United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-Q
Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies
811-2677
(Investment Company Act File Number)
Federated Municipal Securities Fund, Inc.
___________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 3/31/17
Date of Reporting Period: Quarter ended 12/31/16
Item 1. Schedule of Investments
Principal Amount | Value | ||
MUNICIPAL BONDS—97.6% | |||
Alabama—1.0% | |||
$2,000,000 | Birmingham, AL Waterworks Board, Subordinate Revenue Refunding Bonds (Series 2016-B), 4.00%, 1/1/2043 | $2,013,140 | |
1,250,000 | Selma, AL IDB, Gulf Opportunity Zone Bonds (Series 2010A), 5.80% (International Paper Co.), 5/1/2034 | 1,386,700 | |
TOTAL | 3,399,840 | ||
Arizona—3.7% | |||
3,000,000 | Arizona Board of Regents, (Series 2016B), 5.00% (Arizona State University), 7/1/2047 | 3,365,010 | |
4,000,000 | Arizona Board of Regents, System Revenue & Refunding Bonds (Series 2015A Green Bonds), 5.00% (Arizona State University), 7/1/2041 | 4,497,440 | |
1,000,000 | Arizona Board of Regents, System Revenue Bonds (Series 2008C), 6.00% (Arizona State University)/(United States Treasury PRF 7/1/2018@100)/(Original Issue Yield: 6.12%), 7/1/2028 | 1,071,740 | |
2,000,000 | Arizona Transportation Board—Excise Tax Revenue, Transportation Excise Tax Revenue Bonds (Series 2009), 5.00% (Maricopa County, AZ Regional Area Road Fund)/(United States Treasury PRF 7/1/2019@100), 7/1/2023 | 2,174,400 | |
1,690,000 | Salt Verde Financial Corp., AZ, Senior Gas Revenue Bonds (Series 2007), 5.00% (Citigroup, Inc. GTD), 12/1/2032 | 1,904,579 | |
TOTAL | 13,013,169 | ||
California—10.4% | |||
3,000,000 | Bay Area Toll Authority, CA, San Francisco Bay Area Subordinate Toll Bridge Revenue Bonds (Series 2010 S-2), 5.00%, 10/1/2042 | 3,263,280 | |
1,000,000 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2009F-1), 5.625% (United States Treasury PRF 4/1/2019@100), 4/1/2044 | 1,094,880 | |
1,500,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2001A), 1.97% TOBs, Mandatory Tender 4/1/2027 | 1,505,730 |
2,000,000 | California Health Facilities Financing Authority, Revenue Bonds (Series 2014B), 5.00% (Providence St. Joseph Health), 10/1/2044 | 2,182,180 | |
1,000,000 | California Health Facilities Financing Authority, Revenue Bonds (Series 2015A), 5.00% (Stanford Health Care), 8/15/2054 | 1,093,600 | |
2,000,000 | California State, Various Purpose GO Bonds, 6.00%, 11/1/2039 | 2,222,940 | |
4,000,000 | California State, Various Purpose UT GO Bonds, 5.75% (Original Issue Yield: 5.85%), 4/1/2029 | 4,355,080 | |
1,000,000 | California State, Various Purpose UT GO Bonds, 6.50%, 4/1/2033 | 1,106,210 | |
750,000 | 2,3 | California Statewide CDA, Revenue Bonds (Series 2016A), 5.25% (Loma Linda University Medical Center ), 12/1/2056 | 767,880 |
2,000,000 | Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds (Series 2007A-1), 5.75%, 6/1/2047 | 1,916,620 | |
2,000,000 | Los Angeles, CA Department of Water & Power (Water Works/System), Water System Revenue Bonds (Series 2013B), 5.00%, 7/1/2033 | 2,281,620 | |
1,000,000 | M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), 7.00% (Citigroup, Inc. GTD), 11/1/2034 | 1,368,930 | |
1,000,000 | Metropolitan Water District of Southern California, Water Revenue Refunding Bonds (Series 2009C), 5.00%, 7/1/2031 | 1,076,570 | |
3,000,000 | Roseville, CA Natural Gas Financing Authority, Gas Revenue Bonds, 5.00% (Bank of America Corp. GTD), 2/15/2025 | 3,302,370 | |
1,500,000 | Sacramento County, CA Airport System, Airport System Senior Revenue Bonds (Series 2009B), 5.50% (Assured Guaranty Corp. INS)/(Original Issue Yield: 5.60%), 7/1/2034 | 1,578,375 | |
349,000 | 4 | San Bernardino County, CA Housing Authority, Subordinated Revenue Bonds, 7.25% (Glen Aire Park & Pacific Palms), 4/15/2042 | 163,541 |
2,000,000 | San Francisco, CA City & County Airport Commission, Second Series Revenue Bonds (Series 2014B), 5.00%, 5/1/2044 | 2,214,340 | |
1,000,000 | Trustees of the California State University, Systemwide Revenue Bonds (Series 2009A), 6.00% (United States Treasury PRF 5/1/2019@100), 11/1/2040 | 1,106,330 | |
3,000,000 | Trustees of the California State University, Systemwide Revenue Bonds (Series 2011A), 5.00%, 11/1/2037 | 3,314,310 | |
1,000,000 | University of California (The Regents of), General Revenue Bonds (Series 2009O), 5.75% (United States Treasury PRF 5/15/2019@100), 5/15/2034 | 1,101,220 | |
TOTAL | 37,016,006 | ||
Colorado—2.6% | |||
1,445,000 | Denver (City & County), CO, Revenue Bonds (Series 2012B), 5.00% (Denver, CO City & County Airport Authority), 11/15/2037 | 1,614,412 | |
4,250,000 | University of Colorado Hospital Authority, Revenue Bonds (Series 2012A), 5.00%, 11/15/2036 | 4,738,835 | |
2,500,000 | University of Colorado, University Enterprise Revenue Bonds (Series 2011A), 5.25% (United States Treasury PRF 6/1/2021@100), 6/1/2036 | 2,868,800 | |
TOTAL | 9,222,047 | ||
Connecticut—1.6% | |||
3,000,000 | Connecticut State HEFA, Revenue Bonds (Series 2016CT), 5.00% (Trinity Healthcare Credit Group), 12/1/2045 | 3,280,230 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—continued | |||
$2,000,000 | Connecticut State Transportation Infrastructure Authority, Special Tax Obligation Revenue Bonds (Series 2013A), 5.00%, 10/1/2026 | $2,342,380 | |
TOTAL | 5,622,610 | ||
Delaware—0.7% | |||
2,380,000 | Delaware EDA, Gas Facilities Refunding Bonds, 5.40% (Delmarva Power and Light Co.), 2/1/2031 | 2,605,172 | |
District of Columbia—1.5% | |||
1,800,000 | District of Columbia Revenue, Revenue Bonds (Series 2016A), 5.00% (Friendship Public Charter School, Inc.), 6/1/2041 | 1,827,900 | |
3,000,000 | District of Columbia Water & Sewer Authority, Public Utility Subordinate Lien Revenue Refunding Bonds (Series 2016A), 5.00%, 10/1/2039 | 3,421,650 | |
TOTAL | 5,249,550 | ||
Florida—8.7% | |||
1,250,000 | Alachua County, FL Health Facilities Authority, Health Facilities Revenue Bonds (Series 2014A), 5.00% (UFHealth Shands Hospital), 12/1/2044 | 1,324,513 | |
2,000,000 | Atlantic Beach, FL Health Care Facilities, Revenue & Refunding Bonds (Series 2013A), 5.00% (Fleet Landing Project, FL), 11/15/2037 | 2,103,120 | |
1,500,000 | Broward County, FL Airport System, Airport System Revenue Bonds (Series 2012Q-1), 5.00%, 10/1/2037 | 1,654,860 | |
1,000,000 | Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.00%, 10/1/2035 | 1,097,170 | |
2,000,000 | Lee County, FL IDA, Healthcare Facilities Revenue Bonds (Series 2014), 5.50% (Cypress Cove at Healthpark), 10/1/2047 | 2,055,680 | |
3,500,000 | Miami Beach, FL Resort Tax, Revenue Bonds (Series 2015), 5.00%, 9/1/2040 | 3,920,070 | |
2,000,000 | Miami-Dade County, FL Expressway Authority, Toll System Refunding Revenue Bonds (Series 2016A), 5.00%, 7/1/2032 | 2,292,980 | |
1,250,000 | Miami-Dade County, FL Expressway Authority, Toll System Revenue Bonds (Series 2010), 5.00% (Original Issue Yield: 5.10%), 7/1/2040 | 1,356,162 | |
1,500,000 | Miami-Dade County, FL Expressway Authority, Toll System Revenue Refunding Bonds (Series 2013A), 5.00%, 7/1/2022 | 1,709,895 | |
2,875,000 | Miami-Dade County, FL Transit System, Sales Surtax Revenue Bonds (Series 2012), 5.00%, 7/1/2042 | 3,165,950 | |
1,000,000 | Miami-Dade County, FL, Seaport Revenue Bonds (Series 2013A), 5.75% (Miami-Dade County, FL Seaport), 10/1/2030 | 1,145,370 | |
1,000,000 | Miami-Dade County, FL, Seaport Revenue Bonds (Series 2013A), 5.75% (Miami-Dade County, FL Seaport), 10/1/2032 | 1,149,120 | |
895,000 | Orlando & Orange County Expressway Authority, FL, Revenue Bonds (Series 2010A), 5.00%, 7/1/2035 | 966,009 | |
4,105,000 | Orlando & Orange County Expressway Authority, FL, Revenue Bonds (Series 2010A), 5.00% (United States Treasury PRF 7/1/2020@100), 7/1/2035 | 4,557,864 | |
2,000,000 | St. Johns County, FL IDA, Revenue Bonds (Series 2010A), 5.875% (Presbyterian Retirement Communities )/(United States Treasury PRF 8/1/2020@100)/(Original Issue Yield: 5.98%), 8/1/2040 | 2,278,760 | |
TOTAL | 30,777,523 | ||
Georgia—4.1% | |||
2,190,000 | Atlanta, GA Airport General Revenue, Airport General Revenue Bonds (Series 2010A), 5.00%, 1/1/2035 | 2,352,695 | |
2,000,000 | Atlanta, GA Water & Wastewater, Revenue Bonds (Series 2009A), 6.00%, 11/1/2019 | 2,239,220 | |
4,000,000 | Atlanta, GA Water & Wastewater, Revenue Refunding Bonds (Series 2015), 5.00%, 11/1/2040 | 4,510,520 | |
1,000,000 | Georgia State, UT GO Bonds (Series 2009B), 5.00% (United States Treasury PRF 1/1/2019@100), 1/1/2026 | 1,073,120 | |
1,000,000 | Municipal Electric Authority of Georgia, Project One Subordinated Bonds (Series 2008A), 5.25%, 1/1/2021 | 1,124,830 | |
690,000 | Municipal Electric Authority of Georgia, Project One Subordinated Bonds (Series 2008D), 5.50% (Original Issue Yield: 5.80%), 1/1/2026 | 732,352 | |
2,310,000 | Municipal Electric Authority of Georgia, Project One Subordinated Bonds (Series 2008D), 5.50% (United States Treasury PRF 7/1/2018@100)/(Original Issue Yield: 5.80%), 1/1/2026 | 2,457,494 | |
TOTAL | 14,490,231 | ||
Illinois—5.3% | |||
310,000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B), 5.00%, 1/1/2041 | 338,138 | |
1,875,000 | Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011C), 6.50% (United States Treasury PRF 1/1/2021@100), 1/1/2041 | 2,213,869 | |
2,000,000 | Chicago, IL O'Hare International Airport, Passenger Facility Charge Revenue Refunding Bonds (Series 2012A), 5.00%, 1/1/2031 | 2,178,720 | |
1,500,000 | Chicago, IL Sales Tax, Revenue Bonds (Series 2011A), 5.25%, 1/1/2038 | 1,542,450 | |
750,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2014), 5.00%, 11/1/2044 | 801,030 | |
4,000,000 | Illinois State Toll Highway Authority, Toll Highway Senior Revenue Refunding Bonds (Series 2010 A-1), 5.25%, 1/1/2030 | 4,321,120 | |
5,000,000 | Illinois State, GO Refunding Bonds (Series February 2010), 5.00%, 1/1/2024 | 5,077,900 | |
1,000,000 | Illinois State, UT GO Bonds (Series June 2013), 5.25% (Original Issue Yield: 5.28%), 7/1/2028 | 1,015,120 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,375,000 | Illinois State, UT GO Refunding Bonds (Series May 2012), 5.00%, 8/1/2025 | $1,400,534 | |
TOTAL | 18,888,881 | ||
Indiana—3.4% | |||
1,300,000 | Indiana Municipal Power Agency, Power Supply System Revenue Bonds (Series 2013A), 5.25%, 1/1/2030 | 1,485,666 | |
1,625,000 | Indiana Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012A), 5.00%, 1/1/2028 | 1,824,648 | |
4,565,000 | Indiana State Finance Authority Midwestern Relief, Midwestern Disaster Relief Revenue Bonds (Series 2012A), 5.00% (Ohio Valley Electric Corp.)/(Original Issue Yield: 5.05%), 6/1/2039 | 4,491,047 | |
4,000,000 | Indianapolis, IN Gas Utility Distribution System, Second Lien Revenue Refunding Bonds (Series 2008C), 5.25% (Assured Guaranty Corp. INS), 6/1/2019 | 4,329,160 | |
TOTAL | 12,130,521 | ||
Kansas—0.5% | |||
1,600,000 | Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 5.00%, 9/1/2022 | 1,828,640 | |
Maryland—0.9% | |||
3,335,000 | 1 | Maryland State Health & Higher Educational Facilities Authority, (Johns Hopkins Hospital), Revenue Bonds (Series 2015B), 0.963%, 5/5/2018 | 3,318,692 |
Massachusetts—2.6% | |||
4,330,000 | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds (Series 2010B), 5.00%, 1/1/2032 | 4,680,427 | |
3,000,000 | Massachusetts Port Authority, Revenue Bonds (Series 2015A), 5.00%, 7/1/2045 | 3,377,820 | |
1,000,000 | Massachusetts School Building Authority, Senior Dedicated Sales Tax Bonds (Series 2011B), 5.25%, 10/15/2035 | 1,131,580 | |
TOTAL | 9,189,827 | ||
Michigan—2.5% | |||
1,000,000 | Michigan Finance Authority Local Government Loan Program, Revenue Refunding Local Project Notes (Series 2015D-1), 5.00% (Detroit, MI Water Supply System), 7/1/2034 | 1,102,530 | |
1,000,000 | Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series 2014 C-3), 5.00% (Great Lakes, MI Sewage Disposal System)/(AGM INS), 7/1/2033 | 1,107,960 | |
3,000,000 | Michigan State University Board of Trustees, General Revenue Bonds (Series 2015A), 5.00% (Michigan State University), 8/15/2040 | 3,387,210 | |
1,000,000 | Royal Oak, MI Hospital Finance Authority, Revenue Refunding Bonds (Series 2014D), 5.00% (Beaumont Health Credit Group), 9/1/2039 | 1,079,200 | |
2,000,000 | Wayne County, MI Airport Authority, Revenue Bonds (Series 2012A), 5.00%, 12/1/2037 | 2,129,360 | |
TOTAL | 8,806,260 | ||
Minnesota—0.3% | |||
1,000,000 | University of Minnesota (The Regents of), GO Bonds (Series 2011A), 5.25%, 12/1/2030 | 1,124,930 | |
Mississippi—0.3% | |||
940,000 | Warren County, MS Gulf Opportunity Zone, Gulf Opportunity Zone Bonds (Series 2011A), 5.375% (International Paper Co.), 12/1/2035 | 1,034,508 | |
Nebraska—1.3% | |||
2,000,000 | Central Plains Energy Project, NE, Gas Project Revenue Bonds (Project No. 3) (Series 2012), 5.00% (Goldman Sachs Group Inc. GTD)/(Original Issue Yield: 5.05%), 9/1/2042 | 2,145,520 | |
2,300,000 | Nebraska Public Power District, General Revenue Bonds (Series 2012A), 5.00%, 1/1/2027 | 2,565,374 | |
TOTAL | 4,710,894 | ||
Nevada—0.9% | |||
3,000,000 | Clark County, NV School District, LT GO Building Bonds (Series 2008A), 5.00% (United States Treasury PRF 6/15/2018@100), 6/15/2025 | 3,165,600 | |
New Jersey—4.6% | |||
3,000,000 | New Jersey EDA, Cigarette Tax Revenue Refunding Bonds (Series 2012), 5.00% (NJ Dedicated Cigarette Excise Tax), 6/15/2020 | 3,201,390 | |
2,880,000 | New Jersey EDA, School Facilities Construction Bonds (Series 2015WW), 5.25% (New Jersey State), 6/15/2040 | 2,925,130 | |
1,250,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds (Series 2014A), 5.00% (RWJ Barnabas Health Obligated Group), 7/1/2043 | 1,351,362 | |
3,000,000 | New Jersey State Transportation Trust Fund Authority, Transportation System Bonds (Series 2011A), 5.50% (New Jersey State), 6/15/2041 | 3,099,120 | |
1,000,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2012A), 5.00%, 1/1/2035 | 1,092,270 | |
2,000,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2015E), 5.00%, 1/1/2034 | 2,231,460 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$2,000,000 | Rutgers, The State University of New Jersey, GO Refunding Bonds (Series 2013J), 5.00%, 5/1/2030 | $2,281,180 | |
TOTAL | 16,181,912 | ||
New Mexico—0.6% | |||
2,000,000 | Albuquerque Bernalillo County, NM Water Utility Authority, Joint Water & Sewer System Improvement Revenue Bonds (Series 2009A-1), 5.25% (United States Treasury PRF 7/1/2019@100)/( (Original Issue Yield: 5.34%), 7/1/2034 | 2,170,700 | |
New York—6.9% | |||
1,500,000 | Brooklyn Arena Local Development Corporation, NY, PILOT Revenue Bonds (Series 2009), 6.375% (United States Treasury PRF 1/15/2020@100)/(Original Issue Yield: 6.476%), 7/15/2043 | 1,711,500 | |
4,000,000 | Metropolitan Transportation Authority, NY, Revenue Bonds (Series 2015A), 5.00% (MTA Transportation Revenue), 11/15/2045 | 4,392,560 | |
4,000,000 | New York City, NY TFA , Building Aid Revenue Bonds (Series 2015 S-2), 5.00%, 7/15/2041 | 4,518,400 | |
3,255,000 | New York City, NY, UT GO Bonds (Fiscal 2016 Series C), 5.00%, 8/1/2033 | 3,744,162 | |
1,820,000 | New York Convention Center Development Corp., Revenue Refunding Bonds (Hotel Unit Fee Secured) (Series 2015), 5.00%, 11/15/2040 | 2,026,661 | |
2,470,000 | New York Liberty Development Corporation, Revenue Refunding Bonds (Series 2012 Class 2), 5.00% (7 World Trade Center LLC), 9/15/2043 | 2,705,193 | |
2,000,000 | New York State Dormitory Authority, General Purpose Revenue Bonds (Series 2016A), 5.00% (New York State Personal Income Tax Revenue Bond Fund), 2/15/2043 | 2,281,900 | |
2,780,000 | New York State Thruway Authority, General Revenue Bonds (Series 2012I), 5.00% (New York State Thruway Authority - General Revenue), 1/1/2028 | 3,141,205 | |
TOTAL | 24,521,581 | ||
North Carolina—2.7% | |||
1,000,000 | Charlotte, NC Water & Sewer System, Water & Sewer Revenue Bonds (Series 2009), 5.25%, 7/1/2030 | 1,082,910 | |
500,000 | Charlotte-Mecklenburg Hospital Authority, NC, Health Care Revenue & Refunding Bonds (Series 2007A), 5.00% (Carolinas HealthCare System)/(Original Issue Yield: 5.09%), 1/15/2031 | 500,870 | |
500,000 | Charlotte-Mecklenburg Hospital Authority, NC, Health Care Revenue Refunding Bonds (Series 2008A), 5.25% (Carolinas HealthCare System)/(United States Treasury PRF 1/15/2018@100), 1/15/2024 | 521,495 | |
2,000,000 | North Carolina Capital Facilities Finance Agency, Educational Facilities Revenue Bonds (Series 2009), 5.00% (Wake Forest University)/(United States Treasury PRF 1/1/2019@100), 1/1/2038 | 2,145,820 | |
5,000,000 | North Carolina Capital Facilities Finance Agency, Revenue Bonds (Series 2009B), 5.00% (Duke University)/(United States Treasury PRF 4/1/2019@100), 10/1/2038 | 5,400,650 | |
TOTAL | 9,651,745 | ||
Ohio—3.2% | |||
2,000,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series 2007A-2), 5.875% (Original Issue Yield: 6.07%), 6/1/2047 | 1,754,860 | |
2,000,000 | Columbus, OH, UT GO Bonds (Series 2016A), 4.00%, 8/15/2027 | 2,221,400 | |
4,000,000 | Ohio State Turnpike & Infrastructure Commission, Revenue Refunding Bonds (Series 2010A), 5.00%, 2/15/2031 | 4,326,600 | |
1,000,000 | Ohio State University, Special Purpose General Receipts Bonds (Series 2013A), 5.00%, 6/1/2038 | 1,114,120 | |
1,800,000 | Ohio State, Hospital Revenue Refunding Bonds (Series 2008A), 5.25% (Cleveland Clinic)/(Original Issue Yield: 5.37%), 1/1/2033 | 1,865,646 | |
TOTAL | 11,282,626 | ||
Pennsylvania—7.1% | |||
1,000,000 | Allegheny County Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.00%, 12/1/2040 | 1,104,370 | |
3,890,000 | Allegheny County, PA HDA, Hospital Revenue Bonds (Series 2008A), 5.00% (UPMC Health System), 6/15/2018 | 4,100,177 | |
2,570,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.75%, 3/1/2029 | 2,926,407 | |
2,000,000 | Delaware River Port Authority, Revenue Bonds (Series 2013), 5.00%, 1/1/2030 | 2,246,920 | |
1,045,000 | Montgomery County, PA IDA, Retirement Communities Revenue Refunding Bonds (Series 2012), 5.00% (ACTS Retirement Life Communities, Inc.), 11/15/2029 | 1,134,828 | |
4,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (First Series of 2012), 5.00% (Temple University), 4/1/2042 | 4,371,680 | |
1,500,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2009A), 5.25% (University of Pennsylvania Health System)/(United States Treasury PRF 8/15/2019@100), 8/15/2022 | 1,644,855 | |
3,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2008 B-1), 5.50% (United States Treasury PRF 6/1/2018@100), 6/1/2033 | 3,181,710 | |
2,000,000 | Pennsylvania State Turnpike Commission-Motor License Fund Enhanced, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds (Series 2011A), 6.00% (United States Treasury PRF 12/1/2020@100), 12/1/2036 | 2,323,880 | |
1,000,000 | Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2009A), 5.25% (United States Treasury PRF 1/1/2019@100)/(Original Issue Yield: 5.29%), 1/1/2032 | 1,078,050 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,000,000 | University of Pittsburgh, University Capital Project Bonds (Series 2009B), 5.50%, 9/15/2024 | $1,086,770 | |
TOTAL | 25,199,647 | ||
Rhode Island—0.7% | |||
2,500,000 | Rhode Island State Health and Educational Building Corp., Higher Education Facilities Revenue Bonds (Series 2007), 5.00% (Brown University), 9/1/2037 | 2,556,600 | |
South Carolina—2.3% | |||
2,000,000 | Greenville, SC Health System, Hospital Revenue Bonds (Series 2014B), 5.00%, 5/1/2034 | 2,204,780 | |
615,000 | Greenville, SC Health System, Hospital Revenue Bonds (Series 2014B), 5.00%, 5/1/2039 | 670,879 | |
2,000,000 | Lexington County, SC Health Services District, Inc., Revenue Refunding Bonds, 5.00%, 11/1/2026 | 2,215,120 | |
3,000,000 | Piedmont Municipal Power Agency, SC, Electric Revenue Refunding Bonds (Series 2009A-3), 5.00%, 1/1/2018 | 3,111,450 | |
TOTAL | 8,202,229 | ||
Tennessee—0.4% | |||
1,335,000 | Metropolitan Government of Nashville & Davidson County, TN Health & Educational Facilities Board, Revenue Bonds (Series 2016A), 5.00% (Vanderbilt University Medical Center), 7/1/2046 | 1,438,583 | |
Texas—9.7% | |||
2,795,000 | Bexar County, HFDC, Revenue Bonds (Series 2010), 6.20% (Army Retirement Residence Foundation)/(United States Treasury PRF 7/1/2020@100), 7/1/2045 | 3,216,821 | |
2,225,000 | Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Refunding Bonds (Series 2016A), 5.00%, 12/1/2048 | 2,504,149 | |
4,000,000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2012B), 5.00%, 11/1/2035 | 4,375,480 | |
2,000,000 | Harris County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Bonds (Series 2014A), 5.00% (Memorial Hermann Health System), 12/1/2029 | 2,297,400 | |
2,000,000 | Harris County, TX, Toll Road Senior Lien Revenue & Refunding Bonds (Series 2008B), 5.00% (Harris County, TX Toll Road Authority)/(United States Treasury PRF 8/15/2018@100)/(Original Issue Yield: 5.08%), 8/15/2033 | 2,122,340 | |
2,000,000 | Houston, TX Airport System, Senior Lien Revenue & Refunding Bonds (Series 2009A), 5.50% (Original Issue Yield: 5.67%), 7/1/2034 | 2,112,460 | |
3,000,000 | Houston, TX Combined Utility System, First Lien Revenue & Refunding Bonds (Series 2016B), 4.00%, 11/15/2037 | 3,108,990 | |
3,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2012A), 1.62%, 5/1/2020 | 2,988,390 |
2,500,000 | North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2011B), 5.00% (Original Issue Yield: 5.12%), 1/1/2038 | 2,683,375 | |
1,000,000 | North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2016A), 4.00%, 1/1/2039 | 1,000,750 | |
1,500,000 | San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (New Series 2015), 5.00%, 2/1/2032 | 1,747,380 | |
2,000,000 | San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (Series 2016), 4.00%, 2/1/2034 | 2,110,840 | |
1,965,000 | Tarrant County, TX Cultural Education Facilities Finance Corp., Retirement Facility Revenue Bonds (Series 2007), 5.125% (Air Force Village)/(United States Treasury PRF 5/15/2017@100), 5/15/2037 | 1,995,575 | |
2,030,000 | Texas Municipal Gas Acquisition & Supply Corp. I, Gas Supply Senior Lien Revenue Bonds (Series 2006A), 5.25% (Bank of America Corp. GTD), 12/15/2026 | 2,308,191 | |
TOTAL | 34,572,141 | ||
Virginia—0.8% | |||
1,200,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds (Series 2016), 5.00%, 7/1/2051 | 1,289,172 | |
1,500,000 | Hampton Roads, VA Sanitation District, Subordinate Wastewater Revenue Bonds (Series 2016A), 5.00%, 8/1/2043 | 1,725,345 | |
TOTAL | 3,014,517 | ||
Washington—2.5% | |||
2,570,000 | Energy Northwest, WA, Project 3 Electric Revenue Refunding Bonds (Series 2014-C), 5.00%, 7/1/2028 | 2,996,569 | |
1,250,000 | Washington State Health Care Facilities Authority, Health Care Facilities Revenue Bonds (Series 2014C), 5.00% (Providence St. Joseph Health), 10/1/2044 | 1,371,837 | |
4,000,000 | Washington State, UT GO Bonds (Series 2015A-1), 5.00%, 8/1/2040 | 4,543,160 | |
TOTAL | 8,911,566 | ||
West Virginia—0.8% | |||
2,500,000 | West Virginia University Board of Governors, Refunding and Improvement Revenue Bonds (Series 2013A), 5.00% (West Virginia University), 10/1/2035 | 2,801,550 | |
Wisconsin—3.0% | |||
6,000,000 | Wisconsin State General Fund Appropriation, Revenue Bonds (Series 2009A), 6.00% (Wisconsin State)/(Original Issue Yield: 6.02%), 5/1/2033 | 6,545,040 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Wisconsin—continued | |||
$3,000,000 | Wisconsin State HEFA, Revenue Bonds (Series 2009), 6.625% (ProHealth Care, Inc.)/(United States Treasury PRF 2/15/2019@100)/(Original Issue Yield: 6.87%), 2/15/2039 | $$3,325,170 | |
800,000 | Wisconsin State HEFA, Revenue Refunding Bonds (Series 2015), 5.00% (ProHealth Care, Inc.), 8/15/2039 | 867,960 | |
TOTAL | 10,738,170 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $335,328,346) | 346,838,468 | ||
SHORT-TERM MUNICIPALS—1.2%5 | |||
Alabama—0.2% | |||
600,000 | Wilsonville, AL IDB, (Series D) (Gaston Plant) Daily VRDNs (Alabama Power Co.), 0.79%, 1/2/2017 | 600,000 | |
Florida—0.8% | |||
900,000 | Manatee County, FL, Pollution Control Revenue Refunding Bonds (Series 1994) Daily VRDNs (Florida Power & Light Co.), 0.79%, 1/2/2017 | 900,000 | |
1,800,000 | St. Lucie County, FL PCRBs, (Series 2000) Daily VRDNs (Florida Power & Light Co.), 0.78%, 1/2/2017 | 1,800,000 | |
TOTAL | 2,700,000 | ||
Ohio—0.0% | |||
100,000 | Alliance, OH, (Series 2003) Daily VRDNs (Alliance Community Hospital)/(JPMorgan Chase Bank, N.A. LOC), 0.72%, 1/2/2017 | 100,000 | |
Pennsylvania—0.1% | |||
400,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority, (Series 2002-A) Daily VRDNs (Children's Hospital of Philadelphia)/(Wells Fargo Bank, N.A. LIQ), 0.71%, 1/2/2017 | 400,000 | |
Utah—0.1% | |||
400,000 | Murray City, Utah Hospital Revenue, (Series 2005C) Daily VRDNs (IHC Health Services, Inc.)/(Northern Trust Co., Chicago, IL LIQ), 0.71%, 1/2/2017 | 400,000 | |
TOTAL SHORT-TERM MUNICIPALS—1.2% (IDENTIFIED COST $4,200,000) | 4,200,000 | ||
TOTAL MUNICIPAL INVESTMENTS—98.8% (IDENTIFIED COST $339,528,346)6 | 351,038,468 | ||
OTHER ASSETS AND LIABILITIES—NET—1.2%7 | 4,386,653 | ||
TOTAL NET ASSETS—100% | $355,425,121 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation |
4United States Treasury Notes, 10-Year Short Futures | 100 | $12,428,125 | March 2017 | $48,213 |
1 | Floating rate note with current rate and current maturity or next reset date shown. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At December 31, 2016, these restricted securities amounted to $767,880, which represented 0.2% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Directors (the “Directors”). At December 31, 2016, these liquid restricted securities amounted to $767,880, which represented 0.2% of total net assets. |
4 | Non-income-producing security. |
5 | Current rate and next reset date shown for Variable Rate Demand Notes. |
6 | At December 31, 2016, the cost of investments for federal tax purposes was $339,289,448. The net unrealized appreciation of investments for federal tax purposes excluding any unrealized appreciation/depreciation resulting from futures contracts was $11,749,020. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $14,374,020 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,625,000. |
7 | Assets, other than investments in securities, less liabilities. |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Directors. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Directors. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | 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. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Municipal Bonds | $— | $351,038,468 | $— | $351,038,468 |
TOTAL SECURITIES | $— | $351,038,468 | $— | $351,038,468 |
Other Financial Instruments:* | ||||
Assets | $48,213 | $— | $— | $48,213 |
Liabilities | — | — | — | — |
OTHER FINANCIAL INSTRUMENTS | $48,213 | $— | $— | $48,213 |
* | Other financial instruments include futures contracts. |
AGM | —Assured Guaranty Municipal Corp. |
CDA | —Community Development Authority |
EDA | —Economic Development Authority |
GO | —General Obligation |
GTD | —Guaranteed |
HDA | —Hospital Development Authority |
HEFA | —Health and Education Facilities Authority |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
PCR | —Pollution Control Revenue |
PCRBs | —Pollution Control Revenue Bonds |
PILOT | —Payment in Lieu of Taxes |
PRF | —Pre-refunded |
SIFMA | —Securities Industry and Financial Markets Association |
TFA | —Transitional Finance Authority |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Item 2. | Controls and Procedures |
(a) The registrant’s Principal Executive Officer and Principal Financial Officer 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-Q.
(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 last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. | Exhibits |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Municipal Securities Fund, Inc.
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date February 22, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date February 22, 2017
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date February 22, 2017
N-Q Item 3- Exhibits: Certifications
I, J. Christopher Donahue, certify that:
Date: February 22, 2017
/S/ J. Christopher Donahue
J. Christopher Donahue
President - Principal Executive Officer
N-Q Item 3- Exhibits: Certifications
I, Lori A. Hensler, certify that:
Date: February 22, 2017
/S/ Lori A. Hensler
Lori A. Hensler
Treasurer - Principal Financial Officer