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: 11/30/17
Date of Reporting Period: Six months ended 05/31/17
Item 1. | Reports to Stockholders |
Share Class | Ticker |
A | STIAX |
B | SINBX |
C | SINCX |
F | STFSX |
Institutional | STISX |
R6 | STILX |
Security Type | Percentage of Total Net Assets2 |
Corporate Debt Securities | 63.8% |
Mortgage-Backed Securities3 | 13.1% |
Foreign Government Securities | 9.4% |
Collateralized Mortgage Obligations | 2.8% |
Asset-Backed Securities | 1.1% |
Commercial Mortgage-Backed Securities | 0.6% |
U.S. Treasury Security | 0.6% |
Derivative Contracts4 | 0.0%5 |
Other Security Types6 | 3.9% |
Cash Equivalents7 | 3.9% |
Other Assets and Liabilities—Net8 | 0.8% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these security types. |
2 | As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company (other than an affiliated money market mutual fund) is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
3 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
4 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value, and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
5 | Represents less than 0.1%. |
6 | Other Security Types consist of common stock, preferred stock and purchased options. |
7 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
8 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount, Foreign Par Amount or Shares | Value | ||
CORPORATE BONDS—5.0% | |||
Basic Industry - Chemicals—0.3% | |||
$135,000 | Albemarle Corp., Sr. Unsecd. Note, 5.450%, 12/01/2044 | $155,328 | |
1,250,000 | 1 | Reliance Industries Ltd., Bond, Series 144A, 8.250%, 01/15/2027 | 1,642,523 |
160,000 | Valspar Corp., Sr. Unsecd. Note, 3.300%, 02/01/2025 | 159,525 | |
250,000 | Valspar Corp., Sr. Unsecd. Note, 4.400%, 02/01/2045 | 236,172 | |
TOTAL | 2,193,548 | ||
Basic Industry - Metals & Mining—0.1% | |||
400,000 | Alcoa, Inc., Sr. Unsecd. Note, 5.400%, 04/15/2021 | 432,196 | |
200,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 04/16/2040 | 227,565 | |
175,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 4.550%, 04/15/2026 | 181,930 | |
TOTAL | 841,691 | ||
Basic Industry - Paper—0.0% | |||
250,000 | 2,3,4 | Pope & Talbot, Inc., 8.375%, 12/01/2099 | 0 |
67,000 | Westvaco Corp., Sr. Deb., 7.500%, 06/15/2027 | 70,618 | |
TOTAL | 70,618 | ||
Capital Goods - Aerospace & Defense—0.1% | |||
250,000 | 1,5 | Airbus Group SE, Sr. Unsecd. Note, Series 144A, 3.150%, 04/10/2027 | 253,905 |
200,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 2.900%, 03/01/2025 | 200,061 | |
200,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 03/01/2024 | 212,722 | |
TOTAL | 666,688 | ||
Capital Goods - Building Materials—0.0% | |||
100,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 04/01/2026 | 107,180 | |
Capital Goods - Diversified Manufacturing—0.0% | |||
300,000 | 1,5 | Parker-Hannifin Corp., Sr. Unsecd. Note, Series 144A, 3.250%, 03/01/2027 | 305,722 |
Communications - Cable & Satellite—0.1% | |||
190,000 | 1,5 | CCO Safari II LLC, Sec. Fac. Bond, Series 144A, 5.375%, 05/01/2047 | 198,744 |
300,000 | Comcast Corp., Sr. Unsecd. Note, 3.300%, 02/01/2027 | 305,767 | |
200,000 | NBC Universal Media LLC, Sr. Unsecd. Note, 2.875%, 01/15/2023 | 204,256 | |
TOTAL | 708,767 | ||
Communications - Media & Entertainment—0.1% | |||
300,000 | 21st Century Fox America, 3.000%, 09/15/2022 | 306,228 | |
200,000 | Discovery Communications, Sr. Unsecd. Note, 4.900%, 03/11/2026 | 210,939 |
Principal Amount, Foreign Par Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Communications - Media & Entertainment—continued | |||
$200,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 5.000%, 05/13/2045 | $192,570 | |
TOTAL | 709,737 | ||
Communications - Telecom Wireless—0.1% | |||
250,000 | American Tower Corp., Sr. Unsecd. Note, 5.000%, 02/15/2024 | 276,221 | |
200,000 | Crown Castle International Corp., Sr. Unsecd. Note, 4.450%, 02/15/2026 | 213,457 | |
TOTAL | 489,678 | ||
Communications - Telecom Wirelines—0.2% | |||
300,000 | AT&T, Inc., Sr. Unsecd. Note, 4.250%, 03/01/2027 | 309,330 | |
250,000 | AT&T, Inc., Sr. Unsecd. Note, 4.450%, 04/01/2024 | 264,636 | |
150,000 | AT&T, Inc., Sr. Unsecd. Note, 5.150%, 03/15/2042 | 153,690 | |
180,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.213%, 03/08/2047 | 190,042 | |
427,000 | 1,5 | Verizon Communications, Inc., Sr. Unsecd. Note, Series 144A, 5.012%, 04/15/2049 | 431,308 |
TOTAL | 1,349,006 | ||
Consumer Cyclical - Automotive—0.1% | |||
200,000 | 1,5 | Daimler Finance NA LLC, Sr. Unsecd. Note, Series 144A, 2.850%, 01/06/2022 | 203,434 |
200,000 | Ford Motor Co., Sr. Unsecd. Note, 4.750%, 01/15/2043 | 188,786 | |
250,000 | General Motors Co., Sr. Unsecd. Note, 5.200%, 04/01/2045 | 244,049 | |
200,000 | 1,5 | Nissan Motor Acceptance Corp., Sr. Unsecd. Note, Series 144A, 2.250%, 01/13/2020 | 200,997 |
TOTAL | 837,266 | ||
Consumer Cyclical - Retailers—0.1% | |||
300,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | 320,521 | |
185,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.750%, 06/01/2027 | 187,185 | |
300,000 | CVS Health Corp., Sr. Unsecd. Note, 3.875%, 07/20/2025 | 314,803 | |
140,000 | Dollar General Corp., Sr. Unsecd. Note, 3.875%, 04/15/2027 | 143,979 | |
TOTAL | 966,488 | ||
Consumer Cyclical - Services—0.1% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 3.600%, 11/28/2024 | 205,419 | |
200,000 | Visa, Inc., Sr. Unsecd. Note, 2.800%, 12/14/2022 | 205,048 | |
TOTAL | 410,467 | ||
Consumer Non-Cyclical - Food/Beverage—0.2% | |||
200,000 | 1,5 | Danone SA, Sr. Unsecd. Note, Series 144A, 2.947%, 11/02/2026 | 194,301 |
300,000 | 1,5 | Grupo Bimbo SAB de CV, Sr. Unsecd. Note, Series 144A, 3.875%, 06/27/2024 | 309,085 |
Principal Amount, Foreign Par Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Food/Beverage—continued | |||
$90,000 | 1,5 | Heineken NV, Sr. Unsecd. Note, Series 144A, 3.500%, 01/29/2028 | $91,771 |
140,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 06/01/2046 | 134,333 | |
140,000 | 1,5 | Mondelez International Holdings Netherlands BV, Sr. Unsecd. Note, Series 144A, 2.000%, 10/28/2021 | 136,775 |
250,000 | PepsiCo, Inc., 2.750%, 04/30/2025 | 249,170 | |
50,000 | 1,5 | Smithfield Foods, Inc., Sr. Unsecd. Note, Series 144A, 4.250%, 02/01/2027 | 51,802 |
300,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 4.500%, 06/15/2022 | 324,383 | |
TOTAL | 1,491,620 | ||
Consumer Non-Cyclical - Health Care—0.1% | |||
200,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.875%, 07/15/2023 | 210,253 | |
200,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 4.669%, 06/06/2047 | 203,672 | |
120,000 | Medtronic Global Holdings, Sr. Unsecd. Note, 3.350%, 04/01/2027 | 122,825 | |
TOTAL | 536,750 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.1% | |||
100,000 | Abbott Laboratories, Sr. Unsecd. Note, 3.750%, 11/30/2026 | 102,189 | |
100,000 | Abbott Laboratories, Sr. Unsecd. Note, 4.900%, 11/30/2046 | 106,804 | |
67,000 | Actavis Funding SCS, Sr. Unsecd. Note, 4.750%, 03/15/2045 | 71,270 | |
200,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 4.500%, 02/01/2045 | 204,941 | |
100,000 | Teva Pharmaceutical Finance III BV, Sr. Unsecd. Note, 2.200%, 07/21/2021 | 98,133 | |
100,000 | Teva Pharmaceutical Finance III BV, Sr. Unsecd. Note, 3.150%, 10/01/2026 | 94,096 | |
TOTAL | 677,433 | ||
Consumer Non-Cyclical - Supermarkets—0.0% | |||
200,000 | Kroger Co., Sr. Unsecd. Note, 4.450%, 02/01/2047 | 200,427 | |
Consumer Non-Cyclical - Tobacco—0.0% | |||
100,000 | Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 08/04/2041 | 123,937 | |
Energy - Independent—0.1% | |||
320,000 | Anadarko Petroleum Corp., Sr. Unsecd. Note, 5.550%, 03/15/2026 | 359,868 | |
200,000 | Canadian Natural Resources Ltd., Sr. Unsecd. Note, 3.800%, 04/15/2024 | 204,298 | |
200,000 | EOG Resources, Inc., Sr. Unsecd. Note, 4.150%, 01/15/2026 | 213,330 | |
100,000 | Hess Corp., Sr. Unsecd. Note, 3.500%, 07/15/2024 | 98,347 | |
200,000 | Marathon Oil Corp., Sr. Unsecd. Note, 3.850%, 06/01/2025 | 199,538 | |
TOTAL | 1,075,381 |
Principal Amount, Foreign Par Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Energy - Integrated—0.1% | |||
$200,000 | BP Capital Markets PLC, Company Guarantee, 3.561%, 11/01/2021 | $210,103 | |
300,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 315,347 | |
90,000 | Shell International Finance BV, Sr. Unsecd. Note, 2.875%, 05/10/2026 | 89,368 | |
70,000 | Shell International Finance BV, Sr. Unsecd. Note, 4.000%, 05/10/2046 | 69,209 | |
TOTAL | 684,027 | ||
Energy - Midstream—0.2% | |||
300,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 02/01/2024 | 321,001 | |
250,000 | Enterprise Products Operating LLC, 3.900%, 02/15/2024 | 262,887 | |
200,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 6.375%, 03/01/2041 | 226,932 | |
160,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 03/01/2027 | 162,772 | |
115,000 | TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 05/25/2027 | 115,987 | |
100,000 | Williams Partners LP, Sr. Unsecd. Note, 3.900%, 01/15/2025 | 102,556 | |
300,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 316,224 | |
TOTAL | 1,508,359 | ||
Energy - Oil Field Services—0.1% | |||
200,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 206,000 | |
200,000 | 1,5 | Schlumberger Holdings Corp., Sr. Unsecd. Note, Series 144A, 4.000%, 12/21/2025 | 211,547 |
200,000 | Weatherford International Ltd., 5.125%, 09/15/2020 | 201,500 | |
TOTAL | 619,047 | ||
Energy - Refining—0.1% | |||
200,000 | HollyFrontier Corp., Sr. Unsecd. Note, 5.875%, 04/01/2026 | 215,775 | |
200,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | 243,848 | |
TOTAL | 459,623 | ||
Financial Institution - Banking—1.0% | |||
275,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 05/05/2021 | 275,344 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.300%, 01/11/2023 | 305,965 | |
200,000 | Bank of America Corp., Sr. Unsecd. Note, 3.705%, 04/24/2028 | 201,888 | |
500,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 01/22/2025 | 510,648 | |
200,000 | Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 2.661%, 05/16/2023 | 201,874 | |
195,000 | BB&T Corp., Sr. Unsecd. Note, Series MTN, 2.750%, 04/01/2022 | 198,071 | |
200,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.750%, 04/25/2022 | 200,352 | |
570,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 05/01/2026 | 566,785 |
Principal Amount, Foreign Par Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$270,000 | Citizens Financial Group, Inc., Sub. Note, 4.300%, 12/03/2025 | $283,138 | |
400,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 04/10/2025 | 398,674 | |
300,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 01/24/2022 | 339,261 | |
300,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 374,059 | |
400,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 3.900%, 05/25/2026 | 413,576 | |
200,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 4.000%, 03/30/2022 | 211,216 | |
800,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.782%, 02/01/2028 | 820,611 | |
200,000 | Manufacturers & Traders Trust Co., Sr. Unsecd. Note, Series BKNT, 2.500%, 05/18/2022 | 200,745 | |
800,000 | Morgan Stanley, Sr. Unsecd. Note, 3.625%, 01/20/2027 | 807,572 | |
657,686 | 1,4 | Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 453,106 |
250,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 02/08/2021 | 256,323 | |
200,000 | SunTrust Bank, Sub. Note, 3.300%, 05/15/2026 | 197,150 | |
155,000 | SunTrust Bank, Inc., Sr. Unsecd. Note, 2.500%, 05/01/2019 | 156,743 | |
400,000 | Union Bank, N.A., Sr. Unsecd. Note, 2.625%, 09/26/2018 | 403,770 | |
350,000 | Wells Fargo & Co., Sr. Unsecd. Note, 3.000%, 10/23/2026 | 340,835 | |
TOTAL | 8,117,706 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.1% | |||
200,000 | Jefferies Group LLC, Sr. Unsecd. Note, 5.125%, 01/20/2023 | 219,097 | |
490,000 | Stifel Financial Corp., Sr. Unsecd. Note, 3.500%, 12/01/2020 | 502,290 | |
200,000 | TD Ameritrade Holding Corp., Sr. Unsecd. Note, 3.300%, 04/01/2027 | 201,252 | |
TOTAL | 922,639 | ||
Financial Institution - Finance Companies—0.1% | |||
150,000 | AerCap Ireland Capital Ltd., Sr. Unsecd. Note, 3.500%, 05/26/2022 | 154,457 | |
170,000 | AerCap Ireland Capital Ltd/AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 02/01/2022 | 177,976 | |
200,000 | Discover Financial Services, Sr. Unsecd. Note, 4.100%, 02/09/2027 | 202,299 | |
TOTAL | 534,732 | ||
Financial Institution - Insurance - Life—0.3% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 06/15/2023 | 211,821 | |
400,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 02/15/2024 | 423,450 | |
300,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 03/15/2022 | 321,727 | |
300,000 | 1,5 | Mass Mutual Global Funding II, Sr. Secd. Note, Series 144A, 3.600%, 04/09/2024 | 316,015 |
Principal Amount, Foreign Par Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - Life—continued | |||
$150,000 | 1,5 | Massachusetts Mutual Life, Sub. Note, Series 144A, 4.900%, 04/01/2077 | $159,188 |
400,000 | MetLife, Inc., Sr. Unsecd. Note, 4.750%, 02/08/2021 | 436,489 | |
200,000 | 1,5 | Principal Life Global Funding II, Series 144A, 2.200%, 04/08/2020 | 200,540 |
TOTAL | 2,069,230 | ||
Financial Institution - Insurance - P&C—0.1% | |||
300,000 | CNA Financial Corp., Sr. Unsecd. Note, 4.500%, 03/01/2026 | 324,644 | |
400,000 | 1,5 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, Series 144A, 4.250%, 06/15/2023 | 430,121 |
TOTAL | 754,765 | ||
Financial Institution - REIT - Apartment—0.0% | |||
195,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 05/15/2027 | 196,929 | |
Financial Institution - REIT - Healthcare—0.1% | |||
300,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.125%, 04/01/2019 | 309,840 | |
100,000 | Physicians Realty Trust, Sr. Unsecd. Note, 4.300%, 03/15/2027 | 102,096 | |
TOTAL | 411,936 | ||
Financial Institution - REIT - Office—0.0% | |||
90,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 01/15/2027 | 92,172 | |
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 01/15/2028 | 51,270 | |
TOTAL | 143,442 | ||
Financial Institution - REIT - Other—0.0% | |||
335,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 351,371 | |
Financial Institution - REIT - Retail—0.0% | |||
190,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.800%, 04/01/2027 | 190,448 | |
Technology—0.4% | |||
200,000 | Adobe Systems, Inc., Sr. Unsecd. Note, 3.250%, 02/01/2025 | 206,089 | |
400,000 | Apple, Inc., Sr. Unsecd. Note, 2.500%, 02/09/2022 | 405,989 | |
100,000 | Apple, Inc., Sr. Unsecd. Note, 4.450%, 05/06/2044 | 107,939 | |
200,000 | 1,5 | Broadcom Corp., Sr. Unsecd. Note, Series 144A, 3.875%, 01/15/2027 | 203,356 |
60,000 | 1,5 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Term Loan - 1st Lien, Series 144A, 4.420%, 06/15/2021 | 63,288 |
180,000 | 1,5 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Term Loan - 1st Lien, Series 144A, 6.020%, 06/15/2026 | 198,883 |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 06/01/2021 | 124,480 |
Principal Amount, Foreign Par Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$300,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 04/15/2023 | $310,828 | |
350,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 4.950%, 12/15/2024 | 355,620 | |
100,000 | Microsoft Corp., Sr. Unsecd. Note, 2.400%, 08/08/2026 | 96,449 | |
600,000 | 1,5 | Molex Electronics Technologies LLC, Unsecd. Note, Series 144A, 3.900%, 04/15/2025 | 612,239 |
150,000 | Qualcomm, Inc., Sr. Unsecd. Note, 2.100%, 05/20/2020 | 150,615 | |
80,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 04/01/2026 | 87,765 | |
TOTAL | 2,923,540 | ||
Transportation - Railroads—0.1% | |||
200,000 | Burlington Northern Santa Fe Corp., 3.050%, 09/01/2022 | 207,240 | |
230,000 | Union Pacific Corp., Sr. Unsecd. Note, 3.875%, 02/01/2055 | 220,948 | |
TOTAL | 428,188 | ||
Transportation - Services—0.0% | |||
140,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 03/01/2022 | 141,340 | |
Utility - Electric—0.5% | |||
400,000 | Berkshire Hathaway Energy Co., Sr. Unsecd. Note, 3.750%, 11/15/2023 | 423,136 | |
400,000 | Cleveland Electric Illuminating Co., Sr. Unsecd. Note, 5.950%, 12/15/2036 | 477,836 | |
400,000 | 1,5 | Electricite de France SA, Jr. Sub. Note, Series 144A, 5.625%, 12/29/2049 | 405,500 |
200,000 | 1,5 | Enel Finance International NV, Sr. Unsecd. Note, Series 144A, 4.750%, 05/25/2047 | 201,823 |
300,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 06/15/2022 | 317,840 | |
150,000 | 1,5 | Fortis, Inc., Sr. Unsecd. Note, Series 144A, 3.055%, 10/04/2026 | 145,214 |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, 2.950%, 02/7/2024 | 111,614 | |
400,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 3.625%, 06/15/2023 | 411,897 | |
65,000 | NiSource Finance Corp., Sr. Unsecd. Note, 4.375%, 05/15/2047 | 66,767 | |
350,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 01/15/2025 | 352,718 | |
300,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 4.200%, 06/15/2022 | 319,987 | |
250,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 07/01/2026 | 245,880 | |
140,000 | Virginia Electric & Power, Sr. Unsecd. Note, Series A, 3.500%, 03/15/2027 | 145,324 | |
TOTAL | 3,625,536 |
Principal Amount, Foreign Par Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Utility - Natural Gas—0.0% | |||
$120,000 | 1,5 | Southern Natural Gas, Sr. Unsecd. Note, Series 144A, 4.800%, 03/15/2047 | $125,468 |
TOTAL CORPORATE BONDS (IDENTIFIED COST $36,997,135) | 37,970,730 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.6% | |||
Agency Commercial Mortgage-Backed Securities—0.6% | |||
1,225,000 | Federal Home Loan Mortgage Corp., K054, Class A2, 2.745%, 01/25/2026 | 1,233,097 | |
1,000,000 | Federal Home Loan Mortgage Corp., K053, Class A2, 2.995%, 12/25/2025 | 1,027,233 | |
2,000,000 | 1,5 | FREMF Mortgage Trust 2013-K25, Class B, 3.619%, 11/25/2045 | 2,072,659 |
390,000 | 1,5 | FREMF Mortgage Trust 2015-K49, Class B, 3.721%, 10/25/2048 | 394,772 |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $4,660,399) | 4,727,761 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—1.8% | |||
Commercial Mortgage—1.8% | |||
1,600,000 | Citigroup Commercial Mortgage Trust 2013-GC11, Class B, 3.732%, 04/10/2046 | 1,613,778 | |
2,100,000 | Commercial Mortgage Trust 2013-LC6, Class AM, 3.282%, 01/10/2046 | 2,139,741 | |
2,000,000 | Commercial Mortgage Trust 2014-LC15, Class A2, 2.840%, 04/10/2047 | 2,035,486 | |
1,000,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 02/10/2048 | 1,028,497 | |
625,000 | Deutsche Bank Commercial Mortgage Trust 2016-C3, Class A5, 2.890%, 09/10/2049 | 618,779 | |
2,500,000 | GS Mortgage Securities Corp. II 2012-GCJ7, Class AS, 4.085%, 05/10/2045 | 2,647,357 | |
1,500,000 | JPMBB Commercial Mortgage Securities Trust 2013-C15, Class AS, 3.532%, 10/15/2048 | 1,524,171 | |
900,000 | Morgan Stanley BAML Trust 2014-C15, Class A2, 2.979%, 04/15/2047 | 917,095 | |
1,000,000 | Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 03/15/2045 | 1,049,502 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $13,576,393) | 13,574,406 | ||
COMMON STOCKS—3.9% | |||
Auto Components—0.3% | |||
27,828 | 2 | American Axle & Manufacturing Holdings, Inc. | 420,481 |
27,296 | Goodyear Tire & Rubber Co. | 879,477 | |
5,815 | Lear Corp. | 866,668 | |
TOTAL | 2,166,626 |
Principal Amount, Foreign Par Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Building Products—0.1% | |||
28,755 | 2 | USG Corp. | $817,792 |
Communications Equipment—0.1% | |||
20,382 | 2 | CommScope Holdings Co., Inc. | 753,930 |
36,195 | 2 | Mitel Networks Corp. | 256,623 |
TOTAL | 1,010,553 | ||
Consumer Finance—0.1% | |||
39,320 | Ally Financial, Inc. | 728,993 | |
Containers & Packaging—0.7% | |||
16,065 | Ardagh Group SA | 385,399 | |
16,594 | 2 | Berry Global Group, Inc. | 962,286 |
72,818 | Graphic Packaging Holding Co. | 983,771 | |
44,081 | 2 | Owens-Illinois, Inc. | 994,908 |
21,973 | Sealed Air Corp. | 976,041 | |
17,518 | WestRock Co. | 953,330 | |
TOTAL | 5,255,735 | ||
Electronic Equipment Instruments & Components—0.3% | |||
16,368 | CDW Corp. | 985,026 | |
9,126 | 2 | Zebra Technologies Co. | 952,207 |
TOTAL | 1,937,233 | ||
Food & Staples Retailing—0.1% | |||
33,569 | 2 | US Foods Holding Corp. | 1,005,727 |
Gas Utilities—0.1% | |||
36,946 | Suburban Propane Partners LP | 873,403 | |
Health Care Providers & Services—0.1% | |||
19,405 | 2 | Tenet Healthcare Corp. | 320,959 |
Hotels Restaurants & Leisure—0.4% | |||
24,805 | Aramark | 924,234 | |
41,580 | 2 | Eldorado Resorts, Inc. | 862,785 |
39,217 | 2 | La Quinta Holdings, Inc. | 543,548 |
41,316 | 2 | Penn National Gaming, Inc. | 798,638 |
TOTAL | 3,129,205 | ||
Independent Power and Renewable Electricity Producers—0.1% | |||
50,115 | 2 | Calpine Corp. | 643,978 |
Media—0.3% | |||
61,425 | 2 | Gray Television, Inc. | 740,171 |
Principal Amount, Foreign Par Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Media—continued | |||
5,845 | Nexstar Media Group, Inc. | $334,334 | |
13,440 | Sinclair Broadcast Group, Inc. | 435,456 | |
300,383 | 2 | Urban One, Inc. | 600,766 |
TOTAL | 2,110,727 | ||
Oil Gas & Consumable Fuels—0.2% | |||
27,515 | 2 | CVR Refining LP | 266,895 |
23,869 | Williams Partners LP | 934,949 | |
TOTAL | 1,201,844 | ||
Paper & Forest Products—0.1% | |||
15,804 | 2 | Clearwater Paper Corp. | 732,515 |
Pharmaceuticals—0.2% | |||
7,617 | 2 | Mallinckrodt PLC | 328,521 |
18,105 | 2 | Prestige Brands Holdings, Inc. | 912,130 |
TOTAL | 1,240,651 | ||
Road & Rail—0.1% | |||
26,235 | 2 | Avis Budget Group, Inc. | 600,519 |
Semiconductors & Semiconductor Equipment—0.2% | |||
16,055 | 2 | Microsemi Corp. | 788,461 |
32,667 | 2 | Tower Semiconductor Ltd. | 828,435 |
TOTAL | 1,616,896 | ||
Specialty Retail—0.1% | |||
59,512 | 2 | Party City Holdco, Inc. | 984,924 |
Technology Hardware Storage & Peripherals—0.1% | |||
21,650 | 2 | NCR Corp. | 834,175 |
Textiles Apparel & Luxury Goods—0.1% | |||
42,880 | Hanesbrands, Inc. | 885,472 | |
Trading Companies & Distributors—0.1% | |||
23,946 | 2 | HD Supply Holdings, Inc. | 966,221 |
TOTAL COMMON STOCKS (IDENTIFIED COST $23,102,335) | 29,064,148 | ||
PREFERRED STOCK—0.0% | |||
Financial Institution - Broker/Asset Mgr/Exchange—0.0% | |||
40,000 | 2,3,4 | Lehman Brothers Holdings, Pfd., Series D, 5.670% (IDENTIFIED COST $3,400) | 400 |
Principal Amount, Foreign Par Amount or Shares | Value | ||
PURCHASED CALL OPTIONS—0.0% | |||
10,000,000 | JPM USD CALL/JPY PUT, Strike Price: $116.00; Expiration Date: 6/23/2017 | $630 | |
150,000 | United States Treasury Bond Futures, Strike Price: $154.00, Expiration Date: 6/23/2017 | 171,094 | |
TOTAL PURCHASED CALL OPTIONS (IDENTIFIED COST $93,638) | 171,724 | ||
PURCHASED PUT OPTIONS—0.0% | |||
62,800 | Russell 2000 Index, Strike Price: $1200; Expiration Date: 7/21/2017 | 160,140 | |
7,200,000 | JPM AUD PUT/USD CALL, Strike Price: $0.72; Expiration Date: 6/16/2017 | 2,606 | |
10,000,000 | JPM USD PUT/JPY CALL, Strike Price: $109.00; Expiration Date: 6/23/2017 | 39,710 | |
150,000 | United States Treasury Bond Futures, Strike Price: $147.00, Expiration Date: 6/23/2017 | 9,375 | |
500,000 | United States Treasury Note 10-Year Futures, Strike Price: $122.50, Expiration Date: 6/23/2017 | 7,813 | |
TOTAL PURCHASED PUT OPTIONS (IDENTIFIED COST $528,114) | 219,644 | ||
INVESTMENT COMPANIES—87.6%6 | |||
Finance—87.6% | |||
19,967,532 | Emerging Markets Core Fund | 203,069,802 | |
12,465,388 | Federated Mortgage Core Portfolio | 123,033,374 | |
4,349,751 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.00%7 | 4,351,056 | |
51,545,022 | High Yield Bond Portfolio | 333,496,293 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $619,701,715) | 663,950,525 | ||
TOTAL INVESTMENTS—98.9% (IDENTIFIED COST $698,663,129)8 | 749,679,338 | ||
OTHER ASSETS AND LIABILITIES - NET—1.1%9 | 7,968,538 | ||
TOTAL NET ASSETS—100% | $757,647,876 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
2United States Treasury Note 2-Year Long Futures | 710 | $153,703,907 | September 2017 | $44,220 |
2United States Treasury Note 5-Year Short Futures | 200 | $23,662,500 | September 2017 | $(43,751) |
2United States Treasury Note 10-Year Short Futures | 41 | $5,178,172 | September 2017 | $(16,463) |
2United States Treasury Note 10-Year Ultra Short Futures | 245 | $33,254,922 | September 2017 | $(190,104) |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(206,098) |
Counterparty | Reference Entity | Buy/ Sell | Pay/ Receive Fixed Rate | Expiration Date | Implied Credit Spread at 5/31/201710 | Notional Amount | Market Value | Upfront Premiums Paid/ (Received) | Unrealized Depreciation | ||||||
OTC Swaps: | |||||||||||||||
Barclays Capital, Inc. | CDX Index EM Series 26, Credit Default Swap | Buy | 1.00% | 6/20/2022 | 1.94% | $8,000,000 | $350,001 | $361,341 | $(11,340) |
Security | Expiration Date | Exercise Price | Contracts | Value |
2Goldman Sachs EUR CALL/USD PUT (Call Option) | June 2017 | $1.11 | 10,000,000 | $(153,955) |
2Russell 2000 Index (Call Option) | June 2017 | $1,430.00 | 94 | $(8,930) |
2JPM AUD CALL/USD PUT (Call Option) | June 2017 | $0.75 | 7,500,000 | $(18,652) |
2JPM USD CALL/JPY PUT (Call Option) | June 2017 | $114.00 | 10,000,000 | $(6,210) |
2United States Treasury Bond (Call Option) | June 2017 | $152.00 | 300 | $(698,437) |
2United States Treasury Note 10-Year Futures (Call Option) | June 2017 | $125.00 | 500 | $(710,938) |
2Goldman Sachs EUR PUT/USD CALL (Put Option) | June 2017 | $1.11 | 10,000,000 | $(15,918) |
2Russell 2000 Index (Put Option) | June 2017 | $1,350.00 | 110 | $(93,500) |
2JPM AUD PUT/USD CALL (Put Option) | June 2017 | $0.74 | 7,400,000 | $(34,003) |
2JPM USD PUT/JPY CALL (Put Option) | June 2017 | $112.00 | 10,000,000 | $(159,050) |
(Premiums Received $1,716,956) | $(1,899,593) |
1 | 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 May 31, 2017, these restricted securities amounted to $10,214,086, which represented 1.3% of total net assets. |
2 | Non-income-producing security. |
3 | Issuer in default. |
4 | Market quotations and price evaluations are not available. Fair value determined in accordance with procedures established by and under the general supervision of the Fund's Board of Directors (“The Directors”). |
5 | 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 Directors. At May 31, 2017, these liquid restricted securities amounted to $8,118,457, which represented 1.1% of total net assets. |
6 | Affiliated holdings. |
7 | 7-day net yield. |
8 | The cost of investments for federal tax purposes amounts to $698,774,168. |
9 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
10 | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $27,521,793 | $— | $— | $27,521,793 |
International | 1,542,355 | — | — | 1,542,355 |
Preferred Stocks | ||||
Domestic | — | — | 4001 | 400 |
Debt Securities: | ||||
Corporate Bonds | — | 37,517,624 | 453,106 | 37,970,730 |
Commercial Mortgage-Backed Securities | — | 4,727,761 | — | 4,727,761 |
Collateralized Mortgage Obligations | — | 13,574,406 | — | 13,574,406 |
Purchased Call Options | 171,724 | — | — | 171,724 |
Purchased Put Options | 219,644 | — | — | 219,644 |
Investment Companies2 | 4,351,056 | — | — | 663,950,525 |
TOTAL SECURITIES | $33,806,572 | $55,819,791 | $453,506 | $749,679,338 |
Other Financial Instruments | ||||
Assets | ||||
Futures | $44,220 | $— | $— | $44,220 |
Swaps | — | 350,001 | — | 350,001 |
Liabilities | ||||
Futures | (250,318) | — | — | (250,318) |
Written Options | — | (1,899,593) | — | (1,899,593) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(206,098) | $(1,549,592) | $— | $(1,755,690) |
1 | Shares were exchanged in conjunction with a corporate action for shares of another security whose fair value is determined using valuation techniques utilizing unobservable market data due to observable market data being unavailable. |
2 | As permitted by U.S. generally accepted accounting principles (GAAP), Investment Company valued at $659,599,469 is measured at fair value using the net asset value (NAV) per share practical expedient and have not been categorized in the chart above but are included in the Total column. The price of shares redeemed in Emerging Markets Core Fund, Federated Mortgage Core Portfolio and High Yield Bond Portfolio is the next determined NAV after receipt of a shareholder redemption request. |
AUD | —Australian Dollar |
EUR | —Euro |
FREMF | —Freddie Mac Multifamily K-Deals |
JPY | —Japanese Yen |
MTN | —Medium Term Note |
REIT | —Real Estate Investment Trust |
USD | —United States Dollar |
Six Months Ended (unaudited) 5/31/2017 | Year Ended November 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $8.86 | $8.63 | $9.16 | $9.16 | $9.47 | $8.96 |
Income From Investment Operations: | ||||||
Net investment income | 0.201 | 0.361 | 0.351 | 0.391 | 0.411 | 0.471 |
Net realized and unrealized gain (loss) on investments, futures contracts, written options, swap contracts and foreign currency transactions | 0.25 | 0.21 | (0.56) | 0.00 | (0.35) | 0.53 |
TOTAL FROM INVESTMENT OPERATIONS | 0.45 | 0.57 | (0.21) | 0.39 | 0.06 | 1.00 |
Less Distributions: | ||||||
Distributions from net investment income | (0.21) | (0.34) | (0.32) | (0.39) | (0.37) | (0.49) |
Net Asset Value, End of Period | $9.10 | $8.86 | $8.63 | $9.16 | $9.16 | $9.47 |
Total Return2 | 5.19% | 6.81% | (2.39)% | 4.33% | 0.66% | 11.40% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.99%3 | 1.26% | 1.27% | 1.26% | 1.26% | 1.26% |
Net investment income | 4.43%3 | 4.16% | 3.91% | 4.26% | 4.42% | 5.10% |
Expense waiver/reimbursement4 | 0.12%3 | 0.09% | 0.09% | 0.07% | 0.07% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $363,170 | $392,737 | $437,375 | $527,657 | $635,469 | $813,104 |
Portfolio turnover | 8% | 14% | 17% | 22% | 13% | 7% |
1 | Per share numbers have been calculated using the average shares method. |
2 | 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. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2017 | Year Ended November 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $8.85 | $8.62 | $9.15 | $9.14 | $9.46 | $8.95 |
Income From Investment Operations: | ||||||
Net investment income | 0.161 | 0.301 | 0.281 | 0.321 | 0.341 | 0.401 |
Net realized and unrealized gain (loss) on investments, futures contracts, written options, swap contracts and foreign currency transactions | 0.26 | 0.21 | (0.56) | 0.01 | (0.36) | 0.53 |
TOTAL FROM INVESTMENT OPERATIONS | 0.42 | 0.51 | (0.28) | 0.33 | (0.02) | 0.93 |
Less Distributions: | ||||||
Distributions from net investment income | (0.18) | (0.28) | (0.25) | (0.32) | (0.30) | (0.42) |
Net Asset Value, End of Period | $9.09 | $8.85 | $8.62 | $9.15 | $9.14 | $9.46 |
Total Return2 | 4.80% | 6.02% | (3.13)% | 3.66% | (0.20)% | 10.58% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.76%3 | 2.01% | 2.02% | 2.01% | 2.01% | 2.01% |
Net investment income | 3.66%3 | 3.41% | 3.16% | 3.51% | 3.67% | 4.36% |
Expense waiver/reimbursement4 | 0.12%3 | 0.09% | 0.09% | 0.07% | 0.07% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $52,254 | $57,432 | $68,623 | $88,374 | $103,142 | $126,636 |
Portfolio turnover | 8% | 14% | 17% | 22% | 13% | 7% |
1 | Per share numbers have been calculated using the average shares method. |
2 | 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. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2017 | Year Ended November 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $8.85 | $8.62 | $9.15 | $9.15 | $9.46 | $8.95 |
Income From Investment Operations: | ||||||
Net investment income | 0.161 | 0.301 | 0.281 | 0.321 | 0.341 | 0.401 |
Net realized and unrealized gain (loss) on investments, futures contracts, written options, swap contracts and foreign currency transactions | 0.26 | 0.21 | (0.56) | 0.00 | (0.35) | 0.53 |
TOTAL FROM INVESTMENT OPERATIONS | 0.42 | 0.51 | (0.28) | 0.32 | (0.01) | 0.93 |
Less Distributions: | ||||||
Distributions from net investment income | (0.18) | (0.28) | (0.25) | (0.32) | (0.30) | (0.42) |
Net Asset Value, End of Period | $9.09 | $8.85 | $8.62 | $9.15 | $9.15 | $9.46 |
Total Return2 | 4.79% | 6.02% | (3.13)% | 3.55% | (0.09)% | 10.58% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.73%3 | 2.01% | 2.02% | 2.01% | 2.01% | 2.01% |
Net investment income | 3.68%3 | 3.41% | 3.16% | 3.51% | 3.67% | 4.35% |
Expense waiver/reimbursement4 | 0.12%3 | 0.09% | 0.09% | 0.07% | 0.07% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $143,492 | $155,650 | $177,330 | $220,448 | $262,115 | $312,701 |
Portfolio turnover | 8% | 14% | 17% | 22% | 13% | 7% |
1 | Per share numbers have been calculated using the average shares method. |
2 | 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. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2017 | Year Ended November 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $8.81 | $8.58 | $9.11 | $9.11 | $9.42 | $8.92 |
Income From Investment Operations: | ||||||
Net investment income | 0.201 | 0.361 | 0.351 | 0.391 | 0.411 | 0.471 |
Net realized and unrealized gain (loss) on investments, futures contracts, written options, swap contracts and foreign currency transactions | 0.25 | 0.21 | (0.56) | 0.00 | (0.35) | 0.52 |
TOTAL FROM INVESTMENT OPERATIONS | 0.45 | 0.57 | (0.21) | 0.39 | 0.06 | 0.99 |
Less Distributions: | ||||||
Distributions from net investment income | (0.21) | (0.34) | (0.32) | (0.39) | (0.37) | (0.49) |
Net Asset Value, End of Period | $9.05 | $8.81 | $8.58 | $9.11 | $9.11 | $9.42 |
Total Return2 | 5.23% | 6.86% | (2.40)% | 4.35% | 0.66% | 11.34% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.99%3 | 1.26% | 1.27% | 1.26% | 1.26% | 1.26% |
Net investment income | 4.41%3 | 4.16% | 3.91% | 4.24% | 4.42% | 5.09% |
Expense waiver/reimbursement4 | 0.11%3 | 0.09% | 0.09% | 0.07% | 0.07% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $66,685 | $69,364 | $76,954 | $89,393 | $90,204 | $86,126 |
Portfolio turnover | 8% | 14% | 17% | 22% | 13% | 7% |
1 | Per share numbers have been calculated using the average shares method. |
2 | 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. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2017 | Year Ended November 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $8.81 | $8.58 | $9.11 | $9.11 | $9.43 | $8.93 |
Income From Investment Operations: | ||||||
Net investment income | 0.211 | 0.381 | 0.371 | 0.411 | 0.431 | 0.491 |
Net realized and unrealized gain (loss) on investments, futures contracts, written options, swap contracts and foreign currency transactions | 0.26 | 0.21 | (0.56) | 0.00 | (0.36) | 0.52 |
TOTAL FROM INVESTMENT OPERATIONS | 0.47 | 0.59 | (0.19) | 0.41 | 0.07 | 1.01 |
Less Distributions: | ||||||
Distributions from net investment income | (0.23) | (0.36) | (0.34) | (0.41) | (0.39) | (0.51) |
Net Asset Value, End of Period | $9.05 | $8.81 | $8.58 | $9.11 | $9.11 | $9.43 |
Total Return2 | 5.38% | 7.12% | (2.16)% | 4.61% | 0.81% | 11.60% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.67%3 | 1.01% | 1.02% | 1.01% | 1.01% | 1.01% |
Net investment income | 4.64%3 | 4.41% | 4.16% | 4.51% | 4.66% | 5.33% |
Expense waiver/reimbursement4 | 0.15%3 | 0.09% | 0.09% | 0.07% | 0.07% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $127,105 | $93,764 | $120,807 | $151,517 | $152,799 | $260,363 |
Portfolio turnover | 8% | 14% | 17% | 22% | 13% | 7% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Period Ended (unaudited)1 5/31/2017 | |
Net Asset Value, Beginning of Period | $8.96 |
Income From Investment Operations: | |
Net investment income | 0.132 |
Net realized and unrealized gain on investments, futures contracts, written options, swap contracts and foreign currency transactions | 0.13 |
TOTAL FROM INVESTMENT OPERATIONS | 0.26 |
Less Distributions: | |
Distributions from net investment income | (0.11) |
Net Asset Value, End of Period | $9.11 |
Total Return3 | 2.94% |
Ratios to Average Net Assets: | |
Net expenses | 0.61%4 |
Net investment income | 4.19%4 |
Expense waiver/reimbursement5 | 0.11%4 |
Supplemental Data: | |
Net assets, end of period (000 omitted) | $4,941 |
Portfolio turnover | 8% |
1 | Reflects operations for the period from January 27, 2017 (date of initial investment) to May 31, 2017. |
2 | Per share numbers have been calculated using the average shares method. |
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 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $663,950,525 of investment in affiliated holdings (Note 5) (identified cost $698,663,129) | $749,679,338 | |
Cash denominated in foreign currencies (identified cost $725,131) | 738,810 | |
Restricted cash (Note 2) | 6,485,547 | |
Income receivable | 3,368,253 | |
Swaps, at value (premium paid $361,341) | 350,001 | |
Receivable for investments sold | 118,294 | |
Receivable for shares sold | 677,791 | |
TOTAL ASSETS | 761,418,034 | |
Liabilities: | ||
Payable for investments purchased | $228,220 | |
Payable for shares redeemed | 1,043,135 | |
Written options outstanding (premium received $1,716,956), at value | 1,899,593 | |
Bank overdraft | 160,173 | |
Payable for daily variation margin on futures contracts | 1,307 | |
Payable for periodic payments for swap contracts | 16,222 | |
Payable to adviser (Note 5) | 9,085 | |
Payable for administrative fees (Note 5) | 1,634 | |
Payable for distribution services fee (Note 5) | 126,824 | |
Payable for other service fees (Notes 2 and 5) | 126,524 | |
Accrued expenses (Note 5) | 157,441 | |
TOTAL LIABILITIES | 3,770,158 | |
Net assets for 83,377,451 shares outstanding | $757,647,876 | |
Net Assets Consist of: | ||
Paid-in capital | $871,113,508 | |
Net unrealized appreciation of investments, futures contracts, written options, swap contracts and translation of assets and liabilities in foreign currency | 50,629,813 | |
Accumulated net realized loss on investments, futures contracts, swap contracts and foreign currency transactions | (162,704,946) | |
Distributions in excess of net investment income | (1,390,499) | |
TOTAL NET ASSETS | $757,647,876 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($363,170,493 ÷ 39,895,934 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized | $9.10 | |
Offering price per share (100/95.50 of $9.10) | $9.53 | |
Redemption proceeds per share | $9.10 | |
Class B Shares: | ||
Net asset value per share ($52,254,096 ÷ 5,747,981 shares outstanding), $0.001 par value, 2,000,000,000 shares authorized | $9.09 | |
Offering price per share | $9.09 | |
Redemption proceeds per share (94.50/100 of $9.09) | $8.59 | |
Class C Shares: | ||
Net asset value per share ($143,491,963 ÷ 15,778,181 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized | $9.09 | |
Offering price per share | $9.09 | |
Redemption proceeds per share (99.00/100 of $9.09) | $9.00 | |
Class F Shares: | ||
Net asset value per share ($66,685,176 ÷ 7,371,919 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized | $9.05 | |
Offering price per share (100/99.00 of $9.05) | $9.14 | |
Redemption proceeds per share (99.00/100 of $9.05) | $8.96 | |
Institutional Shares: | ||
Net asset value per share ($127,105,121 ÷ 14,040,934 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized | $9.05 | |
Offering price per share | $9.05 | |
Redemption proceeds per share | $9.05 | |
Class R6 Shares: | ||
Net asset value per share ($4,941,027 ÷ 542,502 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized | $9.11 | |
Offering price per share | $9.11 | |
Redemption proceeds per share | $9.11 |
Investment Income: | |||
Dividends (including $19,474,042 received from affiliated holdings (Note 5)) | $19,684,474 | ||
Interest | 940,426 | ||
TOTAL INCOME | 20,624,900 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,285,718 | ||
Administrative fee (Note 5) | 300,056 | ||
Custodian fees | 22,423 | ||
Transfer agent fee (Note 2) | 434,549 | ||
Directors'/Trustees' fees (Note 5) | 5,235 | ||
Auditing fees | 15,807 | ||
Legal fees | 3,679 | ||
Portfolio accounting fees | 88,642 | ||
Distribution services fee (Note 5) | 771,010 | ||
Other service fees (Notes 2 and 5) | 810,949 | ||
Share registration costs | 48,722 | ||
Printing and postage | 32,474 | ||
Miscellaneous (Note 5) | 16,850 | ||
TOTAL EXPENSES | 4,836,114 |
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(403,061) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (64,838) | ||
TOTAL WAIVER AND REIMBURSEMENTS | $(467,899) | ||
Net expenses | $4,368,215 | ||
Net investment income | 16,256,685 | ||
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options, Swap Contracts and Foreign Currency Transactions: | |||
Net realized loss on investments and foreign currency transactions (including realized loss of $(456,452) on sales of investments in affiliated holdings (Note 5)) | $(2,192,926) | ||
Net realized loss on futures contracts | (204,628) | ||
Net realized gain on written options | 2,627,099 | ||
Net realized loss on swap contracts | (583,329) | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 23,429,828 | ||
Net change in unrealized appreciation of futures contracts | (468,833) | ||
Net change in unrealized appreciation of written options | (182,637) | ||
Net change in unrealized appreciation of swap contracts | (222,766) | ||
Net realized and unrealized gain on investments, futures contracts, written options, swap contracts and foreign currency transactions | 22,201,808 | ||
Change in net assets resulting from operations | $38,458,493 |
Six Months Ended (unaudited) 5/31/2017 | Year Ended 11/30/2016 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $16,256,685 | $32,028,642 |
Net realized loss on investments, including allocation from affiliated partnership, futures contracts, swap contracts and foreign currency transactions | (353,784) | (20,080,886) |
Net change in unrealized appreciation of investments, futures contracts, written option transactions, swap contracts and foreign currency translation of assets and liabilities in foreign currency | 22,555,592 | 42,457,965 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 38,458,493 | 54,405,721 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (9,053,685) | (16,077,829) |
Class B Shares | (1,105,796) | (2,013,686) |
Class C Shares | (3,056,569) | (5,240,100) |
Class F Shares | (1,642,075) | (2,898,700) |
Institutional Shares | (2,811,252) | (4,189,760) |
Class R6 Shares | (30,700) | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (17,700,077) | (30,420,075) |
Share Transactions: | ||
Proceeds from sale of shares | 89,721,124 | 93,359,680 |
Net asset value of shares issued to shareholders in payment of distributions declared | 16,509,814 | 28,116,621 |
Cost of shares redeemed | (138,288,424) | (257,605,129) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (32,057,486) | (136,128,828) |
Change in net assets | (11,299,070) | (112,143,182) |
Net Assets: | ||
Beginning of period | 768,946,946 | 881,090,128 |
End of period (including undistributed (distributions in excess of) net investment income of $(1,390,499) and $52,893, respectively) | $757,647,876 | $768,946,946 |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Directors. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | 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. |
■ | With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts; |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Transfer Agent Fees Incurred | Transfer Agent Fee Reimbursed | |
Class A Shares | $223,407 | $(22,891) |
Class B Shares | 36,307 | (2,913) |
Class C Shares | 85,375 | (11,595) |
Class F Shares | 37,842 | (1,412) |
Institutional Shares | 51,429 | (26,027) |
Class R6 Shares | 189 | — |
TOTAL | $434,549 | $(64,838) |
Other Service Fees Incurred | |
Class A Shares | $469,346 |
Class B Shares | 68,048 |
Class C Shares | 188,956 |
Class F Shares | 84,599 |
TOTAL | $810,949 |
Security | Acquisition Date | Cost | Market Value |
Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 3/10/2000 | $643,072 | $453,106 |
Reliance Industries Ltd., Bond, Series 144A, 8.250%, 01/15/2027 | 1/10/1997 | $1,250,000 | $1,642,523 |
Contracts | Number of Contracts | Premium |
Outstanding at November 30, 2016 | — | $ — |
Contracts written | 144,608,120 | 7,554,595 |
Contracts exercised | (175) | (164,502) |
Contracts expired | (50,001,300) | (1,467,633) |
Contracts bought back | (39,705,641) | (4,205,504) |
Outstanding at May 31, 2017 | 54,901,004 | $1,716,956 |
Fair Value of Derivative Instruments | ||||
Asset | Liability | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||||
Interest rate contracts | $— | Payable for daily variation margin on futures contracts | $206,098* | |
Credit contracts | Swaps at value | 350,001 | — | |
Equity contracts | — | Written options outstanding | 1,899,593 | |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $350,001 | $2,105,691 |
* | Includes cumulative depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
Credit Default Swaps | Futures Contracts | Forward Exchange Contracts1 | Written Option Contracts | Purchased Options1 | Total | |
Interest rate contracts | $— | $(204,628) | $— | $1,728,179 | $(1,410,019) | $113,532 |
Foreign exchange contracts | — | — | $150,454 | 824,998 | (229,864) | 745,588 |
Credit contracts | (583,329) | — | — | (23,275) | (606,604) | |
Equity contracts | — | — | 73,922 | — | 73,922 | |
TOTAL | $(583,329) | $(204,628) | $150,454 | $2,627,099 | (1,663,158) | $326,438 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||||
Credit Default Swaps | Forward Exchange Contracts2 | Futures Contracts | Written Option Contracts | Total | |
Interest rate contracts | $— | $— | $(468,833) | $— | $(468,833) |
Foreign exchange contracts | — | (150,454) | — | — | (150,454) |
Credit contracts | (222,766) | — | — | (222,766) | |
Written option contracts | — | — | (182,637) | (182,637) | |
TOTAL | $(222,766) | $(150,454) | $(468,833) | $(182,637) | $(1,024,690) |
1 | The net realized gain (loss) on Forward Exchange Contracts and Purchased Options is found within the net realized gain (loss) on investments and foreign currency transactions on the Statement of Operations. |
2 | The net change in unrealized appreciation/depreciation of Forward Exchange Contracts is found within the Net change in unrealized appreciation/depreciation of investments and translation of assets and liabilities in foreign currency on the Statement of Operations. |
Six Months Ended 5/31/2017 | Year Ended 11/30/2016 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,487,872 | $22,376,843 | 4,756,946 | $41,260,593 |
Shares issued to shareholders in payment of distributions declared | 939,351 | 8,415,077 | 1,738,495 | 14,976,155 |
Shares redeemed | (7,856,130) | (70,780,778) | (12,869,715) | (112,988,911) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (4,428,907) | $(39,988,858) | (6,374,274) | $(56,752,163) |
Six Months Ended 5/31/2017 | Year Ended 11/30/2016 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 100,640 | $904,838 | 239,629 | $2,087,354 |
Shares issued to shareholders in payment of distributions declared | 116,031 | 1,038,066 | 218,368 | 1,875,191 |
Shares redeemed | (958,879) | (8,611,258) | (1,932,059) | (17,384,881) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (742,208) | $(6,668,354) | (1,474,062) | $(13,422,336) |
Six Months Ended 5/31/2017 | Year Ended 11/30/2016 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 717,373 | $6,447,917 | 1,406,315 | $12,197,645 |
Shares issued to shareholders in payment of distributions declared | 314,723 | 2,815,914 | 557,180 | 4,789,458 |
Shares redeemed | (2,839,454) | (25,568,092) | (4,954,365) | (43,814,705) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (1,807,358) | $(16,304,261) | (2,990,870) | $(26,827,602) |
Six Months Ended 5/31/2017 | Year Ended 11/30/2016 | |||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 262,089 | $2,344,465 | 385,981 | $3,322,749 |
Shares issued to shareholders in payment of distributions declared | 179,549 | 1,598,691 | 329,520 | 2,821,255 |
Shares redeemed | (946,383) | (8,468,838) | (1,811,790) | (16,266,050) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | (504,745) | $(4,525,682) | (1,096,289) | $(10,122,046) |
Six Months Ended 5/31/2017 | Year Ended 11/30/2016 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,874,326 | $52,712,028 | 4,001,033 | $34,491,339 |
Shares issued to shareholders in payment of distributions declared | 292,669 | 2,611,367 | 426,407 | 3,654,562 |
Shares redeemed | (2,766,869) | (24,798,440) | (7,864,204) | (67,150,582) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 3,400,126 | $30,524,955 | (3,436,764) | $(29,004,681) |
Period Ended 5/31/20171 | Year Ended 11/30/2016 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 545,844 | $4,935,033 | — | $— |
Shares issued to shareholders in payment of distributions declared | 3,390 | 30,699 | — | — |
Shares redeemed | (6,732) | (61,018) | — | — |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 542,502 | $4,904,714 | — | $— |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (3,540,590) | $(32,057,486) | (15,372,259) | $(136,128,828) |
1 | Reflects operations for the period from January 27, 2017 (date of initial investment) to May 31, 2017. |
Expiration Year | Short-Term | Long-Term | Total |
No Expiration | $17,251,809 | $88,360,412 | $105,612,221 |
2017 | 27,421,272 | NA | 27,421,272 |
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 |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class F Shares | 0.05% |
Distribution Services Fees Incurred | |
Class B Shares | $204,143 |
Class C Shares | 566,867 |
TOTAL | $771,010 |
Balance of Shares Held 11/30/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 05/31/2017 | Value | Dividend Income/ Allocated Investment Income | |
Emerging Markets Core Fund | 21,208,933 | 661,593 | (1,902,994) | 19,967,532 | $203,069,802 | $7,448,191 |
Federated Mortgage Core Portfolio | 11,242,473 | 2,036,765 | (813,850) | 12,465,388 | 123,033,374 | 1,677,750 |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 2,765,054 | 76,448,939 | (74,864,242) | 4,349,751 | 4,351,056 | 20,871 |
High Yield Bond Portfolio | 55,627,881 | — | (4,082,859) | 51,545,022 | 333,496,293 | 10,327,230 |
TOTAL OF AFFILIATED TRANSACTIONS | 90,844,341 | 79,147,297 | (81,663,945) | 88,327,693 | $663,950,525 | $19,474,042 |
Purchases | $47,654,796 |
Sales | $87,900,743 |
Beginning Account Value 12/1/2016 | Ending Account Value 5/31/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,051.90 | $5.06 |
Class B Shares | $1,000 | $1,048.00 | $8.99 |
Class C Shares | $1,000 | $1,047.90 | $8.83 |
Class F Shares | $1,000 | $1,052.30 | $5.07 |
Institutional Shares | $1,000 | $1,053.80 | $3.43 |
Class R6 Shares | $1,000 | $1,029.40 | $2.122 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.00 | $4.99 |
Class B Shares | $1,000 | $1,016.10 | $8.85 |
Class C Shares | $1,000 | $1,016.30 | $8.70 |
Class F Shares | $1,000 | $1,020.00 | $4.99 |
Institutional Shares | $1,000 | $1,021.60 | $3.38 |
Class R6 Shares | $1,000 | $1,022.80 | $3.072 |
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 | 0.99% |
Class B Shares | 1.76% |
Class C Shares | 1.73% |
Class F Shares | 0.99% |
Institutional Shares | 0.67% |
Class R6 Shares | 0.61% |
2 | “Actual” expense information for the Fund's Class R6 Shares is for the period from January 27, 2017 (date of initial investment) to May 31, 2017. Actual expenses are equal to the Fund's annualized net expense ratio of 0.61%, multiplied by 125/365 (to reflect the period from date of initial investment to May 31, 2017). “Hypothetical” expense information for Class R6 Shares is presented on the basis of the full one-half year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but it is multiplied by 182/365 (to reflect the full half-year period). |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31417P601
CUSIP 31417P700
CUSIP 31417P809
CUSIP 31417P841
CUSIP 31417P833
2017 ©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 July 25, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date July 25, 2017
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 25, 2017