NPORT-EX 2 VIPHS10VirtusNewFSrFloatRtFd.htm
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2020
($ reported in thousands)
  Par Value   Value
Corporate Bonds and Notes—6.3%
Communication Services—1.0%    
Clear Channel Worldwide Holdings, Inc. 144A
5.125%, 8/15/27(1) 		$130   $125
Diamond Sports Group LLC 144A
5.375%, 8/15/26(1) 		445   322
DISH DBS Corp.
5.875%, 7/15/22 		575   585
iHeartCommunications, Inc.      
6.375%, 5/1/26 258   255
8.375%, 5/1/27 467   428
Level 3 Financing, Inc. 144A
4.250%, 7/1/28(1) 		55   55
T-Mobile USA, Inc. 144A
2.050%, 2/15/28(1) 		97   97
      1,867
       
 
Consumer Discretionary—0.3%    
Carnival Corp. 144A
11.500%, 4/1/23(1) 		50   54
COLT Merger Sub, Inc. 144A
6.250%, 7/1/25(1) 		95   94
Hanesbrands, Inc. 144A
5.375%, 5/15/25(1) 		250   253
Jaguar Holding Co. II 144A
4.625%, 6/15/25(1) 		170   173
      574
       
 
Consumer Staples—0.4%    
Dole Food Co., Inc. 144A
7.250%, 6/15/25(1) 		855   819
Energy—0.2%    
CITGO Holding, Inc. 144A
9.250%, 8/1/24(1) 		200   199
DPL, Inc. 144A
4.125%, 7/1/25(1) 		255   255
      454
       
 
Financials—1.1%    
Acrisure LLC 144A
8.125%, 2/15/24(1) 		220   229
ICAHN Enterprises LP
4.750%, 9/15/24 		550   520
Ladder Capital Finance Holdings LLLP 144A
4.250%, 2/1/27(1) 		225   180
Springleaf Finance Corp.
6.125%, 5/15/22 		1,105   1,125
      2,054
       
 
Health Care—1.1%    
Community Health Systems, Inc. 144A
6.625%, 2/15/25(1) 		430   404
LifePoint Health, Inc.      
144A 6.750%, 4/15/25(1) 10   10
144A 4.375%, 2/15/27(1) 260   246
One Call Corp. PIK Interest Capitalization 144A
11.500%, 7/1/24(1)(2) 		1,556   1,369
  Par Value   Value
       
Health Care—continued    
Tenet Healthcare Corp. 144A
7.500%, 4/1/25(1) 		$55   $59
      2,088
       
 
Industrials—0.8%    
Boeing Co. (The)
4.875%, 5/1/25 		198   216
Garda World Security Corp. 144A
4.625%, 2/15/27(1) 		445   438
Howmet Aerospace, Inc.
6.875%, 5/1/25 		135   147
Mileage Plus Holdings LLC 144A
6.500%, 6/20/27(1) 		95   95
TransDigm, Inc. 144A
8.000%, 12/15/25(1) 		435   457
WESCO Distribution, Inc. 144A
7.125%, 6/15/25(1) 		70   74
      1,427
       
 
Information Technology—0.3%    
Broadcom, Inc. 144A
3.150%, 11/15/25(1) 		445   472
Tempo Acquisition LLC 144A
5.750%, 6/1/25(1) 		105   108
      580
       
 
Materials—0.6%    
Ardagh Packaging Finance plc      
144A 6.000%, 2/15/25(1) 217   222
144A 4.125%, 8/15/26(1) 590   584
144A 5.250%, 8/15/27(1) 200   196
Cleveland-Cliffs, Inc. 144A
6.750%, 3/15/26(1) 		95   92
      1,094
       
 
Real Estate—0.5%    
iStar, Inc.
4.250%, 8/1/25 		875   792
MGM Growth Properties Operating Partnership LP 144A
4.625%, 6/15/25(1) 		70   68
      860
       
 
Utilities—0.0%    
Texas Competitive Electric Holdings Co. 144A
11.500%, 10/1/20(1)(3) 		9,165   11
Total Corporate Bonds and Notes
(Identified Cost $12,211) 		  11,828
       
 
       
 
Leveraged Loans(4)—100.3%
Aerospace—3.1%    
AI Convoy (Luxembourg) S.a.r.l. Tranche B (6 month LIBOR + 3.500%)
4.650%, 1/18/27 		838   797
American Airlines, Inc. 2018 (1 month LIBOR + 1.750%)
1.934%, 6/27/25 		1,293   904
See Notes to Schedule of Investments
1
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2020
($ reported in thousands)
  Par Value   Value
       
Aerospace—continued    
Atlantic Aviation FBO, Inc. (3 month LIBOR + 3.750%)
3.930%, 12/6/25 		$330   $309
DynCorp International, Inc. Tranche B, First Lien (1 month LIBOR + 6.000%)
7.000%, 8/18/25 		611   582
Kestrel Bidco, Inc. (3 month LIBOR + 3.000%)
4.000%, 12/11/26 		1,194   954
Mileage Plus Holdings, Inc. Tranche B (3 month LIBOR + 5.500%)
0.000%, 6/25/27(5) 		775   769
TransDigm, Inc. Tranche F (1 month LIBOR + 2.250%)
2.428%, 12/9/25 		1,790   1,606
      5,921
       
 
Chemicals—3.8%    
Ascend Performance Materials Operations LLC (3 month LIBOR + 5.250%)
6.250%, 8/27/26 		461   452
Element Solutions, Inc. Tranche B-1 (1 month LIBOR + 2.000%)
2.174%, 2/2/26 		1,000   950
H.B. Fuller Co. Tranche B (1 month LIBOR + 2.000%)
2.190%, 10/21/24 		1,145   1,103
Hexion, Inc. Tranche B (3 month LIBOR + 3.500%)
4.940%, 7/1/26 		889   865
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%)
2.178%, 4/1/24 		2,122   2,007
Innophos Holdings, Inc. (3 month LIBOR + 3.750%)
3.928%, 2/4/27 		868   848
PQ Corp. Tranche B (3 month LIBOR + 3.000%)
0.000%, 2/7/27(5) 		85   82
Starfruit Finco B.V. (3 month LIBOR + 3.000%)
0.000%, 10/1/25(5) 		848   795
      7,102
       
 
Consumer Durables—1.0%    
Plantronics, Inc. Tranche B (1 month LIBOR + 2.500%)
2.795%, 7/2/25 		750   681
Serta Simmons Bedding LLC First Lien (3 month LIBOR + 3.500%)
4.610%, 11/8/23 		1,658   380
Zodiac Pool Solutions LLC Tranche B-1 (1 month LIBOR + 2.000%)
2.178%, 7/2/25 		843   808
      1,869
       
 
Consumer Non-Durables—3.9%    
Diamond (BC) B.V.      
(3 month LIBOR + 3.000%)
3.760%, 9/6/24 		1,402   1,285
(3 month LIBOR + 5.000%)
6.000%, 9/6/24 		220   215
Isagenix International LLC (3 month LIBOR + 5.750%)
6.750%, 6/16/25 		1,474   560
Kronos Acquisition Holdings, Inc. Tranche B-3 (2 month LIBOR + 4.000%)
5.000%, 5/15/23 		2,208   2,098
Libbey Glass, Inc. (1 month LIBOR + 3.000%)
5.750%, 4/9/21(6) 		1,296   536
  Par Value   Value
       
Consumer Non-Durables—continued    
Parfums Holding Co., Inc. First Lien (3 month LIBOR + 4.250%)
5.250%, 6/30/24 		$1,172   $1,079
Rodan & Fields LLC (1 month LIBOR + 4.000%)
4.194%, 6/16/25 		1,106   549
ZEP, Inc. First Lien (3 month LIBOR + 4.000%)
5.072%, 8/12/24 		1,191   995
      7,317
       
 
Energy—2.2%    
California Resources Corp. 2017
0.000%, 12/31/22(6) 		1,000   341
CITGO Holding, Inc. (3 month LIBOR + 7.000%)
8.000%, 8/1/23 		313   297
CITGO Petroleum Corp. 2019, Tranche B (3 month LIBOR + 5.000%)
6.000%, 3/27/24 		893   853
Fieldwood Energy LLC First Lien (3 month LIBOR + 5.250%)
6.250%, 4/11/22(7) 		733   133
Gavilan Resources LLC Second Lien (3 month LIBOR + 7.000%)
10.250%, 3/1/24(3)(6) 		790   2
Hamilton Projects Acquiror LLC (3 month LIBOR + 4.750%)
5.750%, 6/17/27 		630   616
Illuminate Buyer LLC Tranche B (3 month LIBOR + 4.000%)
0.000%, 6/16/27(5) 		305   300
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%)
4.250%, 10/30/24 		1,060   945
Paragon Offshore Finance Co. (1 month PRIME + 0.000%)
3.250%, 7/16/21(3)(6) 		11   —
Traverse Midstream Partners LLC (1 month LIBOR + 4.000%)
5.000%, 9/27/24 		858   711
      4,198
       
 
Financial—3.4%    
Asurion LLC      
Tranche B-2, Second Lien (1 month LIBOR + 6.500%)
6.678%, 8/4/25 		890   884
Tranche B-4 (1 month LIBOR + 3.000%)
3.178%, 8/4/22 		947   920
Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%)
3.174%, 6/16/25 		724   664
Deerfield Dakota Holding LLC Tranche B, First Lien (1 month LIBOR + 3.750%)
4.750%, 4/9/27 		975   946
Ellie Mae, Inc. First Lien (3 month LIBOR + 3.750%)
4.058%, 4/17/26 		1,034   1,000
Financial & Risk US Holdings, Inc. (1 month LIBOR + 3.250%)
3.428%, 10/1/25 		1,751   1,709
 
See Notes to Schedule of Investments
2
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2020
($ reported in thousands)
  Par Value   Value
       
Financial—continued    
iStar, Inc. Tranche B (1 month LIBOR + 2.750%)
2.931%, 6/28/23 		$337   $323
      6,446
       
 
Food / Tobacco—6.7%    
Aramark Services, Inc. Tranche B-2 (3 month LIBOR + 1.750%)
0.000%, 3/28/24(5) 		850   802
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%)
2.928%, 3/31/25 		771   733
Chobani LLC Tranche B (1 month LIBOR + 3.500%)
4.500%, 10/10/23 		1,365   1,309
Dole Food Co., Inc. Tranche B (1 month LIBOR + 2.750%)
3.750%, 4/6/24 		1,080   1,048
Froneri US, Inc. Tranche B-2 (1 month LIBOR + 2.250%)
2.428%, 1/29/27 		945   886
H-Food Holdings LLC (1 month LIBOR + 3.688%)
3.866%, 5/23/25 		1,600   1,518
Hostess Brands LLC 2019, Tranche B (1 month LIBOR + 2.250%)
3.007%, 8/3/25 		1,337   1,287
JBS USA Lux S.A. (3 month LIBOR + 2.000%)
3.072%, 5/1/26 		1,302   1,241
Milk Specialties Co. (1 month LIBOR + 4.000%)
5.000%, 8/16/23 		1,127   1,055
Shearer’s Foods LLC (3 month LIBOR + 4.250%)
5.250%, 3/31/22 		1,544   1,512
Sigma Bidco B.V. Tranche B-2 (3 month LIBOR + 3.000%)
4.451%, 7/2/25 		1,371   1,310
      12,701
       
 
Forest Prod / Containers—6.0%    
Anchor Glass Container Corp.      
2017, First Lien (3 month LIBOR + 2.750%)
4.121%, 12/7/23 		973   726
Second Lien (3 month LIBOR + 7.750%)
9.137%, 12/7/24 		808   230
Berlin Packaging LLC First Lien (1 month LIBOR + 3.000%)
3.181%, 11/7/25 		1,058   1,000
Berry Global, Inc.      
Tranche W (1 month LIBOR + 2.000%)
2.177%, 10/1/22 		514   500
Tranche X (1 month LIBOR + 2.000%)
2.177%, 1/19/24 		266   258
Tranche Y (1 month LIBOR + 2.000%)
2.177%, 7/1/26 		1,300   1,240
BWay Holding Co. (3 month LIBOR + 3.250%)
4.561%, 4/3/24 		1,271   1,138
Klockner Pentaplast of America, Inc. (3 month LIBOR + 4.250%)
5.250%, 6/30/22 		1,353   1,264
Reynolds Consumer Products LLC (1 month LIBOR + 1.750%)
1.928%, 2/4/27 		673   648
  Par Value   Value
       
Forest Prod / Containers—continued    
Reynolds Group Holdings, Inc. (1 month LIBOR + 2.750%)
2.928%, 2/6/23 		$1,539   $1,467
Spectrum Holdings III Corp. First Lien (3 month LIBOR + 3.250%)
4.322%, 1/31/25 		1,157   1,013
Tricorbraun Holdings, Inc. First Lien (3 month LIBOR + 3.750%)
4.750%, 11/30/23 		941   902
Trident TPI Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.000%)
4.072%, 10/17/24 		1,053   1,003
      11,389
       
 
Gaming / Leisure—5.9%    
Affinity Gaming LLC (1 month LIBOR + 3.250%)
4.250%, 7/3/23 		992   844
Aristocrat Technologies, Inc.      
(3 month LIBOR + 3.750%)
4.750%, 10/19/24 		120   119
Tranche B-3 (3 month LIBOR + 1.750%)
2.859%, 10/19/24 		1,075   1,018
Caesars Resort Collection LLC (3 month LIBOR + 4.500%)
0.000%, 6/19/25(5) 		1,160   1,088
Carnival Corp. (3 month LIBOR + 7.500%)
0.000%, 6/26/25(5) 		160   154
CityCenter Holdings LLC (1 month LIBOR + 2.250%)
3.000%, 4/18/24 		1,094   993
Eldorado Resorts, Inc. (6 month LIBOR + 2.250%)
3.250%, 4/17/24 		400   397
Everi Payments, Inc. Tranche B (3 month LIBOR + 2.750%)
3.822%, 5/9/24 		1,220   1,115
Golden Nugget LLC (2 month LIBOR + 2.500%)
3.250%, 10/4/23 		909   718
Landry’s Finance Acquisition Co. Tranche B (3 month LIBOR + 12.000%)
13.000%, 10/6/23 		30   32
PCI Gaming Authority Tranche B (1 month LIBOR + 2.500%)
2.678%, 5/29/26 		898   853
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%)
0.000%, 4/29/24(5) 		449   377
Pug LLC Tranche B (1 month LIBOR + 3.500%)
3.678%, 2/12/27 		896   776
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%)
3.476%, 8/14/24 		898   792
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%)
2.500%, 2/8/27 		874   793
UFC Holdings LLC Tranche B (3 month LIBOR + 3.250%)
4.250%, 4/29/26 		998   951
      11,020
       
 
Healthcare—13.6%    
AHP Health Partners, Inc. (1 month LIBOR + 4.500%)
5.500%, 6/30/25 		1,183   1,135
 
See Notes to Schedule of Investments
3
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2020
($ reported in thousands)
  Par Value   Value
       
Healthcare—continued    
Avantor Funding, Inc. 2020, Tranche B-3 (1 month LIBOR + 2.250%)
3.250%, 11/21/24 		$647   $629
Azalea TopCo, Inc. First Lien (3 month LIBOR + 3.500%)
4.260%, 7/27/26 		610   590
Bausch Health Cos., Inc.      
(1 month LIBOR + 2.750%)
2.940%, 11/27/25 		468   452
(1 month LIBOR + 3.000%)
3.190%, 6/2/25 		1,368   1,328
Catalent Pharma Solutions, Inc. Tranche B-2 (1 month LIBOR + 2.250%)
3.250%, 5/18/26 		696   687
CHG Healthcare Services, Inc. (1 month LIBOR + 3.000%)
4.072%, 6/7/23 		937   901
Concordia International Corp. (3 month LIBOR + 5.500%)
6.500%, 9/6/24 		724   669
CPI Holdco LLC First Lien (1 month LIBOR + 4.250%)
4.428%, 11/4/26 		454   436
Elanco Animal Health, Inc. Tranche B (3 month LIBOR + 1.750%)
0.000%, 2/4/27(5) 		1,020   971
Endo Luxembourg Finance Co. S.a.r.l. (3 month LIBOR + 4.250%)
5.000%, 4/29/24 		858   808
Envision Healthcare Corp. (1 month LIBOR + 3.750%)
3.928%, 10/10/25 		1,447   944
eResearch Technology, Inc. First Lien (1 month LIBOR + 4.500%)
5.500%, 2/4/27 		900   880
Gentiva Health Services, Inc. Tranche B (1 month LIBOR + 3.250%)
3.438%, 7/2/25 		640   618
Greatbatch Ltd. Tranche B (1 month LIBOR + 2.500%)
3.500%, 10/27/22 		458   450
Heartland Dental LLC (1 month LIBOR + 3.500%)
3.678%, 4/30/25 		775   687
IQVIA, Inc.      
Tranche B-1 (1 month LIBOR + 1.750%)
2.500%, 3/7/24 		913   883
Tranche B-2 (1 month LIBOR + 1.750%)
1.928%, 1/17/25 		102   99
Tranche B-3 (3 month LIBOR + 1.750%)
2.058%, 6/11/25 		1,033   1,000
Jaguar Holding Co. II LLC 2018 (1 month LIBOR + 2.500%)
3.500%, 8/18/22 		1,890   1,865
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%)
3.928%, 11/17/25 		1,545   1,445
National Mentor Holdings, Inc.      
First Lien (1 month LIBOR + 4.250%)
4.430%, 3/9/26 		611   588
Tranche C, First Lien (1 month LIBOR + 4.250%)
4.430%, 3/9/26 		28   27
Navicure, Inc. (1 month LIBOR + 4.000%)
4.178%, 10/22/26 		638   611
Ortho-Clinical Diagnostics, Inc. (1 month LIBOR + 3.250%)
3.429%, 6/30/25 		970   905
  Par Value   Value
       
Healthcare—continued    
Parexel International Corp. (1 month LIBOR + 2.750%)
2.928%, 9/27/24 		$1,197   $1,132
Phoenix Guarantor, Inc. Tranche B-1 (1 month LIBOR + 3.250%)
3.435%, 3/5/26 		307   295
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%)
2.680%, 3/6/25 		1,033   979
Sotera Health Holdings LLC First Lien (1 month LIBOR + 4.500%)
5.500%, 12/11/26 		868   846
Surgery Center Holdings, Inc.      
(1 month LIBOR + 3.250%)
4.250%, 9/2/24 		1,149   1,005
2020 (1 month LIBOR + 8.000%)
9.000%, 9/30/24 		60   60
Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%)
3.928%, 7/2/25 		1,132   1,001
Zelis Cost Management Buyer, Inc. (1 month LIBOR + 4.750%)
4.928%, 9/30/26 		677   662
      25,588
       
 
Housing—2.7%    
American Builders & Contractors Supply Co., Inc. (1 month LIBOR + 2.000%)
2.178%, 1/15/27 		1,530   1,457
CPG International LLC (3 month LIBOR + 3.750%)
4.750%, 5/6/24 		1,153   1,139
Quikrete Holdings, Inc. First Lien (1 month LIBOR + 2.500%)
2.678%, 2/1/27 		1,156   1,109
Summit Materials LLC Tranche B (1 month LIBOR + 2.000%)
2.178%, 11/21/24 		1,491   1,430
      5,135
       
 
Information Technology—6.5%    
Applied Systems, Inc.      
First Lien (3 month LIBOR + 3.250%)
4.250%, 9/19/24 		454   441
Second Lien (3 month LIBOR + 7.000%)
8.000%, 9/19/25 		773   769
Aston Finco S.a.r.l. First Lien (1 month LIBOR + 4.250%)
4.438%, 10/9/26 		504   478
Boxer Parent Co., Inc. (1 month LIBOR + 4.250%)
4.428%, 10/2/25 		848   800
Dell International LLC Tranche B-1 (1 month LIBOR + 2.000%)
2.750%, 9/19/25 		1,608   1,564
Kronos, Inc. 2018 (1 month LIBOR + 3.000%)
3.179%, 11/1/23 		3,546   3,538
Science Applications International Corp. Tranche B2 (1 month LIBOR + 2.250%)
2.428%, 3/13/27 		610   592
Ultimate Software Group, Inc. (The)      
2020 (3 month LIBOR + 4.000%)
0.000%, 5/4/26(5) 		1,660   1,638
 
See Notes to Schedule of Investments
4
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2020
($ reported in thousands)
  Par Value   Value
       
Information Technology—continued    
Second Lien (3 month LIBOR + 6.750%)
0.000%, 5/3/27(5) 		$40   $41
Vertafore, Inc. First Lien (1 month LIBOR + 3.250%)
3.428%, 7/2/25 		1,519   1,429
Vertiv Group Corp. (1 month LIBOR + 3.000%)
3.183%, 3/2/27 		1,057   997
      12,287
       
 
Manufacturing—5.9%    
CIRCOR International, Inc. (1 month LIBOR + 3.250%)
4.250%, 12/11/24 		961   900
CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%)
6.381%, 8/17/22 		1,147   925
Filtration Group Corp. (1 month LIBOR + 3.000%)
3.178%, 3/29/25 		1,101   1,046
Gardner Denver, Inc.      
Tranche A (3 month LIBOR + 4.000%)
0.000%, 3/1/27(5) 		55   53
Tranche B-1 (1 month LIBOR + 1.750%)
1.928%, 3/1/27 		1,134   1,077
Gates Global LLC Tranche B-2 (1 month LIBOR + 2.750%)
3.750%, 4/1/24 		1,050   1,009
Ingersoll-Rand Services Co. 2020, Tranche B-1 (1 month LIBOR + 1.750%)
1.928%, 2/28/27 		364   346
NCR Corp. (1 month LIBOR + 2.500%)
2.680%, 8/28/26 		948   914
NN, Inc.      
2017 (1 month LIBOR + 5.750%)
5.928%, 10/19/22 		352   315
Tranche B (1 month LIBOR + 5.750%)
6.500%, 10/19/22 		612   548
RBS Global, Inc. 2019, Tranche B (1 month LIBOR + 1.750%)
1.935%, 8/21/24 		916   899
Star US Bidco LLC (1 month LIBOR + 4.250%)
5.250%, 3/17/27 		960   869
Titan Acquisition Ltd. (3 month LIBOR + 3.000%)
3.361%, 3/28/25 		1,088   992
U.S. Farathane LLC Tranche B-4 (3 month LIBOR + 3.500%)
4.500%, 12/23/21 		1,131   842
Vertical Midco Gmbh Tranche B (3 month LIBOR + 4.250%)
0.000%, 6/30/27(5) 		350   343
      11,078
       
 
Media / Telecom - Broadcasting—3.5%    
Diamond Sports Group LLC (3 month LIBOR + 3.250%)
3.430%, 8/24/26 		1,141   926
iHeartCommunications, Inc. (1 month LIBOR + 3.000%)
3.178%, 5/1/26 		1,418   1,303
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.750%)
2.923%, 9/18/26 		1,245   1,182
  Par Value   Value
       
Media / Telecom - Broadcasting—continued    
Sinclair Television Group, Inc. Tranche B (1 month LIBOR + 2.250%)
2.430%, 1/3/24 		$1,200   $1,141
Univision Communications, Inc. 2017 (1 month LIBOR + 2.750%)
3.750%, 3/15/24 		2,139   1,973
      6,525
       
 
Media / Telecom - Cable/Wireless Video—4.1%    
Charter Communications Operating LLC Tranche B2 (1 month LIBOR + 1.750%)
1.930%, 2/1/27 		2,349   2,255
CSC Holdings LLC      
2017 (1 month LIBOR + 2.250%)
2.435%, 7/17/25 		1,605   1,515
2018 (1 month LIBOR + 2.250%)
2.435%, 1/15/26 		1,007   951
Intelsat Jackson Holdings S.A.      
(3 month LIBOR + 4.550%)
5.050%, 7/14/21 		59   59
(3 month LIBOR + 4.550%)
5.050%, 7/14/21(8) 		58   59
Tranche B-5
8.625%, 1/2/24(7) 		691   690
Telenet Financing USD LLC Tranche AR (1 month LIBOR + 2.000%)
2.185%, 4/30/28 		815   767
Virgin Media Bristol LLC Tranche N (1 month LIBOR + 2.500%)
2.685%, 1/31/28 		830   791
Ziggo Financing Partnership Tranche I (1 month LIBOR + 2.500%)
2.685%, 4/30/28 		680   640
      7,727
       
 
Media / Telecom - Diversified Media—2.3%    
CDS US Intermediate Holdings, Inc. Tranche B (3 month LIBOR + 5.500%)
6.500%, 7/8/22(6) 		1,223   546
Clear Channel Outdoor Holdings, Inc. Tranche B (3 month LIBOR + 3.500%)
4.260%, 8/21/26 		867   784
Fort Dearborn Holding Co., Inc. First Lien (3 month LIBOR + 4.000%)
5.908%, 10/19/23 		1,308   1,223
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien (3 month LIBOR + 4.000%)
5.000%, 5/4/22 		1,249   1,051
Meredith Corp. Tranche B-2 (3 month LIBOR + 2.500%)
3.260%, 1/31/25 		689   634
      4,238
       
 
Media / Telecom - Telecommunications—4.4%    
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%)
2.428%, 3/15/27 		900   847
Consolidated Communications, Inc. 2016 (1 month LIBOR + 3.000%)
4.000%, 10/5/23 		1,188   1,125
 
See Notes to Schedule of Investments
5
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2020
($ reported in thousands)
  Par Value   Value
       
Media / Telecom - Telecommunications—continued    
Frontier Communications Corp. Tranche B-1 (3 month LIBOR + 3.750%)
5.352%, 6/17/24 		$524   $509
Level 3 Financing, Inc. 2027, Tranche B (3 month LIBOR + 1.750%)
1.928%, 3/1/27 		2,324   2,194
Neustar, Inc. Tranche B-4, First Lien (3 month LIBOR + 3.500%)
4.572%, 8/8/24 		—   —
Northwest Fiber LLC Tranche B, First Lien (3 month LIBOR + 5.500%)
5.673%, 4/30/27(3) 		195   193
Numericable U.S. LLC      
Tranche B-11 (1 month LIBOR + 2.750%)
2.928%, 7/31/25 		986   932
Tranche B-12 (1 month LIBOR + 3.688%)
3.872%, 1/31/26 		538   515
Tranche B-13 (1 month LIBOR + 4.000%)
4.185%, 8/14/26 		640   614
West Corp.      
Tranche B (3 month LIBOR + 4.000%)
5.000%, 10/10/24 		502   426
Tranche B-1 (3 month LIBOR + 3.500%)
4.500%, 10/10/24 		456   380
Zayo Group Holdings, Inc. (1 month LIBOR + 3.000%)
3.178%, 3/9/27 		643   609
      8,344
       
 
Media / Telecom - Wireless Communications—1.5%    
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%)
1.930%, 4/11/25 		1,386   1,331
T-Mobile USA, Inc. (1 month LIBOR + 3.000%)
3.178%, 4/1/27 		1,470   1,467
      2,798
       
 
Metals / Minerals—0.3%    
Covia Holdings Corp. (3 month LIBOR + 4.000%)
5.387%, 6/2/25 		971   544
Retail—2.1%    
ASHCO LLC (3 month LIBOR + 5.000%)
6.072%, 9/25/24 		1,079   1,035
Harbor Freight Tools USA, Inc. 2018 (1 month LIBOR + 2.500%)
3.250%, 8/18/23 		885   850
Leslie’s Poolmart, Inc. Tranche B-2 (3 month LIBOR + 3.500%)
0.000%, 8/16/23(5) 		269   256
Michaels Stores, Inc. 2018, Tranche B (1 month LIBOR + 2.500%)
3.534%, 1/30/23 		1,128   1,029
Neiman Marcus Group Ltd. LLC      
(1 month LIBOR + 11.330%)
12.306%, 10/7/20(8) 		83   84
(1 month LIBOR + 11.330%)
12.306%, 10/7/20 		291   298
  Par Value   Value
       
Retail—continued    
(3 month LIBOR + 0.000%)
0.000%, 10/25/23(6) 		$1,448   $366
      3,918
       
 
Service—10.5%    
Advantage Sales & Marketing, Inc. First Lien (3 month LIBOR + 3.250%)
4.250%, 7/23/21 		546   498
AlixPartners LLP 2017 (1 month LIBOR + 2.500%)
2.678%, 4/4/24 		1,097   1,058
Cardtronics USA, Inc. (3 month LIBOR + 4.000%)
0.000%, 6/25/27(5) 		665   652
Carlisle Food Service Products, Inc. First Lien (1 month LIBOR + 3.000%)
4.000%, 3/20/25 		822   756
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 4.000%)
4.184%, 2/6/26 		993   965
GFL Environmental, Inc. 2018 (3 month LIBOR + 3.000%)
4.000%, 5/30/25 		1,275   1,238
Hoya Midco LLC First Lien (3 month LIBOR + 3.500%)
4.572%, 6/30/24 		1,231   1,028
Pathway Vet Alliance LLC      
(3 month LIBOR + 3.250%)
0.000%, 3/31/27(5) 		554   537
First Lien (3 month LIBOR + 4.000%)
0.000%, 3/31/27(5)(8) 		45   44
Patriot Container Corp. First Lien (1 month LIBOR + 3.500%)
4.500%, 3/20/25 		942   911
Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%)
2.928%, 2/14/25 		1,547   1,468
Pi US Mergerco, Inc. Tranche B-1 (3 month LIBOR + 3.500%)
4.500%, 1/3/25 		1,272   1,212
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%)
3.428%, 12/31/25 		2,107   1,984
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.250%)
3.430%, 7/17/25 		1,011   975
Tempo Acquisition LLC (1 month LIBOR + 2.750%)
2.928%, 5/1/24 		1,003   950
TKC Holdings, Inc. First Lien (3 month LIBOR + 3.750%)
4.750%, 2/1/23 		891   833
Trans Union LLC Tranche B-5 (1 month LIBOR + 1.750%)
1.928%, 11/16/26 		1,658   1,583
TRC Cos, Inc. 2019 (1 month LIBOR + 5.000%)
6.000%, 6/21/24 		997   931
Tunnel Hill Partners LP (3 month LIBOR + 3.500%)
3.808%, 2/6/26 		797   719
WEX, Inc. Tranche B-3 (1 month LIBOR + 2.250%)
2.428%, 5/15/26 		1,455   1,391
      19,733
       
 
 
See Notes to Schedule of Investments
6
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2020
($ reported in thousands)
  Par Value   Value
       
Transportation - Automotive—4.1%    
Accuride Corp. 2017 (3 month LIBOR + 5.250%)
6.250%, 11/17/23 		$1,401   $879
American Axle & Manufacturing, Inc. Tranche B (1 month LIBOR + 2.250%)
3.000%, 4/6/24 		1,565   1,482
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)
2.750%, 11/2/23 		902   727
DexKo Global, Inc. Tranche B (1 month LIBOR + 3.500%)
4.500%, 7/24/24 		815   760
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%)
3.700%, 11/6/24 		1,084   1,023
Panther BF Aggregator 2 LP First Lien (1 month LIBOR + 3.500%)
3.678%, 4/30/26 		954   906
Tenneco, Inc. Tranche B (1 month LIBOR + 3.000%)
3.178%, 10/1/25 		1,278   1,101
TI Group Automotive Systems LLC (1 month LIBOR + 2.500%)
3.250%, 6/30/22 		895   862
      7,740
       
 
Utility—2.8%    
APLP Holdings LP 2020, Tranche B (1 month LIBOR + 2.500%)
3.500%, 4/14/25 		723   701
Brookfield WEC Holdings, Inc. (1 month LIBOR + 3.000%)
3.178%, 8/1/25 		1,932   1,861
Calpine Construction Finance Co. LP Tranche B (1 month LIBOR + 2.000%)
2.178%, 1/15/25 		970   933
Calpine Corp. Tranche B-10 (1 month LIBOR + 2.000%)
2.178%, 8/12/26 		449   431
Lightstone Holdco LLC      
2018, Tranche B (3 month LIBOR + 3.750%)
4.750%, 1/30/24 		777   657
2018, Tranche C (3 month LIBOR + 3.750%)
4.750%, 1/30/24 		44   37
Pacific Gas and Electric Co. (1 month LIBOR + 2.250%)
2.440%, 12/31/20 		520   518
PG&E Corp. (3 month LIBOR + 4.500%)
5.500%, 6/18/25 		195   191
      5,329
       
 
Total Leveraged Loans
(Identified Cost $208,410) 		  188,947
       
 
       
 
    
  Shares  
Common Stocks—0.3%
Communication Services—0.3%  
Clear Channel Outdoor Holdings, Inc.(9) 107,177 111
  Shares   Value
Communication Services—continued    
iHeartMedia, Inc. Class A(9) 45,578   $381
      492
       
 
Total Common Stocks
(Identified Cost $1,292) 		  492
       
 
       
 
Rights—0.1%
Utilities—0.1%    
Vistra Energy Corp.(3)(9) 152,810   126
Total Rights
(Identified Cost $130) 		  126
       
 
       
 
Total Long-Term Investments—107.0%
(Identified Cost $222,043) 		  201,393
       
 
       
 
TOTAL INVESTMENTS—107.0%
(Identified Cost $222,043) 		  $201,393
Other assets and liabilities, net—(7.0)%   (13,117)
NET ASSETS—100.0%   $188,276
    
Abbreviations:
LIBOR London Interbank Offered Rate
LLC Limited Liability Company
LLLP Limited Liability Limited Partnership
LP Limited Partnership
PIK Payment-in-Kind Security
    
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, 2020, these securities amounted to a value of $7,760 or 4.1% of net assets.
(2) 100% of the income received was in PIK.
(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) Variable rate security. Rate disclosed is as of June 30, 2020. 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.
(5) This loan will settle after June 30, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(6) Security in default; no interest payments are being received during the bankruptcy proceedings.
(7) Security in default, interest payments are being received during the bankruptcy proceedings.
(8) Represents unfunded portion of security and commitment fee earned on this portion.
(9) Non-income producing.
    
 
See Notes to Schedule of Investments
7
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2020
($ reported in thousands)
Country Weightings†
United States 90%
Canada 5
Luxembourg 2
France 1
Netherlands 1
Australia 1
Total 100%
† % of total investments as of June 30, 2020.
The following table summarizes the market value of the Fund’s investments as of June 30, 2020, 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, 2020 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Assets:              
Debt Securities:              
Corporate Bonds and Notes $11,828   $—   $11,817   $11(1)
Leveraged Loans 188,947   —   188,752   195(2)
Equity Securities:              
Rights 126   —   —   126
Common Stocks 492   492   —   —
Total Investments $201,393   $492   $200,569   $332
    
(1) Includes internally fair valued security.
(2) Includes internally fair valued securities currently priced at zero ($0).
Securities held by the Fund with an end of period value of $2 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.
Securities held by the Fund with an end of period value of $1,369 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, 2020.
See Notes to Schedule of Investments
8
NEWFLEET SENIOR FLOATING RATE FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2020
Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).
• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund’s 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 American Depositary Receipts, financial futures, exchange-traded funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer-supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.
9