Two Madison Mosaic tax-free funds seek approval to reorganize

By Toni Weeks

San Diego, Nov. 14 - The board of trustees of the Madison Mosaic Tax-Free Trust approved on Nov. 6 the reorganization of the two funds under the trust into a corresponding Members mutual fund, according to a 497 filing with the Securities and Exchange Commission.

The board is seeking shareholder approval to reorganize the Virginia Tax-Free Fund into the Madison Tax-Free Virginia Fund and the Tax-Free National Fund into the Madison Tax-Free National Fund.

The board said the reorganizations will achieve greater operational and administrative efficiencies as well as greater legal and compliance efficiencies.

A shareholders meeting will be held in March 2013 to solicit shareholder approval. If approval is not obtained, the board said it will consider its other options, which may include liquidation of the funds.

Madison, Wis.-based Madison Investment Advisors, LLC is the investment adviser to the funds selling reorganization. Madison Asset Management, LLC is the investment adviser to the acquiring funds.

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