Investment objective & strategy
As of Jan. 23, 2026 · prospectusObjective. The fund has an investment objective of providing a high level of current income that is exempt from federal income tax.
Strategy. The fund seeks to generate current income exempt from federal income taxes by investing in a diversified portfolio with municipal bonds of varying maturities. The management team focuses on higher quality tax-exempt municipal bonds, gauging the value of a security by issue type, credit quality, and bond structure; however, the fund may invest up to 20% of its net assets in below investment grade tax-exempt municipal bonds. Below investment grade tax-exempt municipal bonds are considered high-yield/high-risk fixed income securities (so-called junk bonds). Under normal circumstances, as a matter of fundamental policy, the fund invests at least 80% of its assets in municipal bonds, the income from which is exempt from federal income taxes. The portion of the funds assets not … The fund seeks to generate current income exempt from federal income taxes by investing in a diversified portfolio with municipal bonds of varying maturities. The management team focuses on higher quality tax-exempt municipal bonds, gauging the value of a security by issue type, credit quality, and bond structure; however, the fund may invest up to 20% of its net assets in below investment grade tax-exempt municipal bonds. Below investment grade tax-exempt municipal bonds are considered high-yield/high-risk fixed income securities (so-called junk bonds). Under normal circumstances, as a matter of fundamental policy, the fund invests at least 80% of its assets in municipal bonds, the income from which is exempt from federal income taxes. The portion of the funds assets not invested in tax-exempt securities may be invested in taxable fixed income securities. Income from these taxable investments may be subject to federal, state, and local taxes.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Pennsylvania Turnpike Commission, Series 2023-1 | — | $2.53M | 5.55% |
| PHILADELPHIA PA REGD N/C B/E 5.00000000 | — | $2.02M | 4.43% |
| INDIANA ST FIN AUTH HOSP REVENUE | — | $1.73M | 3.80% |
| School Board of Miami-Dade County/The | — | $1.70M | 3.74% |
| PUBLIC AUTHORITY FOR COLORADO PUBUTL 11/28 FIXED OID 6.25 | PUBUTL | $1.54M | 3.37% |
| State of Illinois, Series 2016 | — | $1.27M | 2.79% |
| PORT NY NJ 5% 10/15/2031 @ | — | $1.24M | 2.71% |
| Minneapolis Special School District No 1 | — | $1.22M | 2.67% |
| UNIV OF TEXAS TX PERMANENT UNIV FND | — | $1.20M | 2.63% |
| Minneapolis Special School District No 1 | — | $1.17M | 2.56% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Virtus Seix High Grade Municipal Bond Fund · SFLTX, SCFTX | 31% | 0.58% |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund · SISIX, STTBX | 29% | 0.50% |
| Destinations Municipal Fixed Income Fund · DMFFX, DMFZX | 7% | 0.66% |
Footnotes
- Expense ratio as of February 3, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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