Our Perspective THE ELECTION AND MUNIS - NOVEMBER 2016 Repeal of ACA is Negative for Hospital Bonds Republicans are committed to “repealing and replacing” ACA and we believe the election is highly likely to have a negative effect on the tax exempt hospital sector. In a recent 60 Minutes interview, Trump said he intended to immediately repeal ACA. Since the election, we have seen hospital credit spreads widen out significantly as repealing or scaling back ACA would reduce revenues for hospitals. We have an underweight recommendation to the hospital sector and we expect the $250 billion in hospital debt to continue to underperform over the near and medium term. The assertions in this perspective are Seix Investment Advisors’ opinion. Investment Risks: All investments involve risk.

Debt securities (bonds) offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return. Generally, a portfolio’s fixed income securities will decrease in value if interest rates rise and vice versa.

A portfolio’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax. There is no guarantee a specific investment strategy will be successful. This information and general market-related projections are based on information available at the time, are subject to change without notice, are for informational purposes only, are not intended as individual or specific advice, may not represent the opinions of the entire firm, and may not be relied upon for individual investing purposes. Information provided is general and educational in nature, provided as general guidance on the subject covered, and is not intended to be authoritative.

All information contained herein is believed to be correct, but accuracy cannot be guaranteed. This information may coincide or conflict with activities of the portfolio managers. It is not intended to be, and should not be construed as investment, legal, estate planning, or tax advice.

Seix Investment Advisors does not provide legal, estate planning or tax advice. Investors are advised to consult with their investment processional about their specific financial needs and goals before making any investment decisions. Past performance is not indicative of future results. ©2016 Seix Investment Advisors LLC. Seix Investment Advisors is a registered investment adviser with the SEC and a member of the RidgeWorth Capital Management LLC network of investment firms. .