TCNYX — Ambrus Tax-Conscious National Bond Fund

TCNYX Fund Overview

TCNYX — Ambrus Tax-Conscious National Bond Fund is a US mutual fund managed by FundVantage Trust, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: FundVantage Trust
• Category: Long Municipal - National Bond
• Assets under management: $470.72M
• Ticker: TCNYX
• SEC CIK: 0001388485
• SEC series ID: S000077408
• Share class ID: C000237821

TCNYX Investment Objective and Strategy

Ambrus Tax-Conscious National Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by FundVantage Trust.

Investment objective

Ambrus Tax-Conscious National Bond Fund (the Fund) seeks to maximize total return net of federal taxes, consistent with preservation of capital and prudent investment management.

Principal investment strategy

The Fund seeks the most attractive risk-adjusted returns from all fixed income asset types on an after-tax basis by primarily investing in tax-exempt municipal bonds. The Fund may also invest in government-related bonds, taxable municipal bonds, corporate bonds, preferred stocks, and other fixed income securities on an after-tax relative value basis. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed income securities and other related instruments with similar economic characteristics. At least 50% of the Funds assets will be invested in tax-exempt municipal securities. This is a non-fundamental investment policy that may be changed by the Fund upon 60 days prior notice to shareholders. Municipal securities are securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which, if any, is exempt from federal income tax but may be subject to the federal alternative minimum tax for individuals.

Municipal securities may have fixed, variable or floating interest rates and may include, but are not limited to, variable rate demand obligations, short-term municipal notes, municipal bonds, tax exempt commercial paper, zero-coupon securities, private activity and industrial development bonds, tax anticipation notes, participations in pools of municipal securities, municipal mortgage-backed and asset-backed securities, auction rate securities and restricted securities. Municipal securities may also include instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal securities, such as tender option bonds and participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer has disclosed or otherwise confirmed that the interest payable on the securities is exempt from federal income tax.

Additionally, municipal securities include all other instruments that directly or indirectly provide economic exposure to income which is derived from municipalities. The Fund may also invest in a full range of U.S. treasury bonds, U.S. agency bonds, commercial paper, certificates of deposit, money markets, corporate bonds, taxable municipal bonds, mortgage backed / asset backed securities, preferred stocks, convertible bonds, other bank capital securities, loans, and other taxable fixed income securities should these securities feature a superior risk-adjusted after-tax yield than tax-exempt municipal bonds. The Fund may invest in both bullet bonds (a non-callable debt instrument whose entire face value is paid at once on the maturity date, rather than amortized over its lifetime), as well as callable/puttable bonds.

The Fund may invest in bonds with all coupon types, including fixed coupon bonds, zero coupon bonds, step-up/step-down coupon bonds, floating coupon bonds, fixed-to-float bonds, and inflation-linked securities. The Fund has broad flexibility to invest in a wide variety of debt securities and instruments of any maturity and will not be managed to a target duration or average weighted maturity. The Fund will primarily invest in securities rated investment grade or higher. The Funds investment grade investments will, at the time of investment, carry a long-term rating of Baa3 or BBB or higher by any of Moodys Investors Service Inc. (Moodys) or Standard & Poors Corporation (S&P), or Fitch Ratings Inc. (Fitch), respectively. The Fund may invest up to 25% of its holdings in below investment grade or nonrated securities (commonly known as high yield securities or junk bonds).

The Adviser relies on its own analysis of credit quality and risks associated with individual bonds, as well as rating agencies and third-party research. The Fund seeks to purchase investments that are undervalued or offer attractive after-tax yield relative to their credit characteristics. If ratings agencies assign different ratings to the same security, the Adviser will use the highest rating as the credit rating for that security. In managing the Fund, the Adviser will consider its outlook for interest rates and the economy, credit risk, call risk, and other security selection techniques. The Advisers analysis for determining which securities to purchase will include comparisons of after-tax yield across security types and maturity, roll yield, credit spread duration, and more. The proportion of the Funds assets allocated in securities with certain characteristics (such as bond type, credit rating, sector, maturity, callability, coupon structure, and more) will vary depending on relative value across issues and the Advisers outlook for the economy.

The Fund will not target a specific duration or maturity for the municipal bonds and other securities in which it invests, and the average portfolio duration will vary depending on market conditions, relative value of various securities of different durations, and economic outlook. The average duration for the Fund will vary within plus or minus 25% of the duration of the Bloomberg Municipal Inter-Short (1-10 Year) Index, which was 3.8 years at December 31, 2025. There is no limit on the maturity or duration of any individual security in which the Fund may invest. The Fund may invest up to 20% of its net assets in securities of other investment companies, including closed-end funds, exchange-traded funds, and mutual funds. Money market funds may exceed 20% of net assets. The Fund may invest up to 15% of its holdings in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the 1933 Act.

TCNYX Holdings

Top 10 holdings of Ambrus Tax-Conscious National Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all TCNYX holdings

TCNYX Portfolio Allocation

Asset-class allocation of Ambrus Tax-Conscious National Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.

TCNYX Performance

Total returns for TCNYX (as of 2026-10-01), from SEC filings.

TCNYX Risk Information

Risk metrics for TCNYX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 2.1%

TCNYX Costs and Fees

TCNYX costs about $76 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.76%
• Gross expense ratio: 0.76%
• Portfolio turnover: 26%
• Brokerage commissions: 0.11 bps of average net assets (SEC N-CEN)

TCNYX Cashflows

Over the 12 months to 2026-06, Ambrus Tax-Conscious National Bond Fund had net inflows of $112.50M, from monthly SEC N-PORT filings.

TCNYX Debt Constituents

Largest debt holdings of Ambrus Tax-Conscious National Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.

TCNYX Prospectus and SEC Filings

Official Ambrus Tax-Conscious National Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-01-28
• Prospectus (485BPOS) — filed 2025-01-28
• Prospectus supplement (497) — filed 2026-02-06
• Portfolio holdings (N-PORT) — filed 2026-08-21
• Portfolio holdings (N-PORT) — filed 2026-05-26
• Portfolio holdings (N-PORT) — filed 2026-02-25
• Annual census (N-CEN) — filed 2025-12-15
• Annual census (N-CEN) — filed 2023-12-14

Related Funds

Other Long Municipal - National Bond funds tracked on ABC INVEST:

• Vanguard Intermediate-Term Tax-Exempt Fund (VWITX)
• iShares National Muni Bond ETF (MUB)
• Vanguard Limited-Term Tax-Exempt Fund (VMLTX)
• Tax Exempt Bond Fund Of America (AFTEX)
• Bridge Builder Municipal Bond Fund (BBMUX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.