2019 14,148,420
500,000   California Municipal Finance Authority, Revenue Refunding Bonds (Series 2017A), 5.00% (Community Medical Centers), 2/1/2018 515,775
1,000,000   California Municipal Finance Authority, Revenue Refunding Bonds (Series 2017A), 5.00% (Community Medical Centers), 2/1/2019 1,064,350
1,000,000   California Municipal Finance Authority, Revenue Refunding Bonds (Series 2017A), 5.00% (Community Medical Centers), 2/1/2020 1,092,280
1,100,000   California Municipal Finance Authority, Revenue Refunding Bonds (Series 2017A), 5.00% (Community Medical Centers), 2/1/2021 1,226,247
1,000,000   California Municipal Finance Authority, Revenue Refunding Bonds (Series 2017A), 5.00% (Community Medical Centers), 2/1/2022 1,131,970
2,000,000   California Municipal Finance Authority, Revenue Refunding Bonds (Series 2017A), 5.00% (Community Medical Centers), 2/1/2023 2,288,220
2,000,000   California Municipal Finance Authority, Revenue Refunding Bonds (Series 2017A), 5.00% (Community Medical Centers), 2/1/2024 2,305,400
5,000,000   California PCFA, Solid Waste Disposal Revenue Refunding Bonds (Series 1998B), 3.625% (Waste Management, Inc.), 6/1/2018 5,140,400
1,440,000   California State Public Works Board, Lease Revenue Bonds (Series 2012H), 5.00%, 4/1/2019 1,551,240
9,250,000 1 California State, UT GO Bonds (Index Floating Rate Bonds Series 2013E), 1.382% TOBs, Mandatory Tender 12/1/2018 9,251,387
4,000,000 1 California State, UT GO Refunding Bonds (Series 2012B), 1.91%, 5/1/2019 4,022,080
3,000,000 1 California State, UT GO Refunding Bonds (Series 2012B), 2.06%, 5/1/2020 3,029,520
2,500,000   California Statewide CDA, Revenue Bonds (Series 2009E-1), 5.00% TOBs (Kaiser Permanente), Mandatory Tender 5/1/2017 2,508,775
2,500,000   Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Revenue Refunding Bonds (Series 2013B-2), 5.00% TOBs, Mandatory Tender 1/15/2020 2,661,750
1
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    California—continued  
$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 $1,144,847
    TOTAL 81,813,626
    Colorado—0.7%  
700,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 3.00% (Covenant Retirement Communities, Inc.), 12/1/2017 708,351
600,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 4.00% (Covenant Retirement Communities, Inc.), 12/1/2018 623,142
625,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 4.00% (Covenant Retirement Communities, Inc.), 12/1/2019 658,369
1,000,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (Covenant Retirement Communities, Inc.), 12/1/2020 1,096,410
750,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (Covenant Retirement Communities, Inc.), 12/1/2021 834,405
250,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (Covenant Retirement Communities, Inc.), 12/1/2022 280,608
250,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 4.00% (Christian Living Communities), 1/1/2018 252,305
225,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 4.00% (Christian Living Communities), 1/1/2019 228,818
250,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 4.00% (Christian Living Communities), 1/1/2020 254,588
350,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 4.00% (Christian Living Communities), 1/1/2021 357,381
400,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 4.00% (Christian Living Communities), 1/1/2022 408,752
640,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 5.00% (Christian Living Communities), 1/1/2023 688,019
750,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 5.00% (Christian Living Communities), 1/1/2024 803,332
600,000   Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 5.00% (Christian Living Communities), 1/1/2025 643,950
    TOTAL 7,838,430
    Connecticut—2.9%  
2,580,000   Bridgeport, CT, UT GO Refunding Bonds (Series 2012B), 5.00%, 8/15/2017 2,615,424
5,000,000 1 Connecticut State HEFA, Revenue Bonds (Series 2014B Floating Rate Note), 1.076% TOBs (Yale-New Haven Hospital), Mandatory Tender 7/1/2019 4,982,250
10,000,000 1 Connecticut State, UT GO SIFMA Index Bonds (Series 2012A), 2.16%, 4/15/2020 10,077,500
2,000,000 1 Connecticut State, UT GO SIFMA Index Bonds (Series 2012D), 1.83%, 9/15/2019 2,000,160
1,500,000 1 Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 1.81%, 3/1/2023 1,496,580
2,255,000 1 Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 1.86%, 3/1/2024 2,244,920
4,000,000 1 Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 1.90%, 3/1/2025 3,970,800
2,100,000   West Haven, CT, UT GO Bonds, 4.00% (AGM INS), 8/1/2018 2,173,164
2,000,000   West Haven, CT, UT GO Bonds, 4.00% (AGM INS), 8/1/2019 2,110,080
    TOTAL 31,670,878
    Florida—4.7%  
4,500,000 1 Citizens Property Insurance Corp. FL, (Citizens Property Insurance Coastal Account), SIFMA Floating Rate Notes (Series 2015A-2), 1.76%, 6/1/2018 4,490,865
630,000   Florida State Municipal Power Agency, Stanton II Project Revenue Bonds (Series 2012A), 4.00%, 10/1/2017 639,784
850,000   Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 3.00%, 6/1/2017 852,831
1,720,000   Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 4.00%, 6/1/2018 1,774,008
1,600,000   Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.00%, 6/1/2019 1,717,488
755,000   Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.00%, 6/1/2020 830,779
1,195,000   Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.00%, 6/1/2021 1,339,726
1,000,000   Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.00%, 6/1/2022 1,136,420
600,000   Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2018 633,192
630,000   Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2019 684,306
525,000   Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2020 584,383
1,245,000   Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2021 1,414,718
1,300,000   Hillsborough County, FL IDA, Hospital Revenue Refunding Bonds (Series 2012A), 5.00% (Tampa General Hospital), 10/1/2022 1,499,784
2,000,000   Jacksonville, FL, Special Revenue Refunding Bonds (Series 2016A), 5.00%, 10/1/2021 2,291,280
2
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Florida—continued  
$1,000,000   Jacksonville, FL, Special Revenue Refunding Bonds (Series 2016A), 5.00%, 10/1/2022 $1,159,470
200,000   Lakeland, FL Energy Systems, Energy System Revenue & Refunding Bonds (Series 2016), 5.00%, 10/1/2017 204,142
500,000   Lakeland, FL Energy Systems, Energy System Revenue & Refunding Bonds (Series 2016), 5.00%, 10/1/2018 529,510
570,000   Lakeland, FL Energy Systems, Energy System Revenue & Refunding Bonds (Series 2016), 5.00%, 10/1/2020 639,016
750,000   Lakeland, FL Energy Systems, Energy System Revenue & Refunding Bonds (Series 2016), 5.00%, 10/1/2021 859,755
2,145,000   Lakeland, FL Energy Systems, Energy System Revenue & Refunding Bonds (Series 2016), 5.00%, 10/1/2022 2,497,102
2,000,000   Lakeland, FL Energy Systems, Energy System Revenue & Refunding Bonds (Series 2016), 5.00%, 10/1/2023 2,360,680
4,900,000   Miami-Dade County, FL IDA, Solid Waste Disposal Revenue Bonds (Series 2007), 1.75% TOBs (Waste Management, Inc.), Mandatory Tender 11/1/2019 4,919,257
2,200,000   Okeechobee County, FL, 1.55% TOBs (Waste Management, Inc.), Mandatory Tender 7/1/2021 2,161,962
305,000   Orange County, FL, Health Facilities Authority, Revenue Bonds (Series 2014), 3.00% (Presbyterian Retirement Communities), 8/1/2017 306,302
1,300,000   Orange County, FL, Health Facilities Authority, Revenue Bonds (Series 2014), 4.00% (Presbyterian Retirement Communities), 8/1/2019 1,356,368
1,750,000   Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2018 1,835,592
1,500,000   Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2019 1,623,690
1,350,000   Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2020 1,499,756
1,500,000   Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2011B), 5.00%, 10/1/2018 1,589,910
2,500,000   Palm Beach County, FL Health Facilities Authority, Retirement Communities Revenue Bonds (Series 2016), 4.00% (ACTS Retirement Life Communities, Inc), 11/15/2019 2,631,825
2,500,000   Palm Beach County, FL Health Facilities Authority, Retirement Communities Revenue Bonds (Series 2016), 4.00% (ACTS Retirement Life Communities, Inc), 11/15/2020 2,656,025
3,265,000   Palm Beach County, FL Health Facilities Authority, Retirement Communities Revenue Bonds (Series 2016), 5.00% (ACTS Retirement Life Communities, Inc), 11/15/2021 3,625,946
    TOTAL 52,345,872
    Georgia—1.3%  
2,500,000   Atlanta, GA Airport Passenger Facilities Charge Revenue, Subordinate Lien General Revenue Bonds (Series 2010B), 5.00%, 1/1/2018 2,576,400
3,000,000   Fulton County, GA Water & Sewage System, Revenue Refunding Bonds (Series 2011), 5.00%, 1/1/2019 3,203,820
830,000   Gainesville & Hall County, GA Development Authority, Retirement Communities Revenue Refunding Bonds (Series 2012), 4.00% (ACTS Retirement Life Communities, Inc.), 11/15/2017 841,653
7,500,000 1 Gainesville & Hall County, GA Hospital Authority, (Northeast Georgia Health System, Inc.), RACs (Series 2014B), 1.86% TOBs, Mandatory Tender 2/18/2020 7,471,425
    TOTAL 14,093,298
    Hawaii—0.1%  
1,000,000   Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Refunding Bonds (Series 2012), 5.00% (Kahala Nui), 11/15/2017 1,019,130
500,000   Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Refunding Bonds (Series 2012), 5.00% (Kahala Nui), 11/15/2018 522,750
    TOTAL 1,541,880
    Illinois—9.0%  
3,000,000 1 Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-3 SIFMA Index), 1.66% TOBs, Mandatory Tender 6/1/2017 2,979,570
4,000,000 1 Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-3 SIFMA Index), 1.74% TOBs, Mandatory Tender 6/1/2018 3,812,560
400,000   Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.00%, 1/1/2019 426,452
500,000   Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.00%, 1/1/2020 548,100
3,250,000   Chicago, IL Midway Airport, Second Lien Taxable Revenue Refunding Bonds (Series 2013C), 5.00%, 1/1/2021 3,644,258
1,500,000   Chicago, IL Midway Airport, Second Lien Taxable Revenue Refunding Bonds (Series 2013C), 5.00%, 1/1/2022 1,705,815
1,500,000   Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2015B), 5.00%, 1/1/2020 1,644,300
2,000,000   Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2015B), 5.00%, 1/1/2021 2,240,280
1,450,000   Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016C), 5.00%, 1/1/2024 1,691,454
1,875,000   Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011B), 5.00%, 1/1/2018 1,930,725
1,135,000   Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2016A-1), 5.00%, 11/1/2023 1,282,913
1,000,000   Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.00%, 11/1/2020 1,098,470
3
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Illinois—continued  
$1,000,000   Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.00%, 11/1/2021 $1,112,780
5,000,000   Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.00%, 11/1/2022 5,622,050
2,645,000   Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.00%, 11/1/2023 2,989,696
1,170,000   Cook County, IL, Refunding UT GO Bonds (Series 2014A), 5.00%, 11/15/2017 1,196,313
1,500,000   Cook County, IL, Refunding UT GO Bonds (Series 2014A), 5.00%, 11/15/2018 1,579,965
3,000,000 1 Illinois Finance Authority, (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016B), 1.899% TOBs, Mandatory Tender 5/1/2021 3,003,270
6,500,000   Illinois Finance Authority, Revenue Bonds (Series 2008A-2), 5.00% TOBs (Advocate Health Care Network), Mandatory Tender 2/1/2020 7,132,190
2,500,000   Illinois Finance Authority, Revenue Bonds (Series 2011IL), 3.00% (Trinity Healthcare Credit Group), 12/1/2017 2,532,475
5,000,000   Illinois Finance Authority, Revenue Bonds (Series 2012E), 5.00% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 5/1/2017 5,017,450
550,000   Illinois Finance Authority, Revenue Bonds (Series 2016A), 4.00% (Presbyterian Homes Obligated Group), 11/1/2018 572,275
1,000,000   Illinois Finance Authority, Revenue Bonds (Series 2016A), 4.00% (Presbyterian Homes Obligated Group), 5/1/2019 1,050,450
1,855,000   Illinois Finance Authority, Revenue Bonds (Series 2016A), 5.00% (Presbyterian Homes Obligated Group), 5/1/2020 2,035,955
1,200,000   Illinois Finance Authority, Revenue Bonds (Series 2016A), 5.00% (Presbyterian Homes Obligated Group), 11/1/2021 1,356,492
1,500,000   Illinois Finance Authority, Revenue Bonds (Series 2016A), 5.00% (Presbyterian Homes Obligated Group), 11/1/2022 1,713,975
1,800,000   Illinois Finance Authority, Revenue Bonds (Series 2016A), 5.00% (Presbyterian Homes Obligated Group), 11/1/2023 2,073,096
5,000,000   Illinois Finance Authority, Revenue Bonds (Series A-1), 5.00% TOBs (Advocate Health Care Network), Mandatory Tender 1/15/2020 5,475,350
4,000,000   Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2013B-1), 5.00%, 12/1/2018 4,257,880
870,000   Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 12/15/2017 872,993
3,000,000   Illinois State, Build Illinois Bonds (Series 2016A), 5.00% (Illinois State Sales Tax), 6/15/2023 3,433,440
2,000,000   Illinois State, Build Illinois Bonds (Series 2016A), 5.00% (Illinois State Sales Tax), 6/15/2024 2,308,560
1,000,000   Illinois State, Build Illinois Bonds (Series 2016C), 4.00% (Illinois State Sales Tax), 6/15/2023 1,087,290
1,000,000   Illinois State, Build Illinois Bonds (Series 2016C), 5.00% (Illinois State Sales Tax), 6/15/2022 1,132,920
4,000,000   Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2018 4,093,000
5,500,000   Illinois State, UT GO Bonds (Series of February 2014), 4.00%, 2/1/2019 5,610,000
1,750,000   Illinois State, UT GO Bonds (Series of February 2014), 4.00%, 2/1/2020 1,789,305
1,000,000   Illinois State, UT GO Bonds (Series of February 2014), 5.00%, 2/1/2019 1,037,730
2,000,000   Illinois State, UT GO Bonds (Series of February 2014), 5.00%, 2/1/2020 2,098,680
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 2,296,177
2,680,000   Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2010), 5.00%, 6/1/2017 2,697,554
    TOTAL 100,184,208
    Indiana—1.3%  
3,715,000   Indiana Health Facility Financing Authority, Revenue Bonds (Series 2005A-9), 5.00% TOBs (Ascension Health Alliance Subordinate Credit Group), Mandatory Tender 6/1/2017 3,740,411
855,000   Indiana State Finance Authority Hospital Revenue, Hospital Revenue Bonds (Series 2012A), 5.00% (Community Health Network), 5/1/2020 942,201
1,290,000   Indiana State Finance Authority Hospital Revenue, Hospital Revenue Bonds (Series 2013A), 5.00% (Beacon Health System Obligated Group), 8/15/2018 1,358,499
1,000,000   Indiana State Finance Authority Hospital Revenue, Hospital Revenue Bonds (Series 2013A), 5.00% (Beacon Health System Obligated Group), 8/15/2020 1,114,930
1,000,000   Indiana State Finance Authority, Second Lien Wastewater Utility Revenue Bonds (Series 2011B), 5.00% (CWA Authority), 10/1/2018 1,058,550
2,500,000   Indiana State Finance Authority, Second Lien Wastewater Utility Revenue Bonds (Series 2011B), 5.00% (CWA Authority), 10/1/2019 2,718,725
3,000,000   Whiting, IN Environmental Facilities, Revenue Bonds (Series 2009), 5.25% (BP PLC), 1/1/2021 3,344,700
    TOTAL 14,278,016
    Iowa—0.8%  
6,000,000   Iowa Finance Authority, Hospital Revenue & BANs (Series 2015), 1.75% (Shenandoah Medical Center), 6/1/2018 6,001,080
3,000,000   People's Memorial Hospital of Buchanan County, IA, Hospital Revenue Notes (Series 2016), 1.50% (Buchanan County Health Center), 12/1/2018 2,986,560
    TOTAL 8,987,640
4
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Kansas—0.2%  
$500,000   Wyandotte County, KS Unified Government Utility System, Improvement & Revenue Refunding Bonds (Series 2014-A), 4.00%, 9/1/2018 $520,680
1,000,000   Wyandotte County, KS Unified Government Utility System, Improvement & Revenue Refunding Bonds (Series 2014-A), 5.00%, 9/1/2020 1,112,940
1,000,000   Wyandotte County, KS Unified Government Utility System, Improvement & Revenue Refunding Bonds (Series 2014-A), 5.00%, 9/1/2021 1,139,190
    TOTAL 2,772,810
    Kentucky—1.7%  
5,250,000   Carroll County, KY, PCR Revenue Refunding Bonds (Series 2016A), 1.05% TOBs (Kentucky Utilities Company), Mandatory Tender 9/1/2019 5,181,907
5,000,000   Kentucky EDFA, Revenue Bonds (Series 2009B), 2.70% TOBs (Catholic Health Initiatives), Mandatory Tender 11/10/2021 5,073,300
8,700,000   Kentucky Public Transportation Infrastructure Authority, Subordinate Toll Revenue BANs (Series 2013A), 5.00%, 7/1/2017 8,772,819
    TOTAL 19,028,026
    Louisiana—2.4%  
4,000,000 1 Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2013B-1 LIBOR Index), 1.019% TOBs, Mandatory Tender 5/1/2017 3,999,160
3,600,000 1 Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2013B-2 LIBOR Index), 1.099% TOBs, Mandatory Tender 5/1/2018 3,580,164
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 8,601,452
3,765,000   St. Charles Parish, LA Gulf Opportunity Zone, Revenue Bonds (Series 2010), 4.00% TOBs (Valero Energy Corp.), Mandatory Tender 6/1/2022 3,949,899
2,500,000   Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.00%, 5/15/2018 2,594,125
3,250,000   Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.00%, 5/15/2019 3,443,570
    TOTAL 26,168,370
    Massachusetts—0.4%  
1,915,000 1 Massachusetts Development Finance Agency, (Partners Healthcare Systems), Revenue Bonds (Series 2015O-3), 1.39% TOBs, Mandatory Tender 1/29/2020 1,883,862
2,120,000   Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 6 Series 2011), 5.00%, 7/1/2017 2,141,794
    TOTAL 4,025,656
    Michigan—4.6%  
1,125,000   Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2014B), 5.00% (Public Lighting Authority), 7/1/2019 1,203,233
1,200,000   Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2014B), 5.00% (Public Lighting Authority), 7/1/2020 1,308,336
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 2,081,460
3,000,000   Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2015A), 5.00% (Detroit, MI City School District)/(Q-SBLF GTD), 5/1/2019 3,216,270
4,500,000   Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2015A), 5.00% (Detroit, MI City School District)/(Q-SBLF GTD), 5/1/2020 4,937,580
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 5,693,150
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 2,204,440
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 2,809,475
1,500,000   Michigan State Finance Authority, Local Government Loan Program Revenue Bonds (Series 2014B), 4.00% (Public Lighting Authority), 7/1/2017 1,509,780
10,000,000 1 Michigan State Financial Authority, (Trinity Healthcare Credit Group), Hospital Revenue Bonds (Series 2015MI), 1.198% TOBs, Mandatory Tender 12/1/2020 9,848,800
130,000   Michigan State Hospital Finance Authority, Variable Rate Revenue Bonds (Series 1998B-3), 0.95% (Ascension Health Alliance Senior Credit Group)/(United States Treasury PRF 2/1/2018@100) 129,770
3,225,000   Michigan State Hospital Finance Authority, Variable Rate Revenue Bonds (Series 1998B-3), 0.95% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 2/1/2018 3,220,098
5
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Michigan—continued  
$1,000,000   Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2011), 5.00% (Michigan State), 10/15/2019 $1,087,290
1,170,000   Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2011), 5.00% (Michigan State), 10/15/2020 1,299,659
4,500,000   Michigan Strategic Fund, Variable Rate LO Revenue Refunding Bonds (Series 2008ET-2), 1.45% TOBs (Detroit Edison Co.), Mandatory Tender 9/1/2021 4,382,685
3,500,000   Michigan Strategic Fund, Variable Rate LO Revenue Refunding Bonds (Series 2008ET-2), 1.45% TOBs (Detroit Edison Co.), Mandatory Tender 9/1/2021 3,408,755
1,165,000   Royal Oak, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2014D), 5.00% (Beaumont Health Credit Group), 9/1/2017 1,184,234
1,500,000   Royal Oak, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2014D), 5.00% (Beaumont Health Credit Group), 9/1/2019 1,625,970
    TOTAL 51,150,985
    Minnesota—1.0%  
3,500,000   Duluth, MN ISD No. 709, COP (Series 2016A), 3.00% (School District Credit Program GTD), 2/1/2020 3,639,755
4,935,000   Duluth, MN ISD No. 709, COP (Series 2016A), 3.00% (School District Credit Program GTD), 2/1/2021 5,160,776
2,030,000   Duluth, MN ISD No. 709, COP (Series 2016A), 5.00% (School District Credit Program GTD), 2/1/2022 2,312,089
    TOTAL 11,112,620
    Mississippi—0.8%  
560,000   Mississippi Development Bank, SO Refunding Bonds (Series 2013A), 5.00% (Harrison County, MS Highway), 1/1/2018 576,945
1,000,000   Mississippi Development Bank, SO Refunding Bonds (Series 2013A), 5.00% (Harrison County, MS Highway), 1/1/2019 1,064,150
400,000   Mississippi Development Bank, SO Refunding Bonds (Series 2013B), 4.00% (Laurel, MS Highway), 1/1/2018 409,120
1,500,000   Mississippi Development Bank, SO Refunding Bonds (Series 2013B), 4.00% (Laurel, MS Highway), 1/1/2019 1,570,365
1,425,000   Mississippi Development Bank, SO Refunding Bonds (Series 2013C), 5.00% (Madison County, MS Highway), 1/1/2019 1,516,414
3,250,000   Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds (2010 Series 1), 5.00% (North Mississippi Health Services), 10/1/2017 3,313,505
    TOTAL 8,450,499
    Missouri—1.3%  
3,780,000   Missouri State Environmental Improvement & Energy Resources Authority, Environmental Improvement Revenue Refunding Bonds (Series 1992), 1.25% (Kansas City Power And Light Co.), 7/1/2017 3,783,478
850,000   Missouri State HEFA, Senior Living Facilites Revenue Bonds (Series 2016B), 5.00% (Lutheran Senior Services), 2/1/2025 955,952
255,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2014A), 4.00% (Lutheran Senior Services), 2/1/2018 260,681
535,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2014A), 4.00% (Lutheran Senior Services), 2/1/2020 567,180
565,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2014A), 5.00% (Lutheran Senior Services), 2/1/2021 625,206
600,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016A), 4.00% (Lutheran Senior Services), 2/1/2019 625,344
800,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016A), 4.00% (Lutheran Senior Services), 2/1/2020 845,840
500,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016A), 5.00% (Lutheran Senior Services), 2/1/2023 564,490
500,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 4.00% (Lutheran Senior Services), 2/1/2018 511,140
650,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 4.00% (Lutheran Senior Services), 2/1/2019 677,456
800,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 5.00% (Lutheran Senior Services), 2/1/2021 885,248
650,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 5.00% (Lutheran Senior Services), 2/1/2022 728,475
1,200,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 5.00% (Lutheran Senior Services), 2/1/2023 1,354,776
750,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 5.00% (Lutheran Senior Services), 2/1/2024 847,455
750,000   Missouri State HEFA, Senior Living Facilities Revenue Bonds (Series 2016B), 5.00% (Lutheran Senior Services), 2/1/2026 841,673
    TOTAL 14,074,394
    Multi State—0.3%  
3,900,000 1,2,3 Eaton Vance Municipal Bond Fund II, Institutional MuniFund Term Preferred Shares (Series 2019), 1.96%, 7/1/2019 3,912,285
    Nebraska—1.2%  
8,000,000   Central Plains Energy Project, NE, Gas Supply Revenue Refunding Bonds (Series 2014), 5.00% TOBs (Royal Bank of Canada, GTD), Mandatory Tender 12/1/2019 8,731,280
1,000,000   Nebraska Public Power District, General Revenue Bonds (Series 2012A), 4.00%, 1/1/2018 1,023,260
1,500,000   Omaha, NE Public Power District, Electric System Revenue Bonds (Series 2016A), 5.00%, 2/1/2023 1,766,355
2,000,000   Omaha, NE Public Power District, Electric System Revenue Bonds (Series 2016A), 5.00%, 2/1/2024 2,384,060
    TOTAL 13,904,955
6
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Nevada—1.0%  
$2,250,000   Humboldt County, NV, PCR Refunding Bonds (Series 2016A), 1.25% TOBs (Sierra Pacific Power Co.), Mandatory Tender 6/3/2019 $2,243,160
6,500,000   Washoe County, NV Gas & Water Faciltites Revenue, Revenue Refunding Bonds (Series 2016B), 3.00% TOBs (Sierra Pacific Power Co.), Mandatory Tender 6/1/2022 6,716,385
2,250,000   Washoe County, NV School District, Refunding LT GO Bonds (Series 2012A), 4.00%, 6/1/2019 2,385,562
    TOTAL 11,345,107
    New Hampshire—0.6%  
7,000,000   New Hampshire Business Finance Authority, (Series 1990B), 0.90% CP (New England Power Co.), Mandatory Tender 4/13/2017 6,999,650
    New Jersey—7.0%  
4,000,000   Carteret, NJ, 2.00% BANs, 10/26/2017 4,017,680
2,789,501   Eatontown, NJ, (Series 2016A), 2.00% BANs, 9/28/2017 2,798,874
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 2,513,300
2,432,722   Hillside Township, NJ, 2.25% BANs, 8/4/2017 2,439,144
3,750,000   Middle Township, NJ Board of Education, 2.00% BANs, 7/14/2017 3,757,612
2,000,000   New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2017 2,013,060
3,000,000   New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2018 3,102,780
5,000,000   New Jersey EDA, School Facilities Construction Refunding Bonds (Series 2015 XX), 5.00% (New Jersey State), 6/15/2022 5,303,700
10,000,000 1 New Jersey EDA, School Facilities Construction Refunding SIFMA Index Bonds (Series 2013 I), 2.16% (New Jersey State), 9/1/2025 9,357,900
1,000,000   New Jersey Health Care Facilities Financing Authority, Refunding Bonds (Series 2011), 5.00% (Meridian Health System Obligated Group), 7/1/2018 1,047,370
5,230,000   New Jersey State Transportation Trust Fund Authority, Transportation Program Bonds (Series 2014AA), 5.00% (New Jersey State), 6/15/2018 5,402,381
10,000,000 1 New Jersey State Transportation Trust Fund Authority, Transportation Program Notes (SIFMA Index Multimodal Notes)/(Series 2014BB-2), 2.11% TOBs (New Jersey State), Mandatory Tender 12/15/2021 9,723,800
1,000,000   New Jersey State Transportation Trust Fund Authority, Transportation System Bonds (Series 2011B), 5.00% (New Jersey State), 6/15/2018 1,032,960
5,750,000 1 New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013 E-3), 1.59% TOBs, Mandatory Tender 1/1/2018 5,753,622
5,000,000   New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2012B), 5.00%, 1/1/2019 5,333,350
475,000   New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2013A), 5.00%, 1/1/2018 489,374
1,500,000   New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2013A), 5.00%, 1/1/2020 1,645,995
3,741,000   Newark, NJ, 3.00% RANs, 12/4/2017 3,771,826
2,573,436   Phillipsburg, NJ, 2.00% BANs, 8/15/2017 2,577,759
3,227,000   Pine Beach, NJ, 2.50% BANs, 11/3/2017 3,242,264
2,121,780   West Orange Township, NJ, 2.00% BANs, 9/8/2017 2,127,594
    TOTAL 77,452,345
    New Mexico—2.0%  
5,000,000   Farmington, NM, PCR Refunding Bonds (Series 2016A), 1.875% TOBs (Public Service Co., NM), Mandatory Tender 10/1/2021 4,920,100
7,000,000   Farmington, NM, Refunding PCRBs (Series 2012A), 1.875% TOBs (El Paso Electric Co.), Mandatory Tender 9/1/2017 7,003,290
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 2,704,050
8,150,000 1 New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding Bonds (Series 2014B), 1.276% TOBs (Royal Bank of Canada, Montreal GTD), Mandatory Tender 8/1/2019 8,118,215
    TOTAL 22,745,655
    New York—8.9%  
2,944,000   Adams Village, NY, 2.50% BANs, 3/30/2018 2,966,757
2,500,000   Erie County, NY IDA, School Facility Revenue Refunding Bonds (Series 2011B), 5.00% (Buffalo, NY City School District), 5/1/2018 2,610,900
3,500,000   Gouverneur, NY CSD, 1.50% BANs, 6/28/2017 3,503,255
3,300,000   Greece, NY, 2.00% BANs, 8/24/2017 3,309,471
9,000,000 1 Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2015C), 1.429%, Mandatory Tender 11/1/2018 9,030,780
3,000,000 1 Metropolitan Transportation Authority, NY, (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002D-2A), 1.248%, 4/6/2020 2,996,850
3,000,000 1 Metropolitan Transportation Authority, NY, (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002D-A2), 1.36%, 4/6/2021 2,996,550
7
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    New York—continued  
$10,000,000 1 Metropolitan Transportation Authority, NY, (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002G-3), 1.226%, 2/1/2020 $10,015,200
1,000,000   Metropolitan Transportation Authority, NY, Transportation Revenue Bonds (Series 2005G), 5.00% (MTA Transportation Revenue), 11/15/2017 1,025,880
2,500,000 1 Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002D-2B), 1.141% TOBs (MTA Transportation Revenue), Mandatory Tender 5/15/2018 2,500,175
2,000,000 1 Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1D), 1.356% (MTA Transportation Revenue), 11/1/2017 2,006,360
3,495,000   New York City, NY TFA, Future Tax Secured Subordinate Revenue Bonds (Series 2010 I-2), 5.00%, 11/1/2017 3,579,754
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 338,016
3,000,000   New York City, NY, UT GO Bonds (Fiscal 2011 Series B), 5.00%, 8/1/2017 3,041,970
3,800,000 1 New York City, NY, UT GO Bonds (Series 2008J, Subseries J-4), 1.46%, 8/1/2025 3,800,038
2,000,000   New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2018 2,105,840
2,000,000   New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2019 2,175,520
500,000   New York City, NY, UT GO Bonds (Series A-1), 5.00%, 8/1/2018 526,460
1,005,000   New York City, NY, UT GO Bonds (Series C), 5.00%, 8/1/2018 1,058,185
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 1,339,039
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 1,066,490
3,125,000   New York State Thruway Authority, General Revenue Junior Indebtedness Obligations (Series 2013A), 5.00% (New York State Thruway Authority - General Revenue), 5/1/2019 3,369,250
2,500,000 1,2,3 Nuveen New York AMT-Free Municipal Income Fund, Institutional MuniFund Term Preferred Shares (Series 2017), 1.53%, 10/1/2017 2,496,725
4,480,000   Pine Bush, NY CSD, 2.00% BANs, 9/1/2017 4,492,902
3,000,000   Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2020 3,264,420
3,000,000   Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2021 3,341,820
2,000,000   Suffolk County, NY EDC, Revenue Bonds (Series 2011), 5.00% (Catholic Health Services of Long Island Obligated Group), 7/1/2018 2,090,900
4,000,000   Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013A), 5.00% (New York State), 6/1/2022 4,026,960
2,500,000   Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2021 2,516,950
3,995,000   Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2022 4,022,006
2,000,000   Triborough Bridge & Tunnel Authority, NY, General Revenue Refunding Bonds (Series 2012B), 5.00%, 11/15/2018 2,131,400
5,000,000 1 Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Variable Rate Refunding Bonds (Series 2016 4A), 1.226%, 12/1/2021 4,962,300
    TOTAL 98,709,123
    North Carolina—0.7%  
1,645,000   Cape Fear Public Utility Authority, NC, Water & Sewer System Revenue Refunding Bonds (Series 2016), 5.00%, 8/1/2021 1,888,740
2,000,000   Cape Fear Public Utility Authority, NC, Water & Sewer System Revenue Refunding Bonds (Series 2016), 5.00%, 8/1/2022 2,340,040
1,250,000   North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2012A), 5.00% (United States Treasury COL), 1/1/2018 1,288,775
1,000,000   North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2012A), 5.00% (United States Treasury COL), 1/1/2019 1,068,120
900,000 1 North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds (Series 2012C), 1.65% TOBs (Wake Forest Baptist Obligated Group), Mandatory Tender 12/1/2017 898,605
    TOTAL 7,484,280
    Ohio—3.1%  
2,070,000 1 Allen County, OH, (Mercy Health), Adjustable Rate Hospital Facilities Revenue Bonds (Series 2015B), 1.66% TOBs, Mandatory Tender 5/1/2020 2,069,068
2,685,000   Cleveland, OH Public Power System, Revenue Refunding Bonds (Series 2010), 5.00%, 11/15/2017 2,750,353
7,400,000 1,2,3 Eaton Vance Ohio Municipal Bond Fund, Institutional MuniFund Term Preferred Shares (Series 2019), 1.91%, 7/1/2019 7,415,244
2,000,000   Hamilton County, OH Sewer System, Improvement & Revenue Refunding Bonds (Series 2013A), 5.00%, 12/1/2017 2,055,560
5,000,000 1 Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2014), 1.246% TOBs (Royal Bank of Canada, Montreal GTD), Mandatory Tender 8/1/2019 4,958,400
8
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Ohio—continued  
$5,000,000   Monroe County, OH, 1.50% BANs, 10/6/2017 $4,999,400
2,000,000   Ohio State Building Authority, State Facilities Revenue Refunding Bonds (Series 2010C), 5.00%, 10/1/2018 2,118,040
235,000   Ohio State Higher Educational Facility Commission, Revenue Bonds, 4.00% (Case Western Reserve University, OH), 12/1/2017 239,881
1,765,000   Ohio State Higher Educational Facility Commission, Revenue Bonds, 4.00% (Case Western Reserve University, OH)/(United States Treasury COL), 12/1/2017 1,801,553
1,000,000   Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2011A), 5.00% (University of Dayton), 12/1/2017 1,027,130
750,000   Ohio State Higher Educational Facility Commission, Revenue Refunding Bonds (Series 2013), 4.00% (Case Western Reserve University, OH), 12/1/2019 802,448
1,800,000   Ohio Water Development Authority, 1.55% TOBs (Waste Management, Inc.), Mandatory Tender 7/1/2021 1,767,420
2,245,000   Parma Heights, OH, 1.75% BANs, 7/19/2017 2,248,480
    TOTAL 34,252,977
    Oklahoma—2.5%  
1,410,000   Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.00% (Mustang Public Schools), 9/1/2019 1,491,822
2,685,000   Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.50% (Mustang Public Schools), 9/1/2020 2,922,247
2,285,000   Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.50% (Mustang Public Schools), 9/1/2021 2,521,840
3,000,000   Cleveland County, OK Educational Facilities Authority, Educational Facilities Lease Revenue Bonds (Series 2016), 5.00% (Moore Public Schools), 6/1/2019 3,230,070
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 2,055,160
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 2,837,052
1,850,000   Oklahoma Development Finance Authority, Solid Waste Disposal Revenue Bonds (Series 2004A), 2.375% (Waste Management, Inc.), 12/1/2021 1,888,055
3,150,000   Oklahoma State Capital Improvement Authority, State Facilities Revenue Refunding Bonds (Series 2010A), 5.00% (Oklahoma State), 7/1/2017 3,181,311
1,255,000   Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2011), 3.125% (Broken Arrow Public Schools), 9/1/2018 1,291,332
2,600,000   Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2011), 5.00% (Broken Arrow Public Schools), 9/1/2019 2,821,806
2,000,000   Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2012), 3.50% (Broken Arrow Public Schools), 9/1/2017 2,021,840
1,000,000   Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2016), 5.00% (Broken Arrow Public Schools), 9/1/2022 1,147,170
    TOTAL 27,409,705
    Oregon—0.2%  
1,325,000   Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 4.00%, 11/1/2017 1,342,106
900,000   Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 5.00%, 11/1/2018 903,285
    TOTAL 2,245,391
    Pennsylvania—7.3%  
3,000,000   Allegheny County Sanitation Authority, Sewer Revenue Bonds (Series 2011), 5.00% (AGM INS), 6/1/2018 3,137,910
1,000,000   Allegheny County Sanitation Authority, Sewer Revenue Refunding Bonds (Series 2016), 5.00% (AGM INS), 12/1/2024 1,185,650
850,000   Allegheny County Sanitation Authority, Sewer Revenue Refunding Bonds (Series 2016), 5.00% (AGM INS), 12/1/2025 1,013,770
4,000,000 1 Berks County, PA Municipal Authority, Variable Rate Revenue Bonds (Series 2012B), 2.41% TOBs (Reading Hospital & Medical Center), Mandatory Tender 7/1/2022 4,027,320
835,000   Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 4.00% (Diakon Lutheran Social Ministries), 1/1/2019 867,373
1,000,000   Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 4.00% (Diakon Lutheran Social Ministries), 1/1/2020 1,053,230
2,000,000   Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 5.00% (Diakon Lutheran Social Ministries), 1/1/2021 2,199,680
425,000   Cumberland County, PA Municipal Authority, Revenue Bonds (Series of 2016), 5.00% (Diakon Lutheran Social Ministries), 1/1/2018 436,139
2,315,000   Cumberland County, PA Municipal Authority, Revenue Bonds (Series of 2016), 5.00% (Diakon Lutheran Social Ministries), 1/1/2019 2,444,455
1,115,000   Cumberland County, PA Municipal Authority, Revenue Bonds (Series of 2016), 5.00% (Diakon Lutheran Social Ministries), 1/1/2022 1,243,838
9
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Pennsylvania—continued  
$1,155,000   Cumberland County, PA Municipal Authority, Revenue Bonds (Series of 2016), 5.00% (Diakon Lutheran Social Ministries), 1/1/2024 $1,313,293
550,000   East Hempfield Township, PA IDA, Revenue & Revenue Refunding Bonds (Series 2016), 4.00% (Willow Valley Retirement Communities), 12/1/2018 574,008
365,000   East Hempfield Township, PA IDA, Revenue & Revenue Refunding Bonds (Series 2016), 4.00% (Willow Valley Retirement Communities), 12/1/2019 387,918
500,000   East Hempfield Township, PA IDA, Revenue & Revenue Refunding Bonds (Series 2016), 4.00% (Willow Valley Retirement Communities), 12/1/2020 539,465
500,000   East Hempfield Township, PA IDA, Revenue & Revenue Refunding Bonds (Series 2016), 5.00% (Willow Valley Retirement Communities), 12/1/2022 573,685
750,000   East Hempfield Township, PA IDA, Revenue & Revenue Refunding Bonds (Series 2016), 5.00% (Willow Valley Retirement Communities), 12/1/2023 867,525
12,500,000 1 Geisinger Authority, PA Health System, Health System Revenue Bonds (Series 2014B), 1.729% TOBs (Geisinger Health System), Mandatory Tender 6/1/2024 12,333,875
750,000   Hempfield, PA School District, UT GO Bonds (Series 2015), 4.00% (State Aid Withholding GTD), 10/15/2017 762,525
380,000   Hempfield, PA School District, UT GO Bonds (Series 2015), 5.00% (State Aid Withholding GTD), 10/15/2018 402,659
625,000   Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2018 641,419
4,000,000   Montgomery County, PA IDA, PCR Refunding Bonds (Series 2002A), 2.55% TOBs (Exelon Generation Co. LLC), Mandatory Tender 6/1/2020 3,988,800
8,000,000 1 Northampton County, PA General Purpose Authority, Variable Rate Hospital Revenue Bonds (Series 2013B), 2.31% TOBs (St. Luke's Hospital of Bethlehem), Mandatory Tender 8/15/2020 8,007,440
700,000   Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds (Series 2004A), 1.25% TOBs (Waste Management, Inc.), Mandatory Tender 5/1/2017 700,035
5,000,000   Pennsylvania State Higher Education Facilities Authority, Student Housing Project at East Stroudsburg University of Pennsylvania Revenue BAN, 0.875% (University Properties, Inc.), 2/1/2018 4,990,100
10,000,000 1 Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2013B), 2.06%, 12/1/2019 10,061,000
10,000,000 1 Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)/(Series 2014B), 1.89%, 12/1/2021 10,045,100
1,165,000   Philadelphia, PA Airport System, Airport Revenue Bonds (Series 2010A), 5.00%, 6/15/2017 1,174,518
1,970,000 1 Scranton, PA School District, GO Notes (Series 2014)/(LIBOR Floating Rate Tender Notes), 1.533%, Mandatory Tender 4/2/2018 1,967,557
2,520,000 1 State Public School Building Authority, PA, LIBOR Index Rate Revenue Bonds (Series 2014), 1.326% TOBs (Albert Gallatin Area School District), Mandatory Tender 9/1/2018 2,516,623
500,000   Upper Darby School District, PA, UT GO Bonds (Series 2015), 3.00% (State Aid Withholding GTD), 5/1/2017 500,925
700,000   Upper Darby School District, PA, UT GO Bonds (Series 2015), 4.00% (State Aid Withholding GTD), 5/1/2018 722,568
    TOTAL 80,680,403
    Rhode Island—2.6%  
3,690,000   Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00% (United States Treasury COL), 8/1/2017 3,742,398
4,120,000   Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00% (United States Treasury COL), 8/1/2019 4,486,556
1,125,000   Rhode Island State and Providence Plantations, UT GO Bonds (Series 2011), 5.00%, 8/1/2018 1,186,988
3,075,000   Rhode Island State and Providence Plantations, UT GO Bonds (Series 2011A), 5.00% (United States Treasury COL), 8/1/2018 3,239,912
1,000,000   Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2018 1,037,090
1,500,000   Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2019 1,596,090
1,500,000   Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2020 1,626,885
2,250,000   Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2021 2,474,348
2,250,000   Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2022 2,496,487
2,000,000   Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2023 2,237,380
2,285,000   Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2024 2,569,117
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 1,003,660
10
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Rhode Island—continued  
$1,000,000   Rhode Island State Health and Educational Building Corp., Revenue Refunding Bonds (Providence Public Buildings Authority)/(Series 2013A), 5.00% (Providence, RI), 5/15/2018 $1,041,400
    TOTAL 28,738,311
    South Carolina—0.4%  
645,000   Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.00%, 12/1/2018 687,028
1,000,000   Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.00%, 12/1/2019 1,098,950
1,000,000   Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.00%, 12/1/2020 1,126,550
1,000,000   Piedmont Municipal Power Agency, SC, Electric Revenue Refunding Bonds (Series 2010A-2), 5.00%, 1/1/2018 1,029,800
    TOTAL 3,942,328
    South Dakota—0.1%  
750,000   Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), 5.00%, 6/1/2023 847,185
    Tennessee—0.2%  
1,500,000   Metropolitan Government Nashville & Davidson County, TN Water & Sewer, Subordinate Lien Water & Sewer Revenue Refunding Bonds (Series 2012), 5.00%, 7/1/2018 1,573,935
935,000   Metropolitan Government Nashville & Davidson County, TN Water & Sewer, Subordinate Lien Water & Sewer Revenue Refunding Bonds (Series 2012), 5.00%, 7/1/2019 1,011,885
    TOTAL 2,585,820
    Texas—8.4%  
5,000,000   Central Texas Regional Mobility Authority, Senior Lien Revenue & Refunding Bonds (Series 2015B), 5.00% TOBs, Mandatory Tender 1/6/2021 5,441,600
850,000   Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2018 874,225
1,000,000   Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2019 1,058,780
500,000   Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2020 542,305
1,400,000   Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.00%, 1/1/2021 1,546,160
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 5,035,100
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 5,171,950
1,750,000   Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2012B), 5.00%, 11/1/2018 1,857,083
3,250,000   Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2012B), 5.00%, 11/1/2019 3,552,413
2,000,000 1 Harris County, TX Cultural Education Facilities Finance Corp., (Texas Children's Hospital), Hospital Revenue Bonds (Series 2015-3), 1.518%, Mandatory Tender 6/1/2020 1,992,780
5,635,000 1 Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.81% (Memorial Hermann Health System), 6/1/2022 5,631,168
4,500,000 1 Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.86% (Memorial Hermann Health System), 6/1/2023 4,500,225
5,685,000 1 Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.96% (Memorial Hermann Health System), 6/1/2024 5,685,739
1,515,000 1 Harris County, TX, Revenue Refunding Bonds (Series 2012A), 1.54% (Harris County, TX Toll Road Authority), 8/15/2017 1,515,182
2,500,000 1 Harris County, TX, Revenue Refunding Bonds (Series 2012A), 1.69% (Harris County, TX Toll Road Authority), 8/15/2018 2,501,525
2,335,000   Houston, TX Convention & Entertainment Facilities Department, Hotel Occupancy Tax & Special Revenue Refunding Bonds (Series 2011A), 5.00%, 9/1/2018 2,459,899
3,570,000   Lubbock, TX HFDC, Revenue Refunding Bonds (Series 2008B), 5.00% (St. Joseph Health System), 7/1/2019 3,863,561
4,905,000   Midlothian, TX ISD, Variable Rate UT GO Refunding Bonds (Series 2013-C), 3.00% TOBs, Mandatory Tender 8/1/2019 5,089,232
95,000   Midlothian, TX ISD, Variable Rate UT GO Refunding Bonds (Series 2013-C), 3.00% TOBs (United States Treasury PRF), Mandatory Tender 8/1/2019 98,888
200,000   New Hope Cultural Education Facilities Finance Corporation, Revenue Bonds (Series 2016), 1.00% (Westminster Manor), 11/1/2017 199,416
330,000   New Hope Cultural Education Facilities Finance Corporation, Revenue Bonds (Series 2016), 3.00% (Westminster Manor), 11/1/2019 338,682
735,000   New Hope Cultural Education Facilities Finance Corporation, Revenue Bonds (Series 2016), 4.00% (Westminster Manor), 11/1/2021 784,186
500,000   New Hope Cultural Education Facilities Finance Corporation, Revenue Bonds (Series 2016), 5.00% (Westminster Manor), 11/1/2023 559,425
625,000   New Hope Cultural Education Facilities Finance Corporation, Revenue Bonds (Series 2016), 5.00% (Westminster Manor), 11/1/2024 698,406
1,105,000   New Hope Cultural Education Facilities Finance Corporation, Revenue Bonds (Series 2016), 5.00% (Westminster Manor), 11/1/2025 1,227,500
2,000,000   North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2011B), 5.00%, 1/1/2019 2,130,820
11
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Texas—continued  
$5,000,000 1 North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2011A SIFMA Index Floating Rate), 1.71%, Mandatory Tender 1/1/2019 $4,996,300
6,335,000 1 North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2014C SIFMA Index Floating Rate), 1.58%, Mandatory Tender 1/1/2020 6,316,945
5,000,000   Plano, TX ISD, UT GO School Building Bonds, 5.00% (PSFG GTD), 2/15/2023 5,891,950
1,250,000   Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2019 1,355,013
550,000   Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.00%, 10/1/2021 617,386
2,375,000   Texas State Public Finance Authority, Refunding UT GO Bonds (Series 2011), 5.00% (Texas State), 10/1/2018 2,517,358
3,105,000   Texas State Public Finance Authority, UT GO Refunding Bonds (Series 2010A), 5.00% (Texas State), 10/1/2017 3,169,242
3,665,000   Texas State Transportation Commission, First Tier Revenue Refunding Put Bonds (Series 2015-A), 5.00% TOBs (Central Texas Turnpike System), Mandatory Tender 4/1/2020 4,017,830
    TOTAL 93,238,274
    Utah—0.6%  
2,400,000   Intermountain Power Agency, Subordinated Power Supply Revenue Refunding Bonds (Series 2014A), 5.00%, 7/1/2018 2,518,608
3,600,000   Intermountain Power Agency, Subordinated Power Supply Revenue Refunding Bonds (Series 2014A), 5.00%, 7/1/2019 3,897,684
    TOTAL 6,416,292
    Virginia—0.7%  
1,000,000   Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2019 1,081,070
2,000,000   Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2020 2,219,840
4,000,000   Virginia Peninsula Port Authority, Coal Terminal Revenue Refunding Bonds (Series 2003), 1.55% TOBs (Dominion Terminal Associates)/(Dominion Resources, Inc. GTD), Mandatory Tender 10/1/2019 3,973,600
    TOTAL 7,274,510
    Washington—2.2%  
1,500,000   Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2017 1,510,200
3,415,000   Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2019 3,680,584
5,000,000   Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2020 5,524,650
3,000,000 2,3 Washington State EDFA, Solid Waste Disposal Revenue Bonds (Series 2008), 2.125% (Waste Management, Inc.), 6/1/2020 3,016,680
3,760,000 1 Washington State Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), Variable Rate LIBOR Index Revenue Bonds (Series 2017B), 1.758%, 7/1/2022 3,763,046
3,000,000 1 Washington State Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), Variable Rate SIMFA Index Revenue Bonds (Series 2017C), 1.96%, 7/3/2023 3,004,800
3,000,000   Washington State Health Care Facilities Authority, Revenue Bonds (Series 2012B), 5.00% TOBs (Providence Health & Services), Mandatory Tender 10/1/2021 3,409,650
    TOTAL 23,909,610
    West Virginia—0.5%  
2,500,000   Mason County, WV, PCRBs, 1.625% TOBs (Appalachian Power Co.), Mandatory Tender 10/1/2018 2,499,800
3,325,000   West Virginia EDA, Solid Waste Disposal Facilities Revenue Refunding Bonds (Series 2015A), 1.90% TOBs (Appalachian Power Co.), Mandatory Tender 4/1/2019 3,327,693
    TOTAL 5,827,493
    Wisconsin—1.1%  
4,785,000   Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2011A), 5.00% (Gundersen Lutheran), 10/15/2019 5,209,142
1,310,000   Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2011A), 5.00% (Gundersen Lutheran), 10/15/2020 1,461,855
2,250,000   Wisconsin State, Refunding UT GO Bonds (2016 Series 1), 5.00%, 11/1/2022 2,645,370
530,000   WPPI Energy, WI, Power Supply System Revenue Bonds (Series 2016A), 5.00%, 7/1/2020 588,613
1,000,000   WPPI Energy, WI, Power Supply System Revenue Bonds (Series 2016A), 5.00%, 7/1/2021 1,135,170
700,000   WPPI Energy, WI, Power Supply System Revenue Bonds (Series 2016A), 5.00%, 7/1/2022 806,050
500,000   WPPI Energy, WI, Power Supply System Revenue Bonds (Series 2016A), 5.00%, 7/1/2023 583,555
    TOTAL 12,429,755
    TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $1,045,864,891) 		1,047,354,945
    SHORT-TERM MUNICIPALS—5.5%4  
    California—0.3%  
3,300,000   Palomar Pomerado Health, CA, (Series 2006C) ARS (AGM INS), 1.95%, 4/6/2017 3,300,000
12
Principal
Amount 		    Value
    SHORT-TERM MUNICIPALS—continued4  
    Georgia—0.5%  
$5,000,000   Gainesville & Hall County, GA Hospital Authority (Northeast Georgia Health System, Inc.), R-Float (Series 2017C) Weekly VRENs, 1.50%, 4/6/2017 $5,000,000
700,000   Heard County, GA Development Authority, (First Series 1997) Daily VRDNs (Georgia Power Co.), 1.00%, 4/3/2017 700,000
    TOTAL 5,700,000
    Illinois—1.5%  
7,250,000 2,3 Chicago, IL Board of Education, Golden Blue (Series 2017-005) Weekly VRENs (Barclays Bank plc LIQ)/(Barclays Bank plc LOC), 1.21%, 4/6/2017 7,250,000
900,000   Illinois Educational Facilities Authority, (Series 2002A) Weekly VRDNs (Saint Xavier University)/(FirstMerit Bank, N.A. LOC), 1.14%, 4/6/2017 900,000
7,920,000 2,3 Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust Certificates (Series 2015-XF1045) Weekly VRDNs (Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ), 1.30%, 4/6/2017 7,920,000
    TOTAL 16,070,000
    Indiana—0.4%  
4,500,000   Lawrenceburg, IN PCR Board, (Series H) Weekly VRDNs (Indiana Michigan Power Co.), 1.07%, 4/6/2017 4,500,000
    Louisiana—0.2%  
2,700,000   St. James Parish, LA, (Series 2010B-1) Weekly VRDNs (Nucor Steel Louisiana LLC)/(Nucor Corp. GTD), 1.05%, 4/5/2017 2,700,000
    Pennsylvania—0.9%  
8,810,000   Pennsylvania State Higher Education Facilities Authority, (Thomas Jefferson University), VRMOs (Series 2015B), 1.40%, 4/6/2017 8,810,000
1,000,000 2,3 Pennsylvania State Turnpike Commission, SPEARs (Series DB-1179) Weekly VRDNs (Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ), 1.05%, 4/6/2017 1,000,000
    TOTAL 9,810,000
    Texas—1.7%  
10,200,000   Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010A) Daily VRDNs (Motiva Enterprises LLC), 1.15%, 4/3/2017 10,200,000
5,375,000   Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010C) Daily VRDNs (Motiva Enterprises LLC), 1.16%, 4/3/2017 5,375,000
3,250,000   Port of Port Arthur Navigation District of Jefferson County, TX, (Subseries 2009A) Daily VRDNs (Motiva Enterprises LLC), 1.15%, 4/3/2017 3,250,000
    TOTAL 18,825,000
    TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $60,905,000) 		60,905,000
    TOTAL MUNICIPAL INVESTMENTS—99.9%
(IDENTIFIED COST $1,106,769,891)5 		1,108,259,945
    OTHER ASSETS AND LIABILITIES - NET—0.1%6 758,886
    TOTAL NET ASSETS—100% $1,109,018,831
At March 31, 2017, the Fund holds no securities that are subject to the federal alternative minimum tax (AMT).
1 Floating rate notes with current rate and current maturity or reset date shown.
2 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At March 31, 2017, these restricted securities amounted to $33,010,934, which represented 3.0% 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, 2017, these liquid restricted securities amounted to $33,010,934, which represented 3.0% of total net assets.
4 Current rate and next reset date shown for Variable Rate Demand Notes.
5 At March 31, 2017, the cost of investments for federal tax purposes was $1,106,769,891. The net unrealized appreciation of investments for federal tax purposes was $1,490,054. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $7,591,474 and net unrealized depreciation from investments for those securities having an excess of cost over value of $6,101,420.
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, 2017.
13
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, 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, or if information furnished by a pricing service in the opinion of the valuation committee (“Valuation Committee”) is deemed not representative of the fair value of such security, 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.
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 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, 2017, 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
ARS —Auction Rate Securities
BANs —Bond Anticipation Notes
CDA —Community Development Authority
COL —Collateralized
COPs —Certificates of Participation
CP —Commercial Paper
CSD —Central School District
EDA —Economic Development Authority
EDC —Economic Development Corporation
EDFA —Economic Development Finance Authority
GO —General Obligation
GTD —Guaranteed
HEFA —Health and Education Facilities Authority
HFDC —Health Facility Development Corporation
IDA —Industrial Development Authority
INS —Insured
ISD —Independent School District
LIBOR —London Interbank Offered Rates
LIQ —Liquidity Agreement
LO —Limited Obligation
LOC —Letter of Credit
LT —Limited Tax
PCFA —Pollution Control Finance Authority
PCR —Pollution Control Revenue
PCRBs —Pollution Control Revenue Bonds
PRF —Pre-refunded
PSFG —Public School Fund Guarantee
Q-SBLF —Qualified School Bond Loan Fund
RACs —Revenue Anticipation Certificates
RANs —Revenue Anticipation Notes
SIFMA —Securities Industry and Financial Markets Association
SO —Special Obligation
SPEARs —Short Puttable Exempt Adjustable Receipts
TFA —Transitional Finance Authority
TOBs —Tender Option Bonds
UT —Unlimited Tax
VRDNs —Variable Rate Demand Notes
VRENs —Variable Rate Extendible Notes
VRMOs —Variable Rate Remarketed Obligations
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 23, 2017

 

 

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

 

By /S/ John B. Fisher

 

John B. Fisher

Principal Executive Officer

 

Date May 23, 2017

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date May 23, 2017