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)
Peter J. Germain, 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: 09/30/18
Date of Reporting Period: Six months ended 03/31/18
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FMUUX | Institutional | FMUSX | ||
Sector Composition | Percentage of Total Net Assets |
Industrial Development Bond/Pollution Control Revenue | 19.8% |
Hospital | 15.1% |
General Obligation—Local | 9.4% |
Electric & Gas | 8.7% |
Toll Road | 7.4% |
Water & Sewer | 5.2% |
Prepaid Gas Utility | 4.5% |
General Obligation—State | 4.0% |
Education | 4.0% |
Public Power | 2.8% |
Other2 | 19.5% |
Other Assets and Liabilities—Net3 | (0.4)% |
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 80.9% 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—70.0% | |||
Alabama—1.4% | |||
$22,500,000 | 1 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No.3 (Series 2018B-1) FRNs (Goldman Sachs Group, Inc. GTD), 1.99%, (1-month USLIBOR x 0.67 +0.900%), 12/1/2023 | $22,500,000 |
13,000,000 | Black Belt Energy Gas District, AL, Gas Supply Revenue Bonds (Series 2017), 4.00% TOBs (Royal Bank of Canada GTD), Mandatory Tender 7/1/2022 | 13,796,380 | |
TOTAL | 36,296,380 | ||
Alaska—0.9% | |||
24,175,000 | Alaska Industrial Development and Export Authority (Yukon-Kuskokwim Health Corp.), Loan Anticipation Revenue Notes (Series 2017), 3.50%, 12/1/2020 | 24,529,889 | |
Arizona—2.1% | |||
7,000,000 | 1 | Arizona Health Facilities Authority (Phoenix Children's Hospital), Variable Rate Revenue Refunding Bonds (Series 2013A-1) FRNs, 3.43% (SIFMA 7-day +1.850%), Mandatory Tender 2/5/2020 | 7,116,130 |
7,000,000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), PCR Refunding Bonds (Series 2017A), 1.80% TOBs, Mandatory Tender 5/21/2020 | 6,944,770 | |
1,100,000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), PCR Refunding Bonds (Series 2017B), 1.60% TOBs, Mandatory Tender 5/21/2020 | 1,089,033 | |
25,700,000 | Phoenix, AZ IDA (Republic Services, Inc.), (Series 2013), 1.65% TOBs, Mandatory Tender 5/1/2018 | 25,691,776 | |
5,000,000 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017B), 4.00%, 10/1/2023 | 5,016,500 | |
5,000,000 | Yavapai County, AZ IDA Solid Waste Disposal (Series 2010), 1.50% TOBs, Republic Services, Inc., Mandatory Tender 6/1/2018 | 4,996,300 | |
4,500,000 | 2 | Yavapai County, AZ IDA Solid Waste Disposal (Waste Management, Inc.), Revenue Bonds (Series 2002), 2.125% TOBs, Mandatory Tender 6/1/2018 | 4,500,360 |
TOTAL | 55,354,869 | ||
California—6.6% | |||
9,350,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Index Rate Bonds Series 2017D) FRNs, 1.74% (3-month USLIBOR x 0.70 +0.550%), 4/1/2021 | 9,413,767 |
15,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007A-1) FRNs, 2.28%, (SIFMA 7-day +0.700%), Mandatory Tender 10/1/2019 | 15,082,350 |
15,000,000 | 1 | California Infrastructure & Economic Development Bank (J Paul Getty Trust), Variable Rate Refunding Revenue Bonds (Series 2011A-1) FRNs, 1.40% , (1-month USLIBOR x 0.70 +0.200%), 4/1/2021 | 14,965,200 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$50,000,000 | 1 | California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Revenue Refunding Bonds (Series 2017B) FRNs, 1.97%, (1-month USLIBOR x 0.70 +0.650%), 2/1/2021 | $50,149,000 |
10,000,000 | 1 | California Infrastructure & Economic Development Bank, (J Paul Getty Trust), Variable Rate Revenue Refunding Bonds (Series 2011A-3) FRNs, 1.77%, (3-month USLIBOR x 0.70 +0.370%), 4/1/2020 | 10,021,400 |
9,200,000 | 2 | California PCFA (Waste Management Inc.), Solid Waste Disposal Revenue Bonds, 1.55% TOBs, Mandatory Tender 5/1/2018 | 9,196,228 |
3,200,000 | 2 | California PCFA (Waste Management, Inc.), Solid Waste Disposal Revenue Refunding Bonds (Series 1998B), 3.625%, 6/1/2018 | 3,212,928 |
7,500,000 | 1 | California State, UT GO Bonds (Index Floating Rate Bonds Series 2013D) FRNs, 1.87%, (SIFMA 7-day +0.290%) 12/1/2020 | 7,499,325 |
25,000,000 | 1 | California State, UT GO Bonds (Series 2013B) FRNs, 1.96%, (SIFMA 7-day +0.380%) 12/1/2022 | 25,023,750 |
9,000,000 | 1 | California State, UT GO Refunding Bonds (Series 2012B) FRNs, 2.48%, (SIFMA 7-day +0.900%), 5/1/2018 | 9,001,620 |
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 | 2,589,300 | |
11,025,000 | 1 | Riverside, CA Water Revenue, (Series 2011A) FRNs, 2.21%, (SIFMA 7-day +0.630%), 1/15/2020 | 11,023,346 |
7,250,000 | Southern California Public Power Authority (Power Projects) (Magnolia Power Project A), Revenue Refunding Bonds (Series 2017-1), 2.00%, TOBs, Mandatory Tender 7/1/2020 | 7,298,140 | |
TOTAL | 174,476,354 | ||
Colorado—1.1% | |||
9,640,000 | 1 | Denver (City & County), CO (Denver, CO City & County Airport Authority), Airport System Revenue Refunding Bonds (Series 2016B) Index Rate Notes FRNs, 2.03%, (1-month USLIBOR x 0.70 +0.860%), 11/15/2019 | 9,681,066 |
5,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (LIBOR Index Series 2017A) FRNs, 2.16%, (1-month USLIBOR x 0.67 +0.900%), 9/1/2019 | 5,010,700 |
6,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (LIBOR Index Series 2017B) FRNs, 2.31% (1-month USLIBOR x 0.67 +1.050%), 9/1/2021 | 6,056,520 |
8,500,000 | University of Colorado Hospital Authority, Revenue Bonds (Series 2017 C-1), 4.00% TOBs, Mandatory Tender 3/1/2020 | 8,743,695 | |
TOTAL | 29,491,981 | ||
Connecticut—2.0% | |||
15,000,000 | 1 | Connecticut State HEFA (Yale-New Haven Hospital), Revenue Bonds (Series 2014B Floating Rate Note) FRNs, 1.67% (1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 7/1/2019 | 15,015,600 |
4,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012A) FRNs, 2.46% (SIFMA 7-day +0.880%), 4/15/2018 | 4,500,405 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—continued | |||
$2,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2012D) FRNs, 2.35% (SIFMA 7-day +0.770%), 9/15/2018 | $2,502,400 |
6,355,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.23% (SIFMA 7-day +0.650%), 3/1/2020 | 6,376,289 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.33% (SIFMA 7-day +0.750%), 3/1/2021 | 4,024,680 |
3,065,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.43% (SIFMA 7-day +0.850%), 3/1/2022 | 3,094,486 |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.48% (SIFMA 7-day +0.900%), 3/1/2023 | 1,514,925 |
15,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013D) FRNs, 2.46% (SIFMA 7-day +0.880%), 8/15/2019 | 15,083,400 |
TOTAL | 52,112,185 | ||
Florida—0.8% | |||
4,500,000 | Miami-Dade County, FL IDA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2006), 1.50%, 10/1/2018 | 4,498,470 | |
5,000,000 | Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2017A), 3.00% TOBs, Mandatory Tender 10/1/2020 | 5,096,550 | |
10,000,000 | Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2017A), 5.00% TOBs, Mandatory Tender 10/1/2020 | 10,756,800 | |
TOTAL | 20,351,820 | ||
Georgia—3.0% | |||
1,250,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.00%, 12/1/2018 | 1,276,225 | |
1,100,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.00%, 12/1/2019 | 1,154,362 | |
1,000,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.00%, 12/1/2020 | 1,072,230 | |
1,125,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.00%, 12/1/2021 | 1,231,031 | |
4,100,000 | Bartow County, GA Development Authority (Georgia Power Co.), Bowen Project PCRBs (First Series 1997), 2.05% TOBs, Mandatory Tender 11/19/2021 | 4,035,015 | |
20,000,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Revenue Refunding Bonds, 1.85% TOBs, Mandatory Tender 8/22/2019 | 19,934,600 | |
22,500,000 | 1 | Gainesville & Hall County, GA Hospital Authority (Northeast Georgia Health System, Inc.), Revenue Anticipation Certificates (Series 2014B) FRNs, 2.53% (SIFMA 7-day +0.950%), 2/18/2020 | 22,576,275 |
22,000,000 | 1 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018) FRNs (Royal Bank of Canada GTD), 1.87%, (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023 | 21,856,560 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—continued | |||
$2,500,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), Scherer Project PCRBs (First Series 2009), 2.05% TOBs, Mandatory Tender 11/19/2021 | $2,460,425 | |
3,750,000 | Monroe County, GA Development Authority Pollution Control (Gulf Power Co.), PCRBs (Plant Scherer First Series 2010), 1.40% TOBs, Mandatory Tender 9/19/2019 | 3,712,425 | |
TOTAL | 79,309,148 | ||
Hawaii—0.8% | |||
6,500,000 | 1 | Honolulu, HI City & County, Honolulu Rail Transit Project GO Bonds (Series 2017H) FRNs, 1.90%, (SIFMA 7-day +0.320%), 9/1/2020 | 6,502,535 |
8,000,000 | 1 | Honolulu, HI City & County, Honolulu Rail Transit Project GO Bonds (Series 2017H) FRNs, 1.90%, (SIFMA 7-day +0.320%), 9/1/2020 | 8,003,120 |
7,500,000 | 1 | Honolulu, HI City & County, Honolulu Rail Transit Project GO Bonds (Series 2017H) FRNs, 1.90%, (SIFMA 7-day +0.320%), 9/1/2020 | 7,502,925 |
TOTAL | 22,008,580 | ||
Illinois—2.1% | |||
16,000,000 | 1 | Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2013A-3 SIFMA Index) FRNs, 2.41% (SIFMA 7-day +0.830%), Mandatory Tender 6/1/2018 | 15,983,200 |
2,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.00%, 11/1/2018 | 2,036,940 | |
3,250,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.00%, 11/1/2019 | 3,398,037 | |
4,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.00%, 11/1/2020 | 4,270,800 | |
4,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.00%, 11/1/2021 | 4,348,720 | |
3,000,000 | Granite City, IL (Waste Management, Inc.), Disposal Revenue Bonds, 1.60% TOBs, Mandatory Tender 5/1/2018 | 2,998,890 | |
1,375,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.00%, 5/15/2020 | 1,415,260 | |
1,705,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.00%, 5/15/2021 | 1,767,574 | |
10,000,000 | Illinois State, GO Bonds (Series 2017D), 5.00%, 11/1/2020 | 10,431,600 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.00%, 11/1/2021 | 5,246,600 | |
3,000,000 | Illinois State, GO Bonds (Series 2017D), 5.00%, 11/1/2022 | 3,135,750 | |
TOTAL | 55,033,371 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Indiana—3.7% | |||
$7,340,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Subordinate Credit Group), Revenue Bonds (Series 2005 A-3), 1.35% TOBs, Mandatory Tender 8/4/2020 | $7,223,294 | |
1,845,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Subordinate Credit Group), Revenue Bonds (Series 2005 A-5), 1.35% TOBs, Mandatory Tender 8/4/2020 | 1,815,664 | |
6,000,000 | Indiana State EDA (Republic Services, Inc.), (Series 2012), 1.65% TOBs, Mandatory Tender 6/1/2018 | 5,996,040 | |
10,000,000 | Indiana State EDA (Republic Services, Inc.), (Series A), 1.65% TOBs, Mandatory Tender 6/1/2018 | 9,993,400 | |
3,000,000 | Indiana State EDA (Republic Services, Inc.), (Series B), 1.50% TOBs, Mandatory Tender 6/1/2018 | 2,997,780 | |
70,000,000 | 1 | Whiting, IN Environmental Facilities (BP PLC), Environmental Facilities Revenue Bonds (Series 2014) FRNs, 2.33% (SIFMA 7-day +0.750%), 12/2/2019 | 70,058,800 |
TOTAL | 98,084,978 | ||
Iowa—0.2% | |||
6,000,000 | Iowa Finance Authority (Shenandoah Medical Center), Hospital Revenue & Bond Anticipation Notes (Series 2015), 1.75%, 6/1/2018 | 5,990,220 | |
Kansas—0.5% | |||
6,500,000 | 1 | Kansas State Department of Transportation, Highway Revenue Refunding Index Bonds (Series 2014B-4) FRNs, 1.44% (1-month USLIBOR x 0.67 +0.320%), 9/1/2018 | 6,503,315 |
6,000,000 | 1 | Kansas State Department of Transportation, Highway Revenue Refunding Index Bonds (Series 2014B-5) FRNs, 1.52% (1-month USLIBOR x 0.67 +0.400%), 9/1/2019 | 6,015,300 |
TOTAL | 12,518,615 | ||
Kentucky—0.8% | |||
8,000,000 | Carroll County, KY (Kentucky Utilities Company), PCR Revenue Refunding Bonds (Series 2016A), 1.05% TOBs, Mandatory Tender 9/1/2019 | 7,901,360 | |
7,855,000 | Kentucky State Rural Water Finance Corp., Revenue Refunding Bonds (Series 2018 A), 4.00%, 2/1/2019 | 8,003,381 | |
6,500,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), Environmental Facilities Revenue Refunding Bonds (Series 2017A), 1.25% TOBs, Mandatory Tender 6/3/2019 | 6,438,835 | |
TOTAL | 22,343,576 | ||
Louisiana—0.8% | |||
21,000,000 | 1 | Louisiana Local Government Environmental Facilities CDA (East Baton Rouge Sewerage Commission), Subordinate Lien Revenue Bonds (Series 2013B LIBOR Index) FRNs, 1.88% (1-month USLIBOR x 0.70 +0.700%), Mandatory Tender 8/1/2018 | 21,006,720 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Maryland—1.2% | |||
$17,000,000 | 1 | Maryland State Health & Higher Educational Facilities Authority (Johns Hopkins Hospital), Revenue Bonds (Series 2013A) FRNs, 1.72% (1-month USLIBOR x 0.67 +0.600%), Mandatory Tender 5/15/2018 | $17,002,890 |
8,100,000 | 1 | Maryland State Health & Higher Educational Facilities Authority (Johns Hopkins Hospital), Revenue Bonds (Series 2013B) FRNs, 1.70% (1-month USLIBOR x 0.67 +0.580%), Mandatory Tender 5/15/2018 | 8,101,296 |
6,000,000 | Rockville, MD Mayor & City Council Econ Dev Revenue (King Farm Presbyterian Retirement Community, Inc.), Paydown Securities TEMPS-45 (Series 2017C-3), 2.50%, 11/1/2024 | 6,010,080 | |
TOTAL | 31,114,266 | ||
Massachusetts—1.5% | |||
11,000,000 | 1 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Index Floating Rate Bonds (Series 2017S) FRNs, 2.00% (SIFMA 7-day +0.420%), 1/27/2022 | 11,012,430 |
12,000,000 | 1 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Index Floating Rate Bonds (Series 2017S) FRNs, 2.08%, (SIFMA 7-day +0.500%), 1/26/2023 | 12,029,280 |
7,650,000 | 1 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Revenue Bonds (Series 2015O-3) FRNs, 2.06% (SIFMA 7-day +0.480%), 1/29/2020 | 7,664,152 |
5,700,000 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Revenue Bonds (Series 2017 S-4), 5.00% TOBs, Mandatory Tender 1/25/2024 | 6,525,816 | |
3,500,000 | Massachusetts State Housing Finance Agency Housing Revenue, SFH Revenue Bonds (Series 189), 1.50% TOBs, Mandatory Tender 7/1/2020 | 3,461,745 | |
TOTAL | 40,693,423 | ||
Michigan—2.3% | |||
4,000,000 | 1 | Eaton Vance Michigan Municipal Bond Fund, Institutional MuniFund Term Preferred Shares (Series 2019) FRNs, 2.58% (SIFMA 7-day +1.000%), 7/1/2019 | 4,002,120 |
20,000,000 | 1 | Michigan State Financial Authority (Trinity Healthcare Credit Group), Hospital Revenue Bonds, (Series 2015MI) FRNs, 1.80% (1-month USLIBOR x 0.67 +0.540%), 12/1/2020 | 19,969,200 |
10,000,000 | Michigan State Hospital Finance Authority (Ascension Health Alliance Senior Credit Group), Refunding and Project Revenue Bonds (Series 2010F-2), 1.90% TOBs, Mandatory Tender 4/1/2021 | 9,939,400 | |
13,870,000 | 1 | Michigan State Hospital Finance Authority (McLaren Health Care Corp.), Hospital Revenue Refunding Floating Rate Bonds (Series 2015 D-1) FRNs, 1.88% (1-month USLIBOR x 0.68 +0.600%), 10/15/2018 | 13,871,526 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$12,430,000 | 1 | Michigan State Housing Development Authority, Rental Housing Revenue Bonds (Series 2016E) FRNs, 2.19% (3-month USLIBOR x 0.70+1.000%), 10/1/2021 | $12,515,518 |
TOTAL | 60,297,764 | ||
Minnesota—0.5% | |||
7,000,000 | Kanabec Co., MN Healthcare (FirstLight Health System), Healthcare Revenue BANs (Series 2018), 2.75%, 12/1/2019 | 7,003,500 | |
6,500,000 | Minnesota Rural Water Finance Authority, Public Project Construction Notes (Series 2017), 1.05%, 3/1/2019 | 6,442,280 | |
TOTAL | 13,445,780 | ||
Mississippi—1.1% | |||
8,000,000 | 1 | Mississippi State, UT GO Bonds (Series 2017B) FRNs, 1.45%, (1-month USLIBOR x 0.67 +0.330%), 9/1/2020 | 7,980,720 |
15,000,000 | South Central Regional Medical Center, MS Hospital Revenue, Facilities Improvement and Refinancing Hospital Revenue Notes (Series 2017), 1.70%, 3/1/2020 | 14,879,700 | |
5,765,000 | Southwest Mississippi Regional Medical Center, Hospital Revenue Notes (Series 2018A), 2.10%, 6/1/2019 | 5,755,084 | |
TOTAL | 28,615,504 | ||
Multi State—1.7% | |||
3,172,074 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2014 Class D) FRNs (Cooperatieve Rabobank UA LOC), 2.38% (SIFMA 7-day +0.800%), 11/15/2019 | 3,180,100 |
26,861,577 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2016 Class C) FRNs (Cooperatieve Rabobank UA LOC), 2.63% (SIFMA 7-day +1.050%), 12/31/2019 | 27,039,401 |
7,935,000 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2016 Class D) FRNs (Cooperatieve Rabobank UA LOC), 2.83% (SIFMA 7-day +1.250%), 12/31/2021 | 7,935,000 |
6,000,000 | 1 | Eaton Vance Municipal Bond Fund II, Institutional MuniFund Term Preferred Shares (Series 2019) FRNs, 2.63% (SIFMA 7-day +1.050%), 7/1/2019 | 6,003,420 |
TOTAL | 44,157,921 | ||
Nebraska—0.1% | |||
2,500,000 | Central Plains Energy Project, NE, Gas Supply Revenue Refunding Bonds (Series 2014), 5.00% TOBs (Royal Bank of Canada, GTD), Mandatory Tender 12/1/2019 | 2,619,775 | |
Nevada—1.3% | |||
27,000,000 | Clark County, NV Airport System, Airport System Junior Subordinate Lien Revenue Notes (Series 2017C), 5.00%, 7/1/2021 | 29,415,960 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Nevada—continued | |||
$5,000,000 | Washoe County, NV Gas Facilities Revenue (Sierra Pacific Power Co.), Revenue Refunding Bonds (Series 2016A), 1.50% TOBs, Mandatory Tender 6/3/2019 | $4,956,450 | |
TOTAL | 34,372,410 | ||
New Hampshire—0.1% | |||
2,000,000 | New Hampshire Business Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2003), 2.125% TOBs, Mandatory Tender 6/1/2018 | 2,000,160 | |
New Jersey—6.0% | |||
11,400,000 | Asbury Park, NJ, 2.50% BANs, 6/15/2018 | 11,406,726 | |
9,444,296 | Bridgeton, NJ, 2.25% BANs, 8/24/2018 | 9,449,301 | |
7,000,000 | Jersey City, NJ, 2.50% BANs, 12/7/2018 | 7,034,300 | |
6,495,000 | Kearny, NJ, 2.50% BANs, 4/26/2018 | 6,495,974 | |
10,000,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2015 XX), 5.00%, 6/15/2019 | 10,327,100 | |
25,000,000 | 1 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation Program Notes (SIFMA Index Multimodal Notes) (Series 2014BB) FRNs, 2.58% (SIFMA 7-day +1.000%), 12/15/2019 | 25,028,250 |
7,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-2) FRNs, 1.65%, (1-month USLIBOR x 0.70 +0.480%), 1/1/2022 | 7,015,890 |
30,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-5) FRNs, 1.63%, (1-month USLIBOR x 0.70 +0.460%), 1/1/2021 | 30,093,600 |
20,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-6) FRNs, 1.92%, (1-month USLIBOR x 0.70 +0.750%), 1/1/2023 | 20,132,600 |
6,028,750 | North Hanover Township, NJ, 2.25% BANs, 4/24/2018 | 6,029,654 | |
6,264,000 | Orange Township, NJ, 2.50% BANs, 12/7/2018 | 6,291,750 | |
1,827,690 | Prospect Park, NJ, 2.50% BANs, 5/22/2018 | 1,828,659 | |
3,095,535 | Sea Bright, NJ, 2.50% BANs, 12/7/2018 | 3,107,577 | |
3,405,000 | Upper Township, NJ, 2.50% BANs, 1/25/2019 | 3,416,986 | |
11,744,500 | Wall Township, NJ, 2.25% BANs, 6/29/2018 | 11,764,348 | |
TOTAL | 159,422,715 | ||
New Mexico—0.9% | |||
5,000,000 | Farmington, NM (Public Service Co., NM), PCR Refunding Bonds (Series 2016B), 1.875% TOBs, Mandatory Tender 10/1/2021 | 4,907,550 | |
19,350,000 | 1 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding Bonds (Series 2014B) FRNs (Royal Bank of Canada GTD), 1.87% (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 8/1/2019 | 19,355,999 |
TOTAL | 24,263,549 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—7.0% | |||
$4,080,400 | Amsterdam, NY, (Series B), 2.25% BANs, 7/26/2018 | $4,080,808 | |
30,000,000 | 1 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014C) (LIBOR Floating Rate Tender Notes) FRNs, 1.82% (1-month USLIBOR x 0.70 +0.650%), 11/1/2018 | 30,006,900 |
4,700,000 | 1 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Refunding Bonds (Series 2008B-3a) (Floating Rate Tender Notes) FRNs, 1.95% (SIFMA 7-day +0.370%), 11/1/2018 | 4,699,718 |
3,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Refunding Bonds (Series 2008B-3c) (Floating Rate Tender Notes) FRNs, 2.03% (SIFMA 7-day +0.450%), 11/1/2019 | 2,996,490 |
3,525,000 | 1 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Variable Rate Bonds (Series 2008A-2A) FRNs, 2.03% (SIFMA 7-day +0.450%), 6/1/2022 | 3,520,946 |
14,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Variable Rate Bonds (Subseries 2002B-3b) FRNs, 2.48% (SIFMA 7-day +0.900%), 11/1/2018 | 14,038,080 |
15,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Variable Rate Bonds (Subseries 2002B-3c) FRNs, 2.53% (SIFMA 7-day +0.950%), 11/1/2019 | 15,099,900 |
7,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002D-2A) FRNs (AGM INS), 1.72% (1-month USLIBOR x 0.69 +0.570%), 4/6/2020 | 7,040,530 |
9,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002D-A2) FRNs (AGM INS), 1.83% (1-month USLIBOR x 0.69 +0.680%), 4/6/2021 | 9,084,510 |
10,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002G-3) FRNs, 1.82% (1-month USLIBOR x 0.67 +0.700%), 2/1/2020 | 10,060,100 |
28,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2011B) FRNs, 1.67% (1-month USLIBOR x 0.67 +0.550%), 11/1/2022 | 27,786,640 |
8,000,000 | Nassau County, NY, (Series B), 3.00% TANs, 9/18/2018 | 8,050,080 | |
1,720,000 | Oyster Bay, NY, Public Improvement Refunding Bonds (Series 2014B), 4.00%, 8/15/2018 | 1,733,347 | |
2,250,000 | Rockland County, NY, LT GO Bonds (Series 2014A), 5.00% (AGM INS), 3/1/2019 | 2,316,803 | |
30,000,000 | Suffolk County, NY, 2.50% TANs, 7/25/2018 | 30,075,000 | |
9,905,000 | 1 | Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Variable Rate Refunding Bond (Series 2016 4A) FRNs, 1.82% (1-month USLIBOR x 0.67 +0.700%), 12/1/2021 | 9,977,604 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$4,000,000 | 1 | Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Variable Rate Refunding Bonds (Series 2000ABCD-5) FRNs (AGM INS), 2.02% (SIFMA 7-day +0.440%), 1/1/2019 | $4,006,200 |
1,000,000 | TSASC, Inc. NY, Tobacco Settlement Asset Backed Senior Refunding Bonds (Series 2017A), 3.00%, 6/1/2018 | 1,001,930 | |
TOTAL | 185,575,586 | ||
North Carolina—1.4% | |||
6,000,000 | Boone, NC, 2.00% BANs, 7/26/2018 | 6,000,420 | |
6,250,000 | North Carolina Capital Facilities Finance Agency (Republic Services, Inc.), (Series 2013), 1.70% TOBs, Mandatory Tender 6/15/2018 | 6,245,313 | |
5,000,000 | North Carolina Capital Facilities Finance Agency (Republic Services, Inc.), (Series A), 1.50% TOBs, Mandatory Tender 6/1/2018 | 4,996,300 | |
11,000,000 | North Carolina Capital Facilities Finance Agency (Republic Services, Inc.), (Series B), 1.65% TOBs, Mandatory Tender 6/1/2018 | 10,992,740 | |
10,000,000 | 1 | University of North Carolina at Chapel Hill, General Revenue Bonds (Series 2012B) FRNs, 1.52%, (1-month USLIBOR x 0.67 +0.400%), 11/9/2022 | 10,001,500 |
TOTAL | 38,236,273 | ||
Ohio—4.1% | |||
6,205,000 | 1 | Allen County, OH (Mercy Health), Adjustable Rate Hospital Facilities Revenue Bonds (Series 2015B) FRNs, 2.33% (SIFMA 7-day +0.750%), 5/1/2020 | 6,206,427 |
2,750,000 | Independence, OH, (Series 2), 2.00% BANs, 12/5/2018 | 2,754,923 | |
40,000,000 | 1 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2014) FRNs (Royal Bank of Canada GTD), 1.84% (1-month USLIBOR x 0.67 +0.720%), Mandatory Tender 8/1/2019 | 40,064,400 |
4,161,105 | Marietta, OH, 2.125% BANs, 5/11/2018 | 4,161,771 | |
17,130,000 | 1 | Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water Development Authority), Water Pollution Control Loan Fund Revenue Notes (Series 2017B) FRNs, 1.80%, (SIFMA 7-day +0.220%), 12/1/2020 | 17,125,375 |
7,000,000 | Ohio Waste Development Authority Solid Waste (Republic Services, Inc.), 1.50% TOBs, Mandatory Tender 6/1/2018 | 6,994,820 | |
1,995,000 | Parma Heights, OH, (Series 2), 2.00% BANs, 7/18/2018 | 1,995,020 | |
3,053,000 | Parma, OH, 2.00% BANs, 7/26/2018 | 3,053,397 | |
9,950,000 | Richmond Heights, OH Local School District, 3.25% BANs, 6/28/2018 | 9,986,914 | |
2,700,000 | Sharonville, OH, 2.00% BANs, 6/27/2018 | 2,700,567 | |
3,800,000 | Trumbull County, OH, (Series 2017-2), 2.00% BANs, 8/30/2018 | 3,799,012 | |
9,000,000 | 1 | University of Cincinnati, OH, General Receipts Floating Rate Notes (Series 2015A) FRNs, 1.71% (1-month USLIBOR x 0.67 +0.450%), 6/1/2018 | 9,000,270 |
TOTAL | 107,842,896 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oklahoma—0.2% | |||
$1,390,000 | Canadian County Educational Facilities Authority, OK (Mustang Public Schools), Educational Facilities Lease Revenue Bonds (Series 2012), 4.00%, 9/1/2018 | $1,403,414 | |
4,650,000 | 1 | Oklahoma State Municipal Power Authority, Power Supply System Revenue Refunding Bonds (Series 2005A) FRNs, 2.38% (SIFMA 7-day +0.800%), Mandatory Tender 8/1/2018 | 4,650,883 |
TOTAL | 6,054,297 | ||
Oregon—0.2% | |||
4,275,000 | Gilliam County, OR Solid Waste Disposal, (Waste Management Inc.) Solid Waste Disposal Revenue Bonds (Series 2000-A), 1.65% TOBs, Mandatory Tender 5/1/2018 | 4,273,589 | |
1,265,000 | Tri-County Metropolitan Transportation District of Oregon, Payroll Tax & Grant Receipt Revenue Bonds (Series 2013), 5.00%, 11/1/2018 | 1,268,188 | |
TOTAL | 5,541,777 | ||
Pennsylvania—5.2% | |||
8,155,000 | 1 | Bethlehem, PA Area School District Authority, Revenue Refunding Bonds (Series 2018) FRNs, 1.80%, (1-month USLIBOR x 0.70 +0.480%), 11/1/2021 | 8,121,565 |
10,000,000 | 1 | Bethlehem, PA Area School District Authority, Revenue Refunding Bonds (Series 2018A) FRNs, 1.80%, (1-month USLIBOR x 0.70 +0.480%), 11/1/2021 | 9,959,000 |
5,450,000 | Lehigh County, PA IDA (PPL Electric Utilities Corp.), PCR Refunding Bonds (Series 2016B), 1.80% TOBs, Mandatory Tender 8/15/2022 | 5,242,464 | |
1,250,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.35% (1-month USLIBOR x 0.68 +0.220%), 5/1/2019 | 1,244,200 |
1,320,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.40% (1-month USLIBOR x 0.68 +0.270%), 5/1/2020 | 1,315,591 |
1,500,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.45% (1-month USLIBOR x 0.68 +0.320%), 5/3/2021 | 1,497,465 |
1,850,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.55% (1-month USLIBOR x 0.68 +0.420%), 11/1/2021 | 1,846,448 |
3,400,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.60% (1-month USLIBOR x 0.68 +0.470%), 11/1/2021 | 3,401,054 |
4,000,000 | Montgomery County, PA IDA (Exelon Generation Co. LLC), PCR Refunding Bonds (Series 2002A), 2.55% TOBs, Mandatory Tender 6/1/2020 | 4,008,320 | |
700,000 | 1 | North Penn, PA Water Authority, Variable Rate Water Revenue Refunding Bonds (Series 2014) FRNs, 1.47% (1-month USLIBOR x 0.67 +0.350%), 11/1/2018 | 699,349 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,000,000 | 1 | North Penn, PA Water Authority, Variable Rate Water Revenue Refunding Bonds (Series 2014) FRNs, 1.53% (1-month USLIBOR x 0.67 +0.410%), 11/1/2019 | $998,800 |
4,000,000 | 1 | North Penn, PA Water Authority, Variable Rate Water Revenue Refunding Bonds (Series 2014) FRNs, 1.62% (1-month USLIBOR x 0.67 +0.500%), 11/1/2019 | 4,000,520 |
8,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke's Hospital of Bethlehem), Variable Rate Hospital Revenue Bonds (Series 2013B) FRNs, 2.98% (SIFMA 7-day +1.400%), 8/15/2020 | 8,044,880 |
13,000,000 | Pennsylvania EDFA (Waste Management, Inc.), (Series 2013), 1.64% TOBs, Mandatory Tender 5/1/2018 | 12,995,320 | |
10,150,000 | Pennsylvania EDFA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A), 1.70% TOBs, Mandatory Tender 8/3/2020 | 10,051,037 | |
11,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2013A) FRNs, 2.26% (SIFMA 7-day +0.680%), 12/1/2018 | 11,010,890 |
4,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2014B) FRNs, 2.46% (SIFMA 7-day +0.880%), 12/1/2020 | 4,046,960 |
40,000,000 | 1 | Pittsburgh, PA Water & Sewer Authority, First Lien Revenue Refunding Bonds (Series 2018C) FRNs (AGM INS), 1.82%, (1-month USLIBOR x 0.70 +0.640%), 12/1/2020 | 40,033,600 |
10,330,000 | 1 | Scranton, PA School District, GO Notes (Series 2014) (LIBOR Floating Rate Tender Notes) FRNs (State Aid Withholding GTD), 2.132% (1-month USLIBOR x 0.68 +1.000%), 4/1/2021 | 10,330,000 |
TOTAL | 138,847,463 | ||
South Carolina—0.3% | |||
7,000,000 | South Carolina Jobs-EDA (East Point Academy), Revenue Notes (Series 2017A), 2.25%, 5/1/2019 | 6,960,800 | |
Tennessee—0.2% | |||
5,000,000 | Monroe County, TN, UT GO BANS, 1.20%, 6/15/2019 | 4,978,000 | |
Texas—4.5% | |||
5,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue & Refunding Bonds (Series 2015B), 5.00% TOBs, Mandatory Tender 1/6/2021 | 5,304,800 | |
10,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2014B) FRNs, 2.16% (SIFMA 7-day +0.580%), Mandatory Tender 12/1/2019 | 10,003,600 |
1,815,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 2.18% (SIFMA 7-day +0.600%), 6/1/2018 | 1,814,964 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$2,250,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 2.28% (SIFMA 7-day +0.700%), 6/1/2019 | $2,254,230 |
2,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 2.33% (SIFMA 7-day +0.750%), 6/1/2020 | 2,007,660 |
3,710,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 2.41% (SIFMA 7-day +0.830%), 6/1/2021 | 3,735,339 |
8,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Hospital Revenue Bonds (Series 2015-3) FRNs, 2.13% (1-month USLIBOR x 0.68 +0.850%), 6/1/2020 | 8,043,760 |
5,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2012A) FRNs, 2.48% (SIFMA 7-day +0.900%), 5/1/2020 | 5,026,700 |
5,000,000 | 1 | Katy, TX ISD, Variable Rate UT GO Refunding Bonds (Series 2015C) FRNs (PSFG GTD), 1.74% (1-month USLIBOR x 0.67 +0.550%), 8/15/2019 | 5,002,700 |
5,500,000 | Mansfield, TX ISD, UT GO School Building Bonds (Series 2012), 2.50% TOBs (PSFG GTD), Mandatory Tender 8/1/2021 | 5,573,810 | |
7,000,000 | Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), PCR Refunding Bonds (Series 1996), 1.75% TOBs, Mandatory Tender 9/1/2020 | 6,884,290 | |
10,000,000 | 1 | North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2011A SIFMA Index Floating Rate) FRNs, 2.38% (SIFMA 7-day +0.800%), Mandatory Tender 1/1/2019 | 10,009,300 |
31,665,000 | 1 | North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2014C) (SIFMA Index Floating Rate Bonds) FRNs, 2.25% (SIFMA 7-day +0.670%), 1/1/2020 | 31,715,981 |
9,000,000 | San Antonio, TX Electric & Gas System, Junior Lien Revenue Refunding Bonds (Series 2015B), 2.00%, 12/1/2021 | 8,999,910 | |
4,770,000 | San Antonio, TX ISD, UT GO Bonds (Series 2014B), 2.00% TOBs (PSFG GTD), Mandatory Tender 8/1/2018 | 4,775,676 | |
7,335,000 | Texas State Transportation Commission—Central Texas Turnpike System, First Tier Revenue Refunding Put Bonds (Series 2015-A), 5.00% TOBs, Mandatory Tender 4/1/2020 | 7,748,327 | |
TOTAL | 118,901,047 | ||
Vermont—0.6% | |||
16,000,000 | Vermont EDA (B.C. Campus Holdings LLC), Bennington College Real Estate Project (Series 2017), 2.00% BANs, 7/1/2020 | 15,631,840 | |
Virginia—0.6% | |||
10,000,000 | Gloucester County, VA IDA (Waste Management, Inc.), Variable Rate Demand Solid Waste Disposal Revenue Bonds (Series 2003A), 1.60% TOBs, Mandatory Tender 5/1/2018 | 9,996,300 | |
2,000,000 | King George County IDA, VA (Waste Management, Inc.), 1.60% TOBs, Mandatory Tender 5/1/2018 | 1,999,260 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Virginia—continued | |||
$5,000,000 | Louisa, VA IDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008C), 1.85% TOBs, Mandatory Tender 5/16/2019 | $4,985,650 | |
TOTAL | 16,981,210 | ||
Washington—1.3% | |||
7,060,000 | 1 | Everett, WA, LT Tax GO Refunding Bonds (SIFMA Index Floating) (Series 2014) FRNs, 1.98% (SIFMA 7-day +0.400%), 12/1/2019 | 7,071,508 |
5,000,000 | Grant County, WA Public Utilities District NO. 2: Electric System, Electric System Revenue Refunding Bonds (Series 2017N), 2.00% TOBs, 9/1/2020 | 4,990,900 | |
5,725,000 | Grays Harbor County, WA Public Hospital District No.1 (Summit Pacific Medical Center), Hospital Revenue BANs (Series 2017), 3.00%, 8/1/2019 | 5,715,954 | |
10,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate LIBOR Index Revenue Bonds (Series 2017B) FRNs, 2.36% (1-month USLIBOR x 0.67 +1.100%), 7/1/2022 | 10,058,300 |
7,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIMFA Index Revenue Bonds (Series 2017C) FRNs, 2.63% (SIFMA 7-day +1.050%), 7/3/2023 | 7,014,700 |
TOTAL | 34,851,362 | ||
West Virginia—0.6% | |||
9,000,000 | Mason County, WV (Appalachian Power Co.), PCRBs, 1.625% TOBs, Mandatory Tender 10/1/2018 | 8,979,480 | |
7,000,000 | 1 | West Virginia University Board of Governors (West Virginia University), Variable Rate Revenue Refunding Bonds (Series 2014C) FRNs, 2.11% (SIFMA 7-day +0.530%), 10/1/2019 | 7,000,980 |
TOTAL | 15,980,460 | ||
Wisconsin—0.3% | |||
4,000,000 | Public Finance Authority, WI Revenue (Lake Oconee Acadamy Foundation, Inc.), Loan Anticipation Notes (Series 2017), 2.30%, 10/1/2019 | 3,989,480 | |
4,500,000 | Wisconsin State HEFA (Tomah Memorial Hospital, Inc.), Revenue and BANs (Series 2017A), 2.65%, 11/1/2020 | 4,449,060 | |
TOTAL | 8,438,540 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $1,856,558,540) | 1,854,733,504 | ||
1 | SHORT-TERM MUNICIPALS—30.4% | ||
Alabama—2.8% | |||
250,000 | Bessemer, AL IDB (Hardwick Co., Inc.), (Series 2002) Weekly VRDNs (Compass Bank, Birmingham LOC), 1.79%, 4/5/2018 | 250,000 | |
12,755,000 | Chelsea Park, AL Cooperative District, (Series 2005) Weekly VRDNs (Compass Bank, Birmingham LOC), 1.90%, 4/5/2018 | 12,755,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Alabama—continued | |||
$8,100,000 | Columbia, AL IDB PCRBs (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 1.85%, 4/2/2018 | $8,100,000 | |
6,075,000 | Columbia, AL IDB PCRBs (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 1.71%, 4/4/2018 | 6,075,000 | |
32,325,000 | Health Care Authority for Baptist Health, AL, Affiliate of UAB Health (Montgomery) (Series B) ARS (Assured Guaranty Corp. INS), 1.65%, 4/2/2018 | 32,325,000 | |
15,000,000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 1.71%, 4/4/2018 | 15,000,000 | |
TOTAL | 74,505,000 | ||
California—1.5% | |||
40,000,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) Daily VRDPs, 1.88%, 4/2/2018 | 40,000,000 | |
Florida—1.2% | |||
25,500,000 | Broward County, FL (Florida Power & Light Co.), (Series 2015) Daily VRDNs, 1.75%, 4/2/2018 | 25,500,000 | |
6,725,000 | St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 1.75%, 4/2/2018 | 6,725,000 | |
TOTAL | 32,225,000 | ||
Georgia—2.2% | |||
5,440,000 | Bartow County, GA Development Authority (Somerset Cove Apartments, LP), (Series 2002) Weekly VRDNs (Compass Bank, Birmingham LOC), 2.20%, 4/5/2018 | 5,440,000 | |
2,400,000 | Burke County, GA Development Authority (Georgia Power Co.), (1st Series 2009) Daily VRDNs, 1.83%, 4/2/2018 | 2,400,000 | |
39,850,000 | Gainesville & Hall County, GA Hospital Authority (Northeast Georgia Health System, Inc.), R-Float (Series 2017C) Weekly VRENs, 1.95%, 4/5/2018 | 39,850,000 | |
1,200,000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 2007) Daily VRDNs, 1.80%, 4/2/2018 | 1,200,000 | |
8,600,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Daily VRDNs, 1.75%, 4/2/2018 | 8,600,000 | |
TOTAL | 57,490,000 | ||
Illinois—2.6% | |||
33,430,000 | Chicago, IL Board of Education, (Series 2017-XG0108) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.76%, 4/5/2018 | 33,430,000 | |
10,600,000 | Illinois Educational Facilities Authority (Saint Xavier University), (Series 2002A) Weekly VRDNs (FirstMerit Bank, N.A. LOC), 1.77%, 4/5/2018 | 10,600,000 | |
6,930,000 | Illinois Finance Authority (Saint Xavier University), (Series 2006) Weekly VRDNs (FirstMerit Bank, N.A. LOC), 1.77%, 4/5/2018 | 6,930,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Illinois—continued | |||
$14,775,000 | Metropolitan Pier & Exposition Authority, IL, TOB Trust Certificates (2015-XF1045) Weekly VRDNs (Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ), 1.91%, 4/5/2018 | $14,775,000 | |
4,085,000 | Will County, IL Environmental Revenue (Exxon Mobil Corp.), (Series 2001) Daily VRDNs, 1.73%, 4/2/2018 | 4,085,000 | |
TOTAL | 69,820,000 | ||
Indiana—2.0% | |||
19,325,000 | Indiana State Finance Authority Enviornmental (Mittal Steel USA, Inc.), (Series 2006) Weekly VRDNs (Banco Bilbao Vizcaya Argentaria SA LOC), 1.80%, 4/4/2018 | 19,325,000 | |
21,500,000 | Lawrenceburg, IN PCR Board (Indiana Michigan Power Co.), (Series H) Weekly VRDNs, 1.74%, 4/5/2018 | 21,500,000 | |
12,000,000 | Lawrenceburg, IN PCR Board (Indiana Michigan Power Co.), (Series I) Weekly VRDNs, 1.74%, 4/5/2018 | 12,000,000 | |
TOTAL | 52,825,000 | ||
Louisiana—1.6% | |||
7,450,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs (Nucor Corp. GTD), 1.80%, 4/4/2018 | 7,450,000 | |
33,925,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs (Nucor Corp. GTD), 1.80%, 4/4/2018 | 33,925,000 | |
TOTAL | 41,375,000 | ||
Massachusetts—0.2% | |||
2,400,000 | Massachusetts IFA (Nova Realty Trust), (Series 1994) Weekly VRDNs (TD Bank, N.A. LOC), 1.61%, 4/5/2018 | 2,400,000 | |
1,530,000 | Massachusetts State Health & Educational Facility (Amherst College), (Series 2005 J-2) Daily VRDNs, 1.65%, 4/2/2018 | 1,530,000 | |
TOTAL | 3,930,000 | ||
Michigan—0.3% | |||
7,575,000 | Detroit, MI City School District, TOB Trust Receipts (2015-XF0241) Weekly VRDNs (AGM GTD)/(TD Bank, N.A. LIQ), 1.83%, 4/5/2018 | 7,575,000 | |
Mississippi—1.3% | |||
35,000,000 | Perry County, MS (Georgia-Pacific Corp.), (Series 2002) Weekly VRDNs, 1.76%, 4/5/2018 | 35,000,000 | |
Nebraska—0.5% | |||
8,300,000 | Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 1.88%, 4/4/2018 | 8,300,000 | |
4,000,000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 1.88%, 4/4/2018 | 4,000,000 | |
TOTAL | 12,300,000 | ||
New Jersey—1.6% | |||
2,130,000 | New Jersey EDA (Baptist Home Society of New Jersey) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 1.75%, 4/5/2018 | 2,130,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New Jersey—continued | |||
$12,000,000 | New Jersey EDA (Jewish Community Center on the Palisades), (Series 2016) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 1.71%, 4/2/2018 | $12,000,000 | |
6,835,000 | New Jersey EDA (Jewish Home at Rockleigh), (Series 1998A) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 1.71%, 4/2/2018 | 6,835,000 | |
6,835,000 | New Jersey EDA (Jewish Home at Rockleigh), (Series 1998B) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 1.71%, 4/2/2018 | 6,835,000 | |
3,405,000 | New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series A-2) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 1.82%, 4/5/2018 | 3,405,000 | |
12,385,000 | New Jersey State EDA (New Jersey State), TOB Trust Certificates (2015-XF1048) Weekly VRDNs (Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ), 1.69%, 4/5/2018 | 12,385,000 | |
TOTAL | 43,590,000 | ||
New York—2.0% | |||
5,500,000 | New York City, NY TFA, New York City Recovery Bonds (2003 Subseries 2-E) Weekly VRDNs (Dexia Credit Local LIQ), 1.68%, 4/4/2018 | 5,500,000 | |
20,000,000 | New York State HFA, (2013 Series A) Daily VRDNs (160 Madison Avenue), (2013 Series A) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 1.80%, 4/2/2018 | 20,000,000 | |
28,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, 800 (Series A) Munifund Preferred Shares Daily VRDPs, 1.88%, 4/2/2018 | 28,000,000 | |
TOTAL | 53,500,000 | ||
North Carolina—0.3% | |||
1,000,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 1.86%, 4/4/2018 | 1,000,000 | |
7,725,000 | North Carolina Eastern Municipal Power Agency, TOB Trust Certificates (Series 2017-XG0135) Weekly VRDNs (Deutsche Bank AG LIQ), 1.69%, 4/5/2018 | 7,725,000 | |
TOTAL | 8,725,000 | ||
Ohio—0.2% | |||
5,500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2014B) Daily VRENs, 1.80%, 4/2/2018 | 5,500,000 | |
Pennsylvania—1.7% | |||
40,595,000 | Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University), VRMOs (Series 2015B) Weekly VRENs, 1.92%, 4/5/2018 | 40,595,000 | |
4,000,000 | Pennsylvania State Turnpike Commission, TOB Trust Certificates (Series 2017-XF1060) Weekly VRDNs (Deutsche Bank AG LIQ), 1.79%, 4/5/2018 | 4,000,000 | |
TOTAL | 44,595,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
South Carolina—0.3% | |||
$9,000,000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 1.88%, 4/4/2018 | $9,000,000 | |
Tennessee—0.0% | |||
500,000 | Jackson, TN IDB (Bobrick Washroom Equipment), (Series 1999) Weekly VRDNs (Regions Bank, Alabama LOC), 2.05%, 4/5/2018 | 500,000 | |
Texas—8.0% | |||
2,600,000 | Gulf Coast, TX Waste Disposal Authority (Exxon Capital Ventures, Inc.), Environmental Facilities Revenue Bonds (Series 2001B) Daily VRDNs (Exxon Mobil Corp. GTD), 1.73%, 4/2/2018 | 2,600,000 | |
44,775,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs (Flint Hills Resources LLC GTD), 1.83%, 4/4/2018 | 44,775,000 | |
21,450,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Weekly VRDNs (Flint Hills Resources LLC GTD), 1.88%, 4/4/2018 | 21,450,000 | |
11,250,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Weekly VRDNs (Flint Hills Resources LLC GTD), 1.88%, 4/4/2018 | 11,250,000 | |
43,570,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs, 1.87%, 4/4/2018 | 43,570,000 | |
20,500,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 1.78%, 4/2/2018 | 20,500,000 | |
17,370,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, 1.78%, 4/2/2018 | 17,370,000 | |
10,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 1.80%, 4/2/2018 | 10,000,000 | |
30,625,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Daily VRDNs, 1.78%, 4/2/2018 | 30,625,000 | |
8,915,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Daily VRDNs, 1.80%, 4/2/2018 | 8,915,000 | |
TOTAL | 211,055,000 | ||
Virginia—0.1% | |||
1,400,000 | King George County IDA, VA (Birchwood Power Partners LP Project), (Series 1996A) Daily VRDNs (Mizuho Bank Ltd. LOC), 1.76%, 4/2/2018 | 1,400,000 | |
1,000,000 | King George County IDA, VA (Birchwood Power Partners LP Project), (Series 1997) Daily VRDNs (Mizuho Bank Ltd. LOC), 1.76%, 4/2/2018 | 1,000,000 | |
TOTAL | 2,400,000 | ||
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $805,910,000) | 805,910,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.4% (IDENTIFIED COST $2,662,468,540)3 | 2,660,643,504 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.4)%4 | (11,612,212) | ||
TOTAL NET ASSETS—100% | $2,649,031,292 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing 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, 2018, these restricted securities amounted to $16,909,516, which represented 0.6% of total net assets. |
3 | The cost of investments for federal tax purposes amounts to $2,662,441,820. |
4 | 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 |
EDA | —Economic Development Authority |
EDFA | —Economic Development Finance Authority |
FRNs | —Floating Rate Notes |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
IFA | —Industrial Finance Authority |
INS | —Insured |
ISD | —Independent School District |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
PCFA | —Pollution Control Finance Authority |
PCR | —Pollution Control Revenue |
PCRBs | —Pollution Control Revenue Bonds |
PSFG | —Public School Fund Guarantee |
SFH | —Single Family Housing |
SIFMA | —Securities Industry and Financial Markets Association |
TANs | —Tax Anticipation Notes |
TEMPS | —Tax Exempt Mandatory Paydown Securities |
TFA | —Transitional Finance Authority |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
VRENs | —Variable Rate Extendible Notes |
VRMOs | —Variable Rate Remarketed Obligations |
Six Months Ended (unaudited) 3/31/2018 | Year Ended September 30, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $10.01 | $9.99 | $10.00 | $10.05 | $10.02 | $10.05 |
Income From Investment Operations: | ||||||
Net investment income | 0.04 | 0.05 | 0.03 | 0.01 | 0.03 | 0.03 |
Net realized and unrealized gain (loss) on investments | (0.02) | 0.02 | (0.01) | (0.05) | 0.03 | (0.03) |
TOTAL FROM INVESTMENT OPERATIONS | 0.02 | 0.07 | 0.02 | (0.04) | 0.06 | 0.001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.04) | (0.05) | (0.03) | (0.01) | (0.03) | (0.03) |
Net Asset Value, End of Period | $9.99 | $10.01 | $9.99 | $10.00 | $10.05 | $10.02 |
Total Return2 | 0.20% | 0.74% | 0.21% | (0.35)% | 0.56% | 0.02% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.81%3,4 | 0.81%4 | 0.81% | 0.80% | 0.80%4 | 0.80% |
Net investment income | 0.80%3 | 0.54% | 0.30% | 0.14% | 0.26% | 0.33% |
Expense waiver/reimbursement5 | 0.18%3 | 0.17% | 0.21% | 0.23% | 0.22% | 0.38% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $760,865 | $799,292 | $785,216 | $1,021,204 | $1,362,615 | $1,731,519 |
Portfolio turnover | 50% | 88% | 29% | 46% | 62% | 54% |
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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.81% for the six months ended March 31, 2018, and 0.81% and 0.80% for the years ended September 30, 2017 and 2014, after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 3/31/2018 | Year Ended September 30, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $10.01 | $9.99 | $10.00 | $10.05 | $10.02 | $10.05 |
Income From Investment Operations: | ||||||
Net investment income | 0.06 | 0.10 | 0.08 | 0.06 | 0.07 | 0.08 |
Net realized and unrealized gain (loss) on investments | (0.02) | 0.02 | (0.01) | (0.05) | 0.03 | (0.03) |
TOTAL FROM INVESTMENT OPERATIONS | 0.04 | 0.12 | 0.07 | 0.01 | 0.10 | 0.05 |
Less Distributions: | ||||||
Distributions from net investment income | (0.06) | (0.10) | (0.08) | (0.06) | (0.07) | (0.08) |
Net Asset Value, End of Period | $9.99 | $10.01 | $9.99 | $10.00 | $10.05 | $10.02 |
Total Return1 | 0.42% | 1.19% | 0.66% | 0.10% | 1.01% | 0.47% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.36%2,3 | 0.36%3 | 0.35% | 0.35% | 0.35%3 | 0.35% |
Net investment income | 1.25%2 | 0.99% | 0.75% | 0.59% | 0.71% | 0.78% |
Expense waiver/reimbursement4 | 0.13%2 | 0.12% | 0.16% | 0.18% | 0.17% | 0.32% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,888,166 | $1,864,456 | $1,518,382 | $1,912,653 | $2,198,711 | $1,827,352 |
Portfolio turnover | 50% | 88% | 29% | 46% | 62% | 54% |
1 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
2 | Computed on an annualized basis. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.36% for the six months ended March 31, 2018, and 0.36% and 0.35% for the years ended September 30, 2017 and 2014, after taking into account this expense reduction. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Investment in securities, at value (identified cost $2,662,468,540) | $2,660,643,504 | |
Cash | 34,396 | |
Income receivable | 9,245,751 | |
Receivable for shares sold | 7,938,940 | |
Receivable for investments sold | 6,223,312 | |
TOTAL ASSETS | 2,684,085,903 | |
Liabilities: | ||
Payable for investments purchased | $22,555,000 | |
Payable for shares redeemed | 11,089,603 | |
Income distribution payable | 670,276 | |
Payable for other service fees (Notes 2 and 5) | 159,470 | |
Payable for distribution services fee (Note 5) | 126,817 | |
Payable for investment adviser fee (Note 5) | 48,970 | |
Payable for administrative fee (Note 5) | 17,438 | |
Payable for Directors'/Trustees' fees (Note 5) | 793 | |
Accrued expenses (Note 5) | 386,244 | |
TOTAL LIABILITIES | 35,054,611 | |
Net assets for 265,215,831 shares outstanding | $2,649,031,292 | |
Net Assets Consists of: | ||
Paid-in capital | $2,653,038,885 | |
Net unrealized depreciation | (1,825,036) | |
Accumulated net realized loss | (2,209,020) | |
Undistributed net investment income | 26,463 | |
TOTAL NET ASSETS | $2,649,031,292 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($760,865,312 ÷ 76,175,389 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.99 | |
Offering price per share (100/98.00 of $9.99) | $10.19 | |
Redemption proceeds per share | $9.99 | |
Institutional Shares: | ||
Net asset value per share ($1,888,165,980 ÷ 189,040,442 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.99 | |
Offering price per share | $9.99 | |
Redemption proceeds per share | $9.99 |
Investment Income: | |||
Interest | $21,300,241 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $4,637,420 | ||
Administrative fee (Note 5) | 1,062,212 | ||
Custodian fees | 45,843 | ||
Transfer agent fees | 452,710 | ||
Directors'/Trustees' fees (Note 5) | 13,553 | ||
Auditing fees | 16,948 | ||
Legal fees | 7,315 | ||
Distribution services fee (Note 5) | 984,681 | ||
Other service fees (Notes 2 and 5) | 984,681 | ||
Portfolio accounting fees | 139,244 | ||
Share registration costs | 56,030 | ||
Printing and postage | 14,210 | ||
Miscellaneous (Note 5) | 18,748 | ||
TOTAL EXPENSES | 8,433,595 | ||
Waivers and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(1,671,925) | ||
Waiver of other operating expenses (Note 5) | (196,936) | ||
Reduction of custodian fees (Note 6) | (3,693) | ||
TOTAL WAIVERS AND REDUCTION | (1,872,554) | ||
Net expenses | 6,561,041 | ||
Net investment income | 14,739,200 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized loss on investments | (935,577) | ||
Net change in unrealized appreciation of investments | (3,734,324) | ||
Net realized and unrealized loss on investments | (4,669,901) | ||
Change in net assets resulting from operations | $10,069,299 |
Six Months Ended (unaudited) 3/31/2018 | Year Ended 9/30/2017 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $14,739,200 | $21,390,855 |
Net realized gain (loss) | (935,577) | 1,284,474 |
Net change in unrealized appreciation/depreciation | (3,734,324) | 3,706,967 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 10,069,299 | 26,382,296 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (3,147,702) | (4,232,792) |
Institutional Shares | (11,636,356) | (17,130,015) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (14,784,058) | (21,362,807) |
Share Transactions: | ||
Proceeds from sale of shares | 899,457,425 | 1,765,355,092 |
Net asset value of shares issued to shareholders in payment of distributions declared | 11,885,666 | 17,272,214 |
Cost of shares redeemed | (921,344,757) | (1,427,497,119) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (10,001,666) | 355,130,187 |
Change in net assets | (14,716,425) | 360,149,676 |
Net Assets: | ||
Beginning of period | 2,663,747,717 | 2,303,598,041 |
End of period (including undistributed net investment income of $26,463 and $71,321, respectively) | $2,649,031,292 | $2,663,747,717 |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Directors (the “Directors”). |
■ | 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 | $984,681 |
Security | Acquisition Date | Cost | Market Value |
California PCFA (Waste Management, Inc.), Solid Waste Disposal Revenue Refunding Bonds (Series 1998B), 3.625%, 6/1/2018 | 5/27/2011 | $3,200,000 | $3,212,928 |
California PCFA (Waste Management Inc.), Solid Waste Disposal Revenue Bonds, 1.55%,TOBs, Mandatory Tender 5/1/2018 | 4/28/2017 | $9,200,000 | $9,196,228 |
Yavapai County, AZ IDA Solid Waste Disposal (Waste Management, Inc.), Revenue Bonds (Series 2002), 2.125% TOBs, Mandatory Tender 6/1/2018 | 5/31/2013 | $4,500,000 | $4,500,360 |
Six Months Ended 3/31/2018 | Year Ended 9/30/2017 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 19,452,722 | $194,478,983 | 41,271,606 | $412,464,518 |
Shares issued to shareholders in payment of distributions declared | 305,406 | 3,051,874 | 409,646 | 4,094,569 |
Shares redeemed | (23,469,639) | (234,589,460) | (40,426,480) | (403,967,253) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (3,711,511) | $(37,058,603) | 1,254,772 | $12,591,834 |
Six Months Ended 3/31/2018 | Year Ended 9/30/2017 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 70,529,268 | $704,978,442 | 135,396,879 | $1,352,890,574 |
Shares issued to shareholders in payment of distributions declared | 883,994 | 8,833,792 | 1,318,353 | 13,177,645 |
Shares redeemed | (68,714,054) | (686,755,297) | (102,419,510) | (1,023,529,866) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,699,208 | $27,056,937 | 34,295,722 | $342,538,353 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,012,303) | $(10,001,666) | 35,550,494 | $355,130,187 |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $1,242,780 | NA | $1,242,780 |
2019 | $6,742 | NA | $6,742 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
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 | $984,681 | $(196,936) |
Purchases | $ 377,825,879 |
Sales | $ 531,644,861 |
Beginning Account Value 10/1/2017 | Ending Account Value 3/31/2018 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $1,002.00 | $4.04 |
Institutional Shares | $1,000.00 | $1,004.20 | $1.80 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000.00 | $1,020.89 | $4.08 |
Institutional Shares | $1,000.00 | $1,023.14 | $1.82 |
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 | 0.81% |
Institutional Shares | 0.36% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31417P858
2018 ©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. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | 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 24, 2018
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 24, 2018
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date May 24, 2018