DUFF & PHELPS GLOBAL INFRASTRUCTURE FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—98.6%
Communication Services—2.2%
Cellnex Telecom SA 144A (Spain)(1)		61,045	$	2,259
Energy—17.5%
Antero Midstream Corp. (United States)		88,520		1,014
Cheniere Energy, Inc. (United States)(2)		37,184		2,545
Enbridge, Inc. (Canada)		76,910		2,775
Golar LNG Ltd. (Bermuda)		50,188		927
Kinder Morgan, Inc. (United States)		114,679		2,395
ONEOK, Inc. (United States)		19,430		1,337
Pembina Pipeline Corp. (Canada)		47,625		1,773
Targa Resources Corp. (United States)		18,428		724
TC Energy Corp. (Canada)		48,896		2,421
Williams Cos., Inc. (The) (United States)		78,744		2,208
				18,119
Industrials—28.4%
Aena SME SA 144A (Spain)(1)		13,921		2,759
Atlantia SpA (Italy)		120,705		3,144
Auckland International Airport Ltd. (New Zealand)		220,265		1,458
CSX Corp. (United States)		24,555		1,900
East Japan Railway Co. (Japan)		16,090		1,504
Ferrovial SA (Spain)		58,350		1,494
Fraport AG Frankfurt Airport Services Worldwide (Germany)		15,900		1,367
Norfolk Southern Corp. (United States)		11,922		2,376
Sydney Airport (Australia)		229,636		1,296
Transurban Group (Australia)		596,778		6,176
Union Pacific Corp. (United States)		16,407		2,775
Vinci SA (France)		31,523		3,228
				29,477
Real Estate—10.3%
American Tower Corp. (United States)		30,487		6,233
Crown Castle International Corp. (United States)		33,630		4,384
				10,617
Utilities—40.2%
American Electric Power Co., Inc. (United States)		39,812		3,504
American Water Works Co., Inc. (United States)		20,659		2,396
Aqua America, Inc. (United States)		27,845		1,152
Atmos Energy Corp. (United States)		19,738		2,084
CMS Energy Corp. (United States)		30,659		1,775
Dominion Energy, Inc. (United States)		41,001		3,170
DTE Energy Co. (United States)		9,148		1,170
Enel SpA (Italy)		199,182		1,391
Evergy, Inc. (United States)		28,797		1,732
Fortis, Inc. (Canada)		49,196		1,943
Iberdrola SA (Spain)		182,304		1,817
National Grid plc (United Kingdom)		129,184		1,371
Naturgy Energy Group SA (Spain)		53,116		1,463
NextEra Energy, Inc. (United States)		28,844		5,909
NiSource, Inc. (United States)		54,933		1,582

	Shares		Value
Utilities—continued
Orsted A/S 144A (Denmark)(1)		35,910	$	3,105
Public Service Enterprise Group, Inc. (United States)		36,172		2,128
Sempra Energy (United States)		29,227		4,017
				41,709
TOTAL COMMON STOCKS
(Identified Cost $82,022)				102,181
TOTAL LONG-TERM INVESTMENTS—98.6%
(Identified Cost $82,022)				102,181
TOTAL INVESTMENTS—98.6%
(Identified Cost $82,022)			$	102,181
Other assets and liabilities, net—1.4%				1,496
NET ASSETS—100.0%			$	103,677

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 June 30, 2019, these securities amounted to a value of $8,123 or 7.8% of net assets.    

⁽²⁾  Non-income producing.

Country Weightings†
United States	57	%
Spain	10
Canada	9
Australia	7
Italy	5
France	3
Denmark	3
Other	6
Total	100	%
† % of total investments as of June 30, 2019.

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019			Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks		$	102,181		$	102,181
Total Investments		$	102,181		$	102,181

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

1

DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—99.2%
Australia—3.0%
Dexus Property Group		218,339	$	1,990
GPT Group (The) - In Specie(1)(2)		13,566		—(3	)
National Storage REIT		2,062,044		2,533
Scentre Group		735,389		1,983
				6,506
Belgium—0.6%
Shurgard Self Storage SA		34,767		1,257
Canada—3.5%
Boardwalk Real Estate Investment Trust		108,600		3,304
Granite Real Estate Investment Trust		90,729		4,177
				7,481
China—0.5%
GDS Holdings Ltd. ADR(2)		30,200		1,135
France—1.2%
Klepierre SA		78,980		2,647
Germany—4.0%
Deutsche Wohnen SE		38,900		1,427
TLG Immobilien AG		112,300		3,288
Vonovia SE		83,919		4,008
				8,723
Hong Kong—5.7%
Link REIT		292,504		3,595
Swire Properties Ltd.		1,008,000		4,071
Wharf Real Estate Investment Co., Ltd.		682,600		4,810
				12,476
India—1.0%
Ascendas India Trust		2,160,800		2,172
Ireland—2.4%
Green REIT plc		1,812,723		3,731
Irish Residential Properties REIT plc		811,000		1,555
				5,286
Japan—12.2%
Invesco Office J-REIT, Inc.		18,800		3,144
Invincible Investment Corp.		4,899		2,536
Kenedix Office Investment Corp.		347		2,481
Kenedix Residential Next Investment Corp.		1,650		2,922
Mitsubishi Estate Co., Ltd.		439,000		8,164
Mitsui Fudosan Logistics Park, Inc.		1,120		3,807
Nippon Prologis REIT, Inc.		1,536		3,546
				26,600
Netherlands—0.6%
Unibail—Rodamco-Westfield		8,778		1,315
Norway—1.4%
Entra ASA 144A(4)		202,833		3,115

	Shares		Value
Singapore—0.5%
Mapletree Industrial Trust		666,100	$	1,103
Spain—2.7%
Inmobiliaria Colonial SOCIMI SA		284,500		3,169
Merlin Properties SOCIMI SA		199,000		2,760
				5,929
Sweden—1.6%
Kungsleden AB		422,000		3,481
United Kingdom—5.8%
Derwent London plc		45,410		1,797
Empiric Student Property plc		527,359		608
Safestore Holdings plc		234,557		1,828
Segro plc		193,928		1,798
UNITE Group plc (The)		340,900		4,219
Workspace Group plc		201,800		2,240
				12,490
United States—52.5%
Alexandria Real Estate Equities, Inc.		36,665		5,173
American Homes 4 Rent Class A		133,650		3,249
Americold Realty Trust		164,111		5,320
Apartment Investment & Management Co. Class A		64,631		3,239
AvalonBay Communities, Inc.		28,165		5,723
Brixmor Property Group, Inc.		142,533		2,549
Cousins Properties, Inc.		117,600		4,254
CubeSmart		91,875		3,072
CyrusOne, Inc.		58,500		3,377
Digital Realty Trust, Inc.		38,715		4,560
Douglas Emmett, Inc.		62,695		2,498
Duke Realty Corp.		135,496		4,283
Equity Residential		63,715		4,837
Essex Property Trust, Inc.		8,427		2,460
Extra Space Storage, Inc.		29,465		3,126
HCP, Inc.		218,400		6,984
Healthcare Trust of America, Inc. Class A		136,500		3,744
Host Hotels & Resorts, Inc.		115,606		2,106
Mid-America Apartment Communities, Inc.		23,500		2,767
Paramount Group, Inc.		83,140		1,165
Prologis, Inc.		92,634		7,420
Regency Centers Corp.		50,950		3,400
RLJ Lodging Trust		102,507		1,818
Ryman Hospitality Properties, Inc.		38,100		3,090
Simon Property Group, Inc.		17,831		2,849
Spirit Realty Capital, Inc.		82,016		3,499
STORE Capital Corp.		96,800		3,213
Sun Communities, Inc.		39,006		5,000
Taubman Centers, Inc.		37,250		1,521
Ventas, Inc.		44,870		3,067

See Notes to Schedule of Investments

2

DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
United States—continued
VICI Properties, Inc.		213,550	$	4,707
				114,070
TOTAL COMMON STOCKS
(Identified Cost $182,384)				215,786
TOTAL LONG-TERM INVESTMENTS—99.2%
(Identified Cost $182,384)				215,786
TOTAL INVESTMENTS—99.2%
(Identified Cost $182,384)			$	215,786
Other assets and liabilities, net—0.8%				1,693
NET ASSETS—100.0%			$	217,479

Abbreviations:

ADR   American Depositary Receipt

REIT  Real Estate Investment Trust

Footnote Legend:    

⁽¹⁾  Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.    

⁽²⁾  Non-income producing.

⁽³⁾  Amount is less than $500.

⁽⁴⁾  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 June 30, 2019, these securities amounted to a value of $3,115 or 1.4% of net assets.

Country Weightings†
United States	53	%
Japan	12
United Kingdom	6
Hong Kong	6
Germany	4
Canada	3
Australia	3
Other	13
Total	100	%
† % of total investments as of June 30, 2019.

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019			Level 1 Quoted Prices			Level 3 Significant Unobservable Inputs
Assets:
Equity Securities:
Common Stocks		$	215,786		$	215,786		$	—	(1)
Total Investments		$	215,786		$	215,786		$	—	(1)

⁽¹⁾  Amount is less than $500.

There were no securities valued using significant observable inputs (Level 2) at June 30, 2019.

There were no transfers into or out of Level 3 related to securities held at June 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 not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended June 30, 2019.

See Notes to Schedule of Investments

3

DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—97.5%
Australia—7.1%
Dexus Property Group		115,718	$	1,054
GPT Group (The) - In Specie(1)(2)		588,920		—(3	)
National Storage REIT		758,765		932
Scentre Group		476,171		1,284
				3,270
Belgium—0.9%
Shurgard Self Storage SA		10,856		393
Canada—6.7%
Boardwalk Real Estate Investment Trust		41,000		1,247
First Capital Realty, Inc.		27,405		457
Granite Real Estate Investment Trust		29,576		1,362
				3,066
China—1.1%
GDS Holdings Ltd. ADR(2)		12,800		481
France—3.8%
Klepierre SA		28,331		950
Mercialys SA		60,300		796
				1,746
Germany—7.4%
Deutsche Wohnen SE		16,500		606
TLG Immobilien AG		38,300		1,121
Vonovia SE		34,974		1,670
				3,397
Hong Kong—13.4%
Hysan Development Co., Ltd.		168,000		868
Link REIT		131,441		1,615
Swire Properties Ltd.		413,000		1,668
Wharf Real Estate Investment Co., Ltd.		278,000		1,959
				6,110
India—1.2%
Ascendas India Trust		566,100		569
Ireland—4.4%
Green REIT plc		670,542		1,380
Irish Residential Properties REIT plc		325,000		623
				2,003
Japan—25.2%
Invesco Office J-REIT, Inc.		7,413		1,240
Invincible Investment Corp.		2,287		1,184
Kenedix Office Investment Corp.		190		1,359
Kenedix Residential Next Investment Corp.		660		1,168
Kenedix Retail REIT Corp.		354		869
Mitsubishi Estate Co., Ltd.		155,700		2,895
Mitsui Fudosan Logistics Park, Inc.		396		1,346
Nippon Prologis REIT, Inc.		641		1,480
				11,541

	Shares		Value
Netherlands—2.9%
Unibail—Rodamco-Westfield		8,875	$	1,330
Norway—2.5%
Entra ASA 144A(4)		75,528		1,160
Singapore—0.7%
Mapletree Industrial Trust		180,900		300
Spain—5.0%
Inmobiliaria Colonial SOCIMI SA		109,900		1,224
Merlin Properties SOCIMI SA		77,000		1,068
				2,292
Sweden—3.0%
Kungsleden AB		164,500		1,357
United Kingdom—12.2%
Derwent London plc		20,646		817
Empiric Student Property plc		428,850		494
Safestore Holdings plc		119,376		930
Segro plc		118,368		1,098
UNITE Group plc (The)		102,700		1,271
Workspace Group plc		87,100		967
				5,577
TOTAL COMMON STOCKS
(Identified Cost $38,143)				44,592
TOTAL LONG-TERM INVESTMENTS—97.5%
(Identified Cost $38,143)				44,592
TOTAL INVESTMENTS—97.5%
(Identified Cost $38,143)			$	44,592
Other assets and liabilities, net—2.5%				1,131
NET ASSETS—100.0%			$	45,723

Abbreviations:

ADR   American Depositary Receipt

REIT  Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽²⁾  Non-income producing.

⁽³⁾  Amount is less than $500.

⁽⁴⁾  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 June 30, 2019, these securities amounted to a value of $1,160 or 2.5% of net assets.

See Notes to Schedule of Investments

4

DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

Country Weightings†
Japan	26	%
Hong Kong	14
United Kingdom	12
Germany	8
Australia	7
Canada	7
Spain	5
Other	21
Total	100	%
† % of total investments as of June 30, 2019.

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019			Level 1 Quoted Prices			Level 3 Significant Unobservable Inputs
Assets:
Equity Securities:
Common Stocks		$	44,592		$	44,592		$	—	(1)
Total Investments		$	44,592		$	44,592		$	—	(1)

⁽¹⁾  Amount is less than $500.

There were no securities valued using significant observable inputs (Level 2) at June 30, 2019.

There were no transfers into or out of Level 3 related to securities held at June 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 not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended June 30, 2019.

See Notes to Schedule of Investments

5

DUFF & PHELPS REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—99.2%
Real Estate Investment Trusts—99.2%
Data Centers—9.0%
CyrusOne, Inc.		338,518	$	19,539
Digital Realty Trust, Inc.		198,113		23,336
Equinix, Inc.		18,901		9,531
				52,406
Diversified—1.1%
Vornado Realty Trust		99,595		6,384
Health Care—10.8%
HCP, Inc.		935,300		29,911
Healthcare Trust of America, Inc. Class A		732,000		20,079
Ventas, Inc.		187,350		12,805
				62,795
Industrial/Office—23.9%
Industrial—12.7%
Americold Realty Trust		622,903		20,195
Duke Realty Corp.		679,193		21,469
Prologis, Inc.		399,804		32,024
				73,688
Office—11.2%
Alexandria Real Estate Equities, Inc.		191,105		26,963
Cousins Properties, Inc.		562,609		20,350
Douglas Emmett, Inc.		288,508		11,494
Paramount Group, Inc.		472,241		6,616
				65,423
Total Industrial/Office				139,111
Lodging/Resorts—6.6%
Host Hotels & Resorts, Inc.		688,294		12,541
RLJ Lodging Trust		624,105		11,072
Ryman Hospitality Properties, Inc.		131,650		10,675
Summit Hotel Properties, Inc.		381,507		4,376
				38,664
Residential—24.4%
Apartments—17.1%
Apartment Investment & Management Co. Class A		380,938		19,093
AvalonBay Communities, Inc.		152,115		30,907
Equity Residential		315,795		23,975
Essex Property Trust, Inc.		51,904		15,152
Mid-America Apartment Communities, Inc.		86,500		10,186
				99,313

	Shares		Value
Manufactured Homes—4.0%
Sun Communities, Inc.		181,680	$	23,289
Single Family Homes—3.3%
American Homes 4 Rent Class A		797,600		19,390
Total Residential				141,992
Retail—14.2%
Free Standing—4.3%
Spirit Realty Capital, Inc.		321,296		13,706
STORE Capital Corp.		338,200		11,225
				24,931
Regional Malls—4.0%
Simon Property Group, Inc.		104,341		16,670
Taubman Centers, Inc.		162,291		6,626
				23,296
Shopping Centers—5.9%
Brixmor Property Group, Inc.		759,596		13,582
Regency Centers Corp.		317,500		21,190
				34,772
Total Retail				82,999
Self Storage—5.7%
CubeSmart		355,850		11,899
Extra Space Storage, Inc.		128,729		13,658
Public Storage		32,400		7,717
				33,274
Specialty—3.5%
VICI Properties, Inc.		925,300		20,394
TOTAL COMMON STOCKS
(Identified Cost $416,042)				578,019
TOTAL LONG-TERM INVESTMENTS—99.2%
(Identified Cost $416,042)				578,019
TOTAL INVESTMENTS—99.2%
(Identified Cost $416,042)			$	578,019
Other assets and liabilities, net—0.8%				4,469
NET ASSETS—100.0%			$	582,488

See Notes to Schedule of Investments

6

DUFF & PHELPS REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019			Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks		$	578,019		$	578,019
Total Investments		$	578,019		$	578,019

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

7

HERZFELD FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
CLOSED END FUNDS(1) —86.5%
Equity Funds—25.7%
Boulder Growth & Income Fund, Inc.		241,988	$	2,720
Central Securities Corp.		79,819		2,436
Cornerstone Strategic Value Fund, Inc.		203,838		2,373
Franklin Universal Trust		15,303		112
General American Investors Co., Inc.		43,471		1,543
Kayne Anderson Midstream/Energy Fund, Inc.		67,668		783
Kayne Anderson MLP Investment Co.		57,881		886
RMR Real Estate Income Fund		33,704		618
Salient Midstream & MLP Fund(2)		97,646		839
Tortoise Pipeline & Energy Fund, Inc.		36,108		519
Tortoise Power and Energy Infrastructure Fund, Inc.		60,342		1,106
				13,935
Fixed Income Funds—28.4%
Apollo Tactical Income Fund, Inc.		131,431		1,939
BlackRock Core Bond Trust		80,325		1,129
Brookfield Real Assets Income Fund, Inc.		26,376		572
Eaton Vance Ltd. Duration Income Fund		175,505		2,220
Highland Floating Rate Opportunities Fund		199,537		2,762
Nuveen Credit Strategies Income Fund		330,943		2,621
Nuveen Floating Rate Income Opportunity Fund		130,600		1,272
OFS Credit Co., Inc.		43,852		785
PGIM High Yield Bond Fund, Inc.		143,189		2,095
				15,395
International Equity Funds—30.2%
Aberdeen Global Dynamic Dividend Fund(2)		77,686		749
Aberdeen Japan Equity Fund, Inc.		90,398		633
Aberdeen Total Dynamic Dividend Fund		138,069		1,151
India Fund, Inc. (The)		25,787		549
Japan Smaller Capitalization Fund, Inc.		25,410		216
Morgan Stanley India Investment Fund, Inc.		50,000		1,048
New Germany Fund, Inc. (The)		88,695		1,258
NexPoint Strategic Opportunities Fund		450,883		8,531
Source Capital, Inc.		20,883		764
Taiwan Fund, Inc. (The)		84,216		1,427
				16,326
International Fixed Income Funds—2.2%
PGIM Global High Yield Fund, Inc.		82,682		1,195
TOTAL CLOSED END FUNDS
(Identified Cost $45,441)				46,851

	Shares		Value
PREFERRED STOCKS—4.8%
Financials—4.8%
Eagle Point Credit Co., Inc., 6.750%(2)		34,138	$	871
Medallion Financial Corp., 9.000%		66,421		1,743
				2,614
TOTAL PREFERRED STOCKS
(Identified Cost $2,520)				2,614
TOTAL LONG-TERM INVESTMENTS—91.3%
(Identified Cost $47,961)				49,465
SHORT-TERM INVESTMENT—3.9%
Money Market Mutual Fund(1) —3.9%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.250%)		2,085,248		2,085
TOTAL SHORT-TERM INVESTMENT
(Identified Cost $2,085)				2,085
SECURITIES LENDING COLLATERAL(1) —0.0%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.250%)(3)		8,245		8
TOTAL SECURITIES LENDING COLLATERAL
(Identified Cost $8)				8
TOTAL INVESTMENTS—95.2%
(Identified Cost $50,054)			$	51,558
Other assets and liabilities, net—4.8%				2,601
NET ASSETS—100.0%			$	54,159

Abbreviation:

MLP Master Limited Partnership

Footnote Legend:

⁽¹⁾  Shares of these funds are publicly offered, and the prospectus and annual reports of each are publicly available.

⁽²⁾  All or a portion of security is on loan.

⁽³⁾  Represents security purchased with cash collateral received for securities on loan.

See Notes to Schedule of Investments

8

HERZFELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019		Level 1 Quoted Prices
Assets:
Equity Securities:
Closed End Funds		$46,851		$46,851
Preferred Stocks		2,614		2,614
Securities Lending
Collateral		8		8
Money Market Mutual
Fund		2,085		2,085
Total Investments		$51,558		$51,558

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

9

HORIZON WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—99.5%
Communication Services—13.3%
Alphabet, Inc. Class C(1)		288	$	311
AMC Networks, Inc. Class A(1)		5,777		315
CBS Corp. Class B		6,464		323
Comcast Corp. Class A		7,344		310
Discovery, Inc. Class C(1)		11,661		332
DISH Network Corp. Class A(1)		8,125		312
Facebook, Inc. Class A(1)		1,684		325
Fox Corp. Class A		8,774		321
GCILiberty,Inc.Class A(1)		5,175		318
IAC/InterActiveCorp(1)		1,396		304
Liberty Braves Group Class C(1)		11,661		326
Liberty Broadband Corp. Class C(1)		3,110		324
Liberty Global plc Class C(1)		11,978		318
Liberty Latin America Ltd. Class C(1)		17,173		295
Liberty Media Corp. Class C(1)		8,571		321
Liberty Sirius XM Group Class C(1)		8,476		322
Liberty TripAdvisor Holdings, Inc. Class A(1)		25,932		322
Lions Gate Entertainment Corp. Class B		28,421		330
Madison Square Garden Co. (The) Class A(1)		1,096		307
MSG Networks, Inc. Class A(1)		15,154		314
News Corp. Class A		24,667		333
Viacom, Inc. Class B		10,657		318
				7,001
Consumer Discretionary—24.6%
Amazon.com, Inc.(1)		167		316
American Eagle Outfitters, Inc.		17,999		304
AutoNation, Inc.(1)		7,540		316
Buckle, Inc. (The)(2)		18,507		320
Caesars Entertainment Corp.(1)		31,940		378
Carnival Corp.		6,072		283
Choice Hotels International, Inc.		3,696		322
Columbia Sportswear Co.		3,152		316
Designer Brands, Inc.		17,507		336
Dick’s Sporting Goods, Inc.		9,376		325
Dillard’s, Inc. Class A(2)		5,364		334
eBay, Inc.		8,010		316
Expedia Group, Inc.		2,491		331
Gap, Inc. (The)		17,634		317
Garmin Ltd.		3,931		314
Horton (D.R.), Inc.		6,933		299
Hyatt Hotels Corp. Class A		4,178		318
International Speedway Corp. Class A		7,058		317
L Brands, Inc.		13,910		363
Lands’ End, Inc.(1)		24,795		303
Las Vegas Sands Corp.		5,341		316
Lennar Corp. Class A		6,056		293
Liberty Expedia Holdings, Inc. Class A(1)		6,936		331
Marriott International, Inc. Class A		2,352		330
Marriott Vacations Worldwide Corp.		3,221		310
Mohawk Industries, Inc.(1)		2,107		311
Newell Brands, Inc.		21,499		332
Nordstrom, Inc.		9,890		315
Penn National Gaming, Inc.(1)		16,038		309
Penske Automotive Group, Inc.		6,779		321
Qurate Retail, Inc.(1)		24,587		305
Ralph Lauren Corp.		2,803		318
Red Rock Resorts, Inc. Class A		13,848		297
Restaurant Brands International, Inc.		4,647		323
Sears Hometown and Outlet Stores, Inc.(1)(2)		119,522		284

	Shares		Value
Consumer Discretionary—continued
Tenneco, Inc. Class A		30,467	$	338
Tesla, Inc.(1)(2)		1,413		316
Under Armour, Inc. Class C(1)		13,231		294
Urban Outfitters, Inc.(1)		13,366		304
Weight Watchers International, Inc.(1)		15,187		290
Wendy’s Co. (The)		16,368		320
				12,985
Consumer Staples—6.8%
Boston Beer Co., Inc. (The) Class A(1)		938		354
Brown-Forman Corp. Class B		5,870		325
Constellation Brands, Inc. Class A		1,746		344
Estee Lauder Cos., Inc. (The) Class A		1,775		325
Hostess Brands, Inc.(1)		23,500		339
Lancaster Colony Corp.		2,138		318
Monster Beverage Corp.(1)		5,118		327
Nomad Foods Ltd.(1)		15,640		334
PriceSmart, Inc.		6,106		312
Spectrum Brands Holdings, Inc.		5,590		301
Tootsie Roll Industries, Inc.(2)		8,381		310
				3,589
Energy—5.1%
Cheniere Energy, Inc.(1)		4,781		327
Continental Resources, Inc.(1)		8,026		338
CVR Energy, Inc.		6,824		341
Exterran Corp.(1)		24,974		355
Hess Corp.		5,419		345
Par Pacific Holdings, Inc.(1)		16,555		340
RPC, Inc.		45,095		325
W&T Offshore, Inc.(1)		68,241		338
				2,709
Financials—12.8%
American Financial Group, Inc.		3,075		315
Berkley (W.R.) Corp.		4,847		320
Berkshire Hathaway, Inc. Class B(1)		1,541		329
BOK Financial Corp.		4,204		317
Brown & Brown, Inc.		9,709		325
Charles Schwab Corp. (The)		7,770		312
Cohen & Steers, Inc.		6,450		332
Erie Indemnity Co. Class A		1,278		325
First Citizens BancShares, Inc. Class A		735		331
Franklin Resources, Inc.		9,484		330
Greenlight Capital Re Ltd. Class A(1)		36,145		307
Hilltop Holdings, Inc.		15,626		332
Jefferies Financial Group, Inc.		17,452		336
Loews Corp.		5,950		325
Mercury General Corp.		5,206		325
Morningstar, Inc.		2,205		319
National General Holdings Corp.		13,185		303
PJT Partners, Inc. Class A		7,810		316
Raymond James Financial, Inc.		3,825		323
Third Point Reinsurance Ltd.(1)		29,995		310
Virtu Financial, Inc. Class A		14,749		321
				6,753
Health Care—3.2%
AquaBounty Technologies, Inc.(1)(2)		141,836		436

See Notes to Schedule of Investments

10

HORIZON WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
Health Care—continued
Bruker Corp.		6,734	$	336
Danaher Corp.		2,251		322
Intrexon Corp.(1)(2)		37,115		284
NantKwest, Inc.(1)(2)		281,172		287
				1,665
Industrials—12.3%
Air Lease Corp.		7,973		330
Cintas Corp.		1,373		326
Colfax Corp.(1)		12,055		338
Covanta Holding Corp.		17,333		310
FedEx Corp.		1,910		314
Fortive Corp.		4,056		331
Heartland Express, Inc.		17,422		315
Herc Holdings, Inc.(1)		7,663		351
Hertz Global Holdings, Inc.(1)		16,565		264
Manitowoc Co., Inc. (The)(1)		19,970		356
MasTec, Inc.(1)		6,603		340
MSC Industrial Direct Co., Inc. Class A		4,445		330
Navistar International Corp.(1)		9,237		318
Rollins, Inc.		8,427		302
Seaspan Corp.(2)		34,658		340
Timken Co. (The)		6,577		338
W.W. Grainger, Inc.		1,170		314
Welbilt, Inc.(1)		20,191		337
Werner Enterprises, Inc.		10,503		326
XPO Logistics, Inc.(1)		5,552		321
				6,501
Information Technology—8.0%
Amkor Technology, Inc.(1)		44,647		333
Anixter International, Inc.(1)		5,446		325
Conduent, Inc.(1)		34,958		335
EchoStar Corp. Class A(1)		7,365		326
Intuit, Inc.		1,230		321
Oracle Corp.		6,005		342
Paychex, Inc.		3,656		301
Pegasystems, Inc.		4,378		312
RealPage, Inc.(1)		5,367		316
salesforce.com, Inc.(1)		2,109		320
SS&C Technologies Holdings, Inc.		5,476		316
TTEC Holdings, Inc.		7,019		327
Xerox Corp.		9,111		323
				4,197
Materials—5.1%
Element Solutions, Inc.(1)		30,592		316
LyondellBasell Industries NV Class A		3,669		316
NewMarket Corp.		788		316
Novagold Resources, Inc.(1)		66,515		393
Scotts Miracle-Gro Co. (The)		3,237		319
Silgan Holdings, Inc.		10,700		327
TimkenSteel Corp.(1)		43,519		354
Westlake Chemical Corp.		4,936		343
				2,684

	Shares		Value
Real Estate—8.3%
American Homes 4 Rent Class A		12,715	$	309
Colony Capital, Inc.		61,858		309
Equity LifeStyle Properties, Inc.		2,562		311
Equity Residential		4,069		309
Gaming and Leisure Properties, Inc.		7,907		308
Host Hotels & Resorts, Inc.		17,036		310
Howard Hughes Corp. (The)(1)		3,101		384
JBG SMITH Properties		7,660		301
Marcus & Millichap, Inc.(1)		10,237		316
Seritage Growth Properties Class A(2)		7,332		315
Simon Property Group, Inc.		1,914		306
Taubman Centers, Inc.		7,284		298
Urban Edge Properties		17,788		308
Vornado Realty Trust		4,755		305
				4,389
TOTAL COMMON STOCKS
(Identified Cost $38,944)				52,473
TOTAL LONG-TERM INVESTMENTS—99.5%
(Identified Cost $38,944)				52,473
SECURITIES LENDING COLLATERAL—4.5%
Dreyfus Government Cash Management Fund -
Institutional Shares (seven-day effective yield 2.250%)(3)(4)		2,346,043		2,346
TOTAL SECURITIES LENDING COLLATERAL
(Identified Cost $2,346)				2,346
TOTAL INVESTMENTS—104.0%
(Identified Cost $41,290)			$	54,819
Other assets and liabilities, net—(4.0)%				(2,107	)
NET ASSETS—100.0%			$	52,712

Footnote Legend:

⁽¹⁾  Non-income producing.

⁽²⁾  All or a portion of security is on loan.

⁽³⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

⁽⁴⁾  Represents security purchased with cash collateral received for securities on loan.

Country Weightings†
United States	94%
Canada	2
Bermuda	1
Virgin Islands(British)	1
United Kingdom	1
Netherlands	1
Total	100%
† % of total investments as of June 30, 2019.

See Notes to Schedule of Investments

11

HORIZON WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019		Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks		$52,473		$52,473
Securities Lending
Collateral		2,346		2,346
Total Investments		$54,819		$54,819

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

12

KAR EMERGING MARKETS SMALL-CAP FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—90.6%
Communication Services—23.5%
58.com, Inc. ADR (China)(1)		39,517		$    2,457
Addcn Technology Co., Ltd. (Taiwan)		393,000		3,492
Auto Trader Group plc (United Kingdom)		286,600		1,994
Autohome, Inc. ADR (China)(1)		30,101		2,577
carsales.com Ltd. (Australia)		207,608		1,972
Pico Far East Holdings Ltd. (Hong Kong)		3,224,780		1,090
Sarana Menara Nusantara Tbk PT (Indonesia)		55,820,800		2,786
Sea Ltd. ADR (Thailand)(1)		86,300		2,867
SINA Corp. (China)(1)		57,516		2,481
Wirtualna Polska Holding SA (Poland)		120,240		2,022
				23,738
Consumer Discretionary—8.6%
Ace Hardware Indonesia Tbk PT (Indonesia)		18,791,500		2,407
Baozun, Inc. Sponsored ADR (China)(1)		61,026		3,043
Fila Korea Ltd. (South Korea)		19,326		1,284
Samyang Optics Co., Ltd. (South Korea)		115,390		1,434
Union Auction PCL (Thailand)		2,416,000		587
				8,755
Consumer Staples—10.4%
Compania Cervecerias Unidas SA Sponsored ADR (Chile)		70,328		1,987
Distell Group Holdings Ltd. (South Africa)		271,150		2,497
Heineken Malaysia Bhd (Malaysia)		498,200		2,828
Taisun International Holding Corp. (Taiwan)		624,074		2,411
Union de Cervecerias Peruanas Backus y Johnston SAA Class I (Peru)		123,200		827
				10,550
Financials—9.6%
CARE Ratings Ltd. (India)		208,246		2,844
Tisco Financial Group PCL Foreign Share (Thailand)		528,900		1,612
Vostok New Ventures Ltd. SDR (Sweden)(1)		849,542		5,215
				9,671
Health Care—1.2%
Riverstone Holdings Ltd. (Singapore)		1,688,000		1,223
Industrials—25.8%
104 Corp. (Taiwan)		275,000		1,505
51job, Inc. ADR (China)(1)		33,056		2,496
HeadHunter Group plc ADR (Russia)		313,142		5,089
Kerry TJ Logistics Co., Ltd. (Taiwan)		2,690,000		3,200
Lumax International Corp., Ltd. (Taiwan)		618,379		1,455
S-1 Corp. (South Korea)		28,961		2,448
Sarine Technologies Ltd. (India)		5,161,000		1,182
Sinmag Equipment Corp. (Taiwan)		268,513		1,003
Sporton International Inc. (Taiwan)		426,720		2,521
Taiwan Secom Co., Ltd. (Taiwan)		678,874		1,937
Voltronic Power Technology Corp. (Taiwan)		150,000		3,269
				26,105

	Shares		Value
Information Technology—6.2%
Douzone Bizon Co., Ltd. (South Korea)		45,239		$    2,437
Humanica PCL (Thailand)		7,071,800		1,821
TOTVS SA (Brazil)		180,326		2,066
				6,324
Materials—5.3%
Corp. Moctezuma SAB de C.V. (Mexico)		1,119,283		3,551
SH Kelkar & Co., Ltd. (India)		96,304		182
Sniezka SA (Poland)		66,053		1,583
				5,316
TOTAL COMMON STOCKS
(Identified Cost $83,923)				91,682
TOTAL LONG-TERM INVESTMENTS—90.6%
(Identified Cost $83,923)				91,682
SHORT-TERM INVESTMENT—9.5%
MONEY MARKET MUTUAL FUND—9.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.250%)(2)		9,628,876		9,629
TOTAL SHORT-TERM INVESTMENT
(Identified Cost $9,629)				9,629
TOTAL INVESTMENTS—100.1%
(Identified Cost $93,552)				$101,311
Other assets and liabilities, net—(0.1)%				(145	)
NET ASSETS—100.0%				$101,166

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Non-income producing.

⁽²⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings†
Taiwan	21%
China	13
United States	9
South Korea	7
Thailand	7
Sweden	5
Indonesia	5
Other	33
Total	100%
† % of total investments as of June 30, 2019.

See Notes to Schedule of Investments

13

KAR EMERGING MARKETS SMALL-CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019		Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks		$  91,682		$  91,682
Money Market Mutual
Fund		9,629		9,629
Total Investments		$101,311		$101,311

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

14

KAR INTERNATIONAL SMALL-CAP FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—88.5%
Communication Services—24.8%
Addcn Technology Co., Ltd. (Taiwan)		2,497,000		$    22,189
Ascential plc (United Kingdom)		9,906,662		44,813
Auto Trader Group plc (United Kingdom)		8,282,445		57,619
Autohome, Inc. ADR (China)(1)		412,317		35,303
carsales.com Ltd. (Australia)		2,360,002		22,417
CTS Eventim AG & Co. KGaA (Germany)		284,839		13,254
MarkLines Co., Ltd. (Japan)		145,800		2,498
Pico Far East Holdings Ltd. (Hong Kong)		28,213,668		9,535
REA Group Ltd. (Australia)		339,490		22,890
Rightmove plc (United Kingdom)		10,045,910		68,216
Scout24 AG (Germany)		553,825		29,422
SINA Corp. (China)(1)		803,972		34,675
				362,831
Consumer Discretionary—3.4%
Asante, Inc. (Japan)		417,500		8,132
GoCo Group plc (United Kingdom)		12,342,100		14,655
Goldlion Holdings Ltd. (Hong Kong)		30,480,316		11,706
Moneysupermarket.com Group plc (United Kingdom)		2,912,934		15,252
				49,745
Consumer Staples—2.8%
Heineken Malaysia Bhd (Malaysia)		4,725,700		26,828
Taisun International Holding Corp. (Taiwan)		2,280,626		8,811
Wawel SA (Poland)		26,561		4,524
				40,163
Energy—3.9%
Computer Modelling Group Ltd. (Canada)		4,728,190		26,285
Pason Systems, Inc. (Canada)		2,124,370		30,789
				57,074
Financials—13.5%
CARE Ratings Ltd. (India)		1,525,315		20,831
Euroz Ltd. (Australia)		5,815,407		5,083
Gruppo Mutuionline SpA (Italy)		698,572		12,440
Korea Ratings Corp. (South Korea)		88,578		5,232
Mortgage Advice Bureau Holdings Ltd. (United Kingdom)		6,544,976		49,455
Numis Corp. plc (United Kingdom)		3,914,997		13,449
Sabre Insurance Group plc (United Kingdom)		10,575,758		36,666
Vostok New Ventures Ltd. SDR (Sweden)(1)		8,867,642		54,431
				197,587
Health Care—2.8%
DVx, Inc. (Japan)		181,800		1,341
Haw Par Corp., Ltd. (Singapore)		3,840,619		40,081
				41,422
Industrials—25.2%
AIT Corp. (Japan)		918,500		8,383
Asiakastieto Group Oyj (Finland)		938,528		30,735
en-japan, Inc. (Japan)		866,000		33,695
Golden Friends Corp. (Taiwan)		4,932,000		9,289
Haitian International Holdings Ltd. (China)		16,203,000		33,644
HeadHunter Group plc ADR (Russia)		3,551,466		57,711

	Shares		Value
Industrials—continued
Howden Joinery Group plc (United Kingdom)		4,243,900		$     27,325
Hy-Lok Corp. (South Korea)		674,759		9,993
JOST Werke AG (Germany)		1,031,288		36,119
Kerry TJ Logistics Co., Ltd. (Taiwan)		12,600,000		14,990
Lumax International Corp., Ltd. (Taiwan)		7,818,259		18,401
Sinmag Equipment Corp. (Taiwan)		1,138,020		4,250
SJR in Scandinavia AB Class B (Sweden)		1,625,740		6,635
VAT Group AG (Switzerland)		289,700		35,686
WABCO Holdings, Inc. (United States)(1)		307,100		40,721
				367,577
Information Technology—9.3%
Alten SA (France)		407,353		48,821
Bouvet ASA (Norway)		917,870		32,818
Data Respons ASA (Norway)(1)		903,200		3,198
Douzone Bizon Co., Ltd. (South Korea)		621,360		33,472
e-Credible Co., Ltd. (South Korea)		390,500		6,291
Webstep AS (Norway)		3,831,491		10,600
				135,200
Materials—2.8%
Corp. Moctezuma SAB de C.V. (Mexico)		7,404,046		23,489
Sniezka SA (Poland)		751,375		18,011
				41,500
TOTAL COMMON STOCKS
(Identified Cost $1,236,955)				1,293,099
TOTAL LONG-TERM INVESTMENTS—88.5%
(Identified Cost $1,236,955)				1,293,099
SHORT-TERM INVESTMENT—10.4%
MONEY MARKET MUTUAL FUND—10.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.250%)(2)		151,424,451		151,424
TOTAL SHORT-TERM INVESTMENT
(Identified Cost $151,424)				151,424
TOTAL INVESTMENTS—98.9%
(Identified Cost $1,388,379)				$1,444,523
Other assets and liabilities, net—1.1%				16,297
NET ASSETS—100.0%				$1,460,820

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Non-income producing.

⁽²⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

See Notes to Schedule of Investments

15

KAR INTERNATIONAL SMALL-CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

Country Weightings†
United Kingdom	23%
United States	13
China	7
Germany	5
Taiwan	5
Sweden	4
Russia	4
Other	39
Total	100%
† % of total investments as of June 30, 2019.

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019			Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks		$	1,293,099		$	1,293,099
Money Market Mutual
Fund			151,424			151,424
Total Investments		$	1,444,523		$	1,444,523

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

16

NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
U.S. GOVERNMENT SECURITIES—11.8%
U.S. Treasury Bond 2.500%, 2/15/46		$1,855		$   1,843
3.000%, 8/15/48		4,325		4,736
U.S. Treasury Note 2.250%, 3/31/21		1,045		1,053
2.000%, 2/15/25		1,515		1,530
2.875%, 8/15/28		945		1,015
2.625%, 2/15/29		585		616
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $9,998)				10,793
MUNICIPAL BONDS—1.9%
California—1.1%
State of California, Build America Bonds Taxable 7.600%, 11/1/40		520		844
University of California, Series B-A, Taxable 4.428%, 5/15/48		140		151
				995
Georgia—0.3%
Rockdale County Water & Sewerage Authority Revenue Taxable 3.060%, 7/1/24		255		261
Idaho—0.2%
Idaho Health Facilities Authority Saint Luke’s Health System Revenue Taxable 5.020%, 3/1/48		170		199
Virginia—0.3%
City of Bristol, General Obligation Taxable 4.210%, 1/1/42		285		292
TOTAL MUNICIPAL BONDS
(Identified Cost $1,669)				1,747
FOREIGN GOVERNMENT SECURITIES—0.8%
Dominican Republic 144A 6.000%, 7/19/28(1)		150		162
Republic of Saudi 144A 4.375%, 4/16/29(1)		200		216
Republic of Turkey 4.875%, 10/9/26		200		179
Sultanate of Oman 144A 5.375%, 3/8/27(1)		200		188
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $743)				745
MORTGAGE-BACKED SECURITIES—23.7%
Agency—0.8%
Federal National Mortgage Association Pool #812352 5.000%, 4/1/20		6		6

	Par Value		Value
Agency—continued
Pool #886416 5.000%, 8/1/21		$—		$    —	(2)
Pool #323702 6.000%, 5/1/29		15		17
Pool #535371 6.500%, 5/1/30		1		1
Pool #590108 7.000%, 7/1/31		6		6
Pool #880117 5.500%, 4/1/36		25		27
Pool #938574 5.500%, 9/1/36		94		104
Pool #909092 6.000%, 9/1/37		13		15
Pool #909220 6.000%, 8/1/38		121		138
Pool #986067 6.000%, 8/1/38		8		9
Pool #AA7001 5.000%, 6/1/39		361		393
Government National Mortgage Association Pool #443000 6.500%, 9/15/28		20		22
				738
Non-Agency—22.9%
American Homes 4 Rent Trust 2014-SFR2, C 144A 4.705%, 10/17/36(1)		195		210
2015-SFR1, A 144A 3.467%, 4/17/52(1)		208		215
2015-SFR2, C 144A 4.691%, 10/17/52(1)		125		135
Angel Oak Mortgage Trust I LLC 2018-1, A1 144A 3.258%, 4/27/48(1)(3)		84		84
2018-2, A1 144A 3.674%, 7/27/48(1)(3)		359		364
2019-1, A1 144A 3.920%, 11/25/48(1)(3)		220		224
2019-2, A1 144A 3.628%, 3/25/49(1)(3)		302		306
Angel Oak Mortgage Trust LLC 2019-3, A1 144A 2.930%, 5/25/59(1)(3)		265		266
Arroyo Mortgage Trust 2018-1, A1 144A 3.763%, 4/25/48(1)(3)		340		348
2019-1, A1 144A 3.805%, 1/25/49(1)(3)		155		158
2019-2, A1 144A 3.347%, 4/25/49(1)(3)		152		154
Aventura Mall Trust 2013-AVM, C 144A 3.867%, 12/5/32(1)(3)		325		330
Banc of America Funding Trust 2004-B, 2A1 4.943%, 11/20/34(3)		29		30
2005-1, 1A1 5.500%, 2/25/35		61		63
Banc of America Mortgage Trust 2005-3, 1A15 5.500%, 4/25/35		43		44

See Notes to Schedule of Investments

17

NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust 2004-6, 1A2 4.613%, 5/25/34(3)		$139		$    140
Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A 4.250%, 4/28/55(1)		160		168
2017-SPL5, B1 144A 4.000%, 6/28/57(1)(3)		100		104
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53(1)(3)		100		105
Bunker Hill Loan Depositary Trust 2019-1, A1 144A 3.613%, 10/26/48(1)(3)		123		126
BX Trust 2018-MCSF, A (1 month LIBOR + 0.577%) 144A 2.971%, 4/15/35(1)(3)		161		161
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(1)		250		261
Chase Home Lending Mortgage Trust 2019-ATR1, A4 144A 4.000%, 4/25/49(1)(3)		174		177
Citigroup Commercial Mortgage Trust 2013-375P, B 144A 3.635%, 5/10/35(1)(3)		205		211
2019-SST2, A (1 month LIBOR + 0.920%) 144A 3.314%, 12/15/36(1)(3)		200		198
Citigroup Mortgage Loan Trust, Inc. 2019-RP1, A1 144A 3.500%, 1/25/66(1)(3)		414		427
COLT Mortgage Loan Trust Funding LLC 2018-1, A1 144A 2.930%, 2/25/48(1)(3)		54		54
2019-1, A1 144A 3.705%, 3/25/49(1)(3)		227		230
2019-3, A1 144A 2.764%, 8/25/49(1)(3)		405		405
CoreVest American Finance Trust 2018-2, A 144A 4.026%, 11/15/52(1)		121		126
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A 3.374%, 5/15/36(1)(3)		265		265
Ellington Financial Mortgage Trust 2017-1, A1 144A 2.687%, 10/25/47(1)(3)		324		323
2018-1, A1FX 144A 4.140%, 10/25/58(1)(3)		411		418
2019-1, A1 144A 2.934%, 6/25/59(1)(3)(4)		200		200
Galton Funding Mortgage Trust 2017-1, A21 144A 3.500%, 7/25/56(1)(3)		76		76
2018-1, A23 144A 3.500%, 11/25/57(1)(3)		68		69
2018-2, A41 144A 4.500%, 10/25/58(1)(3)		238		244
GCAT LLC 2019-NQM1, A1 144A 2.985%, 2/25/59(1)(3)		178		179
Goldman Sachs Mortgage Securities Trust 2012-ALOH, A144A 3.551%, 4/10/34(1)		255		263
GSAA Home Equity Trust 2005-12, AF3W 4.999%, 9/25/35(3)		43		45

	Par Value		Value
Non-Agency—continued
Homeward Opportunities Fund I Trust 2018-2, A1 144A 3.985%, 11/25/58(1)(3)		$430		$    439
2019-1, A1 144A 3.454%, 1/25/59(1)(3)		214		217
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 2003-S11, 3A5 5.950%, 11/25/33		76		77
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C22, A4 3.801%, 9/15/47		195		207
2015-C31, AS 4.106%, 8/15/48		215		229
JPMorgan Chase Mortgage Trust 2016-SH1, M2 144A 3.750%, 4/25/45(1)(3)		225		230
2016-SH2, M2 144A 3.750%, 12/25/45(1)(3)		304		315
2017-3, 2A2 144A 2.500%, 8/25/47(1)(3)		109		109
2017-5, A1 144A 3.182%, 10/26/48(1)(3)		239		241
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%) 144A 3.194%, 5/15/36(1)(3)		215		215
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(1)(3)		195		197
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(1)(3)		50		51
Mello Warehouse Securitization Trust 2019-1, C (1 month LIBOR + 1.200%) 144A 3.604%, 6/25/52(1)(3)(4)		85		85
MetLife Securitization Trust 2017-1A, M1 144A 3.728%, 4/25/55(1)(3)		100		103
2019-1A, A1A 144A 3.750%, 4/25/58(1)(3)		416		432
Mill City Mortgage Loan Trust 2018-4, A1B 144A 3.500%, 4/25/66(1)(3)		440		446
Morgan Stanley - Bank of America (Merrill Lynch) Trust 2013-C13, AS 4.266%, 11/15/46		360		384
2015-C22, AS 3.561%, 4/15/48		310		321
New Residential Mortgage Loan Trust 2018-4A, A1S (1 month LIBOR + 0.750%) 144A 3.154%, 1/25/48(1)(3)		78		78
2014-1A, A 144A 3.750%, 1/25/54(1)(3)		139		144
2015-2A, A1 144A 3.750%, 8/25/55(1)(3)		106		110
2016-1A, A1 144A 3.750%, 3/25/56(1)(3)		86		88
2016-4A, B1A 144A 4.500%, 11/25/56(1)(3)		162		172
2017-2A, A3 144A 4.000%, 3/25/57(1)(3)		189		197
2018-1A, A1A 144A 4.000%, 12/25/57(1)(3)		239		247
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%) 4.155%, 3/25/35(3)		104		105

See Notes to Schedule of Investments

18

NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
OBX Trust 2018-EXP2, 1A1 144A 4.000%, 11/25/48(1)(3)		$141		$    143
2019-INV1, A3 144A 4.500%, 11/25/48(1)(3)		173		179
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32(1)		150		157
Progress Residential Trust 2018-SFR2, B 144A 3.841%, 8/17/35(1)		100		103
PRPM LLC 2019-1A, A1 144A 4.500%, 1/25/24(1)(3)		493		499
2019-2A, A1 144A 3.967%, 4/25/24(1)(3)		418		424
RCO V Mortgage LLC 2019-1, A1 144A 3.721%, 5/24/24(1)(3)		436		439
Residential Asset Securitization Trust 2005-A1, A3 5.500%, 4/25/35		99		103
Residential Mortgage Loan Trust 2019-1, A1 144A 3.936%, 10/25/58(1)(3)		86		87
2019-2, A1 144A 2.913%, 5/25/59(1)(3)		335		335
Sequoia Mortgage Trust 2013-8, B1 3.528%, 6/25/43(3)		100		102
2018-CH2, A12 144A 4.000%, 6/25/48(1)(3)		80		81
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A 3.468%, 2/25/49(1)(3)		142		144
Thornburg Mortgage Securities Trust 2004-2, A1 (1 month LIBOR + 0.620%) 3.024%, 6/25/44(3)		413		412
Towd Point Mortgage Trust 2019-HE1, A1 (1 month LIBOR + 0.900%) 144A 3.341%, 4/25/48(1)(3)		360		359
2015-1, A2 144A 3.250%, 10/25/53(1)(3)		150		151
2016-1, A1B 144A 2.750%, 2/25/55(1)(3)		77		77
2015-5, A2 144A 3.500%, 5/25/55(1)(3)		220		225
2016-2, A1 144A 3.000%, 8/25/55(1)(3)		183		185
2017-1, M1 144A 3.750%, 10/25/56(1)(3)		100		103
2019-1, A1 144A 3.750%, 3/25/58(1)(3)		309		322
2018-4, A1 144A 3.000%, 6/25/58(1)(3)		152		155
2018-SJ1, A1 144A 4.000%, 10/25/58(1)(3)		82		82
2015-2, 1M1 144A 3.250%, 11/25/60(1)(3)		165		168
Tricon American Homes Trust 2017-SFR1, A 144A 2.716%, 9/17/34(1)		200		200
VCAT LLC 2019-NPL1, A1 144A 4.360%, 2/25/49(1)(3)		105		107
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A 3.967%, 2/25/49(1)(3)		137		138

	Par Value		Value
Non-Agency—continued
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A 3.375%, 10/25/47(1)(3)		$124		$     124
Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5, A1A 144A 4.213%, 8/25/48(1)(3)		171		173
Vericrest Opportunity Loan Trust LXX LLC 2018-NPL6, A1A 144A 4.115%, 9/25/48(1)(3)		85		86
Vericrest Opportunity Loan Trust LXXI LLC 2018-NPL7, A1A 144A 3.967%, 9/25/48(1)(3)		62		63
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A 4.336%, 1/25/49(1)(3)		210		212
Verus Securitization Trust 2017-2A, A1 144A 2.485%, 7/25/47(1)(3)		89		89
2018-1, A1 144A 2.929%, 2/25/48(1)(3)		73		73
2018-2, A1 144A 3.677%, 6/1/58(1)(3)		118		119
2018-3, A1 144A 4.108%, 10/25/58(1)(3)		131		134
2019-1, A1 144A 3.836%, 2/25/59(1)(3)		226		230
2019-INV1, A1 144A 3.402%, 12/25/59(1)(3)		144		146
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47		215		224
2015-LC20, A5 3.184%, 4/15/50		210		217
2015-LC20, B 3.719%, 4/15/50		300		311
				21,026
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $21,385)				21,764
ASSET-BACKED SECURITIES—11.0%
Automobiles—6.5%
ACC Trust 2018-1, A 144A 3.700%, 12/21/20(1)		46		46
2018-1, B 144A 4.820%, 5/20/21(1)		165		166
2019-1, A 144A 3.750%, 5/20/22(1)		165		167
American Credit Acceptance Receivables Trust 2018-4, C 144A 3.970%, 1/13/25(1)		195		199
2019-2, C 144A 3.170%, 6/12/25(1)		220		222
Avis Budget Rental Car Funding LLC (AESOP) 2016-1A, A144A 2.990%, 6/20/22(1)		200		202
Capital Auto Receivables Asset Trust 2017-1, C 144A 2.700%, 9/20/22(1)		185		185
CarMax Auto Owner Trust 2015-2, C 2.390%, 3/15/21		235		235

See Notes to Schedule of Investments

19

NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Automobiles—continued
Carvana Auto Receivables Trust 2019-1A, D 144A 3.880%, 10/15/24(1)		$225		$    231
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(1)		83		82
CPS Auto Receivables Trust 2017-D, B 144A 2.430%, 1/18/22(1)		225		225
Drive Auto Receivables Trust 2017-2, C 2.750%, 9/15/23		124		124
DT Auto Owner Trust 2016-4A, C 144A 2.740%, 10/17/22(1)		7		7
2018-3A, C 144A 3.790%, 7/15/24(1)		145		148
2019-2A, B 144A 2.990%, 4/17/23(1)		215		217
2019-2A, C 144A 3.180%, 2/18/25(1)		215		217
Exeter Automobile Receivables Trust 2015-2A, C 144A 3.900%, 3/15/21(1)		90		90
2018-3A, C 144A 3.710%, 6/15/23(1)		205		209
2019-2A, C 144A 3.300%, 3/15/24(1)		225		229
Flagship Credit Auto Trust 2016-2, B 144A 3.840%, 9/15/22(1)		145		146
2017-3, C 144A 2.910%, 9/15/23(1)		220		221
2019-1, C 144A 3.600%, 2/18/25(1)		150		154
2019-2, C 144A 3.090%, 5/15/25(1)		260		264
Foursight Capital Automobile Receivables Trust 2017-1, B 144A 3.050%, 12/15/22(1)		175		176
GLS Auto Receivables Trust 2017-1A, B 144A 2.980%, 12/15/21(1)		220		220
2018-3A, C 144A 4.180%, 7/15/24(1)		240		248
2019-2A, B 144A 3.320%, 3/15/24(1)		260		263
Hertz Vehicle Financing II LP 2019-1A, A 144A 3.710%, 3/25/23(1)		160		164
Hyundai Auto Lease Securitization Trust 2018-A, A2A 144A 2.550%, 8/17/20(1)		74		74
OneMain Direct Auto Receivables Trust 2017-2A, C 144A 2.820%, 7/15/24(1)		185		185
Prestige Auto Receivables Trust 2017-1A, C 144A 2.810%, 1/17/23(1)		220		221
Tesla Auto Lease Trust 2018-A, A 144A 2.320%, 12/20/19(1)		36		36
United Auto Credit Securitization Trust 2019-1, D 144A 3.470%, 8/12/24(1)		215		217
Westlake Automobile Receivables Trust 2017-2A, C 144A 2.590%, 12/15/22(1)		220		220
				6,010

	Par Value		Value
Other—4.3%
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(1)		$134		$    135
Arby’s Funding LLC 2015-1A, A2 144A 4.969%, 10/30/45(1)		135		141
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A 3.240%, 12/20/23(1)		149		150
CCG Receivables Trust 2018-1, A2 144A 2.500%, 6/16/25(1)		336		337
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47(1)		182		185
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22(1)		170		170
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29(1)		78		78
Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23(1)		24		24
Foundation Finance Trust 2019-1A, A 144A 3.860%, 11/15/34(1)		209		213
Lendmark Funding Trust 2019-1A, A 144A 3.000%, 12/20/27(1)		270		270
Marlette Funding Trust 2019-2A, A 144A 3.130%, 7/16/29(1)		255		256
MVW Owner Trust 2017-1A, A 144A 2.420%, 12/20/34(1)		122		122
2019-1A, A 144A 2.890%, 11/20/36(1)		260		263
OneMain Financial Issuance Trust 2018-1A, A 144A 3.300%, 3/14/29(1)		180		182
Oportun Funding VIII LLC 2018-A, A 144A 3.610%, 3/8/24(1)		250		253
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(1)		258		261
Prosper Marketplace Issuance Trust 2017-2A, B 144A 3.480%, 9/15/23(1)		41		41
2018-1A, A 144A 3.110%, 6/17/24(1)		20		20
SoFi Consumer Loan Program LLC 2017-1, A 144A 3.280%, 1/26/26(1)		60		60
SoFi Consumer Loan Program Trust 2019-3, A 144A 2.900%, 5/25/28(1)		265		266
Stack Infrastructure Issuer LLC 2019-1A, A2 144A 4.540%, 2/25/44(1)		189		197
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(1)		101		99
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(1)		184		189
				3,912
Student Loan—0.2%
Laurel Road Prime Student Loan Trust 2017-B, A2FX 144A 2.770%, 8/25/42(1)		184		185

See Notes to Schedule of Investments

20

NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Student Loan—continued
SoFi Professional Loan Program LLC 2015-A, A2 144A 2.420%, 3/25/30(1)		$25		$      25
				210
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $10,036)				10,132
CORPORATE BONDS AND NOTES—42.8%
Communication Services—1.9%
AT&T, Inc. 4.100%, 2/15/28		204		216
(3 month LIBOR + 1.180%) 3.616%, 6/12/24(3)		85		86
Comcast Corp. 3.950%, 10/15/25		87		94
4.150%, 10/15/28		42		46
Discovery Communications LLC 3.950%, 3/20/28		280		289
DISH DBS Corp. 5.875%, 7/15/22		95		96
Entercom Media Corp. 144A 6.500%, 5/1/27(1)		5		5
Frontier Communications Corp. 144A 8.500%, 4/1/26(1)		70		68
Meredith Corp. 6.875%, 2/1/26		90		96
Sirius XM Radio, Inc. 144A 4.625%, 7/15/24(1)		30		31
144A 5.500%, 7/1/29(1)		60		62
Sprint Spectrum Co., LLC 144A 4.738%, 3/20/25(1)		200		207
Tencent Holdings Ltd. 144A 3.975%, 4/11/29(1)		200		209
Verizon Communications, Inc. 4.125%, 3/16/27		100		109
(3 month LIBOR + 1.100%) 3.618%, 5/15/25(3)		170		172
				1,786
Consumer Discretionary—2.8%
Bunge Ltd. Finance Corp. 4.350%, 3/15/24		150		156
CRH America, Inc. 144A 3.875%, 5/18/25(1)		35		37
Dollar Tree, Inc. 4.000%, 5/15/25		115		120
Eldorado Resorts, Inc. 6.000%, 9/15/26		45		49
frontdoor, Inc. 144A 6.750%, 8/15/26(1)		85		91
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(1)		95		100
General Motors Financial Co., Inc. 3.450%, 4/10/22		30		30
GLP Capital LP 5.750%, 6/1/28		215		237
Hilton Domestic Operating Co., Inc. 144A 4.875%, 1/15/30(1)		50		52
Horton (D.R.), Inc. 4.750%, 2/15/23		245		258

	Par Value		Value
Consumer Discretionary—continued
Lear Corp. 3.800%, 9/15/27		$250		$     247
Panther BF Aggregator 2 LP 144A 6.250%, 5/15/26(1)		5		5
Prime Security Services Borrower LLC 144A 5.250%, 4/15/24(1)		25		26
144A 5.750%, 4/15/26(1)		10		10
PulteGroup, Inc. 6.375%, 5/15/33		120		128
QVC, Inc. 4.375%, 3/15/23		295		299
Scientific Games International, Inc. 144A 5.000%, 10/15/25(1)		130		131
144A 8.250%, 3/15/26(1)		70		74
Service Corp. International 5.125%, 6/1/29		40		42
TRI Pointe Group, Inc. 5.875%, 6/15/24		100		103
Under Armour, Inc. 3.250%, 6/15/26		100		94
William Lyon Homes, Inc. 6.000%, 9/1/23		130		132
Wyndham Worldwide Corp. 5.750%, 4/1/27		170		178
				2,599
Consumer Staples—2.0%
Anheuser-Busch InBev Worldwide, Inc. 4.000%, 4/13/28		200		215
4.750%, 1/23/29		52		59
Bacardi Ltd. 144A 4.700%, 5/15/28(1)		170		182
Conagra Brands, Inc. 4.300%, 5/1/24		270		286
CVS Health Corp. 2.875%, 6/1/26		290		285
4.300%, 3/25/28		178		187
Flowers Foods, Inc. 4.375%, 4/1/22		305		319
Kraft Heinz Foods Co. (The) 3.000%, 6/1/26		295		287
				1,820
Energy—3.7%
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1)		120		126
Andeavor Logistics LP 4.250%, 12/1/27		205		216
Cheniere Energy Partners LP 144A 5.625%, 10/1/26(1)		70		74
CrownRock LP 144A 5.625%, 10/15/25(1)		115		115
Energy Transfer Operating LP 4.200%, 4/15/27		210		218
Energy Transfer Partners LP 4.500%, 11/1/23		45		47
Helmerich & Payne, Inc. 4.650%, 3/15/25		115		122
HollyFrontier Corp. 5.875%, 4/1/26		210		231

See Notes to Schedule of Investments

21

NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Energy—continued
Kinder Morgan Energy Partners LP 7.500%, 11/15/40		$320		$    428
MPLX LP 4.875%, 12/1/24		120		131
4.000%, 3/15/28		90		93
NuStar Logistics LP 5.625%, 4/28/27		150		151
Pertamina Persero PT 144A 6.450%, 5/30/44(1)		300		367
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		140		152
4.200%, 3/15/28		195		205
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(5)		200		236
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(1)		47		48
USA Compression Partners LP 6.875%, 4/1/26		135		143
Valero Energy Partners LP 4.500%, 3/15/28		285		302
				3,405
Financials—16.4%
AerCap Ireland Capital DAC 3.950%, 2/1/22		200		206
3.650%, 7/21/27		150		149
Allstate Corp. (The) Series B (3 month LIBOR + 2.938%) 5.750%, 8/15/53(6)		200		210
Apollo Management Holdings LP 144A 4.000%, 5/30/24(1)		215		223
Ares Capital Corp. 4.250%, 3/1/25		145		147
Ares Finance Co., LLC 144A 4.000%, 10/8/24(1)		270		268
Athene Holding Ltd. 4.125%, 1/12/28		200		202
Aviation Capital Group LLC 144A 3.500%, 11/1/27(1)		305		305
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33(1)		200		192
Banco de Credito e Inversiones 144A 3.500%, 10/12/27(1)		300		303
Banco Santander Chile 144A 3.875%, 9/20/22(1)		215		222
Bank of America Corp. 4.200%, 8/26/24		448		476
(3 month LIBOR + 0.770%) 3.335%, 2/5/26(3)		225		222
(3 month LIBOR + 0.790%) 3.400%, 12/20/23		285		290
Bank of Montreal 3.803%, 12/15/32		338		343
Brighthouse Financial, Inc. 3.700%, 6/22/27		220		209
BrightSphere Investment Group plc 4.800%, 7/27/26		200		203
Brookfield Finance, Inc. 4.000%, 4/1/24		342		359
Capital One Financial Corp. 4.200%, 10/29/25		200		210
3.750%, 7/28/26		225		229

	Par Value		Value
Financials—continued
Citigroup, Inc. 3.200%, 10/21/26		$371		$     379
(3 month LIBOR + 1.250%) 3.569%, 7/1/26(3)		600		604
Discover Bank 4.682%, 8/9/28		500		518
E*TRADE Financial Corp. 4.500%, 6/20/28		175		184
Fairfax Financial Holdings Ltd. 4.850%, 4/17/28		225		237
FS KKR Capital Corp. 4.250%, 1/15/20		185		185
4.750%, 5/15/22		45		45
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22		610		659
Guanay Finance Ltd. 144A 6.000%, 12/15/20(1)		135		136
ICAHN Enterprises LP 144A 6.250%, 5/15/26(1)		225		228
iStar, Inc. 5.250%, 9/15/22		150		154
Jefferies Financial Group, Inc. 5.500%, 10/18/23		170		183
Jefferies Group LLC 6.875%, 4/15/21		27		29
5.125%, 1/20/23		39		42
4.850%, 1/15/27		115		119
JPMorgan Chase & Co. 3.300%, 4/1/26		845		876
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42(1)		215		267
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23(1)		65		69
144A 4.569%, 2/1/29(1)		210		231
Morgan Stanley 3.125%, 7/27/26		410		418
6.375%, 7/24/42		655		916
Navient Corp. 6.750%, 6/25/25		135		140
Prudential Financial, Inc.
(3 month LIBOR + 3.920%) 5.625%, 6/15/43(6)		270		285
(3 month LIBOR + 4.175%) 5.875%, 9/15/42		85		90
Santander Holdings USA, Inc. 3.700%, 3/28/22		169		173
3.500%, 6/7/24		180		183
4.400%, 7/13/27		80		83
SBA Tower Trust 144A 2.877%, 7/9/21(1)		320		321
Societe Generale S.A. 144A 4.750%, 11/24/25(1)		200		211
Springleaf Finance Corp. 6.875%, 3/15/25		110		120
Synchrony Financial 3.950%, 12/1/27		190		190
Synovus Financial Corp. 5.900%, 2/7/29		90		93
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(1)		160		169
Toronto-Dominion Bank (The) 3.625%, 9/15/31		270		275

See Notes to Schedule of Investments

22

NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Financials—continued
Trinity Acquisition plc 4.400%, 3/15/26		$90		$      96
UBS AG 7.625%, 8/17/22		500		561
Wells Fargo & Co. 3.550%, 9/29/25		490		511
Series S (3 month LIBOR + 3.110%) 5.900%(7)		155		162
				15,110
Health Care—2.7%
AbbVie, Inc. 2.850%, 5/14/23		155		156
3.600%, 5/14/25		75		78
3.200%, 5/14/26		125		127
Allergan Funding SCS 3.450%, 3/15/22		310		316
Bausch Health Cos., Inc. 144A 7.000%, 3/15/24(1)		15		16
144A 5.500%, 11/1/25(1)		65		68
144A 5.750%, 8/15/27(1)		125		131
Becton Dickinson & Co. 3.363%, 6/6/24		128		132
3.700%, 6/6/27		92		96
(3 month LIBOR + 0.875%) 3.194%, 12/29/20(3)		50		50
Catalent Pharma Solutions, Inc. 144A 5.000%, 7/15/27(1)		30		31
HCA, Inc. 5.375%, 2/1/25		55		59
5.125%, 6/15/39		90		93
5.250%, 6/15/49		140		146
IQVIA, Inc. 144A 5.000%, 5/15/27(1)		35		36
Mylan NV 3.950%, 6/15/26		280		270
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1)		65		64
Perrigo Finance Unlimited Co. 4.375%, 3/15/26		200		200
Zimmer Biomet Holdings, Inc. 3.550%, 4/1/25		160		165
(3 month LIBOR + 0.750%) 3.169%, 3/19/21(3)		245		245
				2,479
Industrials—2.5%
Ashtead Capital, Inc. 144A 4.375%, 8/15/27(1)		280		281
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(1)		215		221
Clean Harbors, Inc. 144A 4.875%, 7/15/27(1)		10		10
CNH Industrial N.V. 4.500%, 8/15/23		253		265
IAA, Inc. 144A 5.500%, 6/15/27(1)		20		21
Navistar International Corp. 144A 6.625%, 11/1/25(1)		70		73
Oshkosh Corp. 4.600%, 5/15/28		316		333

	Par Value		Value
Industrials—continued
Owens Corning 3.400%, 8/15/26		$225		$    219
Penske Truck Leasing Co., LP 144A 4.125%, 8/1/23(1)		190		200
Pentair Finance S.a.r.l 4.500%, 7/1/29		315		323
TransDigm, Inc. 6.375%, 6/15/26		150		152
United Air Lines, Inc. Pass-Through-Trust 2007-1, A 6.636%, 7/2/22		163		174
				2,272
Information Technology—2.2%
Broadcom Corp. 3.000%, 1/15/22		90		90
3.625%, 1/15/24		165		167
Citrix Systems, Inc. 4.500%, 12/1/27		230		238
Dell International LLC 144A 6.020%, 6/15/26(1)		45		50
144A 4.900%, 10/1/26(1)		120		125
144A 8.100%, 7/15/36(1)		95		116
Hewlett Packard Enterprise Co. 4.900%, 10/15/25		255		279
Motorola Solutions, Inc. 4.600%, 2/23/28		166		174
4.600%, 5/23/29		85		89
Verisk Analytics, Inc. 4.000%, 6/15/25		215		229
ViaSat, Inc. 144A 5.625%, 4/15/27(1)		125		130
VMware, Inc. 2.950%, 8/21/22		109		110
3.900%, 8/21/27		235		238
				2,035
Materials—3.3%
Anglo American Capital plc 144A 4.000%, 9/11/27(1)		220		221
ArcelorMittal 6.125%, 6/1/25		245		278
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75(1)(6)		400		456
CRH America Finance, Inc. 144A 3.400%, 5/9/27(1)		400		399
DuPont de Nemours, Inc. 4.493%, 11/15/25		212		235
Glencore Funding LLC 144A 4.000%, 3/27/27(1)		290		293
Greif, Inc. 144A 6.500%, 3/1/27(1)		85		88
Inversiones CMPC S.A. 144A 4.375%, 5/15/23(1)		375		389
SABIC Capital II BV 144A 4.500%, 10/10/28(1)		200		214
Syngenta Finance N.V. 144A 4.441%, 4/24/23(1)		200		208

See Notes to Schedule of Investments

23

NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Materials—continued
Vulcan Materials Co. 3.900%, 4/1/27		$210		$    215
				2,996
Real Estate—2.8%
Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27		135		142
Corporate Office Properties LP 3.600%, 5/15/23		295		297
EPR Properties 4.750%, 12/15/26		275		291
Healthcare Realty Trust, Inc. 3.875%, 5/1/25		140		144
Healthcare Trust of America Holdings LP 3.750%, 7/1/27		215		221
Hospitality Properties Trust 4.950%, 2/15/27		245		247
Kilroy Realty LP 4.375%, 10/1/25		215		230
Life Storage LP 3.500%, 7/1/26		220		220
3.875%, 12/15/27		85		87
MPT Operating Partnership LP 5.000%, 10/15/27		80		82
Office Properties Income Trust 4.500%, 2/1/25		215		215
Physicians Realty LP 3.950%, 1/15/28		225		227
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24		155		154
				2,557
Utilities—2.5%
CenterPoint Energy, Inc. 4.250%, 11/1/28		260		281
DPL, Inc. 144A 4.350%, 4/15/29(1)		263		266
Exelon Corp. 3.497%, 6/1/22		285		292
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25(1)		235		252
Pennsylvania Electric Co. 144A 3.600%, 6/1/29(1)		240		248
PSEG Power LLC 3.850%, 6/1/23		231		241
Southern Power Co. 4.150%, 12/1/25		255		271
Talen Energy Supply LLC 144A 6.625%, 1/15/28(1)		105		104
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(1)		110		111
Vistra Operations Co. LLC 144A 4.300%, 7/15/29(1)		230		233
				2,299
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $37,836)				39,358

	Par Value		Value
LEVERAGED LOANS(3) —4.9%
Aerospace—0.3%
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 6.160%, 12/6/25		$20		$      20
TransDigm, Inc. 2018, Tranche E (3 month LIBOR + 2.500%) 4.830%, 5/30/25		234		228
				248
Consumer Durables—0.1%
Global Appliance, Inc. Tranche B (3 month LIBOR + 4.000%) 0.000%, 9/29/24(8)		55		55
Consumer Non-Durables—0.1%
Kronos Acquisition Intermediate, Inc. (1 month LIBOR + 4.000%) 6.402%, 5/15/23		138		130
Energy—0.1%
CITGO Petroleum Corp. Tranche B (3 month LIBOR + 5.000%) 7.600%, 3/28/24		85		85
Financial—0.2%
Refinitiv US Holdings, Inc. (1 month LIBOR + 3.750%) 6.152%, 10/1/25		184		178
Food / Tobacco—0.2%
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%) 5.152%, 3/31/25		69		69
H-Food Holdings LLC
(1 month LIBOR + 3.688%) 6.090%, 5/23/25		20		19
2018, Tranche B-2 (1 month LIBOR + 4.000%) 6.402%, 5/23/25		80		79
				167
Forest Prod / Containers—0.1%
Berry Global, Inc. Tranche U (3 month LIBOR + 2.500%) 0.000%, 5/15/26(8)		90		89
Gaming / Leisure—0.3%
Seminole Tribe of Florida 2018, Tranche B (1 month LIBOR + 1.750%) 4.152%, 7/8/24		118		118
Station Casinos LLC Tranche B (1 month LIBOR + 2.500%) 4.910%, 6/8/23		83		82
Wyndham Hotels & Resorts, Inc. Tranche B (1 month LIBOR + 1.750%) 4.152%, 5/30/25		104		104
				304
Healthcare—0.5%
Bausch Health Cos., Inc.
(1 month LIBOR + 2.750%) 5.162%, 11/27/25		33		33

See Notes to Schedule of Investments

24

NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Healthcare—continued
(1 month LIBOR + 3.000%) 5.412%, 6/2/25		$18		$      18
CHG Healthcare Services, Inc. 2017, First Lien (1 month LIBOR + 3.000%) 5.402%, 6/7/23		118		117
Iqvia, Inc. Tranche B-3 (1 month LIBOR + 1.750%) 4.152%, 6/11/25		129		128
NVA Holdings, Inc. Tranche B-4 (1 month LIBOR + 3.500%) 5.939%, 2/2/25		15		15
Regionalcare Hospital Partners Holdings, Inc. Tranche B, First Lien (1 month LIBOR + 4.500%) 6.904%, 11/16/25		139		138
				449
Housing—0.7%
American Builders & Contractors Supply Co., Inc. Tranche B-2 (1 month LIBOR + 2.000%) 4.402%, 10/31/23		173		170
Capital Automotive LP Tranche B-2, First Lien (1 month LIBOR + 2.500%) 4.910%, 3/25/24		161		159
CPG International LLC (6 month LIBOR + 3.750%) 5.933%, 5/5/24		129		127
Summit Materials LLC (1 month LIBOR + 2.000%) 4.402%, 11/21/24		229		228
				684
Information Technology—0.4%
Boxer Parent Co., Inc. (3 month LIBOR + 4.250%) 6.580%, 10/2/25		134		127
CommScope, Inc. (1 month LIBOR + 3.250%) 5.652%, 4/6/26		130		129
Kronos, Inc. First Lien (3 month LIBOR + 3.000%) 5.579%, 11/1/23		103		103
				359
Media / Telecom - Broadcasting—0.1%
Nexstar Broadcasting, Inc. Tranche B (3 month LIBOR + 2.750%) 0.000%, 6/19/26(8)		145		145
Media / Telecom - Cable/Wireless Video—0.2%
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%) 4.644%, 1/15/26		150		147
Media / Telecom - Telecommunications—0.2%
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%) 5.152%, 1/31/25		172		168
Media / Telecom - Wireless Communications—0.2%
SBA Senior Finance II LLC (1 month LIBOR + 2.000%) 4.410%, 4/11/25		209		206
Service—0.5%
Dun & Bradstreet Corp. (The) (1 month LIBOR + 5.000%) 7.404%, 2/6/26		120		120

	Par Value		Value
Service—continued
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 0.000%, 12/31/25(8)		$219		$    216
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.160%, 2/1/23		112		109
				445
Transportation - Automotive—0.2%
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%) 5.910%, 11/6/24		94		93
Panther BF Aggregator 2 LP First Lien (1 month LIBOR + 3.500%) 5.902%, 4/30/26		140		139
				232
Utility—0.5%
Brookfield WEC Holdings, Inc.
(3 month LIBOR + 3.500%) 0.000%, 8/1/25(8)		110		110
First Lien (3 month LIBOR + 3.500%) 5.902%, 8/1/25		104		104
Calpine Corp. 2019 (3 month LIBOR + 2.750%) 5.080%, 4/5/26		150		150
Pacific Gas and Electric Co.
(1 month LIBOR + 2.250%) 4.690%, 12/31/20		55		55
(3 month LIBOR + 1.125%) 1.125%, 12/31/20(9)		20		20
				439
TOTAL LEVERAGED LOANS
(Identified Cost $4,575)				4,530
	Shares
PREFERRED STOCKS—1.5%
Financials—1.3%
Bank of New York Mellon Corp. (The) Series E, 4.950%		245(10)		248
JPMorgan Chase & Co. Series Z, 5.300%		225(10)		228
KeyCorp Series D, 5.000%(11)		140(10)		141
M&T Bank Corp. Series F, 5.125%(11)		126(10)		130
MetLife, Inc. Series D, 5.875%		88(10)		93
PNC Financial Services Group, Inc. (The) Series R, 4.850%		80(10)		81
PNC Financial Services Group, Inc. (The) Series S, 5.000%		220(10)		224
				1,145
Industrials—0.2%
General Electric Co. Series D, 5.000%		231(10)		222
TOTAL PREFERRED STOCKS
(Identified Cost $1,334)				1,367

See Notes to Schedule of Investments

25

NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
EXCHANGE-TRADED FUND—0.5%
iShares iBoxx High Yield Corporate Bond Index Fund(12)		5,211		$     454
TOTAL EXCHANGE-TRADED FUND
(Identified Cost $454)				454
TOTAL LONG-TERM INVESTMENTS—98.9%
(Identified Cost $88,030)				90,890
TOTAL INVESTMENTS—98.9%
(Identified Cost $88,030)				$90,890
Other assets and liabilities, net—1.1%				1,025
NET ASSETS—100.0%				$91,915

Abbreviations:

LIBOR London Interbank Offered Rate

LLC Limited Liability Company

LP Limited Partnership

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 June 30, 2019, these securities amounted to a value of $38,571 or 42.0% of net assets.

⁽²⁾  Amount is less than $500.

⁽³⁾  Variable rate security. Rate disclosed is as of June 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⁾  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.

⁽⁵⁾  Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁶⁾  Interest payments may be deferred.

⁽⁷⁾  No contractual maturity date.

⁽⁸⁾  This loan will settle after June 30, 2019, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽⁹⁾  Represents unfunded portion of security and commitment fee earned on this portion.

⁽¹⁰⁾  Value shown as par value.

⁽¹¹⁾  Interest may be forfeited.

⁽¹²⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings†
United States	90%
Canada	2
Netherlands	1
Chile	1
Luxembourg	1
Switzerland	1
Ireland	1
Other	3
Total	100%
† % of total investments as of June 30, 2019.

See Notes to Schedule of Investments

26

NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities		$10,132		$ —		$10,132		$ —
Corporate Bonds and Notes		39,358		—		39,358		—
Foreign Government Securities		745		—		745		—
Leveraged Loans		4,530		—		4,530		—
Mortgage-Backed Securities		21,764		—		21,479		285
Municipal Bonds		1,747		—		1,747		—
U.S. Government Securities		10,793		—		10,793		—
Equity Securities:
Exchange-Traded Fund		454		454		—		—
Preferred Stocks		1,367		—		1,367		—
Total Investments		$90,890		$454		$90,151		$285

There were no transfers into or out of Level 3 related to securities held at June 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 not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended June 30, 2019.

See Notes to Schedule of Investments

27

NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
U.S. GOVERNMENT SECURITY—1.6%
U.S. Treasury Bill 0.000%, 10/24/19		$1,000		$994
TOTAL U.S. GOVERNMENT SECURITY
(Identified Cost $992)				994
FOREIGN GOVERNMENT SECURITIES—0.7%
Republic of Egypt 144A 7.500%, 1/31/27(1)		200		213
144A 7.600%, 3/1/29(1)		200		211
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $402)				424
MORTGAGE-BACKED SECURITIES—1.4%
Non-Agency—1.4%
BBCMS Mortgage Trust 2018-TALL, A (1 month LIBOR + 0.722%) 144A 3.116%, 3/15/37(1)(2)		650		647
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(1)(2)		180		182
				829
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $830)				829
ASSET-BACKED SECURITIES—0.9%
Automobiles—0.3%
CarNow Auto Receivables Trust 2016-1A, D 144A 7.340%, 11/15/21(1)		215		215
Other—0.6%
SoFi Consumer Loan Program Trust 2018-3, A1 144A 3.200%, 8/25/27(1)		288		288
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(1)		67		66
				354
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $567)				569
CORPORATE BONDS AND NOTES—80.3%
Communication Services—10.1%
Altice France S.A. 144A 7.375%, 5/1/26(1)		340		348
Cablevision Systems Corp. 5.875%, 9/15/22		150		159
CCO Holdings LLC 144A 5.125%, 5/1/27(1)		350		362
Cincinnati Bell, Inc. 144A 7.000%, 7/15/24(1)		145		128
Clear Channel Worldwide Holdings, Inc. 144A 9.250%, 2/15/24(1)		545		591

	Par Value		Value
Communication Services—continued
Consolidated Communications, Inc. 6.500%, 10/1/22(3)		$315		$   294
CSC Holdings LLC 144A 5.500%, 4/15/27(1)		135		142
144A 7.500%, 4/1/28(1)		200		220
DISH DBS Corp. 5.875%, 7/15/22		95		96
5.000%, 3/15/23		335		324
7.750%, 7/1/26		160		157
Entercom Media Corp. 144A 6.500%, 5/1/27(1)		20		21
Frontier Communications Corp. 8.500%, 4/15/20(3)		396		323
11.000%, 9/15/25		175		108
144A 8.500%, 4/1/26(1)		100		97
GrubHub Holdings, Inc. 144A 5.500%, 7/1/27(1)		65		67
iHeart Communications, Inc. 6.375%, 5/1/26		17		19
8.375%, 5/1/27		32		33
iHeart Communications, Inc. Escrow 0.000%, 5/1/23(3)(4)		290		—
Level 3 Financing, Inc. 5.375%, 1/15/24		245		250
5.250%, 3/15/26		135		140
Live Nation Entertainment, Inc. 144A 5.625%, 3/15/26(1)		290		304
McGraw-Hill Global Education Holdings LLC Senior
Unsecured Notes 144A 7.875%, 5/15/24(1)		210		192
Meredith Corp. 6.875%, 2/1/26		330		350
Nexstar Escrow, Inc. 144A 5.625%, 7/15/27(1)		15		15
Sinclair Television Group, Inc. 144A 5.125%, 2/15/27(1)		200		196
Sirius XM Radio, Inc. 144A 4.625%, 7/15/24(1)		55		56
144A 5.500%, 7/1/29(1)		105		108
Sprint Corp. 7.875%, 9/15/23		390		424
Telenet Finance Luxembourg Notes S.a.r.l. 144A 5.500%, 3/1/28(1)		200		203
T-Mobile USA, Inc. 0.000%, 1/15/24(4)		275		—
Univision Communications, Inc. 144A 5.125%, 5/15/23(1)		135		132
West Corp. 144A 8.500%, 10/15/25(1)		145		127
Zayo Group LLC 6.000%, 4/1/23		70		72
6.375%, 5/15/25		70		71
				6,129
Consumer Discretionary—13.7%
American Greetings Corp. 144A 8.750%, 4/15/25(1)		165		153
Avis Budget Car Rental LLC 144A 5.750%, 7/15/27(1)		20		20
Beazer Homes USA, Inc. 6.750%, 3/15/25		95		91
5.875%, 10/15/27		250		217

See Notes to Schedule of Investments

28

NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Consumer Discretionary—continued
Boyd Gaming Corp. 6.375%, 4/1/26	$	255	$	270
6.000%, 8/15/26		145		152
Caesars Resort Collection LLC 144A 5.250%, 10/15/25(1)		325		325
Diamond Resorts International, Inc. 144A 10.750%, 9/1/24(1)		250		246
Downstream Development Authority of The Quapaw Tribe of Oklahoma 144A 10.500%, 2/15/23(1)		115		122
Eldorado Resorts, Inc. 6.000%, 9/15/26		180		197
frontdoor, Inc. 144A 6.750%, 8/15/26(1)		45		48
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(1)		315		332
GLP Capital LP 5.250%, 6/1/25		235		252
5.750%, 6/1/28		115		127
Golden Nugget, Inc. 144A 6.750%, 10/15/24(1)		290		299
144A 8.750%, 10/1/25(1)		145		152
Hilton Domestic Operating Co., Inc. 5.125%, 5/1/26		335		350
144A 4.875%, 1/15/30(1)		100		103
International Game Technology plc 144A 6.250%, 2/15/22(1)		200		211
144A 6.250%, 1/15/27(1)		200		219
Lennar Corp. 5.250%, 6/1/26		265		282
M/I Homes, Inc. 5.625%, 8/1/25		205		208
MGM Growth Properties Operating Partnership LP 5.625%, 5/1/24		65		70
4.500%, 1/15/28		120		119
144A 5.750%, 2/1/27(1)		155		167
MGM Resorts International 5.750%, 6/15/25		170		185
Michaels Stores, Inc. 144A 8.000%, 7/15/27(1)		35		35
Neiman Marcus Group Ltd. LLC 144A 8.000%, 10/25/24(1)		332		136
Panther BF Aggregator 2 LP 144A 6.250%, 5/15/26(1)		15		16
144A 8.500%, 5/15/27(1)		255		263
PetSmart, Inc. 144A 7.125%, 3/15/23(1)		115		108
Prime Security Services Borrower LLC 144A 5.250%, 4/15/24(1)		65		66
144A 5.750%, 4/15/26(1)		35		36
PulteGroup, Inc. 7.875%, 6/15/32		180		214
Scientific Games International, Inc. 6.625%, 5/15/21		205		208
144A 5.000%, 10/15/25(1)		250		252
144A 8.250%, 3/15/26(1)		120		126
Service Corp. International 5.125%, 6/1/29		65		68
ServiceMaster Co., LLC (The) 144A 5.125%, 11/15/24(1)		180		185
Sonic Automotive, Inc. 6.125%, 3/15/27		200		196

	Par Value		Value
Consumer Discretionary—continued
Tenneco, Inc. 5.000%, 7/15/26(3)	$	240	$	191
TRI Pointe Group, Inc. 5.875%, 6/15/24		345		356
Twin River Worldwide Holdings, Inc. 144A 6.750%, 6/1/27(1)		50		52
Viking Cruises Ltd. 144A 5.875%, 9/15/27(1)		285		289
Vista Outdoor, Inc. 5.875%, 10/1/23(3)		185		180
Weekley Homes LLC 6.625%, 8/15/25		210		207
William Lyon Homes, Inc. 6.000%, 9/1/23		200		203
				8,304
Consumer Staples—3.4%
Albertson’s Cos. LLC 5.750%, 3/15/25		195		197
Albertson’s Cos., LLC 144A 7.500%, 3/15/26(1)		45		48
Chobani LLC 144A 7.500%, 4/15/25(1)		230		215
Cumberland Farms, Inc. 144A 6.750%, 5/1/25(1)		315		334
Dole Food Co., Inc. 144A 7.250%, 6/15/25(1)		325		314
Kronos Acquisition Holdings, Inc. 144A 9.000%, 8/15/23(1)		195		171
Matterhorn Merger Sub LLC 144A 8.500%, 6/1/26(1)		135		120
Post Holdings, Inc. 144A 5.500%, 3/1/25(1)		65		67
144A 5.000%, 8/15/26(1)		305		309
Prestige Brands, Inc. 144A 6.375%, 3/1/24(1)		255		267
				2,042
Energy—8.8%
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1)		285		299
American Midstream Partners LP 144A 9.500%, 12/15/21(1)		175		171
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(1)		165		167
California Resources Corp. 6.000%, 11/15/24		16		9
144A 8.000%, 12/15/22(1)		104		78
Callon Petroleum Co. 6.125%, 10/1/24		141		143
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25		295		329
Cheniere Energy Partners LP 144A 5.625%, 10/1/26(1)		160		169
Chesapeake Energy Corp. 8.000%, 6/15/27		310		271
Citgo Holding, Inc. 144A 10.750%, 2/15/20(1)		135		140
CrownRock LP 144A 5.625%, 10/15/25(1)		260		260

See Notes to Schedule of Investments

29

NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Energy—continued
CSI Compressco LP 7.250%, 8/15/22		$105		$    94
Denbury Resources, Inc. 144A 9.250%, 3/31/22(1)		178		167
144A 7.750%, 2/15/24(1)		285		237
Energy Transfer Operating LP 5.875%, 1/15/24		200		222
EP Energy LLC 144A 9.375%, 5/1/24(1)		70		16
144A 8.000%, 11/29/24(1)		45		31
144A 8.000%, 2/15/25(1)		80		17
144A 7.750%, 5/15/26(1)		35		31
Geopark Ltd. 144A 6.500%, 9/21/24(1)		215		222
Kosmos Energy Ltd. 144A 7.125%, 4/4/26(1)		200		202
Nabors Industries, Inc. 5.750%, 2/1/25		165		146
NuStar Logistics LP 5.625%, 4/28/27		155		156
Petrobras Global Finance B.V. 5.299%, 1/27/25		120		127
5.750%, 2/1/29		125		130
Petroleos Mexicanos 6.500%, 3/13/27		60		59
5.350%, 2/12/28		95		87
Range Resources Corp. 4.875%, 5/15/25		140		123
Rowan Cos., Inc. 5.400%, 12/1/42		265		154
Sanchez Energy Corp. 144A 7.250%, 2/15/23(1)(3)		115		87
Targa Resources Partners LP 5.875%, 4/15/26		175		186
Transocean, Inc. 6.800%, 3/15/38		300		225
144A 7.500%, 1/15/26(1)		65		62
USA Compression Partners LP 6.875%, 4/1/26		230		243
144A 6.875%, 9/1/27(1)		30		32
Vine Oil & Gas LP 144A 8.750%, 4/15/23(1)		205		133
Weatherford International Ltd. 8.250%, 6/15/23		190		99
				5,324
Financials—7.6%
Acrisure LLC 144A 8.125%, 2/15/24(1)		95		98
144A 7.000%, 11/15/25(1)		240		217
Ally Financial, Inc. 5.750%, 11/20/25		235		260
Fairstone Financial, Inc. 144A 7.875%, 7/15/24(1)		35		36
ICAHN Enterprises LP 5.875%, 2/1/22		175		177
6.375%, 12/15/25		145		148
144A 6.250%, 5/15/26(1)		220		222
ING Groep N.V. 6.000% (5)(6)		200		202
iStar, Inc. 6.000%, 4/1/22		170		174

	Par Value		Value
Financials—continued
5.250%, 9/15/22		$335		$    343
Ladder Capital Finance Holdings LLLP 144A 5.875%, 8/1/21(1)		265		269
144A 5.250%, 3/15/22(1)		80		82
Nationstar Mortgage Holdings, Inc. 144A 8.125%, 7/15/23(1)		115		117
Nationstar Mortgage LLC 6.500%, 7/1/21		250		250
Navient Corp. 5.875%, 10/25/24		305		308
6.750%, 6/25/25		250		259
Springleaf Finance Corp. 6.125%, 5/15/22		335		359
6.875%, 3/15/25		370		405
7.125%, 3/15/26		85		93
Synchrony Financial 4.375%, 3/19/24		180		188
Synovus Financial Corp. 5.900%, 2/7/29		160		166
Voya Financial, Inc. 5.650%, 5/15/53		205		213
				4,586
Health Care—10.8%
Advanz Pharma Corp. 8.000%, 9/6/24		41		40
Avantor, Inc. 144A 6.000%, 10/1/24(1)		130		138
144A 9.000%, 10/1/25(1)		380		424
Bausch Health Americas, Inc. 144A 9.250%, 4/1/26(1)		135		151
144A 8.500%, 1/31/27(1)		270		297
Bausch Health Cos., Inc. 144A 5.500%, 11/1/25(1)		350		365
144A 7.000%, 1/15/28(1)		190		197
Catalent Pharma Solutions, Inc. 144A 5.000%, 7/15/27(1)		75		76
Centene Corp. 144A 5.375%, 6/1/26(1)		60		63
Change Healthcare Holdings LLC 144A 5.750%, 3/1/25(1)		85		86
Charles River Laboratories International, Inc. 144A 5.500%, 4/1/26(1)		195		205
DaVita, Inc. 5.125%, 7/15/24		100		100
5.000%, 5/1/25		100		99
Eagle Holding Co. II, LLC
PIK Interest Capitalization, 144A 7.625%, 5/15/22(1)(7)		355		357
PIK Interest Capitalization, 144A 7.750%, 5/15/22(1)(8)		305		307
Endo Finance LLC 144A 5.375%, 1/15/23(1)		250		180
HCA, Inc. 5.375%, 2/1/25		330		356
5.250%, 6/15/26		165		183
5.625%, 9/1/28		315		341
5.875%, 2/1/29		35		38
4.125%, 6/15/29		185		189
IQVIA, Inc. 144A 5.000%, 5/15/27(1)		70		72

See Notes to Schedule of Investments

30

NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Health Care—continued
Ortho-Clinical Diagnostics, Inc. 144A 6.625%, 5/15/22(1)	$	275	$	263
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1)		115		113
Perrigo Finance Unlimited Co. 4.375%, 3/15/26		210		210
Sotera Health Holdings LLC 144A 6.500%, 5/15/23(1)		325		329
Surgery Center Holdings, Inc. 144A 6.750%, 7/1/25(1)		55		48
144A 10.000%, 4/15/27(1)		130		130
Tenet Healthcare Corp. 6.000%, 10/1/20		230		237
8.125%, 4/1/22		85		89
5.125%, 5/1/25		110		111
7.000%, 8/1/25(3)		180		179
144A 6.250%, 2/1/27(1)		130		134
Teva Pharmaceutical Finance Netherlands III BV 3.150%, 10/1/26		115		89
WellCare Health Plans, Inc. 5.250%, 4/1/25		135		141
West Street Merger Sub, Inc. 144A 6.375%, 9/1/25(1)		220		204
				6,541
Industrials—8.0%
Allied Universal Holdco LLC 144A 9.750%, 7/15/27(1)		180		180
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(1)		300		309
Bombardier, Inc. 144A 6.125%, 1/15/23(1)		95		96
144A 7.500%, 12/1/24(1)		155		158
144A 7.875%, 4/15/27(1)		70		70
Clean Harbors, Inc. 144A 4.875%, 7/15/27(1)		10		10
Delhi International Airport Ltd. 144A 6.450%, 6/4/29(1)		200		211
Fortress Transportation & Infrastructure Investors LLC 144A 6.750%, 3/15/22(1)		175		182
144A 6.500%, 10/1/25(1)		220		227
Garda World Security Corp. 144A 8.750%, 5/15/25(1)		305		301
GFL Environmental, Inc. 144A 7.000%, 6/1/26(1)		165		169
144A 8.500%, 5/1/27(1)		120		129
Hillman Group, Inc. (The) 144A 6.375%, 7/15/22(1)		190		169
IAA, Inc. 144A 5.500%, 6/15/27(1)		70		73
Navistar International Corp. 144A 6.625%, 11/1/25(1)		390		408
New Enterprise Stone & Lime Co., Inc. 144A 10.125%, 4/1/22(1)		235		240
Norwegian Air Shuttle ASA Pass-Through-Trust 2016-1, A 144A 4.875%, 5/10/28(1)		181		174
Pentair Finance S.a.r.l 4.500%, 7/1/29		230		236
RBS Global, Inc. 144A 4.875%, 12/15/25(1)		175		177

	Par Value		Value
Industrials—continued
Titan Acquisition Ltd. 144A 7.750%, 4/15/26(1)	$	210	$	189
Topaz Marine S.A. 144A 9.125%, 7/26/22(1)		360		361
TransDigm, Inc. 6.000%, 7/15/22		105		106
6.500%, 7/15/24		95		96
6.500%, 5/15/25		230		232
6.375%, 6/15/26		130		132
Vertiv Intermediate Holding Corp. PIK Interest
Capitalization, 144A 12.000%, 2/15/22(1)(7)		220		212
				4,847
Information Technology—4.3%
Amkor Technology, Inc. 144A 6.625%, 9/15/27(1)		310		308
Banff Merger Sub, Inc. 144A 9.750%, 9/1/26(1)		170		147
CommScope, Inc. 144A 8.250%, 3/1/27(1)		225		229
Dell International LLC 144A 4.900%, 10/1/26(1)		155		162
144A 5.300%, 10/1/29(1)		155		163
Everi Payments, Inc. 144A 7.500%, 12/15/25(1)		65		68
Exela Intermediate LLC 144A 10.000%, 7/15/23(1)		110		89
First Data Corp. 144A 5.000%, 1/15/24(1)		105		108
144A 5.750%, 1/15/24(1)		450		463
Infor US, Inc. 6.500%, 5/15/22		200		204
SS&C Technologies, Inc. 144A 5.500%, 9/30/27(1)		300		311
ViaSat, Inc. 144A 5.625%, 9/15/25(1)		245		241
144A 5.625%, 4/15/27(1)		110		114
				2,607
Materials—9.1%
AK Steel Corp. 7.000%, 3/15/27(3)		170		137
Alpha 3 BV 144A 6.250%, 2/1/25(1)		280		276
ArcelorMittal 6.125%, 6/1/25		130		148
ARD Securities Finance S.a.r.l. PIK Interest
Capitalization, 144A 8.750%, 1/31/23(1)(3)(9)		306		308
Ardagh Packaging Finance plc 144A 6.000%, 2/15/25(1)		200		207
BWAY Holding Co. 144A 5.500%, 4/15/24(1)		75		75
144A 7.250%, 4/15/25(1)		190		183
Calumet Specialty Products Partners LP 7.625%, 1/15/22(3)		160		155
Cascades, Inc. 144A 5.500%, 7/15/22(1)		140		141
144A 5.750%, 7/15/23(1)		115		116

See Notes to Schedule of Investments

31

NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Materials—continued
CPG Merger Sub LLC 144A 8.000%, 10/1/21(1)	$	320	$	324
Element Solutions, Inc. 144A 5.875%, 12/1/25(1)		175		182
Greif, Inc. 144A 6.500%, 3/1/27(1)		195		201
Hexion, Inc. 6.625%, 4/15/20(10)		75		58
144A 13.750%, 2/1/22(1)(10)		190		33
144A 7.875%, 7/15/27(1)		100		100
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24(1)(3)		315		321
James Hardie International Finance DAC 144A 4.750%, 1/15/25(1)		200		204
144A 5.000%, 1/15/28(1)		200		199
Kraton Polymers LLC 144A 7.000%, 4/15/25(1)		310		314
LSB Industries, Inc. 144A 9.625%, 5/1/23(1)(3)		260		265
NOVA Chemicals Corp. 144A 5.000%, 5/1/25(1)		65		68
Owens-Brockway Glass Container, Inc. 144A 6.375%, 8/15/25(1)		180		196
Reynolds Group Issuer, Inc. 144A 7.000%, 7/15/24(1)		165		171
RegS 7.000%, 7/15/24(11)		125		129
Schweitzer-Mauduit International, Inc. 144A 6.875%, 10/1/26(1)		190		194
Teck Resources Ltd. 6.125%, 10/1/35		150		171
Trident Merger Sub, Inc. 144A 6.625%, 11/1/25(1)		265		247
United States Steel Corp. 6.250%, 3/15/26		235		209
Vedanta Resources plc 144A 6.375%, 7/30/22(1)		200		197
				5,529
Real Estate—0.9%
ESH Hospitality, Inc. 144A 5.250%, 5/1/25(1)		240		246
MPT Operating Partnership LP 5.000%, 10/15/27		130		134
Uniti Group, Inc. 144A 7.125%, 12/15/24(1)		185		166
				546
Utilities—3.6%
Calpine Corp. 5.375%, 1/15/23		350		354
Ferrellgas Partners LP 8.625%, 6/15/20		140		104
Suburban Propane Partners LP 5.500%, 6/1/24		145		146
Talen Energy Supply LLC 144A 7.250%, 5/15/27(1)		105		108
144A 6.625%, 1/15/28(1)		205		204
TerraForm Power Operating LLC 144A 4.250%, 1/31/23(1)		175		175
144A 5.000%, 1/31/28(1)		240		241

	Par Value		Value
Utilities—continued
Texas Competitive Electric Holdings Co. 144A 11.500%, 10/1/20(1)(4)	$	500	$	—	(12)
Transportadora de Gas Internacional SA ESP 144A 5.550%, 11/1/28(1)		205		230
Vistra Operations Co. LLC 144A 5.625%, 2/15/27(1)		450		476
144A 4.300%, 7/15/29(1)		150		152
				2,190
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $48,676)				48,645
LEVERAGED LOANS(2) —9.7%
Aerospace—0.2%
Dynasty Acquisition Co., Inc.
Tranche B-1 (3 month LIBOR + 4.000%) 6.330%, 4/6/26		91		91
Tranche B-2 (3 month LIBOR + 4.000%) 6.330%, 4/6/26		49		49
				140
Chemicals—0.4%
New Arclin U.S. Holding Corp. First Lien (3 month
LIBOR + 3.500%) 0.000%, 2/14/24(13)		32		32
Omnova Solutions, Inc. Tranche B-2 (1 month LIBOR + 3.250%) 5.652%, 8/25/23		166		165
US Salt LLC (1 month LIBOR + 4.750%) 7.152%, 1/16/26		55		55
				252
Consumer Durables—0.3%
Global Appliance, Inc. Tranche B (3 month LIBOR + 4.000%) 6.410%, 9/29/24		145		143
Consumer Non-Durables—0.9%
American Greetings Corp. (1 month LIBOR + 4.500%) 6.939%, 4/6/24		94		94
Diamond (BC) B.V. (3 month LIBOR + 3.000%) 5.583%, 9/6/24		188		165
Kronos Acquisition Intermediate, Inc. (1 month LIBOR + 4.000%) 6.402%, 5/15/23		128		120
Parfums Holding Co., Inc. First Lien (3 month LIBOR + 4.250%) 6.772%, 6/30/24		173		172
				551
Energy—0.5%
California Resources Corp.
(1 month LIBOR + 10.375%) 12.777%, 12/31/21		155		157
(1 month LIBOR + 4.750%) 7.152%, 12/31/22		55		53

See Notes to Schedule of Investments

32

NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Energy—continued
CITGO Petroleum Corp. Tranche B (3 month LIBOR + 5.000%) 7.600%, 3/28/24		$95		$    95
				305
Financial—0.5%
Asurion LLC Tranche B-2, Second Lien (3 month LIBOR + 6.500%)
0.000%, 8/4/25(13)		128		130
Refinitiv US Holdings, Inc. (1 month LIBOR + 3.750%) 6.152%, 10/1/25		164		159
				289
Food / Tobacco—0.4%
Chobani LLC First Lien (1 month LIBOR + 3.500%) 5.902%, 10/10/23		122		120
Milk Specialties Co. (1 month LIBOR + 4.000%) 6.402%, 8/16/23		145		141
				261
Food and Drug—0.4%
Albertson’s LLC 2018, Tranche B-7 (1 month LIBOR + 3.000%) 5.402%, 11/17/25		189		188
Sage Borrowco LLC Tranche B, First Lien (3 month LIBOR + 4.750%)
7.127%, 6/20/26		65		65
				253
Forest Prod / Containers—0.3%
Klockner Pentaplast of America, Inc. (1 month LIBOR + 4.250%) 6.652%, 6/30/22		205		181
Gaming / Leisure—0.6%
Gateway Casinos & Entertainment Ltd. (3 month LIBOR + 3.000%)
5.330%, 12/1/23		45		44
PCI Gaming Authority Tranche B (1 month LIBOR + 3.000%) 5.402%, 5/29/26		55		55
UFC Holdings LLC 2019, First Lien (3 month LIBOR + 3.250%) 5.660%, 4/29/26		250		249
				348
Healthcare—0.9%
21st Century Oncology, Inc. Tranche B (3 month LIBOR + 6.125%)
8.735%, 1/16/23		155		134
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 6.152%, 10/10/25		220		194
Ortho-Clinical Diagnostics, Inc. (1 month LIBOR + 3.250%) 5.680%, 6/30/25		89		86
Prospect Medical Holdings, Inc. Tranche B-1 (1 month LIBOR + 5.500%)
7.938%, 2/22/24		84		79

	Par Value		Value
Healthcare—continued
Wellpath Holdings, Inc. First Lien (1 month LIBOR + 5.500%) 0.000%, 10/1/25(13)		$48		$    47
				540
Housing—0.6%
Capital Automotive LP Tranche B, Second Lien (1 month LIBOR + 6.000%) 8.410%, 3/24/25		202		203
CPG International LLC (6 month LIBOR + 3.750%) 5.933%, 5/5/24		147		144
				347
Information Technology—0.5%
Boxer Parent Co., Inc. (3 month LIBOR + 4.250%) 6.580%, 10/2/25		139		132
CommScope, Inc. (1 month LIBOR + 3.250%) 5.652%, 4/6/26		60		60
Kronos, Inc. Second Lien (3 month LIBOR + 8.250%) 10.829%, 11/1/24		78		80
				272
Media / Telecom—Broadcasting—0.1%
iHeart Communications, Inc. (3 month LIBOR + 4.000%) 6.579%, 5/1/26(3)		77		77
Media / Telecom—Telecommunications—0.5%
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%) 5.152%, 1/31/25		163		159
Securus Technologies Holdings, Inc.
First Lien (3 month LIBOR + 4.500%) 0.000%, 11/1/24(13)		59		55
Second Lien (3 month LIBOR + 8.250%) 10.580%, 11/1/25		100		92
				306
Media / Telecom—Wireless Communications—0.2%
Sprint Communications, Inc. (1 month LIBOR + 2.500%) 4.938%, 2/2/24		112		111
Service—1.2%
Dun & Bradstreet Corp. (The) (1 month LIBOR + 5.000%) 7.404%, 2/6/26		150		150
PI UK Holdco II Ltd. Tranche B-1 (1 month LIBOR + 3.250%) 5.652%, 1/3/25		158		155
Red Ventures LLC Tranche B-1, First Lien (1 month LIBOR + 3.000%)
0.000%, 11/8/24(13)		120		120
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%)
5.652%, 12/31/25		164		162

See Notes to Schedule of Investments

33

NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value			Value
Service—continued
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.160%, 2/1/23		$155			$    151
					738
Transportation - Automotive—0.3%
Panther BF Aggregator 2 LP First Lien (1 month LIBOR + 3.500%)
5.902%, 4/30/26		195			193
Utility—0.9%
APLP Holdings LP (1 month LIBOR + 2.750%) 5.152%, 4/13/23		140			140
Brookfield WEC Holdings, Inc.
First Lien (3 month LIBOR + 3.500%) 5.902%, 8/1/25		80			79
Second Lien (1 month LIBOR + 6.750%) 9.152%, 8/3/26		120			121
Lightstone Holdco LLC
Tranche B (1 month LIBOR + 3.750%) 6.152%, 1/30/24		87			86
Tranche C (1 month LIBOR + 3.750%) 6.152%, 1/30/24		5			5
Talen Energy Supply LLC (1 month LIBOR + 4.000%) 6.402%, 4/15/24		107			107
					538
TOTAL LEVERAGED LOANS
(Identified Cost $5,978)					5,845
	Shares
PREFERRED STOCKS—0.9%
Consumer Discretionary—0.1%
MYT Holding Co., 10.000%		67,637			62
Financials—0.8%
Citigroup, Inc. Series T, 6.250%(14)		190(15	)		209
KeyCorp Series D, 5.000%(14)		250(15	)		252
					461
TOTAL PREFERRED STOCKS
(Identified Cost $507)					523
COMMON STOCKS—0.1%
Communication Services—0.1%
Clear Channel Outdoor Holdings, Inc.(16)		7,282			35
Energy—0.0%
Frontera Energy Corp.		1,088			11
Sabine Oil & Gas Holdings, Inc.		160			4
					15
TOTAL COMMON STOCKS
(Identified Cost $61)					50

	Shares		Value
EXCHANGE-TRADED FUNDS—1.0%
iShares iBoxx High Yield Corporate Bond Index
Fund(3)(17)		3,478		$    303
SPDR Bloomberg Barclays High Yield Bond Index
Fund(17)		2,871		313
TOTAL EXCHANGE-TRADED FUNDS
(Identified Cost $611)				616
RIGHT—0.0%
Utilities—0.0%
Vistra Energy Corp.(16)		8,563		7
TOTAL RIGHT
(Identified Cost $7)				7
WARRANTS—0.1%
Communication Services—0.1%
iHeartMedia, Inc.(16)(18)		3,097		45
Energy—0.0%
Sabine Oil & Gas Holdings, Inc.(16)(18)		105		—(12	)
Sabine Oil & Gas Holdings, Inc.(16)(18)		501		2
				2
TOTAL WARRANTS
(Identified Cost $58)				47
TOTAL LONG-TERM INVESTMENTS—96.7%
(Identified Cost $58,689)				58,549
SECURITIES LENDING COLLATERAL—4.5%
Dreyfus Government Cash Management Fund -
Institutional Shares (seven-day effective yield 2.250%)(17)(19)		2,694,524		2,694
TOTAL SECURITIES LENDING COLLATERAL
(Identified Cost $2,694)				2,694
TOTAL INVESTMENTS—101.2%
(Identified Cost $61,383)				$61,243
Other assets and liabilities, net—(1.2)%				(705	)
NET ASSETS—100.0%				$60,538

Abbreviations:
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PIK	Payment-in-Kind Security
SPDR	S&P Depositary Receipt

See Notes to Schedule of Investments

34

NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

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 June 30, 2019, these securities amounted to a value of $31,606 or 52.2% of net assets.

⁽²⁾  Variable rate security. Rate disclosed is as of June 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.

⁽³⁾  All or a portion of security is on loan.

⁽⁴⁾  Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽⁵⁾  Interest payments may be deferred.

⁽⁶⁾  No contractual maturity date.

⁽⁷⁾  100% of the income received was in cash.

⁽⁸⁾  First pay date will be in November 2019.

⁽⁹⁾  100% of the income received was in PIK.

⁽¹⁰⁾  Security in default; no interest payments are being received during the bankruptcy proceedings.

⁽¹¹⁾  Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽¹²⁾  Amount is less than $500.

⁽¹³⁾  This loan will settle after June 30, 2019, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽¹⁴⁾  Interest may be forfeited.

⁽¹⁵⁾  Value shown as par value.

⁽¹⁶⁾  Non-income producing.

⁽¹⁷⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

⁽¹⁸⁾  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.

⁽¹⁹⁾  Represents security purchased with cash collateral received for securities on loan.

Country Weightings†
United States	84%
Canada	5
Luxembourg	3
Netherlands	2
Ireland	1
United Kingdom	1
Bermuda	1
Other	3
Total	100%
† % of total investments as of June 30, 2019.

See Notes to Schedule of Investments

35

NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019			Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities		$	569		$	—		$	569		$	—
Corporate Bonds and Notes			48,645			—			48,645			—	(1)
Foreign Government Securities			424			—			424			—
Leveraged Loans			5,845			—			5,845			—
Mortgage-Backed Securities			829			—			829			—
U.S. Government Security			994			—			994			—
Equity Securities:
Exchange-Traded Funds			616			616			—			—
Common Stocks			50			46			4			—
Preferred Stocks			523			—			523			—
Right			7			—			7			—
Warrants			47			—			—			47
Securities Lending Collateral			2,694			2,694			—			—
Total Investments		$	61,243		$	3,356		$	57,840		$	47

⁽¹⁾  Amount is less than $500.

Securities held by the Fund with an end of period value of $11 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

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 not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended June 30, 2019.

See Notes to Schedule of Investments

36

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
U.S. GOVERNMENT SECURITIES—1.0%
U.S. Treasury Bill
0.000%, 9/26/19		$        2,150		$2,139
U.S. Treasury Note
2.625%, 2/15/29		1,930		2,034
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $4,137)				4,173
FOREIGN GOVERNMENT SECURITIES—0.3%
Republic of South Africa 4.665%, 1/17/24		325		340
Sultanate of Oman 144A 4.125%, 1/17/23(1)		520		505
144A 4.750%, 6/15/26(1)		415		383
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $1,227)				1,228
MORTGAGE-BACKED SECURITIES—38.2%
Agency—1.5%
Federal National Mortgage Association
Pool #AD6058 4.000%, 8/1/25		38		39
Pool #AO5149 3.000%, 6/1/27		133		136
Pool #AL7532 3.000%, 11/1/27		529		541
Pool #AS5730 3.000%, 9/1/30		1,024		1,046
Pool #AS5927 3.000%, 10/1/30		481		492
Pool #AZ4794 3.000%, 10/1/30		3,364		3,438
Pool #MA0908 4.000%, 11/1/31		258		270
Pool #AC3654 5.000%, 10/1/39		178		194
Pool #AD3841 4.500%, 4/1/40		74		79
Federal National Mortgage Association REMIC 1997-70, PE (P.O.) 0.000%, 4/25/22		1		1
Government National Mortgage Association
Pool #345039 7.000%, 9/15/23		4		4
Pool #780023 7.000%, 9/15/24		3		3
Pool #407660 7.000%, 7/15/25		8		8
				6,251
Non-Agency—36.7%
Access Point Funding I LLC 2017-A, A 144A 3.060%, 4/15/29(1)		117		117

	Par Value		Value
Non-Agency—continued
Ajax Mortgage Loan Trust 2017-B, A 144A 3.163%, 9/25/56(1)(2)		$  527		$  531
American Homes 4 Rent Trust 2015-SFR1, A 144A 3.467%, 4/17/52(1)		185		191
Angel Oak Mortgage Trust I LLC 2018-1, A1 144A 3.258%, 4/27/48(1)(2)		613		616
2018-2, A1 144A 3.674%, 7/27/48(1)(2)		1,279		1,299
2018-3, A1 144A 3.649%, 9/25/48(1)(2)		2,313		2,339
2019-1, A1 144A 3.920%, 11/25/48(1)(2)		1,310		1,336
Angel Oak Mortgage Trust LLC 2017-3, A1 144A 2.708%, 11/25/47(1)(2)		245		245
2019-3, A1 144A 2.930%, 5/25/59(1)(2)		1,300		1,307
Arroyo Mortgage Trust 2018-1, A1 144A 3.763%, 4/25/48(1)(2)		1,854		1,898
2019-1, A1 144A 3.805%, 1/25/49(1)(2)		985		1,007
2019-2, A1 144A 3.347%, 4/25/49(1)(2)		975		989
Aventura Mall Trust 2013-AVM, A 144A 3.867%, 12/5/32(1)(2)		1,721		1,746
2013-AVM, C 144A 3.867%, 12/5/32(1)(2)		1,130		1,146
Banc of America Funding Trust 2004-B, 2A1 4.943%, 11/20/34(2)		19		20
2005-1, 1A1 5.500%, 2/25/35		104		107
2006-2, 3A1 6.000%, 3/25/36		21		21
Bank of America (Merrill Lynch - Countrywide)
Alternative Loan Trust 2004-22CB, 1A1 6.000%, 10/25/34		1,826		1,872
2004-24CB, 1A1 6.000%, 11/25/34		158		163
Bank of America (Merrill Lynch) Investors Trust 2004-A4, A1 4.349%, 8/25/34(2)		403		407
Bayview Commercial Asset Trust 2006-2A, A2 (1 month LIBOR + 0.280%) 144A 2.684%, 7/25/36(1)(2)		225		217
Bayview Koitere Fund Trust 2017-RT4, A 144A 3.500%, 7/28/57(1)(2)		238		243
Bayview Opportunity Master Fund IVa Trust 2017-RT1,
A1 144A 3.000%, 3/28/57(1)(2)		596		603
Bayview Opportunity Master Fund IVb Trust 2017-SPL4, A 144A 3.500%, 1/28/55(1)(2)		445		453
Bear Stearns ARM Trust 2004-9, 22A1 4.713%, 11/25/34(2)		307		316
Bunker Hill Loan Depositary Trust 2019-1, A1 144A 3.613%, 10/26/48(1)(2)		1,192		1,217

See Notes to Schedule of Investments

37

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
BX Trust 2018-MCSF, A (1 month LIBOR + 0.577%) 144A 2.971%, 4/15/35(1)(2)		$ 550		$   549
2018-GW, B (1 month LIBOR + 1.020%) 144A 3.414%, 5/15/35(1)(2)		1,265		1,264
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(1)		590		616
Citigroup Commercial Mortgage Trust 2013-375P, B 144A 3.635%, 5/10/35(1)(2)		695		717
2019-SST2, A (1 month LIBOR + 0.920%) 144A 3.314%, 12/15/36(1)(2)		1,200		1,186
Citigroup Mortgage Loan Trust, Inc. 2004-NCM2, 2CB2 6.750%, 8/25/34		114		125
2014-A, A 144A 4.000%, 1/25/35(1)(2)		272		283
2013-A, A 144A 3.000%, 5/25/42(1)(2)		918		905
2015-PS1, A1 144A 3.750%, 9/25/42(1)(2)		193		198
2015-A, A1 144A 3.500%, 6/25/58(1)(2)		424		429
2018-RP3, A1 144A 3.250%, 3/25/61(1)(2)		851		866
2019-RP1, A1 144A 3.500%, 1/25/66(1)(2)		948		977
COLT Mortgage Loan Trust Funding LLC 2018-1, A1 144A 2.930%, 2/25/48(1)(2)		659		658
2018-2, A1 144A 3.470%, 7/27/48(1)(2)		372		374
2018-3, A1 144A 3.692%, 10/26/48(1)(2)		808		819
2019-1, A1 144A 3.705%, 3/25/49(1)(2)		1,484		1,507
2019-3, A1 144A 2.764%, 8/25/49(1)(2)		420		420
Commercial Mortgage Lease-Backed Certificates 2001-CMLB, A3 144A 7.471%, 6/20/31(1)(2)		460		477
Commercial Mortgage Trust 2014-277P, A 144A 3.732%, 8/10/49(1)(2)		2,595		2,751
CoreVest American Finance Trust 2017-1, A 144A 2.968%, 10/15/49(1)		1,327		1,335
2018-1, A 144A 3.804%, 6/15/51(1)		676		699
2018-2, A 144A 4.026%, 11/15/52(1)		1,033		1,077
Credit Suisse First Boston Mortgage Securities Corp. 2003-27, 5A3 5.250%, 11/25/33		31		31
2003-AR30, 5A1 4.505%, 1/25/34(2)		171		178
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A 3.374%, 5/15/36(1)(2)		1,455		1,457
Credit Suisse Mortgage Capital Trust 2013-HYB1, A16 144A 3.008%, 4/25/43(1)(2)		537		536
2014-IVR2, A2 144A 3.758%, 4/25/44(1)(2)		565		566

	Par Value		Value
Non-Agency—continued
2018-RPL8, A1 144A 4.125%, 7/25/58(1)(2)		$ 643		$ 652
Deephaven Residential Mortgage Trust 2017-1A, A1 144A 2.725%, 12/26/46(1)(2)		127		127
2017-1A, A2 144A 2.928%, 12/26/46(1)(2)		206		206
2017-2A, A1 144A 2.453%, 6/25/47(1)(2)		208		208
2017-3A, A3 144A 2.813%, 10/25/47(1)(2)		292		291
2018-2A, A1 144A 3.479%, 4/25/58(1)(2)		1,068		1,080
2018-3A, A1 144A 3.789%, 8/25/58(1)(2)		245		248
2019-1A, A1 144A 3.743%, 1/25/59(1)(2)		1,056		1,068
Ellington Financial Mortgage Trust 2017-1, A1 144A 2.687%, 10/25/47(1)(2)		879		876
2018-1, A1FX 144A 4.140%, 10/25/58(1)(2)		1,772		1,802
2019-1, A1 144A 2.934%, 6/25/59(1)(2)(3)		840		840
Galton Funding Mortgage Trust
2017-1, A21 144A 3.500%, 7/25/56(1)(2)		738		745
2018-1, A23 144A 3.500%, 11/25/57(1)(2)		506		511
2018-2, A41 144A 4.500%, 10/25/58(1)(2)		630		646
GCAT LLC 2019-NQM1, A1 144A 2.985%, 2/25/59(1)(2)		1,037		1,043
GSAA Home Equity Trust 2005-1, AF4 5.619%, 11/25/34(2)		40		40
2005-12, AF3W 4.999%, 9/25/35(2)		34		35
GSR Mortgage Loan Trust 2003-3F, 1A6 6.000%, 4/25/33		296		313
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(1)		1,070		1,074
Homeward Opportunities Fund I Trust 2018-1, A1 144A 3.766%, 6/25/48(1)(2)		841		856
2018-2, A1 144A 3.985%, 11/25/58(1)(2)		820		838
2019-1, A1 144A 3.454%, 1/25/59(1)(2)		1,369		1,387
IMC Home Equity Loan Trust 1997-5, A9 7.310%, 11/20/28		70		70
JP Morgan Chase Mortgage Trust 2005-A5, 1A2 4.174%, 8/25/35(2)		444		452
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust 2004-10, 21A1 4.563%, 1/25/35(2)		339		347
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust 2003-AR6, A1 4.720%, 6/25/33(2)		147		151
2003-AR4, 2A1 4.079%, 8/25/33(2)		79		78

See Notes to Schedule of Investments

38

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
JPMorgan Chase Commercial Mortgage Securities Trust
2011-C4, A4 144A 4.388%, 7/15/46(1)		$ 288		$ 297
2014-C22, A4 3.801%, 9/15/47		1,695		1,796
JPMorgan Chase Mortgage Trust 2014-2, AM 144A 3.370%, 6/25/29(1)(2)		993		1,007
2014-2, 2A2 144A 3.500%, 6/25/29(1)(2)		756		772
2006-A2, 4A1 4.700%, 8/25/34(2)		79		82
2014-1, 2A12 144A 3.500%, 1/25/44(1)(2)		623		630
2015-1, AM1 144A 3.655%, 12/25/44(1)(2)		300		300
2016-SH1, M2 144A 3.750%, 4/25/45(1)(2)		568		581
2015-5, A2 144A 3.342%, 5/25/45(1)(2)		446		446
2016-SH2, M2 144A 3.750%, 12/25/45(1)(2)		903		934
2017-3, 2A2 144A 2.500%, 8/25/47(1)(2)		862		858
2017-5, A1 144A 3.182%, 10/26/48(1)(2)		2,484		2,505
2017-4, A3 144A 3.500%, 11/25/48(1)(2)		194		196
2018-8, A3 144A 4.000%, 1/25/49(1)(2)		318		325
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%) 144A
3.194%, 5/15/36(1)(2)		1,040		1,041
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(1)(2)		1,195		1,208
MASTR Alternative Loan Trust 2003-8, 2A1 5.750%, 11/25/33		73		76
2004-4, 6A1 5.500%, 4/25/34		100		106
2004-7, 9A1 6.000%, 8/25/34		88		94
2005-2, 2A1 6.000%, 1/25/35		336		356
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(1)(2)		166		168
Mello Warehouse Securitization Trust 2019-1, C (1 month LIBOR + 1.200%) 144A 3.604%, 6/25/52(1)(2)(3)		1,040		1,040
MetLife Securitization Trust 2019-1A, A1A 144A 3.750%, 4/25/58(1)(2)		953		990
Mill City Mortgage Loan Trust 2015-1, A3 144A 3.000%, 6/25/56(1)(2)		554		557
2016-1, A1 144A 2.500%, 4/25/57(1)(2)		757		757
2017-1, A1 144A 2.750%, 11/25/58(1)(2)		1,305		1,309
Morgan Stanley - Bank of America (Merrill Lynch) Trust 2013-C13, AS 4.266%, 11/15/46		1,515		1,616

	Par Value		Value
Non-Agency—continued
Morgan Stanley Capital Barclays Bank Trust 2016-MART, A 144A 2.200%, 9/13/31(1)		$1,660		$1,658
Morgan Stanley Capital I Trust 2017-CLS, A (1 month LIBOR + 0.700%) 144A 3.094%, 11/15/34(1)(2)		1,080		1,079
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 2.958%, 6/25/44(1)(2)		349		345
Motel 6 Trust 2017-MTL6, A (1 month LIBOR + 0.920%) 144A 3.314%, 8/15/34(1)(2)		1,643		1,643
National City Mortgage Capital Trust 2008-1, 2A1 6.000%, 3/25/38		108		112
New Residential Mortgage Loan Trust 2016-2A, A1 144A 3.750%, 11/26/35(1)(2)		1,884		1,945
2018-4A, A1S (1 month LIBOR + 0.750%) 144A 3.154%, 1/25/48(1)(2)		1,564		1,563
2019-NQM1, A1 144A 3.675%, 1/25/49(1)(2)		2,555		2,602
2014-1A, A 144A 3.750%, 1/25/54(1)(2)		1,212		1,255
2014-2A, A3 144A 3.750%, 5/25/54(1)(2)		114		116
2014-3A, AFX3 144A 3.750%, 11/25/54(1)(2)		991		1,023
2015-2A, A1 144A 3.750%, 8/25/55(1)(2)		1,410		1,458
2016-1A, A1 144A 3.750%, 3/25/56(1)(2)		815		833
2016-3A, A1 144A 3.750%, 9/25/56(1)(2)		816		841
2016-4A, A1 144A 3.750%, 11/25/56(1)(2)		3,291		3,397
2017-2A, A3 144A 4.000%, 3/25/57(1)(2)		1,453		1,517
2018-1A, A1A 144A 4.000%, 12/25/57(1)(2)		1,632		1,692
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%) 4.155%, 3/25/35(2)		878		884
OBX Trust 2018-EXP2, 1A1 144A 4.000%, 11/25/48(1)(2)		775		787
2019-INV1, A3 144A 4.500%, 11/25/48(1)(2)		516		531
2018-1, A2 (1 month LIBOR + 0.650%) 144A 3.054%, 6/25/57(1)(2)		874		869
Pretium Mortgage Credit Partners I LLC 2018-NPL3, A1 144A 4.125%, 8/25/33(1)(2)		383		385
2019-NPL1, A1 144A 4.213%, 7/25/60(1)(2)		882		895
Progress Residential Trust 2017-SFR1, B 144A 3.017%, 8/17/34(1)		690		693
2018-SFR2, B 144A 3.841%, 8/17/35(1)		1,750		1,795
PRPM LLC 2019-1A, A1 144A 4.500%, 1/25/24(1)(2)		1,907		1,930

See Notes to Schedule of Investments

39

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
2019-2A, A1 144A
3.967%, 4/25/24(1)(2)		$1,012		$    1,027
RCO V Mortgage LLC 2019-1, A1 144A 3.721%, 5/24/24(1)(2)		981		988
Residential Mortgage Loan Trust
2019-1, A1 144A
3.936%, 10/25/58(1)(2)		1,185		1,204
2019-2, A1 144A
2.913%, 5/25/59(1)(2)		630		630
Sequoia Mortgage Trust
2015-4, A1 144A
3.000%, 11/25/30(1)(2)		1,943		1,964
2018-CH2, A12 144A
4.000%, 6/25/48(1)(2)		482		489
Starwood Mortgage Residential Trust 2018-IMC1, A1 144A 3.793%, 3/25/48(1)(2)		2,193		2,230
2019-IMC1, A1 144A 3.468%, 2/25/49(1)(2)		939		953
Starwood Waypoint Homes Trust 2017-1, A (1 month LIBOR + 0.950%) 144A 3.344%, 1/17/35(1)(2)		661		661
Structured Adjustable Rate Mortgage Loan Trust 2004-1, 6A 4.738%, 2/25/34(2)		403		410
2004-4, 3A1 4.714%, 4/25/34(2)		75		77
2004-4, 3A2 4.714%, 4/25/34(2)		360		373
2004-14, 7A 4.570%, 10/25/34(2)		148		150
Structured Asset Securities Corp. 2003-37A, 2A 4.532%, 12/25/33(2)		84		86
Structured Asset Securities Corp.
Mortgage-Pass-Through Certificates 2003-34A, 6A 4.815%, 11/25/33(2)		216		219
Sutherland Commercial Mortgage Loans 2018-SBC7, A 144A 4.720%, 5/25/39(1)(2)		836		844
Thornburg Mortgage Securities Trust 2004-2, A1 (1 month LIBOR + 0.620%) 3.024%, 6/25/44(2)		1,210		1,206
Towd Point Mortgage Trust 2019-HE1, A1 (1 month LIBOR + 0.900%) 144A 3.341%, 4/25/48(1)(2)		1,050		1,047
2015-3, A1B 144A 3.000%, 3/25/54(1)(2)		263		264
2016-1, A1B 144A 2.750%, 2/25/55(1)(2)		414		416
2015-5, A1B 144A 2.750%, 5/25/55(1)(2)		512		513
2015-5, A2 144A 3.500%, 5/25/55(1)(2)		275		282
2016-2, A1 144A 3.000%, 8/25/55(1)(2)		823		831
2016-3, A1 144A 2.250%, 4/25/56(1)(2)		623		620
2016-4, A1 144A 2.250%, 7/25/56(1)(2)		1,053		1,047
2017-1, A1 144A 2.750%, 10/25/56(1)(2)		1,892		1,899
2018-6, A1A 144A 3.750%, 3/25/58(1)(2)		657		674

	Par Value		Value
Non-Agency—continued
2019-1, A1 144A 3.750%, 3/25/58(1)(2)		$ 726		$    758
2018-4, A1 144A 3.000%, 6/25/58(1)(2)		1,695		1,720
2018-SJ1, A1 144A 4.000%, 10/25/58(1)(2)		1,150		1,162
Tricon American Homes Trust 2017-SFR1, A 144A 2.716%, 9/17/34(1)		778		779
VCAT LLC 2019-NPL1, A1 144A 4.360%, 2/25/49(1)(2)		690		699
Velocity Commercial Capital Loan Trust 2017-1, AFX 144A 3.000%, 5/25/47(1)(2)		79		79
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A 3.967%, 2/25/49(1)(2)		818		826
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A 3.375%, 10/25/47(1)(2)		1,272		1,276
Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5, A1A 144A 4.213%, 8/25/48(1)(2)		1,590		1,605
Vericrest Opportunity Loan Trust LXX LLC 2018-NPL6, A1A 144A 4.115%, 9/25/48(1)(2)		305		308
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A 4.336%, 1/25/49(1)(2)		1,062		1,076
Verus Securitization Trust 2017-1A, A1 144A 2.853%, 1/25/47(1)(2)		109		110
2017-2A, A1 144A 2.485%, 7/25/47(1)(2)		568		565
2018-1, A1 144A 2.929%, 2/25/48(1)(2)		2,059		2,060
2018-INV1, A3 144A 4.052%, 3/25/58(1)(2)		513		521
2018-2, A1 144A 3.677%, 6/1/58(1)(2)		2,834		2,866
2019-1, A1 144A 3.836%, 2/25/59(1)(2)		1,398		1,419
2019-2, A1 144A 3.211%, 4/25/59(1)(2)		1,007		1,015
2019-INV1, A1 144A 3.402%, 12/25/59(1)(2)		958		968
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47		1,035		1,078
2015-LC20, A5 3.184%, 4/15/50		1,030		1,065
Wells Fargo Mortgage Backed Securities Trust 2003-G, A1 4.554%, 6/25/33(2)		39		40
2003-J, 2A1 4.580%, 10/25/33(2)		88		90
2003-J, 5A1 4.615%, 10/25/33(2)		164		169
2004-A, A1 5.010%, 2/25/34(2)		37		39
2004-K, 1A2 4.991%, 7/25/34(2)		132		135
2004-U, A1 4.862%, 10/25/34(2)		43		44

See Notes to Schedule of Investments

40

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
2004-Z, 2A1 4.971%, 12/25/34(2)		$71		$73
2005-AR12, 2A5 4.988%, 6/25/35(2)		1,019		1,056
2005-14, 2A1 5.500%, 12/25/35		37		38
				154,028
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $158,240)				160,279
ASSET-BACKED SECURITIES—32.7%
Auto Floor Plan—0.2%
NextGear Floorplan Master Owner Trust 2017-2A, A2 144A 2.560%, 10/17/22(1)		920		922
Automobiles—19.8%
ACC Trust 2018-1, A 144A 3.700%, 12/21/20(1)		237		237
2019-1, A 144A 3.750%, 5/20/22(1)		985		995
American Credit Acceptance Receivables Trust 2017-2, C 144A 2.860%, 6/12/23(1)		526		526
2018-3, C 144A 3.750%, 10/15/24(1)		1,090		1,101
2018-4, C 144A 3.970%, 1/13/25(1)		1,110		1,132
2019-1, C 144A 3.500%, 4/14/25(1)		1,200		1,221
2019-2, C 144A 3.170%, 6/12/25(1)		1,040		1,049
AmeriCredit Automobile Receivables Trust 2015-3, C 2.730%, 3/8/21		314		314
2015-4, C 2.880%, 7/8/21		621		622
2016-1, B 2.300%, 3/8/21		361		361
2016-2, B 2.210%, 5/10/21		363		363
2016-4, C 2.410%, 7/8/22		725		725
2017-1, C 2.710%, 8/18/22		915		918
2018-1, D 3.820%, 3/18/24		975		1,003
2019-1, C 3.360%, 2/18/25		1,200		1,229
Avid Automobile Receivables Trust 2018-1, A 144A 2.840%, 8/15/23(1)		422		422
Avis Budget Rental Car Funding LLC
(AESOP) 2015-2A, A 144A 2.630%, 12/20/21(1)		910		912
(AESOP) 2016-1A, A 144A 2.990%, 6/20/22(1)		800		808
(AESOP) 2017-1A, A 144A 3.070%, 9/20/23(1)		1,110		1,126

	Par Value		Value
Automobiles—continued
(AESOP) 2019-1A, A 144A 3.450%, 3/20/23(1)		$1,000		$1,024
California Republic Auto Receivables Trust 2015-3, B 2.700%, 9/15/21		650		650
2016-1, B 3.430%, 2/15/22		785		791
Capital Auto Receivables Asset Trust 2017-1, C 144A 2.700%, 9/20/22(1)		920		922
CarMax Auto Owner Trust 2015-2, C 2.390%, 3/15/21		1,495		1,495
2016-2, B 2.160%, 12/15/21		750		748
2017-1, B 2.540%, 9/15/22		900		905
2019-1, C 3.740%, 1/15/25		1,175		1,215
CarNow Auto Receivables Trust 2017-1A, A 144A 2.920%, 9/15/22(1)		172		172
Carvana Auto Receivables Trust 2019-1A, D 144A 3.880%, 10/15/24(1)		1,195		1,228
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(1)		559		556
Chrysler Capital Auto Receivables Trust 2015-BA, D 144A 4.170%, 1/16/23(1)		965		970
CPS Auto Receivables Trust 2017-C, B 144A 2.300%, 7/15/21(1)		624		624
2017-D, B 144A 2.430%, 1/18/22(1)		1,235		1,234
2018-C, D 144A 4.400%, 6/17/24(1)		905		936
Credit Acceptance Auto Loan Trust 2018-1A, A 144A 3.010%, 2/16/27(1)		505		508
Drive Auto Receivables Trust 2.900%, 8/15/25		1,255		1,261
2016-CA, C 144A 3.020%, 11/15/21(1)		484		484
2017-AA, C 144A 2.980%, 1/18/22(1)		397		398
2018-4, D 4.090%, 1/15/26		220		226
2019-1, C 3.780%, 4/15/25		1,175		1,198
DT Auto Owner Trust 2016-4A, C 144A 2.740%, 10/17/22(1)		35		35
2018-1A, C 144A 3.470%, 12/15/23(1)		910		917
2018-3A, C 144A 3.790%, 7/15/24(1)		1,835		1,872
2019-1A, C 144A 3.610%, 11/15/24(1)		800		813
2019-2A, B 144A 2.990%, 4/17/23(1)		1,040		1,048
2019-2A, C 144A 3.180%, 2/18/25(1)		1,040		1,050
Exeter Automobile Receivables Trust 2015-1A, C 144A 4.100%, 12/15/20(1)		88		88

See Notes to Schedule of Investments

41

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Automobiles—continued
2015-2A, C 144A 3.900%, 3/15/21(1)		$ 532		$ 533
2016-3A, B 144A 2.840%, 8/16/21(1)		636		636
2017-1A, B 144A 3.000%, 12/15/21(1)		528		528
2017-3A, B 144A 2.810%, 9/15/22(1)		545		547
2018-1A, C 144A 3.030%, 1/17/23(1)		2,200		2,216
2018-2A, C 144A 3.690%, 3/15/23(1)		915		927
2018-3A, C 144A 3.710%, 6/15/23(1)		1,105		1,126
2019-1A, C 144A 3.820%, 12/16/24(1)		1,165		1,194
First Investors Auto Owner Trust 2016-2A, C 144A 2.530%, 7/15/22(1)		1,490		1,486
2017-2A, B 144A 2.650%, 11/15/22(1)		900		901
2019-1A, C 144A 3.260%, 3/17/25(1)		1,240		1,260
Flagship Credit Auto Trust 2015-2, C 144A 4.080%, 12/15/21(1)		505		509
2016-2, B 144A 3.840%, 9/15/22(1)		1,390		1,398
2016-3, D 144A 3.890%, 11/15/22(1)		1,635		1,659
2019-1, C 144A 3.600%, 2/18/25(1)		1,400		1,440
2019-2, C 144A 3.090%, 5/15/25(1)		1,250		1,268
Foursight Capital Automobile Receivables Trust 2016-1, A2 144A 2.870%, 10/15/21(1)		172		172
2017-1, B 144A 3.050%, 12/15/22(1)		855		859
2018-1, C 144A 3.680%, 8/15/23(1)		910		929
GLS Auto Receivables Issuer Trust 2019-1A, B 144A 3.650%, 12/16/24(1)		1,250		1,273
GLS Auto Receivables Trust 2017-1A, C 144A 3.500%, 7/15/22(1)		560		563
2018-1A, A 144A 2.820%, 7/15/22(1)		446		446
2018-3A, C 144A 4.180%, 7/15/24(1)		1,340		1,383
2019-2A, B 144A 3.320%, 3/15/24(1)		1,240		1,254
GM Financial Consumer Automobile 2017-1A, B 144A 2.300%, 6/16/23(1)		915		915
Hertz Vehicle Financing II LP 2015-1A, A 144A 2.730%, 3/25/21(1)		735		736
2015-3A, A 144A 2.670%, 9/25/21(1)		925		926
2016-4A, A 144A 2.650%, 7/25/22(1)		2,140		2,141
2019-1A, A 144A 3.710%, 3/25/23(1)		970		995

	Par Value		Value
Automobiles—continued
Hyundai Auto Lease Securitization Trust 2018-A, A2A 144A 2.550%, 8/17/20(1)		$ 456		$ 456
Hyundai Auto Receivables Trust 2015-C, B 2.150%, 11/15/21		1,500		1,499
OneMain Direct Auto Receivables Trust 2017-2A, C 144A 2.820%, 7/15/24(1)		925		926
2018-1A, C 144A 3.850%, 10/14/25(1)		1,030		1,053
Santander Drive Auto Receivables Trust 2016-1, C 3.090%, 4/15/22		816		817
2017-1, C 2.580%, 5/16/22		915		915
2018-2, C 3.350%, 7/17/23		920		929
Tesla Auto Lease Trust 2018-A, A 144A 2.320%, 12/20/19(1)		224		224
2018-B, B 144A 4.120%, 10/20/21(1)		925		949
Tricolor Auto Securitization Trust 2018-2A, B 144A 4.760%, 2/15/22(1)		877		895
United Auto Credit Securitization Trust 2019-1, D 144A 3.470%, 8/12/24(1)		1,035		1,044
US Auto Funding LLC 2019-1A, B 144A 3.990%, 12/15/22(1)		825		838
Westlake Automobile Receivables Trust 2017-2A, C 144A 2.590%, 12/15/22(1)		910		910
2018-1A, C 144A 2.920%, 5/15/23(1)		1,733		1,738
2018-3A, C 144A 3.610%, 10/16/23(1)		1,348		1,367
				83,212
Home Equity Loans—0.1%
Asset Backed Funding Certificates 2005-AQ1, A6 4.736%, 1/25/35(2)		27		28
Bayview Financial Acquisition Trust 2007-A, 1A2 6.205%, 5/28/37(2)		77		77
Centex Home Equity Loan Trust 2002-A, AF6 5.540%, 1/25/32		38		38
2004-D, AF5 5.850%, 9/25/34(2)		144		146
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 2001-SB1, A2 3.375%, 8/25/31		68		68
				357
Other—11.9%
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(1)		559		563
Ascentium Equipment Receivables Trust 2018-1A, B 144A 3.460%, 11/13/23(1)		1,480		1,517
Avant Loans Funding Trust 2019-A, A 144A 3.480%, 7/15/22(1)		1,008		1,012

See Notes to Schedule of Investments

42

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Other—continued
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A 3.240%, 12/20/23(1)		$ 761		$ 766
AXIS Equipment Finance Receivables VI LLC 2018-2A, A2 144A 3.890%, 7/20/22(1)		1,015		1,031
BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A 2.940%, 5/25/29(1)		489		492
2019-A, A 144A 3.280%, 9/26/33(1)		1,187		1,206
BSPRT Issuer Ltd. 2019-FL5, A (1 month LIBOR + 1.150%) 144A 3.628%, 5/15/29(1)(2)		835		835
BXG Receivables Note Trust 2012-A, A 144A 2.660%, 12/2/27(1)		18		18
2013-A, A 144A 3.010%, 12/4/28(1)		682		679
2015-A, A 144A 2.880%, 5/2/30(1)		189		188
CCG Receivables Trust 2018-1, A2 144A 2.500%, 6/16/25(1)		2,140		2,144
2019-1, B 144A 3.220%, 9/14/26(1)		1,030		1,050
Conn’s Receivables Funding LLC 2018-A, B 144A 4.650%, 1/15/23(1)		537		541
Consumer Loan Underlying Bond Credit Trust 2018-P2, A 144A 3.470%, 10/15/25(1)		640		644
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47(1)		1,131		1,148
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22(1)		830		829
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29(1)		1,064		1,073
Foundation Finance Trust 2017-1A, A 144A 3.300%, 7/15/33(1)		936		940
2019-1A, A 144A 3.860%, 11/15/34(1)		1,108		1,129
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31(1)		130		130
GreatAmerica Leasing Receivables Funding LLC 2017-1, A4 144A 2.360%, 1/20/23(1)		905		905
Hilton Grand Vacations Trust 2013-A, A 144A 2.280%, 1/25/26(1)		232		232
2014-AA, A 144A 1.770%, 11/25/26(1)		82		81
2017-AA, A 144A 2.660%, 12/26/28(1)		458		461
2018-AA, A 144A 3.540%, 2/25/32(1)		954		983
Lendmark Funding Trust 2018-2A, A 144A 4.230%, 4/20/27(1)		1,095		1,136
Mariner Finance Issuance Trust 2019-AA, A 144A 2.960%, 7/20/32(1)(3)		1,045		1,045
Marlette Funding Trust 2018-1A, A 144A 2.610%, 3/15/28(1)		171		171

	Par Value		Value
Other—continued
2018-3A, A 144A 3.200%, 9/15/28(1)		$ 436		$ 437
2019-2A, A 144A 3.130%, 7/16/29(1)		1,240		1,247
Marriott Vacation Club Owner Trust 2012-1A, A 144A 2.510%, 5/20/30(1)		96		96
MVW Owner Trust 2015-1A, B 144A 2.960%, 12/20/32(1)		143		143
2016-1A, A 144A 2.250%, 12/20/33(1)		689		683
2017-1A, A 144A 2.420%, 12/20/34(1)		608		606
2019-1A, A 144A 2.890%, 11/20/36(1)		1,250		1,266
OneMain Financial Issuance Trust 2018-1A, A 144A 3.300%, 3/14/29(1)		1,895		1,919
Oportun Funding IX LLC 2018-B, A 144A 3.910%, 7/8/24(1)		905		921
Oportun Funding VIII LLC 2018-A, A 144A 3.610%, 3/8/24(1)		250		253
Orange Lake Timeshare Trust 2015-AA, A 144A 2.880%, 9/8/27(1)		156		156
2018-A, A 144A 3.100%, 11/8/30(1)		221		225
2019-A, B 144A 3.360%, 4/9/38(1)		1,215		1,232
Prosper Marketplace Issuance Trust 2018-1A, A 144A 3.110%, 6/17/24(1)		104		104
2018-2A, B 144A 3.960%, 10/15/24(1)		1,245		1,261
Sierra Timeshare Conduit Receivables Funding LLC 2017-1A, A 144A 2.910%, 3/20/34(1)		527		532
Sierra Timeshare Receivables Funding LLC 2016-1A, A 144A 3.080%, 3/21/33(1)		159		161
2016-2A, A 144A 2.330%, 7/20/33(1)		204		203
2018-2A, A 144A 3.500%, 6/20/35(1)		544		559
2019-1A, B 144A 3.420%, 1/20/36(1)		1,047		1,062
SoFi Consumer Loan Program LLC 2016-3, A 144A 3.050%, 12/26/25(1)		461		463
2017-1, A 144A 3.280%, 1/26/26(1)		638		643
2017-5, A2 144A 2.780%, 9/25/26(1)		545		546
2017-6, A2 144A 2.820%, 11/25/26(1)		925		927
SoFi Consumer Loan Program Trust 2018-2, A2 144A 3.350%, 4/26/27(1)		2,160		2,182
2018-3, A1 144A 3.200%, 8/25/27(1)		155		155
2019-3, A 144A 2.900%, 5/25/28(1)		1,250		1,256
Springleaf Funding Trust 2016-AA, A 144A 2.900%, 11/15/29(1)		579		580

See Notes to Schedule of Investments

43

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Other—continued
TRIP Rail Master Funding LLC 2017-1A, A1 144A 2.709%, 8/15/47(1)		$1,111		$  1,110
Upgrade Receivables Trust 2019-1A, A 144A 3.480%, 3/15/25(1)		1,057		1,061
Upstart Securitization Trust 2017-2, B 144A 3.748%, 3/20/25(1)		1,162		1,165
2019-1, A 144A 3.450%, 4/20/26(1)		938		941
VSE VOI Mortgage LLC 2016-A, A 144A 2.540%, 7/20/33(1)		594		594
2017-A, A 144A 2.330%, 3/20/35(1)		568		566
Welk Resorts LLC 2013-AA, A 144A 3.100%, 3/15/29(1)		43		43
2015-AA, A 144A 2.790%, 6/16/31(1)		115		115
Westgate Resorts LLC 2016-1A, A 144A 3.500%, 12/20/28(1)		454		455
2018-1A, A 144A 3.380%, 12/20/31(1)		1,193		1,205
				50,022
Student Loan—0.7%
Commonbond Student Loan Trust 2017-AGS, A1 144A 2.550%, 5/25/41(1)		489		488
DRB Prime Student Loan Trust 2015-D, A3 144A 2.500%, 1/25/36(1)		53		53
Earnest Student Loan Program LLC 2017-A, A2 144A 2.650%, 1/25/41(1)		422		421
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(1)		920		931
SLM Private Education Loan Trust 2013-B, A2A 144A 1.850%, 6/17/30(1)		124		124
2013-C, A2A 144A 2.940%, 10/15/31(1)		21		21
2014-A, A2A 144A 2.590%, 1/15/26(1)		40		40
SoFi Professional Loan Program LLC 2014-B, A2 144A 2.550%, 8/27/29(1)		184		183
2015-A, A2 144A 2.420%, 3/25/30(1)		67		68
2016-A, A2 144A 2.760%, 12/26/36(1)		232		233
2017-B, A1FX 144A 1.830%, 5/25/40(1)		59		59
2017-C, A2A 144A 1.750%, 7/25/40(1)		172		172
				2,793
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $135,934)				137,306

	Par Value		Value
CORPORATE BONDS AND NOTES—22.4%
Communication Services—1.6%
AT&T, Inc.
(3 month LIBOR + 0.890%) 3.418%, 2/15/23(2)		$ 475		$    470
(3 month LIBOR + 1.180%) 3.616%, 6/12/24(2)		805		815
Axtel SAB de C.V. 144A 6.375%, 11/14/24(1)(4)		550		560
Comcast Corp. 3.950%, 10/15/25		384		414
(3 month LIBOR + 0.630%) 3.227%, 4/15/24(2)		45		45
Crown Castle International Corp. 4.875%, 4/15/22		930		989
Discovery Communications LLC 3.300%, 5/15/22		920		936
Sirius XM Radio, Inc. 144A 4.625%, 7/15/24(1)		190		195
Sprint Spectrum Co. LLC 144A 3.360%, 9/20/21(1)		835		835
Tencent Holdings Ltd. 144A 3.280%, 4/11/24(1)		468		477
Verizon Communications, Inc. (3 month LIBOR + 1.100%) 3.618%, 5/15/25(2)		986		999
				6,735
Consumer Discretionary—1.5%
Aptiv Corp. 4.150%, 3/15/24		735		773
Bunge Ltd. Finance Corp. 4.350%, 3/15/24		735		766
Daimler Finance North America LLC 144A 2.200%, 10/30/21(1)		1,195		1,183
General Motors Financial Co., Inc. 3.700%, 11/24/20		670		679
3.200%, 7/6/21		975		983
GLP Capital LP 5.250%, 6/1/25		640		686
Horton (D.R.), Inc. 4.750%, 2/15/23		895		943
TRI Pointe Group, Inc. 5.875%, 6/15/24		175		181
				6,194
Consumer Staples—1.7%
Altria Group, Inc. 3.490%, 2/14/22		46		47
3.800%, 2/14/24		1,031		1,074
4.400%, 2/14/26		56		60
Anheuser-Busch InBev Worldwide, Inc. 4.150%, 1/23/25		1,101		1,192
Campbell Soup Co. 3.300%, 3/15/21		225		228
3.650%, 3/15/23		555		571
Conagra Brands, Inc. 4.300%, 5/1/24		1,090		1,156
CVS Health Corp. 3.700%, 3/9/23		1,501		1,550

See Notes to Schedule of Investments

44

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Consumer Staples—continued
(3 month LIBOR + 0.720%) 3.173%, 3/9/21(2)		$ 265		$ 266
Kraft Heinz Foods Co. (The) 3.500%, 7/15/22		90		92
4.000%, 6/15/23		920		962
				7,198
Energy—1.4%
Anadarko Petroleum Corp. 4.850%, 3/15/21		422		437
Andeavor Logistics LP 3.500%, 12/1/22		1,000		1,023
Energy Transfer Partners LP 4.500%, 11/1/23		310		327
Kinder Morgan, Inc. 3.150%, 1/15/23		1,005		1,022
144A 5.625%, 11/15/23(1)		85		94
Petroleos Mexicanos 4.625%, 9/21/23		1,005		983
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		1,475		1,601
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(1)		255		259
				5,746
Financials—8.4%
Ares Capital Corp. 3.500%, 2/10/23		740		736
Aviation Capital Group LLC 144A 3.875%, 5/1/23(1)		1,058		1,092
Banco BBVA Peru S.A. RegS 5.000%, 8/26/22(4)(5)		520		551
Banco de Credito e Inversiones 144A 3.500%, 10/12/27(1)		755		762
Bank of America Corp. 4.200%, 8/26/24		2,155		2,291
(3 month LIBOR + 0.770%) 3.335%, 2/5/26(2)		705		695
Capital One N.A. 2.950%, 7/23/21		1,085		1,096
Citigroup, Inc. (3 month LIBOR + 1.250%) 3.569%, 7/1/26(2)		1,080		1,088
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(1)		935		947
First Tennessee Bank N.A. 2.950%, 12/1/19		250		250
FS KKR Capital Corp. 4.250%, 1/15/20		176		177
4.750%, 5/15/22		185		187
Goldman Sachs Group, Inc. (The) 2.350%, 11/15/21		350		349
3.000%, 4/26/22		900		908
4.250%, 10/21/25		715		758
(3 month LIBOR + 1.170%) 3.688%, 5/15/26(2)		900		887
(3 month LIBOR + 1.750%) 4.332%, 10/28/27(2)		2,015		2,056
Guanay Finance Ltd. 144A 6.000%, 12/15/20(1)		873		884
HSBC Holdings plc 2.950%, 5/25/21		860		868

	Par Value		Value
Financials—continued
(3 month LIBOR + 1.500%) 4.098%, 1/5/22(2)		$ 476		$ 486
Huntington Bancshares, Inc. 7.000%, 12/15/20		245		261
ICAHN Enterprises LP 144A 6.250%, 5/15/26(1)		1,060		1,072
Industrial & Commercial Bank of China Ltd. 3.231%, 11/13/19		250		251
2.957%, 11/8/22		370		373
(3 month LIBOR + 0.750%) 3.310%, 11/8/20(2)		370		371
iStar, Inc. 5.250%, 9/15/22		380		389
JPMorgan Chase & Co. 2.250%, 1/23/20		540		540
Lincoln National Corp. 4.200%, 3/15/22		470		492
(3 month LIBOR + 2.040%) 4.632%, 4/20/67(2)(6)		75		59
Metropolitan Life Global Funding I 144A 2.500%, 12/3/20(1)		650		651
Mizuho Financial Group, Inc. 2.273%, 9/13/21		565		563
Morgan Stanley 4.100%, 5/22/23		730		768
(3 month LIBOR + 0.930%) 3.522%, 7/22/22(2)		725		730
(3 month LIBOR + 1.400%) 3.981%, 10/24/23(2)		730		744
Navient Corp. 5.875%, 10/25/24		810		819
Prudential Financial, Inc. (3 month LIBOR + 3.920%) 5.625%, 6/15/43(6)		73		77
Santander Holdings USA, Inc. 4.450%, 12/3/21		932		969
3.700%, 3/28/22		735		753
3.500%, 6/7/24		840		853
SBA Tower Trust 144A 3.156%, 10/8/20(1)		750		751
144A 2.877%, 7/9/21(1)		800		801
144A 3.168%, 4/11/22(1)		730		735
Synchrony Financial 4.375%, 3/19/24		1,220		1,277
Toronto-Dominion Bank (The) 2.650%, 6/12/24		723		729
Turkiye Is Bankasi AS 144A 5.500%, 4/21/22(1)		800		767
UBS Group Funding Switzerland AG 144A 2.650%, 2/1/22(1)		400		402
Wells Fargo & Co. (3 month LIBOR + 1.230%) 3.813%, 10/31/23(2)		2,060		2,099
				35,364
Health Care—1.8%
AbbVie, Inc. 2.300%, 5/14/21		495		493
3.375%, 11/14/21		99		101
3.200%, 11/6/22		45		46
2.850%, 5/14/23		495		498
Allergan Funding SCS 3.000%, 3/12/20		85		85
3.450%, 3/15/22		1,010		1,031

See Notes to Schedule of Investments

45

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Health Care—continued
Becton Dickinson & Co. 2.894%, 6/6/22		$ 322		$ 326
3.363%, 6/6/24		192		198
HCA, Inc. 5.375%, 2/1/25		570		615
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21		435		434
Takeda Pharmaceutical Co., Ltd. 144A 4.000%, 11/26/21(1)		895		925
Tenet Healthcare Corp. 4.625%, 7/15/24		550		557
Zimmer Biomet Holdings, Inc. 3.150%, 4/1/22		1,200		1,220
(3 month LIBOR + 0.750%) 3.169%, 3/19/21(2)		1,100		1,099
				7,628
Industrials—1.8%
America West Airlines Pass-Through-Trust 2001-1, G 7.100%, 4/2/21		656		679
Avolon Holdings Funding Ltd. 144A 3.950%, 7/1/24(1)		1,045		1,071
BAT Capital Corp. (3 month LIBOR + 0.880%) 3.398%, 8/15/22(2)		1,030		1,033
CNH Industrial N.V. 4.500%, 8/15/23		1,314		1,378
Owens Corning 4.200%, 12/15/22		920		957
Penske Truck Leasing Co., LP 144A 4.125%, 8/1/23(1)		895		941
TransDigm, Inc. 6.500%, 7/15/24		395		400
United Air Lines, Inc. Pass-Through-Trust 2007-1, A 6.636%, 7/2/22		923		980
				7,439
Information Technology—1.0%
Broadcom Corp. 2.375%, 1/15/20		1,170		1,168
Broadcom, Inc. 144A 3.625%, 10/15/24(1)		1,315		1,322
Dell International LLC 144A 4.000%, 7/15/24(1)		395		405
Hewlett Packard Enterprise Co. 3.500%, 10/5/21		235		240
(3 month LIBOR + 0.720%) 3.318%, 10/5/21(2)		145		145
VMware, Inc. 2.950%, 8/21/22		855		862
				4,142
Materials—0.8%
ArcelorMittal 6.125%, 6/1/25		585		665
DuPont de Nemours, Inc. 3.766%, 11/15/20		146		149
(3 month LIBOR + 0.710%) 3.228%, 11/15/20(2)		243		244
Glencore Funding LLC 144A 4.125%, 5/30/23(1)		900		936

	Par Value		Value
Materials—continued
GTL Trade Finance, Inc. 144A 5.893%, 4/29/24(1)		$ 312		$ 341
SABIC Capital II BV 144A 4.000%, 10/10/23(1)		300		312
Syngenta Finance NV 144A 3.698%, 4/24/20(1)		365		367
144A 3.933%, 4/23/21(1)		365		371
				3,385
Real Estate—0.6%
Corporate Office Properties LP 3.700%, 6/15/21		220		222
Healthcare Trust of America Holdings LP 2.950%, 7/1/22		920		926
Hospitality Properties Trust 4.500%, 6/15/23		420		435
4.650%, 3/15/24		430		442
Office Properties Income Trust 4.150%, 2/1/22		580		588
Ventas Realty LP 2.700%, 4/1/20		152		153
				2,766
Utilities—1.8%
CenterPoint Energy, Inc. 3.850%, 2/1/24		1,040		1,090
Exelon Corp. 2.850%, 6/15/20		805		808
3.497%, 6/1/22		571		585
NRG Energy, Inc. 144A 3.750%, 6/15/24(1)		1,061		1,089
PNM Resources, Inc. 3.250%, 3/9/21		810		818
PSEG Power LLC 3.850%, 6/1/23		297		309
Southern Co. (The) 2.950%, 7/1/23		920		933
TerraForm Power Operating LLC 144A 4.250%, 1/31/23(1)		735		736
Vistra Operations Co. LLC 144A 3.550%, 7/15/24(1)		1,040		1,046
				7,414
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $92,335)				94,011
LEVERAGED LOANS(2) —3.6%
Aerospace—0.2%
TransDigm, Inc. 2018, Tranche E (3 month LIBOR + 2.500%) 4.830%, 5/30/25		230		224
2018, Tranche F (3 month LIBOR + 2.500%) 4.830%, 6/9/23		726		712
				936
Energy—0.0%
Paragon Offshore Finance Co. (3 month LIBOR + 2.750%) 0.000%, 7/16/21(7)(8)		1		—

See Notes to Schedule of Investments

46

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Financial—0.0%
FinCo I LLC 2018 (1 month LIBOR + 2.000%) 4.402%, 12/27/22		$ 188		$    188
Food / Tobacco—0.1%
Aramark Intermediate HoldCo Corp.
Tranche B-2 (3 month LIBOR + 1.750%) 4.080%, 3/28/24		288		287
Tranche B-3 (3 month LIBOR + 1.750%) 4.080%, 3/11/25		345		344
				631
Forest Prod / Containers—0.2%
Berry Global, Inc. Tranche U (3 month LIBOR + 2.500%) 0.000%, 5/15/26(9)		730		725
Gaming / Leisure—0.8%
Boyd Gaming Corp. Tranche B (weekly LIBOR + 2.250%) 4.622%, 9/15/23		724		719
CityCenter Holdings LLC Tranche B (1 month LIBOR + 2.250%) 4.652%, 4/18/24		610		607
Eldorado Resorts, Inc. (1 month LIBOR + 2.250%) 4.688%, 4/17/24		485		483
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.154%, 6/22/26		578		578
Station Casinos LLC Tranche B (1 month LIBOR + 2.500%) 4.910%, 6/8/23		355		354
Wyndham Hotels & Resorts, Inc. Tranche B (1 month LIBOR + 1.750%) 4.152%, 5/30/25		516		514
				3,255
Healthcare—0.7%
Bausch Health Cos., Inc.
(1 month LIBOR + 2.750%) 5.162%, 11/27/25		192		191
(1 month LIBOR + 3.000%) 5.412%, 6/2/25		438		438
HCA, Inc. Tranche B-11 (3 month LIBOR + 1.750%) 4.080%, 3/17/23		1,783		1,784
Iqvia, Inc. Tranche B-3 (1 month LIBOR + 1.750%) 4.152%, 6/11/25		529		525
				2,938
Information Technology—0.4%
CommScope, Inc. (1 month LIBOR + 3.250%) 5.652%, 4/6/26		760		757
Dell International LLC Tranche B (1 month LIBOR + 2.000%) 4.410%, 9/7/23		849		844
				1,601

	Par Value			Value
Media / Telecom - Broadcasting—0.2%
Nexstar Broadcasting, Inc. Tranche B (3 month LIBOR + 2.750%) 0.000%, 6/19/26(9)		$ 670			$    667
Media / Telecom - Cable/Wireless Video—0.4%
Charter Communications Operating LLC Tranche B (3 month LIBOR + 2.000%) 4.330%, 4/30/25		825			823
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%) 4.644%, 1/15/26		743			731
					1,554
Media / Telecom - Diversified Media—0.1%
Crown Finance US, Inc. (1 month LIBOR + 2.250%) 4.652%, 2/28/25		312			307
Media / Telecom - Telecommunications—0.1%
Level 3 Financing, Inc. 2024, Tranche B (1 month LIBOR + 2.250%) 4.652%, 2/22/24		548			543
Media / Telecom - Wireless Communications—0.1%
SBA Senior Finance II LLC (1 month LIBOR + 2.000%) 4.410%, 4/11/25		401			396
Service—0.2%
Trans Union LLC 2018, Tranche B-4 (1 month LIBOR + 2.000%) 4.402%, 6/19/25		793			790
Utility—0.1%
Pacific Gas and Electric Co.
(1 month LIBOR + 2.250%) 4.690%, 12/31/20		345			346
(3 month LIBOR + 1.125%) 1.125%, 12/31/20(10)		115			115
					461
TOTAL LEVERAGED LOANS
(Identified Cost $15,067)					14,992
	Shares
PREFERRED STOCKS—1.0%
Financials—1.0%
Bank of New York Mellon Corp. (The) Series E, 4.950%		1,380	(11)		1,397
Citigroup, Inc. Series T, 6.250%(12)		1,020	(11)		1,120
JPMorgan Chase & Co. Series Z, 5.300%		1,155	(11)		1,168
Wells Fargo & Co. Series K, 6.180%(2)		325	(11)		327
					4,012
TOTAL PREFERRED STOCKS
(Identified Cost $3,932)					4,012

See Notes to Schedule of Investments

47

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
EXCHANGE-TRADED FUND—0.5%
iShares iBoxx High Yield Corporate Bond Index Fund(13)		24,049	$	2,097
TOTAL EXCHANGE-TRADED FUND
(Identified Cost $2,094)				2,097
TOTAL LONG-TERM INVESTMENTS—99.7%
(Identified Cost $412,966)				418,098
SHORT-TERM INVESTMENT—0.2%
Money Market Mutual Fund—0.2%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.250%)(13)		940,859		941
TOTAL SHORT-TERM INVESTMENT
(Identified Cost $941)				941
SECURITIES LENDING COLLATERAL—0.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.250%)(13)(14)		1,114,750		1,114
TOTAL SECURITIES LENDING COLLATERAL
(Identified Cost $1,115)				1,114
TOTAL INVESTMENTS—100.2%
(Identified Cost $415,022)			$	420,153
Other assets and liabilities, net—(0.2)%				(756	)
NET ASSETS—100.0%			$	419,397

Abbreviations:
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
P.O.	Principal Only Security
REMIC	Real Estate Mortgage Investment Conduit

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 June 30, 2019, these securities amounted to a value of $279,814 or 66.7% of net assets.

⁽²⁾  Variable rate security. Rate disclosed is as of June 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.

⁽³⁾  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.

⁽⁴⁾  All or a portion of security is on loan.

⁽⁵⁾  Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁶⁾  Interest payments may be deferred.

⁽⁷⁾  Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽⁸⁾  Security in default; no interest payments are being received during the bankruptcy proceedings.

⁽⁹⁾  This loan will settle after June 30, 2019, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽¹⁰⁾  Represents unfunded portion of security and commitment fee earned on this portion.

⁽¹¹⁾  Value shown as par value.

⁽¹²⁾  Interest may be forfeited.

⁽¹³⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

⁽¹⁴⁾  Represents security purchased with cash collateral received for securities on loan.

See Notes to Schedule of Investments

48

NEWFLEET LOW DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019			Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities		$	137,306		$	—		$	136,261		$1,045
Corporate Bonds and Notes			94,011			—			94,011		—
Foreign Government Securities			1,228			—			1,228		—
Leveraged Loans			14,992			—			14,992		—	(1)
Mortgage-Backed Securities			160,279			—			158,399		1,880
U.S. Government Securities			4,173			—			4,173		—
Equity Securities:
Preferred Stocks			4,012			—			4,012		—
Exchange-Traded Fund			2,097			2,097			—		—
Securities Lending Collateral			1,114			1,114			—		—
Money Market Mutual Fund			941			941			—		—
Total Investments		$	420,153		$	4,152		$	413,076		$2,925

⁽¹⁾  Includes internally fair valued securities currently priced at zero.

Securities held by the Fund with an end of period value of $900 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

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.

The following is a reconciliation of assets of the Series for Level 3 investments for which significant unobservable inputs were used to determine fair value.

	Total			Asset-Backed Securities		Mortgage-Backed Securities			Leveraged Loans
Investments in Securities
Balance as of September 30, 2018:		$1,822			$     —		$1,822			$—	(2)
Accrued discount/(premium)		2			—		2			—
Realized gain (loss)		—			—		—			—
Change in unrealized appreciation (depreciation) (1)		12			—		12			—
Purchases		2,925			1,045		1,880			—
Sales		(936	)		—		(936	)		—
Transfers into Level 3 (3)		—			—		—			—
Transfers from Level 3 (3)		(900	)		—		(900	)		—
Balance as of June 30, 2019		$2,925			$1,045		$1,880			$—	(2)

⁽¹⁾  The change in the unrealized appreciation (depreciation) on investments still held at June 30, 2019, was $12.

⁽²⁾  Includes fair valued security priced at zero.

⁽³⁾  “Transfers into and/or from” represent the ending value as of June 30, 2019, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

See Notes to Schedule of Investments

49

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Par Value			Value
U.S. GOVERNMENT SECURITIES—1.6%
U.S. Treasury Bond 3.000%, 8/15/48		$   470			$   515
2.875%, 5/15/49		835			894
U.S. Treasury Note 1.125%, 8/31/21		1,550			1,529
2.625%, 12/31/23		1,475			1,530
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $4,404)					4,468
MUNICIPAL BONDS—0.2%
Michigan—0.1%
Tobacco Settlement Finance Authority Revenue Taxable Series A
7.309%, 6/1/46		130			130
Virginia—0.1%
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable
6.706%, 6/1/46		310			293
TOTAL MUNICIPAL BONDS
(Identified Cost $438)					423
FOREIGN GOVERNMENT SECURITIES—7.7%
Argentine Republic 6.875%, 4/22/21		275			241
6.875%, 1/26/27		355			285
Series NY 8.280%, 12/31/33		324			271
Bolivarian Republic of Venezuela 9.375%, 1/13/34(1)		920			269
RegS 7.650%, 4/21/25(1)		1,500			394
Dominican Republic 144A 6.000%, 7/19/28(2)		795			858
Federal Republic of Nigeria 144A 7.875%, 2/16/32(2)		980			1,024
Kingdom of Jordan 144A 5.750%, 1/31/27(2)		1,075			1,087
Kingdom of Morocco 144A 5.500%, 12/11/42(2)		800			909
Provincia de Buenos Aires 144A 7.875%, 6/15/27(2)		1,180			876
Republic of Angola 144A 8.250%, 5/9/28(2)		540			578
Republic of Egypt 144A 7.500%, 1/31/27(2)		450			480
144A 7.600%, 3/1/29(2)		550			580
Republic of Ghana 144A 7.625%, 5/16/29(2)		395			401
144A 8.125%, 3/26/32(2)		220			223
Republic of Indonesia Treasury Bond, Series FR77 8.125%, 5/15/24		8,795,000	IDR		655
Republic of Ivory Coast 144A 6.375%, 3/3/28(2)		730			722

	Par Value			Value
Republic of Kenya 144A 8.000%, 5/22/32(2)		$     725			$     766
Republic of Pakistan 144A 6.875%, 12/5/27(2)		235			237
Republic of Saudi 144A 4.375%, 4/16/29(2)		900			972
Republic of South Africa 5.875%, 9/16/25		250			274
5.650%, 9/27/47		510			523
Republic of Sri Lanka 144A 6.750%, 4/18/28(2)		690			667
144A 7.550%, 3/28/30(2)		265			266
Republic of Turkey 4.875%, 10/9/26		1,195			1,069
6.000%, 3/25/27		625			594
Russian Federation 144A 5.625%, 4/4/42(2)		1,600			1,876
Sultanate of Oman 144A 5.375%, 3/8/27(2)		1,135			1,066
144A 5.625%, 1/17/28(2)		365			345
Ukraine 144A 7.750%, 9/1/23(2)		525			555
144A 7.750%, 9/1/26(2)		875			901
United Mexican States 4.150%, 3/28/27		460			482
4.500%, 4/22/29		555			595
Series M 6.500%, 6/9/22		16,410	MXN		833
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $23,087)					21,874
MORTGAGE-BACKED SECURITIES—21.0%
Agency—0.8%
Federal National Mortgage Association Pool #MA3088 4.000%, 8/1/47		2,129			2,219
Non-Agency—20.2%
Agate Bay Mortgage Trust 2016-3, A5 144A 3.500%, 8/25/46(2)(3)		554			563
American Homes 4 Rent Trust 2014-SFR2, C 144A 4.705%, 10/17/36(2)		915			983
2015-SFR1, A 144A 3.467%, 4/17/52(2)		647			667
2015-SFR2, C 144A 4.691%, 10/17/52(2)		1,011			1,094
Angel Oak Mortgage Trust I LLC 2018-2, A1 144A 3.674%, 7/27/48(2)(3)		910			924
2019-1, A1 144A 3.920%, 11/25/48(2)(3)		862			879
Angel Oak Mortgage Trust LLC 2019-3, A1 144A 2.930%, 5/25/59(2)(3)		810			814

See Notes to Schedule of Investments

50

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
Arroyo Mortgage Trust 2018-1, A1 144A 3.763%, 4/25/48(2)(3)		$   710		$   727
2019-1, A1 144A 3.805%, 1/25/49(2)(3)		506		518
2019-2, A1 144A 3.347%, 4/25/49(2)(3)		471		477
Banc of America Funding Trust 2004-D, 5A1 4.475%, 1/25/35(3)		553		557
2005-1, 1A1 5.500%, 2/25/35		282		288
2006-2, 3A1 6.000%, 3/25/36		126		128
Bank of America (Merrill Lynch - Countrywide)
Alternative Loan Trust 2004-22CB, 1A1 6.000%, 10/25/34		253		260
2004-24CB, 1A1 6.000%, 11/25/34		58		60
Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A 4.250%, 4/28/55(2)		625		656
2017-SPL5, B1 144A 4.000%, 6/28/57(2)(3)		700		729
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53(2)(3)		445		467
Bunker Hill Loan Depositary Trust 2019-1, A1 144A 3.613%, 10/26/48(2)(3)		714		729
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(2)		785		820
Chase Home Lending Mortgage Trust 2019-ATR1, A4 144A 4.000%, 4/25/49(2)(3)		609		620
CHC Commercial Mortgage Trust 2019-CHC, A (1 month LIBOR + 1.120%) 144A 3.520%, 6/15/34(2)(3)		495		495
Citigroup Commercial Mortgage Trust 2013-375P, B 144A 3.635%, 5/10/35(2)(3)		400		412
Citigroup Mortgage Loan Trust, Inc. 2015-A, A1 144A 3.500%, 6/25/58(2)(3)		250		253
2019-RP1, A1 144A 3.500%, 1/25/66(2)(3)		895		923
COLT Mortgage Loan Trust Funding LLC 2018-1, A1 144A 2.930%, 2/25/48(2)(3)		289		288
2019-1, A1 144A 3.705%, 3/25/49(2)(3)		504		512
2019-3, A1 144A 2.764%, 8/25/49(2)(3)		1,215		1,215
CoreVest American Finance Trust 2018-1, A 144A 3.804%, 6/15/51(2)		258		267
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A
3.374%, 5/15/36(2)(3)		675		676
Credit Suisse Mortgage Capital Trust 2014-IVR2, A2 144A 3.758%, 4/25/44(2)(3)		226		226

	Par Value		Value
Non-Agency—continued
Deephaven Residential Mortgage Trust 2017-1A, A2 144A 2.928%, 12/26/46(2)(3)		$   131		$   131
2017-2A, A2 144A 2.606%, 6/25/47(2)(3)		107		107
Ellington Financial Mortgage Trust 2017-1, A1 144A 2.687%, 10/25/47(2)(3)		690		688
2019-1, A1 144A 2.934%, 6/25/59(2)(3)(4)		635		635
Galton Funding Mortgage Trust 2018-1, A23 144A 3.500%, 11/25/57(2)(3)		442		446
2018-2, A41 144A 4.500%, 10/25/58(2)(3)		491		503
GCAT LLC 2019-NQM1, A1 144A 2.985%, 2/25/59(2)(3)		534		536
GSAA Home Equity Trust 2005-12, AF3W 4.999%, 9/25/35(3)		194		204
Homeward Opportunities Fund I Trust 2018-1, A1 144A 3.766%, 6/25/48(2)(3)		487		496
2019-1, A1 144A 3.454%, 1/25/59(2)(3)		746		756
JPMorgan Chase Commercial Mortgage Securities
Trust 2015-C31, AS 4.106%, 8/15/48		665		707
JPMorgan Chase Mortgage Trust 2014-2, 2A2 144A 3.500%, 6/25/29(2)(3)		166		170
2014-5, B2 144A 2.984%, 10/25/29(2)(3)		306		302
2016-SH1, M2 144A 3.750%, 4/25/45(2)(3)		555		568
2016-SH2, M2 144A 3.750%, 12/25/45(2)(3)		705		729
2017-4, A3 144A 3.500%, 11/25/48(2)(3)		404		409
2018-8, A3 144A 4.000%, 1/25/49(2)(3)		538		551
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(2)(3)		775		784
MASTR Alternative Loan Trust 2005-5, 2A3 5.500%, 7/25/25		440		444
2005-2, 2A1 6.000%, 1/25/35		312		331
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(2)(3)		131		133
Mello Warehouse Securitization Trust 2019-1, C (1 month LIBOR + 1.200%) 144A 3.604%, 6/25/52(2)(3)(4)		400		400
MetLife Securitization Trust 2017-1A, M1 144A 3.728%, 4/25/55(2)(3)		425		439
2019-1A, A1A 144A 3.750%, 4/25/58(2)(3)		774		804
Mill City Mortgage Loan Trust 2018-4, A1B 144A 3.500%, 4/25/66(2)(3)		1,830		1,854
New Residential Mortgage Loan Trust 2018-4A, A1S (1 month LIBOR + 0.750%) 144A 3.154%, 1/25/48(2)(3)		751		750

See Notes to Schedule of Investments

51

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
2017-2A, A3 144A 4.000%, 3/25/57(2)(3)		$     632		$     660
2018-1A, A1A 144A 4.000%, 12/25/57(2)(3)		947		982
OBX Trust 2018-EXP2, 1A1 144A 4.000%, 11/25/48(2)(3)		613		622
2019-INV1, A3 144A 4.500%, 11/25/48(2)(3)		684		705
Progress Residential Trust 2017-SFR1, B 144A 3.017%, 8/17/34(2)		940		944
2018-SFR1, B 144A 3.484%, 3/17/35(2)		980		994
2018-SFR2, B 144A 3.841%, 8/17/35(2)		1,380		1,415
PRPM LLC 2019-1A, A1 144A 4.500%, 1/25/24(2)(3)		963		975
2019-2A, A1 144A 3.967%, 4/25/24(2)(3)		1,307		1,326
RCO V Mortgage LLC 2019-1, A1 144A 3.721%, 5/24/24(2)(3)		798		803
Residential Asset Securitization Trust 2005-A1, A3 5.500%, 4/25/35		461		477
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(2)(3)		1,045		1,045
Sequoia Mortgage Trust 2013-8, B1 3.528%, 6/25/43(3)		672		688
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A 3.468%, 2/25/49(2)(3)		618		627
Towd Point Mortgage Trust 2019-HE1, A1 (1 month LIBOR + 0.900%) 144A 3.341%, 4/25/48(2)(3)		1,090		1,087
2015-1, A2 144A 3.250%, 10/25/53(2)(3)		555		560
2016-1, M1 144A 3.500%, 2/25/55(2)(3)		380		391
2015-6, M1 144A 3.750%, 4/25/55(2)(3)		760		792
2015-5, A2 144A 3.500%, 5/25/55(2)(3)		690		706
2016-2, A1 144A 3.000%, 8/25/55(2)(3)		566		571
2017-1, M1 144A 3.750%, 10/25/56(2)(3)		450		465
2019-1, A1 144A 3.750%, 3/25/58(2)(3)		731		763
2018-SJ1, A1 144A 4.000%, 10/25/58(2)(3)		319		322
2015-2, 1M1 144A 3.250%, 11/25/60(2)(3)		710		723
Tricon American Homes Trust 2017-SFR1, A 144A 2.716%, 9/17/34(2)		374		375
VCAT LLC 2019-NPL1, A1 144A 4.360%, 2/25/49(2)(3)		422		427
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A 3.967%, 2/25/49(2)(3)		525		530
Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5,
A1A 144A 4.213%, 8/25/48(2)(3)		791		798

	Par Value		Value
Non-Agency—continued
Vericrest Opportunity Loan Trust LXXI LLC 2018-NPL7,
A1A 144A 3.967%, 9/25/48(2)(3)		$     343		$     345
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A 4.336%, 1/25/49(2)(3)		702		711
Verus Securitization Trust 2018-1, A1 144A 2.929%, 2/25/48(2)(3)		392		392
2019-1, A1 144A 3.836%, 2/25/59(2)(3)		900		914
2019-INV1, A1 144A 3.402%, 12/25/59(2)(3)		630		637
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47		665		693
2015-LC20, B 3.719%, 4/15/50		875		906
				57,475
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $58,711)				59,694
ASSET-BACKED SECURITIES—8.5%
Automobiles—4.8%
ACC Trust 2018-1, B 144A 4.820%, 5/20/21(2)		685		689
2019-1, B 144A 4.470%, 10/20/22(2)		640		656
American Credit Acceptance Receivables Trust 2018-1, C 144A 3.550%, 4/10/24(2)		1,105		1,112
2018-4, C 144A 3.970%, 1/13/25(2)		790		806
CarNow Auto Receivables Trust 2016-1A, D 144A 7.340%, 11/15/21(2)		745		744
DT Auto Owner Trust 2017-2A, D 144A 3.890%, 1/15/23(2)		1,180		1,189
Exeter Automobile Receivables Trust 2018-4A, D 144A 4.350%, 9/16/24(2)		865		897
2019-1A, D 144A 4.130%, 12/16/24(2)		770		796
GLS Auto Receivables Trust 2017-1A, B 144A 2.980%, 12/15/21(2)		1,180		1,182
2017-1A, C 144A 3.500%, 7/15/22(2)		1,180		1,185
2018-1A, B 144A 3.520%, 8/15/23(2)		1,155		1,168
OneMain Direct Auto Receivables Trust 2018-1A, C 144A 3.850%, 10/14/25(2)		660		675
Skopos Auto Receivables Trust 2018-1A, B 144A 3.930%, 5/16/22(2)		1,015		1,018
United Auto Credit Securitization Trust 2019-1, E 144A 4.290%, 8/12/24(2)		670		676

See Notes to Schedule of Investments

52

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value			Value
Automobiles—continued
Veros Automobile Receivables Trust 2018-1, B 144A 4.050%, 2/15/24(2)		$     720			$     730
					13,523
Consumer Loans—0.2%
FREED ABS Trust 2019-1, B 144A 3.870%, 6/18/26(2)		665			674
Credit Card—0.1%
Genesis Sales Finance Master Trust 2019-AA, A 144A 4.680%, 8/20/23(2)		385			393
Other—3.4%
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(2)		717			723
Arby’s Funding LLC 2015-1A, A2 144A 4.969%, 10/30/45(2)		907			944
BSPRT Issuer Ltd. 2019-FL5, A (1 month LIBOR + 1.150%) 144A 3.628%, 5/15/29(2)(3)		535			535
Business Jet Securities LLC 2019-1, A 144A 4.212%, 7/15/34(2)		820			824
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47(2)		926			940
Drug Royalty III LP 1 2016-1A, A 144A 3.979%, 4/15/27(2)		308			309
ExteNet LLC 144A 3.204%, 7/26/49(2)		425			425
HOA Funding LLC 2014-1A, A2 144A 4.846%, 8/20/44(2)		234			235
Prosper Marketplace Issuance Trust 2018-2A, B 144A 3.960%, 10/15/24(2)		795			805
Regional Management Issuance Trust 2018-2, A 144A 4.560%, 1/18/28(2)		655			671
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(2)		303			296
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(2)		658			675
Upgrade Master Pass-Through-Trust 2019-ST1, A 144A 4.000%, 7/15/25(2)(4)		820			820
Upstart Securitization Trust 2018-1, B 144A 3.887%, 8/20/25(2)		458			459
Wendy’s Funding LLC 2019-1A, A2I 144A 3.783%, 6/15/49(2)		825			830
					9,491
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $23,807)					24,081
CORPORATE BONDS AND NOTES—45.4%
Communication Services—2.9%
America Movil SAB de C.V. 6.450%, 12/5/22		50	MXN		244
AT&T, Inc. (3 month LIBOR + 1.180%) 3.616%, 6/12/24(3)		630			638
Cincinnati Bell, Inc. 144A 7.000%, 7/15/24(2)		548			484
Clear Channel Worldwide Holdings, Inc. 144A 9.250%, 2/15/24(2)		555			602

	Par Value		Value
Communication Services—continued
Consolidated Communications, Inc. 6.500%, 10/1/22(5)		$      660		$      615
Discovery Communications LLC 3.950%, 3/20/28		900		928
DISH DBS Corp. 5.875%, 7/15/22		300		304
7.750%, 7/1/26		280		274
Entercom Media Corp. 144A 6.500%, 5/1/27(2)		30		31
Frontier Communications Corp. 8.500%, 4/15/20(5)		254		207
11.000%, 9/15/25		400		248
144A 8.500%, 4/1/26(2)		245		238
GrubHub Holdings, Inc. 144A 5.500%, 7/1/27(2)		210		216
iHeart Communications, Inc. 6.375%, 5/1/26(5)		28		30
8.375%, 5/1/27		51		53
iHeart Communications, Inc. Escrow 0.000%, 5/1/23(6)		465		—
McGraw-Hill Global Education Holdings LLC Senior
Unsecured Notes 144A 7.875%, 5/15/24(2)(5)		513		469
Meredith Corp. 6.875%, 2/1/26		436		463
Nexstar Escrow, Inc. 144A 5.625%, 7/15/27(2)		35		36
Sirius XM Radio, Inc. 144A 4.625%, 7/15/24(2)		160		164
144A 5.500%, 7/1/29(2)		325		333
Sprint Spectrum Co. LLC 144A 5.152%, 3/20/28(2)		750		772
Tencent Holdings Ltd. 144A 3.975%, 4/11/29(2)		850		888
				8,237
Consumer Discretionary—4.5%
Beazer Homes USA, Inc. 5.875%, 10/15/27		586		508
Boyd Gaming Corp. 6.000%, 8/15/26		170		179
Bunge Ltd. Finance Corp. 4.350%, 3/15/24		775		808
Caesars Resort Collection LLC 144A 5.250%, 10/15/25(2)		363		363
Dollar Tree, Inc. 4.000%, 5/15/25		515		537
Downstream Development Authority of The Quapaw
Tribe of Oklahoma 144A 10.500%, 2/15/23(2)		451		477
Eldorado Resorts, Inc. 6.000%, 9/15/26		214		234
frontdoor, Inc. 144A 6.750%, 8/15/26(2)		505		538
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(2)		746		785
GLP Capital LP 5.250%, 6/1/25		600		643
Golden Nugget, Inc. 144A 8.750%, 10/1/25(2)		375		394
Hilton Domestic Operating Co., Inc. 144A 4.875%, 1/15/30(2)		190		196

See Notes to Schedule of Investments

53

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Consumer Discretionary—continued
Lear Corp. 3.800%, 9/15/27		$     835		$     826
M/I Homes, Inc. 5.625%, 8/1/25		560		568
MGM Growth Properties Operating Partnership LP 144A 5.750%, 2/1/27(2)		380		409
Michaels Stores, Inc. 144A 8.000%, 7/15/27(2)		95		95
Neiman Marcus Group Ltd. LLC 144A 8.000%, 10/25/24(2)		428		175
Panther BF Aggregator 2 LP 144A 6.250%, 5/15/26(2)		45		47
144A 8.500%, 5/15/27(2)		445		458
Prime Security Services Borrower LLC 144A 5.250%, 4/15/24(2)		110		112
144A 5.750%, 4/15/26(2)		60		62
PulteGroup, Inc. 7.875%, 6/15/32		525		625
Scientific Games International, Inc. 6.625%, 5/15/21		383		388
144A 8.250%, 3/15/26(2)		240		252
Service Corp. International 5.125%, 6/1/29		145		153
Tenneco, Inc. 5.000%, 7/15/26(5)		440		350
Under Armour, Inc. 3.250%, 6/15/26		640		604
Vista Outdoor, Inc. 5.875%, 10/1/23(5)		616		601
Weekley Homes LLC 6.625%, 8/15/25		685		676
William Lyon Homes, Inc. 6.000%, 9/1/23		821		833
				12,896
Consumer Staples—2.0%
Albertson’s Cos. LLC 5.750%, 3/15/25		315		317
Altria Group, Inc. 4.400%, 2/14/26		126		135
4.800%, 2/14/29		960		1,036
Anheuser-Busch InBev Worldwide, Inc. 4.000%, 4/13/28		525		565
4.750%, 1/23/29		150		170
Bacardi Ltd. 144A 4.700%, 5/15/28(2)		780		834
Chobani LLC 144A 7.500%, 4/15/25(2)		430		402
CVS Health Corp. 4.300%, 3/25/28		935		985
Kronos Acquisition Holdings, Inc. 144A 9.000%, 8/15/23(2)		434		382
Sigma Finance Netherlands BV 144A 4.875%, 3/27/28(2)		800		829
				5,655
Energy—8.4%
Afren plc 144A 11.500%, 2/1/16(1)(2)(4)		463		—	(7)

	Par Value		Value
Energy—continued
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(2)		$     660		$     693
Blue Racer Midstream LLC 144A 6.625%, 7/15/26(2)		750		756
Callon Petroleum Co. 6.125%, 10/1/24		290		293
CGG SA PIK Interest Capitalization, 144A 6.522%, 2/21/24(2)(8)		5		6
Cheniere Energy Partners LP 144A 5.625%, 10/1/26(2)		332		350
Citgo Holding, Inc. 144A 10.750%, 2/15/20(2)		494		511
CrownRock LP 144A 5.625%, 10/15/25(2)		670		670
Denbury Resources, Inc. 144A 9.250%, 3/31/22(2)		251		235
144A 7.750%, 2/15/24(2)		327		271
Encana Corp. 8.125%, 9/15/30		330		438
EP Energy LLC 144A 9.375%, 5/1/24(2)		145		33
144A 8.000%, 11/29/24(2)		217		147
144A 7.750%, 5/15/26(2)		190		170
Gazprom OAO Via Gaz Capital S.A. RegS 7.288%, 8/16/37(9)(10)		730		921
Geopark Ltd. 144A 6.500%, 9/21/24(2)		760		783
HollyFrontier Corp. 5.875%, 4/1/26		900		989
KazMunayGas National Co. JSC 144A 4.750%, 4/19/27(2)		1,430		1,533
Kinder Morgan, Inc. 7.750%, 1/15/32		1,115		1,527
Kosmos Energy Ltd. 144A 7.125%, 4/4/26(2)		655		660
MPLX LP 4.000%, 3/15/28		707		734
Nabors Industries, Inc. 5.500%, 1/15/23		620		580
Odebrecht Offshore Drilling Finance Ltd. PIK Interest
Capitalization, 144A 7.720%, 12/1/26(2)(11)		851		213
Odebrecht Oil & Gas Finance Ltd. 144A 0.000% (2)(12)		124		1
Pertamina Persero PT 144A 6.450%, 5/30/44(2)		2,075		2,539
Petrobras Global Finance B.V. 7.375%, 1/17/27		922		1,059
5.750%, 2/1/29		1,105		1,152
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(2)		1,580		237
Petroleos Mexicanos 4.625%, 9/21/23		370		362
6.500%, 3/13/27		730		720
5.350%, 2/12/28		560		510
6.375%, 1/23/45		610		525
Sabine Pass Liquefaction LLC 4.200%, 3/15/28		795		835
Sanchez Energy Corp. 144A 7.250%, 2/15/23(2)(5)		375		284
Sinopec Group Overseas Development 2017 Ltd. 144A 3.625%, 4/12/27(2)		500		516

See Notes to Schedule of Investments

54

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value			Value
Energy—continued
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(10)		$     855			$     1,011
Targa Resources Partners LP 5.875%, 4/15/26		343			364
Transocean, Inc. 144A 9.000%, 7/15/23(2)		301			320
USA Compression Partners LP 144A 6.875%, 9/1/27(2)		385			404
Vine Oil & Gas LP 144A 8.750%, 4/15/23(2)		573			372
Weatherford International Ltd. 9.875%, 2/15/24		185			97
					23,821
Financials—10.3%
Acrisure LLC 144A 8.125%, 2/15/24(2)		255			263
144A 7.000%, 11/15/25(2)		780			704
AerCap Ireland Capital DAC 3.650%, 7/21/27		975			969
Allstate Corp. (The) Series B (3 month LIBOR + 2.938%) 5.750%, 8/15/53(13)		845			886
Athene Holding Ltd. 4.125%, 1/12/28		935			942
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26(2)		725			764
Aviation Capital Group LLC 144A 3.500%, 11/1/27(2)		1,005			1,005
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33(2)		890			856
Banco de Bogota S.A. 144A 6.250%, 5/12/26(2)		530			585
Bank of America Corp. 4.200%, 8/26/24		877			932
Bank of China Ltd. 144A 5.000%, 11/13/24(2)		875			941
Bank of Montreal 3.803%, 12/15/32		529			537
Brighthouse Financial, Inc. 3.700%, 6/22/27		1,155			1,099
BrightSphere Investment Group plc 4.800%, 7/27/26		785			799
Capital One Financial Corp. 3.750%, 7/28/26		1,030			1,048
Development Bank of Kazakhstan JSC 144A 8.950%, 5/4/23(2)		160,000	KZT		409
Discover Bank 4.682%, 8/9/28		865			896
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(2)		645			653
E*TRADE Financial Corp. 4.500%, 6/20/28		820			862
Fairfax Financial Holdings Ltd. 4.850%, 4/17/28		1,000			1,054
Fairstone Financial, Inc. 144A 7.875%, 7/15/24(2)		105			107
FS KKR Capital Corp. 4.250%, 1/15/20		308			309
4.750%, 5/15/22		200			202

	Par Value		Value
Financials—continued
Goldman Sachs Group, Inc. (The) (3 month LIBOR + 1.170%) 3.688%, 5/15/26(3)		$     845		$     833
Grupo de Inversiones Suramericana S.A. 144A 5.500%, 4/29/26(2)(5)		725		790
ICAHN Enterprises LP 144A 6.250%, 5/15/26(2)		765		774
ING Groep N.V. 6.000% (12)(13)		665		672
Jefferies Group LLC 4.850%, 1/15/27		360		371
Lincoln National Corp. (3 month LIBOR + 2.040%) 4.632%, 4/20/67(3)(13)		300		236
Morgan Stanley 3.125%, 7/27/26		850		866
Nationstar Mortgage Holdings, Inc. 144A 8.125%, 7/15/23(2)		305		311
Navient Corp. 6.750%, 6/25/25		791		819
Prudential Financial, Inc. (3 month LIBOR + 4.175%) 5.875%, 9/15/42		485		513
Santander Holdings USA, Inc. 3.500%, 6/7/24		270		274
4.400%, 7/13/27		700		730
Springleaf Finance Corp. 7.125%, 3/15/26		365		399
Synchrony Financial 3.950%, 12/1/27		1,280		1,278
Synovus Financial Corp. 5.900%, 2/7/29		437		452
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(2)		740		781
Toronto-Dominion Bank (The) 3.625%, 9/15/31		910		927
Voya Financial, Inc. 5.650%, 5/15/53		615		638
Wells Fargo & Co. Series S (3 month LIBOR + 3.110%) 5.900%(12)		640		670
				29,156
Health Care—3.0%
Advanz Pharma Corp. 8.000%, 9/6/24		104		101
Avantor, Inc. 144A 6.000%, 10/1/24(2)		302		321
144A 9.000%, 10/1/25(2)		388		433
Bausch Health Americas, Inc. 144A 9.250%, 4/1/26(2)		190		213
144A 8.500%, 1/31/27(2)		315		346
Bausch Health Cos., Inc. 144A 6.500%, 3/15/22(2)		60		62
144A 7.000%, 3/15/24(2)		65		69
144A 5.500%, 11/1/25(2)		731		762
144A 7.000%, 1/15/28(2)		455		471
Catalent Pharma Solutions, Inc. 144A 5.000%, 7/15/27(2)		150		153
Eagle Holding Co. II, LLC
PIK Interest Capitalization, 144A 7.625%, 5/15/22(2)(14)		331		333
PIK Interest Capitalization, 144A 7.750%, 5/15/22(2)(15)		375		378

See Notes to Schedule of Investments

55

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Health Care—continued
HCA, Inc. 5.375%, 2/1/25		$     319		$     344
5.625%, 9/1/28		397		430
5.875%, 2/1/29		65		71
4.125%, 6/15/29		720		737
IQVIA, Inc. 144A 5.000%, 5/15/27(2)		135		139
Mylan NV 3.950%, 6/15/26		690		666
Ortho-Clinical Diagnostics, Inc. 144A 6.625%, 5/15/22(2)		305		291
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(2)		335		329
Perrigo Finance Unlimited Co. 4.375%, 3/15/26		600		601
Surgery Center Holdings, Inc. 144A 6.750%, 7/1/25(2)(5)		135		117
144A 10.000%, 4/15/27(2)		290		289
Tenet Healthcare Corp. 8.125%, 4/1/22		155		163
144A 6.250%, 2/1/27(2)		285		293
West Street Merger Sub, Inc. 144A 6.375%, 9/1/25(2)		402		372
				8,484
Industrials—4.7%
Allied Universal Holdco LLC 144A 6.625%, 7/15/26(2)		715		727
144A 9.750%, 7/15/27(2)		285		285
Ashtead Capital, Inc. 144A 4.375%, 8/15/27(2)		870		871
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(2)		807		831
Bombardier, Inc. 144A 7.500%, 3/15/25(2)		280		282
Clean Harbors, Inc. 144A 4.875%, 7/15/27(2)		35		36
CNH Industrial N.V. 4.500%, 8/15/23		708		743
Delhi International Airport Ltd. 144A 6.450%, 6/4/29(2)		325		342
DP World plc 144A 6.850%, 7/2/37(2)		400		502
Garda World Security Corp. 144A 8.750%, 5/15/25(2)		571		564
GFL Environmental, Inc. 144A 7.000%, 6/1/26(2)		265		271
144A 8.500%, 5/1/27(2)		255		274
Hillman Group, Inc. (The) 144A 6.375%, 7/15/22(2)		540		479
IAA, Inc. 144A 5.500%, 6/15/27(2)		160		166
Navistar International Corp. 144A 6.625%, 11/1/25(2)		525		550
New Enterprise Stone & Lime Co., Inc. 144A 10.125%, 4/1/22(2)		319		326
Norwegian Air Shuttle ASA Pass-Through-Trust 2016-1, A 144A 4.875%, 5/10/28(2)		886		851
Oshkosh Corp. 4.600%, 5/15/28		1,102		1,162

	Par Value		Value
Industrials—continued
Pentair Finance S.a.r.l 4.500%, 7/1/29		$     965		$     989
Titan Acquisition Ltd. 144A 7.750%, 4/15/26(2)		433		390
Topaz Marine S.A. 144A 9.125%, 7/26/22(2)		465		466
TransDigm, Inc. 6.500%, 7/15/24		460		466
6.500%, 5/15/25		200		202
United Air Lines, Inc. Pass-Through-Trust 2007-1, A 6.636%, 7/2/22		662		703
US Airways, Inc. Pass-Through-Trust 2012-1, B 8.000%, 10/1/19		821		829
				13,307
Information Technology—2.0%
Banff Merger Sub, Inc. 144A 9.750%, 9/1/26(2)		83		72
Broadcom Corp. 3.625%, 1/15/24		667		674
Broadcom, Inc. 144A 3.625%, 10/15/24(2)		445		447
Citrix Systems, Inc. 4.500%, 12/1/27		855		884
Dell International LLC 144A 4.900%, 10/1/26(2)		440		459
144A 8.100%, 7/15/36(2)		295		362
Everi Payments, Inc. 144A 7.500%, 12/15/25(2)		185		193
Exela Intermediate LLC 144A 10.000%, 7/15/23(2)		287		233
Motorola Solutions, Inc. 4.600%, 2/23/28		521		546
4.600%, 5/23/29		270		284
ViaSat, Inc. 144A 5.625%, 9/15/25(2)		550		540
144A 5.625%, 4/15/27(2)		360		375
VMware, Inc. 3.900%, 8/21/27		636		644
				5,713
Materials—3.9%
Alpek SAB de C.V. 144A 5.375%, 8/8/23(2)		1,110		1,175
ArcelorMittal 4.550%, 3/11/26		365		386
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75(2)(13)		1,295		1,478
CPG Merger Sub LLC 144A 8.000%, 10/1/21(2)		320		324
Equate Petrochemical BV 144A 4.250%, 11/3/26(2)		765		800
Glencore Funding LLC 144A 4.000%, 3/27/27(2)		950		959
Greif, Inc. 144A 6.500%, 3/1/27(2)		420		434
Hexion, Inc. 6.625%, 4/15/20(1)(5)		455		353
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24(2)(5)		335		342

See Notes to Schedule of Investments

56

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Materials—continued
James Hardie International Finance DAC 144A 5.000%, 1/15/28(2)		$     740		$     736
Kraton Polymers LLC 144A 7.000%, 4/15/25(2)		540		547
LSB Industries, Inc. 144A 9.625%, 5/1/23(2)		360		366
NOVA Chemicals Corp. 144A 5.000%, 5/1/25(2)		274		286
Reynolds Group Issuer, Inc. 144A 7.000%, 7/15/24(2)		370		383
SABIC Capital II BV 144A 4.500%, 10/10/28(2)		795		851
Severstal OAO Via Steel Capital S.A. 144A 5.900%, 10/17/22(2)(9)		275		294
Syngenta Finance N.V. 144A 4.441%, 4/24/23(2)		315		327
Trident Merger Sub, Inc. 144A 6.625%, 11/1/25(2)		446		416
Vedanta Resources Ltd. 144A 6.125%, 8/9/24(2)		545		501
				10,958
Real Estate—1.8%
EPR Properties 4.750%, 12/15/26		815		863
Healthcare Trust of America Holdings LP 3.750%, 7/1/27		455		469
Hospitality Properties Trust 4.950%, 2/15/27		900		906
Life Storage LP 3.875%, 12/15/27		385		394
4.000%, 6/15/29		330		339
MPT Operating Partnership LP 5.000%, 10/15/27		302		311
Office Properties Income Trust 4.500%, 2/1/25		900		901
Physicians Realty LP 4.300%, 3/15/27		790		815
				4,998
Utilities—1.9%
CenterPoint Energy, Inc. 4.250%, 11/1/28		675		729
DPL, Inc. 144A 4.350%, 4/15/29(2)		803		813
Ferrellgas Partners LP 8.625%, 6/15/20		135		100
Perusahaan Listrik Negara PT 144A 4.125%, 5/15/27(2)		1,000		1,020
Talen Energy Supply LLC 144A 7.250%, 5/15/27(2)		145		149
144A 6.625%, 1/15/28(2)		560		557
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(2)		581		583
Texas Competitive Electric Escrow 0.000%, 11/1/49(6)		200		—
Texas Competitive Electric Holdings Co. 144A 11.500%, 10/1/20(2)(6)		375		—	(7)
Transportadora de Gas Internacional SA ESP 144A 5.550%, 11/1/28(2)		750		843

	Par Value		Value
Utilities—continued
Vistra Operations Co. LLC 144A 4.300%, 7/15/29(2)		$     685		$     695
				5,489
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $127,829)				128,714
LEVERAGED LOANS(3) —11.4%
Aerospace—0.4%
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 6.160%, 12/6/25		149		150
Dynasty Acquisition Co., Inc.
Tranche B-1 (3 month LIBOR + 4.000%) 6.330%, 4/6/26		195		196
Tranche B-2 (3 month LIBOR + 4.000%) 6.330%, 4/6/26		105		105
TransDigm, Inc. 2018, Tranche E (3 month LIBOR + 2.500%) 4.830%, 5/30/25		217		212
2018, Tranche F (3 month LIBOR + 2.500%) 0.000%, 6/9/23(16)		412		404
				1,067
Chemicals—0.1%
Hexion, Inc. (3 month LIBOR + 3.500%) 0.000%, 6/26/26(16)		80		80
New Arclin U.S. Holding Corp. First Lien (3 month
LIBOR + 3.500%) 0.000%, 2/14/24(16)		202		201
				281
Consumer Durables—0.2%
Global Appliance, Inc. Tranche B (3 month LIBOR + 4.000%) 0.000%, 9/29/24(16)		473		466
Consumer Non-Durables—0.9%
American Greetings Corp. (1 month LIBOR + 4.500%) 6.939%, 4/6/24		847		845
Kronos Acquisition Intermediate, Inc. (1 month LIBOR
+ 4.000%) 6.402%, 5/15/23		374		352
Parfums Holding Co., Inc.
First Lien (3 month LIBOR + 4.250%) 6.772%, 6/30/24		349		346
Second Lien (3 month LIBOR + 8.750%) 11.080%, 6/30/25		420		417
Rodan & Fields LLC (1 month LIBOR + 4.000%) 6.394%, 6/16/25		708		635
				2,595
Energy—0.6%
California Resources Corp. (1 month LIBOR + 10.375%) 12.777%, 12/31/21		420		425
CITGO Petroleum Corp. Tranche B (3 month LIBOR + 5.000%) 7.600%, 3/28/24		360		360

See Notes to Schedule of Investments

57

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Energy—continued
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%) 5.652%, 10/30/24		$     626		$     609
Seadrill Operating LP (3 month LIBOR + 6.000%) 8.330%, 2/21/21		462		329
				1,723
Financial—1.0%
Asurion LLC Tranche B-2, Second Lien (3 month LIBOR
+ 6.500%) 0.000%, 8/4/25(16)		559		566
Blackhawk Network Holdings, Inc. First Lien (1 month
LIBOR + 3.000%) 5.402%, 6/15/25		650		644
Ditech Holding Corp. Tranche B (3 month PRIME + 7.000%) 12.500%, 6/30/22(1)(4)		815		285
FinCo I LLC 2018 (1 month LIBOR + 2.000%) 4.402%, 12/27/22		145		144
iStar, Inc. (1 month LIBOR + 2.750%) 5.152%, 6/28/23		668		667
Refinitiv US Holdings, Inc. (1 month LIBOR + 3.750%) 6.152%, 10/1/25		507		492
				2,798
Food / Tobacco—0.4%
H-Food Holdings LLC
(1 month LIBOR + 3.688%) 6.090%, 5/23/25		109		106
2018, Tranche B-2 (1 month LIBOR + 4.000%) 6.402%, 5/23/25		428		423
Milk Specialties Co. (1 month LIBOR + 4.000%) 6.402%, 8/16/23		544		532
				1,061
Food and Drug—0.1%
Albertson’s LLC 2018, Tranche B-7 (1 month LIBOR + 3.000%) 5.402%, 11/17/25		341		339
Forest Prod / Containers—0.1%
Spectrum Holdings III Corp. First Lien (1 month LIBOR
+ 3.250%) 5.652%, 1/31/25		279		262
Gaming / Leisure—0.6%
Affinity Gaming (1 month LIBOR + 3.250%) 5.652%, 7/1/23		505		485
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 5.150%, 4/29/24		271		259
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 5.216%, 8/14/24		336		331
Stars Group Holdings B.V. (3 month LIBOR + 3.500%) 5.830%, 7/10/25		529		529

	Par Value		Value
Gaming / Leisure—continued
UFC Holdings LLC 2019, First Lien (3 month LIBOR + 3.250%) 0.000%, 4/29/26(16)		$     178		$     177
				1,781
Healthcare—1.4%
21st Century Oncology, Inc. Tranche B (3 month LIBOR
+ 6.125%) 8.735%, 1/16/23		157		135
Accelerated Health Systems LLC (1 month LIBOR + 3.500%) 5.919%, 10/31/25		403		403
Agiliti Health, Inc. (1 month LIBOR + 3.000%) 5.500%, 1/4/26		75		75
AHP Health Partners, Inc. (1 month LIBOR + 4.500%) 6.902%, 6/30/25		495		496
Bausch Health Cos., Inc.
(1 month LIBOR + 2.750%) 5.162%, 11/27/25		215		214
(1 month LIBOR + 3.000%) 5.412%, 6/2/25		95		95
CHG Healthcare Services, Inc. 2017, First Lien (1 month LIBOR + 3.000%) 5.402%, 6/7/23		562		558
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 6.152%, 10/10/25		424		374
NVA Holdings, Inc. Tranche B-4 (1 month LIBOR + 3.500%) 5.939%, 2/2/25		60		60
Ortho-Clinical Diagnostics, Inc. (1 month LIBOR + 3.250%) 5.680%, 6/30/25		344		331
Phoenix Guarantor, Inc. First Lien (1 month LIBOR + 4.500%) 6.921%, 3/5/26		115		114
Prospect Medical Holdings, Inc. Tranche B-1 (1 month
LIBOR + 5.500%) 7.938%, 2/22/24		341		321
Regionalcare Hospital Partners Holdings, Inc. Tranche
B, First Lien (1 month LIBOR + 4.500%) 6.904%, 11/16/25		607		603
Wellpath Holdings, Inc. First Lien (1 month LIBOR + 5.500%) 0.000%, 10/1/25(16)		181		178
				3,957
Housing—0.4%
American Builders & Contractors Supply Co., Inc.
Tranche B-2 (1 month LIBOR + 2.000%) 4.402%, 10/31/23		517		509
Capital Automotive LP Tranche B, Second Lien (1 month LIBOR + 6.000%) 8.410%, 3/24/25		238		239
CPG International LLC (6 month LIBOR + 3.750%) 5.933%, 5/5/24		563		553
				1,301

See Notes to Schedule of Investments

58

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Information Technology—1.3%
Applied Systems, Inc. Second Lien (3 month LIBOR + 7.000%) 9.330%, 9/19/25		$     305		$     308
Boxer Parent Co., Inc. (3 month LIBOR + 4.250%) 6.580%, 10/2/25		393		371
CommScope, Inc. (1 month LIBOR + 3.250%) 5.652%, 4/6/26		540		538
Dell International LLC Tranche B (1 month LIBOR + 2.000%) 4.410%, 9/7/23		214		213
Kronos, Inc.
First Lien (3 month LIBOR + 3.000%) 5.579%, 11/1/23		822		820
Second Lien (3 month LIBOR + 8.250%) 10.829%, 11/1/24		233		240
SS&C Technologies, Inc.
Tranche B-3 (1 month LIBOR + 2.250%) 4.652%, 4/16/25		218		217
Tranche B-4 (1 month LIBOR + 2.250%) 4.652%, 4/16/25		150		149
Vertafore, Inc. First Lien (1 month LIBOR + 3.250%) 5.652%, 7/2/25		796		764
				3,620
Manufacturing—0.5%
CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%) 7.349%, 8/17/22		754		596
Filtration Group Corp. (1 month LIBOR + 3.000%) 5.402%, 3/29/25		546		544
Hillman Group, Inc. (The) (1 month LIBOR + 4.000%) 6.402%, 5/30/25		272		261
				1,401
Media / Telecom—Broadcasting—0.1%
iHeart Communications, Inc. (3 month LIBOR + 4.000%) 6.579%, 5/1/26		123		123
Nexstar Broadcasting, Inc. Tranche B (3 month LIBOR
+ 2.750%) 0.000%, 6/19/26(16)		225		224
				347
Media / Telecom—Cable/Wireless Video—0.1%
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%) 0.000%, 1/15/26(16)		323		318
Media / Telecom—Diversified Media—0.1%
Crown Finance US, Inc. (1 month LIBOR + 2.250%) 0.000%, 2/28/25(16)		231		227
Media / Telecom—Telecommunications—0.5%
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%) 0.000%, 1/31/25(16)		649		634
Securus Technologies Holdings, Inc.
First Lien (3 month LIBOR + 4.500%) 0.000%, 11/1/24(16)		79		73

	Par Value		Value
Media / Telecom—Telecommunications—continued
Second Lien (3 month LIBOR + 8.250%) 10.580%, 11/1/25		$     390	$	360
West Corp. Tranche B (3 month LIBOR + 4.000%) 6.522%, 10/10/24		269		250
				1,317
Metals / Minerals—0.1%
Covia Holdings Corp. (3 month LIBOR + 4.000%) 6.598%, 6/1/25		365		293
Retail—0.2%
Neiman Marcus Group Ltd. LLC (1 month LIBOR + 6.000%) 8.421%, 10/25/23		545		466
Service—1.3%
Carlisle Food Service Products, Inc. First Lien (1 month
LIBOR + 3.000%) 5.402%, 3/20/25		74		72
Dun & Bradstreet Corp. (The) (1 month LIBOR + 5.000%) 7.404%, 2/6/26		390		390
GFL Environmental, Inc. (1 month LIBOR + 3.000%) 5.402%, 5/30/25		571		561
Hoya Midco LLC First Lien (3 month LIBOR + 3.500%) 0.000%, 6/30/24(16)		199		197
PetVet Care Centers LLC
First Lien (1 month LIBOR + 2.750%) 5.152%, 2/14/25		469		453
First Lien (1 month LIBOR + 2.750%) 4.161%, 2/14/25		139		134
PI UK Holdco II Ltd. Tranche B-1 (1 month LIBOR + 3.250%) 5.652%, 1/3/25		659		650
Red Ventures LLC Tranche B-1, First Lien (1 month
LIBOR + 3.000%) 0.000%, 11/8/24(16)		542		540
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.500%) 5.910%, 7/17/25		376		375
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.160%, 2/1/23		464		454
				3,826
Transportation—Automotive—0.1%
Panther BF Aggregator 2 LP First Lien (1 month LIBOR
+ 3.500%) 5.902%, 4/30/26		345		342
Utility—0.9%
APLP Holdings LP (1 month LIBOR + 2.750%) 5.152%, 4/13/23		432		431
Brookfield WEC Holdings, Inc.
(3 month LIBOR + 3.500%) 0.000%, 8/1/25(16)		105		105
First Lien (3 month LIBOR + 3.500%) 5.902%, 8/1/25		597		596
Second Lien (1 month LIBOR + 6.750%) 9.152%, 8/3/26		330		334

See Notes to Schedule of Investments

59

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value			Value
Utility—continued
Calpine Corp. 2019 (3 month LIBOR + 2.750%) 0.000%, 4/5/26(16)		$     390			$     389
Pacific Gas and Electric Co.
(1 month LIBOR + 2.250%) 4.690%, 12/31/20		230			231
(3 month LIBOR + 1.125%) 1.125%, 12/31/20(17)		75			75
Talen Energy Supply LLC (1 month LIBOR + 4.000%) 6.402%, 4/15/24		398			397
					2,558
TOTAL LEVERAGED LOANS
(Identified Cost $33,678)					32,346
	Shares
PREFERRED STOCKS—2.4%
Consumer Discretionary—0.0%
MYT Holding Co., 10.000%		87,252			80
Financials—2.1%
Citigroup, Inc., 5.950%		530	(18)		554
Huntington Bancshares, Inc. Series E, 5.700%		353	(18)		355
JPMorgan Chase & Co. Series Z, 5.300%		1,010	(18)		1,022
KeyCorp Series D, 5.000%(19)		1,090	(18)		1,100
M&T Bank Corp. Series F, 5.125%(19)		598	(18)		619
MetLife, Inc. Series D, 5.875%		478	(18)		505
PNC Financial Services Group, Inc. (The) Series S, 5.000%		775	(18)		788
Zions Bancorp, 6.950%(5)		38,525			1,094
					6,037
Industrials—0.3%
General Electric Co. Series D, 5.000%		730	(18)		700
TOTAL PREFERRED STOCKS
(Identified Cost $6,586)					6,817
COMMON STOCKS—0.0%
Communication Services—0.0%
Clear Channel Outdoor Holdings, Inc.(20)		11,677			55
Consumer Discretionary—0.0%
Mark IV Industries(4)		446			14
Energy—0.0%
Frontera Energy Corp.		6,656			67
TOTAL COMMON STOCKS
(Identified Cost $176)					136
EXCHANGE-TRADED FUND—1.0%
iShares iBoxx High Yield Corporate Bond Index Fund(21)		32,352			2,820
TOTAL EXCHANGE-TRADED FUND
(Identified Cost $2,816)					2,820

	Shares		Value
RIGHT—0.0%
Utilities—0.0%
Vistra Energy Corp.(20)		6,252		$           5
TOTAL RIGHT
(Identified Cost $5)				5
WARRANT—0.0%
Communication Services—0.0%
iHeartMedia, Inc.(4)(20)		4,966		73
TOTAL WARRANT
(Identified Cost $86)				73
TOTAL LONG-TERM INVESTMENTS—99.2%
(Identified Cost $281,623)				281,451
SECURITIES LENDING COLLATERAL—1.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.250%)(21)(22)		3,816,970		3,817
TOTAL SECURITIES LENDING COLLATERAL
(Identified Cost $3,817)				3,817
TOTAL INVESTMENTS—100.6%
(Identified Cost $285,440)				$285,268
Other assets and liabilities, net—(0.6)%				(1,624	)
NET ASSETS—100.0%				$283,644

Abbreviations:
LIBOR London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PIK	Payment-in-Kind Security
Foreign Currencies:
IDR	Indonesian Rupiah
KZT	Kazakhstani Tenge
MXN	Mexican Peso

See Notes to Schedule of Investments

60

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

Footnote Legend:

⁽¹⁾  Security in default; no interest payments are being received during the bankruptcy proceedings.

⁽²⁾  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 June 30, 2019, these securities amounted to a value of $154,036 or 54.3% of net assets.

⁽³⁾  Variable rate security. Rate disclosed is as of June 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⁾  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.

⁽⁵⁾  All or a portion of security is on loan.

⁽⁶⁾  Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽⁷⁾  Amount is less than $500.

⁽⁸⁾  43% of the income received was in cash and 57% was in PIK.

⁽⁹⁾  This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽¹⁰⁾  Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽¹¹⁾  87% of the income received was in cash and 13% was in PIK. (12) No contractual maturity date.

⁽¹³⁾  Interest payments may be deferred. (14) 100% of the income received was in cash. (15) First pay date will be in November 2019.

⁽¹⁶⁾  This loan will settle after June 30, 2019, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽¹⁷⁾  Represents unfunded portion of security and commitment fee earned on this portion.

⁽¹⁸⁾  Value shown as par value.

⁽¹⁹⁾  Interest may be forfeited.

⁽²⁰⁾  Non-income producing.

⁽²¹⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

⁽²²⁾  Represents security purchased with cash collateral received for securities on loan.

Country Weightings†
United States	75%
Canada	3
Netherlands	3
Mexico	2
Indonesia	2
Luxembourg	1
Bermuda	1
Other	13
Total	100%
† % of total investments as of June 30, 2019.

See Notes to Schedule of Investments

61

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019			Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities		$	24,081		$	—		$	23,261		$	820
Corporate Bonds and Notes			128,714			—			128,714			—	(1)
Foreign Government Securities			21,874			—			21,874			—
Leveraged Loans			32,346			—			32,061			285
Mortgage-Backed Securities			59,694			—			58,659			1,035
Municipal Bonds			423			—			423			—
U.S. Government Securities			4,468			—			4,468			—
Equity Securities:
Exchange-Traded Fund			2,820			2,820			—			—
Preferred Stocks			6,817			1,094			5,723			—
Common Stocks			136			122			—			14
Right			5			—			5			—
Warrant			73			—			—			73
Securities Lending Collateral			3,817			3,817			—			—
Total Investments		$	285,268		$	7,853		$	275,188		$	2,227

⁽¹⁾ Amount is less than $500.

Securities held by the Fund with an end of period value of $414 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

Securities held by the Fund with an end of period value of $285 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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.

The following is a reconciliation of assets of the Series for Level 3 investments for which significant unobservable inputs were used to determine fair value.

	Total				Asset-Backed Securities			Corporate Bonds and Notes				Leveraged Loans			Mortgage-Backed Securities				Common Stocks				Rights				Warrants
Investments in Securities
Balance as of September 30, 2018:		$	452			$	—		$	431			$	—		$	—			$	16			$	5			$	—
Accrued discount/(premium)			12				—			12				—			—				—				—				—
Realized gain (loss)			1				—			1				—			—				—				—				—
Change in unrealized appreciation
(depreciation)(2)			(49	)			—			(34	)			—			—	(1)			(2	)			—				(13	)
Purchases			2,147				820			206				—			1,035				—				—				86
Sales			(207	)			—			(207	)			—			—				—				—				—
Transfers into Level 3 (3)			285				—			—				285			—				—				—				—
Transfers from Level 3(3)			(414	)			—			(409	)			—			—				—				(5	)			—
Balance as of June 30, 2019		$	2,227			$	820		$	—	(1)		$	285		$	1,035			$	14			$	—			$	73

⁽¹⁾ Amount is less than $500.

⁽²⁾ The change in the unrealized appreciation (depreciation) on investments still held at June 30, 2019, was $(15).

⁽³⁾ “Transfers into and/or from” represent the ending value as of June 30, 2019, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

See Notes to Schedule of Investments

62

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Par Value			Value
U.S. GOVERNMENT SECURITIES—0.8%
U.S. Treasury Note
2.625%, 2/15/29		$15,660		$	16,505
2.375%, 5/15/29		31,615			32,652
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $48,538)					49,157
MUNICIPAL BOND—0.1%
Virginia—0.1%
Tobacco Settlement Financing Corp. Revenue Taxable
Series A-1, Taxable 6.706%, 6/1/46		4,500			4,245
TOTAL MUNICIPAL BOND
(Identified Cost $4,211)					4,245
FOREIGN GOVERNMENT SECURITIES—3.5%
Arab Republic of Egypt 144A
5.875%, 6/11/25(1)(2)		11,415			11,635
Argentine Republic
6.875%, 4/22/21		2,910			2,553
5.625%, 1/26/22		5,365			4,523
Bolivarian Republic of Venezuela
RegS 7.000%, 12/1/18(3)(4)		20,999			5,145
RegS 7.750%, 10/13/19(3)(4)		9,851			2,537
Dominican Republic 144A 6.600%, 1/28/24(1)		7,115			7,889
Federal Republic of Nigeria 144A 7.625%, 11/21/25(1)		23,000			25,100
Kingdom of Saudi Arabia 144A 4.000%, 4/17/25(1)		7,000			7,446
Provincia de Buenos Aires 144A 6.500%, 2/15/23(1)		11,460			9,581
Republic of Indonesia 144A 3.375%, 4/15/23(1)		15,000			15,263
144A 4.125%, 1/15/25(1)		9,800			10,295
Treasury Bond, Series FR77 8.125%, 5/15/24		175,263,000	IDR		13,051
Republic of Kenya 144A 7.000%, 5/22/27(1)		9,500			9,917
Republic of Pakistan 144A 8.250%, 9/30/25(1)		2,500			2,741
Republic of South Africa 4.665%, 1/17/24		6,725			7,036
5.875%, 9/16/25		6,500			7,119
Republic of Sri Lanka 144A 6.350%, 6/28/24(1)		1,000			998
144A 6.850%, 11/3/25(1)		7,550			7,571
Republic of Turkey 5.125%, 3/25/22		11,850			11,673
Republic of Turkey 7.250%, 12/23/23		6,675			6,896
Russian Federation 144A 4.875%, 9/16/23(1)		14,000			14,978

	Par Value			Value
Sultanate of Oman 144A 4.125%, 1/17/23(1)	$	12,560		$	12,197
144A 4.750%, 6/15/26(1)		6,295			5,812
Ukraine 144A 7.750%, 9/1/23(1)		10,335			10,929
United Mexican States Series M 6.500%, 6/9/22		250,769	MXN		12,728
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $245,639)					225,613
MORTGAGE-BACKED SECURITIES—30.6%
Agency—2.2%
Federal National Mortgage Association
Pool #792432 5.000%, 10/1/19		4			4
Pool #784263 5.500%, 3/1/20		3			3
Pool #811881 5.500%, 3/1/20		2			2
Pool #819916 5.500%, 3/1/20		12			12
Pool #819922 5.500%, 4/1/20		19			19
Pool #811451 5.000%, 6/1/20		39			40
Pool #AD6058 4.000%, 8/1/25		3,474			3,614
Pool #AO5149 3.000%, 6/1/27		436			445
Pool #AS5927 3.000%, 10/1/30		14,300			14,614
Pool #AZ4794 3.000%, 10/1/30		22,229			22,717
Pool #890707 2.500%, 2/1/31		25,341			25,531
Pool #890710 3.000%, 2/1/31		9,280			9,484
Pool #254549 6.000%, 12/1/32		21			24
Pool #695237 5.500%, 2/1/33		28			30
Pool #773385 5.500%, 5/1/34		153			170
Pool #725762 6.000%, 8/1/34		117			132
Pool #806318 5.500%, 11/1/34		134			142
Pool #806328 5.500%, 11/1/34		122			131
Pool #800267 5.500%, 12/1/34		32			36
Pool #808018 5.500%, 1/1/35		132			146
Pool #941322 6.000%, 7/1/37		7			7
Pool #889578 6.000%, 4/1/38		72			82

See Notes to Schedule of Investments

63

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Agency—continued
Pool #AC6992 5.000%, 12/1/39	$	2,697	$	2,931
Pool #AD3841 4.500%, 4/1/40		3,904		4,192
Pool #AD4224 5.000%, 8/1/40		3,458		3,758
Pool #AE4799 4.000%, 10/1/40		97		103
Pool #AH4009 4.000%, 3/1/41		3,243		3,419
Pool #AI2472 4.500%, 5/1/41		2,865		3,077
Pool #AS6515 4.000%, 1/1/46		9,283		9,707
Pool #AS9393 4.000%, 4/1/47		5,770		6,019
Pool #MA3058 4.000%, 7/1/47		28,497		29,716
Government National Mortgage Association
Pool #563381 6.500%, 11/15/31		16		17
Pool #581072 6.500%, 2/15/32		5		5
				140,329
Non-Agency—28.4%
Access Point Funding I LLC 2017-A, A 144A 3.060%, 4/15/29(1)		2,227		2,226
Adjustable Rate Mortgage Trust 2005-1, 3A1 4.411%, 5/25/35(5)		1,950		2,000
Agate Bay Mortgage Trust 2016-3, A5 144A 3.500%, 8/25/46(1)(5)		5,420		5,507
Ajax Mortgage Loan Trust
2017-B, A 144A 3.163%, 9/25/56(1)(5)		8,637		8,695
2018-C, A 144A 4.360%, 9/25/65(1)(5)		7,304		7,436
American Homes 4 Rent Trust 2015-SFR1, A 144A 3.467%, 4/17/52(1)		11,269		11,626
Angel Oak Mortgage Trust I LLC 2018-1, A1 144A 3.258%, 4/27/48(1)(5)		13,508		13,576
2018-2, A1 144A 3.674%, 7/27/48(1)(5)		22,305		22,656
2018-3, A1 144A 3.649%, 9/25/48(1)(5)		6,022		6,091
2019-1, A1 144A 3.920%, 11/25/48(1)(5)		21,222		21,642
2019-2, A1 144A 3.628%, 3/25/49(1)(5)		8,612		8,722
Angel Oak Mortgage Trust LLC 2017-1, A3 144A 3.644%, 1/25/47(1)(5)		361		362
2017-3, A1 144A 2.708%, 11/25/47(1)(5)		3,388		3,388
2019-3, A1 144A 2.930%, 5/25/59(1)(5)		18,860		18,955
Arroyo Mortgage Trust 2018-1, A1 144A 3.763%, 4/25/48(1)(5)		39,099		40,031
2019-1, A1 144A 3.805%, 1/25/49(1)(5)		15,103		15,440

	Par Value		Value
Non-Agency—continued
2019-2, A1 144A 3.347%, 4/25/49(1)(5)		$11,123	$	11,277
Aventura Mall Trust 2013-AVM, A 144A 3.867%, 12/5/32(1)(5)		10,350		10,498
Banc of America Funding Trust 2004-B, 2A1 4.943%, 11/20/34(5)		259		265
2004-D, 5A1 4.475%, 1/25/35(5)		2,482		2,501
2005-1, 1A1 5.500%, 2/25/35		315		321
2006-2, 3A1 6.000%, 3/25/36		1,281		1,300
Banc of America Mortgage Trust 2005-3, 1A15 5.500%, 4/25/35		803		829
Bank of America (Merrill Lynch - Countrywide)
Alternative Loan Trust 2004-22CB, 1A1 6.000%, 10/25/34		13,323		13,661
Bank of America (Merrill Lynch - Countrywide) Home
Loan Mortgage Pass-Through-Trust 2004-6, 1A2 4.613%, 5/25/34(5)		737		742
2004-4, A6 5.500%, 5/25/34		209		209
Bank of America (Merrill Lynch) Investors Trust 2004-A4, A1 4.349%, 8/25/34(5)		804		811
Bayview Commercial Asset Trust 2006-2A, A2 (1 month LIBOR + 0.280%) 144A 2.684%, 7/25/36(1)(5)		4,266		4,099
Bayview Koitere Fund Trust 2017-RT4, A 144A 3.500%, 7/28/57(1)(5)		6,752		6,892
Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A 4.250%, 4/28/55(1)		8,108		8,511
2017-RT1, A1 144A 3.000%, 3/28/57(1)(5)		3,159		3,197
2017-SPL5, B1 144A 4.000%, 6/28/57(1)(5)		5,910		6,156
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53(1)(5)		5,822		6,106
2017-SPL4, A 144A 3.500%, 1/28/55(1)(5)		2,344		2,385
BBCMS Mortgage Trust 2018-TALL, A (1 month LIBOR + 0.722%) 144A 3.116%, 3/15/37(1)(5)		5,490		5,469
BX Trust 2018-MCSF, A (1 month LIBOR + 0.577%) 144A 2.971%, 4/15/35(1)(5)		11,145		11,131
2018-GW, B (1 month LIBOR + 1.020%) 144A 3.414%, 5/15/35(1)(5)		19,910		19,891
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(1)		12,170		12,706
Chase Home Lending Mortgage Trust 2019-ATR1, A4 144A 4.000%, 4/25/49(1)(5)		19,779		20,125
CHC Commercial Mortgage Trust 2019-CHC, A (1 month LIBOR + 1.120%) 144A 3.520%, 6/15/34(1)(5)		17,640		17,640
Citigroup Commercial Mortgage Trust 2019-SST2, A (1 month LIBOR + 0.920%) 144A 3.314%, 12/15/36(1)(5)		7,195		7,114

See Notes to Schedule of Investments

64

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
Citigroup Mortgage Loan Trust, Inc. 2004-NCM2, 2CB2 6.750%, 8/25/34	$	7,338	$	8,052
2014-A, A 144A 4.000%, 1/25/35(1)(5)		4,823		5,007
2015-PS1, A1 144A 3.750%, 9/25/42(1)(5)		3,916		4,008
2015-A, A1 144A 3.500%, 6/25/58(1)(5)		1,512		1,529
2018-RP3, A1 144A 3.250%, 3/25/61(1)(5)		7,969		8,113
2018-RP1, A1 144A 3.000%, 9/25/64(1)(5)		13,149		13,323
2019-RP1, A1 144A 3.500%, 1/25/66(1)(5)		6,075		6,259
COLT Mortgage Loan Trust Funding LLC 2018-1, A1 144A 2.930%, 2/25/48(1)(5)		8,350		8,334
2018-2, A1 144A 3.470%, 7/27/48(1)(5)		2,451		2,460
2018-3, A1 144A 3.692%, 10/26/48(1)(5)		1,842		1,867
2019-1, A1 144A 3.705%, 3/25/49(1)(5)		17,341		17,612
2019-3, A1 144A 2.764%, 8/25/49(1)(5)		30,750		30,760
Commercial Mortgage Lease-Backed Certificates 2001-CMLB, A3 144A 7.471%, 6/20/31(1)(5)		4,080		4,231
Commercial Mortgage Trust 2014-277P, A 144A 3.732%, 8/10/49(1)(5)		8,705		9,230
CoreVest American Finance Trust 2017-1, A 144A 2.968%, 10/15/49(1)		3,617		3,636
2018-1, A 144A 3.804%, 6/15/51(1)		12,695		13,134
2018-2, A 144A 4.026%, 11/15/52(1)		6,326		6,598
Credit Suisse First Boston Mortgage Securities Corp. 2003-27, 5A3 5.250%, 11/25/33		621		639
2003-AR30, 5A1 4.505%, 1/25/34(5)		3,023		3,143
2004-8, 7A1 6.000%, 12/25/34		4,193		4,513
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A 3.374%, 5/15/36(1)(5)		25,155		25,187
Credit Suisse Mortgage Capital Trust 2013-HYB1, A16 144A 3.008%, 4/25/43(1)(5)		2,265		2,261
2014-IVR2, A2 144A 3.758%, 4/25/44(1)(5)		7,752		7,772
2018-RPL8, A1 144A 4.125%, 7/25/58(1)(5)		2,114		2,142
Deephaven Residential Mortgage Trust 2017-1A, A1 144A 2.725%, 12/26/46(1)(5)		1,827		1,828
2017-1A, A2 144A 2.928%, 12/26/46(1)(5)		463		463
2017-2A, A1 144A 2.453%, 6/25/47(1)(5)		2,119		2,117

	Par Value		Value
Non-Agency—continued
2017-2A, A2 144A 2.606%, 6/25/47(1)(5)	$	956	$	956
2017-3A, A3 144A 2.813%, 10/25/47(1)(5)		2,151		2,146
2018-2A, A1 144A 3.479%, 4/25/58(1)(5)		15,389		15,554
2018-3A, A1 144A 3.789%, 8/25/58(1)(5)		2,029		2,055
2019-1A, A1 144A 3.743%, 1/25/59(1)(5)		4,785		4,842
Ellington Financial Mortgage Trust 2017-1, A1 144A 2.687%, 10/25/47(1)(5)		7,547		7,522
2018-1, A1FX 144A 4.140%, 10/25/58(1)(5)		8,396		8,535
2019-1, A1 144A 2.934%, 6/25/59(1)(5)(6)		13,690		13,690
Galton Funding Mortgage Trust 2017-1, A21 144A 3.500%, 7/25/56(1)(5)		12,506		12,631
2018-1, A23 144A 3.500%, 11/25/57(1)(5)		8,413		8,490
2018-2, A41 144A 4.500%, 10/25/58(1)(5)		10,242		10,495
GCAT LLC 2019-NQM1, A1 144A 2.985%, 2/25/59(1)(5)		13,226		13,291
Goldman Sachs Mortgage Securities Trust 2012-ALOH, A144A 3.551%, 4/10/34(1)		12,721		13,114
GSAA Home Equity Trust 2005-1, AF4 5.619%, 11/25/34(5)		85		86
2005-12, AF3W 4.999%, 9/25/35(5)		2,729		2,857
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(1)		22,020		22,104
Homeward Opportunities Fund I Trust 2018-1, A1 144A 3.766%, 6/25/48(1)(5)		10,778		10,972
2018-2, A1 144A 3.985%, 11/25/58(1)(5)		7,564		7,730
2019-1, A1 144A 3.454%, 1/25/59(1)(5)		17,947		18,177
IMC Home Equity Loan Trust 1997-5, A9 7.310%, 11/20/28		1,560		1,560
JPMorgan Chase (Bear Stearns) Adjustable Rate
Mortgage Trust 2004-10, 14A1 4.434%, 1/25/35(5)		697		700
2004-10, 21A1 4.563%, 1/25/35(5)		4,121		4,211
JPMorgan Chase (Washington Mutual) Mortgage
Pass-Through Certificates Trust 2003-AR6, A1 4.720%, 6/25/33(5)		373		384
2003-AR4, 2A1 4.079%, 8/25/33(5)		103		103
2004-CB1, 2A 5.000%, 6/25/34		1,402		1,453
JPMorgan Chase Commercial Mortgage Securities Trust 2011-C4, A4 144A 4.388%, 7/15/46(1)		5,044		5,210

See Notes to Schedule of Investments

65

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
2014-C22, A4 3.801%, 9/15/47	$	16,998		$18,012
2015-C31, AS 4.106%, 8/15/48		4,670		4,967
JPMorgan Chase Mortgage Trust 2014-2, AM 144A 3.370%, 6/25/29(1)(5)		3,317		3,363
2014-2, 2A2 144A 3.500%, 6/25/29(1)(5)		5,785		5,909
2014-5, B1 144A 2.984%, 10/25/29(1)(5)		2,426		2,407
2014-5, B2 144A 2.984%, 10/25/29(1)(5)		1,142		1,127
2006-A2, 4A1 4.700%, 8/25/34(5)		763		795
2005-A2, 4A1 4.601%, 4/25/35(5)		433		441
2006-A6, 3A3L 4.151%, 10/25/36(5)		744		660
2014-1, 2A12 144A 3.500%, 1/25/44(1)(5)		3,783		3,822
2015-1, AM1 144A 3.655%, 12/25/44(1)(5)		6,139		6,139
2016-SH1, M2 144A 3.750%, 4/25/45(1)(5)		11,648		11,917
2015-5, A2 144A 3.342%, 5/25/45(1)(5)		7,324		7,321
2016-SH2, M2 144A 3.750%, 12/25/45(1)(5)		12,544		12,973
2017-3, 2A2 144A 2.500%, 8/25/47(1)(5)		8,169		8,129
2017-5, A1 144A 3.182%, 10/26/48(1)(5)		30,470		30,732
2017-4, A3 144A 3.500%, 11/25/48(1)(5)		11,416		11,561
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%) 144A 3.194%, 5/15/36(1)(5)		5,740		5,744
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(1)(5)		18,755		18,963
MASTR Alternative Loan Trust 2003-8, 2A1 5.750%, 11/25/33		2,978		3,103
2004-4, 6A1 5.500%, 4/25/34		1,632		1,720
2004-7, 9A1 6.000%, 8/25/34		8,476		9,000
2005-2, 2A1 6.000%, 1/25/35		2,250		2,382
2005-2, 1A1 6.500%, 3/25/35		5,869		6,128
Mello Warehouse Securitization Trust 2019-1, C (1 month LIBOR + 1.200%) 144A 3.604%, 6/25/52(1)(5)(6)		18,395		18,395
MetLife Securitization Trust 2017-1A, M1 144A 3.728%, 4/25/55(1)(5)		7,930		8,181
2019-1A, A1A 144A 3.750%, 4/25/58(1)(5)		10,267		10,662
Mill City Mortgage Loan Trust 2015-1, A3 144A 3.000%, 6/25/56(1)(5)		10,996		11,044

	Par Value		Value
Non-Agency—continued
2016-1, A1 144A 2.500%, 4/25/57(1)(5)	$	1,931	$	1,929
2017-1, A1 144A 2.750%, 11/25/58(1)(5)		7,132		7,152
2018-4, A1B 144A 3.500%, 4/25/66(1)(5)		14,095		14,283
Morgan Stanley - Bank of America (Merrill Lynch) Trust 2013-C13, AS 4.266%, 11/15/46		1,735		1,851
Morgan Stanley Capital Barclays Bank Trust 2016-MART, A 144A 2.200%, 9/13/31(1)		14,805		14,786
Morgan Stanley Capital I Trust 2017-CLS, A (1 month LIBOR + 0.700%) 144A 3.094%, 11/15/34(1)(5)		11,154		11,144
Morgan Stanley Mortgage Loan Trust 2004-2AR, 3A 4.569%, 2/25/34(5)		610		626
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 2.958%, 6/25/44(1)(5)		4,085		4,047
Motel 6 Trust 2017-MTL6, A (1 month LIBOR + 0.920%) 144A 3.314%, 8/15/34(1)(5)		23,339		23,339
National City Mortgage Capital Trust 2008-1, 2A1 6.000%, 3/25/38		782		811
New Residential Mortgage Loan Trust 2016-2A, A1 144A 3.750%, 11/26/35(1)(5)		10,907		11,261
2018-4A, A1S (1 month LIBOR + 0.750%) 144A 3.154%, 1/25/48(1)(5)		10,255		10,248
2019-NQM1, A1 144A 3.675%, 1/25/49(1)(5)		3,867		3,938
2014-1A, A 144A 3.750%, 1/25/54(1)(5)		9,193		9,522
2014-2A, A3 144A 3.750%, 5/25/54(1)(5)		848		864
2014-3A, AFX3 144A 3.750%, 11/25/54(1)(5)		7,225		7,457
2015-2A, A1 144A 3.750%, 8/25/55(1)(5)		8,638		8,934
2016-1A, A1 144A 3.750%, 3/25/56(1)(5)		4,834		4,941
2016-3A, A1 144A 3.750%, 9/25/56(1)(5)		5,487		5,659
2016-4A, A1 144A 3.750%, 11/25/56(1)(5)		6,593		6,806
2017-2A, A3 144A 4.000%, 3/25/57(1)(5)		18,500		19,312
2018-1A, A1A 144A 4.000%, 12/25/57(1)(5)		15,438		16,003
2018-2A, A1 144A 4.500%, 2/25/58(1)(5)		17,647		18,520
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%) 4.155%, 3/25/35(5)		2,000		2,016
OBX Trust 2018-EXP2, 1A1 144A 4.000%, 11/25/48(1)(5)		13,212		13,417
2019-INV1, A3 144A 4.500%, 11/25/48(1)(5)		8,965		9,235
2018-1, A2 (1 month LIBOR + 0.650%) 144A 3.054%, 6/25/57(1)(5)		10,973		10,913

See Notes to Schedule of Investments

66

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32(1)	$	10,700	$	11,164
Pretium Mortgage Credit Partners I LLC 2018-NPL3, A1 144A 4.125%, 8/25/33(1)(5)		5,818		5,857
2019-NPL1, A1 144A 4.213%, 7/25/60(1)(5)		14,011		14,219
Progress Residential Trust 2017-SFR1, B 144A 3.017%, 8/17/34(1)		4,000		4,018
2018-SFR1, A 144A 3.255%, 3/17/35(1)		3,150		3,185
2018-SFR1, B 144A 3.484%, 3/17/35(1)		2,515		2,551
2018-SFR2, B 144A 3.841%, 8/17/35(1)		9,350		9,590
PRPM LLC 2019-1A, A1 144A 4.500%, 1/25/24(1)(5)		23,342		23,617
2019-2A, A1 144A 3.967%, 4/25/24(1)(5)		14,364		14,572
RCO V Mortgage LLC 2019-1, A1 144A 3.721%, 5/24/24(1)(5)		15,378		15,486
Residential Asset Mortgage Products Trust 2004-SL2, A3 7.000%, 10/25/31		1,004		1,058
2004-SL1, A8 6.500%, 11/25/31		1,386		1,464
Residential Asset Securitization Trust 2003-A11, A9 5.750%, 11/25/33		1,724		1,789
2004-A1, A5 5.500%, 4/25/34		7,660		7,834
Residential Mortgage Loan Trust 2019-1, A1 144A 3.936%, 10/25/58(1)(5)		6,736		6,844
2019-2, A1 144A 2.913%, 5/25/59(1)(5)		13,255		13,255
Seasoned Credit Risk Transfer Trust 2016-1, M1 144A 3.000%, 9/25/55(1)(5)		6,500		6,314
Sequoia Mortgage Trust 2015-4, A1 144A 3.000%, 11/25/30(1)(5)		6,815		6,890
2013-8, B1 3.528%, 6/25/43(5)		6,076		6,224
2018-CH2, A12 144A 4.000%, 6/25/48(1)(5)		14,513		14,715
Starwood Mortgage Residential Trust 2018-IMC1, A1 144A 3.793%, 3/25/48(1)(5)		3,246		3,300
2019-IMC1, A1 144A 3.468%, 2/25/49(1)(5)		14,639		14,861
Starwood Waypoint Homes Trust 2017-1, A (1 month LIBOR + 0.950%) 144A 3.344%, 1/17/35(1)(5)		13,436		13,427
Structured Adjustable Rate Mortgage Loan Trust 2004-4, 3A1 4.714%, 4/25/34(5)		277		286
2004-4, 3A2 4.714%, 4/25/34(5)		1,224		1,268
2004-4, 3A4 4.714%, 4/25/34(5)		944		977

	Par Value		Value
Non-Agency—continued
2004-14, 7A 4.570%, 10/25/34(5)	$	4,948	$	5,020
Structured Asset Securities Corp.
Mortgage-Pass-Through Certificates 2003-34A, 6A 4.815%, 11/25/33(5)		1,399		1,421
Sutherland Commercial Mortgage Loans 2017-SBC6, A 144A 3.192%, 5/25/37(1)(5)		4,073		4,029
2018-SBC7, A 144A 4.720%, 5/25/39(1)(5)		12,294		12,415
Sutherland Commercial Mortgage Trust 144A 2.860%, 12/25/35(1)(5)		10,000		10,020
Thornburg Mortgage Securities Trust 2004-2, A1 (1 month LIBOR + 0.620%) 3.024%, 6/25/44(5)		3,704		3,692
Towd Point Mortgage Trust 2019-HE1, A1 (1 month LIBOR + 0.900%) 144A 3.341%, 4/25/48(1)(5)		19,570		19,508
2015-1, A2 144A 3.250%, 10/25/53(1)(5)		11,184		11,282
2015-3, A1B 144A 3.000%, 3/25/54(1)(5)		1,966		1,971
2016-1, A1B 144A 2.750%, 2/25/55(1)(5)		3,368		3,380
2015-6, M1 144A 3.750%, 4/25/55(1)(5)		11,010		11,478
2015-5, A1B 144A 2.750%, 5/25/55(1)(5)		3,318		3,325
2015-5, A2 144A 3.500%, 5/25/55(1)(5)		3,901		3,993
2016-2, A1 144A 3.000%, 8/25/55(1)(5)		4,342		4,384
2016-3, A1 144A 2.250%, 4/25/56(1)(5)		3,304		3,284
2016-4, A1 144A 2.250%, 7/25/56(1)(5)		4,085		4,061
2017-1, A1 144A 2.750%, 10/25/56(1)(5)		1,528		1,534
2017-1, M1 144A 3.750%, 10/25/56(1)(5)		3,665		3,786
2017-6, A2 144A 3.000%, 10/25/57(1)(5)		3,930		3,900
2018-6, A1A 144A 3.750%, 3/25/58(1)(5)		11,818		12,136
2018-4, A1 144A 3.000%, 6/25/58(1)(5)		17,254		17,509
2018-SJ1, A1 144A 4.000%, 10/25/58(1)(5)		8,120		8,206
2015-2, 1M1 144A 3.250%, 11/25/60(1)(5)		8,448		8,607
Tricon American Homes Trust 2016-SFR1, C 144A 3.487%, 11/17/33(1)		4,640		4,691
2017-SFR1, A 144A 2.716%, 9/17/34(1)		6,599		6,608
VCAT LLC 2019-NPL1, A1 144A 4.360%, 2/25/49(1)(5)		7,116		7,208
Velocity Commercial Capital Loan Trust 2017-1, AFX 144A 3.000%, 5/25/47(1)(5)		1,569		1,563
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A 3.967%, 2/25/49(1)(5)		12,957		13,078

See Notes to Schedule of Investments

67

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
Vericrest Opportunity Loan Trust LXII LLC 2017-NPL9, A1 144A
3.125%, 9/25/47(1)(5)	$	5,752	$	5,765
Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5, A1A 144A
4.213%, 8/25/48(1)(5)		21,584		21,790
Vericrest Opportunity Loan Trust LXX LLC 2018-NPL6, A1A 144A
4.115%, 9/25/48(1)(5)		1,302		1,315
Vericrest Opportunity Loan Trust LXXI LLC 2018-NPL7, A1A 144A
3.967%, 9/25/48(1)(5)		2,082		2,098
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A 4.336%, 1/25/49(1)(5)		14,253		14,446
Verus Securitization Trust
2017-1A, A1 144A 2.853%, 1/25/47(1)(5)		2,740		2,744
2017-2A, A1 144A 2.485%, 7/25/47(1)(5)		8,344		8,313
2018-1, A1 144A 2.929%, 2/25/48(1)(5)		10,694		10,699
2018-INV1, A3 144A 4.052%, 3/25/58(1)(5)		3,435		3,494
2018-2, A1 144A 3.677%, 6/1/58(1)(5)		17,442		17,640
2018-3, A1 144A 4.108%, 10/25/58(1)(5)		13,480		13,772
2019-1, A1 144A 3.836%, 2/25/59(1)(5)		22,227		22,570
2019-2, A1 144A 3.211%, 4/25/59(1)(5)		15,497		15,617
2019-INV1, A1 144A 3.402%, 12/25/59(1)(5)		14,875		15,038
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47		14,340		14,934
2015-LC20, A5 3.184%, 4/15/50		7,415		7,670
Wells Fargo Mortgage Backed Securities Trust 2003-G, A1 4.554%, 6/25/33(5)		618		637
2003-J, 5A1 4.615%, 10/25/33(5)		232		239
2004-4, A9 5.500%, 5/25/34		937		970
2004-U, A1 4.862%, 10/25/34(5)		468		476
2004-Z, 2A1 4.971%, 12/25/34(5)		2,057		2,108
2004-CC, A1 4.986%, 1/25/35(5)		756		780
2005-12, 1A1 5.500%, 11/25/35		1,824		1,846
2005-14, 2A1 5.500%, 12/25/35		1,128		1,181

	Par Value		Value
Non-Agency—continued
2007-16, 1A1 6.000%, 12/28/37	$	838	$	839
				1,793,721
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $1,909,487)				1,934,050
ASSET-BACKED SECURITIES—24.4%
Auto Floor Plan—0.3%
NextGear Floorplan Master Owner Trust 2017-2A, A2 144A 2.560%, 10/17/22(1)		12,410		12,436
2018-1A, A2 144A 3.220%, 2/15/23(1)		4,420		4,480
				16,916
Automobiles—14.0%
ACC Trust 2018-1, A 144A 3.700%, 12/21/20(1)		2,544		2,548
2018-1, B 144A 4.820%, 5/20/21(1)		9,245		9,300
2019-1, A 144A 3.750%, 5/20/22(1)		10,956		11,065
2019-1, B 144A 4.470%, 10/20/22(1)		3,355		3,439
American Credit Acceptance Receivables Trust 2017-1, C 144A 2.880%, 3/13/23(1)		3,264		3,265
2017-2, C 144A 2.860%, 6/12/23(1)		3,832		3,832
2018-1, C 144A 3.550%, 4/10/24(1)		8,145		8,201
2018-3, C 144A 3.750%, 10/15/24(1)		6,295		6,360
2018-4, C 144A 3.970%, 1/13/25(1)		2,400		2,448
2019-1, C 144A 3.500%, 4/14/25(1)		8,800		8,952
2019-2, C 144A 3.170%, 6/12/25(1)		12,600		12,703
AmeriCredit Automobile Receivables Trust 2015-3, C 2.730%, 3/8/21		4,961		4,962
2016-4, C 2.410%, 7/8/22		8,723		8,724
2017-1, C 2.710%, 8/18/22		10,360		10,395
2017-2, C 2.970%, 3/20/23		7,840		7,914
2018-1, D 3.820%, 3/18/24		8,090		8,318
2019-1, C 3.360%, 2/18/25		8,800		9,014
Avid Automobile Receivables Trust 2018-1, A 144A 2.840%, 8/15/23(1)		1,820		1,818
2018-1, B 144A 3.850%, 7/15/24(1)		4,000		4,027

See Notes to Schedule of Investments

68

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Automobiles—continued
Avis Budget Rental Car Funding LLC
(AESOP) 2015-2A, A 144A 2.630%, 12/20/21(1)	$	21,560	$	21,613
(AESOP) 2017-1A, A 144A 3.070%, 9/20/23(1)		2,260		2,293
California Republic Auto Receivables Trust 2015-3, B 2.700%, 9/15/21		3,705		3,704
2016-1, B 3.430%, 2/15/22		4,615		4,647
2017-1, B 2.910%, 12/15/22		7,000		7,029
Capital Auto Receivables Asset Trust 2017-1, C 144A 2.700%, 9/20/22(1)		3,630		3,639
2017-1, D 144A 3.150%, 2/20/25(1)		1,980		1,989
CarFinance Capital Auto Trust 2015-1A, B 144A 2.910%, 6/15/21(1)		724		724
CarNow Auto Receivables Trust 2016-1A, D 144A 7.340%, 11/15/21(1)		4,460		4,454
2017-1A, A 144A 2.920%, 9/15/22(1)		1,270		1,269
Carvana Auto Receivables Trust 2019-1A, D 144A 3.880%, 10/15/24(1)		6,620		6,805
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(1)		1,480		1,472
Chrysler Capital Auto Receivables Trust 2015-BA, D 144A 4.170%, 1/16/23(1)		8,400		8,442
CPS Auto Receivables Trust 2016-A, C 144A 3.800%, 12/15/21(1)		3,207		3,214
2017-C, B 144A 2.300%, 7/15/21(1)		3,804		3,800
2017-D, B 144A 2.430%, 1/18/22(1)		14,650		14,636
2018-C, D 144A 4.400%, 6/17/24(1)		1,440		1,489
Credit Acceptance Auto Loan Trust 2018-1A, A 144A 3.010%, 2/16/27(1)		10,000		10,055
2018-2A, B 144A 3.940%, 7/15/27(1)		5,500		5,663
Drive Auto Receivables Trust 2.900%, 8/15/25		12,770		12,828
2015-AA, D 144A 4.120%, 7/15/22(1)		9,415		9,423
2016-CA, C 144A 3.020%, 11/15/21(1)		2,869		2,872
2017-2, C 2.750%, 9/15/23		2,264		2,266
2017-3, C 2.800%, 7/15/22		5,365		5,372
2017-AA, C 144A 2.980%, 1/18/22(1)		6,803		6,809
2017-BA, C 144A 2.610%, 8/16/21(1)		774		774
2018-4, D 4.090%, 1/15/26		13,505		13,874
2019-1, C 3.780%, 4/15/25		6,450		6,579

	Par Value		Value
Automobiles—continued
DT Auto Owner Trust 2017-1A, D 144A 3.550%, 11/15/22(1)	$	10,000	$	10,060
2017-2A, D 144A 3.890%, 1/15/23(1)		10,070		10,145
2017-3A, C 144A 3.010%, 5/15/23(1)		10,498		10,506
2017-4A, C 144A 2.860%, 7/17/23(1)		14,562		14,566
2018-1A, C 144A 3.470%, 12/15/23(1)		8,950		9,014
2018-3A, C 144A 3.790%, 7/15/24(1)		8,910		9,088
2019-1A, C 144A 3.610%, 11/15/24(1)		3,900		3,965
2019-2A, B 144A 2.990%, 4/17/23(1)		2,840		2,862
2019-2A, C 144A 3.180%, 2/18/25(1)		3,655		3,691
Exeter Automobile Receivables Trust 2015-2A, C 144A 3.900%, 3/15/21(1)		5,401		5,414
2016-3A, B 144A 2.840%, 8/16/21(1)		3,849		3,850
2017-1A, B 144A 3.000%, 12/15/21(1)		10,425		10,435
2017-2A, B 144A 2.820%, 5/16/22(1)		16,176		16,188
2017-3A, B 144A 2.810%, 9/15/22(1)		14,185		14,240
2018-1A, C 144A 3.030%, 1/17/23(1)		19,510		19,651
2018-2A, C 144A 3.690%, 3/15/23(1)		6,995		7,087
2018-3A, C 144A 3.710%, 6/15/23(1)		7,970		8,120
2018-4A, D 144A 4.350%, 9/16/24(1)		7,335		7,604
2019-1A, C 144A 3.820%, 12/16/24(1)		8,305		8,508
2019-1A, D 144A 4.130%, 12/16/24(1)		10,200		10,543
2019-2A, C 144A 3.300%, 3/15/24(1)		6,775		6,885
First Investors Auto Owner Trust 2015-1A, C 144A 2.710%, 6/15/21(1)		2,553		2,553
2017-2A, B 144A 2.650%, 11/15/22(1)		2,160		2,163
2019-1A, C 144A 3.260%, 3/17/25(1)		4,065		4,132
Flagship Credit Auto Trust 2015-2, C 144A 4.080%, 12/15/21(1)		6,495		6,549
2016-2, B 144A 3.840%, 9/15/22(1)		4,175		4,198
2016-3, D 144A 3.890%, 11/15/22(1)		4,990		5,064
2017-1, C 144A 3.220%, 5/15/23(1)		7,500		7,560
2017-3, C 144A 2.910%, 9/15/23(1)		6,980		7,016

See Notes to Schedule of Investments

69

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Automobiles—continued
2019-1, C 144A 3.600%, 2/18/25(1)	$	3,160	$	3,251
2019-2, C 144A 3.090%, 5/15/25(1)		2,360		2,394
Foursight Capital Automobile Receivables Trust 2016-1, A2 144A 2.870%, 10/15/21(1)		1,108		1,109
2017-1, B 144A 3.050%, 12/15/22(1)		8,965		9,007
2017-1, C 144A 3.470%, 12/15/22(1)		4,458		4,501
2018-1, C 144A 3.680%, 8/15/23(1)		1,685		1,721
2018-1, D 144A 4.190%, 11/15/23(1)		1,630		1,673
2018-2, D 144A 4.330%, 7/15/24(1)		4,650		4,838
GLS Auto Receivables Trust 2017-1A, B 144A 2.980%, 12/15/21(1)		15,005		15,034
2017-1A, C 144A 3.500%, 7/15/22(1)		11,090		11,141
2018-1A, A 144A 2.820%, 7/15/22(1)		1,432		1,433
2018-1A, B 144A 3.520%, 8/15/23(1)		11,975		12,110
2019-2A, B 144A 3.320%, 3/15/24(1)		8,380		8,474
Hertz Vehicle Financing II LP 2015-1A, A 144A 2.730%, 3/25/21(1)		29,000		29,031
2015-3A, A 144A 2.670%, 9/25/21(1)		27,702		27,743
2016-4A, A 144A 2.650%, 7/25/22(1)		12,335		12,340
2019-1A, A 144A 3.710%, 3/25/23(1)		12,000		12,314
Hyundai Auto Lease Securitization Trust 2018-A, A2A 144A 2.550%, 8/17/20(1)		7,092		7,092
Hyundai Auto Receivables Trust 2017-B, B 2.230%, 2/15/23		3,560		3,566
OneMain Direct Auto Receivables Trust 2017-2A, C 144A 2.820%, 7/15/24(1)		6,220		6,228
2018-1A, C 144A 3.850%, 10/14/25(1)		11,840		12,108
Oscar US Funding Trust VIII LLC 2018-1A, A2A 144A 2.910%, 4/12/21(1)		4,446		4,449
Prestige Auto Receivables Trust 2017-1A, C 144A 2.810%, 1/17/23(1)		8,355		8,380
2018-1A, D 144A 4.140%, 10/15/24(1)		3,785		3,948
Santander Drive Auto Receivables Trust 2017-1, C 2.580%, 5/16/22		9,830		9,828
2017-2, C 2.790%, 8/15/22		3,795		3,800
2017-3, C 2.760%, 12/15/22		4,510		4,520
2018-2, C 3.350%, 7/17/23		12,425		12,541

	Par Value		Value
Automobiles—continued
Skopos Auto Receivables Trust 2018-1A, A 144A 3.190%, 9/15/21(1)	$	2,857	$	2,858
2018-1A, B 144A 3.930%, 5/16/22(1)		2,465		2,472
TCF Auto Receivables Owner Trust 2016-PT1A, C 144A 3.210%, 1/17/23(1)		10,900		10,973
Tesla Auto Lease Trust 2018-A, A 144A 2.320%, 12/20/19(1)		443		443
2018-A, B 144A 2.750%, 2/20/20(1)		2,500		2,499
2018-A, C 144A 2.970%, 4/20/20(1)		2,000		2,003
2018-A, D 144A 3.300%, 5/20/20(1)		2,970		2,979
2018-B, B 144A 4.120%, 10/20/21(1)		2,410		2,472
2018-B, C 144A 4.360%, 10/20/21(1)		3,250		3,332
Tidewater Auto Receivables Trust 2018-AA, B 144A 3.450%, 11/15/24(1)		3,165		3,198
Tricolor Auto Securitization Trust 2018-2A, B 144A 4.760%, 2/15/22(1)		2,540		2,592
United Auto Credit Securitization Trust 2019-1, D 144A 3.470%, 8/12/24(1)		15,480		15,607
2019-1, E 144A 4.290%, 8/12/24(1)		1,605		1,619
US Auto Funding LLC 2019-1A, B 144A 3.990%, 12/15/22(1)		9,370		9,518
Veros Automobile Receivables Trust 2018-1, B 144A 4.050%, 2/15/24(1)		3,945		3,998
Westlake Automobile Receivables Trust 2017-2A, C 144A 2.590%, 12/15/22(1)		11,730		11,735
2018-1A, C 144A 2.920%, 5/15/23(1)		22,494		22,561
2018-2A, D 144A 4.000%, 1/16/24(1)		10,000		10,222
2018-3A, C 144A 3.610%, 10/16/23(1)		1,350		1,369
2018-3A, D 144A 4.000%, 10/16/23(1)		10,900		11,168
				884,868
Consumer Loans—0.0%
FREED ABS Trust 2019-1, B 144A 3.870%, 6/18/26(1)		4,030		4,082
Credit Card—0.1%
Genesis Sales Finance Master Trust 2019-AA, A 144A 4.680%, 8/20/23(1)		5,145		5,250
Home Equity Loans—0.0%
Asset Backed Funding Certificates 2005-AQ1, A6 4.736%, 1/25/35(5)		498		514
Bayview Financial Acquisition Trust 2007-A, 1A2 6.205%, 5/28/37(5)		1,256		1,257

See Notes to Schedule of Investments

70

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Home Equity Loans—continued
Structured Asset Securities Corp. Mortgage
Pass-Through Certificates 2001-SB1, A2 3.375%, 8/25/31	$	672	$	667
				2,438
Other—9.7%
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(1)		9,226		9,301
Ascentium Equipment Receivables 2019-1A, D 144A 3.470%, 5/12/25(1)		3,980		4,064
Ascentium Equipment Receivables Trust 2017-1A, B 144A 2.850%, 10/10/21(1)		7,764		7,826
2018-1A, B 144A 3.460%, 11/13/23(1)		8,675		8,891
Avant Loans Funding Trust 2019-A, A 144A 3.480%, 7/15/22(1)		7,286		7,314
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A
3.240%, 12/20/23(1)		10,282		10,342
BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A 2.940%, 5/25/29(1)		6,117		6,143
2019-A, A 144A 3.280%, 9/26/33(1)		7,951		8,078
BSPRT Issuer Ltd. 2019-FL5, A (1 month LIBOR + 1.150%) 144A 3.628%, 5/15/29(1)(5)		5,780		5,780
Business Jet Securities LLC 2019-1, A 144A 4.212%, 7/15/34(1)		16,580		16,663
BXG Receivables Note Trust 2012-A, A 144A 2.660%, 12/2/27(1)		1,000		1,000
2013-A, A 144A 3.010%, 12/4/28(1)		2,710		2,699
2015-A, A 144A 2.880%, 5/2/30(1)		2,583		2,571
2017-A, A 144A 2.950%, 10/4/32(1)		6,051		6,039
CCG Receivables Trust 2019-1, B 144A 3.220%, 9/14/26(1)		1,970		2,009
CLUB Credit Trust 2017-P2, A 144A 2.610%, 1/15/24(1)		1,955		1,951
Conn’s Receivables Funding LLC 2018-A, B 144A 4.650%, 1/15/23(1)		2,790		2,810
Consumer Loan Underlying Bond Credit Trust 2018-P2, A 144A
3.470%, 10/15/25(1)		4,035		4,059
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47(1)		15,987		16,234
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29(1)		9,230		9,312
2018-1, B 144A 4.190%, 1/21/31(1)		5,066		5,129
Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23(1)		2,375		2,373
Drug Royalty III LP 1 2016-1A, A 144A 3.979%, 4/15/27(1)		3,476		3,485
2017-1A, A1 (3 month LIBOR + 2.500%) 144A 5.287%, 4/15/27(1)(5)		2,299		2,316

	Par Value		Value
Other—continued
ExteNet LLC 144A 3.204%, 7/26/49(1)	$	7,800	$	7,800
Foundation Finance Trust 2016-1A, A 144A 3.960%, 6/15/35(1)		909		916
2017-1A, A 144A 3.300%, 7/15/33(1)		6,795		6,820
2019-1A, A 144A 3.860%, 11/15/34(1)		7,060		7,196
Freed ABS Trust 2018-2, B 144A 4.610%, 10/20/25(1)		6,200		6,378
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31(1)		2,564		2,565
Hardee’s Funding LLC 2018-1A, A2I 144A 4.250%, 6/20/48(1)		20,639		21,058
Hilton Grand Vacations Trust 2013-A, A 144A 2.280%, 1/25/26(1)		1,936		1,935
2014-AA, A 144A 1.770%, 11/25/26(1)		3,284		3,268
2017-AA, A 144A 2.660%, 12/26/28(1)		3,748		3,767
2018-AA, A 144A 3.540%, 2/25/32(1)		6,130		6,312
HOA Funding LLC 2014-1A, A2 144A 4.846%, 8/20/44(1)		5,473		5,477
Kabbage Funding LLC 2019-1, A 144A 3.825%, 3/15/24(1)		14,000		14,196
Lendmark Funding Trust 2018-2A, A 144A 4.230%, 4/20/27(1)		8,445		8,763
2019-1A, A 144A 3.000%, 12/20/27(1)		8,835		8,827
Mariner Finance Issuance Trust 2018-AA, A 144A 4.200%, 11/20/30(1)		10,000		10,272
2019-AA, A 144A 2.960%, 7/20/32(1)(6)		7,255		7,254
Marlette Funding Trust 2018-1A, A 144A 2.610%, 3/15/28(1)		1,805		1,805
2018-3A, A 144A 3.200%, 9/15/28(1)		4,275		4,288
2019-2A, A 144A 3.130%, 7/16/29(1)		8,200		8,247
Marriott Vacation Club Owner Trust 2012-1A, A 144A 2.510%, 5/20/30(1)		3,616		3,624
MVW Owner Trust 2015-1A, B 144A 2.960%, 12/20/32(1)		520		520
2016-1A, A 144A 2.250%, 12/20/33(1)		2,451		2,430
2017-1A, A 144A 2.420%, 12/20/34(1)		2,261		2,254
2019-1A, A 144A 2.890%, 11/20/36(1)		8,145		8,250
OneMain Financial Issuance Trust 2017-1A, A1 144A 2.370%, 9/14/32(1)		5,500		5,489
2018-1A, A 144A 3.300%, 3/14/29(1)		22,200		22,485
Oportun Funding IX LLC 2018-B, A 144A 3.910%, 7/8/24(1)		8,455		8,599

See Notes to Schedule of Investments

71

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Other—continued
Oportun Funding VIII LLC 2018-A, A 144A 3.610%, 3/8/24(1)	$	8,745	$	8,833
Orange Lake Timeshare Trust 2014-AA, A 144A 2.290%, 7/9/29(1)		1,033		1,028
2015-AA, A 144A 2.880%, 9/8/27(1)		2,644		2,651
2018-A, A 144A 3.100%, 11/8/30(1)		4,361		4,427
2019-A, B 144A 3.360%, 4/9/38(1)		11,472		11,631
Prosper Marketplace Issuance Trust 2017-2A, B 144A 3.480%, 9/15/23(1)		3,761		3,761
2018-1A, A 144A 3.110%, 6/17/24(1)		862		862
2018-2A, B 144A 3.960%, 10/15/24(1)		17,400		17,622
2019-3A, A 144A 3.190%, 7/15/25(1)		7,460		7,486
Regional Management Issuance Trust 2018-2, A 144A 4.560%, 1/18/28(1)		3,100		3,177
Sierra Timeshare Conduit Receivables Funding LLC 2017-1A, A 144A 2.910%, 3/20/34(1)		3,350		3,383
Sierra Timeshare Receivables Funding LLC 2016-1A, A 144A 3.080%, 3/21/33(1)		1,966		1,979
2016-2A, A 144A 2.330%, 7/20/33(1)		1,837		1,830
2018-2A, A 144A 3.500%, 6/20/35(1)		4,465		4,591
2019-1A, B 144A 3.420%, 1/20/36(1)		4,602		4,667
SoFi Consumer Loan Program LLC 2016-3, A 144A 3.050%, 12/26/25(1)		5,366		5,390
2017-1, A 144A 3.280%, 1/26/26(1)		6,817		6,871
2017-3, A 144A 2.770%, 5/25/26(1)		5,361		5,371
2017-5, A2 144A 2.780%, 9/25/26(1)		14,080		14,106
2017-6, A2 144A 2.820%, 11/25/26(1)		12,870		12,893
SoFi Consumer Loan Program Trust 2018-2, A2 144A 3.350%, 4/26/27(1)		19,780		19,977
2019-3, A 144A 2.900%, 5/25/28(1)		6,795		6,830
Springleaf Funding Trust 2016-AA, A 144A 2.900%, 11/15/29(1)		6,157		6,164
Stack Infrastructure Issuer LLC 2019-1A, A2 144A 4.540%, 2/25/44(1)		18,628		19,386
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(1)		7,135		6,988
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(1)		8,353		8,575
TRIP Rail Master Funding LLC 2017-1A, A1 144A 2.709%, 8/15/47(1)		6,597		6,592
Upgrade Master Pass-Through-Trust 2019-ST1, A 144A 4.000%, 7/15/25(1)(6)		7,155		7,155

	Par Value		Value
Other—continued
Upgrade Receivables Trust 2019-1A, A 144A 3.480%, 3/15/25(1)		$4,284	$	4,302
Upstart Securitization Trust 2018-1, B 144A 3.887%, 8/20/25(1)		3,276		3,282
2019-1, A 144A 3.450%, 4/20/26(1)		2,806		2,815
2019-1, B 144A 4.190%, 4/20/26(1)		9,380		9,490
Volvo Financial Equipment LLC 2017-1A, B 144A 2.400%, 1/18/22(1)		3,600		3,612
VSE VOI Mortgage LLC 2016-A, A 144A 2.540%, 7/20/33(1)		3,331		3,330
2017-A, A 144A 2.330%, 3/20/35(1)		6,580		6,566
Welk Resorts LLC 2013-AA, A 144A 3.100%, 3/15/29(1)		1,040		1,039
2015-AA, A 144A 2.790%, 6/16/31(1)		2,294		2,294
2019-AA, B 144A 2.990%, 6/15/38(1)		6,874		6,889
Wendy’s Funding LLC 2018-1A, A2I 144A 3.573%, 3/15/48(1)		9,333		9,386
2019-1A, A2I 144A 3.783%, 6/15/49(1)		9,130		9,184
Westgate Resorts LLC 2016-1A, A 144A 3.500%, 12/20/28(1)		3,399		3,412
2018-1A, A 144A 3.380%, 12/20/31(1)		4,831		4,882
				611,893
Residential Mortgage-Backed Securities—0.1%
Pretium Mortgage Credit Partners I LLC 2018-NPL4, A1 144A
4.826%, 9/25/58(1)(5)		8,205		8,302
Student Loan—0.2%
DRB Prime Student Loan Trust 2015-D, A3 144A 2.500%, 1/25/36(1)		562		562
Earnest Student Loan Program LLC 2017-A, A2 144A 2.650%, 1/25/41(1)		2,958		2,953
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(1)		3,150		3,187
SLM Private Education Loan Trust 2013-B, A2A 144A 1.850%, 6/17/30(1)		558		557
2013-C, A2A 144A 2.940%, 10/15/31(1)		328		327
SoFi Professional Loan Program LLC 2015-A, A2 144A 2.420%, 3/25/30(1)		1,064		1,064
2017-B, A1FX 144A 1.830%, 5/25/40(1)		681		680

See Notes to Schedule of Investments

72

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Student Loan—continued
2017-C, A2A 144A 1.750%, 7/25/40(1)	$	1,188	$	1,184
				10,514
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $1,530,270)				1,544,263
CORPORATE BONDS AND NOTES—31.4%
Communication Services—2.2%
AT&T, Inc.
(3 month LIBOR + 0.890%) 3.418%, 2/15/23(5)		8,918		8,824
(3 month LIBOR + 1.180%) 3.616%, 6/12/24(5)		11,930		12,080
Axtel SAB de C.V. 144A 6.375%, 11/14/24(1)(2)		9,450		9,627
Clear Channel Worldwide Holdings, Inc. 144A 9.250%, 2/15/24(1)		11,060		12,000
Comcast Corp. 3.950%, 10/15/25		7,447		8,030
(3 month LIBOR + 0.630%) 3.227%, 4/15/24(5)		880		884
Discovery Communications LLC 2.200%, 9/20/19		7,185		7,175
3.300%, 5/15/22		11,200		11,397
DISH DBS Corp. 5.875%, 7/15/22		6,245		6,339
Frontier Communications Corp. 8.500%, 4/15/20(2)		3,200		2,608
8.875%, 9/15/20		3,380		2,636
iHeart Communications, Inc. 6.375%, 5/1/26(2)		117		125
8.375%, 5/1/27		213		223
iHeart Communications, Inc. Escrow 0.000%, 5/1/23(7)		1,945		—
Motorola Solutions, Inc. 3.750%, 5/15/22		1,208		1,240
Nexstar Escrow, Inc. 144A 5.625%, 7/15/27(1)		290		297
Sirius XM Radio, Inc. 144A 4.625%, 7/15/24(1)		3,565		3,648
Sprint Spectrum Co. LLC 144A 3.360%, 9/20/21(1)		10,547		10,547
Sprint Spectrum Co., LLC 144A 4.738%, 3/20/25(1)		8,210		8,518
Tencent Holdings Ltd. 144A 3.280%, 4/11/24(1)		13,933		14,217
Verizon Communications, Inc. (3 month LIBOR + 1.100%) 3.618%, 5/15/25(5)		16,061		16,267
				136,682
Consumer Discretionary—1.9%
Aptiv Corp. 4.150%, 3/15/24		17,960		18,896
Boyd Gaming Corp. 6.375%, 4/1/26		6,635		7,019
Bunge Ltd. Finance Corp. 4.350%, 3/15/24		14,290		14,901

	Par Value		Value
Consumer Discretionary—continued
Dollar Tree, Inc. (3 month LIBOR + 0.700%) 3.288%, 4/17/20(5)	$	4,850	$	4,850
General Motors Financial Co., Inc. 3.500%, 7/10/19		9,715		9,717
4.200%, 3/1/21		7,300		7,462
3.550%, 4/9/21		2,847		2,891
GLP Capital LP 5.250%, 6/1/25		13,175		14,116
Horton (D.R.), Inc. 4.750%, 2/15/23		10,550		11,117
International Game Technology plc 144A 6.250%, 2/15/22(1)		5,190		5,482
Melco Resorts Finance Ltd. 144A 5.250%, 4/26/26(1)		2,200		2,198
Panther BF Aggregator 2 LP 144A 6.250%, 5/15/26(1)		595		618
Prime Security Services Borrower LLC 144A 5.250%, 4/15/24(1)		1,350		1,374
144A 5.750%, 4/15/26(1)		695		718
Scientific Games International, Inc. 144A 5.000%, 10/15/25(1)		7,150		7,221
TRI Pointe Group, Inc. 5.875%, 6/15/24		10,130		10,456
				119,036
Consumer Staples—2.1%
Altria Group, Inc. 3.490%, 2/14/22		928		954
3.800%, 2/14/24		16,788		17,492
4.400%, 2/14/26		1,349		1,442
Anheuser-Busch InBev Worldwide, Inc. 4.150%, 1/23/25		10,769		11,654
BAT Capital Corp. 2.297%, 8/14/20		7,230		7,213
2.764%, 8/15/22		14,195		14,232
Campbell Soup Co. 3.300%, 3/15/21		4,613		4,671
3.650%, 3/15/23		11,370		11,701
Conagra Brands, Inc. 4.300%, 5/1/24		17,135		18,164
CVS Health Corp. 3.700%, 3/9/23		18,779		19,387
(3 month LIBOR + 0.720%) 3.173%, 3/9/21(5)		6,510		6,539
Kraft Heinz Foods Co. (The) 3.500%, 7/15/22		4,543		4,649
4.000%, 6/15/23		14,660		15,333
				133,431
Energy—3.8%
Afren plc 144A 11.500%, 2/1/16(1)(3)(6)		4,674		4
Anadarko Finance Co. Series B 7.500%, 5/1/31		3,000		3,976
Anadarko Petroleum Corp. 4.850%, 3/15/21		3,062		3,169
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(1)		6,070		6,153
Callon Petroleum Co. 6.125%, 10/1/24		4,327		4,371

See Notes to Schedule of Investments

73

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Energy—continued
Citgo Holding, Inc. 144A 10.750%, 2/15/20(1)	$	6,650	$	6,883
CITGO Petroleum Corp. Senior Secured Notes 144A 6.250%, 8/15/22(1)		6,973		6,973
CNOOC Finance Property Ltd. 2.625%, 5/5/20		5,800		5,809
Encana Corp. 3.900%, 11/15/21		7,960		8,151
8.125%, 9/15/30		8,110		10,770
Energy Transfer Partners LP 5.000%, 10/1/22		4,794		5,095
4.500%, 11/1/23		10,760		11,362
EP Energy LLC 144A 9.375%, 5/1/24(1)		3,680		846
144A 8.000%, 11/29/24(1)		2,435		1,656
Gazprom OAO Via Gaz Capital SA RegS 4.950%, 7/19/22(4)		9,500		9,957
Kinder Morgan, Inc. 144A 5.625%, 11/15/23(1)		20,300		22,470
Kosmos Energy Ltd. 144A 7.125%, 4/4/26(1)		6,670		6,720
MPLX LP 3.375%, 3/15/23		15,635		15,989
Pertamina Persero PT 144A 4.300%, 5/20/23(1)		10,000		10,430
Petrobras Global Finance B.V. 5.299%, 1/27/25		28,260		29,984
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(3)		9,545		1,432
Petroleos Mexicanos 4.625%, 9/21/23		31,005		30,307
4.875%, 1/18/24(2)		5,950		5,837
Range Resources Corp. 4.875%, 5/15/25		7,005		6,147
Sabine Pass Liquefaction LLC 5.625%, 2/1/21		8,000		8,307
6.250%, 3/15/22		8,415		9,132
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(1)		3,738		3,798
Transocean, Inc. 144A 9.000%, 7/15/23(1)		3,680		3,919
Weatherford International Ltd. 9.875%, 2/15/24(2)		4,795		2,505
				242,152
Financials—10.4%
AerCap Ireland Capital DAC 3.950%, 2/1/22		3,670		3,775
Ares Capital Corp. 3.625%, 1/19/22		4,475		4,521
3.500%, 2/10/23		7,365		7,326
4.250%, 3/1/25		407		412
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26(1)		14,195		14,960
Aviation Capital Group LLC 144A 3.875%, 5/1/23(1)		18,262		18,854
Banco BBVA Peru S.A. RegS 5.000%, 8/26/22(2)(4)		16,280		17,237
Bank of America Corp. 4.200%, 8/26/24		10,473		11,134
(3 month LIBOR + 0.770%) 3.335%, 2/5/26(5)		11,312		11,152

	Par Value			Value
Financials—continued
(3 month LIBOR + 1.000%) 3.581%, 4/24/23(5)	$	14,445		$	14,558
Bank of Baroda 144A 4.875%, 7/23/19(1)		11,775			11,776
Barclays plc 3.200%, 8/10/21		10,345			10,414
Capital One N.A. 2.400%, 9/5/19		5,000			4,999
2.950%, 7/23/21		14,425			14,575
Citigroup, Inc. 2.350%, 8/2/21		6,604			6,597
3.200%, 10/21/26		2,927			2,987
(3 month LIBOR + 1.250%) 3.569%, 7/1/26(5)		21,935			22,091
(3 month LIBOR + 1.430%) 3.950%, 9/1/23(5)		7,115			7,246
Corp Financiera de Desarrollo SA 144A 4.750%, 7/15/25(1)		6,000			6,438
Development Bank of Kazakhstan JSC 144A 8.950%, 5/4/23(1)		3,330,000	KZT		8,513
Discover Bank 8.700%, 11/18/19		1,750			1,789
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(1)		14,685			14,874
First Tennessee Bank N.A. 2.950%, 12/1/19		4,500			4,505
FS KKR Capital Corp. 4.250%, 1/15/20		4,528			4,541
Goldman Sachs Group, Inc. (The) 2.350%, 11/15/21		4,425			4,417
4.250%, 10/21/25		24,315			25,784
(3 month LIBOR + 1.170%) 3.688%, 5/15/26(5)		28,975			28,569
Guanay Finance Ltd. 144A 6.000%, 12/15/20(1)		12,484			12,640
HSBC Holdings plc 2.950%, 5/25/21		10,000			10,087
(3 month LIBOR + 1.500%) 4.098%, 1/5/22(5)		6,524			6,667
Huntington Bancshares, Inc. 7.000%, 12/15/20		17,065			18,159
ICAHN Enterprises LP 6.250%, 2/1/22		10,285			10,568
144A 6.250%, 5/15/26(1)		10,030			10,143
Industrial & Commercial Bank of China Ltd. 3.231%, 11/13/19		6,275			6,290
2.957%, 11/8/22		14,880			15,004
(3 month LIBOR + 0.750%) 3.310%, 11/8/20(5)		630			631
iStar, Inc. 5.250%, 9/15/22		7,285			7,458
Jefferies Group LLC 6.875%, 4/15/21		2,594			2,776
JPMorgan Chase & Co. 2.295%, 8/15/21		4,495			4,494
(3 month LIBOR + 0.900%) 3.480%, 4/25/23(5)		18,055			18,136
JPMorgan Chase Bank N.A. 1.650%, 9/23/19		8,805			8,788
Lincoln National Corp. (3 month LIBOR + 2.040%) 4.632%, 4/20/67(5)(8)		2,885			2,272
Macquarie Group Ltd. 144A 6.000%, 1/14/20(1)		10,950			11,154

See Notes to Schedule of Investments

74

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Financials—continued
Mizuho Financial Group, Inc. 144A 2.632%, 4/12/21(1)	$	19,145	$	19,200
Morgan Stanley
(3 month LIBOR + 0.930%) 3.522%, 7/22/22(5)		18,055		18,169
(3 month LIBOR + 1.400%) 3.981%, 10/24/23(5)		25,080		25,560
Navient Corp. 5.875%, 10/25/24		9,760		9,870
Prudential Financial, Inc. (3 month LIBOR + 3.920%) 5.625%, 6/15/43(8)		1,099		1,162
S&P Global, Inc. 3.300%, 8/14/20		15,097		15,253
Santander Holdings USA, Inc. 4.450%, 12/3/21		11,379		11,830
3.700%, 3/28/22		5,808		5,947
3.500%, 6/7/24		12,715		12,909
SBA Tower Trust 144A 3.156%, 10/8/20(1)		6,050		6,059
144A 3.168%, 4/11/22(1)		18,490		18,626
Sberbank of Russia RegS 5.717%, 6/16/21(4)(9)		7,000		7,280
Springleaf Finance Corp. 6.875%, 3/15/25		8,580		9,395
Synchrony Financial 4.375%, 3/19/24		12,785		13,382
Toronto-Dominion Bank (The) 2.650%, 6/12/24		16,021		16,157
UBS Group Funding Switzerland AG 144A 2.650%, 2/1/22(1)		8,475		8,515
Wells Fargo & Co. 2.500%, 3/4/21		7,465		7,479
(3 month LIBOR + 1.230%) 3.813%, 10/31/23(5)		10,770		10,974
Wells Fargo Bank N.A. 3.550%, 8/14/23		9,555		9,967
				657,045
Health Care—2.3%
AbbVie, Inc. 3.375%, 11/14/21		1,901		1,933
3.200%, 11/6/22		1,940		1,968
3.750%, 11/14/23		3,000		3,128
Allergan Funding SCS 3.000%, 3/12/20		2,825		2,833
3.450%, 3/15/22		3,815		3,894
Bausch Health Americas, Inc. 144A 8.500%, 1/31/27(1)		6,675		7,339
Bausch Health Cos., Inc. 144A 6.500%, 3/15/22(1)		2,190		2,269
144A 5.750%, 8/15/27(1)		745		783
Becton Dickinson & Co. 2.894%, 6/6/22		11,831		11,982
3.363%, 6/6/24		7,740		7,992
(3 month LIBOR + 0.875%) 3.194%, 12/29/20(5)		4,693		4,694
Cigna Corp. 144A 3.750%, 7/15/23(1)		5,765		5,999
(3 month LIBOR + 0.890%) 144A 3.487%, 7/15/23(1)(5)		7,542		7,536
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23(1)		2,590		2,692

	Par Value		Value
Health Care—continued
HCA, Inc. 5.375%, 2/1/25	$	7,250	$	7,826
Mylan NV 3.950%, 6/15/26		17,310		16,704
Perrigo Finance Unlimited Co. 3.900%, 12/15/24		2,000		1,984
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21		9,275		9,256
Takeda Pharmaceutical Co., Ltd. 144A 4.000%, 11/26/21(1)		10,075		10,408
Tenet Healthcare Corp. 4.625%, 7/15/24		4,350		4,404
5.125%, 5/1/25		4,765		4,789
Teva Pharmaceutical Finance Netherlands III B.V. 6.000%, 4/15/24		800		755
Zimmer Biomet Holdings, Inc. 3.150%, 4/1/22		25,115		25,539
				146,707
Industrials—2.2%
Alfa SAB de CV 144A 5.250%, 3/25/24(1)		6,775		7,224
America West Airlines Pass-Through-Trust 2001-1, G 7.100%, 4/2/21		15,108		15,644
Avolon Holdings Funding Ltd. 144A 3.950%, 7/1/24(1)		18,899		19,363
CNH Industrial N.V. 4.500%, 8/15/23		15,130		15,867
Continental Airlines Pass-Through-Trust 1999-2, C2 6.236%, 3/15/20		785		788
Doric Nimrod Air Alpha Pass-Through-Trust 2013-1, A 144A 5.250%, 5/30/23(1)		10,845		11,148
Doric Nimrod Air Finance Alpha Pass-Through Trust 2012-1, A 144A 5.125%, 11/30/22(1)		7,703		8,016
Hawaiian Airlines Pass-Through Certificates 2013-1, B 4.950%, 1/15/22		5,731		5,848
Navistar International Corp. 144A 6.625%, 11/1/25(1)		10,510		11,009
Norwegian Air Shuttle ASA Pass-Through-Trust 2016-1, A 144A 4.875%, 5/10/28(1)		23,520		22,605
Penske Truck Leasing Co., LP 144A 4.125%, 8/1/23(1)		7,770		8,168
TransDigm, Inc. 6.500%, 7/15/24		11,820		11,968
United Air Lines, Inc. Pass-Through-Trust 2007-1, A 6.636%, 7/2/22		1,542		1,638
				139,286
Information Technology—1.9%
Alibaba Group Holding Ltd. 3.600%, 11/28/24		12,500		13,033
Analog Devices, Inc. 2.950%, 1/12/21		18,570		18,735
Broadcom Corp. 2.375%, 1/15/20		13,820		13,796
2.650%, 1/15/23		9,730		9,589
Broadcom, Inc. 144A 3.625%, 10/15/24(1)		16,180		16,265

See Notes to Schedule of Investments

75

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Information Technology—continued
Hewlett Packard Enterprise Co. 3.500%, 10/5/21		$  4,545		$    4,652
(3 month LIBOR + 0.720%) 3.318%, 10/5/21(5)		2,830		2,830
Tencent Holdings Ltd. 144A 2.985%, 1/19/23(1)		7,050		7,104
ViaSat, Inc. 144A 5.625%, 9/15/25(1)		6,670		6,553
144A 5.625%, 4/15/27(1)		4,290		4,461
VMware, Inc. 2.950%, 8/21/22		22,120		22,290
				119,308
Materials—1.8%
Anglo American Capital plc 144A 3.625%, 9/11/24(1)		18,490		18,877
ArcelorMittal 6.125%, 6/1/25		8,280		9,408
DuPont de Nemours, Inc. 3.766%, 11/15/20		2,732		2,784
(3 month LIBOR + 0.710%) 3.228%, 11/15/20(5)		4,552		4,581
Equate Petrochemical BV 144A 3.000%, 3/3/22(1)		9,535		9,513
Glencore Funding LLC 144A 4.125%, 5/30/23(1)		17,615		18,314
James Hardie International Finance DAC 144A 4.750%, 1/15/25(1)		12,975		13,235
NOVA Chemicals Corp. 144A 5.000%, 5/1/25(1)		7,820		8,172
Reynolds Group Issuer, Inc. 144A 7.000%, 7/15/24(1)		5,065		5,237
SABIC Capital II BV 144A 4.000%, 10/10/23(1)		8,700		9,037
Syngenta Finance NV 144A 3.698%, 4/24/20(1)		8,635		8,695
144A 3.933%, 4/23/21(1)		8,635		8,789
				116,642
Real Estate—1.1%
Alexandria Real Estate Equities, Inc. 4.000%, 1/15/24		9,892		10,459
Healthcare Trust of America Holdings LP 2.950%, 7/1/22		17,890		18,011
Hospitality Properties Trust 4.500%, 6/15/23		10,780		11,160
Office Properties Income Trust 3.750%, 8/15/19		2,905		2,906
4.150%, 2/1/22		18,910		19,182
4.000%, 7/15/22		7,345		7,423
Ventas Realty LP 2.700%, 4/1/20		2,948		2,953
				72,094
Utilities—1.7%
Exelon Corp. 2.850%, 6/15/20		18,845		18,915
3.497%, 6/1/22		8,261		8,465
NRG Energy, Inc. 144A 3.750%, 6/15/24(1)		16,012		16,442

	Par Value		Value
Utilities—continued
PNM Resources, Inc. 3.250%, 3/9/21		$11,070		$  11,174
PSEG Power LLC 3.850%, 6/1/23		18,125		18,878
TerraForm Power Operating LLC 144A 4.250%, 1/31/23(1)		18,640		18,664
Texas Competitive Electric Holdings Co. 144A 11.500%, 10/1/20(1)(7)		5,925		4
Toledo Edison Co. (The) 7.250%, 5/1/20		224		231
Vistra Operations Co. LLC 144A 3.550%, 7/15/24(1)		15,540		15,624
				108,397
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $1,966,041)				1,990,780
LEVERAGED LOANS(5)—7.3%
Aerospace—0.2%
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 6.160%, 12/6/25		2,324		2,338
TransDigm, Inc. 2018, Tranche E (3 month LIBOR + 2.500%) 4.830%, 5/30/25		3,303		3,223
2018, Tranche F (3 month LIBOR + 2.500%) 0.000%, 6/9/23(10)		8,882		8,713
				14,274
Chemicals—0.1%
Hexion, Inc. (3 month LIBOR + 3.500%) 0.000%, 6/26/26(10)		1,250		1,249
New Arclin U.S. Holding Corp. First Lien (3 month LIBOR + 3.500%) 0.000%, 2/14/24(10)		2,749		2,743
				3,992
Consumer Durables—0.1%
Global Appliance, Inc. Tranche B (3 month LIBOR + 4.000%) 0.000%, 9/29/24(10)		5,644		5,560
Consumer Non-Durables—0.2%
Kronos Acquisition Intermediate, Inc. (1 month LIBOR + 4.000%) 6.402%, 5/15/23		14,826		13,939
Energy—0.2%
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%) 5.652%, 10/30/24		7,961		7,743
Paragon Offshore Finance Co. (3 month LIBOR + 2.750%) 0.000%, 7/16/21(3)(7)		66		—
Seadrill Operating LP (3 month LIBOR + 6.000%) 8.330%, 2/21/21		5,036		3,588
				11,331

See Notes to Schedule of Investments

76

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Financial—0.6%
Asurion LLC Tranche B-6 (1 month LIBOR + 3.000%) 5.402%, 11/3/23		$  6,870		$  6,853
Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%) 5.402%, 6/15/25		9,727		9,644
Delos Finance S.a.r.l. 2018 (3 month LIBOR + 1.750%) 0.000%, 10/6/23(10)		6,874		6,864
FinCo I LLC 2018 (1 month LIBOR + 2.000%) 4.402%, 12/27/22		3,775		3,766
iStar, Inc. (1 month LIBOR + 2.750%) 5.152%, 6/28/23		11,974		11,944
				39,071
Food / Tobacco—0.4%
Aramark Intermediate HoldCo Corp.
Tranche B-2 (3 month LIBOR + 1.750%) 4.080%, 3/28/24		4,862		4,844
Tranche B-3 (3 month LIBOR + 1.750%) 0.000%, 3/11/25(10)		1,909		1,901
Chobani LLC First Lien (1 month LIBOR + 3.500%) 5.902%, 10/10/23		6,274		6,162
H-Food Holdings LLC (1 month LIBOR + 3.688%) 6.090%, 5/23/25		2,361		2,303
Hostess Brands LLC 2017, Tranche B (1 month LIBOR + 2.250%) 4.753%, 8/3/22		7,213		7,160
				22,370
Food and Drug—0.2%
Albertson’s LLC 2018, Tranche B-7 (1 month LIBOR + 3.000%) 5.402%, 11/17/25		12,959		12,885
Forest Prod / Containers—0.2%
Berry Global Group, Inc.
Tranche Q (1 month LIBOR + 2.000%) 4.412%, 10/1/22		6,109		6,062
Tranche R (1 month LIBOR + 2.000%) 4.412%, 1/19/24		1,021		1,011
Berry Global, Inc. Tranche U (3 month LIBOR + 2.500%) 0.000%, 5/15/26(10)		2,550		2,531
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%) 5.652%, 1/31/25		2,669		2,515
				12,119
Gaming / Leisure—0.8%
Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%) 5.152%, 12/23/24		9,105		8,944
Eldorado Resorts, Inc. (1 month LIBOR + 2.250%) 4.688%, 4/17/24		4,794		4,771
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.154%, 6/22/26		9,796		9,796
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 5.150%, 4/29/24		8,981		8,583

	Par Value		Value
Gaming / Leisure—continued
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 5.216%, 8/14/24		$  4,264		$  4,196
Seminole Tribe of Florida 2018, Tranche B (1 month LIBOR + 1.750%) 4.152%, 7/8/24		8,331		8,326
UFC Holdings LLC 2019, First Lien (3 month LIBOR + 3.250%) 0.000%, 4/29/26(10)		4,245		4,234
				48,850
Healthcare—0.6%
Bausch Health Cos., Inc.
(1 month LIBOR + 2.750%) 5.162%, 11/27/25		1,978		1,965
(1 month LIBOR + 3.000%) 5.412%, 6/2/25		6,297		6,294
Change Healthcare Holdings, Inc. (1 month LIBOR + 2.750%) 5.152%, 3/1/24		4,922		4,880
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 6.152%, 10/10/25		8,983		7,917
Iqvia, Inc. Tranche B-3 (1 month LIBOR + 1.750%) 4.152%, 6/11/25		7,714		7,664
Prospect Medical Holdings, Inc. Tranche B-1 (1 month LIBOR + 5.500%) 7.938%, 2/22/24		6,819		6,415
Surgery Center Holdings, Inc. (1 month LIBOR + 3.250%) 5.660%, 9/2/24		3,158		3,042
				38,177
Housing—0.2%
CPG International LLC (6 month LIBOR + 3.750%) 5.933%, 5/5/24		11,879		11,672
Information Technology—0.7%
CommScope, Inc. (1 month LIBOR + 3.250%) 5.652%, 4/6/26		9,410		9,372
Dell International LLC Tranche B (1 month LIBOR + 2.000%) 4.410%, 9/7/23		7,878		7,833
Kronos, Inc.
First Lien (3 month LIBOR + 3.000%) 5.579%, 11/1/23		13,972		13,935
Second Lien (3 month LIBOR + 8.250%) 10.829%, 11/1/24		3,782		3,903
SS&C Technologies Holdings, Inc. Tranche B-5 (1 month LIBOR + 2.250%) 4.652%, 4/16/25		3,796		3,781
SS&C Technologies, Inc.
Tranche B-3 (1 month LIBOR + 2.250%) 4.652%, 4/16/25		3,153		3,139
Tranche B-4 (1 month LIBOR + 2.250%) 4.652%, 4/16/25		2,162		2,153
				44,116

See Notes to Schedule of Investments

77

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Manufacturing—0.2%
CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%) 7.349%, 8/17/22		$11,745		$    9,279
Titan Acquisition Ltd. (1 month LIBOR + 3.000%) 5.402%, 3/28/25		6,429		6,131
				15,410
Media / Telecom - Broadcasting—0.3%
iHeart Communications, Inc. (3 month LIBOR + 4.000%) 6.579%, 5/1/26		514		514
Nexstar Broadcasting, Inc. Tranche B (3 month LIBOR + 2.750%) 0.000%, 6/19/26(10)		8,770		8,737
Sinclair Television Group, Inc. Tranche B (1 month LIBOR + 2.250%) 4.660%, 1/3/24		8,041		7,931
				17,182
Media / Telecom - Cable/Wireless Video—0.5%
Charter Communications Operating LLC Tranche B (3 month LIBOR + 2.000%) 4.330%, 4/30/25		9,498		9,484
CSC Holdings LLC 2017 (1 month LIBOR + 2.250%) 0.000%, 7/17/25(10)		7,806		7,672
2018 (1 month LIBOR + 2.250%) 4.644%, 1/15/26		7,312		7,188
Virgin Media Bristol LLC Tranche K, (1 month LIBOR + 2.500%) 4.894%, 1/15/26		6,845		6,815
				31,159
Media / Telecom - Diversified Media—0.2%
CDS US Intermediate Holdings, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%) 6.080%, 7/8/22		4,775		4,603
Crown Finance US, Inc. (1 month LIBOR + 2.250%) 0.000%, 2/28/25(10)		3,213		3,158
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien (1 month LIBOR + 4.000%) 6.402%, 5/4/22		6,389		6,081
				13,842
Media / Telecom - Telecommunications—0.6%
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%) 0.000%, 1/31/25(10)		6,065		5,917
Frontier Communications Corp. Tranche B-1 (1 month LIBOR + 3.750%) 6.160%, 6/15/24		11,505		11,265
Level 3 Financing, Inc. 2024, Tranche B (1 month LIBOR + 2.250%) 4.652%, 2/22/24		11,304		11,208
Numericable U.S. LLC Tranche B-12 (1 month LIBOR + 3.688%) 6.082%, 1/31/26		6,717		6,499

	Par Value			Value
Media / Telecom - Telecommunications—continued
Securus Technologies Holdings, Inc. First Lien (3 month LIBOR + 4.500%) 0.000%, 11/1/24(10)		$3,236			$    2,990
					37,879
Service—0.4%
GFL Environmental, Inc. (1 month LIBOR + 3.000%) 5.402%, 5/30/25		6,464			6,354
Hoya Midco LLC First Lien (3 month LIBOR + 3.500%) 0.000%, 6/30/24(10)		4,481			4,430
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.160%, 2/1/23		9,157			8,954
Trans Union LLC 2018, Tranche B-4 (1 month LIBOR + 2.000%) 4.402%, 6/19/25		8,846			8,817
					28,555
Transportation - Automotive—0.2%
Panther BF Aggregator 2 LP First Lien (1 month LIBOR + 3.500%) 5.902%, 4/30/26		6,950			6,893
Tenneco, Inc. Tranche B (3 month LIBOR + 3.000%) 5.402%, 10/1/25		6,089			5,613
					12,506
Utility—0.4%
Brookfield WEC Holdings, Inc. First Lien (3 month LIBOR + 3.500%) 0.000%, 8/1/25(10)		8,225			8,205
Calpine Corp. 2019 (3 month LIBOR + 2.750%) 0.000%, 4/5/26(10)		9,850			9,830
Pacific Gas and Electric Co.
(1 month LIBOR + 2.250%) 4.690%, 12/31/20		5,705			5,719
(3 month LIBOR + 1.125%) 1.125%, 12/31/20(11)		1,900			1,905
					25,659
TOTAL LEVERAGED LOANS
(Identified Cost $470,980)					460,548
	Shares
PREFERRED STOCKS—0.6%
Financials—0.6%
Bank of New York Mellon Corp. (The) Series E, 4.950%		12,070	(12)		12,215
Huntington Bancshares, Inc. Series E, 5.700%		3,303	(12)		3,320
JPMorgan Chase & Co. Series Z, 5.300%		3,985	(12)		4,031
Wells Fargo & Co. Series K, 6.180%(5)		16,155	(12)		16,242
					35,808
TOTAL PREFERRED STOCKS
(Identified Cost $35,520)					35,808
COMMON STOCKS—0.0%
Communication Services—0.0%
Clear Channel Outdoor Holdings, Inc.(13)		48,842			231

See Notes to Schedule of Investments

78

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
Energy—0.0%
Frontera Energy Corp.		148,014		$       1,480
TOTAL COMMON STOCKS
(Identified Cost $2,826)				1,711
EXCHANGE-TRADED FUND—1.0%
iShares iBoxx High Yield Corporate Bond Index Fund(14)		725,321		63,234
TOTAL EXCHANGE-TRADED FUND
(Identified Cost $63,138)				63,234
RIGHT—0.0%
Utilities—0.0%
Vistra Energy Corp.(13)		98,789		76
TOTAL RIGHT
(Identified Cost $84)				76
WARRANT—0.0%
Communication Services—0.0%
iHeartMedia, Inc.(6)(13)		20,773		306
TOTAL WARRANT
(Identified Cost $361)				306
TOTAL LONG-TERM INVESTMENTS—99.7%
(Identified Cost $6,277,095)				6,309,791
SECURITIES LENDING COLLATERAL—0.2%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.250%)(14)(15)		13,524,116		13,524
TOTAL SECURITIES LENDING COLLATERAL
(Identified Cost $13,524)				13,524
TOTAL INVESTMENTS—99.9%
(Identified Cost $6,290,619)				$6,323,315
Other assets and liabilities, net—0.1%				3,919
NET ASSETS—100.0%				$6,327,234

Abbreviations:

LIBOR London Interbank Offered Rate

LLC Limited Liability Company

LP Limited Partnership

Foreign Currencies:

IDR Indonesian Rupiah

KZT Kazakhstani Tenge

MXN Mexican Peso

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 June 30, 2019, these securities amounted to a value of $3,801,498 or 60.1% of net assets.

⁽²⁾  All or a portion of security is on loan.

⁽³⁾  Security in default; no interest payments are being received during the bankruptcy proceedings.

⁽⁴⁾  Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁵⁾  Variable rate security. Rate disclosed is as of June 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.

⁽⁶⁾  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.

⁽⁷⁾  Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽⁸⁾  Interest payments may be deferred.

⁽⁹⁾  This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽¹⁰⁾  This loan will settle after June 30, 2019, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽¹¹⁾  Represents unfunded portion of security and commitment fee earned on this portion.

⁽¹²⁾  Value shown as par value.

⁽¹³⁾  Non-income producing.

⁽¹⁴⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

⁽¹⁵⁾  Represents security purchased with cash collateral received for securities on loan.

Country Weightings†
United States	86%
Netherlands	2
Canada	1
Cayman Islands	1
Mexico	1
United Kingdom	1
Indonesia	1
Other	7
Total	100%
† % of total investments as of June 30, 2019.

See Notes to Schedule of Investments

79

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities		$1,544,263		$       —		$1,529,854		$14,409
Corporate Bonds and Notes		1,990,780		—		1,990,772		8
Foreign Government Securities		225,613		—		225,613		—
Leveraged Loans		460,548		—		460,548		—	(1)
Mortgage-Backed Securities		1,934,050		—		1,901,965		32,085
Municipal Bond		4,245		—		4,245		—
U.S. Government Securities		49,157		—		49,157		—
Equity Securities:
Preferred Stocks		35,808		—		35,808		—
Exchange-Traded Fund		63,234		63,234		—		—
Common Stocks		1,711		1,711		—		—
Right		76		—		76		—
Warrant		306		—		—		306
Securities Lending Collateral		13,524		13,524		—		—
Total Investments		$6,323,315		$78,469		$6,198,038		$46,808

⁽¹⁾  Includes internally fair valued securities currently priced at zero.

Securities held by the Fund with an end of period value of $12,786 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

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.

The following is a reconciliation of assets of the Series for Level 3 investments for which significant unobservable inputs were used to determine fair value.

	Total			Asset-Backed Securities		Corporate Bonds and Notes			Leveraged Loans		Mortgage-Backed Securities			Rights			Warrants
Investments in Securities
Balance as of September 30, 2018:		$ 30,574			$       —		$ 8,981			$—(2)		$ 21,519			$ 74			$  —
Accrued discount/(premium)		19			—		12			—		7			—			—
Realized gain (loss)		(81	)		—		—			—		(81	)		—			—
Change in unrealized appreciation (depreciation)(1)		(418	)		—		(471	)		—		106			2			(55	)
Purchases		47,717			14,409		862			—		32,085			—			361
Sales		(18,217	)		—		(863	)		—		(17,354	)		—			—
Transfers into Level 3(3)		—			—		—			—		—			—			—
Transfers from Level 3(3)		(12,786	)		—		(8,513	)		—		(4,197	)		(76	)		—
Balance as of June 30, 2019		$ 46,808			$14,409		$        8			$—(2)		$ 32,085			$ —			$306

⁽¹⁾ The change in the unrealized appreciation (depreciation) on investments still held at June 30, 2019, was $51.

⁽²⁾ Includes internally fair valued security currently priced at zero ($0).

⁽³⁾ “Transfers into and/or from” represent the ending value as of June 30, 2019, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

See Notes to Schedule of Investments

80

NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
CORPORATE BONDS AND NOTES—2.8%
Communication Services—0.4%
DISH DBS Corp. 5.875%, 7/15/22		$      575		$      584
iHeart Communications, Inc. 6.375%, 5/1/26		258		274
8.375%, 5/1/27		467		489
iHeart Communications, Inc. Escrow 0.000%, 5/1/23(1)		4,288		—
T-Mobile USA, Inc. 0.000%, 4/15/24(1)		1,090		—
				1,347
Consumer Discretionary—0.3%
Panther BF Aggregator 2 LP 144A 6.250%, 5/15/26(2)		50		52
TRI Pointe Group, Inc. 4.875%, 7/1/21		1,165		1,188
				1,240
Consumer Staples—0.2%
Dole Food Co., Inc. 144A 7.250%, 6/15/25(2)		855		827
Energy—0.4%
Denbury Resources, Inc. 144A 9.250%, 3/31/22(2)		298		279
144A 7.750%, 2/15/24(2)		620		515
Energy Transfer Operating LP 4.250%, 3/15/23		515		537
				1,331
Financials—0.4%
Acrisure LLC 144A 8.125%, 2/15/24(2)		220		227
iStar, Inc. 5.250%, 9/15/22		280		287
Springleaf Finance Corp. 6.125%, 5/15/22		1,105		1,185
				1,699
Health Care—0.6%
Eagle Holding Co. II, LLC
PIK Interest Capitalization, 144A 7.625%, 5/15/22(2)(3)		385		387
PIK Interest Capitalization, 144A 7.750%, 5/15/22(2)(4)		595		599
One Call Corp. PIK Interest Capitalization 144A 7.500%, 7/1/24(2)(5)		1,417		1,249
				2,235
Information Technology—0.1%
Exela Intermediate LLC 144A 10.000%, 7/15/23(2)		605		492
Materials—0.4%
Ardagh Packaging Finance plc 144A 6.000%, 2/15/25(2)		785		812

	Par Value		Value
Materials—continued
Hexion, Inc. 6.625%, 4/15/20(6)		$      645		$      500
NOVA Chemicals Corp. 144A 4.875%, 6/1/24(2)		290		300
				1,612
Utilities—0.0%
Texas Competitive Electric Holdings Co. 144A 11.500%, 10/1/20(1)(2)		9,165		7
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $11,062)				10,790
LEVERAGED LOANS(7) —98.9%
Aerospace—2.6%
American Airlines, Inc. 2017, Tranche B (1 month LIBOR + 2.000%) 4.402%, 4/28/23		719		708
2018 (3 month LIBOR + 1.750%) 4.061%, 6/27/25		1,745		1,696
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 6.160%, 12/6/25		333		335
Dynasty Acquisition Co., Inc.
Tranche B-1 (3 month LIBOR + 4.000%) 6.330%, 4/6/26		979		982
Tranche B-2 (3 month LIBOR + 4.000%) 6.330%, 4/6/26		526		528
TransDigm, Inc. 2018, Tranche F (3 month LIBOR + 2.500%) 0.000%, 6/9/23(8)		5,829		5,718
				9,967
Chemicals—3.9%
Element Solutions, Inc. (1 month LIBOR + 2.250%) 4.652%, 1/30/26		2,025		2,017
H.B. Fuller Co. (1 month LIBOR + 2.000%) 4.383%, 10/20/24		1,101		1,081
Hexion Inc. (3 month LIBOR + 2.750%) 5.350%, 10/1/20		470		470
Hexion, Inc. (3 month LIBOR + 3.500%) 0.000%, 6/26/26(8)		565		564
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%) 4.402%, 4/1/24		4,304		4,243
Kraton Polymers LLC 2018 (1 month LIBOR + 2.500%) 4.902%, 3/8/25		755		752
New Arclin U.S. Holding Corp. First Lien (3 month
LIBOR + 3.500%) 5.902%, 2/14/24		783		782
Omnova Solutions, Inc. Tranche B-2 (1 month LIBOR + 3.250%) 5.652%, 8/25/23		2,440		2,435
Univar USA, Inc. Tranche B-3 (1 month LIBOR + 2.250%) 4.652%, 7/1/24		2,217		2,209
US Salt LLC (1 month LIBOR + 4.750%) 7.152%, 1/16/26		668		667
				15,220

See Notes to Schedule of Investments

81

NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Consumer Durables—1.2%
Fluidra, S.A. (1 month LIBOR + 2.250%) 4.652%, 7/2/25	$	1,322	$	1,311
Global Appliance, Inc. Tranche B (3 month LIBOR + 4.000%) 6.410%, 9/29/24		2,134		2,102
Serta Simmons Bedding LLC First Lien (1 month
LIBOR + 3.500%) 5.908%, 11/8/23		1,675		1,079
				4,492
Consumer Non-Durables—3.6%
Acuity Specialty Products, Inc. First Lien (3 month
LIBOR + 4.000%) 6.330%, 8/12/24		1,204		969
American Greetings Corp. (1 month LIBOR + 4.500%) 6.939%, 4/6/24		891		888
Diamond (BC) B.V. (3 month LIBOR + 3.000%) 5.583%, 9/6/24		1,758		1,543
Herbalife Nutrition Ltd. Tranche B (1 month LIBOR + 3.250%) 5.652%, 8/18/25		675		674
Isagenix International LLC Senior Lien (3 month LIBOR + 5.750%)
8.080%, 6/14/25		1,558		1,219
Kronos Acquisition Intermediate, Inc. (1 month LIBOR + 4.000%)
6.402%, 5/15/23		2,663		2,504
Libbey Glass, Inc. (1 month LIBOR + 3.000%) 5.412%, 4/9/21		1,745		1,372
Parfums Holding Co., Inc. First Lien (3 month LIBOR + 4.250%) 6.772%, 6/30/24		1,560		1,548
Revlon Consumer Products Corp. Tranche B (3 month LIBOR + 3.500%)
6.022%, 9/7/23		1,419		1,182
Rodan & Fields LLC (1 month LIBOR + 4.000%) 6.394%, 6/16/25		1,318		1,182
SRAM LLC 2018, First Lien (2 month LIBOR + 2.750%) 5.233%, 3/15/24		1,080		1,077
				14,158
Energy—3.9%
California Resources Corp. (1 month LIBOR + 4.750%) 7.152%, 12/31/22		1,000		954
CITGO Petroleum Corp. Tranche B (3 month LIBOR + 5.000%) 7.600%, 3/28/24		2,000		2,000
Fieldwood Energy LLC 2018, Second Lien (1 month LIBOR + 7.250%) 9.652%, 4/11/23		990		821
First Lien (1 month LIBOR + 5.250%) 7.652%, 4/11/22		733		677
Gavilan Resources LLC Second Lien (1 month LIBOR + 6.000%) 8.402%, 3/1/24		790		403
McDermott International, Inc. (1 month LIBOR + 5.000%) 7.402%, 5/12/25		1,639		1,611

	Par Value		Value
Energy—continued
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%) 5.652%, 10/30/24	$	1,682	$	1,636
MRC Global US, Inc. 2018 (1 month LIBOR + 3.000%) 5.402%, 9/20/24		1,689		1,683
Paragon Offshore Finance Co. (3 month LIBOR + 2.750%) 0.000%, 7/16/21(1)(6)		11		—
Seadrill Operating LP (3 month LIBOR + 6.000%) 8.330%, 2/21/21		2,185		1,556
Traverse Midstream Partners LLC (3 month LIBOR + 4.000%) 6.590%, 9/27/24		1,028		1,015
Ultra Resources, Inc. (1 month LIBOR + 3.750%) 6.154%, 4/12/24		1,173		889
Weatherford International Ltd. (1 month LIBOR + 2.300%) 4.710%, 7/13/20		1,854		1,850
				15,095
Financial—3.0%
Asurion LLC
Tranche B-2, Second Lien (3 month LIBOR + 6.500%) 0.000%, 8/4/25(8)		1,245		1,262
Tranche B-4 (1 month LIBOR + 3.000%) 5.402%, 8/4/22		1,405		1,401
Blackhawk Network Holdings, Inc. First Lien (1 month
LIBOR + 3.000%) 5.402%, 6/15/25		1,803		1,788
Ditech Holding Corp. Tranche B (3 month PRIME + 7.000%) 12.500%, 6/30/22(6)(9)		3,212		1,124
Ellie Mae, Inc. First Lien (3 month LIBOR + 4.000%) 6.525%, 4/17/26		1,540		1,533
FinCo I LLC 2018 (1 month LIBOR + 2.000%) 4.402%, 12/27/22		947		945
iStar, Inc. (1 month LIBOR + 2.750%) 5.152%, 6/28/23		1,828		1,823
Refinitiv US Holdings, Inc. (1 month LIBOR + 3.750%) 6.152%, 10/1/25		2,090		2,025
				11,901
Food / Tobacco—3.0%
Aramark Intermediate HoldCo Corp. Tranche B-3 (3 month LIBOR + 1.750%) 4.080%, 3/11/25		625		622
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%) 5.152%, 3/31/25		198		196
Chobani LLC First Lien (1 month LIBOR + 3.500%) 5.902%, 10/10/23		1,841		1,808
Dole Food Co., Inc. Tranche B (1 month LIBOR + 2.750%) 5.150%, 4/6/24		1,467		1,430
H-Food Holdings LLC (1 month LIBOR + 3.688%) 6.090%, 5/23/25		1,351		1,318
Hostess Brands LLC 2017, Tranche B (1 month LIBOR + 2.250%) 4.753%, 8/3/22		2,212		2,196

See Notes to Schedule of Investments

82

NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Food / Tobacco—continued
JBS USA Lux S.A. (1 month LIBOR + 2.500%) 4.902%, 5/1/26	$	1,676	$	1,672
Milk Specialties Co. (1 month LIBOR + 4.000%) 6.402%, 8/16/23		1,147		1,121
Sigma Holdco B.V. Tranche B-2 (3 month LIBOR + 3.000%) 5.603%, 7/2/25		1,494		1,474
				11,837
Food and Drug—1.0%
Albertson’s LLC 2017-1, Tranche B-5 (3 month LIBOR + 3.000%) 5.311%, 12/21/22		1,984		1,984
2018, Tranche B-7 (1 month LIBOR + 3.000%) 5.402%, 11/17/25		1,440		1,431
Sage Borrowco LLC Tranche B, First Lien (3 month LIBOR + 4.750%) 7.127%, 6/20/26		610		611
				4,026
Forest Prod / Containers—5.1%
Anchor Glass Container Corp. 2017, First Lien (1 month LIBOR + 2.750%) 5.168%, 12/7/23		983		884
Second Lien (3 month LIBOR + 7.750%) 0.000%, 12/7/24(8)		808		571
Berlin Packaging LLC First Lien (1 month LIBOR + 3.000%) 5.433%, 11/7/25		1,431		1,387
Berry Global Group, Inc.
Tranche Q (1 month LIBOR + 2.000%) 4.412%, 10/1/22		514		510
Tranche R (1 month LIBOR + 2.000%) 4.412%, 1/19/24		269		266
Berry Global, Inc.
Tranche S (1 month LIBOR + 1.750%) 4.162%, 2/8/20		1,494		1,492
Tranche T (1 month LIBOR + 1.750%) 4.162%, 1/6/21		868		865
Tranche U (3 month LIBOR + 2.500%) 0.000%, 5/15/26(8)		2,630		2,611
BWay Holding Co. (3 month LIBOR + 3.250%) 5.854%, 4/3/24		1,309		1,262
Klockner Pentaplast of America, Inc. (1 month LIBOR + 4.250%) 6.652%, 6/30/22		2,286		2,020
Multi-Color Corp. (3 month LIBOR + 4.500%) 0.000%, 6/18/26(8)		650		650
Reynolds Group Holdings, Inc. (1 month LIBOR + 2.750%) 5.152%, 2/5/23		3,123		3,097
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%) 5.652%, 1/31/25		1,168		1,101
Tricorbraun Holding, Inc. First Lien (1 month LIBOR + 3.750%) 6.151%, 11/30/23		1,940		1,907

	Par Value		Value
Forest Prod / Containers—continued
Trident TPI Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.250%) 5.652%, 10/17/24	$	1,164	$	1,099
				19,722
Gaming / Leisure—8.4%
Affinity Gaming (1 month LIBOR + 3.250%) 5.652%, 7/1/23		1,003		964
Aristocrat Leisure Ltd. Tranche B-3 (3 month LIBOR + 1.750%) 4.342%, 10/19/24		1,562		1,547
Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%) 5.152%, 12/23/24		4,257		4,181
CBAC Borrower LLC Tranche B (1 month LIBOR + 4.000%) 6.402%, 7/8/24		1,081		1,074
CityCenter Holdings LLC Tranche B (1 month LIBOR + 2.250%) 4.652%, 4/18/24		2,221		2,211
Eldorado Resorts, Inc. (1 month LIBOR + 2.250%) 4.688%, 4/17/24		1,211		1,205
Everi Payments, Inc. Tranche B (1 month LIBOR + 3.000%) 5.402%, 5/9/24		1,761		1,757
Golden Nugget, Inc. Tranche B (1 month LIBOR + 2.750%) 5.149%, 10/4/23		2,374		2,352
GVC Holdings plc Tranche B-2 (1 month LIBOR + 2.250%) 4.652%, 3/29/24		1,427		1,421
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.154%, 6/22/26		2,848		2,849
MGM Growth Properties Operating Partnership LP Tranche B (1 month LIBOR + 2.000%) 4.402%, 3/21/25		2,439		2,422
PCI Gaming Authority Tranche B (1 month LIBOR + 3.000%) 5.402%, 5/29/26		1,375		1,376
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 5.150%, 4/29/24		1,719		1,643
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 5.216%, 8/14/24		2,266		2,229
Stars Group Holdings B.V. (3 month LIBOR + 3.500%) 5.830%, 7/10/25		1,131		1,131
Station Casinos LLC Tranche B (1 month LIBOR + 2.500%) 4.910%, 6/8/23		1,989		1,979
UFC Holdings LLC 2019, First Lien (3 month LIBOR + 3.250%) 5.660%, 4/29/26		2,579		2,572
				32,913
Healthcare—10.5%
21st Century Oncology, Inc. Tranche B (3 month LIBOR + 6.125%) 8.735%, 1/16/23		1,313		1,134
ADVANZ PHARMA Corp. (1 month LIBOR + 5.500%) 7.911%, 9/6/24		739		708

See Notes to Schedule of Investments

83

NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Healthcare—continued
Agiliti Health, Inc. (1 month LIBOR + 3.000%) 5.500%, 1/4/26	$	885	$	882
AHP Health Partners, Inc. (1 month LIBOR + 4.500%) 6.902%, 6/30/25		1,624		1,628
Amneal Pharmaceuticals LLC (1 month LIBOR + 3.500%) 5.938%, 5/4/25		1,801		1,786
Avantor, Inc. Tranche B-2 (1 month LIBOR + 3.000%) 5.402%, 11/21/24		715		718
Bausch Health Cos., Inc.
(1 month LIBOR + 2.750%) 5.162%, 11/27/25		548		545
(1 month LIBOR + 3.000%) 5.412%, 6/2/25		3,258		3,255
Change Healthcare Holdings, Inc. (1 month LIBOR + 2.750%) 5.152%, 3/1/24		2,620		2,598
CHG Healthcare Services, Inc. 2017, First Lien (1 month LIBOR + 3.000%) 5.402%, 6/7/23		942		936
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 6.152%, 10/10/25		3,374		2,973
Explorer Holdings, Inc. (3 month LIBOR + 3.750%) 6.080%, 5/2/23		421		419
Gentiva Health Services, Inc. First Lien (3 month LIBOR
+ 3.750%) 0.000%, 7/2/25(8)		645		645
Greatbatch Ltd. 2017, Tranche B (1 month LIBOR + 3.000%) 5.420%, 10/27/22		476		476
Heartland Dental LLC
(1 month LIBOR + 3.750%) 6.152%, 4/30/25		1,678		1,587
(3 month LIBOR + 3.750%) 3.750%, 4/30/25(10)		38		36
Iqvia, Inc. Tranche B-3 (1 month LIBOR + 1.750%) 4.152%, 6/11/25		2,099		2,085
IQVIA, Inc.
Tranche B-1 (3 month LIBOR + 2.000%) 4.330%, 3/7/24		913		911
Tranche B-2 (3 month LIBOR + 2.000%) 4.330%, 1/17/25		103		103
Jaguar Holding Co. I LLC 2018 (1 month LIBOR + 2.500%) 4.902%, 8/18/22		2,210		2,196
National Mentor Holdings, Inc.
First Lien (1 month LIBOR + 4.250%) 6.660%, 3/9/26		310		311
First Lien (1 month LIBOR + 4.250%) 6.660%, 3/9/26		19		19
NVA Holdings, Inc.
Tranche B-3, First Lien (1 month LIBOR + 2.750%) 5.152%, 2/2/25		1,728		1,725
Tranche B-4 (1 month LIBOR + 3.500%) 5.939%, 2/2/25		50		50
Ortho-Clinical Diagnostics, Inc. (1 month LIBOR + 3.250%) 5.680%, 6/30/25		2,400		2,305
Parexel International Corp. (1 month LIBOR + 2.750%) 5.152%, 9/27/24		1,705		1,631
Phoenix Guarantor, Inc. First Lien (1 month LIBOR + 4.500%) 6.921%, 3/5/26		310		308

	Par Value		Value
Healthcare—continued
Prospect Medical Holdings, Inc. Tranche B-1 (1 month LIBOR + 5.500%) 7.938%, 2/22/24	$	790	$	743
Regionalcare Hospital Partners Holdings, Inc. Tranche
B, First Lien (1 month LIBOR + 4.500%) 6.904%, 11/16/25		2,065		2,051
Select Medical Corp. Tranche B (3 month LIBOR + 2.500%) 4.850%, 3/6/25		1,357		1,350
Sterigenics-Nordion Holdings LLC (1 month LIBOR + 3.000%) 5.402%, 5/15/22		2,158		2,125
Surgery Center Holdings, Inc. (1 month LIBOR + 3.250%) 5.660%, 9/2/24		1,553		1,496
Viant Medical Holdings, Inc. First Lien (3 month LIBOR + 3.750%) 6.080%, 7/2/25		491		489
Vizient, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 5.152%, 5/6/26		339		338
Wellpath Holdings, Inc. First Lien (1 month LIBOR + 5.500%) 0.000%, 10/1/25(8)		500		492
				41,054
Housing—5.0%
84 Lumber Co. Tranche B-1 (1 month LIBOR + 5.250%) 7.654%, 10/25/23		1,401		1,399
American Builders & Contractors Supply Co., Inc. Tranche B-2 (1 month LIBOR + 2.000%) 4.402%, 10/31/23		3,461		3,407
Capital Automotive LP
Tranche B, Second Lien (1 month LIBOR + 6.000%) 8.410%, 3/24/25		1,405		1,406
Tranche B-2, First Lien (1 month LIBOR + 2.500%) 4.910%, 3/25/24		509		502
CPG International LLC (6 month LIBOR + 3.750%) 5.933%, 5/5/24		4,121		4,049
HD Supply, Inc. Tranche B-5 (1 month LIBOR + 1.750%) 4.152%, 10/17/23		2,490		2,486
Quikrete Holdings, Inc. First Lien (1 month LIBOR + 2.750%) 5.152%, 11/15/23		1,561		1,533
SiteOne Landscape Supply LLC Tranche E (1 month LIBOR + 2.750%) 5.160%, 10/29/24		1,748		1,737
Summit Materials LLC (1 month LIBOR + 2.000%) 4.402%, 11/21/24		3,014		2,995
				19,514
Information Technology—6.1%
Applied Systems, Inc.
First Lien (3 month LIBOR + 3.000%) 5.330%, 9/19/24		449		444
Second Lien (3 month LIBOR + 7.000%) 9.330%, 9/19/25		1,108		1,118
Boxer Parent Co., Inc. (3 month LIBOR + 4.250%) 6.580%, 10/2/25		3,082		2,914
CommScope, Inc. (1 month LIBOR + 3.250%) 5.652%, 4/6/26		880		876

See Notes to Schedule of Investments

84

NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Information Technology—continued
Dell International LLC Tranche B (1 month LIBOR + 2.000%) 4.410%, 9/7/23	$	3,393	$	3,374
Go Daddy Operating Co. LLC Tranche B-1 (1 month LIBOR + 2.000%) 4.402%, 2/15/24		1,466		1,466
Kronos, Inc.
First Lien (3 month LIBOR + 3.000%) 5.579%, 11/1/23		3,731		3,721
Second Lien (3 month LIBOR + 8.250%) 10.829%, 11/1/24		965		996
Presidio Holdings, Inc. Tranche B (1 month LIBOR + 2.750%) 5.339%, 2/2/24		1,156		1,151
Rackspace Hosting, Inc. Tranche B, First Lien (3 month LIBOR + 3.000%) 5.576%, 11/3/23		1,413		1,302
SS&C Technologies, Inc.
Tranche B-3 (1 month LIBOR + 2.250%) 4.652%, 4/16/25		1,684		1,677
Tranche B-4 (1 month LIBOR + 2.250%) 4.652%, 4/16/25		1,155		1,150
Vertafore, Inc. First Lien (1 month LIBOR + 3.250%) 5.652%, 7/2/25		3,859		3,702
				23,891
Manufacturing—5.4%
Brand Energy & Infrastructure Services, Inc. (2 month LIBOR + 4.250%) 6.788%, 6/21/24		1,695		1,636
Circor International, Inc. (1 month LIBOR + 3.500%) 5.913%, 12/11/24		1,150		1,148
CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%) 7.349%, 8/17/22		2,257		1,783
Crosby Group LLC (The) Tranche B (3 month LIBOR + 4.750%) 0.000%, 6/19/26(8)		975		966
Filtration Group Corp. (1 month LIBOR + 3.000%) 5.402%, 3/29/25		864		861
Gardner Denver, Inc. Tranche B-1 (1 month LIBOR + 2.750%) 5.152%, 7/30/24		2,287		2,289
Gates Global LLC Tranche B-2 (1 month LIBOR + 2.750%) 5.152%, 4/1/24		2,126		2,111
Hillman Group, Inc. (The) (1 month LIBOR + 4.000%) 6.402%, 5/30/25		1,584		1,523
KSBR Holding Corp. (1 month LIBOR + 4.500%) 6.894%, 4/15/26		655		654
NN, Inc. 2017 (1 month LIBOR + 3.250%) 5.652%, 4/2/21		910		889
Tranche B (1 month LIBOR + 3.750%) 6.152%, 10/19/22		1,401		1,376
RBS Global, Inc. (Rexnord LLC) (1 month LIBOR + 2.000%) 4.402%, 8/21/24		1,062		1,061
Tailwind Smith Cooper Intermediate Corp. First Lien (3 month LIBOR + 5.000%) 7.330%, 5/28/26		1,124		1,099

	Par Value		Value
Manufacturing—continued
Titan Acquisition Ltd. (1 month LIBOR + 3.000%) 5.402%, 3/28/25	$	2,209	$	2,106
U.S. Farathane LLC Tranche B-4 (1 month LIBOR + 3.500%) 5.902%, 12/23/21		1,607		1,543
				21,045
Media / Telecom - Broadcasting—3.3%
iHeart Communications, Inc. (3 month LIBOR + 4.000%) 6.579%, 5/1/26		1,128		1,129
Nexstar Broadcasting, Inc. Tranche B (3 month LIBOR + 2.750%) 0.000%, 6/19/26(8)		2,710		2,700
Sinclair Television Group, Inc. Tranche B (1 month LIBOR + 2.250%) 4.660%, 1/3/24		2,438		2,405
Tribune Media Co.
Tranche B (1 month LIBOR + 3.000%) 5.402%, 12/27/20		159		158
Tranche C (1 month LIBOR + 3.000%) 5.402%, 1/26/24		1,975		1,971
Univision Communications, Inc. 2017, First Lien (1 month LIBOR + 2.750%) 5.152%, 3/15/24		4,881		4,641
				13,004
Media / Telecom - Cable/Wireless Video—5.2%
Charter Communications Operating LLC Tranche B (3 month LIBOR + 2.000%) 4.330%, 4/30/25		5,540		5,531
CSC Holdings LLC 2017 (1 month LIBOR + 2.250%) 4.644%, 7/17/25		3,254		3,198
2018 (1 month LIBOR + 2.250%) 4.644%, 1/15/26		1,017		1,000
2018 (1 month LIBOR + 2.500%) 4.894%, 1/25/26		347		342
MCC Iowa LLC Tranche M (weekly LIBOR + 2.000%) 4.390%, 1/15/25		1,581		1,576
Radiate Holdco LLC (1 month LIBOR + 3.000%) 5.402%, 2/1/24		1,751		1,709
Telenet Financing LLC (1 month LIBOR + 2.250%) 4.644%, 8/15/26		1,915		1,893
UPC Financing Partnership (1 month LIBOR + 2.500%) 4.894%, 1/15/26		1,866		1,863
Virgin Media Bristol LLC Tranche K, (1 month LIBOR + 2.500%) 4.894%, 1/15/26		1,570		1,563
Ziggo Secured Finance Partnership Tranche E (1 month LIBOR + 2.500%) 4.894%, 4/15/25		1,845		1,806
				20,481
Media / Telecom - Diversified Media—2.4%
CDS US Intermediate Holdings, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%) 6.080%, 7/8/22		1,641		1,582
Crown Finance US, Inc. (1 month LIBOR + 2.250%) 4.652%, 2/28/25		723		711

See Notes to Schedule of Investments

85

NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Media / Telecom - Diversified Media—continued
E.W. Scripps Co. (The) Tranche B-1 (1 month LIBOR + 2.750%) 5.152%, 5/1/26	$	883	$	880
Formula One Management Ltd. Tranche B-3 (1 month LIBOR + 2.500%) 4.902%, 2/1/24		1,528		1,491
Fort Dearborn Holding Co., Inc. First Lien (1 month LIBOR + 4.000%) 6.597%, 10/19/23		1,774		1,703
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien (1 month LIBOR + 4.000%) 6.402%, 5/4/22		2,567		2,443
Meredith Corp. Tranche B-1 (1 month LIBOR + 2.750%) 5.152%, 1/31/25		689		688
				9,498
Media / Telecom - Telecommunications—4.3%
Altice France S.A. Tranche B-13 (1 month LIBOR + 4.000%) 6.394%, 8/14/26		646		632
Frontier Communications Corp. Tranche B-1 (1 month LIBOR + 3.750%) 6.160%, 6/15/24		3,336		3,267
Level 3 Financing, Inc. 2024, Tranche B (1 month LIBOR + 2.250%) 4.652%, 2/22/24		5,792		5,743
Neustar, Inc. Tranche B-4, First Lien (1 month LIBOR + 3.500%) 5.902%, 8/8/24		1,184		1,145
Numericable U.S. LLC
Tranche B-11 (1 month LIBOR + 2.750%) 5.152%, 7/31/25		1,339		1,272
Tranche B-12 (1 month LIBOR + 3.688%) 6.082%, 1/31/26		544		526
Securus Technologies Holdings, Inc.
First Lien (3 month LIBOR + 4.500%) 0.000%, 11/1/24(8)		737		681
Second Lien (3 month LIBOR + 8.250%) 10.580%, 11/1/25		740		683
Uniti Group Inc. (1 month LIBOR + 5.000%) 7.402%, 10/24/22		1,662		1,619
West Corp.
Tranche B (3 month LIBOR + 4.000%) 6.522%, 10/10/24		1,061		988
Tranche B-1 (3 month LIBOR + 3.500%) 6.022%, 10/10/24		460		422
				16,978
Media / Telecom - Wireless Communications—1.5%
SBA Senior Finance II LLC (1 month LIBOR + 2.000%) 4.410%, 4/11/25		2,818		2,780
Sprint Communications, Inc.
(1 month LIBOR + 2.500%) 4.938%, 2/2/24		2,307		2,270
2019 (1 month LIBOR + 3.000%) 5.438%, 2/2/24		960		950
				6,000

	Par Value		Value
Metals / Minerals—0.5%
Covia Holdings Corp. (3 month LIBOR + 4.000%) 6.598%, 6/1/25	$	1,360	$	1,093
Graftech International Ltd. (1 month LIBOR + 3.500%) 5.902%, 2/12/25		850		833
				1,926
Retail—2.0%
Bass Pro Group LLC (1 month LIBOR + 5.000%) 7.402%, 9/25/24		1,966		1,874
Michaels Stores, Inc. 2018, Tranche B (1 month LIBOR + 2.500%) 4.903%, 1/30/23		2,068		2,000
Neiman Marcus Group Ltd. LLC (1 month LIBOR + 6.000%) 8.421%, 10/25/23		2,658		2,271
PetSmart, Inc. Tranche B-2 (1 month LIBOR + 4.250%) 6.670%, 3/11/22		1,577		1,533
				7,678
Service—10.2%
Advantage Sales & Marketing, Inc. First Lien (3 month LIBOR + 3.250%) 5.580%, 7/23/21		552		504
AlixPartners LLP 2017 (3 month LIBOR + 2.750%) 0.000%, 4/4/24(8)		2,224		2,217
Allied Universal Holdco LLC
(3 month LIBOR + 4.250%) 0.000%, 6/26/26(8)		72		71
First Lien (1 month LIBOR + 4.250%) 6.652%, 7/28/22		1,164		1,162
Tranche B (3 month LIBOR + 4.250%) 0.000%, 6/26/26(8)		723		720
Carlisle Food Service Products, Inc. First Lien (1 month LIBOR + 3.000%) 5.402%, 3/20/25		331		323
CSC SW Holdco, Inc. Tranche B-1, First Lien (3 month LIBOR + 3.250%) 5.851%, 11/14/22		1,923		1,882
Dun & Bradstreet Corp. (The) (1 month LIBOR + 5.000%) 7.404%, 2/6/26		1,335		1,335
First Data Corp. 2022, Tranche D (1 month LIBOR + 2.000%) 4.404%, 7/8/22		819		818
2024, Tranche A (1 month LIBOR + 2.000%) 4.404%, 4/26/24		4,336		4,330
GFL Environmental, Inc. (1 month LIBOR + 3.000%) 5.402%, 5/30/25		1,608		1,580
Gopher Resource LLC (1 month LIBOR + 3.250%) 5.652%, 3/6/25		429		426
GW Honos Security Corp. Tranche B (3 month PRIME + 2.500%) 6.025%, 5/24/24		789		783
Hoya Midco LLC First Lien (3 month LIBOR + 3.500%) 5.902%, 6/30/24		1,859		1,838
Patriot Container Corp. First Lien (1 month LIBOR + 3.500%) 5.902%, 3/20/25		726		719

See Notes to Schedule of Investments

86

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Service—continued
PetVet Care Centers LLC
First Lien (1 month LIBOR + 2.750%) 5.152%, 2/14/25	$	1,419	$	1,370
First Lien (1 month LIBOR + 2.750%) 4.161%, 2/14/25		420		405
PI UK Holdco II Ltd. Tranche B-1 (1 month LIBOR + 3.250%) 5.652%, 1/3/25		2,571		2,535
Red Ventures LLC Tranche B-1, First Lien (1 month LIBOR + 3.000%) 0.000%, 11/8/24(8)		2,072		2,065
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 5.652%, 12/31/25		3,219		3,170
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.500%) 5.910%, 7/17/25		1,508		1,506
Tempo Acquisition LLC (1 month LIBOR + 3.000%) 5.402%, 5/1/24		1,553		1,546
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.160%, 2/1/23		1,606		1,571
Trans Union LLC 2017, Tranche B-3 (1 month LIBOR + 2.000%) 4.402%, 4/10/23		3,807		3,798
Tunnel Hill Partners LP (1 month LIBOR + 3.500%) 5.902%, 2/6/26		1,082		1,078
WEX, Inc. Tranche B-3 (1 month LIBOR + 2.250%) 4.652%, 5/15/26		1,972		1,953
				39,705
Transportation - Automotive—3.0%
Accuride Corp. 2017 (3 month LIBOR + 5.250%) 7.580%, 11/17/23		1,416		1,237
American Axle & Manufacturing, Inc. Tranche B (1 month LIBOR + 2.250%) 4.721%, 4/6/24		1,371		1,340
DexKo Global, Inc. Tranche B, First Lien (1 month LIBOR + 3.500%) 5.902%, 7/24/24		1,473		1,466
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%) 5.910%, 11/6/24		2,286		2,278
Panther BF Aggregator 2 LP First Lien (1 month LIBOR + 3.500%) 5.902%, 4/30/26		2,145		2,128
Tenneco, Inc. Tranche B (3 month LIBOR + 3.000%) 5.402%, 10/1/25		2,124		1,958
TI Group Automotive Systems LLC (1 month LIBOR + 2.500%) 4.902%, 6/30/22		1,195		1,182
				11,589
Utility—3.8%
APLP Holdings LP (1 month LIBOR + 2.750%) 5.152%, 4/13/23		1,172		1,170
Brookfield WEC Holdings, Inc.
(3 month LIBOR + 3.500%) 0.000%, 8/1/25(8)		365		365
First Lien (3 month LIBOR + 3.500%) 0.000%, 8/1/25(8)		1,586		1,582

	Par Value		Value
Utility—continued
Second Lien (1 month LIBOR + 6.750%) 9.152%, 8/3/26	$	835	$	844
Calpine Construction Finance Co. LP Tranche B (1 month LIBOR + 2.500%) 4.902%, 1/15/25		1,965		1,949
Calpine Corp. 2019 (3 month LIBOR + 2.750%) 5.080%, 4/5/26		835		833
Lightstone Holdco LLC
Tranche B (1 month LIBOR + 3.750%) 6.152%, 1/30/24		777		766
Tranche C (1 month LIBOR + 3.750%) 6.152%, 1/30/24		44		43
Pacific Gas and Electric Co.
(1 month LIBOR + 2.250%) 4.690%, 12/31/20		390		391
(3 month LIBOR + 1.125%) 1.125%, 12/31/20(10)		130		130
Talen Energy Supply LLC
(1 month LIBOR + 4.000%) 6.402%, 4/15/24		1,213		1,211
Tranche B (3 month LIBOR + 3.750%) 0.000%, 6/26/26(8)		1,080		1,073
Tranche B-1 (1 month LIBOR + 4.000%) 6.402%, 7/15/23		855		854
TerraForm Power Operating LLC (1 month LIBOR + 2.000%) 4.402%, 11/8/22		512		509
Vistra Operations Co. LLC
(1 month LIBOR + 2.000%) 4.402%, 8/4/23		909		907
2018 (1 month LIBOR + 2.000%) 4.397%, 12/31/25		2,272		2,269
				14,896
TOTAL LEVERAGED LOANS
(Identified Cost $398,640)				386,590
	Shares
COMMON STOCKS—0.3%
Communication Services—0.3%
Clear Channel Outdoor Holdings, Inc.(11)		107,177		506
iHeartMedia, Inc. Class A(9)(11)		45,578		686
				1,192
Energy—0.0%
Sabine Oil & Gas Holdings, Inc.		727		19
TOTAL COMMON STOCKS
(Identified Cost $1,328)				1,211
RIGHT—0.0%
Utilities—0.0%
Vistra Energy Corp.(11)		152,810		117
TOTAL RIGHT
(Identified Cost $129)				117

See Notes to Schedule of Investments

87

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
WARRANTS—0.0%
Energy—0.0%
Sabine Oil & Gas Holdings, Inc.(9)(11)		477	$	1
Sabine Oil & Gas Holdings, Inc.(9)(11)		2,269		7
				8
TOTAL WARRANTS
(Identified Cost $19)				8
TOTAL LONG-TERM INVESTMENTS—102.0%
(Identified Cost $411,178)				398,716
SHORT-TERM INVESTMENT—2.1%
Money Market Mutual Fund—2.1%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.250%)(12)		8,319,743		8,320
TOTAL SHORT-TERM INVESTMENT
(Identified Cost $8,320)				8,320
TOTAL INVESTMENTS—104.1%
(Identified Cost $419,498)			$	407,036
Other assets and liabilities, net—(4.1)%				(16,209	)
NET ASSETS—100.0%			$	390,827
Abbreviations:
LIBOR London Interbank Offered Rate
LLC     Limited Liability Company
LP       Limited Partnership
PIK      Payment-in-Kind Security

Footnote Legend:

⁽¹⁾  Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽²⁾  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 June 30, 2019, these securities amounted to a value of $5,746 or 1.5% of net assets.

⁽³⁾  100% of the income received was in cash.

⁽⁴⁾  First pay date will be in November 2019.

⁽⁵⁾  100% of the income received was in PIK.

⁽⁶⁾  Security in default; no interest payments are being received during the bankruptcy proceedings.

⁽⁷⁾  Variable rate security. Rate disclosed is as of June 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.

⁽⁸⁾  This loan will settle after June 30, 2019, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽⁹⁾  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.

⁽¹⁰⁾  Represents unfunded portion of security and commitment fee earned on this portion.

⁽¹¹⁾  Non-income producing.

⁽¹²⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings†
United States	92	%
Canada	3
Luxembourg	2
Netherlands	1
United Kingdom	1
France	1
Total	100	%
† % of total investments as of June 30, 2019.

See Notes to Schedule of Investments

88

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Corporate Bonds and Notes		$  10,790		$     —		$  10,783		$       7
Leveraged Loans		386,590		—		385,466		1,124
Equity Securities:
Right		117		—		117		—
Common Stocks		1,211		506		19		686
Warrants		8		—		—		8
Money Market Mutual Fund		8,320		8,320		—		—
Total Investments		$407,036		$8,826		$396,385		$1,825

Securities held by the Fund with an end of period value of $137 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

Securities held by the Fund with an end of period value of $1,124 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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 not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended June 30, 2019.

See Notes to Schedule of Investments

89

NEWFLEET TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
MUNICIPAL BONDS(1)—96.0%
Alabama—1.5%
Black Belt Energy Gas District, Natural Gas Purchase
Revenue, Mandatory Put 12/1/23 4.000%, 12/1/48(2)	$	465	$	503
Pell City Special Care Facilities Financing Authority,
Noland Health Services Revenue, 4.000%, 12/1/25		500		525
5.000%, 12/1/25		1,000		1,075
				2,103
Arizona—4.6%
Arizona Board of Regents, Arizona State University
System Revenue, 5.000%, 7/1/36		1,000		1,188
5.000%, 7/1/37		360		426
Arizona Department of Transportation, State Highway
Fund Revenue, 5.000%, 7/1/36		500		595
Arizona State Health Facilities Authority, Scottsdale
Lincoln Hospital Revenue, 5.000%, 12/1/24		565		662
Maricopa County Industrial Development Authority,
Banner Health Revenue, 4.000%, 1/1/34		1,000		1,099
Northern Arizona University, Stimular Plan for
Economic and Educational Development Revenue, 5.000%, 8/1/24		1,115		1,259
5.000%, 8/1/25		1,000		1,128
				6,357
Arkansas—0.4%
University of Arkansas, Facility Revenue, 5.000%, 11/1/33		505		606
California—2.3%
California Municipal Finance Authority, Bowles Hall
Foundation Revenue, 4.000%, 6/1/21		100		104
4.500%, 6/1/23		225		245
4.500%, 6/1/24		150		166
California State Health Facilities Financing Authority,
Providence St. Joseph Health, 4.000%, 10/1/36		275		301
California State Municipal Finance Authority,
Community Medical Centers, 5.000%, 2/1/27		400		470
California Statewide Communities Development
Authority, The Culinary Institute of America
Revenue, 5.000%, 7/1/28		200		237
Golden State Tobacco Securitization Corp., Tobacco
Settlement Revenue, 5.000%, 6/1/47		800		801
Inglewood Redevelopment Agency Successor Agency,
Subordinate Lien Merged Redevelopment Project,
Tax Allocation Revenue, (BAM Insured) 5.000%, 5/1/32		545		654

	Par Value		Value
California—continued
Temecula Valley Unified School District Financing
Authority, Special Tax Revenue, (BAM Insured) 5.000%, 9/1/25	$	175	$	209
				3,187
Colorado—6.2%
Colorado State Health Facilities Authority, Catholic
Health Initiatives Revenue, 6.250%, 10/1/33		650		655
Denver Convention Center Hotel Authority Revenue,
Senior Lien, 5.000%, 12/1/27		400		474
E-470 Public Highway Authority Revenue, 5.000%, 9/1/20		340		353
(NATL Insured) 0.000%, 9/1/29		665		390
Public Authority For Colorado Energy, Natural Gas
Purchase Revenue, 6.125%, 11/15/23		2,135		2,369
6.250%, 11/15/28		2,250		2,871
Regional Transportation District, Sales Tax Revenue,
Fastracks Project, 5.000%, 11/1/32		1,195		1,447
				8,559
Connecticut—2.2%
Connecticut Housing Finance Authority, Mortgage
Revenue, (GNMA / FNMA / FHLMC Insured) 3.200%, 11/15/33		425		442
Connecticut State Health & Educational Facility
Authority, Hartford Healthcare Revenue, 5.000%, 7/1/25		1,500		1,725
Connecticut, State of, General Obligation, 5.000%, 9/15/34		750		906
				3,073
District of Columbia—3.7%
Metropolitan Washington Airports Authority, Dulles Toll
Road Revenue, Second Lien, (AGC Insured) 6.500%, 10/1/41		4,000		5,148
Florida—10.9%
Brevard County Health Facilities Authority, Health First
Revenue, 5.000%, 4/1/21		115		122
Brevard County School Board, Certificates of
Participation, 5.000%, 7/1/32		1,000		1,202
Broward County School Board, Certificates of
Participation, 5.000%, 7/1/32		300		356
Central Florida Expressway Authority, Senior Lien Toll
Revenue, 4.000%, 7/1/30		200		225
Florida, State of, General Obligation, 5.000%, 7/1/31		4,000		5,034
Miami Beach Redevelopment Agency, Tax Increment
Revenue, 5.000%, 2/1/32		300		338

See Notes to Schedule of Investments

90

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Florida—continued
Miami Beach, City of, Stormwater Revenue,
(Pre-Refunded 9/1/21 @ 100) 5.250%, 9/1/23	$	1,265	$	1,368
Miami-Dade County Educational Facilities Authority,
University of Miami Revenue, 5.000%, 4/1/30		200		230
Miami-Dade County Expressway Authority, Toll
Revenue, 5.000%, 7/1/33		400		471
Miami-Dade County School Board, Certificates of
Participation, 5.000%, 2/1/34		1,700		1,978
Seminole County School Board, Certificates of
Participation, 5.000%, 7/1/29		1,935		2,340
South Florida Water Management District, Certificates of Participation, 5.000%, 10/1/35		750		878
Tallahassee, City of, Health Facilities Revenue,
Tallahassee Memorial Healthcare, 5.000%, 12/1/36		480		543
				15,085
Georgia—1.8%
Atlanta Water & Wastewater Revenue, 5.000%, 11/1/31		650		766
DeKalb County Water & Sewer Revenue, 5.250%, 10/1/26		1,555		1,685
				2,451
Idaho—1.3%
Idaho Health Facilities Authority, St. Luke’s Health
System Revenue, 5.000%, 3/1/37		235		275
Idaho Housing & Finance Association, Federal Highway Grant Anticipation Revenue, 4.500%, 7/15/29		1,500		1,579
				1,854
Illinois—9.9%
Chicago O’Hare International Airport, Passenger
Facilities Charge Revenue, 5.000%, 1/1/20		70		71
Chicago, City of,
Sales Tax Revenue (Pre-Refunded 1/1/22 @ 100) 5.250%, 1/1/38		25		28
Sales Tax Revenue (Escrowed to Maturity) 5.000%, 1/1/21		750		790
Waterworks Revenue, Second Lien 5.000%, 11/1/22		500		551
Waterworks Revenue, Second Lien 5.000%, 11/1/30		500		582
Waterworks Revenue, Second Lien (AGM Insured) 5.000%, 11/1/31		500		592
Waterworks Revenue, Second Lien (AGM Insured) 5.250%, 11/1/32		350		420
Illinois Finance Authority, Rush University Medical
Center Revenue 5.000%, 11/15/21		250		271

	Par Value		Value
Illinois—continued
Illinois State Toll Highway Authority, Toll Highway
Revenue Senior Lien, 5.000%, 1/1/32	$	1,000	$	1,179
Illinois, State of, General Obligation, 5.000%, 4/1/22		815		879
5.000%, 2/1/26		1,490		1,639
5.000%, 2/1/27		1,250		1,435
Metropolitan Pier & Exposition Authority, McCormick
Place Expansion Project Revenue, (AGM Insured) 0.000%, 6/15/26		1,000		843
Railsplitter Tobacco Settlement Authority, Tobacco
Settlement Revenue, 5.000%, 6/1/27		450		537
Sales Tax Securitization Corp., Chicago Sales Tax
Revenue, Sales Tax Revenue 5.000%, 1/1/30		1,500		1,762
University of Illinois, Auxiliary Facilities System
Revenue, 5.500%, 4/1/31		1,540		1,634
5.125%, 4/1/36		500		524
				13,737
Indiana—2.1%
Indiana Finance Authority,
Indiana University Health Center Revenue, 5.000%, 12/1/22		800		897
Parkview Health System, 5.000%, 11/1/43		1,700		1,995
				2,892
Louisiana—0.4%
New Orleans Sewerage Service Revenue, 5.000%, 6/1/20		550		568
Maine—1.9%
Portland, City of, General Airport Revenue, 5.000%, 7/1/26		1,000		1,108
5.000%, 7/1/29		580		638
5.000%, 7/1/30		770		844
				2,590
Maryland—3.2%
Baltimore, City of, Convention Center Hotel Revenue, 5.000%, 9/1/36		250		288
Maryland Economic Development Corp., Exelon
Generation Co. Revenue, Mandatory Put 6/1/20 2.550%, 12/1/25(2)		500		502
Maryland Health & Higher Educational Facilities
Authority,
Anne Arundel Health System Revenue
(Pre-Refunded 7/1/19 @ 100) 6.750%, 7/1/29		2,015		2,015
Medstar Health System Revenue 5.000%, 8/15/26		800		938
Medstar Health System Revenue 5.000%, 5/15/42		600		697
				4,440

See Notes to Schedule of Investments

91

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Massachusetts—0.4%
Massachusetts Port Authority, Transportation Revenue, 5.000%, 7/1/31	$	500	$	604
Michigan—1.9%
Michigan Finance Authority, Beaumont Health Credit
Group Revenue, 5.000%, 8/1/27		1,250		1,440
Michigan State Building Authority, Facilities Program
Lease Revenue, 5.000%, 4/15/25		500		598
4.000%, 10/15/36		500		544
				2,582
New Jersey—5.4%
Camden County Improvement Authority Healthcare
Redevelopment Project, Cooper Health System
Revenue, 5.000%, 2/15/22		950		1,030
New Jersey Economic Development Authority,
Cigarette Tax Revenue, (AGM Insured) 5.000%, 6/15/22		3,000		3,276
New Jersey Housing & Mortgage Finance Agency,
Mortgage Revenue, 4.375%, 4/1/28		1,685		1,768
New Jersey Turnpike Authority, Toll Revenue, 4.000%, 1/1/35		240		267
Tobacco Settlement Financing Corp., Tobacco
Settlement Revenue, 5.000%, 6/1/31		250		299
5.000%, 6/1/32		250		298
5.000%, 6/1/33		250		297
5.000%, 6/1/34		250		295
				7,530
New York—3.8%
Buffalo & Erie County Industrial Land Development
Corp., Catholic Health System Revenue, 5.000%, 7/1/23		550		622
Dutchess County Local Development Corp., The
Culinary Institute of America Revenue, 5.000%, 7/1/33		180		216
New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue,
(AGC Insured) 6.125%, 1/1/29		500		502
(AMBAC Insured) 5.000%, 1/1/20		900		903
(AMBAC Insured) 5.000%, 1/1/31		470		471
New York City Municipal Water Finance Authority,
Water & Sewer Revenue, General Resolution, 5.000%, 6/15/40		1,295		1,566
New York State Dormitory Authority,
New York University Hospitals Center Revenue 5.000%, 7/1/33		150		177
Orange Regional Medical Center Revenue 5.000%, 12/1/23(3)		300		337
New York Transportation Development Corp., American
Airlines JFK Project Revenue, 5.000%, 8/1/26		250		264

	Par Value		Value
New York—continued
TSASC, Inc., Tobacco Settlement Revenue, 5.000%, 6/1/34	$	190	$	219
				5,277
North Dakota—1.0%
Barnes County North Public School District Building
Authority, Lease Revenue, 4.250%, 5/1/27		1,330		1,375
Ohio—1.7%
New Albany Community Authority, Community
Facilities Revenue, 5.000%, 10/1/24		1,250		1,386
Ohio State Juvenile Correction Facilities Project, Lease Revenue, 5.000%, 10/1/22		935		1,044
				2,430
Oklahoma—0.9%
Oklahoma State Turnpike Authority, Turnpike Revenue,
Second Senior Lien, (Pre-Refunded 1/1/21 @ 100) 5.000%, 1/1/29		1,250		1,319
Oregon—2.0%
Oregon State Housing & Community, Mortgage
Revenue, Residential Finance Program Revenue, 4.500%, 1/1/49		450		491
Oregon, State of, General Obligation, 5.000%, 5/1/33		1,095		1,315
Washington & Multnomah Counties, Beaverton School District No. 48J, General Obligation (SCH BD GTY Insured) 5.000%, 6/15/36		800		969
				2,775
Pennsylvania—4.8%
Butler County Hospital Authority, Butler Health System
Revenue, 5.000%, 7/1/30		250		288
Delaware River Joint Toll Bridge Commission, Bridge
System Revenue, 5.000%, 7/1/34		250		302
Pennsylvania Turnpike Commission, Turnpike Revenue Subordinate Lien,
(Pre-Refunded 12/1/20 @ 100) 6.000%, 12/1/34		250		267
(Pre-Refunded 12/1/20 @ 100) 6.000%, 12/1/34		265		282
(Pre-Refunded 12/1/20 @ 100) 6.000%, 12/1/34		1,235		1,316
(Pre-Refunded 12/1/21 @ 100) 5.250%, 12/1/31		1,000		1,094
Toll Highway Revenue 6.375%, 12/1/38		2,000		2,575
Philadelphia, City of,
Water & Wastewater Revenue 5.000%, 11/1/31		125		152

See Notes to Schedule of Investments

92

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Par Value		Value
Pennsylvania—continued
Water & Wastewater Revenue 5.000%, 10/1/42		$    300		$   353
				6,629
South Carolina—1.0%
Dorchester County, Water & Sewer Revenue, 5.000%, 10/1/28		1,020		1,130
South Carolina Association of Governmental
Organizations Educational Facilities Corp., for
Pickens School District Lease Revenue, 5.000%, 12/1/24		250		294
				1,424
Tennessee—2.3%
Chattanooga-Hamilton County Hospital Authority,
Erlanger Health System Revenue, 5.000%, 10/1/26		1,000		1,140
Tennessee Housing Development Agency, Residential
Finance Program Revenue, 2.050%, 7/1/20		545		548
2.300%, 1/1/21		310		313
Tennessee State School Bond Authority, Higher
Education Program Revenue, (ST HGR ED
INTERCEPT PROG Insured) 5.000%, 11/1/34		1,000		1,229
				3,230
Texas—13.8%
Corpus Christi Independent School District, General
Obligation, (PSF-GTD Insured) 4.000%, 8/15/43		5,000		5,512
Hidalgo County Drain District No. 1, General Obligation, 5.000%, 9/1/28		1,000		1,189
Lamar Consolidated Independent School District,
General Obligation, (PSF-GTD Insured) 5.000%, 2/15/34		1,000		1,204
North Texas Tollway Authority, Special Project System
Revenue, (Pre-Refunded 9/1/31 @ 100) 0.000%, 9/1/43		2,290		2,802
Southmost Regional Water Authority, Desalination
Plant Project Revenue,
(AGM Insured) 5.000%, 9/1/23		1,085		1,198
(AGM Insured) 5.000%, 9/1/25		1,015		1,119
Texas Municipal Gas Acquisition & Supply, Gas Supply
Revenue,
Corp.I,Senior Lien 6.250%, 12/15/26		1,515		1,770
Corp. II 2.281%, 9/15/27(2)		2,820		2,795
Upper Trinity Regional Water District Authority,
Regional Treated Supply System Revenue, (BAM
Insured) 5.000%, 8/1/24		1,340		1,557
				19,146

	Par Value		Value
Vermont—0.3%
Vermont Educational & Health Buildings Financing
Agency, University of Vermont Health Network
Revenue, 5.000%, 12/1/35		$   300		$    350
Virginia—1.7%
Riverside Regional Jail Authority, Jail Facility Revenue, 5.000%, 7/1/26		1,250		1,497
Virginia College Building Authority, Marymount
University Revenue, 5.000%, 7/1/20(3)		200		204
5.000%, 7/1/21(3)		400		417
5.000%, 7/1/22(3)		195		207
				2,325
Washington—1.4%
King County Sewer Revenue, 5.000%, 7/1/36		1,630		1,936
West Virginia—0.2%
Monongalia County Building Commission, Monongalia
Health System Revenue, 5.000%, 7/1/23		300		331
Wisconsin—1.0%
Public Finance Authority,
Renown Regional Medical Center Revenue 5.000%, 6/1/33		1,000		1,166
Waste Management, Inc. Revenue 2.875%, 5/1/27		250		259
				1,425
TOTAL MUNICIPAL BONDS
(Identified Cost $125,777)				133,338
	Shares
EXCHANGE-TRADED FUND—1.0%
VanEck Vectors High-Yield Municipal Index ETF(4)		20,630		1,316
TOTAL EXCHANGE-TRADED FUND
(Identified Cost $1,259)				1,316
TOTAL LONG-TERM INVESTMENTS—97.0%
(Identified Cost $127,036)				134,654
SHORT-TERM INVESTMENT—2.1%
Money Market Mutual Fund—2.1%
Dreyfus AMT-Free Tax Exempt Cash Management
(seven-day effective yield 1.640%)(4)		2,926,959		2,927
TOTAL SHORT-TERM INVESTMENT
(Identified Cost $2,927)				2,927
TOTAL INVESTMENTS—99.1%
(Identified Cost $129,963)			$	137,581
Other assets and liabilities, net—0.9%				1,297
NET ASSETS—100.0%			$	138,878

See Notes to Schedule of Investments

93

      NEWFLEET TAX-EXEMPT BOND FUND      

      SCHEDULE OF INVESTMENTS (Unaudited) (Continued)      

      JUNE 30, 2019      

($ reported in thousands)
Abbreviations:
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
BAM	Build America Municipal Insured
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corporation (“Freddie Mac”)
FNMA	Federal National Mortgage Association (“Fannie Mae”)
GNMA	Government National Mortgage Association (“Ginnie Mae”)
NATL	National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guarantee Program
SCH BD GTY	School Bond Guaranty

Footnote Legend:

⁽¹⁾  At June 30, 2019, 19.4% 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 June 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.

⁽³⁾  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 June 30, 2019, these securities amounted to a value of $1,165 or 0.8% of net assets.

⁽⁴⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

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

	Total Value at June 30, 2019		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Assets:
Debt Securities:
Municipal Bonds	$	133,338	$	—	$	133,338
Equity Securities:
Exchange-Traded Fund		1,316		1,316		—
Money Market Mutual Fund		2,927		2,927		—
Total Investments	$	137,581	$	4,243	$	133,338

There were no securities valued using significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

94

      RAMPART ALTERNATIVES DIVERSIFIER FUND      

      SCHEDULE OF INVESTMENTS      

      (Unaudited)      

      JUNE 30, 2019      

($ reported in thousands)

	Shares		Value
AFFILIATED MUTUAL FUNDS(1)—50.4%
Equity Funds—42.0%
Virtus Duff & Phelps Global Infrastructure Fund
Class R6		409,537	$	6,549
Virtus Duff & Phelps Global Real Estate Securities Fund
Class I		116,972		3,777
Virtus Duff & Phelps International Real Estate
Securities Fund Class I		521,373		4,035
Virtus Duff & Phelps Real Estate Securities Fund Class I		106,684		2,589
				16,950
Fixed Income Fund—8.4%
Virtus Newfleet Senior Floating Rate Fund Class I		374,112		3,416
TOTAL AFFILIATED MUTUAL FUNDS
(Identified Cost $13,599)				20,366
EXCHANGE-TRADED FUNDS(1)—47.9%
Invesco DB Commodity Index Tracking Fund		367,405		5,779
Invesco DB G10 Currency Harvest Fund		165,923		4,027

	Shares		Value
iShares S&P North American Natural Resources Sector Index Fund		228,154	$	7,004
VanEck Vectors Agribusiness Index Fund		23,140		1,546
VanEck Vectors Coal Index Fund		75,181		999
TOTAL EXCHANGE-TRADED FUNDS
(Identified Cost $ 17,689)				19,355
TOTAL LONG-TERM INVESTMENTS—98.3%
(Identified Cost $ 31,288)				39,721
TOTAL INVESTMENTS—98.3%
(Identified Cost $ 31,288)			$	39,721
Other assets and liabilities, net—1.7%				673
NET ASSETS—100.0%			$	40,394

Footnote Legend:

⁽¹⁾ Shares of these funds are publicly offered, and the prospectus and annual reports of each are publicly available.

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019			Level 1 Quoted Prices
Assets:
Equity Securities:
Exchange-Traded Funds		$	19,355		$	19,355
Affiliated Mutual Funds			20,366			20,366
Total Investments		$	39,721		$	39,721

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

95

      RAMPART EQUITY TREND FUND      

      SCHEDULE OF INVESTMENTS      

      (Unaudited)      

      JUNE 30, 2019      

($ reported in thousands)
	Shares		Value
COMMON STOCKS—99.1%
Communication Services—3.9%
Akamai Technologies, Inc.(1)		25,433	$	2,038
Interpublic Group of Cos., Inc. (The)		78,934		1,783
Netflix, Inc.(1)		5,691		2,090
Omnicom Group, Inc.		45,074		3,694
Viacom, Inc. Class B		4,589		137
Walt Disney Co. (The)		22,722		3,173
				12,915
Consumer Discretionary—17.9%
Advance Auto Parts, Inc.		4,813		742
Amazon.com, Inc.(1)		2,435		4,611
AutoZone, Inc.(1)		1,652		1,816
Booking Holdings, Inc.(1)		253		474
CarMax, Inc.(1)		10,927		949
Carnival Corp.		19,037		886
Chipotle Mexican Grill, Inc.(1)		409		300
Darden Restaurants, Inc.		2,048		249
Dollar General Corp.		13,246		1,790
Dollar Tree, Inc.(1)		12,182		1,308
eBay, Inc.		4,809		190
Expedia Group, Inc.		690		92
Foot Locker, Inc.		5,200		218
Gap, Inc. (The)		9,786		176
Garmin Ltd.		67,186		5,361
H&R Block, Inc.		188,846		5,533
Hilton Worldwide Holdings, Inc.		13,741		1,343
Home Depot, Inc. (The)		19,400		4,035
L Brands, Inc.		10,337		270
Lowe’s Cos., Inc.		13,781		1,391
Marriott International, Inc. Class A		12,871		1,806
McDonald’s Corp.		12,708		2,639
NIKE, Inc. Class B		64,645		5,427
Norwegian Cruise Line Holdings Ltd.(1)		10,090		541
O’Reilly Automotive, Inc.(1)		5,286		1,952
Ross Stores, Inc.		17,612		1,746
Royal Caribbean Cruises Ltd.		8,003		970
Starbucks Corp.		20,168		1,691
Target Corp.		26,152		2,265
Tiffany & Co.		13,891		1,301
TJX Cos., Inc. (The)		56,502		2,988
Tractor Supply Co.		15,395		1,675
Ulta Beauty, Inc.(1)		7,197		2,496
Yum! Brands, Inc.		5,095		564
				59,795
Consumer Staples—6.5%
Coca-Cola Co. (The)		50,786		2,586
Costco Wholesale Corp.		8,759		2,315
Coty, Inc. Class A		36,817		493
Estee Lauder Cos., Inc. (The) Class A		26,727		4,894
Monster Beverage Corp.(1)		5,182		331
PepsiCo, Inc.		18,631		2,443
Sysco Corp.		76,589		5,416
Walmart, Inc.		27,859		3,078
				21,556
Financials—11.4%
Aflac, Inc.		23,381		1,282
Allstate Corp. (The)		8,303		844

	Shares		Value
Financials—continued
American Express Co.		21,196	$	2,616
Aon plc		9,552		1,843
Bank of America Corp.		46,282		1,342
Berkshire Hathaway, Inc. Class B(1)		25,196		5,371
Capital One Financial Corp.		14,510		1,317
Chubb Ltd.		11,447		1,686
Cincinnati Financial Corp.		3,799		394
Citigroup, Inc.		12,107		848
Discover Financial Services		10,052		780
Everest Re Group Ltd.		22,167		5,479
Gallagher (Arthur J.) & Co.		7,316		641
Jefferies Financial Group, Inc.		3,301		64
JPMorgan Chase & Co.		17,079		1,909
Lincoln National Corp.		6,349		409
Loews Corp.		6,694		366
Marsh & McLennan Cos., Inc.		20,263		2,021
MetLife, Inc.		29,900		1,485
Principal Financial Group, Inc.		8,149		472
Progressive Corp. (The)		14,457		1,156
Prudential Financial, Inc.		12,749		1,288
Synchrony Financial		19,622		680
Torchmark Corp.		3,186		285
Travelers Cos., Inc. (The)		6,579		984
U.S. Bancorp		7,930		416
Unum Group		6,624		222
Wells Fargo & Co.		21,413		1,013
Willis Towers Watson plc		5,129		982
				38,195
Health Care—11.4%
Abbott Laboratories		11,748		988
ABIOMED, Inc.(1)		302		79
Agilent Technologies, Inc.		6,430		480
Align Technology, Inc.(1)		7,961		2,179
Allergan plc		1,453		243
Anthem, Inc.		3,636		1,026
Baxter International, Inc.		3,156		258
Becton, Dickinson & Co.		1,798		453
Boston Scientific Corp.(1)		9,223		396
Bristol-Myers Squibb Co.		7,769		352
Centene Corp.(1)		5,844		306
Cerner Corp.		75,780		5,555
Cooper Cos., Inc. (The)		5,411		1,823
Danaher Corp.		4,224		604
DENTSPLY SIRONA, Inc.		25,623		1,495
Edwards Lifesciences Corp.(1)		1,400		259
Eli Lilly & Co.		4,104		455
HCA Healthcare, Inc.		30,688		4,148
Hologic, Inc.(1)		1,786		86
Humana, Inc.		1,907		506
IDEXX Laboratories, Inc.(1)		576		159
Illumina, Inc.(1)		3,033		1,117
Intuitive Surgical, Inc.(1)		770		404
IQVIA Holdings, Inc.(1)		3,218		518
Johnson & Johnson		12,732		1,773
Medtronic plc		8,939		871
Merck & Co., Inc.		12,151		1,019
Mettler-Toledo International, Inc.(1)		509		428
Mylan NV(1)		2,411		46
Nektar Therapeutics(1)		814		29
PerkinElmer, Inc.		2,261		218
Perrigo Co. plc		589		28

See Notes to Schedule of Investments

96

      RAMPART EQUITY TREND FUND      

      SCHEDULE OF INVESTMENTS (Unaudited) (Continued)      

      JUNE 30, 2019      

($ reported in thousands)
	Shares		Value
Health Care—continued
Pfizer, Inc.		26,371	$	1,142
ResMed, Inc.		958		117
Stryker Corp.		2,072		426
Teleflex, Inc.		309		102
Thermo Fisher Scientific, Inc.		8,225		2,415
UnitedHealth Group, Inc.		13,454		3,283
Universal Health Services, Inc. Class B		9,613		1,253
Varian Medical Systems, Inc.(1)		611		83
Waters Corp.(1)		1,427		307
WellCare Health Plans, Inc.(1)		716		204
Zimmer Biomet Holdings, Inc.		1,374		162
Zoetis, Inc.		2,289		260
				38,055
Industrials—13.0%
Arconic, Inc.		3,368		87
Boeing Co. (The)		4,532		1,650
Caterpillar, Inc.		22,469		3,062
Cintas Corp.		13,093		3,107
Copart, Inc.(1)		31,437		2,350
CSX Corp.		17,168		1,328
Cummins, Inc.		5,677		973
Deere & Co.		32,565		5,396
Dover Corp.		4,066		407
Fastenal Co.		75,806		2,470
Flowserve Corp.		3,640		192
Fortive Corp.		8,240		672
General Dynamics Corp.		2,314		421
Huntington Ingalls Industries, Inc.		351		79
Illinois Tool Works, Inc.		8,451		1,274
Ingersoll-Rand plc		6,731		853
Kansas City Southern		2,215		270
L3 Technologies, Inc.		674		165
L3Harris Technologies, Inc.		1,002		189
Lockheed Martin Corp.		2,084		758
Norfolk Southern Corp.		5,954		1,187
Northrop Grumman Corp.		1,442		466
PACCAR, Inc.		13,592		974
Parker-Hannifin Corp.		3,613		614
Pentair plc		4,415		164
Raytheon Co.		2,359		410
Republic Services, Inc.		16,830		1,458
Rollins, Inc.		11,393		409
Snap-on, Inc.		1,550		257
Stanley Black & Decker, Inc.		4,224		611
Textron, Inc.		1,956		104
TransDigm Group, Inc.(1)		416		201
Union Pacific Corp.		15,833		2,678
United Rentals, Inc.(1)		10,463		1,388
United Technologies Corp.		6,829		889
W.W. Grainger, Inc.		5,973		1,602
Wabtec Corp.		6,296		452
Waste Management, Inc.		30,755		3,548
Xylem, Inc.		5,035		421
				43,536
Information Technology—15.5%
Adobe, Inc.(1)		6,107		1,799
Advanced Micro Devices, Inc.(1)		5,839		177
Alliance Data Systems Corp.		256		36
Amphenol Corp. Class A		29,518		2,832

	Shares		Value
Information Technology—continued
Analog Devices, Inc.		2,376	$	268
ANSYS, Inc.(1)		1,061		217
Apple, Inc.		24,119		4,774
Arista Networks, Inc.(1)		925		240
Autodesk, Inc.(1)		2,735		446
Automatic Data Processing, Inc.		2,468		408
Broadcom, Inc.		2,555		735
Broadridge Financial Solutions, Inc.		660		84
Cadence Design Systems, Inc.(1)		3,529		250
Cisco Systems, Inc.		76,704		4,198
Citrix Systems, Inc.		1,573		154
Corning, Inc.		77,607		2,579
F5 Networks, Inc.(1)		1,062		155
Fidelity National Information Services, Inc.		1,838		225
Fiserv, Inc.(1)		2,219		202
FleetCor Technologies, Inc.(1)		488		137
FLIR Systems, Inc.		30,522		1,651
Fortinet, Inc.(1)		631		48
Global Payments, Inc.		884		142
Hewlett Packard Enterprise Co.		7,326		110
HP, Inc.		8,259		172
Intel Corp.		29,661		1,420
Intuit, Inc.		3,261		852
IPG Photonics Corp.(1)		5,082		784
Jack Henry & Associates, Inc.		437		59
Juniper Networks, Inc.		6,118		163
Keysight Technologies, Inc.(1)		42,666		3,832
Mastercard, Inc. Class A		5,095		1,348
Maxim Integrated Products, Inc.		1,751		105
Microchip Technology, Inc.		1,567		136
Micron Technology, Inc.(1)		7,286		281
Microsoft Corp.		33,801		4,528
Motorola Solutions, Inc.		2,951		492
NetApp, Inc.		1,369		84
NVIDIA Corp.		3,925		645
Oracle Corp.		10,605		604
Paychex, Inc.		1,812		149
PayPal Holdings, Inc.(1)		6,688		766
Qorvo, Inc.(1)		763		51
QUALCOMM, Inc.		7,950		605
Red Hat, Inc.(1)		779		146
salesforce.com, Inc.(1)		9,782		1,484
Seagate Technology plc		1,409		66
Skyworks Solutions, Inc.		1,111		86
Symantec Corp.		2,701		59
Synopsys, Inc.(1)		1,895		244
TE Connectivity Ltd.		48,458		4,641
Texas Instruments, Inc.		6,090		699
Total System Services, Inc.		916		117
VeriSign, Inc.(1)		16,250		3,399
Visa, Inc. Class A		9,874		1,714
Western Digital Corp.		1,643		78
Western Union Co. (The)		2,448		49
Xerox Corp.		1,091		39
Xilinx, Inc.		1,672		197
				51,961
Materials—4.9%
Air Products & Chemicals, Inc.		7,502		1,698
Albemarle Corp.		2,757		194
Ball Corp.		79,121		5,537
Celanese Corp.		3,342		360

See Notes to Schedule of Investments

97

      RAMPART EQUITY TREND FUND      

      SCHEDULE OF INVESTMENTS (Unaudited) (Continued)      

      JUNE 30, 2019      

($ reported in thousands)
	Shares		Value
Materials—continued
DuPont de Nemours, Inc.		19,899	$	1,494
Ecolab, Inc.		6,624		1,308
International Flavors & Fragrances, Inc.		2,721		395
Linde plc		18,625		3,740
PPG Industries, Inc.		6,246		729
Sherwin-Williams Co. (The)		2,164		992
				16,447
Real Estate—8.1%
American Tower Corp.		7,560		1,546
Apartment Investment & Management Co. Class A		7,329		367
AvalonBay Communities, Inc.		6,916		1,405
CBRE Group, Inc. Class A(1)		105,237		5,399
Crown Castle International Corp.		7,167		934
Digital Realty Trust, Inc.		3,590		423
Duke Realty Corp.		31,466		995
Equinix, Inc.		1,426		719
Equity Residential		18,361		1,394
Essex Property Trust, Inc.		3,255		950
Extra Space Storage, Inc.		2,177		231
HCP, Inc.		34,893		1,116
Iron Mountain, Inc.		4,883		153
Mid-America Apartment Communities, Inc.		5,626		662
Prologis, Inc.		55,354		4,434
Public Storage		2,566		611
SBA Communications, Corp.(1)		1,933		435
UDR, Inc.		13,828		621
Ventas, Inc.		26,892		1,838
Welltower, Inc.		29,780		2,428
Weyerhaeuser Co.		12,839		338
				26,999
Utilities—6.5%
AES Corp.		179,972		3,016
Alliant Energy Corp.		2,620		129
Ameren Corp.		4,959		372
American Electric Power Co., Inc.		5,492		483
American Water Works Co., Inc.		46,793		5,428

	Shares		Value
Utilities—continued
CenterPoint Energy, Inc.		10,133	$	290
CMS Energy Corp.		5,726		332
Consolidated Edison, Inc.		6,603		579
Dominion Energy, Inc.		16,196		1,252
DTE Energy Co.		3,698		473
Duke Energy Corp.		8,086		714
Edison International		3,596		242
Entergy Corp.		2,109		217
Evergy, Inc.		2,695		162
Eversource Energy		3,560		270
Exelon Corp.		10,839		520
FirstEnergy Corp.		5,610		240
NextEra Energy, Inc.		5,295		1,085
NiSource, Inc.		7,539		217
NRG Energy, Inc.		72,528		2,547
Pinnacle West Capital Corp.		1,249		118
PPL Corp.		8,011		248
Public Service Enterprise Group, Inc.		10,228		602
Sempra Energy		5,576		766
Southern Co. (The)		11,617		642
WEC Energy Group, Inc.		6,371		531
Xcel Energy, Inc.		5,726		341
				21,816
TOTAL COMMON STOCKS
(Identified Cost $ 293,315)				331,275
TOTAL LONG-TERM INVESTMENTS—99.1%
(Identified Cost $ 293,315)				331,275
TOTAL INVESTMENTS—99.1%
(Identified Cost $ 293,315)			$	331,275
Other assets and liabilities, net—0.9%				2,987
NET ASSETS—100.0%			$	334,262

Footnote Legend:

⁽¹⁾  Non-income producing.

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019		Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$	331,275	$	331,275
Total Investments	$	331,275	$	331,275

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

98

RAMPART MULTI-ASSET TREND FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)
	Shares		Value
COMMON STOCKS—35.8%
Communication Services—1.4%
Akamai Technologies, Inc.(1)		1,465		$   117
Interpublic Group of Cos., Inc. (The)		4,546		103
Netflix, Inc.(1)		323		119
Omnicom Group, Inc.		2,594		212
Viacom, Inc. Class B		265		8
Walt Disney Co. (The)		1,319		184
				743
Consumer Discretionary—6.5%
Advance Auto Parts, Inc.		278		43
Amazon.com, Inc.(1)		140		265
AutoZone, Inc.(1)		95		104
Booking Holdings, Inc.(1)		15		28
CarMax, Inc.(1)		632		55
Carnival Corp.		1,098		51
Chipotle Mexican Grill, Inc.(1)		24		18
Darden Restaurants, Inc.		117		14
Dollar General Corp.		764		103
Dollar Tree, Inc.(1)		703		75
eBay, Inc.		278		11
Expedia Group, Inc.		40		5
Foot Locker, Inc.		300		13
Gap, Inc. (The)		565		10
Garmin Ltd.		3,872		309
H&R Block, Inc.		10,898		319
Hilton Worldwide Holdings, Inc.		786		77
Home Depot, Inc. (The)		1,120		233
L Brands, Inc.		600		16
Lowe’s Cos., Inc.		796		80
Marriott International, Inc. Class A		744		104
McDonald’s Corp.		734		152
NIKE, Inc. Class B		3,728		313
Norwegian Cruise Line Holdings Ltd.(1)		582		31
O’Reilly Automotive, Inc.(1)		305		113
Ross Stores, Inc.		1,017		101
Royal Caribbean Cruises Ltd.		462		56
Starbucks Corp.		1,165		98
Target Corp.		1,508		131
Tiffany & Co.		801		75
TJX Cos., Inc. (The)		3,271		173
Tractor Supply Co.		887		97
Ulta Beauty, Inc.(1)		415		144
Yum! Brands, Inc.		294		33
				3,450
Consumer Staples—2.3%
Coca-Cola Co. (The)		2,936		149
Costco Wholesale Corp.		506		134
Coty, Inc. Class A		2,119		28
Estee Lauder Cos., Inc. (The) Class A		1,544		283
Monster Beverage Corp.(1)		299		19
PepsiCo, Inc.		1,075		141
Sysco Corp.		4,425		313
Walmart, Inc.		1,616		179
				1,246
Financials—4.1%
Aflac, Inc.		1,351		74
Allstate Corp. (The)		479		49

	Shares		Value
Financials—continued
American Express Co.		1,224		$   151
Aon plc		550		106
Bank of America Corp.		2,670		77
Berkshire Hathaway, Inc. Class B(1)		1,455		310
Capital One Financial Corp.		840		76
Chubb Ltd.		660		97
Cincinnati Financial Corp.		219		23
Citigroup, Inc.		698		49
Discover Financial Services		581		45
Everest Re Group Ltd.		1,276		315
Gallagher (Arthur J.) & Co.		422		37
Jefferies Financial Group, Inc.		191		4
JPMorgan Chase & Co.		985		110
Lincoln National Corp.		367		24
Loews Corp.		387		21
Marsh & McLennan Cos., Inc.		1,169		117
MetLife, Inc.		1,728		86
Principal Financial Group, Inc.		470		27
Progressive Corp. (The)		837		67
Prudential Financial, Inc.		736		74
Synchrony Financial		1,133		39
Torchmark Corp.		184		16
Travelers Cos., Inc. (The)		379		57
U.S. Bancorp		458		24
Unum Group		383		13
Wells Fargo & Co.		1,220		58
Willis Towers Watson plc		296		57
				2,203
Health Care—4.1%
Abbott Laboratories		678		57
ABIOMED, Inc.(1)		17		4
Agilent Technologies, Inc.		371		28
Align Technology, Inc.(1)		455		125
Allergan plc		84		14
Anthem, Inc.		210		59
Baxter International, Inc.		182		15
Becton, Dickinson & Co.		104		26
Boston Scientific Corp.(1)		533		23
Bristol-Myers Squibb Co.		449		20
Centene Corp.(1)		338		18
Cerner Corp.		4,365		320
Cooper Cos., Inc. (The)		312		105
Danaher Corp.		243		35
DENTSPLY SIRONA, Inc.		1,484		87
Edwards Lifesciences Corp.(1)		81		15
Eli Lilly & Co.		237		26
HCA Healthcare, Inc.		1,772		239
Hologic, Inc.(1)		103		5
Humana, Inc.		110		29
IDEXX Laboratories, Inc.(1)		33		9
Illumina, Inc.(1)		175		64
Intuitive Surgical, Inc.(1)		44		23
IQVIA Holdings, Inc.(1)		186		30
Johnson & Johnson		736		102
Medtronic plc		517		50
Merck & Co., Inc.		702		59
Mettler-Toledo International, Inc.(1)		29		24
Mylan NV(1)		139		3
Nektar Therapeutics(1)		47		2
PerkinElmer, Inc.		131		13
Perrigo Co. plc		34		2

See Notes to Schedule of Investments

99

RAMPART MULTI-ASSET TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)
	Shares		Value
Health Care—continued
Pfizer, Inc.		1,523	$	66
ResMed, Inc.		55		7
Stryker Corp.		120		25
Teleflex, Inc.		18		6
Thermo Fisher Scientific, Inc.		474		139
UnitedHealth Group, Inc.		776		189
Universal Health Services, Inc. Class B		557		73
Varian Medical Systems, Inc.(1)		35		5
Waters Corp.(1)		81		17
WellCare Health Plans, Inc.(1)		41		12
Zimmer Biomet Holdings, Inc.		78		9
Zoetis, Inc.		132		15
				2,194
Industrials—4.7%
Arconic, Inc.		194		5
Boeing Co. (The)		261		95
Caterpillar, Inc.		1,299		177
Cintas Corp.		754		179
Copart, Inc.(1)		1,814		136
CSX Corp.		991		77
Cummins, Inc.		329		56
Deere & Co.		1,888		313
Dover Corp.		236		24
Fastenal Co.		4,374		142
Flowserve Corp.		210		11
Fortive Corp.		476		39
General Dynamics Corp.		134		24
Huntington Ingalls Industries, Inc.		20		4
Illinois Tool Works, Inc.		489		74
Ingersoll-Rand plc		388		49
Kansas City Southern		128		16
L3 Technologies, Inc.		39		10
L3Harris Technologies, Inc.		58		11
Lockheed Martin Corp.		120		44
Norfolk Southern Corp.		344		69
Northrop Grumman Corp.		83		27
PACCAR, Inc.		786		56
Parker-Hannifin Corp.		209		35
Pentair plc		255		9
Raytheon Co.		136		24
Republic Services, Inc.		971		84
Rollins, Inc.		657		24
Snap-on, Inc.		90		15
Stanley Black & Decker, Inc.		244		35
Textron, Inc.		113		6
TransDigm Group, Inc.(1)		24		12
Union Pacific Corp.		914		155
United Rentals, Inc.(1)		604		80
United Technologies Corp.		394		51
W.W. Grainger, Inc.		345		92
Wabtec Corp.		363		26
Waste Management, Inc.		1,761		203
Xylem, Inc.		289		24
				2,513
Information Technology—5.6%
Adobe, Inc.(1)		351		103
Advanced Micro Devices, Inc.(1)		330		10
Alliance Data Systems Corp.		15		2
Amphenol Corp. Class A		1,704		164

	Shares		Value
Information Technology—continued
Analog Devices, Inc.		137	$	15
ANSYS, Inc.(1)		60		12
Apple, Inc.		1,392		276
Arista Networks, Inc.(1)		53		14
Autodesk, Inc.(1)		157		26
Automatic Data Processing, Inc.		142		24
Broadcom, Inc.		147		42
Broadridge Financial Solutions, Inc.		38		5
Cadence Design Systems, Inc.(1)		203		14
Cisco Systems, Inc.		4,434		243
Citrix Systems, Inc.		91		9
Corning, Inc.		4,445		148
F5 Networks, Inc.(1)		61		9
Fidelity National Information Services, Inc.		106		13
Fiserv, Inc.(1)		128		12
FleetCor Technologies, Inc.(1)		28		8
FLIR Systems, Inc.		1,762		95
Fortinet, Inc.(1)		36		3
Global Payments, Inc.		51		8
Hewlett Packard Enterprise Co.		424		6
HP, Inc.		477		10
Intel Corp.		1,716		82
Intuit, Inc.		188		49
IPG Photonics Corp.(1)		294		45
Jack Henry & Associates, Inc.		25		3
Juniper Networks, Inc.		354		9
Keysight Technologies, Inc.(1)		2,457		221
Mastercard, Inc. Class A		294		78
Maxim Integrated Products, Inc.		101		6
Microchip Technology, Inc.		89		8
Micron Technology, Inc.(1)		413		16
Microsoft Corp.		1,942		260
Motorola Solutions, Inc.		170		28
NetApp, Inc.		78		5
NVIDIA Corp.		227		37
Oracle Corp.		610		35
Paychex, Inc.		105		9
PayPal Holdings, Inc.(1)		386		44
Qorvo, Inc.(1)		44		3
QUALCOMM, Inc.		458		35
Red Hat, Inc.(1)		45		8
salesforce.com, Inc.(1)		564		86
Seagate Technology plc		82		4
Skyworks Solutions, Inc.		64		5
Symantec Corp.		155		3
Synopsys, Inc.(1)		108		14
TE Connectivity Ltd.		2,797		268
Texas Instruments, Inc.		352		40
Total System Services, Inc.		53		7
VeriSign, Inc.(1)		934		195
Visa, Inc. Class A		570		99
Western Digital Corp.		93		4
Western Union Co. (The)		141		3
Xerox Corp.		63		2
Xilinx, Inc.		94		11
				2,993
Materials—1.8%
Air Products & Chemicals, Inc.		433		98
Albemarle Corp.		159		11
Ball Corp.		4,574		320
Celanese Corp.		193		21

See Notes to Schedule of Investments

100

RAMPART MULTI-ASSET TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)
	Shares		Value
Materials—continued
DuPont de Nemours, Inc.		1,147	$	86
Ecolab, Inc.		382		76
International Flavors & Fragrances, Inc.		157		23
Linde plc		1,075		216
PPG Industries, Inc.		361		42
Sherwin-Williams Co. (The)		125		57
				950
Real Estate—2.9%
American Tower Corp.		436		89
Apartment Investment & Management Co. Class A		424		21
AvalonBay Communities, Inc.		400		81
CBRE Group, Inc. Class A(1)		6,071		312
Crown Castle International Corp.		412		54
Digital Realty Trust, Inc.		206		24
Duke Realty Corp.		1,820		58
Equinix, Inc.		82		41
Equity Residential		1,063		81
Essex Property Trust, Inc.		188		55
Extra Space Storage, Inc.		126		13
HCP, Inc.		2,020		65
Iron Mountain, Inc.		283		9
Mid-America Apartment Communities, Inc.		326		38
Prologis, Inc.		3,201		257
Public Storage		148		35
SBA Communications, Corp.(1)		112		25
UDR, Inc.		800		36
Ventas, Inc.		1,555		106
Welltower, Inc.		1,705		139
Weyerhaeuser Co.		723		19
				1,558
Utilities—2.4%
AES Corp.		10,409		174
Alliant Energy Corp.		151		7
Ameren Corp.		286		21
American Electric Power Co., Inc.		317		28
American Water Works Co., Inc.		2,696		313
CenterPoint Energy, Inc.		586		17
CMS Energy Corp.		331		19
Consolidated Edison, Inc.		382		34
Dominion Energy, Inc.		936		72
DTE Energy Co.		214		27
Duke Energy Corp.		467		41
Edison International		207		14
Entergy Corp.		122		13
Evergy, Inc.		156		9
Eversource Energy		206		16
Exelon Corp.		626		30
FirstEnergy Corp.		324		14

	Shares		Value
Utilities—continued
NextEra Energy, Inc.		305	$	63
NiSource, Inc.		436		13
NRG Energy, Inc.		4,255		149
Pinnacle West Capital Corp.		72		7
PPL Corp.		463		14
Public Service Enterprise Group, Inc.		591		35
Sempra Energy		322		44
Southern Co. (The)		671		37
WEC Energy Group, Inc.		368		31
Xcel Energy, Inc.		331		20
				1,262
TOTAL COMMON STOCKS (Identified Cost $16,913)				19,112
EXCHANGE-TRADED FUNDS(2) —63.3%
Invesco DB Gold Fund		40,840		1,762
Invesco DB US Dollar Index Bullish Fund		67,519		1,753
iShares 1-3 Year Treasury Bond Index Fund		74,550		6,320
iShares 20+ Year Treasury Bond Index Fund		47,787		6,347
iShares China Large-Cap Index Fund		37,048		1,585
iShares iBoxx $ Investment Grade Corporate Bond
Index Fund		25,533		3,175
iShares MSCI Australia ETF		69,945		1,577
iShares MSCI Brazil Index Fund		36,862		1,612
iShares MSCI Hong Kong Index Fund		60,850		1,575
iShares MSCI India Index Fund		44,545		1,572
iShares MSCI Spain ETF		54,829		1,585
iShares MSCI Switzerland Index Fund		42,331		1,590
iShares MSCI Taiwan Index Fund		45,079		1,576
iShares U.S. Real Estate Index Fund		20,108		1,756
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $31,823)				33,785
TOTAL LONG-TERM INVESTMENTS—99.1% (Identified Cost $48,736)				52,897
TOTAL INVESTMENTS—99.1% (Identified Cost $48,736)			$	52,897
Other assets and liabilities, net—0.9%				479
NET ASSETS—100.0%			$	53,376

Abbreviation:

ETF Exchange-Traded Fund

Footnote Legend:

⁽¹⁾  Non-income producing.

⁽²⁾  Shares of these funds are publicly offered, and the prospectus and annual reports of each are publicly available.

See Notes to Schedule of Investments

101

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019			Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks		$	19,112		$	19,112
Exchange-Traded Funds			33,785			33,785
Total Investments		$	52,897		$	52,897

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

102

RAMPART SECTOR TREND FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—98.9%
Communication Services—15.0%
Activision Blizzard, Inc.		30,400	$	1,435
Akamai Technologies, Inc.(1)		1,300		104
Alphabet, Inc. Class A(1)		3,248		3,517
Alphabet, Inc. Class C(1)		3,325		3,594
AT&T, Inc.		43,121		1,445
CBS Corp. Class B		16,046		801
CenturyLink, Inc.		41,773		491
Charter Communications, Inc. Class A(1)		3,529		1,395
Comcast Corp. Class A		33,378		1,411
Discovery, Inc. Class A(1)		7,222		222
Discovery, Inc. Class C(1)		16,510		470
DISH Network Corp. Class A(1)		10,456		402
Electronic Arts, Inc.(1)		13,296		1,346
Facebook, Inc. Class A(1)		31,890		6,155
Fox Corp. Class A		16,081		589
Fox Corp. Class B		7,368		269
Interpublic Group of Cos., Inc. (The)		17,572		397
Netflix, Inc.(1)		4,051		1,488
News Corp. Class A		17,310		233
News Corp. Class B		5,555		78
Omnicom Group, Inc.		10,022		821
Take-Two Interactive Software, Inc.(1)		5,076		576
TripAdvisor, Inc.(1)		4,465		207
Twitter, Inc.(1)		32,938		1,149
Verizon Communications, Inc.		23,985		1,370
Viacom, Inc. Class B		16,007		478
Walt Disney Co. (The)		9,938		1,388
				31,831
Consumer Discretionary—14.8%
Advance Auto Parts, Inc.		1,024		158
Amazon.com, Inc.(1)		3,845		7,281
Aptiv plc		3,609		292
AutoZone, Inc.(1)		352		387
Best Buy Co., Inc.		3,308		231
Booking Holdings, Inc.(1)		612		1,147
BorgWarner, Inc.		2,918		122
Capri Holdings Ltd.(1)		2,176		75
CarMax, Inc.(1)		2,328		202
Carnival Corp.		5,753		268
Chipotle Mexican Grill, Inc.(1)		350		257
Darden Restaurants, Inc.		1,742		212
Dollar General Corp.		3,690		499
Dollar Tree, Inc.(1)		3,397		365
eBay, Inc.		11,637		460
Expedia Group, Inc.		1,672		222
Foot Locker, Inc.		1,591		67
Ford Motor Co.		54,530		558
Gap, Inc. (The)		3,004		54
Garmin Ltd.		1,732		138
General Motors Co.		18,606		717
Genuine Parts Co.		2,074		215
H&R Block, Inc.		2,871		84
Hanesbrands, Inc.		5,165		89
Harley-Davidson, Inc.		2,268		81
Hasbro, Inc.		1,633		173
Hilton Worldwide Holdings, Inc.		4,117		402
Home Depot, Inc. (The)		15,688		3,263
Horton (D.R.), Inc.		4,794		207
Kohl’s Corp.		2,296		109

	Shares		Value
Consumer Discretionary—continued
L Brands, Inc.		3,176	$	83
Leggett & Platt, Inc.		1,850		71
Lennar Corp. Class A		4,067		197
LKQ Corp.(1)		4,459		119
Lowe’s Cos., Inc.		11,159		1,126
Macy’s, Inc.		4,446		95
Marriott International, Inc. Class A		3,897		547
McDonald’s Corp.		10,913		2,266
MGM Resorts International		7,272		208
Mohawk Industries, Inc.(1)		869		128
Newell Brands, Inc.		5,539		85
NIKE, Inc. Class B		17,770		1,492
Nordstrom, Inc.		1,543		49
Norwegian Cruise Line Holdings Ltd.(1)		3,049		164
O’Reilly Automotive, Inc.(1)		1,125		415
PulteGroup, Inc.		3,618		114
PVH Corp.		1,079		102
Ralph Lauren Corp.		759		86
Ross Stores, Inc.		5,409		536
Royal Caribbean Cruises Ltd.		2,418		293
Starbucks Corp.		17,308		1,451
Tapestry, Inc.		4,113		131
Target Corp.		7,276		630
Tiffany & Co.		1,545		145
TJX Cos., Inc. (The)		17,390		920
Tractor Supply Co.		1,707		186
Ulta Beauty, Inc.(1)		799		277
Under Armour, Inc. Class A(1)		2,675		68
Under Armour, Inc. Class C(1)		2,767		61
VF Corp.		4,622		404
Whirlpool Corp.		894		127
Wynn Resorts Ltd.		1,373		170
Yum! Brands, Inc.		4,365		483
				31,564
Consumer Staples—4.9%
Altria Group, Inc.		9,416		446
Archer-Daniels-Midland Co.		3,825		156
Brown-Forman Corp. Class B		1,129		63
Campbell Soup Co.		1,342		54
Church & Dwight Co., Inc.		1,676		123
Clorox Co. (The)		864		132
Coca-Cola Co. (The)		22,680		1,155
Colgate-Palmolive Co.		5,855		420
Conagra Brands, Inc.		3,594		95
Constellation Brands, Inc. Class A		1,134		223
Costco Wholesale Corp.		1,832		484
Coty, Inc. Class A		2,038		27
Estee Lauder Cos., Inc. (The) Class A		1,485		272
General Mills, Inc.		4,064		213
Hershey Co. (The)		949		127
Hormel Foods Corp.		1,863		76
J.M. Smucker Co. (The)		783		90
Kellogg Co.		1,709		92
Kimberly-Clark Corp.		2,331		311
Kraft Heinz Co. (The)		4,250		132
Kroger Co. (The)		5,497		119
Lamb Weston Holdings, Inc.		1,025		65
McCormick & Co., Inc.		830		129
Molson Coors Brewing Co. Class B		1,274		71
Mondelez International, Inc. Class A		8,709		469
Monster Beverage Corp.(1)		2,666		170

See Notes to Schedule of Investments

103

RAMPART SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
Consumer Staples—continued
PepsiCo, Inc.		8,305	$	1,089
Philip Morris International, Inc.		6,152		483
Procter & Gamble Co. (The)		14,847		1,628
Sysco Corp.		3,220		228
Tyson Foods, Inc. Class A		2,017		163
Walgreens Boots Alliance, Inc.		5,104		279
Walmart, Inc.		8,308		918
				10,502
Financials—5.0%
Affiliated Managers Group, Inc.		170		16
Aflac, Inc.		2,477		136
Allstate Corp. (The)		1,112		113
American Express Co.		2,290		283
American International Group, Inc.		2,895		154
Ameriprise Financial, Inc.		451		66
Aon plc		802		155
Assurant, Inc.		205		22
Bank of America Corp.		29,287		849
Bank of New York Mellon Corp. (The)		2,914		129
BB&T Corp.		2,561		126
Berkshire Hathaway, Inc. Class B(1)		6,417		1,368
BlackRock, Inc.		397		186
Capital One Financial Corp.		1,571		143
Cboe Global Markets, Inc.		371		38
Charles Schwab Corp. (The)		3,915		157
Chubb Ltd.		1,532		226
Cincinnati Financial Corp.		510		53
Citigroup, Inc.		7,656		536
Citizens Financial Group, Inc.		1,511		53
CME Group, Inc.		1,186		230
Comerica, Inc.		509		37
Discover Financial Services		1,087		84
E*TRADE Financial Corp.		810		36
Everest Re Group Ltd.		136		34
Fifth Third Bancorp		2,420		68
First Republic Bank		549		54
Franklin Resources, Inc.		987		34
Gallagher (Arthur J.) & Co.		616		54
Goldman Sachs Group, Inc. (The)		1,135		232
Hartford Financial Services Group, Inc. (The)		1,214		68
Huntington Bancshares, Inc.		3,437		48
Intercontinental Exchange, Inc.		1,870		161
Invesco Ltd.		1,329		27
Jefferies Financial Group, Inc.		844		16
JPMorgan Chase & Co.		10,808		1,208
KeyCorp		3,332		59
Lincoln National Corp.		672		43
Loews Corp.		898		49
M&T Bank Corp.		452		77
Marsh & McLennan Cos., Inc.		1,707		170
MetLife, Inc.		3,169		157
Moody’s Corp.		551		108
Morgan Stanley		4,251		186
MSCI, Inc.		283		68
Nasdaq, Inc.		384		37
Northern Trust Corp.		723		65
People’s United Financial, Inc.		1,306		22
PNC Financial Services Group, Inc. (The)		1,495		205
Principal Financial Group, Inc.		862		50
Progressive Corp. (The)		1,943		155
Prudential Financial, Inc.		1,349		136

	Shares		Value
Financials—continued
Raymond James Financial, Inc.		417	$	35
Regions Financial Corp.		3,346		50
S&P Global, Inc.		825		188
State Street Corp.		1,235		69
SunTrust Banks, Inc.		1,486		93
SVB Financial Group(1)		173		39
Synchrony Financial		2,119		74
T. Rowe Price Group, Inc.		784		86
Torchmark Corp.		337		30
Travelers Cos., Inc. (The)		879		131
U.S. Bancorp		5,017		263
Unum Group		701		24
Wells Fargo & Co.		13,383		633
Willis Towers Watson plc		432		83
Zions Bancorp NA		604		28
				10,613
Health Care—4.9%
Abbott Laboratories		5,350		450
AbbVie, Inc.		4,393		319
ABIOMED, Inc.(1)		135		35
Agilent Technologies, Inc.		953		71
Alexion Pharmaceuticals, Inc.(1)		677		89
Align Technology, Inc.(1)		220		60
Allergan plc		923		155
AmerisourceBergen Corp.		462		39
Amgen, Inc.		1,844		340
Anthem, Inc.		770		217
Baxter International, Inc.		1,436		118
Becton, Dickinson & Co.		819		206
Biogen, Inc.(1)		586		137
Boston Scientific Corp.(1)		4,200		180
Bristol-Myers Squibb Co.		4,956		225
Cardinal Health, Inc.		895		42
Celgene Corp.(1)		2,150		199
Centene Corp.(1)		1,241		65
Cerner Corp.		990		73
Cigna Corp.		1,146		181
Cooper Cos., Inc. (The)		151		51
CVS Health Corp.		3,874		211
Danaher Corp.		1,917		274
DaVita, Inc.(1)		380		21
DENTSPLY SIRONA, Inc.		716		42
Edwards Lifesciences Corp.(1)		638		118
Eli Lilly & Co.		2,615		290
Gilead Sciences, Inc.		3,849		260
HCA Healthcare, Inc.		803		109
Henry Schein, Inc.(1)		452		32
Hologic, Inc.(1)		813		39
Humana, Inc.		405		107
IDEXX Laboratories, Inc.(1)		261		72
Illumina, Inc.(1)		450		166
Incyte Corp.(1)		543		46
Intuitive Surgical, Inc.(1)		350		184
IQVIA Holdings, Inc.(1)		478		77
Johnson & Johnson		8,129		1,132
Laboratory Corporation of America Holdings(1)		298		51
McKesson Corp.		564		76
Medtronic plc		4,076		397
Merck & Co., Inc.		7,751		650
Mettler-Toledo International, Inc.(1)		76		64
Mylan NV(1)		1,534		29

See Notes to Schedule of Investments

104

RAMPART SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
Health Care—continued
Nektar Therapeutics(1)		515	$	18
PerkinElmer, Inc.		335		32
Perrigo Co. plc		375		18
Pfizer, Inc.		16,793		727
Quest Diagnostics, Inc.		408		42
Regeneron Pharmaceuticals, Inc.(1)		235		74
ResMed, Inc.		437		53
Stryker Corp.		944		194
Teleflex, Inc.		140		46
Thermo Fisher Scientific, Inc.		1,220		358
UnitedHealth Group, Inc.		2,849		695
Universal Health Services, Inc. Class B		252		33
Varian Medical Systems, Inc.(1)		278		38
Vertex Pharmaceuticals, Inc.(1)		774		142
Waters Corp.(1)		210		45
WellCare Health Plans, Inc.(1)		152		43
Zimmer Biomet Holdings, Inc.		619		73
Zoetis, Inc.		1,461		166
				10,496
Industrials—5.0%
3M Co.		2,669		463
A.O. Smith Corp.		648		31
Alaska Air Group, Inc.		561		36
Allegion plc		433		48
American Airlines Group, Inc.		1,792		58
AMETEK, Inc.		1,049		95
Arconic, Inc.		1,840		48
Boeing Co. (The)		2,472		900
Caterpillar, Inc.		2,647		361
Cintas Corp.		387		92
Copart, Inc.(1)		930		70
CSX Corp.		3,520		272
Cummins, Inc.		672		115
Deere & Co.		1,476		245
Delta Air Lines, Inc.		2,718		154
Dover Corp.		673		67
Eaton Corp. plc		1,961		163
Emerson Electric Co.		2,832		189
Equifax, Inc.		556		75
Expeditors International of Washington, Inc.		781		59
Fastenal Co.		2,630		86
FedEx Corp.		1,081		177
Flowserve Corp.		601		32
Fortive Corp.		1,360		111
Fortune Brands Home & Security, Inc.		639		37
General Dynamics Corp.		1,266		230
General Electric Co.		40,121		421
Honeywell International, Inc.		3,358		586
Hunt (JB) Transport Services, Inc.		396		36
Huntington Ingalls Industries, Inc.		191		43
IHS Markit Ltd.(1)		1,673		107
Illinois Tool Works, Inc.		1,397		211
Ingersoll-Rand plc		1,109		140
Jacobs Engineering Group, Inc.		527		44
Johnson Controls International plc		3,676		152
Kansas City Southern		455		55
L3 Technologies, Inc.		369		90
L3Harris Technologies, Inc.		548		104
Lockheed Martin Corp.		1,137		413
Masco Corp.		1,359		53
Nielsen Holdings plc		1,630		37

	Shares		Value
Industrials—continued
Norfolk Southern Corp.		1,220	$	243
Northrop Grumman Corp.		789		255
PACCAR, Inc.		1,605		115
Parker-Hannifin Corp.		597		102
Pentair plc		728		27
Quanta Services, Inc.		657		25
Raytheon Co.		1,289		224
Republic Services, Inc.		987		86
Robert Half International, Inc.		540		31
Robinson (C.H.) Worldwide, Inc.		623		53
Rockwell Automation, Inc.		547		90
Rollins, Inc.		667		24
Roper Technologies, Inc.		479		175
Snap-on, Inc.		256		42
Southwest Airlines Co.		2,243		114
Stanley Black & Decker, Inc.		698		101
Textron, Inc.		1,071		57
TransDigm Group, Inc.(1)		227		110
Union Pacific Corp.		3,247		549
United Continental Holdings, Inc.(1)		1,007		88
United Parcel Service, Inc. Class B		3,163		327
United Rentals, Inc.(1)		363		48
United Technologies Corp.		3,731		486
Verisk Analytics, Inc.		754		110
W.W. Grainger, Inc.		207		56
Wabtec Corp.		742		53
Waste Management, Inc.		1,789		206
Xylem, Inc.		827		69
				10,572
Information Technology—19.6%
Accenture plc Class A		5,194		960
Adobe, Inc.(1)		3,859		1,137
Advanced Micro Devices, Inc.(1)		6,961		211
Alliance Data Systems Corp.		361		51
Amphenol Corp. Class A		2,389		229
Analog Devices, Inc.		2,898		327
ANSYS, Inc.(1)		662		136
Apple, Inc.		34,878		6,903
Applied Materials, Inc.		7,339		330
Arista Networks, Inc.(1)		412		107
Autodesk, Inc.(1)		1,727		281
Automatic Data Processing, Inc.		3,473		574
Broadcom, Inc.		3,108		895
Broadridge Financial Solutions, Inc.		930		119
Cadence Design Systems, Inc.(1)		2,234		158
Cisco Systems, Inc.		34,379		1,882
Citrix Systems, Inc.		995		98
Cognizant Technology Solutions Corp. Class A		4,542		288
Corning, Inc.		6,246		208
DXC Technology Co.		2,126		117
F5 Networks, Inc.(1)		476		69
Fidelity National Information Services, Inc.		2,587		317
Fiserv, Inc.(1)		3,122		285
FleetCor Technologies, Inc.(1)		687		193
FLIR Systems, Inc.		1,071		58
Fortinet, Inc.(1)		1,140		88
Gartner, Inc.(1)		720		116
Global Payments, Inc.		1,244		199
Hewlett Packard Enterprise Co.		10,593		158
HP, Inc.		11,938		248
Intel Corp.		36,225		1,734

See Notes to Schedule of Investments

105

RAMPART SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
Information Technology—continued
International Business Machines Corp.		7,107	$	980
Intuit, Inc.		2,064		539
IPG Photonics Corp.(1)		282		44
Jack Henry & Associates, Inc.		616		83
Juniper Networks, Inc.		2,747		73
Keysight Technologies, Inc.(1)		1,497		134
KLA-Tencor Corp.		1,281		151
Lam Research Corp.		1,177		221
Mastercard, Inc. Class A		7,176		1,898
Maxim Integrated Products, Inc.		2,129		127
Microchip Technology, Inc.		1,878		163
Micron Technology, Inc.(1)		8,695		336
Microsoft Corp.		61,126		8,188
Motorola Solutions, Inc.		1,314		219
NetApp, Inc.		1,946		120
NVIDIA Corp.		4,791		787
Oracle Corp.		19,189		1,093
Paychex, Inc.		2,554		210
PayPal Holdings, Inc.(1)		9,429		1,079
Qorvo, Inc.(1)		928		62
QUALCOMM, Inc.		9,673		736
Red Hat, Inc.(1)		1,413		265
salesforce.com, Inc.(1)		6,195		940
Seagate Technology plc		2,039		96
Skyworks Solutions, Inc.		1,354		105
Symantec Corp.		4,889		106
Synopsys, Inc.(1)		1,189		153
TE Connectivity Ltd.		2,687		257
Texas Instruments, Inc.		7,413		851
Total System Services, Inc.		1,290		166
VeriSign, Inc.(1)		831		174
Visa, Inc. Class A		13,910		2,414
Western Digital Corp.		2,321		110
Western Union Co. (The)		3,431		68
Xerox Corp.		1,568		56
Xilinx, Inc.		1,984		234
				41,714
Materials—5.0%
Air Products & Chemicals, Inc.		3,417		773
Albemarle Corp.		1,644		116
Amcor plc(1)		25,746		296
Avery Dennison Corp.		1,319		153
Ball Corp.		5,294		371
Celanese Corp.		1,993		215
CF Industries Holdings, Inc.		3,514		164
Corteva, Inc.(1)		11,674		345
Dow, Inc.		9,086		448
DuPont de Nemours, Inc.		11,579		869
Eastman Chemical Co.		2,177		169
Ecolab, Inc.		3,859		762
FMC Corp.		2,082		173
Freeport-McMoRan, Inc.		22,983		267
International Flavors & Fragrances, Inc.		1,623		235
International Paper Co.		6,239		270
Linde plc		8,471		1,701
LyondellBasell Industries NV Class A		4,780		412
Martin Marietta Materials, Inc.		979		225
Mosaic Co. (The)		5,564		139
Newmont Goldcorp Corp.		13,156		506
Nucor Corp.		4,881		269
Packaging Corporation of America		1,487		142

	Shares		Value
Materials—continued
PPG Industries, Inc.		3,732	$	436
Sealed Air Corp.		2,439		104
Sherwin-Williams Co. (The)		1,265		580
Vulcan Materials Co.		2,069		284
Westrock Co.		4,014		146
				10,570
Real Estate—4.9%
Alexandria Real Estate Equities, Inc.		1,590		224
American Tower Corp.		6,221		1,272
Apartment Investment & Management Co. Class A		2,089		105
AvalonBay Communities, Inc.		1,971		400
Boston Properties, Inc.		2,198		284
CBRE Group, Inc. Class A(1)		4,300		221
Crown Castle International Corp.		5,874		766
Digital Realty Trust, Inc.		2,941		346
Duke Realty Corp.		5,009		158
Equinix, Inc.		1,174		592
Equity Residential		5,233		397
Essex Property Trust, Inc.		927		271
Extra Space Storage, Inc.		1,789		190
Federal Realty Investment Trust		1,052		135
HCP, Inc.		6,742		216
Host Hotels & Resorts, Inc.		10,505		191
Iron Mountain, Inc.		4,025		126
Kimco Realty Corp.		5,912		109
Macerich Co. (The)		1,478		50
Mid-America Apartment Communities, Inc.		1,604		189
Prologis, Inc.		8,812		706
Public Storage		2,109		502
Realty Income Corp.		4,427		305
Regency Centers Corp.		2,344		156
SBA Communications, Corp.(1)		1,592		358
Simon Property Group, Inc.		4,376		699
SL Green Realty Corp.		1,194		96
UDR, Inc.		3,941		177
Ventas, Inc.		5,196		355
Vornado Realty Trust		2,436		156
Welltower, Inc.		5,698		465
Weyerhaeuser Co.		10,285		271
				10,488
Utilities—19.8%
AES Corp.		34,587		580
Alliant Energy Corp.		12,269		602
Ameren Corp.		12,798		961
American Electric Power Co., Inc.		25,725		2,264
American Water Works Co., Inc.		9,399		1,090
Atmos Energy Corp.		6,071		641
CenterPoint Energy, Inc.		26,210		750
CMS Energy Corp.		14,779		856
Consolidated Edison, Inc.		17,060		1,496
Dominion Energy, Inc.		41,821		3,234
DTE Energy Co.		9,545		1,221
Duke Energy Corp.		37,832		3,338
Edison International		16,768		1,130
Entergy Corp.		9,864		1,015
Evergy, Inc.		12,618		759
Eversource Energy		16,712		1,266
Exelon Corp.		50,769		2,434
FirstEnergy Corp.		26,274		1,125

See Notes to Schedule of Investments

106

RAMPART SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
Utilities—continued
NextEra Energy, Inc.		24,767	$	5,074
NiSource, Inc.		19,487		561
NRG Energy, Inc.		14,178		498
Pinnacle West Capital Corp.		5,848		550
PPL Corp.		37,528		1,164
Public Service Enterprise Group, Inc.		26,400		1,553
Sempra Energy		14,392		1,978
Southern Co. (The)		54,430		3,009
WEC Energy Group, Inc.		16,425		1,369
Xcel Energy, Inc.		26,846		1,597
				42,115
TOTAL COMMON STOCKS
(Identified Cost $194,065)				210,465
TOTAL LONG-TERM INVESTMENTS—98.9%
(Identified Cost $194,065)				210,465

	Value
TOTAL INVESTMENTS—98.9%
(Identified Cost $194,065)	$	210,465
Other assets and liabilities, net—1.1%		2,307
NET ASSETS—100.0%	$	212,772

Footnote Legend:

⁽¹⁾ Non-income producing.

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019		Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$	210,465	$	210,465
Total Investments	$	210,465	$	210,465

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

107

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)
	Shares		Value
COMMON STOCKS—95.1%
Communication Services—13.9%
Bharti Infratel Ltd. (India)		18,254,583		$     70,622
Naspers Ltd. Class N (South Africa)		524,845		127,421
NCSoft Corp. (South Korea)		253,986		104,925
NetEase, Inc. ADR (China)		673,427		172,242
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		554,672,987		162,544
Tencent Holdings Ltd. (China)		4,959,458		223,857
Zee Entertainment Enterprises Ltd. (India)		21,616,103		106,049
				967,660
Consumer Discretionary—11.7%
Alibaba Group Holding Ltd. Sponsored ADR (China)(1)		1,891,353		320,490
Eicher Motors Ltd. (India)		249,911		69,291
Lojas Renner S.A. (Brazil)		6,999,770		85,675
Sands China Ltd. (China)		13,107,551		62,671
Techtronic Industries Co., Ltd. (Hong Kong)		22,589,854		172,930
Yum China Holdings, Inc. (China)		2,213,058		102,243
				813,300
Consumer Staples—22.9%
Ambev S.A. ADR (Brazil)		59,899,378		279,730
Anheuser-Busch InBev NV (Belgium)		1,740,871		154,088
CP ALL PCL (Thailand)		39,735,612		111,106
Fomento Economico Mexicano SAB de C.V. Sponsored ADR (Mexico)		2,473,707		239,331
Heineken NV (Netherlands)		1,934,896		215,925
ITC Ltd. (India)		30,059,382		119,253
LG Household & Health Care Ltd. (South Korea)		57,586		65,483
Unilever NV CVA (Netherlands)		4,186,817		254,990
Wal-Mart de Mexico SAB de C.V. (Mexico)		57,029,021		155,663
				1,595,569
Energy—1.3%
Ultrapar Participacoes S.A. (Brazil)		16,603,504		87,342
Financials—28.9%
B3 SA - Brasil Bolsa Balcao (Brazil)		6,214,758		60,740
Bancolombia SA Sponsored ADR (Colombia)		2,137,211		109,083
Bank Central Asia Tbk PT (Indonesia)		58,665,825		124,474
Bank Polska Kasa Opieki SA (Poland)		2,330,650		69,789
Bank Rakyat Persero Tbk PT (Indonesia)		475,854,702		146,857
Credicorp Ltd. (Peru)		472,071		108,062
HDFC Bank Ltd. (India)		10,585,018		374,737
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		3,168,830		111,879
Housing Development Finance Corp., Ltd. (India)		6,442,293		204,587
Itau Unibanco Holding SA Sponsored ADR (Brazil)		19,312,217		181,921
Kasikornbank PCL (Thailand)		22,111,566		136,631
Malayan Banking Bhd (Malaysia)		26,232,500		56,369
Public Bank Bhd (Malaysia)		11,710,925		65,179
Samsung Fire & Marine Insurance Co., Ltd. (South Korea)		425,252		98,703
United Overseas Bank Ltd. (Singapore)		8,490,585		163,976
				2,012,987
Industrials—0.6%
Grupo Aeroportuario del Pacifico SAB de C.V. Class B (Mexico)		3,826,536		39,849

	Shares		Value
Information Technology—10.2%
HCL Technologies Ltd. (India)		10,268,731	$	158,380
SK Hynix, Inc. (South Korea)		2,493,081		150,062
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		14,403,809		110,836
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		909,007		35,606
Tata Consultancy Services Ltd. (India)		7,862,934		253,701
				708,585
Real Estate—1.2%
Link REIT (Hong Kong)		6,867,513		84,397
Utilities—4.4%
Equatorial Energia S.A. (Brazil)		3,029,708		72,880
Infraestructura Energetica Nova SAB de C.V. (Mexico)		23,754,501		93,477
Power Grid Corp. of India Ltd. (India)		47,072,077		141,092
				307,449
TOTAL COMMON STOCKS
(Identified Cost $5,769,058)				6,617,138
WARRANTS—2.4%
Consumer Staples—2.4%
Vietnam Dairy Products JSC (Vietnam)		6,714,729		35,454
Wuliangye Yibin Co., Ltd. (China)		7,722,603		132,551
				168,005
TOTAL WARRANTS
(Identified Cost $155,035)				168,005
TOTAL LONG-TERM INVESTMENTS—97.5%
(Identified Cost $5,924,093)				6,785,143
TOTAL INVESTMENTS—97.5%
(Identified Cost $5,924,093)			$	6,785,143
Other assets and liabilities, net—2.5%				172,457
NET ASSETS—100.0%			$	6,957,600

Abbreviations:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Non-income producing.

Country Weightings†
India	22%
China	15
Brazil	11
Mexico	8
Netherlands	7
Indonesia	6
South Korea	6
Other	25
Total	100%
† % of total investments as of June 30, 2019.

See Notes to Schedule of Investments

108

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Assets:
Equity Securities:
Common Stocks		$6,617,138		$6,617,138		$         —
Warrants		168,005		—		168,005
Total Investments		$6,785,143		$6,617,138		$168,005

There were no securities valued using significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

109

VONTOBEL FOREIGN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—97.4%
Communication Services—4.4%
Alphabet, Inc. Class C (United States)(1)		21,332		$ 23,058
Cellnex Telecom SA 144A (Spain)(2)		296,283		10,963
Tencent Holdings Ltd. (China)		292,650		13,209
				47,230
Consumer Discretionary—11.9%
adidas AG (Germany)		76,288		23,552
Alibaba Group Holding Ltd. Sponsored ADR (China)(1)		127,213		21,556
Booking Holdings, Inc. (Netherlands)(1)		18,453		34,594
Flutter Entertainment plc (Ireland)		120,979		9,099
LVMH Moet Hennessy Louis Vuitton SE (France)		40,262		17,136
Techtronic Industries Co., Ltd. (Hong Kong)		3,080,850		23,584
				129,521
Consumer Staples—20.0%
Alimentation Couche-Tard, Inc. Class B (Canada)		666,062		41,915
Anheuser-Busch InBev NV (Belgium)		421,416		37,300
Diageo plc (United Kingdom)		399,349		17,162
Heineken NV (Netherlands)		100,303		11,193
L’Oreal SA (France)		38,921		11,087
Nestle S.A. Registered Shares (Switzerland)		384,948		39,851
Unilever NV CVA (Netherlands)		614,510		37,426
Wal-Mart de Mexico SAB de C.V. (Mexico)		7,531,720		20,558
				216,492
Financials—10.1%
HDFC Bank Ltd. (India)		1,470,869		52,073
HDFC Bank Ltd. ADR (India)		11,685		1,519
Housing Development Finance Corp., Ltd. (India)		752,405		23,894
Itau Unibanco Holding SA Sponsored ADR (Brazil)		1,534,780		14,458
London Stock Exchange Group plc (United Kingdom)		252,033		17,559
				109,503
Health Care—6.7%
Alcon, Inc. (Switzerland)(1)		274,983		16,980
CSL Ltd. (Australia)		87,817		13,255
Grifols SA (Spain)(3)		884,713		26,156
Medtronic plc (United States)		169,281		16,487
				72,878
Industrials—24.4%
Ashtead Group plc (United Kingdom)		571,170		16,350
Bunzl plc (United Kingdom)		543,055		14,324
CAE, Inc. (Canada)		605,229		16,273
Canadian National Railway Co. (Canada)		261,119		24,167
DCC plc (Ireland)		230,179		20,521
Kingspan Group plc (Ireland)		329,332		17,885
Kingspan Group plc (Ireland)		11,408		620
RELX plc (United Kingdom)		1,125,430		27,232
Rentokil Initial plc (United Kingdom)		4,519,166		22,813
Safran SA (France)		227,376		33,314
Teleperformance (France)		130,517		26,150
Vinci SA (France)		227,901		23,339

	Shares		Value
Industrials—continued
Wolters Kluwer N.V. (Netherlands)		304,980		$     22,202
				265,190
Information Technology—14.1%
Constellation Software, Inc. (Canada)		29,939		28,217
Keyence Corp. (Japan)		42,240		25,909
Mastercard, Inc. Class A (United States)		122,956		32,525
SAP SE (Germany)		225,127		30,914
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		349,342		13,684
Tata Consultancy Services Ltd. (India)		670,379		21,630
				152,879
Materials—2.6%
Air Liquide SA (France)		201,416		28,182
Utilities—3.2%
Equatorial Energia S.A. (Brazil)		526,143		12,656
Power Grid Corp. of India Ltd. (India)		7,507,142		22,502
				35,158
TOTAL COMMON STOCKS
(Identified Cost $736,418)				1,057,033
TOTAL LONG-TERM INVESTMENTS—97.4%
(Identified Cost $736,418)				1,057,033
SECURITIES LENDING COLLATERAL—0.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.250%)(4)(5)		4,792,793		4,793
TOTAL SECURITIES LENDING COLLATERAL
(Identified Cost $4,793)				4,793
TOTAL INVESTMENTS—97.9%
(Identified Cost $741,211)				$1,061,826
Other assets and liabilities, net—2.1%				23,112
NET ASSETS—100.0%				$1,084,938

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Non-income producing.

⁽²⁾  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 June 30, 2019, these securities amounted to a value of $10,963 or 1.0% of net assets.

⁽³⁾  All or a portion of security is on loan.

⁽⁴⁾  Represents security purchased with cash collateral received for securities on loan.

⁽⁵⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

See Notes to Schedule of Investments

110

VONTOBEL FOREIGN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

Country Weightings†
France	13%
India	12
United Kingdom	11
Canada	10
Netherlands	10
United States	7
Switzerland	5
Other	32
Total	100%
† % of total investments as of June 30, 2019.

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019		Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks		$1,057,033		$1,057,033
Securities Lending
Collateral		4,793		4,793
Total Investments		$1,061,826		$1,061,826

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

111

VONTOBEL GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—97.9%
Communication Services—6.4%
Alphabet, Inc. Class C (United States)(1)		9,327	$	10,081
Tencent Holdings Ltd. (China)		63,646		2,873
Walt Disney Co. (The) (United States)		46,612		6,509
				19,463
Consumer Discretionary—18.8%
Alibaba Group Holding Ltd. Sponsored ADR (China)(1)		31,949		5,414
Amazon.com, Inc. (United States)(1)		5,891		11,155
Booking Holdings, Inc. (Netherlands)(1)		3,819		7,159
EssilorLuxottica SA (France)		14,974		1,954
Flutter Entertainment plc (Ireland)		75,760		5,698
Industria de Diseno Textil SA (Spain)		204,077		6,138
NIKE, Inc. Class B (United States)		60,731		5,098
O’Reilly Automotive, Inc. (United States)(1)		7,375		2,724
Royal Caribbean Cruises Ltd. (United States)		34,441		4,175
Starbucks Corp. (United States)		38,509		3,228
TJX Cos., Inc. (The) (United States)		93,847		4,963
				57,706
Consumer Staples—18.6%
Alimentation Couche-Tard, Inc. Class B (Canada)		157,316		9,900
Ambev S.A. ADR (Brazil)		712,600		3,328
Anheuser-Busch InBev NV (Belgium)		70,204		6,214
Coca-Cola Co. (The) (United States)		124,424		6,336
Nestle S.A. Registered Shares (Switzerland)		76,100		7,878
PepsiCo, Inc. (United States)		48,094		6,306
Reckitt Benckiser Group plc (United Kingdom)		59,379		4,686
Unilever NV CVA (Netherlands)		178,952		10,899
Wal-Mart de Mexico SAB de C.V. (Mexico)		556,325		1,518
				57,065
Financials—14.5%
Berkshire Hathaway, Inc. Class B (United States)(1)		35,742		7,619
CME Group, Inc. (United States)		35,555		6,901
HDFC Bank Ltd. (India)		327,299		11,587
HDFC Bank Ltd. ADR (India)		18,224		2,370
Housing Development Finance Corp., Ltd. (India)		304,110		9,658
M&T Bank Corp. (United States)		18,573		3,159
PNC Financial Services Group, Inc. (The) (United States)		23,056		3,165
				44,459
Health Care—12.4%
Becton, Dickinson & Co. (United States)		26,355		6,642
Boston Scientific Corp. (United States)(1)		100,511		4,320
Johnson & Johnson (United States)		34,497		4,805
Medtronic plc (United States)		99,972		9,736
UnitedHealth Group, Inc. (United States)		50,804		12,396
				37,899

	Shares		Value
Industrials—7.4%
Canadian National Railway Co. (Canada)		49,818	$	4,611
DCC plc (Ireland)		37,617		3,354
RELX plc (United Kingdom)		192,903		4,668
Safran SA (France)		69,149		10,131
				22,764
Information Technology—17.2%
Keyence Corp. (Japan)		6,010		3,686
Mastercard, Inc. Class A (United States)		48,725		12,889
Microsoft Corp. (United States)		85,136		11,405
SAP SE (Germany)		66,430		9,122
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		86,986		3,407
Visa, Inc. Class A (United States)		69,332		12,033
				52,542
Materials—1.3%
Martin Marietta Materials, Inc. (United States)		17,895		4,118
Real Estate—1.3%
American Tower Corp. (United States)		19,472		3,981
TOTAL COMMON STOCKS
(Identified Cost $ 204,871)				299,997
TOTAL LONG-TERM INVESTMENTS—97.9%
(Identified Cost $ 204,871)				299,997
TOTAL INVESTMENTS—97.9%
(Identified Cost $ 204,871)			$	299,997
Other assets and liabilities, net—2.1%				6,376
NET ASSETS—100.0%			$	306,373
Abbreviation:
ADR American Depositary Receipt
Footnote Legend:
(1)  Non-income producing.
Country Weightings†
United States				55%
India				8
Netherlands				6
Canada				5
France				4
United Kingdom				3
Germany				3
Other				16
Total				100%
† % of total investments as of June 30, 2019.

See Notes to Schedule of Investments

112

VONTOBEL GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019			Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks		$	299,997		$	299,997
Total Investments		$	299,997		$	299,997

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

113

VONTOBEL GREATER EUROPEAN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

JUNE 30, 2019

($ reported in thousands)
	Shares		Value
PREFERRED STOCK—2.6%
Health Care—2.6%
Grifols SA (Preference Shares), Class B, 0.000% (Spain)		6,077	$	126
TOTAL PREFERRED STOCK (Identified Cost $99)				126
COMMON STOCKS—92.3%
Communication Services—1.0% Cellnex Telecom SA 144A (Spain)(1)		1,303		48
Consumer Discretionary—11.2%
adidas AG (Germany)		265		82
Booking Holdings, Inc. (Netherlands)(2)		87		163
Brunello Cucinelli S.p.A (Italy)		239		8
EssilorLuxottica SA (France)		667		87
Flutter Entertainment plc (Ireland)		960		72
Hermes International (France)		13		9
Industria de Diseno Textil SA (Spain)		2,071		62
LVMH Moet Hennessy Louis Vuitton SE (France)		149		64
				547
Consumer Staples—22.6%
Anheuser-Busch InBev NV (Belgium)		1,767		156
Diageo plc (United Kingdom)		1,876		81
Heineken NV (Netherlands)		957		107
L’Oreal SA (France)		168		48
Nestle S.A. Registered Shares (Switzerland)		2,402		249
Pernod Ricard SA (France)		269		49
Philip Morris International, Inc. (United States)		1,383		109
Reckitt Benckiser Group plc (United Kingdom)		754		59
Unilever NV CVA (Netherlands)		4,062		247
				1,105
Financials—8.9%
ABN AMRO Bank NV CVA 144A (Netherlands)(1)		1,908		41
AIB Group plc (Ireland)		9,205		38
Bankinter SA (Spain)		5,313		36
Groupe Bruxelles Lambert SA (Belgium)		523		51
KBC Group NV (Belgium)		642		42
London Stock Exchange Group plc (United Kingdom)		1,810		126
Pargesa Holding SA (Switzerland)		466		36
Svenska Handelsbanken AB Class A (Sweden)		2,738		27
UBS Group AG Registered Shares (Switzerland)		3,252		39
				436
Health Care—9.2%
Alcon, Inc. (Switzerland)(2)		783		49
Coloplast A/S Class B (Denmark)		622		70
Eurofins Scientific SE (Luxembourg)(3)		149		66
Fresenius Medical Care AG & Co. KGaA (Germany)		857		67
Lonza Group AG (Switzerland)(2)		146		49
Medtronic plc (United States)		1,539		150
				451

	Shares		Value
Industrials—24.1%
Aena SME SA 144A (Spain)(1)		503	$	100
Ashtead Group plc (United Kingdom)		2,652		76
Bunzl plc (United Kingdom)		2,359		62
DCC plc (Ireland)		1,178		105
Kingspan Group plc (Ireland)		1,310		71
RELX plc (United Kingdom)		5,490		133
Rentokil Initial plc (United Kingdom)		16,986		86
Safran SA (France)		1,009		148
Teleperformance (France)		626		125
Vinci SA (France)		1,449		148
Wolters Kluwer N.V. (Netherlands)		1,655		121
				1,175
Information Technology—10.2%
Accenture plc Class A (United States)		1,008		186
Amadeus IT Group SA (Spain)		1,091		87
SAP SE (Germany)		1,647		226
				499
Materials—4.6%
Air Liquide SA (France)		939		132
Sika AG Registered Shares (Switzerland)		557		95
				227
Real Estate—0.5%
Unibail-Rodamco-Westfield (Netherlands)(3)		153		23
TOTAL COMMON STOCKS (Identified Cost $3,060)				4,511
TOTAL LONG-TERM INVESTMENTS—94.9% (Identified Cost $3,159)				4,637
SECURITIES LENDING COLLATERAL—1.8%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.250%)(4)(5)		89,979		90
TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $90)				90
TOTAL INVESTMENTS—96.7% (Identified Cost $3,249)			$	4,727
Other assets and liabilities, net—3.3%				159
NET ASSETS—100.0%			$	4,886

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 June 30, 2019, these securities amounted to a value of $189 or 3.9% of net assets.

⁽²⁾  Non-income producing.

⁽³⁾  All or a portion of security is on loan.

⁽⁴⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

⁽⁵⁾  Represents security purchased with cash collateral received for securities on loan.

See Notes to Schedule of Investments

114

VONTOBEL GREATER EUROPEAN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2019

($ reported in thousands)
Country Weightings†
France	17%
Netherlands	15
United Kingdom	13
United States	11
Switzerland	11
Spain	10
Germany	8
Other	15
Total	100%
† % of total investments as of June 30, 2019.

The following table summarizes the market value of the Series’ investments as of June 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 June 30, 2019		Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$	4,511	$	4,511
Preferred Stock		126		126
Securities Lending
Collateral		90		90
Total Investments	$	4,727	$	4,727

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2019.

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

See Notes to Schedule of Investments

115

VIRTUS OPPORTUNITIES TRUST

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)

JUNE 30, 2019

Note 1. Security Valuation

Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ 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 a 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 a 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 Funds fair value 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 ADRs, financial futures, 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 a Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for each 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 Funds’ most recent semi or annual report.

116