Investment objective & strategy
As of Oct. 22, 2025 · prospectusObjective. The fund has a primary investment objective of long-term total return, inclusive of a relatively high level of income.
Strategy. The fund invests in commercial mortgage-backed securities (CMBS) issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or issued by non-government entities, such as commercial banks or other private lenders, with an emphasis on investment-grade securities. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade tranches of CMBS, and in other instruments that have economic characteristics similar to such investments. The fund will invest exclusively in debt tranches of CMBS, which may include below-investment grade debt securities, commonly referred to as high yield securities or junk bonds. There is no limitation on the maturity of the funds debt investments. The CMBS … The fund invests in commercial mortgage-backed securities (CMBS) issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or issued by non-government entities, such as commercial banks or other private lenders, with an emphasis on investment-grade securities. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade tranches of CMBS, and in other instruments that have economic characteristics similar to such investments. The fund will invest exclusively in debt tranches of CMBS, which may include below-investment grade debt securities, commonly referred to as high yield securities or junk bonds. There is no limitation on the maturity of the funds debt investments. The CMBS in which the fund invests are generally purchased pursuant to Rule 144A under the Securities Act of 1933 and are therefore subject to certain resale restrictions. For purposes of its investment objective, the fund defines a relatively high level of income for this purpose as a level of income comparable to the yield to maturity of the agency component of the Bloomberg US Mortgage Backed Securities (MBS) Index. As of June 30, 2025, the yield to maturity of the agency component of the Bloomberg US Mortgage Backed Securities Index was 4.93%.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Fannie Mae Pool | — | $1.51M | 9.28% |
| GNR 2025-125 JA | — | $1.16M | 7.09% |
| MSSG Trust, Series 2017-237P, Class A | MSSG | $1.03M | 6.30% |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A | HGMT | $975.98K | 5.98% |
| RMBS MIRAVET | M1RA | $882.79K | 5.41% |
| NYC COMMERCIAL MORTGAGE TRUST 2025-300P NYC 2025-300P A | NYC | $825.04K | 5.05% |
| CENT 2025-CITY A | — | $800.70K | 4.90% |
| HY 2025-SPRL A 144A FRN 01-13-40 | HY | $777.68K | 4.76% |
| RFR 2025-SGRM A | — | $768.96K | 4.71% |
| Fontainebleau Miami Beach Mortgage Trust, Series 2024-FBLU, Class A | FMBT | $749.77K | 4.59% |
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 Newfleet Securitized Income ETF · VABS | 7% | 0.39% |
| Virtus Newfleet Low Duration Core Plus Bond Fund · HIMZX, PCMZX, HIBIX, VLDRX | 4% | 0.43% |
| Virtus Newfleet Multi-Sector Bond ETF · NFLT | 3% | 0.50% |
Advisers
| Firm | Role |
|---|---|
| Virtus Investment Advisers, LLC | Adviser |
| Virtus Fixed Income Advisers, LLC | Sub-adviser |
Footnotes
- Expense ratio as of October 22, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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