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Products & Performance | Intermediate Tax-Exempt Bond (HIXIX)
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Daily Price
(as of 2/8/2010)
NAV Change ($)
10.91 0.01
POP Change ($)
10.91 0.01
Key Stats
(as of 2/8/2010)
Inception: 2/23/1996
Ticker: HIXIX
CUSIP: 92828T772
Fund No.: 1758
Net Assets by Fund: $83,087,444
Net Assets by Class: $55,308,764
Yields/Distributions 2
(as of 1/29/2010)
Distribution Yield (at NAV) 3.49%
SEC Yield 4.16%
SEC Yield (gross) 3.97%
Distributions Current Month $0.031598
Distributions YTD $0.031598
Distribution History 3
(January 2010)
Ex-Date 01/29/2010
Income $0.031598
STCG $0.000000
LTCG $0.000000
Reinvest NAV $10.85
Related Resources
Marketing
Prospectus/Financials
Goal & Strategy

The fund seeks to generate high current income exempt from federal income tax by investing primarily in intermediate-term municipal securities. The fund employs an interest rate strategy to help manage the downside risk of rate movements on the portfolio. This is backed by extensive credit analysis to help maintain a high quality portfolio. The subadviser, Harris Investment Management, Inc. manages money according to a long-standing tradition that combines discipline, focus, knowledge and state-of-the-art informational resources.

Management Team
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George W. Selby, CPA
Industry start date: 1983
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Laura D. Alter
Industry start date: 1983
Fund Risks

A portion of income may be subject to some state and/or local taxes and, for certain investors, a portion may be subject to the federal alternative minimum tax.

As interest rates rise, existing bond prices fall and can cause the value of an investment in the Fund to decline. Changes in interest rates will affect the value of longer-term fixed income securities more than shorter-term securities.

Investing in municipal bonds involves market risk and credit risk.

Sales Charge and Expense

Offered primarily to eligible institutional investors who purchase the minimum amounts and may not be available to all investors. POP (Public Offering Price) performance reflects the deduction of the maximum sales charge of 0%.

Fund class operating expenses are 0.60% and gross operating expenses are 0.70%.

Operating expenses reflect a voluntary expense reimbursement and a voluntary expense waiver, both of which may be discontinued at any time.
No Style Box Available
Top Holdings (%)
(as of 12/31/2009)
Jefferson County Limited Obligation, 5.25%, 1/1/2017 6.70
Franklin County, American Chemical Society Project Development, 5.50%, 10/1/2012 5.77
Puerto Rico Sales Tax Financing Corp., 6.13%, 8/1/2029 5.28
State of Wisconsin, 6.00%, 5/1/2033 4.15
Educational Facilities Authority, 5.25%, 7/1/2022 3.98
State Drinking Water Finance Authority, 5.00%, 8/15/2014 3.74
City of Detroit Sewer Disposal, 7.50%, 7/1/2033 3.72
State Economic Development Authority, 5.25%, 3/1/2021 3.60
University of Colorado, 5.63%, 6/1/2022 3.58
State Municipal Gas Acquisition & Supply Corp. II, 0.78%, 12/3/2009 3.00
Top Sectors (%)
(as of 12/31/2009)
Municipals 98.13
Cash 1.87
Risk Statistics4
(as of 12/31/2009)
  Fund Index
R2 0.74 1.00
Beta 1.19 1.00
Alpha -1.57 1.00
Std Dev 6.76 4.90

Index: Barclays Capital 3-15 Yr Blend (2-17) Municipal Bond Index
Characteristics 5
(as of 12/31/2009)
Duration 5.00 years
Avg Credit Quality AA-

This material must be preceded or accompanied by a prospectus. Investors should carefully consider the investment objectives, risks, charges and expenses of any Virtus Mutual Fund before investing. The prospectus contains this and other information about the fund. Please click on the prospectus link on this page for a current prospectus. You should read the 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 except for our money market funds which generally do not fluctuate in value.

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.

2 Yields/Distributions: Distribution Yield (at NAV) is calculated by annualizing the latest month's distribution and dividing by the NAV on the last business day of the period. It does not include long- or short-term capital gain distributions. SEC Yield represents the 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. SEC Yield (gross) represents the SEC Yield had the fund not had expense reimbursements or partial waivers of fees.

3 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.

4 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.

5 Characteristics: For Equity Funds:Trailing P/E: Per-share stock price divided by the latest12-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 earning per share growth for latest 3-year period;
5 Characteristics: For Fixed Income Funds:  Duration represents the interest rate sensitivity of a fixed income fund. For example, if a fund's 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; Average Credit Quality represents the grading of a debt security with respect to the issuer's ability to meet interest and principal requirements in a timely manner. Issues rated AAA, AA, A and BBB are considered investment grade. Higher rated bonds generally provide lower returns and greater safety.

Mutual funds distributed by VP Distributors, Inc., member FINRA and subsidiary of Virtus Investment Partners, Inc.


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