NPORT-EX 2 VIRGCL0SeixHighYieldFund.htm HTML

SEIX HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value                 
                    

CORPORATE BONDS AND NOTES—93.6%

      

 

Communication Services—19.3%

      

Altice Financing S.A. 144A
6.625%, 2/15/23(1)

     $1,465          $     1,504  

AMC Networks, Inc.
4.750%, 12/15/22

      1,440        1,460  

C&W Senior Financing DAC 144A
7.500%, 10/15/26(1)

     1,490        1,572  

CCO Holdings LLC

      

5.750%, 1/15/24

      1,910        1,953  

144A 5.875%, 5/1/27(1)

     2,220        2,348  

CenturyLink, Inc.

      

6.750%, 12/1/23

      1,850        2,026  

7.500%, 4/1/24

      1,310        1,465  

Cincinnati Bell, Inc. 144A
8.000%, 10/15/25(1)

     885        779  

Cogent Communications Group, Inc. 144A
5.375%, 3/1/22(1)

     1,055        1,097  

CSC Holdings LLC

      

144A 7.750%, 7/15/25(1)

     720        774  

144A 6.625%, 10/15/25(1)

     1,125        1,204  

144A 5.500%, 4/15/27(1)

     1,865        1,972  

144A 6.500%, 2/1/29(1)

     1,680        1,867  

Diamond Sports Group LLC

      

144A 5.375%, 8/15/26(1)

     1,280        1,328  

144A 6.625%, 8/15/27(1)

     1,281        1,327  

DISH DBS Corp.

      

5.125%, 5/1/20

      1,010        1,021  

7.750%, 7/1/26

      1,882        1,918  

Embarq Corp.
7.995%, 6/1/36

      307        303  

Frontier Communications Corp.

      

144A 8.500%, 4/1/26(1)

     610        610  

144A 8.000%, 4/1/27(1)

     1,415        1,492  

Intelsat Jackson Holdings S.A. 144A
8.000%, 2/15/24(1)

     1,290        1,340  

Lamar Media Corp.
5.375%, 1/15/24

      1,455        1,493  

Level 3 Financing, Inc.

      

6.125%, 1/15/21

      632        633  

5.375%, 8/15/22

      1,330        1,338  

5.375%, 5/1/25

      755        782  

Level 3 Parent LLC
5.750%, 12/1/22

      885        889  

Live Nation Entertainment, Inc. 144A
4.875%, 11/1/24(1)

     1,148        1,189  

Netflix, Inc.
5.875%, 2/15/25

      2,135        2,345  

Quebecor Media, Inc.
5.750%, 1/15/23

      463        504  

Sprint Communications, Inc.

      

11.500%, 11/15/21

      1,550        1,800  

9.250%, 4/15/22

      280        324  

Sprint Corp.

      

7.875%, 9/15/23

      1,300        1,428  

7.625%, 2/15/25

      1,345        1,480  

Telenet Finance Luxembourg Notes S.a.r.l. 144A
5.500%, 3/1/28(1)

     2,200        2,305  

T-Mobile USA, Inc.

      

6.000%, 4/15/24

      2,865        2,972  

6.500%, 1/15/26

      865        930  

Trilogy International Partners LLC 144A
8.875%, 5/1/22(1)

     775        740  
         Par Value              Value      

Communication Services—continued

      

Viacom, Inc.
6.250%, 2/28/57

      $  830          $        895  

Videotron Ltd. 144A
5.375%, 6/15/24(1)

     463        506  

WMG Acquisition Corp.

      

144A 5.000%, 8/1/23(1)

     600        614  

144A 5.500%, 4/15/26(1)

     405        425  

Zayo Group LLC

      

6.375%, 5/15/25

      495        510  

144A 5.750%, 1/15/27(1)

     500        511  

Ziggo B.V. 144A
5.500%, 1/15/27(1)

     2,950        3,075  
     

 

 

  
        57,048  
     

 

 

  

 

Consumer Discretionary—12.8%

      

Adient US LLC 144A
7.000%, 5/15/26(1)

     1,435        1,500  

American Axle & Manufacturing, Inc.
6.250%, 4/1/25

      750        726  

Asbury Automotive Group, Inc.
6.000%, 12/15/24

      600        621  

Boyd Gaming Corp.
6.000%, 8/15/26

      1,495        1,577  

Boyne USA, Inc. 144A
7.250%, 5/1/25(1)

     171        186  

Century Communities, Inc.

      

5.875%, 7/15/25

      1,580        1,629  

144A 6.750%, 6/1/27(1)

     2,280        2,449  

Dana, Inc.
6.000%, 9/15/23

      725        743  

Delphi Technologies plc 144A
5.000%, 10/1/25(1)

     1,330        1,177  

Eldorado Resorts, Inc.

      

6.000%, 4/1/25

      985        1,037  

6.000%, 9/15/26

      620        679  

Fiat Chrysler Automobiles NV
5.250%, 4/15/23

      1,465        1,564  

General Motors Co.
6.600%, 4/1/36

      1,025        1,175  

Graham Holdings Co. 144A
5.750%, 6/1/26(1)

     880        946  

Hilton Grand Vacations Borrower LLC
6.125%, 12/1/24

      825        877  

Hilton Worldwide Finance LLC
4.625%, 4/1/25

      778        801  

IAA, Inc. 144A
5.500%, 6/15/27(1)

     835        881  

J.B. Poindexter & Co., Inc. 144A
7.125%, 4/15/26(1)

     1,115        1,154  

Lennar Corp.

      

5.875%, 11/15/24

      1,391        1,540  

5.000%, 6/15/27

      440        471  

MGM Resorts International

      

7.750%, 3/15/22

      1,080        1,208  

6.000%, 3/15/23

      1,380        1,520  

New Red Finance, Inc. 144A
5.000%, 10/15/25(1)

     1,545        1,596  

Penske Automotive Group, Inc.
5.375%, 12/1/24

      910        936  

PulteGroup, Inc.

      

4.250%, 3/1/21

      1,527        1,558  

5.500%, 3/1/26

      1,000        1,092  
 

 

See Notes to Schedule of Investments.

 

1

SEIX HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value                 
                    

Consumer Discretionary—continued

      

7.875%, 6/15/32

      $  400          $        488  

Shea Homes LP

      

144A 5.875%, 4/1/23(1)

     1,755        1,794  

144A 6.125%, 4/1/25(1)

     440        451  

Six Flags Entertainment Corp. 144A
5.500%, 4/15/27(1)

     960        1,024  

Taylor Morrison Communities, Inc. 144A
5.750%, 1/15/28(1)

     390        423  

TRI Pointe Group, Inc.
5.875%, 6/15/24

      2,840        3,025  

William Carter Co. (The) 144A
5.625%, 3/15/27(1)

     963        1,030  

Wolverine World Wide, Inc. 144A
5.000%, 9/1/26(1)

     131        132  
     

 

 

  
        38,010  
     

 

 

  

 

Consumer Staples—1.8%

      

Pilgrim’s Pride Corp.

      

144A 5.750%, 3/15/25(1)

     2,225        2,303  

144A 5.875%, 9/30/27(1)

     730        784  

US Foods, Inc. 144A
5.875%, 6/15/24(1)

     2,045        2,106  
     

 

 

  
        5,193  
     

 

 

  

 

Energy—8.3%

      

Antero Midstream Partners LP 144A
5.750%, 3/1/27(1)

     745        620  

Antero Resources Corp.

      

5.375%, 11/1/21

      600        580  

5.625%, 6/1/23

      815        705  

Apergy Corp.
6.375%, 5/1/26

      1,017        1,009  

Ascent Resources Utica Holdings LLC 144A
7.000%, 11/1/26(1)

     515        430  

Centennial Resource Production LLC 144A
6.875%, 4/1/27(1)

     2,170        2,165  

Cheniere Corpus Christi Holdings LLC
7.000%, 6/30/24

      1,305        1,499  

Diamond Offshore Drilling, Inc.
5.700%, 10/15/39

      1,115        541  

Endeavor Energy Resources LP 144A
5.500%, 1/30/26(1)

     760        790  

Ensign Drilling, Inc. 144A
9.250%, 4/15/24(1)

     895        837  

Enviva Partners LP
8.500%, 11/1/21

      520        532  

Glenn Pool Oil & Gas Trust
6.000%, 8/2/21(2)

     194        191  

Hilcorp Energy I LP 144A
6.250%, 11/1/28(1)

     1,885        1,753  

MEG Energy Corp.

      

144A 7.000%, 3/31/24(1)

     330        318  

144A 6.500%, 1/15/25(1)

     1,431        1,460  

Montage Resources Corp.
8.875%, 7/15/23

      751        574  

Murphy Oil Corp.
6.875%, 8/15/24

      1,285        1,343  

Oceaneering International, Inc.
6.000%, 2/1/28

      1,524        1,459  

Parkland Fuel Corp. 144A
5.875%, 7/15/27(1)

     1,515        1,590  
         Par Value              Value      

Energy—continued

      

Range Resources Corp.
5.750%, 6/1/21

      $1,084          $     1,076  

Shelf Drilling Holdings Ltd. 144A
8.250%, 2/15/25(1)

     855        727  

Southwestern Energy Co.
7.750%, 10/1/27

      830        724  

Transocean Proteus Ltd. 144A
6.250%, 12/1/24(1)

     986        1,001  

Transocean Sentry Ltd. 144A
5.375%, 5/15/23(1)

     360        359  

USA Compression Partners LP
6.875%, 4/1/26

      878        911  

WPX Energy, Inc.

      

8.250%, 8/1/23

      680        765  

5.250%, 9/15/24

      760        779  
     

 

 

  
        24,738  
     

 

 

  

 

Financials—18.3%

      

Ally Financial, Inc.

      

7.500%, 9/15/20

      2,750        2,874  

5.125%, 9/30/24

      1,380        1,504  

8.000%, 11/1/31

      1,225        1,694  

C&W Senior Financing DAC 144A
6.875%, 9/15/27(1)

     800        829  

Charter Communications Operating LLC
4.908%, 7/23/25

      3,340        3,671  

Credit Acceptance Corp.

      

7.375%, 3/15/23

      645        669  

144A 6.625%, 3/15/26(1)

     3,012        3,223  

Dell International LLC

      

144A 7.125%, 6/15/24(1)

     1,395        1,472  

144A 8.350%, 7/15/46(1)

     995        1,312  

Ford Motor Credit Co. LLC
5.875%, 8/2/21

      1,425        1,493  

Hilcorp Energy I LP 144A
5.750%, 10/1/25(1)

     2,645        2,460  

ILFC E-Capital Trust I 144A
3.770%, 12/21/65(1)(3)

     1,390        951  

Ladder Capital Finance Holdings LLLP

      

144A 5.250%, 3/15/22(1)

     770        802  

144A 5.250%, 10/1/25(1)

     580        593  

Level 3 Financing, Inc.

      

5.125%, 5/1/23

      620        626  

144A 4.625%, 9/15/27(1)

     975        984  

MGIC Investment Corp.
5.750%, 8/15/23

      980        1,072  

MSCI, Inc. 144A
5.250%, 11/15/24(1)

     780        805  

Nationstar Mortgage Holdings, Inc.

      

144A 8.125%, 7/15/23(1)

     1,535        1,600  

144A 9.125%, 7/15/26(1)

     2,245        2,391  

Nationstar Mortgage LLC
6.500%, 7/1/21

      1,585        1,589  

Navient Corp.
8.000%, 3/25/20

      1,410        1,438  

New Red Finance, Inc. 144A
4.625%, 1/15/22(1)

     610        610  

Petrobras Global Finance BV 144A
5.093%, 1/15/30(1)

     815        850  

Provident Funding Associates LP 144A
6.375%, 6/15/25(1)

     2,020        1,965  
 

 

See Notes to Schedule of Investments.

 

2

SEIX HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value                   
         

Financials—continued

      

Quicken Loans, Inc.

      

144A 5.750%, 5/1/25(1)

             $3,315          $     3,419  

144A 5.250%, 1/15/28(1)

     1,250        1,290  

Radian Group, Inc.

      

4.500%, 10/1/24

      1,453        1,500  

4.875%, 3/15/27

      1,420        1,438  

Refinitiv US Holdings, Inc. 144A
6.250%, 5/15/26(1)

     580        622  

Silversea Cruise Finance Ltd. 144A
7.250%, 2/1/25(1)

     587        627  

Springleaf Finance Corp.

      

7.750%, 10/1/21

      690        750  

6.625%, 1/15/28

      1,330        1,430  

Starwood Property Trust, Inc.
5.000%, 12/15/21

      1,660        1,726  

Teva Pharmaceutical Finance Co. B.V.
2.950%, 12/18/22

      1,735        1,488  

Transocean Pontus Ltd. 144A
6.125%, 8/1/25(1)

     1,047        1,062  

VFH Parent LLC 144A
6.750%, 6/15/22(1)

     1,315        1,360  
     

 

 

  
        54,189  
     

 

 

  

 

Health Care—9.0%

      

AMN Healthcare, Inc. 144A
5.125%, 10/1/24(1)

     760        789  

Bausch Health Cos., Inc.

      

144A 5.500%, 3/1/23(1)

     639        647  

144A 5.875%, 5/15/23(1)

     887        898  

144A 7.000%, 3/15/24(1)

     900        946  

144A 5.750%, 8/15/27(1)

     2,085        2,254  

Centene Corp.

      

5.625%, 2/15/21

      1,475        1,496  

6.125%, 2/15/24

      590        615  

144A 5.375%, 6/1/26(1)

     885        927  

Charles River Laboratories International, Inc. 144A
5.500%, 4/1/26(1)

     900        957  

DaVita, Inc.
5.000%, 5/1/25

      3,255        3,243  

HCA Healthcare, Inc.
6.250%, 2/15/21

      2,660        2,785  

HCA, Inc.

      

5.250%, 4/15/25

      2,745        3,053  

7.500%, 11/15/95

      455        506  

IQVIA, Inc.

      

144A 5.000%, 10/15/26(1)

     995        1,042  

144A 5.000%, 5/15/27(1)

     435        456  

MEDNAX, Inc. 144A
5.250%, 12/1/23(1)

     1,045        1,062  

Par Pharmaceutical, Inc. 144A
7.500%, 4/1/27(1)

     1,245        1,133  

Teleflex, Inc.
5.250%, 6/15/24

      699        720  

Teva Pharmaceutical Finance Netherlands III B.V.
6.000%, 4/15/24

      325        280  

WellCare Health Plans, Inc.

      

5.250%, 4/1/25

      1,105        1,151  

144A 5.375%, 8/15/26(1)

     1,490        1,590  
     

 

 

  
        26,550  
     

 

 

  
         Par Value              Value      

Industrials—9.7%

      

AECOM
5.875%, 10/15/24

      $1,405          $     1,527  

Air Canada Pass-Through-Trust 2015-1, C 144A
5.000%, 3/15/20(1)

     490        493  

Allison Transmission, Inc. 144A
5.000%, 10/1/24(1)

     1,565        1,599  

American Airlines Group, Inc. 144A
5.000%, 6/1/22(1)

     3,095        3,214  

Beacon Roofing Supply, Inc.

      

6.375%, 10/1/23

      600        620  

144A 4.875%, 11/1/25(1)

     690        677  

Cimpress NV 144A
7.000%, 6/15/26(1)

     1,805        1,863  

CSC Holdings LLC 144A
10.875%, 10/15/25(1)

     2,877        3,258  

Hilton Domestic Operating Co., Inc.
5.125%, 5/1/26

      491        516  

KAR Auction Services, Inc. 144A
5.125%, 6/1/25(1)

     1,560        1,615  

Manitowoc Co., Inc. (The) 144A
9.000%, 4/1/26(1)

     780        764  

Murphy Oil USA, Inc.
4.750%, 9/15/29

      555        568  

Ritchie Bros. Auctioneers, Inc. 144A
5.375%, 1/15/25(1)

     645        673  

Sensata Technologies B.V. 144A
5.000%, 10/1/25(1)

     470        502  

Sensata Technologies UK Financing Co. plc 144A
6.250%, 2/15/26(1)

     475        506  

TransDigm UK Holdings plc
6.875%, 5/15/26

      1,530        1,645  

TransDigm, Inc.
7.500%, 3/15/27

      2,015        2,191  

Triumph Group, Inc. 144A
6.250%, 9/15/24(1)

     870        905  

Univar USA, Inc. 144A
6.750%, 7/15/23(1)

     780        793  

US Airways, Inc. Pass-Through-Trust 2012-2, B
6.750%, 6/3/21

      1,476        1,553  

Vizient, Inc. 144A
6.250%, 5/15/27(1)

     272        292  

Wabash National Corp. 144A
5.500%, 10/1/25(1)

     670        658  

WESCO Distribution, Inc.
5.375%, 6/15/24

      700        723  

XPO Logistics, Inc. 144A
6.750%, 8/15/24(1)

     1,460        1,580  
     

 

 

  
        28,735  
     

 

 

  

 

Information Technology—4.7%

      

Broadcom Corp.
3.625%, 1/15/24

      1,470        1,504  

Broadcom, Inc.

      

144A 4.250%, 4/15/26(1)

     3,000        3,100  

144A 4.750%, 4/15/29(1)

     985        1,041  

Dell International LLC

      

144A 6.020%, 6/15/26(1)

     1,430        1,613  

144A 5.300%, 10/1/29(1)

     865        941  

144A 8.100%, 7/15/36(1)

     735        938  

Gartner, Inc. 144A
5.125%, 4/1/25(1)

     655        685  
 

 

See Notes to Schedule of Investments.

 

3

SEIX HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value                   
         

Information Technology—continued

      

Go Daddy Operating Co., LLC 144A
5.250%, 12/1/27(1)

         $  880          $        925  

Micron Technology, Inc.
4.975%, 2/6/26

      1,630        1,756  

Nuance Communications, Inc.
6.000%, 7/1/24

      1,452        1,517  
     

 

 

  
        14,020  
     

 

 

  

 

Materials—5.0%

      

Axalta Coating Systems LLC 144A
4.875%, 8/15/24(1)

     3,035        3,134  

Berry Global, Inc.
6.000%, 10/15/22

      600        608  

Big River Steel LLC 144A
7.250%, 9/1/25(1)

     885        934  

Blue Cube Spinco LLC
9.750%, 10/15/23

      1,150        1,253  

First Quantum Minerals Ltd. 144A
7.000%, 2/15/21(1)

     403        406  

Freeport-McMoRan, Inc.
3.550%, 3/1/22

      1,209        1,212  

Kaiser Aluminum Corp.
5.875%, 5/15/24

      934        972  

Reynolds Group Issuer, Inc. 144A
5.125%, 7/15/23(1)

     1,003        1,027  

Steel Dynamics, Inc.
5.125%, 10/1/21

      1,010        1,014  

Summit Materials LLC

      

144A 5.125%, 6/1/25(1)

     1,000        1,025  

144A 6.500%, 3/15/27(1)

     1,485        1,585  

USG Corp. 144A
5.500%, 3/1/25(1)

     775        785  

Valvoline, Inc.
5.500%, 7/15/24

      922        959  
     

 

 

  
        14,914  
     

 

 

  

 

Real Estate—3.1%

      

Brookfield Property REIT, Inc. 144A
5.750%, 5/15/26(1)

     1,587        1,658  

Equinix, Inc.
5.875%, 1/15/26

      725        771  

Howard Hughes Corp. (The) 144A
5.375%, 3/15/25(1)

     2,955        3,088  

Realogy Group LLC 144A
5.250%, 12/1/21(1)

     740        736  

SBA Communications Corp.

      

4.000%, 10/1/22

      2,036        2,077  

4.875%, 9/1/24

      905        937  
     

 

 

  
        9,267  
     

 

 

  

Utilities—1.6%

      

Edison International
5.750%, 6/15/27

      1,305        1,467  

NextEra Energy Operating Partners LP 144A
4.250%, 7/15/24(1)

     2,600        2,678  
         Par Value              Value      

Utilities—continued

      

Talen Energy Supply LLC 144A
7.250%, 5/15/27(1)

     $  580          $        589  
     

 

 

  
        4,734  

TOTAL CORPORATE BONDS AND NOTES

(Identified Cost $270,443)

 

 

      277,398  

 

LEVERAGED LOANS(3) —3.2%

      

 

Aerospace—0.3%

      

American Airlines, Inc. 2017, Tranche B (1 month LIBOR + 2.000%)
4.044%, 4/28/23

      1,024        1,022  
     

 

 

  

 

Energy—0.7%

      

California Resources Corp. 2016 (1 month LIBOR + 10.375%)
12.419%, 12/31/21

      1,195        1,037  

Crestwood Holdings LLC (1 month LIBOR + 7.500%)
9.540%, 3/6/23

      956        909  
     

 

 

  
        1,946  
     

 

 

  

 

Financial—0.1%

      

Ditech Holding Corp. Tranche B (3 month PRIME + 0.000%)
0.000%, 6/30/22(4)(5)

     439        177  
     

 

 

  

 

Gaming / Leisure—0.3%

      

Eldorado Resorts, Inc. (3 month LIBOR + 2.250%)
4.313%, 4/17/24

      804        802  
     

 

 

  

 

Healthcare—0.5%

      

HCA, Inc. Tranche B-11 (1 month LIBOR + 1.750%)
3.794%, 3/18/23

      1,534        1,537  
     

 

 

  

 

Media / Telecom - Cable/Wireless Video—0.9%

      

Charter Communications Operating LLC Tranche B (1 month LIBOR + 2.000%)
4.050%, 4/30/25

      1,543        1,552  

Liberty Cablevision of Puerto Rico LLC Tranche B, First Lien (1 month LIBOR + 3.500%)
5.528%, 1/7/22

      1,025        1,021  
     

 

 

  
        2,573  
     

 

 

  

 

Media / Telecom - Telecommunications—0.4%

      

CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%)
4.794%, 1/31/25

      1,292        1,283  

TOTAL LEVERAGED LOANS

(Identified Cost $9,838)

               9,340  
 

 

See Notes to Schedule of Investments.

 

4

SEIX HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Shares              Value                   
         

COMMON STOCK—0.0%

      

 

Energy—0.0%

      

Templar Energy LLC Class A(2)(6)

         134,055          $ 34  

TOTAL COMMON STOCK

(Identified Cost $4,781)

               34  

 

TOTAL LONG-TERM INVESTMENTS—96.8%

(Identified Cost $285,062)

               286,772  

 

TOTAL INVESTMENTS—96.8%

(Identified Cost $285,062)

           $ 286,772  

Other assets and liabilities, net—3.2%

         9,463  
     

 

 

  

 

NET ASSETS—100.0%

           $ 296,235  
     

 

 

  

 

Abbreviations:

      

LIBOR London Interbank Offered Rate

      

LLC  Limited Liability Company

      

LLLP Limited Liability Limited Partnership

      

LP  Limited Partnership

      

REIT  Real Estate Investment Trust

      

 

Footnote Legend:

(1)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2019, these securities amounted to a value of $148,773 or 50.2% of net assets.

(2)  The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

(3)  Variable rate security. Rate disclosed is as of September 30, 2019. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. 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, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

(4)  Security in default; no interest payments are being received during the bankruptcy proceedings.

(5)  This loan will settle after September 30, 2019, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

(6)  Non-income producing.

 

   

   

   

   

   

   

 

Country Weightings (Unaudited)†        

United States

      86%   

Canada

      5      

Netherlands

      3      

Luxembourg

      2      

Cayman Islands

      1      

Ireland

      1      

United Kingdom

      1      

Other

      1      

Total Investments

      100%   

† % of total investments as of September 30, 2019.

   
          

 

 

 

See Notes to Schedule of Investments.

 

5

SEIX HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

The following table summarizes the market value of the Fund’s investments as of September 30, 2019, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

 

     Total
Value at
September 30, 2019		         Level 2
Significant
Observable
Inputs		         Level 3
Significant
Unobservable
Inputs

Assets:

                         

Debt Securities:

                         

Corporate Bonds and Notes

        $277,398             $277,207             $191

Leveraged Loans

        9,340             9,340             —

Equity Securities:

                         

Common Stock

        34             —             34
    

 

 

            

 

 

            

 

 

  

Total Investments

        $286,772             $286,547             $225
    

 

 

            

 

 

            

 

 

  

There were no securities valued using quoted prices (Level 1) at September 30, 2019.

There were no transfers into or out of Level 3 related to securities held at September 30, 2019.

Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is deminimus; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended September 30, 2019.

 

See Notes to Schedule of Investments.

 

6

SEIX HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited)

SEPTEMBER 30, 2019

 

 

Note 1. Security Valuation

The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

 

•   Level 1 –   quoted prices in active markets for identical securities (security types generally include listed equities).
•   Level 2 –   prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
•   Level 3 –   prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer-supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.

 

7