GTVAX Fees and Costs — Madison Tax-Free Virginia Fund, Class Y
Data updated: 2025-03-25
The net expense ratio is 0.86%: a 0.50% management fee plus 0.36% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 15%.
GTVAX Fees and Expenses
Annual operating expenses and sales charges of GTVAX. Prospectus, as of February 29, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.36% |
| Gross expense ratio | 0.86% |
| Fee waiver | — |
| Net expense ratio | 0.86% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
GTVAX Costs Over Time
On $10,000 invested in GTVAX, assuming 5% a year before costs, total costs come to $539 over 5 years, cutting the return by 0.90% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.86%) | $90 | $282 | $490 |
| Lost growth on money paid in costs | $0 | $14 | $49 |
| Total costs | $90 | $296 | $539 |
| Value after costs | $10,410 | $11,280 | $12,223 |
| Impact on return, per year | 0.90% | 0.90% | 0.90% |
GTVAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $2.8M
- Portfolio turnover (prospectus): 15%
- Securities lending: none during the year
GTVAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY Capital Markets, LLC | $2.0M | 71.53% |
| Oppenheimer & Co. Inc. | $311K | 11.03% |
| J.P. Morgan Securities LLC | $293K | 10.40% |
| Wells Fargo Securities, LLC | $198K | 7.03% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.