NARAX Fees and Costs — Virtus Newfleet Multi-Sector Short Term Bond Fund, Class A
Data updated: 2026-08-28
The net expense ratio is 0.90%: a 0.48% management fee, a 0.25% 12b-1 fee plus 0.26% other expenses, less a 0.09% fee waiver. This share class carries a maximum front-end sales load of 2.25%. In fiscal 2024 the fund paid $7K in broker commissions, 0.0002% of average net assets, and portfolio turnover was 60%.
NARAX Fees and Expenses
Annual operating expenses and sales charges of NARAX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.48% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.26% |
| Gross expense ratio | 0.99% |
| Fee waiver | −0.09% |
| Net expense ratio | 0.90% |
| Sales charges | |
|---|---|
| Max front load | 2.25% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
NARAX Costs Over Time
On $10,000 invested in NARAX, assuming 5% a year before costs, total costs come to $839 over 5 years, cutting the return by 1.42% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $225 | $225 | $225 |
| Fund expenses (net expense ratio 0.90%) | $92 | $289 | $501 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $11 | $50 | $113 |
| Total costs | $329 | $563 | $839 |
| Value after costs | $10,171 | $11,013 | $11,924 |
| Impact on return, per year | 3.29% | 1.73% | 1.42% |
NARAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0002%
- Total broker commissions: $7K
- Bought from dealers (principal trades, not a cost): $3.4B
- Portfolio turnover (prospectus): 60%
- Securities on loan, average value: $12.3M
- Net income from securities lending: $88K (0.002% of average net assets)
NARAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET, LLC | $7K | 100.00% |
NARAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES, LLC | $512.7M | 19.92% |
| J.P. Morgan Securities LLC | $350.6M | 13.62% |
| MORGAN STANLEY & CO. LLC | $345.2M | 13.41% |
| BOFA SECURITIES, INC. | $321.0M | 12.47% |
| GOLDMAN SACHS & CO. LLC | $260.0M | 10.10% |
| PERSHING LLC | $184.8M | 7.18% |
| BARCLAYS CAPITAL, INC. | $174.0M | 6.76% |
| CitiGroup Global Markets Inc. | $172.6M | 6.70% |
| HSBC SECURITIES (USA), INC. | $127.1M | 4.94% |
| BNP PARIBAS SECURITIES CORP. | $125.6M | 4.88% |
Virtus Newfleet Multi-Sector Short Term Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VMSSX | Class R6 | 0.52% | none |
| PIMSX | Class I | 0.65% | none |
| NARAX | Class A | 0.90% | 2.25% |
| PSTCX | Class C | 1.16% | none |
| PMSTX | Class C1 | 1.66% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.