United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-6447
(Investment Company Act File Number)
Federated Fixed Income Securities, Inc.
______________________________________________________________
(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: 09/30/14
Date of Reporting Period: Six months ended 03/31/14
Item 1. Reports to Stockholders
Share Class | Ticker |
A | FMUUX |
Institutional | FMUSX |
Sector Composition | Percentage of Total Net Assets |
Industrial Development Bond/Pollution Control Revenue | 16.3% |
General Obligation—State | 14.7% |
General Obligation—Local | 14.5% |
Transportation | 12.1% |
Hospital | 10.1% |
Electric & Gas | 7.1% |
Education | 5.4% |
Special Tax | 4.6% |
Water & Sewer | 4.6% |
Public Power | 4.4% |
Other2 | 6.5% |
Other Assets and Liabilities—Net3 | (0.3)% |
TOTAL | 100.0% |
1 | Sector classifications, and the assignment of holdings to such sectors, are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. For securities that have been enhanced by a third-party, including bond insurers and banks, sector classifications are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. |
2 | For purposes of this table, sector classifications constitute 93.8% of the Fund's total net assets. Remaining sectors have been aggregated under the designation “Other.” |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
MUNICIPAL BONDS—86.2% | |||
Alabama—1.4% | |||
$2,500,000 | Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds (Series 2012-A), 3.00%, 6/1/2014 | $2,511,150 | |
1,000,000 | Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds (Series 2012-A), 4.00%, 6/1/2015 | 1,041,480 | |
3,920,000 | Alabama State Public School & College Authority, Capital Improvement Refunding Bonds (Series 2009A), 5.00% (United States Treasury COL), 5/1/2014 | 3,935,954 | |
39,625,000 | Health Care Authority for Baptist Health, AL, Affiliate of UAB Health (Montgomery )(Series B) ARS (Assured Guaranty Corp. INS), 0.70%, 4/4/2014 | 39,625,000 | |
4,640,000 | Mobile, AL IDB, PCRBs (Series 2007A), 1.65% TOBs (Alabama Power Co.), Mandatory Tender 3/20/2017 | 4,643,759 | |
TOTAL | 51,757,343 | ||
Alaska—0.1% | |||
4,000,000 | Valdez, AK Marine Terminal, Marine Terminal Revenue Refunding Bonds (Series 2003B), 5.00% (BP PLC), 1/1/2016 | 4,308,800 | |
Arizona—1.3% | |||
7,000,000 | 1 | Arizona Health Facilities Authority, Variable Rate Revenue Refunding Bonds (Series 2013A-1), 1.91% TOBs (Phoenix Children's Hospital), Mandatory Tender 2/5/2020 | 6,982,290 |
5,000,000 | Arizona State, COPs (Series 2010A), 5.00% (Assured Guaranty Corp. INS), 10/1/2014 | 5,118,100 | |
3,125,000 | Navajo County, AZ Pollution Control Corp., PCR Refunding Bonds (Series 2009A), 1.25% TOBs (Arizona Public Service Co.), Mandatory Tender 5/30/2014 | 3,128,750 | |
2,000,000 | Pima County, AZ Sewer System, Revenue Refunding Bonds (Series 2011A), 5.00%, 7/1/2014 | 2,024,380 | |
1,000,000 | 2,3 | Yavapai County, AZ IDA Solid Waste Disposal, (Series 2003A-2), 0.63% TOBs (Waste Management, Inc.), Mandatory Tender 3/2/2015 | 1,000,310 |
25,000,000 | Yavapai County, AZ IDA Solid Waste Disposal, (Series 2010), 0.40% TOBs (Republic Services, Inc.), Mandatory Tender 6/2/2014 | 24,999,750 | |
4,500,000 | Yavapai County, AZ IDA Solid Waste Disposal, Solid Waste Disposal Revenue Bonds (Series 2002), 2.13% TOBs (Waste Management, Inc.), Mandatory Tender 6/1/2018 | 4,488,345 | |
TOTAL | 47,741,925 | ||
Arkansas—0.2% | |||
8,000,000 | Jefferson County, AR, PCR Refunding Bonds (Series 2013), 1.55% (Entergy Arkansas, Inc.), 10/1/2017 | 8,060,560 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—7.1% | |||
$12,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Area Toll Bridge Revenue Bonds (Series 2008D-1 Index Rate), 0.97% TOBs, Mandatory Tender 8/1/2017 | $12,138,600 |
15,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007A-1), 0.76% TOBs, Mandatory Tender 10/1/2019 | 14,992,800 |
9,390,000 | 1 | California Educational Facilities Authority, Variable Rate Refunding Revenue Bonds (Series 2010B), 0.86% (Loyola Marymount University), 10/1/2015 | 9,401,831 |
3,770,000 | California Health Facilities Financing Authority, Revenue Bonds (Series 2008A), 1.45% TOBs (Lucile Salter Packard Children's Hospital at Stanford), Mandatory Tender 3/15/2017 | 3,831,149 | |
4,715,000 | California Health Facilities Financing Authority, Revenue Bonds (Series 2008B), 1.45% TOBs (Lucile Salter Packard Children's Hospital at Stanford), Mandatory Tender 3/15/2017 | 4,791,477 | |
4,715,000 | California Health Facilities Financing Authority, Revenue Bonds (Series 2008C), 1.45% TOBs (Lucile Salter Packard Children's Hospital at Stanford), Mandatory Tender 3/15/2017 | 4,791,477 | |
5,645,000 | California Health Facilities Financing Authority, Revenue Bonds (Series 2013B), 5.00% TOBs (St. Joseph Health System), Mandatory Tender 10/17/2017 | 6,422,486 | |
10,000,000 | California Health Facilities Financing Authority, Variable Rate Refunding Revenue Bonds (Series 2009C), 5.00% TOBs (St. Joseph Health System), Mandatory Tender 10/16/2014 | 10,260,600 | |
3,200,000 | California PCFA, Solid Waste Disposal Refunding Revenue Bonds (Series 1998B), 3.63% (Waste Management, Inc.), 6/1/2018 | 3,216,000 | |
5,000,000 | California PCFA, Solid Waste Disposal Revenue Bonds (Series 2005A), 1.88% TOBs (Waste Management, Inc.), Mandatory Tender 4/1/2015 | 5,054,450 | |
18,455,000 | California PCFA, Solid Waste Refunding Revenue Bonds (Series 2010A), 0.55% TOBs (Republic Services, Inc.), Mandatory Tender 5/1/2014 | 18,454,816 | |
2,625,000 | California State, Refunding Economic Recovery Bonds (Series 2009B), 5.00% TOBs (California State Fiscal Recovery Fund), Mandatory Tender 7/1/2014 | 2,656,605 | |
10,000,000 | 1 | California State, UT GO Bonds (Index Floating Rate Bonds Series 2013C), 0.61% TOBs, Mandatory Tender 12/1/2016 | 10,002,900 |
10,000,000 | 1 | California State, UT GO Bonds (Index Floating Rate Bonds Series 2013D), 0.81% TOBs, Mandatory Tender 12/1/2017 | 10,033,600 |
16,665,000 | California State, UT GO Bonds, 4.00% TOBs 12/1/2017 | 18,294,171 | |
7,000,000 | 1 | California State, UT GO Refunding Bonds (Series 2012B), 0.81%, 5/1/2017 | 7,063,770 |
9,000,000 | 1 | California State, UT GO Refunding Bonds (Series 2012B), 0.96%, 5/1/2018 | 9,112,590 |
11,000,000 | California State, Various Purpose Refunding GO Bonds, 5.00%, 2/1/2015 | 11,443,190 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$10,000,000 | California State, Various Purpose UT GO Bonds (Series 2013), 5.00%, 10/1/2017 | $11,424,300 | |
60,000,000 | 1 | California Statewide CDA, Revenue Bonds (Series 2012C), 1.01% TOBs (Kaiser Permanente), Mandatory Tender 5/1/2017 | 60,305,400 |
9,800,000 | 1 | East Bay Municipal Utility District, CA Wastewater System, Revenue Refunding Bonds (Series 2011A), 0.38% TOBs, Mandatory Tender 7/8/2015 | 9,793,630 |
3,000,000 | Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Refunding Revenue Bonds (Series 2013B-1), 5.00% TOBs, Mandatory Tender 1/15/2018 | 3,281,220 | |
2,500,000 | Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Refunding Revenue Bonds (Series 2013B-2), 5.00% TOBs, Mandatory Tender 1/15/2020 | 2,753,325 | |
5,000,000 | Val Verde, CA USDT, GO BANs (Series 2013), 3.00%, 8/1/2018 | 5,199,700 | |
TOTAL | 254,720,087 | ||
Colorado—0.5% | |||
100,000 | Beacon Point, CO Metropolitan District, Revenue Bonds (Series 2005B), 4.38% (Original Issue Yield: 4.50%), 12/1/2015 | 100,172 | |
4,100,000 | Colorado Health Facilities Authority, Revenue Bonds (Series 2009B), 5.00% TOBs (Catholic Health Initiatives), Mandatory Tender 11/11/2014 | 4,216,768 | |
8,250,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2014A), 1.24% TOBs, Mandatory Tender 8/31/2017 | 8,257,755 |
5,790,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (SIFMA Index Series 2007CD-2), 1.81% TOBs (National Public Finance Guarantee Corporation INS), Mandatory Tender 8/31/2017 | 5,837,941 |
TOTAL | 18,412,636 | ||
Connecticut—3.1% | |||
4,200,000 | Connecticut Development Authority, (Series 1999), 0.27% CP (New England Power Co.), Mandatory Tender 5/7/2014 | 4,200,000 | |
15,585,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2011C), 0.71%, 5/15/2016 | 15,671,029 |
4,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012A), 0.46%, 4/15/2015 | 4,505,940 |
5,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012A), 0.59%, 4/15/2016 | 5,012,400 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012A), 0.74%, 4/15/2017 | 4,011,440 |
4,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012A), 0.94%, 4/15/2018 | 4,545,180 |
3,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012D), 0.35%, 9/15/2015 | 3,504,655 |
3,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012D), 0.49%, 9/15/2016 | 3,009,600 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—continued | |||
$1,875,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012D), 0.58%, 9/15/2017 | $1,877,400 |
2,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012D), 0.83%, 9/15/2018 | 2,521,350 |
6,355,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 0.71%, 3/1/2020 | 6,305,939 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 0.81%, 3/1/2021 | 3,968,320 |
3,065,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 0.91%, 3/1/2022 | 3,033,952 |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 0.96%, 3/1/2023 | 1,478,100 |
15,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013D), 0.94%, 8/15/2019 | 15,124,050 |
10,000,000 | 1 | Connecticut State, Variable-Rate Remarketed Obligations (Series A-2), 0.40%, 01/01/2017 | 10,000,000 |
10,000,000 | 1 | Connecticut State, Variable-Rate Remarketed Obligations (Series A-3), 0.40%, 07/01/2017 | 10,000,000 |
5,000,000 | 1 | Connecticut State, Variable-Rate Remarketed Obligations (Series A-4), 0.40%, 01/01/2018 | 5,000,000 |
600,000 | West Haven, CT, UT GO Bonds, 3.00% (Assured Guaranty Municipal Corp. INS), 8/1/2015 | 613,884 | |
2,000,000 | West Haven, CT, UT GO Bonds, 4.00% (Assured Guaranty Municipal Corp. INS), 8/1/2017 | 2,141,680 | |
500,000 | West Haven, CT, UT GO Bonds, 4.00%, 8/1/2014 | 504,540 | |
2,500,000 | West Haven, CT, UT GO Bonds, 5.00% (Assured Guaranty Municipal Corp. INS), 8/1/2016 | 2,713,150 | |
TOTAL | 109,742,609 | ||
District of Columbia—1.7% | |||
10,000,000 | 1 | District of Columbia Income Tax Revenue, Income Tax Secured Revenue Refunding Bonds (Series 2011B), 0.66%, 12/1/2015 | 10,032,100 |
13,285,000 | 1 | District of Columbia Income Tax Revenue, Income Tax Secured Revenue Refunding Bonds (Series 2011B), 0.81%, 12/1/2017 | 13,385,169 |
10,000,000 | 1 | District of Columbia Income Tax Revenue, Income Tax Secured Revenue Refunding Bonds (Series 2011E), 0.66%, 12/1/2015 | 10,032,100 |
15,150,000 | 1 | District of Columbia Water & Sewer Authority, Public Utility Subordinate Lien Multimodal Revenue Bonds (Series 2012B-1), 0.54% TOBs, Mandatory Tender 6/1/2015 | 15,167,574 |
12,000,000 | 1 | District of Columbia Water & Sewer Authority, Public Utility Subordinate Lien Multimodal Revenue Bonds (Series 2012B-2), 0.64% TOBs, Mandatory Tender 6/1/2016 | 12,036,600 |
TOTAL | 60,653,543 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—4.2% | |||
$52,116 | 4 | Capital Trust Agency, FL, Housing Revenue Notes, 5.95% (Atlantic Housing Foundation Properties), 1/15/2039 | $2,606 |
30,000,000 | 1 | Citizens Property Insurance Corp. FL, SIFMA Floating Rate Notes (Series 2011A-3), 1.71% (Citizens Property Insurance Coastal Account)/(Assured Guaranty Municipal Corp. INS), 6/1/2014 | 30,058,800 |
25,000,000 | 1 | Citizens Property Insurance Corp. FL, SIFMA Floating Rate Notes (Series 2012A-3), 1.31% (Citizens Property Insurance PLA/CLA Accounts), 6/1/2015 | 25,198,750 |
7,500,000 | Escambia County, FL Solid Waste Disposal, Revenue Bonds (First Series 2009), 1.35% TOBs (Gulf Power Co.), Mandatory Tender 6/2/2015 | 7,562,250 | |
6,350,000 | Escambia County, FL, PCR Refunding Bonds (Series 2003), 1.55% TOBs, Mandatory Tender (Gulf Power Co.) 6/15/2016 | 6,401,943 | |
14,000,000 | Florida State Board of Education, UT GO Capital Outlay Refunding Bonds (Series 2011A), 5.00% (Florida State), 6/1/2014 | 14,114,100 | |
21,740,000 | 1 | Lakeland, FL Energy Systems, Variable Rate Energy System Refunding Bonds (Series 2012), 0.81%, 10/1/2017 | 21,786,089 |
1,600,000 | Lee County, FL HFA, (Series 2012), 0.65% (Rolling Green, Ltd)/(United States Treasury COL), 5/1/2014 | 1,600,560 | |
6,250,000 | Miami-Dade County, FL IDA, Solid Waste Disposal Revenue Bonds (Series 2007), 2.25% TOBs (Waste Management, Inc.), Mandatory Tender 11/3/2014 | 6,306,812 | |
4,000,000 | Miami-Dade County, FL IDA, Solid Waste Disposal Revenue Bonds (Series 2008), 2.63% TOBs (Waste Management, Inc.), Mandatory Tender 8/1/2014 | 4,021,600 | |
15,000,000 | Miami-Dade County, FL School Board, COPs (Series 2011A), 5.00% TOBs, Mandatory Tender 5/1/2014 | 15,060,300 | |
5,200,000 | Miami-Dade County, FL School Board, COPs (Series 2011B), 5.00% TOBs, Mandatory Tender 5/1/2016 | 5,649,176 | |
2,250,000 | Okeechobee County, FL, 2.25% TOBs (Waste Management, Inc.), Mandatory Tender 7/1/2016 | 2,305,823 | |
1,500,000 | Orlando & Orange County Expressway Authority, FL, Refunding Revenue Bonds (Series 2012A), 5.00%, 7/1/2017 | 1,693,425 | |
9,725,000 | St. Petersburg, FL HFA, (Series B) ARS (All Children's Hospital)/(AMBAC Financial Group, Inc. INS), 0.250%, 4/4/2014 | 9,725,000 | |
TOTAL | 151,487,234 | ||
Georgia—1.7% | |||
500,000 | Atlanta, GA Airport General Revenue, Airport General Revenue Bonds (Series 2010A), 4.00%, 1/1/2015 | 514,230 | |
1,000,000 | Atlanta, GA Airport Passenger Facilities Charge Revenue, Subordinate Lien General Revenue Bonds (Series 2010B), 5.00%, 1/1/2015 | 1,036,030 | |
11,000,000 | Burke County, GA Development Authority, PCRBs (Fourth Series 1994), 1.20% TOBs (Georgia Power Co.), Mandatory Tender 4/1/2014 | 11,000,000 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—continued | |||
$9,000,000 | Burke County, GA Development Authority, PCRBs (Fourth Series 1995), 1.20% TOBs (Georgia Power Co.), Mandatory Tender 4/1/2014 | $9,000,000 | |
4,000,000 | Burke County, GA Development Authority, PCRBs (Series 1995), 2.30% TOBs (Georgia Power Co.), Mandatory Tender 4/1/2014 | 4,000,000 | |
14,250,000 | Burke County, GA Development Authority, PCRBs (Series 2012), 1.25% TOBs (Georgia Transmission Corporation Vogtle Project), Mandatory Tender 5/1/2015 | 14,339,062 | |
13,000,000 | Burke County, GA Development Authority, PCRBs (Second Series 2008), 1.40% TOBs (Georgia Power Co.), Mandatory Tender 4/1/2015 | 13,110,630 | |
4,500,000 | Cobb County, GA Development Authority, Solid Waste Disposal Revenue Bonds (Series 2004A), 2.00% TOBs (Waste Management, Inc.), Mandatory Tender 10/1/2014 | 4,529,025 | |
2,000,000 | Municipal Electric Authority of Georgia, General Resolution Senior General Power Revenue Bonds (Series 2012B), 5.00%, 1/1/2017 | 2,226,840 | |
400,000 | Municipal Electric Authority of Georgia, Project One Power Revenue Bonds (Series GG), 5.00%, 1/1/2017 | 445,368 | |
1,000,000 | Municipal Electric Authority of Georgia, Project One Subordinated Bonds (Series 2011A), 5.00%, 1/1/2015 | 1,035,950 | |
TOTAL | 61,237,135 | ||
Illinois—6.5% | |||
12,000,000 | 1 | Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-3 SIFMA Index), 0.81% TOBs, Mandatory Tender 6/1/2017 | 11,911,680 |
16,000,000 | 1 | Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-3 SIFMA Index), 0.89% TOBs, Mandatory Tender 6/1/2018 | 15,806,880 |
10,325,000 | Chicago, IL Midway Airport, Second Lien Revenue Bonds (Series 2010B), 5.00% TOBs (United States Treasury PRF), Mandatory Tender 1/1/2015 | 10,693,809 | |
15,980,000 | Chicago, IL O'Hare International Airport, General Revenue Senior Lien Revenue Refunding Bonds (Series 2012A), 5.00%, 1/1/2015 | 16,553,203 | |
21,030,000 | Chicago, IL O'Hare International Airport, General Revenue Senior Lien Revenue Refunding Bonds (Series 2012A), 5.00%, 1/1/2016 | 22,611,456 | |
18,455,000 | Chicago, IL O'Hare International Airport, General Revenue Senior Lien Revenue Refunding Bonds (Series 2012A), 5.00%, 1/1/2017 | 20,399,050 | |
17,585,000 | Chicago, IL O'Hare International Airport, General Revenue Senior Lien Revenue Refunding Bonds (Series 2012A), 5.00%, 1/1/2018 | 19,807,040 | |
10,000,000 | Chicago, IL O'Hare International Airport, General Revenue Senior Lien Revenue Refunding Bonds (Series 2012B), 4.00%, 1/1/2016 | 10,578,300 | |
10,400,000 | Chicago, IL O'Hare International Airport, General Revenue Senior Lien Revenue Refunding Bonds (Series 2012B), 4.00%, 1/1/2017 | 11,214,632 | |
10,815,000 | Chicago, IL O'Hare International Airport, General Revenue Senior Lien Revenue Refunding Bonds (Series 2012B), 4.00%, 1/1/2018 | 11,788,891 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,175,000 | Cook County, IL, Refunding UT GO Bonds (Series 2014A), 5.00%, 11/15/2017 | $1,327,221 | |
4,000,000 | Illinois Finance Authority, Gas Supply Refunding Revenue Bonds (Series 2010), 2.13% TOBs (Peoples Gas Light & Coke Co.), Mandatory Tender 7/1/2014 | 4,016,720 | |
1,260,000 | Illinois Finance Authority, Revenue Bonds (Series 2011IL), 3.00% (CHE Trinity Healthcare Credit Group), 12/1/2015 | 1,314,067 | |
1,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2011IL), 3.00% (CHE Trinity Healthcare Credit Group), 12/1/2016 | 1,059,420 | |
7,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2012E), 5.00% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 5/1/2015 | 7,350,070 | |
2,000,000 | Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 6/15/2014 | 2,020,020 | |
2,000,000 | Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 6/15/2015 | 2,115,360 | |
2,000,000 | Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 6/15/2016 | 2,198,660 | |
12,705,000 | Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2015 | 13,144,085 | |
10,000,000 | Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2017 | 11,001,900 | |
4,975,000 | Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2018 | 5,570,806 | |
4,350,000 | Illinois State, UT GO Bonds (Series March 2012), 4.00%, 3/1/2015 | 4,492,332 | |
7,000,000 | Illinois State, UT GO Bonds (Series of February 2014), 3.00%, 2/1/2016 | 7,295,540 | |
5,000,000 | Illinois State, UT GO Bonds (Series of February 2014), 3.00%, 2/1/2017 | 5,235,300 | |
2,000,000 | Illinois State, UT GO Bonds (Series of February 2014), 4.00%, 2/1/2017 | 2,149,000 | |
2,825,000 | Illinois State, UT GO Bonds (Series of February 2014), 4.00%, 2/1/2018 | 3,064,164 | |
2,300,000 | Kendall, Kane, & Will Counties, IL Community United School District No. 308, Refunding GO School Bonds (Series 2012), 4.00%, 10/1/2016 | 2,490,141 | |
5,000,000 | Kendall, Kane, & Will Counties, IL Community United School District No. 308, Refunding GO School Bonds (Series 2012), 4.00%, 10/1/2017 | 5,500,050 | |
TOTAL | 232,709,797 | ||
Indiana—2.3% | |||
12,500,000 | Hamilton Southeastern, IN School Corp., (Series 2013), 2.00% BANs, 6/15/2014 | 12,537,625 | |
7,525,000 | Indiana Health Facility Financing Authority, Revenue Bonds (Series 2005A-10), 4.00% TOBs (Ascension Health Alliance Subordinate Credit Group), Mandatory Tender 6/1/2016 | 8,067,252 | |
700,000 | Indiana Municipal Power Agency, Power Supply System Refunding Revenue Bonds (Series 2012A), 5.00%, 1/1/2017 | 779,800 | |
1,000,000 | Indiana Municipal Power Agency, Power Supply System Refunding Revenue Bonds (Series 2012A), 5.00%, 1/1/2018 | 1,140,500 | |
8,750,000 | Indiana State EDA, (Series A), 0.47% TOBs (Republic Services, Inc.), Mandatory Tender 6/2/2014 | 8,750,437 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Indiana—continued | |||
$10,000,000 | Indiana State Finance Authority, Health Facility Revenue BANs (Series 2013A), 2.20% (Cameron Memorial Community Hospital, Inc.), 2/1/2016 | $10,043,800 | |
1,500,000 | Indiana State Finance Authority, Hospital Revenue Bonds (Series 2011N), 4.00% (Indiana University Health Obligated Group), 3/1/2015 | 1,549,635 | |
5,000,000 | Indiana State Finance Authority, Second Lien Water Utility Revenue Bonds (Series 2011B), 3.00% (Citizens Energy Group), 10/1/2014 | 5,066,900 | |
20,000,000 | Posey County, IN EDA, (Series 2013A), 0.55% TOBs (Midwest Fertilizer Corp.)/(United States Treasury GTD), Mandatory Tender 4/10/2014 | 20,001,000 | |
15,000,000 | Whiting, IN Environmental Facilities, Revenue Bonds (Series 2009), 5.00% (BP PLC), 1/1/2016 | 16,158,000 | |
TOTAL | 84,094,949 | ||
Kansas—0.1% | |||
3,000,000 | Olathe, KS, Health Facilities Revenue Bonds (Series 2012B), 2.00% TOBs (Olathe Medical Center), Mandatory Tender 3/1/2017 | 3,048,030 | |
Kentucky—0.9% | |||
5,000,000 | Kentucky EDFA, (Series A), 0.47% TOBs (Republic Services, Inc.), Mandatory Tender 6/2/2014 | 5,000,050 | |
20,300,000 | Kentucky Public Transportation Infrastructure Authority, Subordinate Toll Revenue BANs (Series 2013A), 5.00%, 7/1/2017 | 22,429,267 | |
5,835,000 | Louisville & Jefferson County, KY Metropolitan Government, PCRBs (Series 2003A), 1.65% TOBs (Louisville Gas & Electric Co.), Mandatory Tender 4/3/2017 | 5,882,789 | |
TOTAL | 33,312,106 | ||
Louisiana—3.1% | |||
21,490,000 | 1 | East Baton Rouge Sewerage Commission, Revenue Bonds (Series 2011A), 0.91% TOBs, Mandatory Tender 8/1/2014 | 21,508,052 |
21,000,000 | 1 | Louisiana Local Government Environmental Facilities CDA, Subordinate Lien Revenue Bonds (Series 2013B LIBOR Index), 0.81% TOBs (East Baton Rouge Sewerage Commission), Mandatory Tender 8/1/2018 | 21,025,830 |
16,000,000 | 1 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2013B-1 LIBOR Index), 0.58% TOBs, Mandatory Tender 5/1/2017 | 15,996,000 |
14,400,000 | 1 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2013B-2 LIBOR Index), 0.66% TOBs, Mandatory Tender 5/1/2018 | 14,423,040 |
10,000,000 | Louisiana State Offshore Terminal Authority, Deepwater Port Revenue Bonds (Series 2007B-2A), 2.13% TOBs (Loop LLC), Mandatory Tender 10/1/2015 | 10,176,100 | |
21,430,000 | Louisiana State Offshore Terminal Authority, Deepwater Port Revenue Bonds (Series 2010B-1), 2.20% TOBs (Loop LLC), Mandatory Tender 10/1/2017 | 21,458,502 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Louisiana—continued | |||
$2,250,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.00%, 5/15/2016 | $2,415,802 | |
2,000,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.00%, 5/15/2017 | 2,200,080 | |
TOTAL | 109,203,406 | ||
Maryland—1.9% | |||
18,830,000 | 1 | Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2011B), 1.25% TOBs (Johns Hopkins Hospital), Mandatory Tender 11/15/2016 | 19,062,551 |
24,000,000 | 1 | Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2012C), 0.93% TOBs (Johns Hopkins Hospital), Mandatory Tender 11/15/2017 | 24,102,000 |
17,000,000 | 1 | Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2013A), 0.70% TOBs (Johns Hopkins Hospital), Mandatory Tender 5/15/2018 | 16,973,990 |
8,730,000 | 1 | Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2013B), 0.68% TOBs (Johns Hopkins Hospital), Mandatory Tender 5/15/2018 | 8,709,659 |
TOTAL | 68,848,200 | ||
Massachusetts—3.6% | |||
13,815,000 | 1 | Commonwealth of Massachusetts, Refunding UT GO Bonds (SIFMA Index Bonds) (Series 2012A), 0.46%, 2/1/2015 | 13,817,487 |
15,000,000 | 1 | Commonwealth of Massachusetts, Refunding UT GO Bonds (SIFMA Index Bonds) (Series 2012A), 0.54%, 2/1/2016 | 14,999,250 |
4,000,000 | 1 | Commonwealth of Massachusetts, Refunding UT GO Bonds (SIFMA Index Bonds) (Series 2012A), 0.58%, 9/1/2016 | 4,015,160 |
20,000,000 | 1 | Commonwealth of Massachusetts, UT GO Bonds (Series 2012D), 0.40%, 1/1/2017 | 20,013,600 |
10,000,000 | 1 | Commonwealth of Massachusetts, UT GO Bonds (Series 2012D), 0.49%, 1/1/2018 | 10,044,900 |
3,500,000 | 1 | Commonwealth of Massachusetts, UT GO Refunding Bonds (Series 2011A), 0.72%, 2/1/2015 | 3,500,000 |
10,000,000 | 1 | Commonwealth of Massachusetts, UT GO Refunding Bonds (SIFMA Index Bonds) (Series 2013A), 0.42%, 2/1/2017 | 10,013,600 |
20,000,000 | Essex, MA North Shore Agricultural & Technical School District, LT GO Notes, 1.25% BANs, 6/20/2014 | 20,030,800 | |
15,000,000 | 1 | Massachusetts Development Finance Agency, Variable Rate Revenue Bonds (Series 2011N), 0.56% TOBs (Williams College, MA), Mandatory Tender 7/1/2014 | 15,005,550 |
1,250,000 | Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 4 Series 2012A), 5.00%, 7/1/2014 | 1,265,175 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Massachusetts—continued | |||
$1,000,000 | Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 4 Series 2012A), 5.00%, 7/1/2015 | $1,058,590 | |
6,250,000 | Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 6 Series 2012A), 5.00%, 7/1/2014 | 6,325,562 | |
3,250,000 | Massachusetts Municipal Wholesale Electric Co., Power Supply Project Revenue Bonds (Nuclear Project No. 6 Series 2012A), 5.00%, 7/1/2015 | 3,441,263 | |
1,500,000 | Massachusetts State Development Finance Agency, Resource Recovery Revenue Bonds (Series 1999B), 2.13% TOBs (Waste Management, Inc.), Mandatory Tender 12/1/2015 | 1,533,330 | |
2,125,000 | Massachusetts State HFA, Construction Loan Notes (Series 2012F), 0.65%, 12/1/2014 | 2,125,850 | |
TOTAL | 127,190,117 | ||
Michigan—3.1% | |||
15,500,000 | Michigan State Hospital Finance Authority, Revenue Bonds (Series 1999B-4), 0.90% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 3/16/2015 | 15,555,645 | |
5,000,000 | Michigan State Hospital Finance Authority, Revenue Bonds (Series 1999B-4), 1.50% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 3/1/2017 | 5,067,450 | |
2,000,000 | Michigan State Hospital Finance Authority, Revenue Bonds (Series 2010B), 5.00% (Ascension Health Alliance Senior Credit Group), 11/15/2015 | 2,148,020 | |
10,000,000 | Michigan State Strategic Fund, Revenue Bonds, 1.50% TOBs (Waste Management, Inc.), Mandatory Tender 8/1/2014 | 10,015,900 | |
26,650,000 | Michigan Strategic Fund, Adjustable Rate Demand LO Refunding Revenue Bonds (Series 1995C), 2.13% TOBs (Detroit Edison Co.), Mandatory Tender 9/1/2016 | 27,213,647 | |
7,320,000 | Monroe County, MI EDC, Adjustable Rate Demand LT Obligation Refunding Revenue Bonds (Series 1992-CC), 2.35% TOBs (Detroit Edison Co.), Mandatory Tender 4/1/2014 | 7,320,000 | |
23,800,000 | 1 | Saline, MI Area Schools, UT GO Refunding Bonds (Series 2012), 0.61% TOBs (Q-SBLF GTD) 11/1/2015 | 23,772,392 |
20,000,000 | 1 | University of Michigan (The Regents of), General Revenue Bonds (Series 2012F), 0.46% TOBs, Mandatory Tender 4/1/2016 | 20,034,200 |
TOTAL | 111,127,254 | ||
Mississippi—0.3% | |||
800,000 | Mississippi Business Finance Corp., Solid Waste Disposal Revenue Bonds (Series 2002), 1.38% TOBs (Waste Management, Inc.), Mandatory Tender 3/1/2017 | 793,552 | |
11,385,000 | 1 | Mississippi State, UT GO Refunding Bonds (Series 2012D), 0.59%, 9/1/2017 | 11,416,423 |
TOTAL | 12,209,975 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Missouri—0.2% | |||
$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 | $3,789,601 | |
1,000,000 | St. Louis, MO Municipal Finance Corp., City Justice Center Leasehold Revenue Refunding Bonds (Series 2011), 5.00% (St. Louis, MO), 2/15/2015 | 1,036,780 | |
2,000,000 | St. Louis, MO Municipal Finance Corp., City Justice Center Leasehold Revenue Refunding Bonds (Series 2011), 5.00% (St. Louis, MO), 2/15/2016 | 2,145,580 | |
TOTAL | 6,971,961 | ||
Nebraska—0.1% | |||
750,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 3.00%, 1/1/2016 | 783,697 | |
250,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 4.00%, 1/1/2015 | 257,213 | |
500,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 4.00%, 1/1/2017 | 544,715 | |
750,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 5.00%, 1/1/2017 | 837,457 | |
TOTAL | 2,423,082 | ||
New Hampshire—0.6% | |||
15,000,000 | New Hampshire Business Finance Authority, (Series 1990B), 0.42% CP (New England Power Co.), Mandatory Tender 4/8/2014 | 15,000,000 | |
5,000,000 | New Hampshire Business Finance Authority, PCR Refunding Bonds (Series 2010A), 4.50% TOBs (United Illuminating Co.), Mandatory Tender 7/1/2015 | 5,181,800 | |
2,000,000 | New Hampshire Business Finance Authority, Solid Waste Disposal Revenue Bonds (Series 2003), 2.13% TOBs (Waste Management, Inc.), Mandatory Tender 6/1/2018 | 1,994,820 | |
TOTAL | 22,176,620 | ||
New Jersey—5.8% | |||
3,250,000 | Gloucester County, NJ Improvement Authority, Resource Recovery Revenue Refunding Bonds (Series 1999A), 2.13% TOBs (Waste Management, Inc.), Mandatory Tender 12/1/2017 | 3,297,710 | |
750,000 | Gloucester County, NJ Improvement Authority, Resource Recovery Revenue Refunding Bonds (Series 1999A), 2.50% TOBs (Waste Management, Inc.), Mandatory Tender 12/1/2017 | 760,793 | |
9,687,000 | Jersey City, NJ, (Series 2013A-B), 1.25% RANs, 4/17/2014 | 9,689,325 | |
5,100,000 | Logan Township, NJ, (Series 2013A), 1.25% BANs, 10/30/2014 | 5,115,606 | |
6,126,000 | Lyndhurst Township, NJ, 1.00% BANs, 3/18/2015 | 6,144,562 | |
4,000,000 | New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2014 | 4,037,960 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$13,000,000 | 1 | New Jersey EDA, School Facilites Construction SIMFA Index Bonds (Series 2012G), 0.64% (New Jersey State), 2/1/2015 | $13,018,850 |
18,500,000 | 1 | New Jersey EDA, School Facilites Construction SIMFA Index Bonds (Series 2012H), 0.96% (New Jersey State), 2/1/2017 | 18,677,600 |
82,100,000 | 1 | New Jersey EDA, School Facilities Construction Refunding SIMFA Index Bonds (Series E), 1.76% (New Jersey State), 2/1/2016 | 83,476,817 |
1,250,000 | New Jersey Health Care Facilities Financing Authority, Refunding Bonds (Series 2011), 5.00% (Meridian Health System Obligated Group), 7/1/2014 | 1,264,537 | |
1,500,000 | New Jersey Health Care Facilities Financing Authority, Refunding Bonds (Series 2011), 5.00% (Meridian Health System Obligated Group), 7/1/2015 | 1,584,195 | |
2,000,000 | New Jersey Health Care Facilities Financing Authority, Refunding Bonds (Series 2011), 5.00% (Meridian Health System Obligated Group), 7/1/2016 | 2,185,040 | |
1,000,000 | New Jersey State Transportation Trust Fund Authority, Transportation System Bonds (Series 2011B), 5.00% (New Jersey State), 6/15/2014 | 1,009,990 | |
2,000,000 | New Jersey State Transportation Trust Fund Authority, Transportation System Bonds (Series 2011B), 5.00% (New Jersey State), 6/15/2015 | 2,113,880 | |
6,625,000 | 1 | New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013 D-3), 0.74% TOBs, Mandatory Tender 1/1/2018 | 6,659,781 |
7,235,000 | 1 | New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013 E-1), 0.59% TOBs, Mandatory Tender 1/1/2016 | 7,261,625 |
5,000,000 | 1 | New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013 E-2), 0.68% TOBs, Mandatory Tender 1/1/2017 | 5,026,800 |
10,000,000 | 1 | New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013C), 0.54%, 1/1/2017 | 10,005,000 |
10,000,000 | 1 | New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013C), 0.61%, 1/1/2018 | 10,004,400 |
3,000,000 | Newark, NJ, (Series 2013B), 1.50% BANs, 6/26/2014 | 3,004,830 | |
1,500,000 | Newark, NJ, (Series 2013C), 1.50% BANs, 6/26/2014 | 1,502,415 | |
7,000,000 | Newark, NJ, (Series 2013D), 1.50% BANs, 6/26/2014 | 7,013,020 | |
4,853,000 | Newark, NJ, (Series 2013G), 1.50% RANs, 12/10/2014 | 4,873,819 | |
TOTAL | 207,728,555 | ||
New York—11.0% | |||
6,755,000 | Bath, NY, 1.25% BANs, 5/23/2014 | 6,757,297 | |
11,141,000 | Colonie, NY, 1.25% BANs, 3/19/2015 | 11,187,904 | |
3,100,000 | Croton Falls, NY Fire District, 1.50% BANs, 11/21/2014 | 3,109,486 | |
1,500,000 | Erie County, NY IDA, School Facility Revenue Bonds (Series 2009A), 5.00% (Buffalo, NY City School District), 5/1/2014 | 1,506,090 | |
10,000,000 | 1 | Metropolitan Transportation Authority, NY, Dedicated Tax Fund Refunding Bonds (Series 2008B-3c) (Floating Rate Tender Notes), 0.74% TOBs (MTA Dedicated Tax Fund), Mandatory Tender 11/1/2014 | 10,008,000 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$5,830,000 | Metropolitan Transportation Authority, NY, Dedicated Tax Fund Refunding Bonds (Series 2011A), 4.00% (MTA Dedicated Tax Fund), 11/15/2014 | $5,970,736 | |
8,000,000 | 1 | Metropolitan Transportation Authority, NY, Dedicated Tax Fund Variable Rate Bonds (Subseries 2002B-3), 0.81% (MTA Dedicated Tax Fund), 11/1/2017 | 8,038,880 |
14,000,000 | 1 | Metropolitan Transportation Authority, NY, Dedicated Tax Fund Variable Rate Bonds (Subseries 2002B-3b), 0.96% (MTA Dedicated Tax Fund), 11/1/2018 | 14,081,060 |
15,000,000 | 1 | Metropolitan Transportation Authority, NY, Dedicated Tax Fund Variable Rate Bonds (Subseries 2002B-3c), 1.01% (MTA Dedicated Tax Fund), 11/1/2019 | 15,060,900 |
3,000,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1c), 0.79% (MTA Transportation Revenue), 11/1/2016 | 3,012,630 |
2,000,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1d), 0.93% (MTA Transportation Revenue), 11/1/2017 | 2,015,020 |
5,000,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1g), 0.75% TOBs (MTA Transportation Revenue), Mandatory Tender 11/1/2015 | 5,008,650 |
5,000,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1h), 0.95% TOBs (MTA Transportation Revenue), Mandatory Tender 11/1/2016 | 5,040,200 |
18,900,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2012G-2), 0.63% TOBs (MTA Transportation Revenue), Mandatory Tender 11/1/2015 | 18,932,697 |
24,750,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2012G-3), 0.80% TOBs (MTA Transportation Revenue), Mandatory Tender 11/1/2016 | 24,879,442 |
17,770,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2012G-4), 0.94% TOBs (MTA Transportation Revenue), Mandatory Tender 11/1/2017 | 17,909,672 |
17,000,000 | Nassau County, NY, (Series 2013B), 2.00% BANs, 7/1/2014 | 17,073,270 | |
14,000,000 | 1 | New York City, NY, UT GO Bonds (Series 2008J, Subseries J-4), 0.44%, 8/1/2021 | 14,012,040 |
15,000,000 | 1 | New York City, NY, UT GO Bonds (Series 2008J, Subseries J-4), 0.53%, 8/1/2021 | 15,003,600 |
12,700,000 | 1 | New York City, NY, UT GO Bonds (Series 2008J, Subseries J-4), 0.61%, 8/1/2025 | 12,698,857 |
5,500,000 | New York City, NY, UT GO Bonds (Series 2012E), 5.00%, 8/1/2015 | 5,852,880 | |
6,040,000 | New York City, NY, UT GO Bonds (Series 2012E), 5.00%, 8/1/2016 | 6,674,864 | |
12,395,000 | New York City, NY, UT GO Bonds (Series 2012E), 5.00%, 8/1/2017 | 14,047,501 | |
7,585,000 | New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2014 | 7,708,029 | |
14,625,000 | New York City, NY, UT GO Bonds (Series 2012F), 5.00%, 8/1/2016 | 16,162,234 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$13,275,000 | New York State Dormitory Authority, Revenue Bonds (Series 2011A), 5.00% (School District Financing Program), 10/1/2015 | $14,189,382 | |
10,000,000 | New York State Environmental Facilities Corp., 0.50% TOBs (Waste Management, Inc.), Optional Tender 5/1/2014 | 10,000,000 | |
2,000,000 | New York State Environmental Facilities Corp., Revenue Bonds (Series A), 2.75% (Waste Management, Inc.), 7/1/2017 | 2,083,520 | |
5,000,000 | New York State Thruway Authority, Revenue Bonds (Series 2011A), 5.00% (New York State Personal Income Tax Revenue Bond Fund), 3/15/2015 | 5,233,350 | |
10,000,000 | New York State, Refunding UT GO Bonds (Series 2011C), 5.00%, 9/1/2014 | 10,205,800 | |
7,500,000 | 1,2,3 | Nuveen New York AMT-Free Municipal Income Fund, Institutional MuniFund Term Preferred Shares (Series 2017), 0.68%, 10/1/2017 | 7,500,000 |
8,000,000 | Rockland County, NY, 2.00% TANs, 3/17/2015 | 8,078,080 | |
1,825,000 | Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (Assured Guaranty Municipal Corp. INS), 3/1/2018 | 2,042,960 | |
2,250,000 | Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (Assured Guaranty Municipal Corp. INS), 3/1/2019 | 2,538,743 | |
20,000,000 | Suffolk County, NY, (2014 Series II), 1.50% TANs, 8/14/2014 | 20,056,600 | |
15,000,000 | Suffolk County, NY, (Series 2013A), 2.00% BANs, 5/2/2014 | 15,019,650 | |
2,500,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2020 | 2,627,250 | |
3,500,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2020 | 3,798,200 | |
9,000,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2021 | 9,766,800 | |
6,750,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2021 | 7,517,678 | |
10,000,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Refunding Bonds (Series 2011A), 5.00%, 1/1/2015 | 10,365,700 | |
2,190,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Refunding Bonds (Series 2011A), 5.00%, 1/1/2016 | 2,364,696 | |
TOTAL | 395,140,348 | ||
North Carolina—2.8% | |||
10,500,000 | North Carolina Capital Facilities Finance Agency, (Series 2013), 0.52% TOBs (Republic Services, Inc.), Mandatory Tender 6/16/2014 | 10,500,000 | |
35,000,000 | North Carolina Capital Facilities Finance Agency, (Series A), 0.40% TOBs (Republic Services, Inc.), Mandatory Tender 6/2/2014 | 35,000,350 | |
3,000,000 | North Carolina Capital Facilities Finance Agency, (Series B), 0.45% TOBs (Republic Services, Inc.), Mandatory Tender 6/2/2014 | 3,000,030 | |
5,570,000 | North Carolina Eastern Municipal Power Agency, Power System Refunding Revenue Bonds (Series 2012B), 5.00%, 1/1/2015 | 5,768,125 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
North Carolina—continued | |||
$1,500,000 | North Carolina Eastern Municipal Power Agency, Power System Refunding Revenue Bonds (Series 2012B), 5.00%, 1/1/2016 | $1,615,800 | |
4,500,000 | North Carolina Eastern Municipal Power Agency, Power System Refunding Revenue Bonds (Series 2012B), 5.00%, 1/1/2017 | 5,005,170 | |
2,855,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds (Series 2010A), 5.00%, 1/1/2015 | 2,956,552 | |
2,890,000 | 1 | North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds (Series 2012C), 0.80% TOBs (Wake Forest Baptist Obligated Group), Mandatory Tender 12/1/2017 | 2,879,972 |
20,000,000 | 1 | University of North Carolina at Chapel Hill, General Revenue Bonds (Series 2012A), 0.55% TOBs, Mandatory Tender 12/1/2015 | 20,030,000 |
12,750,000 | 1 | University of North Carolina at Chapel Hill, General Revenue Bonds (Series 2012A), 0.85% TOBs, Mandatory Tender 12/1/2017 | 12,809,287 |
TOTAL | 99,565,286 | ||
Ohio—2.1% | |||
5,000,000 | Cleveland, OH Public Power System, Revenue Refunding Bonds (Series 2010), 5.00%, 11/15/2014 | 5,147,800 | |
8,500,000 | Ohio State Air Quality Development Authority, 3.75% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 12/3/2018 | 8,641,950 | |
8,000,000 | Ohio State Air Quality Development Authority, Air Quality Revenue Refunding Bonds (Series 2009A), 3.88% TOBs (Columbus Southern Power Company), Mandatory Tender 6/1/2014 | 8,036,880 | |
20,000,000 | Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2009D), 2.25% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 9/15/2016 | 19,971,400 | |
3,000,000 | Ohio State Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds (Series 2009), 5.00% (Oberlin College), 10/1/2014 | 3,071,400 | |
13,000,000 | 1 | Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2011B), 1.31% (University of Dayton), 7/1/2016 | 13,031,460 |
2,000,000 | Ohio Water Development Authority, 2.25% TOBs (Waste Management, Inc.), Mandatory Tender 7/1/2016 | 2,049,620 | |
5,000,000 | 1 | Ohio Water Development Authority, Ohio Water Pollution Control Fund Notes (Series 2012A), 0.46% TOBs, Mandatory Tender 7/15/2015 | 4,999,750 |
8,000,000 | Ohio Water Development Authority, PCR Refunding Bonds (Series 2010B), 2.20% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 6/1/2016 | 8,019,520 | |
1,400,000 | Richland County, OH, (Series 2014A), 1.60% BANs, 1/7/2015 | 1,407,574 | |
TOTAL | 74,377,354 | ||
Oklahoma—1.4% | |||
100,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 3.00% (Mustang Public Schools), 9/1/2014 | 101,059 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oklahoma—continued | |||
$750,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 3.00% (Mustang Public Schools), 9/1/2016 | $785,955 | |
3,235,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 3.50% (Mustang Public Schools), 9/1/2017 | 3,457,406 | |
1,390,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.00% (Mustang Public Schools), 9/1/2018 | 1,520,021 | |
2,125,000 | Cleveland County, OK Educational Facilities Authority, Educational Facilities Lease Revenue Bonds (Series 2013), 5.00% (Moore Public Schools), 6/1/2014 | 2,141,299 | |
2,050,000 | Cleveland County, OK Educational Facilities Authority, Educational Facilities Lease Revenue Bonds (Series 2013), 5.00% (Moore Public Schools), 6/1/2015 | 2,158,240 | |
1,500,000 | Oklahoma County, OK Finance Authority, Educational Facilities Lease Revenue Bonds (Series 2012), 2.00% (Midwest City-Del City Public Schools), 3/1/2015 | 1,522,260 | |
4,390,000 | Oklahoma County, OK Finance Authority, Educational Facilities Lease Revenue Bonds (Series 2012), 3.00% (Midwest City-Del City Public Schools), 3/1/2017 | 4,627,543 | |
5,345,000 | Oklahoma County, OK Finance Authority, Educational Facilities Lease Revenue Bonds (Series 2012), 4.00% (Midwest City-Del City Public Schools), 3/1/2016 | 5,674,252 | |
2,750,000 | Oklahoma Development Finance Authority, Solid Waste Disposal Revenue Bonds (Series 2004A), 2.25% TOBs (Waste Management, Inc.), Mandatory Tender 6/2/2014 | 2,757,315 | |
13,000,000 | Oklahoma State Municipal Power Authority, Power Supply System Revenue Bonds (Series 2003A), 1.20% TOBs, Mandatory Tender 1/5/2015 | 13,056,030 | |
7,595,000 | 1 | Oklahoma State Municipal Power Authority, Power Supply System Revenue Refunding Bonds (Series 2005A), 0.86% TOBs, Mandatory Tender 8/1/2018 | 7,616,873 |
3,315,000 | Tulsa County, OK Industrial Authority, Educational Facilities Lease Revenue Bonds (Series 2011), 4.00% (Broken Arrow Public Schools), 9/1/2015 | 3,484,861 | |
TOTAL | 48,903,114 | ||
Oregon—0.3% | |||
3,000,000 | Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 3.00%, 11/1/2016 | 3,084,570 | |
3,500,000 | Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 4.00%, 11/1/2017 | 3,741,185 | |
2,100,000 | Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 5.00%, 11/1/2018 | 2,361,597 | |
TOTAL | 9,187,352 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—4.7% | |||
$4,125,000 | Allegheny County, PA HDA , Revenue Bonds (Series 2010A), 5.00% (UPMC Health System), 5/15/2015 | $4,343,625 | |
10,000,000 | Beaver County, PA IDA, PCR Refunding Bonds (Series 2006A), 2.20% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 7/1/2016 | 9,975,900 | |
1,000,000 | 1 | Bermudian Springs, PA School District, GO Notes (Series 2013), 0.50%, 5/1/2015 | 998,590 |
7,500,000 | 1 | Bermudian Springs, PA School District, GO Notes (Series 2013), 0.80% TOBs 5/2/2016 | 7,489,200 |
3,000,000 | Bucks County, PA IDA, Solid Waste Revenue Bonds, 0.88% TOBs (Waste Management, Inc.), Mandatory Tender 2/1/2017 | 2,988,750 | |
8,700,000 | Chester County, PA IDA, Student Housing Revenue BANs (Series 2013C-1), 1.60% (University Student Housing LLC), 2/1/2015 | 8,715,399 | |
5,975,000 | 1 | Downingtown Area School District, PA, UT GO Bonds (Series 2010), 0.43% TOBs, Mandatory Tender 5/1/2016 | 5,955,223 |
16,445,000 | 1 | Middletown, PA Area School District, UT GO Bonds (Series 2013), 0.85% TOBs, Mandatory Tender 6/5/2017 | 16,464,898 |
500,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2015 | 515,165 | |
625,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2016 | 662,150 | |
375,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2017 | 405,274 | |
625,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2018 | 684,738 | |
8,000,000 | 1 | Northampton County, PA General Purpose Authority, Variable Rate Hospital Revenue Bonds (Series 2013B), 1.46% TOBs (St. Luke's Hospital of Bethlehem), Mandatory Tender 8/15/2043 | 7,919,920 |
35,750,000 | Pennsylvania EDFA, (Series 2013), 0.50% TOBs (Waste Management, Inc.), Optional Tender 5/1/2014 | 35,750,000 | |
5,250,000 | Pennsylvania EDFA, Exempt Facilities Revenue Bonds (Series 2006A), 2.55% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 12/3/2018 | 5,167,890 | |
3,515,000 | Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds (Series 2004A), 2.63% TOBs (Waste Management, Inc.), Mandatory Tender 5/2/2014 | 3,520,729 | |
4,500,000 | Pennsylvania EDFA, Solid Waste Disposal Revenue Bonds, 1.75% TOBs (Waste Management, Inc.), Mandatory Tender 12/1/2015 | 4,572,135 | |
12,070,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2009C), 1.11%, 12/1/2014 | 12,105,727 |
5,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2011B), 0.71%, 6/1/2014 | 5,001,750 |
10,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2011D), 0.61%, 12/1/2014 | 10,001,600 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$10,855,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2013A), 0.66%, 12/1/2017 | $10,892,450 |
11,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2013A), 0.74%, 12/1/2018 | 11,031,570 |
1,430,000 | 1 | Sayre, PA, Health Care Facilities Authority, Revenue Bonds, 0.81% (Guthrie Healthcare System, PA), 12/1/2017 | 1,408,836 |
TOTAL | 166,571,519 | ||
Rhode Island—0.5% | |||
2,710,000 | Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00%, 8/1/2014 | 2,753,929 | |
4,585,000 | Rhode Island State and Providence Plantations, GO Bonds (Series 2011A), 5.00%, 8/1/2015 | 4,878,302 | |
4,460,000 | Rhode Island State and Providence Plantations, GO Bonds (Series 2011B), 5.00%, 8/1/2014 | 4,532,297 | |
4,700,000 | Rhode Island State and Providence Plantations, GO Bonds (Series 2011B), 5.00%, 8/1/2015 | 5,000,659 | |
TOTAL | 17,165,187 | ||
South Carolina—0.5% | |||
17,470,000 | 1 | Charleston, SC Waterworks and Sewer System, Refunding Revenue Bonds (Series 2007), 0.78% TOBs, Mandatory Tender 1/1/2018 | 17,466,681 |
2,000,000 | South Carolina Jobs-EDA, EDRBs (Series 2008), 2.88% (Waste Management, Inc.), 2/1/2015 | 2,034,700 | |
TOTAL | 19,501,381 | ||
Tennessee—1.5% | |||
8,000,000 | Lewisburg, TN IDB, (Series 2012), 0.50% TOBs (Waste Management, Inc.), Optional Tender 5/1/2014 | 8,000,000 | |
20,000,000 | 1 | Metropolitan Government Nashville & Davidson County, TN HEFA, Revenue Refunding Bonds (Series 2012A), 0.46% TOBs (Vanderbilt University) 10/1/2015 | 19,984,400 |
23,500,000 | 1 | Metropolitan Government Nashville & Davidson County, TN HEFA, Revenue Refunding Bonds (Series 2012B), 0.66% TOBs (Vanderbilt University) 10/1/2017 | 23,612,565 |
1,000,000 | Metropolitan Government Nashville & Davidson County, TN Water & Sewer, Subordinate Lien Water & Sewer Revenue Refunding Bonds (Series 2012), 5.00%, 7/1/2016 | 1,098,650 | |
TOTAL | 52,695,615 | ||
Texas—6.2% | |||
5,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Put Bonds (Series 2013B), 3.00% TOBs, Mandatory Tender 1/4/2016 | 5,048,650 | |
12,890,000 | Clear Creek, TX ISD, Variable Rate UT School Building Bonds (Series 2013B), 2.00% TOBs (PSFG GTD), Mandatory Tender 8/14/2015 | 13,166,619 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$5,625,000 | Cypress-Fairbanks, TX ISD, Variable Rate UT GO School Building Bonds (Series2014B-2), 3.00% TOBs (PSFG GTD), Mandatory Tender 8/15/2017 | $5,971,612 | |
5,000,000 | Cypress-Fairbanks, TX ISD, Variable Rate UT GO School Building Bonds (Series2014B-3), 2.00% TOBs (PSFG GTD), Mandatory Tender 8/15/2015 | 5,104,700 | |
2,780,000 | Georgetown, TX ISD, 4.75% TOBs, Mandatory Tender 8/1/2015 | 2,934,040 | |
1,170,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 0.36% (Memorial Hermann Health System), 6/1/2015 | 1,169,836 |
1,045,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 0.46% (Memorial Hermann Health System), 6/1/2016 | 1,044,394 |
3,600,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 0.56% (Memorial Hermann Health System), 6/1/2017 | 3,599,712 |
1,815,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 0.66% (Memorial Hermann Health System), 6/1/2018 | 1,814,419 |
2,250,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 0.76% (Memorial Hermann Health System), 6/1/2019 | 2,249,865 |
2,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 0.81% (Memorial Hermann Health System), 6/1/2020 | 1,995,580 |
3,710,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 0.89% (Memorial Hermann Health System), 6/1/2021 | 3,694,307 |
1,770,000 | Harris County, TX Metropolitan Transit Authority, Sales & Tax Contractual Obligations (Series 2011B), 4.00%, 11/1/2014 | 1,809,577 | |
3,655,000 | Harris County, TX Metropolitan Transit Authority, Sales & Tax Contractual Obligations (Series 2011B), 4.00%, 11/1/2015 | 3,872,436 | |
25,000,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.65% TOBs (Harris County, TX Toll Road Authority), Mandatory Tender 2/15/2015 | 25,070,500 |
3,750,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 0.70% TOBs (Harris County, TX Toll Road Authority), Mandatory Tender 2/15/2016 | 3,772,688 |
3,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2012A), 0.61% TOBs, Mandatory Tender 6/1/2015 | 3,004,950 |
10,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2012A), 0.81% TOBs, Mandatory Tender 6/1/2017 | 10,091,200 |
15,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2012C), 0.66% TOBs, Mandatory Tender 8/1/2016 | 15,054,450 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$8,550,000 | 1 | Houston, TX Higher Education Finance Corp., Higher Education Revenue Refunding Bonds (Series 2013B), 0.59% TOBs (Rice University), Mandatory Tender 11/16/2017 | $8,585,568 |
2,000,000 | Houston, TX Hotel Occupancy Tax, Hotel Occupancy Tax & Special Revenue Refunding Bonds (Series 2011A), 5.00%, 9/1/2014 | 2,040,040 | |
2,795,000 | Houston, TX Hotel Occupancy Tax, Hotel Occupancy Tax & Special Revenue Refunding Bonds (Series 2011A), 5.00%, 9/1/2015 | 2,962,868 | |
1,340,000 | Houston, TX Hotel Occupancy Tax, Hotel Occupancy Tax & Special Revenue Refunding Bonds (Series 2011B), 5.00%, 9/1/2014 | 1,366,827 | |
2,600,000 | Houston, TX Hotel Occupancy Tax, Hotel Occupancy Tax & Special Revenue Refunding Bonds (Series 2011B), 5.00%, 9/1/2015 | 2,756,156 | |
7,500,000 | Houston, TX ISD, Variable Rate LT Refunding Bonds (Series 2012), 2.00% TOBs (PSFG GTD), Mandatory Tender 6/1/2014 | 7,522,650 | |
10,000,000 | Houston, TX ISD, Variable Rate LT Refunding Bonds (Series 2012), 2.00% TOBs (PSFG GTD), Mandatory Tender 6/1/2015 | 10,246,500 | |
15,000,000 | Lower Colorado River Authority, TX, Refunding Revenue Bonds (Series 2011B), 5.00% (LCRA Transmission Services Corp.), 5/15/2015 | 15,791,400 | |
500,000 | Lubbock, TX HFDC, Refunding Revenue Bonds (Series 2008B), 5.00% (St. Joseph Health System), 7/1/2014 | 505,905 | |
1,085,000 | Lubbock, TX HFDC, Refunding Revenue Bonds (Series 2008B), 5.00% (St. Joseph Health System), 7/1/2015 | 1,145,478 | |
8,060,000 | San Antonio, TX Electric & Gas System, Variable Rate Junior Lien Revenue Refunding Bonds (Series 2012A), 2.00% TOBs, Mandatory Tender 12/1/2014 | 8,155,753 | |
7,000,000 | San Antonio, TX Electric & Gas System, Variable Rate Junior Lien Revenue Refunding Bonds (Series 2012B), 2.00% TOBs, Mandatory Tender 12/1/2015 | 7,191,940 | |
7,500,000 | San Antonio, TX Electric & Gas System, Variable Rate Junior Lien Revenue Refunding Bonds (Series 2012C), 2.00% TOBs, Mandatory Tender 12/1/2016 | 7,761,450 | |
15,000,000 | 1 | San Antonio, TX Water System, Variable Rate Junior Lien Revenue Bonds (Series 2013F), 0.74% TOBs, Mandatory Tender 11/1/2016 | 14,998,500 |
19,000,000 | Texas State Transportation Commission, First Tier Revenue Refunding Bonds (Series 2012-A), 1.25% TOBs (Central Texas Turnpike System), Mandatory Tender 2/15/2015 | 19,098,230 | |
TOTAL | 220,598,800 | ||
Utah—0.4% | |||
3,300,000 | Box Elder County, UT, PCRBs (Series 1984), 1.65% TOBs (Nucor Corp.), Optional Tender 10/1/2014 | 3,300,561 | |
9,000,000 | Utah County, UT IDA, Environmental Improvement Revenue Refunding Bonds (Series 2011), 5.38% (United States Steel Corp.), 11/1/2015 | 9,254,880 | |
TOTAL | 12,555,441 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Virginia—1.7% | |||
$12,800,000 | Amelia County, VA IDA, (Series 2002), 0.63% TOBs (Waste Management, Inc.), Mandatory Tender 4/1/2015 | $12,800,000 | |
1,820,000 | Caroline County, VA IDA, Public Facility Lease Revenue BANs (Series 2011), 4.00%, 8/1/2016 | 1,822,985 | |
4,800,000 | Charles City County, VA EDA, Variable Rate Demand Solid Waste Disposal Revenue Bonds (Series 2004A), 3.13% TOBs (Waste Management, Inc.), Mandatory Tender 11/1/2016 | 5,043,120 | |
2,000,000 | Charles City County, VA IDA, Tax-Exempt Adujustable Mode Solid Waste Disposal Revenue Bonds (Series 2002), 1.88% TOBs (Waste Management, Inc.), Mandatory Tender 4/1/2015 | 2,021,780 | |
8,000,000 | Louisa, VA IDA, PCR Refunding Bonds (Series 2008C), 1.50% TOBs (Virginia Electric & Power Co.), Mandatory Tender 12/1/2014 | 8,031,920 | |
5,000,000 | Louisa, VA IDA, Solid Waste & Sewage Disposal Revenue Bonds (Series 2000A), 2.50% TOBs (Virginia Electric & Power Co.), Mandatory Tender 4/1/2014 | 5,000,000 | |
615,000 | Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2015 | 651,352 | |
2,000,000 | Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2016 | 2,193,520 | |
2,335,000 | Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2017 | 2,611,394 | |
5,440,000 | Smyth County, VA, GO Literary LANs (Series 2011B), 3.00%, (United States Treasury PRF 11/1/2013@100) 5/1/2016 | 5,449,792 | |
10,000,000 | Virginia Peninsula Port Authority, Revenue Refunding Bonds (Series 2003), 2.38% TOBs (Dominion Terminal Associates)/(Dominion Resources, Inc. GTD), Mandatory Tender 10/1/2016 | 10,202,700 | |
3,570,000 | York County, VA EDA, PCR Refunding Bonds (Series 2009A), 4.05% TOBs (Virginia Electric & Power Co.), Mandatory Tender 5/1/2014 | 3,579,389 | |
TOTAL | 59,407,952 | ||
Washington—1.0% | |||
12,500,000 | Port of Bellingham, WA Industrial Development Corp., Revenue Refunding Bonds (Series 2003A), 5.00% (BP PLC), 1/1/2016 | 13,465,000 | |
4,000,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2015 | 4,215,640 | |
3,000,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2016 | 3,267,480 | |
1,500,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2017 | 1,676,475 | |
5,000,000 | 2,3 | Washington State EDFA, Solid Waste Disposal Revenue Bonds (Series 2005D), 2.00% TOBs (Waste Management, Inc.), Mandatory Tender 9/2/2014 | 5,027,200 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Washington—continued | |||
$7,500,000 | 2,3 | Washington State EDFA, Solid Waste Disposal Revenue Bonds (Series 2008), 2.00% TOBs (Waste Management, Inc.), Mandatory Tender 9/2/2014 | $7,540,800 |
TOTAL | 35,192,595 | ||
West Virginia—1.6% | |||
8,500,000 | Mason County, WV, PCRBs (Series L), 2.00% TOBs (Appalachian Power Co.), Mandatory Tender 10/1/2014 | 8,546,325 | |
10,000,000 | West Virginia EDA, Solid Waste Disposal Facilities Revenue Bonds (Series 2010A), 3.13% TOBs (Ohio Power Co.), Mandatory Tender 4/1/2015 | 10,202,900 | |
16,500,000 | West Virginia EDA, Solid Waste Disposal Facilities Revenue Bonds Series (2011A), 2.00% TOBs (Appalachian Power Co.), Mandatory Tender 9/1/2016 | 16,729,845 | |
375,000 | West Virginia University Board of Governors, University Improvement Revenue Bonds (Series 2011B), 4.00% (West Virginia University), 10/1/2015 | 395,516 | |
800,000 | West Virginia University Board of Governors, University Improvement Revenue Bonds (Series 2011B), 5.00% (West Virginia University), 10/1/2014 | 819,160 | |
700,000 | West Virginia University Board of Governors, University Improvement Revenue Bonds (Series 2011B), 5.00% (West Virginia University), 10/1/2015 | 748,762 | |
21,225,000 | 1 | West Virginia University Board of Governors, University Improvement Variable Rate Revenue Bonds (Series 2011C), 0.71% TOBs (West Virginia University), Mandatory Tender 10/1/2014 | 21,232,004 |
TOTAL | 58,674,512 | ||
Wisconsin—0.6% | |||
12,000,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2009B), 4.75% TOBs (Aurora Health Care, Inc.), Mandatory Tender 8/15/2014 | 12,193,440 | |
760,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2011A), 5.00% (Gundersen Lutheran), 10/15/2014 | 778,673 | |
3,685,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Series 2013B-1), 4.00% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 3/1/2018 | 4,057,885 | |
2,420,000 | Wisconsin State Transportation, Revenue Bonds (Series 2009A), 3.50%, 7/1/2014 | 2,440,425 | |
3,500,000 | Wisconsin State, GO Refunding Bonds (Series 2011-1), 5.00%, 5/1/2014 | 3,514,280 | |
TOTAL | 22,984,703 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Wyoming—0.1% | |||
$4,200,000 | Albany County, WY, PCRBs (Series 1985), 1.85% TOBs (Union Pacific Railroad Co.)/(Union Pacific Corp. GTD), Optional Tender 12/1/2014 | $4,205,460 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $3,069,929,935) | 3,085,892,543 | ||
SHORT-TERM MUNICIPALS—14.1%5 | |||
Alabama—0.6% | |||
730,000 | Alabama State IDA, (Series 1994) Weekly VRDNs (Homeland Vinyl Products, Inc.)/(Compass Bank, Birmingham LOC), 1.65%, 4/3/2014 | 730,000 | |
800,000 | Bessemer, AL IDB, (Series 2002) Weekly VRDNs (Hardwick Co., Inc.)/(Compass Bank, Birmingham LOC), 1.40%, 4/3/2014 | 800,000 | |
14,355,000 | Chelsea Park, AL Cooperative District, (Series 2005) Weekly VRDNs (Compass Bank, Birmingham LOC), 1.37%, 4/3/2014 | 14,355,000 | |
4,600,000 | Gulf Shores, AL Medical Clinic Board, (Series 2007) Weekly VRDNs (Colonial Pinnacle MOB, LLC)/(Regions Bank, Alabama LOC), 0.50%, 4/3/2014 | 4,600,000 | |
500,000 | Huntsville, AL IDB Weekly VRDNs (Giles & Kendall, Inc.)/(Regions Bank, Alabama LOC), 2.27%, 4/4/2014 | 500,000 | |
TOTAL | 20,985,000 | ||
Florida—0.3% | |||
6,700,000 | 2,3 | Miami-Dade County, FL Aviation, Austin Floater Certificates (Series 2008-1145) Weekly VRDNs (Assured Guaranty Corp. INS)/(Bank of America N.A. LIQ), 0.38%, 4/3/2014 | 6,700,000 |
3,000,000 | Orange County, FL IDA, (Series 2000) Weekly VRDNs (Central Florida Kidney Centers, Inc.)/(SunTrust Bank LOC), 0.23%, 4/2/2014 | 3,000,000 | |
TOTAL | 9,700,000 | ||
Georgia—1.0% | |||
5,440,000 | Bartow County, GA Development Authority, (Series 2002) Weekly VRDNs (Somerset Cove Apartments, LP)/(Compass Bank, Birmingham LOC), 1.09%, 4/3/2014 | 5,440,000 | |
7,970,000 | Clayton County, GA Housing Authority, (Series 2004: Ashton Walk Apartments) Weekly VRDNs (Ashton Forest Park LP)/(Regions Bank, Alabama LOC), 0.54%, 4/3/2014 | 7,970,000 | |
4,195,000 | Clayton County, GA Housing Authority, (Series 2006) Weekly VRDNs (Provence Place Apartments)/(Regions Bank, Alabama LOC), 0.56%, 4/3/2014 | 4,195,000 | |
6,400,000 | Savannah, GA EDA, (Series B) Weekly VRDNs (Home Depot, Inc.)/(SunTrust Bank LOC), 0.24%, 4/2/2014 | 6,400,000 | |
12,900,000 | Walker, Dade & Catoosa Counties, GA Hospital Authority, (Series 2008) Weekly VRDNs (Hutcheson Medical Center, Inc.)/(Regions Bank, Alabama LOC), 0.50%, 4/3/2014 | 12,900,000 | |
TOTAL | 36,905,000 |
Principal Amount | Value | ||
SHORT-TERM MUNICIPALS—continued5 | |||
Illinois—0.3% | |||
$9,345,000 | 2,3 | Chicago, IL Board of Education, PUTTERs (Series 2997) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.44%, 4/3/2014 | $9,345,000 |
Indiana—0.6% | |||
22,250,000 | Indiana State Finance Authority Enviornmental Revenue, (Series 2006) Weekly VRDNs (Mittal Steel USA, Inc.)/(Banco Bilbao Vizcaya Argentaria SA LOC), 0.55%, 4/2/2014 | 22,250,000 | |
Louisiana—0.9% | |||
5,000,000 | Louisiana Public Facilities Authority, (Series 2006) Daily VRDNs (Air Products & Chemicals, Inc.), 0.07%, 4/1/2014 | 5,000,000 | |
26,000,000 | St. James Parish, LA, (Series 2009) Weekly VRDNs (Louisiana Sugar Refining, LLC)/(Natixis LOC), 0.29%, 4/3/2014 | 26,000,000 | |
TOTAL | 31,000,000 | ||
Mississippi—0.5% | |||
13,560,000 | Mississippi Business Finance Corp., (Series 2007) Weekly VRDNs (DDR Gulfport Promenade LLC)/(Regions Bank, Alabama LOC), 0.50%, 4/3/2014 | 13,560,000 | |
3,185,000 | Mississippi Business Finance Corp., (Series A) Weekly VRDNs (Mississippi College)/(Regions Bank, Alabama LOC), 0.58%, 4/3/2014 | 3,185,000 | |
TOTAL | 16,745,000 | ||
Multi State—0.6% | |||
23,125,000 | 2,3 | ROCs Pooled Trust (Multistate AMT) Series 13001CE, ROCs (Series 13001CE) Weekly VRDNs (Citigroup, Inc. GTD)/(Citigroup, Inc. LIQ), 1.00%, 4/3/2014 | 23,125,000 |
New Jersey—1.2% | |||
2,775,000 | New Jersey EDA Weekly VRDNs (Baptist Home Society of New Jersey)/(Valley National Bank, Passaic, NJ LOC), 0.55%, 4/3/2014 | 2,775,000 | |
7,980,000 | New Jersey EDA, (Series 1998A) Weekly VRDNs (Jewish Home at Rockleigh)/(Valley National Bank, Passaic, NJ LOC), 0.46%, 4/4/2014 | 7,980,000 | |
7,980,000 | New Jersey EDA, (Series 1998B) Weekly VRDNs (Jewish Home at Rockleigh)/(Valley National Bank, Passaic, NJ LOC), 0.46%, 4/4/2014 | 7,980,000 | |
26,200,000 | New Jersey EDA, (Series 2003B) Weekly VRDNs (Port Newart Container Terminal LLC)/(Sovereign Bank LOC), 1.00%, 4/3/2014 | 26,200,000 | |
TOTAL | 44,935,000 | ||
New York—0.0% | |||
1,000,000 | Rockland County, NY IDA, (Series 2001) Weekly VRDNs (Gussack Realty Co./Tappan Wire and Cable, Inc.)/(RBS Citizens, N.A. LOC), 0.200%, 4/2/2014 | 1,000,000 | |
North Carolina—0.8% | |||
15,400,000 | Hertford County, NC Industrial Facilities & Pollution Control Financing Authority, (Series 2000B) Weekly VRDNs (Nucor Corp.), 0.22%, 4/2/2014 | 15,400,000 |
Principal Amount | Value | ||
SHORT-TERM MUNICIPALS—continued5 | |||
North Carolina—continued | |||
$12,900,000 | 2,3 | North Carolina Eastern Municipal Power Agency, P-FLOATs (Series PT-4112) Weekly VRDNs (Dexia Credit Local LIQ)/(Dexia Credit Local LOC), 0.42%, 4/3/2014 | $12,900,000 |
TOTAL | 28,300,000 | ||
Pennsylvania—1.4% | |||
50,000,000 | Luzerne County, PA, (Series A of 2006) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.65%, 4/3/2014 | 50,000,000 | |
South Carolina—0.4% | |||
13,000,000 | Berkeley County, SC IDB, (Series 1996A) Weekly VRDNs (Nucor Corp.), 0.31%, 4/2/2014 | 13,000,000 | |
Tennessee—0.0% | |||
1,200,000 | Jackson, TN IDB, (Series 1999) Weekly VRDNs (Bobrick Washroom Equipment)/(Regions Bank, Alabama LOC), 0.69%, 4/3/2014 | 1,200,000 | |
Texas—3.2% | |||
20,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010B) Daily VRDNs (Motiva Enterprises LLC), 0.24%, 4/1/2014 | 20,000,000 | |
33,860,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010D) Daily VRDNs (Motiva Enterprises LLC), 0.24%, 4/1/2014 | 33,860,000 | |
22,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010E) Daily VRDNs (Motiva Enterprises LLC), 0.24%, 4/1/2014 | 22,000,000 | |
19,300,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Subseries 2009A) Daily VRDNs (Motiva Enterprises LLC), 0.24%, 4/1/2014 | 19,300,000 | |
18,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Subseries 2009B) Daily VRDNs (Motiva Enterprises LLC), 0.24%, 4/1/2014 | 18,000,000 | |
TOTAL | 113,160,000 | ||
Vermont—1.6% | |||
11,000,000 | Vermont HFA, (Series C) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Bank of New York Mellon LIQ), 0.15%, 4/2/2014 | 11,000,000 | |
8,940,000 | Vermont HFA, SFM (Series 24A) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(TD Bank, N.A. LIQ), 0.20%, 4/2/2014 | 8,940,000 | |
12,945,000 | Vermont HFA, SFM (Series 25A) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(TD Bank, N.A. LIQ), 0.20%, 4/2/2014 | 12,945,000 | |
12,000,000 | Vermont HFA, SFM Bonds (Series 22C) Weekly VRDNs (TD Bank, N.A. LIQ), 0.14%, 4/2/2014 | 12,000,000 | |
12,950,000 | Vermont HFA, SFM ( Series 26) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(TD Bank, N.A. LIQ), 0.20%, 4/2/2014 | 12,950,000 | |
TOTAL | 57,835,000 |
Principal Amount | Value | ||
SHORT-TERM MUNICIPALS—continued5 | |||
Virginia—0.7% | |||
$25,800,000 | Halifax, VA IDA, MMMs, PCR (Series 1992), 0.55% CP (Virginia Electric & Power Co.), Mandatory Tender 4/3/2014 | $25,800,000 | |
TOTAL SHORT-TERM MUNICIPALS—14.1% (AT AMORTIZED COST) | 505,285,000 | ||
TOTAL INVESTMENTS—100.3% (AT IDENTIFIED COST $3,575,214,935)6 | 3,591,177,543 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%7 | (9,642,778) | ||
TOTAL NET ASSETS—100% | $3,581,534,765 |
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, 2014, these liquid restricted securities amounted to $73,138,310, which represented 2.0% 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 Directors (the “Directors”). At March 31, 2014, these liquid restricted securities amounted to $73,138,310, which represented 2.0% of total net assets. |
4 | Non-income-producing security. |
5 | Current rate and next reset date shown for Variable Rate Demand Instruments. |
6 | The cost of investments for federal tax purposes amounts to $3,575,089,984. |
7 | Assets, other than investments in securities, less liabilities. |
AMBAC | —American Municipal Bond Assurance Corporation |
AMT | —Alternative Minimum Tax |
ARS | —Auction Rate Securities |
BANs | —Bond Anticipation Notes |
CDA | —Community Development Authority |
CHE | —Catholic Health East |
COL | —Collateralized |
COPs | —Certificates of Participation |
CP | —Commercial Paper |
EDA | —Economic Development Authority |
EDC | —Economic Development Corporation |
EDFA | —Economic Development Finance Authority |
EDRBs | —Economic Development Revenue Bonds |
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 |
IDB | —Industrial Development Bond |
INS | —Insured |
ISD | —Independent School District |
LANs | —Loan Anticipation Notes |
LIBOR | —London Interbank Offered Rates |
LIQ | —Liquidity Agreement |
LO | —Limited Obligation |
LOC | —Letter of Credit |
LT | —Limited Tax |
MMMs | —Money Market Municipals |
PCFA | —Pollution Control Finance Authority |
PCR | —Pollution Control Revenue |
PCRBs | —Pollution Control Revenue Bonds |
P-FLOATs | —Puttable Floating Option Tax-Exempt Receipts |
PRF | —Pre-refunded |
PSFG | —Public School Fund Guarantee |
PUTTERs | —Puttable Tax-Exempt Receipts |
Q-SBLF | —Qualified School Bond Loan Fund |
RANs | —Revenue Anticipation Notes |
ROCs | —Reset Option Certificates |
SFM | —Single Family Mortgage |
SIFMA | —Securities Industry and Financial Markets Association |
TANs | —Tax Anticipation Notes |
TOBs | —Tender Option Bonds |
USDT | —Unified School District |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 03/31/2014 | Year Ended September 30, | |||||
2013 | 2012 | 2011 | 20101 | 2009 | ||
Net Asset Value, Beginning of Period | $10.02 | $10.05 | $10.05 | $10.04 | $10.02 | $9.92 |
Income From Investment Operations: | ||||||
Net investment income | 0.01 | 0.03 | 0.06 | 0.10 | 0.06 | 0.21 |
Net realized and unrealized gain (loss) on investments | 0.02 | (0.03) | 0.002 | 0.01 | 0.02 | 0.10 |
TOTAL FROM INVESTMENT OPERATIONS | 0.03 | 0.002 | 0.06 | 0.11 | 0.08 | 0.31 |
Less Distributions: | ||||||
Distributions from net investment income | (0.01) | (0.03) | (0.06) | (0.10) | (0.06) | (0.21) |
Net Asset Value, End of Period | $10.04 | $10.02 | $10.05 | $10.05 | $10.04 | $10.02 |
Total Return3 | 0.34% | 0.02% | 0.59% | 1.06% | 0.81% | 3.21% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.80%4 | 0.80% | 0.79%5 | 0.80% | 0.80% | 0.80%5 |
Net investment income | 0.28%4 | 0.33% | 0.58% | 0.95% | 0.61% | 1.77% |
Expense waiver/reimbursement6 | 0.23%4 | 0.38% | 0.44% | 0.41% | 0.42% | 0.44% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,536,164 | $1,731,519 | $2,198,969 | $1,797,275 | $1,982,542 | $2,543,523 |
Portfolio turnover | 27% | 54% | 66% | 92% | 37% | 44% |
1 | Beginning with the year ended September 30, 2010, the Fund was audited by KPMG LLP. The previous year was audited by another independent registered public accounting firm. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.79% and 0.80% for the years ended September 30, 2012 and 2009, respectively, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 03/31/2014 | Year Ended September 30, | |||||
2013 | 2012 | 2011 | 20101 | 2009 | ||
Net Asset Value, Beginning of Period | $10.02 | $10.05 | $10.05 | $10.04 | $10.02 | $9.92 |
Income From Investment Operations: | ||||||
Net investment income | 0.04 | 0.08 | 0.10 | 0.14 | 0.11 | 0.26 |
Net realized and unrealized gain (loss) on investments | 0.02 | (0.03) | 0.002 | 0.01 | 0.02 | 0.10 |
TOTAL FROM INVESTMENT OPERATIONS | 0.06 | 0.05 | 0.10 | 0.15 | 0.13 | 0.36 |
Less Distributions: | ||||||
Distributions from net investment income | (0.04) | (0.08) | (0.10) | (0.14) | (0.11) | (0.26) |
Net Asset Value, End of Period | $10.04 | $10.02 | $10.05 | $10.05 | $10.04 | $10.02 |
Total Return3 | 0.57% | 0.47% | 1.05% | 1.51% | 1.26% | 3.67% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.35%4 | 0.35% | 0.34%5 | 0.35% | 0.35% | 0.35%5 |
Net investment income | 0.73%4 | 0.78% | 1.02% | 1.40% | 1.06% | 2.25% |
Expense waiver/reimbursement6 | 0.18%4 | 0.32% | 0.40% | 0.36% | 0.37% | 0.39% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,045,371 | $1,827,352 | $1,811,011 | $1,245,370 | $1,195,878 | $875,235 |
Portfolio turnover | 27% | 54% | 66% | 92% | 37% | 44% |
1 | Beginning with the year ended September 30, 2010, the Fund was audited by KPMG LLP. The previous year was audited by another independent registered public accounting firm. |
2 | Represents less than $0.01. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.34% and 0.35% for the years ended September 30, 2012 and 2009, respectively, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value (identified cost $3,575,214,935) | $3,591,177,543 | |
Cash | 38,094 | |
Receivable for shares sold | 15,279,097 | |
Income receivable | 14,730,601 | |
Receivable for investments sold | 5,105,000 | |
TOTAL ASSETS | 3,626,330,335 | |
Liabilities: | ||
Payable for investments purchased | $10,150,000 | |
Payable for shares redeemed | 33,351,769 | |
Income distribution payable | 390,275 | |
Payable for shareholder services fee (Note 5) | 348,504 | |
Payable for distribution services fee (Note 5) | 261,489 | |
Payable for Directors'/Trustees' fees (Note 5) | 674 | |
Accrued expenses (Note 5) | 292,859 | |
TOTAL LIABILITIES | 44,795,570 | |
Net assets for 356,737,433 shares outstanding | $3,581,534,765 | |
Net Assets Consist of: | ||
Paid-in capital | $3,569,988,866 | |
Net unrealized appreciation of investments | 15,962,608 | |
Accumulated net realized loss on investments | (4,372,851) | |
Distributions in excess of net investment income | (43,858) | |
TOTAL NET ASSETS | $3,581,534,765 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($1,536,164,131 ÷ 153,008,373 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $10.04 | |
Offering price per share (100/98.00 of $10.04) | $10.24 | |
Redemption proceeds per share | $10.04 | |
Institutional Shares: | ||
Net asset value per share ($2,045,370,634 ÷ 203,729,060 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $10.04 | |
Offering price per share | $10.04 | |
Redemption proceeds per share | $10.04 |
Investment Income: | |||
Interest | $19,178,442 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $7,064,997 | ||
Administrative fee (Note 5) | 1,379,441 | ||
Custodian fees | 58,190 | ||
Transfer agent fee | 413,918 | ||
Directors'/Trustees' fees (Note 5) | 12,103 | ||
Auditing fees | 14,376 | ||
Legal fees | 4,666 | ||
Distribution services fee (Note 5) | 2,014,100 | ||
Shareholder services fee (Note 5) | 1,996,164 | ||
Account administration fee (Note 2) | 10,966 | ||
Portfolio accounting fees | 170,151 | ||
Share registration costs | 71,421 | ||
Printing and postage | 23,654 | ||
Insurance premiums (Note 5) | 5,453 | ||
Tax expenses | 131,448 | ||
Miscellaneous (Note 5) | 7,700 | ||
TOTAL EXPENSES | 13,378,748 | ||
Waivers (Note 5): | |||
Waiver of investment adviser fee | $(3,089,106) | ||
Waiver of distribution services fee | (397,350) | ||
TOTAL WAIVERS | (3,486,456) | ||
Net expenses | 9,892,292 | ||
Net investment income | 9,286,150 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized loss on investments | (109,233) | ||
Net change in unrealized appreciation of investments | 7,756,024 | ||
Net realized and unrealized gain on investments | 7,646,791 | ||
Change in net assets resulting from operations | $16,932,941 |
Six Months Ended (unaudited) 3/31/2014 | Year End 9/30/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $9,286,150 | $20,987,231 |
Net realized gain (loss) on investments | (109,233) | 594,942 |
Net change in unrealized appreciation/depreciation of investments | 7,756,024 | (14,622,916) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 16,932,941 | 6,959,257 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (2,284,585) | (6,411,862) |
Institutional Shares | (7,045,080) | (14,063,778) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (9,329,665) | (20,475,640) |
Share Transactions: | ||
Proceeds from sale of shares | 1,203,787,677 | 2,874,505,774 |
Net asset value of shares issued to shareholders in payment of distributions declared | 7,039,970 | 16,464,417 |
Cost of shares redeemed | (1,195,767,178) | (3,328,562,615) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 15,060,469 | (437,592,424) |
Change in net assets | 22,663,745 | (451,108,807) |
Net Assets: | ||
Beginning of period | 3,558,871,020 | 4,009,979,827 |
End of period (including distributions in excess of net investment income of $(43,858) and $(343), respectively) | $3,581,534,765 | $3,558,871,020 |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Directors. |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium) unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Directors. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Directors, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
Account Administration Fees Incurred | |
Class A Shares | $10,966 |
Six Months Ended 3/31/2014 | Year Ended 9/30/2013 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 34,252,522 | $343,760,807 | 120,296,329 | $1,209,084,979 |
Shares issued to shareholders in payment of distributions declared | 219,225 | 2,200,563 | 608,699 | 6,115,111 |
Shares redeemed | (54,302,630) | (544,915,051) | (166,764,461) | (1,675,698,625) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (19,830,883) | $(198,953,681) | (45,859,433) | $(460,498,535) |
Six Months Ended 3/31/2014 | Year Ended 9/30/2013 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 85,694,133 | $860,026,870 | 165,776,757 | $1,665,420,795 |
Shares issued to shareholders in payment of distributions declared | 482,093 | 4,839,407 | 1,030,245 | 10,349,306 |
Shares redeemed | (64,856,276) | (650,852,127) | (164,512,534) | (1,652,863,990) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 21,319,950 | $214,014,150 | 2,294,468 | $22,906,111 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,489,067 | $15,060,469 | (43,564,965) | $(437,592,424) |
Expiration Year | Short-Term | Long-Term | Total |
2014 | $ 978,739 | NA | $ 978,739 |
2015 | $ 631,311 | NA | $ 631,311 |
2016 | $ 148,172 | NA | $ 148,172 |
2017 | $ 1,306,058 | NA | $ 1,306,058 |
2018 | $ 1,242,780 | NA | $ 1,242,780 |
2019 | $ 6,742 | NA | $ 6,742 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Distribution Service Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $2,014,100 | $(397,350) |
Service Fees Incurred | |
Class A Shares | $1,996,164 |
Purchases | $ 517,266,635 |
Sales | $ 418,156,468 |
Beginning Account Value 10/1/2013 | Ending Account Value 3/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $1003.40 | $4.00 |
Institutional Shares | $1,000.00 | $1005.70 | $1.75 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000.00 | $1,020.59 | $4.38 |
Institutional Shares | $1,000.00 | $1,023.19 | $1.77 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.80% |
Institutional Shares | 0.35% |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31417P858
2014 ©Federated Investors, Inc.
Item 2. Code of Ethics
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
No Changes to Report
Item 11. Controls and Procedures
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Fixed Income Securities, Inc.
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date May 20, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date May 20, 2014
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date May 20, 2014