- 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.
Quarterly Materials
Key Highlights
(as of Tuesday February 07, 2023) | |
Class Y | |
Daily Price | 10.14 |
Ticker Symbol | GTFHX |
Inception Date | 12/30/82 |
Expense Ratio | 0.76 |
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
Michael Peters, CFAPortfolio Manager
Mike serves as a portfolio manager and analyst for Madison's Fixed Income Team, specializing in taxable and tax-free strategies. He has been working in the financial services industry since 1987. Prior to joining Madison in 1997, Mike previously worked with Wachovia Asset Management. He earned his bachelor’s degree from Valparaiso and his MBA from Indiana University.
Mike serves as a portfolio manager and analyst for Madison's Fixed Income Team, specializing in taxable and tax-free strategies. He has been working in the financial services industry since 1987. Prior to joining Madison in 1997, Mike previously worked with Wachovia Asset Management. He earned his bachelor’s degree from Valparaiso and his MBA from Indiana University.

Jeffrey Matthias, CFA, CIPM
Jeffrey Matthias, CFA, CIPMPortfolio Manager
Jeff serves as a portfolio manager and analyst on Madison’s Fixed Income Team, focusing primarily on tax-exempt municipal bond portfolios. He has been working in the financial services industry since 1987. Prior to joining Madison in 2011, Jeff previously developed member society strategy at the CFA Institute and managed fixed income portfolios at American Family Insurance. Jeff earned his bachelor’s degree and his MBA in Finance from the University of Wisconsin.
Jeff serves as a portfolio manager and analyst on Madison’s Fixed Income Team, focusing primarily on tax-exempt municipal bond portfolios. He has been working in the financial services industry since 1987. Prior to joining Madison in 2011, Jeff previously developed member society strategy at the CFA Institute and managed fixed income portfolios at American Family Insurance. Jeff earned his bachelor’s degree and his MBA in Finance from the University of Wisconsin.
Portfolio Highlights
Top Ten Fund Holdings | |
(as of December 31, 2022) | |
MOBILE CNTY AL (5% 01 Feb 2039) | 3.8% |
COOK CNTY IL SCH DIST 111 BUR (5% 01 Dec 2035) | 3.3% |
AUSTIN TX (5% 01 Sep 2026) | 3.3% |
VANDERBURGH CNTY IN REDEV DIST (5% 01 Feb 2026) | 3.0% |
MED CENTER MS EDUCTNL BLDG COR (5% 01 Jun 2030) | 2.9% |
CLEVELAND CUYAHOGA CNTY OH POR (5% 01 Jul 2024) | 2.9% |
IDAHO ST HLTH FACS AUTH REVENU (5% 01 Mar 2034) | 2.9% |
SOUTHAMPTON CNTY VA INDL DEV A (5% 01 Jun 2035) | 2.7% |
WEST VIRGINIA ST ECON DEV AUTH (5% 01 Jul 2037) | 2.7% |
DU PAGE CNTY IL SCH DIST 45 V (4% 01 Jan 2026) | 2.7% |
% of Fund in Top Ten Securities | 30.1% |
Net Assets (as of 12/31/22) | $18.1 Million |
Turnover (as of 10/31/22) | 10% |
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.