Virtus Variable Insurance Trust NPORTP Virtus Newfleet Multi-Sector Intermediate Bond Series (Sep 2019 report)

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
SeriesA-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 Trust2016-3, 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 LLC2019-3, 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 Trust2005-1, 1A1
5.500%, 2/25/35		75			77

See Notes to Schedule of Investments.

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 Trust2019-1, 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 Trust2019-CHC, A (1
month LIBOR + 1.120%) 144A
3.148%, 6/15/34⁽³⁾⁽⁴⁾		205		205
CIT Home Equity Loan Trust2003-1, 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 Trust2017-1A, 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 Trust2005-12, AF3W
4.999%, 9/25/35⁽⁴⁾		86		91
Homeward Opportunities Fund I Trust2019-1, A1 144A
3.454%, 1/25/59⁽³⁾⁽⁴⁾		248		250


	Par Value		Value
Non-Agency—continued
JPMorgan Chase Commercial Mortgage Securities
Trust2015-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 Trust2005-5, 2A3
5.500%, 7/25/25		85		86
MASTR Specialized Loan Trust2005-3, A2 144A
5.704%, 11/25/35⁽³⁾⁽⁴⁾		87		88
Mello Warehouse Securitization Trust2019-1, 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.

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 LLC2019-1, A1 144A 3.721%, 5/24/24⁽³⁾⁽⁴⁾		196		196
Residential Asset Mortgage Products Trust2004-SL1, A8 6.500%, 11/25/31		17		18
Residential Asset Securitization Trust2005-A1, A3 5.500%, 4/25/35		186		192
Residential Mortgage Loan Trust2019-2, A1 144A 2.913%, 5/25/59⁽³⁾⁽⁴⁾		405		407
Sequoia Mortgage Trust2013-8, 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 Trust2018-1, B 144A 4.820%, 5/20/21⁽³⁾		295		297
American Credit Acceptance Receivables Trust2018-1, 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 Trust2018-1, D 3.820%, 3/18/24		295		306
Capital Auto Receivables Asset Trust2017-1, D 144A 3.150%, 2/20/25⁽³⁾		340		345
CPS Auto Receivables Trust2018-C, D 144A 4.400%, 6/17/24⁽³⁾		310		321
DT Auto Owner Trust2018-1A, 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.

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 Trust2017-1, 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 LP2016-4A, A 144A 2.650%, 7/25/22⁽³⁾		405		406
Prestige Auto Receivables Trust2019-1A, D 144A 3.010%, 8/15/25⁽³⁾		295		298
Tesla Auto Lease Trust2018-A, D 144A 3.300%, 5/20/20⁽³⁾		340		341
Tricolor Auto Securitization Trust2018-2A, B 144A 4.760%, 2/15/22⁽³⁾		289		294
United Auto Credit Securitization Trust2019-1, E 144A 4.290%, 8/12/24⁽³⁾		295		298
Veros Automobile Receivables Trust2018-1, B 144A 4.050%, 2/15/24⁽³⁾		300		304

				8,039


Other—3.4%
Amur Equipment Finance Receivables V LLC2018-1A, A2 144A 3.240%, 12/20/23⁽³⁾		235		237
Aqua Finance Trust2019-A, C 144A 4.010%, 7/16/40⁽³⁾		355		355
Arby’s Funding LLC2015-1A, 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 LLC2019-1, A 144A 4.212%, 7/15/34⁽³⁾		338		347
DB Master Finance LLC2017-1A, A2I 144A 3.629%, 11/20/47⁽³⁾		216		221
Diamond Resorts Owner Trust2017-1A, A 144A 3.270%, 10/22/29⁽³⁾		123		125
Drug Royalty II LP 22014-1, A2 144A 3.484%, 7/15/23⁽³⁾		34		34
ExteNet LLC2019-1A, A2 144A 3.204%, 7/26/49⁽³⁾		175		177
HOA Funding LLC2014-1A, A2 144A 4.846%, 8/20/44⁽³⁾		102		102
Lendmark Funding Trust2018-2A, A 144A 4.230%, 4/20/27⁽³⁾		360		373


	Par Value			Value
Other—continued
OneMain Financial Issuance Trust2018-1A, A 144A 3.300%, 3/14/29⁽³⁾		$ 335			$ 341
Oportun Funding VIII LLC2018-A, A 144A 3.610%, 3/8/24⁽³⁾		335			339
Prosper Marketplace Issuance Trust2018-2A, B 144A 3.960%, 10/15/24⁽³⁾		305			308
Regional Management Issuance Trust2018-2, A 144A 4.560%, 1/18/28⁽³⁾		295			302
TGIF Funding LLC2017-1A, A2 144A 6.202%, 4/30/47⁽³⁾		131			128
Upstart Securitization Trust2018-1, B 144A 3.887%, 8/20/25⁽³⁾		78			78

					4,069


Student Loan—0.1%
SoFi Professional Loan Program LLC2016-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.

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.

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.

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-Trust2007-1, 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.

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.

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.
TrancheB-1 (3 month LIBOR + 4.000%) 6.104%, 4/6/26		72		72
TrancheB-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


ConsumerNon-Durables—0.7%
American Greetings Corp. (1 month LIBOR + 4.500%) 6.544%, 4/6/24		242		240
Kronos Acquisition Holdings, Inc. TrancheB-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 TrancheB-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, TrancheB-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, TrancheB-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. TrancheB-5 (2 month LIBOR + 2.750%) 4.876%, 8/14/24		128		127

See Notes to Schedule of Investments.

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. TrancheB-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 TrancheB-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.
TrancheB-3 (1 month LIBOR + 2.250%) 4.294%, 4/16/25		72		72
TrancheB-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. TrancheB-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.

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. TrancheB-1 (1 month LIBOR + 3.250%) 5.294%, 1/3/25		225		225
Prime Security Services Borrower LLC 2019, TrancheB-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.

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.

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.

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.

Certainnon-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 thatnon-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 thesenon-U.S. markets. In such cases, the Series fair valuesnon-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of thenon-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 certainnon-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 inopen-end mutual funds are valued at NAV. Investments inclosed-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.

Virtus Variable Insurance Trust NPORT-PVirtus Newfleet Multi-Sector Intermediate Bond Series (Sep 2019 report)