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: 09/30/16
Date of Reporting Period: Six months ended 03/31/16
Item 1. Reports to Stockholders
Share Class | Ticker |
A | FMUUX |
Institutional | FMUSX |
Sector Composition | Percentage of Total Net Assets |
Hospital | 15.9% |
Industrial Development Bond/Pollution Control Revenue | 13.6% |
General Obligation—Local | 10.7% |
Electric & Gas | 9.5% |
Toll Road | 8.8% |
General Obligation—State | 6.7% |
General Obligation—State Appropriation | 4.6% |
Water & Sewer | 4.2% |
Dedicated Tax | 3.9% |
Public Power | 3.5% |
Other2 | 18.0% |
Other Assets and Liabilities—Net3 | 0.6% |
TOTAL | 100.0% |
1 | Sector classifications, and the assignment of holdings to such sectors, are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. For securities that have been enhanced by a third-party guarantor, such as bond insurers and banks, sector classifications are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. |
2 | For purposes of this table, sector classifications constitute 81.4% 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—81.4% | |||
Alabama—0.2% | |||
$4,640,000 | Mobile, AL IDB, PCRBs (Series 2007A), 1.65% TOBs (Alabama Power Co.), Mandatory Tender 3/20/2017 | $4,677,166 | |
Arizona—1.6% | |||
7,000,000 | 1 | Arizona Health Facilities Authority, Variable Rate Revenue Refunding Bonds (Series 2013A-1), 2.25% TOBs (Phoenix Children's Hospital), Mandatory Tender 2/5/2020 | 7,144,340 |
25,000,000 | Phoenix, AZ IDA, (Series 2013), 0.65% TOBs (Republic Services, Inc.), Mandatory Tender 5/2/2016 | 25,000,000 | |
4,500,000 | 2,3 | Yavapai County, AZ IDA Solid Waste Disposal, Revenue Bonds (Series 2002), 2.125% TOBs (Waste Management, Inc.), Mandatory Tender 6/1/2018 | 4,582,710 |
2,500,000 | 2,3 | Yavapai County, AZ IDA Solid Waste Disposal, Revenue Bonds (Series 2003A-2), 1.60% TOBs (Waste Management, Inc.), Mandatory Tender 3/1/2018 | 2,504,900 |
TOTAL | 39,231,950 | ||
Arkansas—0.3% | |||
8,000,000 | Jefferson County, AR, PCR Refunding Bonds (Series 2013), 1.55% (Entergy Arkansas, Inc.), 10/1/2017 | 8,082,800 | |
California—7.7% | |||
12,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2008D-1 Index Rate), 1.21% TOBs, Mandatory Tender 8/1/2017 | 12,014,280 |
15,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007A-1), 1.10% TOBs, Mandatory Tender 10/1/2019 | 14,982,150 |
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 | 3,798,614 | |
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 | 4,750,787 | |
4,250,000 | 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 | 4,282,257 | |
5,645,000 | California Health Facilities Financing Authority, Revenue Bonds (Series 2013B), 5.00% TOBs (St. Joseph Health System), Mandatory Tender 10/17/2017 | 6,001,595 | |
3,500,000 | 2 | California PCFA, Solid Waste Disposal Revenue Bonds, 1.65% TOBs (Waste Management, Inc.), Mandatory Tender 5/1/2017 | 3,502,345 |
3,200,000 | California PCFA, Solid Waste Disposal Revenue Refunding Bonds (Series 1998B), 3.625% (Waste Management, Inc.), 6/1/2018 | 3,340,544 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$10,000,000 | 1 | California State, UT GO Bonds (Index Floating Rate Bonds Series 2013C), 0.95% TOBs, Mandatory Tender 12/1/2016 | $10,000,200 |
10,000,000 | 1 | California State, UT GO Bonds (Index Floating Rate Bonds Series 2013D), 1.008% TOBs, Mandatory Tender 12/1/2017 | 10,009,400 |
7,000,000 | 1 | California State, UT GO Refunding Bonds (Series 2012B), 1.15%, 5/1/2017 | 7,018,270 |
9,000,000 | 1 | California State, UT GO Refunding Bonds (Series 2012B), 1.30%, 5/1/2018 | 9,060,570 |
10,000,000 | California State, Various Purpose UT GO Bonds (Series 2013), 5.00%, 10/1/2017 | 10,652,100 | |
60,000,000 | 1 | California Statewide CDA, Revenue Bonds (Series 2012C), 1.35% TOBs (Kaiser Permanente), Mandatory Tender 5/1/2017 | 60,190,200 |
3,000,000 | Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Revenue Refunding Bonds (Series 2013B-1), 5.00% TOBs, Mandatory Tender 1/15/2018 | 3,137,460 | |
2,500,000 | Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Revenue Refunding Bonds (Series 2013B-2), 5.00% TOBs, Mandatory Tender 1/15/2020 | 2,742,850 | |
8,300,000 | 1 | Hemet, CA USDT, COPs (Series 2006), 1.05%, 10/3/2016 | 8,299,336 |
7,000,000 | 1,2,3 | Nuveen California AMT-Free Municipal Income Fund, Institutional MuniFund Term Preferred Shares (Series 2018), 0.87%, 7/1/2018 | 6,998,530 |
5,000,000 | Val Verde, CA USDT, GO BANs (Series 2013), 3.00% (United States Treasury PRF 8/1/2016@100), 8/1/2018 | 5,039,850 | |
TOTAL | 185,821,338 | ||
Colorado—0.6% | |||
8,250,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2014A), 1.58% TOBs, Mandatory Tender 8/31/2017 | 8,228,055 |
5,790,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (SIFMA Index Series 2007CD-2), 2.15% TOBs (National Public Finance Guarantee Corporation INS), Mandatory Tender 8/31/2017 | 5,804,822 |
TOTAL | 14,032,877 | ||
Connecticut—2.9% | |||
15,000,000 | 1 | Connecticut State HEFA, Revenue Bonds (Series 2014B Floating Rate Note), 0.844% TOBs (Yale-New Haven Hospital), Mandatory Tender 7/1/2019 | 15,009,150 |
5,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012A), 0.93%, 4/15/2016 | 5,000,550 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012A), 1.08%, 4/15/2017 | 4,001,000 |
4,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012A), 1.28%, 4/15/2018 | 4,506,345 |
3,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012D), 0.83%, 9/15/2016 | 3,003,780 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—continued | |||
$1,875,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012D), 0.92%, 9/15/2017 | $1,867,856 |
2,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012D), 1.17%, 9/15/2018 | 2,494,625 |
6,355,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 1.05%, 3/1/2020 | 6,297,741 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 1.15%, 3/1/2021 | 3,956,960 |
3,065,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 1.25%, 3/1/2022 | 3,020,098 |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A), 1.30%, 3/1/2023 | 1,469,790 |
15,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013D), 1.28%, 8/15/2019 | 15,018,900 |
2,000,000 | West Haven, CT, UT GO Bonds, 4.00% (AGM INS), 8/1/2017 | 2,076,760 | |
2,500,000 | West Haven, CT, UT GO Bonds, 5.00% (AGM INS), 8/1/2016 | 2,535,250 | |
TOTAL | 70,258,805 | ||
District of Columbia—0.5% | |||
13,285,000 | 1 | District of Columbia Income Tax Revenue, Income Tax Secured Revenue Refunding Bonds (Series 2011B), 1.15%, 12/1/2017 | 13,202,766 |
Florida—2.1% | |||
52,116 | 4,5 | Capital Trust Agency, FL, Housing Revenue Notes, 5.95% (Atlantic Housing Foundation Properties), 1/15/2039 | 1,302 |
10,000,000 | 1 | Citizens Property Insurance Corp. FL, (Citizens Property Insurance Coastal Account), SIFMA Floating Rate Notes (Series 2015A-2), 1.25%, 6/1/2018 | 9,961,900 |
6,350,000 | Escambia County, FL, PCR Refunding Bonds (Series 2003), 1.55% TOBs (Gulf Power Co.), Mandatory Tender 6/15/2016 | 6,361,176 | |
21,740,000 | 1 | Lakeland, FL Energy Systems, Variable Rate Energy System Refunding Bonds (Series 2012), 1.15%, 10/1/2017 | 21,755,653 |
4,500,000 | Miami-Dade County, FL IDA, Solid Waste Disposal Revenue Bonds (Series 2006), 1.50% (Waste Management, Inc.), 10/1/2018 | 4,550,265 | |
5,200,000 | Miami-Dade County, FL School Board, COPs (Series 2011B), 5.00% TOBs, Mandatory Tender 5/1/2016 | 5,219,916 | |
2,250,000 | Okeechobee County, FL, 2.25% TOBs (Waste Management, Inc.), Mandatory Tender 7/1/2016 | 2,260,035 | |
1,500,000 | Orlando & Orange County Expressway Authority, FL, Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2017 | 1,579,725 | |
TOTAL | 51,689,972 | ||
Georgia—1.1% | |||
22,500,000 | 1 | Gainesville & Hall County, GA Hospital Authority, (Northeast Georgia Health System, Inc.), RACs (Series 2014B), 1.35%, 2/18/2020 | 22,306,275 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—continued | |||
$2,425,000 | Monroe County, GA Development Authority, PCRBs (First Series 1995), 2.00% TOBs (Georgia Power Co.), Mandatory Tender 6/13/2019 | $2,470,444 | |
2,000,000 | Municipal Electric Authority of Georgia, General Resolution Senior General Power Revenue Bonds (Series 2012B), 5.00%, 1/1/2017 | 2,066,660 | |
400,000 | Municipal Electric Authority of Georgia, Project One Power Revenue Bonds (Series GG), 5.00%, 1/1/2017 | 413,332 | |
TOTAL | 27,256,711 | ||
Illinois—3.8% | |||
12,000,000 | 1 | Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-2 SIFMA Index), 1.15% TOBs, Mandatory Tender 6/1/2017 | 10,715,880 |
16,000,000 | 1 | Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-3 SIFMA Index), 1.23% TOBs, Mandatory Tender 6/1/2018 | 13,319,360 |
17,585,000 | Chicago, IL O'Hare International Airport, General Revenue Senior Lien Revenue Refunding Bonds (Series 2012A), 5.00%, 1/1/2018 | 18,754,226 | |
10,815,000 | Chicago, IL O'Hare International Airport, General Revenue Senior Lien Revenue Refunding Bonds (Series 2012B), 4.00%, 1/1/2018 | 11,347,314 | |
1,175,000 | Cook County, IL, Refunding UT GO Bonds (Series 2014A), 5.00%, 11/15/2017 | 1,239,966 | |
1,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2011IL), 3.00% (Trinity Healthcare Credit Group), 12/1/2016 | 1,015,440 | |
2,000,000 | Illinois State Unemployment Insurance Fund Building Receipts, Revenue Bonds (Series 2012A), 5.00%, 6/15/2016 | 2,019,200 | |
10,000,000 | Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2017 | 10,270,500 | |
4,975,000 | Illinois State, Refunding UT GO Bonds (Series 2010), 5.00%, 1/1/2018 | 5,261,212 | |
5,000,000 | Illinois State, UT GO Bonds (Series of February 2014), 3.00%, 2/1/2017 | 5,066,650 | |
2,000,000 | Illinois State, UT GO Bonds (Series of February 2014), 4.00%, 2/1/2017 | 2,042,900 | |
2,825,000 | Illinois State, UT GO Bonds (Series of February 2014), 4.00%, 2/1/2018 | 2,943,650 | |
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 | 2,340,089 | |
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 | 5,239,250 | |
TOTAL | 91,575,637 | ||
Indiana—2.9% | |||
615,000 | Indiana Health Facility Financing Authority, Revenue Bonds (Series 2005A-10), 4.00% TOBs (Ascension Health Alliance Subordinate Credit Group )/(United States Treasury PRF), Mandatory Tender 6/1/2016 | 618,659 | |
700,000 | Indiana Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012A), 5.00%, 1/1/2017 | 723,436 | |
1,000,000 | Indiana Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012A), 5.00%, 1/1/2018 | 1,074,830 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Indiana—continued | |||
$70,000,000 | 1 | Whiting, IN Environmental Facilities, (BP PLC), Environmental Facilities Revenue Bonds (Series 2014), 1.15%, 12/2/2019 | $68,269,600 |
TOTAL | 70,686,525 | ||
Iowa—0.2% | |||
6,000,000 | Iowa Finance Authority, Hospital Revenue & BANs (Series 2015), 1.75% (Shenandoah Medical Center), 6/1/2018 | 6,006,960 | |
Kansas—0.6% | |||
6,500,000 | 1 | Kansas State Department of Transportation, Highway Revenue Refunding Index Bonds (Series 2014B-4), 0.614%, 9/1/2018 | 6,453,590 |
6,000,000 | 1 | Kansas State Department of Transportation, Highway Revenue Refunding Index Bonds (Series 2014B-5), 0.694%, 9/1/2019 | 5,944,980 |
3,000,000 | Olathe, KS, Health Facilities Revenue Bonds (Series 2012B), 2.00% TOBs (Olathe Medical Center), Mandatory Tender 3/1/2017 | 3,002,880 | |
TOTAL | 15,401,450 | ||
Kentucky—1.3% | |||
4,000,000 | Harrison County, KY Healthcare, Improvement & Refunding Revenue BANs, 1.50% (Harrison Memorial Hospital), 5/1/2017 | 4,001,400 | |
20,300,000 | Kentucky Public Transportation Infrastructure Authority, Subordinate Toll Revenue BANs (Series 2013A), 5.00%, 7/1/2017 | 21,220,199 | |
5,835,000 | Louisville & Jefferson County, KY Metropolitan Government, PCRBs (Series 2003A), 1.65% TOBs (Louisville Gas & Electric Co.), Mandatory Tender 4/3/2017 | 5,869,602 | |
TOTAL | 31,091,201 | ||
Louisiana—3.2% | |||
21,000,000 | 1 | Louisiana Local Government Environmental Facilities CDA, Subordinate Lien Revenue Bonds (Series 2013B LIBOR Index), 1.007% TOBs (East Baton Rouge Sewerage Commission), Mandatory Tender 8/1/2018 | 20,782,230 |
16,000,000 | 1 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2013B-1 LIBOR Index), 0.777% TOBs, Mandatory Tender 5/1/2017 | 15,988,160 |
14,400,000 | 1 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2013B-2 LIBOR Index), 0.857% TOBs, Mandatory Tender 5/1/2018 | 14,347,584 |
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 | 21,694,660 | |
2,250,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.00%, 5/15/2016 | 2,261,430 | |
2,000,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.00%, 5/15/2017 | 2,089,600 | |
TOTAL | 77,163,664 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Maryland—2.8% | |||
$18,830,000 | 1 | Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2011B), 1.444% TOBs (Johns Hopkins Hospital), Mandatory Tender 11/15/2016 | $18,880,653 |
23,800,000 | 1 | Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2012C), 1.124% TOBs (Johns Hopkins Hospital), Mandatory Tender 11/15/2017 | 23,795,954 |
17,000,000 | 1 | Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2013A), 0.894% TOBs (Johns Hopkins Hospital), Mandatory Tender 5/15/2018 | 16,944,240 |
8,405,000 | 1 | Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2013B), 0.874% TOBs (Johns Hopkins Hospital), Mandatory Tender 5/15/2018 | 8,373,985 |
TOTAL | 67,994,832 | ||
Massachusetts—1.0% | |||
4,000,000 | 1 | Commonwealth of Massachusetts, Refunding UT GO Bonds (SIFMA Index Bonds) (Series 2012A), 0.92%, 9/1/2016 | 4,001,760 |
10,000,000 | 1 | Commonwealth of Massachusetts, UT GO Bonds (Series 2012D), 0.83%, 1/1/2018 | 9,979,200 |
7,650,000 | 1 | Massachusetts State Development Finance Agency, (Partners Healthcare Systems), Revenue Bonds (Series 2015O-3), 0.88% TOBs, Mandatory Tender 1/29/2020 | 7,481,165 |
3,000,000 | Massachusetts State Development Finance Agency, Solid Waste Disposal Revenue Bonds (Series 2002), 1.60% TOBs (Waste Management, Inc.), Mandatory Tender 5/1/2017 | 3,014,070 | |
TOTAL | 24,476,195 | ||
Michigan—3.8% | |||
4,000,000 | 1,2,3 | Eaton Vance Michigan Municipal Bond Fund, Institutional MuniFund Term Preferred Shares (Series 2019), 1.40%, 7/1/2019 | 3,995,600 |
7,000,000 | Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2015A), 3.00% (Detroit, MI City School District)/(Q-SBLF GTD), 5/1/2016 | 7,014,910 | |
8,000,000 | Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2015A), 5.00% (Detroit, MI City School District)/(Q-SBLF GTD), 5/1/2017 | 8,349,520 | |
20,000,000 | 1 | Michigan State Financial Authority, (Trinity Healthcare Credit Group), Hospital Revenue Bonds (Series 2015MI), 0.83%, Mandatory Tender 12/1/2020 | 19,744,400 |
14,680,000 | 1 | Michigan State Hospital Finance Authority, (McLaren Health Care Corp.), Hospital Revenue Refunding Floating Rate Bonds (Series 2015 D-1), 0.894%, Mandatory Tender 10/15/2018 | 14,595,884 |
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 | 5,033,600 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$7,515,000 | Michigan State Hospital Finance Authority, Variable Rate Revenue Bonds (Series 1999B-3), 0.95% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 2/1/2018 | $7,519,434 | |
26,650,000 | Michigan Strategic Fund, Adjustable Rate Demand LO Revenue Refunding Bonds (Series 1995C), 2.125% TOBs (Detroit Edison Co.), Mandatory Tender 9/1/2016 | 26,771,257 | |
TOTAL | 93,024,605 | ||
Minnesota—0.2% | |||
4,900,000 | Pipestone County, MN Medical Center, RANs (Series 2014), 0.85%, 5/1/2017 | 4,903,626 | |
Mississippi—0.8% | |||
800,000 | Mississippi Business Finance Corp., Solid Waste Disposal Revenue Bonds (Series 2002), 1.375% TOBs (Waste Management, Inc.), Mandatory Tender 3/1/2017 | 800,040 | |
1,000,000 | Mississippi Business Finance Corp., Solid Waste Disposal Revenue Bonds (Series 2004), 1.125% TOBs (Waste Management, Inc.), Mandatory Tender 9/1/2017 | 1,001,370 | |
8,000,000 | Mississippi Business Finance Corp., Solid Waste Disposal Revenue Bonds (Series 2007), 1.00% (Waste Management, Inc.), 7/1/2017 | 8,008,880 | |
10,020,000 | 1 | Mississippi State, UT GO Refunding Bonds (Series 2012D), 0.93%, 9/1/2017 | 10,019,499 |
TOTAL | 19,829,789 | ||
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 | 3,807,367 | |
Multi State—1.2% | |||
17,983,542 | 1,2,3 | BB&T 2014-1 Trust, Tax-Exempt Pool Certificates (Series 2014 Class C), 1.10%, 11/15/2017 | 17,847,766 |
6,185,000 | 1,2,3 | BB&T 2014-1 Trust, Tax-Exempt Pool Certificates (Series 2014 Class D), 1.20%, 11/15/2019 | 6,089,380 |
6,000,000 | 1,2,3 | Eaton Vance Municipal Bond Fund II, Institutional MuniFund Term Preferred Shares (Series 2019), 1.45%, 7/1/2019 | 5,997,180 |
TOTAL | 29,934,326 | ||
Nebraska—0.8% | |||
7,835,000 | Central Plains Energy Project, NE, Gas Supply Revenue Refunding Bonds (Series 2014), 5.00% (Royal Bank of Canada, Montreal GTD), 6/1/2016 | 7,888,513 | |
5,000,000 | Central Plains Energy Project, NE, Gas Supply Revenue Refunding Bonds (Series 2014), 5.00% (Royal Bank of Canada, Montreal GTD), 6/1/2017 | 5,221,050 | |
5,590,000 | Central Plains Energy Project, NE, Gas Supply Revenue Refunding Bonds (Series 2014), 5.00% (Royal Bank of Canada, Montreal GTD), 6/1/2018 | 6,027,138 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Nebraska—continued | |||
$500,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 4.00%, 1/1/2017 | $513,005 | |
750,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 5.00%, 1/1/2017 | 775,110 | |
TOTAL | 20,424,816 | ||
New Hampshire—0.1% | |||
2,000,000 | New Hampshire Business Finance Authority, Solid Waste Disposal Revenue Bonds (Series 2003), 2.125% TOBs (Waste Management, Inc.), Mandatory Tender 6/1/2018 | 2,057,020 | |
New Jersey—5.5% | |||
10,472,064 | Bridgeton, NJ, 1.75% BANs, 8/26/2016 | 10,507,774 | |
6,192,000 | Burlington, NJ, (Series 2015A), 1.75% BANs, 6/10/2016 | 6,200,793 | |
3,250,000 | Gloucester County, NJ Improvement Authority, Resource Recovery Revenue Refunding Bonds (Series 1999A), 2.125% TOBs (Waste Management, Inc.), Mandatory Tender 12/1/2017 | 3,304,210 | |
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 | 762,255 | |
10,000,000 | New Jersey EDA, School Facilities Construction Refunding Bonds (Series 2015 XX), 5.00% (New Jersey State), 6/15/2019 | 10,794,200 | |
18,500,000 | 1 | New Jersey EDA, School Facilities Construction SIFMA Index Bonds (Series 2012H), 1.30% (New Jersey State), 2/1/2017 | 18,316,295 |
2,000,000 | New Jersey Health Care Facilities Financing Authority, Refunding Bonds (Series 2011), 5.00% (Meridian Health System Obligated Group), 7/1/2016 | 2,021,820 | |
25,000,000 | 1 | New Jersey State Transportation Trust Fund Authority, (New Jersey State), Transportation Program Notes (SIFMA Index Multimodal Notes) (Series 2014BB), 1.40%, Mandatory Tender 12/15/2019 | 24,297,000 |
5,000,000 | New Jersey State Transportation Trust Fund Authority, Transportation Program Bonds (Series 2014AA), 5.00% (New Jersey State), 6/15/2017 | 5,212,300 | |
10,000,000 | 1 | New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013C), 0.88%, 1/1/2017 | 9,986,100 |
10,000,000 | 1 | New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013C), 0.95%, 1/1/2018 | 9,965,100 |
6,625,000 | 1 | New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013D-3), 1.08% TOBs, Mandatory Tender 1/1/2018 | 6,614,201 |
5,000,000 | 1 | New Jersey Turnpike Authority, Revenue Bonds (SIFMA Index Bonds Series 2013E-2), 1.02% TOBs, Mandatory Tender 1/1/2017 | 4,998,350 |
11,000,000 | 1 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2014B-3), 0.864% TOBs, Mandatory Tender 1/1/2018 | 10,982,290 |
8,903,331 | West Orange Township, NJ, 1.50% BANs, 6/16/2016 | 8,919,090 | |
TOTAL | 132,881,778 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Mexico—0.8% | |||
$19,350,000 | 1 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding Bonds (Series 2014B), 1.044% TOBs (Royal Bank of Canada, Montreal GTD), Mandatory Tender 8/1/2019 | $19,138,892 |
New York—10.4% | |||
10,000,000 | Long Beach, NY, 2.00% BANs, 2/16/2017 | 10,082,500 | |
30,000,000 | 1 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014C) (LIBOR Floating Rate Tender Notes), 0.957%, 11/1/2018 | 29,692,800 |
4,700,000 | 1 | Metropolitan Transportation Authority, NY, (MTA Dedicated Tax Fund), Dedicated Tax Fund Refunding Bonds (Series 2008B-3a) (Floating Rate Tender Notes), 0.77% TOBs, 11/1/2018 | 4,642,002 |
3,000,000 | 1 | Metropolitan Transportation Authority, NY, Dedicated Tax Fund Refunding Bonds (Series 2008B-3c) (Floating Rate Tender Notes), 0.85% TOBs (MTA Dedicated Tax Fund), Mandatory Tender 11/1/2019 | 2,963,280 |
8,000,000 | 1 | Metropolitan Transportation Authority, NY, Dedicated Tax Fund Variable Rate Bonds (Subseries 2002B-3), 1.15% (MTA Dedicated Tax Fund), 11/1/2017 | 8,005,120 |
14,000,000 | 1 | Metropolitan Transportation Authority, NY, Dedicated Tax Fund Variable Rate Bonds (Subseries 2002B-3b), 1.30% (MTA Dedicated Tax Fund), 11/1/2018 | 14,032,200 |
15,000,000 | 1 | Metropolitan Transportation Authority, NY, Dedicated Tax Fund Variable Rate Bonds (Subseries 2002B-3c), 1.35% (MTA Dedicated Tax Fund), 11/1/2019 | 15,076,200 |
5,000,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002D-2b), 0.903% TOBs (MTA Transportation Revenue)/(AGM INS), Mandatory Tender 5/15/2018 | 4,973,800 |
3,000,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1c), 0.984% (MTA Transportation Revenue), 11/1/2016 | 3,001,830 |
2,000,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1d), 1.124% (MTA Transportation Revenue), 11/1/2017 | 1,997,420 |
5,000,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2002G-1h), 1.144% TOBs (MTA Transportation Revenue), Mandatory Tender 11/1/2016 | 5,004,850 |
24,750,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2012G-3), 0.994% TOBs (MTA Transportation Revenue), Mandatory Tender 11/1/2016 | 24,766,583 |
17,620,000 | 1 | Metropolitan Transportation Authority, NY, Transportation Revenue Variable Rate Refunding Bonds (Subseries 2012G-4), 1.134% TOBs (MTA Transportation Revenue), Mandatory Tender 11/1/2017 | 17,634,625 |
5,000,000 | Nassau, NY Health Care Corp., 2.00% RANs, 1/17/2017 | 5,029,400 | |
15,000,000 | New York City, NY IDA, Special Facility Revenue Bonds (Series 2002B), 2.00% TOBs (American Airlines, Inc.), Mandatory Tender 8/1/2016 | 15,033,600 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$12,700,000 | 1 | New York City, NY, UT GO Bonds (Series 2008J, Subseries J-4), 0.95%, 8/1/2025 | $12,699,619 |
15,000,000 | 1 | New York City, NY, UT GO Bonds (Series 2008J, Subseries J-7), 0.87%, 8/1/2021 | 15,000,600 |
12,395,000 | New York City, NY, UT GO Bonds (Series 2012E), 5.00%, 8/1/2017 | 13,109,200 | |
2,000,000 | New York State Environmental Facilities Corp., Revenue Bonds (Series A), 2.75% (Waste Management, Inc.), 7/1/2017 | 2,040,460 | |
7,500,000 | 1,2,3 | Nuveen New York AMT-Free Municipal Income Fund, Institutional MuniFund Term Preferred Shares (Series 2017), 1.02%, 10/1/2017 | 7,497,750 |
1,500,000 | Oyster Bay, NY, Public Improvement Refunding Bonds (Series 2014A), 4.00%, 1/15/2017 | 1,537,665 | |
2,115,000 | Oyster Bay, NY, Public Improvement Refunding Bonds (Series 2014A), 4.00%, 1/15/2018 | 2,226,249 | |
3,980,000 | Oyster Bay, NY, Public Improvement Refunding Bonds (Series 2014B), 3.00%, 8/15/2016 | 4,013,432 | |
1,600,000 | Oyster Bay, NY, Public Improvement Refunding Bonds (Series 2014B), 4.00%, 8/15/2017 | 1,666,928 | |
1,720,000 | Oyster Bay, NY, Public Improvement Refunding Bonds (Series 2014B), 4.00%, 8/15/2018 | 1,836,478 | |
1,825,000 | Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2018 | 1,964,083 | |
2,250,000 | Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2019 | 2,492,280 | |
3,500,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2020 | 3,527,650 | |
9,000,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2021 | 9,071,100 | |
6,750,000 | Tobacco Settlement Financing Corp., NY, Asset-Backed Revenue Bonds (Series 2013B), 5.00% (New York State), 6/1/2021 | 7,075,485 | |
4,000,000 | 1 | Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Variable Rate Refunding Bonds (Series 2000ABCD-5), 0.84% (AGM INS), 1/1/2019 | 3,986,560 |
TOTAL | 251,681,749 | ||
North Carolina—0.8% | |||
4,500,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds (Series 2012B), 5.00% (United States Treasury COL), 1/1/2017 | 4,649,310 | |
2,775,000 | 1 | North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds (Series 2012C), 1.14% TOBs (Wake Forest Baptist Obligated Group), Mandatory Tender 12/1/2017 | 2,764,205 |
12,750,000 | 1 | University of North Carolina at Chapel Hill, General Revenue Bonds (Series 2012A), 1.044% TOBs, Mandatory Tender 12/1/2017 | 12,731,768 |
TOTAL | 20,145,283 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—3.9% | |||
$6,205,000 | 1 | Allen County, OH, (Mercy Health), Adjustable Rate Hospital Facilities Revenue Bonds (Series 2015B), 1.15% TOBs, Mandatory Tender 5/1/2020 | $6,146,363 |
40,000,000 | 1 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2014), 1.014% TOBs (Royal Bank of Canada, Montreal GTD), Mandatory Tender 8/1/2019 | 39,974,000 |
8,500,000 | Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2006-A), 3.75% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 12/3/2018 | 8,770,555 | |
20,000,000 | Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2009-D), 2.25% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 9/15/2016 | 20,034,200 | |
2,000,000 | Ohio Water Development Authority, 2.25% TOBs (Waste Management, Inc.), Mandatory Tender 7/1/2016 | 2,008,980 | |
8,000,000 | Ohio Water Development Authority, PCR Refunding Bonds (Series 2010B), 2.20% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 6/1/2016 | 8,010,640 | |
9,000,000 | 1 | University of Cincinnati, OH, General Receipts Floating Rate Notes (Series 2015A), 0.743%, 6/1/2018 | 8,979,750 |
TOTAL | 93,924,488 | ||
Oklahoma—0.7% | |||
750,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 3.00% (Mustang Public Schools), 9/1/2016 | 756,930 | |
3,235,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 3.50% (Mustang Public Schools), 9/1/2017 | 3,349,390 | |
1,390,000 | Canadian County Educational Facilities Authority, OK, Educational Facilities Lease Revenue Bonds (Series 2012), 4.00% (Mustang Public Schools), 9/1/2018 | 1,484,589 | |
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 | 4,475,605 | |
6,200,000 | 1 | Oklahoma State Municipal Power Authority, Power Supply System Revenue Refunding Bonds (Series 2005A), 1.20% TOBs, Mandatory Tender 8/1/2018 | 6,189,026 |
TOTAL | 16,255,540 | ||
Oregon—0.4% | |||
3,000,000 | Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 3.00%, 11/1/2016 | 3,006,450 | |
3,500,000 | Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 4.00%, 11/1/2017 | 3,579,310 | |
2,100,000 | Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 5.00%, 11/1/2018 | 2,199,939 | |
TOTAL | 8,785,699 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—6.4% | |||
$10,000,000 | Beaver County, PA IDA, PCR Refunding Bonds (Series 2006A), 2.20% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 7/1/2016 | $10,020,000 | |
8,700,000 | Beaver County, PA IDA, PCR Refunding Bonds (Series 2006A), 3.50% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 6/1/2020 | 8,958,477 | |
7,990,000 | 1 | Bethlehem, PA Area School District Authority, School Revenue Bonds (Series 2014), 0.737%, Mandatory Tender 1/1/2018 | 7,978,335 |
3,000,000 | Bucks County, PA IDA, Solid Waste Revenue Bonds, 1.375% TOBs (Waste Management, Inc.), Mandatory Tender 2/1/2017 | 3,004,440 | |
15,000,000 | 1 | Manheim Township, PA School District, GO Bonds (Series 2014A), 0.698% TOBs (State Aid Withholding GTD), Mandatory Tender 5/1/2018 | 14,801,850 |
600,000 | 1 | Manheim Township, PA School District, GO Bonds (Series 2014A) (State Aid Withholding GTD), 0.518%, 5/2/2016 | 599,796 |
1,400,000 | 1 | Manheim Township, PA School District, GO Bonds (Series 2014A) (State Aid Withholding GTD), 0.578%, 5/1/2017 | 1,388,674 |
16,445,000 | 1 | Middletown, PA Area School District, UT GO Bonds (Series 2013), 1.044% TOBs, Mandatory Tender 6/5/2017 | 16,452,236 |
375,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2017 | 385,755 | |
625,000 | Monroeville, PA Finance Authority, Revenue Bonds (Series 2012), 4.00% (UPMC Health System), 2/15/2018 | 661,700 | |
4,000,000 | Montgomery County, PA IDA, PCRBs (Series 2002A), 2.55% TOBs (Exelon Generation Co. LLC), Mandatory Tender 6/1/2020 | 4,062,920 | |
1,100,000 | 1 | North Penn, PA Water Authority, Variable Rate Water Revenue Refunding Bonds (Series 2014), 0.564%, 11/1/2017 | 1,094,918 |
700,000 | 1 | North Penn, PA Water Authority, Variable Rate Water Revenue Refunding Bonds (Series 2014), 0.644%, 11/1/2018 | 694,673 |
1,000,000 | 1 | North Penn, PA Water Authority, Variable Rate Water Revenue Refunding Bonds (Series 2014), 0.704%, 11/1/2019 | 988,620 |
4,000,000 | 1 | North Penn, PA Water Authority, Variable Rate Water Revenue Refunding Bonds (Series 2014), 0.794%, Mandatory Tender 11/1/2019 | 3,967,080 |
8,000,000 | 1 | Northampton County, PA General Purpose Authority, Variable Rate Hospital Revenue Bonds (Series 2013B), 1.80% TOBs (St. Luke's Hospital of Bethlehem), Mandatory Tender 8/15/2020 | 8,008,800 |
10,000,000 | Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2009-B), 3.10% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 3/1/2019 | 10,204,700 | |
5,250,000 | Pennsylvania EDFA, Exempt Facilities Revenue Bonds (Series 2006A), 2.55% TOBs (FirstEnergy Solutions Corp.), Mandatory Tender 12/3/2018 | 5,255,302 | |
10,855,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2013A), 1.00%, 12/1/2017 | 10,821,566 |
11,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2013A), 1.08%, 12/1/2018 | 10,951,600 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$4,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2014B), 1.28%, 12/1/2020 | $3,978,560 |
715,000 | 1 | Sayre, PA, Health Care Facilities Authority, Revenue Bonds, 1.076% (Guthrie Healthcare System, PA), 12/1/2017 | 713,277 |
6,000,000 | 1 | Scranton, PA School District, GO Notes (Series 2014) (LIBOR Floating Rate Tender Notes), 1.298%, Mandatory Tender 4/2/2018 | 5,998,140 |
5,800,000 | 1 | University Area Joint Authority, PA, Sewer Revenue Bonds (Series 2014), 0.80%, Mandatory Tender 11/1/2017 | 5,789,154 |
19,500,000 | 1 | York County, PA, GO Floating Rate Notes (Series 2015 LIBOR Index Rate Mode), 0.598%, Mandatory Tender 6/1/2017 | 19,452,030 |
TOTAL | 156,232,603 | ||
South Carolina—0.7% | |||
17,470,000 | 1 | Charleston, SC Waterworks and Sewer System, Revenue Refunding Bonds (Series 2007), 0.978% TOBs, Mandatory Tender 1/1/2018 | 17,468,952 |
Tennessee—1.0% | |||
23,500,000 | 1 | Metropolitan Government Nashville & Davidson County, TN HEFA, Revenue Refunding Bonds (Series 2012B), 1.00% TOBs (Vanderbilt University), Mandatory Tender 10/1/2017 | 23,460,990 |
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 | 1,011,450 | |
TOTAL | 24,472,440 | ||
Texas—7.4% | |||
5,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue & Refunding Bonds (Series 2015B), 5.00% TOBs, Mandatory Tender 1/6/2021 | 5,636,400 | |
5,625,000 | Cypress-Fairbanks, TX ISD, Variable Rate UT GO School Building Bonds (Series 2014B-2), 3.00% TOBs (PSFG GTD), Mandatory Tender 8/15/2017 | 5,783,962 | |
7,000,000 | Georgetown, TX ISD, Variable Rate UT GO Tax School Building Bonds (Series 2016-B), 2.50% (PSFG GTD), 8/1/2017 | 7,152,250 | |
10,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Bonds (Series 2014B), 0.98% TOBs (Memorial Hermann Health System), Mandatory Tender 12/1/2019 | 9,896,500 |
8,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Bonds (Series 2015-3), 1.147% TOBs (Texas Children's Hospital), Mandatory Tender 6/1/2020 | 7,956,640 |
1,045,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 0.80% (Memorial Hermann Health System), 6/1/2016 | 1,044,812 |
3,600,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 0.90% (Memorial Hermann Health System), 6/1/2017 | 3,587,616 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$1,815,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.00% (Memorial Hermann Health System), 6/1/2018 | $1,802,513 |
2,250,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.10% (Memorial Hermann Health System), 6/1/2019 | 2,236,185 |
2,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.15% (Memorial Hermann Health System), 6/1/2020 | 1,980,820 |
3,710,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds (Series 2013B), 1.23% (Memorial Hermann Health System), 6/1/2021 | 3,654,387 |
3,750,000 | 1 | Harris County, TX, Revenue Refunding Bonds (Series 2012A), 1.04% TOBs (Harris County, TX Toll Road Authority), Mandatory Tender 8/15/2016 | 3,750,488 |
10,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2012A), 1.15% TOBs, Mandatory Tender 6/1/2017 | 9,993,400 |
5,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2012A), 1.30% TOBs, Mandatory Tender 5/1/2020 | 4,978,750 |
15,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2012C), 1.00% TOBs, Mandatory Tender 8/1/2016 | 14,999,250 |
8,550,000 | 1 | Houston, TX Higher Education Finance Corp., Higher Education Revenue Refunding Bonds (Series 2013B), 0.93% TOBs (Rice University), Mandatory Tender 5/15/2016 | 8,552,137 |
10,000,000 | 1 | Katy, TX ISD, Variable Rate UT GO Refunding Bonds (Series 2015C), 0.842%, Mandatory Tender 8/15/2019 | 9,953,400 |
10,000,000 | 1 | North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2011A) (SIFMA Index Floating Rate Bonds), 1.20% TOBs, Mandatory Tender 1/1/2019 | 9,930,900 |
31,665,000 | 1 | North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2014C) (SIFMA Index Floating Rate Bonds), 1.07% TOBs, Mandatory Tender 1/1/2020 | 31,141,578 |
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 | 7,572,525 | |
4,895,000 | San Antonio, TX ISD, UT GO Bonds (Series 2014B), 2.00% TOBs (PSFG GTD), Mandatory Tender 8/1/2018 | 4,996,767 | |
15,000,000 | 1 | San Antonio, TX Water System, Variable Rate Junior Lien Revenue Bonds (Series 2013F), 1.08% TOBs, Mandatory Tender 11/1/2016 | 15,002,400 |
7,335,000 | Texas State Transportation Commission, First Tier Revenue Refunding Put Bonds (Series 2015-A), 5.00% TOBs (Central Texas Turnpike System), 4/1/2020 | 8,329,626 | |
TOTAL | 179,933,306 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Virginia—1.0% | |||
$1,810,000 | Caroline County, VA IDA, Public Facility Lease Revenue BANs (Series 2011), 4.00%, 8/1/2016 | $1,813,421 | |
4,800,000 | Charles City County, VA EDA, Variable Rate Demand Solid Waste Disposal Revenue Bonds (Series 2004A), 3.125% TOBs (Waste Management, Inc.), Mandatory Tender 11/1/2016 | 4,874,112 | |
2,000,000 | Gloucester County, VA IDA, Variable Rate Demand Solid Waste Disposal Revenue Bonds (Series 2003A), 1.60% TOBs (Waste Management, Inc.), Mandatory Tender 5/1/2017 | 2,007,300 | |
2,000,000 | Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2016 | 2,022,180 | |
2,335,000 | Roanoke, VA EDA, Hospital Revenue Bonds (Series 2012), 5.00% (Carilion Health System Obligated Group), 7/1/2017 | 2,453,992 | |
10,000,000 | Virginia Peninsula Port Authority, Revenue Refunding Bonds (Series 2003), 2.375% TOBs (Dominion Terminal Associates)/(Dominion Resources, Inc. GTD), Mandatory Tender 10/1/2016 | 10,065,600 | |
TOTAL | 23,236,605 | ||
Washington—1.0% | |||
7,825,000 | 1 | Everett, WA, LT Tax GO Refunding Bonds (SIFMA Index Floating) (Series 2014), 0.80%, Mandatory Tender 12/1/2019 | 7,698,079 |
8,000,000 | 1 | Grant County, WA Public Utilities District NO. 2: Electric System, Electric System Revenue Bonds (Series 2014-K) (SIFMA Index), 0.72%, Mandatory Tender 12/1/2017 | 7,961,920 |
3,000,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2016 | 3,022,710 | |
1,500,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.00%, 6/1/2017 | 1,569,945 | |
3,000,000 | 2,3 | Washington State EDFA, Solid Waste Disposal Revenue Bonds (Series 2005D), 1.25% (Waste Management, Inc.), 11/1/2017 | 3,023,520 |
TOTAL | 23,276,174 | ||
West Virginia—1.3% | |||
9,000,000 | Mason County, WV, PCRBs, 1.625% TOBs (Appalachian Power Co.), Mandatory Tender 10/1/2018 | 9,052,920 | |
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 | 16,565,010 | |
7,000,000 | 1 | West Virginia University Board of Governors, Variable Rate Revenue Refunding Bonds (Series 2014C), 0.93% TOBs (West Virginia University), Mandatory Tender 10/1/2019 | 6,951,000 |
TOTAL | 32,568,930 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Wisconsin—0.2% | |||
$3,685,000 | Wisconsin HEFA, Revenue Bonds (Series 2013B-1), 4.00% TOBs (Ascension Health Alliance Senior Credit Group), Mandatory Tender 3/1/2018 | $3,904,036 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $1,981,809,510) | 1,976,538,873 | ||
SHORT-TERM MUNICIPALS—18.0%6 | |||
Alabama—1.9% | |||
600,000 | Bessemer, AL IDB, (Series 2002) Weekly VRDNs (Hardwick Co., Inc.)/(Compass Bank, Birmingham LOC), 1.40%, 4/7/2016 | 600,000 | |
13,595,000 | Chelsea Park, AL Cooperative District, (Series 2005) Weekly VRDNs (Compass Bank, Birmingham LOC), 0.91%, 4/7/2016 | 13,595,000 | |
32,325,000 | Health Care Authority for Baptist Health, AL, Affiliate of UAB Health (Montgomery)(Series B) ARS (Assured Guaranty Corp. INS), 1.00%, 4/1/2016 | 32,325,000 | |
TOTAL | 46,520,000 | ||
Arkansas—0.7% | |||
17,885,000 | Arkansas Development Finance Authority, (Baptist Memorial Healthcare), VRMOs (Series 2015B-3), 0.70%, 3/18/2019 | 17,885,000 | |
Connecticut—0.6% | |||
10,000,000 | Connecticut State, VRMOs (Series A-3), 0.66%, 7/1/2017 | 10,000,000 | |
5,000,000 | Connecticut State, VRMOs (Series A-4), 0.66%, 1/1/2018 | 5,000,000 | |
TOTAL | 15,000,000 | ||
Georgia—0.8% | |||
5,440,000 | Bartow County, GA Development Authority, (Series 2002) Weekly VRDNs (Somerset Cove Apartments, LP)/(Compass Bank, Birmingham LOC), 0.98%, 4/7/2016 | 5,440,000 | |
4,000,000 | Burke County, GA Development Authority, (1st Series 2009) Daily VRDNs (Georgia Power Co.), 0.53%, 4/1/2016 | 4,000,000 | |
8,500,000 | Burke County, GA Development Authority, (Third Series 2012) Daily VRDNs (Georgia Power Co.), 0.54%, 4/1/2016 | 8,500,000 | |
TOTAL | 17,940,000 | ||
Illinois—1.3% | |||
16,255,000 | 2,3 | Metropolitan Pier & Exposition Authority, IL, RBC Muni Trust (Series O-40) Weekly VRDNs (Royal Bank of Canada, Montreal LIQ), 0.90%, 4/7/2016 | 16,255,000 |
13,350,000 | 2,3 | Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust Certificates (Series 2015-XF1045) Weekly VRDNs (Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ), 0.80%, 4/7/2016 | 13,350,000 |
2,000,000 | 2,3 | Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust Receipts (2016-ZM0168) Weekly VRDNs (Royal Bank of Canada LIQ), 0.90%, 4/7/2016 | 2,000,000 |
TOTAL | 31,605,000 |
Principal Amount | Value | ||
SHORT-TERM MUNICIPALS—continued6 | |||
Indiana—0.9% | |||
$22,250,000 | Indiana State Finance Authority Environmental, (Series 2006) Weekly VRDNs (Mittal Steel USA, Inc.)/(Banco Bilbao Vizcaya Argentaria SA LOC), 0.70%, 4/7/2016 | $22,250,000 | |
Michigan—0.3% | |||
7,575,000 | 2,3 | Detroit, MI City School District, Tender Option Bond Trust Certificates (2015-XF0241) Weekly VRDNs (AGM GTD)/(TD Bank, N.A. LIQ), 1.15%, 4/7/2016 | 7,575,000 |
Mississippi—0.1% | |||
1,510,000 | Mississippi Business Finance Corp., (Series A) Weekly VRDNs (Mississippi College)/(Regions Bank, Alabama LOC), 0.81%, 4/7/2016 | 1,510,000 | |
Multi State—1.0% | |||
22,830,000 | 2,3 | ROCs Pooled Trust (Multistate AMT) Series 13001CE, ROCs (Series 13001CE) Weekly VRDNs (Citigroup, Inc. GTD)/(Citigroup, Inc. LIQ), 0.90%, 4/7/2016 | 22,830,000 |
New Jersey—1.8% | |||
7,440,000 | New Jersey EDA, (Series 1998A) Weekly VRDNs (Jewish Home at Rockleigh)/(Valley National Bank, Passaic, NJ LOC), 0.69%, 4/7/2016 | 7,440,000 | |
7,440,000 | New Jersey EDA, (Series 1998B) Weekly VRDNs (Jewish Home at Rockleigh)/(Valley National Bank, Passaic, NJ LOC), 0.69%, 4/7/2016 | 7,440,000 | |
26,200,000 | New Jersey EDA, (Series 2003B) Weekly VRDNs (Port Newart Container Terminal LLC)/(Santander Bank, N.A. LOC), 0.55%, 4/7/2016 | 26,200,000 | |
2,380,000 | New Jersey EDA, Weekly VRDNs (Baptist Home Society of New Jersey)/(Valley National Bank, Passaic, NJ LOC), 0.72%, 4/7/2016 | 2,380,000 | |
TOTAL | 43,460,000 | ||
New York—0.4% | |||
4,500,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-1) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 0.35%, 4/1/2016 | 4,500,000 | |
5,000,000 | New York City, NY, 2015 Series F (Subseries F-5) Daily VRDNs (Barclays Bank PLC LIQ), 0.39%, 4/1/2016 | 5,000,000 | |
TOTAL | 9,500,000 | ||
North Carolina—0.3% | |||
7,725,000 | 2,3 | North Carolina Eastern Municipal Power Agency, SPEARs (Series DBE-1055) Weekly VRDNs (Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ), 0.67%, 4/7/2016 | 7,725,000 |
Ohio—1.0% | |||
5,500,000 | Ohio State Higher Educational Facility Commission, (University Hospitals Health System, Inc.), Hospital Revenue Bonds, VRMOs (Series 2014-B), 0.73%, 4/1/2016 | 5,500,000 | |
8,250,000 | Ohio State Higher Educational Facility Commission, (University Hospitals Health System, Inc.), VRMOs (Series 2015-A), 0.73%, 4/1/2016 | 8,250,000 |
Principal Amount | Value | ||
SHORT-TERM MUNICIPALS—continued6 | |||
Ohio—continued | |||
$10,500,000 | Ohio State Higher Educational Facility Commission, (University Hospitals Health System, Inc.), VRMOs (Series 2015-C), 0.73%, 4/1/2016 | $10,500,000 | |
TOTAL | 24,250,000 | ||
Pennsylvania—1.3% | |||
32,000,000 | Pennsylvania State Higher Education Facilities Authority, (Thomas Jefferson University), VRMOs (Series 2015B), 0.65%, 3/18/2019 | 32,000,000 | |
Tennessee—0.0% | |||
800,000 | Jackson, TN IDB, (Series 1999) Weekly VRDNs (Bobrick Washroom Equipment)/(Regions Bank, Alabama LOC), 0.93%, 4/7/2016 | 800,000 | |
Texas—5.0% | |||
16,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010A) Daily VRDNs (Motiva Enterprises LLC), 0.55%, 4/1/2016 | 16,000,000 | |
32,150,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010B) Daily VRDNs (Motiva Enterprises LLC), 0.55%, 4/1/2016 | 32,150,000 | |
6,650,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010C) Daily VRDNs (Motiva Enterprises LLC), 0.55%, 4/1/2016 | 6,650,000 | |
2,500,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010D) Daily VRDNs (Motiva Enterprises LLC), 0.55%, 4/1/2016 | 2,500,000 | |
18,500,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010E) Daily VRDNs (Motiva Enterprises LLC), 0.55%, 4/1/2016 | 18,500,000 | |
28,100,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Subseries 2009A) Daily VRDNs (Motiva Enterprises LLC), 0.55%, 4/1/2016 | 28,100,000 | |
8,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Subseries 2009B) Daily VRDNs (Motiva Enterprises LLC), 0.55%, 4/1/2016 | 8,000,000 | |
9,920,000 | Port of Port Arthur Navigation District of Jefferson County, TX, (Subseries 2009C) Daily VRDNs (Motiva Enterprises LLC), 0.55%, 4/1/2016 | 9,920,000 | |
TOTAL | 121,820,000 | ||
Virginia—0.5% | |||
12,800,000 | Halifax, VA IDA, MMMs, PCR (Series 1992), 0.70% CP (Virginia Electric & Power Co.), 5/5/2016 | 12,797,312 |
Principal Amount | Value | ||
SHORT-TERM MUNICIPALS—continued6 | |||
West Virginia—0.1% | |||
$1,000,000 | Grant County, WV County Commission, PCRB (Series 1994), 0.48% CP (Virginia Electric & Power Co.), 4/7/2016 | $999,930 | |
TOTAL SHORT-TERM MUNICIPALS—18.0% (IDENTIFIED COST $436,470,000) | 436,467,242 | ||
TOTAL INVESTMENTS—99.4% (IDENTIFIED COST $2,418,279,510)7 | 2,413,006,115 | ||
OTHER ASSETS AND LIABILITIES - NET—0.6%8 | 14,603,010 | ||
TOTAL NET ASSETS—100% | $2,427,609,125 |
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, 2016, these restricted securities amounted to $131,774,681, which represented 5.4% 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, 2016, these liquid restricted securities amounted to $128,272,336, which represented 5.3% of total net assets. |
4 | Non-income-producing security. |
5 | Security in default. |
6 | Current rate and next reset date shown for Variable Rate Demand Notes. |
7 | The cost of investments for federal tax purposes amounts to $2,418,278,310. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AGM | —Assured Guaranty Municipal Corp. |
AMT | —Alternative Minimum Tax |
ARS | —Auction Rate Securities |
BANs | —Bond Anticipation Notes |
CDA | —Community Development Authority |
COL | —Collateralized |
COPs | —Certificates of Participation |
CP | —Commercial Paper |
EDA | —Economic Development Authority |
EDFA | —Economic Development Finance Authority |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
INS | —Insured |
ISD | —Independent School District |
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 |
PRF | —Pre-refunded |
PSFG | —Public School Fund Guarantee |
Q-SBLF | —Qualified School Bond Loan Fund |
RACs | —Revenue Anticipation Certificates |
RANs | —Revenue Anticipation Notes |
ROCs | —Reset Option Certificates |
SIFMA | —Securities Industry and Financial Markets Association |
SPEARs | —Short Puttable Exempt Adjustable Receipts |
TOBs | —Tender Option Bonds |
USDT | —Unified School District |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
VRMOs | —Variable Rate Remarketed Obligations |
Six Months Ended (unaudited) 3/31/2016 | Year Ended September 30, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $10.00 | $10.05 | $10.02 | $10.05 | $10.05 | $10.04 |
Income From Investment Operations: | ||||||
Net investment income | 0.01 | 0.01 | 0.03 | 0.03 | 0.06 | 0.10 |
Net realized and unrealized gain (loss) on investments | (0.03) | (0.05) | 0.03 | (0.03) | 0.001 | 0.01 |
TOTAL FROM INVESTMENT OPERATIONS | (0.02) | (0.04) | 0.06 | 0.001 | 0.06 | 0.11 |
Less Distributions: | ||||||
Distributions from net investment income | (0.01) | (0.01) | (0.03) | (0.03) | (0.06) | (0.10) |
Net Asset Value, End of Period | $9.97 | $10.00 | $10.05 | $10.02 | $10.05 | $10.05 |
Total Return2 | (0.20)% | (0.35)% | 0.56% | 0.02% | 0.59% | 1.06% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.80%4 | 0.80% | 0.80%3 | 0.80% | 0.79%3 | 0.80% |
Net investment income | 0.21%4 | 0.14% | 0.26% | 0.33% | 0.58% | 0.95% |
Expense waiver/reimbursement5 | 0.23%4 | 0.23% | 0.22% | 0.38% | 0.44% | 0.41% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $848,191 | $1,021,204 | $1,362,615 | $1,731,519 | $2,198,969 | $1,797,275 |
Portfolio turnover | 10% | 46% | 62% | 54% | 66% | 92% |
1 | Represent less than $0.01. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.80% and 0.79% for the years ended September 30, 2014 and 2012 after taking into account this expense reduction. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 3/31/2016 | Year Ended September 30, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $10.00 | $10.05 | $10.02 | $10.05 | $10.05 | $10.04 |
Income from Investment Operations: | ||||||
Net investment income | 0.03 | 0.06 | 0.07 | 0.08 | 0.10 | 0.14 |
Net realized and unrealized gain (loss) on investments | (0.02) | (0.05) | 0.03 | (0.03) | 0.001 | 0.01 |
TOTAL FROM INVESTMENT OPERATIONS | 0.01 | 0.01 | 0.10 | 0.05 | 0.10 | 0.15 |
Less Distributions: | ||||||
Distributions from net investment income | (0.03) | (0.06) | (0.07) | (0.08) | (0.10) | (0.14) |
Net Asset Value, End of Period | $9.98 | $10.00 | $10.05 | $10.02 | $10.05 | $10.05 |
Total Return2 | 0.13% | 0.10% | 1.01% | 0.47% | 1.05% | 1.51% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.35%4 | 0.35% | 0.35%3 | 0.35% | 0.34%3 | 0.35% |
Net investment income | 0.65%4 | 0.59% | 0.71% | 0.78% | 1.02% | 1.40% |
Expense waiver/reimbursement5 | 0.18%4 | 0.18% | 0.17% | 0.32% | 0.40% | 0.36% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,579,418 | $1,912,653 | $2,198,711 | $1,827,352 | $1,811,011 | $1,245,370 |
Portfolio turnover | 10% | 46% | 62% | 54% | 66% | 92% |
1 | Represents less than $0.01. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.35% and 0.34% for the years ended September 30, 2014 and 2012 after taking into account this expense reduction. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Total investments in securities, at value (identified cost $2,418,279,510) | $2,413,006,115 | |
Cash | 95,833 | |
Receivable for investments sold | 7,700,000 | |
Income receivable | 7,136,922 | |
Receivable for shares sold | 4,810,078 | |
TOTAL ASSETS | 2,432,748,948 | |
Liabilities: | ||
Payable for shares redeemed | $4,084,469 | |
Income distribution payable | 259,129 | |
Payable for other service fees (Notes 2 and 5) | 195,175 | |
Payable for distribution services fee (Note 5) | 142,047 | |
Payable for transfer agent fees | 134,979 | |
Payable for taxes | 110,673 | |
Payable for investment adviser fee (Note 5) | 14,446 | |
Payable for administrative fee (Note 5) | 5,184 | |
Accrued expenses (Note 5) | 193,721 | |
TOTAL LIABILITIES | 5,139,823 | |
Net assets for 243,371,249 shares outstanding | $2,427,609,125 | |
Net Assets Consists of: | ||
Paid-in capital | $2,435,283,273 | |
Net unrealized depreciation of investments | (5,273,395) | |
Accumulated net realized loss on investments | (2,446,977) | |
Undistributed net investment income | 46,224 | |
TOTAL NET ASSETS | $2,427,609,125 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($848,191,221 ÷ 85,035,608 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.97 | |
Offering price per share (100/98.00 of $9.97) | $10.17 | |
Redemption proceeds per share | $9.97 | |
Institutional Shares: | ||
Net asset value per share ($1,579,417,904 ÷ 158,335,641 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.98 | |
Offering price per share | $9.98 | |
Redemption proceeds per share | $9.98 |
Investment Income: | |||
Interest | $13,445,848 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $5,321,983 | ||
Administrative fee (Note 5) | 1,040,694 | ||
Custodian fees | 45,278 | ||
Transfer agent fees | 371,360 | ||
Directors'/Trustees' fees (Note 5) | 13,335 | ||
Auditing fees | 15,563 | ||
Legal fees | 3,362 | ||
Distribution services fee (Note 5) | 1,160,983 | ||
Other service fees (Notes 2 and 5) | 1,151,908 | ||
Portfolio accounting fees | 143,619 | ||
Share registration costs | 50,872 | ||
Printing and postage | 15,997 | ||
Taxes | 107,079 | ||
Miscellaneous (Note 5) | 12,713 | ||
TOTAL EXPENSES | 9,454,746 | ||
Waivers: | |||
Waiver of investment adviser fee (Note 5) | $(2,395,046) | ||
Waivers of other operating expenses (Notes 2 and 5) | (251,751) | ||
TOTAL WAIVERS | (2,646,797) | ||
Net expenses | 6,807,949 | ||
Net investment income | 6,637,899 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 255,575 | ||
Net change in unrealized appreciation of investments | (5,613,538) | ||
Net realized and unrealized loss on investments | (5,357,963) | ||
Change in net assets resulting from operations | $1,279,936 |
Six Months Ended (unaudited) 3/31/2016 | Year Ended 9/30/2015 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $6,637,899 | $14,870,527 |
Net realized gain on investments | 255,575 | 680,012 |
Net change in unrealized appreciation/depreciation of investments | (5,613,538) | (17,830,554) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,279,936 | (2,280,015) |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (948,134) | (1,757,152) |
Institutional Shares | (5,664,725) | (13,091,144) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (6,612,859) | (14,848,296) |
Share Transactions: | ||
Proceeds from sale of shares | 422,197,035 | 2,064,774,957 |
Net asset value of shares issued to shareholders in payment of distributions declared | 5,157,679 | 11,503,538 |
Cost of shares redeemed | (928,269,611) | (2,686,619,263) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (500,914,897) | (610,340,768) |
Change in net assets | (506,247,820) | (627,469,079) |
Net Assets: | ||
Beginning of period | 2,933,856,945 | 3,561,326,024 |
End of period (including undistributed net investment income of $46,224 and $21,184, respectively) | $2,427,609,125 | $2,933,856,945 |
■ | 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 acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium) unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the 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 last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | |
Class A Shares | $1,151,908 |
Security | Acquisition Date | Cost | Market Value |
California PCFA, Solid Waste Disposal Revenue Bonds, 1.65% TOBs (Waste Management, Inc.), Mandatory Tender 5/1/2017 | 4/30/2014 | $3,500,000 | $3,502,345 |
Six Months Ended 3/31/2016 | Year Ended 9/30/2015 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,491,975 | $64,843,996 | 32,496,724 | $326,131,384 |
Shares issued to shareholders in payment of distributions declared | 91,318 | 911,861 | 169,101 | 1,695,072 |
Shares redeemed | (23,715,847) | (236,908,799) | (66,138,564) | (663,228,377) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (17,132,554) | $(171,152,942) | (33,472,739) | $(335,401,921) |
Six Months Ended 3/31/2016 | Year Ended 9/30/2015 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 35,773,229 | $357,353,039 | 173,304,615 | $1,738,643,573 |
Shares issued to shareholders in payment of distributions declared | 425,069 | 4,245,818 | 978,456 | 9,808,466 |
Shares redeemed | (69,205,945) | (691,360,812) | (201,804,798) | (2,023,390,886) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (33,007,647) | $(329,761,955) | (27,521,727) | $(274,938,847) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (50,140,201) | $(500,914,897) | (60,994,466) | $(610,340,768) |
Expiration Year | Short-Term | Long-Term | Total |
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 Services Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $1,160,983 | $(226,871) |
Purchases | $80,621,300 |
Sales | $343,706,496 |
Beginning Account Value 10/1/2015 | Ending Account Value 3/31/2016 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $998.00 | $4.00 |
Institutional Shares | $1,000.00 | $1,001.30 | $1.75 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000.00 | $1,021.00 | $4.04 |
Institutional Shares | $1,000.00 | $1,023.25 | $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 183/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.80% |
Institutional Shares | 0.35% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31417P858
2016 ©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 23, 2016
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 23, 2016
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date May 23, 2016