NPORT-EX 2 VIPH490VRNEWFLEETMultSecBdSr.htm HTML

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value              

U.S. GOVERNMENT SECURITY—0.6%

           

U.S. Treasury Note

      

2.625%, 2/15/29

 

    $

 

      620

 

  

 

    $

 

 671

 

  

 

 

  

TOTAL U.S. GOVERNMENT SECURITY

      

(Identified Cost $678)

 

        

 

 671

 

  

 

 

  

 

MUNICIPAL BONDS—0.6%

      

 

Michigan—0.1%

      

Tobacco Settlement Finance Authority Revenue Taxable

      

Series A

      

7.309%, 6/1/46

      170        172  
     

 

 

  

Virginia—0.5%

      

Tobacco Settlement Financing Corp. Revenue Taxable

      

Series A-1, Taxable

      

6.706%, 6/1/46

 

     

 

 630

 

  

 

     

 

 606

 

  

 

 

  

TOTAL MUNICIPAL BONDS

      

(Identified Cost $797)

 

        

 

 778

 

  

 

 

  

 

FOREIGN GOVERNMENT SECURITIES—6.9%

      

Bolivarian Republic of Venezuela

      

9.375%, 1/13/34(1)

     295        32  

RegS

      

7.650%, 4/21/25(1)(2)

     825        89  

Dominican Republic 144A

      

6.000%, 7/19/28(3)

     250        273  

Federal Republic of Nigeria 144A

      

7.875%, 2/16/32(3)

     495        521  

Kingdom of Abu Dhabi 144A

      

3.125%, 9/30/49(3)

     200        194  

Kingdom of Jordan 144A

      

5.750%, 1/31/27(3)

     200        205  

Kingdom of Morocco 144A

      

5.500%, 12/11/42(3)

     300        358  

Kingdom of Saudi Arabia

      

144A

      

4.375%, 4/16/29(3)

     490        550  

144A

      

4.500%, 10/26/46(3)

     300        334  

Republic of Angola 144A

      

8.250%, 5/9/28(3)

     200        207  

Republic of Egypt

      

144A

      

7.600%, 3/1/29(3)

     200        212  

144A

      

8.500%, 1/31/47(3)

     200        212  

Republic of Ghana 144A

      

7.625%, 5/16/29(3)

     200        200  

Republic of Kenya 144A

      

8.000%, 5/22/32(3)

     315        330  

Republic of Mongolia 144A

      

8.750%, 3/9/24(3)

     200        223  

Republic of South Africa

      

5.650%, 9/27/47

      390        389  

Republic of Sri Lanka 144A

      

6.750%, 4/18/28(3)

     240        229  

Republic of Turkey

      

4.875%, 10/9/26

      275        254  

6.000%, 3/25/27

      305        299  

7.625%, 4/26/29

      425        452  
          
         Par Value             Value      

FOREIGN GOVERNMENT SECURITIES—continued

     

Russian Federation 144A

     

5.625%, 4/4/42(3)

   $      600     $ 739  

Sultanate of Oman 144A

     

5.375%, 3/8/27(3)

     455       447  

Ukraine 144A

     

7.375%, 9/25/32(3)

     555       557  

United Mexican States

     

4.150%, 3/28/27

      275       291  

4.500%, 4/22/29

      260       282  

Series M

6.500%, 6/9/22

 

     

 

 6,713

 

 MXN  

 

    

 

 338

 

  

 

 

  

TOTAL FOREIGN GOVERNMENT SECURITIES

     

(Identified Cost $8,858)

 

       

 

 8,217

 

  

 

 

  

 

MORTGAGE-BACKED SECURITIES—22.7%

     

 

Agency—1.8%

     

Federal National Mortgage Association

     

Pool #AT2016

3.000%, 4/1/43

      341       352  

Pool #AS4992

3.500%, 5/1/45

      203       212  

Pool #AS5696

3.500%, 8/1/45

      436       454  

Pool #AS9393

4.000%, 4/1/47

      109       114  

Pool #MA3058

4.000%, 7/1/47

      85       89  

Pool #MA3088

4.000%, 8/1/47

      682       716  

Pool #MA3121

4.000%, 9/1/47

      251       262  
    

 

 

  
       2,199  
    

 

 

  

 

Non-Agency—20.9%

     

Agate Bay Mortgage Trust 2016-3, A5 144A

     

3.500%, 8/25/46(3)(4)

     207       210  

American Homes 4 Rent Trust

     

2014-SFR2, C 144A

     

4.705%, 10/17/36(3)

     435       469  

2015-SFR1, A 144A

     

3.467%, 4/17/52(3)

     313       325  

2015-SFR2, C 144A

     

4.691%, 10/17/52(3)

     340       371  

Angel Oak Mortgage Trust I LLC

     

2018-2, A1 144A

     

3.674%, 7/27/48(3)(4)

     331       334  

2019-1, A1 144A

     

3.920%, 11/25/48(3)(4)

     360       366  

Angel Oak Mortgage Trust LLC 2019-3, A1 144A

     

2.930%, 5/25/59(3)(4)

     331       333  

Arroyo Mortgage Trust

     

2018-1, A1 144A

     

3.763%, 4/25/48(3)(4)

     98       100  

2019-1, A1 144A

     

3.805%, 1/25/49(3)(4)

     153       157  

2019-2, A1 144A

     

3.347%, 4/25/49(3)(4)

     196       199  

Banc of America Funding Trust 2005-1, 1A1

     

5.500%, 2/25/35

      75       77  
 

 

See Notes to Schedule of Investments.

 

1

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value           

Non-Agency—continued

          

Bank of America (Merrill Lynch - Countrywide)

          

Alternative Loan Trust 2004-22CB, 1A1

          

6.000%, 10/25/34

    $ 118      $ 121      

Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A

          

4.250%, 4/28/55(3)

     275        288      

Bayview Opportunity Master Fund IVb Trust

          

2016-SPL2, B1 144A

          

4.250%, 6/28/53(3)(4)

     130        136      

Bunker Hill Loan Depositary Trust 2019-1, A1 144A

          

3.613%, 10/26/48(3)(4)

     655        662      

Caesars Palace Las Vegas Trust 2017-VICI, C 144A

          

4.138%, 10/15/34(3)

     215        225      

Chase Home Lending Mortgage Trust 2019-ATR1, A4 144A

          

4.000%, 4/25/49(3)(4)

     218        220      

CHC Commercial Mortgage Trust 2019-CHC, A (1

          

month LIBOR + 1.120%) 144A

          

3.148%, 6/15/34(3)(4)

     205        205      

CIT Home Equity Loan Trust 2003-1, A5

          

5.480%, 7/20/34(4)

     83        83      

Citigroup Mortgage Loan Trust, Inc.

          

2019-IMC1, A1 144A

          

2.720%, 7/25/49(3)(4)

     283        283      

2015-A, A1 144A

          

3.500%, 6/25/58(3)(4)

     92        93      

2019-RP1, A1 144A

          

3.500%, 1/25/66(3)(4)

     274        281      

COLT Mortgage Loan Trust Funding LLC

          

2018-1, A1 144A

          

2.930%, 2/25/48(3)(4)

     80        80      

2019-1, A1 144A

          

3.705%, 3/25/49(3)(4)

     112        113      

2019-3, A1 144A

          

2.764%, 8/25/49(3)(4)

     468        471      

Credit Suisse Mortgage Capital Trust 2014-IVR2, A2

          

144A

          

3.761%, 4/25/44(3)(4)

     92        92      

Deephaven Residential Mortgage Trust 2017-1A, A2 144A

          

2.928%, 12/26/46(3)(4)

     16        16      

Ellington Financial Mortgage Trust

          

2017-1, A1 144A

          

2.687%, 10/25/47(3)(4)

     187        186      

2018-1, A1FX 144A

          

4.140%, 10/25/58(3)(4)

     133        135      

2019-1, A1 144A

          

2.934%, 6/25/59(3)(4)

     222        222      

Galton Funding Mortgage Trust

          

2017-1, A21 144A

          

3.500%, 7/25/56(3)(4)

     121        123      

2018-1, A23 144A

          

3.500%, 11/25/57(3)(4)

     210        212      

2018-2, A41 144A

          

4.500%, 10/25/58(3)(4)

     302        309      

GCAT LLC 2019-NQM1, A1 144A

          

2.985%, 2/25/59(3)(4)

     122        123      

GSAA Home Equity Trust 2005-12, AF3W

          

4.999%, 9/25/35(4)

     86        91      

Homeward Opportunities Fund I Trust 2019-1, A1 144A

          

3.454%, 1/25/59(3)(4)

     248        250      
         
         
         Par Value              Value      

Non-Agency—continued

      

JPMorgan Chase Commercial Mortgage Securities

      

Trust 2015-C31, AS

      

4.106%, 8/15/48

    $ 295      $ 318  

JPMorgan Chase Mortgage Trust

      

2014-2, 2A2 144A

      

3.500%, 6/25/29(3)(4)

     108        110  

2014-1, 2A12 144A

      

3.500%, 1/25/44(3)(4)

     158        160  

2016-SH1, M2 144A

      

3.750%, 4/25/45(3)(4)

     242        249  

2016-SH2, M2 144A

      

3.750%, 12/25/45(3)(4)

     305        318  

2017-5, A1 144A

      

3.178%, 10/26/48(3)(4)

     353        357  

2017-4, A3 144A

      

3.500%, 11/25/48(3)(4)

     240        244  

2018-8, A3 144A

      

4.000%, 1/25/49(3)(4)

     389        396  

LHOME Mortgage Trust 2019-RTL1, A1 144A

      

4.580%, 10/25/23(3)(4)(5)

     355        359  

MASTR Alternative Loan Trust 2005-5, 2A3

      

5.500%, 7/25/25

      85        86  

MASTR Specialized Loan Trust 2005-3, A2 144A

      

5.704%, 11/25/35(3)(4)

     87        88  

Mello Warehouse Securitization Trust 2019-1, C (1

      

month LIBOR + 1.200%) 144A

      

3.218%, 6/25/52(3)(4)(5)

     175        175  

MetLife Securitization Trust

      

2017-1A, M1 144A

      

3.716%, 4/25/55(3)(4)

     150        156  

2019-1A, A1A 144A

      

3.750%, 4/25/58(3)(4)

     328        339  

Mill City Mortgage Loan Trust

      

2017-1, A1 144A

      

2.750%, 11/25/58(3)(4)

     93        93  

2018-4, A1B 144A

      

3.500%, 4/25/66(3)(4)

     770        788  

Morgan Stanley - Bank of America (Merrill Lynch) Trust

      

2013-C13, AS

      

4.266%, 11/15/46

      125        134  

New Residential Mortgage Loan Trust

      

2018-4A, A1S (1 month LIBOR + 0.750%) 144A

      

2.768%, 1/25/48(3)(4)

     292        291  

2014-1A, A 144A

      

3.750%, 1/25/54(3)(4)

     195        202  

2015-2A, A1 144A

      

3.750%, 8/25/55(3)(4)

     165        171  

2016-1A, A1 144A

      

3.750%, 3/25/56(3)(4)

     138        142  

2016-4A, B1A 144A

      

4.500%, 11/25/56(3)(4)

     277        299  

2017-2A, A3 144A

      

4.000%, 3/25/57(3)(4)

     129        135  

2018-1A, A1A 144A

      

4.000%, 12/25/57(3)(4)

     257        266  

2019-NQM4, A1 144A

      

2.492%, 9/25/59(3)(4)(5)

     380        380  

OBX Trust

      

2018-EXP2, 1A1 144A

      

4.000%, 11/25/48(3)(4)

     377        381  

2019-INV1, A3 144A

      

4.500%, 11/25/48(3)(4)

     243        251  
 

 

See Notes to Schedule of Investments.

 

2

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value          

Non-Agency—continued

          

One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32(3)

   $     260      $     269      

Pretium Mortgage Credit Partners I LLC
2019-NPL3, A1 144A
3.105%, 7/27/59(3)(4)

     425        425      

2019-NPL1, A1 144A
4.213%, 7/25/60(3)(4)

     230        232      

Progress Residential Trust
2018-SFR1, B 144A
3.484%, 3/17/35(3)

     270        272      

2018-SFR2, B 144A
3.841%, 8/17/35(3)

     545        554      

PRPM LLC
2019-1A, A1 144A
4.500%, 1/25/24(3)(4)

      349        351      

2019-2A, A1 144A
3.967%, 4/25/24(3)(4)

     446        451      

RCO V Mortgage LLC 2019-1, A1 144A
3.721%, 5/24/24(3)(4)

     196        196      

Residential Asset Mortgage Products Trust 2004-SL1, A8
6.500%, 11/25/31

      17        18      

Residential Asset Securitization Trust 2005-A1, A3
5.500%, 4/25/35

      186        192      

Residential Mortgage Loan Trust 2019-2, A1 144A
2.913%, 5/25/59(3)(4)

     405        407      

Sequoia Mortgage
Trust 2013-8, B1
3.529%, 6/25/43(4)

     175        180      

2018-CH2, A12 144A
4.000%, 6/25/48(3)(4)

     127        129      

Starwood Mortgage Residential Trust 2019-IMC1, A1 144A
3.468%, 2/25/49(3)(4)

     206        208      

Structured Adjustable Rate Mortgage Loan Trust
2004-4, 3A1
4.608%, 4/25/34(4)

     92        96      

Sutherland Commercial Mortgage Loans 2017-SBC6, A 144A
3.192%, 5/25/37(3)(4)

     34        34      

Towd Point Mortgage Trust
2019-HE1, A1 (1 month LIBOR + 0.900%) 144A
2.918%, 4/25/48(3)(4)

     146        146      

2015-1, A2 144A
3.250%, 10/25/53(3)(4)

     255        256      

2016-1, M1 144A
3.500%, 2/25/55(3)(4)

     135        138      

2015-6, M1 144A
3.750%, 4/25/55(3)(4)

     130        138      

2015-5, A2 144A
3.500%, 5/25/55(3)(4)

     315        321      

2017-1, M1 144A
3.750%, 10/25/56(3)(4)

     135        140      

2018-6, A2 144A
3.750%, 3/25/58(3)(4)

     125        131      

2019-1, A1 144A
3.750%, 3/25/58(3)(4)

     160        168      

2018-4, A1 144A
3.000%, 6/25/58(3)(4)

     400        410      

2018-SJ1, A1 144A
4.000%, 10/25/58(3)(4)

     127        128      

2015-2, 1M1 144A
3.250%, 11/25/60(3)(4)

     315        320      
         Par Value              Value      

Non-Agency—continued

      

Tricon American Homes Trust 2019-SFR1, C 144A
3.149%, 3/17/38(3)

   $     235      $     235  

VCAT LLC 2019-NPL1, A1 144A
4.360%, 2/25/49(3)(4)

     92        93  

Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A
3.967%, 2/25/49(3)(4)

     233        234  

Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A
3.375%, 10/25/47(3)(4)

     161        161  

Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5, A1A 144A
4.213%, 8/25/48(3)(4)

     304        305  

Vericrest Opportunity Loan Trust LXXI LLC 2018-NPL7, A1A 144A
3.967%, 9/25/48(3)(4)

     134        134  

Vericrest Opportunity Loan Trust LXXV LLC
2019-NPL1, A1A 144A
4.336%, 1/25/49(3)(4)

     301        303  

Verus Securitization Trust
2018-1, A1 144A
2.929%, 2/25/48(3)(4)

     117        117  

2018-2, B1 144A
4.426%, 6/1/58(3)(4)

     415        420  

2018-3, A1 144A
4.108%, 10/25/58(3)(4)

     216        219  

2019-1, A1 144A
3.836%, 2/25/59(3)(4)

     326        330  

2019-INV1, A1 144A
3.402%, 12/25/59(3)(4)

     269        271  

Wells Fargo Commercial Mortgage Trust
2014-C24, AS
3.931%, 11/15/47

      295        314  

2015-LC20, A5
3.184%, 4/15/50

      295        308  

2015-LC20, B
3.719%, 4/15/50

      150        158  
     

 

 

  
       

 

 24,761

 

  

 

 

  
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $26,507)		         26,960  

 

  

ASSET-BACKED SECURITIES—10.3%

      

Automobiles—6.8%

      

ACC Trust 2018-1, B 144A
4.820%, 5/20/21(3)

     295        297  

American Credit Acceptance Receivables Trust 2018-1, C
144A 3.550%, 4/10/24(3)

     400        402  

2018-4, C
144A 3.970%, 1/13/25(3)

     355        361  

AmeriCredit Automobile Receivables Trust 2018-1, D
3.820%, 3/18/24

      295        306  

Capital Auto Receivables Asset Trust 2017-1, D 144A
3.150%, 2/20/25(3)

     340        345  

CPS Auto Receivables Trust 2018-C, D 144A
4.400%, 6/17/24(3)

     310        321  

DT Auto Owner Trust 2018-1A, C 144A
3.470%, 12/15/23(3)

     335        337  

Exeter Automobile Receivables Trust
2015-2A, C
144A 3.900%, 3/15/21(3)

     60        60  
 

 

See Notes to Schedule of Investments.

 

3

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value           

Automobiles—continued

          

2018-1A, C
144A 3.030%, 1/17/23(3)

     $    410        $    412      

2018-4A, D
144A 4.350%, 9/16/24(3)

     365        379      

2019-1A, D
144A 4.130%, 12/16/24(3)

     355        368      

2019-3A, C
144A 2.790%, 5/15/24(3)

     295        297      

Flagship Credit Auto Trust
2016-3, D
144A 3.890%, 11/15/22(3)

     400        407      

2019-1, C
144A 3.600%, 2/18/25(3)

     235        242      

Foursight Capital Automobile Receivables Trust 2017-1, B144A
3.050%, 12/15/22(3)

     320        322      

GLS Auto Receivables Trust
2017-1A, B
144A 2.980%, 12/15/21(3)

     359        359      

2018-1A, B
144A 3.520%, 8/15/23(3)

     410        413      

2018-3A, C
144A 4.180%, 7/15/24(3)

     455        470      

Hertz Vehicle Financing II LP 2016-4A, A 144A
2.650%, 7/25/22(3)

     405        406      

Prestige Auto Receivables Trust 2019-1A, D 144A
3.010%, 8/15/25(3)

     295        298      

Tesla Auto Lease Trust 2018-A, D 144A
3.300%, 5/20/20(3)

     340        341      

Tricolor Auto Securitization Trust 2018-2A, B 144A
4.760%, 2/15/22(3)

     289        294      

United Auto Credit Securitization Trust 2019-1, E 144A
4.290%, 8/12/24(3)

     295        298      

Veros Automobile Receivables Trust 2018-1, B 144A
4.050%, 2/15/24(3)

     300        304      
     

 

 

      
        8,039      
     

 

 

      
 

Other—3.4%

          

Amur Equipment Finance Receivables V LLC 2018-1A, A2 144A
3.240%, 12/20/23(3)

     235        237      

Aqua Finance Trust 2019-A, C 144A
4.010%, 7/16/40(3)

     355        355      

Arby’s Funding LLC 2015-1A, A2 144A
4.969%, 10/30/45(3)

     356        367      

BSPRT Issuer Ltd. 2019-FL5, A (1 month LIBOR + 1.150%) 144A
3.475%, 5/15/29(3)(4)

     235        235      

Business Jet Securities LLC 2019-1, A 144A
4.212%, 7/15/34(3)

     338        347      

DB Master Finance LLC 2017-1A, A2I 144A
3.629%, 11/20/47(3)

     216        221      

Diamond Resorts Owner Trust 2017-1A, A 144A
3.270%, 10/22/29(3)

     123        125      

Drug Royalty II LP 2 2014-1, A2 144A
3.484%, 7/15/23(3)

     34        34      

ExteNet LLC 2019-1A, A2 144A
3.204%, 7/26/49(3)

     175        177      

HOA Funding LLC 2014-1A, A2 144A
4.846%, 8/20/44(3)

     102        102      

Lendmark Funding Trust 2018-2A, A 144A
4.230%, 4/20/27(3)

     360        373      
         Par Value             Value      

Other—continued

     

OneMain Financial Issuance Trust 2018-1A, A 144A
3.300%, 3/14/29(3)

     $    335       $    341  

Oportun Funding VIII LLC 2018-A, A 144A
3.610%, 3/8/24(3)

     335       339  

Prosper Marketplace Issuance Trust 2018-2A, B 144A
3.960%, 10/15/24(3)

     305       308  

Regional Management Issuance Trust 2018-2, A 144A
4.560%, 1/18/28(3)

     295       302  

TGIF Funding LLC 2017-1A, A2 144A
6.202%, 4/30/47(3)

     131       128  

Upstart Securitization Trust 2018-1, B 144A
3.887%, 8/20/25(3)

     78       78  
    

 

 

  
       4,069  
    

 

 

  

Student Loan—0.1%

     

SoFi Professional Loan Program LLC 2016-A, A2 144A
2.760%, 12/26/36(3)

     88       88  

 

  

TOTAL ASSET-BACKED SECURITIES

(Identified Cost $12,014)

        12,196  

 

  

CORPORATE BONDS AND NOTES—47.7%

     

Communication Services—3.2%

     

America Movil SAB de C.V.
6.450%, 12/5/22

      20 MXN       98  

AT&T, Inc.
4.250%, 3/1/27

      265       288  

Cincinnati Bell, Inc. 144A
7.000%, 7/15/24(3)

     245       227  

Clear Channel Worldwide Holdings, Inc.
144A 9.250%, 2/15/24(3)

     62       68  

144A 5.125%, 8/15/27(3)

     80       83  

Consolidated Communications, Inc.
6.500%, 10/1/22(6)

     250       231  

Diamond Sports Group LLC
144A 5.375%, 8/15/26(3)

     105       109  

144A 6.625%, 8/15/27(3)

     180       186  

Discovery Communications LLC
3.950%, 3/20/28

      325       339  

DISH DBS Corp.
5.875%, 7/15/22

      125       130  

7.750%, 7/1/26

      60       61  

Frontier Communications Corp.
8.500%, 4/15/20(6)

     110       57  

11.000%, 9/15/25

      175       79  

144A 8.500%, 4/1/26(3)

     110       110  

GrubHub Holdings, Inc. 144A
5.500%, 7/1/27(3)

     125       127  

iHeartCommunications, Inc.
6.375%, 5/1/26(6)

     34  

8.375%, 5/1/27

      6       7  

144A 5.250%, 8/15/27(3)

     15       16  

Escrow
0.000%, 5/1/23(5)

     55       —  

IHS Netherlands Holdco B.V. 144A
8.000%, 9/18/27(3)

     260       266  

McGraw-Hill Global Education Holdings LLC Senior Unsecured Notes 144A
7.875%, 5/15/24(3)

     170       147  

Meredith Corp.
6.875%, 2/1/26

      145       147  
 

 

See Notes to Schedule of Investments.

 

4

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value           

Communication Services—continued

          

Sirius XM Radio, Inc. 144A
5.500%, 7/1/29(3)

   $     105      $     112      

Sprint Spectrum Co. LLC
144A 3.360%, 9/20/21(3)

     100        100      

144A 5.152%, 3/20/28(3)

     200        217      

Telesat Canada 144A
6.500%, 10/15/27(3)

     220        224      

Tencent Holdings Ltd. 144A
3.975%, 4/11/29(3)

     400        429      
     

 

 

      
        3,862      
     

 

 

      
 

Consumer Discretionary—3.7%

          

American Axle & Manufacturing, Inc.
6.500%, 4/1/27

      180        171      

Beazer Homes USA, Inc.
5.875%, 10/15/27

      170        165      

Boyd Gaming Corp.
6.000%, 8/15/26

      65        69      

Brookfield Residential Properties, Inc. 144A
6.250%, 9/15/27(3)

     355        357      

Bunge Ltd. Finance Corp.
4.350%, 3/15/24

      310        327      

Caesars Resort Collection LLC 144A
5.250%, 10/15/25(3)

     120        123      

Downstream Development Authority of The Quapaw Tribe of Oklahoma 144A
10.500%, 2/15/23(3)

     130        138      

Eldorado Resorts, Inc.
6.000%, 9/15/26

      75        82      

Expedia Group, Inc. 144A
3.250%, 2/15/30(3)

     140        140      

Gateway Casinos & Entertainment Ltd. 144A
8.250%, 3/1/24(3)

     285        296      

GLP Capital LP
5.250%, 6/1/25

      185        204      

Golden Nugget, Inc. 144A
8.750%, 10/1/25(3)

     130        135      

IAA, Inc. 144A
5.500%, 6/15/27(3)

     55        58      

Lear Corp.
3.800%, 9/15/27

      290        292      

MGM Growth Properties Operating Partnership LP 144A
5.750%, 2/1/27(3)

     135        152      

Michaels Stores, Inc. 144A
8.000%, 7/15/27(3)

     120        120      

Panther BF Aggregator 2 LP
144A 6.250%, 5/15/26(3)

     15        16      

144A 8.500%, 5/15/27(3)

     200        202      

PulteGroup, Inc.
7.875%, 6/15/32

      180        220      

Scientific Games International, Inc. 144A
8.250%, 3/15/26(3)

     80        85      

Tenneco, Inc.
5.000%, 7/15/26(6)

     125        102      

Under Armour, Inc.
3.250%, 6/15/26

      170        164      

Vista Outdoor, Inc.
5.875%, 10/1/23(6)

     235        216      

Weekley Homes LLC
6.625%, 8/15/25

      215        215      
         Par Value              Value      

Consumer Discretionary—continued

      

William Lyon Homes, Inc.
6.000%, 9/1/23

    $     285      $     296  
     

 

 

  
        4,345  
     

 

 

  

Consumer Staples—1.5%

      

Albertson’s Cos. LLC
5.750%, 3/15/25

      185        191  

144A 5.875%, 2/15/28(3)

     35        37  

Altria Group, Inc.
4.400%, 2/14/26

      59        63  

4.800%, 2/14/29

      450        493  

Bacardi Ltd. 144A
4.700%, 5/15/28(3)

     320        350  

Chobani LLC 144A
7.500%, 4/15/25(3)

     180        172  

Kronos Acquisition Holdings, Inc. 144A
9.000%, 8/15/23(3)

     140        124  

Sigma Finance Netherlands BV 144A
4.875%, 3/27/28(3)

     295        313  
     

 

 

  
        1,743  
     

 

 

  

Energy—8.1%

      

Alliance Resource Operating Partners LP 144A
7.500%, 5/1/25(3)

     225        222  

Blue Racer Midstream LLC 144A
6.625%, 7/15/26(3)

     260        257  

Callon Petroleum Co.
6.125%, 10/1/24

      101        99  

Cheniere Energy Partners LP
5.625%, 10/1/26

      125        133  

Citgo Holding, Inc.
144A 9.250%, 8/1/24(3)

     20        21  

CrownRock LP 144A
5.625%, 10/15/25(3)

     240        242  

Denbury Resources, Inc.
144A 9.250%, 3/31/22(3)

     94        82  

144A 7.750%, 2/15/24(3)

     125        97  

Encana Corp.
8.125%, 9/15/30

      155        201  

Energy Transfer Partners LP
5.000%, 10/1/22

      314        333  

EP Energy LLC
144A 8.000%, 11/29/24(1)(3)(6)

     70        27  

144A 7.750%, 5/15/26(1)(3)

     55        41  

Gazprom OAO Via Gaz Capital S.A. RegS
7.288%, 8/16/37(2)(7)

     320        424  

Geopark Ltd. 144A
6.500%, 9/21/24(3)

     270        278  

HollyFrontier Corp.
5.875%, 4/1/26

      360        403  

KazMunayGas National Co. JSC 144A
4.750%, 4/19/27(3)

     595        644  

Kinder Morgan, Inc.
7.750%, 1/15/32

      400        551  

Kosmos Energy Ltd. 144A
7.125%, 4/4/26(3)

     295        304  

MPLX LP
4.000%, 3/15/28

      283        295  

Nabors Industries, Inc.
5.500%, 1/15/23

      110        91  
 

 

See Notes to Schedule of Investments.

 

5

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value           

Energy—continued

          

Odebrecht Offshore Drilling Finance Ltd. PIK Interest Capitalization, 144A
7.720%, 12/1/26(3)(8)

   $     420      $     110      

Odebrecht Oil & Gas Finance Ltd. 144A
0.000% (3)(9)

     60        1      

Pertamina Persero PT
144A 3.650%, 7/30/29(3)

     245        252      

144A 6.450%, 5/30/44(3)

     760        977      

Petrobras Global Finance B.V.
7.375%, 1/17/27

      270        326      

5.999%, 1/27/28

      180        200      

5.750%, 2/1/29

      470        518      

Petroleos de Venezuela S.A. 144A
6.000%, 5/16/24(1)(3)

     650        52      

Petroleos Mexicanos
6.500%, 3/13/27

      230        239      

5.350%, 2/12/28

      260        248      

6.500%, 6/2/41

      220        210      

6.375%, 1/23/45

      185        172      

144A 6.840%, 1/23/30(3)

     245        253      

Sabine Pass Liquefaction LLC
4.200%, 3/15/28

      280        297      

Sanchez Energy Corp. 144A
7.250%, 2/15/23(1)(3)(6)

     120        86      

State Oil Co. of the Azerbaijan Republic RegS
6.950%, 3/18/30(2)

     320        382      

Targa Resources Partners LP
5.875%, 4/15/26

      100        106      

Transocean, Inc. 144A
9.000%, 7/15/23(3)

     85        88      

USA Compression Partners LP
6.875%, 4/1/26

      215        223      

144A 6.875%, 9/1/27(3)

     30        31      

Vine Oil & Gas LP 144A
8.750%, 4/15/23(3)

     165        75      

Weatherford International Ltd.
9.875%, 2/15/24(1)

     65        23      
     

 

 

      
        9,614      
     

 

 

      
 

Financials—12.1%

          

Acrisure LLC
144A 8.125%, 2/15/24(3)

     80        86      

144A 7.000%, 11/15/25(3)

     270        252      

AerCap Ireland Capital DAC
3.650%, 7/21/27

      310        316      

Allstate Corp. (The) Series B
5.750%, 8/15/53(10)

     365        390      

Athene Holding Ltd.
4.125%, 1/12/28

      325        334      

Australia & New Zealand Banking Group Ltd. 144A
4.400%, 5/19/26(3)

     335        359      

Aviation Capital Group LLC 144A
3.500%, 11/1/27(3)

     355        354      

Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A
5.125%, 1/18/33(3)

     275        262      

Banco de Credito e Inversiones 144A
3.500%, 10/12/27(3)

     415        434      

Banco Santander Chile 144A
3.875%, 9/20/22(3)

     505        524      

Bank of America Corp.
4.200%, 8/26/24

      458        491      
         
         
         Par Value             Value      

Financials—continued

     

Bank of China Ltd. 144A
5.000%, 11/13/24(3)

   $ 390     $ 424  

Bank of Montreal
3.803%, 12/15/32

      326       338  

Brighthouse Financial, Inc.
3.700%, 6/22/27

      410       405  

Brightsphere Investment Group, Inc.
4.800%, 7/27/26

      270       282  

Capital One Financial Corp.
3.750%, 7/28/26

      405       421  

Citadel LP 144A
4.875%, 1/15/27(3)

     235       240  

Development Bank of Kazakhstan JSC 144A
8.950%, 5/4/23(3)

     85,000 KZT      205  

Discover Bank
4.682%, 8/9/28

      340       355  

Drawbridge Special Opportunities Fund LP 144A
5.000%, 8/1/21(3)

     440       446  

E*TRADE Financial Corp.
4.500%, 6/20/28

      400       436  

Fairfax Financial Holdings Ltd.
4.850%, 4/17/28

      365       395  

Fairstone Financial, Inc. 144A
7.875%, 7/15/24(3)

     35       37  

FS KKR Capital Corp.
4.250%, 1/15/20

      135       135  

Goldman Sachs Group, Inc. (The) (3 month LIBOR + 1.170%)
3.328%, 5/15/26(4)

     510       513  

Grupo de Inversiones Suramericana S.A. 144A
5.500%, 4/29/26(3)

     335       372  

ICAHN Enterprises LP 144A
6.250%, 5/15/26(3)

     255       267  

Intercorp Peru Ltd. 144A
3.875%, 8/15/29(3)

     235       236  

Jefferies Financial Group, Inc.
5.500%, 10/18/23

      100       109  

Jefferies Group LLC
4.850%, 1/15/27

      60       64  

JPMorgan Chase & Co.
2.950%, 10/1/26

      475       488  

Liberty Mutual Insurance Co. 144A
8.500%, 5/15/25(3)

     25       31  

Lincoln National Corp. (3 month LIBOR + 2.040%)
4.318%, 4/20/67(4)(10)

     365       290  

Lloyds Bank plc 144A
6.500%, 9/14/20(3)

     600       621  

MetLife, Inc. Series D
5.875% (9)

     173       187  

Nationstar Mortgage Holdings, Inc. 144A
8.125%, 7/15/23(3)

     105       109  

Navient Corp.
6.750%, 6/25/25

      290       299  

Prudential Financial, Inc.
5.875%, 9/15/42

      280       302  

Santander Holdings USA, Inc.
3.500%, 6/7/24

      175       180  

4.400%, 7/13/27

      200       214  

Springleaf Finance Corp.
7.125%, 3/15/26

      110       122  

Synchrony Financial
3.950%, 12/1/27

      470       482  
 

 

See Notes to Schedule of Investments.

 

6

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value           

Financials—continued

          

Synovus Financial Corp.
5.900%, 2/7/29

    $     164      $     174      

Teachers Insurance & Annuity Association of America 144A
4.375%, 9/15/54(3)

     360        377      

Tempo Acquisition LLC 144A
6.750%, 6/1/25(3)

     60        62      

Toronto-Dominion Bank (The)
3.625%, 9/15/31

      380        392      

Voya Financial, Inc.
5.650%, 5/15/53

      240        253      

Wells Fargo & Co. Series S
5.900% (9)

     300        322      
     

 

 

      
        14,387      
     

 

 

      
 

Health Care—3.0%

          

Advanz Pharma Corp.
8.000%, 9/6/24

      41        40      

Anthem, Inc.
2.875%, 9/15/29

      350        346      

Avantor, Inc.
144A 6.000%, 10/1/24(3)

     100        107      

144A 9.000%, 10/1/25(3)

     145        163      

Bausch Health Americas, Inc.
144A 9.250%, 4/1/26(3)

     90        102      

144A 8.500%, 1/31/27(3)

     100        112      

Bausch Health Cos., Inc.
144A 6.500%, 3/15/22(3)

     20        21      

144A 7.000%, 3/15/24(3)

     30        32      

144A 5.500%, 11/1/25(3)

     160        167      

144A 7.000%, 1/15/28(3)

     140        151      

Catalent Pharma Solutions, Inc. 144A
5.000%, 7/15/27(3)

     50        52      

Centene Corp. 144A
5.375%, 6/1/26(3)

     75        79      

Eagle Holding Co. II LLC

          

PIK Interest Capitalization,
144A 7.625%, 5/15/22(3)(11)

     125        126      

PIK Interest Capitalization,
144A 7.750%, 5/15/22(3)(12)

     120        121      

Endo Dac 144A
6.000%, 7/15/23(3)

     100        61      

HCA, Inc.
5.625%, 9/1/28

      185        206      

5.875%, 2/1/29

      25        28      

4.125%, 6/15/29

      305        319      

Mylan NV
3.950%, 6/15/26

      325        336      

Par Pharmaceutical, Inc. 144A
7.500%, 4/1/27(3)

     75        68      

Perrigo Finance Unlimited Co.
4.375%, 3/15/26

      300        310      

Select Medical Corp. 144A
6.250%, 8/15/26(3)

     125        131      

Surgery Center Holdings, Inc.
144A 6.750%, 7/1/25(3)(6)

     35        31      

144A 10.000%, 4/15/27(3)

     100        102      

Tenet Healthcare Corp.
8.125%, 4/1/22

      60        65      

4.625%, 7/15/24

      70        72      

144A 5.125%, 11/1/27(3)

     80        83      
         Par Value              Value      

Health Care—continued

      

West Street Merger Sub, Inc. 144A
6.375%, 9/1/25(3)

   $     140      $     129  
     

 

 

  
        3,560  
     

 

 

  

Industrials—4.4%

      

Allied Universal Holdco LLC 144A
6.625%, 7/15/26(3)

     235        248  

Ashtead Capital, Inc. 144A
4.375%, 8/15/27(3)

     360        370  

Avolon Holdings Funding Ltd. 144A
4.375%, 5/1/26(3)

     358        370  

Bombardier, Inc. 144A
7.500%, 3/15/25(3)

     120        120  

CNH Industrial N.V.
4.500%, 8/15/23

      280        297  

DP World plc 144A
6.850%, 7/2/37(3)

     200        263  

Garda World Security Corp. 144A
8.750%, 5/15/25(3)

     180        185  

GFL Environmental, Inc. 144A
8.500%, 5/1/27(3)

     120        133  

Granite Holdings US Acquisition Co. 144A
11.000%, 10/1/27(3)

     180        174  

Hillenbrand, Inc.
4.500%, 9/15/26

      305        308  

Hillman Group, Inc. (The) 144A
6.375%, 7/15/22(3)

     120        113  

New Enterprise Stone & Lime Co., Inc. 144A
10.125%, 4/1/22(3)

     95        98  

Norwegian Air Shuttle ASA Pass-Through-Trust
2016-1, A 144A
4.875%, 5/10/28(3)

     295        288  

Oshkosh Corp.
4.600%, 5/15/28

      424        457  

Owens Corning
3.400%, 8/15/26

      330        332  

3.950%, 8/15/29

      331        337  

Patrick Industries, Inc. 144A
7.500%, 10/15/27(3)

     165        170  

Pentair Finance S.a.r.l
4.500%, 7/1/29

      345        358  

Topaz Marine S.A. 144A
9.125%, 7/26/22(3)

     200        209  

United Air Lines, Inc. Pass-Through-Trust 2007-1, A
6.636%, 7/2/22

      284        300  

Vertiv Intermediate Holding Corp. PIK Interest Capitalization, 144A
12.000%, 2/15/22(3)(11)

     175        157  
     

 

 

  
        5,287  
     

 

 

  

Information Technology—2.9%

      

Alibaba Group Holding Ltd.
3.400%, 12/6/27

      235        244  

Banff Merger Sub, Inc. 144A
9.750%, 9/1/26(3)

     35        33  

Broadcom Corp.
3.625%, 1/15/24

      312        319  

Broadcom, Inc. 144A
3.625%, 10/15/24(3)

     200        204  

Citrix Systems, Inc.
4.500%, 12/1/27

      285        308  
 

 

See Notes to Schedule of Investments.

 

7

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value           

Information Technology—continued

          

Dell International LLC 144A
8.100%, 7/15/36(3)

     $    140      $     179      

Everi Payments, Inc. 144A
7.500%, 12/15/25(3)

     50        53      

Exela Intermediate LLC 144A
10.000%, 7/15/23(3)

     90        50      

Juniper Networks, Inc.
3.750%, 8/15/29

      260        261      

Micron Technology, Inc.
4.185%, 2/15/27

      290        298      

Motorola Solutions, Inc.
4.600%, 2/23/28

      228        246      

4.600%, 5/23/29

      120        131      

PayPal Holdings, Inc.
2.850%, 10/1/29

      295        296      

Radiate Holdco LLC 144A
6.625%, 2/15/25(3)

     235        237      

ViaSat, Inc. 144A
5.625%, 9/15/25(3)

     305        307      

VMware, Inc.
3.900%, 8/21/27

      230        237      
     

 

 

      
        3,403      
     

 

 

      
 

Materials—4.4%

          

Alpek SAB de C.V. 144A
5.375%, 8/8/23(3)

     425        459      

Anglo American Capital plc 144A
4.000%, 9/11/27(3)

     215        222      

ArcelorMittal
6.125%, 6/1/25

      155        174      

BHP Billiton Finance USA Ltd. 144A
6.750%, 10/19/75(3)(10)

     225        263      

CPG Merger Sub LLC 144A
8.000%, 10/1/21(3)

     115        115      

CRH America Finance, Inc. 144A
3.400%, 5/9/27(3)

     300        310      

Equate Petrochemical BV 144A
4.250%, 11/3/26(3)

     340        366      

Glencore Funding LLC 144A
4.000%, 3/27/27(3)

     390        401      

Greif, Inc. 144A
6.500%, 3/1/27(3)

     155        164      

Inversiones CMPC S.A. 144A
4.375%, 5/15/23(3)

     300        313      

Kraton Polymers LLC 144A
7.000%, 4/15/25(3)

     250        260      

LSB Industries, Inc. 144A
9.625%, 5/1/23(3)(6)

     110        116      

Mauser Packaging Solutions Holding Co. 144A
7.250%, 4/15/25(3)

     115        109      

Olin Corp.
5.625%, 8/1/29

      230        239      

Reynolds Group Issuer, Inc. 144A
7.000%, 7/15/24(3)

     115        119      

SABIC Capital II BV 144A
4.500%, 10/10/28(3)

     305        339      

Schweitzer-Mauduit International, Inc. 144A
6.875%, 10/1/26(3)

     175        185      

Severstal OAO Via Steel Capital S.A. 144A
5.900%, 10/17/22(3)(7)

     260        281      

Syngenta Finance N.V. 144A
4.441%, 4/24/23(3)

     400        418      
         Par Value              Value      

Materials—continued

      

Trident TPI Holdings, Inc.
144A 9.250%, 8/1/24(3)

     $    115      $     113  

144A 6.625%, 11/1/25(3)

     130        114  

Vedanta Resources Ltd. 144A
6.125%, 8/9/24(3)

     200        184  
     

 

 

  
        5,264  
     

 

 

  

Real Estate—2.3%

      

EPR Properties
4.750%, 12/15/26

      130        140  

4.500%, 6/1/27

      205        218  

ESH Hospitality, Inc. 144A
4.625%, 10/1/27(3)

     175        175  

Healthcare Trust of America Holdings LP
3.750%, 7/1/27

      180        188  

Iron Mountain, Inc. 144A
4.875%, 9/15/29(3)

     245        249  

Life Storage LP
3.875%, 12/15/27

      135        143  

4.000%, 6/15/29

      200        214  

MPT Operating Partnership LP
5.000%, 10/15/27

      125        131  

4.625%, 8/1/29

      45        46  

Office Properties Income Trust
4.500%, 2/1/25

      385        397  

Physicians Realty LP
4.300%, 3/15/27

      330        353  

Service Properties Trust
4.350%, 10/1/24

      120        121  

4.950%, 2/15/27

      195        198  

4.375%, 2/15/30

      135        129  
     

 

 

  
        2,702  
     

 

 

  

Utilities—2.1%

      

CenterPoint Energy, Inc.
4.250%, 11/1/28

      295        324  

DPL, Inc. 144A
4.350%, 4/15/29(3)

     294        290  

Exelon Corp.
3.497%, 6/1/22

      255        262  

Ferrellgas Partners LP
8.625%, 6/15/20

      50        38  

Perusahaan Listrik Negara PT 144A
4.125%, 5/15/27(3)

     390        412  

Talen Energy Supply LLC
144A 7.250%, 5/15/27(3)

     55        56  

144A 6.625%, 1/15/28(3)

     205        201  

TerraForm Power Operating LLC 144A
5.000%, 1/31/28(3)

     190        198  

Texas Competitive Electric Escrow
0.000%, 11/1/49(5)

     396        —  

Texas Competitive Electric Holdings Co. 144A
0.000%, 10/1/49(3)(5)

     465        — (13)  

Transportadora de Gas Internacional SA ESP 144A
5.550%, 11/1/28(3)

     305        351  
 

 

See Notes to Schedule of Investments.

 

8

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value           

Utilities—continued

          

Vistra Operations Co. LLC 144A
4.300%, 7/15/29(3)

     $    300      $ 308      
     

 

 

      
       

 

 2,440

 

  

 

    

 

      

TOTAL CORPORATE BONDS AND NOTES

(Identified Cost $55,260)

         56,607      

 

      
 

LEVERAGED LOANS(4)—9.1%

          
 

Aerospace—0.4%

          

Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%)
5.800%, 12/6/25

      55        55      

Dynasty Acquisition Co., Inc.

          

Tranche B-1 (3 month LIBOR + 4.000%)
6.104%, 4/6/26

      72        72      

Tranche B-2 (3 month LIBOR + 4.000%)
6.104%, 4/6/26

      38        39      

DynCorp International, Inc. Tranche B, First Lien (1 month LIBOR + 6.000%)
8.028%, 8/15/25

      135        131      

TransDigm, Inc.
2018, Tranche E (1 month LIBOR + 2.500%)
4.544%, 5/30/25

      54        54      

2018, Tranche F (1 month LIBOR + 2.500%)
4.544%, 6/9/23

      46        45      

Tranche G (1 month LIBOR + 2.500%)
4.544%, 8/22/24

      29        29      
     

 

 

      
        425      
     

 

 

      
 

Chemicals—0.0%

          

Hexion, Inc. Tranche B (3 month LIBOR + 3.500%)
5.820%, 7/1/26

      20        20      
     

 

 

      
 

Consumer Durables—0.1%

          

Global Appliance, Inc. Tranche B (1 month LIBOR + 4.000%)
6.050%, 9/29/24

      96        95      
     

 

 

      
 

Consumer Non-Durables—0.7%

          

American Greetings Corp. (1 month LIBOR + 4.500%)
6.544%, 4/6/24

      242        240      

Kronos Acquisition Holdings, Inc. Tranche B-3 (3 month LIBOR + 4.000%)
6.256%, 5/15/23

      136        129      

Parfums Holding Co., Inc.

          

First Lien (3 month LIBOR + 4.250%)
6.374%, 6/30/24

      141        140      

Second Lien (3 month LIBOR + 8.750%)
10.860%, 6/27/25

      150        149      

Rodan & Fields LLC (1 month LIBOR + 4.000%)
6.028%, 6/16/25

      153        130      
     

 

 

      
        788      
     

 

 

      
 

Energy—0.6%

          

California Resources Corp. 2016 (1 month LIBOR + 10.375%)
12.419%, 12/31/21

      190        165      

CITGO Petroleum Corp. 2019, Tranche B (3 month LIBOR + 5.000%)
7.104%, 3/27/24

      154        155      
         Par Value              Value      

Energy—continued

      

Fieldwood Energy LLC First Lien (3 month LIBOR + 5.250%)
7.506%, 4/11/22

      $    270      $     233  

Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%)
5.294%, 10/30/24

      202        195  

Paragon Offshore Finance Co. (1 month PRIME + 0.000%)
5.250%, 7/16/21(1)(5)

     1        —  
     

 

 

  
        748  
     

 

 

  

Financial—0.7%

      

Asurion LLC Tranche B-2, Second Lien (1 month LIBOR + 6.500%)
8.544%, 8/4/25

      110        112  

Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%)
5.044%, 6/16/25

      222        222  

Ditech Holding Corp. Tranche B (3 month PRIME + 0.000%)
5.000%, 6/30/22(1)

     204        82  

Financial & Risk US Holdings, Inc. (1 month LIBOR + 3.750%)
5.794%, 10/1/25

      184        184  

FinCo I LLC 2018 (1 month LIBOR + 2.000%)
4.044%, 12/27/22

      58        58  

iStar, Inc. Tranche B (1 month LIBOR + 2.750%)
4.807%, 6/28/23

      217        217  
     

 

 

  
        875  
     

 

 

  

Food / Tobacco—0.3%

      

H-Food Holdings LLC

      

(1 month LIBOR + 3.688%)
5.731%, 5/23/25

      34        32  

2018, Tranche B-2 (1 month LIBOR + 4.000%)
6.044%, 5/23/25

      144        136  

Milk Specialties Co. (1 month LIBOR + 4.000%)
6.044%, 8/16/23

      108        104  

Shearer’s Foods LLC Second Lien (3 month LIBOR + 6.750%)
0.000%, 6/30/22(14)

     150        149  
     

 

 

  
        421  
     

 

 

  

Food and Drug—0.0%

      

Albertsons LLC 2019, Tranche B-7 (1 month LIBOR + 2.750%)
4.794%, 11/17/25

      45        45  
     

 

 

  

Forest Prod / Containers—0.1%

      

Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%)
5.294%, 1/31/25

      81        71  
     

 

 

  

Gaming / Leisure—0.7%

      

Affinity Gaming (1 month LIBOR + 3.250%)
5.294%, 7/3/23

      351        339  

Playa Resorts Holding B.V. (1 month LIBOR + 2.750%)
4.790%, 4/29/24

      111        108  

Scientific Games International, Inc. Tranche B-5 (2 month LIBOR + 2.750%)
4.876%, 8/14/24

      128        127  
 

 

See Notes to Schedule of Investments.

 

9

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value           

Gaming / Leisure—continued

          

Stars Group Holdings B.V. (3 month LIBOR + 3.500%)
5.604%, 7/10/25

      $        161      $ 162      

UFC Holdings LLC Tranche B (1 month LIBOR + 3.250%)
3.250%, 4/29/26

      97        97      
     

 

 

      
        833      
     

 

 

      
 

Healthcare—0.9%

          

21st Century Oncology, Inc. Tranche B (3 month LIBOR + 6.125%)
8.455%, 1/16/23

      41        36      

Accelerated Health Systems LLC (1 month LIBOR + 3.500%)
5.542%, 10/31/25

      124        124      

Agiliti Health, Inc. (1 month LIBOR + 3.000%)
5.125%, 1/4/26

      25        25      

AHP Health Partners, Inc. (1 month LIBOR + 4.500%)
6.544%, 6/30/25

      188        188      

Bausch Health Cos., Inc. (1 month LIBOR + 2.750%)
4.789%, 11/27/25

      57        57      

CHG Healthcare Services, Inc. (1 month LIBOR + 3.000%)
5.044%, 6/7/23

      54        54      

Envision Healthcare Corp. (1 month LIBOR + 3.750%)
5.794%, 10/10/25

      106        86      

LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 4.500%)
6.554%, 11/16/25

      188        188      

Navicure, Inc. Tranche B, First Lien (3 month LIBOR + 4.000%)
0.000%, 9/18/26(14)

     35        35      

NVA Holdings, Inc. Tranche B-4 (1 month LIBOR + 3.500%)
5.544%, 2/2/25

      20        20      

Ortho-Clinical Diagnostics, Inc. (3 month LIBOR + 3.250%)
5.563%, 6/30/25

      130        126      

Phoenix Guarantor, Inc. First Lien (1 month LIBOR + 4.500%)
6.567%, 3/5/26

      45        45      

Sotera Health holdings LLC (1 month LIBOR + 3.500%)
5.567%, 5/16/22

      60        60      
     

 

 

      
        1,044      
     

 

 

      
 

Housing—0.4%

          

Capital Automotive LP Tranche B, Second Lien (1 month LIBOR + 6.000%)
8.044%, 3/24/25

      47        47      

CPG International LLC (3 month LIBOR + 3.750%)
5.933%, 5/6/24

      190        189      

Summit Materials LLC Tranche B (1 month LIBOR + 2.000%)
4.044%, 11/21/24

      257        258      
     

 

 

      
        494      
     

 

 

      
 

Information Technology—1.0%

          

Air Newco LLC Tranche B (3 month LIBOR + 4.250%)
0.000%, 9/18/26(14)

     85        84      

Applied Systems, Inc. Second Lien (3 month LIBOR + 7.000%)
9.104%, 9/19/25

      112        113      
         Par Value              Value      

Information Technology—continued

      

Boxer Parent Co., Inc. (1 month LIBOR + 4.250%)
6.294%, 10/2/25

      $    119      $ 115  

Dell International LLC Tranche B-1 (1 month LIBOR + 2.000%)
4.050%, 9/19/25

      95        96  

Kronos, Inc.
2018 (3 month LIBOR + 3.000%)
5.253%, 11/1/23

      315        315  

Second Lien (3 month LIBOR + 8.250%)
10.503%, 11/1/24

      99        100  

SS&C Technologies, Inc.

      

Tranche B-3 (1 month LIBOR + 2.250%)
4.294%, 4/16/25

      72        72  

Tranche B-4 (1 month LIBOR + 2.250%)
4.294%, 4/16/25

      47        47  

Vertafore, Inc. First Lien (1 month LIBOR + 3.250%)
5.294%, 7/2/25

      273        265  
     

 

 

  
        1,207  
     

 

 

  

Manufacturing—0.3%

      

CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%)
6.710%, 8/17/22

      233        180  

Filtration Group Corp. (1 month LIBOR + 3.000%)
5.044%, 3/29/25

      113        113  

Hillman Group, Inc. (The) (1 month LIBOR + 4.000%)
6.044%, 5/31/25

      98        96  
     

 

 

  
        389  
     

 

 

  

Media / Telecom - Broadcasting—0.2%

      

Diamond Sports Group LLC (1 month LIBOR + 3.250%)
5.300%, 8/24/26

      90        90  

iHeartCommunications, Inc. (1 month LIBOR + 4.000%)
6.100%, 5/1/26

      11        12  

Nexstar Broadcasting, Inc. Tranche B-4 (3 month LIBOR + 2.750%)
0.000%, 9/18/26(14)

     95        95  
     

 

 

  
        197  
     

 

 

  

Media / Telecom - Cable/Wireless Video—0.1%

      

CSC Holdings LLC 2018 (1 month LIBOR + 2.250%)
4.278%, 1/15/26

      100        99  
     

 

 

  

Media / Telecom - Telecommunications—0.4%

      

CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%)
4.794%, 1/31/25

      191        190  

Securus Technologies Holdings, Inc.

      

First Lien (1 month LIBOR + 4.500%)
6.544%, 11/1/24

      36        32  

Second Lien (1 month LIBOR + 8.250%)
10.294%, 11/1/25

      150        131  

West Corp. Tranche B (1 month LIBOR + 4.000%)
6.044%, 10/10/24

      129        115  
     

 

 

  
        468  
     

 

 

  

Media / Telecom - Wireless Communications—0.2%

      

CommScope, Inc. (1 month LIBOR + 3.250%)
5.294%, 4/4/26

      235        234  
     

 

 

  
 

 

See Notes to Schedule of Investments.

 

10

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

         Par Value              Value           

Metals / Minerals—0.1%

          

Covia Holdings Corp. (3 month LIBOR + 4.000%)
6.313%, 6/2/25

      $    138      $     112      
     

 

 

      
 

Retail—0.1%

          

Neiman Marcus Group Ltd. LLC (1 month LIBOR + 6.000%)
8.057%, 10/25/23

      130        99      
     

 

 

      
 

Service—1.2%

          

Carlisle Food Service Products, Inc. First Lien (1 month LIBOR + 3.000%)
5.044%, 3/20/25

      20        19      

Dun & Bradstreet Corp. (The) (1 month LIBOR + 5.000%)
7.054%, 2/6/26

      120        121      

GFL Environmental, Inc. 2018 (1 month LIBOR + 3.000%)
5.044%, 5/30/25

      188        186      

Hoya Midco LLC First Lien (1 month LIBOR + 3.500%)
5.544%, 6/30/24

      69        68      

J2 Acquisition Ltd. Tranche B, First Lien (3 month LIBOR + 2.500%)
0.000%, 9/25/26(14)

     40        40      

Pearl Intermediate Parent LLC

          

First Lien (1 month LIBOR + 2.750%)
4.794%, 2/14/25

      141        136      

First Lien (3 month LIBOR + 1.000%)
1.000%, 2/14/25(15)

     10        9      

First Lien (3 month LIBOR + 1.000%)
4.794%, 2/14/25

      32        31      

Pi US Mergerco, Inc. Tranche B-1 (1 month LIBOR + 3.250%)
5.294%, 1/3/25

      225        225      

Prime Security Services Borrower LLC 2019, Tranche B-1 (3 month LIBOR + 3.250%)
5.210%, 9/23/26

      178        176      

Sedgwick Claims Management Services, Inc. Tranche B (1 month LIBOR + 4.000%)
6.044%, 9/30/26

      189        190      

St. George’s University Scholastic Services LLC (1 month LIBOR + 3.500%)
5.550%, 7/17/25

      117        117      

TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%)
5.800%, 2/1/23

      109        107      
     

 

 

      
        1,425      
     

 

 

      
 

Utility—0.6%

          

APLP Holdings LP (1 month LIBOR + 2.750%)
4.794%, 4/13/23

      191        191      

Brookfield WEC Holdings, Inc. First Lien (1 month LIBOR + 3.500%)
5.544%, 8/1/25

      228        229      

Calpine Corp. 2019 (3 month LIBOR + 2.750%)
4.860%, 4/5/26

      120        120      

Pacific Gas and Electric Co.

          

(1 month LIBOR + 2.250%)
4.320%, 12/31/20

      105        106      
         Par Value              Value      

Utility—continued

      

(4 month LIBOR + 1.125%)
1.125%, 12/31/20(15)

     $    35      $     35  
     

 

 

  
       

 

 681

 

  

 

 

  

TOTAL LEVERAGED LOANS
(Identified Cost $11,133)

 

        

 

 10,770

 

  

 

 

  
         Shares             

PREFERRED STOCKS—1.5%

      

Financials—1.2%

      

Bank of New York Mellon Corp. (The) Series E, 4.950%

      290(16)        292  

Huntington Bancshares, Inc. Series E, 5.700%

      96(16)        98  

JPMorgan Chase & Co. Series Z, 5.300%

      70(16)        71  

KeyCorp Series D, 5.000%(17)

     300(16)        310  

M&T Bank Corp. Series F, 5.125%(17)

     229(16)        240  

PNC Financial Services Group, Inc. (The) Series S, 5.000%

      405(16)        420  
     

 

 

  
        1,431  
     

 

 

  

Industrials—0.3%

      

General Electric Co. Series D, 5.000%

 

     

 

 332(16)

 

  

 

     

 

 315

 

  

 

 

  

TOTAL PREFERRED STOCKS

(Identified Cost $1,685)

 

        

 

 1,746

 

  

 

 

  

COMMON STOCKS—0.0%

      

Communication Services—0.0%

      

Clear Channel Outdoor Holdings, Inc.(18)

     1,381        3  
     

 

 

  

Consumer Discretionary—0.0%

      

Mark IV Industries(5)

     828        22  
     

 

 

  

Energy—0.0%

      

Frontera Energy Corp.

 

     

 

 2,618

 

  

 

     

 

 25

 

  

 

 

  

TOTAL COMMON STOCKS

(Identified Cost $59)

 

        

 

 50

 

  

 

 

  

RIGHTS—0.0%

      

Utilities—0.0%

      

Vistra Energy Corp.(5)(18)

 

     

 

 7,753

 

  

 

     

 

 7

 

  

 

 

  

TOTAL RIGHTS

(Identified Cost $7)

 

        

 

 7

 

  

 

 

  

WARRANT—0.0%

      

Communication Services—0.0%

      

iHeartMedia, Inc.(5)(18)

 

     

 

 587

 

  

 

     

 

 8

 

  

 

 

  

TOTAL WARRANT

(Identified Cost $10)

 

        

 

 8

 

  

 

 

  

TOTAL LONG-TERM INVESTMENTS—99.4%

(Identified Cost $117,008)

 

        

 

 118,010

 

  

 

 

  
 

 

See Notes to Schedule of Investments.

 

11

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

           Shares                Value            

SECURITIES LENDING COLLATERAL—0.7%

          

Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.854%)(19)(20)

 

     

 

 819,954

 

  

 

    $

 

 820

 

  

 

    

 

      

TOTAL SECURITIES LENDING COLLATERAL

(Identified Cost $ 820)

         820      

 

      
 

TOTAL INVESTMENTS—100.1%

       $ 118,830      

(Identified Cost $ 117,828)

          

Other assets and liabilities, net—(0.1)%

         (149 )     
     

 

 

      

 

NET ASSETS—100.0%

      

 

$

 

118,681

 

 

    
     

 

 

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

Footnote Legend:

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

(2)  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.

(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 September 30, 2019, these securities amounted to a value of $68,233 or 57.5% of net assets.

(4)  Variable rate security. Rate disclosed is as of September 30, 2019. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

     
(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) 

All or a portion of security is on loan.

(7) 

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.

(8) 

87% of the income received was in cash and 13% was in PIK.

(9) 

No contractual maturity date.

(10) 

Interest payments may be deferred.

(11) 

100% of the income received was in cash.

(12) 

First pay date will be in November 2019.

(13) 

Amount is less than $500.

(14) 

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

(15) 

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

(16) 

Value shown as par value.

(17) 

Interest may be forfeited.

(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

      75%   

Canada

      3      

Netherlands

      3      

Mexico

      3      

Indonesia

      1      

Luxembourg

      1      

Chile

      1      

Other

      13      

 

  

Total

      100%   

 

  

† % of total investments as of September 30, 2019.

   

 

  
 

 

See Notes to Schedule of Investments.

 

12

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

SEPTEMBER 30, 2019

($ reported in thousands)

 

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

 

     Total
Value at
September 30, 2019		    Level 1
Quoted Prices		    Level 2
Significant
Observable
Inputs		    Level 3
Significant
Unobservable
Inputs

Assets:

                    

Debt Securities:

                    

Asset-Backed Securities

      $   12,196      $   —      $   12,196      $   —

Corporate Bonds and Notes

        56,607        —        56,607        — (1)  

Foreign Government Securities

        8,217        —        8,217        —

Leveraged Loans

        10,770        —        10,770        — (2)  

Mortgage-Backed Securities

        26,960        —        26,046        914

Municipal Bonds

        778        —        778        —

U.S. Government Security

        671        —        671        —

Equity Securities:

                    

Preferred Stocks

        1,746        —        1,746        —

Common Stocks

        50        28        —        22

Rights

        7        —        —        7

Warrant

        8        —        —        8

Securities Lending Collateral

                 820          820                    —            —
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

      $ 118,830      $ 848      $ 117,031      $ 951
    

 

 

       

 

 

       

 

 

       

 

 

  

 

(1) 

Amount is less than $500.

(2) 

Security held by the Fund with an end of period value of $0 was categorized as Level 3 in this table.

Securities held by the Series with an end of period value of $1 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end. Securities held by the Series with an end period value of $22 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

Some of the Series’ investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

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

 

       Total    Common
Stocks		      Corporate
Bonds
And Notes		    Leveraged
Loans		    Mortgage-Backed
Securities		    Rights      Warrants

Investments in Securities

                                         

Balance as of December 31, 2018:

        $     6        $ —          $     1        $   —        $   —        $   5          $   —  

Accrued discount/(premium)

          —(a )          —            —(a )         —          —(a )          —            —  

Change in unrealized appreciation (depreciation)(b)

         13          —            —(a )         —(a )         4          2            7  

Purchases

          935          —            24          —          910          —            1  

Sales(c)

         (24 )        —          (24 )        —        —        —          —

Transfers into of Level 3(e)

         22          22            —          —          —          —            —  

Transfers from of Level 3(e)

         (1 )         —            (1 )         —          —          —            —  
      

 

 

       

 

 

         

 

 

       

 

 

       

 

 

       

 

 

         

 

 

  

Balance as of September 30, 2019

        $ 951        $ 22          $ —(a )(d)       $ —(d )       $ 914        $   7          $   8  
      

 

 

       

 

 

         

 

 

       

 

 

       

 

 

       

 

 

         

 

 

  

(a) Amount is less than $500.

(b) The change in unrealized appreciation (depreciation) on investments still held at September 30, 2019, was $18.

(c) Includes paydowns on securities.

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

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

 

See Notes to Schedule of Investments.

 

13

NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

SEPTEMBER 30, 2019

 

Note 1. Security Valuation

The 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 the 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 the 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 values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer-supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities, may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Series’ net assets by each major security type is disclosed at the end of the Schedule of Investments for the 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.

 

14