• Tax-Free National 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.† Income may be subject to state and local taxes.

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.

Key Highlights

(as of Friday August 18, 2017)
Class Y
Daily Price 10.95
Ticker Symbol GTFHX
Inception Date 12/30/82
Expense Ratio 0.75


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 July 31, 2017)
MARGATE FL
(5% 01 Jul 2025)
3.7%
ANDERSON CNTY SC SCH DIST 1
(5% 01 Mar 2025)
3.5%
MAPLE WI SCH DIST
(5% 01 Apr 2024)
3.0%
ROCKVILLE MD
(5% 01 Jun 2024)
2.9%
PORT SAINT LUCIE FL UTILITY RE
(5% 01 Sep 2027)
2.7%
WICHITA KS
(5% 01 Dec 2024)
2.4%
ORLANDO FL UTILITIES COMMISSIO
(5% 01 Oct 2022)
2.4%
MIAMI DADE CNTY FL SPL OBLIG
(5% 01 Mar 2025)
2.4%
MISSOURI ST BRD OF PUBLIC BLDG
(4% 01 Apr 2025)
2.3%
CARY NC COMB ENTERPRISE SYS RE
(5% 01 Dec 2023)
2.3%
% of Fund in Top Ten Securities27.8%
Net Assets (as of 6/30/17) $25.7 Million
Turnover (as of 10/31/16) 9%

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. See prospectus for further details.