Market Interest Rates: Rising interest rates typically decrease bond prices, as newly issued bonds offer higher yields, making existing lower-yielding bonds less attractive. Lower interest rates usually increase bond prices.

Credit Quality of Underlying Securities: The perceived creditworthiness of the bonds held by MLVAX.US directly impacts its value. Downgrades in credit ratings can lower the fund's price, while upgrades can increase it.

Inflation Expectations: Higher inflation erodes the purchasing power of future fixed income payments, reducing the present value of bonds and lowering the fund's price. Lower inflation expectations tend to increase bond prices.

Economic Growth: A strong economy can lead to higher interest rates and inflation, negatively affecting bond prices. Slower economic growth may lead to lower interest rates and increased bond prices.

Supply and Demand: Increased demand for MLVAX.US can push its price higher, while increased selling pressure can lower its price.