Fund Evaluator:
Madison Tax-Free National Y (GTFHX)
Follow This Fund
Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
| 5.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
Madison Tax-Free National Y Overview
Madison Tax-Free National Y (GTFHX) is an actively managed Municipal Bond Muni National Interm fund. Madison Funds launched the fund in 1982.
The investment seeks to receive income from municipal bonds and to distribute that income to shareholders as tax-free dividends. The fund invests at least 80% of its net assets (including borrowings for investment purposes) in municipal bonds that are exempt from federal income taxes. It only invests in investment grade bonds. Under normal market conditions, the fund will have an average duration range of 3 to 10 years, although it is expected to center around 3 to 7 years.
About Madison Tax-Free National Y (GTFHX)
There are 2 members of the management team with an average tenure of 19.96 years: Jeffrey Matthias (2016), Michael Peters (1997). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: ICE BofA 1-22Y US Muni TR USD index with a weighting of 100%. Madison Tax-Free National Y has 64 securities in its portfolio. The top 10 holdings constitute 27.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Madison Tax-Free National Y is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Madison Tax-Free National Y has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.4% (99.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Madison Tax-Free National Y has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $18 million in total assets, which is below the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GTFHX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Madison Tax-Free National Y expense ratio is above average compared to funds in the Muni National Interm category. Madison Tax-Free National Y has an expense ratio of 0.61%, which is 10% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Madison Tax-Free National Y has a portfolio turnover rate of 9%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, Madison Tax-Free National Y returned -1.1%, which earned it a grade of A, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Madison Tax-Free National Y has a trailing yield of 2.79%, which is below the 3.27% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Madison Tax-Free National Y Grades
Year to date, the fund has returned 0.2%, 0.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.9% over the past year (grade of D), 2.4% over the past three years (grade of F) and 0.3% per year over the past five years (grade of D) and 1.2% per year over the past 10 years (grade of F).
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GTFHX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GTFHX Return (NAV) | -1.1% | -0.4% | 3.9% | 2.4% | 0.3% | 1.2% |
| GTFHX Grade | A | B | D | F | D | F |
| +/- Category | 0.4% | 0.1% | -0.7% | -0.8% | -0.3% | -0.5% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| GTFHX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.1% | 0.1% |
GTFHX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GTFHX Return (NAV) | 0.2% | 3.9% | 0.4% | 4.0% | -6.2% | 0.0% | 4.2% | 6.4% | 0.9% | 3.0% | 0.0% |
| GTFHX Grade | D | D | F | F | A | F | C | D | C | F | B |
| +/- Category | -0.2% | -0.3% | -1.5% | -1.8% | 2.0% | -1.7% | -0.1% | -0.2% | 0.1% | -1.7% | 0.2% |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.2% |
| Total Risk Index: | 0.34 - Low |
| Category Risk Index: | 0.88 - Below Average |
| Category Risk Grade: | B (20% Rank) |
| Beta: | 0.73 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $18 Mil |
| Fund Total Assets: | $ 18 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 9% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 29.5 years | |||
| Average Tenure: 20.0 years | |||
| Managers (Year): Peters Michael (1997), Matthias Jeffrey (2016) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 64 |
| % in Top 10 Holdings: | 27.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | Madison Funds |
| Phone Number: | 800-877-6089 |
| Website: | www.madisonfunds.com |
| Status: | Open |
| Inception Date: | December 30, 1982 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.61% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | Madison Tax-Free National Y |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
