Federated Short-Intermediate Duration Municipal Trust Institutional Shares
Information as of 10/31/2009
Benchmark Barclays Capital 3-Year Municipal Bond Index Assets (Portfolio) $293,071,376 Assets (Share Class) $207,953,730 Symbol FSHIX Fund Number(s) 24 Newspaper Listing ShtMunI CUSIP 313907107 Performance Inception Date 08/20/1981 Fiscal Year-End 6/30 Current Prospectus Date 08/31/2009 Fund Description The fund seeks to provide dividend income which is exempt from federal regular income tax. The fund pursues its objective by investing in a portfolio of tax-exempt securities with a dollar-weighted average portfolio duration of less than five years.		Key Investment Team Members Jeff A. Kozemchak, CFA Morningstar Category Municipal National Short Morningstar Style Investment Objective Seeks to provide dividend income which is exempt from federal regular income tax Investment Concentration Invests in a portfolio of tax-exempt securities with a dollar-weighted average portfolio duration of less than five years. The fund attempts to provide enhanced levels of income by taking a modest step or two out on the yield curve beyond money market securities.
Performance data quoted represents past performance which is no guarantee of future results.
As of October 31, 2007, the fund was renamed Federated Short-Intermediate Duration Municipal Trust. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. The fund is not a “money market” fund. A money market mutual fund attempts to maintain a stable net asset value through compliance with relevant SEC rules. The fund is not governed by those rules, and its shares will fluctuate in value. High yield, lower-rated securities generally entail greater market, credit/default and liquidity risks, and may be more volatile than investment grade securities. Interest income from the fund’s investments may be subject to the federal alternative minimum tax for individuals and corporations (AMT). As of October 31, 2007, the fund gained the ability to invest at least a majority of its assets in securities rated investment-grade (or unrated securities of comparable quality), and may purchase securities rated below investment-grade (or unrated securities of comparable quality), which are also known as junk bonds, up to 49% of its assets. The fund does not have a specific minimum quality rating. As of October 31, 2007, the fund’s Adviser gained the ability to deliberately undertake, in seeking to provide enhanced levels of income, to invest the fund’s assets in tax-exempt securities that are trading at a price less than the original issue price (or market discount bonds), enter in credit default swap arrangements and other derivative transactions, and engage in other permissible activities that may cause the fund to realize a limited amount of ordinary income or short-term capital gains (which are treated as ordinary income for federal income tax purposes) and, as a result, may result in taxable distributions to shareholders. The ordinary income derived from these investment strategies generally will be limited to approximately 5% or less of the fund’s annual distributions. As of October 31, 2007, the fund’s Adviser also, normally (except as discussed below), began to invest the fund’s assets entirely in securities whose interest was not subject to (or not a specific preference item for purposes of) the federal AMT. However, in certain circumstances (such as, for example, when there is a lack of supply of non-AMT securities or there are advantageous market conditions, or if there are changes in tax laws relating to the AMT), to pursue the fund’s investment objective, the Adviser may invest the fund’s assets in securities that may be subject to AMT. In such circumstances, interest from the fund’s investments may be subject to the AMT. Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before investing. To obtain a prospectus containing this and other information, contact us or view the prospectus provided on this website. Please carefully read the prospectus before investing. For additional information, including definitions of related terms and indexes, see the Financial Glossary and Benchmark Index Glossary. Federated Securities Corp., Distributor
Not FDIC Insured May Lose Value No Bank Guarantee

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