$0.03
(0.32%)
Total Return
Performance data represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value fluctuate. Redemption may be worth more or less than the original cost. Returns less than one year are not annualized.
Why AVMUX?
Invests in a broad set of investment grade municipal debt obligations.
Pursues the benefits associated with indexing (diversification, controlled turnover, transparency of exposures), but with the ability to add value by making investment decisions using information in current yields.
Efficient portfolio management and trading process that is designed to enhance returns while seeking to reduce unnecessary risks and transaction costs.
Built to fit seamlessly into an investor's asset allocation.
Fund Facts
Performance
To view month-end or historical performance, use the drop-down below.
TOTAL RETURN
CUMULATIVE
| AVERAGE ANNUAL
Average Annual Returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized. | |||||||
|---|---|---|---|---|---|---|---|---|
| YTD% | 1 MO | 3 MO | 1 YR | 3 YR | 5 YR | 10 YR | LIFE | |
|
AVMUX
|
0.97% | -1.17% | 0.75% | 0.89% | - - | - - | - - | -1.97% |
| 1.89% | -0.69% | 1.41% | 0.56% | -0.47% | 1.70% | 2.18% | - - | |
Yields
30-Day SEC Unsubsidized Yield: Represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect. Yield to Maturity: The internal rate of return of the security based on the given market price—it is the single discount rate that equates a security price (inclusive of accrued interest) with its projected cashflows. Yield to Worst: Lowest yield possible for a security given the current price, taking into account both call dates and maturity.
Subsidized Yield
Fees
The gross expense ratio is the fund's total annual operating costs, expressed as a percentage of the fund's average net assets for a given time period. It is gross of any fee waivers or expense reimbursement. Please see the prospectus for more information.
The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that investors paid during the fund's most recent fiscal year. Please see the prospectus for more information.
Portfolio
Due to rounding, these values may not add to 100% 04/30/2023
Sector Allocation: Reflects the blend of securities owned by a fund. For example, the percentage of foreign or domestic stocks held by an equity fund or the percentage of corporate and government securities owned by a bond fund. The U.S./Foreign Convertibles grouping includes Convertible Bonds, Equity Linked Securities and Convertible Preferred securities.
| Special Tax | 26% | |
| State GO | 17% | |
| Local GO | 14% | |
| Public Power | 9% | |
| Airport | 6% | |
| Toll Facilities | 6% | |
| Water & Sewer | 6% | |
| Lease Revenue | 4% | |
| Pre-Refunded | 3% | |
| University Public | 3% | |
| Other Transportation | 3% | |
| University Private | 1% | |
| Hospital | 1% | |
| Seaport | <1% | |
| Cash & Cash Equivalents | Between 0 and -1% |
Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
Top 20 Holdings
This value represents the top twenty holdings included in the portfolio on a percent of assets basis. Holding weights are rounded to the nearest whole number, which may result in the display of less than ten holdings. Holdings are subject to change without notice. Shares are units of ownership interest in a corporation or financial asset that provide for an equal distribution in any profits, if any are declared, in the form of dividends. In the context of debt instruments, principal can refer to the face value, or par value, of a bond—that is, the actual amount listed on the bond itself. Securities are reported at market value. The portfolio data and its presentation here may differ from the complete schedules of investments in regulatory filings due to differing accounting and reporting requirements.
As of 04/30/2023
Company
 |
Weight
|
|---|---|
| State of California 3.00% 10/01/2035 | 1.87% |
| State of Wisconsin 5.00% 05/01/2027 | 1.62% |
| Washington Metropolitan Area Transit Authority Dedicated Revenue 4.00% 07/15/2040 | 1.50% |
| Massachusetts Bay Transportation Authority Sales Tax Revenue 5.00% 07/01/2028 | 1.47% |
| Virginia College Building Authority 5.00% 02/01/2030 | 1.35% |
| Indiana Finance Authority 5.00% 06/01/2028 | 1.35% |
| Alabama Public School and College Authority 5.00% 11/01/2037 | 1.34% |
| Hudson Yards Infrastructure Corp 5.00% 02/15/2037 | 1.33% |
| City of Los Angeles Department of Airports 5.00% 05/15/2038 | 1.26% |
| Metropolitan Water Reclamation District of Greater Chicago 5.00% 12/01/2029 | 1.21% |
| Dallas County Utility & Reclamation District 5.00% 02/15/2028 | 1.10% |
| City & County of Honolulu HI 5.00% 03/01/2028 | 1.06% |
| Texas State University System 5.00% 03/15/2031 | 1.03% |
| State of Mississippi 5.00% 10/01/2027 | 0.98% |
| Metropolitan Government of Nashville & Davidson County TN 4.00% 07/01/2028 | 0.93% |
| State of Nevada Highway Improvement Revenue 5.00% 12/01/2028 | 0.89% |
| Illinois Finance Authority 4.00% 10/01/2040 | 0.87% |
| City & County of Honolulu HI 5.00% 09/01/2029 | 0.87% |
| State of Georgia 5.00% 07/01/2028 | 0.87% |
| State of California 4.00% 09/01/2033 | 0.86% |
Generally, as interest rates rise, the value of the securities held in the fund will decline. The opposite is true when interest rates decline.
Municipal Securities investing is more sensitive to events that affect municipal markets, including legislative or political changes and the financial condition of the issuers of municipal securities. The fund may have a higher level of risk than funds that invest in a larger universe of securities. Additionally, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer's ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the fund.
International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks.
Derivatives may be more sensitive to changes in market conditions and may amplify risks.
Investment income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax (AMT). Capital gains are not exempt from state and federal income tax.
For detailed descriptions of indices or investing terms referenced above, refer to our glossary.
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