Investment Strategy

The Fund invests in municipal bonds that are exempt from federal and state income tax for residents of Virginia. The Fund's investment approach revolves around the belief that it is possible to achieve consistent investment returns with minimal portfolio risk. As a result, the emphasis is on quality holdings. We are active duration managers. This means that when we believe interest rates are falling, we lengthen the duration to take advantage of the increased returns that should be available as rates drop. Likewise, when risk appears high, we shorten portfolio maturities with the goal of limiting potential declines.

Why Madison Tax-Free Virginia Fund

  • Seeks to earn income from municipal bonds and to distribute this income as tax-free dividends
  • Buys investment-grade bonds of states, municipalities, and limited purpose bonds
  • Seeks income that is exempt from federal income tax and Virginia state tax

Key Highlights (As of Tuesday June 06, 2023)

Class Y

NAV

10.68

Change($)

0.00

YTD(%)

0.78%

Ticker

GTVAX

Inception Date

10/31/87

Expense Ratio

0.86

Morningstar Overall
Rating™ as of 05/31/23

Among 134 Muni Single State Interm funds

Performance

Average annual returns, %

Portfolio Highlights

Top Ten Fund Holdings (As of 05/31/23)

NTHRN VA TRANSPRTN AUTH TRANSP

4.37%

NORFOLK VA

2.82%

ARLINGTON CNTY VA

3.55%

HAMPTON ROADS VA TRANSPRTN ACC

2.77%

JAMES CITY CNTY VA ECON DEV AU

3.10%

VIRGINIA ST

2.76%

LOUDOUN CNTY VA ECONOMIC DEV

2.88%

POQUOSON VA

2.51%

MET WASHINGTON DC ARPTS AUTH A

2.86%

HAMPTON ROADS VA SANTN DIST WS

2.49%

The Morningstar Rating™ for funds, or “star rating”, is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics, and may not indicate positive performance.  Ratings may vary by share class.

Performance quoted represents past performance. Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than that shown.

Net Asset Value (NAV) is the amount per share you would receive if you sold shares that day. Change refers to the amount (in dollar terms) that the value of the share price changed from the previous day’s close of trading. The Year-to-date (YTD) return is the net change in the value of the fund’s share price (in percentage terms) at NAV from January 1 to the current date shown above. Expense ratios are as of each fund’s most recent prospectus.  For more detailed information on performance, including returns for the most recent month-end or quarter-end, view Performance.

Investment returns assume all distributions are reinvested and reflect all applicable fees and expenses. Benchmark index returns assume all distributions are reinvested. Indexes are unmanaged and, therefore, have no fees. Investors cannot invest directly in an index.

An investment in the Fund is subject to risk and there can be no assurance the Fund will achieve its investment objective.  The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund include risks specific to investing in Virginia securities, legislative risks, risks of general obligations versus limited purpose bonds, interest rate risk, call risk, risk of default, liquidity risk, capital gains tax-related risk, and alternative minimum tax risk (i.e., income from the Fund may be subject to federal Alternative Minimum Tax).  Mutual funds that invest in bonds are subject to certain risks including interest rate risk, credit risk, and inflation risk. A s interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds.  More detailed information regarding these risks can be found in the Fund’s prospectus.

ICE BofA 1-22 Year U.S. Municipal Securities Index tracks the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, their political subdivisions, in the U.S. domestic market, with a remaining term to final maturity less than 22 years.

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