NPORT-EX 2 VIRGCS0SeixInvGrdTaxExptBdFd.htm HTML

SEIX INVESTMENT GRADE TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value                    
          

MUNICIPAL BONDS(1) —94.8%

      

 

Alabama—0.6%

      

Jefferson County, Sales Tax Revenue 5.000%, 9/15/33

      $  1,500            $    1,808  
     

 

 

  

 

Arizona—1.1%

      

Salt River Project Agricultural Improvement & Power
District Revenue

5.000%, 12/1/32

   

 

3,020

 

   

 

3,586

 

     

 

 

  

 

California—13.1%

      

California Infrastructure & Economic Development
Bank Revenue

5.000%, 10/1/35

   

 

5,725

 

   

 

7,272

 

California Infrastructure & Economic Development
Bank Revenue, Mandatory Put 4/1/20
1.866%, 4/1/38(2)

  

 

3,825

 

   

 

3,828

 

California, State of,

      

General Obligation

5.000%, 4/1/23

   

 

10,645

 

   

 

12,039

 

General Obligation

5.000%, 4/1/37

   

 

4,000

 

   

 

4,600

 

East Bay Municipal Utility District Water System
Revenue

5.000%, 6/1/33

   

 

1,940

 

   

 

2,435

 

Los Angeles County Metropolitan Transportation Authority,

      

Sales Tax Revenue

5.000%, 7/1/37

   

 

1,500

 

   

 

1,899

 

Sales Tax Revenue

5.000%, 7/1/38

   

 

1,000

 

   

 

1,261

 

Los Angeles Department of Water Revenue
5.000%, 7/1/36

      2,000        2,400  

Rancho Water District Financing Authority Revenue
4.000%, 8/1/35

      2,000        2,382  

San Diego Association of Governments Revenue
5.000%, 11/15/25

      1,000        1,183  

Santa Monica-Malibu Unified School District,

      

General Obligation

5.000%, 8/1/39

   

 

400

 

   

 

452

 

General Obligation

5.000%, 8/1/43

   

 

1,500

 

   

 

1,693

 

     

 

 

  
        41,444  
     

 

 

  

 

Colorado—1.4%

      

Colorado Health Facilities Authority Revenue

      

5.000%, 8/1/25

      750        882  

5.000%, 8/1/26

      1,000        1,199  

5.000%, 8/1/27

      2,000        2,437  
     

 

 

  
        4,518  
     

 

 

  

 

District of Columbia—4.6%

      

District of Columbia, General Obligation
5.000%, 6/1/31

      2,825        3,474  

District of Columbia Revenue
5.500%, 12/1/30

      8,000        8,055  
         Par Value              Value      

District of Columbia—continued

      

Washington Metropolitan Area Transit Authority
Revenue

5.000%, 7/1/34

   

 

$  2,500

 

   

 

    $    3,078

 

     

 

 

  
        14,607  
     

 

 

  

 

Florida—0.9%

      

Greater Orlando Aviation Authority Revenue
5.000%, 10/1/25

      2,500        2,974  
     

 

 

  

 

Georgia—6.0%

      

Atlanta, City of, Water & Wastewater Revenue

      

5.000%, 11/1/31

      1,000        1,250  

5.000%, 11/1/33

      11,100        13,119  

5.000%, 11/1/35

      2,585        3,197  

Valdosta & Lowndes County Hospital Authority
Revenue

5.000%, 10/1/33

   

 

1,190

 

   

 

1,510

 

     

 

 

  
        19,076  
     

 

 

  

 

Hawaii—1.7%

      

Hawaii, State of,

      

General Obligation (Pre-Refunded 11/1/22 @ 100)

5.000%, 11/1/29

      60        67  

General Obligation (Pre-Refunded 11/1/22 @ 100)

5.000%, 11/1/29

      160        178  

General Obligation (Pre-Refunded 11/1/22 @ 100)

5.000%, 11/1/29

      4,495        4,988  
     

 

 

  
        5,233  
     

 

 

  

 

Illinois—1.7%

      

Chicago O’Hare International Airport, Passenger
Facilities Charge Revenue
4.000%, 1/1/27

   

 

2,980

 

   

 

3,126

 

Chicago O’Hare International Airport Revenue, Senior
Lien

5.000%, 1/1/26

   

 

2,000

 

   

 

2,386

 

     

 

 

  
        5,512  
     

 

 

  

 

Louisiana—1.6%

      

New Orleans, City of, General Obligation
5.000%, 12/1/22

      4,500        4,983  
     

 

 

  

 

Maryland—5.8%

      

Anne Arundel County, General Obligation
5.000%, 10/1/30

      3,615        4,450  

Maryland, State of, General Obligation (Pre-Refunded 8/1/22 @ 100)
5.000%, 8/1/25

      5,920        6,539  

Montgomery County, General Obligation
5.000%, 11/1/27

      3,000        3,542  

Washington Suburban Sanitary Commission, General
Obligation

5.000%, 6/15/30

   

 

3,000

 

   

 

3,759

 

     

 

 

  
        18,290  
     

 

 

  
 

 

See Notes to Schedule of Investments.

 

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SEIX INVESTMENT GRADE TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value                    
          

Minnesota—4.0%

      

Edina Independent School District No. 273, General Obligation (SD CRED PROG Insured)

5.000%, 2/1/30

   

 

$  4,700

 

   

 

    $    5,567

 

Hennepin County, General Obligation
5.000%, 12/1/25

      2,000        2,438  

Minnesota, State of, General Obligation
5.000%, 8/1/29

      4,000        4,807  
     

 

 

  
        12,812  
     

 

 

  

 

Missouri—1.4%

      

Metropolitan St. Louis Sewer District Revenue
5.000%, 5/1/35

      1,500        1,771  

St Louis, City of, Lambert International Airport Revenue

5.000%, 7/1/28

   

 

2,165

 

   

 

2,750

 

     

 

 

  
        4,521  
     

 

 

  

 

New York—8.2%

      

New York, City of, General Obligation
5.000%, 8/1/26

      1,000        1,236  

New York City Transitional Finance Authority Future Tax Secured Revenue

5.000%, 2/1/30

   

 

6,400

 

   

 

6,933

 

New York City Transitional Finance Authority Future Tax Secured, Sales Tax Revenue

5.000%, 2/1/28

   

 

4,000

 

   

 

4,606

 

New York Liberty Development Corp. Revenue
2.450%, 9/15/69

      1,925        1,963  

New York State Dormitory Authority,

      

Sales Tax Revenue

5.000%, 3/15/28

      2,500        2,890  

Sales Tax Revenue

5.000%, 3/15/29

      4,500        5,059  

New York State Environmental Facilities Corp. Revenue
4.000%, 6/15/49

      3,000        3,398  
     

 

 

  
        26,085  
     

 

 

  

 

North Carolina—0.3%

      

North Carolina, State of, Build Revenue
5.000%, 5/1/22

      1,000        1,094  
     

 

 

  

 

North Dakota—1.1%

      

North Dakota Public Finance Authority Revenue
5.000%, 10/1/28

      3,000        3,525  
     

 

 

  

 

Ohio—4.3%

      

Ohio, State of,

      

General Obligation

5.000%, 6/15/32

      7,735        9,316  

General Obligation

5.000%, 5/1/36

      3,500        4,288  
     

 

 

  
        13,604  
     

 

 

  

 

Oregon—1.5%

      

Oregon, State of, General Obligation
5.000%, 5/1/31

      1,000        1,303  

Portland, Port of, Airport Revenue
5.000%, 7/1/26

      750        910  
         Par Value              Value      

Oregon—continued

      

5.000%, 7/1/30

      $  1,000            $    1,210  

Washington County School District No. 1 West Union,
General Obligation (SCH BD GTY Insured)
5.000%, 6/15/31

   

 

1,000

 

   

 

1,244

 

     

 

 

  
        4,667  
     

 

 

  

 

Pennsylvania—2.7%

      

Commonwealth of Pennsylvania, General Obligation 5.000%, 3/15/28

      3,775        4,456  

Philadelphia, City of, Airport Revenue

      

5.000%, 7/1/22

      1,765        1,930  

5.000%, 7/1/23

      2,000        2,250  
     

 

 

  
        8,636  
     

 

 

  

 

Tennessee—1.2%

      

Chattanooga Health Educational & Housing Facility
Board Revenue

      

5.000%, 8/1/31

      1,000        1,243  

5.000%, 8/1/32

      250        309  

5.000%, 8/1/33

      250        308  

Tennessee, State of, General Obligation
5.000%, 8/1/28

      1,595        1,924  
     

 

 

  
        3,784  
     

 

 

  

 

Texas—13.1%

      

Dallas, City of, Waterworks & Sewer System Revenue 5.000%, 10/1/31

      6,845        8,357  

Frisco Independent School District, General Obligation
(PSF-GTD Insured)

5.000%, 8/15/32

   

 

3,185

 

   

 

4,093

 

North Texas Municipal Water District Water System
Revenue

5.000%, 9/1/31

   

 

500

 

   

 

641

 

Northwest Independent School District General
Obligation (PSF-GTD Insured)

5.000%, 2/15/28

   

 

5,785

 

   

 

6,838

 

Northwest Independent School District, General
Obligation (PSF-GTD Insured)

5.000%, 2/15/27

   

 

2,600

 

   

 

3,082

 

Round Rock Independent School District, General
Obligation (PSF-GTD Insured)

5.000%, 8/1/26

   

 

6,240

 

   

 

7,711

 

San Antonio, City of, Electric & Gas Systems Revenue
5.000%, 2/1/26

      1,000        1,214  

Texas Water Development Board Revenue
5.000%, 4/15/26

      900        1,100  

Texas, State of, General Obligation
5.000%, 8/1/27

      5,425        6,294  

Travis County, General Obligation
5.000%, 3/1/29

      1,750        2,280  
     

 

 

  
        41,610  
     

 

 

  

 

Utah—1.8%

      

Central Utah Water Conservancy District Revenue
4.000%, 10/1/39

      5,000        5,662  
     

 

 

  
 

 

See Notes to Schedule of Investments.

 

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SEIX INVESTMENT GRADE TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value                    
          

Virginia—8.1%

      

County of Fairfax, General Obligation (State AID Withholding Insured)

5.000%, 10/1/25

   

 

$  2,580

 

   

 

    $    3,138

 

County of Henrico, General Obligation (State AID Withholding Insured)

5.000%, 8/1/26

   

 

3,165

 

   

 

3,928

 

County of Loudoun, General Obligation (State AID Withholding Insured)

5.000%, 12/1/27

   

 

3,405

 

   

 

4,366

 

Virginia College Building Authority Revenue
5.000%, 2/1/29

      4,750        5,773  

Virginia Resources Authority Revenue
5.000%, 10/1/29

      6,920        8,329  
     

 

 

  
        25,534  
     

 

 

  

 

Washington—8.6%

      

Energy Northwest Revenue

      

5.000%, 7/1/33

      1,570        1,945  

5.000%, 7/1/34

      8,000        9,444  

Seattle, City of, Drainage & Wastewater Revenue
4.000%, 4/1/36

      5,000        5,601  

Washington, State of,

      

General Obligation

5.000%, 2/1/30

      5,000        6,048  

General Obligation (Pre-Refunded 8/1/21 @ 100)

5.000%, 8/1/24

      3,880        4,140  
     

 

 

  
        27,178  
     

 

  

TOTAL MUNICIPAL BONDS

(Identified Cost $292,961)

      

 

300,743

 

 

  

TOTAL LONG-TERM INVESTMENTS—94.8%

(Identified Cost $292,961)

 

 

   

 

300,743

 

 

  
              Value      

TOTAL INVESTMENTS—94.8%

(Identified Cost $292,961)

   

    $

300,743

 

Other assets and liabilities, net—5.2%

      16,546  
     

 

 

  

NET ASSETS—100.0%

        $ 317,289  
     

 

 

  

 

Abbreviations:

   

PSF-GTD

   Permanent School Fund Guarantee Program

SCH BD GTY

   School Bond Guaranty

SD CRED PROG

   State Credit Enhancement Program

Footnote Legend:

(1) 

At September 30, 2019, 13.3% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. None of the insurers concentration exceeds 10% of the Fund’s net assets.

(2) 

Variable or step coupon security; interest rate shown reflects the rate in effect at September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

    

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.

 

 

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

Assets:

          

Debt Securities:

          

Municipal Bonds

      $ 300,743      $ 300,743
    

 

 

       

 

 

  

Total Investments

      $ 300,743      $ 300,743
    

 

 

       

 

 

  

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at September 30, 2019.

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

 

See Notes to Schedule of Investments.

 

3

SEIX INVESTMENT GRADE TAX-EXEMPT BOND FUND

NOTES TO 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.

 

4