Seix Short-Term Municipal Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Par Value	Value
Municipal Bonds—86.0%
California—4.6%
San Diego Association of Governments Revenue 5.000%, 11/15/25	$500	$574
Colorado—3.6%
Colorado Springs Co., City of, Utilities System Revenue 4.860%, 11/1/38⁽¹⁾	450	450
Florida—4.6%
Greater Orlando Aviation Authority Revenue 5.000%, 10/1/25	500	574
Georgia—9.3%
Forsyth County School District General Obligation 5.000%, 2/1/26	250	303
Georgia, State of, General Obligation 5.000%, 2/1/24	750	858
		1,161


Maryland—4.0%
Maryland Health & Higher Educational Facilities Authority 4.000%, 4/1/35⁽¹⁾	500	500
New York—10.0%
New York City Transitional Finance Authority Future Tax Secured Revenue 5.000%, 8/1/22	665	722
New York City Water & Sewer System Revenue 5.000%, 6/15/25	200	227
Onondaga County Trust for Cultural Resources Syracuse University Project 3.680%, 12/1/29⁽¹⁾	300	300
		1,249


North Carolina—11.5%
Charlotte, City of, 2003 Governmental Facilities Projects 3.710%, 6/1/33⁽¹⁾	500	500
Charlotte, City of, Water & Sewer System Revenue 3.710%, 7/1/36⁽¹⁾	400	400
Wake County, General Obligation 5.000%, 3/1/22	500	537
		1,437


Texas—19.6%
Austin Convention Enterprises, Inc., Convention Center Hotel Revenue 5.000%, 1/1/22	300	303
North Texas Tollway Authority,
Toll Highway Revenue 5.000%, 1/1/25	625	686
Toll Highway Revenue 5.000%, 1/1/26	500	550
Texas Water Development Board Revenue 5.000%, 4/15/26	250	303

	Par Value	Value

Texas—continued
Texas, State of, Tax and Revenue Anticipation Notes 4.000%, 8/27/20	$600	$607
		2,449


Utah—2.5%
University of Utah Revenue 5.000%, 8/1/26	250	305
Washington—12.2%
Energy Northwest, Project 3 Electric Revenue 5.000%, 7/1/24	500	572
Seattle, City of, Washington Municipal Light & Power Revenue 5.000%, 4/1/25	500	590
University of Washington 5.000%, 4/1/27	300	359
		1,521


Wisconsin—4.1%
Wisconsin, State of, General Obligation 1.775%, 5/1/24	500	505
Total Municipal Bonds (Identified Cost $10,684)		10,725




Total Long-Term Investments—86.0% (Identified Cost $10,684)		10,725

	Shares
Short-Term Investment—13.0%
Money Market Mutual Fund—13.0%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)⁽²⁾	1,623,690	1,624
Total Short-Term Investment (Identified Cost $1,624)		1,624




TOTAL INVESTMENTS—99.0% (Identified Cost $12,308)		$12,349
Other assets and liabilities, net—1.0%		131
NET ASSETS—100.0%		$12,480

Footnote Legend:
⁽¹⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2020. 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.
⁽²⁾	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

See Notes to Schedule of Investments

Seix Short-Term Municipal Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at March 31, 2020	Level 1 Quoted Prices	Level 2 Significant Observable Inputs
Assets:
Debt Securities:
Municipal Bonds	$10,725	$—	$10,725
Money Market Mutual Fund	1,624	1,624	—
Total Investments	$12,349	$1,624	$10,725

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

See Notes to Schedule of Investments

SEIX SHORT-TERM MUNICIPAL BOND FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

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 and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter (“OTC”) derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within 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.