• Tax-Free Virginia Fund

Fund Objective

The fund seeks to receive income from municipal bonds and to distribute that income to its investors as tax-free dividends.  Some income may be subject to Alternative Minimum Tax.

Investment Strategies

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 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.

Quarterly Materials

Key Highlights

(as of Friday December 13, 2019)
  Class Y
Daily Price 11.72
Ticker Symbol GTVAX
Inception Date 10/31/87
Expense Ratio 0.85


Links to other Madison Funds information:
Daily Price Summary
Performance Summary (PDF)
Prospectus and Financial Reports
Account Applications and Forms
Tax Information

Portfolio Management


Michael Peters, CFA

Jeffrey Matthias, CFA, CIPM

Portfolio Highlights

Top Ten Fund Holdings
(as of November 30, 2019)
NTHRN VA TRANSPRTN AUTH TRANSP
(5% 01 Jun 2030)
4.0%
ARLINGTON CNTY VA
(5% 15 Aug 2030)
3.3%
JAMES CITY CNTY VA ECON DEV AU
(5% 15 Jun 2030)
2.8%
MET WASHINGTON DC ARPTS AUTH A
(5% 01 Oct 2043)
2.7%
VIRGINIA ST CMWLTH TRANSPRTN B
(5% 15 Mar 2025)
2.7%
HENRICO CNTY VA WTR SWR REVE
(4% 01 May 2032)
2.6%
NORFOLK VA
(5% 01 Aug 2047)
2.6%
HAMPTON ROADS VA TRANSPRTN ACC
(5% 01 Jul 2042)
2.6%
VIRGINIA ST
(5% 01 Jun 2023)
2.5%
VIRGINIA ST CLG BLDG AUTH EDUC
(5% 01 Feb 2023)
2.5%
% of Fund in Top Ten Securities28.5%
 
Net Assets (as of 9/30/19) $22.3 Million
Turnover (as of 10/31/18) 26%

 

Complete Holdings List

Mutual funds invested in bonds are subject to certain risks including interest rate risk, credit risk and inflation risk.  As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest rate risk than short-term bonds. Income from the Madison Tax-Free National Fund and/or the Madison Tax-Free Virginia Fund may be subject to the federal Alternative Minimum Tax and Tax-Free National Fund income may be subject to state and municipal taxes.