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:09/30/19
Date of Reporting Period:Six months ended 03/31/19
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FMUUX | Institutional | FMUSX | ||
Donahue
Sector Composition | Percentage of Total Net Assets |
Industrial Development Bond/Pollution Control Revenue | 18.5% |
Hospital | 15.5% |
Prepaid Gas Utility | 7.6% |
Electric & Gas | 7.1% |
Toll Road | 7.0% |
General Obligation—Local | 6.1% |
Higher Education | 5.1% |
General Obligation—State | 3.6% |
Water & Sewer | 3.5% |
Public Power | 3.3% |
Other2 | 24.5% |
Other Assets and Liabilities—Net3 | (1.8)% |
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 77.3% 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—74.0% | |||
Alabama—3.8% | |||
$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), 2.568%(1-month USLIBOR x 0.67 +0.900%), Mandatory Tender 12/1/2023 | $22,023,450 |
15,500,000 | Black Belt Energy Gas District, AL, Gas Supply Revenue Bonds (Series 2016A) TOBs, (Royal Bank of Canada GTD), 4.000%, Mandatory Tender 6/1/2021 | 16,133,950 | |
30,325,000 | Health Care Authority for Baptist Health, AL, Affiliate of UAB Health (Montgomery) (Series B) ARNs, (Assured Guaranty Corp. INS), 1.830%, 4/5/2019 | 30,325,000 | |
30,000,000 | 1 | Southeast Alabama Gas Supply District, Gas Supply Revenue Bonds Project No. 2 (Series 2018B) FRNs, (Morgan Stanley GTD), 2.518% (1-month USLIBOR x 0.67 +0.850%), Mandatory Tender 6/1/2024 | 29,394,900 |
TOTAL | 97,877,300 | ||
Alaska—1.0% | |||
24,175,000 | Alaska Industrial Development and Export Authority (Yukon-Kuskokwim Health Corp.), Loan Anticipation Revenue Notes (Series 2017), 3.500%, 12/1/2020 | 24,351,719 | |
Arizona—2.0% | |||
7,000,000 | 1 | Arizona Health Facilities Authority (Phoenix Children's Hospital), Variable Rate Revenue Refunding Bonds (Series 2013A-1) FRNs, 3.350%(SIFMA 7-day +1.850%), Mandatory Tender 2/5/2020 | 7,036,750 |
7,000,000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017A) TOBs, 1.800%, Mandatory Tender 5/21/2020 | 6,981,940 | |
1,100,000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017B) TOBs, 1.600%, Mandatory Tender 5/21/2020 | 1,094,709 | |
25,700,000 | Phoenix, AZ IDA (Republic Services, Inc.), (Series 2013) TOBs, 2.300%, Mandatory Tender 5/1/2019 | 25,702,056 | |
5,000,000 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017B), 4.000%, 10/1/2023 | 5,036,150 | |
4,000,000 | 2 | Yavapai County, AZ IDA Solid Waste Disposal (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002) TOBs, 2.800%, Mandatory Tender 6/1/2021 | 4,048,560 |
TOTAL | 49,900,165 | ||
California—6.7% | |||
9,350,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Index Rate Bonds Series 2017D) FRNs, 2.508%(3-month USLIBOR x 0.70 +0.550%), Mandatory Tender 4/1/2021 | 9,365,240 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$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, 2.200%(SIFMA 7-day +0.700%), Mandatory Tender 10/1/2019 | $15,000,000 |
10,000,000 | 1 | California Infrastructure & Economic Development Bank (California Academy of Sciences), Revenue Bonds (Series 2018B) FRNs, 2.123%(1-month USLIBOR x 0.70 +0.380%), Mandatory Tender 8/1/2021 | 10,000,800 |
15,000,000 | 1 | California Infrastructure & Economic Development Bank (J Paul Getty Trust), Variable Rate Refunding Revenue Bonds (Series 2011A-1) FRNs, 1.942%(1-month USLIBOR x 0.70 +0.200%), Mandatory Tender 4/1/2021 | 14,995,050 |
10,000,000 | 1 | California Infrastructure & Economic Development Bank (J Paul Getty Trust), Variable Rate Refunding Revenue Bonds (Series 2011A-3) FRNs, 2.208%(3-month USLIBOR x 0.70 +0.370%), Mandatory Tender 4/1/2020 | 10,011,900 |
50,000,000 | 1 | California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Revenue Refunding Bonds (Series 2017B) FRNs, 2.399%(1-month USLIBOR x 0.70 +0.650%), Mandatory Tender 2/1/2021 | 50,164,500 |
8,000,000 | California PCFA (Republic Services, Inc.), (Series A-1) TOBs, 2.300%, Mandatory Tender 4/15/2019 | 8,000,480 | |
7,000,000 | 2 | California PCFA (Republic Services, Inc.), Solid Waste Revenue Refunding Bonds (Series 2010A) TOBs, 2.300%, Mandatory Tender 5/1/2019 | 7,000,630 |
7,500,000 | 1 | California State, UT GO Bonds (Index Floating Rate Bonds Series 2013D) FRNs, 1.790%(SIFMA 7-day +0.290%), Mandatory Tender 12/1/2020 | 7,497,450 |
25,000,000 | 1 | California State, UT GO Bonds (Series 2013B) FRNs, 1.880%(SIFMA 7-day +0.380%), Mandatory Tender 12/1/2022 | 25,006,500 |
2,500,000 | Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Refunding Revenue Bonds (Series 2013B-2) TOBs, 5.000%, Mandatory Tender 1/15/2020 | 2,522,550 | |
5,050,000 | 1 | Riverside, CA Water Revenue, (Series 2011A) FRNs, 2.130%(SIFMA 7-day +0.630%), Mandatory Tender 1/15/2020 | 5,053,232 |
7,250,000 | Southern California Public Power Authority (Power Projects) (Magnolia Power Project A), Refunding Revenue Bonds (Series 2017-1) TOBs, 2.000%, Mandatory Tender 7/1/2020 | 7,263,558 | |
TOTAL | 171,881,890 | ||
Colorado—1.4% | |||
5,915,000 | 1 | Colorado School of Mines Board of Trustees (Colorado School of Mines, CO), Institutional Enterprise Revenue Refunding Bonds (Series 2018A) FRNs, 2.168%(1-month USLIBOR x 0.67 +0.500%), 2/1/2023 | 5,920,560 |
8,495,000 | 1 | Denver (City & County), CO (Denver, CO City & County Airport Authority), Airport System Revenue Refunding Bonds (Series 2016B) Index Rate Notes FRNs, 2.602%(1-month USLIBOR x 0.70 +0.860%), Mandatory Tender 11/15/2019 | 8,501,796 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—continued | |||
$6,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (LIBOR Index Series 2017B) FRNs, 2.722%(1-month USLIBOR x 0.67 +1.050%), Mandatory Tender 9/1/2021 | $6,052,800 |
8,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (LIBOR Index Series 2019A) FRNs, 2.086%(1-month USLIBOR x 0.67 +0.420%), Mandatory Tender 9/1/2021 | 8,001,280 |
8,500,000 | University of Colorado Hospital Authority, Revenue Bonds (Series 2017 C-1) TOBs, 4.000%, Mandatory Tender 3/1/2020 | 8,571,995 | |
TOTAL | 37,048,431 | ||
Connecticut—1.8% | |||
15,000,000 | 1 | Connecticut State HEFA (Yale-New Haven Hospital), Revenue Bonds (Series 2014B Floating Rate Note) FRNs, 2.218%(1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 7/1/2019 | 15,000,600 |
6,355,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.150%(SIFMA 7-day +0.650%), 3/1/2020 | 6,376,098 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.250%(SIFMA 7-day +0.750%), 3/1/2021 | 4,018,960 |
3,065,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.350%(SIFMA 7-day +0.850%), 3/1/2022 | 3,088,478 |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.400%(SIFMA 7-day +0.900%), 3/1/2023 | 1,507,470 |
15,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013D) FRNs, 2.380% (SIFMA 7-day +0.880%), 8/15/2019 | 15,031,650 |
TOTAL | 45,023,256 | ||
Florida—1.5% | |||
9,965,000 | Jacksonville, FL EDC (JEA, FL Electric System), (Series 2000-A), CP, (U.S. Bank, N.A. LIQ), 1.820%, Mandatory Tender 4/18/2019 | 9,965,199 | |
11,800,000 | Jacksonville, FL EDC (JEA, FL Electric System), (Series 2000 F-2), CP, (U.S. Bank, N.A. LIQ), 1.820%, Mandatory Tender 4/18/2019 | 11,800,236 | |
5,000,000 | Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2017A) TOBs, 3.000%, Mandatory Tender 10/1/2020 | 5,085,250 | |
10,000,000 | Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2017A) TOBs, 5.000%, Mandatory Tender 10/1/2020 | 10,464,600 | |
TOTAL | 37,315,285 | ||
Georgia—3.0% | |||
1,100,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2019 | 1,123,023 | |
1,000,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2020 | 1,049,500 | |
1,125,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2021 | 1,213,436 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—continued | |||
$4,100,000 | Bartow County, GA Development Authority (Georgia Power Co.), Bowen Project Pollution Control Revenue Bonds (First Series 1997) TOBs, 2.050%, Mandatory Tender 11/19/2021 | $4,069,209 | |
20,000,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Revenue Refunding Bonds TOBs, 1.850%, Mandatory Tender 8/22/2019 | 19,982,600 | |
22,500,000 | 1 | Gainesville & Hall County, GA Hospital Authority (Northeast Georgia Health System, Inc.), Revenue Anticipation Certificates (Series 2014B) FRNs, 2.450%(SIFMA 7-day +0.950%), Mandatory Tender 2/18/2020 | 22,512,600 |
22,000,000 | 1 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 2.418%(1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023 | 21,830,380 |
2,500,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), Scherer Project Pollution Control Revenue Bonds (First Series 2009) TOBs, 2.050%, Mandatory Tender 11/19/2021 | 2,481,225 | |
3,750,000 | Monroe County, GA Development Authority Pollution Control (Gulf Power Co.), Pollution Control Revenue Bonds (Plant Scherer First Series 2010) TOBs, 1.400%, Mandatory Tender 9/19/2019 | 3,738,450 | |
TOTAL | 78,000,423 | ||
Hawaii—0.9% | |||
7,500,000 | 1 | Honolulu, HI City & County, Honolulu Rail Transit Project GO Bonds (Series 2017H) FRNs, 1.820%(SIFMA 7-day +0.320%), Mandatory Tender 9/1/2020 | 7,497,150 |
8,000,000 | 1 | Honolulu, HI City & County, Honolulu Rail Transit Project GO Bonds (Series 2017H) FRNs, 1.820%(SIFMA 7-day +0.320%), Mandatory Tender 9/1/2020 | 7,996,960 |
6,500,000 | 1 | Honolulu, HI City & County, Honolulu Rail Transit Project GO Bonds (Series 2017H) FRNs, 1.820% (SIFMA 7-day +0.320%), Mandatory Tender 9/1/2020 | 6,497,530 |
TOTAL | 21,991,640 | ||
Illinois—1.5% | |||
3,250,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2019 | 3,308,987 | |
4,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2020 | 4,188,280 | |
4,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2021 | 4,302,960 | |
1,375,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2020 | 1,394,828 | |
1,705,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2021 | 1,746,210 | |
10,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2020 | 10,399,100 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2021 | 5,307,250 | |
3,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2022 | 3,234,390 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$2,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2021 | $2,119,200 | |
3,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2022 | 3,229,440 | |
TOTAL | 39,230,645 | ||
Indiana—3.8% | |||
6,000,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 2001 A-2) TOBs, 2.000%, Mandatory Tender 2/1/2023 | 6,028,500 | |
6,655,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Subordinate Credit Group), Revenue Bonds (Series 2005 A-3) TOBs, 1.350%, Mandatory Tender 8/4/2020 | 6,616,401 | |
1,685,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Subordinate Credit Group), Revenue Bonds (Series 2005 A-5) TOBs, 1.350%, Mandatory Tender 8/4/2020 | 1,675,227 | |
5,000,000 | Indiana State EDA (Republic Services, Inc.), (Series 2012) TOBs, 2.100%, Optional Tender 6/3/2019 | 5,000,550 | |
9,000,000 | Indiana State EDA (Republic Services, Inc.), (Series A) TOBs, 2.100%, Optional Tender 6/3/2019 | 9,000,990 | |
70,000,000 | 1 | Whiting, IN Environmental Facilities (BP PLC), Environmental Facilities Revenue Bonds (Series 2014) FRNs, (Original Issue Yield: 0.850%), 2.250% (SIFMA 7-day +0.750%), Mandatory Tender 12/2/2019 | 70,035,700 |
TOTAL | 98,357,368 | ||
Iowa—0.3% | |||
2,530,000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Bonds (Series 2019), 3.125%, 12/1/2022 | 2,545,484 | |
4,000,000 | 1 | Iowa Finance Authority, Single Family Mortgage Bonds (Series 2018B) FRNs, 1.800% (SIFMA 7-day +0.300%), Mandatory Tender 5/3/2021 | 3,992,480 |
TOTAL | 6,537,964 | ||
Kentucky—1.5% | |||
8,000,000 | Carroll County, KY (Kentucky Utilities Company), PCR Revenue Refunding Bonds (Series 2016A) TOBs, 1.050%, Mandatory Tender 9/1/2019 | 7,972,000 | |
6,500,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), Environmental Facilities Revenue Refunding Bonds (Series 2017A) TOBs, 1.250%, Mandatory Tender 6/3/2019 | 6,492,915 | |
9,600,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), Revenue Refunding Bonds Series 2013A (Remarketing 4/1/19) TOBs, 1.850%, Mandatory Tender 4/1/2021 | 9,613,152 | |
8,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2018B) TOBs, (BP PLC GTD), 4.000%, Mandatory Tender 1/1/2025 | 8,692,800 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Kentucky—continued | |||
$5,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2019A-1) TOBs, (Morgan Stanley GTD), 4.000%, Mandatory Tender 6/1/2025 | $5,419,400 | |
TOTAL | 38,190,267 | ||
Maryland—0.2% | |||
6,000,000 | Rockville, MD Mayor & City Council Econ Dev Revenue (Ingleside at King Farm), Paydown Securities TEMPS-45 (Series 2017C-3), 2.500%, 11/1/2024 | 6,000,060 | |
Massachusetts—2.2% | |||
1,420,000 | Leicester, MA BANs, 2.350%, 2/14/2020 | 1,425,595 | |
3,500,000 | Massachusetts Department of Transportation, Subordinated Metropolitan Highway System Revenue Refunding Bonds (Series 2019A) TOBs, 5.000%, Mandatory Tender 1/1/2023 | 3,908,170 | |
11,000,000 | 1 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Index Floating Rate Bonds (Series 2017S) FRNs, 1.920%(SIFMA 7-day +0.420%), Mandatory Tender 1/27/2022 | 10,955,340 |
12,000,000 | 1 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Index Floating Rate Bonds (Series 2017S) FRNs, 2.000%(SIFMA 7-day +0.500%), Mandatory Tender 1/26/2023 | 11,962,080 |
7,650,000 | 1 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Revenue Bonds (Series 2015O-3) FRNs, 1.980%(SIFMA 7-day +0.480%), Mandatory Tender 1/29/2020 | 7,656,273 |
5,700,000 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Revenue Bonds (Series 2017 S-4) TOBs, 5.000%, Mandatory Tender 1/25/2024 | 6,512,706 | |
6,250,000 | Massachusetts HEFA (University of Massachusetts), Revenue Bonds (Series A) TOBs, 1.850%, Mandatory Tender 4/1/2022 | 6,250,000 | |
4,000,000 | 1 | Massachusetts State HFA (Massachusetts State HFA SFH Revenue), Single Family Housing Revenue Bonds (Series 196) FRNs, 2.092%(1-month USLIBOR x 0.70 +0.350%), Mandatory Tender 6/1/2021 | 4,002,280 |
3,015,000 | Seekonk, MA BANs, 2.290%, 2/15/2020 | 3,025,341 | |
TOTAL | 55,697,785 | ||
Michigan—2.5% | |||
10,000,000 | Michigan State Hospital Finance Authority (Ascension Health Alliance Senior Credit Group), Refunding and Project Revenue Bonds (Series 2010F-2) TOBs, 1.900%, Mandatory Tender 4/1/2021 | 10,032,300 | |
13,535,000 | 1 | Michigan State Hospital Finance Authority (McLaren Health Care Corp.), Hospital Revenue Refunding Floating Rate Bonds (Series 2015D-1) FRNs, 2.097%(1-month USLIBOR x 0.68 +0.400%), Mandatory Tender 10/15/2021 | 13,525,661 |
20,000,000 | 1 | Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Hospital Revenue Bonds, (Series 2015MI) FRNs, 2.212%(1-month USLIBOR x 0.67 +0.540%), Mandatory Tender 12/1/2020 | 20,043,200 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$12,140,000 | 1 | Michigan State Housing Development Authority, Rental Housing Revenue Bonds (Series 2016E) FRNs, 2.958%(3-month USLIBOR x 0.70 +1.000%), Mandatory Tender 10/1/2021 | $12,257,637 |
6,225,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2019C) TOBs, 4.000%, Mandatory Tender 4/1/2024 | 6,936,455 | |
TOTAL | 62,795,253 | ||
Minnesota—0.9% | |||
7,000,000 | Kanabec Co., MN Healthcare (FirstLight Health System), Healthcare Revenue Bond Anticipation Notes (Series 2018), 2.750%, 12/1/2019 | 7,001,120 | |
9,000,000 | Minnesota Rural Water Finance Authority, Public Projects Construction Notes (Series 2019), 2.000%, 8/1/2020 | 9,014,670 | |
7,000,000 | 1 | Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 1.930% (SIFMA 7-day +0.430%), Mandatory Tender 7/3/2023 | 6,969,060 |
TOTAL | 22,984,850 | ||
Mississippi—1.1% | |||
7,750,000 | Mississippi Business Finance Corp. (Mississippi Power Co.), Revenue Bonds (First Series 2010) TOBs, 2.750%, Mandatory Tender 12/9/2021 | 7,799,910 | |
15,000,000 | South Central Regional Medical Center, MS Hospital Revenue, Facilities Improvement and Refinancing Hospital Revenue Notes (Series 2017), 1.700%, 3/1/2020 | 14,806,500 | |
5,765,000 | Southwest Mississippi Regional Medical Center, Hospital Revenue Notes (Series 2018A), 2.100%, 6/1/2019 | 5,763,847 | |
TOTAL | 28,370,257 | ||
Montana—0.6% | |||
13,000,000 | 1 | Montana Facility Finance Authority (Billings Clinic Obligated Group), Variable Rate Revenue Bonds (Series 2018C) FRNs, 2.050%(SIFMA 7-day +0.550%), Mandatory Tender 8/15/2023 | 12,981,670 |
3,400,000 | 1 | Montana State University (The Board of Regents of), Facilities Refunding Revenue Bonds (Series 2018F) FRNs, 1.950% (SIFMA 7-day +0.450%), Mandatory Tender 9/1/2023 | 3,400,374 |
TOTAL | 16,382,044 | ||
Multi State—1.7% | |||
13,081 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2014 Class D) FRNs, (Cooperatieve Rabobank UA LOC), 2.300%(SIFMA 7-day +0.800%), 11/15/2019 | 13,081 |
7,429,530 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2016 Class C) FRNs, (Cooperatieve Rabobank UA LOC), 2.550%(SIFMA 7-day +1.050%), 12/31/2019 | 7,429,530 |
7,935,000 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2016 Class D) FRNs, (Cooperatieve Rabobank UA LOC), 2.750%(SIFMA 7-day +1.250%), 12/31/2021 | 7,935,000 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Multi State—continued | |||
$28,185,000 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2018 Class C) FRNs, (Cooperatieve Rabobank UA LOC), 2.300% (SIFMA 7-day +0.800%), 11/30/2021 | $28,185,000 |
TOTAL | 43,562,611 | ||
Nevada—1.3% | |||
27,000,000 | Clark County, NV Airport System, Airport System Junior Subordinate Lien Revenue Notes (Series 2017C), 5.000%, 7/1/2021 | 28,784,700 | |
5,000,000 | Washoe County, NV Gas Facilities Revenue (Sierra Pacific Power Co.), Refunding Revenue Bonds (Series 2016A) TOBs, 1.500%, Mandatory Tender 6/3/2019 | 4,995,450 | |
TOTAL | 33,780,150 | ||
New Hampshire—0.4% | |||
10,000,000 | 1 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2018A) FRNs, 2.250%(SIFMA 7-day +0.750%), Mandatory Tender 10/1/2021 | 9,972,600 |
New Jersey—6.0% | |||
14,119,074 | Asbury Park, NJ BANs, 3.250%, 1/24/2020 | 14,269,725 | |
10,000,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2015 XX), 5.000%, 6/15/2019 | 10,066,200 | |
25,000,000 | 1 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation Program Notes (SIFMA Index Multimodal Notes) (Series 2014BB) FRNs, 2.500%(SIFMA 7-day +1.000%), Mandatory Tender 12/15/2019 | 25,022,250 |
7,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-2) FRNs, 2.223%(1-month USLIBOR x 0.70 +0.480%), 1/1/2022 | 7,019,040 |
30,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-5) FRNs, 2.203%(1-month USLIBOR x 0.70 +0.460%), Mandatory Tender 1/1/2021 | 30,056,700 |
20,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-6) FRNs, 2.493%(1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 1/1/2023 | 20,174,200 |
20,582,031 | Newark, NJ, (Series 2018A) BANs, 3.000%, 7/31/2019 | 20,644,600 | |
3,077,200 | Roxbury Township, NJ BANs, 3.000%, 3/6/2020 | 3,109,111 | |
3,500,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2019 | 3,516,905 | |
3,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2020 | 3,102,600 | |
3,500,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2021 | 3,714,305 | |
2,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2022 | 2,174,020 | |
6,610,850 | Union Beach, NJ BANs, 3.250%, 2/21/2020 | 6,690,841 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$2,714,222 | West Wildwood, NJ BANs, 3.000%, 3/20/2020 | $2,740,930 | |
TOTAL | 152,301,427 | ||
New Mexico—1.0% | |||
5,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds (Series 2016B) TOBs, 1.875%, Mandatory Tender 10/1/2021 | 4,942,700 | |
19,350,000 | 1 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding Bonds (Series 2014B) FRNs, (Royal Bank of Canada GTD), 2.418% (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 8/1/2019 | 19,354,064 |
TOTAL | 24,296,764 | ||
New York—4.2% | |||
12,000,000 | 1 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014C) (LIBOR Floating Rate Tender Notes) FRNs, 2.493%(1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 10/1/2023 | 12,024,120 |
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, 1.950%(SIFMA 7-day +0.450%), Mandatory Tender 11/1/2019 | 3,000,150 |
3,470,000 | 1 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Variable Rate Bonds (Series 2008A-2A) FRNs, 1.950%(SIFMA 7-day +0.450%), Mandatory Tender 6/1/2022 | 3,462,678 |
15,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Variable Rate Bonds (Subseries 2002B-3c) FRNs, 2.450%(SIFMA 7-day +0.950%), 11/1/2019 | 15,051,300 |
7,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002D-2A) FRNs, (Assured Guaranty Municipal Corp. INS), 2.288%(1-month USLIBOR x 0.69 +0.570%), Mandatory Tender 4/6/2020 | 7,011,830 |
9,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002D-A2) FRNs, (Assured Guaranty Municipal Corp. INS), 2.398%(1-month USLIBOR x 0.69 +0.680%), Mandatory Tender 4/6/2021 | 9,044,820 |
10,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002G-3) FRNs, 2.368%(1-month USLIBOR x 0.67 +0.700%), Mandatory Tender 2/1/2020 | 10,017,900 |
28,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2011B) FRNs, 2.218%(1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 11/1/2022 | 27,936,720 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$4,250,000 | New York State HFA, Affordable Housing Revenue Bonds (Series 2019F Group 2) TOBs, (New York State Mortgage Agency GTD), 1.800%, Mandatory Tender 5/1/2020 | $4,250,127 | |
5,675,000 | 1 | Triborough Bridge & Tunnel Authority, NY, General Revenue Variable Rate Bonds (Series 2001B) FRNs, 2.038%(SOFR x 0.67 +0.430%), Mandatory Tender 9/26/2019 | 5,680,505 |
9,810,000 | 1 | Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Variable Rate Refunding Bond (Series 2016 4A) FRNs, 2.368% (1-month USLIBOR x 0.67 +0.700%), Mandatory Tender 12/1/2021 | 9,886,224 |
TOTAL | 107,366,374 | ||
North Carolina—1.3% | |||
6,250,000 | North Carolina Capital Facilities Finance Agency (Republic Services, Inc.), (Series 2013) TOBs, 2.100%, Mandatory Tender 6/14/2019 | 6,250,875 | |
8,000,000 | North Carolina Capital Facilities Finance Agency (Republic Services, Inc.), (Series B) TOBs, 2.100%, Optional Tender 6/3/2019 | 8,000,880 | |
20,000,000 | 1 | University of North Carolina at Chapel Hill, General Revenue Refunding Bonds (Series 2019A) FRNs, 2.018% (1-month USLIBOR x 0.67 +0.350%), Mandatory Tender 12/1/2021 | 20,012,200 |
TOTAL | 34,263,955 | ||
Ohio—2.8% | |||
6,205,000 | 1 | Allen County, OH (Mercy Health), Adjustable Rate Hospital Facilities Revenue Bonds (Series 2015B) FRNs, 2.250%(SIFMA 7-day +0.750%), Mandatory Tender 5/1/2020 | 6,210,709 |
1,000,000 | Coshocton, OH BANs, 3.000%, 2/20/2020 | 1,008,810 | |
3,500,000 | Indian Valley Local School District (Tuscarawas County) OH BANs, 2.500%, 2/11/2020 | 3,518,725 | |
1,270,000 | Lake County, OH BANs, 3.000%, 4/2/2020 | 1,285,456 | |
40,000,000 | 1 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2014) FRNs, (Royal Bank of Canada GTD), 2.388%(1-month USLIBOR x 0.67 +0.720%), Mandatory Tender 8/1/2019 | 40,006,800 |
2,255,000 | North Olmsted, OH BANs, 3.000%, 4/9/2020 | 2,281,248 | |
13,000,000 | 1 | Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Revenue Refunding Bonds (Series 2019A) FRNs, 2.158%(1-month USLIBOR x 0.70 +0.420%), Mandatory Tender 4/1/2022 | 12,994,020 |
1,000,000 | Ohio Waste Development Authority Solid Waste (Waste Management, Inc.), Revenue Bonds (Series 2002), 3.250%, 11/1/2022 | 1,024,640 | |
2,550,000 | Twinsburg, OH BANs, 3.000%, 2/27/2020 | 2,575,729 | |
TOTAL | 70,906,137 | ||
Pennsylvania—8.9% | |||
8,145,000 | 1 | Bethlehem, PA Area School District Authority, Revenue Refunding Bonds (Series 2018) FRNs, 2.227%(1-month USLIBOR x 0.70 +0.480%), Mandatory Tender 11/1/2021 | 8,134,167 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$9,995,000 | 1 | Bethlehem, PA Area School District Authority, Revenue Refunding Bonds (Series 2018A) FRNs, 2.227%(1-month USLIBOR x 0.70 +0.480%), Mandatory Tender 11/1/2021 | $9,981,707 |
12,000,000 | 1 | Lehigh County, PA General Purpose Authority (Muhlenberg College), College Revenue Bonds (Series 2019) FRNs, 2.080%(SIFMA 7-day +0.580%), Mandatory Tender 11/1/2024 | 12,002,400 |
5,450,000 | Lehigh County, PA IDA (PPL Electric Utilities Corp.), Pollution Control Revenue Refunding Bonds (Series 2016B) TOBs, 1.800%, Mandatory Tender 8/15/2022 | 5,391,576 | |
1,250,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.913%(1-month USLIBOR x 0.68 +0.220%), 5/1/2019 | 1,250,025 |
1,320,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.963%(1-month USLIBOR x 0.68 +0.270%), 5/1/2020 | 1,321,940 |
1,500,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 2.013%(1-month USLIBOR x 0.68 +0.320%), 5/3/2021 | 1,504,845 |
1,850,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 2.113%(1-month USLIBOR x 0.68 +0.420%), 11/1/2021 | 1,859,565 |
3,400,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 2.163%(1-month USLIBOR x 0.68 +0.470%), Mandatory Tender 11/1/2021 | 3,417,748 |
5,000,000 | 1 | Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Bonds (Series 2018C) FRNs, 2.220%(SIFMA 7-day +0.720%), Mandatory Tender 9/1/2023 | 5,002,500 |
4,000,000 | Montgomery County, PA IDA (Exelon Generation Co. LLC), PCR Refunding Bonds (Series 2002A) TOBs, 2.550%, Mandatory Tender 6/1/2020 | 4,006,760 | |
1,000,000 | 1 | North Penn, PA Water Authority, Variable Rate Water Revenue Refunding Bonds (Series 2014) FRNs, 2.078%(1-month USLIBOR x 0.67 +0.410%), 11/1/2019 | 999,820 |
4,000,000 | 1 | North Penn, PA Water Authority, Variable Rate Water Revenue Refunding Bonds (Series 2014) FRNs, 2.168%(1-month USLIBOR x 0.67 +0.500%), Mandatory Tender 11/1/2019 | 4,000,520 |
8,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Variable Rate Hospital Revenue Bonds (Series 2013B) FRNs, 2.900%(SIFMA 7-day +1.400%), Mandatory Tender 8/15/2020 | 8,053,920 |
4,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 2.783%(1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | 4,012,440 |
50,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2014) TOBs, 2.400%, Mandatory Tender 4/1/2019 | 50,000,000 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$6,500,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series A) TOBs, 1.950%, Mandatory Tender 7/15/2019 | $6,500,000 | |
4,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series B-1) TOBs, 1.950%, Mandatory Tender 7/15/2019 | 4,000,000 | |
5,500,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), Revenue Bonds (Series 2010A) TOBs, 2.400%, Mandatory Tender 4/1/2019 | 5,500,000 | |
10,150,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A) TOBs, 1.700%, Mandatory Tender 8/3/2020 | 10,085,446 | |
6,000,000 | 1 | Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 2.317%(1-month USLIBOR x 0.70 +0.570%), Mandatory Tender 10/1/2023 | 6,009,120 |
4,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2018B) FRNs, 2.000%(SIFMA 7-day +0.500%), 12/1/2021 | 3,998,240 |
5,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2018B) FRNs, 2.200%(SIFMA 7-day +0.700%), 12/1/2023 | 4,990,650 |
4,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2014B) FRNs, 2.380%(SIFMA 7-day +0.880%), 12/1/2020 | 4,020,640 |
10,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2018A-1) FRNs, 2.100%(SIFMA 7-day +0.600%), 12/1/2023 | 9,969,700 |
40,000,000 | 1 | Pittsburgh, PA Water & Sewer Authority, First Lien Revenue Refunding Bonds (Series 2018C) FRNs, (Assured Guaranty Municipal Corp. INS), 2.390%(1-month USLIBOR x 0.70 +0.640%), Mandatory Tender 12/1/2020 | 40,017,200 |
4,220,000 | 1 | Scranton, PA School District, GO Notes (Series 2014) (LIBOR Floating Rate Tender Notes) FRNs, (Pennsylvania School District Intercept Program GTD), 2.543%(1-month USLIBOR x 0.68 +0.850%), Mandatory Tender 4/1/2021 | 4,225,950 |
6,750,000 | 1 | Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2019A) FRNs, 2.140% (SIFMA 7-day +0.600%), Mandatory Tender 6/1/2024 | 6,750,000 |
TOTAL | 227,006,879 | ||
South Carolina—1.2% | |||
2,500,000 | 1 | Charleston, SC Waterworks and Sewer System, Capital Improvement Revenue Bonds (Series 2006B) FRNs, 2.119%(3-month USLIBOR x 0.70 +0.370%), Mandatory Tender 1/1/2022 | 2,499,450 |
25,000,000 | 1 | Patriots Energy Group Financing Agency, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 2.528%(1-month USLIBOR x 0.67 +0.860%), Mandatory Tender 2/1/2024 | 24,858,000 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
South Carolina—continued | |||
$4,500,000 | 2 | South Carolina Jobs-EDA (Royal Live Oaks Academy), Economic Development Revenue Notes (Series 2018A), 3.000%, 8/1/2020 | $4,513,500 |
TOTAL | 31,870,950 | ||
Tennessee—0.4% | |||
5,000,000 | Monroe County, TN, UT GO BANs, 1.200%, 6/15/2019 | 4,995,950 | |
4,500,000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 10/1/2024 | 5,124,285 | |
TOTAL | 10,120,235 | ||
Texas—5.2% | |||
5,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue & Refunding Bonds (Series 2015B) TOBs, 5.000%, Mandatory Tender 1/7/2021 | 5,185,050 | |
4,500,000 | Georgetown, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2019B) TOBs, (PSFG GTD), 2.750%, Mandatory Tender 8/1/2022 | 4,634,505 | |
10,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2014B) FRNs, 2.080%(SIFMA 7-day +0.580%), Mandatory Tender 12/1/2019 | 10,007,000 |
2,250,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 2.200%(SIFMA 7-day +0.700%), 6/1/2019 | 2,252,002 |
2,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 2.250%(SIFMA 7-day +0.750%), 6/1/2020 | 2,009,120 |
3,710,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 2.330%(SIFMA 7-day +0.830%), 6/1/2021 | 3,735,822 |
8,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Hospital Revenue Bonds (Series 2015-3) FRNs, 2.549%(1-month USLIBOR x 0.68 +0.850%), Mandatory Tender 6/1/2020 | 8,033,520 |
5,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2012A) FRNs, 2.400%(SIFMA 7-day +0.900%), Mandatory Tender 5/1/2020 | 5,014,100 |
5,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2018C) FRNs, 2.107%(1-month USLIBOR x 0.70 +0.360%), Mandatory Tender 8/1/2021 | 4,992,450 |
5,000,000 | 1 | Katy, TX Independent School District, Variable Rate UT GO Refunding Bonds (Series 2015C) FRNs, (Texas Permanent School Fund Guarantee Program GTD), 2.214%(1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 8/15/2019 | 5,000,250 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$5,500,000 | Mansfield, TX ISD, UT GO School Building Bonds (Series 2012) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.500%, Mandatory Tender 8/1/2021 | $5,577,495 | |
7,000,000 | Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), Pollution Control Revenue Refunding Bonds (Series 1996) TOBs, 1.750%, Mandatory Tender 9/1/2020 | 6,939,940 | |
5,000,000 | Mission, TX Economic Development Corp. (Republic Services, Inc.) TOBs, 1.250%, Mandatory Tender 5/1/2019 | 5,000,450 | |
10,000,000 | 1 | Mission, TX Economic Development Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2018) FRNs, 2.300%(SIFMA 7-day +0.800%), Mandatory Tender 11/1/2021 | 9,997,400 |
31,665,000 | 1 | North Texas Tollway Authority, System First Tier Variable Rate Revenue Refunding Bonds (Series 2014C) (SIFMA Index Floating Rate Bonds) FRNs, 2.170%(SIFMA 7-day +0.670%), Mandatory Tender 1/1/2020 | 31,648,851 |
13,750,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Emerald Renewable Diesel LLC), (Series 2018) TOBs, (United States Treasury GTD), 2.400%, Mandatory Tender 5/31/2019 | 13,754,675 | |
4,000,000 | San Antonio, TX Water System, Water System Variable Rate Junior Lien Revenue Bonds (Series 2019A) TOBs, 2.625%, Mandatory Tender 5/1/2024 | 4,130,160 | |
5,000,000 | Texas State Transportation Commission (Central Texas Turnpike System), First Tier Revenue Refunding Put Bonds (Series 2015-A) TOBs, 5.000%, Mandatory Tender 4/1/2020 | 5,152,900 | |
TOTAL | 133,065,690 | ||
Vermont—0.6% | |||
16,000,000 | Vermont EDA (B.C. Campus Holdings LLC), Bennington College Real Estate Project (Series 2017) BANs, 2.000%, 7/1/2020 | 15,844,160 | |
Virginia—0.2% | |||
5,000,000 | Louisa, VA IDA (Virginia Electric & Power Co.), Pollution Control Refunding Revenue Bonds (Series 2008C) TOBs, 1.850%, Mandatory Tender 5/16/2019 | 4,999,700 | |
Washington—1.5% | |||
6,700,000 | 1 | Everett, WA, LT Tax GO Refunding Bonds (SIFMA Index Floating) (Series 2014) FRNs, 1.900%(SIFMA 7-day +0.400%), Mandatory Tender 12/1/2019 | 6,700,201 |
5,000,000 | Grant County, WA Public Utilities District NO. 2: Electric System, Electric System Revenue Refunding Bonds (Series 2017N) TOBs, 2.000%, Mandatory Tender 12/2/2020 | 5,005,500 | |
5,725,000 | Grays Harbor County, WA Public Hospital District No.1 (Summit Pacific Medical Center), Hospital Revenue Bond Anticipation Notes (Series 2017), 3.000%, 8/1/2019 | 5,725,057 | |
5,000,000 | 1 | Seattle, WA Municipal Light & Power, Revenue Refunding Bonds—SIFMA Index (Series 2018C) FRNs, 1.990% (SIFMA 7-day +0.490%), Mandatory Tender 11/1/2023 | 4,999,800 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Washington—continued | |||
$10,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate LIBOR Index Revenue Bonds (Series 2017B) FRNs, 2.772%(1-month USLIBOR x 0.67 +1.100%), Mandatory Tender 7/1/2022 | $10,110,800 |
7,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIFMA Index Revenue Bonds (Series 2017C) FRNs, 2.550% (SIFMA 7-day +1.050%), Mandatory Tender 7/3/2023 | 7,110,180 |
TOTAL | 39,651,538 | ||
West Virginia—0.3% | |||
7,000,000 | 1 | West Virginia University Board of Governors (West Virginia University), Variable Rate Refunding Revenue Bonds (Series 2014C) FRNs, 2.030%(SIFMA 7-day +0.530%), Mandatory Tender 10/1/2019 | 7,000,560 |
Wisconsin—0.3% | |||
4,000,000 | Public Finance Authority, WI Revenue (Lake Oconee Academy Foundation, Inc.), Loan Anticipation Notes (Series 2017), 2.300%, 10/1/2019 | 3,993,320 | |
4,500,000 | Wisconsin State HEFA (Tomah Memorial Hospital, Inc.), Revenue and Bond Anticipation Notes (Series 2017A), 2.650%, 11/1/2020 | 4,506,210 | |
TOTAL | 8,499,530 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $1,891,783,125) | 1,892,445,862 | ||
1 | SHORT-TERM MUNICIPALS—27.8% | ||
Alabama—0.0% | |||
150,000 | Bessemer, AL IDB (Hardwick Co., Inc.), (Series 2002) Weekly VRDNs, (Compass Bank, Birmingham LOC), 2.000%, 4/4/2019 | 150,000 | |
California—2.9% | |||
7,500,000 | California Statewide Communities Development Authority Multi-Family Housing (ERP Operating LP), (Series 2013B) Weekly VRDNs, 1.830%, 4/3/2019 | 7,500,000 | |
62,900,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) Weekly VRDNs, 1.800%, 4/1/2019 | 62,900,000 | |
4,000,000 | Sweetwater, CA Union High School District, Tender Option Bond Trust Receipts (2018-XF0704) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.850%, 4/4/2019 | 4,000,000 | |
TOTAL | 74,400,000 | ||
Georgia—2.8% | |||
1,900,000 | Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 1.600%, 4/1/2019 | 1,900,000 | |
7,800,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 1.600%, 4/1/2019 | 7,800,000 | |
5,440,000 | Bartow County, GA Development Authority (Somerset Cove Apartments, LP), (Series 2002) Weekly VRDNs, (Compass Bank, Birmingham LOC), 2.240%, 4/4/2019 | 5,440,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Georgia—continued | |||
$1,675,000 | Effingham County, GA Development Authority (Georgia Power Co.), (Series 2003) Daily VRDNs, 1.620%, 4/1/2019 | $1,675,000 | |
36,500,000 | Gainesville & Hall County, GA Hospital Authority (Northeast Georgia Health System, Inc.), R-Float (Series 2017C) Weekly VRENs, 1.730%, 4/4/2019 | 36,500,000 | |
19,100,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Daily VRDNs, 1.560%, 4/1/2019 | 19,100,000 | |
TOTAL | 72,415,000 | ||
Illinois—2.2% | |||
36,650,000 | Illinois Finance Authority (Roosevelt University), Tender Option Bond Certificates (Series 2018-XF1077) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.900%, 4/4/2019 | 36,650,000 | |
19,505,000 | Illinois Housing Development Authority, Tender Option Bond Trust Certificates (2016-XG0093) Weekly VRDNs, (Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ)/(GNMA COL), 1.760%, 4/4/2019 | 19,505,000 | |
TOTAL | 56,155,000 | ||
Indiana—0.1% | |||
3,000,000 | Indiana State Finance Authority Environmental (Mittal Steel USA, Inc.), (Series 2006) Weekly VRDNs, (Banco Bilbao Vizcaya Argentaria SA LOC), 1.780%, 4/3/2019 | 3,000,000 | |
Kansas—1.4% | |||
15,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 1.820%, 4/3/2019 | 15,000,000 | |
15,600,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) Weekly VRDNs, 1.820%, 4/3/2019 | 15,600,000 | |
5,000,000 | Wamego, KS (Kansas Gas and Electric Co.), (Series 1994) Weekly VRDNs, 1.790%, 4/3/2019 | 5,000,000 | |
TOTAL | 35,600,000 | ||
Michigan—0.7% | |||
7,575,000 | Detroit, MI City School District, Tender Option Bond Trust Receipts (2015-XF0241) Weekly VRDNs, (Assured Guaranty Municipal Corp. GTD)/(TD Bank, N.A. LIQ), 1.750%, 4/4/2019 | 7,575,000 | |
11,500,000 | Michigan State Housing Development Authority, (Series 2008A) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.600%, 4/1/2019 | 11,500,000 | |
TOTAL | 19,075,000 | ||
Multi State—1.2% | |||
15,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, Series B Weekly VRDPs, 1.850%, 4/1/2019 | 15,000,000 | |
15,000,000 | Nuveen AMT-Free Quality Municipal Income Fund, Series D Weekly VRDPs, 1.850%, 4/1/2019 | 15,000,000 | |
TOTAL | 30,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Nebraska—0.1% | |||
$2,825,000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 1.720%, 4/3/2019 | $2,825,000 | |
New Jersey—1.0% | |||
11,515,000 | New Jersey EDA (Jewish Community Center on the Palisades), (Series 2016) Weekly VRDNs, (Valley National Bank, Passaic, NJ LOC), 1.800%, 4/5/2019 | 11,515,000 | |
6,835,000 | New Jersey EDA (Jewish Home at Rockleigh), (Series 1998A) Weekly VRDNs, (Valley National Bank, Passaic, NJ LOC), 1.800%, 4/5/2019 | 6,835,000 | |
6,835,000 | New Jersey EDA (Jewish Home at Rockleigh), (Series 1998B) Weekly VRDNs, (Valley National Bank, Passaic, NJ LOC), 1.800%, 4/5/2019 | 6,835,000 | |
TOTAL | 25,185,000 | ||
New York—1.2% | |||
31,500,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, 800 (Series A) Munifund Preferred Shares Weekly VRDNs, 1.800%, 4/1/2019 | 31,500,000 | |
North Carolina—0.3% | |||
7,725,000 | North Carolina Eastern Municipal Power Agency, Tender Option Bond Trust Certificates (Series 2017-XG0135) Weekly VRDNs, (Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ), 1.670%, 4/4/2019 | 7,725,000 | |
Ohio—0.5% | |||
11,790,000 | Ohio State Higher Educational Facility Commission (University Hospitals Health System, Inc.), (Series 2015-B) Weekly VRENs, 1.730%, 4/4/2019 | 11,790,000 | |
500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2014B) VRENs, 1.750%, 4/4/2019 | 500,000 | |
TOTAL | 12,290,000 | ||
Pennsylvania—1.4% | |||
34,795,000 | Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University), Variable Rate Remarketed Obligations (Series 2015B) Weekly VRENs, 1.730%, 4/4/2019 | 34,795,000 | |
South Carolina—0.1% | |||
2,750,000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1996A) Weekly VRDNs, 1.690%, 4/3/2019 | 2,750,000 | |
Tennessee—0.0% | |||
100,000 | Jackson, TN IDB (Bobrick Washroom Equipment), (Series 1999) Weekly VRDNs, (Regions Bank, Alabama LOC), 1.750%, 4/4/2019 | 100,000 | |
Texas—9.6% | |||
16,925,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs, 1.610%, 4/3/2019 | 16,925,000 | |
69,200,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs, 1.830%, 4/3/2019 | 69,200,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Texas—continued | |||
$27,190,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 1.650%, 4/1/2019 | $27,190,000 | |
16,100,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, 1.650%, 4/1/2019 | 16,100,000 | |
37,075,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 1.640%, 4/1/2019 | 37,075,000 | |
43,525,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 1.750%, 4/3/2019 | 43,525,000 | |
35,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 1.760%, 4/3/2019 | 35,000,000 | |
TOTAL | 245,015,000 | ||
Wisconsin—2.3% | |||
21,300,000 | Public Finance Authority Housing Revenue, WI (Paces St Mary, LLC), Tender Option Bond Certificates (Series 2018-XF1079) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.900%, 4/4/2019 | 21,300,000 | |
38,030,000 | Public Finance Authority, WI Special Facilities (Austin FBO LLC), Golden Blue 3a7 (Series 2018-015) VRENs, (Barclays Bank plc LIQ)/(Barclays Bank plc LOC), 2.000%, 4/4/2019 | 38,030,000 | |
TOTAL | 59,330,000 | ||
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $712,310,000) | 712,310,000 | ||
TOTAL INVESTMENT IN SECURITIES—101.8% (IDENTIFIED COST $2,604,093,125)3 | 2,604,755,862 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.8)%4 | (45,249,401) | ||
TOTAL NET ASSETS—100% | $2,559,506,461 |
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, 2019, these restricted securities amounted to $15,562,690, which represented 0.6% of total net assets. |
3 | The cost of investments for federal tax purposes amounts to $2,604,046,720. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AMT | —Alternative Minimum Tax |
ARNs | —Auction Rate Notes |
BANs | —Bond Anticipation Notes |
COL | —Collateralized |
CP | —Commercial Paper |
EDA | —Economic Development Authority |
EDC | —Economic Development Corporation |
FRNs | —Floating Rate Notes |
GNMA | —Government National Mortgage Association |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
INS | —Insured |
ISD | —Independent School District |
LIBOR | —London Interbank Offered Rates |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
PCFA | —Pollution Control Finance Authority |
PCR | —Pollution Control Revenue |
PSFG | —Public School Fund Guarantee |
SFH | —Single Family Housing |
SFM | —Single Family Mortgage |
SIFMA | —Securities Industry and Financial Markets Association |
SOFR | —Secured Overnight Financing Rate |
TEMPS | —Tax Exempt Mandatory Paydown Securities |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 3/31/2019 | Year Ended September 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $9.98 | $10.01 | $9.99 | $10.00 | $10.05 | $10.02 |
Income From Investment Operations: | ||||||
Net investment income | 0.07 | 0.10 | 0.05 | 0.03 | 0.01 | 0.03 |
Net realized and unrealized gain (loss) | 0.01 | (0.03) | 0.02 | (0.01) | (0.05) | 0.03 |
TOTAL FROM INVESTMENT OPERATIONS | 0.08 | 0.07 | 0.07 | 0.02 | (0.04) | 0.06 |
Less Distributions: | ||||||
Distributions from net investment income | (0.07) | (0.10) | (0.05) | (0.03) | (0.01) | (0.03) |
Net Asset Value, End of Period | $9.99 | $9.98 | $10.01 | $9.99 | $10.00 | $10.05 |
Total Return1 | 0.76% | 0.65% | 0.74% | 0.21% | (0.35)% | 0.56% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.81%2,3 | 0.81%3 | 0.81%3 | 0.81% | 0.80% | 0.80%3 |
Net investment income | 1.33%2 | 0.94% | 0.54% | 0.30% | 0.14% | 0.26% |
Expense waiver/reimbursement4 | 0.13%2 | 0.17% | 0.17% | 0.21% | 0.23% | 0.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $618,361 | $661,860 | $799,292 | $785,216 | $1,021,204 | $1,362,615 |
Portfolio turnover | 48% | 87% | 88% | 29% | 46% | 62% |
1 | 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. |
2 | Computed on an annualized basis. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.81% for the six months ended March 31, 2019, and 0.81%, 0.81% and 0.80% for the years ended September 30, 2018, 2017 and 2014, respectively, after taking into account these expense reduction. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 3/31/2019 | Year Ended September 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $9.98 | $10.01 | $9.99 | $10.00 | $10.05 | $10.02 |
Income From Investment Operations: | ||||||
Net investment income | 0.09 | 0.14 | 0.10 | 0.08 | 0.06 | 0.07 |
Net realized and unrealized gain (loss) | 0.02 | (0.03) | 0.02 | (0.01) | (0.05) | 0.03 |
TOTAL FROM INVESTMENT OPERATIONS | 0.11 | 0.11 | 0.12 | 0.07 | 0.01 | 0.10 |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.14) | (0.10) | (0.08) | (0.06) | (0.07) |
Net Asset Value, End of Period | $10.00 | $9.98 | $10.01 | $9.99 | $10.00 | $10.05 |
Total Return1 | 1.09% | 1.11% | 1.19% | 0.66% | 0.10% | 1.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.36%2,3 | 0.36%3 | 0.36%3 | 0.35% | 0.35% | 0.35%3 |
Net investment income | 1.78%2 | 1.39% | 0.99% | 0.75% | 0.59% | 0.71% |
Expense waiver/reimbursement4 | 0.07%2 | 0.12% | 0.12% | 0.16% | 0.18% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,941,146 | $1,711,181 | $1,864,456 | $1,518,382 | $1,912,653 | $2,198,711 |
Portfolio turnover | 48% | 87% | 88% | 29% | 46% | 62% |
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 ratios are 0.36% for the six months ended March 31, 2019, and 0.36%, 0.36% and 0.35% for the years ended September 30, 2018, 2017 and 2014, respectively, after taking into account these 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 $2,604,093,125) | $2,604,755,862 | |
Cash | 191,162 | |
Receivable for shares sold | 9,439,021 | |
Income receivable | 9,389,132 | |
Receivable for investments sold | 6,486,598 | |
TOTAL ASSETS | 2,630,261,775 | |
Liabilities: | ||
Payable for investments purchased | $64,193,708 | |
Payable for shares redeemed | 5,090,075 | |
Income distribution payable | 830,058 | |
Payable for other service fees (Notes 2 and 5) | 132,137 | |
Payable for distribution services fee (Note 5) | 104,602 | |
Payable for investment adviser fee (Note 5) | 46,635 | |
Payable for administrative fee (Note 5) | 13,140 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,564 | |
Accrued expenses (Note 5) | 343,395 | |
TOTAL LIABILITIES | 70,755,314 | |
Net assets for 256,078,932 shares outstanding | $2,559,506,461 | |
Net Assets Consists of: | ||
Paid-in capital | $2,560,509,258 | |
Total distributable earnings (loss) | (1,002,797) | |
TOTAL NET ASSETS | $2,559,506,461 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($618,360,859 ÷ 61,868,479 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 ($1,941,145,602 ÷ 194,210,453 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $10.00 | |
Offering price per share | $10.00 | |
Redemption proceeds per share | $10.00 |
Investment Income: | |||
Interest | $26,380,442 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $3,696,697 | ||
Administrative fee (Note 5) | 983,944 | ||
Custodian fees | 38,763 | ||
Transfer agent fees | 515,202 | ||
Directors'/Trustees' fees (Note 5) | 10,962 | ||
Auditing fees | 17,547 | ||
Legal fees | 8,680 | ||
Distribution services fee (Note 5) | 796,268 | ||
Other service fees (Notes 2 and 5) | 795,378 | ||
Portfolio accounting fees | 131,155 | ||
Share registration costs | 48,558 | ||
Printing and postage | 15,723 | ||
Miscellaneous (Note 2 and 5) | (49,345) | ||
TOTAL EXPENSES | 7,009,532 | ||
Waivers and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(921,469) | ||
Waiver of other operating expenses (Notes 5) | (159,214) | ||
Reduction of custodian fees (Note 6) | (3,572) | ||
TOTAL WAIVERS AND REDUCTION | (1,084,255) | ||
Net expenses | 5,925,277 | ||
Net investment income | 20,455,165 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized loss on investments | (55,747) | ||
Net change in unrealized appreciation of investments | 2,693,741 | ||
Net realized and unrealized gain (loss) on investments | 2,637,994 | ||
Change in net assets resulting from operations | $23,093,159 |
Six Months Ended (unaudited) 3/31/2019 | Year Ended 9/30/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $20,455,165 | $31,966,623 |
Net realized loss | (55,747) | (1,615,624) |
Net change in unrealized appreciation/depreciation | 2,693,741 | (3,940,292) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 23,093,159 | 26,410,707 |
Distributions to Shareholders (Note 2): | ||
Class A Shares | (4,218,435) | (7,043,660) |
Institutional Shares | (16,222,442) | (24,972,072) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (20,440,877) | (32,015,732) |
Share Transactions: | ||
Proceeds from sale of shares | 1,146,870,847 | 1,634,848,545 |
Net asset value of shares issued to shareholders in payment of distributions declared | 15,626,648 | 24,908,702 |
Cost of shares redeemed | (978,684,052) | (1,944,859,203) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 183,813,443 | (285,101,956) |
Change in net assets | 186,465,725 | (290,706,981) |
Net Assets: | ||
Beginning of period | 2,373,040,736 | 2,663,747,717 |
End of period | $2,559,506,461 | $2,373,040,736 |
■ | 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 | $795,378 |
Security | Acquisition Date | Acquisition Cost | Market Value |
California PCFA (Republic Services, Inc.), Solid Waste Revenue Refunding Bonds (Series 2010A) TOBs, 2.300%, Mandatory Tender 5/1/2019 | 2/1/2019 | $7,000,000 | $7,000,630 |
South Carolina Jobs-EDA (Royal Live Oaks Academy), Economic Development Revenue Notes (Series 2018A), 3.000%, 8/1/2020 | 5/18/2018 | $4,500,000 | $4,513,500 |
Yavapai County, AZ IDA Solid Waste Disposal (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002) TOBs, 2.800%, Mandatory Tender 6/1/2021 | 6/1/2018 | $4,000,000 | $4,048,560 |
Six Months Ended 3/31/2019 | Year Ended 9/30/2018 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 12,130,871 | $121,100,190 | 29,264,339 | $292,486,310 |
Shares issued to shareholders in payment of distributions declared | 407,225 | 4,066,100 | 679,917 | 6,793,030 |
Shares redeemed | (16,956,705) | (169,276,756) | (43,544,068) | (435,136,632) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (4,418,609) | $(44,110,466) | (13,599,812) | $(135,857,292) |
Six Months Ended 3/31/2019 | Year Ended 9/30/2018 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 102,745,281 | $1,025,770,657 | 134,312,460 | $1,342,362,235 |
Shares issued to shareholders in payment of distributions declared | 1,157,574 | 11,560,548 | 1,813,165 | 18,115,672 |
Shares redeemed | (81,077,125) | (809,407,296) | (151,082,136) | (1,509,722,571) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 22,825,730 | $227,923,909 | (14,956,511) | $(149,244,664) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 18,407,121 | $183,813,443 | (28,556,323) | $(285,101,956) |
Expiration Year | Short-Term | Long-Term | Total |
No Expiration | $956,261 | $721,102 | $1,677,363 |
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 |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $796,268 | $(159,214) |
Purchases | $395,365,479 |
Sales | $280,299,535 |
Beginning Account Value 10/1/2018 | Ending Account Value 3/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $1,007.60 | $4.05 |
Institutional Shares | $1,000.00 | $1,010.90 | $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
2019 ©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.
RegistrantFederated Fixed Income Securities, Inc.
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateMay 22, 2019
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
DateMay 22, 2019
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateMay 22, 2019