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 Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
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:09/30/20
Date of Reporting Period:Six months ended 03/31/20
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FMUUX | Institutional | FMUSX | R6 | FMULX | |
Donahue
Sector Composition | Percentage of Total Net Assets |
General Obligation—Local | 18.8% |
Electric and Gas | 10.3% |
Industrial Development Bond/Pollution Control Revenue | 10.0% |
Hospital | 9.6% |
Prepaid Gas Utility | 8.0% |
Other Transportation | 7.5% |
Toll Road | 5.8% |
Water & Sewer | 4.9% |
Higher Education | 4.4% |
Public Power | 3.5% |
Other2 | 17.5% |
Other Assets and Liabilities—Net3 | (0.3)% |
TOTAL | 100.0% |
1 | Sector classifications, and the assignment of holdings to such sectors, are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. For securities that have been enhanced by a third-party 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 82.8% of the Fund's total net assets. Remaining sectors have been aggregated under the designation “Other.” |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
MUNICIPAL BONDS—89.3% | |||
Alabama—2.9% | |||
$1,500,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), 4.000%, 6/1/2020 | $1,504,485 | |
1,250,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), 4.000%, 6/1/2021 | 1,274,738 | |
1,425,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), 4.000%, 6/1/2022 | 1,474,376 | |
1,500,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), 4.000%, 6/1/2023 | 1,569,720 | |
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), 1.959% (1-month USLIBOR x 0.67 +0.900%), Mandatory Tender 12/1/2023 | 22,422,150 |
2,000,000 | Lower Alabama Gas District, Gas Project Revenue Bonds Project No. 2 (Series 2020A) TOBs, (Goldman Sachs Group, Inc. GTD), 4.000%, Mandatory Tender 12/1/2025 | 2,080,240 | |
3,650,000 | Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Revenue Refunding Bonds (Series 2019A) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 3,577,401 | |
30,000,000 | 1 | Southeast Alabama Gas Supply District, Gas Supply Revenue Bonds Project No. 2 (Series 2018B) FRNs, (Morgan Stanley GTD), 1.910% (1-month USLIBOR x 0.67 +0.850%), Mandatory Tender 6/1/2024 | 29,753,100 |
TOTAL | 63,656,210 | ||
Alaska—1.1% | |||
24,175,000 | Alaska Industrial Development and Export Authority (Yukon-Kuskokwim Health Corp.), Loan Anticipation Revenue Notes (Series 2017), 3.500%, 12/1/2020 | 24,204,977 | |
Arizona—0.8% | |||
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 | 7,002,450 | |
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 | 1,100,396 | |
5,000,000 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017B), 4.000%, 10/1/2023 | 4,847,600 | |
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 | 4,033,800 |
TOTAL | 16,984,246 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—4.8% | |||
$9,350,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Index Rate Bonds Series 2017D) FRNs, 1.887% (3-month USLIBOR x 0.70 +0.550%), Mandatory Tender 4/1/2021 | $9,347,382 |
10,000,000 | 1 | California Infrastructure & Economic Development Bank (California Academy of Sciences), Revenue Bonds (Series 2018B) FRNs, 1.043% (1-month USLIBOR x 0.70 +0.380%), Mandatory Tender 8/1/2021 | 10,007,700 |
15,000,000 | 1 | California Infrastructure & Economic Development Bank (J Paul Getty Trust), Variable Rate Refunding Revenue Bonds (Series 2011A-1) FRNs, 1.310% (1-month USLIBOR x 0.70 +0.200%), Mandatory Tender 4/1/2021 | 14,929,650 |
50,000,000 | 1 | California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Revenue Refunding Bonds (Series 2017B) FRNs, 1.321% (1-month USLIBOR x 0.70 +0.650%), Mandatory Tender 2/1/2021 | 50,071,500 |
7,500,000 | California PCFA (Republic Services, Inc.), (Series A-1) TOBs, 1.170%, Mandatory Tender 4/15/2020 | 7,499,475 | |
7,500,000 | 1 | California State, UT GO Bonds (Index Floating Rate Bonds Series 2013D) FRNs, 5.000% (SIFMA 7-day +0.290%), Mandatory Tender 12/1/2020 | 7,464,300 |
7,250,000 | Southern California Public Power Authority (Power Projects) (Southern California Public Power Authority—Magnolia Power Project A), Refunding Revenue Bonds (Series 2017-1) TOBs, 2.000%, Mandatory Tender 7/1/2020 | 7,255,437 | |
TOTAL | 106,575,444 | ||
Colorado—1.6% | |||
5,825,000 | 1 | Colorado School of Mines Board of Trustees (Colorado School of Mines, CO), Institutional Enterprise Revenue Refunding Bonds (Series 2018A) FRNs, 1.559% (1-month USLIBOR x 0.67 +0.500%), 2/1/2023 | 5,742,401 |
14,375,000 | Denver, CO City & County Department of Aviation, Airport System Revenue Refunding Bonds (Series 2019D) TOBs, 5.000%, Mandatory Tender 11/15/2022 | 15,517,525 | |
6,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (LIBOR Index Series 2017B) FRNs, 1.670% (1-month USLIBOR x 0.67 +1.050%), Mandatory Tender 9/1/2021 | 6,029,280 |
8,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (LIBOR Index Series 2019A) FRNs, 1.040% (1-month USLIBOR x 0.67 +0.420%), Mandatory Tender 9/1/2021 | 7,988,880 |
TOTAL | 35,278,086 | ||
Connecticut—0.8% | |||
5,000,000 | Connecticut State Health & Educational Facilities (Yale-New Haven Hospital), Revenue Bonds (Series 2019B) TOBs, 1.800%, Mandatory Tender 7/1/2024 | 5,005,800 | |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 5.460% (SIFMA 7-day +0.750%), 3/1/2021 | 3,997,960 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—continued | |||
$3,065,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 5.560% (SIFMA 7-day +0.850%), 3/1/2022 | $3,038,671 |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 5.610% (SIFMA 7-day +0.900%), 3/1/2023 | 1,478,865 |
4,160,000 | Griswold, CT BANs, 2.000%, 10/20/2020 | 4,166,365 | |
TOTAL | 17,687,661 | ||
Florida—3.7% | |||
775,000 | Escambia County, FL (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 759,585 | |
62,000,000 | Florida Development Finance Corp. (Virgin Trains USA Passenger Rail) TOBs, (United States Treasury GTD), 0.620%, Mandatory Tender 6/18/2020 | 61,959,700 | |
3,500,000 | Miami-Dade County, FL IDA (Waste Management, Inc.), (Series 2011) TOBs, 1.600%, Mandatory Tender 11/2/2020 | 3,490,690 | |
5,000,000 | Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2017A) TOBs, 3.000%, Mandatory Tender 10/1/2020 | 5,024,850 | |
10,000,000 | Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2017A) TOBs, 5.000%, Mandatory Tender 10/1/2020 | 10,148,200 | |
TOTAL | 81,383,025 | ||
Georgia—2.7% | |||
1,000,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2020 | 1,023,690 | |
1,125,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2021 | 1,191,352 | |
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 | 4,088,889 | |
10,000,000 | Bartow County, GA Development Authority (Georgia Power Co.), Bowen Project Pollution Control Revenue Bonds (First Series 2013) TOBs, 1.550%, Mandatory Tender 8/19/2022 | 9,730,600 | |
6,700,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Fifth Series 1994) TOBs, 2.150%, Mandatory Tender 6/13/2024 | 6,512,869 | |
10,000,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (First Series 2012) TOBs, 1.550%, Mandatory Tender 8/19/2022 | 9,730,600 | |
22,000,000 | 1 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 1.809% (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023 | 21,898,580 |
3,000,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2019B) TOBs, (Toronto Dominion Bank GTD), 4.000%, Mandatory Tender 12/2/2024 | 3,201,060 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—continued | |||
$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 | $2,493,225 | |
TOTAL | 59,870,865 | ||
Illinois—2.9% | |||
4,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2020 | 4,079,160 | |
4,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2021 | 4,213,960 | |
1,375,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2020 | 1,374,450 | |
1,705,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2021 | 1,699,408 | |
19,000,000 | Illinois State Solid Waste Development Authority (Waste Management, Inc.), (Series 2019) TOBs, 1.600%, Mandatory Tender 11/2/2020 | 18,949,460 | |
10,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2020 | 10,078,900 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2021 | 5,105,700 | |
8,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2022 | 8,230,800 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2024 | 5,237,150 | |
2,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2021 | 2,040,160 | |
3,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2022 | 3,087,840 | |
TOTAL | 64,096,988 | ||
Indiana—1.5% | |||
10,000,000 | Bartholomew Consolidated School Corp., IN TANs, 4.000%, 12/31/2020 | 10,180,400 | |
6,000,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 2001A-2) TOBs, 2.000%, Mandatory Tender 2/1/2023 | 6,046,860 | |
5,950,000 | 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 | 5,941,492 | |
1,520,000 | 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 | 1,517,826 | |
4,500,000 | Indianapolis, IN Local Public Improvement Bond Bank, Fieldhouse Project Revenue Notes (Series 2019B), 1.450%, 6/1/2021 | 4,500,000 | |
2,000,000 | Rockport, IN PCR (American Electric Power Co., Inc.), Pollution Control Revenue Refunding Bonds (Series 1995A) TOBs, 1.350%, Mandatory Tender 9/1/2022 | 1,996,760 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Indiana—continued | |||
$2,250,000 | Rockport, IN PCR (American Electric Power Co., Inc.), Pollution Control Revenue Refunding Bonds (Series 1995B) TOBs, 1.350%, Mandatory Tender 9/1/2022 | $2,246,355 | |
TOTAL | 32,429,693 | ||
Iowa—0.2% | |||
4,000,000 | 1 | Iowa Finance Authority, Single Family Mortgage Bonds (Series 2018B) FRNs, 5.010% (SIFMA 7-day +0.300%), Mandatory Tender 5/3/2021 | 3,995,400 |
Kansas—0.1% | |||
3,000,000 | Holton, KS (Holton Community Hospital), Hospital Loan Anticipation Revenue Bonds (Series 2019), 2.500%, 7/1/2021 | 3,001,770 | |
Kentucky—2.6% | |||
3,500,000 | Kentucky Housing Corp. (BTT Development III Portfolio), Multifamily Rental Housing Revenue Bonds (Series 2019) TOBs, (United States Treasury GTD), 1.400%, Mandatory Tender 6/1/2022 | 3,492,020 | |
12,500,000 | Kentucky State Rural Water Finance Corp., Public Project Construction Notes (Series E-2019-1), 1.450%, 6/1/2021 | 12,511,500 | |
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 | 9,620,832 | |
13,000,000 | Louisville & Jefferson County, KY Metropolitan Government (Norton Healthcare, Inc.), Health System Revenue Bonds (Series 2020B) TOBs, 5.000%, Mandatory Tender 10/1/2023 | 14,119,950 | |
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 | 8,007,280 | |
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 | 5,206,800 | |
5,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2020A) TOBs, (BP PLC GTD), 4.000%, Mandatory Tender 6/1/2026 | 4,994,700 | |
TOTAL | 57,953,082 | ||
Louisiana—0.2% | |||
6,000,000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2019 A-1) TOBs, 2.000%, Mandatory Tender 4/1/2023 | 5,364,120 | |
Maryland—0.3% | |||
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 | 6,000,000 | |
Massachusetts—2.1% | |||
3,500,000 | Massachusetts Department of Transportation, Subordinated Metropolitan Highway System Revenue Refunding Bonds (Series 2019A) TOBs, 5.000%, Mandatory Tender 1/1/2023 | 3,837,260 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Massachusetts—continued | |||
$11,000,000 | 1 | Massachusetts Development Finance Agency (Mass General Brigham), Index Floating Rate Bonds (Series 2017S) FRNs, 5.130% (SIFMA 7-day +0.420%), Mandatory Tender 1/27/2022 | $10,893,630 |
12,000,000 | 1 | Massachusetts Development Finance Agency (Mass General Brigham), Index Floating Rate Bonds (Series 2017S) FRNs, 5.210% (SIFMA 7-day +0.500%), Mandatory Tender 1/26/2023 | 11,862,000 |
5,700,000 | Massachusetts Development Finance Agency (Mass General Brigham), Revenue Bonds (Series 2017 S-4) TOBs, 5.000%, Mandatory Tender 1/25/2024 | 6,418,314 | |
6,250,000 | Massachusetts HEFA (University of Massachusetts), Revenue Bonds (Series A) TOBs, 1.850%, Mandatory Tender 4/1/2022 | 6,317,500 | |
4,000,000 | 1 | Massachusetts State HFA (Massachusetts State HFA SFH Revenue), Single Family Housing Revenue Bonds (Series 196) FRNs, 1.457% (1-month USLIBOR x 0.70 +0.350%), Mandatory Tender 6/1/2021 | 4,000,280 |
2,225,000 | Massachusetts State HFA (Massachusetts State HFA SFH Revenue), Single Family Housing Revenue Bonds (Series 212) TOBs, 1.450%, Mandatory Tender 12/1/2022 | 2,214,164 | |
TOTAL | 45,543,148 | ||
Michigan—1.9% | |||
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 | 9,983,300 | |
13,030,000 | 1 | Michigan State Hospital Finance Authority (McLaren Health Care Corp.), Hospital Revenue Refunding Floating Rate Bonds (Series 2015D-1) FRNs, 1.029% (1-month USLIBOR x 0.68 +0.400%), Mandatory Tender 10/15/2021 | 12,841,065 |
11,835,000 | 1 | Michigan State Housing Development Authority, Rental Housing Revenue Bonds (Series 2016E) FRNs, 2.337% (3-month USLIBOR x 0.70 +1.000%), Mandatory Tender 10/1/2021 | 11,899,146 |
6,225,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2019C) TOBs, 4.000%, Mandatory Tender 4/1/2024 | 6,739,745 | |
TOTAL | 41,463,256 | ||
Minnesota—0.5% | |||
5,000,000 | Brooklyn Center, MN (Sonder House Apartments), Mulitfamily Housing Revenue Refunding Bonds (Series 2019) TOBs, 1.350%, Mandatory Tender 7/1/2022 | 4,994,400 | |
7,000,000 | 1 | Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 5.140% (SIFMA 7-day +0.430%), Mandatory Tender 7/3/2023 | 7,002,100 |
TOTAL | 11,996,500 | ||
Mississippi—0.5% | |||
3,400,000 | Mississippi Business Finance Corp. (Coast Electric Power Association), (Series 2007C) TOBs, (National Rural Utilities Cooperative Finance Corp. GTD), 1.350%, Mandatory Tender 5/1/2020 | 3,400,102 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Mississippi—continued | |||
$7,750,000 | Mississippi Business Finance Corp. (Mississippi Power Co.), Revenue Bonds (First Series 2010) TOBs, 2.750%, Mandatory Tender 12/9/2021 | $7,821,688 | |
TOTAL | 11,221,790 | ||
Missouri—1.1% | |||
10,000,000 | Missouri State Environmental Improvement & Energy Resources Authority (Union Electric Co.), Environmental Improvement Revenue Refunding Bonds (Series 1992), 1.600%, 12/1/2022 | 10,007,200 | |
15,000,000 | Missouri State Public Utilities Commission, Interim Construction Notes (Series 2019), 1.500%, 3/1/2021 | 15,009,150 | |
TOTAL | 25,016,350 | ||
Montana—0.7% | |||
12,630,000 | 1 | Montana Facility Finance Authority (Billings Clinic Obligated Group), Variable Rate Revenue Bonds (Series 2018C) FRNs, 5.260% (SIFMA 7-day +0.550%), Mandatory Tender 8/15/2023 | 12,609,918 |
3,200,000 | 1 | Montana State University (The Board of Regents of), Facilities Refunding Revenue Bonds (Series 2018F) FRNs, 5.160% (SIFMA 7-day +0.450%), Mandatory Tender 9/1/2023 | 3,198,912 |
TOTAL | 15,808,830 | ||
Multi State—1.3% | |||
4,675,000 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2016 Class D) FRNs, (Cooperatieve Rabobank UA LOC), 5.960% (SIFMA 7-day +1.250%), 12/31/2021 | 4,675,000 |
23,054,968 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2018 Class C) FRNs, (Cooperatieve Rabobank UA LOC), 5.510% (SIFMA 7-day +0.800%), 11/30/2021 | 23,054,968 |
TOTAL | 27,729,968 | ||
Nevada—2.0% | |||
27,000,000 | Clark County, NV Airport System, Airport System Junior Subordinate Lien Revenue Notes (Series 2017C), 5.000%, 7/1/2021 | 27,971,730 | |
2,000,000 | Clark County, NV Airport System, Airport System Subordinate Lien Revenue Refunding Bonds (Series 2019A), 5.000%, 7/1/2025 | 2,300,820 | |
7,000,000 | Humboldt County, NV (Idaho Power Co.), PCR Refunding Bonds (Series 2003), 1.450%, 12/1/2024 | 6,924,400 | |
7,990,000 | New York City Housing Development Corp., Sustainable Development Bonds (Series 2016C-2) TOBs, 0.850%, Mandatory Tender 4/29/2021 | 7,943,019 | |
TOTAL | 45,139,969 | ||
New Hampshire—2.6% | |||
24,000,000 | National Finance Authority, NH (Emerald Renewable Diesel LLC), (Series 2019) TOBs, (United States Treasury GTD), 2.000%, Mandatory Tender 8/31/2020 | 24,018,720 | |
10,000,000 | 1 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2018A) FRNs, 5.460% (SIFMA 7-day +0.750%), Mandatory Tender 10/1/2021 | 9,996,500 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Hampshire—continued | |||
$1,500,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-1) TOBs, 2.150%, Mandatory Tender 7/1/2024 | $1,446,570 | |
4,000,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-3) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 3,857,520 | |
2,000,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-4) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 1,928,760 | |
15,000,000 | Yonkers, NY RANs, 2.000%, 6/29/2020 | 15,028,350 | |
TOTAL | 56,276,420 | ||
New Jersey—8.1% | |||
10,174,759 | Asbury Park, NJ BANs, 1.500%, 1/22/2021 | 10,197,550 | |
23,979,922 | Belleville, NJ BANs, 2.500%, 5/15/2020 | 24,016,372 | |
3,404,050 | Bound Brook Borough, NJ BANs, 2.000%, 8/7/2020 | 3,413,275 | |
2,600,000 | Camden, NJ, (Series 2019) BANs, 2.250%, 8/14/2020 | 2,606,630 | |
3,050,000 | Dunellen, NJ BANs, 2.000%, 6/12/2020 | 3,054,636 | |
4,086,518 | Englewood Cliffs, NJ BANs, 2.000%, 2/19/2021 | 4,114,429 | |
3,775,000 | Harmony Township, NJ BANs, 2.500%, 4/16/2020 | 3,776,963 | |
1,075,000 | Helmetta, NJ, (Series A) BANs, 2.500%, 5/7/2020 | 1,076,279 | |
8,500,000 | Lyndhurst Township, NJ BANs, 1.875%, 9/10/2020 | 8,524,395 | |
7,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-2) FRNs, 1.587% (1-month USLIBOR x 0.70 +0.480%), 1/1/2022 | 6,912,010 |
30,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-5) FRNs, 1.567% (1-month USLIBOR x 0.70 +0.460%), Mandatory Tender 1/1/2021 | 29,871,600 |
20,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-6) FRNs, 1.857% (1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 1/1/2023 | 19,707,000 |
14,830,000 | North Wildwood, NJ BANs, 1.500%, 8/21/2020 | 14,846,016 | |
4,842,000 | Paulsboro, NJ, (Series B) BANs, 2.750%, 4/8/2020 | 4,843,404 | |
2,275,000 | Raritan Township, NJ BANs, 2.000%, 6/18/2020 | 2,278,754 | |
5,837,030 | Roselle, NJ BANs, 2.000%, 11/18/2020 | 5,864,756 | |
3,562,500 | South Hackensack, NJ BANs, 1.500%, 2/18/2021 | 3,571,193 | |
3,563,035 | South Toms River, NJ BANs, 2.750%, 5/22/2020 | 3,570,696 | |
3,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2020 | 3,011,280 | |
3,500,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2021 | 3,592,050 | |
2,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2022 | 2,093,680 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$6,594,974 | Union Beach, NJ BANs, 1.500%, 2/19/2021 | $6,611,132 | |
6,429,751 | Wallington, NJ BANs, 1.500%, 8/21/2020 | 6,436,695 | |
2,952,000 | Weehawken Township, NJ BANs, 1.750%, 2/12/2021 | 2,965,402 | |
2,556,378 | Wenonah, NJ BANs, 1.750%, 6/10/2020 | 2,558,934 | |
TOTAL | 179,515,131 | ||
New Mexico—1.1% | |||
5,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds (Series 2016B) TOBs, 1.875%, Mandatory Tender 10/1/2021 | 4,891,350 | |
3,300,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 5/1/2025 | 3,595,383 | |
1,000,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2021 | 1,036,540 | |
1,000,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2022 | 1,056,930 | |
1,150,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2023 | 1,234,468 | |
1,685,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2024 | 1,834,898 | |
1,475,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2020 | 1,477,876 | |
1,200,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2021 | 1,230,420 | |
1,000,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2022 | 1,046,520 | |
1,100,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2023 | 1,170,081 | |
1,600,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2024 | 1,728,192 | |
3,725,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2025 | 4,061,963 | |
TOTAL | 24,364,621 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—11.0% | |||
$1,465,000 | Alden Village, NY, (Series 2019A) BANs, 1.750%, 9/10/2020 | $1,465,176 | |
3,022,529 | Argyle, NY Central School District, (Series 2019) BANs, 2.250%, 6/5/2020 | 3,025,310 | |
4,838,035 | Belfast, NY Central School District, (Series 2019A) BANs, 2.000%, 12/4/2020 | 4,847,034 | |
16,500,000 | Chautauqua County, NY Capital Resource Corporation (NRG Energy, Inc.), Exempt Facilities Revenue Refunding Bonds (Series 2020) TOBs, 1.300%, Mandatory Tender 4/3/2023 | 16,124,460 | |
3,235,000 | Cortland, NY BANs, 1.750%, 11/25/2020 | 3,235,615 | |
5,720,000 | Cortland, NY Enlarged City School District BANs, 2.000%, 6/26/2020 | 5,723,661 | |
13,584,000 | Elba, NY BANs, 1.750%, 11/24/2020 | 13,593,373 | |
1,896,000 | Elma, NY BANs, 2.000%, 8/6/2020 | 1,897,801 | |
1,890,000 | Freeport Village, NY, (2020 Series A) BANs, 1.500%, 4/30/2020 | 1,889,641 | |
10,540,000 | Genesee Valley, NY Central School District BANs, 2.000%, 6/23/2020 | 10,558,550 | |
2,950,000 | Hastings, NY BANs, 2.000%, 7/2/2020 | 2,952,006 | |
5,000,000 | Hempstead, NY Union Free School District TANs, 2.500%, 6/25/2020 | 5,010,800 | |
2,635,000 | Honeoye, NY Central School District, (Series 2019) BANs, 1.500%, 6/30/2020 | 2,633,524 | |
3,165,000 | Island Park Village, NY BANs, 2.000%, 3/4/2021 | 3,173,071 | |
3,349,170 | Jamestown, NY BANs, 2.000%, 3/4/2021 | 3,357,710 | |
3,475,947 | Lakeland, NY Central School District of Shrub Oak BANs, 2.000%, 8/21/2020 | 3,479,666 | |
20,000,000 | Long Beach, NY, (Series A) BANs, 1.500%, 9/4/2020 | 20,021,800 | |
12,000,000 | 1 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014C) (LIBOR Floating Rate Tender Notes) FRNs, 1.857% (1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 10/1/2023 | 11,830,200 |
12,000,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2019B) TOBs, 1.650%, Mandatory Tender 9/1/2024 | 11,578,320 | |
3,015,000 | 1 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Variable Rate Bonds (Series 2008A-2A) FRNs, 5.160% (SIFMA 7-day +0.450%), Mandatory Tender 6/1/2022 | 3,019,462 |
30,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2019E) BANs, 4.000%, 9/1/2020 | 30,203,100 | |
10,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002D-2A) FRNs, (Assured Guaranty Municipal Corp. INS), 1.661% (1-month USLIBOR x 0.69 +0.570%), Mandatory Tender 4/6/2020 | 10,000,200 |
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), 1.771% (1-month USLIBOR x 0.69 +0.680%), Mandatory Tender 4/6/2021 | 9,001,890 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$28,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2011B) FRNs, 1.609% (1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 11/1/2022 | $27,705,720 |
2,965,000 | 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 | 2,966,453 | |
3,500,000 | Norwich, NY City School District RANs, 2.000%, 6/30/2020 | 3,502,345 | |
4,360,599 | Oneida, NY Public Library District BANs, 2.250%, 7/10/2020 | 4,366,835 | |
4,930,779 | Ossining (Village of), NY BANs, 2.000%, 9/25/2020 | 4,937,386 | |
1,275,000 | Rochester, NY BANs, 3.000%, 5/29/2020 | 1,278,621 | |
5,000,000 | Salmon River, NY CSD RANs, 2.000%, 6/26/2020 | 5,003,200 | |
5,731,700 | Scio, NY Central School District BANs, 1.500%, 6/26/2020 | 5,728,662 | |
4,655,000 | Wayland, NY BANs, 2.750%, 5/22/2020 | 4,661,657 | |
2,700,000 | Whitesville, NY CSD, (Series 2019) BANs, 2.000%, 6/17/2020 | 2,701,539 | |
1,780,000 | Windham, NY, (Series A) BANs, 2.000%, 5/20/2020 | 1,780,641 | |
TOTAL | 243,255,429 | ||
North Carolina—1.4% | |||
850,000 | Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 833,094 | |
9,650,000 | North Carolina Capital Facilities Finance Agency (Republic Services, Inc.), (Series A) TOBs, 1.100%, Mandatory Tender 6/2/2020 | 9,647,394 | |
20,000,000 | 1 | University of North Carolina at Chapel Hill, General Revenue Refunding Bonds (Series 2019A) FRNs, 1.543% (1-month USLIBOR x 0.67 +0.350%), Mandatory Tender 12/1/2021 | 19,997,000 |
TOTAL | 30,477,488 | ||
Ohio—3.1% | |||
6,205,000 | 1 | Allen County, OH (Mercy Health), Adjustable Rate Hospital Facilities Revenue Bonds (Series 2015B) FRNs, 5.460% (SIFMA 7-day +0.750%), Mandatory Tender 5/1/2020 | 6,209,343 |
5,300,000 | Bay Village, OH, (Series 2019) BANs, 2.500%, 6/5/2020 | 5,311,925 | |
2,500,000 | Harrison, OH BANs, 3.000%, 10/28/2020 | 2,522,525 | |
1,270,000 | Lake County, OH BANs, 3.000%, 4/2/2020 | 1,270,064 | |
8,000,000 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2019) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 2/1/2025 | 8,684,480 | |
4,400,000 | Lorain County, OH, (Series A) BANs, 3.000%, 2/6/2021 | 4,465,780 | |
1,220,000 | Marysville, OH, (Series C) BANs, 2.250%, 8/20/2020 | 1,224,819 | |
2,255,000 | North Olmsted, OH BANs, 3.000%, 4/9/2020 | 2,255,879 | |
2,250,000 | Obetz Village, OH, (Series B) BANs, 2.000%, 11/20/2020 | 2,260,080 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$13,000,000 | 1 | Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Revenue Refunding Bonds (Series 2019A) FRNs, 1.527% (1-month USLIBOR x 0.70 +0.420%), Mandatory Tender 4/1/2022 | $13,001,950 |
4,000,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020B) TOBs, 5.000%, Mandatory Tender 1/15/2025 | 4,572,880 | |
1,000,000 | Ohio Waste Development Authority Solid Waste (Waste Management, Inc.), Revenue Bonds (Series 2002), 3.250%, 11/1/2022 | 1,007,390 | |
3,375,000 | Rocky River, OH BANs, 2.000%, 9/24/2020 | 3,387,555 | |
6,000,000 | Sycamore, OH School District BANs, 2.250%, 4/15/2020 | 6,002,280 | |
1,035,000 | Tiffin, OH BANs, 2.500%, 6/19/2020 | 1,037,846 | |
1,225,000 | Trenton, OH BANs, 2.125%, 11/12/2020 | 1,231,150 | |
4,200,000 | Youngstown, OH BANs, 3.000%, 7/9/2020 | 4,216,632 | |
TOTAL | 68,662,578 | ||
Oklahoma—0.3% | |||
2,850,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Education Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2022 | 3,075,692 | |
2,080,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2021 | 2,170,792 | |
1,500,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2024 | 1,717,020 | |
TOTAL | 6,963,504 | ||
Pennsylvania—9.9% | |||
8,140,000 | 1 | Bethlehem, PA Area School District Authority, Revenue Refunding Bonds (Series 2018) FRNs, 1.127% (1-month USLIBOR x 0.70 +0.480%), Mandatory Tender 11/1/2021 | 8,141,709 |
9,990,000 | 1 | Bethlehem, PA Area School District Authority, Revenue Refunding Bonds (Series 2018A) FRNs, 1.127% (1-month USLIBOR x 0.70 +0.480%), Mandatory Tender 11/1/2021 | 9,992,098 |
11,505,000 | 1 | Lehigh County, PA General Purpose Authority (Muhlenberg College), College Revenue Bonds (Series 2019) FRNs, 5.290% (SIFMA 7-day +0.580%), Mandatory Tender 11/1/2024 | 11,516,735 |
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 | 5,483,354 | |
1,320,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.350% (1-month USLIBOR x 0.68 +0.270%), 5/1/2020 | 1,320,079 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,500,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.400% (1-month USLIBOR x 0.68 +0.320%), 5/3/2021 | $1,501,410 |
1,850,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.500% (1-month USLIBOR x 0.68 +0.420%), 11/1/2021 | 1,853,867 |
3,400,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.545% (1-month USLIBOR x 0.68 +0.470%), Mandatory Tender 11/1/2021 | 3,406,630 |
5,000,000 | 1 | Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Bonds (Series 2018C) FRNs, 5.430% (SIFMA 7-day +0.720%), Mandatory Tender 9/1/2023 | 4,999,600 |
4,000,000 | Montgomery County, PA IDA (Exelon Generation Co. LLC), PCR Refunding Bonds (Series 2002A) TOBs, 2.550%, Mandatory Tender 6/1/2020 | 4,004,320 | |
1,100,000 | 1 | North Penn, PA Water Authority, SIFMA Index Rate Water Revenue Refunding Bonds (Series 2019) FRNs, 4.970% (SIFMA 7-day +0.260%), 11/1/2021 | 1,100,880 |
1,200,000 | 1 | North Penn, PA Water Authority, SIFMA Index Rate Water Revenue Refunding Bonds (Series 2019) FRNs, 5.170% (SIFMA 7-day +0.460%), 11/1/2023 | 1,200,816 |
4,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 2.150% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | 3,983,760 |
50,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2014) TOBs, 1.350%, Mandatory Tender 4/1/2020 | 49,999,500 | |
2,200,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series A) TOBs, 1.200%, Mandatory Tender 4/15/2020 | 2,199,868 | |
2,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series B-1) TOBs, 1.200%, Mandatory Tender 4/15/2020 | 1,999,880 | |
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 | 10,137,617 | |
6,000,000 | 1 | Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 1.217% (1-month USLIBOR x 0.70 +0.570%), Mandatory Tender 10/1/2023 | 5,952,120 |
4,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2018B) FRNs, 5.210% (SIFMA 7-day +0.500%), 12/1/2021 | 4,005,120 |
5,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2018B) FRNs, 5.410% (SIFMA 7-day +0.700%), 12/1/2023 | 5,043,100 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$4,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2014B) FRNs, 5.590% (SIFMA 7-day +0.880%), 12/1/2020 | $3,983,840 |
10,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2018A-1) FRNs, 5.310% (SIFMA 7-day +0.600%), 12/1/2023 | 10,070,800 |
2,285,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2023 | 2,521,589 | |
750,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2024 | 852,960 | |
40,000,000 | 1 | Pittsburgh, PA Water & Sewer Authority, First Lien Revenue Refunding Bonds (Series 2018C) FRNs, (Assured Guaranty Municipal Corp. INS), 1.765% (1-month USLIBOR x 0.70 +0.640%), Mandatory Tender 12/1/2020 | 40,004,000 |
4,220,000 | 1 | Scranton, PA School District, GO Notes (Series 2014) (LIBOR Floating Rate Tender Notes) FRNs, (Pennsylvania School District Intercept Program GTD), 1.925% (1-month USLIBOR x 0.68 +0.850%), Mandatory Tender 4/1/2021 | 4,221,941 |
6,750,000 | 1 | Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2019A) FRNs, 5.310% (SIFMA 7-day +0.600%), Mandatory Tender 6/1/2024 | 6,745,478 |
13,000,000 | 1 | University of Pittsburgh, Pitt Asset Notes—Higher Education Registered Series of 2019 FRNs, 5.070% (SIFMA 7-day +0.360%), 2/15/2024 | 13,001,690 |
TOTAL | 219,244,761 | ||
South Carolina—2.6% | |||
2,500,000 | 1 | Charleston, SC Waterworks and Sewer System, Capital Improvement Revenue Bonds (Series 2006B) FRNs, 1.041% (3-month USLIBOR x 0.70 +0.370%), Mandatory Tender 1/1/2022 | 2,502,450 |
25,000,000 | 1 | Patriots Energy Group Financing Agency, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 1.920% (1-month USLIBOR x 0.67 +0.860%), Mandatory Tender 2/1/2024 | 24,926,250 |
4,500,000 | 2 | South Carolina Jobs-EDA (Royal Live Oaks Academy), Economic Development Revenue Notes (Series 2018A), 3.000%, 8/1/2020 | 4,501,845 |
24,885,000 | 1 | South Carolina Transportation Infrastructure Bank, Revenue Refunding Bonds (Series 2003B) FRNs, 1.509% (1-month USLIBOR x 0.67 +0.450%), Mandatory Tender 10/1/2022 | 24,313,640 |
TOTAL | 56,244,185 | ||
Tennessee—0.8% | |||
16,200,000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 10/1/2024 | 17,504,748 | |
Texas—8.1% | |||
5,000,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2020 | 5,116,850 | |
2,695,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2021 | 2,858,721 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$2,500,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2022 | $2,710,725 | |
2,135,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2023 | 2,374,910 | |
3,400,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2024 | 3,846,148 | |
5,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue & Refunding Bonds (Series 2015B) TOBs, 5.000%, Mandatory Tender 1/7/2021 | 5,043,100 | |
4,000,000 | Cypress-Fairbanks, TX Independent School District, Variable Rate UT School Building Bonds (Series 2017A-2) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.250%, Mandatory Tender 8/15/2022 | 3,997,600 | |
5,000,000 | Dickinson, TX Independent School District, Variable Rate Unlimited Tax Refunding Bonds (Series 2013) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.350%, Mandatory Tender 8/2/2021 | 4,983,550 | |
15,000,000 | Eagle Mountain-Saginaw, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2011) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2024 | 15,304,500 | |
4,465,000 | Eanes, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.750%, Mandatory Tender 8/1/2025 | 4,492,192 | |
6,875,000 | Fort Bend, TX Independent School District, UT GO Refunding Bonds (Series 2019A) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.950%, Mandatory Tender 8/1/2022 | 6,891,500 | |
4,500,000 | Georgetown, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.750%, Mandatory Tender 8/1/2022 | 4,612,230 | |
13,625,000 | Goose Creek, TX ISD, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 3.000%, Mandatory Tender 10/1/2020 | 13,719,149 | |
2,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 5.460% (SIFMA 7-day +0.750%), 6/1/2020 | 1,999,940 |
3,710,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 5.540% (SIFMA 7-day +0.830%), 6/1/2021 | 3,730,702 |
20,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2015B) FRNs, 5.085% (SIFMA 7-day +0.375%), Mandatory Tender 4/1/2021 | 20,000,600 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$3,000,000 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019B-1) TOBs, 5.000%, Mandatory Tender 12/1/2022 | $3,248,730 | |
5,000,000 | 1 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019C-1) FRNs, 5.130% (SIFMA 7-day +0.420%), Mandatory Tender 12/1/2022 | 4,998,600 |
5,000,000 | 1 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019C-2) FRNs, 5.280% (SIFMA 7-day +0.570%), Mandatory Tender 12/4/2024 | 4,997,700 |
5,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2012A) FRNs, 5.610% (SIFMA 7-day +0.900%), Mandatory Tender 5/1/2020 | 5,001,100 |
5,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2018C) FRNs, 1.007% (1-month USLIBOR x 0.70 +0.360%), Mandatory Tender 8/1/2021 | 4,988,700 |
6,400,000 | 1 | Katy, TX Independent School District, Variable Rate Unlimited Tax Refunding Bonds (Series 2015C) FRNs, (Texas Permanent School Fund Guarantee Program GTD), 1.403% (1-month USLIBOR x 0.67 +0.280%), Mandatory Tender 8/16/2021 | 6,401,152 |
1,340,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2021 | 1,397,352 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2022 | 1,077,620 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2023 | 1,111,360 | |
1,040,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2024 | 1,190,311 | |
1,020,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2025 | 1,200,560 | |
5,500,000 | Mansfield, TX Independent School District, UT GO School Building Bonds (Series 2012) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.500%, Mandatory Tender 8/1/2021 | 5,564,845 | |
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 | 7,007,980 | |
10,000,000 | 1 | Mission, TX Economic Development Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2018) FRNs, 5.510% (SIFMA 7-day +0.800%), Mandatory Tender 11/1/2021 | 10,010,700 |
3,675,000 | Pflugerville, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2014) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.250%, Mandatory Tender 8/15/2022 | 3,744,458 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$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 | $4,147,240 | |
5,000,000 | Spring Branch, TX Independent School District, Unlimited Tax Schoolhouse Bonds (Series 2013) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.550%, Mandatory Tender 6/15/2021 | 4,997,000 | |
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 | 5,000,000 | |
TOTAL | 177,767,825 | ||
Vermont—0.7% | |||
16,000,000 | Vermont EDA (B.C. Campus Holdings LLC), Bennington College Real Estate Project (Series 2017) BANs, 2.000%, 7/1/2020 | 15,994,400 | |
Virginia—1.8% | |||
6,705,000 | Amelia County, VA IDA (Waste Management, Inc.), (Series 2002) TOBs, 2.125%, Mandatory Tender 4/1/2020 | 6,705,000 | |
13,000,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds Anticipation Notes (Series 2019), 5.000%, 11/1/2023 | 14,131,780 | |
3,000,000 | Chesapeake, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 3,070,800 | |
4,500,000 | Louisa, VA IDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.800%, Mandatory Tender 4/1/2022 | 4,542,120 | |
5,000,000 | Virginia Peninsula Port Authority (Dominion Terminal Associates), Coal Terminal Revenue Refunding Bonds (Series 2003) TOBs, 1.700%, Mandatory Tender 10/1/2022 | 4,981,000 | |
5,500,000 | York County, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2009A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 5,627,875 | |
TOTAL | 39,058,575 | ||
Washington—1.4% | |||
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 | 5,014,350 | |
5,000,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds—SIFMA Index (Series 2018C) FRNs, 5.200% (SIFMA 7-day +0.490%), Mandatory Tender 11/1/2023 | 5,046,200 |
2,500,000 | Washington State Health Care Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019B-1) TOBs, 5.000%, Mandatory Tender 8/1/2024 | 2,805,700 | |
10,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate LIBOR Index Revenue Bonds (Series 2017B) FRNs, 1.720% (1-month USLIBOR x 0.67 +1.100%), Mandatory Tender 7/1/2022 | 10,039,700 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Washington—continued | |||
$7,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIFMA Index Revenue Bonds (Series 2017C) FRNs, 5.760% (SIFMA 7-day +1.050%), Mandatory Tender 7/3/2023 | $7,147,140 |
TOTAL | 30,053,090 | ||
West Virginia—0.1% | |||
2,500,000 | Roane County, WV Building Commission (Roane General Hospital), Lease Revenue Bond Anticipation Notes (Series 2019), 2.550%, 11/1/2021 | 2,508,050 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $1,979,092,523) | 1,970,292,183 | ||
1 | SHORT-TERM MUNICIPALS—11.0% | ||
Alabama—2.6% | |||
75,000 | Bessemer, AL IDB (Hardwick Co., Inc.), (Series 2002) Weekly VRDNs, (Compass Bank, Birmingham LOC), 4.600%, 4/2/2020 | 75,000 | |
6,800,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 0.920%, 4/1/2020 | 6,800,000 | |
2,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 0.900%, 4/1/2020 | 2,000,000 | |
9,900,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 0.880%, 4/1/2020 | 9,900,000 | |
9,565,000 | Mobile, AL IDB (Alabama Power Co.), (Series 2001-B) Daily VRDNs, 0.900%, 4/1/2020 | 9,565,000 | |
10,100,000 | Tuscaloosa County, AL IDA (Nucor Steel Tuscaloosa, Inc.), (1995 Series A) Weekly VRDNs, (Nucor Corp. GTD), 7.550%, 4/1/2020 | 10,100,000 | |
19,500,000 | Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.900%, 4/1/2020 | 19,500,000 | |
TOTAL | 57,940,000 | ||
Florida—0.1% | |||
1,400,000 | St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 1.100%, 4/1/2020 | 1,400,000 | |
Georgia—2.4% | |||
7,760,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 1.020%, 4/1/2020 | 7,760,000 | |
2,440,000 | Bartow County, GA Development Authority (Somerset Cove Apartments, LP), (Series 2002) Weekly VRDNs, (Compass Bank, Birmingham LOC), 5.500%, 4/2/2020 | 2,440,000 | |
28,600,000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 1.150%, 4/1/2020 | 28,600,000 | |
3,300,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Daily VRDNs, 1.500%, 4/1/2020 | 3,300,000 | |
7,000,000 | Monroe County, GA Development Authority (Gulf Power Co.), (Series 2019) Daily VRDNs, 1.250%, 4/1/2020 | 7,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Georgia—continued | |||
$4,815,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 2008) Daily VRDNs, 1.020%, 4/1/2020 | $4,815,000 | |
TOTAL | 53,915,000 | ||
Kansas—0.2% | |||
3,800,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) Weekly VRDNs, 5.180%, 4/1/2020 | 3,800,000 | |
Louisiana—0.5% | |||
10,000,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 7.500%, 4/1/2020 | 10,000,000 | |
New Jersey—0.0% | |||
260,000 | New Jersey EDA (Jewish Community Center on the Palisades), (Series 2016) Weekly VRDNs, (Valley National Bank LOC), 5.010%, 4/2/2020 | 260,000 | |
New York—0.6% | |||
3,500,000 | New York City, NY Municipal Water Finance Authority, (Series 2014AA-8) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.700%, 4/1/2020 | 3,500,000 | |
10,050,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 0.750%, 4/1/2020 | 10,050,000 | |
TOTAL | 13,550,000 | ||
Ohio—0.6% | |||
13,885,000 | Ohio State Higher Educational Facility Commission (University Hospitals Health System, Inc.), (Series 2015-B) Weekly VRENs, 7.250%, 4/2/2020 | 13,885,000 | |
500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2014B) VRENs, 4.750%, 4/2/2020 | 500,000 | |
TOTAL | 14,385,000 | ||
Pennsylvania—1.1% | |||
25,355,000 | Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University), R-Float (Series 2017B) Weekly VRENs, 7.280%, 4/1/2020 | 25,355,000 | |
South Carolina—0.5% | |||
2,005,000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1996A) Weekly VRDNs, 7.500%, 4/1/2020 | 2,005,000 | |
5,340,000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1998) Weekly VRDNs, 7.500%, 4/1/2020 | 5,340,000 | |
2,982,000 | Darlington County, SC (Nucor Corp.), (Series 2003A) Weekly VRDNs, 7.500%, 4/1/2020 | 2,982,000 | |
TOTAL | 10,327,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Texas—1.9% | |||
$11,000,000 | Brazos River Harbor, TX Navigation District of Brazoria County (BASF Corp.), (Series 1996) Weekly VRDNs, 6.100%, 4/1/2020 | $11,000,000 | |
4,300,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 1.500%, 4/1/2020 | 4,300,000 | |
5,085,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, 1.500%, 4/1/2020 | 5,085,000 | |
1,925,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 1.540%, 4/1/2020 | 1,925,000 | |
8,625,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 6.250%, 4/1/2020 | 8,625,000 | |
10,000,000 | Trinity River, TX Public Facilities Authority (Patriot Pointe LP), Tender Option Bond Trust Certificates (Series 2019-XF1083) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 4.710%, 4/2/2020 | 10,000,000 | |
TOTAL | 40,935,000 | ||
Utah—0.5% | |||
10,000,000 | Utah State Housing Corporation (Triview Apartment Associates II, LLC), Tender Option Bond Trust Certificates (Series 2019-XF1081) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 4.830%, 4/2/2020 | 10,000,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $241,867,000) | 241,867,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.3% (IDENTIFIED COST $2,220,959,523)3 | 2,212,159,183 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%4 | (7,425,487) | ||
TOTAL NET ASSETS—100% | $2,204,733,696 |
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, 2020, these restricted securities amounted to $8,535,645, which represented 0.4% of total net assets. |
3 | The cost of investments for federal tax purposes amounts to $2,220,953,628. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
BANs | —Bond Anticipation Notes |
CSD | —Central School District |
EDA | —Economic Development 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 |
INS | —Insured |
ISD | —Independent School District |
LIBOR | —London Interbank Offered Rates |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
PCFA | —Pollution Control Finance Authority |
PCR | —Pollution Control Revenue |
RANs | —Revenue Anticipation Notes |
SFH | —Single Family Housing |
SFM | —Single Family Mortgage |
SIFMA | —Securities Industry and Financial Markets Association |
TANs | —Tax Anticipation Notes |
TEMPS | —Tax Exempt Mandatory Paydown Securities |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 3/31/2020 | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $10.01 | $9.98 | $10.01 | $9.99 | $10.00 | $10.05 |
Income From Investment Operations: | ||||||
Net investment income | 0.06 | 0.13 | 0.10 | 0.05 | 0.03 | 0.01 |
Net realized and unrealized gain (loss) | (0.07) | 0.03 | (0.03) | 0.02 | (0.01) | (0.05) |
TOTAL FROM INVESTMENT OPERATIONS | (0.01) | 0.16 | 0.07 | 0.07 | 0.02 | (0.04) |
Less Distributions: | ||||||
Distributions from net investment income | (0.06) | (0.13) | (0.10) | (0.05) | (0.03) | (0.01) |
Net Asset Value, End of Period | $9.94 | $10.01 | $9.98 | $10.01 | $9.99 | $10.00 |
Total Return1 | (0.13)% | 1.59% | 0.65% | 0.74% | 0.21% | (0.35)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.62%2,3 | 0.81%3 | 0.81%3 | 0.81%3 | 0.81% | 0.80% |
Net investment income | 1.16%2 | 1.28% | 0.94% | 0.54% | 0.30% | 0.14% |
Expense waiver/reimbursement4 | 0.10%2 | 0.13% | 0.17% | 0.17% | 0.21% | 0.23% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $516,349 | $626,570 | $661,860 | $799,292 | $785,216 | $1,021,204 |
Portfolio turnover | 43% | 83% | 87% | 88% | 29% | 46% |
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 0.62% for the six months ended March 31, 2020, and 0.81%, 0.81% and 0.81% for the years ended September 30, 2019, 2018 and 2017, respectively, after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 3/31/2020 | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $10.01 | $9.98 | $10.01 | $9.99 | $10.00 | $10.05 |
Income From Investment Operations: | ||||||
Net investment income | 0.07 | 0.17 | 0.14 | 0.10 | 0.08 | 0.06 |
Net realized and unrealized gain (loss) | (0.07) | 0.03 | (0.03) | 0.02 | (0.01) | (0.05) |
TOTAL FROM INVESTMENT OPERATIONS | 0.00 | 0.20 | 0.11 | 0.12 | 0.07 | 0.01 |
Less Distributions: | ||||||
Distributions from net investment income | (0.07) | (0.17) | (0.14) | (0.10) | (0.08) | (0.06) |
Net Asset Value, End of Period | $9.94 | $10.01 | $9.98 | $10.01 | $9.99 | $10.00 |
Total Return1 | 0.00%2 | 2.04% | 1.11% | 1.19% | 0.66% | 0.10% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.36%3,4 | 0.36%4 | 0.36%4 | 0.36%4 | 0.35% | 0.35% |
Net investment income | 1.40%3 | 1.72% | 1.39% | 0.99% | 0.75% | 0.59% |
Expense waiver/reimbursement5 | 0.08%3 | 0.08% | 0.12% | 0.12% | 0.16% | 0.18% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,669,676 | $2,158,811 | $1,711,181 | $1,864,456 | $1,518,382 | $1,912,653 |
Portfolio turnover | 43% | 83% | 87% | 88% | 29% | 46% |
1 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
2 | Represents less than 0.01%. |
3 | Computed on an annualized basis. |
4 | 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, 2020, and 0.36%, 0.36% and 0.36% for the years ended September 30, 2019, 2018 and 2017, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 3/31/2020 | Period Ended 9/30/20191 | |
Net Asset Value, Beginning of Period | $10.01 | $10.00 |
Income From Investment Operations: | ||
Net investment income | 0.07 | 0.05 |
Net realized and unrealized gain (loss) | (0.07) | 0.01 |
TOTAL FROM INVESTMENT OPERATIONS | 0.00 | 0.06 |
Less Distributions: | ||
Distributions from net investment income | (0.07) | (0.05) |
Net Asset Value, End of Period | $9.94 | $10.01 |
Total Return2 | 0.01% | 0.66% |
Ratios to Average Net Assets: | ||
Net expenses | 0.34%3,4 | 0.34%3,4 |
Net investment income | 1.43%3 | 1.52%3 |
Expense waiver/reimbursement5 | 0.06%3 | 0.07%3 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $18,709 | $12,263 |
Portfolio turnover | 43% | 83%6 |
1 | Reflects operations for the period from May 29, 2019 (date of initial investment) to September 30, 2019. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.34% for the six months ended March 31, 2020, and 0.34% for the period ended September 30, 2019 after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
6 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended September 30, 2019. |
Assets: | ||
Investment in securities, at value (identified cost $2,220,959,523) | $2,212,159,183 | |
Cash | 85,196 | |
Receivable for shares sold | 23,525,396 | |
Income receivable | 13,028,900 | |
Receivable for investments sold | 630,098 | |
TOTAL ASSETS | 2,249,428,773 | |
Liabilities: | ||
Payable for investments purchased | $34,140,000 | |
Payable for shares redeemed | 9,236,288 | |
Income distribution payable | 741,677 | |
Payable for other service fees (Notes 2 and 5) | 69,988 | |
Payable for investment adviser fee (Note 5) | 17,159 | |
Payable for administrative fee (Note 5) | 7,601 | |
Payable for Directors'/Trustees' fees (Note 5) | 118 | |
Accrued expenses (Note 5) | 482,246 | |
TOTAL LIABILITIES | 44,695,077 | |
Net assets for 221,767,541 shares outstanding | $2,204,733,696 | |
Net Assets Consists of: | ||
Paid-in capital | $2,221,038,936 | |
Total distributable earnings (loss) | (16,305,240) | |
TOTAL NET ASSETS | $2,204,733,696 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($516,349,340 ÷ 51,942,567 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.94 | |
Offering price per share | $9.94 | |
Redemption proceeds per share | $9.94 | |
Institutional Shares: | ||
Net asset value per share ($1,669,675,602 ÷ 167,942,569 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.94 | |
Offering price per share | $9.94 | |
Redemption proceeds per share | $9.94 | |
Class R6 Shares: | ||
Net asset value per share ($18,708,754 ÷ 1,882,405 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.94 | |
Offering price per share | $9.94 | |
Redemption proceeds per share | $9.94 |
Investment Income: | |||
Interest | $24,433,008 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $4,141,562 | ||
Administrative fee (Note 5) | 1,086,291 | ||
Custodian fees | 42,722 | ||
Transfer agent fees (Notes 2 and 5) | 613,872 | ||
Directors'/Trustees' fees (Note 5) | 9,740 | ||
Auditing fees | 17,015 | ||
Legal fees | 6,808 | ||
Distribution services fee (Note 5) | 261,243 | ||
Other service fees (Notes 2 and 5) | 564,447 | ||
Portfolio accounting fees | 147,213 | ||
Share registration costs | 65,329 | ||
Printing and postage | 17,130 | ||
Miscellaneous (Note 5) | 21,378 | ||
TOTAL EXPENSES | 6,994,750 | ||
Waivers, Reimbursement and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(891,475) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (292,497) | ||
Reduction of custodian fees (Note 6) | (5,832) | ||
TOTAL WAIVERS, REIMBURSEMENT AND REDUCTION | (1,189,804) | ||
Net expenses | 5,804,946 | ||
Net investment income | 18,628,062 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized loss on investments | (6,275,156) | ||
Net change in unrealized appreciation of investments | (13,851,258) | ||
Net realized and unrealized gain (loss) on investments | (20,126,414) | ||
Change in net assets resulting from operations | $(1,498,352) |
Six Months Ended (unaudited) 3/31/2020 | Year Ended 9/30/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $18,628,062 | $41,109,841 |
Net realized gain (loss) | (6,275,156) | 251,580 |
Net change in unrealized appreciation/depreciation | (13,851,258) | 7,081,922 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (1,498,352) | 48,443,343 |
Distributions to Shareholders: | ||
Class A Shares | (3,509,762) | (8,061,884) |
Institutional Shares | (14,931,420) | (32,958,088) |
Class R6 Shares1 | (116,402) | (24,338) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (18,557,584) | (41,044,310) |
Share Transactions: | ||
Proceeds from sale of shares | 1,024,380,513 | 2,076,124,921 |
Net asset value of shares issued to shareholders in payment of distributions declared | 14,693,224 | 31,903,748 |
Cost of shares redeemed | (1,611,928,679) | (1,690,823,864) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (572,854,942) | 417,204,805 |
Change in net assets | (592,910,878) | 424,603,838 |
Net Assets: | ||
Beginning of period | 2,797,644,574 | 2,373,040,736 |
End of period | $2,204,733,696 | $2,797,644,574 |
1 | The Fund's R6 Class commenced operations on May 29, 2019. |
■ | 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. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $126,089 | $(42,654) |
Institutional Shares | 487,194 | (197,594) |
Class R6 Shares | 589 | — |
TOTAL | $613,872 | $(240,248) |
Other Service Fees Incurred | |
Class A Shares | $564,447 |
Security | Acquisition Date | Acquisition Cost | Market Value |
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 | $4,501,845 |
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 | $4,033,800 |
Six Months Ended 3/31/2020 | Year Ended 9/30/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 10,859,934 | $108,801,640 | 26,583,322 | $265,714,842 |
Shares issued to shareholders in payment of distributions declared | 337,430 | 3,378,275 | 777,257 | 7,769,774 |
Shares redeemed | (21,825,554) | (218,198,804) | (31,076,910) | (310,582,739) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (10,628,190) | $(106,018,889) | (3,716,331) | $(37,098,123) |
Six Months Ended 3/31/2020 | Year Ended 9/30/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 89,451,264 | $896,127,189 | 179,832,595 | $1,797,664,458 |
Shares issued to shareholders in payment of distributions declared | 1,129,080 | 11,308,218 | 2,413,692 | 24,133,974 |
Shares redeemed | (138,211,127) | (1,380,866,676) | (138,057,658) | (1,379,782,844) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (47,630,783) | $(473,431,269) | 44,188,629 | $442,015,588 |
Six Months Ended 3/31/2020 | Period Ended 9/30/20191 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,937,626 | $19,451,684 | 1,270,750 | $12,745,621 |
Shares issued to shareholders in payment of distributions declared | 677 | 6,731 | — | — |
Shares redeemed | (1,280,874) | (12,863,199) | (45,774) | (458,281) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 657,429 | $6,595,216 | 1,224,976 | $12,287,340 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (57,601,544) | $(572,854,942) | 41,697,274 | $417,204,805 |
1 | Reflects operations for the period from May 29, 2019 (date of initial investment) to September 30, 2019. |
Short-Term | Long-Term | Total |
$971,281 | $454,502 | $1,425,783 |
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 | $261,243 | $(52,249) |
Purchases | $486,479,724 |
Sales | $613,787,474 |
Beginning Account Value 10/1/2019 | Ending Account Value 3/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $998.70 | $3.102 |
Institutional Shares | $1,000.00 | $1,000.00 | $1.80 |
Class R6 Shares | $1,000.00 | $1,000.10 | $1.70 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000.00 | $1,021.90 | $3.132 |
Institutional Shares | $1,000.00 | $1,023.20 | $1.82 |
Class R6 | $1,000.00 | $1,023.30 | $1.72 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.62% |
Institutional Shares | 0.36% |
Class R6 Shares | 0.34% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Class A Shares current Fee Limit of 0.51% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.55 and $2.58, respectively. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31417P858
CUSIP 31417P817
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 registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual 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, 2020
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, 2020
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateMay 22, 2020