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Newfleet Multi-Sector Short Term Bond
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Mutual FundFixed Income
(Taxable)

Newfleet Multi-Sector Short Term Bond

Image specific to each asset class and market style grouping.
Ticker
NARAX
CUSIP
92828R644
POP
$
(as of )
Inception
07/06/1992
Total Assets by Class
$905,103,368.27
(as of 08/22/2019)
Total Assets by Fund
$6,341,022,758.59
(as of 08/22/2019)
Morningstar Category
Short-Term Bond
Investment Overview

The Fund seeks to generate current income by applying extensive credit research to capitalize on opportunities across undervalued sectors of the bond market in a short duration portfolio.

Lipper Award- 2019 Badge

Management Team

Investment Partner

Newfleet Asset Management, LLC

Newfleet Asset Management leverages the knowledge and skill of a team of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction.


Learn more about Newfleet Asset Management, LLC
Investment Professional
David Albrycht, CFA
David L. Albrycht, CFA

President and Chief Investment Officer

Industry start date: 1985

Start date as fund Portfolio Manager: 1993

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Key Features
Diversification and Flexibility

A multi-sector fixed income allocation offers exposure to U.S. as well as international economies, currencies, sectors, and securities. Newfleet rotates across 14 major bond segments in order to benefit from opportunity and manage risk

Risk Management

A focus on minimizing credit and interest rate risk through active sector rotation and superior security selection

Extensive Fundamental Research

Security selection driven by bottom-up analysis of individual bond quality, credit risk, valuation, company management, structure, and technical elements

Portfolio Characteristics

Top Holdings (% Fund)
(as of 06/28/2019)
Security
iShares iBoxx High Yield Corporate Bond ETF
1.00
 1.00%
Arroyo Mortgage Trust 2018-1, 3.7630%
0.63
 0.63%
United States Treasury Note/Bond, 2.3750% 05/15/2029
0.52
 0.52%
COLT 2019-3 Mortgage Loan Trust, 2.7640%
0.49
 0.49%
JP Morgan Mortgage Trust 2017-5, 3.1824%
0.49
 0.49%
Petroleos Mexicanos, 4.6250% 09/21/2023
0.48
 0.48%
Petrobras Global Finance BV, 5.2990% 01/27/2025
0.47
 0.47%
Fannie Mae Pool, 4.0000%
0.47
 0.47%
Hertz Vehicle Financing II LP, 2.7300% 03/25/2021
0.46
 0.46%
Goldman Sachs Group Inc/The, 3.6880% 05/15/2026
0.45
 0.45%

Holdings are subject to change.

Holdings are subject to change.

Characteristics4
(as of 06/28/2019)
Effective Duration (years) 2.17
Sector Allocation (% Invested Assets)
(as of 06/28/2019)

Performance & Risk

Growth of $10,000 Investment
From to

This chart assumes an initial investment of $10,000 made on for Class ddd shares including any applicable sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

Performance
Quarterly
As of
Monthly
As of
YTD 3 Month 1 Year 3 Years 5 Years 10 Years Since Inception

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Sales Charge and Expenses
Yields / Distributions1
(as of )
30-day SEC Yield
30-day SEC Yield (unsubsidized)
Distribution Rate (at NAV)
Distributions Current Month
Distributions YTD

Distribution History2
(as of )
Ex-Date
Income
STCG
LTCG
Reinvest NAV

Please view the Fund’s Section 19-a notices, which set forth information regarding the composition of the distributions, including any portion that may constitute a return of capital.

Risk Statistics3
(as of )
Fund Index
R2
Beta
Alpha
Std Dev
Risk Considerations
Credit & Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
Foreign & Emerging Markets: Investing internationally, especially in emerging markets, involves additional risks such as currency, political, accounting, economic, and market risk.
High Yield-High Risk Fixed Income Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.
ABS/MBS: Changes in interest rates can cause both extension and prepayment risks for asset- and mortgage-backed securities. These securities are also subject to risks associated with the repayment of underlying collateral.
Bank Loans: Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale and/or trade infrequently on the secondary market. Loans can carry significant credit and call risk, can be difficult to value, and have longer settlement times than other investments, which can make loans relatively illiquid at times.
Prospectus: For additional information on risks, please see the fund's prospectus.

Documents & Resources

Marketing Materials
Virtus Newfleet Multi-Sector Short Term Bond Fund Fact Sheet - A
Virtus Newfleet Multi-Sector Short Term Bond Fund Fact Sheet - I
Virtus Newfleet Multi-Sector Short Term Bond Fund Fact Sheet - R6
Newfleet Monthly Sector Review
Spotlight On: Newfleet Multi-Sector Short Term Bond and Low Duration Funds
Virtus Newfleet Multi-Sector Short Term Bond Fund Enhanced Fact Sheet
Virtus Newfleet Multi-Sector Short-Term Bond Commentary
Newfleet Market Review & Outlook
Newfleet Tax-Exempt Market Review
Morningstar - Quarterly Ratings
Diversify for Yield
Braving the New World of Bonds
Newfleet Fixed Income Fund Capabilities
Newfleet 2019 Fixed Income Market Outlook
Financial Materials
Virtus Opportunities Trust Statutory Prospectus
Virtus Newfleet Multi-Sector Short Term Bond Summary Prospectus
Virtus Opportunities Trust Prospectus XBRL 485B 01 28 2019
Virtus Opportunities Trust SAI
Virtus Newfleet Multi-Sector Short Term Bond - Annual Report
Virtus Newfleet Multi-Sector Short Term Bond - Semiannual Report
Mutual Fund Distributions
Holdings
Virtus Newfleet Multi-Sector Short Term Bond Fund - Monthly Update
Virtus Newfleet Multi-Sector Short Term Bond Quarterly Holdings
Virtus Newfleet Multi-Sector Short Term Bond Top Holdings

Investors should carefully consider the investment objectives, risks, charges and expenses of any Virtus Mutual Fund before investing. The prospectus and summary prospectus contains this and other information about the fund. Please contact your financial representative, call 1-800-243-4361 to obtain a current prospectus and/or summary prospectus. You should read the prospectus and/or summary prospectus carefully before you invest or send money.

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. NAV returns do not include the effect of any applicable sales charges. POP and w/CDSC returns include the effect of maximum applicable sales charges.

Returns for periods of less than one year are cumulative total returns.

Lipper Fund Award Winner for the ten-year period in the Short-Intermediate Investment-Grade Debt category. The Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The highest 20% of funds in each category are named Lipper Leaders for Consistent Return and receive a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2 and the lowest 20% are scored 1. For Lipper Best Individual Funds, the highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner for each time period. For a detailed explanation, please review the Lipper Leaders methodology document at www.lipperfundawards.com. Lipper, Inc. is a nationally recognized organization that ranks the performance of mutual funds. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. 99 Mid-Cap Growth Funds were eligible for the three year period.

Lipper Category Classifications © 2019 Lipper. All rights reserved.

1 Yields/Distributions: 30-day SEC Yield is a standardized yield calculated according to a formula set by the SEC, and is subject to change. 30-day SEC Yield (unsubsidized) is the 30-day SEC Yield without the effect of applicable expense waivers. Distribution Rate is calculated by (a) annualizing the latest distribution for fixed income funds or funds less than 1 year old, or (b) summing all distributions over the preceding 12 months for all other funds, and dividing the NAV on the last business date of the period.

2 Distribution History: Distributions are represented on a cash basis and may be reclassified at year end for tax purposes. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. STCG: Short Term Capital Gain, LTCG: Long Term Capital Gain

3 Risk Statistics: R2 is a statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index. Beta is a quantitative measure of the volatility of a given portfolio to the overall market. Alpha is a risk adjusted measure of an investment's excess return relative to a benchmark. A positive Alpha indicates that the investment produced a return greater than expected for the risk (as measured by Beta) taken. Standard Deviation measures variability of returns around the average return for an investment fund. Higher standard deviation suggests greater risk. Risk Statistics are calculated using 36 monthly returns.

4 Characteristics: For Equity Funds: Trailing P/E Ex-Negative Earnings: Per-share stock price divided by the latest 12-months Earnings per Share; Price/Cash Flow: Per-share stock price divided by the per-share operating cash flow; Price/Book: Per-share stock price divided by the latest 12-month per-share Book Value; 3-Year EPS Growth Rate: Average of earnings per share growth for latest 3-year period. The 3-Year EPS Growth Rate is not a forecast of the fund's performance.

4 Characteristics: For Fixed Income Funds: Effective Duration represents the interest rate sensitivity of a fixed income fund. For example, if a fund's effective duration is five years, a 1% increase in interest rates would result in a 5% decline in the fund's price. Similarly, a 1% decline in interest rates would result in a 5% gain in the fund's price.

Morningstar Disclosures:
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads.

© 2019 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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