Investment objective & strategy
As of Oct. 22, 2025 · prospectusObjective. The fund has an investment objective of long-term total return, inclusive of a relatively high level of income.
Strategy. The fund invests in residential mortgage-backed securities (RMBS) 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 RMBS, and in other instruments that have economic characteristics similar to such investments. The fund will invest exclusively in debt tranches of RMBS. There is no limitation on the maturity of the funds debt investments. The RMBS in which the fund invests are generally purchased pursuant to Rule 144A under the Securities Act of … The fund invests in residential mortgage-backed securities (RMBS) 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 RMBS, and in other instruments that have economic characteristics similar to such investments. The fund will invest exclusively in debt tranches of RMBS. There is no limitation on the maturity of the funds debt investments. The RMBS 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 |
|---|---|---|---|
| TPMT 2021-1 A2 | TPMT | $1.37M | 4.14% |
| IMPRL 2022-NQM3 A1 | IMPRL | $1.10M | 3.32% |
| TPMT 2018-6 A2 | TPMT | $1.10M | 3.32% |
| Towd Point Mortgage Trust 2020-MH1 | — | $1.08M | 3.26% |
| MFRA TRUST MFRA 2022 INV2 A1 144A | MFRA | $1.07M | 3.23% |
| Homes Trust, Series 2023-NQM2, Class A1 | — | $1.06M | 3.21% |
| TRICON AMERICAN HOMES TAH_20-SFR2 | TAH | $1.05M | 3.19% |
| TPMT 2019-2 A2 144A FRN 12-25-58 | TPMT | $1.04M | 3.16% |
| MST 2017-1A M1 | MST | $1.01M | 3.04% |
| Ajax Mortgage Loan Trust 2019-D | AJAXM | $949.23K | 2.87% |
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 Multi-Sector Short Term Bond Fund · NARAX, PSTCX, PMSTX, PIMSX, VMSSX | 6% | 0.52% |
| Virtus Newfleet Core Plus Bond Fund · SAVAX, SAVCX, SAVYX, VBFRX | 5% | 0.35% |
| Virtus Newfleet Short Duration Core Plus Bond ETF · SDCP | 5% | 0.35% |
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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