Fiscal Year End
|| Muni Single State Long
The fund seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and Virginia state income taxes by investing primarily in investment-grade Virginia municipal bonds.
Invests at least 80% of net assets in Virginia municipal bonds. The fund's weighted average maturity is expected to exceed 10 years.
Virginia taxpayers who, because of their tax bracket, can benefit from federal and Virginia state income taxes. Not appropriate for tax-deferred retirement plans, such as IRAs. Some income may be subject to the federal alternative minimum tax. Income earned by non-Virginia residents will be subject to applicable state and local taxes.
DC, FL, GA, HI, IL, MD, NC, NJ, PA, VA, WY
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The Virginia Tax-Free Bond Fund offers Virginia investors double-tax-free income. The fund focuses on long-term securities that provide higher yields than less volatile, shorter-term bonds. Assets are concentrated primarily in investment-grade Virginia municipal bonds to help reduce credit risk.
Yield and share price will vary with changes in interest rates and market conditions. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. There is also a chance that some of the fund's holdings may have their credit rating downgraded or may default. The fund is less diversified than one investing nationally.