Net asset value (NAV) is the value per share of a mutual fund on at a specific date and time. The per-share dollar amount of the fund is based on the total value of all the securities in its portfolio, any liabilities the fund has and the number of fund shares outstanding.
WAM (Weighted Average Maturity) is a measure of a fund's sensitivity to interest rate movements utilizing the interest-rate reset date and not a security's stated final maturity.
WAL (Weighted Average Life) is a measure of a fund's sensitivity to credit spreads or liquidity conditions utilizing a security's stated final maturity date or the date of the next demand feature. WAL does not reflect changes in the interest rate reset date.
A decimal representing the portion of an annual yield earned in one day.