Fund info

Madison Tax-Free National Fund Class Y is an actively managed municipal bond mutual fund designed to provide federally tax-exempt income. The fund primarily invests in investment-grade general obligation bonds and limited-purpose revenue bonds issued by states, municipalities, and public authorities across the United States, emphasizing broad diversification by state and sector to help manage credit and geographic risk. Its strategy centers on quality and active duration management—extending duration when interest-rate trends appear favorable and shortening maturities when risk rises—to balance income generation with volatility control. The fund seeks to keep at least a substantial majority of assets in municipal securities whose interest is exempt from federal income tax, aligning with its income-focused mandate. Positioned within the muni national intermediate category, it targets portfolios with typical durations of about four to six years, reflecting an intermediate interest-rate sensitivity profile. Madison Tax-Free National Fund Class Y plays a role for investors seeking tax-advantaged income and diversified exposure to the U.S. municipal market through a disciplined, risk-aware approach.