DUFF & PHELPS INTERNATIONAL SERIES

SCHEDULE OF INVESTMENTS

(Unaudited)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
PREFERRED STOCK—3.0%
Consumer Staples—3.0%
Cia Brasileira de Distribuicao, 2.170% (Brazil)		193,265	$	4,489
TOTAL PREFERRED STOCK (Identified Cost $4,297)				4,489
COMMON STOCKS—94.4%
Communication Services—5.4%
BT Group plc (United Kingdom)		1,266,301		3,677
Telefonica SA (Spain)		515,400		4,318
				7,995
Consumer Discretionary—7.6%
Carnival plc (United Kingdom)		67,595		3,315
Ctrip.com International Ltd. ADR (China)(1)		99,453		4,345
Sony Corp. (Japan)		87,220		3,655
				11,315
Consumer Staples—2.8%
Mowi ASA (Norway)		186,946		4,172
Energy—5.7%
BP plc (United Kingdom)		538,404		3,917
Eni SpA (Italy)		257,423		4,549
				8,466
Financials—23.5%
Banco Bradesco SA ADR (Brazil)		449,618		4,905
BOC Hong Kong Holdings Ltd. (Hong Kong)		925,000		3,830
China Construction Bank Corp. Class H (China)		4,933,000		4,229
DBS Group Holdings Ltd. (Singapore)		294,610		5,485
ORIX Corp. (Japan)		310,890		4,459
Ping An Insurance Group Co. of China Ltd. Class H (China)		539,000		6,035
Standard Life Aberdeen plc (United Kingdom)		728,222		2,503
UBS Group AG Registered Shares (Switzerland)		290,703		3,524
				34,970
Health Care—5.2%
Fresenius Medical Care AG & Co. KGaA (Germany)		37,604		3,033
Novartis AG Registered Shares (Switzerland)		49,108		4,724
				7,757
Industrials—18.0%
Airbus SE (France)		42,593		5,633
Ashtead Group plc (United Kingdom)		216,856		5,232
CK Hutchison Holdings Ltd. (Hong Kong)		416,000		4,369
easyJet plc (United Kingdom)		247,639		3,605
Golden Ocean Group Ltd. (Norway)(2)		630,370		3,008
Nidec Corp. (Japan)		39,035		4,940
				26,787
Information Technology—14.5%
ASML Holding NV (Netherlands)		30,179		5,660
Broadcom, Inc. (United States)		22,553		6,782

	Shares		Value
Information Technology—continued
Hitachi Ltd. (Japan)		154,843	$	5,009
SAP SE (Germany)		36,029		4,163
				21,614
Materials—6.2%
Anhui Conch Cement Co. Ltd. Class H (China)		813,500		4,969
Glencore plc (Switzerland)		1,048,352		4,341
				9,310
Real Estate—3.1%
Mitsubishi Estate Co., Ltd. (Japan)		257,900		4,667
Utilities—2.4%
Veolia Environnement SA (France)		161,878		3,619
TOTAL COMMON STOCKS (Identified Cost $129,908)				140,672
TOTAL LONG-TERM INVESTMENTS—97.4% (Identified Cost $134,205)				145,161
SECURITIES LENDING COLLATERAL—0.1%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(3)(4)		104,815		105
TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $105)				105
TOTAL INVESTMENTS—97.5% (Identified Cost $134,310)			$	145,266
Other assets and liabilities, net—2.5%				3,716
NET ASSETS—100.0%			$	148,982

Abbreviation:

ADR American Depositary Receipt

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†
Japan	16	%
United Kingdom	15
China	13
Switzerland	9
Brazil	6
France	6
Hong Kong	6
Other	29
Total	100	%
† % of total investments as of March 31, 2019.

See Notes to Schedule of Investments

0

DUFF & PHELPS INTERNATIONAL SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of March 31, 2019 based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at March 31, 2019			Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks		$	140,672		$	140,672
Preferred Stock			4,489			4,489
Securities Lending
Collateral			105			105
Total Investments		$	145,266		$	145,266

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2019.

There were no transfers into or out of Level 3 related to securities held at March 31, 2019.

See Notes to Schedule of Investments

1

DUFF & PHELPS REAL ESTATE SECURITIES SERIES

SCHEDULE OF INVESTMENTS

(Unaudited)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—97.7%
Real Estate Investment Trusts—97.7%
Data Centers—10.1%
CyrusOne, Inc.		40,140	$	2,105
Digital Realty Trust, Inc.		34,543		4,111
Equinix, Inc.		2,552		1,156
				7,372
Diversified—1.0%
Vornado Realty Trust		10,400		701
Health Care—7.9%
HCP, Inc.		105,850		3,313
Healthcare Trust of America, Inc. Class A		84,500		2,416
				5,729
Industrial/Office—25.8%
Industrial—11.5%
Americold Realty Trust		40,461		1,234
Duke Realty Corp.		84,946		2,598
Prologis, Inc.		63,267		4,552
				8,384
Office—14.3%
Alexandria Real Estate Equities, Inc.		24,467		3,488
Cousins Properties, Inc.		274,050		2,647
Douglas Emmett, Inc.		49,490		2,000
Kilroy Realty Corp.		18,964		1,441
Paramount Group, Inc.		62,060		881
				10,457
Total Industrial/Office				18,841
Lodging/Resorts—7.2%
Host Hotels & Resorts, Inc.		98,464		1,861
RLJ Lodging Trust		83,035		1,459
Ryman Hospitality Properties, Inc.		15,500		1,275
Summit Hotel Properties, Inc.		60,254		687
				5,282
Residential—21.9%
Apartments—15.2%
Apartment Investment & Management Co. Class A		44,255		2,226
AvalonBay Communities, Inc.		17,854		3,584
Equity Residential		29,731		2,239
Essex Property Trust, Inc.		6,505		1,881
Mid-America Apartment Communities, Inc.		10,800		1,181
				11,111
Manufactured Homes—3.7%
Sun Communities, Inc.		23,011		2,727
Single Family Homes—3.0%
American Homes 4 Rent Class A		94,400		2,145
Total Residential				15,983

	Shares		Value
Retail—14.3%
Free Standing—2.1%
Spirit Realty Capital, Inc.		39,054	$	1,552
Regional Malls—5.9%
Simon Property Group, Inc.		18,001		3,280
Taubman Centers, Inc.		19,260		1,018
				4,298
Shopping Centers—6.3%
Brixmor Property Group, Inc.		94,802		1,741
Regency Centers Corp.		41,750		2,818
				4,559
Total Retail				10,409
Self Storage—6.4%
CubeSmart		51,800		1,660
Extra Space Storage, Inc.		20,816		2,121
Public Storage		4,200		915
				4,696
Specialty—3.1%
VICI Properties, Inc.		103,500		2,265
TOTAL COMMON STOCKS
(Identified Cost $50,663)				71,278
TOTAL LONG-TERM INVESTMENTS—97.7% (Identified Cost $50,663)				71,278
SHORT-TERM INVESTMENT—1.0%
MONEY MARKET MUTUAL FUND—1.0%
Dreyfus Government Cash Management Fund -  Institutional Shares (seven-day effective yield 2.335%)(1)		683,760		684
TOTAL SHORT-TERM INVESTMENT
(Identified Cost $684)				684
TOTAL INVESTMENTS—98.7%
(Identified Cost $51,347)				71,962
Other assets and liabilities, net—1.3%				972
NET ASSETS—100.0%			$	72,934

Footnote Legend:

⁽¹⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

See Notes to Schedule of Investments

2

DUFF & PHELPS REAL ESTATE SECURITIES SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of March 31, 2019 based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):
	Total Value at March 31, 2019		Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks		$71,278		$71,278
Money Market Mutual
Fund		684		684
Total Investments		$71,962		$71,962
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2019. There were no transfers into or out of Level 3 related to securities held at March 31, 2019.

See Notes to Schedule of Investments

3

KAR CAPITAL GROWTH SERIES

SCHEDULE OF INVESTMENTS

(Unaudited)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
CONVERTIBLE PREFERRED STOCK—1.1%
Information Technology—1.1%
BDC Payments Holdings, Inc.(1)(2)(3)		290,935	$	2,417
TOTAL CONVERTIBLE PREFERRED STOCK (Identified Cost $2,417)				2,417
COMMON STOCKS—98.5%
Communication Services—14.1%
Activision Blizzard, Inc.		54,190		2,467
Facebook, Inc. Class A(2)		72,872		12,147
Netflix, Inc.(2)		27,930		9,959
Tencent Holdings Ltd. ADR		155,530		7,151
				31,724
Consumer Discretionary—26.8%
Alibaba Group Holding Ltd. Sponsored ADR(2)		70,578		12,877
Amazon.com, Inc.(2)		10,120		18,021
Ctrip.com International Ltd. ADR(2)		70,610		3,085
Home Depot, Inc. (The)		17,288		3,318
Las Vegas Sands Corp.		87,912		5,359
McDonald’s Corp.		17,600		3,342
MercadoLibre, Inc.(2)		6,580		3,341
NIKE, Inc. Class B		74,575		6,280
Ross Stores, Inc.		48,217		4,489
				60,112
Consumer Staples—3.9%
McCormick & Co., Inc.		19,240		2,898
Monster Beverage Corp.(2)		37,815		2,064
Philip Morris International, Inc.		42,171		3,727
				8,689
Energy—1.5%
Cabot Oil & Gas Corp.		129,123		3,370
Financials—6.8%
Bank of America Corp.		238,210		6,572
Charles Schwab Corp. (The)		81,747		3,496
MarketAxess Holdings, Inc.		13,150		3,236
Progressive Corp. (The)		25,540		1,841
				15,145
Health Care—9.4%
Bluebird Bio, Inc.(2)		10,690		1,682
Danaher Corp.		32,417		4,280
HealthEquity, Inc.(2)		58,230		4,308
Illumina, Inc.(2)		15,310		4,756
Zoetis, Inc.		59,264		5,966
				20,992

	Shares		Value
Industrials—8.3%
Caterpillar, Inc.		27,320	$	3,701
CoStar Group, Inc.(2)		9,340		4,356
Kansas City Southern		28,280		3,280
Lyft, Inc. Class A(2)		4,210		330
Rockwell Automation, Inc.		10,620		1,863
Roper Technologies, Inc.		15,202		5,199
				18,729
Information Technology—25.3%
Accenture plc Class A		21,971		3,867
Amphenol Corp. Class A		67,954		6,418
Avalara, Inc.(2)		78,480		4,378
Fair Isaac Corp.(2)		6,670		1,812
Gartner, Inc.(2)		17,260		2,618
NVIDIA Corp.		35,490		6,373
Paycom Software, Inc.(2)		42,772		8,089
Trade Desk, Inc. (The) Class A(2)		24,810		4,911
Visa, Inc. Class A		68,768		10,741
Workday, Inc. Class A(2)		38,950		7,512
				56,719
Materials—2.4%
Ecolab, Inc.		30,184		5,329
TOTAL COMMON STOCKS (Identified Cost $109,289)				220,809
TOTAL LONG-TERM INVESTMENTS—99.6% (Identified Cost $ 111,706)				223,226
TOTAL INVESTMENTS—99.6% (Identified Cost $ 111,706)			$	223,226
Other assets and liabilities, net—0.4%				975
NET ASSETS—100.0%			$	224,201
Abbreviation:
ADR American Depositary Receipt
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)  Restricted security.
Country Weightings†
United States				90%
China				10
Total				100%
† % of total investments as of March 31, 2019.

See Notes to Schedule of Investments

4

KAR CAPITAL GROWTH SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of March 31, 2019 based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at March 31, 2019		Level 1 Quoted Prices		Level 3 Significant Unobservable Inputs
Assets:
Equity Securities:
Common Stocks		$220,809		$220,809		$     —
Convertible Preferred Stock		2,417		—		2,417
Total Investments		$223,226		$220,809		$2,417

There were no securities valued using significant observable inputs (Level 2) at March 31, 2019.

There were no transfers into or out of Level 3 related to securities held at March 31, 2019.

	Total		Convertible Preferred Stock
Investments in Securities Balance as of December 31, 2018:		$2,417		$2,417
Accrued discount/(premium)		—		—
Realized gain (loss)		—		—
Change in unrealized appreciation (depreciation)		—		—
Purchases		—		—
Sales		—		—
Transfers into Level 3		—		—
Transfers from Level 3		—		—
Balance as of March 31, 2019		$2,417		$2,417

The KAR Capital Growth Series owns the following internally fair valued security which is categorized as Level 3 in the hierarchy:

BDC Payment Holdings, Inc.

The significant unobservable inputs used in the fair value measurement of this non-public preferred stock is based on the cost of the most recent investment by the Series. Significant changes in the financial statement performance of this company, an increase or decrease in additional share classes or changes in the shares issued and outstanding, together or in isolation, could result in a significantly lower or higher fair value measurement.

See Notes to Schedule of Investments

5

KAR SMALL-CAP GROWTH SERIES

SCHEDULE OF INVESTMENTS

(Unaudited)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—97.8%
Communication Services—19.8%
Auto Trader Group plc		800,000	$	5,435
Autohome, Inc. ADR(1)		88,470		9,300
Rightmove plc		750,000		4,982
				19,717
Consumer Discretionary—9.3%
Fox Factory Holding Corp.(1)		94,555		6,609
Ollie’s Bargain Outlet Holdings, Inc.(1)		31,670		2,702
				9,311
Consumer Staples—4.0%
Chefs’ Warehouse, Inc. (The)(1)		93,790		2,912
PriceSmart, Inc.		18,500		1,089
				4,001
Financials—15.5%
FactSet Research Systems, Inc.		10,100		2,508
Interactive Brokers Group, Inc. Class A		79,630		4,131
MarketAxess Holdings, Inc.		9,350		2,301
Moelis & Co. Class A		79,270		3,298
Morningstar, Inc.		25,340		3,193
				15,431
Health Care—5.3%
National Research Corp.		72,740		2,808
U.S. Physical Therapy, Inc.		24,000		2,520
				5,328
Industrials—18.7%
AAON, Inc.		85,700		3,958
Copart, Inc.(1)		71,700		4,344
HEICO Corp. Class A		37,438		3,147
Old Dominion Freight Line, Inc.		28,200		4,072
Omega Flex, Inc.		41,699		3,161
				18,682
Information Technology—25.2%
ANSYS, Inc.(1)		12,770		2,333
Aspen Technology, Inc.(1)		39,980		4,168
Avalara, Inc.(1)		39,540		2,206
Blackline, Inc.(1)		69,190		3,205
DocuSign, Inc.(1)		63,075		3,270
Mesa Laboratories, Inc.		7,035		1,621

	Shares		Value
Information Technology—continued
NVE Corp.		35,200		$   3,446
Paycom Software, Inc.(1)		26,050		4,927
				25,176
TOTAL COMMON STOCKS (Identified Cost $ 46,840)				97,646
TOTAL LONG-TERM INVESTMENTS—97.8% (Identified Cost $ 46,840)				97,646
TOTAL INVESTMENTS—97.8% (Identified Cost $ 46,840)				$97,646
Other assets and liabilities, net—2.2%				2,163
NET ASSETS—100.0%				$99,809

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾ Non-income producing.

Country Weightings†
United States	80%
United Kingdom	11
China	9
Total	100%
† % of total investments as of March 31, 2019.

The following table summarizes the market value of the Series’ investments as of March 31, 2019 based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at March 31, 2019			Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks		$	97,646		$	97,646
Total Investments		$	97,646		$	97,646

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2019.

There were no transfers into or out of Level 3 related to securities held at March 31, 2019.

See Notes to Schedule of Investments

6

KAR SMALL-CAP VALUE SERIES

SCHEDULE OF INVESTMENTS

(Unaudited)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—97.6%
Communication Services—3.9%
Cinemark Holdings, Inc.		73,800	$	2,951
Consumer Discretionary—12.2%
Cheesecake Factory, Inc. (The)		81,750		3,999
Sally Beauty Holdings, Inc.(1)		136,852		2,519
Thor Industries, Inc.		43,490		2,713
				9,231
Consumer Staples—5.6%
National Beverage Corp.		33,250		1,920
WD-40 Co.		13,500		2,287
				4,207
Energy—2.7%
Core Laboratories N.V.		30,000		2,068
Financials—18.7%
Bank of Hawaii Corp.		36,970		2,916
First Financial Bankshares, Inc.		43,120		2,492
Houlihan Lokey, Inc.		64,590		2,961
Primerica, Inc.		27,728		3,387
RLI Corp.		32,850		2,357
				14,113
Health Care—2.0%
Anika Therapeutics, Inc.(1)		50,130		1,516
Industrials—21.8%
Graco, Inc.		56,510		2,798
Landstar System, Inc.		24,030		2,629
Lincoln Electric Holdings, Inc.		18,560		1,556
RBC Bearings, Inc.(1)		27,300		3,472
SiteOne Landscape Supply, Inc.(1)		57,254		3,272
Watsco, Inc.		19,050		2,728
				16,455
Information Technology—12.9%
American Software, Inc. Class A		88,100		1,053
Badger Meter, Inc.		32,856		1,828
Brooks Automation, Inc.		99,720		2,925
Cass Information Systems, Inc.		46,264		2,188
Jack Henry & Associates, Inc.		12,590		1,747
				9,741

	Shares		Value
Materials—5.1%
Scotts Miracle-Gro Co. (The)		49,542		$  3,893
Real Estate—12.7%
HFF, Inc. Class A		62,500		2,984
MGM Growth Properties LLC Class A		137,040		4,420
RE/MAX Holdings, Inc. Class A		58,100		2,239
				9,643
TOTAL COMMON STOCKS (Identified Cost $ 53,538)				73,818
TOTAL LONG-TERM INVESTMENTS—97.6% (Identified Cost $ 53,538)				73,818
TOTAL INVESTMENTS—97.6% (Identified Cost $ 53,538)				$73,818
Other assets and liabilities, net—2.4%				1,839
NET ASSETS—100.0%				$75,657

Abbreviation:

LLC Limited Liability Company

Footnote Legend:

⁽¹⁾  Non-income producing.

The following table summarizes the market value of the Series’ investments as of March 31, 2019 based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at March 31, 2019		Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks		$73,818		$73,818
Total Investments		$73,818		$73,818

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2019.

There were no transfers into or out of Level 3 related to securities held at March 31, 2019.

See Notes to Schedule of Investments

7

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS

(Unaudited)

MARCH 31, 2019

($ reported in thousands)

	Par Value			Value
U.S. GOVERNMENT SECURITIES—3.7%
U.S. Treasury Note
1.375%, 1/15/20	$	1,250		$	1,240
0.000%, 3/26/20		300			293
1.375%, 4/30/20		2,215			2,191
2.375%, 1/31/23		655			658
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $4,365)					4,382
MUNICIPAL BONDS—0.7%
Michigan—0.2%
Tobacco Settlement Finance Authority Revenue Taxable Series A 7.309%, 6/1/34		180			179
Virginia—0.5%
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable 6.706%, 6/1/46		640			618
TOTAL MUNICIPAL BONDS
(Identified Cost $817)					797
FOREIGN GOVERNMENT SECURITIES—6.6%
Argentine Republic
6.875%, 4/22/21		180			164
6.875%, 1/26/27		290			235
Series NY
8.280%, 12/31/33		128			106
Bolivarian Republic of Venezuela
7.650%, 4/21/25(1)		825			236
9.375%, 1/13/34(1)		295			96
Dominican Republic 144A 5.950%, 1/25/27(2)		100			105
144A 6.000%, 7/19/28(2)		250			262
Federal Republic of Nigeria 144A 7.875%, 2/16/32(2)		295			307
Kingdom of Morocco 144A 5.500%, 12/11/42(2)		300			321
Provincia de Buenos Aires 144A 7.875%, 6/15/27(2)		465			338
Republic of Egypt 144A 7.500%, 1/31/27(2)		200			209
144A 7.600%, 3/1/29(2)		200			205
Republic of Ghana 144A
7.625%, 5/16/29(2)		200			196
Republic of Indonesia Treasury Bond, Series FR77 8.125%, 5/15/24		4,051,000	IDR		297
Republic of Indonesia 144A 8.500%, 10/12/35(2)		570			811
Republic of Ivory Coast 144A 6.375%, 3/3/28(2)		255			249
Republic of Pakistan 144A 6.875%, 12/5/27(2)		310			305
Republic of Saudi 144A 4.375%, 4/16/29(2)		290			302
Republic of South Africa 5.650%, 9/27/47		390			371

	Par Value			Value
Series 2023 7.750%, 2/28/23		3,700	ZAR	$	256
Republic of Turkey
4.875%, 10/9/26	$	275			237
6.000%, 3/25/27		305			279
Sultanate of Oman 144A 5.375%, 3/8/27(2)		455			423
Ukraine
144A 7.750%, 9/1/23(2)		170			165
144A 7.750%, 9/1/26(2)		425			399
United Mexican States
4.150%, 3/28/27		275			280
4.500%, 4/22/29		260			269
Series M
6.500%, 6/9/22		6,713	MXN		333
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $8,533)					7,756
MORTGAGE-BACKED SECURITIES—19.8%
Agency—3.1%
Federal National Mortgage Association
Pool #AT2016
3.000%, 4/1/43		365			366
Pool #AT7621
3.000%, 5/1/43		683			684
Pool #AS4992
3.500%, 5/1/45		220			224
Pool #AS5696
3.500%, 8/1/45		1,060			1,078
Pool #AS9393
4.000%, 4/1/47		121			125
Pool #MA3058
4.000%, 7/1/47		95			98
Pool #MA3088
4.000%, 8/1/47		755			780
Pool #MA3121
4.000%, 9/1/47		277			286
					3,641
Non-Agency—16.7%
Agate Bay Mortgage Trust 2016-3, A5 144A
3.500%, 8/25/46(2)(3)		228			230
American Homes 4 Rent Trust 2014-SFR2, C 144A 4.705%, 10/17/36(2)		435			454
2015-SFR1, A 144A
3.467%, 4/17/52(2)		316			319
2015-SFR2, C 144A
4.691%, 10/17/52(2)		340			357
Angel Oak Mortgage Trust I LLC
2018-2, A1 144A
3.674%, 7/27/48(2)(3)		430			431
2019-1, A1 144A
3.920%, 11/25/48(2)(3)		443			447
Arroyo Mortgage Trust
2018-1, A1 144A
3.763%, 4/25/48(2)(3)		114			115
2019-1, A1 144A
3.805%, 1/25/49(2)(3)		172			173

See Notes to Schedule of Investments

8

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
Banc of America Funding Trust 2005-1, 1A1 5.500%, 2/25/35	$	82	$	82
Bank of America (Countrywide) Asset-Backed Certificates 2005-1, AF5A
4.939%, 7/25/35(3)		281		289
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust 2004-22CB, 1A1
6.000%, 10/25/34		128		133
Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A 4.250%, 4/28/55(2)		275		284
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53(2)(3)		130		134
Bunker Hill Loan Depositary Trust 2019-1, A1 144A 3.613%, 10/26/48(2)(3)		295		295
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(2)		215		221
CIT Home Equity Loan Trust 2003-1, A5 5.480%, 7/20/34(3)		112		113
Citigroup Mortgage Loan Trust, Inc. 2015-A, A1 144A 3.500%, 6/25/58(2)(3)		110		110
Colony Starwood Homes Trust 2016-2A, C (1 month LIBOR + 2.150%) 144A 4.634%, 12/17/33(2)(3)		209		209
COLT Mortgage Loan Trust Funding LLC 2017-1, A3 144A
3.074%, 5/27/47(2)(3)		92		92
2018-1, A1 144A 2.930%, 2/25/48(2)(3)		127		127
Credit Suisse Mortgage Capital Trust 2014-IVR2, A2 144A 3.763%, 4/25/44(2)(3)		101		101
Deephaven Residential Mortgage Trust 2017-1A, A2 144A 2.928%, 12/26/46(2)(3)		27		26
Ellington Financial Mortgage Trust 2018-1, A1FX 144A 4.140%, 10/25/58(2)(3)		165		166
GAHR Commercial Mortgage Trust 2015-NRF, CFX 144A 3.382%, 12/15/34(2)(3)		290		288
Galton Funding Mortgage Trust 2017-1, A21 144A 3.500%, 7/25/56(2)(3)		144		144
2018-1, A23 144A 3.500%, 11/25/57(2)(3)		243		241
2018-2, A41 144A 4.500%, 10/25/58(2)(3)		155		158
GSAA Home Equity Trust 2005-12, AF3W 4.999%, 9/25/35(3)		93		94
Homeward Opportunities Fund I Trust 2019-1, A1 144A 3.454%, 1/25/59(2)(3)		295		295
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust 2004-1, 21A1 4.468%, 4/25/34(3)		114		114
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust 2004-CB1, 5A 5.000%, 6/25/19		1		1
JPMorgan Chase Mortgage Trust 2014-2, 2A2 144A
3.500%, 6/25/29(2)(3)		130		131
2014-1, 2A12 144A
3.500%, 1/25/44(2)(3)		179		178
2016-SH1, M2 144A
3.750%, 4/25/45(2)(3)		261		266

	Par Value		Value
Non-Agency—continued
2016-SH2, M2 144A 3.750%, 12/25/45(2)(3)	$	330	$	335
2017-5, A1 144A 3.175%, 10/26/48(2)(3)		399		399
2017-4, A3 144A 3.500%, 11/25/48(2)(3)		267		266
2018-8, A3 144A 4.000%, 1/25/49(2)(3)		464		469
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(2)(3)		355		356
MASTR Alternative Loan Trust 2005-5, 2A3 5.500%, 7/25/25		100		101
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(2)(3)		110		112
MetLife Securitization Trust 2017-1A, M1 144A 3.717%, 4/25/55(2)(3)		150		150
Mill City Mortgage Loan Trust 2018-4, A1B 144A 3.500%, 4/25/66(2)(3)		770		767
Mill City Mortgage Trust 2017-1, A1 144A 2.750%, 11/25/58(2)(3)		108		107
Morgan Stanley - Bank of America (Merrill Lynch) Trust 2013-C13, AS 4.266%, 11/15/46		125		131
New Residential Mortgage Loan Trust 2018-4A, A1S (1 month LIBOR + 0.750%) 144A 3.236%, 1/25/48(2)(3)		347		345
2014-1A, A 144A 3.750%, 1/25/54(2)(3)		218		221
2015-2A, A1 144A 3.750%, 8/25/55(2)(3)		182		185
2016-1A, A1 144A 3.750%, 3/25/56(2)(3)		156		157
2016-4A, B1A 144A 4.500%, 11/25/56(2)(3)		283		295
2018-1A, A1A 144A 4.000%, 12/25/57(2)(3)		281		287
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A 3.000%, 7/25/57(2)(3)		130		128
OBX Trust 2018-EXP2, 1A1 144A 4.000%, 11/25/48(2)(3)		275		278
2019-INV1, A3 144A 4.500%, 11/25/48(2)(3)		286		292
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32(2)		260		266
Pretium Mortgage Credit Partners I LLC 2019-NPL1, A1 144A 4.213%, 7/25/60(2)(3)		285		286
Progress Residential Trust
2018-SFR1, B 144A 3.484%, 3/17/35(2)		270		270
2018-SFR2, B 144A 3.841%, 8/17/35(2)		545		551
PRPM LLC 2019-1A, A1 144A 4.500%, 1/25/24(2)(3)		392		395
Residential Asset Mortgage Products Trust
2004-SL1, A8
6.500%, 11/25/31		18		19
2005-SL2, A4
7.500%, 2/25/32		143		127
Residential Asset Securitization Trust 2005-A1, A3 5.500%, 4/25/35		202		205

See Notes to Schedule of Investments

9

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
Sequoia Mortgage Trust 2013-8, B1
3.528%, 6/25/43(3)	$	181	$	181
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A
3.468%, 4/25/49(2)(3)		235		235
Structured Adjustable Rate Mortgage Loan Trust 2004-4, 3A1
4.554%, 4/25/34(3)		106		109
Sutherland Commercial Mortgage Loans 2017-SBC6, A 144A
3.192%, 5/25/37(2)(3)		45		45
Towd Point Mortgage Trust 2015-1, A2 144A
3.250%, 10/25/53(2)(3)		255		255
2016-1, M1 144A
3.500%, 2/25/55(2)(3)		135		136
2015-6, M1 144A
3.750%, 4/25/55(2)(3)		130		132
2015-5, A2 144A
3.500%, 5/25/55(2)(3)		315		317
2017-1, M1 144A
3.750%, 10/25/56(2)(3)		135		135
2019-1, A1 144A
3.750%, 3/25/58(2)(3)		171		174
2018-4, A1 144A
3.000%, 6/25/58(2)(3)		425		420
2018-SJ1, A1 144A
4.000%, 10/25/58(2)(3)		170		170
2015-2, 1M1 144A
3.250%, 11/25/60(2)(3)		315		312
VCAT LLC 2019-NPL1, A1 144A
4.360%, 2/25/49(2)(3)		99		100
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A
3.967%, 2/25/49(2)(3)		253		253
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A
3.375%, 10/25/47(2)(3)		257		257
Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5, A1A 144A
4.213%, 8/25/48(2)(3)		371		372
Vericrest Opportunity Loan Trust LXXI LLC 2018-NPL7, A1A 144A
3.967%, 9/25/48(2)(3)		242		243
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A
4.336%, 1/25/49(2)(3)		347		350
Verus Securitization Trust 2018-1, A1 144A
2.929%, 2/25/48(2)(3)		153		152
2018-3, A1 144A
4.108%, 10/25/58(2)(3)		271		275
2019-1, A1 144A
3.836%, 2/25/59(2)(3)		396		398
2019-INV1, A1 144A
3.402%, 12/25/59(2)(3)		295		295
Wells Fargo Commercial Mortgage Trust 2015-LC20, B
3.719%, 4/15/50		150		152
				19,786
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $23,316)				23,427

	Par Value		Value
ASSET-BACKED SECURITIES—9.9%
Automobiles—6.4%
ACC Trust 2018-1, B 144A
4.820%, 5/20/21(2)	$	295	$	296
American Credit Acceptance Receivables Trust 2018-1, C
144A 3.550%, 4/10/24(2)		400		402
2018-4, C
144A 3.970%, 1/13/25(2)		355		360
AmeriCredit Automobile Receivables Trust 2018-1, D
3.820%, 3/18/24		295		300
Capital Auto Receivables Asset Trust 2017-1, D 144A
3.150%, 2/20/25(2)		340		338
CarNow Auto Receivables Trust 2016-1A, D 144A
7.340%, 11/15/21(2)		325		327
CPS Auto Receivables Trust 2018-C, D 144A
4.400%, 6/17/24(2)		310		316
DT Auto Owner Trust 2018-1A, C 144A
3.470%, 12/15/23(2)		335		336
Exeter Automobile Receivables Trust 2015-2A, C
144A 3.900%, 3/15/21(2)		218		219
2018-1A, C
144A 3.030%, 1/17/23(2)		410		410
2018-4A, D
144A 4.350%, 9/16/24(2)		365		374
2019-1A, D
144A 4.130%, 12/16/24(2)		355		363
Flagship Credit Auto Trust
2016-3, D
144A 3.890%, 11/15/22(2)		400		403
2019-1, C
144A 3.600%, 2/18/25(2)		235		238
Foursight Capital Automobile Receivables Trust 2017-1, B 144A
3.050%, 12/15/22(2)		320		319
GLS Auto Receivables Trust 2017-1A, B
144A 2.980%, 12/15/21(2)		405		404
2018-1A, B
144A 3.520%, 8/15/23(2)		410		411
2018-3A, C
144A 4.180%, 7/15/24(2)		455		463
Hertz Vehicle Financing II LP 2016-4A, A 144A
2.650%, 7/25/22(2)		405		400
Tesla Auto Lease Trust 2018-A, D 144A
3.300%, 5/20/20(2)		340		340
Tricolor Auto Securitization Trust 2018-2A, B 144A
4.760%, 2/15/22(2)		289		293
Veros Automobile Receivables Trust 2018-1, B 144A
4.050%, 2/15/24(2)		300		303
				7,615
Other—3.4%
Arby’s Funding LLC 2015-1A, A2 144A
4.969%, 10/30/45(2)		358		367
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A
3.240%, 12/20/23(2)		316		316
DB Master Finance LLC 2017-1A, A2I 144A
3.629%, 11/20/47(2)		336		336

See Notes to Schedule of Investments

10

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value			Value
Other—continued
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29(2)	$	164		$	165
Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23(2)		75			75
HOA Funding LLC 2014-1A, A2 144A 4.846%, 8/20/44(2)		368			367
Lendmark Funding Trust 2018-2A, A 144A 4.230%, 4/20/27(2)		360			369
OneMain Financial Issuance Trust 2018-1A, A 144A 3.300%, 3/14/29(2)		335			336
Oportun Funding VIII LLC 2018-A, A 144A 3.610%, 3/8/24(2)		335			336
Prosper Marketplace Issuance Trust 2017-2A, B 144A 3.480%, 9/15/23(2)		227			227
2018-2A, B 144A 3.960%, 10/15/24(2)		305			307
Regional Management Issuance Trust 2018-2, A 144A 4.560%, 1/18/28(2)		295			298
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(2)		256			250
Upstart Securitization Trust 2018-1, B 144A 3.887%, 8/20/25(2)		261			261
					4,010
Student Loan—0.1%
SoFi Professional Loan Program LLC 2016-A, A2 144A 2.760%, 12/26/36(2)		107			106
TOTAL ASSET-BACKED SECURITIES (Identified Cost $11,651)					11,731
CORPORATE BONDS AND NOTES—43.2%
Communication Services—3.8%
America Movil SAB de C.V.
6.450%, 12/5/22		20	MXN		95
AT&T, Inc.
4.250%, 3/1/27		480			494
Charter Communications Operating LLC
4.500%, 2/1/24		190			198
4.908%, 7/23/25		340			359
5.050%, 3/30/29		160			169
Cincinnati Bell, Inc. 144A 7.000%, 7/15/24(2)		275			253
Clear Channel Worldwide Holdings, Inc. 144A 9.250%, 2/15/24(2)		170			180
Comcast Corp.
3.950%, 10/15/25		160			167
4.150%, 10/15/28		78			82
Consolidated Communications, Inc.
6.500%, 10/1/22		250			224
CSC Holdings LLC 144A 7.500%, 4/1/28(2)		200			214
Digicel Group One Ltd. 144A 8.250%, 12/30/22(2)		177			108
Discovery Communications LLC
3.950%, 3/20/28		325			316
DISH DBS Corp.
5.875%, 7/15/22		125			121
7.750%, 7/1/26		105			91
Frontier Communications Corp.
8.500%, 4/15/20		110			108

	Par Value		Value
Communication Services—continued
7.625%, 4/15/24	$	145	$	79
144A 8.500%, 4/1/26(2)		110		102
Match Group, Inc. 144A 5.625%, 2/15/29(2)		120		121
McGraw-Hill Global Education Holdings LLC Senior Unsecured Notes 144A
7.875%, 5/15/24(2)		170		138
Meredith Corp.
6.875%, 2/1/26		145		153
Sprint Spectrum Co. LLC
144A 3.360%, 9/20/21(2)		125		125
144A 5.152%, 3/20/28(2)		200		204
Verizon Communications, Inc.
4.125%, 3/16/27 (3 month LIBOR + 1.100%)		160		168
3.784%, 5/15/25(3)		190		190
				4,459
Consumer Discretionary—3.4%
Beazer Homes USA, Inc.
5.875%, 10/15/27		170		148
Boyd Gaming Corp.
6.000%, 8/15/26		65		67
Bunge Ltd. Finance Corp.
4.350%, 3/15/24		310		314
Caesars Resort Collection LLC 144A
5.250%, 10/15/25(2)		215		207
Dollar Tree, Inc.
4.000%, 5/15/25		189		191
Downstream Development Authority of The Quapaw Tribe of Oklahoma 144A 10.500%, 2/15/23(2)		75		78
Eldorado Resorts, Inc.
6.000%, 9/15/26		75		76
frontdoor, Inc. 144A 6.750%, 8/15/26(2)		155		158
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(2)		200		210
GLP Capital LP
5.250%, 6/1/25		185		194
Hilton Domestic Operating Co., Inc. 144A 5.125%, 5/1/26(2)		280		284
Horton (D.R.), Inc.
4.750%, 2/15/23		260		270
Lear Corp.
3.800%, 9/15/27		405		388
M/I Homes, Inc.
5.625%, 8/1/25		180		172
MGM Growth Properties Operating Partnership LP 144A 5.750%, 2/1/27(2)		135		140
Panther BF Aggregator 2 LP
144A 6.250%, 5/15/26(2)		15		15
144A 8.500%, 5/15/27(2)		200		201
Scientific Games International, Inc. 144A 8.250%, 3/15/26(2)		80		82
Tenneco, Inc.
5.000%, 7/15/26		125		100
Vista Outdoor, Inc.
5.875%, 10/1/23		235		219
Weekley Homes LLC
6.625%, 8/15/25		215		205

See Notes to Schedule of Investments

11

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
Consumer Discretionary—continued
William Lyon Homes, Inc.
6.000%, 9/1/23	$	285	$	276
				3,995
Consumer Staples—1.8%
Albertson’s Cos. LLC
5.750%, 3/15/25		125		119
Altria Group, Inc.
4.400%, 2/14/26		59		61
4.800%, 2/14/29		450		464
Anheuser-Busch InBev Worldwide, Inc.
4.000%, 4/13/28		235		239
4.750%, 1/23/29		85		91
Bacardi Ltd. 144A
4.700%, 5/15/28(2)		320		320
CVS Health Corp.
4.300%, 3/25/28		330		335
Kronos Acquisition Holdings, Inc. 144A
9.000%, 8/15/23(2)		240		206
Sigma Finance Netherlands BV 144A
4.875%, 3/27/28(2)		295		294
				2,129
Energy—5.8%
Anadarko Finance Co. Series B
7.500%, 5/1/31		160		200
Anadarko Petroleum Corp.
6.600%, 3/15/46		200		244
Blue Racer Midstream LLC 144A
6.625%, 7/15/26(2)		260		265
Callon Petroleum Co.
6.125%, 10/1/24		96		96
Cheniere Energy Partners LP 144A
5.625%, 10/1/26(2)		125		128
Citgo Holding, Inc. 144A
10.750%, 2/15/20(2)		170		174
Denbury Resources, Inc.
144A 9.250%, 3/31/22(2)		94		91
144A 7.500%, 2/15/24(2)		125		107
Encana Corp.
8.125%, 9/15/30		155		199
Energy Transfer Partners LP
5.000%, 10/1/22		314		331
EP Energy LLC
144A 8.000%, 11/29/24(2)		70		39
144A 7.750%, 5/15/26(2)		55		45
Geopark Ltd. 144A
6.500%, 9/21/24(2)		270		271
HollyFrontier Corp.
5.875%, 4/1/26		360		384
KazMunayGas National Co. JSC 144A
4.750%, 4/19/27(2)		395		405
Kinder Morgan, Inc.
7.750%, 1/15/32		400		523
Kosmos Energy Ltd. 144A
7.125%, 4/4/26(2)		295		292
MPLX LP
4.000%, 3/15/28		148		147
Nabors Industries, Inc.
5.500%, 1/15/23		110		105

	Par Value		Value
Energy—continued
Odebrecht Offshore Drilling Finance Ltd. PIK Interest Capitalization, 144A
7.720%, 12/1/26(2)(4)	$	406	$	101
Odebrecht Oil & Gas Finance Ltd. 144A
0.000%, (2)(5)(6)		60		—	(7)
Petrobras Global Finance B.V.
7.375%, 1/17/27		270		298
5.999%, 1/27/28		180		182
5.750%, 2/1/29		365		362
Petroleos de Venezuela S.A. 144A
6.000%, 5/16/24(1)(2)		650		145
Petroleos Mexicanos
5.350%, 2/12/28		260		241
6.500%, 6/2/41		220		199
6.375%, 1/23/45		185		163
Sanchez Energy Corp. 144A
7.250%, 2/15/23(2)		120		97
State Oil Co. of the Azerbaijan Republic RegS
6.950%, 3/18/30(8)		320		360
Targa Resources Partners LP 144A
5.875%, 4/15/26(2)		100		106
Transocean, Inc. 144A
9.000%, 7/15/23(2)		85		91
USA Compression Partners LP
6.875%, 4/1/26		215		220
144A 6.875%, 9/1/27(2)		30		30
Vine Oil & Gas LP 144A
8.750%, 4/15/23(2)		165		131
Weatherford International Ltd.
9.875%, 2/15/24		65		47
				6,819
Financials—12.6%
Acrisure LLC
144A 8.125%, 2/15/24(2)		80		83
144A 7.000%, 11/15/25(2)		270		243
AerCap Ireland Capital DAC
3.950%, 2/1/22		150		152
3.650%, 7/21/27		310		290
Allstate Corp. (The) Series B
5.750%, 8/15/53(9)		365		371
Apollo Management Holdings LP 144A
4.000%, 5/30/24(2)		440		441
Athene Holding Ltd.
4.125%, 1/12/28		325		312
Australia & New Zealand Banking Group Ltd. 144A
4.400%, 5/19/26(2)		335		340
Aviation Capital Group LLC 144A
3.500%, 11/1/27(2)		355		337
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A
5.125%, 1/18/33(2)		275		253
Banco de Credito e Inversiones 144A
3.500%, 10/12/27(2)		415		405
Banco Internacional del Peru SAA Interbank 144A
6.625%, 3/19/29(2)		120		132
Banco Santander Chile 144A
3.875%, 9/20/22(2)		505		515
Bank of America Corp.
4.200%, 8/26/24		458		474
(3 month LIBOR + 0.770%)
3.503%, 2/5/26(3)		200		195

See Notes to Schedule of Investments

12

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value			Value
Financials—continued
Bank of China Ltd. 144A
5.000%, 11/13/24(2)	$	390		$	412
Bank of Montreal
3.803%, 12/15/32		326			315
Brighthouse Financial, Inc.
3.700%, 6/22/27		410			370
BrightSphere Investment Group plc
4.800%, 7/27/26		270			264
Capital One Financial Corp.
3.750%, 7/28/26		405			395
Development Bank of Kazakhstan JSC 144A
8.950%, 5/4/23(2)		85,000	KZT		217
Discover Bank
4.682%, 8/9/28		340			346
Drawbridge Special Opportunities Fund LP 144A
5.000%, 8/1/21(2)		440			441
E*TRADE Financial Corp.
4.500%, 6/20/28		400			407
Fairfax Financial Holdings Ltd.
4.850%, 4/17/28		365			364
FS KKR Capital Corp.
4.250%, 1/15/20		135			135
4.750%, 5/15/22		50			50
Goldman Sachs Group, Inc. (The) (3 month LIBOR + 1.170%)
3.854%, 5/15/26(3)		510			500
Grupo de Inversiones Suramericana S.A. 144A
5.500%, 4/29/26(2)		335			357
iStar, Inc.
5.250%, 9/15/22		125			123
Jefferies Financial Group, Inc.
5.500%, 10/18/23		250			262
Jefferies Group LLC
6.875%, 4/15/21		41			44
5.125%, 1/20/23		66			70
4.850%, 1/15/27		60			60
JPMorgan Chase & Co.
2.950%, 10/1/26		475			465
Liberty Mutual Insurance Co. 144A
8.500%, 5/15/25(2)		25			30
Lincoln National Corp. (3 month LIBOR + 2.040%)
4.801%, 4/20/67(3)(9)		365			299
Lloyds Bank plc 144A
6.500%, 9/14/20(2)		600			626
Navient Corp.
6.750%, 6/25/25		290			288
Nuveen Finance LLC 144A
4.125%, 11/1/24(2)		350			368
Prudential Financial, Inc.
5.875%, 9/15/42		280			296
Santander Holdings USA, Inc.
4.450%, 12/3/21		188			194
3.700%, 3/28/22		158			160
4.400%, 7/13/27		200			198
Springleaf Finance Corp.
6.875%, 3/15/25		110			114
7.125%, 3/15/26		110			112
Synchrony Financial
3.950%, 12/1/27		645			610
Synovus Financial Corp.
5.900%, 2/7/29		164			165

	Par Value		Value
Financials—continued
Teachers Insurance & Annuity Association of America 144A
4.375%, 9/15/54(2)	$	360	$	372
Toronto-Dominion Bank (The)
3.625%, 9/15/31		380		376
Voya Financial, Inc.
5.650%, 5/15/53		240		236
Wells Fargo & Co. Series S
5.900%, (6)		300		307
				14,891
Health Care—3.6%
Advanz Pharma Corp.
8.000%, 9/6/24		41		39
Avantor, Inc.
144A 6.000%, 10/1/24(2)		100		104
144A 9.000%, 10/1/25(2)		145		157
Bausch Health Americas, Inc.
144A 9.250%, 4/1/26(2)		90		99
144A 8.500%, 1/31/27(2)		85		90
Bausch Health Cos., Inc.
144A 6.500%, 3/15/22(2)		20		21
144A 7.000%, 3/15/24(2)		30		32
144A 5.500%, 11/1/25(2)		160		163
Becton Dickinson & Co.
3.700%, 6/6/27		235		234
Centene Corp. 144A
5.375%, 6/1/26(2)		75		78
Cigna Corp.
144A 4.125%, 11/15/25(2)		261		270
144A 4.375%, 10/15/28(2)		27		28
Eagle Holding Co. II, LLC PIK Interest Capitalization, 144A
7.625%, 5/15/22(2)(10)		125		126
Endo Dac 144A
6.000%, 7/15/23(2)		100		77
HCA, Inc.
5.250%, 6/15/26		130		139
5.625%, 9/1/28		185		196
5.875%, 2/1/29		25		27
MPH Acquisition Holdings LLC 144A
7.125%, 6/1/24(2)		85		85
Mylan NV
3.950%, 6/15/26		325		310
Par Pharmaceutical, Inc. 144A
7.500%, 4/1/27(2)		75		76
Perrigo Finance Unlimited Co.
4.375%, 3/15/26		300		293
Surgery Center Holdings, Inc.
144A 8.875%, 4/15/21(2)		215		225
144A 6.750%, 7/1/25(2)		35		32
144A 10.000%, 4/15/27(2)		100		101
Takeda Pharmaceutical Co., Ltd. 144A
4.400%, 11/26/23(2)		360		378
Tenet Healthcare Corp.
8.125%, 4/1/22		60		65
4.625%, 7/15/24		70		70
7.000%, 8/1/25		95		96
144A 6.250%, 2/1/27(2)		105		109
West Street Merger Sub, Inc. 144A
6.375%, 9/1/25(2)		140		136

See Notes to Schedule of Investments

13

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
Health Care—continued
Zimmer Biomet Holdings, Inc.
3.550%, 4/1/25	$	405	$	400
				4,256
Industrials—2.7%
CNH Industrial N.V.
4.500%, 8/15/23		280		291
DP World plc 144A
6.850%, 7/2/37(2)		200		241
Garda World Security Corp. 144A
8.750%, 5/15/25(2)		250		238
Hillman Group, Inc. (The) 144A
6.375%, 7/15/22(2)		120		107
Masco Corp.
5.950%, 3/15/22		296		317
Navistar International Corp. 144A
6.625%, 11/1/25(2)		195		198
New Enterprise Stone & Lime Co., Inc. 144A
10.125%, 4/1/22(2)		95		96
Norwegian Air Shuttle ASA Pass-Through-Trust 2016-1, A
144A 4.875%, 5/10/28(2)		303		290
Oshkosh Corp.
4.600%, 5/15/28		424		431
Owens Corning
3.400%, 8/15/26		330		311
Topaz Marine S.A. 144A
9.125%, 7/26/22(2)		200		203
TransDigm, Inc.
6.500%, 7/15/24		120		123
6.500%, 5/15/25		75		76
United Air Lines, Inc. Pass-Through-Trust 2007-1, A
6.636%, 7/2/22		298		313
				3,235
Information Technology—1.7%
Banff Merger Sub, Inc. 144A
9.750%, 9/1/26(2)		35		34
Broadcom Corp.
3.625%, 1/15/24		312		311
Broadcom, Inc. 144A
3.625%, 10/15/24(2)		100		99
Citrix Systems, Inc.
4.500%, 12/1/27		285		282
CommScope Finance LLC 144A
8.250%, 3/1/27(2)		105		109
Dell International LLC 144A
8.100%, 7/15/36(2)		140		165
Everi Payments, Inc. 144A
7.500%, 12/15/25(2)		50		52
Exela Intermediate LLC 144A
10.000%, 7/15/23(2)		170		173
ViaSat, Inc.
144A 5.625%, 9/15/25(2)		185		177
144A 5.625%, 4/15/27(2)		175		178
VMware, Inc.
2.950%, 8/21/22		217		215
3.900%, 8/21/27		230		221
				2,016

	Par Value		Value
Materials—5.0%
Alpek SAB de C.V. 144A
5.375%, 8/8/23(2)	$	425	$	443
Anglo American Capital plc 144A
4.000%, 9/11/27(2)		215		209
ArcelorMittal
6.125%, 6/1/25		280		311
BHP Billiton Finance USA Ltd. 144A
6.750%, 10/19/75(2)(9)		425		471
CRH America Finance, Inc. 144A
3.400%, 5/9/27(2)		300		287
DowDuPont, Inc.
4.493%, 11/15/25		60		64
(3 month LIBOR + 1.110%)
3.794%, 11/15/23(3)		295		296
Eldorado Gold Corp. 144A
6.125%, 12/15/20(2)		170		166
Equate Petrochemical BV 144A
4.250%, 11/3/26(2)		340		343
Glencore Funding LLC 144A
4.000%, 3/27/27(2)		390		379
Greif, Inc. 144A
6.500%, 3/1/27(2)		155		158
Hexion, Inc.
6.625%, 4/15/20		135		113
Inversiones CMPC S.A. 144A
4.375%, 5/15/23(2)		300		305
Kraton Polymers LLC 144A
7.000%, 4/15/25(2)		250		253
LSB Industries, Inc. 144A
9.625%, 5/1/23(2)		110		114
NOVA Chemicals Corp.
144A 4.875%, 6/1/24(2)		90		88
144A 5.000%, 5/1/25(2)		100		98
Nutrien Ltd.
4.200%, 4/1/29		315		324
Reynolds Group Issuer, Inc. 144A
7.000%, 7/15/24(2)		115		118
SABIC Capital II BV 144A
4.500%, 10/10/28(2)		305		316
Severstal OAO Via Steel Capital S.A. 144A
5.900%, 10/17/22(2)(11)		260		272
Syngenta Finance N.V. 144A
4.441%, 4/24/23(2)		400		408
Teck Resources Ltd. 144A
8.500%, 6/1/24(2)		80		86
Trident Merger Sub, Inc. 144A
6.625%, 11/1/25(2)		130		122
Vedanta Resources plc 144A
6.125%, 8/9/24(2)		200		183
				5,927
Real Estate—1.6%
EPR Properties
4.750%, 12/15/26		130		134
4.500%, 6/1/27		205		207
Healthcare Trust of America Holdings LP
3.750%, 7/1/27		180		177
Hospitality Properties Trust
4.950%, 2/15/27		195		194
4.375%, 2/15/30		135		125
LifeStorage LP
3.875%, 12/15/27		135		132

See Notes to Schedule of Investments

14

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
Real Estate—continued
MPT Operating Partnership LP
5.000%, 10/15/27	$	125	$	127
Office Properties Income Trust
4.500%, 2/1/25		385		368
Physicians Realty LP
4.300%, 3/15/27		330		328
Realogy Group LLC 144A
9.375%, 4/1/27(2)		60		62
				1,854
Utilities—1.2%
Exelon Corp.
3.497%, 6/1/22		540		546
Ferrellgas Partners LP
8.625%, 6/15/20		50		38
Perusahaan Listrik Negara PT 144A
4.125%, 5/15/27(2)		390		384
TerraForm Power Operating LLC 144A
5.000%, 1/31/28(2)		190		183
Texas Competitive Electric Escrow
10.250%, 11/1/49(12)		396		—
Texas Competitive Electric Holdings Co. 144A
0.000%, 10/1/20(2)(12)		465		—	(7)
Transportadora de Gas Internacional SA ESP 144A
5.550%, 11/1/28(2)		305		330
				1,481
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $51,425)				51,062
LEVERAGED LOANS—10.9%
Aerospace—0.4%
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%)
6.250%, 12/6/25		55		55
Dynasty Acquisition Co., Inc.
Tranche B (3 month LIBOR + 4.000%)
0.000%, 1/23/26(13)		38		38
Tranche B-1 (3 month LIBOR + 4.000%)
0.000%, 1/23/26(13)		72		72
TransDigm, Inc.
2018, Tranche E (1 month LIBOR + 2.500%)
4.999%, 5/30/25		54		53
2018, Tranche F (1 month LIBOR + 2.500%)
4.999%, 6/9/23		201		196
Tranche G (1 month LIBOR + 2.500%)
4.999%, 8/22/24		30		29
				443
Chemicals—0.1%
New Arclin U.S. Holding Corp. First Lien (1 month LIBOR + 3.500%)
5.999%, 2/14/24		143		142
Consumer Durables—0.1%
Global Appliance, Inc. Tranche B (1 month LIBOR + 4.000%)
6.500%, 9/29/24		181		178
Consumer Non-Durables—0.5%
American Greetings Corp. (1 month LIBOR + 4.500%)
6.999%, 4/6/24		243		243

	Par Value		Value
Consumer Non-Durables—continued
Kronos Acquisition Intermediate, Inc. (1 month LIBOR + 4.000%)
6.496%, 5/15/23	$	121	$	113
Parfums Holdings Co., Inc. First Lien (3 month LIBOR + 4.250%)
6.879%, 6/30/24		141		138
Rodan & Fields LLC (1 month LIBOR + 4.000%)
6.484%, 6/16/25		154		133
				627
Energy—0.8%
California Resources Corp. (1 month LIBOR + 10.375%)
12.871%, 12/31/21		190		200
CITGO Petroleum Corp. Tranche B (3 month LIBOR + 5.000%)
0.000%, 3/27/24(13)		155		154
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%)
5.749%, 10/30/24		188		182
Paragon Offshore Finance Co. (3 month LIBOR + 2.750%)
0.000%, 7/16/21(1)(12)		1		—
Seadrill Operating LP (3 month LIBOR + 6.000%)
8.601%, 2/21/21		161		134
Traverse Midstream Partners LLC (1 month LIBOR + 4.000%)
6.500%, 9/27/24		249		248
				918
Financial—0.7%
Asurion LLC Tranche B-2, Second Lien (1 month LIBOR + 6.500%)
8.999%, 8/4/25		110		111
Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%)
5.499%, 6/15/25		169		166
Ditech Holding Corp. Tranche B (3 month PRIME + 5.000%)
10.500%, 6/30/22(1)		204		139
FinCo I LLC 2018 (1 month LIBOR + 2.000%)
4.499%, 12/27/22		67		66
iStar, Inc. (1 month LIBOR + 2.750%)
5.235%, 6/28/23		218		216
Refinitiv US Holdings, Inc. (1 month LIBOR + 3.750%)
6.249%, 10/1/25		184		179
				877
Food / Tobacco—0.4%
H-Food Holdings LLC
(1 month LIBOR + 3.688%)
6.186%, 5/23/25		35		34
2018, Tranche B-2 (1 month LIBOR + 4.000%)
6.499%, 5/23/25		144		142
Milk Specialties Co. (1 month LIBOR + 4.000%)
6.499%, 8/16/23		249		248
				424
Food and Drug—0.1%
Albertson’s LLC 2018, Tranche B-7 (1 month LIBOR + 3.000%)
5.499%, 11/17/25		120		118

See Notes to Schedule of Investments

15

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
Forest Prod / Containers—0.1%
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%)
5.749%, 1/31/25	$	81	$	76
Gaming / Leisure—0.8%
Affinity Gaming (1 month LIBOR + 3.250%)
5.749%, 7/1/23		353		337
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%)
5.250%, 4/29/24		112		107
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%)
5.314%, 8/14/24		129		125
Stars Group Holdings B.V. (3 month LIBOR + 3.500%)
0.000%, 7/10/25(13)		174		174
UFC Holdings LLC First Lien (1 month LIBOR + 3.250%)
5.750%, 8/18/23		172		171
				914
Healthcare—1.0%
21st Century Oncology, Inc. Tranche B (3 month LIBOR + 6.125%)
8.905%, 1/16/23		41		34
Accelerated Health Systems LLC (1 month LIBOR + 3.500%)
5.990%, 10/31/25		125		124
Agiliti Health, Inc. (1 month LIBOR + 3.000%)
5.500%, 1/4/26		25		25
AHP Health Partners, Inc. (1 month LIBOR + 4.500%)
6.999%, 6/30/25		189		188
Bausch Health Cos., Inc. (1 month LIBOR + 2.750%)
5.231%, 11/27/25		62		61
CHG Healthcare Services, Inc. 2017, First Lien (1 month LIBOR + 3.000%)
5.656%, 6/7/23		55		55
Envision Healthcare Corp. (1 month LIBOR + 3.750%)
6.249%, 10/10/25		156		146
Ortho-Clinical Diagnostics, Inc. (1 month LIBOR + 3.250%)
0.000%, 6/30/25(13)		131		126
Phoenix Guarantor, Inc.
First Lien (1 month LIBOR + 4.500%)
6.982%, 3/5/26		41		41
First Lien (3 month LIBOR + 4.500%)
0.000%, 3/5/26		4		4
Regionalcare Hospital Partners Holdings, Inc. Tranche B,
First Lien (1 month LIBOR + 4.500%)
6.982%, 11/16/25		189		187
U.S. Renal Care, Inc. First Lien (3 month LIBOR + 4.250%)
6.851%, 12/30/22		124		124
Wellpath Holdings, Inc. First Lien (1 month LIBOR + 5.500%)
7.999%, 10/1/25		130		124
				1,239
Housing—0.4%
Capital Automotive LP Tranche B, Second Lien (1 month LIBOR + 6.000%)
8.500%, 3/24/25		61		61
CPG International LLC (3 month LIBOR + 3.750%)
6.633%, 5/5/24		191		189

	Par Value		Value
Housing—continued
Summit Materials LLC (1 month LIBOR + 2.000%)
4.499%, 11/21/24	$	259	$	253
				503
Information Technology—0.9%
Applied Systems, Inc. Second Lien (1 month LIBOR + 7.000%)
9.499%, 9/19/25		112		113
Boxer Parent Co., Inc. (3 month LIBOR + 4.250%)
0.000%, 10/2/25(13)		120		117
Dell International LLC Tranche B (1 month LIBOR + 2.000%)
0.000%, 9/7/23(13)		63		62
Kronos, Inc.
First Lien (3 month LIBOR + 3.000%)
5.736%, 11/1/23		314		311
Second Lien (3 month LIBOR + 8.250%)
10.986%, 11/1/24		84		85
SS&C Technologies, Inc.
Tranche B-3 (1 month LIBOR + 2.250%)
4.749%, 4/16/25		107		106
Tranche B-4 (1 month LIBOR + 2.250%)
4.749%, 4/16/25		77		76
Vertafore, Inc. First Lien (1 month LIBOR + 3.250%)
5.749%, 7/2/25		229		225
				1,095
Manufacturing—0.6%
Commscope, Inc. Tranche B (3 month LIBOR + 3.250%)
0.000%, 2/6/26(13)		235		234
CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%)
7.349%, 8/17/22		298		198
Filtration Group Corp. (1 month LIBOR + 3.000%)
5.499%, 3/29/25		193		192
Hillman Group, Inc. (The) (1 month LIBOR + 4.000%)
0.000%, 5/30/25(13)		99		94
				718
Media / Telecom - Cable/Wireless Video—0.1%
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%)
4.734%, 1/15/26		100		97
Media / Telecom - Diversified Media—0.1%
Crown Finance US, Inc. (1 month LIBOR + 2.500%)
4.999%, 2/28/25		137		134
Media / Telecom - Telecommunications—0.6%
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%)
5.249%, 1/31/25		347		340
Securus Technologies Holdings, Inc.
First Lien (1 month LIBOR + 4.500%)
0.000%, 11/1/24(13)		66		66
Second Lien (1 month LIBOR + 8.250%)
10.749%, 11/1/25		150		147
West Corp. Tranche B (3 month LIBOR + 4.000%)
6.629%, 10/10/24		130		121
				674
Metals / Minerals—0.3%
Covia Holdings Corp. (weekly LIBOR + 3.750%)
0.000%, 6/1/25(13)		138		118

See Notes to Schedule of Investments

16

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
Metals / Minerals—continued
Graftech International Ltd. (1 month LIBOR + 3.500%)
5.999%, 2/12/25	$	262	$	261
				379
Retail—0.2%
Bass Pro Group LLC (1 month LIBOR + 5.000%)
7.499%, 9/25/24		84		83
Neiman Marcus Group Ltd. LLC (1 month LIBOR + 3.250%)
5.733%, 10/25/20		163		151
				234
Service—1.5%
Carlisle Food Service Products, Inc. First Lien (1 month LIBOR + 3.000%)
5.499%, 3/20/25		20		19
Dun & Bradstreet Corp. (The) (1 month LIBOR + 5.000%)
0.000%, 2/6/26(13)		120		118
GFL Environmental, Inc. (1 month LIBOR + 3.000%)
5.499%, 5/30/25		189		182
Hoya Midco LLC First Lien (1 month LIBOR + 3.500%)
5.999%, 6/30/24		317		306
PetVet Care Centers LLC
First Lien (1 month LIBOR + 2.750%)
5.236%, 2/14/25		141		134
First Lien (1 month LIBOR + 2.750%)
4.226%, 2/14/25(14)		42		40
PI UK Holdco II Ltd. Tranche B-1 (1 month LIBOR + 3.500%)
0.000%, 1/3/25(13)		227		222
Prime Security Services Borrower LLC Tranche B-1 (1 month LIBOR + 2.750%)
5.249%, 5/2/22		204		202
Red Ventures LLC Tranche B-1, First Lien (1 month LIBOR + 3.000%)
5.499%, 11/8/24		278		276
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%)
5.749%, 12/31/25		20		20
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.500%)
6.000%, 7/17/25		123		122
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%)
6.250%, 2/1/23		171		168
				1,809
Transportation - Automotive—0.2%
Panther BF Aggregator 2 LP Tranche B (3 month LIBOR + 3.500%)
0.000%, 3/18/26(13)		180		178
Utility—1.0%
APLP Holdings LP (1 month LIBOR + 2.750%)
5.249%, 4/13/23		208		208
Brookfield WEC Holdings, Inc. First Lien (1 month LIBOR + 3.750%)
6.249%, 8/1/25		219		219
Calpine Construction Finance Co. LP Tranche B-9 (3 month LIBOR + 2.750%)
0.000%, 3/20/26(13)		180		178

	Par Value		Value
Utility—continued
Pacific Gas and Electric Co.
(2 month LIBOR + 1.125%)
1.125%, 12/31/20(14)	$	35	$	35
(3 month LIBOR + 2.250%)
0.000%, 12/31/20		105		105
Talen Energy Supply LLC (1 month LIBOR + 4.000%)
6.499%, 4/15/24		122		120
Vistra Operations Co. LLC
(1 month LIBOR + 2.000%)
4.499%, 8/4/23		147		145
2018 (1 month LIBOR + 2.000%)
4.486%, 12/31/25		144		141
				1,151
TOTAL LEVERAGED LOANS
(Identified Cost $13,297)				12,928
	Shares
PREFERRED STOCKS—2.4%
Financials—1.9%
Bank of New York Mellon Corp. (The) Series E, 4.950%		290(15)		293
Huntington Bancshares, Inc. Series E, 5.700%		193(15)		188
JPMorgan Chase & Co. Series Z, 5.300%		70(15)		71
KeyCorp Series D, 5.000%(16)(17)		535(15)		523
M&T Bank Corp. Series F, 5.125%(16)		229(15)		231
MetLife, Inc. Series D, 5.875%		173(15)		178
PNC Financial Services Group, Inc. (The) Series R, 4.850%		405(15)		399
PNC Financial Services Group, Inc. (The) Series S, 5.000%		405(15)		399
				2,282
Industrials—0.5%
General Electric Co. Series D, 5.000%		612(15)		570
TOTAL PREFERRED STOCKS
(Identified Cost $2,854)				2,852
COMMON STOCKS—0.1%
Consumer Discretionary—0.1%
Mark IV Industries(5)(18)		828		29
Energy—0.0%
Frontera Energy Corp.		2,618		23
TOTAL COMMON STOCKS
(Identified Cost $53)				52
AFFILIATED MUTUAL FUND—1.4%
Virtus Newfleet Credit Opportunities Fund Class R6(19)		170,908		1,593
TOTAL AFFILIATED MUTUAL FUND
(Identified Cost $1,708)				1,593

See Notes to Schedule of Investments

17

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
RIGHT—0.0%
Utilities—0.0%
Vistra Energy Corp.(5)(18)		7,753	$	6
TOTAL RIGHT
(Identified Cost $6)				6
TOTAL LONG-TERM INVESTMENTS—98.7%
(Identified Cost $118,025)				116,586
SECURITIES LENDING COLLATERAL—0.7%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(19)(20)		827,193		827
TOTAL SECURITIES LENDING COLLATERAL
(Identified Cost $827)				827
TOTAL INVESTMENTS—99.4%
(Identified Cost $118,852)			$	117,413
Other assets and liabilities, net—0.6%				738
NET ASSETS—100.0%			$	118,151

Abbreviations:
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PIK	Payment-in-Kind Security
Foreign Currencies:
IDR	Indonesian Rupiah
MXN	Mexican Peso
ZAR	South African Rand
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 March 31, 2019, these securities amounted to a value of $56,218 or 47.6% of net assets. (3)  Variable rate security. Rate disclosed is as of March 31, 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⁾  13% of the income received was in cash and 87% was in PIK.

⁽⁵⁾  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.

⁽⁶⁾  No contractual maturity date.

⁽⁷⁾  Amount is less than $500.

⁽⁸⁾  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.

⁽⁹⁾  Interest payments may be deferred.

⁽¹⁰⁾  100% of the income received was in cash.

⁽¹¹⁾  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.

⁽¹²⁾  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.

⁽¹³⁾  This loan will settle after March 31, 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.

⁽¹⁴⁾  Represents unfunded portion of security and commitment fee earned on this portion.

⁽¹⁵⁾  Value shown as par value.

⁽¹⁶⁾  Interest may be forfeited.

⁽¹⁷⁾  Perpetual maturity.

⁽¹⁸⁾  Non-income producing.

⁽¹⁹⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

⁽²⁰⁾  Represents security purchased with cash collateral received for securities on loan.

Country Weightings†
United States	78	%
Canada	3
Netherlands	3
Mexico	2
United Kingdom	1
Indonesia	1
Chile	1
Other	11
Total	100	%
† % of total investments as of March 31, 2019.

See Notes to Schedule of Investments

18

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of March 31, 2019 based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at March 31, 2019		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities		$  11,731		$     —		$  11,731		$—
Corporate Bonds And Notes		51,062		—		51,062		—
Foreign Government Securities		7,756		—		7,756		—
Leveraged Loans		12,928		—		12,928		—
Mortgage-Backed Securities		23,427		—		23,427		—
Municipal Bonds		797		—		797		—
U.S. Government Securities		4,382		—		4,382		—
Equity Securities:
Preferred Stocks		2,852		—		2,852		—
Common Stocks		52		23		—		29
Right		6		—		—		6
Affiliated Mutual Fund		1,593		1,593		—		—
Securities Lending Collateral		827		827		—		—
Total Investments		$117,413		$2,443		$114,935		$35

Security with an end of period value of $29 was transferred from Level 2 to Level 3 due to an decrease in trading activity at March 31, 2019.

Some of the Series’ investments that are 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 inputs could result in a significantly lower or higher value of such Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is de minimis; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended March 31, 2019.

See Notes to Schedule of Investments

19

RAMPART ENHANCED CORE EQUITY SERIES

SCHEDULE OF INVESTMENTS

(Unaudited)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
COMMON STOCKS—96.1%
Communication Services—9.4%
Activision Blizzard, Inc.		2,769	$	126
Akamai Technologies, Inc.(1)		655		47
Alphabet, Inc. Class A(1)(2)		1,085		1,277
Alphabet, Inc. Class C(1)(2)		1,117		1,311
AT&T, Inc.(2)		26,283		824
CBS Corp. Class B		1,210		58
CenturyLink, Inc.		3,432		41
Charter Communications, Inc. Class A(1)		640		222
Comcast Corp. Class A(2)		16,406		656
Discovery, Inc. Class A(1)		563		15
Discovery, Inc. Class C(1)		1,293		33
DISH Network Corp. Class A(1)		829		26
Electronic Arts, Inc.(1)		1,100		112
Facebook, Inc. Class A(1)(2)		8,909		1,485
Fox Corp. Class A(1)(2)		1,275		47
Fox Corp. Class B(1)(2)		586		21
Interpublic Group of Cos., Inc. (The)		1,381		29
Netflix, Inc.(1)		1,581		564
News Corp. Class A		1,397		17
News Corp. Class B		449		6
Omnicom Group, Inc.		807		59
Take-Two Interactive Software, Inc.(1)		429		40
TripAdvisor, Inc.(1)		371		19
Twitter, Inc.(1)		2,605		86
Verizon Communications, Inc.(2)		14,951		884
Viacom, Inc. Class B		1,273		36
Walt Disney Co. (The)(2)		7,227		802
				8,843
Consumer Discretionary—10.3%
Advance Auto Parts, Inc.		296		50
Amazon.com, Inc.(1)(2)		1,612		2,871
Aptiv plc		1,077		86
AutoZone, Inc.(1)		102		104
Best Buy Co., Inc.		950		68
Booking Holdings, Inc.(1)(2)		186		325
BorgWarner, Inc.		845		32
Capri Holdings Ltd.(1)		611		28
CarMax, Inc.(1)		712		50
Carnival Corp.		1,622		82
Chipotle Mexican Grill, Inc.(1)		99		70
Darden Restaurants, Inc.		503		61
Dollar General Corp.		1,161		139
Dollar Tree, Inc.(1)		979		103
eBay, Inc.		3,677		137
Expedia Group, Inc.		479		57
Foot Locker, Inc.		467		28
Ford Motor Co.(2)		15,868		139
Gap, Inc. (The)		872		23
Garmin Ltd.		492		42
General Motors Co.(2)		5,341		198
Genuine Parts Co.		598		67
H&R Block, Inc.		833		20
Hanesbrands, Inc.		1,453		26
Harley-Davidson, Inc.		662		24
Hasbro, Inc.		470		40
Hilton Worldwide Holdings, Inc.		1,196		99
Home Depot, Inc. (The)(2)		4,588		880
Horton (D.R.), Inc.		1,385		57
Kohl’s Corp.		673		46
L Brands, Inc.		933		26

	Shares		Value
Consumer Discretionary—continued
Leggett & Platt, Inc.		534	$	23
Lennar Corp. Class A		1,184		58
LKQ Corp.(1)		1,292		37
Lowe’s Cos., Inc.(2)		3,269		358
Macy’s, Inc.		1,262		30
Marriott International, Inc. Class A		1,148		144
Mattel, Inc.(1)		1,395		18
McDonald’s Corp.(2)		3,119		592
MGM Resorts International		2,028		52
Mohawk Industries, Inc.(1)		258		33
Newell Brands, Inc.		1,696		26
NIKE, Inc. Class B(2)		5,136		432
Nordstrom, Inc.		465		21
Norwegian Cruise Line Holdings Ltd.(1)		890		49
O’Reilly Automotive, Inc.(1)		327		127
PulteGroup, Inc.		1,052		29
PVH Corp.		307		37
Ralph Lauren Corp.		221		29
Ross Stores, Inc.		1,525		142
Royal Caribbean Cruises Ltd.		694		80
Starbucks Corp.(2)		4,998		372
Tapestry, Inc.		1,179		38
Target Corp.(2)		2,135		171
Tiffany & Co.		441		47
TJX Cos., Inc. (The)		5,042		268
Tractor Supply Co.		498		49
Ulta Beauty, Inc.(1)		230		80
Under Armour, Inc. Class A(1)		759		16
Under Armour, Inc. Class C(1)		777		15
VF Corp.		1,320		115
Whirlpool Corp.		257		34
Wynn Resorts Ltd.		397		47
Yum! Brands, Inc.		1,267		126
				9,673
Consumer Staples—6.7%
Altria Group, Inc.(2)		6,792		390
Archer-Daniels-Midland Co.		2,034		88
Brown-Forman Corp. Class B		604		32
Campbell Soup Co.		694		26
Church & Dwight Co., Inc.		893		64
Clorox Co. (The)		462		74
Coca-Cola Co. (The)(2)		14,032		658
Colgate-Palmolive Co.(2)		3,149		216
Conagra Brands, Inc.		1,745		48
Constellation Brands, Inc. Class A		600		105
Costco Wholesale Corp.(2)		1,601		388
Coty, Inc. Class A		1,638		19
Estee Lauder Cos., Inc. (The) Class A		803		133
General Mills, Inc.		2,129		110
Hershey Co. (The)		507		58
Hormel Foods Corp.		989		44
J.M. Smucker Co. (The)		412		48
Kellogg Co.		914		52
Kimberly-Clark Corp.		1,254		155
Kraft Heinz Co.(The)(2)		2,253		74
Kroger Co. (The)		2,878		71
Lamb Weston Holdings, Inc.		532		40
McCormick & Co., Inc.		440		66
Molson Coors Brewing Co. Class B		681		41
Mondelez International, Inc. Class A(2)		5,279		264
Monster Beverage Corp.(1)		1,441		79

See Notes to Schedule of Investments

20

RAMPART ENHANCED CORE EQUITY SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
Consumer Staples—continued
PepsiCo, Inc.(2)		5,107	$	626
Philip Morris International, Inc.(2)		5,616		496
Procter & Gamble Co. (The)(2)		9,054		942
Sysco Corp.		1,729		115
Tyson Foods, Inc. Class A		1,063		74
Walgreens Boots Alliance, Inc.(2)		2,908		184
Walmart, Inc.(2)		5,212		508
				6,288
Energy—4.9%
Anadarko Petroleum Corp.		1,821		83
Apache Corp.		1,366		47
Baker Hughes a GE Co.		1,853		51
Cabot Oil & Gas Corp.		1,552		41
Chevron Corp.(2)		6,909		851
Cimarex Energy Co.		360		25
Concho Resources, Inc.		722		80
ConocoPhillips(2)		4,162		278
Devon Energy Corp.		1,579		50
Diamondback Energy, Inc.		554		56
EOG Resources, Inc.		2,098		200
Exxon Mobil Corp.(2)		15,309		1,237
Halliburton Co.(2)		3,158		93
Helmerich & Payne, Inc.		391		22
Hess Corp.		897		54
HollyFrontier Corp.		576		28
Kinder Morgan, Inc.(2)		6,862		137
Marathon Oil Corp.		3,006		50
Marathon Petroleum Corp.		2,495		149
National Oilwell Varco, Inc.		1,382		37
Noble Energy, Inc.		1,728		43
Occidental Petroleum Corp.(2)		2,727		181
ONEOK, Inc.		1,489		104
Phillips 66		1,532		146
Pioneer Natural Resources Co.		614		93
Schlumberger Ltd.(2)		4,991		217
TechnipFMC plc		1,470		35
Valero Energy Corp.		1,535		130
Williams Cos., Inc. (The)		4,366		125
				4,643
Financials—11.7%
Affiliated Managers Group, Inc.		191		20
Aflac, Inc.		2,760		138
Allstate Corp. (The)(2)		1,248		118
American Express Co.(2)		2,535		277
American International Group, Inc.(2)		3,219		139
Ameriprise Financial, Inc.		505		65
Aon plc		871		149
Assurant, Inc.		197		19
Bank of America Corp.(2)		33,015		911
Bank of New York Mellon Corp. (The)(2)		3,302		166
BB&T Corp.		2,789		130
Berkshire Hathaway, Inc. Class B(1)(2)		7,060		1,418
BlackRock, Inc.(2)		439		188
Brighthouse Financial, Inc.(1)(2)		428		15
Capital One Financial Corp.(2)		1,714		140
Cboe Global Markets, Inc.		406		39
Charles Schwab Corp. (The)		4,369		187
Chubb Ltd.		1,669		234
Cincinnati Financial Corp.		549		47
Citigroup, Inc.(2)		8,850		551

	Shares		Value
Financials—continued
Citizens Financial Group, Inc.		1,693	$	55
CME Group, Inc.		1,303		214
Comerica, Inc.		588		43
Discover Financial Services		1,216		86
E*TRADE Financial Corp.		923		43
Everest Re Group Ltd.		147		32
Fifth Third Bancorp		2,371		60
First Republic Bank		593		60
Franklin Resources, Inc.		1,082		36
Gallagher (Arthur J.) & Co.		667		52
Goldman Sachs Group, Inc. (The)(2)		1,252		240
Hartford Financial Services Group, Inc. (The)		1,298		64
Huntington Bancshares, Inc.		3,835		49
Intercontinental Exchange, Inc.		2,073		158
Invesco Ltd.		1,489		29
Jefferies Financial Group, Inc.		966		18
JPMorgan Chase & Co.(2)		12,013		1,216
KeyCorp		3,744		59
Lincoln National Corp.		776		46
Loews Corp.		1,001		48
M&T Bank Corp.		508		80
Marsh & McLennan Cos., Inc.		1,821		171
MetLife, Inc.(2)		3,577		152
Moody’s Corp.		603		109
Morgan Stanley(2)		4,724		199
MSCI, Inc.		319		63
Nasdaq, Inc.		417		36
Northern Trust Corp.		795		72
People’s United Financial, Inc.		1,367		22
PNC Financial Services Group, Inc. (The)		1,671		205
Principal Financial Group, Inc.		954		48
Progressive Corp. (The)		2,117		153
Prudential Financial, Inc.		1,494		137
Raymond James Financial, Inc.		467		38
Regions Financial Corp.		3,742		53
S&P Global, Inc.		908		191
State Street Corp.		1,374		90
SunTrust Banks, Inc.		1,627		96
SVB Financial Group(1)		191		42
Synchrony Financial		2,395		76
T. Rowe Price Group, Inc.		877		88
Torchmark Corp.		372		30
Travelers Cos., Inc. (The)		960		132
U.S. Bancorp(2)		5,497		265
Unum Group		791		27
Wells Fargo & Co.(2)		15,270		738
Willis Towers Watson plc		470		83
Zions Bancorp NA		695		32
				10,987
Health Care—13.4%
Abbott Laboratories(2)		6,383		510
AbbVie, Inc.(2)		5,443		439
ABIOMED, Inc.(1)		163		47
Agilent Technologies, Inc.		1,154		93
Alexion Pharmaceuticals, Inc.(1)		806		109
Align Technology, Inc.(1)		265		75
Allergan plc(2)		1,142		167
AmerisourceBergen Corp.		569		45
Amgen, Inc.(2)		2,302		437
Anthem, Inc.		934		268
Baxter International, Inc.		1,798		146

See Notes to Schedule of Investments

21

RAMPART ENHANCED CORE EQUITY SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
Health Care—continued
Becton, Dickinson & Co.		973	$	243
Biogen, Inc.(1)(2)		726		172
Boston Scientific Corp.(1)		5,034		193
Bristol-Myers Squibb Co.(2)		5,905		282
Cardinal Health, Inc.		1,081		52
Celgene Corp.(1)(2)		2,505		236
Centene Corp.(1)		1,489		79
Cerner Corp.(1)		1,198		69
Cigna Corp.		1,365		219
Cooper Cos., Inc. (The)		178		53
CVS Health Corp.(2)		4,642		250
Danaher Corp.(2)		2,236		295
DaVita, Inc.(1)		456		25
DENTSPLY SIRONA, Inc.		806		40
Edwards Lifesciences Corp.(1)		759		145
Eli Lilly & Co.(2)		3,412		443
Gilead Sciences, Inc.(2)		4,743		308
HCA Healthcare, Inc.		972		127
Henry Schein, Inc.(1)		553		33
Hologic, Inc.(1)		978		47
Humana, Inc.		496		132
IDEXX Laboratories, Inc.(1)		311		70
Illumina, Inc.(1)		532		165
Incyte Corp.(1)		638		55
Intuitive Surgical, Inc.(1)		417		238
IQVIA Holdings, Inc.(1)		574		83
Johnson & Johnson(2)		9,787		1,368
Laboratory Corporation of America Holdings(1)		367		56
McKesson Corp.		708		83
Medtronic plc(2)		4,860		443
Merck & Co., Inc.(2)		9,469		788
Mettler-Toledo International, Inc.(1)		91		66
Mylan NV(1)		1,864		53
Nektar Therapeutics(1)		630		21
PerkinElmer, Inc.		404		39
Perrigo Co. plc		453		22
Pfizer, Inc.(2)		20,950		890
Quest Diagnostics, Inc.		494		44
Regeneron Pharmaceuticals, Inc.(1)		280		115
ResMed, Inc.		518		54
Stryker Corp.		1,126		222
Teleflex, Inc.		167		50
Thermo Fisher Scientific, Inc.		1,453		398
UnitedHealth Group, Inc.(2)		3,463		856
Universal Health Services, Inc. Class B		308		41
Varian Medical Systems, Inc.(1)		331		47
Vertex Pharmaceuticals, Inc.(1)		925		170
Waters Corp.(1)		275		69
WellCare Health Plans, Inc.(1)		180		49
Zimmer Biomet Holdings, Inc.		735		94
Zoetis, Inc.		1,746		176
				12,604
Industrials—9.7%
3M Co.(2)		2,336		485
A.O. Smith Corp.		576		31
Alaska Air Group, Inc.		494		28
Allegion plc		383		35
American Airlines Group, Inc.		1,635		52
AMETEK, Inc.		935		78
Arconic, Inc.		1,710		33
Boeing Co. (The)(2)		2,127		811

	Shares		Value
Industrials—continued
Caterpillar, Inc.(2)		2,380	$	322
Cintas Corp.		348		70
Copart, Inc.(1)		830		50
CSX Corp.		3,234		242
Cummins, Inc.		591		93
Deere & Co.		1,299		208
Delta Air Lines, Inc.		2,477		128
Dover Corp.		589		55
Eaton Corp. plc		1,741		140
Emerson Electric Co.(2)		2,516		172
Equifax, Inc.		484		57
Expeditors International of Washington, Inc.		691		52
Fastenal Co.		1,154		74
FedEx Corp.(2)		976		177
Flowserve Corp.		526		24
Fluor Corp.		564		21
Fortive Corp.		1,179		99
Fortune Brands Home & Security, Inc.		569		27
General Dynamics Corp.(2)		1,117		189
General Electric Co.(2)		33,696		337
Harris Corp.		472		75
Honeywell International, Inc.(2)		2,970		472
Hunt (JB) Transport Services, Inc.		352		36
Huntington Ingalls Industries, Inc.		173		36
IHS Markit Ltd.(1)		1,438		78
Illinois Tool Works, Inc.		1,223		176
Ingersoll-Rand plc		984		106
Jacobs Engineering Group, Inc.		481		36
Johnson Controls International plc		3,713		137
Kansas City Southern		409		47
L3 Technologies, Inc.		315		65
Lockheed Martin Corp.(2)		992		298
Masco Corp.		1,224		48
Nielsen Holdings plc		1,421		34
Norfolk Southern Corp.		1,099		205
Northrop Grumman Corp.		696		188
PACCAR, Inc.		1,406		96
Parker-Hannifin Corp.		534		92
Pentair plc		644		29
Quanta Services, Inc.		587		22
Raytheon Co.(2)		1,141		208
Republic Services, Inc.		873		70
Robert Half International, Inc.		488		32
Robinson (C.H.) Worldwide, Inc.		549		48
Rockwell Automation, Inc.		485		85
Rollins, Inc.		592		25
Roper Technologies, Inc.		415		142
Snap-on, Inc.		224		35
Southwest Airlines Co.		2,027		105
Stanley Black & Decker, Inc.		607		83
Textron, Inc.		974		49
TransDigm Group, Inc.(1)		194		88
Union Pacific Corp.(2)		2,959		495
United Continental Holdings, Inc.(1)		919		73
United Parcel Service, Inc. Class B(2)		2,785		311
United Rentals, Inc.(1)		328		37
United Technologies Corp.(2)		3,258		420
Verisk Analytics, Inc.		663		88
W.W. Grainger, Inc.		183		55
Wabtec Corp.(2)		539		40
Waste Management, Inc.		1,575		164

See Notes to Schedule of Investments

22

RAMPART ENHANCED CORE EQUITY SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
Industrials—continued
Xylem, Inc.		723	$	57
				9,076
Information Technology—21.5%
Accenture plc Class A(2)		2,548		449
Adobe, Inc.(1)		1,956		521
Advanced Micro Devices, Inc.(1)		3,559		91
Alliance Data Systems Corp.		188		33
Amphenol Corp. Class A		1,209		114
Analog Devices, Inc.		1,488		157
ANSYS, Inc.(1)		336		61
Apple, Inc.(2)		17,908		3,402
Applied Materials, Inc.		3,893		154
Arista Networks, Inc.(1)		210		66
Autodesk, Inc.(1)		880		137
Automatic Data Processing, Inc.		1,754		280
Broadcom, Inc.		1,659		499
Broadridge Financial Solutions, Inc.		470		49
Cadence Design Systems, Inc.(1)		1,127		72
Cisco Systems, Inc.(2)		18,029		973
Citrix Systems, Inc.		513		51
Cognizant Technology Solutions Corp. Class A		2,323		168
Corning, Inc.		3,222		107
DXC Technology Co.		1,126		72
F5 Networks, Inc.(1)		241		38
Fidelity National Information Services, Inc.		1,317		149
Fiserv, Inc.(1)		1,598		141
FleetCor Technologies, Inc.(1)		357		88
FLIR Systems, Inc.		556		26
Fortinet, Inc.(1)		580		49
Gartner, Inc.(1)		366		56
Global Payments, Inc.		637		87
Hewlett Packard Enterprise Co.		5,712		88
HP, Inc.		6,354		123
Intel Corp.(2)		18,390		988
International Business Machines Corp.(2)		3,649		515
Intuit, Inc.		1,044		273
IPG Photonics Corp.(1)		144		22
Jack Henry & Associates, Inc.		311		43
Juniper Networks, Inc.		1,384		37
Keysight Technologies, Inc.(1)		751		65
KLA-Tencor Corp.		658		79
Lam Research Corp.		609		109
Mastercard, Inc. Class A(2)		3,648		859
Maxim Integrated Products, Inc.		1,112		59
Microchip Technology, Inc.		951		79
Micron Technology, Inc.(1)		4,499		186
Microsoft Corp.(2)		30,946		3,650
Motorola Solutions, Inc.		660		93
NetApp, Inc.		1,015		70
NVIDIA Corp.		2,475		444
Oracle Corp.(2)		10,214		549
Paychex, Inc.		1,282		103
PayPal Holdings, Inc.(1)(2)		4,730		491
Qorvo, Inc.(1)		502		36
QUALCOMM, Inc.(2)		4,829		275
Red Hat, Inc.(1)		708		129
salesforce.com, Inc.(1)		3,061		485
Seagate Technology plc		1,056		51
Skyworks Solutions, Inc.		710		59
Symantec Corp.		2,585		59
Synopsys, Inc.(1)		599		69

	Shares		Value
Information Technology—continued
TE Connectivity Ltd.		1,373	$	111
Texas Instruments, Inc.(2)		3,876		411
Total System Services, Inc.		673		64
VeriSign, Inc.(1)		426		77
Visa, Inc. Class A(2)		7,052		1,101
Western Digital Corp.		1,191		57
Western Union Co. (The)		1,800		33
Xerox Corp.		843		27
Xilinx, Inc.		1,010		128
				20,187
Materials—2.4%
Air Products & Chemicals, Inc.		798		152
Albemarle Corp.		386		32
Avery Dennison Corp.		314		36
Ball Corp.		1,229		71
Celanese Corp.		486		48
CF Industries Holdings, Inc.		836		34
DowDuPont, Inc.(2)		8,301		443
Eastman Chemical Co.		514		39
Ecolab, Inc.		919		162
FMC Corp.		487		37
Freeport-McMoRan, Inc.		5,344		69
International Flavors & Fragrances, Inc.		368		47
International Paper Co.		1,471		68
Linde plc		1,999		352
LyondellBasell Industries NV Class A		1,139		96
Martin Marietta Materials, Inc.		227		46
Mosaic Co. (The)		1,291		35
Newmont Mining Corp.		1,963		70
Nucor Corp.		1,151		67
Packaging Corporation of America		344		34
PPG Industries, Inc.		872		99
Sealed Air Corp.		568		26
Sherwin-Williams Co. (The)		299		129
Vulcan Materials Co.		479		57
Westrock Co.		921		35
				2,284
Real Estate—3.1%
Alexandria Real Estate Equities, Inc.		430		61
American Tower Corp.		1,777		350
Apartment Investment & Management Co. Class A		623		31
AvalonBay Communities, Inc.		555		111
Boston Properties, Inc.		620		83
CBRE Group, Inc. Class A(1)		1,273		63
Crown Castle International Corp.		1,678		215
Digital Realty Trust, Inc.		834		99
Duke Realty Corp.		1,438		44
Equinix, Inc.		320		145
Equity Residential		1,480		112
Essex Property Trust, Inc.		265		77
Extra Space Storage, Inc.		512		52
Federal Realty Investment Trust		295		41
HCP, Inc.		1,908		60
Host Hotels & Resorts, Inc.		2,971		56
Iron Mountain, Inc.		1,164		41
Kimco Realty Corp.		1,688		31
Macerich Co. (The)		424		18
Mid-America Apartment Communities, Inc.		454		50
Prologis, Inc.		2,546		183
Public Storage		602		131

See Notes to Schedule of Investments

23

RAMPART ENHANCED CORE EQUITY SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
Real Estate—continued
Realty Income Corp.		1,183	$	87
Regency Centers Corp.		680		46
SBA Communications, Corp.(1)		456		91
Simon Property Group, Inc.(2)		1,244		227
SL Green Realty Corp.		344		31
UDR, Inc.		1,103		50
Ventas, Inc.		1,426		91
Vornado Realty Trust		694		47
Welltower, Inc.		1,505		117
Weyerhaeuser Co.		3,000		79
				2,920
Utilities—3.0%
AES Corp.		2,398		43
Alliant Energy Corp.		856		40
Ameren Corp.		887		65
American Electric Power Co., Inc.		1,792		150
American Water Works Co., Inc.		657		69
Atmos Energy Corp.		423		44
CenterPoint Energy, Inc.		1,817		56
CMS Energy Corp.		1,029		57
Consolidated Edison, Inc.		1,129		96
Dominion Energy, Inc.		2,766		212
DTE Energy Co.		659		82
Duke Energy Corp.(2)		2,584		233
Edison International		1,172		73
Entergy Corp.		658		63
Evergy, Inc.		955		55
Eversource Energy		1,148		81
Exelon Corp.(2)		3,500		175
FirstEnergy Corp.		1,762		73
NextEra Energy, Inc.(2)		1,731		335
NiSource, Inc.		1,317		38
NRG Energy, Inc.		1,056		45
Pinnacle West Capital Corp.		406		39
PPL Corp.		2,611		83
Public Service Enterprise Group, Inc.		1,835		109
Sempra Energy		989		125
Southern Co. (The)(2)		3,723		192
WEC Energy Group, Inc.		1,144		90
Xcel Energy, Inc.		1,876		105
				2,828
TOTAL COMMON STOCKS
(Identified Cost $74,777)				90,333

	Shares		Value
EXCHANGE-TRADED FUND—3.0%
Invesco S&P 500 High Beta ETF(3)		68,643	$	2,854
TOTAL EXCHANGE-TRADED FUND
(Identified Cost $2,813)				2,854
TOTAL LONG-TERM INVESTMENTS—99.1%
(Identified Cost $77,590)				93,187
SHORT-TERM INVESTMENTS—0.1%
PURCHASED OPTIONS—0.1%
(See open purchased options schedule)
Total Purchased Options
(Premiums paid $187)				85
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $187)				85
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—99.2%
(Identified Cost $77,777)			$	93,272
WRITTEN OPTIONS—(0.2)%
(See open written options schedule)
Total Written Options
(Premiums received $(382))				(200	)
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—99.0%
(Identified Cost $77,395)			$	93,072
Other assets and liabilities, net—1.0%				926
NET ASSETS—100.0%			$	93,998

Abbreviation:

ETF Exchange-Traded Fund

Footnote Legend:

⁽¹⁾  Non-income producing.

⁽²⁾  All or a portion of the security is segregated as collateral for written options.

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

See Notes to Schedule of Investments

24

RAMPART ENHANCED CORE EQUITY SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

Open Purchased Options Contracts as of March 31, 2019 were as follows:
Description of Options	Number of Contracts		Contract Notional Amount		Strike Price(1)		Expiration Date		Value
Call Option
S&P 500® Index		189		$57,172		$3,025.00		05/03/19		$  5
Put Option
S&P 500® Index		189		48,668		2,575.00		05/03/19		80
Total Purchased Options										$85
Open Written Options Contracts as of March 31, 2019 were as follows:
Description of Options	Number of Contracts		Contract Notional Amount		Strike Price(1)		Expiration Date		Value
Call Option
S&P 500® Index		189		$55,755		$2,950.00		05/03/19	$	(54	)
Put Option
S&P 500® Index		189		50,085		2,650.00		05/03/19		(146	)
Total Written Options									$	(200	)

Footnote Legend:

⁽¹⁾  Strike price not reported in thousands.

The following table summarizes the market value of the Series’ investments as of March 31, 2019 based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at March 31, 2019				Level 1 Quoted Prices				Level 2 Significant Observable Inputs
Assets:
Equity Securities:
Common Stocks		$	90,333			$	90,333			$	—
Exchange-Traded Fund			2,854				2,854				—
Other Financial Instruments:
Purchased Options			85				80				5
Total Assets			93,272				93,267				5
Liabilities:
Other Financial Instruments:
Written Options			(200	)			(200	)			—
Total Liabilities			(200	)			(200	)			—
Total Investments		$	93,072			$	93,067			$	5

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2019.

There were no transfers into or out of Level 3 related to securities held at March 31, 2019.

See Notes to Schedule of Investments

25

STRATEGIC ALLOCATION SERIES

SCHEDULE OF INVESTMENTS

(Unaudited)

MARCH 31, 2019

($ reported in thousands)

	Par Value			Value
U.S. GOVERNMENT SECURITIES—4.0%
U.S. Treasury Bond
2.500%, 2/15/46		$  2,614			$  2,464
3.000%, 8/15/48		695			721
U.S. Treasury Note
2.875%, 8/15/28		325			338
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $3,437)					3,523
MUNICIPAL BONDS—2.1%
California—0.9%
San Diego County Regional Airport Authority Rental Car Center Project Series B - Taxable
5.594%, 7/1/43		275			303
State of California, Build America Bonds Taxable
7.600%, 11/1/40		265			412
University of California, Series B-A, Taxable
4.428%, 5/15/48		75			79
					794
Idaho—0.1%
Idaho Health Facilities Authority Saint Luke’s Health System Revenue Taxable
5.020%, 3/1/48		90			97
New York—0.4%
New York City Transitional Finance Authority Future Tax Secured Revenue Series A-3
5.000%, 8/1/40		315			369
Texas—0.3%
State of Texas
3.011%, 10/1/26		200			202
Virginia—0.4%
City of Bristol, General Obligation Taxable
4.210%, 1/1/42		135			136
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable
6.706%, 6/1/46		205			198
					334
TOTAL MUNICIPAL BONDS
(Identified Cost $1,759)					1,796
FOREIGN GOVERNMENT SECURITIES—0.3%
Argentine Republic
4.625%, 1/11/23		160			131
Bolivarian Republic of Venezuela
9.375%, 1/13/34(1)		65			21
United Mexican States
4.750%, 3/8/44		54			53
Series M
6.500%, 6/9/22		925	MXN		46
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $296)					251
MORTGAGE-BACKED SECURITIES—9.8%
Agency—0.2%
Federal National Mortgage Association

	Par Value		Value
Agency—continued
Pool #813881
4.000%, 6/1/20		$          3	$	3
Pool #825985
4.500%, 7/1/20		—		—	(2)
Pool #254007
6.500%, 10/1/31		2		2
Pool #656288
6.000%, 9/1/32		8		9
Pool #835144
5.000%, 10/1/35		22		24
Pool #882224
6.000%, 9/1/36		1		1
Pool #914724
5.500%, 4/1/37		6		6
Pool #940524
5.500%, 7/1/37		17		18
Pool #949301
6.000%, 10/1/37		6		6
Pool #975097
5.000%, 6/1/38		15		17
Pool #929637
5.500%, 6/1/38		3		3
Pool #986012
5.500%, 6/1/38		2		3
Pool #994383
5.500%, 11/1/38		11		12
Pool #991124
5.000%, 1/1/39		5		6
Pool #994322
6.000%, 1/1/39		3		4
Pool #AA4418
4.500%, 3/1/39		9		9
Pool #AA4434
5.000%, 3/1/39		8		8
Pool #AA4436
6.000%, 3/1/39		5		5
Government National Mortgage Association
Pool #368053
6.500%, 11/15/23		17		18
Pool #351336
6.500%, 12/15/23		1		1
Pool #385198
6.500%, 2/15/24		11		13
Pool #563381
6.500%, 11/15/31		16		18
Pool #581072
6.500%, 2/15/32		18		20
				206
Non-Agency—9.6%
Access Point Funding I LLC 2017-A, A 144A
3.060%, 4/15/29(3)		69		69
Agate Bay Mortgage Trust 2016-3, A5 144A
3.500%, 8/25/46(3)(4)		65		66
American Homes 4 Rent Trust
2015-SFR1, A 144A
3.467%, 4/17/52(3)		102		103
2015-SFR2, C 144A
4.691%, 10/17/52(3)		110		115
Angel Oak Mortgage Trust I LLC
2018-1, A1 144A
3.258%, 4/27/48(3)(4)		97		97

See Notes to Schedule of Investments

26

STRATEGIC ALLOCATION SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
2018-2, A1 144A
3.674%, 7/27/48(3)(4)		$      141	$	141
2019-1, A1 144A
3.920%, 11/25/48(3)(4)		125		126
Arroyo Mortgage Trust
2018-1, A1 144A
3.763%, 4/25/48(3)(4)		84		85
2019-1, A1 144A
3.805%, 1/25/49(3)(4)		98		99
Aventura Mall Trust 2013-AVM, C 144A
3.743%, 12/5/32(3)(4)		300		303
Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A
4.250%, 4/28/55(3)		100		103
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A
4.250%, 6/28/53(3)(4)		100		103
Bunker Hill Loan Depositary Trust 2019-1, A1 144A
3.613%, 10/26/48(3)(4)		100		100
BX Trust 2018-GW, B (1 month LIBOR + 1.020%) 144A
3.504%, 5/15/35(3)(4)		125		124
Caesars Palace Las Vegas Trust 2017-VICI, C 144A
4.138%, 10/15/34(3)		55		57
CIT Home Equity Loan Trust 2003-1, A5
5.480%, 7/20/34(4)		94		94
Citigroup Commercial Mortgage Trust 2019-SST2, A (1 month LIBOR + 0.920%) 144A
3.404%, 12/15/36(3)(4)		100		100
Citigroup Mortgage Loan Trust, Inc.
2004-NCM2, 2CB2
6.750%, 8/25/34		53		57
2014-A, A 144A
4.000%, 1/25/35(3)(4)		32		33
2015-A, A1 144A
3.500%, 6/25/58(3)(4)		38		38
Cold Storage Trust 2017-ICE3, A (1 month LIBOR + 1.000%) 144A
3.484%, 4/15/36(3)(4)		115		115
Colony Starwood Homes Trust 2016-2A, C (1 month LIBOR + 2.150%) 144A
4.634%, 12/17/33(3)(4)		62		62
COLT Mortgage Loan Trust Funding LLC
2018-1, A1 144A
2.930%, 2/25/48(3)(4)		45		45
2018-2, A1 144A
3.470%, 7/27/48(3)(4)		64		64
2019-1, A1 144A
3.705%, 3/25/49(3)(4)		97		98
Credit Suisse Mortgage Capital Trust 2013-HYB1, A16 144A
2.998%, 4/25/43(3)(4)		23		23
Ellington Financial Mortgage Trust 2018-1, A1FX 144A
4.140%, 10/25/58(3)(4)		92		92
GAHR Commercial Mortgage Trust 2015-NRF, CFX 144A
3.382%, 12/15/34(3)(4)		100		99
Galton Funding Mortgage Trust
2017-1, A21 144A
3.500%, 7/25/56(3)(4)		54		54
2018-2, A41 144A
4.500%, 10/25/58(3)(4)		86		88
GMAC Mortgage Corp. Loan Trust 2004-AR1, 12A
4.617%, 6/25/34(4)		21		21

	Par Value		Value
Non-Agency—continued
Goldman Sachs Mortgage Securities Trust 2012-ALOH, A 144A
3.551%, 4/10/34(3)		$      100	$	102
GSAA Home Equity Trust 2005-12, AF3W
4.999%, 9/25/35(4)		25		26
Homeward Opportunities Fund I Trust 2019-1, A1 144A
3.454%, 1/25/59(3)(4)		100		100
IMC Home Equity Loan Trust 1997-5, A9
7.310%, 11/20/28		57		56
JP Morgan Mortgage Trust 2005-A5, 1A2
4.244%, 8/25/35(4)		47		48
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust 2004-1, 21A1
4.468%, 4/25/34(4)		33		33
JPMorgan Chase (Washington Mutual) Mortgage
Pass-Through Certificates Trust
2003-AR6, A1
4.229%, 6/25/33(4)		33		33
2003-AR4, 2A1
4.088%, 8/25/33(4)		46		45
JPMorgan Chase Commercial Mortgage Securities Trust
2011-C4, A4 144A
4.388%, 7/15/46(3)		219		225
2014-C22, A4
3.801%, 9/15/47		150		156
JPMorgan Chase Mortgage Trust
2014-2, 2A2 144A
3.500%, 6/25/29(3)(4)		84		85
2016-SH1, M2 144A
3.750%, 4/25/45(3)(4)		64		65
2016-SH2, M2 144A
3.750%, 12/25/45(3)(4)		71		72
2017-5, A1 144A
3.175%, 10/26/48(3)(4)		227		227
2018-8, A3 144A
4.000%, 1/25/49(3)(4)		47		48
LHOME Mortgage Trust 2019-RTL1, A1 144A
4.580%, 10/25/23(3)(4)		100		100
MASTR Alternative Loan Trust 2003-8, 2A1
5.750%, 11/25/33		83		85
MASTR Specialized Loan Trust 2005-3, A2 144A
5.704%, 11/25/35(3)(4)		35		35
MetLife Securitization Trust 2017-1A, M1 144A
3.717%, 4/25/55(3)(4)		100		100
Mill City Mortgage Loan Trust 2018-4, A1B 144A
3.500%, 4/25/66(3)(4)		240		239
Morgan Stanley - Bank of America (Merrill Lynch) Trust
2015-C22, AS
3.561%, 4/15/48		225		228
Morgan Stanley Capital I Trust 2017-CLS, A (1 month
LIBOR + 0.700%) 144A
3.184%, 11/15/34(3)(4)		108		108
Motel 6 Trust 2017-MTL6, A (1 month LIBOR + 0.920%) 144A
3.404%, 8/15/34(3)(4)		117		117
New Residential Mortgage Loan Trust
2016-2A, A1 144A
3.750%, 11/26/35(3)(4)		134		135
2014-1A, A 144A
3.750%, 1/25/54(3)(4)		57		58
2015-2A, A1 144A
3.750%, 8/25/55(3)(4)		110		111

See Notes to Schedule of Investments

27

STRATEGIC ALLOCATION SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
2016-1A, A1 144A
3.750%, 3/25/56(3)(4)		$        47		$        47
2016-3A, A1 144A
3.750%, 9/25/56(3)(4)		59		59
2016-4A, A1 144A
3.750%, 11/25/56(3)(4)		92		93
2016-4A, B1A 144A
4.500%, 11/25/56(3)(4)		91		95
2018-1A, A1A 144A
4.000%, 12/25/57(3)(4)		128		131
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%)
4.210%, 3/25/35(4)		72		73
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A
3.000%, 7/25/57(3)(4)		60		60
OBX Trust
2018-EXP2, 1A1 144A
4.000%, 11/25/48(3)(4)		92		93
2019-INV1, A3 144A
4.500%, 11/25/48(3)(4)		97		99
One Market Plaza Trust 2017-1MKT, A 144A
3.614%, 2/10/32(3)		100		102
Progress Residential Trust 2018-SFR1, B 144A
3.484%, 3/17/35(3)		110		110
PRPM LLC 2019-1A, A1 144A
4.500%, 1/25/24(3)(4)		98		99
Residential Asset Mortgage Products Trust 2005-SL2, A4
7.500%, 2/25/32		43		38
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A
3.468%, 4/25/49(3)(4)		100		100
Structured Adjustable Rate Mortgage Loan Trust 2004-1, 6A
4.709%, 2/25/34(4)		72		72
Towd Point Mortgage Trust
2015-1, A2 144A
3.250%, 10/25/53(3)(4)		100		100
2015-6, M1 144A
3.750%, 4/25/55(3)(4)		100		102
2015-5, A1B 144A
2.750%, 5/25/55(3)(4)		59		58
2015-5, A2 144A
3.500%, 5/25/55(3)(4)		100		101
2016-4, A1 144A
2.250%, 7/25/56(3)(4)		55		54
2019-1, A1 144A
3.750%, 3/25/58(3)(4)		132		134
2018-SJ1, A1 144A
4.000%, 10/25/58(3)(4)		89		89
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A
3.967%, 2/25/49(3)(4)		99		99
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A
3.375%, 10/25/47(3)(4)		95		94
Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5, A1A 144A
4.213%, 8/25/48(3)(4)		106		106
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A
4.336%, 1/25/49(3)(4)		113		113
Verus Securitization Trust
2018-1, A1 144A
2.929%, 2/25/48(3)(4)		102		102

	Par Value		Value
Non-Agency—continued
2018-2, A1 144A
3.677%, 6/1/58(3)(4)		$        80		$       81
2018-3, A1 144A
4.108%, 10/25/58(3)(4)		90		92
2019-1, A1 144A
3.836%, 2/25/59(3)(4)		99		100
2019-INV1, A1 144A
3.402%, 12/25/59(3)(4)		100		100
Wells Fargo Commercial Mortgage Trust 2015-LC20, B
3.719%, 4/15/50		140		142
				8,349
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $8,494)				8,555
ASSET-BACKED SECURITIES—3.9%
Automobiles—2.4%
American Credit Acceptance Receivables Trust
2017-2, C
144A 2.860%, 6/12/23(3)		77		77
2018-3, C
144A 3.750%, 10/15/24(3)		105		105
2018-4, C
144A 3.970%, 1/13/25(3)		100		101
Avis Budget Rental Car Funding LLC (AESOP) 2015-2A, A 144A
2.630%, 12/20/21(3)		180		179
Capital Auto Receivables Asset Trust 2017-1, C 144A
2.700%, 9/20/22(3)		90		89
Centre Point Funding LLC 2012-2A, 1 144A
2.610%, 8/20/21(3)		37		37
CPS Auto Receivables Trust 2017-D, B 144A
2.430%, 1/18/22(3)		100		100
Drive Auto Receivables Trust 2018-4, D
4.090%, 1/15/26		105		107
DT Auto Owner Trust
2016-4A, C
144A 2.740%, 10/17/22(3)		34		34
2018-3A, C
144A 3.790%, 7/15/24(3)		75		76
Exeter Automobile Receivables Trust
2014-3A, D
144A 5.690%, 4/15/21(3)		115		115
2015-1A, C
144A 4.100%, 12/15/20(3)		37		37
2018-3A, C
144A 3.710%, 6/15/23(3)		105		106
2018-4A, D
144A 4.350%, 9/16/24(3)		100		103
Flagship Credit Auto Trust
2016-1, A
144A 2.770%, 12/15/20(3)		2		2
2016-2, B
144A 3.840%, 9/15/22(3)		82		82
GLS Auto Receivables Trust
2017-1A, B
144A 2.980%, 12/15/21(3)		115		115
2018-3A, C
144A 4.180%, 7/15/24(3)		130		132
Hertz Vehicle Financing II LP 2015-1A, A 144A
2.730%, 3/25/21(3)		110		110

See Notes to Schedule of Investments

28

STRATEGIC ALLOCATION SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
Automobiles—continued
Skopos Auto Receivables Trust 2018-1A, A 144A
3.190%, 9/15/21(3)		$        38		$        38
Tesla Auto Lease Trust 2018-B, B 144A
4.120%, 10/20/21(3)		85		86
Tricolor Auto Securitization Trust 2018-2A, B 144A
4.760%, 2/15/22(3)		96		98
Veros Automobile Receivables Trust 2018-1, B 144A
4.050%, 2/15/24(3)		85		86
Westlake Automobile Receivables Trust 2017-2A, C 144A
2.590%, 12/15/22(3)		110		109
				2,124
Home Equity Loans—0.1%
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 2001-SB1, A2
3.375%, 8/25/31		32		31
Other—1.2%
Arby’s Funding LLC 2015-1A, A2 144A
4.969%, 10/30/45(3)		68		69
AXIS Equipment Finance Receivables VI LLC 2018-2A, A2 144A
3.890%, 7/20/22(3)		100		101
BXG Receivables Note Trust 2012-A, A 144A
2.660%, 12/2/27(3)		18		18
CCG Receivables Trust 2018-1, A2 144A
2.500%, 6/16/25(3)		182		181
Dell Equipment Finance Trust 2017-2, A3 144A
2.190%, 10/24/22(3)		100		100
Diamond Resorts Owner Trust 2017-1A, A 144A
3.270%, 10/22/29(3)		48		48
Hilton Grand Vacations Trust 2018-AA, A 144A
3.540%, 2/25/32(3)		96		97
MVW Owner Trust 2017-1A, A 144A
2.420%, 12/20/34(3)		69		68
OneMain Financial Issuance Trust 2015-1A, A 144A
3.190%, 3/18/26(3)		8		8
Prosper Marketplace Issuance Trust
2017-2A, B
144A 3.480%, 9/15/23(3)		67		67
2018-2A, B
144A 3.960%, 10/15/24(3)		100		101
SoFi Consumer Loan Program LLC
2016-3, A
144A 3.050%, 12/26/25(3)		53		53
2017-1, A
144A 3.280%, 1/26/26(3)		34		35
Stack Infrastructure Issuer LLC 2019-1A, A2 144A
4.540%, 2/25/44(3)		95		97
				1,043
Student Loan—0.2%
Earnest Student Loan Program LLC 2017-A, A2 144A
2.650%, 1/25/41(3)		52		51
Laurel Road Prime Student Loan Trust 2017-B, A2FX 144A
2.770%, 8/25/42(3)		98		97
SoFi Professional Loan Program LLC 2016-A, A2 144A
2.760%, 12/26/36(3)		40		40
				188
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $3,373)				3,386

	Par Value		Value
CORPORATE BONDS AND NOTES—15.7%
Communication Services—0.9%
AT&T, Inc.
4.250%, 3/1/27		$      105		$      108
4.100%, 2/15/28		55		56
Charter Communications Operating LLC
4.908%, 7/23/25		105		111
Comcast Corp.
3.950%, 10/15/25		45		47
4.150%, 10/15/28		22		23
Discovery Communications LLC
3.950%, 3/20/28		100		97
Meredith Corp.
6.875%, 2/1/26		40		42
Sprint Spectrum Co., LLC 144A
4.738%, 3/20/25(3)		200		202
Verizon Communications, Inc.
4.125%, 3/16/27		60		63
(3 month LIBOR + 1.100%)
3.784%, 5/15/25(4)		35		35
				784
Consumer Discretionary—1.0%
Aptiv Corp.
4.150%, 3/15/24		90		93
Bunge Ltd. Finance Corp.
4.350%, 3/15/24		70		71
CRH America, Inc. 144A
3.875%, 5/18/25(3)		90		90
Dollar Tree, Inc.
4.000%, 5/15/25		90		91
General Motors Financial Co., Inc.
4.200%, 3/1/21		45		46
3.550%, 4/9/21		17		17
GLP Capital LP
5.750%, 6/1/28		100		107
Horton (D.R.), Inc.
4.750%, 2/15/23		115		120
Lear Corp.
3.800%, 9/15/27		120		115
TRI Pointe Group, Inc.
5.875%, 6/15/24		55		55
William Lyon Homes, Inc.
6.000%, 9/1/23		65		63
				868
Consumer Staples—0.7%
Anheuser-Busch InBev Worldwide, Inc.
4.000%, 4/13/28		110		112
4.750%, 1/23/29		23		24
Conagra Brands, Inc.
4.300%, 5/1/24		85		88
CVS Health Corp.
2.875%, 6/1/26		120		114
4.300%, 3/25/28		83		84
Flowers Foods, Inc.
4.375%, 4/1/22		130		135
Kraft Heinz Foods Co. (The)
3.500%, 7/15/22		53		54

See Notes to Schedule of Investments

29

STRATEGIC ALLOCATION SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
Consumer Staples—continued
4.000%, 6/15/23		$        40	$	41
				652
Energy—1.2%
Cheniere Energy Partners LP 144A
5.625%, 10/1/26(3)		35		36
CNOOC Finance 2013 Ltd.
3.000%, 5/9/23		200		198
Helmerich & Payne, Inc. 144A
4.650%, 3/15/25(3)		80		83
HollyFrontier Corp.
5.875%, 4/1/26		100		107
Kinder Morgan, Inc.
4.300%, 6/1/25		165		172
7.750%, 1/15/32		65		85
MPLX LP
4.875%, 12/1/24		120		128
NuStar Logistics LP
5.625%, 4/28/27		70		70
Sabine Pass Liquefaction LLC
4.200%, 3/15/28		100		101
Valero Energy Partners LP
4.500%, 3/15/28		90		93
				1,073
Financials—6.2%
Allstate Corp. (The) Series B
5.750%, 8/15/53(5)		145		148
Apollo Management Holdings LP 144A
4.000%, 5/30/24(3)		150		150
Ares Capital Corp.
3.500%, 2/10/23		45		44
Ares Finance Co., LLC 144A
4.000%, 10/8/24(3)		140		136
Athene Holding Ltd.
4.125%, 1/12/28		110		106
Aviation Capital Group LLC
144A 3.875%, 5/1/23(3)		108		108
144A 3.500%, 11/1/27(3)		100		95
Banco de Credito e Inversiones 144A
3.500%, 10/12/27(3)		215		210
Bank of America Corp.
3.004%, 12/20/23		90		90
4.200%, 8/26/24		235		243
Bank of Montreal
3.803%, 12/15/32		156		151
Brighthouse Financial, Inc.
3.700%, 6/22/27		100		90
BrightSphere Investment Group plc
4.800%, 7/27/26		65		64
Brookfield Finance, Inc.
4.000%, 4/1/24		92		93
Capital One Financial Corp.
3.750%, 7/28/26		115		112
Citigroup, Inc.
3.200%, 10/21/26		171		168
(3 month LIBOR + 1.250%)
3.842%, 7/1/26(4)		160		160
E*TRADE Financial Corp.
4.500%, 6/20/28		110		112
Fairfax Financial Holdings Ltd.
4.850%, 4/17/28		105		105

	Par Value		Value
Financials—continued
FS KKR Capital Corp.
4.250%, 1/15/20		$      125	$	125
4.750%, 5/15/22		35		35
Goldman Sachs Group, Inc. (The)
4.250%, 10/21/25		195		200
Guanay Finance Ltd. 144A
6.000%, 12/15/20(3)		96		97
Huntington Bancshares, Inc.
7.000%, 12/15/20		95		101
iStar, Inc.
5.250%, 9/15/22		35		35
Jefferies Group LLC
6.875%, 4/15/21		42		45
JPMorgan Chase & Co.
3.300%, 4/1/26		165		165
Liberty Mutual Group, Inc.
144A 4.250%, 6/15/23(3)		34		35
144A 4.569%, 2/1/29(3)		116		121
Lincoln National Corp. (3 month LIBOR + 2.040%)
4.801%, 4/20/67(4)(5)		55		45
Lloyds Bank plc 144A
6.500%, 9/14/20(3)		150		156
Morgan Stanley
4.100%, 5/22/23		90		92
3.125%, 7/27/26		125		122
Navient Corp.
6.750%, 6/25/25		85		84
Nuveen Finance LLC 144A
4.125%, 11/1/24(3)		135		142
Prudential Financial, Inc.
5.875%, 9/15/42		100		106
5.625%, 6/15/43(5)		65		68
S&P Global, Inc.
4.000%, 6/15/25		135		142
Santander Holdings USA, Inc.
4.450%, 12/3/21		86		89
3.700%, 3/28/22		93		94
SBA Tower Trust 144A
2.877%, 7/9/21(3)		100		99
Synchrony Financial
3.950%, 12/1/27		90		85
Teachers Insurance & Annuity Association of America 144A
4.375%, 9/15/54(3)		120		124
Toronto-Dominion Bank (The)
3.625%, 9/15/31		155		153
Trinity Acquisition plc
4.400%, 3/15/26		90		93
Wells Fargo & Co.
Series M
3.450%, 2/13/23		125		126
Series S
5.900%, (6)		75		77
Willis Towers Watson plc
5.750%, 3/15/21		135		141
				5,382
Health Care—1.3%
AbbVie, Inc.
3.600%, 5/14/25		50		50
3.200%, 5/14/26		75		73

See Notes to Schedule of Investments

30

STRATEGIC ALLOCATION SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
Health Care—continued
Allergan Funding SCS
3.450%, 3/15/22	$	135	$	136
Bausch Health Cos., Inc.
144A 7.000%, 3/15/24(3)		15		16
144A 5.500%, 11/1/25(3)		65		66
Becton Dickinson and Co.
3.300%, 3/1/23		150		149
Cardinal Health, Inc.
3.200%, 3/15/23		70		70
3.410%, 6/15/27		40		38
Cigna Corp.
144A 4.125%, 11/15/25(3)		74		77
144A 4.375%, 10/15/28(3)		95		98
HCA, Inc.
5.375%, 2/1/25		15		16
5.625%, 9/1/28		35		37
Shire Acquisitions Investments Ireland DAC
2.400%, 9/23/21		130		128
Zimmer Biomet Holdings, Inc.
3.550%, 4/1/25		70		69
(3 month LIBOR + 0.750%)
3.375%, 3/19/21(4)		110		110
				1,133
Industrials—0.5%
CNH Industrial N.V.
4.500%, 8/15/23		89		92
Oshkosh Corp.
4.600%, 5/15/28		117		119
Penske Truck Leasing Co., LP 144A
4.125%, 8/1/23(3)		90		93
TransDigm, Inc.
6.375%, 6/15/26		35		35
United Air Lines, Inc. Pass-Through-Trust 2007-1, A
6.636%, 7/2/22		84		88
				427
Information Technology—0.8%
Apple, Inc.
3.250%, 2/23/26		90		92
3.350%, 2/9/27		90		92
Broadcom Corp.
3.000%, 1/15/22		45		45
3.625%, 1/15/24		80		80
Citrix Systems, Inc.
4.500%, 12/1/27		75		74
Dell International LLC 144A
6.020%, 6/15/26(3)		100		107
Hewlett Packard Enterprise Co.
4.900%, 10/15/25		65		69
Verisk Analytics, Inc.
4.000%, 6/15/25		135		141
				700
Materials—0.7%
ArcelorMittal
6.125%, 6/1/25		110		122
DowDuPont, Inc.
4.493%, 11/15/25		97		103
Glencore Funding LLC 144A
4.125%, 5/30/23(3)		105		107

	Par Value		Value
Materials—continued
NewMarket Corp.
4.100%, 12/15/22	$	157	$	162
NOVA Chemicals Corp. 144A
4.875%, 6/1/24(3)		25		25
Vulcan Materials Co.
3.900%, 4/1/27		105		104
				623
Real Estate—1.6%
Alexandria Real Estate Equities, Inc.
4.000%, 1/15/24		58		60
3.950%, 1/15/27		65		66
Corporate Office Properties LP
3.600%, 5/15/23		165		163
EPR Properties
4.750%, 12/15/26		120		123
Healthcare Realty Trust, Inc.
3.875%, 5/1/25		90		90
Healthcare Trust of America Holdings LP
3.375%, 7/15/21		55		55
3.750%, 7/1/27		110		108
Hospitality Properties Trust
4.500%, 3/15/25		105		104
Kilroy Realty LP
4.375%, 10/1/25		120		124
LifeStorage LP
3.500%, 7/1/26		55		53
3.875%, 12/15/27		40		39
MPT Operating Partnership LP
5.000%, 10/15/27		35		36
Office Properties Income Trust
4.500%, 2/1/25		135		129
Physicians Realty LP
4.300%, 3/15/27		105		104
Retail Opportunity Investments Partnership LP
4.000%, 12/15/24		105		102
				1,356
Utilities—0.8%
American Electric Power Co., Inc. Series I
3.650%, 12/1/21		39		40
Exelon Corp.
3.497%, 6/1/22		150		151
Kansas City Power & Light Co.
3.150%, 3/15/23		120		122
PNM Resources, Inc.
3.250%, 3/9/21		85		85
PSEG Power LLC
3.850%, 6/1/23		65		67
Southern Power Co.
4.150%, 12/1/25		160		166
TerraForm Power Operating LLC 144A
5.000%, 1/31/28(3)		55		53
Texas Competitive Electric Holdings Co. 144A
0.000%, 10/1/20(3)(7)		65		—	(2)
				684
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $13,504)				13,682

See Notes to Schedule of Investments

31

STRATEGIC ALLOCATION SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Par Value		Value
LEVERAGED LOANS—1.2%
Aerospace—0.0%
TransDigm, Inc. 2018, Tranche E (1 month LIBOR + 2.500%)
4.999%, 5/30/25		$        35		$        34
Consumer Durables—0.0%
Global Appliance, Inc. Tranche B (1 month LIBOR + 4.000%)
6.500%, 9/29/24		52		52
Energy—0.0%
Paragon Offshore Finance Co. (3 month LIBOR + 2.750%)
3.750%, 7/16/21(1)(7)		—		—
Financial—0.1%
Delos Finance S.a.r.l. 2018 (3 month LIBOR + 1.750%) 4.351%, 10/6/23		80		80
Food / Tobacco—0.0%
Aramark Intermediate HoldCo Corp. Tranche B-3 (1 month LIBOR + 1.750%)
4.249%, 3/11/25		32		32
Gaming / Leisure—0.1%
Seminole Tribe of Florida 2018, Tranche B (1 month LIBOR + 1.750%)
4.249%, 7/8/24		59		59
Wyndham Hotels & Resorts, Inc. Tranche B (1 month LIBOR + 1.750%)
4.249%, 5/30/25		55		54
				113
Healthcare—0.2%
Bausch Health Cos., Inc. (1 month LIBOR + 3.000%) 5.481%, 6/2/25		5		4
IQVIA, Inc. Tranche B-3 (1 month LIBOR + 1.750%) 4.249%, 6/11/25		69		69
Regionalcare Hospital Partners Holdings, Inc. Tranche B, First Lien (1 month LIBOR + 4.500%)
6.982%, 11/16/25		70		69
				142
Housing—0.2%
American Builders & Contractors Supply Co., Inc. Tranche B-2 (1 month LIBOR + 2.000%)
4.499%, 10/31/23		89		87
Summit Materials LLC (1 month LIBOR + 2.000%)
4.499%, 11/21/24		70		68
				155
Manufacturing—0.1%
Commscope, Inc. Tranche B (3 month LIBOR + 3.250%)
0.000%, 2/6/26(8)		65		65
Media / Telecom - Cable/Wireless Video—0.1%
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%)
4.734%, 1/15/26		65		63
Media / Telecom - Diversified Media—0.1%
Crown Finance US, Inc. (1 month LIBOR + 2.500%)
4.999%, 2/28/25		71		69

	Par Value			Value
Media / Telecom - Telecommunications—0.1%
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%)
5.249%, 1/31/25		$        89			$        87
Media / Telecom - Wireless Communications—0.0%
SBA Senior Finance II LLC (1 month LIBOR + 2.000%)
4.500%, 4/11/25		40			39
Service—0.1%
Red Ventures LLC Tranche B-1, First Lien (1 month LIBOR + 3.000%)
5.499%, 11/8/24		57			56
Utility—0.1%
Pacific Gas and Electric Co.
(2 month LIBOR + 1.125%)
1.125%, 12/31/20(9)		10			10
(3 month LIBOR + 2.250%)
2.250%, 12/31/20		30			30
Vistra Operations Co. LLC 2018 (1 month LIBOR +
2.000%)
4.486%, 12/31/25		40			39
					79
TOTAL LEVERAGED LOANS
(Identified Cost $1,079)					1,066
	Shares
CONVERTIBLE PREFERRED STOCK—0.5%
Information Technology—0.5%
BDC Payments Holdings, Inc.(7)(10)(11)		55,370			460
TOTAL CONVERTIBLE PREFERRED STOCK
(Identified Cost $460)					460
PREFERRED STOCKS—0.8%
Financials—0.6%
Bank of New York Mellon Corp. (The) Series E, 4.950%		115	(12)		116
JPMorgan Chase & Co. Series Z, 5.300%		105	(12)		106
M&T Bank Corp. Series F, 5.125%(13)		58	(12)		58
MetLife, Inc. Series D, 5.875%		40	(12)		41
PNC Financial Services Group, Inc. (The) Series R, 4.850%		105	(12)		104
PNC Financial Services Group, Inc. (The) Series S, 5.000%		110	(12)		108
					533
Industrials—0.2%
General Electric Co. Series D, 5.000%		165	(12)		154
TOTAL PREFERRED STOCKS
(Identified Cost $711)					687
COMMON STOCKS—60.3%
Communication Services—7.5%
Activision Blizzard, Inc.		10,020			456
BT Group plc Sponsored ADR(14)		19,094			282
Facebook, Inc. Class A(10)		13,680			2,280
Netflix, Inc.(10)		5,170			1,844
Telefonica SA Sponsored ADR(14)		39,425			330

See Notes to Schedule of Investments

32

STRATEGIC ALLOCATION SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
Communication Services—continued
Tencent Holdings Ltd. ADR		29,380	$	1,351
				6,543
Consumer Discretionary—13.9%
Alibaba Group Holding Ltd. Sponsored ADR(10)		13,190		2,407
Amazon.com, Inc.(10)		1,900		3,383
Carnival Corp.		5,079		258
Ctrip.com International Ltd. ADR(10)		20,977		916
Home Depot, Inc. (The)		3,240		622
Las Vegas Sands Corp.		16,560		1,009
McDonald’s Corp.		3,280		623
MercadoLibre, Inc.(10)		1,240		630
NIKE, Inc. Class B		13,980		1,177
Ross Stores, Inc.		9,080		845
Sony Corp. Sponsored ADR		6,771		286
				12,156
Consumer Staples—2.7%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Sponsored ADR		15,413		359
McCormick & Co., Inc.		3,640		548
Monster Beverage Corp.(10)		7,140		390
Mowi ASA Sponsored ADR(14)		14,417		322
Philip Morris International, Inc.		7,930		701
				2,320
Energy—1.5%
BP plc Sponsored ADR		6,846		299
Cabot Oil & Gas Corp.		24,330		635
Eni SpA. Sponsored ADR		9,842		347
Frontera Energy Corp.(14)		1,088		10
				1,291
Financials—6.3%
Banco Bradesco SA ADR		34,423		376
Bank of America Corp.		44,620		1,231
BOC Hong Kong Holdings Ltd. Sponsored ADR		3,583		298
Charles Schwab Corp. (The)		15,340		656
China Construction Bank Corp. ADR		18,773		321
DBS Group Holdings Ltd. Sponsored ADR		5,643		421
MarketAxess Holdings, Inc.		2,500		615
ORIX Corp. Sponsored ADR		4,812		346
Ping An Insurance Group Co. of China Ltd. ADR(14)		20,439		463
Progressive Corp. (The)		4,770		344
Standard Life Aberdeen plc ADR		13,961		189
UBS Group AG Registered Shares		22,331		271
				5,531
Health Care—5.2%
Bluebird Bio, Inc.(10)		2,045		322
Danaher Corp.		6,040		797
Fresenius Medical Care AG & Co. KGaA ADR		5,795		235
HealthEquity, Inc.(10)		10,880		805
Illumina, Inc.(10)		2,870		892
Novartis AG Sponsored ADR		3,770		363
Zoetis, Inc.		10,990		1,106
				4,520
Industrials—6.4%
Airbus SE ADR		13,116		434
Ashtead Group plc ADR		4,112		397

	Shares		Value
Industrials—continued
Caterpillar, Inc.		5,030	$	682
CK Hutchison Holdings Ltd. ADR		32,420		340
CoStar Group, Inc.(10)		1,730		807
easyJet plc Sponsored ADR		19,042		279
Golden Ocean Group Ltd.(14)		47,992		229
Kansas City Southern		5,270		611
Lyft, Inc. Class A(10)		800		63
Nidec Corp. Sponsored ADR(14)		11,916		380
Rockwell Automation, Inc.		1,990		349
Roper Technologies, Inc.		2,860		978
				5,549
Information Technology—14.1%
Accenture plc Class A		4,140		729
Amphenol Corp. Class A		12,800		1,209
ASML Holding N.V.		2,327		438
Avalara, Inc.(10)		14,770		824
Broadcom, Inc.		1,717		516
Fair Isaac Corp.(10)		1,290		350
Gartner, Inc.(10)		3,240		491
Hitachi Ltd. ADR		5,934		385
NVIDIA Corp.		6,640		1,192
Paycom Software, Inc.(10)		8,060		1,524
SAP SE Sponsored ADR		2,796		323
Trade Desk, Inc. (The) Class A(10)		4,660		922
Visa, Inc. Class A		12,860		2,009
Workday, Inc. Class A(10)		7,330		1,414
				12,326
Materials—2.0%
Anhui Conch Cement Co., Ltd. ADR		12,345		378
Ecolab, Inc.		5,820		1,028
Glencore plc ADR		40,504		334
				1,740
Real Estate—0.4%
Mitsubishi Estate Co. Ltd. ADR		19,652		355
Utilities—0.3%
Veolia Environnement S.A. ADR		12,372		276
TOTAL COMMON STOCKS
(Identified Cost $36,859)				52,607
AFFILIATED MUTUAL FUND—0.2%
Virtus Newfleet Credit Opportunities Fund Class R6(15)		20,708		193
TOTAL AFFILIATED MUTUAL FUND
(Identified Cost $207)				193
RIGHT—0.0%
Utilities—0.0%
Vistra Energy Corp.(10)(16)		1,084		1
TOTAL RIGHT
(Identified Cost $1)				1
TOTAL LONG-TERM INVESTMENTS—98.8%
(Identified Cost $70,180)				86,207

See Notes to Schedule of Investments

33

STRATEGIC ALLOCATION SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

	Shares		Value
SECURITIES LENDING COLLATERAL—2.0%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(15)(17)		1,714,105	$	1,714
TOTAL SECURITIES LENDING COLLATERAL
(Identified Cost $1,714)				1,714
TOTAL INVESTMENTS—100.8%
(Identified Cost $71,894)			$	87,921
Other assets and liabilities, net—(0.8)%				(696	)
NET ASSETS—100.0%			$	87,225
Abbreviations:
ADR American Depositary Receipt
LIBOR  London Interbank Offered Rate
LLC   Limited Liability Company
LP    Limited Partnership
Foreign Currencies: MXN Mexican Peso Footnote Legend: (1)   Security in default; no interest payments are being received during the bankruptcy proceedings. (2)   Amount is less than $500. (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 March 31, 2019, these securities amounted to a value of $12,916 or 14.8% of net assets. (4)   Variable rate security. Rate disclosed is as of March 31, 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.

⁽⁵⁾  Interest payments may be deferred.

⁽⁶⁾  No contractual maturity date.

⁽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⁾  This loan will settle after March 31, 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⁾  Non-income producing.

⁽¹¹⁾  Restricted security.

⁽¹²⁾  Value shown as par value.

⁽¹³⁾  Interest may be forfeited.

⁽¹⁴⁾  All or a portion of security is on loan.

⁽¹⁵⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

⁽¹⁶⁾  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.

⁽¹⁷⁾  Represents security purchased with cash collateral received for securities on loan.

Country Weightings†
United States	81%
China	7
United Kingdom	2
Japan	2
Switzerland	1
Brazil	1
France	1
Other	5
Total	100%
† % of total investments as of March 31, 2019.

See Notes to Schedule of Investments

34

STRATEGIC ALLOCATION SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2019

($ reported in thousands)

The following table summarizes the market value of the Series’ investments as of March 31, 2019 based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at March 31, 2019			Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities		$	3,386		$	—		$	3,386		$	—
Corporate Bonds And Notes			13,682			—			13,682			—	(1)
Foreign Government Securities			251			—			251			—
Leveraged Loans			1,066			—			1,066			—	(1)
Mortgage-Backed Securities			8,555			—			8,555			—
Municipal Bonds			1,796			—			1,796			—
U.S. Government Securities			3,523			—			3,523			—
Equity Securities:
Common Stocks			52,607			52,607			—			—
Preferred Stocks			687			—			687			—
Right			1			—			—			1
Convertible Preferred Stock			460			—			—			460
Affiliated Mutual Fund			193			193			—			—
Securities Lending Collateral			1,714			1,714			—			—
Total Investments		$	87,921		$	54,514		$	32,946		$	461

⁽¹⁾ Amount is less than $500.

There were no transfers into or out of Level 3 related to securities held at March 31, 2019.

	Total			Convertible Preferred Stock			Corporate Bonds And Notes			Leveraged Loans			Convertible Preferred Stock			Right
Investments in Securities
Balance as of December 31, 2018:		$	461		$	460		$	—(1)		$	—(1)		$	460		$	1
Accrued discount/(premium)			—			—			—			—			—			—
Realized gain (loss)			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			—(1)			—			—			—(1)			—			—(1)
Purchases			—			—			—			—			—			—
Sales			—			—			—			—			—			—
Transfers into Level 3			—			—			—			—			—			—
Transfers from Level 3			—			—			—			—			—			—
Balance as of March 31, 2019		$	461		$	460		$	—(1)		$	—(1)		$	460		$	1

⁽¹⁾  Amount is less than $500

The Strategic Allocation Series owns the following internally fair valued security which is categorized as Level 3 in the hierarchy:

BDC Payment Holdings, Inc.

The significant unobservable inputs used in the fair value measurement of this non-public preferred stock is based on the cost of the most recent investment by the Series. Significant changes in the financial statement performance of this company, an increase or decrease in additional share classes or changes in the shares issued and outstanding, together or in isolation, could result in a significantly lower or higher fair value measurement.

See Notes to Schedule of Investments

35

VIRTUS VARIABLE INSURANCE TRUST

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)

MARCH 31, 2019

Note 1. Security Valuation

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

36