NPORT-EX 2 VIPHS10VirtNewFSrFloatRt.htm
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
($ reported in thousands)
  Par Value   Value
Corporate Bonds and Notes—5.2%
Communication Services—1.1%    
Clear Channel Worldwide Holdings, Inc. 144A
5.125%, 8/15/27(1) 		$130   $131
Diamond Sports Group LLC 144A
5.375%, 8/15/26(1) 		445   362
DISH DBS Corp.
5.875%, 7/15/22 		575   601
iHeartCommunications, Inc.      
6.375%, 5/1/26 258   276
8.375%, 5/1/27 467   499
Level 3 Financing, Inc. 144A
4.250%, 7/1/28(1) 		55   56
Radiate Holdco LLC 144A
4.500%, 9/15/26(1) 		280   289
      2,214
       
 
Consumer Discretionary—0.5%    
Caesars Entertainment, Inc. 144A
6.250%, 7/1/25(1) 		95   101
Carnival Corp. 144A
11.500%, 4/1/23(1) 		230   266
Hanesbrands, Inc. 144A
5.375%, 5/15/25(1) 		250   265
MGM Growth Properties Operating Partnership LP 144A
4.625%, 6/15/25(1) 		70   75
NCL Corp., Ltd. 144A
5.875%, 3/15/26(1) 		80   84
Tenneco, Inc.
5.375%, 12/15/24 		205   198
      989
       
 
Consumer Staples—0.4%    
Dole Food Co., Inc. 144A
7.250%, 6/15/25(1) 		855   872
Kronos Acquisition Holdings, Inc. 144A
5.000%, 12/31/26(1) 		5   5
      877
       
 
Financials—0.5%    
Acrisure LLC 144A
8.125%, 2/15/24(1) 		220   233
ICAHN Enterprises LP
4.750%, 9/15/24 		550   571
Ladder Capital Finance Holdings LLLP 144A
4.250%, 2/1/27(1) 		225   221
      1,025
       
 
Health Care—1.2%    
Community Health Systems, Inc. 144A
6.625%, 2/15/25(1) 		430   452
Legacy LifePoint Health LLC      
144A 6.750%, 4/15/25(1) 10   11
144A 4.375%, 2/15/27(1) 260   264
One Call Corp. PIK Interest Capitalization 144A
7.500%, 7/1/24(1)(2) 		1,645   1,645
  Par Value   Value
       
Health Care—continued    
Tenet Healthcare Corp. 144A
7.500%, 4/1/25(1) 		$55   $60
      2,432
       
 
Industrials—0.6%    
Boeing Co. (The)
4.875%, 5/1/25 		198   226
Howmet Aerospace, Inc.
6.875%, 5/1/25 		135   159
Spirit AeroSystems, Inc.
3.950%, 6/15/23 		230   226
TransDigm, Inc. 144A
8.000%, 12/15/25(1) 		435   481
      1,092
       
 
Materials—0.5%    
Ardagh Packaging Finance plc      
144A 4.125%, 8/15/26(1) 590   616
144A 5.250%, 8/15/27(1) 200   210
Cleveland-Cliffs, Inc. 144A
6.750%, 3/15/26(1) 		95   103
Kraton Polymers LLC 144A
4.250%, 12/15/25(1) 		50   51
      980
       
 
Real Estate—0.4%    
iStar, Inc.
4.250%, 8/1/25 		875   864
Utilities—0.0%    
Texas Competitive Electric Holdings Co. 144A
11.500%, 10/1/20(1)(3) 		9,165   —
Total Corporate Bonds and Notes
(Identified Cost $10,083) 		  10,473
       
 
       
 
Leveraged Loans(4)—96.4%
Aerospace—3.4%    
AI Convoy (Luxembourg) S.a.r.l. Tranche B (6 month LIBOR + 3.500%)
4.500%, 1/18/27 		834   832
Amentum Government Services Holdings LLC First Lien, Tranche 2 (3 month LIBOR + 4.750%)
5.500%, 1/29/27 		1,005   1,010
American Airlines, Inc. 2018 (1 month LIBOR + 1.750%)
1.898%, 6/27/25 		842   693
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%)
3.900%, 12/6/25 		652   649
Kestrel Bidco, Inc. (4 month LIBOR + 3.000%)
4.000%, 12/11/26 		835   799
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%)
6.250%, 6/21/27 		1,075   1,117
TransDigm, Inc. Tranche F (1 month LIBOR + 2.250%)
2.397%, 12/9/25 		1,781   1,743
      6,843
       
 
See Notes to Schedule of Investments
1
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2020
($ reported in thousands)
  Par Value   Value
       
Chemicals—4.1%    
Aruba Investments Holdings LLC First Lien (3 month LIBOR + 4.000%)
4.750%, 11/24/27 		$545   $544
Ascend Performance Materials Operations LLC (3 month LIBOR + 5.250%)
6.250%, 8/27/26 		459   460
Element Solutions, Inc. Tranche B-1 (1 month LIBOR + 2.000%)
2.147%, 2/2/26 		995   984
Gemini HDPE LLC Tranche B (3 month LIBOR + 3.250%)
0.000%, 12/11/27(5) 		480   477
H.B. Fuller Co. Tranche B (1 month LIBOR + 2.000%)
2.152%, 10/20/24 		824   817
Hexion, Inc. Tranche B (3 month LIBOR + 3.500%)
3.730%, 7/1/26 		696   689
Ineos U.S. Finance LLC 2024 (3 month LIBOR + 2.000%)
2.147%, 4/1/24 		2,111   2,085
Innophos Holdings, Inc. (1 month LIBOR + 3.500%)
3.647%, 2/5/27 		863   861
Starfruit Finco B.V. (3 month LIBOR + 3.000%)
3.153%, 10/1/25 		1,272   1,258
      8,175
       
 
Consumer Durables—2.1%    
CP Atlas Buyer, Inc.      
Tranche B-1 (3 month LIBOR + 4.500%)
5.250%, 11/23/27 		251   252
Tranche B-2 (3 month LIBOR + 4.500%)
5.250%, 11/23/27 		84   84
Kronos Acquisition Holdings, Inc. (3 month LIBOR + 4.500%)
0.000%, 12/22/26(5) 		1,255   1,253
Ozark Holdings LLC 2020 (1 month LIBOR + 4.000%)
4.750%, 12/10/27 		230   230
Plantronics, Inc. Tranche B (1 month LIBOR + 2.500%)
2.646%, 7/2/25 		750   732
Serta Simmons Bedding LLC First Lien (3 month LIBOR + 3.500%)
4.500%, 11/8/23 		1,650   812
Zodiac Pool Solutions LLC Tranche B1 (1 month LIBOR + 2.000%)
2.147%, 7/2/25 		839   830
      4,193
       
 
Consumer Non-Durables—2.7%    
Diamond (BC) B.V.      
(3 month LIBOR + 3.000%)
3.214%, 9/6/24 		1,395   1,373
(3 month LIBOR + 5.000%)
6.000%, 9/6/24 		219   219
Isagenix International LLC (3 month LIBOR + 5.750%)
6.750%, 6/16/25 		1,422   784
Parfums Holding Co., Inc. First Lien (3 month LIBOR + 4.000%)
4.000%, 6/30/24 		1,171   1,160
Rodan & Fields LLC (1 month LIBOR + 4.000%)
4.159%, 6/16/25 		821   672
  Par Value   Value
       
Consumer Non-Durables—continued    
ZEP, Inc. First Lien (3 month LIBOR + 4.000%)
5.000%, 8/12/24 		$1,185   $1,153
      5,361
       
 
Energy—1.6%    
Astoria Energy LLC Tranche B (3 month LIBOR + 3.500%)
0.000%, 12/10/27(5) 		190   188
CITGO Holding, Inc. (3 month LIBOR + 7.000%)
8.000%, 8/1/23 		311   286
CITGO Petroleum Corp. 2019, Tranche B (3 month LIBOR + 6.250%)
7.250%, 3/28/24 		675   669
Fieldwood Energy LLC First Lien (3 month PRIME + 4.250%)
7.500%, 4/11/22(6) 		733   165
Hamilton Projects Acquiror LLC (3 month LIBOR + 4.750%)
5.750%, 6/17/27 		627   627
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%)
4.250%, 10/30/24 		632   619
Paragon Offshore Finance Co. (3 month PRIME + 0.000%)
3.250%, 7/16/21(3)(7) 		11   —
Traverse Midstream Partners LLC (1 month LIBOR + 5.500%)
6.500%, 9/27/24 		606   593
      3,147
       
 
Financial—3.5%    
Acrisure LLC 2020, Tranche B (1 month LIBOR + 3.500%)
3.647%, 2/15/27 		549   537
Asurion LLC      
Tranche B-2, Second Lien (1 month LIBOR + 6.500%)
6.647%, 8/4/25 		836   842
Tranche B-8 (1 month LIBOR + 3.250%)
3.397%, 12/23/26 		944   933
Avolon TLB Borrower 1 US LLC Tranche B-5 (1 month LIBOR + 2.500%)
3.250%, 12/1/27 		485   485
Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%)
3.147%, 6/16/25 		720   700
Deerfield Dakota Holding LLC First Lien (1 month LIBOR + 3.750%)
4.750%, 4/9/27 		1,199   1,200
Financial & Risk US Holdings, Inc. (1 month LIBOR + 3.250%)
3.397%, 10/1/25 		2,051   2,046
iStar, Inc. Tranche B (1 month LIBOR + 2.750%)
2.903%, 6/28/23 		337   336
      7,079
       
 
Food / Tobacco—5.5%    
Aramark Services, Inc. Tranche B-2 (1 month LIBOR + 1.750%)
1.895%, 3/28/24 		850   839
 
See Notes to Schedule of Investments
2
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2020
($ reported in thousands)
  Par Value   Value
       
Food / Tobacco—continued    
Arterra Wines Canada, Inc. Tranche B-1 (3 month LIBOR + 3.500%)
4.250%, 11/24/27 		$620   $623
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%)
2.897%, 3/31/25 		767   754
Chobani LLC (1 month LIBOR + 3.500%)
4.500%, 10/20/27 		1,073   1,069
Dole Food Co., Inc. Tranche B (3 month LIBOR + 2.750%)
0.000%, 4/6/24 		450   449
Froneri US, Inc. Tranche B-2 (1 month LIBOR + 2.250%)
2.397%, 1/29/27 		940   930
H-Food Holdings LLC (3 month LIBOR + 3.688%)
3.833%, 5/23/25 		1,592   1,562
Hostess Brands LLC 2019, Tranche B (3 month LIBOR + 2.250%)
3.000%, 8/3/25 		831   826
Milk Specialties Co. (1 month LIBOR + 4.000%)
5.000%, 8/16/23 		1,113   1,107
Shearer’s Foods LLC First Lien (3 month LIBOR + 4.000%)
4.750%, 9/23/27 		1,609   1,609
Sigma Bidco B.V. Tranche B-2 (6 month LIBOR + 3.000%)
3.369%, 7/2/25 		1,364   1,350
      11,118
       
 
Forest Prod / Containers—6.6%    
Anchor Glass Container Corp.      
(3 month LIBOR + 5.000%)
6.000%, 12/7/23 		388   295
2017, First Lien (3 month LIBOR + 2.750%)
3.750%, 12/7/23 		968   756
Second Lien (1 month LIBOR + 7.750%)
8.750%, 12/7/24 		269   106
Berlin Packaging LLC First Lien (3 month LIBOR + 3.000%)
3.161%, 11/7/25 		1,053   1,034
Berry Global, Inc.      
Tranche W (1 month LIBOR + 2.000%)
2.149%, 10/1/22 		266   266
Tranche X (1 month LIBOR + 2.000%)
2.149%, 1/19/24 		264   263
Tranche Y (1 month LIBOR + 2.000%)
2.149%, 7/1/26 		1,294   1,286
BWay Holding Co. (3 month LIBOR + 3.250%)
3.480%, 4/3/24 		1,265   1,218
Fort Dearborn Holding Co., Inc. First Lien (3 month LIBOR + 4.000%)
5.000%, 10/19/23 		1,301   1,294
Klockner Pentaplast of America, Inc. (3 month LIBOR + 4.250%)
5.250%, 6/30/22 		1,550   1,545
Reynolds Group Holdings, Inc.      
(1 month LIBOR + 2.750%)
2.897%, 2/6/23 		583   580
Tranche B-2 (1 month LIBOR + 3.250%)
3.397%, 2/5/26 		1,635   1,621
  Par Value   Value
       
Forest Prod / Containers—continued    
Spectrum Holdings III Corp. First Lien (6 month LIBOR + 3.250%)
4.250%, 1/31/25 		$1,150   $1,081
Tricorbraun Holdings, Inc. First Lien (3 month LIBOR + 3.750%)
4.750%, 11/30/23 		936   929
Trident TPI Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.000%)
4.000%, 10/17/24 		1,048   1,032
      13,306
       
 
Gaming / Leisure—5.7%    
Aristocrat Technologies, Inc.      
(3 month LIBOR + 3.750%)
4.750%, 10/19/24 		119   120
Tranche B-3 (3 month LIBOR + 1.750%)
1.966%, 10/19/24 		1,075   1,063
Boyd Gaming Corp. Tranche B (weekly LIBOR + 2.250%)
2.352%, 9/15/23 		845   837
Caesars Resort Collection LLC Tranche B-1 (3 month LIBOR + 4.500%)
4.647%, 7/21/25 		853   853
Carnival Corp. (1 month LIBOR + 7.500%)
8.500%, 6/30/25 		159   163
CCM Merger, Inc. Tranche B (1 month LIBOR + 3.750%)
4.500%, 11/4/25 		460   459
CityCenter Holdings LLC (1 month LIBOR + 2.250%)
2.397%, 4/18/24 		1,089   1,071
Everi Payments, Inc. Tranche B (1 month LIBOR + 2.750%)
3.750%, 5/9/24 		1,220   1,205
Golden Nugget LLC (2 month LIBOR + 2.500%)
3.250%, 10/4/23 		1,313   1,265
Landry’s Finance Acquisition Co. 2020 (3 month LIBOR + 12.000%)
13.000%, 10/6/23 		30   34
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%)
3.750%, 4/29/24 		905   829
Pug LLC Tranche B (1 month LIBOR + 3.500%)
3.647%, 2/12/27 		891   848
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%)
2.897%, 8/14/24 		894   872
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%)
2.500%, 2/8/27 		572   563
UFC Holdings LLC Tranche B (6 month LIBOR + 3.250%)
4.250%, 4/29/26 		1,192   1,187
      11,369
       
 
Healthcare—15.4%    
Agiliti Health, Inc. (3 month LIBOR + 3.000%)
0.000%, 1/4/26(5) 		470   468
AHP Health Partners, Inc. (1 month LIBOR + 4.500%)
5.500%, 6/30/25 		1,183   1,186
ASP Navigate Acquisition Corp. (3 month LIBOR + 4.500%)
5.500%, 10/6/27 		440   439
 
See Notes to Schedule of Investments
3
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2020
($ reported in thousands)
  Par Value   Value
       
Healthcare—continued    
Azalea TopCo, Inc.      
(3 month LIBOR + 4.000%)
4.750%, 7/24/26 		$170   $170
First Lien (3 month LIBOR + 3.500%)
3.714%, 7/27/26 		607   599
Bausch Health Cos., Inc.      
(1 month LIBOR + 2.750%)
2.893%, 11/27/25 		439   434
(1 month LIBOR + 3.000%)
3.148%, 6/2/25 		1,290   1,284
Cano Health LLC      
(3 month LIBOR + 1.000%)
1.000%, 11/19/27(8) 		235   234
(3 month LIBOR + 5.250%)
6.000%, 11/19/27 		645   643
CHG Healthcare Services, Inc. (3 month LIBOR + 3.000%)
4.000%, 6/7/23 		932   925
Concordia International Corp. (3 month LIBOR + 5.500%)
6.500%, 9/6/24 		716   699
CPI Holdco LLC First Lien (1 month LIBOR + 4.250%)
4.397%, 11/4/26 		453   453
CT Technologies Intermediate Holdings, Inc. (1 month LIBOR + 5.000%)
6.000%, 12/16/25 		1,050   1,045
Elanco Animal Health, Inc. (3 month LIBOR + 1.750%)
1.905%, 8/1/27 		994   984
Endo Luxembourg Finance Co. S.a.r.l. (3 month LIBOR + 4.250%)
5.000%, 4/29/24 		853   838
Envision Healthcare Corp. (1 month LIBOR + 3.750%)
3.897%, 10/10/25 		1,439   1,196
eResearch Technology, Inc. First Lien (1 month LIBOR + 4.500%)
5.500%, 2/4/27 		896   885
Gentiva Health Services, Inc. Tranche B (1 month LIBOR + 3.250%)
3.438%, 7/2/25 		588   584
Greatbatch Ltd. Tranche B (1 month LIBOR + 2.500%)
3.500%, 10/27/22 		81   81
HAH Group Holding Co. LLC      
First Lien (3 month LIBOR + 1.000%)
1.000%, 10/22/27(8) 		124   123
First Lien (3 month LIBOR + 5.000%)
6.000%, 10/22/27 		981   973
Heartland Dental LLC (1 month LIBOR + 3.500%)
3.647%, 4/30/25 		771   751
IQVIA, Inc.      
Tranche B-1 (1 month LIBOR + 1.750%)
1.897%, 3/7/24 		913   907
Tranche B-3 (3 month LIBOR + 1.750%)
2.004%, 6/11/25 		805   798
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%)
3.897%, 11/17/25 		1,337   1,332
Milano Acquisition Corp. Tranche B (3 month LIBOR + 4.000%)
4.750%, 10/1/27 		910   909
National Mentor Holdings, Inc.      
First Lien (1 month LIBOR + 4.250%)
4.400%, 3/9/26 		609   608
  Par Value   Value
       
Healthcare—continued    
Tranche B (3 month LIBOR + 4.250%)
0.000%, 3/9/26(5) 		$135   $135
Tranche C (3 month LIBOR + 4.250%)
0.000%, 3/9/26(5) 		5   5
Tranche C, First Lien (3 month LIBOR + 4.250%)
4.510%, 3/9/26 		27   27
Navicure, Inc.      
(1 month LIBOR + 4.000%)
4.147%, 10/22/26 		635   633
Tranche B (1 month LIBOR + 4.000%)
4.750%, 10/22/26 		170   169
One Call Corp. First Lien (3 month LIBOR + 5.250%)
6.250%, 11/27/22 		219   212
Ortho-Clinical Diagnostics, Inc. (1 month LIBOR + 3.250%)
3.398%, 6/30/25 		957   942
Packaging Coordinators Midco, Inc. Tranche B, First Lien (6 month LIBOR + 3.750%)
4.500%, 11/30/27 		665   665
Parexel International Corp. (1 month LIBOR + 2.750%)
2.897%, 9/27/24 		1,197   1,175
Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%)
2.897%, 2/14/25 		1,539   1,502
PetVet Care Centers LLC 2020, First Lien (1 month LIBOR + 4.250%)
5.250%, 2/14/25(8) 		105   105
Phoenix Guarantor, Inc.      
Tranche B (1 month LIBOR + 3.750%)
4.250%, 3/5/26 		365   364
Tranche B-1 (1 month LIBOR + 3.250%)
3.402%, 3/5/26 		305   303
Pluto Acquisition I, Inc. 2020, First Lien (3 month LIBOR + 5.000%)
0.000%, 6/22/26(5) 		500   500
Precision Medicine Group LLC      
(3 month LIBOR + 3.750%)
4.500%, 11/18/27 		478   478
(3 month LIBOR + 3.750%)
3.750%, 11/18/27(8) 		62   62
Select Medical Corp. Tranche B (3 month LIBOR + 2.250%)
2.530%, 3/6/25 		633   626
Southern Veterinary Partners LLC      
(3 month LIBOR + 2.000%)
2.000%, 10/1/27(8) 		105   104
First Lien (3 month LIBOR + 4.000%)
5.000%, 10/5/27 		761   757
Surgery Center Holdings, Inc.      
(1 month LIBOR + 3.250%)
4.250%, 9/2/24 		1,143   1,122
2020 (1 month LIBOR + 8.000%)
9.000%, 9/30/24 		60   61
Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%)
3.897%, 7/2/25 		1,565   1,509
      31,004
       
 
Housing—1.8%    
American Builders & Contractors Supply Co., Inc. (1 month LIBOR + 2.000%)
2.147%, 1/15/27 		1,523   1,507
 
See Notes to Schedule of Investments
4
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2020
($ reported in thousands)
  Par Value   Value
       
Housing—continued    
CPG International LLC (3 month LIBOR + 3.750%)
4.750%, 5/6/24 		$557   $556
LBM Acquisition LLC      
(3 month LIBOR + 3.750%)
0.000%, 12/8/27(5)(8) 		17   17
First Lien (3 month LIBOR + 3.750%)
0.000%, 12/17/27(5) 		75   75
Summit Materials LLC Tranche B (1 month LIBOR + 2.000%)
2.145%, 11/21/24 		1,484   1,473
      3,628
       
 
Information Technology—7.0%    
Applied Systems, Inc.      
First Lien (3 month LIBOR + 3.000%)
4.000%, 9/19/24 		656   655
Second Lien (3 month LIBOR + 7.000%)
8.000%, 9/19/25 		773   776
Aston Finco S.a.r.l. First Lien (3 month LIBOR + 4.250%)
4.403%, 10/9/26 		780   769
Barracuda Networks, Inc. First Lien (3 month LIBOR + 3.750%)
4.500%, 2/12/25 		753   751
Boxer Parent Co., Inc. (1 month LIBOR + 4.250%)
4.397%, 10/2/25 		1,680   1,671
Dell International LLC Tranche B-1 (1 month LIBOR + 2.000%)
2.750%, 9/19/25 		760   760
Epicor Software Corp. Tranche B (1 month LIBOR + 4.250%)
5.250%, 7/30/27 		988   992
Greeneden US Holdings II LLC Tranche B-4 (3 month LIBOR + 4.000%)
4.750%, 12/1/27 		710   711
Hyland Software, Inc. 2018 (1 month LIBOR + 3.500%)
4.250%, 7/1/24 		898   899
Masergy Holdings, Inc. 2017, First Lien (3 month LIBOR + 3.250%)
4.250%, 12/15/23 		858   848
Sophia LP (3 month LIBOR + 3.750%)
4.500%, 10/7/27 		985   986
Uber Technologies, Inc. 2018 (1 month LIBOR + 3.500%)
3.647%, 7/13/23 		1,234   1,231
Ultimate Software Group, Inc. (The)      
2020 (3 month LIBOR + 4.000%)
4.750%, 5/4/26 		1,656   1,663
Second Lien (3 month LIBOR + 6.750%)
7.500%, 5/3/27 		40   41
Vertiv Group Corp. (1 month LIBOR + 3.000%)
3.153%, 3/2/27 		1,052   1,045
Virtusa Corp. Tranche B (3 month LIBOR + 4.250%)
0.000%, 12/9/27(5) 		300   298
      14,096
       
 
Manufacturing—5.8%    
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%)
4.250%, 10/8/27 		1,000   999
  Par Value   Value
       
Manufacturing—continued    
Backyard Acquireco, Inc. (3 month LIBOR + 4.000%)
4.750%, 11/2/27 		$605   $606
CIRCOR International, Inc. (1 month LIBOR + 3.250%)
4.250%, 12/11/24 		961   951
CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%)
5.500%, 8/17/22 		902   823
DXP Enterprises, Inc. (1 month LIBOR + 4.750%)
5.750%, 12/16/27(3) 		340   337
Filtration Group Corp.      
(3 month LIBOR + 3.000%)
3.147%, 3/31/25 		1,498   1,481
Tranche A (1 month LIBOR + 3.750%)
4.500%, 3/29/25 		414   414
Gardner Denver, Inc.      
Tranche A (1 month LIBOR + 2.750%)
2.897%, 3/1/27 		55   55
Tranche B-1 (1 month LIBOR + 1.750%)
1.897%, 3/1/27 		825   813
Gates Global LLC Tranche B-2 (1 month LIBOR + 2.750%)
3.750%, 4/1/24 		858   854
Ingersoll-Rand Services Co. 2020, Tranche B-1 (3 month LIBOR + 1.750%)
1.897%, 3/1/27 		362   357
NCR Corp. (1 month LIBOR + 2.500%)
2.650%, 8/28/26 		943   927
NN, Inc.      
2017 (1 month LIBOR + 5.750%)
5.897%, 10/19/22 		32   32
Tranche B (1 month LIBOR + 5.750%)
6.500%, 10/19/22 		56   55
Star US Bidco LLC (1 month LIBOR + 4.250%)
5.250%, 3/17/27 		955   935
Titan Acquisition Ltd. (6 month LIBOR + 3.000%)
3.267%, 3/28/25 		1,086   1,057
U.S. Farathane LLC Tranche B-4 (3 month LIBOR + 3.500%)
4.500%, 12/23/21 		1,098   1,013
      11,709
       
 
Media / Telecom - Broadcasting—3.1%    
Diamond Sports Group LLC (1 month LIBOR + 3.250%)
3.400%, 8/24/26 		703   619
iHeartCommunications, Inc. (1 month LIBOR + 3.000%)
3.147%, 5/1/26 		1,411   1,386
Nexstar Broadcasting, Inc. Tranche B-4 (3 month LIBOR + 2.750%)
2.905%, 9/18/26 		1,118   1,110
Sinclair Television Group, Inc. Tranche B (1 month LIBOR + 2.250%)
2.400%, 1/3/24 		1,015   1,002
Univision Communications, Inc. 2017 (1 month LIBOR + 2.750%)
3.750%, 3/15/24 		2,139   2,124
      6,241
       
 
 
See Notes to Schedule of Investments
5
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2020
($ reported in thousands)
  Par Value   Value
       
Media / Telecom - Cable/Wireless Video—3.2%    
Charter Communications Operating LLC Tranche B2 (1 month LIBOR + 1.750%)
1.900%, 2/1/27 		$2,337   $2,321
CSC Holdings LLC      
2017 (1 month LIBOR + 2.250%)
2.409%, 7/17/25 		1,597   1,571
2018 (1 month LIBOR + 2.250%)
2.409%, 1/15/26 		1,002   986
Intelsat Jackson Holdings S.A. Tranche B-5 (6 month LIBOR + 8.625%)
8.625%, 1/2/24(6) 		691   702
Radiate Holdco LLC Tranche B (1 month LIBOR + 3.500%)
4.250%, 9/25/26 		149   149
Virgin Media Bristol LLC Tranche N (1 month LIBOR + 2.500%)
2.659%, 1/31/28 		620   614
      6,343
       
 
Media / Telecom - Diversified Media—1.9%    
Clear Channel Outdoor Holdings, Inc. Tranche B (3 month LIBOR + 3.500%)
3.714%, 8/21/26 		863   829
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien (3 month LIBOR + 4.000%)
5.000%, 5/4/22 		1,243   1,209
Meredith Corp. Tranche B-2 (1 month LIBOR + 2.500%)
2.647%, 1/31/25 		689   681
Newco Financing Partnership Tranche AV1 (3 month LIBOR + 3.500%)
3.673%, 1/31/29 		550   550
UPC Financing Partnership Tranche AV (3 month LIBOR + 3.500%)
3.677%, 1/31/29 		550   550
      3,819
       
 
Media / Telecom - Telecommunications—3.7%    
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%)
2.397%, 3/15/27 		895   885
Consolidated Communications, Inc. (1 month LIBOR + 4.750%)
5.750%, 10/2/27 		903   906
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%)
1.897%, 3/1/27 		2,124   2,087
Numericable U.S. LLC      
Tranche B-11 (1 month LIBOR + 2.750%)
2.897%, 7/31/25 		981   959
Tranche B-12 (1 month LIBOR + 3.688%)
3.846%, 1/31/26 		536   529
Tranche B-13 (3 month LIBOR + 4.000%)
4.237%, 8/14/26 		637   633
West Corp.      
Tranche B (3 month LIBOR + 4.000%)
5.000%, 10/10/24 		499   482
Tranche B-1 (3 month LIBOR + 3.500%)
4.500%, 10/10/24 		453   436
  Par Value   Value
       
Media / Telecom - Telecommunications—continued    
Zayo Group Holdings, Inc. (1 month LIBOR + 3.000%)
3.147%, 3/9/27 		$575   $570
      7,487
       
 
Media / Telecom - Wireless Communications—0.7%    
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%)
1.900%, 4/11/25 		1,379   1,362
Metals / Minerals—0.4%    
Covia Holdings Corp. (3 month PRIME + 5.000%)
8.250%, 6/1/25(6) 		971   827
Retail—2.5%    
Bass Pro Group, LLC (3 month LIBOR + 5.000%)
5.750%, 9/25/24 		1,073   1,075
CNT Holdings I Corp. First Lien (6 month LIBOR + 3.750%)
4.500%, 11/8/27 		830   829
Harbor Freight Tools USA, Inc. 2020 (1 month LIBOR + 3.250%)
4.000%, 10/19/27 		1,593   1,590
Michaels Stores, Inc. 2020, Tranche B (1 month LIBOR + 3.500%)
4.250%, 10/1/27 		1,022   1,013
Petco Animal Supplies, Inc. (3 month LIBOR + 3.250%)
0.000%, 1/26/23(5) 		615   587
      5,094
       
 
Service—9.7%    
AlixPartners LLP 2017 (1 month LIBOR + 2.500%)
2.647%, 4/4/24 		1,539   1,520
Cardtronics USA, Inc. (1 month LIBOR + 4.000%)
5.000%, 6/29/27 		662   660
Carlisle Food Service Products, Inc. First Lien (3 month LIBOR + 3.000%)
4.000%, 3/20/25 		614   566
CSC SW Holdco, Inc. Tranche B-1 (3 month LIBOR + 3.250%)
4.250%, 11/14/22 		711   707
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.750%)
3.898%, 2/6/26 		1,426   1,426
GFL Environmental, Inc. 2020 (3 month LIBOR + 3.000%)
3.000%, 5/30/25 		814   815
Hoya Midco LLC First Lien (6 month LIBOR + 3.500%)
4.500%, 6/30/24 		1,073   1,008
NAB Holdings LLC 2018 (3 month LIBOR + 3.000%)
4.000%, 7/1/24 		1,052   1,044
Patriot Container Corp. First Lien (1 month LIBOR + 3.500%)
4.500%, 3/20/25 		938   916
Pi US Mergerco, Inc. Tranche B-1 (1 month LIBOR + 3.500%)
4.500%, 1/3/25 		1,265   1,261
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%)
3.397%, 12/31/25 		2,096   2,060
 
See Notes to Schedule of Investments
6
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2020
($ reported in thousands)
  Par Value   Value
       
Service—continued    
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.250%)
3.400%, 7/17/25 		$996   $980
Tempo Acquisition LLC (1 month LIBOR + 3.250%)
3.750%, 11/2/26 		878   871
TKC Holdings, Inc. First Lien (3 month LIBOR + 3.750%)
4.750%, 2/1/23 		887   869
Trans Union LLC Tranche B-5 (1 month LIBOR + 1.750%)
1.897%, 11/16/26 		1,551   1,543
TRC Cos, Inc. 2019 (1 month LIBOR + 5.000%)
6.000%, 6/21/24 		569   566
Tunnel Hill Partners LP (1 month LIBOR + 3.500%)
3.647%, 2/6/26 		793   728
Weld North Education LLC 2020 (3 month LIBOR + 4.000%)
0.000%, 12/15/27(5) 		545   543
WEX, Inc. Tranche B-3 (1 month LIBOR + 2.250%)
2.397%, 5/15/26 		1,448   1,436
      19,519
       
 
Transportation - Automotive—3.9%    
Accuride Corp. 2017 (3 month LIBOR + 5.250%)
6.250%, 11/17/23 		851   764
American Axle & Manufacturing, Inc. Tranche B (3 month LIBOR + 2.250%)
2.758%, 4/6/24 		1,433   1,408
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)
2.750%, 11/2/23 		957   891
DexKo Global, Inc. Tranche B (3 month LIBOR + 3.500%)
4.500%, 7/24/24 		607   607
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%)
3.660%, 11/6/24 		1,078   1,075
PAI Holdco, Inc. Tranche B (6 month LIBOR + 4.000%)
5.000%, 10/28/27 		180   180
Panther BF Aggregator 2 LP First Lien (1 month LIBOR + 3.500%)
3.647%, 4/30/26 		932   927
Tenneco, Inc. Tranche B (1 month LIBOR + 3.000%)
3.147%, 10/1/25 		1,272   1,238
TI Group Automotive Systems LLC First Lien (3 month LIBOR + 3.750%)
4.004%, 12/16/24 		792   792
      7,882
       
 
Utility—2.1%    
Brookfield WEC Holdings, Inc. (1 month LIBOR + 3.000%)
3.750%, 8/1/25 		1,921   1,915
Calpine Construction Finance Co. LP Tranche B (1 month LIBOR + 2.000%)
2.147%, 1/15/25 		965   952
Calpine Corp. Tranche B-10 (1 month LIBOR + 2.000%)
2.147%, 8/12/26 		447   440
Lightstone Holdco LLC      
2018, Tranche B (3 month LIBOR + 3.750%)
4.750%, 1/30/24 		777   720
  Par Value   Value
       
Utility—continued    
2018, Tranche C (3 month LIBOR + 3.750%)
4.750%, 1/30/24 		$44   $40
PG&E Corp. (1 month LIBOR + 4.500%)
5.500%, 6/23/25 		194   196
      4,263
       
 
Total Leveraged Loans
(Identified Cost $197,891) 		  193,865
       
 
       
 
    
  Shares  
Common Stocks—0.5%
Communication Services—0.4%  
Clear Channel Outdoor Holdings, Inc.(9) 107,177 177
iHeartMedia, Inc. Class A(9) 45,578 591
    768
     
 
Consumer Non-Durables—0.0%  
Libbey Glass Inc.(3)(9) 40,573 122
Financials—0.1%  
Neiman Marcus Group, Inc.(9) 3,033 197
Total Common Stocks
(Identified Cost $1,500) 		1,087
     
 
     
 
Rights—0.1%
Utilities—0.1%  
Vistra Energy Corp.(9) 152,810 153
Total Rights
(Identified Cost $130) 		153
     
 
     
 
Total Long-Term Investments—102.2%
(Identified Cost $209,604) 		205,578
     
 
     
 
Short-Term Investment—0.1%
Money Market Mutual Fund—0.1%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(10) 168,358 168
Total Short-Term Investment
(Identified Cost $168) 		168
     
 
     
 
TOTAL INVESTMENTS—102.3%
(Identified Cost $209,772) 		$205,746(11)
Other assets and liabilities, net—(2.3)% (4,707)
NET ASSETS—100.0% $201,039
    
Abbreviations:
LIBOR London Interbank Offered Rate
LLC Limited Liability Company
LLLP Limited Liability Limited Partnership
LP Limited Partnership
PIK Payment-in-Kind Security
    
 
See Notes to Schedule of Investments
7
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2020
($ 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 December 31, 2020, these securities amounted to a value of $6,853 or 3.4% 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 December 31, 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 December 31, 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, interest payments are being received during the bankruptcy proceedings.
(7) Security in default; no 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.
(10) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
(11) All or a portion of securities is segregated as collateral for borrowings.
    
Country Weightings†
United States 93%
Canada 2
Luxembourg 1
Netherlands 1
France 1
Australia 1
Other 1
Total 100%
† % of total investments as of December 31, 2020.
See Notes to Schedule of Investments
8
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2020
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of December 31, 2020, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):
  Total
Value at
December 31, 2020 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Assets:              
Debt Securities:              
Corporate Bonds and Notes $10,473   $—   $10,473   $—(1)
Leveraged Loans 193,865   —   193,528   337(1)
Equity Securities:              
Rights 153   —   153   —
Common Stocks 1,087   768   197   122
Money Market Mutual Fund 168   168   —   —
Total Investments $205,746   $936   $204,351   $459
    
(1) Includes internally fair valued securities currently priced at zero ($0).
There were no transfers into or out of Level 3 related to securities held at December 31, 2020.
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 December 31, 2020.
See Notes to Schedule of Investments
9
NEWFLEET SENIOR FLOATING RATE FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).
• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Funds 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 and futures, 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.
10